Montero Mining and Exploration Ltd. has initiated a non-brokered private placement aiming to raise gross proceeds of up to CAD$2,200,000 to support active field programs and general corporate needs in Chile.

The financing involves issuing up to 4,000,000 units priced at CAD$0.55 apiece. Each unit comprises one common share and half of a common share purchase warrant. The whole warrants carry a strike price of CAD$0.70 and run for 12 months from issuance. Under an acceleration clause, the expiry date tightens to 30 days if common shares trade at CAD$1.00 or higher across ten consecutive trading sessions on the TSX Venture Exchange.

The capital injection arrives as Montero advances its portfolio in the region. The company completed drillhole MON-ELV-02 to a final depth of 625.25 metres at the Elvira project in July 2026, targeting a high-priority system. Assay results for that drillhole are anticipated once analytical work concludes and verification finishes. Beyond Elvira, the company holds a 100% interest in the Avispa copper-molybdenum project and an option to acquire the Potrero gold project, both situated in Chile.

Net proceeds from the offering will directly support ongoing exploration and drilling at Elvira alongside general working capital requirements. Closing is subject to customary conditions, including the receipt of necessary regulatory approvals from the TSX Venture Exchange, and is expected to occur on or around September 4, 2026, potentially across multiple tranches. Securities issued under the placement carry a four-month and one-day statutory hold period under Canadian law. Certain insiders may participate in the offering, which qualifies as a related party transaction under applicable rules but is exempt from formal valuation and minority approval requirements. Regional activity continues to draw attention to the wider district, highlighted by reported a JORC 2012 Mineral Resource Estimate of 11.8 million tonnes grading 2.88% copper equivalent at Norfolk Metals Limited's Ciclón copper project in June 2026.

Read the full announcement: Montero Announces $2,200,000 Non-Brokered Private Placement