Mogotes Metals Inc. (TSX-V: MOG) (FSE: OY4) (OTCQB: MOGMF) is pleased to provide an update on drilling results from its flagship Filo Sur project, located immediately south of, and along strike from, the Filo del Sol copper-gold-silver discovery being advanced by BHP and Lundin Mining.¹

While the Company awaits the final assay results from holes FS_DDH_013 and FS_DDH_015 in Chile (see Figure 1), today’s update confirms and expands the discovery at the Albor target, first made with hole FS_DDH_016.

Figure 1: Albor and Filo Sur Drill Hole Locations – and Pending Luz del Sol Drill Holes

Highlights of FS_DDH_016:

• 180.0 m @ 0.98% CuEq from 108.0 m (0.51% Cu, 0.37 g/t Au, 2.8 g/t Ag, 119 ppm Mo)
  including:
  • 58.0 m @ 1.77% CuEq from 111.0 m (0.90% Cu, 0.70 g/t Au, 3.6 g/t Ag, 228 ppm Mo)
  • 7.0 m @ 1.01% CuEq from 188.0 m (0.54% Cu, 0.38 g/t Au, 1.8 g/t Ag, 118 ppm Mo)
  • 7.0 m @ 1.29% CuEq from 236.0 m (0.91% Cu, 0.16 g/t Au, 11.9 g/t Ag, 143 ppm Mo)
  • 9.0 m @ 2.84% CuEq from 276.0 m (1.32% Cu, 1.34 g/t Au, 7.5 g/t Ag, 105 ppm Mo)

• Shallow Copper and Gold Mineralization starts at 108 m depth
• Part of a Larger Undrilled Surface Geochemical Anomaly
  Surface channel samples collected by Mogotes immediately above and along strike of the drill intercepts returned anomalous copper and molybdenum values (Figure 2). Together with a molybdenum-in-soil anomaly measuring ~400 by 800 m, these results support the interpretation that the mineralized hydrothermal system has significant extent, including possible continuation beneath a thin veneer of scree cover. The limits of the mineralization intersected in FS_DDH_016 have not yet been defined by drilling and remain untested to the northwest and southeast along the strike of the Macho Muerto Fault Zone, and at depth.

Figure 2: Plan View of Drillhole FS_DDH_016 and Albor Target Zones

Multiple Overlapping Hydrothermal Events

Mogotes is encouraged by the multiple overlapping hydrothermal events observed in FS_DDH_016, including early potassic-altered quartz diorite porphyry intrusions, early-stage quartz stockwork veining consisting of “A” and “B” family veinlets with chalcopyrite, chalcopyrite-bearing magmatic-hydrothermal breccias altered to anhydrite and biotite, later copper-bearing vein generations, and subsequent fine-grained, epithermal overgrowths of dark copper-bearing sulfide minerals including probable covellite, digenite, bornite and enargite.

Early potassic alteration is overprinted by silica and quartz-sericite-chlorite, consistent with the telescoping of lithocap and epithermal alteration over deeper potassic alteration.

These cross-cutting relationships indicate multiple mineralizing events within the hydrothermal system. Repeated mineralization may enhance grades and is evidence of system longevity where mineralizing phases overlap.

Mogotes geologists observe similarities in geology, alteration styles, sulfide assemblages and mineralization textures to those described from the adjacent Filo del Sol deposit².

Increasing Potassic Alteration at Depth

At 287.85 m in FS_DDH_016, the mineralized breccias and quartz diorite porphyry are bounded by a strand of the Macho Muerto Fault, with drilling continuing into less-mineralized but increasingly potassic-altered andesite wall rock. The intensity of potassic alteration associated with phreatic breccias in the andesite wall rocks increases with depth. This trend, located immediately adjacent to an IP chargeability high, is interpreted by Mogotes geologists to represent another potentially mineralized porphyry target at depth.

Regional Context: The Macho Muerto Trans-Andean Fault

In FS_DDH_016, quartz diorite porphyry dikes and mineralized breccias are emplaced along the trans-Andean Macho Muerto Fault Zone.

The MMFZ is historically underexplored due to thin scree cover, steep topography and limited access at altitude.

Within the Filo Sur project, the MMFZ extends over ~10 km: from the Meseta target in the north, through Luz del Sol to Albor (a 3 km trend), then a further 7 km SE to the newly discovered Cruz del Sur porphyry system (see Company announcement dated May 1, 2026).

Given the two discoveries made along the MMFZ this field season, the intensity of mineralization intersected in FS_DDH_016, and the propensity for major ore bodies to be associated with trans-Andean fault intersections, the MMFZ will be a key focus of the next season of work (see Figure 3).

FS_DDH_019

Based on encouraging visual indications in FS_DDH_016, but prior to receipt of assays and detailed analysis, FS_DDH_019 was collared opportunistically to acquire more information on the discovery prior to the next season. Company geologists believe that the hole may have tested the MMFZ at an oblique, shallow angle, limiting its effectiveness in crossing the principal breccia body; FS_DDH_019 is therefore not interpreted as an adequate drill test of the mineralized breccias (Figure 4). Thin mineralized breccia intercepts were encountered, and additional drilling will be required to test the northwest continuation of the breccias:

• Highlight assay 14.0 m @ 0.82% CuEq from 48.0 m (0.41% Cu, 0.35 g/t Au, 1.6 g/t Ag, 60ppm Mo)

 Figure 3: Image of Macho Muerto Fault Zone Target and Albor FS_DDH_016 Platform Location

CEO Comment

Allen Sabet, President and CEO of Mogotes, commented:

“In our first fully funded drill season at Filo Sur, we have now made two significant copper-gold-silver-molybdenum discoveries, at Cruz del Sur and at the Albor target. The final assays for FS_DDH_016 have expanded the Albor intercept to 180 metres of high-grade, near-surface copper-gold-silver-molybdenum mineralization, confirming and extending the discovery we first reported in May. We look forward to sharing the results of the final holes in the Luz del Sol system as they are reported.”

