High-Grade, Shallow, Copper-Gold-Silver-Molybdenum Discovery in Drill Intercept at Filo Sur Project, Vicuna District, Reported by Mogotes Metals

Toronto, Ontario--(Newsfile Corp. - May 14, 2026) - Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (OTCQB: MOGMF) ("Mogotes", or the "Company") is pleased to announce partial laboratory assay results from diamond drillhole FS_DDH_016 at the Company's flagship Filo Sur project in Argentina, immediately along strike from BHP and Lundin Mining's Filo del Sol copper-gold-silver discovery^¹.

Assays received for the first 194 m within the 464 m deep hole confirm a continuous zone starting from 108 m depth of near surface, high-grade copper-gold-silver-molybdenum mineralization within chalcopyrite – bornite – covellite bearing breccias, stockwork and dissemination within the altered porphyry matrix (Table 1). Mogotes geologists have noted strong parallels with the characteristics of mineralization in hole FS_DDH_016 and those reported from the nearby Filo del Sol deposit².

Highlights

• 86 m at 0.7% Cu, 0.55 g/t Au, 2.7 g/t Ag & 169 ppm Mo from 108 m to 194 m down hole to end of assays received to date. (Table 1)
  • Including 43 m at 1.1% Cu, 0.82 g/t Au, 4.0 g/t Ag & 281 ppm Mo from 111 m
    
  • Reported interval ends in mineralization
    
  • Assays for the remaining 270 m of the hole are pending.

• This interval also includes peak intercepts of:

• 10 m at 1.4% Cu, 1.2 g/t Au, 4.6 g/t Ag and 383 ppm Mo from 133 m.
• 5 m at 1.75% Cu, 1.1 g/t Au, 3.6 g/t Ag and 393 ppm Mo from 146 m.

• Core shows evidence of several stages of mineralization as is seen in the nearby Filo del Sol deposit (Figure 3): chalcopyrite – bornite with porphyry-stage potassic alteration (breccias, stockwork, dissemination and anhydrite megacryst pegmatite veins), interpreted hypogene epithermal enrichment with fine grained dark copper minerals including probable covellite/digenite as disseminated overgrowths on pyrite and distinctive fracture coatings and localized sulphide rich veins with enargite, as well as some evidence of supergene copper mineralization with localized fracture coat malachite, brochantite and probable chalcocite.
• Shallow high-grade copper, gold, silver and molybdenum mineralization: mineralization starts at 108 m down hole, and trenching results along strike at surface indicate that mineralization projects to surface beneath a thin scree cover that may also be concealing a larger mineralized target.
• Generally low levels of arsenic for the Vicuña district: Arsenic levels are typically low (median for this interval is 2 ppm As) within this mineralized interval with only specific narrow structures with elevated arsenic indicating the local presence of the copper-bearing epithermal mineral enargite.
• Larger mineral system at play: The newly identified "Albor" target is part of a 3.5 km long Mogotes (Meseta - Luz del Sol – Cumbre – Albor) Miocene age target trend aligned within the regional scale, transorogen, Macho Muerto Fault Zone. Observed multistage alteration and mineralization features in the drill core suggest association with a larger Cu-Au-Ag-Mo mineral system.
• "Albor" is the second copper-gold-silver-molybdenum discovery by Mogotes in its inaugural drilling season at Filo Sur (see Cruz del Sur press release) and is part of the large Luz del Sol target trend where drill results are pending for a number of holes drilled in the 2025-2026 exploration season.

Figure 1: Core from 125.75m (FS_DDH_016), 125-126m assays at 1.67% Cu, 1.62 g/t Au, 1.69 g/t Ag, 685 ppm Mo

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CEO Comment

Allen Sabet, President and CEO of Mogotes, commented:

"In our first fully funded drill season at Filo Sur we have now made two significant copper-gold-silver-molybdenum discoveries at Cruz del Sur and at the Albor target, where we have just scratched the surface of something we believe will be significant.

"This partial assay release from Albor is a first hole into a shallow and high-grade copper-gold-silver-molybdenum system, strategically located adjacent to the large Vicuña district deposits, where BHP and Lundin Mining are developing the Josemaria copper-gold porphyry and evaluating development options for the very large Filo del Sol deposit.

"As this style of mineralization has implications for the broader Vicuña district, we felt it prudent to release partial results for FS_DDH_016 as received. We continue to be humbled by the geological endowment of this very special part of the world and are grateful for the continued support of our patient shareholders. Stay tuned for more!"

Figure 2: Plan View of Drillhole FS_DDH_016 and Albor Target Zones

Albor target zones untested by drilling prior to this campaign.

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Figure 3: Core photographs of FS_DDH_016 up to 194 m

All intervals shown are down-hole depth. (A, B, E, and G) Pyrite + chalcopyrite + bornite ± covellite ± digenite in hydrothermal breccia matrix. (A) 113-114 m. (B) 119-120 m. (E) 157-158 m. (G) 187-188m. (C, F, and D) Pyrite + chalcopyrite + covellite/digenite veins. (C) 116-117 m. (F) 180-181 m. (D) 135-136 m.

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Next Steps on rest of Filo Sur drill campaign:

• Lab assays for the 194–464 m portion of FS_DDH_016 are expected by end of May 2026.
• The drill campaign has now formally ended, with both Chile and Argentina field camps demobilized.
• Efforts were made to drill as much as possible this season, using 4 rigs and drilling a total of 6207 metres, of which 2652 metres have been reported on including in this press release.
• 3681 metres of drilling will be reported on in the coming months.
• Chile drill holes started later in the season and will be reported later than the Argentina drill holes due to timing of drilling and laboratory assay timing.

Figure 4: Filo Sur Project Luz del Sol Trend

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To view an enhanced version of this graphic, please visit:
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To view an enhanced version of this graphic, please visit:
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To view an enhanced version of this graphic, please visit:
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Table 2: Location details of FS_DDH_016

References

¹ May 4, 2025. News Release, Lundin Mining Announces Initial Mineral Resource at Filo del Sol Demonstrating One of the World's Largest Copper, Gold, and Silver Resources. Lundin Mining

² Perelló, J., Sillitoe, R. H., Rossello, J., Forestier, J., Merino, G., & Charchaflié, D. (2023). Geology of porphyry Cu-Au and epithermal Cu-Au-Ag mineralization at Filo del Sol, Argentina-Chile: Extreme telescoping during Andean uplift. Economic Geology, 118(3), 611–654.

About Mogotes Metals Inc.

Mogotes Metals Inc. is a mineral exploration company focused on copper, gold, and silver in the prospective Vicuña district of Argentina and Chile. The Company's flagship Filo Sur project adjoins Lundin Mining's Filo del Sol — one of the world's largest copper-gold-silver discoveries¹ — and lies along the same N-S trending belt as the Filo del Sol–Aurora deposits and NGEx Minerals' Lunahuasi and Los Helados copper-gold deposits.