SEDAR Interim Financial Statements

MOGOTES METALS INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED FEBRUARY 28, 2026 (EXPRESSED IN CANADIAN DOLLARS) (UNAUDITED) Notice To Reader The accompanying unaudited condensed interim consolidated financial statements of Mogotes Metals Inc. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors. Mogotes Metals Inc. Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars) Unaudited As at As at February 28, November 30, 2026 2025 ASSETS Current assets Cash $ 52,881,837 $ 18,075,804 Short-term investments (note 4) - 5,000,000 Amounts receivable 170,331 126,632 Prepaid expenses 2,121,970 438,989 Marketable securities (note 5) 811,236 777,351 Total current assets 55,985,374 24,418,776 Non-current assets VAT recoverable 1,488,845 923,788 Total assets $ 57,474,219 $ 25,342,564 SHAREHOLDERS' EQUITY AND LIABILITIES Current liabilities Accounts payable and accrued liabilities (note 11) $ 2,538,613 $ 1,138,063 Shares to be issued (note 16) - 232,356 Total liabilities 2,538,613 1,370,419 Shareholders' equity Share capital (note 6) 61,299,687 42,941,289 Share-based payments (notes 7 and 8) 1,334,211 1,316,814 Warrants (note 9) 30,048,469 9,940,428 Accumulated other comprehensive income (loss) 94,139 (283,147) Deficit (37,840,900) (29,943,239) Total shareholders' equity 54,935,606 23,972,145 Total shareholders' equity and liabilities $ 57,474,219 $ 25,342,564 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. Nature of operations and going concern (note 1) Commitments and contingencies (notes 10 and 15) Subsequent events (note 16) Approved on behalf of the Board: (Signed) "Peter Mullens" Director (Signed) "Allen Sabet" Director - 1 - Mogotes Metals Inc. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars) Unaudited Three Months Three Months Ended Ended February 28, February 28, 2026 2025 Expenses Exploration and evaluation expenditures (notes 10 and 11) $ 7,286,256 $ 3,202,248 Professional fees (note 11) 89,761 86,993 Consulting (note 11) 98,500 158,484 General and administrative 325,410 185,890 Regulatory fees 56,576 56,618 Share-based payments (notes 7, 8 and 11) 40,546 76,229 Investor relations 49,876 64,770 Directors' fees (note 11) 36,000 30,000 (7,982,925) (3,861,232) Other income Foreign exchange (loss) gain (410,404) 397,514 Interest income 117,655 58,105 Fair value changes in marketable securities (note 5) 115,998 - Realized gain on marketable securities (note 5) 238,866 - Net loss for the period (7,920,810) (3,405,613) Other comprehensive income (loss) Items that will be reclassified subsequently to income Currency translation 377,286 (300,746) Total comprehensive loss for the period $ (7,543,524) $ (3,706,359) Basic and diluted net loss per share $ (0.02) $ (0.02) Weighted average number of common shares outstanding 431,136,061 239,760,994 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. - 2 - Mogotes Metals Inc. Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) Unaudited Three Months Three Months Ended Ended February 28, February 28, 2026 2025 Operating activities Net loss for the period $ (7,920,810) $ (3,405,613) --- Adjustments for: Share-based payments 40,546 76,229 Shares issued for property acquisition 698,950 1,547,848 Fair value changes in marketable securities (115,998) - Realized gain on marketable securities (238,866) - Changes in non-cash working capital items: Amounts receivable (43,699) 120,602 Prepaid expenses (1,682,981) 100,895 VAT recoverable (565,057) (124,310) Accounts payable and accrued liabilities 1,400,550 (18,023) Net cash used in operating activities (8,427,365) (1,702,372) Investing activities Short-term investments redeemed 5,000,000 - Proceeds from sale of marketable securities 320,979 - Net cash provided by investing activities 5,320,979 - Financing activities Units issued for cash 38,499,993 - Units issue costs (1,174,235) - Warrants exercised 209,375 - Net cash provided by financing activities 37,535,133 - Net change in cash 34,428,747 (1,702,372) Net effect of currency translation 377,286 (300,746) Cash, beginning of period 18,075,804 10,037,610 Cash, end of period $ 52,881,837 $ 8,034,492 Supplemental cash flow information Broker warrants $ 674,217 $ - Taxes paid in cash $ - $ - The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. - 3 - Mogotes Metals Inc. Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars) Unaudited Accumulated other Share Share-based comprehensive capital payments Warrants income (loss) Deficit Total Balance, November 30, 2024 $ 21,444,651 $ 648,960 $ 4,773,677 $ (315,419) $(15,684,368) $ 10,867,501 Shares issued for property acquisition 1,547,848 - - - - 1,547,848 Warrants expired - - (119,033) - 119,033 - Share-based payments - 76,229 - - - 76,229 Comprehensive loss for the period - - - (300,746) (3,405,613) (3,706,359) Balance, February 28, 2025 $ 22,992,499 $ 725,189 $ 4,654,644 $ (616,165) $(18,970,948) $ 8,785,219 Balance, November 30, 2025 $ 42,941,289 $ 1,316,814 $ 9,940,428 $ (283,147) $(29,943,239) $ 23,972,145 Units issued for cash 38,499,993 - - - - 38,499,993 Units issue costs (1,848,452) - 674,217 - - (1,174,235) Warrants valuation (19,617,436) - 19,617,436 - - - Shares issued for property acquisition 698,950 - - - - 698,950 Warrants exercised 625,343 - (183,612) - - 441,731 Stock options expired - (23,149) - - 23,149 - Share-based payments - 40,546 - - - 40,546 Comprehensive loss for the period - - - 377,286 (7,920,810) (7,543,524) Balance, February 28, 2026 $ 61,299,687 $ 1,334,211 $ 30,048,469 $ 94,139 $(37,840,900) $ 54,935,606 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. - 4 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 1. Nature of operations and going concern Mogotes Metals Inc. (the “Company” or "Mogotes") is a company incorporated under the Business Corporations Act (Ontario) on August 12, 2022 and is engaged in the business of locating and exploring mineral properties. Substantially all of the efforts of the Company are devoted to these business activities. Its registered and head office is located at 217 Queen Street West, Suite 401, Toronto, Ontario, M5V 0R2. On June 12, 2024, the Company's common shares began trading on the TSX Venture Exchange ("TSX-V") under the symbol "MOG". These unaudited condensed interim consolidated financial statements were prepared on a going concern basis o --- f presentation, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business. As at February 28, 2026, the Company had not yet achieved profitable operations and expects to incur further losses in the development of its business, all of which constitutes a material uncertainty which casts significant doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to raise future equity financing to fund its operations and advance the development of its business. These unaudited condensed interim consolidated financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. These adjustments could be material. Management is actively pursuing funding options, being financing and alternative funding options, required to meet the Company's requirements on an ongoing basis. To meet the challenges of the current climate in the financial markets, the Company is minimizing its expenditures. 2. Material accounting policies Statement of compliance The Company applies IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the IFRS Interpretations Committee. These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting. Accordingly, they do not include all of the information required for full annual financial statements. The policies applied in these unaudited condensed interim consolidated financial statements are based on IFRS issued and outstanding as of January 1, 2025. The same accounting policies and methods of computation are followed in these unaudited condensed interim consolidated financial statements as compared with the most recent annual consolidated financial statements as at and for the period ended November 30, 2025. Any subsequent changes to IFRS that are given effect in the Company’s annual consolidated financial statements for the period ending November 30, 2026 could result in restatement of these unaudited condensed interim consolidated financial statements. These adjustments could be material. The unaudited condensed interim consolidated financial statements were approved by the Board of Directors of the Company on April 27, 2026. - 5 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 2. Material accounting policies (continued) Standards that are not yet effective and have not been adopted early by the Company There were no new accounting standards or amendments to standards that were applicable to the Company for the period ended February 28, 2026 that had a material impact on its financial statements. The following new standards, amendments to standards and interpretations have been issued but are not effective during the period ended February 28, 2026: On April 9, 2024, the IASB issued a new standard – IFRS 18, “Presentation and Disclosure in Financial Statements” with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:  the structure of the statement of profit or loss;  requi --- red disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and  enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. Adoption of IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’. The Company is still evaluating the anticipated impact of adoption on its financial statements. 3. Critical accounting estimates and judgments The preparation of the unaudited condensed interim consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates and such differences could be significant. The following are the critical assumptions and estimates that the Company has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements. Going concern The preparation of these unaudited condensed interim consolidated financial statements requires management to make estimates regarding the going concern of the Company, as discussed in note 1. Share-based payments The fair value of share-based payments including the grant of warrants are estimated using the Black-Scholes option pricing model. There are a number of estimates used in the calculation, such as forfeiture rates, expected life, and share price volatility which can vary from actual future events. The factors applied in the calculation are management’s best estimates based on historical information and future forecasts. - 6 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 4. Short-term investments As at February 28, 2026, the Company held no short-term investments (November 30, 2025 - $5,000,000 of GICs issued by a Canadian financial institution, with interest rate of 3.6% and maturing in February 2026). 