Mr. Allen Sabet reports

MOGOTES METALS ANNOUNCES CLOSING OF C$11.5 MILLION BOUGHT DEAL OFFERING, INCLUDING FULL EXERCISE OF THE UNDERWRITERS' OPTION

Mogotes Metals Inc. has closed its previously announced bought deal private placement offering pursuant to the listed issuer financing exemption (as defined below) of an aggregate of 35,937,500 units of the company at a price of 32 cents per unit for aggregate gross proceeds of $11.5-million, which includes the full exercise of the option granted to the underwriters (as defined below). Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share for a period of 36 months following the closing date of the offering at an exercise price of 53 cents per warrant share.

Stifel Nicolaus Canada Inc., as lead underwriter and sole bookrunner, together with Canaccord Genuity Corp., acted as underwriters under the offering pursuant to the terms of an underwriting agreement dated Jan. 22, 2026, between the company and the underwriters.

The net proceeds of the offering shall be used for financing the company's exploration work programs and development of the company's Filo Sur property, and general working capital purposes, all as further described in the offering document (as defined below).

In accordance with National Instrument 45-106 (Prospectus Exemptions), the units were issued to purchasers resident in certain provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). Pursuant to the listed issuer financing exemption, the units, and the common shares, warrants and warrant shares underlying the units, issued pursuant to the offering, are not subject to a statutory hold period in Canada pursuant to applicable Canadian securities laws. The units were also offered in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

In connection with the offering, the company paid the underwriters an aggregate cash commission of $690,000 and issued to the underwriters 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 32 cents per common share for a period of 24 months from the closing of the offering. The compensation warrants and common shares issuable upon exercise of the compensation warrants are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date, being May 23, 2026.

The offering is subject to final approval by the TSX Venture Exchange.

There is an offering document of the company related to the offering that can be accessed under the company's issuer profile on SEDAR+ and on the company's website.

About Mogotes Metals Inc.

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

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