Mr. Allen Sabet reports

HIGH-GRADE, SHALLOW, COPPER-GOLD-SILVER-MOLYBDENUM DISCOVERY IN DRILL INTERCEPT AT FILO SUR PROJECT, VICUNA DISTRICT, REPORTED BY MOGOTES METALS

Mogotes Metals Inc. has released partial laboratory assay results from diamond drill hole 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.

Assays received for the first 194 metres within the 464-metre-deep hole confirm a continuous zone starting from 108 metres 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 deposit.

Highlights:

• 86 m at 0.7 per cent copper, 0.55 gram per tonne gold, 2.7 grams per tonne silver and 169 parts per million molybdenum from 108 m to 194 m downhole to end of assays received to date (Table 1):
  • Including 43 m at 1.1 per cent Cu, 0.82 g/t Au, 4.0 g/t Ag and 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 per cent Cu, 1.2 g/t Au, 4.6 g/t Ag and 383 ppm Mo from 133 m;
  • Five m at 1.75 per cent 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: 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 downhole, 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 Vicuna district: arsenic levels are typically low (median for this interval is two 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-kilometre-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 copper-gold-silver-molybdenum mineral system;
• Albor is the second copper-gold-silver-molybdenum discovery by Mogotes in its inaugural drilling season at Filo Sur 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.

Chief executive officer comment

Allen Sabet, president and chief executive officer 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 Vicuna 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 Vicuna 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."

Next steps on rest of Filo Sur drill campaign:

• Lab assays for the 194-to-464-metre 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 four rigs and drilling a total of 6,207 metres, of which 2,652 metres have been reported on, including in this press release;
• 3,681 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.

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 person

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/quality control (QA/QC) program. Samples from Argentina are dispatched bagged in raffia bags and packaged for shipment by a dedicated 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 crushing to 70 per cent less than two millimetres, riffle splitting off one kilogram and pulverizing to 85 per cent passing 75 microns. 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-gram sample. Samples were also analyzed for a suite 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.