5. Marketable securities As at February 28, 2026, the following securities were included in marketable securities. Number of Fair value shares Cost adjustment Fair value Golden Arrow Resources Corp. - common shares (i)(ii) 3,722,000 $ 121,829 $ 194,541 $ 316,370 Golden Arrow Resources Corp. - warrants (i) 9,000,000 155,411 339,455 494,866 $ 277,240 $ 533,996 $ 811,236 As at November 30, 2025, the following securities were included in marketable securities. Number of Fair value shares Cost adjustment Fair value Golden Arrow Resources Corp. - common shares (i)(ii) 7,635,000 $ 265,945 $ 192,155 $ 458,100 Golden Arrow Resources Corp. - warrants (i) 9,000,000 155,411 163,840 319,251 $ 421,356 $ 355,995 $ 777,351 (i) In March 2025, the Company purchased 9,000,000 units in Golden Arrow Resources Corp. pursuant to t --- he terms of the amended Filo Sur Option Agreement. Each unit consists of one common share and one common share purchase warrant exercisable at $0.08 for a 3 year term. See note 10. The purchase price of $450,000 was allocated between the common shares and the warrants using the relative fair value method, with the fair value of the warrants being estimated by the Black-Scholes valuation model using the weighted average assumptions: share price of $0.055, expected life of 3 years, expected volatility of 95%, risk-free rate of 2.6%, and expected dividend yield of 0%. (ii) During the three months ended February 28, 2026, the Company sold 3,913,000 shares of Golden Arrow Resources Corp. for gross proceeds of $320,979 and recognized a realized gain of $238,866. 6. Share capital (a) Authorized share capital As at February 28, 2026, the authorized share capital of the Company is an unlimited number of shares, without par value. - 7 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 6. Share capital (continued) (b) Common shares issued Number of common shares Amount Balance, November 30, 2024 236,795,768 $ 21,444,651 Shares issued for property acquisition (i) 10,674,815 1,547,848 Balance, February 28, 2025 247,470,583 $ 22,992,499 Balance, November 30, 2025 380,458,180 $ 42,941,289 Shares issued for property acquisition (ii) 2,310,579 698,950 Private placements (iii)(iv) 135,229,925 38,499,993 Share issue costs (iii)(iv) - (1,848,452) Warrants valuation (iii)(iv) - (19,617,436) Warrants exercised (note 9) 2,052,129 625,343 Balance, February 28, 2026 520,050,813 $ 61,299,687 (i) On February 3, 2025, the Company issued 10,674,815 common shares (valued at $1,547,848) in satisfaction of the CMP Option Agreement (see note 10). (ii) On December 1, 2025, the Company issued 2,310,579 shares (valued at $698,950) pursuant to the CMP Option Agreement (see note 10). (iii) On January 22, 2026, the Company closed a bought deal private placement of an aggregate of 35,937,500 units of the Company at $0.32 per unit for aggregate gross proceeds of $11,500,000. Each unit consisted of one common share of the Company and one-half common share purchase warrant. Each whole warrant is exercisable to acquire one common share until January 22, 2029 at an exercise price of $0.53 per share. In connection with the private placement, the Company incurred share issue costs of $859,342 and issued an aggregate 2,156,250 compensation warrants. Each compensation warrant entitles the holder to acquire a common share of the Company at a price of $0.32 per common share until January 22, 2028. The 17,968,750 warrants and 2,156,250 compensation warrants were assigned values of $5,525,803 and $674,217, respectively, using the Black-Scholes valuation model using the weighted average assumptions: share price of $0.485, expected life of 2 and 3 years, expected volatility of 105%, risk-free rate of 2.54%, and expected dividend yield of 0%. (iv) On January 30, 2026, the Company completed (i) a non-brokered private placement of 86,792,425 units at a price of $0.265 per unit; and (ii) a non-brokered private placement of 12,500,000 units at a price of $0.32 per unit for aggregate gross proceeds of C$26,999,993. Each unit consisted of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.53 per --- common share until January 30, 2029. The 49,646,208 warrants was assigned a value of $14,091,633 using the Black-Scholes valuation model using the weighted average assumptions: share price of $0.45, expected life of 3 years, expected volatility of 107%, risk-free rate of 2.48%, and expected dividend yield of 0%. - 8 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 7. Stock options On August 12, 2022, the Company adopted a stock option plan that authorizes the Company to