Montero Receives Final Instalment of US$7 Million from Tanzania
March 4, 2025Toronto, Ontario – March 4, 2025 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) is pleased to confirm that US$7,000,000 in cash (the “Final Instalment”) have been received by the Company from the United Republic of Tanzania (“Tanzania”). This payment represents the final instalment of the US$27,000,000 settlement between the Company and Tanzania and is expected to put an end to the dispute in connection with Tanzania’s expropriation of Montero’s Wigu Hill rare earth element project before the International Centre for Settlement of Investments Disputes (“ICSID”).
The final net proceeds to be received by the Company is not certain at this time as final legal costs and other expenses Montero incurred in connection with defence and settlement of the Expropriation will now be determined as the Final Instalment has been received. The Company will finalize its analysis with respect to the distribution of funds including any potential distribution to shareholders of the Company. The Company expects to announce an update on its distribution plans during Q2 2025.
Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero has timely received the third and final payment of US$7,000,000 from Tanzania.”
ICSID Arbitration
Montero and Tanzania jointly requested the arbitral tribunal to suspend the ICSID arbitration proceedings after receiving the first settlement payment and now on receipt of the Final Instalment the parties will formally request the tribunal to discontinue the ICSID arbitration in its entirety.
Distribution of Funds
Montero is considering all options with respect to the distribution of the settlement proceeds, including but not limited to a return of capital distribution to shareholders. The exact amount of any distribution and the method of such distribution is yet to be determined and will be subject to accounting review and board approval. In addition, Montero will retain funds to cover legal, taxation, and administrative expenses, which will now be the sole responsibility of Montero. Further announcements will be made in due course.
About Montero
Montero has agreed to a US$27,000,000 settlement amount and has now received the final payment to end its dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. The Company is advancing the Avispa copper-molybdenum project in Chile and is seeking a joint venture partner. Montero’s board of directors and management have a track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 50,122,975 shares outstanding.