Mogotes Metals Vicuña Update: Initial Drilling Finds Large-Scale, Shallow Gold-Copper System

About this update from Mogotes Metals Inc.

Toronto, Ontario--(Newsfile Corp. - May 1, 2026) - Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (OTCQB: MOGMF) ("Mogotes", or the "Company") is pleased to announce the discovery of a large, shallow gold breccia system and an underlying gold-copper-molybdenum porphyry at its Cruz del Sur target, part of the Filo Sur project in Argentina's Vicuña district. The system spans a 4.0 x 0.5 km geophysical footprint, sits at a lower elevation relative to other targets, is largely concealed by thin cover and remains open in all directions and at depth. This release presents results from the Cruz del Sur and Stockwork Hills prospects (figures 1-3). Drilling continues at the prospective northern Luz del Sol - Meseta target cluster (figure 4) and will proceed as long as the season permits, with assays from this area anticipated in June. Highlights New near-surface gold-zinc breccia discovery: 24 m at 1.01 g/t Au (FS_DDH_007) within 120 m at 0.52 g/t Au from just 24 m depth Underlying gold-copper porphyry confirmed: 62 m at 0.62 g/t Au and 800 ppm Cu (FS_DDH_006) within a 258 m interval at 0.36 g/t Au and 744ppm Cu Copper grades improving with depth, pointing to higher-grade potential below current drill coverage Only a fraction of the largely gravel covered, 4.0 x 0.5 km target footprint has been tested and the system is open along strike and at depth Near-surface gold-zinc breccia, new discovery, outcropping to shallowly covered (Figures 2 and 3): FS_DDH_007: 120 m at 0.52 g/t Au and 0.18% Zn from 24 m, including 24 m at 1.01 g/t Au and 0.34% Zn from 98 m FS_DDH_005: 66 m at 0.44 g/t Au and 0.27% Zn from 64 m, including 24 m at 0.62 g/t Au and 0.47% Zn from 74 m Underlying gold-copper-molybdenum porphyry, sheeted and stockwork veining (Figures 2 and 3): FS_DDH_006: 258 m at 0.36 g/t Au and 744 ppm Cu from 158 m, including 62 m at 0.62 g/t Au and 800 ppm Cu from 164 m FS_DDH_006: 328 m at 0.32 g/t Au and 962 ppm Cu from 458 m, including 56 m at 0.40 g/t Au and 0.11% Cu from 688 m Limited Drilling, Large Footprint: Only a small portion of the shallowly covered, 4.0 x 0.5 km Au-Cu-Mo-Zn target defined by magnetic and IP geophysics has been drill-tested, with holes focused on outcrops poking through the gravel cover (Figure 1). The bulk of the system remains untested. Mogotes geologists interpret that a fully preserved breccia-porphyry complex is preserved under relatively...

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