issue up to a maximum of 10% of its issued common shares. The term, exercise price, and vesting conditions of the options are fixed by the Company’s Board of Directors at the time of grant. Weighted Number of average stock options exercise price Balance, November 30, 2024 and February 28, 2025 6,300,000 $ 0.24 Balance, November 30, 2025 10,475,000 $ 0.27 Forfeited (135,000) 0.31 Balance, February 28, 2026 10,340,000 $ 0.27 During the three months ended February 28, 2026, the total share-based payments for the stock options amounted to $40,546 (2025 - $38,010). The following table reflects the stock options issued and outstanding as of February 28, 2026: Weighted average remaining Number of Number of Exercise contractual options options Expiry date price ($) life (years) outstanding exercisable May 6, 2026 0.23 0.18 5,700,000 5,700,000 December 31, 2026 0.30 0.84 600,000 600,000 September 22, 2027 0.31 1.56 3,400,000 3,350,000 October 17, 2027 0.31 1.63 640,000 640,000 0.27 0.77 10,340,000 10,290,000 8. Restricted Share Units ("RSUs") On August 12, 2022, the Company adopted a RSU plan that authorizes the Company to issue up to a fixed maximum limit of 5,000,000 RSUs. RSUs outstanding Balance, November 30, 2024 and February 28, 2025 1,000,000 Balance, November 30, 2025 and February 28, 2026 - During the three months ended February 28, 2026, the total share-based payments for the RSUs amounted to $nil (2025 - $38,219). - 9 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 9. Warrants Weighted Number of average warrants exercise price Balance, November 30, 2024 63,957,177 $ 0.28 Expired (728,676) 0.30 Balance, February 28, 2025 63,228,501 0.28 Balance, November 30, 2025 117,134,453 $ 0.34 Issued 69,771,208 0.52 Exercised (2,052,129) 0.22 Balance, February 28, 2026 184,853,532 $ 0.41 The following table reflects the warrants outstanding as of February 28, 2026: Number of Exercise warrants Expiry date price ($) outstanding March 26, 2026 0.14 6,720 January 31, 2027 0.30 54,306,902 June 16, 2027 0.40 17,711,250 July 4, 2027 0.40 37,120,000 July 11, 2027 0.40 600,000 October 7, 2027 0.10 5,399,952 January 22, 2028 0.32 2,156,250 January 22, 2029 0.53 17,906,250 January 30, 2029 0.53 49,646,208 0.41 184,853,532 - 10 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 10. Exploration and evaluation expenditures Three Months Three Months Ended Ended February 28, February 28, 2026 2025 Filo Sur Project Acquisition and claims maintenance $ 972,182 $ 2,008,124 Geologists and consulting 1,187,953 279,116 Logistics and field assistants 604,155 204,070 Land access 611,828 110,428 Camp - Services, equipment and consumables 256,974 123,434 Rental and buildings --- 344,376 41,693 Camp infrastructure 231,031 - Vehicle hire 133,093 65,992 Travel and accommodation 15,351 18,704 Geochemical and other analysis 55,498 51,589 Drilling 1,420,037 - Geophysics 90,513 256,174 Environmental 22,353 42,924 Legal 11,920 - 5,957,264 3,202,248 Beskauga Project Acquisition and claims maintenance 297,588 - Geologists and consulting 177,976 - 475,564 - Project generation Signing fee for exclusivity and due diligence 301,314 - Logistics and field assistants 33,854 - Camp - Services, equipment and consumables 229,297 - Vehicle hire 8,748 - Travel and accommodation 712 - Geochemical and other analysis 71,699 - Drilling 61,550 - Geophysics 114,384 - Legal 31,870 - 853,428 - $ 7,286,256 $ 3,202,248 Filo Sur Project The Company’s principal property is the Filo Sur Project. The Filo Sur Project consists various claims located in the Province of San Juan, Argentina and in Chile. The Filo Sur Project is adjacent to the international border between Chile and Argentina and the Atacama region in Northern Chile. Golden Argentina Properties In September 2022, the Company entered into an agreement (the "Filo Sur Option Agreement") to earn up to 85% interest in the Filo Sur Project, located in the Province of San Juan, Argentina and in Chile. Pursuant to the terms of the Filo Sur Option Agreement in order to earn an 80% interest the Filo Sur Project, the Company is required to: - 11 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 10. Exploration and evaluation expenditures (continued) Filo Sur Project (continued)  Make a cash payment of $150,000 and incur a sum of $300,000 of expenditures on the property on or before May 4, 2023 (completed);  Make a cash payment of $250,000 and incur a further sum of $500,000 of expenditures on the property on or before May 4, 2024 (completed);  Make a cash payment of $350,000 and incur a further sum of $1,000,000 of expenditures on the property on or before May 4, 2025 (completed);  Make a cash payment of $450,000 and incur a further sum of $1,500,000 of expenditures on the property on or before May 4, 2026 (completed); and  Make a cash payment of $550,000 and incur a further sum of $1,700,000 of expenditures on the property on or before May 4, 2027. Upon the Company exercising the Filo Sur option, a joint venture company ("JVco") will be incorporated, with 80% of JVco shares held by the Company and the remaining 20% to be held by the vendors. The