Mogotes Update on Exploration Plans in 2026– 2027
NEWS RELEASE
TSXV: MOG | FSE: OY4 | OTCQB: MOGMF
mogotesmetals.com
This news release contains forward-looking information. See the Cautionary Note at the end of this release.
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 1 of 5
Mogotes Update on Exploration Plans in 2026–
2027
Toronto, Ontario – September 22, 2026 – Mogotes Metals Inc. (TSXV: MOG, FSE: OY4, OTCQB: MOGMF)
(“Mogotes” or the “Company”) today outlines its exploration plans for the next 12 months at its Filo Sur
project in Argentina and Chile, its Beskauga project in Kazakhstan and its Copper Cliff project in Montana,
USA. The Company has also released an updated corporate presentation ahead of the Precious Metals
Summit Beaver Creek.
HIGHLIGHTS
■ Filo Sur drilling to more than triple: up to 20,000 m in 2026–2027, restarting in November 2026.
■ Both 2025–2026 discoveries lead the program: additional drilling at Albor and Cruz del Sur, follow
up porphyry tests at Luz del Sol and first drilling at Cuenca, and reconnaissance along the Macho
Muerto Fault Zone (season results).
■ Beskauga drilling ramps up : up to 50,000 m of drilling, first assays expected in Q4 2026 and a
preliminary economic assessment (PEA) targeted within 12 months.
■ Copper Cliff ready to drill once permitted: 8,000–9,000 m planned, with the earliest start in November
2026, under the option to joint venture with Kennecott, a Rio Tinto subsidiary.
Filo Sur: Drilling Steps Up to 20,000 Metres
Mogotes plans up to 20,000 m of drilling at Filo Sur in the 2026–2027 season – more than three times the
6,208 m drilled in 2025– 2026 (see news release dated September 4, 2026 ). Drilling is targeted to restart in
November 2026, subject to weather and site access.
The program is built around the two discoveries made on the Macho Muerto Fault Zone (MMFZ) last season.
It has four priorities (Figure 1):
1 Albor – extend the high-grade breccia discovery along strike and at depth, and make the first test of the
porphyry target interpreted beneath it (September 4, 2026);
2 Cruz del Sur – expansion drilling at the gold-copper porphyry discovered this year, which remains open in
all directions (May 1, 2026);
3 Luz del Sol, Cuenca and Meseta – first porphyry tests at Cuenca and follow up on new target at Luz del
Sol, and completion of the drill test at Meseta; and
4 The MMFZ – reconnaissance drilling along the roughly 10 km of the structure within the project, most of
which remains undrilled.
NEWS RELEASE · 2026 –2027 EXPLORATION PLANS · SEPTEMBER 22, 2026
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 2 of 5
Figure 1 Oblique aerial view of the Filo Sur concessions (light cyan) showing the target areas planned for 2026–2027 exploration and
drilling (magenta, pink and white outlines). First published in the news release dated September 4, 2026.
Beskauga: Drilling 50,000m and a Preliminary Economic Assessment
At Beskauga in Pavlodar Province, Kazakhstan, the Company has started drilling, and plans to continue drilling
up to 50,000 m drilling, with drilling to continue until winter weather sets in. Mogotes expects first assay results
from the current program in the fourth quarter of 2026.
The Company is targeting a PEA within 12 months, to be followed by a pre-feasibility study. Mogotes holds an
option to acquire 100% of Beskauga (see news release dated February 27, 2026).
Copper Cliff: Drill-Ready Once Permitted
At Copper Cliff in Montana, the Company plans 8,000 to 9,000 m of drilling, with the earlie st possible start in
November 2026. Permitting is pending and work is ongoing in this regard.
Copper Cliff 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 three
years (see news release dated April 15, 2026).
NEWS RELEASE · 2026 –2027 EXPLORATION PLANS · SEPTEMBER 22, 2026
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 3 of 5
Table 1 summarizes the three programs.
Table 1 Exploration programs planned for the next 12 months.
