Mr. Allen Sabet reports

MOGOTES CLOSES SEASON AT FILO SUR WITH NEW PORPHYRY TARGETS AT LUZ DEL SOL AND CUENCA; PLANS 20,000 M OF DRILLING FOR 2026-2027

Mogotes Metals Inc. has released the final results from the 2025-2026 field season at its Filo Sur project in the Vicuna district of Argentina and Chile, and new drill and channel sample results from the Luz del Sol and Cuenca targets, and has outlined a 20,000-metre drill program for 2026-2027.

Highlights:

• Two discoveries in one season, both on the Macho Muerto fault zone (MMFZ): the high-grade Albor breccia (180 metres (m) at 0.98 per cent copper equivalent (CuEq) from 108 m, including 58 m at 1.77 per cent CuEq, FS_DDH_016) and the Cruz del Sur gold-copper porphyry (308 m at 0.46 per cent CuEq and 334 m at 0.45 per cent CuEq, FS_DDH_006);
• Cuenca porphyry target grows to 1.3 kilometres (km) by 0.5 km: road-cut channel sampling returned 153 m averaging 0.31 gram per tonne (g/t) gold (Au) and 0.11 per cent copper (Cu) from four separate road segments that cover a total linear distance of 297 m, including 54 m at 0.46 g/t Au and 0.14 per cent Cu;
• New porphyry drill target at Luz del Sol: FS_DDH_013 and FS_DDH_015 cut leached, high-level breccias with anomalous copper directly above a strong IP (induced polarization) chargeability anomaly -- to be drilled in 2026-2027;
• Drilling to more than triple: 6,208 m completed in 2025-2026; up to 20,000 m planned for 2026-2027 to extend Albor and Cruz del Sur and make the first porphyry tests at Luz del Sol-Cuenca and Meseta.

Luz del Sol: drilling defines a new porphyry target

Drilling at Luz del Sol, south of the Filo del Sol deposit, has defined a new porphyry drill target immediately east of FS_DDH_015. Holes FS_DDH_013 and FS_DDH_015 were designed to test a large magnetotelluric (MT) conductor that coincides with an extensive zone of silica-clay alteration -- a classic signature of the upper levels of a porphyry system.

Both holes intersected anomalous copper associated with porphyry dikes and hydrothermal breccias within the MMFZ: FS_DDH_013 returned 18 m at 0.21 per cent Cu from 216 m, and FS_DDH_015 returned 24 m at 0.16 per cent Cu from 179 m and 20.5 m at 0.15 per cent Cu from 218.5 m (table 1). These grades are not economic, but they are the vectors expected on the flanks of a porphyry system. The silica-clay-white mica alteration at Luz del Sol sits higher in the system than the strong potassic alteration that hosts the Albor breccia in FS_DDH_016 (180 m at 0.98 per cent CuEq; see news release dated July 9, 2026) and mineralization in FS_DDH_015 has been partly leached near surface, with minor secondary copper enrichment.

The new target is defined by a strong IP chargeability high (35 to more than 45 milliseconds (ms)) -- a geophysical response typically produced by sulphide minerals -- that sits directly beneath and beside the oxidized, leached breccias in the upper part of FS_DDH_015. The zone of higher MT conductivity partly overlaps the secondary copper enrichment within the MMFZ.

Three observations point to a porphyry source nearby. Some breccia fragments in FS_DDH_015 carry strong potassic alteration (fine K-feldspar replacement and magnetite veining); others are cut by sericite-pyrite (D-type) veinlets; and the mapped quartz stockwork veining and anomalous gold-copper channel samples at surface all sit above the chargeability high. Together they suggest a deeper porphyry that may come close to surface east of the MMFZ. The target will be drilled in 2026-2027.

Cuenca: a growing porphyry target

New channel sampling has expanded the Cuenca porphyry target to approximately 1.3 km by 0.5 km. Like Albor and Cruz del Sur, Cuenca appears to lie along a branch of the MMFZ. The Cuenca target features multiple coincident anomalies:

• Geophysics -- a magnetic low (TMI-RTP), possibly reflecting magnetite-destructive phyllic alteration typical of the upper parts of porphyry systems;
• Intrusions and structures -- an interconnected network of northeast- and northwest-striking diorite porphyry dikes, phreatic breccia dikes and argillic to vuggy-silica altered structures;
• Veining -- an area of mapped quartz stockwork veining;
• Rock-chip geochemistry -- strongly anomalous gold, silver, copper, molybdenum, antimony, arsenic, lead and zinc;
• Channel sampling (this release) -- strongly anomalous gold and lesser copper along three road cuts (table 1).

The principal road cut (road cut 1) is 297 m long and lies about 400 m east of FS_DDH_015. Gaps in outcrop prevented continuous sampling, but the 153 m of exposed rock averaged 0.31 g/t Au and 0.11 per cent Cu, including 54 m at 0.46 g/t Au and 0.14 per cent Cu -- a strong result for surface samples in a leached, high-level environment. Two further road cuts within the Cuenca outline returned 123.4 m at 0.32 g/t Au and 0.05 per cent Cu (road cut 2) and 61.7 m at 0.19 g/t Au and 0.04 per cent Cu (road cut 3). Trenching and further channel sampling in 2026-2027 will define the extent of the underlying gold-copper anomaly.

