Cash Settlement with Tanzania

Montero Mining & Exploration Ltd. reached a settlement agreement with the Government of Tanzania for US$27,000,000 in respect of the expropriation of its Wigu Hill rare earth project. Settlement payments were received in three instalments: US$12,000,000 on November 20, 2024; US$8,000,000 on February 10, 2025; and US$7,000,000 on March 4, 2025.

Following receipt of the first instalment, the parties agreed to stay the ICSID arbitration proceedings. Upon receipt of the final payment, the parties indicated their intention to formally discontinue the arbitration, thereby concluding the dispute.

Montero engaged Boies Schiller Flexner and Jeantet AARPI as legal counsel, and SRK Consulting as its technical advisor in connection with the arbitration. Litigation funding was provided by Omni Bridgeway (Canada).

The Company returned C$15,036,892.50 of the settlement proceeds to shareholders by way of a capital distribution.