Company may increase its interest to 85%, through the issue of additional shares of JVco to the Company at no cost to the Company, in the event that the board of directors of JVco determines to commence the development of a mine on the property in accordance with a feasibility study. On April 19, 2023, the Company issued 4,000,000 common shares with a fair value of $1,200,000 in satisfaction of the Filo Sur option payments due on or before May 4, 2023, 2024, 2025 and 2026 as per the amended option agreement. The amended option agreement also contains a price adjustment clause, where in the event the company completes an initial public offering at a price per share less than $0.30, then the company will issue additional common shares to the optionor to bring the total value of share consideration paid at the initial public offering price equal to $1,200,000 as required per the option agreement. See note 6(b)(iii). On February 10, 2025, th --- e Company amended the Filo Sur Option Agreement to acquire a 100% interest in the Filo Sur Project by:  Making a cash payment of $550,000 within five days of receiving conditional approval from the TSX-V (completed);  Investing $450,000 in the vendor via a private placement, subscribing for units ("Units") priced at the greater of $0.05 or the maximum discounted price permitted by the TSX-V. Each Unit will consist of one common share and one common share purchase warrant exercisable at $0.08 for a 3 year term (completed, see note 5);  Issuing 10,714,285 common shares of the Company to the vendor, on the date date it makes the cash payment and investment (completed, see note 6(b)); and  On or before the first anniversary of the closing date (the "Final Closing Date"), the Company will issue additional shares valued at $1,500,000. The number of shares will be determined by the volume-weighted average trading price on the TSX-V, subject to a minimum price threshold. If the share price is below the threshold, the Company may pay the difference in cash or, with TSX-V approval, additional shares. The Company may also choose, at its discretion, to pay the entire $1,500,000 in cash instead of issuing shares (completed, see note 6(b)). At the Final Closing Date, the Company will grant the vendor a 1.5% NSR on the properties. The Company retains the right to purchase 0.5% NSR for $2,000,000. The amendment was approved by TSX-V on March 26, 2025. - 12 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 10. Exploration and evaluation expenditures (continued) Filo Sur Project (continued) Mogotes 10 Property In February 2023, the Company, through its subsidiary, entered into an option agreement (the "SJM Option Agreement") to acquire a 100% interest in the Mogotes 10 Property, located in the Province of San Juan, Argentina. Pursuant to the terms of the SJM Option Agreement, the Company is required to:  Make an aggregate payment of US$45,000 (US$15,000 paid); and  Incur exploration expenses in the amount of US$100,000, inclusive of expenses required in order to keep the property in good standing. The vendor will retain 1.5% net smelter returns royalty ("NSR") from the property, provided that such NSR may not exceed US$200,000. Chile optioned properties On September 27, 2023, the Company, through its subsidiary, entered into an option agreement (the "Vicuna Option Agreement") to earn a 100% interest in the Chile optioned properties. Pursuant to the terms of the Vicuna Option Agreement, as amended in January 2025, the Company acquired a 100% interest in the Chile optioned properties by:  Making a cash payment of US$25,000 on the date of entering into the Vicuna Option Agreement (completed);  Making a cash payment of US$50,000 on the earlier of (a) the 1st anniversary of the Vicuna Option Agreement, or (b) within 10 days after the Company begins first drilling on the properties (completed);  Making a cash payment of US$150,000 by January 15, 2025 (completed). The vendor retains a 1% NSR from production from the Chile optioned properties. CMP Option Agreement In January 2025, the Company, through its subsidiary, entered into an option agreement with Compania Minera del Pacifico S.A ("CMP") to acquire up to an 80% ownership in a company that will hold the rights to the mining properties in the Vicuna copper-gold-silver District (the "CMP O --- ption Agreement"). The option is contingent on fulfilling specific exploration, payments and reimbursement obligations:  Making a cash payment of US$150,000 and issuing Mogotes' shares valued at US$1,000,000 on the date of entering into the CMP Option Agreement (completed);  Making a cash payment of US$100,000 and issuing Mogotes' shares valued at US$500,000 within one year of the signing of the CMP Option Agreement (completed);  Making a cash payment of US$50,000 and issuing Mogotes' shares valued at US$500,000 within five years of the signing of the CMP Option Agreement; and  Exploration commitments of:  US$1,000,000 per year in exploration expenditure on the properties to maintain the option;  A total of US$5,000,000 in aggregate over 5 years;  Expenditure done in advance