PROJECT PLANNED DRILLING TIMING NEXT MILESTONE
Filo Sur Up to 20,000 m Restart Nov 2026, weather
permitting results at Albor, Cruz del Sur, Cuenca
Beskauga Up to 50,000 m Under way; weather-
dependent First assays Q4 2026; PEA within 12 months
Copper Cliff 8,000–9,000 m Earliest Nov 2026 Drill permits
Updated Corporate Presentation for Beaver Creek
Mogotes has updated its corporate presentation ahead of its participation in the Precious Metals Summit Beaver
Creek in Colorado (September 22–25, 2026). It sets out the results of the 2025–2026 Filo Sur season and the
work planned across all three projects over the next 12 months.
The presentation is available on DocSend and on the Company’s website at mogotesmetals.com.
In addition, the Company would like to clarify certain disclosure in its press release of August 27, 202 6. The
exercise of pre- emptive rights constituted a related party transaction within the meaning of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61 -101 – Protection of Minority Security Holders in Special
Transactions ("MI 61-101") as insiders of the Company purchased an aggregate of 5,503,323 common shares
pursuant to the placement. The Company is relying on the exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61 -101, as
the Company is not listed on a specified market and the fair market value of the participation in the placement
by the insiders does not exceed 25% of the market capitalization of the Company in accordance with MI 61 -
101. The Company did not file a material change report in respect of the related party transaction at least 21
days before the closing of the placement, which the Company deems reasonable in the circumstances in order
to complete the Placement in an expeditious manner.
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 north-south trending
belt as the Filo del Sol–Aurora deposits and NGEx Minerals’ Lunahuasi and Los Helados copper-gold deposits.
For further information
Mogotes Metals Inc.
Allen Sabet, President and Chief Executive Officer
T: +1 (647) 846-3313 · E: [email protected]
W: mogotesmetals.com · X: @mogotesmetals
NEWS RELEASE · 2026 –2027 EXPLORATION PLANS · SEPTEMBER 22, 2026
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 4 of 5
Additional Information
The information contained in this news release was accurate at the time of dissemination but may be
superseded by subsequent news release(s). The Company is under no obligation, nor does it intend, to update
or revise the forward-looking information, whether as a result of new information, future events or otherwise.
Qualified Person
The scientific and technical disclosure in this Presentation has been reviewed and approved by the Company's
Qualified Persons (as defined under NI 43-101) on a project-by-project basis, as follows: (a) the scientific and
technical disclosure relating to the Filo Sur Project has been reviewed and approved by Carl Schnell, MAIG, a
Qualified Person as defined under NI 43 -101 — Mr. Schnell is a consultant to the Company and is not
considered independent for the purposes of NI 43 -101; (b) the scientific and technical disclosure relating to
the Copper Cliff Project has been reviewed and approved by Peter Ellsworth, CPG, a Qualified Person as defined
under NI 43-101 — Mr. Ellsworth is a consultant to the Company and is not considered independent for the
purposes of NI 43-101; and (c) the scientific and technical disclosure relating to the Beskauga Project has been
reviewed and approved by Tony Worth, MAIG, a Qualified Person as defined under NI 43 -101 — Mr. Worth is
a consultant to the Company and is not considered independent for the purposes of NI 43-101.
The Qualified Person has not verified the information regarding adjacent properties such as Filo del Sol, and
the information regarding mineralization on the Filo del Sol project is not necessarily indicative of the
mineralization on the Filo Sur project.
Cautionary Note Regarding Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements made and information contained herein constitute “forward -looking information” and
“forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward -
looking information”). The forward-looking information contained in this news release is based on information
available to the Company as of the date of this news release. Except as required under applicable securities
legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking
information. Generally, this forward-looking information can frequently, but not always, be identified by use of
forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “ estimates”, “forecasts”, “intends”, “projects”, “targets”, “assumes”, “strategy”, “goals”,
“objectives”, “potential”, “possible”, “anticipates” or “does not anticipate”, or “believes”, or variations of such
words and phrases or statements that certain acti ons, events, conditions or results “will”, “may”, “could”,
“would”, “should”, “might” or “will be taken”, “will occur” or “will be achieved” or the negative connotations
thereof. All statements other than statements of historical fact may be forward-looking statements.
