Mr. Allen Sabet reports

VICUÑA UPDATE: INITIAL DRILLING FINDS LARGE-SCALE, SHALLOW GOLD-COPPER SYSTEM

Mogotes Metals Inc. has discovered a large, shallow gold breccia system and an underlying gold-copper-molybdenum porphyry at its Cruz del Sur target, part of the Filo Sur project in Argentina's Vicuna district. The system spans a 4.0-by-0.5-kilometre geophysical footprint, sits at a lower elevation relative to other targets, is largely concealed by thin cover and remains open in all directions and at depth.

This release presents results from the Cruz del Sur and Stockwork Hills prospects. Drilling continues at the prospective northern Luz del Sol-Meseta target cluster and will proceed as long as the season permits, with assays from this area anticipated in June.

Highlights

• New near-surface gold-zinc breccia discovery: 24 metres at 1.01 grams per tonne Au (gold) (FS_DDH_007) within 120 m at 0.52 g/t Au from just 24 m depth;
• Underlying gold-copper porphyry confirmed: 62 m at 0.62 g/t Au and 800 parts per million Cu (copper) (FS_DDH_006) within a 258 m interval at 0.36 g/t Au and 744 ppm Cu;
• Copper grades improving with depth, pointing to higher-grade potential below current drill coverage;
• Only a fraction of the largely gravel covered, 4.0 by 0.5 km target footprint has been tested and the system is open along strike and at depth;
• Near-surface gold-zinc breccia, new discovery, outcropping to shallowly covered:
  • FS_DDH_007: 120 m at 0.52 g/t Au and 0.18 per cent Zn from 24 m, including 24 m at 1.01 g/t Au and 0.34 per cent Zn from 98 m;
  • FS_DDH_005: 66 m at 0.44 g/t Au and 0.27 per cent Zn from 64 m, including 24 m at 0.62 g/t Au and 0.47 per cent Zn from 74 m.
• Underlying gold-copper-molybdenum porphyry, sheeted and stockwork veining:
  • FS_DDH_006: 258 m at 0.36 g/t Au and 744 ppm Cu from 158 m, including 62 m at 0.62 g/t Au and 800 ppm Cu from 164 m;
  • FS_DDH_006: 328 m at 0.32 g/t Au and 962 ppm Cu from 458 m, including 56 m at 0.40 g/t Au and 0.11 per cent Cu from 688 m.

Limited drilling, large footprint: Only a small portion of the shallowly covered, 4.0 by 0.5 km Au-Cu-Mo-Zn (gold-copper-molybdenum-zinc) target defined by magnetic and IP geophysics has been drill tested, with holes focused on outcrops poking through the gravel cover. The bulk of the system remains untested. Mogotes geologists interpret that a fully preserved breccia-porphyry complex is preserved under relatively thin cover. The system is centered at the intersection of the regional Macho Muerto (NW) and Mogotes (NE) fault systems, and coincides with IP chargeability, MT conductivity and VRMI magnetic anomalies.

Open, shallow gold corridor: Drilling and trenching across the Cruz del Sur Au-Zn zone have encountered gold-zinc mineralization within a multistage magmatic-hydrothermal breccia and also disseminated within units of the host volcanic stratigraphy. Mogotes drilling and new trench results from this season have outlined a 500 plus m long, open-ended gold corridor that will anchor future exploration for near-surface and potentially higher-grade Au-Zn extensions.

Porphyry at depth, copper grades improving: Deeper holes beneath the breccia have intersected a series of high-level diorite porphyry stocks hosting locally dense sheeted and stockwork veining with encouraging Au-Cu-Mo grades. Copper grades appear to strengthen with depth, pointing to higher-grade Au-Cu-Mo potential at depth and elsewhere within the larger geophysical footprint. Following up this porphyry potential is a priority for the 2026 to 2027 program.

Drilling continuing at northern targets

The drilling program continues at the Luz del Sol-Meseta target cluster to the south of the BHP-Lundin Filo del Sol copper-gold-silver deposit. The rigs are drilling at the priority Luz del Sol target, where the Mogotes team has logged encouraging geological features. Assays are expected to be reported in June, subject to laboratory timelines.

Allen Sabet, president and chief executive officer, commented:

"These results mark a genuine discovery -- a system we tracked from geophysics through to drill confirmation. Cruz del Sur is large, shallow and accessible, and it remains open in every direction and at depth. While these initial intercepts are early stage, the scale of the footprint and the way copper grades strengthen with depth give us a clear road map: chase higher-grade gold in the near-surface breccia and test the porphyry where the geophysics suggests stronger copper at depth.

"In parallel, our rigs are turning at Luz del Sol in the north, where the geology so far is encouraging. Those assays are expected in June. We have plenty of running room across this large land package and its now clear that there are multiple mineralizing events at play here in the Filo Sur project."

About Mogotes Metals Inc.

Mogotes Metals is a mineral exploration company focused on copper, gold and silver in the prospective Vicuna 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 discoveries -- 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.

Qualified persons

The scientific and technical disclosure for the Filo Sur project included in this news release have been reviewed and approved by Stephen Nano who is the qualified person as defined by NI 43-101. Mr. Nano is a director and technical adviser of the company and is not independent.

Note that the qualified person has not verified the information regarding adjacent properties such as Filo del Sol and that the information regarding the mineralization of the Filo del Sol project is not necessarily indicative of the mineralization on the Filo Sur project.

Mogotes applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples from Argentina are dispatched bagged in raffia bags and packaged for shipment by an exclusive truck to the ALS laboratory in Mendoza, Argentina. Samples from Chile are dispatched bagged in raffia bags and delivered to the ALS laboratory in Copiapo, Chile. These facilities carried out sample preparation (PREP-31B) which includes crush to 70 per cent less than two millimetres, riffle split off one kilogram, pulverize to 85 per cent passing 75 micrometres. The prepared samples are sent to the ALS laboratory in Lima, Peru, for gold and multielement analysis. Gold (Au-ICP21) was analyzed by fire assay fusion with ICP-AES finish on a 30 g sample. Samples were also analyzed for a suit of 48 elements (ME-MS61) with four-acid digestion and ICP-MS finish.

Assay results from drill core samples may be higher, lower or similar to results obtained from surface rock, channel, trench samples due to surficial oxidation and enrichment processes, or due to natural geological grade variations in the primary mineralization.

We seek Safe Harbor.