Toronto, Ontario – January 26, 2026 – Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) (FSE: ES0) (“Montero” or the “Company”) announces that Mr. Andrew Thomson has stepped down as a Director of the Company and as Chair of the Audit Committee, effective January 26, 2026, to pursue other professional opportunities.
Mr. Thomson has been a long-standing and loyal supporter of Montero, having served the Company for many years. During his tenure, he provided valuable guidance and oversight, particularly in his role as Chair of the Audit Committee and made a meaningful contribution to the Company’s governance and strategic direction.
The Board of Directors and management would like to thank Mr. Thomson for his dedication, professionalism, and commitment to Montero and wish him every success in his future endeavours. He will be greatly missed.
The Company further announces that Mr. Tim Livesey, a current Director of Montero, has accepted the role of Interim Chair of the Audit Committee. Mr. Livesey is a seasoned mining executive with extensive experience in corporate governance, project development, and international mining operations.
About Montero
Montero Mining and Exploration Ltd. is a Canadian exploration company with a focus on mineral development in emerging markets. Montero holds 100% interest in the Avispa copper-molybdenum project in northern Chile and has an option to acquire the Elvira and Potrero gold projects in the Maricunga Belt. These projects are currently being advanced through exploration. The Company’s board and management have a proven track record in discovery and development of precious and base metal projects.
The Company recently concluded a US$27 million settlement with the Government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare earth project. Approximately $15 million of the settlement proceeds were distributed to shareholders in July 2025.
Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 Common Shares and 835,383 stock options outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President, and Chief Executive Officer
E-mail: ir@monteromining.com
Tel: +1 604 428 7050
www.monteromining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information in this press release includes, but is not limited to, statements regarding: the integration and interpretation of geological, geochemical and geophysical data; the application of artificial intelligence and machine learning tools; the identification, evaluation or prioritization of areas for further exploration; the potential for mineralization; and the timing or scope of future exploration activities, including any potential drilling. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “does not anticipate”, or “believes”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved. Such information is based on information currently available to Montero and on assumptions management believes are reasonable as of the date of this news release. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: risks related to mineral exploration and development activities; uncertainties inherent in the interpretation of geological and geophysical data; the speculative nature of mineral exploration; commodity price fluctuations; changes in general market conditions; regulatory approvals and permitting risks; availability of financing; operational and technical risks; and other risk factors described in the Company’s public disclosure documents filed on SEDAR+. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.