Mogotes Metals Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here does not stand for Filo Sur’s location, for Rio Tinto or for the share price. It stands for a documented finding in the company’s own financial statements: the interim statements as of May 31, 2026, and the auditor’s report as of November 30, 2025, flag a material uncertainty about the company’s ability to continue as a going concern, because Mogotes has no income and remains dependent on new equity. After the August 2026 placements, the treasury is well stocked at roughly C$90 million gross, so runway is not an acute problem right now. But plans for up to 79,000 meters of drilling in twelve months, US$22.2 million for Beskauga and US$16 million for Copper Cliff make the next equity raise likely if Mogotes wants to keep all three projects. Green or yellow would only be possible with a reliable resource and financing that does not depend on new shares alone. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Mogotes Metals is a copper-gold explorer without revenue, with a well-located flagship next to Filo del Sol, a promising first drill hole and Rio Tinto as a new shareholder. Everything is paid for with new shares: the share count has more than quintupled since late 2023, the financial statements carry a going-concern warning, and costly options in Kazakhstan and Montana come on top of Filo Sur. At the October 9, 2026, close of C$0.475, the company is valued at about C$289 million. Not investment advice.
Projects and location
Filo Sur adjoins Filo del Sol in the Vicuña district; first discoveries at Albor (180 meters at 0.98% copper equivalent) and Cruz del Sur. There is no resource yet.
Partners
Rio Tinto has held about 5% since August 27, 2026, and works with the company technically; CD Capital topped up to 19.9% (partially diluted) in August 2026.
Cash and going concern
No revenue, a C$20.3 million loss in the six months to May 31, 2026; material going-concern uncertainty per the financial statements. After the August placements, about C$90 million of cash gross.
Dilution
Share count from 113.1 million (November 30, 2023) to 609.1 million (September 16, 2026), 813.4 million fully diluted; in August 2026, 39.2 million shares were issued at a price of C$0.49 agreed in July.
Options and countries
US$22.2 million outstanding for the Beskauga option (Kazakhstan), US$16 million of exploration for 51% of Copper Cliff with Kennecott back-in rights — payable at Mogotes’ discretion, otherwise the option lapses; Argentina, Kazakhstan and Montana each carry their own risks.
Worth Noting
The trigger for this analysis was the wallstreet-online forum hot list (as of October 12, 2026); we track the company under its home listing MOG (TSX Venture Exchange) as MOG.TO. It was not a hit from our in-house stock scanner.
Mogotes is not registered with the SEC. The basis is the Canadian mandatory reports from the investor page mogotesmetals.com (identical to SEDAR+): interim statements and MD&A as of 02/28 and 05/31/2026, annual statements and MD&A as of 11/30/2025, releases through 09/22/2026. The interim report as of 08/31/2026 had not been published as of 10/13/2026.
Calculated values are our own estimates: market value from 609,109,157 shares times the 10/09/2026 close; cash after the placements from C$43.8M (05/31/2026) plus C$19.2M and C$26.9M gross, without deducting spending since June and without proceeds from warrants and options exercised since then; the price jump on 05/14/2026 from closes of C$0.225 and C$0.57.
Copper equivalent converts gold, silver and molybdenum into copper at fixed metal prices and assumed recoveries of 80% each; according to the 07/09/2026 release, no metallurgical test work has been done at Filo Sur yet.
Stock Watch
This analysis is as of October 13, 2026. Stock Watch will tell you what's changed at MOG.TO since then.
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Price history
Chart
Interactive price chart (TradingView).
Last price: 0.475 C$ (As of: October 13, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
No dividend data is available for this stock yet.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarters
Quarterly Figures
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Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (C$M) | Sales YoY (%) | Net Margin (%) | OCF (C$M) | FCF (C$M) |
|---|---|---|---|---|---|---|---|
| 2025: Q2 | – | – | 0 | – | – | -3 | -3 |
| 2025: Q4 | – | – | 0 | – | – | -3 | -3 |
| 2026: Q1 | – | – | 0 | – | – | -8 | -8 |
| 2026: Q2 | – | – | 0 | – | – | -9 | -9 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
AI classification
AI Rating
Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.
The company
About the Company
Mogotes Metals Inc. ist im Erwerb, in der Exploration und Bewertung von Mineralienvorkommen in Argentinien und Chile tätig. Das Unternehmen sucht vor allem nach Kupfer-, Silber- und Goldvorkommen. Sein Vorzeigeprojekt ist das Filo-Sur-Projekt in der Provinz San Juan, Argentinien, und in Chile. Das Unternehmen wurde 2022 gegründet und hat seinen Sitz in Toronto, Kanada.
Data as of: October 13, 2026 · symbol.source_foreign
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.