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Copper needs more discoveries, and the industry is leaving itself very little time. S&P Global models a 10-million-tonne supply gap by 2040, yet grassroots exploration attracted just 21% of global nonferrous exploration spending in 2025, a record low. With discovery to production taking around 17 years on average, the decisions being made today matter well beyond this cycle.
Against that backdrop, Rio Tinto has invested USD 15 million in Mogotes Metals (TSXV: MOG), securing 15 months of exclusivity over Filo Sur, next to Vicuña, and the right to match any third-party proposal. Rio is also the vendor on Mogotes' Copper Cliff project in Montana, giving it a role across two of the company's three projects.
Mogotes is targeting up to 20,000 metres of drilling from November, more than three times last season's total. That gives the company a substantial programme ahead as it works to build on the drilling completed so far.
I've taken a closer look at the deal terms, all three projects and what the drilling tells us to date.
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