Mogotes Reports Best-Ever Drill Results at Filo Sur, Marking Key Exploration Breakthrough

• Mogotes Metals reported 86 meters grading 0.7% copper, 0.55 g/t gold, 2.7 g/t silver, and 169 ppm molybdenum at the Albor target, with a higher-grade core of 43 meters at 1.1% copper and 0.82 g/t gold - grades multiples higher than any previous drilling on the property
• The project sits directly adjacent to Filo del Sol, one of the largest copper discoveries globally in the past 30 years, with geological characteristics showing similarities including multiple phases of mineralisation and hypogene epithermal overprinting
• The company maintains $42 million in cash reserves to fund aggressive follow-up drilling, with the next campaign planned for November 2026, positioning them to rapidly advance multiple high-priority targets
• With only 6,800 meters drilled across 8 kilometers of prospective strike length and half the assay results still pending, the property remains largely untested with multiple targets identified through geophysics and geochemistry
• Beyond the flagship Filo Sur project, Mogotes has acquired assets in Kazakhstan and Montana to enable year-round drilling and newsflow while de-risking single-asset concentration

Mogotes Metals has announced a significant high-grade copper-gold discovery at its Filo Sur project in Argentina, directly adjacent to the Filo del Sol deposit - a world-class porphyry discovery that has transformed from a C$100 million junior explorer to a C$6 billion company. The intersection of 86 meters at 0.7% copper equivalent represents a fundamental shift for Mogotes, demonstrating the presence of high-grade mineralisation on their property and validating years of systematic exploration work. This discovery comes at a critical juncture in the copper market, where major new discoveries have become increasingly scarce while demand projections continue to climb.

The Discovery: High-Grade Results Validate Exploration Strategy

The Albor target has delivered grades that CEO Allen Sabet characterises as "multiples better than anything else that's been drilled here." The headline intercept of 86 meters from 108 meters depth includes copper, gold, silver, and molybdenum, with a particularly robust core interval of 43 meters grading 1.1% copper and 0.82 g/t gold. Importantly, these results represent only partial assays from the drill hole, with the remainder of the interval still pending laboratory analysis.

The shallow depth and proximity to surface make this discovery particularly strategic. As Sabet explains: 

"In starting a pit, you want higher grade, and you want it close to surface. I would ask, have we just released a high grade close to surface intercept? Yes, we have." 

This positioning could prove valuable for any future development scenario, particularly given that the neighbouring Filo del Sol preliminary economic assessment shows a planned pit extending to the southern boundary of their property, marked as open in all directions.

This represents Mogotes' second discovery in the current drill campaign, following the Cruz del Sur target announced four weeks earlier at the southern end of the property. The company has now demonstrated mineralisation across the full extent of its land package, from the southern boundary through to the northern Lunahuasi area, establishing a corridor of prospectivity spanning their entire 8-kilometer strike length.

Geological Validation: Reading the Porphyry Fingerprints

The geological characteristics observed at Albor show compelling similarities to the Filo del Sol system. The company's technical team has identified multiple indicators suggesting proximity to a significant porphyry center, including hypogene epithermal overprinting - multiple phases of mineralisation that can substantially enrich a deposit. This matches the geological evolution documented at Filo del Sol in published technical literature.

Sabet notes the significance of the mineralogical assemblage: 

"We've got here covellite, digenite, chalcopyrite, probable chalcocite, some localised malachite in the fractures. So, all kinds of stuff… you're seeing at Filo." 

The presence of high molybdenum values, specific crystal types, and alteration patterns all point toward what the exploration team interprets as a proximal position - either above or adjacent to a porphyry center.

The breccia-hosted mineralisation encountered at Albor represents a discontinuous but potentially high-grade structural setting. While the company acknowledges they haven't yet intersected a kilometer-scale continuous mineralised zone, the geological fingerprints suggest they are "close to the heat source," in exploration terminology.

Financial Strength: Capitalising on Discovery Momentum

With $42 million in cash, Mogotes enters the discovery phase in an unusually strong financial position. This capital provides runway for aggressive follow-up drilling without the immediate need for dilutive financing - a critical advantage when attempting to rapidly define the scale of a new discovery.

