Two Discoveries and Two New Targets Earn Mogotes a 20,000-Meter Season

• Mogotes Metals closed its first fully funded drill season at Filo Sur on September 4, 2026, with 6,208 meters (m) drilled.
• The season produced 2 discoveries, at Albor and Cruz del Sur, and 2 emerging porphyry targets at Luz del Sol and Cuenca.
• Albor returned 180 m at 0.98% copper equivalent from 108 m depth, including 58 m at 1.77% copper equivalent.
• Channel sampling expanded the undrilled Cuenca target to 1.3 kilometers (km) by 0.5 km.
• The company has planned up to 20,000 m for 2026-2027, more than triple the season just closed.

Mogotes Metals (TSXV: MOG | FSE: OY4 | OTCQB: MOGMF) closed its first fully funded drill season at the Filo Sur copper-gold-silver project on September 4, 2026, reporting 2 discoveries and 2 emerging porphyry targets from 6,208 meters (m) of drilling. The company has planned up to 20,000 m for the 2026-2027 season, more than triple the campaign just completed.

Season Results at Filo Sur 

The season concentrated on 2 discoveries and delivered first drill tests at 2 further targets. At Albor, drilling returned 180 m at 0.98% copper equivalent from 108 m depth, including 58 m at 1.77% copper equivalent. Copper equivalent restates the several metals in an interval as a single copper grade. At Cruz del Sur, the company reported intervals of 308 m at 0.46% copper equivalent and 334 m at 0.45% copper equivalent, together with a near-surface gold-zinc breccia, rock shattered and recemented by mineralizing fluid, beginning at 24 m depth. Both discoveries fall along the strike of the Macho Muerto Fault Zone, a northwest-trending structure crossing the Andes that the company describes as a setting it has only begun to test. 

The first holes into Luz del Sol returned weaker copper. One returned 18 m at 0.21% copper from 216 m depth; a second returned 24 m at 0.16% copper from 179 m depth and 20.5 m at 0.15% copper from 218.5 m depth. Channel sampling of road cuts at Cuenca returned gold grades in grams per metric ton (g/t) alongside copper. The best cut returned 153 m averaging 0.31 g/t gold and 0.11% copper, including 54 m at 0.46 g/t gold and 0.14% copper. Two further road cuts returned 123.4 m at 0.32 g/t gold and 61.7 m at 0.19 g/t gold.

President and Chief Executive Officer of Mogotes Metals, Allen Sabet, places the season's unsuccessful holes beside its discoveries: 

"It's all evolution and sequential learning from what you did. The holes that don't hit are equally important in the beginning because they tell you what you're not going to see over there."

The weak holes at Luz del Sol narrowed the search space the next program drills.

Filo Sur's Position in the Vicuña District 

Filo Sur adjoins the southern limit of the Filo del Sol resource. Both lie on the same mid-Miocene belt of rocks, formed roughly 14 million to 16 million years ago, that also hosts the Lunahuasi discovery. The Vicuña district in Argentina and Chile has produced the largest copper find of the past three decades at Filo del Sol, and copper anomalies in soil extend from that deposit south into Mogotes ground.

The low-resistivity geophysical signature used to direct drilling at Filo del Sol now appears across Filo Sur. It was mapped over several seasons using magnetic and electrical surveys, which measure how rock conducts electricity and so indicate what lies beneath the surface.

Sabet explains why the team drilled wide rather than stepping out from known ground: 

"We've gone wide, we've done geophysics, we've done mapping, we've gone for the find the elephant approach, which is intrinsically riskier. You have to take big swings, you have to be a little bit cocky to even think you're going to do it, but you go for it."

Management puts the property's strike length at roughly 8 kilometers (km), most of it still to be covered.

The 2026-2027 Program 

The program that follows is planned at up to 20,000 m, with drilling expected to restart in November 2026. Mogotes finished the year with the new target set, a strategic and technical alliance with Rio Tinto and a funded balance sheet. 

Funding arrived a week before the season closed. Rio Tinto Canada Inc. subscribed for an initial interest of about 5% through a C$21,271,500 placement priced at C$0.70 per unit, which closed on August 27, 2026, with proceeds directed to work programs at Filo Sur.

Significance for Investors 

The first funded season answered a narrow question. Filo Sur held geophysical and soil anomalies on trend from a major deposit, and none of it had been drilled. Two discoveries and 2 further porphyry targets settle that the ground holds copper and gold at grades worth following. 

What remains unsettled is scale. Mogotes has no resource estimate at Filo Sur, and no metallurgical test results have been reported. A single wide intercept locates a system without sizing it, and the fault zone that hosts both discoveries has had only a first pass of drilling.

The planned program of up to 20,000 m exists to run that test. Tripling the meterage against a ranked target list, instead of spreading first-pass holes across a large land package, moves the work from finding mineralization to measuring it, and the results will arrive with a major already on the shareholder register. 

Market Reaction

Mogotes carried a market capitalization of C$267 million at a share price of C$0.51 on June 5, 2026. That valuation pre-dates the Rio Tinto placement and the close of the drill season, so it prices the company before either was known.

Remaining Target Inventory

Much of Filo Sur is still untested. Luz del Sol, Meseta and Cuenca form the Sol Target Cluster, which the company describes as possibly one linked porphyry-epithermal system. Luz del Sol covers 1,600 m by 800 m as outlined by a resistivity anomaly, and Meseta covers 1,000 m by 400 m with its top about 100 m below surface, returning rock chip assays to 1.48 g/t gold and 18.8 g/t silver. Cuenca, which no drill has entered, grew to 1.3 km by 0.5 km on the season's channel sampling.  

Sabet sizes what one season of drilling can reach on a property this large:

"Repeat this across the property. I mean, we've got vast areas in which you've had to put one drill hole into test the initial concept of those areas." 

Management counts around 10 targets across the property, and the season reached a minority of them.

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