Mr. Allen Sabet reports

DRILLING UPDATE AT FILO SUR PROJECT - 4 RIGS DRILLING MULTIPLE PORPHYRY AND EPITHERMAL TARGETS IN THE VICUNA DISTRICT, ARGENTINA-CHILE

Four drill rigs are currently drilling multiple porphyry and epithermal targets at Mogotes Metals Inc.'s Filo Sur project, which adjoins the southern limit of the large BHP/Lundin Filo Del Sol copper-gold-silver resource in the Vicuna district.

Chief executive officer of Mogotes, Allen Sabet, commented: "Four rigs are now drilling simultaneously on both sides of the border, the largest program we've undertaken at Filo Sur and a step-change for the company. Two rigs are testing large-scale porphyry and high-sulphidation targets at our priority Luz del Sol prospect in Chile, while the remaining two rigs simultaneously test targets on the Argentine side. Our integrated geophysical modelling has identified a 3.25-kilometre conductive trend at Luz del Sol that we believe may represent a porphyry system in the prospective Vicuna district. We are fully funded through this field season and expect to begin reporting initial assay results from the southern targets within the coming weeks, with Luz del Sol results to follow as drilling progresses."

Drill program update

Drilling is planned to continue on priority targets highlighted in previous news releases (see news release dated Nov. 26, 2025). Two rigs are currently located in Chile, testing large-scale porphyry and high-sulphidation targets at the priority Luz del Sol prospect, while the remaining two rigs simultaneously test targets on the Argentinian side of the project.

Three-dimensional integrated modelling of the recently completed March, 2026, infill and extension MT/IP (magnetotellurics/induced polarization) geophysical survey covering the Mogotes Chilean claims has outlined compelling anomalies along the 3.25-kilometre-long Luz del Sol trend. This large anomaly parallels the regional-scale, northwest-trending Macho Muerto transorogen fault zone, with the conductivity target (MT less than 100 to 30 Ohm.m) now extending to the northwest, underlying the Meseta silica-alunite cap, on the claims boundary with the BHP/Lundin Filo Del Sol project.

During February, 2026, Mogotes also completed a large drone magnetic survey over the Chilean claims. The magnetic model highlighted a large anomaly underlying Luz del Sol, further supporting the conceptual porphyry target at the prospect.

Drilling will continue until operational conditions necessitate closure of the program. Results are expected to be released on a target-by-target basis as they are received and interpreted by the company.

Update on pending results

Initial results from the southern cluster of targets at Cruz del Sur and Stockwork Hills are pending from the lab and are expected to arrive in the coming weeks.

Invitation to webinar

Mogotes will be hosting an on-line webinar where a general overview of the Filo Sur project will be shared, as well as a summary of the progress so far this field season. All are welcome to join this webinar. Additionally, there will be a brief discussion on the company's Beskauga project in Kazakhstan.

When:  Thursday, April 9, 2026, 10 a.m. Pacific Time (in the United States and Canada)

Join from PC, Mac, iPad or Android:  passcode 248178

About Mogotes Metals Inc.

Mogotes Metals is a mineral exploration company exploring for copper, gold and silver globally. The flagship project, Filo Sur, is located in the prospective Vicuna district of Argentina and Chile, and adjoins the large Filo del Sol copper-gold-silver discovery, and is along the same north-south-trending belt as Filo Del Sol, and the NGEx Minerals Lunahuasi and Los Helados copper-gold deposits. The Beskauga project is located in Kazakhstan and is a gold-copper-silver porphyry.

Qualified persons

The scientific and technical disclosure for the Filo Sur project included in this news release has 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 and is not considered independent for the purposes of NI 43-101.

Note that the qualified person has not verified the information regarding adjacent properties such as Filo del Sol and that 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 (inductively coupled plasma atomic emission spectroscopy) 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 (inductively coupled plasma mass spectrometry) 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.