Montero Mining and Exploration Ltd. (TSXV: MON) has announced a data licence agreement with BHP Chile Inc., a subsidiary of BHP Group Limited, granting Montero access to BHP's historical exploration dataset for the Avispa copper-molybdenum project in northern Chile. The agreement, dated November 4, 2026, covers drill collar, survey, geology, and assay data, along with approximately 50% of remaining drill chips and pulps where available. In exchange, Montero has granted BHP a 1% net smelter return royalty over mining concessions within a defined Area of Interest, with a buyback option for US$5 million less any royalties previously paid.

Key Points

  • Montero Mining and Exploration Ltd. (TSXV: MON | OTC Pink: MXTRF | FSE: ES0)
  • Montero has entered a data licence agreement with BHP Chile Inc. for historical exploration data at the Avispa copper-molybdenum project in northern Chile
  • Montero granted BHP a 1% NSR royalty over the Area of Interest; Montero holds the right to repurchase it for US$5 million less prior royalty payments
  • Investors may be watching how integration of BHP's historical dataset influences Montero's exploration model and future drill targeting at Avispa

BHP Dataset to Expand Montero's Avispa Geological Database

Under the agreement, Montero will receive BHP's historical drilling records for the Avispa project area, encompassing collar locations, downhole surveys, geological logs, and assay results. The company will also receive approximately 50% of remaining drill chips and pulps where available, enabling independent verification. Montero stated it intends to integrate this historical information with its existing geological, geochemical, and geophysical datasets. The company cautions investors that the historical data has not yet been independently verified and that undue reliance should not be placed on it until verification work is complete.

NSR Royalty Terms and Buyback Right Granted to BHP

As consideration under the licence agreement, Montero has granted BHP Chile Inc. a 1% net smelter return royalty over mining concessions held by Montero within the defined Area of Interest associated with BHP's historical drilling programme. The Area of Interest encompasses certain existing Montero concessions as well as future concessions the company may acquire or apply for within that boundary. Montero retains the contractual right to repurchase the NSR for US$5 million, reduced by any royalty payments previously made to BHP, providing a potential path to full royalty elimination.

Implications for Avispa Exploration Model and Drill Prioritisation

Montero stated that integrating BHP's historical results with its own database is expected to help refine its exploration model, identify areas for more focused exploration activity, and prioritise potential drill targets at Avispa. The company also noted the combined dataset may support future technical studies and, at a later stage, potential resource-definition programmes. Montero holds a 100% interest in the Avispa copper-molybdenum project, situated in the Palaeocene Porphyry Cu-Mo Belt of northern Chile. The technical content of the release was reviewed and approved by independent Qualified Person Mr. Marcial Vergara.