Commentary on other drill results

Meseta: Mogotes geologists encountered highly fractured, dense silica and faulting while drilling Meseta target holes FS_DDH_011 (20 m depth) and FS_DDH_012 (116 m depth). The drilling did not reach the targeted depths and the rigs were remobilized to drill the Luz del Sol targets to make best use of the limited summer months. The Meseta target remains untested and a target for future seasons.

Camino: Due to technical drilling issues, FS_DDH_009 was unable to reach target depth of 1200 m to test the primary MT resistivity low. The hole was weakly mineralized and the target potential will be re-evaluated.

Cumbre: Drill holes FS_DDH_017 (10 m depth) and FS_DDH_018 (47 m depth) were not completed to target depth due to forecast winter weather conditions necessitating the completion of the drill season in May. Both short drill holes encountered lithocap style, moderate to strong silica-clay alteration. These areas remain priority targets for the next drill season. Drill hole FS_DDH_014 was intended to test the coincidence of MT and IP resistivity lows that overlap with IP chargeability highs. The hole encountered weak to strong argillic to advanced argillic alteration affecting a thick sequence of andesitic to dacitic pyroclastic rocks. This alteration is suggestive of a high-level porphyry lithocap environment telescoped over nearby porphyry-related mineralization encountered in FS_DDH_016. Deeper drilling is required to test the extent of any deeper porphyry mineralization.

Next Steps for Filo Sur exploration and drilling:

• Final assays for drill holes FS_DDH_013 and FS_DDH_015 in Chile are pending and will be reported once received and validated.
• Compilation of the 2025–2026 exploration and drilling data.
• Plan and prioritize offset drilling at the Albor target to define the extent of the high-grade breccia mineralization and to test for volumetrically significant porphyry mineralization.
• Plan and prioritize additional 2026–2027 exploration and drilling activities across the broader Mogotes Metals exploration concessions.

Figure 4: Section View of Drillhole FS_DDH_016 and New Deeper Targets

Modelled geochemical targets are from rock chip assay data on the Filo Sur project (Fathom Geophysics proprietary technique) modelled against porphyry geochemical zonation patterns.

 Figure 5: Core from 125.75m (FS_DDH_016), 125-126m assays at 1.67% Cu, 1.62 g/t Au, 1.69 g/t Ag, 685 ppm Mo

Figure 6: Core samples of note from FS_DDH_016

Table 1: Significant assay results for 2025/26 drill holes disclosed in this release. Reported intervals are downhole lengths.

Reported intervals are length-weighted downhole composites calculated at a cut-off grade of 0.20% CuEq. Composite intervals begin and end with samples grading at or above cut-off and may include up to 6.0 m of consecutive internal dilution below cut-off grade. Unsampled intervals within composites have been assigned zero grade. The “including” intercepts were calculated at cut-off grade of 1.0% CuEq, and may include up to 6.0 m of continuous internal dilution.

Copper equivalent (CuEq) is calculated as: CuEq (%) = Cu (%) + (Au g/t × 1.0327) + (Ag g/t × 0.0119) + (Mo % × 4.817), using metal prices of US$4.69/lb Cu, US$3,321/oz Au, US$38.30/oz Ag and US$22.59/lb Mo, and metallurgical recoveries of 80% Cu, 80% Au, 80% Ag and 80% Mo. Assumed metallurgical recoveries are based on district analogs and there is not yet any metallurgical test work done on the project; actual recoveries may differ and there is no certainty that the metals will be recovered at the assumed levels. CuEq values are provided for illustrative purposes only, consistent with CSA metal-equivalent disclosure guidance.

Mineralized intercepts are reported as downhole intervals of Cu, Au, Ag and Mo assays. Insufficient information is currently available for true width determinations.

Table 2: Location details of drill holes disclosed in this release.

References

¹ May 4, 2025. News Release, Lundin Mining Announces Initial Mineral Resource at Filo del Sol Demonstrating One of the World’s Largest Copper, Gold, and Silver Resources. Lundin Mining

² Perelló, J., Sillitoe, R. H., Rossello, J., Forestier, J., Merino, G., & Charchaflié, D. (2023). Geology of porphyry Cu-Au and epithermal Cu-Au-Ag mineralization at Filo del Sol, Argentina-Chile: Extreme telescoping during Andean uplift. Economic Geology, 118(6), 1261-1290.

About Mogotes Metals Inc.

Mogotes Metals Inc. is a mineral exploration company focused on copper, gold, and silver in the prospective Vicuña district of Argentina and Chile. The Company’s flagship Filo Sur project adjoins Lundin Mining’s Filo del Sol — one of the world’s largest copper-gold-silver discoveries¹ — and lies along the same N-S trending belt as the Filo del Sol–Aurora deposits and NGEx Minerals’ Lunahuasi and Los Helados copper-gold deposits.