Mr. Allen Sabet reports

MOGOTES METALS PROVIDES ADDITIONAL UPDATE ON EXERCISE OF RIGHTS

Further to the press releases of July 14, 2026, and July 21, 2026, in connection with the exercise by CD Capital Fund IV LP of its right to subscribe for common shares in the capital of Mogotes Metals Inc. to increase its ownership interest to 19.9 per cent on a partially diluted basis and pursuant to pre-emptive rights agreements with various shareholders, the company intends to increase the number of common shares at a price of 49 cents per common share to be issued to CD Capital and such shareholders from 38,558,817 common shares to up to 39,186,369 for total proceeds to the company of up to $19,201,320.81.

The common shares to be issued will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Closing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

We seek Safe Harbor.