Mogotes Metals Inc. has completed a strategic placement with Rio Tinto Canada Inc. to secure gross proceeds of approximately US$15 million, or C$21,271,500, establishing an initial five percent interest in the company.

The transaction involves the issuance of 30,387,857 units priced at C$0.70 each. Every unit comprises one common share and half of a common share purchase warrant. The 15,193,928 total warrants can be exercised at C$1.00 per share over an 18-month period, which could provide Mogotes with up to an additional C$15,193,928 in proceeds. Concurrently, the company issued 7,970,945 units at the same offering price to raise C$5,579,661.50 from investors exercising pre-emptive rights.

Closing the placement brings into effect a strategic and technical alliance centred on the Filo Sur project in the Vicuña district of Argentina and Chile. The partnership establishes a joint technical committee to advise exploration work, applies proprietary geoscience targeting workflows, and aims to expand the project's consolidated land position. Rio Tinto has secured a 15-month exclusivity period over the asset, extendable by six months, alongside a right to match third-party proposals and a top-up right to reach a 9.99% holding on a partially diluted basis.

The incoming capital will directly fund exploration and upcoming work programs across the property. Technical planning builds upon geophysical modeling completed in August 2025, when integrated IP/MT data defined large-scale targets at the Los Mogotes cluster.

The completion of Rio Tinto's strategic investment in Mogotes is a powerful endorsement of the prospectivity of Filo Sur and the broader Vicuña district. The Alliance gives our team access to one of the deepest exploration capabilities in the industry while preserving Mogotes' ability to deliver value to all shareholders.

— Allen Sabet, CEO

Beyond the immediate project area, regional exploration activity continues across the surrounding district, where NGEx Minerals Ltd. reported final Phase 4 drill results at the Lunahuasi project sharing the same copper-gold-silver suite. Mogotes and Rio Tinto also intend to investigate expanding their alliance framework to additional prospective mineral belts, including targets identified in Kazakhstan.

Read the full announcement: Mogotes Metals Closes US$15 Million Strategic Investment by Rio Tinto and Formation of Strategic & Technical Alliance