Mogotes Metals Inc. provided an exploration update and announce positive initial rock chip assay results from the Filo Sur project, adjoining the world class Filo del Sol Cu-Au-Ag High Sulfidation Epithermal (HSE) and Porphyry (PCD) project in the Vicuna District, Argentina. 2,185 m of diamond core drilling completed in 3 holes during shortened February to May 2024 campaign Geological observations from the first drill test at Nueva Colorida Breccia and Cruz del Sur targets and drilling at Frontera prospect that was suspended due to early onset of winter - Assays results pending. Initial rock chips results confirm Au-Ag-Cu mineralization at new Filo Alunita and Rincon prospects- Filo Alunita a newly identified 1.6 km trend of silica-alunite alteration.

Mogotes rock chip assay of 4.3 g/t Au and >100 g/t Ag, highlights potential HSE prospect, not recognized by previous explorers. Rincon 2.3 km long trend defined by Mogotes soil, rock chip assay and geophysics, returns assays of up to 1.35 g/t Au, 825 ppm Cu and 142 ppm Mo, correlating to +100 m wide high intensity sheeted veinlet trend, also not recognized by previous explorers. Assay results from this drilling are pending.

Images of the mineralization and technical descriptions are enclosed in this release and are already providing valuable vectors to guide next drill holes. It is important to highlight that the majority of priority targets remain undrilled, as the field season was cut short. In addition, team has discovered two completely new areas of mineralization at Filon Alunita and Rincon, confirmed by encouraging initial rock chip assays.

Results from additional sampling are pending. It is the company's view that further exploration has the potential to see these prospects develop into new attractive drill targets at Filon Alunita and Rincon. Mogotes is looking forward to updating investors with results as they come to hand and returning to the project in the southern hemisphere spring (September - October 2024) to continue exploration of this prospective project.

NEXT STEPS: Webinar discussion on key target areas (this week). Assay results from initial rock chip sampling at new Rincon target. Assay results from initial drill holes at Nueva Colorida, Cruz del Sur and Frontera prospects.

Recommence exploration program - inclusive of surface exploration and first drill test of several priority targets, is planned for the southern hemisphere spring of October 2024. Frontera - Colorida prospect is characterized by superimposed large-scale alteration /mineral systems defined by A 2.4 sq km phyllic alteration zone with variable intensity porphyry quartz stockworking that combined is interpreted as the upper phyllic zone of a shallowly eroded Cu - Mo (Au) PCD system(s) and; A widespread subhorizontal advanced argillic (AA) to argillic alteration overprint (probably telescoping) mapped by the WV3 processing, centered on the recently recognized Nueva Colorida breccia pipe with AA alteration and HSE sulphide assemblage in the matrix. The diameter of the Nueva Colorida pipe is not yet well constrained but is in excess of 600 m based on outcrop and recent drill intersections.

The Frontera-Colorida alteration and mineralization is open, extending to the west under alteration plateau toward the Filon Alunita HSE Au-Ag prospect and to the east and northeast under recent gravel cover toward the Mucho Muerto Fault zone. Drilling has been conducted at Frontera and Colorida in campaigns between 2012 and 2013 by Vale, intersecting broad zones of low-grade porphyry Cu-Mo mineralization (Mogotes NI43101 Technical Report April 2024). Mogotes geophysics, surface mapping and systematic soil sampling has highlighted that these prospects have not been optimally drill tested by previous explorers, with key areas of outcropping porphyry style stockworking, Cu-Mo soil anomalies and attractive geophysical anomalies, undrilled.

At surface, copper mineralization is interpreted to have been partially leached by supergene, and also potentially hypogene leaching, related to the advanced argillic alteration overprint. Mo is less subject to leaching and so is considered a good exploration vector and indicator of the hypogene mineralization. Mogotes rock chip assay results received in February 2024 have further enhanced the prospectivity of these targets with widespread strongly anomalous Cu and Mo assays returned.

Better Cu assays at Frontera correlate to a zone of outcropping A and B style porphyry stock work and sheeted veining with some areas of secondary copper bloom. Frontera Cu rock chip assays range from 21 to 3,910 ppm, with an average of the top 10% of 733 ppm Cu. At Colorida, higher grade Cu rock chip assays "halo" the Nueva Colorida pipe where widespread variable intensity porphyry style stockwork veining along with several areas of supergene Cu "bloom" are noted.

Colorida Cu assays show a vector toward the northeast where there has been no drilling and where the prospect trends under recent gravel cover. Cu rock chip assays at Colorida range from 17 to 2,040 ppm, with an average of the top 10% of 682 ppm Cu. Mo is strongly anomalous across Colorida-Frontera prospects ranging from 0.5 to 6,350 ppm, with the average of the top 10% at Frontera of 733 ppm Mo, and the average of the top 10% at Colorida of 45.7 ppm Mo.

Mogotes initiated drilling at the Nueva Colorida and Frontera prospects in April 2024. Drilling was terminated due to the early onset of winter conditions in mid April 2024, with 2 holes drilled totaling 1,709 m. Drill hole FSDDH002 was drilled at the Nueva Colorida prospect toward the northwest at -70.8º dip, reaching a planned depth of 1188.65m. Hole FSDDH003 was drilled toward the west at -64.4º dip reaching 520m of the planned +1,000m depth before the hole was shut down and the camp winterized.

Assay results from this drilling are pending but anticipated to be received in coming weeks. Drill Hole FSDDH002 provides an initial test of the interpreted Nueva Colorida breccia pipe and a portion of a large underlying MT conductivity anomaly. The first segment of this drill hole (20 to 835 m) intersected approximately 815 m of hydrothermal breccia with advanced argillic alteration and HSE Cu - Mo sulphide assemblage.

Then, from 835 m to the end of the drill hole, it intersects two units of intra-mineral porphyries which are unlikely to be the source of the breccia or mineralization. The hydrothermal breccia is polymictic in character with angular to subrounded clasts and moderate to intense advanced argillic alteration. The matrix is mainly composed of silica + anhydrite (now gypsum) + clays ± alunite ± native sulphur.

Hand lens based estimates of sulphide assemblage in the matrix show that pyrite is the dominant sulphide, ranging from 1 to 30 % with an average of 3%, with a subordinate high sulfidation assemblage of bornite, enargite, sphalerite, covellite and chalcopyrite.