Montero Mining and Exploration (MXTRF) expanded its Abeja concession portfolio while reducing the area of its Avispa holdings during 2026.
The 100%-owned Avispa copper-molybdenum project in northern Chile now comprises 81 concessions and applications. Abeja increased from 34 to 47 concessions, expanding from approximately 9,600 hectares to 13,090 hectares. At Avispa, the company reduced its holdings by approximately 1,350 hectares while advancing 33 concessions through the exploitation concession application process and retaining one exploration concession.
Montero plans to combine geological and geochemical results with historical exploration information and geophysical data to prioritise targets for future drilling.
Montero Mining and Exploration (MXTRF) shareholder Dr. Antony Harwood filed an early warning report after increasing his stake through a private placement.
The offering closed October 8, 2026, raising C$1,500,000.15 from 2,727,273 units at C$0.55 each. Each unit contained one share and half a share purchase warrant. Whole warrants allow purchase of one share at C$0.70 for 12 months from issuance, subject to accelerated expiry in certain circumstances.
Harwood bought 363,637 units for C$200,000.35. His holdings rose from 777,046 shares and 333,333 options to 1,140,683 shares, 181,819 warrants and 333,333 options. His non-diluted ownership increased from approximately 9.19% to 10.20%; partially diluted ownership, which includes potential shares from his options and warrants, increased from approximately 12.64% to 14.16%.
Montero Mining and Exploration (OTC: MXTRF, TSXV: MON) intends to complete a non-brokered private placement of up to 4,000,000 units at CAD$0.55 per unit for gross proceeds of up to CAD$2,200,000. Each unit comprises one common share and one-half warrant, with each whole warrant exercisable at CAD$0.70 for 12 months.
Warrants may be accelerated if the TSXV share price trades at or above CAD$1.00 for 10 consecutive days. According to Montero, net proceeds will fund exploration and drilling at the Elvira Gold Project, advance other Chilean projects, and support working capital. Closing, expected around September 4, 2026, is subject to TSXV and other approvals, and all securities will carry a four month and one day hold period. Certain insiders may participate within MI 61-101 exemptions. Montero currently has 8,453,833 common shares and 735,383 stock options outstanding.
Montero Mining and Exploration (OTC: MXTRF) completed geological logging of replacement drillhole MON-ELV-02 at the Elvira gold project in northern Chile to a depth of 625.25 metres. The hole tested a high-priority target defined by integrated geological, geochemical, geophysical and AI-assisted modelling.
Logging shows strongly advanced-argillic-altered volcanic rocks overlying feldspar-quartz-amphibole porphyry, with widespread quartz-alunite-pyrite high-sulphidation alteration and pyrite-bearing sulphide mineralisation below the base of oxidation at about 253 metres. MON-ELV-02 was drilled adjacent to historical hole EL-12, which reported gold mineralisation, and extends the test more than 340 metres deeper. Core cutting and sampling are underway, assays are pending, and results will be used to assess metal associations, refine the 3D geological model and guide further drilling.
Montero (OTC: MXTRF) reported completion of drillhole MON-ELV-02 to a depth of 625.25 metres at the Elvira Gold Project in northern Chile, the first hole of its 2026 drilling programme and a redrill of target MON-ELV-01.
Preliminary core logging indicates altered volcanic rocks from surface to 194.9 metres overlying a feldspar-quartz-amphibole porphyry to end of hole, with an extensive pyrite-bearing high-sulphidation alteration system and a base of oxidation at about 253 metres. The pyrite-rich interval corresponds to the modelled IP chargeability anomaly, supporting Montero's integrated geological, geochemical, geophysical and AI-assisted targeting model. Core sampling and assays are in progress, MON-ELV-03 drilling has commenced, and the company cautions that visual observations are not a substitute for laboratory results.
Montero Mining (OTC: MXTRF) commenced initial drilling at the Elvira Gold Project in Chile. A first-pass program of four holes totaling about 2,025 metres will test integrated geological, geochemical, and geophysical targets linking a shallow epithermal gold system to a potential deeper porphyry Cu-Au domain.
Priority hole MON-ELV-01 targets a strong chargeability anomaly beneath historical hole EL-12, which intersected 4 m @ 4.9 g/t Au, including 17.85 g/t Au. Qualified Persons have reviewed the technical information, and historical results may not match current reporting standards.
Montero Mining (OTC: MXTRF) defined an initial first-pass drill program at its Elvira Gold Project in Chile’s Maricunga Belt. The Phase 1 program comprises four core holes totaling about 2,025 metres, targeting a vertically zoned system interpreted as high-sulphidation epithermal gold overlying deeper porphyry Cu-Au mineralization.
Drilling will test chargeability and resistivity anomalies linked to historical gold, copper, silver and zinc intervals, with ongoing geological and geochemical assessment guiding subsequent holes.
Montero (OTC: MXTRF) commented on a Chilean government bill submitted on May 18, 2026 to amend the Mining Code and concession fee regime. Proposed changes aim to simplify and expand access to reduced fees, especially for exploration and development projects, and broaden what qualifies as mining work.
Montero Mining (OTC: MXTRF) has begun mobilisation and operational preparations for a Phase 1 diamond drill program at the Elvira gold project in Chile’s Maricunga Belt, scheduled to start in the third week of May 2026.
The program will include four diamond drill holes totalling 1,500–2,000 metres, with hole depths of about 350–650 metres. Road upgrades, camp, core facilities, teams, and environmental and safety procedures are largely complete, and all required authorisations have been obtained.
Montero (OTC: MXTRF) reported independent geochemical vector modelling that identifies two coherent deep porphyry-style targets beneath the central Elvira alteration system in Chile's Maricunga Belt.
The modelling, using 38 rock samples and two industry zonation models (Cohen 2011; Halley 2015), yielded a high-confidence target with the highest score ~1.5 km below surface and a spatially related deeper target. Results will guide further sampling, 3D modelling and drill prioritization.