The company completed approximately 6,800 meters of drilling in the recently concluded campaign, with roughly half the assay results still pending. This means additional catalysts are forthcoming from already-completed work, potentially providing further definition of the discoveries or identifying additional zones of mineralisation. The next drill program is planned for November, allowing minimal delay between campaigns while the technical team designs targeted follow-up based on complete results from the current program.

Interview with Allen Sabet, CEO of Mogotes Metals Inc.

The Broader Portfolio: All-Season Drilling Strategy

Mogotes has recently acquired projects in Kazakhstan and Montana, US, a decision that has drawn some investor scrutiny about focus. The company's rationale centers on cost of capital and year-round activity. The Filo Sur project operates under a constrained drilling season, typically creating a six-month period of market inactivity that can pressure share prices.

By adding projects in jurisdictions with different seasonal windows and dramatically lower drilling costs - Sabet cites $100 per meter in Kazakhstan versus significantly higher costs in the high-altitude Andes - the company aims to maintain continuous newsflow while allocating relatively modest capital away from the flagship asset. The strategy accepts some complexity in exchange for potentially better cost of capital dynamics and multiple opportunities for value creation.

"While we put the bulk of our money at the Filo Sur program, we've got what I would characterise as very high-quality assets that with a little bit of capital in terms of our budget can go a long way in terms of impact on our share price, cost of capital, bringing resources into the company's balance sheet."

Scale of the Opportunity: Vast Underexplored Territory

Perhaps the most significant aspect of the Mogotes story is the amount of prospective ground that remains untested. The Albor discovery hole sits in an area measuring approximately 1.5 kilometers east-west by 2 kilometers north-south, within which only one historical 300-meter reverse circulation hole had previously been drilled. The company has now placed just one hole in this zone, with a second pending results.

Across the broader property, Mogotes has identified roughly 10 targets through geophysics and geochemistry, many of which have seen zero drill testing. The company started with 130 square kilometers of prospective ground and has systematically narrowed the focus, but vast areas remain unexplored. For context, Filo Mining required 41 drill holes before hitting their discovery intercept, then drilled extensively over subsequent years to define the scale of the system.

"We're at the beginning of the race," Sabet acknowledges, emphasising the systematic, multi-year approach required for porphyry exploration in this district.

Valuation Dynamics and Market Positioning

The company's market capitalisation remains modest relative to the scale of the geological opportunity and the precedent set by neighbouring discoveries. Sabet frames this as a transitional moment: 

"We're like day one now at being introduced to post-discovery investors." 

The company is shifting from a prospect generator audience to investors who focus on projects with demonstrated high-grade mineralisation - a fundamentally different investor base with different valuation frameworks.

The location premium is acknowledged but defended as warranted. Sophisticated mining companies and investors with track records of successful porphyry investment, including those who invested in Filo before its major discovery, have backed Mogotes, lending credibility to the geological thesis beyond simple proximity arguments.

Looking Forward: The Path to Definition

The immediate path forward involves completing analysis of the current drill campaign, designing targeted follow-up based on complete geological understanding, and executing an aggressive drilling program starting in November. The company's approach emphasises covering ground efficiently during the limited drilling season while systematically narrowing down the highest-priority targets.

Metallurgical work remains early-stage, which Sabet views as appropriate given the exploration stage. The focus is on finding scale and grade before investing heavily in metallurgical characterisation. The company has noted relatively low arsenic content in the Albor intercept, potentially positive for concentrate quality, but detailed metallurgical programs will follow resource definition.

"Let's do the exciting part, and we'll come to the metallurgy when we have, let's say a handful of meaty juicy resources."

TL;DR: Executive Summary

Mogotes Metals has announced high-grade copper-gold mineralisation (86m at 0.7% Cu, 0.55 g/t Au including 43m at 1.1% Cu) at the Albor target on its Filo Sur project, directly adjacent to the world-class Filo del Sol discovery in Argentina. With $42 million in cash, 8 kilometers of prospective strike length that remains largely untested, and geological characteristics mirroring the neighboring C$6 billion discovery, Mogotes is positioned for aggressive follow-up drilling starting November 2026 to define the scale of this early-stage discovery in one of mining's most fertile copper districts.

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