Mogotes to More Than Triple Filo Sur Drilling Around Its 2 New Discoveries

• Filo Sur drilling rises to up to 20,000 meters (m) in the 2026-2027 season, more than 3 times the 6,208 m drilled in 2025-2026.
• Albor and Cruz del Sur, the 2 discoveries made last season, lead the Filo Sur program.
• Beskauga drilling is underway, with up to 50,000 m planned and first assays targeted for the fourth quarter of 2026.
• The company is targeting a preliminary economic assessment at Beskauga within 12 months.
• Copper Cliff is planned at 8,000 to 9,000 m, with the earliest start in November 2026 once permits are received.

Company Overview

Mogotes Metals (TSXV: MOG | FSE: OY4 | OTCQB: MOGMF) is a mineral exploration company holding 3 copper-gold-silver projects. Its flagship Filo Sur project sits in the Vicuña district spanning Argentina and Chile, one of the copper-gold-silver belts targeted by major mining companies. The company also holds an option over the Copper Cliff gold-copper project in Montana, United States, granted by Rio Tinto's Kennecott Exploration, and an option secured in February 2026 over the Beskauga copper-gold-silver project in Pavlodar Province, Kazakhstan. Both are porphyry projects, meaning the metal is spread through a large body of rock around a cooled igneous intrusion rather than concentrated in narrow veins. Rio Tinto closed a US$15 million strategic investment in Mogotes in August 2026. The company is headquartered in Toronto, Ontario.

Filo Sur Drilling Steps Up

Mogotes plans up to 20,000 meters (m) of drilling at Filo Sur in the 2026-2027 season, more than 3 times the 6,208 m drilled in 2025-2026. Drilling is targeted to restart in November 2026, subject to weather and site access.

The program is built around the 2 discoveries made on the Macho Muerto Fault Zone last season, at Albor and Cruz del Sur. Cruz del Sur results were released on May 1, 2026, and Albor results on September 4, 2026. 

Four Priorities Along the Macho Muerto Structure

The Filo Sur program has 4 priorities. At Albor, drilling will extend the high-grade breccia discovery along strike and at depth, and make the first test of the porphyry target interpreted beneath it. At Cruz del Sur, expansion drilling will follow up the gold-copper porphyry discovered this year, which remains open in all directions.

The third priority covers first porphyry tests at Cuenca, follow-up of the new target at Luz del Sol, and completion of the drill test at Meseta. The fourth is reconnaissance drilling along the roughly 10 kilometers of the fault zone that lie within the project, most of which remains undrilled.

Beskauga Drilling Ahead of an Economic Study

Drilling has started at Beskauga in Pavlodar Province, Kazakhstan, where Mogotes plans up to 50,000 m and will continue drilling until winter weather sets in. The company is targeting first assay results from the current program in the fourth quarter of 2026.

A preliminary economic assessment (PEA) is planned within 12 months, to be followed by a pre-feasibility study. Mogotes holds an option to acquire 100% of Beskauga, announced on February 27, 2026.

Copper Cliff Ready to Drill Once Permitted

At Copper Cliff in Montana, Mogotes plans 8,000 to 9,000 m of drilling, with the earliest possible start in November 2026. Permitting is pending, and work on it is ongoing.

The project is held under an option to enter a joint venture with Kennecott Exploration Company, a subsidiary of Rio Tinto. Mogotes may earn a 51% interest by funding US$16 million of exploration expenditure over 3 years, under terms announced on April 15, 2026.

Updated Presentation & Disclosure Clarification 

Mogotes has updated its corporate presentation ahead of its participation in the Precious Metals Summit Beaver Creek in Colorado, held from September 22 to 25, 2026. The presentation includes the results of the 2025-2026 Filo Sur season and the work planned across all 3 projects over the next 12 months.

The company also clarified disclosure in its August 27, 2026, release. The exercise of pre-emptive rights in that placement was a related party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, because insiders of the company purchased common shares in it. Mogotes is relying on the exemptions from the valuation and minority shareholder approval requirements in that instrument.

Next Steps

Filo Sur drilling is targeted to restart in November 2026, the same month Copper Cliff could start if permits are in place. At Beskauga, the sequence runs from first assays in the fourth quarter of 2026 to a PEA within 12 months and a pre-feasibility study after that.

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