Mogotes Targets a Beskauga Study Within 12 Months on a 78,000-Meter Drill Plan

• Mogotes plans approximately 78,000 meters of drilling across 3 projects in the coming year, with up to 50,000 meters of that total at Beskauga in Kazakhstan.
• The Beskauga program is budgeted at roughly C$8 million, against diamond drilling priced as low as US$100 per meter and reverse-circulation drilling at US$60 per meter.
• Beskauga is the only asset in the portfolio at an advanced, resource-defined stage; Filo Sur and Copper Cliff are both pre-resource.
• First Beskauga assays are targeted for the fourth quarter of 2026, a preliminary economic assessment within 12 months, and a pre-feasibility study after that.
• The Beskauga resource estimate dates from February 20, 2022, is treated as historical under NI 43-101, and has not been verified by the company's Qualified Person.

Three drill programs will run over the next 12 months, and only one of them ends in a published economic number. Filo Sur and Copper Cliff will produce intercepts. Beskauga is scheduled to produce a study.

Three Projects, One Treasury

Mogotes Metals Inc. (TSXV: MOG | OTCQB: MOGMF) plans approximately 78,000 meters of drilling across its 3 projects in the coming year, against C$77 million of cash and equivalents reported as at September 21, 2026, against a market capitalization of C$286 million. Filo Sur in Argentina and Chile takes up to 20,000 meters from November 2026, more than triple the 6,208 meters completed in the 2025-2026 season. Copper Cliff in Montana is planned at 8,000 to 9,000 meters, with the earliest start also in November 2026, and permits still pending.

Beskauga in Kazakhstan's Pavlodar Province takes the largest share, up to 50,000 meters, on a budget of roughly C$8 million, against approximately US$5.5 million for the far shorter Montana program. Drilling there is already underway and continues until winter weather closes the season.

The programs also run on different clocks. Filo Sur drills through the Southern Hemisphere summer while Beskauga and Copper Cliff work the Northern Hemisphere season, so results arrive across all 12 months instead of one window.

Why Kazakh Meters Cost So Little

Diamond drilling at Beskauga is available for as little as US$100 per meter, and reverse-circulation (RC) drilling for US$60 per meter. Mogotes operates its own sample-preparation laboratory on site, which halves assay costs. The project has a 1,100 kV powerline crossing it, sealed highway and rail access, fresh water from the Irtysh River via the Karaganda Canal, and arid steppe conditions that allow work year-round, 70 kilometers from Pavlodar and 40 kilometers east of Ekibastuz.

Cost is not the only reason the rig leads. The deposit begins beneath roughly 40 meters of clay overburden, which leaves surface geochemistry with little to detect.

President and Chief Executive Officer of Mogotes Metals, Allen Sabet, explained how that changes the exploration sequence:

"You can actually use drilling as your primary exploration tool."

RC holes of 300 to 500 meters turn data around fast, while diamond core supports the geological model and the resource categories.

The Only Asset With a Resource

Of the 3 projects, Beskauga is the only one Mogotes describes as advanced and resource-defined. Filo Sur and Copper Cliff are both at the discovery, pre-resource stage. Beskauga Main has a historical estimate of 111.2 million tonnes indicated at 0.30% copper, 0.49 grams per tonne gold and 1.34 grams per tonne silver, containing 333.6 thousand tonnes of copper, 1.8 million ounces of gold and 4.8 million ounces of silver, plus 92.6 million tonnes inferred at 0.24% copper, 0.50 grams per tonne gold and 1.14 grams per tonne silver.

The project has 67,995 meters of drilling in 150 holes to date. Hole BG21001 returned 957 meters at 0.58 grams per tonne gold, 0.34% copper, and 1.92 grams per tonne silver from 44 meters. Mogotes holds an option over 100% of the project at US$24.7 million in total, over 3 years.

The estimate comes with conditions. Dated February 20, 2022, it is treated as a historical estimate under NI 43-101 and has not been verified or classified as current by the company's Qualified Person. Upgrading it would require independent verification of the historical drill database, integration of 18,657 meters of post-resource drilling, a revised geological interpretation, and updated estimation.

From Assays to a Study

First assays from the current Beskauga program are targeted for the fourth quarter of 2026. Mogotes is targeting a preliminary economic assessment (PEA) within 12 months, with a pre-feasibility study to follow, and has submitted a mining license application over the same period.

Sabet puts the market's current treatment of Beskauga at close to zero inside the company's C$286 million capitalization, and ties the remedy to how near the project gets to a cash-flow case:

"NPV of everything is higher the closer you bring the scenario to reality."

The study is meant to close that gap, at drilling costs of US$60 to US$100 per meter.

Filo Sur & Copper Cliff Keep Drilling

Filo Sur remains the flagship and the larger geological prize. The 2026-2027 program has 4 priorities: extending the Albor high-grade breccia, which returned 180 meters at 0.98% copper equivalent (CuEq) from 108 meters including 58 meters at 1.77%, and testing the porphyry interpreted beneath it; expanding the Cruz del Sur gold-copper porphyry, open in all directions after 308 meters at 0.46% CuEq and 334 meters at 0.45% in one hole; first porphyry tests at Cuenca with follow-up at Luz del Sol and completion of the Meseta hole; and reconnaissance along the roughly 10 kilometers of the Macho Muerto Fault Zone inside the project, most of it undrilled.

Copper Cliff is held under an option to enter a joint venture with Kennecott Exploration Company, a subsidiary of Rio Tinto, under which Mogotes can earn 51% by funding US$16 million of exploration over 3 years and up to 60% in total. Rio Tinto retains a 90-day right after that stage to pay US$32 million to take back 2% and restore a majority. Drilling waits on permits.

Rio Tinto's exclusivity over Filo Sur runs to November 2027. Four items fall inside that window: the November 2026 Filo Sur restart, fourth-quarter Beskauga assays, a Copper Cliff permit decision, and the Beskauga study.

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