C$55M Treasury, Three Rigs Turning: Mogotes Metals Tests Filo Sur Strike in 2026

• Mogotes Metals has transitioned from a three-year, C$25 million exploration setup phase into active drilling at its Filo Sur project in S.America's Vicuña district, with three rigs currently operating and a fourth being mobilised toward a season target of 6,000–8,000 metres.
• The company holds a C$55 million treasury and is deploying approximately C$20 million in the current austral summer season, preserving substantial capital for follow-up drilling and reducing near-term dilution risk for shareholders.
• CD Capital, a London-based fund, has invested in Mogotes and placed board representative Carmel Daniele on the company's board, alongside the Braun family of Argentina.
• Mogotes has announced a new option agreement on an advanced copper-gold asset in Kazakhstan hosting an historic resource of approximately 6 million gold-equivalent ounces, with mineralisation open at depth, drilling costs of approximately $80 per metre, and a favourable permitting environment
• The Kazakhstan acquisition directly addresses the seasonality constraint of Andean operations, providing year-round exploration activity, continuous news flow, and a second value creation platform during the Filo Sur off-season with initial Filo Sur drill results expected in May–June 2026.

Where last year's narrative centred on land consolidation and geophysical data acquisition, Mogotes Metals defined 2026 by drill bits in the ground. CEO Allen Sabet outlined the company's current drilling campaign at its Filo Sur project in the Vicuña district while simultaneously announcing a new option agreement on an advanced copper-gold asset in Kazakhstan.

The combination of a well-funded treasury, experienced technical advisers, institutional backing from investors who have profited directly from nearby analogues, and now a second asset providing year-round operational continuity represents a meaningful step change in the company's risk and news-flow profile heading into the remainder of 2026.

The Filo Sur Project: From Data Acquisition to Drilling

Filo Sur sits along the same north-south structural trend that hosts Filo del Sol, Altar, and Valeriano, a porphyry and epithermal belt within Argentina's Vicuña district. Mogotes has spent approximately three years and C$25 million acquiring what Sabet describes as comprehensive multi-dataset coverage across the project, including geochemical surveys, rock chip sampling, and modern electrical geophysics.

That geophysical work identified multiple low-resistivity, high-chargeability anomalies consistent with the subsurface signatures that guided early drilling at Filo del Sol and at Valeriano. The land package has been extended to cover the full strike projection of Filo del Sol's known mineralisation, and the company has developed what it characterises as multiple drill-ready targets, now ranked and permitted.

Three rigs are currently operating, with a fourth being mobilised. The 2026 austral summer season target is 6,000–8,000 metres, of which approximately 3,000 metres have already been completed. The season budget is approximately C$20 million, leaving the company with meaningful remaining capital for interpretation and follow-up in the next drill-amenable season.

The technical team assembled around Sabet includes geologists with direct experience at Filo del Sol and other Andean porphyry and epithermal systems, as well as advisers associated with the discoveries at Valeriano.

Sabet acknowledged directly that proximity to Filo del Sol is not a discovery guarantee, but framed the systematic approach as the appropriate preparation:

"Have you done all the ground work and generated the right data sets to validate your targets in a systematic and modern way? Tick. That's what we spent three years doing - about $25 million doing. We've got the best data."

Interview with Allen Sabet, CEO of Mogotes Metals Inc.

Institutional Validation: New Investors with Filo del Sol Pedigree

The capital raise that underpins the 2026 programme brought in two investors with direct relevance to the Filo Sur thesis. The Braun family, an Argentine family office with familiarity with the regional geology and asset class, took a position alongside CD Capital, a London-based fund that invested in Filo del Sol and generated approximately 15 times its capital on that position. Carolos Braun of the Argentine Family Office, and Carmel Daniele of CD Capital, have joined the Mogotes board.

This investor composition is strategically significant. The participation of capital that has already evaluated, invested in, and profited from the most directly analogous nearby discovery provides a form of due diligence endorsement that goes beyond standard institutional interest.

Kazakhstan: Year-Round Optionality on an Advanced Asset

The second recent major announcement from Mogotes was the option agreement on a copper-gold asset in Kazakhstan. The asset hosts an historic resource of approximately six million gold-equivalent ounces, with mineralisation starting from approximately 40 metres below surface and described as continuous over thousands of metres of vertical extent. The deposit remains open at depth and around its current boundaries.

Sabet outlined three specific value creation levers for the Kazakhstan asset: integrating existing but unincorporated drilling data into an updated resource estimate; step-out and depth drilling to expand the resource; and testing structural targets within the land package that may represent separate porphyry centres, including one with potential high-grade gold characteristics.

Importantly, the asset offers low operating costs. Drilling rates of approximately US$80 per metre, well below typical Andean costs, mean that meaningful metres can be turned at modest capital outlay. The company plans to apply for a mining licence within the next six months, a timeline that reflects Kazakhstan's reportedly accelerated permitting environment relative to many comparable jurisdictions.

