Mogotes Takes 100% of La Perla as Option Deals Shape Its Copper Portfolio

• Mogotes Metals has exercised its option to acquire 100% of the La Perla Uno a Diez concessions in Chile's Atacama Region, under an agreement originally scheduled to run through July 29, 2029.
• The final consideration was 598,042 common shares at $0.47 each, giving the company 100% ownership.
• The company reported C$77 million in cash as at September 21, 2026, with up to 20,000 meters planned at Filo Sur and up to 50,000 meters at Beskauga.
• Acquisition commitments differ by asset: US$24.7 million in back-end payments for 100%.
• Filo Sur drills in the Southern Hemisphere summer and the 2 northern projects drill from May to September, so results arrive across most of the year.

Mogotes Metals (TSXV: MOG | OTCQB: MOGMF | FSE: OY4) has assembled most of its copper and gold exposure in Chile, Kazakhstan and the US through options and earn-ins, where staged payments, share issuances or exploration spending stand in for an upfront purchase price. On October 21, 2026, the company exercised one of those options in full and took 100% of the La Perla concessions in Chile against a schedule that originally ran to 2029. 

La Perla Moves to 100% Ownership

Mogotes Metals Chile SPA signed the La Perla option with Ingenieria e Inversiones Cerro Dorado Limitada on July 29, 2025. The concessions lie in the municipality of Tierra Amarilla, Province of Copiapó, in Chile's Atacama Region.  Under the original terms, Mogotes would pay US$200,000 in cash over 4 years and issue 411,764 shares at US$0.20 on or before July 25, 2025, then issue US$70,000 per share each July 29 from 2026 through 2029.

The company has issued 598,042 shares at $0.47 and confirmed it exercised the option in full. The shares carry a 4-month, 1-day holding period. The issuance compares with 609 million common shares outstanding as at September 16, 2026. 

Copper Cliff: Exploration Spend in Place of a Purchase Price

Copper Cliff in western Montana is the clearest example of the earn-in model. Rio Tinto discovered the gold-copper porphyry target in 2013, and the project has seen no exploration since 2017. A historical hole returned 1,252 meters at 0.41 grams per tonne gold and 0.34% copper from 665 meters, a result Mogotes has not yet verified.

Mogotes can earn up to 60% of the project through exploration expenditure alone. The first stage requires US$16 million over 3 years for a 51% interest, and once Mogotes earns that 51%, Rio Tinto holds a 90-day clawback right. The company plans to drill 8,000 to 9,000 meters, using a mother-daughter hole configuration to depths of about 1 kilometer. The program remains subject to permitting, although the ground consists of patented claims, where the company fully owns the surface and mineral rights.

Beskauga: A Deferred Price on a Historical Resource

Mogotes holds an option on 100% of Beskauga, 70 kilometers from Pavlodar, Kazakhstan, with total payments of US$24.7 million and 3 years to complete the acquisition. Payments are back-ended over that term. The company secured the option after a prior holder's option lapsed.

On those terms, Mogotes controls a deposit with a 2022 historical mineral resource estimate, which the company treats as a historical estimate under NI 43-101. The estimate contains 111.2 million tonnes indicated at 0.30% copper and 0.49 grams per tonne gold, and 92.6 million tonnes inferred at 0.24% copper and 0.50 grams per tonne gold. Contained metal totals 1.8 million ounces of indicated gold and 1.5 million ounces of inferred gold, along with 333,600 tonnes and 222,200 tonnes of copper, respectively. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The higher-grade gold-copper-silver core starts at 40 meters below the surface.

Drilling costs are as low as US$100 per meter for diamond drilling and US$60 per meter for reverse circulation (RC) drilling. Mogotes is planning up to 50,000 meters of combined drilling and is targeting a preliminary economic assessment (PEA) and a mining license application within 6 to 12 months.

Cash & Drilling Priorities

Mogotes reported C$ 77 million in cash as of September 21, 2026. The company’s disclosed budgets include about US$5.5 million at Copper Cliff for 2026 and about C$8 million for the Beskauga program. Filo Sur takes priority on funding.

Filo Sur adjoins the southern limit of the Filo del Sol resource, which Filo Corp, BHP, and Lundin Mining acquired for C$4.5 billion. Mogotes owns its Argentine ground outright, while on the Chilean side it holds an option on 80% of some ground and 100% ownership of other ground. The company plans up to 20,000 meters of drilling for the 2026-2027 season.

The 3 projects drill in opposite seasons. Filo Sur runs from about November to May in the Southern Hemisphere summer, while Beskauga and Copper Cliff drill from May to September. The calendar gives Mogotes assay results across most of the year.

Milestones to Track

Copper Cliff's next milestones are permitting and starting the 8,000- to 9,000-meter program, which counts toward the US$24.7 million in back-ended payments due within the 3-year option term. At Filo Sur, mobilization from late 2026 opens a 2026-2027 season of up to 20,000 meters. That program is scheduled before Rio Tinto's 15-month exclusivity over the project expires in November 2027.

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