Montero Receives Final Instalment of US$7 million from Tanzania
Montero Receives Final Instalment of US$7 million from Tanzania
Toronto, Ontario – March 4, 2025 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the
“Company”) is pleased to confirm that US $7,000,000 in cash (the “ Final Instalment”) have been received by the
Company from the United Republic of Tanzania (“ Tanzania”). This payment represents the final instalment of the
US$27,000,000 settlement between the Company and Tanzania and is expected to put an end to the dispute in
connection with Tanzania’s expropriation of Montero’s Wigu Hill rare earth element project before the International
Centre for Settlement of Investments Disputes (“ICSID”).
The final net proceeds to be received by the Company is not certain at this time as final legal costs and other
expenses Montero incurred in connection with defence and settlement of the Expropriation will now be determined
as the Final Instalment has been received. The Company will finalize its analysis with respect to the distribution of
funds including any potential distribution to shareholders of the Company. The Company expects to announce an
update on its distribution plans during Q2 2025.
Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero has timely received the third
and final payment of US$7,000,000 from Tanzania.”
ICSID Arbitration
Montero and Tanzania jointly requested the arbitral tribunal to suspend the ICSID arbitration proceedings after
receiving the first settlement payment and now on receipt of the Final Instalment the parties will formally request
the tribunal to discontinue the ICSID arbitration in its entirety.
Distribution of Funds
Montero is considering all options with respect to the distribution of the settlement proceeds, including but not
limited to a return of capital distribution to shareholders. The exact amount of any distribution and the method of
such distribution is yet to be determined and will be subject to accounting review and board approval. In addition,
Montero will retain funds to cover legal, taxation, and administrative expenses , which will now be the sole
responsibility of Montero. Further announcements will be made in due course.
About Montero
Montero has agreed to a US$27,000,000 settlement amount and has now received the final payment to end its
dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. The
Company is advancing the Avispa copper -molybdenum project in Chile and is seeking a joint venture partner.
Montero’s board of directors and management have a track record of successfully discovering and advancing
precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has
50,122,975 shares outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President, and Chief Executive Officer
E-mail: [email protected]
Tel: +1 604 428 7050
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.
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: This news release includes certain "forward -looking information"
within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, state ments, projections
and estimates with respect to the distribution of the settlement funds, that the Company will finalize its analysis with respect to the distribution
of funds including any potential distribution to shareholders of the Company, in the form of a return or capital or otherwise, and the expected
announcement of an update to the Company’s funds distribution plans . Generally, forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “fore casts”,
“intends”, “anticipates” or “does not antici pate”, or “believes”, or variations of such words and phrases or state that certain actions, events or
results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available
to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very
nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to
be materially different from those expressed or implied by such forward -looking information. Actual results relating to, among other things,
satisfactory arrangements for the payment of legal expenses , the ability of the Company to find suitable exploration projects , results of
exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, all of
which could differ materially from those currently anticipated in such statements for many reasons such as: unanticipated expenses associated
with the settlement; accounting review and other factors that may not be known to management of the Company at this time suggest an
alternative strategy for the use of the settlement proceeds ; changes in general economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political a nd competitive
developments; technological and operational difficulties encountered in connection with Montero’s activities; and other matters discussed in this
news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any o f Montero’s forward-
looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-
looking information. Montero does not undertake to update any forward -looking information, except in accordance with applicable securities
laws.