Mr. Allen Sabet reports

MOGOTES METALS: VICUNA: DRILLING AT FILO SUR PROJECT TO COMMENCE

Drilling of key priority targets will commence in the coming weeks on Mogotes Metals Inc.'s Filo Sur project. The project and targets are located on trend to the south of the large BHP/Lundin Filo del Sol (FDS) resource and the company intends to drill from the selection of high-priority targets for porphyry copper (PCD) and high-sulphidation epithermal (HSE) gold-silver mineralization.

Chief executive officer Allen Sabet commented: "The results of three field seasons of work and significant time and exploration has been the identification of multiple new and exciting drill targets for Mogotes. We are now mobilizing to start our drilling campaign and expect to have drills turning in a matter of weeks. The team look forward to sharing updates as the season progresses."

The Mogotes technical team has mobilized to the field camp in Argentina and initiated predrill activities, including road clearance, infrastructure set-up and supplier co-ordination.

The company will operate up to two drill rigs this season, targeting an initial program of approximately 5,000 metres of diamond drilling. The first rig is scheduled to arrive within three weeks and will begin on the southern, lower-elevation targets at Cruz del Sur and Stockwork Hills.

As the season progresses, the program will extend to additional priority targets, with permitting and access works advancing in parallel. The campaign will remain adaptive as results from the initial holes and the concurrent surface exploration program inform continuing targeting.

Below is a recap of key targets at the Filo Sur project advanced in the prior field season and previously released to the market. In the coming weeks, the company will provide further information and updated geochemical results for several areas, including the Camino and Rincon targets.

Los Mogotes -- porphyry copper target:

1. Directly on trend 2.5 kilometres south of Filo del Sol resource that is open toward the Mogotes claims;
2. Large-scale 1,600-metre-by-800-metre (less-than-100-ohm-metre resistivity) anomaly in 3-D MT/IP (magnetotelluric/induced polarization) geophysical model;
3. Relatively near surface at 200 to 500 metres depth to top of target;
4. MT/IP resistivity anomaly is centred within larger IP chargeability halo of 30 to 90 milliseconds, consistent with a potential pyrite halo to concealed porphyry mineralization;
5. Rock-chip copper and alteration anomaly overlies the MT/IP geophysical anomaly (see May 7, 2025, news release).

Meseta -- high-sulphidation epithermal gold-silver (copper) target plus deeper conceptual porphyry target:

1. Target footprint 1,000 metres by 400 metres as defined by the projected to surface trace of a 2,000-to-greater-than-10,000-ohm-metre MT/IP resistivity anomaly;
2. The top of the resistor lies at greater than 100 metres below surface but locally projects to surface where Mogotes has mapped quartz-alunite altered breccias with vuggy silica and locally porphyry veined clasts supporting the concept that the covered resistivity may also be related to quartz-alunite alteration, representing an attractive conceptual HSE precious metal target;
3. The previously reported quartz-alunite alteration and rock-chip gold-silver assays with strong antimony, arsenic, barium, tellurium epithermal pathfinder elements overlie the MT/IP anomaly at Meseta; Mogotes rock-chip sampling has returned assays up to 1.48 grams per tonne gold and 18.8 grams per tonne silver from these breccias, which may represent geochemical leakage from mineralization at depth.

The presence of precious-metal-bearing, quartz-alunite altered breccias riming the Meseta plateau, with an underlying resistive, funnel-shaped MT/IP anomaly, is reminiscent of the prediscovery setting of HSE breccia-hosted gold-silver deposits along the Miocene-age mineral belt, which also hosts the Filo del Sol deposit. Mogotes plans to drill the Meseta target to test for near-surface oxide gold-silver mineralization and deeper conceptual porphyry copper-gold mineralization.

Cuenca -- epithermal gold-silver target:

1. Mogotes geophysical model shows the Cuenca gold-silver veining is located on the flank of a 1,200-metre-diameter, concealed, mushroom-shaped body defined by a greater-than-10,000-ohm-metre resistivity anomaly; Mogotes geological mapping has identified small outcrops of phyllic to advanced argillic altered hypabyssal quartz diorite porphyry overlying the resistivity anomaly, suggesting that the anomaly is outlining a large concealed altered intrusive dome that is hosting the structurally controlled Cuenca vein zone;
2. Cuenca vein zone is characterized by narrow zones of sheeted quartz veinlets that are developed as intersecting structural trends over a 500-metre-to-750-metre-strike-by-up-to-270-metre-wide area; the alteration assemblage of dickite-alunite (potassium greater than sodium)-gypsum-jarosite suggest an advanced argillic (AA) epithermal character to the mineralization;
3. Rock-chip assays have returned up to 0.84 gram per tonne gold and 16.2 grams per tonne silver with strongly anomalous antimony/aresnic/zinc/lead/tellurium/barium (please see May 7, 2025, news release), consistent with a precious metal polymetallic epithermal signature; further assay results from sampling of the zone will be reported in the coming weeks.