Sabet was direct about the strategic rationale:

"We scour the world looking for high quality assets and this is very much at the top of the list when you rank them. We've been able to secure it with a relatively small upfront payment with a back-ended option that allows us to plant our foot over 100% rights on this asset with very little upfront expenditure and a super low operating cost profile."

The Kazakhstan acquisition solves a structural challenge for Mogotes: the southern hemisphere seasonality of the Filo Sur drilling programme. Operations at Filo Sur are broadly confined to the austral summer, which runs through approximately end of April. Results processing and interpretation consume May and June. Kazakhstan can be operated throughout the year however, providing the management team with year-round activity and the market with continuous news flow.

Financial Position and Forward Outlook

Mogotes ends the 2026 drill season having deployed approximately C$20 million at Filo Sur, leaving a treasury that Sabet characterised as sufficient for meaningful follow-up across both assets. The Kazakhstan work will consume a fraction of the remaining budget. Diamond drill core results from the current Filo Sur programme are expected to flow in May and June, providing the data foundation for the 2026 season planning.

The company's stated intent is not to exhaust its treasury in a single season, but to maintain sufficient capital to follow up on any indications of mineralisation encountered in initial holes — a sequencing approach that reflects lessons from comparable discoveries where early results required rapid, well-funded follow-up.

The Investment Thesis for Mogotes Metals

• Tier-one neighbourhood, secured strike: Mogotes holds the full strike projection of Filo Sur the Vicuña district wherein the most significant copper-gold district identified in the past three decades. Geological adjacency to a known giant deposit is a foundational exploration advantage.
• Three years of preparation now being tested: The company spent approximately C$25 million building comprehensive geochemical, geophysical, and geological datasets before drilling began. Multiple drill-ready, ranked targets are now being tested in sequence as a systematic approach validated by major company technical reviews.
• Institutional money with Filo del Sol pedigree: CD Capital, which made approximately 15 times its investment in Filo del Sol, has invested and placed a board representative.
• C$55 million treasury with disciplined deployment: The company has substantial capital for multiple seasons of drilling and is deploying approximately C$20 million in the current season. This capital discipline reduces dilution risk and provides capacity to follow up discovery-level results.
• Kazakhstan acquisition de-risks single-asset concentration: An advanced copper-gold asset with approximately six million gold-equivalent ounces, low drilling costs, and a permitting-friendly jurisdiction provides a second value driver and year-round operational activity, reducing the company's dependence on a single seasonal programme.
• Near-term catalysts: Drill results from the current Filo Sur season are expected May–June 2026. Kazakhstan resource work and initial drilling will provide additional news flow through the Filo Sur off-season. Investors entering now have multiple potential re-rating events on a defined timeline.

Copper's Supply Gap and the Race for the Next Giant Discovery

The copper market is entering a structural supply deficit that most analysts agree cannot be resolved through incremental production expansions at existing operations. Global electrification spanning to EV adoption, grid infrastructure buildout, and AI data centre power demand is generating a step-change in copper consumption at the same time that discovery rates for large new deposits are declining and permitting timelines in traditional jurisdictions are extending. The result is growing institutional urgency to secure exposure to advanced-stage copper projects and exploration assets with genuine scale potential.

The Vicuña district in South America's Central Andes has emerged as the most significant copper-gold district identified in a generation. The Filo del Sol preliminary economic assessment which projects NPVs beginning at approximately $8 billion at current prices and free cash flow of approximately US$2 billion per annum, has recalibrated the industry's sense of what a new copper discovery can be worth. That discovery, widely described as the largest in 30 years, has made the surrounding geology the subject of intense institutional interest.

Mogotes Metals is positioned within this context as the operator holding the strike projection of Filo del Sol's known footprint. Its drilling programme is not speculative in the conventional sense, it is the systematic testing of geophysically validated targets within a belt where the geological model is well understood and where the discovery playbook has already been written by neighbours. The company enters the second half of its 2026 drill season as a company that has converted three years and C$25 million of systematic exploration preparation into active drilling across multiple ranked targets at Filo Sur. The first drill results, expected in May–June 2026, will be the market's first direct geological test of whether Filo Sur's extensive surface and geophysical dataset translates to mineralisation at depth.

TL;DR

Mogotes Metals is drilling its Filosur copper-gold project in Argentina's Vicuña districtdirectly, along strike from Filo del Sol to which the largest copper discovery in 30 years was made, with three rigs on the ground, a C$55 million treasury, and institutional backing from investors. A new option on an advanced copper-gold asset in Kazakhstan adds a six-million-gold-equivalent-ounce resource, year-round drilling capability, and a low-cost exploration pipeline during the Andean off-season. First Filosur drill results are expected May–June 2026.

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