Avispa Cu-Mo Project

Palaeocene Porphyry Copper – Molybdenum Exploration

Porphyry Cu–Mo system | Northern Chile

Overview

The Avispa Copper–Molybdenum Project is located in northern Chile within the Palaeocene–Eocene porphyry copper belt, a region with extensive historical drilling, geophysical surveys, and regional datasets well suited to modern, data-driven exploration approaches.

The Avispa Project is situated in the Atacama Region of northern Chile, approximately 230 km northeast of Antofagasta, the country’s largest commercial deep-water port. The project is accessible via asphalt roads connecting to the ports of Tocopilla and Antofagasta..

Montero holds approximately 203 km² of exploration mining concessions in an almost contiguous land package south of the main highway between Calama and Tocopilla. This area was previously held by Spence Mining (a subsidiary of BHP), CODELCO, and Quantum Pacific Exploration Chile, reflecting long-standing interest in the district.

Geological context

The project is prospective for porphyry copper–molybdenum mineralization. Montero is applying integrated geological interpretation supported by data-driven analysis to assess alteration patterns, geochemistry, and geophysical datasets and to refine porphyry target concepts beneath post-mineral cover, which have not yet been tested by drilling.

Data-driven exploration at Avispa

At Avispa, Montero integrates historical drilling data, surface geochemistry, alteration mapping, and geophysical datasets into AI-assisted analytical workflows. These tools are used to support target screening and prioritisation with final interpretations subject to geological review and Qualified Person oversight.

Exploration status

Exploration work to date has identified multiple areas of interest. AI-assisted analysis is being used to help focus ongoing exploration programs on the most prospective porphyry-style targets for future field programs and potential drilling.

History

The Avispa project area has a significant exploration history. Previous operators, including Spence Mining, Quantum Pacific Exploration Chile, and CODELCO, explored the region for porphyry copper–molybdenum mineralization.

BHP conducted approximately 38 widely spaced reconnaissance drill holes, Quantum drilled an unspecified number of holes, and CODELCO drilled approximately 19 more closely spaced holes in the southern portion of the project area. The Avispa land package is strategically located near operations and interests held by CODELCO, Antofagasta, Freeport, and SQM.

Geology

The Avispa Project lies within the north–south trending Palaeocene Porphyry Copper Belt, also referred to as the Sierra Gorda–Spence–Cerro Colorado Porphyry Copper–Molybdenum Belt. It is located approximately 40 km north of BHP’s Spence Cu–Mo mine, 50 km north of the KGHM/South32 Sierra Gorda Cu–Mo mine, and 50 km west of CODELCO’s Chuquicamata Cu–Mo mine, one of the world’s largest copper deposits.

The project is also located approximately 8 km south of the Chug-Chug porphyry system, which hosts quartz–sericite–tourmaline breccias and surface copper oxide mineralization.

Avispa is adjacent to and east of the north–south trending Nitrate (“Caliche”) Belt, which hosts the María Elena, Coya Sur, and Pedro de Valdivia nitrate–iodine operations operated by SQM.

Summary

The Company believes the Avispa Project is prospective for further porphyry copper–molybdenum exploration, and represents a strong example of how Montero combines experienced geological interpretation with modern data-driven exploration techniques to advance early-stage porphyry projects efficiently.