No assurance can be given that this information will prove to be correct and such forward-looking information
included in this news release should not be relied upon. In particular, this news release contains forward -
looking information pertaining to: the size, scope, cost, priorities and timing of the planned 2026– 2027 drill
programs at the Filo Sur, Beskauga and Copper Cliff projects, including the restart of drilling at Filo Sur in
November 2026; the estimated cost of the Filo Sur program and the Beskauga program budget; the sufficiency
of the Company’s current treasury to fund those programs; the timing of first assay results from the Beskauga
program; the timing and completion of a preliminary economic assessment and a subsequent pre- feasibility
study at Beskauga; the receipt and timing of permits for drilling at Copper Cliff; the Company’s ability to earn
an interest in the Copper Cliff project under its option to joint venture with Kennecott Exploration Company; the
interpretation of geology, geophysic s and prior drill results, and the prospectivity of exploration targets;
expectations regarding access and demand for equipment, skilled labour and services needed for exploration
NEWS RELEASE · 2026 –2027 EXPLORATION PLANS · SEPTEMBER 22, 2026
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 5 of 5
and development of mineral properties; and that activities will not be adversely disrupted or impeded by
exploration, development, operating, regulatory, political, community, economic, environmental and/or health
and safety risks. In addition, this news r elease may contain forward -looking statements or information
pertaining to: potential exploration upside at the Company’s projects; exploration plans and expenditures; the
ability of the Company to conduct its field programs as planned; the success of futu re exploration activities;
potential for resource expansion; ability to build shareholder value; expectations with regard to adding to its
Mineral Reserves or Resources through exploration; ability to execute planned work programs; plans or ability
to mobilize or add additional drill rigs; timing or anticipated results of laboratory results; government regulation
of mining activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; limitations
on insurance coverage; and other risks and uncertainties. While the Company anticipates running exploration
programs, it may encounter unexpected weather, logistics, community, access, permitting, legal,
environmental, drilling and other challenges, costs, or delays that could prevent the Company from completing
the programs on the expected timeline or at all. Exploration at Filo Sur is seasonal and is carried out at high
altitude in the Andes, where snowfall, storms, flooding, road closures and other adverse weather or climatic
events may restrict access to site and suspend or halt field and drilling activities for extended periods or for an
entire season; drilling at Beskauga and Copper Cliff may likewise be constrained by weather. Program costs
may exceed estimates, and any work beyo nd the programs described in this news release may depend on
results and on the Company securing additional funding. These programs could be delayed or not be carried
out at all. There is no assurance that the drilling described in this news release, or any part of it, will be carried
out or completed; the Company may complete materially fewer metres than planned, or may not drill at all.
Although the Company believes that the expectations reflected in such forward -looking statements and/or
information are based on assumptions that are reasonable, undue reliance should not be placed on forward -
looking statements since the Company can give no assurance that such expectations will prove to be correct.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward -looking statements, including the
risks, uncertainties and other factors identified in the Company’s periodic filings with Canadian securities
regulators, available under the Company’s SEDAR+ profile at www.sedarplus.ca, as well as, among other things:
general business, economic and mining industry conditions; foreign exchange rates; weather, climatic and
geological conditions; the supply and demand for commodities; that financing will be available if and when
needed on reasonable terms and that the Company will not exp erience any material labour dispute, accident,
or failure of plant or equipment; the stability and predictability of the political environments and legal and
regulatory frameworks; the ability of the Company to obtain, maintain, renew and/or extend required permits,
licences, authorizations and/or approvals from the appropriate regulatory authorities; that contractual
counterparties perform as agreed; and the ability of the Company to continue to obtain qualified staff and
equipment in a timely and cost -efficient manner to meet its needs. These factors are not, and should not be
construed as being, exhaustive. Although the Company has attempted to identify important factors that would
cause actual results to differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. All of the forward -looking information contained in this document is qualified
by these cautionary statements. Readers are cautioned not to place undue reliance on forward -looking
information due to the inherent uncertainty thereof. Statements relating to “mineral resources” are deemed to
be forward -looking information, as they involve the implied assessment, based on certain estimates and
assumptions, that the mineral resources described can be profitably produced in t he future. Forward-looking
information is provided for the purpose of providing information about management’s current expectations and
plans and allowing investors and others to get a better understanding of the Company’s operating environment.