Advertisement – This article is distributed on behalf of Mogotes Metals Inc. and U.S. GoldMining Inc., with which SRC swiss resource capital AG has paid investor relations consulting agreements. · Producer: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: August 3, 2026, 5:33 a.m. Zurich/Berlin ·

Market Environment and Investment Thesis

Copper is a key metal for electrification. Electric vehicles, solar power systems, wind power, power grids, and data centers all require this raw material. Nevertheless, forecasts for the short-term market balance range from a surplus to a deficit. Delayed projects, limited processing capacities, and production outages could lead to regional shortages.

U.S. trade policy is exacerbating uncertainty. The current regulation specifically affects semi-finished copper products and copper-intensive derivatives. A 15% levy on refined copper starting in 2027 and a 30% levy starting in 2028 were described as measures under consideration or recommended — not as levies already in general effect. Producers and developers benefit from higher price levels.

Mogotes Metals: Rio Tinto Strengthens ‘Filo Sur’

Mogotes Metals – https://www.commodity-tv.com/play/mega-deal-rio-tinto-takes-a-stake-in-mogotes-metals/ – is exploring for copper, gold, silver, and molybdenum in the approximately 100 km² Filo Sur project in the Vicuña District. The project, located in Argentina and Chile, lies immediately south of and along the strike of the Filo del Sol discovery.

Drill hole FS_DDH_016, reported on July 9, intersected 180.0 m grading 0.98% CuEq starting at a depth of 108.0 m. The interval contained 0.51% copper, 0.37 g/t gold, 2.8 g/t silver, and 119 ppm molybdenum, including 58.0 m at 1.77% CuEq starting at 111.0 m, as well as 9.0 m at 2.84% CuEq starting at 276.0 m. These are drill hole intersections, not necessarily true thicknesses.

On August 27, Rio Tinto Canada Inc. subscribed to 30,387,857 units at CAD 0.70. The financing amounts to CAD 21,271,500, or approximately US$15 million, representing an initial stake of about 5% in Mogotes. Each unit consists of one share and half a warrant; 15,193,928 warrants may be exercised at CAD 1.00 over an 18-month period. The proceeds are intended to advance the Filo Sur project. The strategic alliance initially includes 15 months of exclusivity with a possible extension and a top-up right of up to 9.99%; it does not yet constitute a resource or a mining decision.

U.S. GoldMining: PEA and Drilling Program for Whistler

U.S. GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/us-goldmining-inc/ – owns 100% of Whistler. The approximately 217.5 km² property in Alaska encompasses a porphyry cluster with more than 25 exploration targets.

The PEA dated March 2, 2026, models a post-tax NPV5 of approximately $2.04 billion, a 33% IRR, and a payback period of 2.1 years in the base case scenario. Based on the study prices of $3,200 per ounce of gold, $4.50 per pound of copper, and $37.50 per ounce of silver, this results in 3.6 million ounces of gold equivalent over 14.6 years. The PEA is preliminary, based solely on “indicated” resources from the main deposit, and is not a feasibility study.

The 2026 program will provide the next data point. According to the company, as of August 27, eleven drill holes totaling more than 5,000 meters across eight targets had been completed; work was on schedule and within budget, and results are expected in the coming weeks.

Catalysts and upcoming milestones:

• Mogotes Metals: Additional Drilling Results, Target Delineation, and Technical Implementation of the Rio Tinto Alliance.
• S. GoldMining: Drilling analyses, potential resource expansion, technical studies, and progress on permitting and infrastructure.
• Copper Market: Price trends, supply, demand, inventories, and U.S. trade policy remain external factors.

Conclusion:

Copper offers structural tailwinds. Mogotes Metals combines new, promising “Filo-Sur” drilling data with additional capital and technical support from Rio Tinto. U.S. GoldMining, with its Whistler project, has a more advanced PEA and an ongoing drilling program.

Sources and Methodology

White House – Copper Tariffs and Review Mandate: Open original source

International Copper Study Group – Press Releases: Open original source

Mogotes Metals – Rio Tinto Investment and Strategic Alliance: Open original source

Mogotes Metals – FS_DDH_016 Drilling Results: Open original source

U.S. GoldMining – Update on the 2026 Exploration Program: Open original source

U.S. GoldMining – Preliminary Economic Assessment: Open original source

BCSC – Promotional Communications about Companies: Open original source

EUR-Lex – Market Abuse Regulation, Art. 20: Open original source

Intro image: stock.adobe.com; a fast-moving sports car with its tires spinning and sparks flying

Methodology/Assumptions: This presentation is based on the cited company announcements, technical and economic studies, and market sources. No proprietary price, DCF, resource, or valuation model was developed, and no independent technical review was conducted. CuEq figures and key study metrics are presented as company or study values. Forecasts, targets, and time frames are identified as such and are subject to change. There is no obligation to update them on an ongoing basis.

Disclaimer and Disclosure

Advertising and Editorial Classification: This article is a paid advertisement or marketing communication. It is not an independent financial analysis and does not constitute investment advice, an investment recommendation, a solicitation to submit an offer, or an offer to buy or sell securities or other financial instruments. No individual assessment of investment objectives, financial circumstances, or risk tolerance is conducted.

Client, Author Profile, and Date: The clients are Mogotes Metals Inc. and U.S. GoldMining Inc. The article is published under the author profile of Swiss Resource Capital AG; the creator and distributor is SRC swiss resource capital AG, and the author is a freelance journalist. The article was first published on September 2, 2026, at 5:30 a.m. (Europe/Berlin).

Compensation and Conflicts of Interest: SRC swiss resource capital AG has paid IR/communications contracts with both of the companies mentioned, and is distributing this article on their behalf. According to the available information, SRC holds a net position of less than 0.5% in each of the issuers in question. There is no known stake of at least 5% in SRC held by either of the two issuers. Based on the available information, there are no market-making, liquidity-providing, investment banking, lead/co-lead, or comparable advisory mandates. As of the date of publication, the author does not hold any shares, options, warrants, other derivatives, or direct short positions in Mogotes Metals or U.S. GoldMining.

Company Review: Mogotes Metals Inc. and U.S. GoldMining Inc. have neither reviewed nor approved this article prior to publication. Company information, study results, forecasts, and targets are identified as such; editorial review does not replace an independent technical, legal, or financial review.

Risks: Investments in exploration and development companies are speculative. Significant price losses, up to and including total loss, are possible. Significant risks include, in particular, metal price, currency, market, liquidity, financing, dilution, and debt risks, as well as exploration, geological, metallurgical, resource, reserve, permitting, environmental, infrastructure, indigenous rights, construction, cost, supply chain, operational, and execution risks. A PEA is preliminary; mineral resources are not mineral reserves. Past price or company performance is not a reliable indicator of future results.

Transparency and Legal Framework: Disclosure is designed to ensure clear identification of advertising, an objective presentation, and transparency regarding material conflicts of interest. It is based, where applicable, on the transparency requirements of Article 20 of the Market Abuse Regulation (MAR) and on the Principles for Promotional Communications published by the British Columbia Securities Commission (BCSC). It is not claimed that this article has been reviewed, authorized, or approved by BaFin or the BCSC. The German version is intended for publication in Germany and does not replace a review under Canadian, U.S., or other foreign law.

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