can be applied as a credit to future years; and  Reimbursement of payment of all mining patent costs during the option period. - 13 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 10. Exploration and evaluation expenditures (continued) Filo Sur Project (continued) At the conclusion of the 5 year option period, the Company must contribute an NI 43-101 compliant resource estimate and all mining information into a special purpose company ("SPV") to be formed to hold the properties, and will be a 70% shareholder of this new company and will sole fund exploration from this point forward. The Company may earn an additional 10% of the properties (via an increase in its shareholding in the SPV) by delivering (at its sole cost) a Preliminary Economic Assessment with a minimum internal rate of return (IRR) of 15% within a period of 12 months from the exercise of the option, or up to 36 months if it pays an additional penalty. From the date that the Company's share of the SPV increases to 80%, CMP and the Company will contribute their pro rata share to ongoing project funding requirements. Any party that does not contribute will have their share diluted according to the agreement. If CMP’s stake falls below 10% its equity share will be replaced by a 2% NSR on all products except any iron Ore. CMP will retain rights to iron ore throughout this option agreement including after exercise. La Perla Uno a Diez On July 29, 2025, the Company entered into an option agreement pursuant to which the Company has been granted an option to purchase 100% of certain mining concessions known as "La Perla Uno a Diez" located in the municipality of Tierra Amarilla, Province of Copiapó, Atacama Region. In order to exercise the option, the Company shall pay the optionor an aggregate of:  Cash payments in the aggregate amount of US$200,000, payable to the optionor over a period of four years;  Issue an aggregate of 411,764 common shares in the capital of the Company at a price of $0.20 per share on or before July 25, 2025 (completed);  Issue such number of common shares to the optionor equal to US$70,000 on or before July 29, 2026 (324,396 shares issued subsequent to February 28, 2026);  Issue such number of common shares to the optionor equal to US$70,000 on or before July 29, 2027;  Issue such number of common shares to the optionor equal to US$70,000 on or before July 29, 2028; and  Issue such number of common shares to the optionor equal to US$70,000 on or before July 29, 2029. - 14 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three --- Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 10. Exploration and evaluation expenditures (continued) Beskauga Project On February 27, 2026, the Company announced that it entered into a definitive option agreement to acquire, through its wholly owned subsidiary, a 100% interest in the Beskauga copper-gold-silver porphyry project (the “Beskauga Project”) located in Pavlodar Province, Republic of Kazakhstan. Key terms are summarized below:  Option consideration: Total payments of US$24.7 million comprising US$17.2 million in cash payments (“Cash Only Amounts”) and US$7.5 million payable in cash or Mogotes common shares at the Optionee’s election (“Eligible Amounts”).  Payment Schedule:  US$2.5 million within two business days of execution (US$1.5 million cash (paid), US$1.0 million in cash or shares (2,685,322 shares issued subsequent to February 28, 2026)).  US$1.0 million on January 1, 2027 (US$500,000 cash, US$500,000 in cash or common shares);  US$1.0 million on January 1, 2028 (US$500,000 cash, US$500,000 in cash or common shares);  US$1.0 million on January 1, 2029 (US$500,000 cash, US$500,000 in cash or common shares); and  US$19.2 million on or before February 8, 2029 (US$14.2 million cash, US$5.0 million in cash or common shares).  Share pricing: The common shares issued in satisfaction of Eligible Amounts are priced at the greater of: (i) the 20-day VWAP ending on the last trading day prior to the election notice; and (ii) the market price on the execution date, in each case subject to a discounted market price of C$0.48 per share and TSXV approval.  Minimum expenditure commitments: The Optionee must incur or fund minimum exploration expenditures totalling US$860,000 over the Option Period as follows:  US$270,000 from January 1, 2026 to December 31, 2026;  US$280,000 from January 1, 2027 to December 31, 2027;  US$280,000 from January 1, 2028 to December 31, 2028; and  US30,000 from January 1, 2029 to February 8, 2029.  Mining licence: The Optionee will prepare a Mining Licence application for submission by January 1, 2027.  