Montero Receives Second Instalment of US$8 million from Tanzania

TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) is pleased to confirm that US$8,000,000 in cash (the “Second Instalment Funds”) have been received by the Company’s legal representatives from the United Republic of Tanzania (“Tanzania”). The Second Instalment represents the second instalment of the US$27,000,000 settlement between the Company and Tanzania in connection with Tanzania’s expropriation of Montero’s Wigu Hill rare earth element project (the “Expropriation”), as previously announced on 20^th November 2024.

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