The geological setting of the Cuenca target in the roof zone of a large intrusive dome, as inferred from the geophysics, represents a permissive setting for epithermal gold-silver mineralization. Understanding of the mineral potential for the Cuenca zone is at an early stage; however, the system footprint and near-surface character will facilitate rapid evaluation and, if warranted, drill testing for near-surface structurally controlled gold-silver mineralization.

Cruz del Sur large-scale covered porphyry gold (copper-silver) target (CDS):

• Shallow: The top of the drill target sits approximately 300 metres below the surface (relatively shallow);
• Low elevation: elevation is approximately 4,300 metres (relatively lower altitude adjacent to Mogotes camp);
• Large: the geophysical target footprint is large scale (700-metre-by-400-metre footprint);
• compelling geophysical signature with coincident:
  • Strongly magnetic in ground magnetic 3-D inversion (100 to 220 SI*10-3);
  • Highly chargeable in IP survey (greater than 75 milliseconds to 180 milliseconds);
  • Strongly conductive in MT survey (up to 32 ohm-metres);
• Encouragingly, the CDS trench channel results define an increasing gold (plus or minus silver/zinc/molybdenum/copper) vector toward the main geophysical target, with the highest gold assay in both trenches (three metres at 2.14 grams per tonne gold and two metres at 1.67 grams per tonne gold); the last sample at the southwestern end of each trench before cover became too deep to trench;
• Better gold (zinc-lead-silver) assays in the trenches related to pyrite (plus or minus sphalerite) fracture veinlets hosted in pyrite-sericite altered volcanics and diorite porphyry; assays results from channel sampling of the trenches include:
  • Trench CDS T4 -- 33 metres at 0.64 gram per tonne gold, including three metres at 2.41 grams per tonne gold;
  • Trench CDS Ext -- 12 metres at 0.7 gram per tonne gold, including two metres at 1.67 grams per tonne gold.

Stockwork Hills porphyry copper-gold target (SWH):

• Shallow -- the top of the drill target starts at a relatively shallow, approximately 350 metres below the surface;
• Low elevation: elevation is approximately 4,300 metres (relatively lower altitude);
• Size: the footprint of the geophysical target is approximately 600 metres by 200 metres;
• Compelling geophysical signature:
  • Highly chargeable in IP survey (greater than 50 milliseconds);
  • Magnetic anomaly;
• Trenching at the SWH prospect tested a high-order copper-gold soil anomaly on the edge of gravel cover;
• Assays from trench channel sampling returning encouraging copper-gold (zinc-silver-molybdenum) results associated with moderate intensity A and B quartz veinlet stockworking with visible supergene (malachite-chrysocolla copper oxides) mineralization hosted in sericite-clay-silica altered volcanics and diorite dikes;
• Assays results from channel sampling of the trenches include:
  • Trench CDS T7 -- 147 metres at 0.2 gram per tonne gold and 600 parts per million copper, including 12 metres at 0.29 gram per tonne gold and 0.32 per cent copper;
  • Trench CDS T8 -- 106 metres at 0.14 gram per tonne gold and 700 parts per million copper, including 17 metres at 0.27 gram per tonne gold and 0.14 per cent copper;
• SWH trenches outline a greater-than-400-metre-long, north-south-oriented zone of mineralization that projects under gravel cover in both directions; the SWH copper-gold zone outcrops approximately 350 metres above a greater-than-600-metre-long, strong chargeable (greater than 50 milliseconds) and magnetic geophysical anomaly that represents an attractive target for higher-grade stockwork copper-gold-silver-molybdenum mineralization.

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 deposits and NGEx Minerals' Lunahuasi and Los Helados copper-gold deposits.

Qualified persons

The scientific and technical disclosure for the Filo Sur project included in this news release have been reviewed and approved by Stephen Nano, who is the qualified person as defined by National Instrument 43-101. Mr. Nano is a director and technical adviser of the company.

Note that the qualified person has not verified the information regarding adjacent properties such as Filo del Sol and the information regarding the mineralization of the Filo del Sol project is not necessarily indicative of the mineralization on the Filo Sur project.

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. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples from Argentina are dispatched, bagged in raffia bags and packaged for shipment by an exclusive truck to the ALS laboratory in Mendoza, Argentina. Samples from Chile are dispatched, bagged in raffia bags and delivered to the ALS laboratory in Copiapo, Chile. These facilities carried out sample preparation (PREP-31B), which includes crushing to 70 per cent less than two millimetres, riffle splitting off one kilogram and pulverizing to 85 per cent passing 75 microns. The prepared samples are sent to the ALS laboratory in Lima, Peru, for gold and multielement analysis. Gold (Au-ICP21) was analyzed by fire assay fusion with ICP-AES finish on a 30-gram sample. Samples were also analyzed for a suite of 48 elements (ME-MS61) with four-acid digestion and ICP-MS finish.

Assay results from drill core samples may be higher, lower or similar to results obtained from surface rock, channel, trench samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

We seek Safe Harbor.