Discretionary payments: All option payments and expenditure commitments are at the sole discretion of the Optionee. The Optionee may accelerate payments at any time without penalty. - 15 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 11. Related party transactions Key management include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management consist of executive and non-executive members of the Company’s Board of Directors and corporate officers and/or companies controlled by those individuals. The remuneration attributed to key management during the three months ended February 28, 2026 and 2025, can be summarized as follows: Three Months Three Months Ended Ended February 28, February 28, 2026 2025 Consulting (i)(ii)(iii) $ 98,500 $ 68,000 Exploration and evaluation expenditures (ii) 271,237 31,140 Professional fees (iv) 14,562 14,690 Directors' fees 36,000 30,000 Special warrants issue costs (ii) - - Share-based payments - 29,341 $ 420,299 $ 173,171 (i) During the three months ended February 28, 2026, the Company incurred consulting fees of $62,500 (2025 - $50,000) to a company associated with the Company's President and CEO. As at --- February 28, 2026, $62,500 (November 30, 2025 - $70,833) was due to the company, and is included in accounts payable and accrued liabilities. These amounts are unsecured, non-interest bearing, with no fixed terms of repayment. (ii) During the three months ended February 28, 2026, the Company incurred geological services fees of $271,237 (2025 - $31,140) to a consulting group associated with the Company's director. As at February 28, 2026, $130,622 (November 30, 2025 - $71,339) was due to the company, and is included in accounts payable and accrued liabilities. These amounts are unsecured, non-interest bearing, with no fixed terms of repayment. (iii) During the three months ended February 28, 2026, the Company incurred consulting fees of $36,000 (2025 - $18,000) to a company associated with the Company's director. As at February 28, 2026, $14,000 (November 30, 2025 - $14,000) was due to the company, and is included in accounts payable and accrued liabilities. These amounts are unsecured, non-interest bearing, with no fixed terms of repayment. (iv) During the three months ended February 28, 2026, the Company incurred professional fees of $14,562 (2025 - $14,690) to Marrelli Support Services Inc. ("Marrelli") for an employee of Marrelli to act as the Chief Financial Officer of the Company. As at February 28, 2026, $3,392 (November 30, 2025 - $3,109) was due to Marrelli, and is included in accounts payable and accrued liabilities. These amounts are unsecured, non-interest bearing, with no fixed terms of repayment. All related party transactions are in the normal course of operations and are measured at fair value. - 16 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 12. Financial risk factors The Company’s risk exposures and the impact on the Company’s financial statements are summarized below. Credit risk The financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. The Company mitigates its exposure to credit loss by placing its cash with major financial institutions and believes that its amounts receivable credit risk exposure is limited. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its obligations associated with financial liabilities as they come due. Accounts payable and accrued liabilities are all current. The Company monitors its liquidity position and budgets future expenditures, in order to ensure that it will have sufficient capital to satisfy liabilities as they come due. As at February 28, 2026, the Company has accounts payable and accrued liabilities of $2,538,613 (November 30, 2025 - $1,138,063) due within 12 months and has cash of $52,881,837 (November 30, 2025 - $18,075,804) to meet its current obligations. The Company obtains its financing through private placements. Negative trends in the general equity market and the fall in commodity prices can adversely impact the Company's ability to obtain financing at favourable terms. If the Company cannot obtain the necessary financing to fund its operating and exploration activities, the Company might not be able to continue as a going concern entity. There can be no assurance that additional financing, if and when required, will be available or on terms acceptable to the Company. Market risk Market risk is the risk of loss that may arise from changes in ma --- rket factors such as interest rates, foreign exchange rates, and price risk. Interest rate risk The Company is exposed to interest rate risk to the extent that the cash maintained at the financial institution is subject to floating rates of interest. The interest rate risk on cash is not considered significant. Foreign currency risk Foreign currency risk is the risk that the fair value of, or future cash flows from, the Company’s financial instruments will fluctuate because of changes in foreign exchange rates. The Company’s property interests in Argentina make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, profit or loss and cash flows. The Company is affected by changes in exchange rates between the Canadian Dollar and foreign currencies. As at February 28, 2026, a portion of the Company’s net assets were held in US Dollars (US$776,395). A 10% change in the Canadian Dollar against the US Dollar would have not have a significant effect based on foreign currency balances. Price risk The Company has limited exposure to price risk with respect to equity prices. Equity price risk is defined as the potential adverse impact on the Company’s profit or loss due to movements in individual equity prices or general movements in the level of the stock market. - 17 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 13. Capital risk management Capital is comprised of the Company’s shareholders’ equity. As of February 28, 2026, the Company’s shareholders' equity was $54,935,606 (November 30, 2025 - $23,972,145). The Company manages its capital structure to maximize its financial flexibility making adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital. The Company is currently not subject to externally imposed capital requirements. There were no changes to the Company’s capital management during the three months ended February 28, 2026. 