Mogotes Metals drills 180 m of 0.98% Cu equivalent at Filo Sur

Toronto, Ontario--(Newsfile Corp. - July 9, 2026) - Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (OTCQB: MOGMF) ("Mogotes" or the "Company") is pleased to provide an update on drilling results from its flagship Filo Sur project, located immediately south of, and along strike from, the Filo del Sol copper-gold-silver discovery being advanced by BHP and Lundin Mining.¹ While the Company awaits the final assay results from holes FS_DDH_013 and FS_DDH_015 in Chile (see Figure 1), today's update confirms and expands the discovery at the Albor target, first made with hole FS_DDH_016. Figure 1: Albor and Filo Sur Drill Hole Locations – and Pending Luz del Sol Drill Holes To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10597/304441_48701c6d74a52ba5_002full.jpg Highlights of FS_DDH_016: 180.0 m @ 0.98% CuEq from 108.0 m (0.51% Cu, 0.37 g/t Au, 2.8 g/t Ag, 119 ppm Mo) including: 58.0 m @ 1.77% CuEq from 111.0 m (0.90% Cu, 0.70 g/t Au, 3.6 g/t Ag, 228 ppm Mo) 7.0 m @ 1.01% CuEq from 188.0 m (0.54% Cu, 0.38 g/t Au, 1.8 g/t Ag, 118 ppm Mo) 7.0 m @ 1.29% CuEq from 236.0 m (0.91% Cu, 0.16 g/t Au, 11.9 g/t Ag, 143 ppm Mo) 9.0 m @ 2.84% CuEq from 276.0 m (1.32% Cu, 1.34 g/t Au, 7.5 g/t Ag, 105 ppm Mo) Shallow Copper and Gold Mineralization starts at 108 m depth Part of a Larger Undrilled Surface Geochemical Anomaly Surface channel samples collected by Mogotes immediately above and along strike of the drill intercepts returned anomalous copper and molybdenum values (Figure 2). Together with a molybdenum-in-soil anomaly measuring ~400 by 800 m, these results support the interpretation that the mineralized hydrothermal system has significant extent, including possible continuation beneath a thin veneer of scree cover.

The limits of the mineralization intersected in FS_DDH_016 have not yet been defined by drilling and remain untested to the northwest and southeast along the strike of the Macho Muerto Fault Zone, and at depth. Figure 2: Plan View of Drillhole FS_DDH_016 and Albor Target Zones To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10597/304441_48701c6d74a52ba5_003full.jpg Multiple Overlapping Hydrothermal Events Mogotes is encouraged by the multiple overlapping hydrothermal events observed in FS_DDH_016, including early potassic-altered quartz diorite porphyry intrusions, early-stage quartz stockwork veining consisting of "A" and "B" family veinlets with chalcopyrite, chalcopyrite-bearing magmatic-hydrothermal breccias altered to anhydrite and biotite, later copper-bearing vein generations, and subsequent fine-grained, epithermal overgrowths of dark copper-bearing sulfide minerals including probable covellite, digenite, bornite and enargite. Early potassic alteration is overprinted by silica and quartz-sericite-chlorite, consistent with the telescoping of lithocap and epithermal alteration over deeper potassic alteration.

These cross-cutting relationships indicate multiple mineralizing events within the hydrothermal system. Repeated mineralization may enhance grades and is evidence of system longevity where mineralizing phases overlap. Mogotes geologists observe similarities in geology, alteration styles, sulfide assemblages and mineralization textures to those described from the adjacent Filo del Sol deposit².