Mogotes Metals (TSXV:MOG) - Three Porphyry Bets Target Year-Round Copper-Gold Catalysts

Interview with Allen Sabet, CEO, Mogotes Metals

Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-district-scale-explorer-triples-drilling-to-20000m-through-2027-11919

Recording date: 21st September 2026

Mogotes Metals Inc. (TSXV:MOG, FSE:OY4, OTCQB:MOGMF) has spent 2026 assembling a three-project copper-gold portfolio spanning three continents, and CEO Allen Sabet's pitch to investors rests on a single screening discipline applied consistently across all of them: only advance ground that already carries drilled intercepts of at least 100 metres at 1% copper-equivalent, in a jurisdiction the company can realistically permit and finance.

The flagship remains Filo Sur, in Argentina and Chile's Vicuña district, immediately south of Lundin Mining's Filo del Sol discovery. A 2025–2026 season of 6,208 metres delivered two discoveries on the Macho Muerto Fault Zone — the high-grade Albor breccia and the Cruz del Sur gold-copper porphyry — alongside expanded targets at Cuenca and Luz del Sol. Rio Tinto closed a US$15 million strategic placement in August, taking roughly 5% of the company and 15 months of project-level exclusivity on Filo Sur, ahead of a 2026–2027 season planned at up to 20,000 metres.

Beyond Filo Sur, two option-stage assets add geographic and seasonal diversification. In Montana, Mogotes holds an earn-in over Rio Tinto's Copper Cliffs porphyry: US$16 million of exploration spend buys 51% of the project, with Rio Tinto entitled to pay US$32 million within 90 days of that stage completing to buy back a 2% controlling interest. Drilling of 8,000–9,000 metres is planned pending permits, potentially starting before winter. In Kazakhstan, a three-year option over the Beskauga deposit gives Mogotes access to a historical, unverified resource of several million gold-equivalent ounces at drilling costs the company describes as among the lowest available anywhere — supported by its own on-site sample-preparation lab. Up to 50,000 metres of drilling is planned this year, targeting a preliminary economic assessment within six months.

Sabet frames the three-project structure as intentional rather than opportunistic: Filo Sur drills in the Southern Hemisphere summer, Copper Cliffs and Beskauga in the Northern Hemisphere season, spreading news flow and reducing the single-season, single-catalyst risk that typically affects one-asset explorers. The company reports a treasury of approximately C$75 million, which it says funds the coming year's combined ~80,000-metre programme.

The risks scale with the structure's ambition. Two of the three projects remain contractually contingent — Mogotes must keep meeting staged spending commitments to retain or grow its interest, and Rio Tinto's Copper Cliffs buy-back right could cap Mogotes' ultimate ownership at a minority stake. The Beskauga resource has not been verified under current NI 43-101 standards. And running three permitting an