14. Segment information The Company primarily operates in one reportable operating segment, being the exploration and evaluation of mineral exploration properties in Argentina and Chile. The Company has administrative offices in Toronto, Canada. Geographical information is as follows: February 28, 2026 Canada Argentina Chile Total Assets Current assets $ 54,330,398 $ 1,149,861 $ 505,115 $ 55,985,374 Non-current assets - 1,197,326 291,519 1,488,845 $ 54,330,398 $ 2,347,187 $ 796,634 $ 57,474,219 Liabilities Current liabilities $ 453,951 $ 1,541,742 $ 542,920 $ 2,538,613 November 30, 2025 Canada Argentina Chile Total Assets Current assets $ 22,335,549 $ 1,393,398 $ 689,829 $ 24,418,776 Non-current assets - 836,593 87,195 923,788 $ 22,335,549 $ 2,229,991 $ 777,024 $ 25,342,564 Liabilities Current liabilities $ 585,205 $ 654,165 $ 131,049 $ 1,370,419 - 18 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 14. Segment information (continued) Three months ended February 28, 2026 Canada Argentina Chile Other Total Expenses Exploration and evaluation expenditures $ - $ 2,910,628 $ 3,046,638 $ 1,328,990 $ 7,286,256 Professional fees 89,761 - - - 89,7 --- 61 Consulting 98,500 - - - 98,500 General and administrative 98,979 100,445 125,986 - 325,410 Regulatory fees 56,576 - - - 56,576 Share-based payments 40,546 - - - 40,546 Investor relations 49,876 - - - 49,876 Directors' fees 36,000 - - - 36,000 (470,238) (3,011,073) (3,172,624) (1,328,990) (7,982,925) Other income Foreign exchange loss (49,888) (373,182) 12,666 - (410,404) Interest income 117,655 - - - 117,655 Fair value changes in marketable securities 115,998 - - - 115,998 Realized gain on marketable securities 238,866 - - - 238,866 Net loss for the period $ (47,607) $ (3,384,255) $ (3,159,958) $ (1,328,990) $ (7,920,810) Three months ended February 28, 2025 Canada Argentina Chile Total Expenses Exploration and evaluation expenditures $ - $ 1,025,498 $ 2,176,750 $ 3,202,248 Professional fees 86,993 - - 86,993 Consulting 158,484 - - 158,484 General and administrative 68,861 71,510 45,519 185,890 Regulatory fees 56,618 - - 56,618 Share-based payments 76,229 - - 76,229 Investor relations 64,770 - - 64,770 Directors' fees 30,000 - - 30,000 (541,955) (1,097,008) (2,222,269) (3,861,232) Other income Foreign exchange gain (loss) 350,627 48,059 (1,172) 397,514 Interest income 58,105 - - 58,105 Net loss for the period $ (133,223) $ (1,048,949) $ (2,223,441) $ (3,405,613) - 19 - Mogotes Metals Inc. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended February 28, 2026 (Expressed in Canadian Dollars) Unaudited 15. Commitments and contingencies Environmental contingencies The Company’s mineral exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. 16. Subsequent events Stock options On April 10, 2026, the Company granted 350,000 stock options to a director of the Company. Each stock option has an exercise price of $0.33 per share for a period of 2 years. Copper Cliff Project On April 15, 2026, the Company announced that it entered into an option-to-joint-venture agreement with Kennecott Exploration Company (a subsidiary of Rio Tinto) covering the Copper Cliff Project in Montana, USA. Under the agreement, the Company has the right to earn up to a 60% undivided interest by sole-funding staged exploration expenditures: (i) a minimum commitment of US$4 million within the first anniversary of the effective date, and (ii) a further minimum US$12 million by the third anniversary to earn a 51% interest (US$16 million aggregate, with at least 70% of the US$16 million attributable to drilling-related expenditures). After earning 51%, Mogotes may elect to earn an additional 9% (to 60%) by spending a further minimum US$40 million by the sixth anniversary (US$56 million aggregate). Following the Company's earn-in, the parties would form a joint venture with interests reflecting the earn-in level, subject to Kennecott’s back-in rights: within 90 days after the 51% earn-in, Kennecott may increase its interest by 2% (to 51%/49%) by paying Mogotes US$32 million (and the further 60% earn-in option would fall away); and within 90 days after the 60% earn-in, Kennecott may increase its interest by 20 --- % (to 60%/40%) by paying Mogotes US$140 million. Shares issued On April 20, 2026, the Company issued 324,396 common shares (valued at US$70,000) in connection with the La Perla Uno a Diez agreement (see note 10). - 20 -