Meseta: still to be tested

Meseta remains untested. Drilling in 2025-2026 met difficult ground in highly silicified and fractured rock -- itself typical of a high-level epithermal environment -- and was deferred in favour of higher-priority targets with better ground conditions. Mogotes plans to return in 2026-2027 to test for deeper high-sulphidation and porphyry mineralization.

2025-2026 season: two discoveries on the Macho Muerto fault zone

Mogotes drilled 6,208 m in this season at Filo Sur (4,746 m in Argentina and 1,461 m in Chile). Both discoveries sit on the MMFZ: the high-grade Albor breccia (see news release dated July 9, 2026) and the Cruz del Sur gold-copper porphyry (see news release dated May 1, 2026).

Albor

Albor is the highest-grade intercept drilled at Filo Sur to date: FS_DDH_016 cut 180 m of strongly mineralized magmatic-hydrothermal breccia from 108 m depth. Potassic alteration intensifies toward the bottom of the hole, adjacent to an IP chargeability high -- a further porphyry target at depth.

Cruz del Sur

At Cruz del Sur, FS_DDH_006 discovered a large gold-copper porphyry system with two broad mineralized intervals totalling more than 640 m. FS_DDH_007 intersected a near-surface gold-zinc breccia in the MMFZ from 24 m depth and a deeper gold-copper porphyry intercept. Mineralization remains open in all directions; defining the extent and grade of the system is a priority for 2026-2027.

2026-2027 program: drilling steps up to 20,000 metres

The 2025-2026 season established the MMFZ as a key control on mineralization at Filo Sur: It hosts both discoveries and a growing pipeline of porphyry targets. Within the project the structure extends over roughly 10 km, from Meseta in the north through Luz del Sol and Albor to Cruz del Sur in the southeast, and most of it remains undrilled.

Planning is under way for a 20,000 m program -- more than three times this season's total. Priorities are:

1. Albor -- extension drilling at the high-grade breccia and its related porphyry targets;
2. Cruz del Sur -- extending the gold-copper porphyry and the fault-hosted breccias;
3. Luz del Sol-Cuenca -- a first porphyry test along the target alignment;
4. Meseta -- completing the drill test for high-sulphidation and porphyry mineralization;
5. The wider MMFZ -- reconnaissance drilling for additional high-grade breccias and porphyries along its full length.

Beyond the MMFZ, the Colorida-Frontera, Filo Este and Rincon targets -- each a multikilometre system showing porphyry -- to epithermal-style mineralization -- will also be advanced.

Chief executive officer comment

"My thanks to our team in Argentina and Chile for a successful season, and of course our gratitude to the supportive communities, government authorities and investors. We are finishing the year with an exciting target set, a technical alliance with Rio Tinto, a strong balance sheet and a clear plan to drill at Filo Sur," stated Allen Sabet, president and CEO.

Head of geology comment

"Two discoveries in our first season of drilling, plus new porphyry targets emerging at Luz del Sol and Cuenca, add up to a strong start. Filo Sur shares the geological features that characterize the major deposits of the Vicuna district -- structurally controlled, multistage porphyry and high-sulphidation systems associated with mid-Miocene dike swarms and breccias. What sets Filo Sur apart is that both discoveries sit on the northwest-striking, trans-Andean Macho Muerto fault zone -- a distinctive structural setting we have only begun to test. That structural control gives the 2026-2027 program a clear focus as we ramp up to 20,000 metres," stated Carl Schnell, head of geology.

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 has been reviewed and approved by Carl Schnell, MAIG, the qualified person as defined by National Instrument 43-101. Mr. Schnell is the company's head of geology and is not independent of the company.

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.

Sampling, analysis, and quality assurance and quality control (QA/QC)

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, and assays are obtained and reported under a QA/QC program. Drill core is PQ, HQ and NQ diameter diamond core. Core samples comprise half core cut with a diamond saw and hydraulic cutter, with the remaining core retained on site in core boxes for verification and future reference. Samples from Argentina are bagged in raffia bags and shipped by dedicated truck to the ALS laboratory in Mendoza, Argentina; samples from Chile are bagged in raffia bags and delivered to the ALS laboratory in Copiapo, Chile. These facilities carry out sample preparation (PREP-31B: crush to 70 per cent passing two millimetres (mm), riffle split off one kilogram (kg), pulverize to 85 per cent passing 75 microns). Prepared samples are sent to the ALS laboratory in Lima, Peru, for gold and multielement analysis. Gold (Au-ICP21) is analyzed by fire assay fusion of a 30-gram (g) charge with an ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish, and a suite of 48 elements (ME-MS61) is analyzed by four-acid digestion with an ICP-MS (inductively coupled plasma mass spectrometry) finish.

Certified reference materials (CRMs), blanks and field duplicates were inserted into the sample stream at regular intervals as part of the company's QA/QC program, at an approximate rate of one control sample for every nine samples. Laboratory internal QA/QC procedures included duplicate analyses, standards and blanks.

Assay results from drill core samples may be higher, lower or similar to results obtained from surface rock, channel or trench samples because of surficial oxidation and enrichment processes or natural geological grade variation in the primary mineralization. Channel samples are surface samples and are not necessarily representative of mineralization at depth.

We seek Safe Harbor.