Mr. Allen Sabet reports

MOGOTES METALS ANNOUNCES $10 MILLION BOUGHT DEAL FINANCING

Mogotes Metals Inc. has entered into an agreement with Stifel Canada pursuant to which Stifel Canada will act as sole bookrunner, together with a syndicate of underwriters, in connection with a bought deal private placement offering of 31.25 million units of the company at a price of 32 cents per unit for aggregate gross proceeds of $10-million, with the units to be offered and sold pursuant to the listed issuer financing exemption (as defined herein).

The company has granted the underwriters an option to purchase (or arrange for substituted purchasers to purchase) up to an additional 4,687,500 units at the issue price on the same terms and conditions as the offering. The underwriters' option will be exercisable, in whole or in part, at any time up until 48 hours prior to the closing of the offering.

Each unit will consist of one common share and one-half of one common share purchase warrant of the company. Each warrant will be exercisable to acquire one common share for a period of 36 months following the closing date of the offering at an exercise price of 53 cents per common share.

The net proceeds of the offering shall be used for financing the company's exploration work programs and development of the company's Filo Sur property, and general working capital purposes as further described in the offering document.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. As the offering is being completed pursuant to the listed issuer financing exemption, the units issued pursuant to the offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws. The units may also be offered in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

There is an offering document related to the offering that can be accessed under the company's issuer profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

The offering is expected to close on or about Jan. 22, 2026, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

A cash commission equal to 6.0 per cent on the gross proceeds of the offering and compensation warrants equal to 6.0 per cent of the number of units of the company sold under the offering shall be paid to the underwriters, subject to the policies of the TSX Venture Exchange and applicable securities laws. Each compensation warrant entitles the holder to acquire a common share of the company at a price equal to the issue price for a period of 24 months from the date of issue thereof.

About Mogotes Metals Inc.

Mogotes Metals is a mineral exploration company exploring for copper and gold in the prospective Vicuna district of Argentina and Chile. Mogotes flagship project, Filo Sur, adjoins the large Filo del Sol copper-gold-silver discovery, and is along the same north-south-trending belt as the Filo Del Sol-Aurora and NGEx Minerals Lunahuasi and Los Helados copper-gold deposits.

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