MOGOTES METALS INC.

Mogotes Metals released full assay results on July 9, 2026 from diamond drill hole FS_DDH_016 on the Albor target at its flagship Filo  Sur project in Argentina (Figures 1 and 2).  Partial results had previously been reported on May 14, 2026.  This hole intersected   180.0 m @ 0.98% CuEq from 108.0 m (0.51% Cu, 0.37 g/t Au, 2.8 g/t Ag, 119 ppm Mo) including:

• 0 m @ 1.77% CuEq from 111.0 m (0.90% Cu, 0.70 g/t Au, 3.6 g/t Ag, 228 ppm Mo)
• 0 m @ 1.01% CuEq from 188.0 m (0.54% Cu, 0.38 g/t Au, 1.8 g/t Ag, 118 ppm Mo)
• 0 m @ 1.29% CuEq from 236.0 m (0.91% Cu, 0.16 g/t Au, 11.9 g/t Ag, 143 ppm Mo)
• 0 m @ 2.84% CuEq from 276.0 m (1.32% Cu, 1.34 g/t Au, 7.5 g/t Ag, 105 ppm Mo)

Mogotes geologists have previously noted the strong parallels of the characteristics of mineralization in hole FS_DDH_016 with those reported from the nearby Filo del Sol deposit. The May 14, 2026 press release includes a number of pictures of mineralized drill core which look impressive.

The current press release notes that “Mogotes is encouraged by the multiple overlapping hydrothermal events observed in FS_DDH_016, including early potassic-altered quartz diorite porphyry intrusions, early-stage quartz stockwork veining consisting of “A” and “B” family veinlets with chalcopyrite, chalcopyrite-bearing magmatic-hydrothermal breccias altered to anhydrite and biotite, later copper-bearing vein generations, and subsequent fine-grained, epithermal overgrowths of dark copper-bearing sulfide minerals including probable covellite, digenite, bornite and enargite. Early potassic alteration is overprinted by silica and quartz-sericite-chlorite, consistent with the telescoping of lithocap and epithermal alteration over deeper potassic alteration. These cross-cutting relationships indicate multiple mineralizing events within the hydrothermal system. Repeated mineralization may enhance grades and is evidence of system longevity where mineralizing phases overlap.”

Reaction in the market to this strong hole was likely muted due to the disappointing results reported from Hole FS_DDH-019, drilled from the same collar as FS_DDH_016 at a different azimuth (Figures 1and 2) across the south end of Mo soil anomaly.  This hole returned only a narrow intersection of  14.0 m @ 0.82% CuEq from 48.0 m (0.41% Cu, 0.35 g/t Au, 1.6 g/t Ag, 60ppm Mo). Company geologists believe that the hole may have tested the Macho Muerto Fault Zone Target (MMFZ) at an oblique, shallow angle, limiting its effectiveness in crossing the principal breccia body; FS_DDH_019 is therefore not interpreted as an adequate drill test of the mineralized breccias. The section included in the press release (Figure 3) has an inferred potential mineralized porphyry/breccia complex at depth.  Note also that Hole FS_DDH_014 drilled in the centre of the MT resistivity anomaly at Albor did not return any significant values.

Other holes reported FS_DDH_10, 11 and 12 which tested the Meseta target in the north end of the property, did not return any significant results. FS_DDH_09 drilled east of the Albor target and holes FS_DDH_17 and 18 drilled to test the southeast edge of the Luz del Sol target also did not return any significant results.  See Figure 1 for locations of these holes.

Results from two key holes FS_DDH_!3 and FS_DDH_!5 that tested the core area of the coincident IP Resistivity and MT resistivity anomaly at the Luz del Sol target are pending.  No visual description of mineralization in either of these holes was mentioned in this or the May 14^th press release.

Comment

The results from FS_DDH-016 were very encouraging but the disappointing results from hole FS-DDH-019 brought continuity into question.  The project right now is hanging on results of the last two remaining key holes with assays pending for FS_DDH_!3 and FS_DDH_!5 which test the core of their major Luz del Sol target.  I would not make any decision on purchasing additional stock until results of these holes are available. The initial drilling results reported from the Cruz del Sur target in the southern part of the property were positive and warrant further drilling to follow up (Figure 4)

Figure 1
Source: Mogotes Metals

Albor and Filo Sur Drill Hole Locations with and Pending Luz del Sol Drill Holes (Mogotes Metals press release July 9, 2026).

Figure 2
Source: Mogotes Metals

Plan View of Drillholes FS_DDH_016 and FS_DDH_09 with Albor Target Zones (Mogotes Metals press release July 9, 2026).

Figure 3
Source: Mogotes Metals

Section View of Drillholes FS_DDH_016 and FS_DDH_09 with potential Deeper Targets (Mogotes Metals press release July 9, 2026).

Figure 4
Source: Mogotes Metals

Plan map showing location of Cruz del Sur target area and locations of early drill holes completed (from Mogotes Metals press release May 1, 2026).