Montero’s Compensation Claim for Damages for the Expropriation of the Wigu Hill Project Underway

Montero’s Compensation Claim for Damages for the Expropriation of the

Wigu Hill Project Underway

Toronto, Ontario – November 29, 2021 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the

“Company”) is pleased to announce that the dispute resolution process dealing with the expropriation of the Wigu

Hill rare earth element project in Tanz ania is now underway . T he International Centre for Settlement of

Investment Disputes ’ (“ICSID”) arbitration tribunal was constituted on the 18 Nove mber 2021 signalling that the

process initiated by Montero to protect its investment and exploration rights in Tanzania will now proceed.

The arbitration tr ibunal is composed of Dr A chille Ngwanza , who wil l act as president, Mr Eric Teynier , an

arbitrator appointed by Montero and Mr Cecil W. M. Abraham , an arbitrator appointed by the government of

Tanzania. ICSID requires that each party to the dispute make a deposit of US$ 150,000, after which a first hearing

to establish the procedural calendar for the proceedings will be held within 60 days.

Montero’s Wigu Hill Rare Earth Element Retention License was expropriated by the Tanzanian government in 2018

when the Mining (Local Content) Regulations 2018, published on 10 January 2018, cancelled all previously issued

Retention Licenses. The Company commenced exploration activities on th e project in March 2008 under a

prospecting license, before obtaining a five-year retention license for the property in 2015.

Dr Tony Harwood, President and CEO of Montero commented : “Acting in good faith , Montero made several

attempts to settle the dispute over Wigu Hill with the Tanzanian government but without success. Therefore, I am

pleased that the legal proceedings are now underway. Montero is claiming damages as compensation for the loss

of the project since the Company’s discovery and development of the rare earth deposit has created significant

value for Tanzania. Our legal counsel is confident that the process will have a positive outcome for the Company,

and we will provide regular updates on the progress of the arbitration proceedings.”

Montero filed a request for arbitration with the ICSID on 8 January 2021. Subsequently , on 9 February 2021 , ICSID

registered the Company’s request for the institution of arbitration procee dings to resolve the illegal expropriation

matter. Montero initiated intern ational arbitration proceedings through ICSID in accordance with the Bilateral

Investment Treaty between Canada and the United Republic of Tanzania which protects investment rights . The

Company seeks compensation based on the damages it suffered from the Tanzanian government’s acts and

omissions.

Harwood says Montero is standing up for mining and investment rights in Tanzania to protect its investors and

help promote a sound inv estment climate. “While we ar e pursuing this claim for damages , the Company ha s

divested from Africa to focus on the exploration and development of its gold-silver and copper metals projects in

Chile, a tier 1 mining investment destination.”

Montero is not permitted to comment on the potential q uantum of any claim for c ompensation for damages at

this point. The Company has obtained dispute funding from Omni Bridgeway , a leading global dispute funder.

Montero has retained as legal counsel Mr Thierry Lauriol and his team at Jeantet AARPI, who is highly

experienced in international arbitration and has an excellent track record of achieving successful outcomes for

clients in A frica. The Company has also retained the services of Dr Neal Rigby of SRK Denver who will perform a

valuation of Wigu Hill as an independent technical expert. Dr Rigby has acted in this capacity in many international

mining disputes that have been resolved through ICSID arbitrations.

For further information, please see the Montero press release (PR119 dated 8 January 2021) and the ICSID website

(https://icsid.worldbank.org/services/arbitration/convention/process/overview).

Qualified Person's Statement

This press rel ease was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat ., a qualified person for t he

purpose of National Instrument 43 -101. It has also bee n reviewed by Mr Thierry Lauriol , avocat à la cour (Paris,

France).

About Montero

Montero is a junior exp loration company focused on fin ding, exploring, and advancing globally significant gold ,

silver and base metal deposits in Chile. Montero’s board of d irectors and management have an impressive track

record of successfully discovering an d advancing precious metal and copper projects. Montero trades on the TSX

Venture Exchange under the symbol MON and has 38,647,485 shares outstanding.

For more information, contact:

Montero Mining and Exploration Ltd.

Dr. Tony Harwood, President and Chief Executive Officer

E-mail: [email protected]

Tel: +1 416 840 9197 | Fax: +1 866 688 4671

www.monteromining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release.

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within the meaning of applicable Canadian securities laws . Forward looking information includes, but is not limited to, statements, projections

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completion of the agreement, results of expl oration, project development, reclamation and capit al costs of Montero’s mineral prope rties, and

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