Rankings Commodities & uranium Mogotes Metals

Mogotes Metals

Commodities & uranium · CanadaRank 589 of 829Prices 2 Nov 2026Model 1.4Penny

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−12
Resource and studies−10
Valuation vs history−10

Strengths

Validation from a large partner+4
Anchor investor+1
Debt-free balance sheet+1

Speculative profile

A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.

All penny stocks

Asymmetry (1–10): 5
Price: 2.18 DKK
Market value: DKK 1,323m
Cash runway: 12 months
Cash / debt: 75.0 / 0.0m CAD
Dilution, 12 months: +82%

Bull case

The 2026–27 season shows that Albor/Cruz del Sur is part of the same large copper-gold system as Filo del Sol (which BHP and Lundin bought via Filo Corp. for about CAD 4.5bn in 2024), and Rio Tinto bids for the project or the company. Then market cap could go from about CAD 285m to 1–2bn (3–7x).

Bear case

The findings turn out to be small or discontinuous, Rio Tinto lets the exclusivity lapse, and the company must raise 40–60 m C$ in 2027 at 0.20–0.30 C$ (+25–40% shares). With a P/B of 6.5 and no resource, the share price could fall 50–70%.

Catalysts

Oct–Nov 2026First analytical results from the Beskauga program in Kazakhstangradual cruxinvestor.com
The 2026–27 season (southern summer)Up to 20,000 m of drilling at Filo Sur: expansion of Albor and Cruz del Sur and first porphyry tests at Luz del Sol-Cuenca and Mesetabinary investingnews.com
By about 2027-11 at the latestExpiry of Rio Tinto's 15-month exclusivity on Filo Sur (can be extended 6 months) – possible project agreement, acquisition or step-up to 9.99%binary newsfilecorp.com

Risk of going to zerolow - about C$75m in cash (over a quarter of the market cap), no debt and Rio Tinto as a shareholder; but burn is high, and a large part of the cash will be drilled away within a year.

Next financingBook cash of C$44.5m as of 31/5/2026; after the Rio Tinto placement (about C$26.9m incl. pre-emptive rights) and CD Capital's exercise of rights, management states about C$75m that 'funds the next 12 months' (of which about C$40m for 20,000 m at Filo Sur). A new issue is expected in H2 2027, unless warrants at C$0.53 and C$1.00 are exercised (up to about C$38m), or Rio Tinto uses its right to go up to 9.99%.

Warrants & convertiblesNo convertibles found. C. 43m warrants at C$0.53 (3 years, from the placement at C$0.265 in Feb. 2026), 6.25m at unknown strike from the placement at C$0.32, and c. 19.2m warrants at C$1.00 expiring c. Feb. 2028 (Rio Tinto and pre-emptive rights holders, Aug. 2026). Warrants at C$0.53 are close to the share price.

Insiders, last 12 monthsNo insider trades found (not systematically checked). Insiders own only c. 1.1% according to stockanalysis.

Largest ownersCD Capital Fund IV (subscribed C$15m in Feb 2026; share not found, but probably the largest), Rio Tinto about 5% (Aug 2026), insiders about 1.1%, institutions about 5.1% (stockanalysis).

Circio check(1) Small market cap: partial – approx. DKK 1.3bn is the largest of the four. (2) Hot theme: yes – copper in the Vicuña district. (3) Upcoming milestones: yes – 20,000 m of drilling and Rio Tinto's exclusivity. (4) Major partner: yes – Rio Tinto with exclusivity and a matching right. (5) Funding for 2+ years: no – approx. 12 months according to management. (6) Price near the bottom: no – +62% in a year, but 33% below Rio Tinto's price of C$0.70.

Why this asymmetryRio Tinto has paid C$0.70 and secured exclusivity, and the district has already yielded an acquisition at about C$4.5bn. But the stock is expensive vs book value without a resource, the share count is growing 80% a year, and a large part of the easy upside from the discovery is already in the price.

How the score is built

From 100 to 47, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

47Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 0.43 CAD
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: +58%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 3 findings−25 of −30

Margin
No revenue; operating result −C$28.4m and net result −C$27.7m TTM (ROE −109%, counted only here). The quarterly loss has grown from c. −C$1.4m in Aug. 2025 to −C$12.4m in May 2026, because exploration is expensed.
stockanalysis.com
−12
Resource and studies
No NI 43-101 resource and no studies. The Albor discovery (180 m at 0.98% CuEq from 108 m, of which 58 m at 1.77% CuEq) and the Cruz del Sur porphyry are based on only c. 6,200 m of drilling in the 2025–26 season – promising, but early stage.
juniorminingnetwork.com
−10
Capital allocation
In the middle of the first drilling season at Filo Sur, the company took an option on Beskauga in Kazakhstan (Feb. 2026) and a porphyry project in Montana from Rio Tinto (Apr. 2026) – capital and management focus are spread across three countries.
cruxinvestor.com
−3

Price

Today's multiples against the company's own history and its peers. · 1 finding−10 of −35

Valuation vs history
P/B 6.48 vs 3.3–4.8 in 2024–25 – the highest in the company's short listing history – and EV approx. CAD 240m for a project without a resource. The market value is 2.5 times as high as a year ago, while the share count has risen 82%.
stockanalysis.com
−10

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−18 of −35

Dilution and warrants
The share count has risen 82% over a year, 84% in 2025 and 55% in 2024 (606.4m shares now). The 2026 placements also gave about 43m warrants at C$0.53 (3 years) and about 19m warrants at C$1.00 (18 months).
stockanalysis.com
−10
Exploration risk and spending
The plan is up to 20,000 m of drilling in 2026–27 at approx. 40m C$ – over three times last season. The value rests on two young discoveries growing into a resource at 4,000–5,000 m altitude, and according to management cash lasts approx. 12 months.
cruxinvestor.com
−5
Jurisdiction and low insider ownership
The main project is in Argentina on the Chilean border, and Beskauga is in Kazakhstan – two jurisdictions with currency and political risk. Insiders own only about 1.1%.
stockanalysis.com
−3

Plus

Only documented strengths. · 3 findings+6 of +15

Validation from a large partner
Rio Tinto bought 30.4m units at C$0.70 (about USD 15m, 50–70% premium, about 5% ownership) on 27/8/2026 and received 15 months of exclusivity, a matching right and the right to go up to 9.99% – the price is now about 33% below Rio Tinto's price.
newsfilecorp.com
+4
Anchor investor
CD Capital Fund IV subscribed C$15m in the placement in February 2026 and has an investor rights agreement with the company.
theglobeandmail.com
+1
Debt-free balance sheet
No debt and cash of C$44.5m at 31/5-2026 before the Rio Tinto placement.
stockanalysis.com
+1

Caveats

What the score does not capture, or where the data is weak.

Penny analysis (Under DKK 3). Copper-gold explorer with no revenue; main asset Filo Sur in the Vicuña district (San Juan, Argentina/Chile) next to BHP/Lundin's Filo del Sol, plus an option on Beskauga (Kazakhstan) and an option from Rio Tinto on a porphyry project in Montana. Fiscal year Dec.–Nov.; latest figures at 31/5-2026. Cash after the placements in July–August (about C$75m) comes from a CruxInvestor article quoting management and is not verified in an accounts document. Ownership terms and any option payments on Filo Sur have not been investigated. No NI 43-101 resource. Market cap 606.44m shares × C$0.47 = about C$285m (about DKK 1,323m, above Nordnet's 1,271m). Insider trades not calculated systematically.