Montero Announces Closing of First Tranche of Private Placement Seite 1

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TORONTO, Aug. 16, 2024 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) is pleased to announce that, further
to its news release of August 6^th, 2024, it has closed the first tranche (the “First Tranche”) of its non-brokered private placement of up to 4,814,815 common shares of
the Corporation (the “Common Shares”) at a price of $0.27 per Common Share, for gross proceeds of up to $1,300,000 (the “Offering”). An aggregate of 2,444,444
Common Shares were sold under the First Tranche for total gross proceeds of $660,000. Closing of the second tranche of the Offering is expected to be on or before August 30^th, 2024, or
such other date or dates that the Corporation may determine.

Dr. Tony Harwood, President and CEO of Montero, commented: “We are pleased to have completed the closing of the first tranche of Montero’s private placement and are delighted in the lead
subscription from Mr. Jeremy Raper.”