Drilling Now at Filo Sur Project

The most recent news release from November 26, 2025, states that Mogotes Metals Inc. has commenced its diamond drilling program at the Filo Sur Project, specifically at the Stockwork Hills and Cruz del Sur targets. The company's President and CEO, Allen Sabet, expressed excitement for the findings from these "compelling" targets, which are believed to host higher-grade stockwork copper-gold-silver-molybdenum mineralization. The release reiterates previously reported trench results from Trench CDS T7 (147m at 0.2 g/t Au and 600 ppm Cu) and Trench CDS T8 (106m at 0.14 g/t Au and 700 ppm Cu), which initially outlined a >400m long mineralized zone, and highlights coincident geophysical anomalies (high chargeability >50ms and magnetic signatures).

This news is a positive confirmation that Mogotes Metals is executing on its previously announced exploration plans. On October 9, 2025, the company announced its intention to begin drilling at Filo Sur "in the coming weeks," with the first rig expected "within three weeks." The November 26 announcement confirms that drills are now turning, approximately seven weeks after the initial announcement. While this is slightly longer than the "in weeks" timeline, it is within a reasonable timeframe for logistical mobilization in a remote exploration setting.

The trench results cited in the current news are historical, having been initially released on April 2, 2025, to highlight Cruz del Sur and Stockwork Hills as "drill-ready" targets. Therefore, this part of the news does not provide new information.

The material impact is primarily a validation of the company's operational progress. The market was already anticipating the start of drilling. While the commencement of drilling itself is a key operational milestone for an exploration company, it does not represent a new discovery or an unexpected development that would significantly alter the company's valuation beyond what was already anticipated. The company has a strong cash position following its recent $22.24 million private placement, making this drilling program fully funded. The true material impact will come with the actual drill results.

Mogotes Metals Inc. is a mineral exploration company focused on copper, gold, and silver discoveries in the Vicuna district, located along the Chile-Argentina border region. This area is highly prospective, adjacent to significant discoveries like BHP/Lundin's Filo del Sol.

Flagship Project: The company's flagship project is Filo Sur, an approximately 10,000-hectare claim package consolidated systematically by Mogotes. This project lies along the southern projection of the prolifically mineralized Vicuna metallogenic belt, adjoining the Filo del Sol copper-gold-silver deposit. The company has identified several key targets within Filo Sur: * Los Mogotes: A porphyry copper target identified by a large 1,600m x 800m geophysical anomaly (resistivity and chargeability) 2.5 km south of Filo del Sol, with coincident surface copper and alteration. * Meseta: A high-sulphidation epithermal (HSE) gold-silver (copper) target, 1.0 km south of Filo del Sol. Characterized by a 1,000m x 400m resistive geophysical anomaly and surface quartz-alunite altered breccias with high-grade rock chip assays (up to 1.48 g/t Au and 18.8 g/t Ag). * Cuenca: An epithermal gold-silver target with sheeted quartz veinlets over 500-750m strike and advanced argillic alteration, yielding rock chip assays up to 0.84 g/t Au and 16.2 g/t Ag. * Cruz del Sur (CDS) & Stockwork Hills (SWH): These are large-scale, covered porphyry gold (Cu-Ag) and porphyry Cu-Au targets, respectively, both identified with strong geophysical signatures (magnetic, IP, MT) and compelling trench results, making them drill-ready. The current drilling program is targeting these two areas.

Mogotes has been actively conducting geophysical surveys (3D MT/IP, DDIP/MT), extensive surface mapping, rock chip, and trench sampling programs across these targets to refine drill targets. The company recently completed the acquisition of 100% of the Argentine land package (Filo Sur) from Golden Arrow Resources and secured additional claims in Chile (CMP claims) that extend its priority targets across the border.