Mithril Silver and GOLD December 2025 Quarterly Report Contined Exploration Success
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MITHRIL SILVER AND GOLD DECEMBER 2025 QUARTERLY REPORT
CONTINED EXPLORATION SUCCESS
Melbourne, Australia and Vancouver, Canada – January 30, 202 6 - Mithril Silver and Gold Limited
("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide its December
2025 quarterly activities and cash flow report for its Copalquin and La Dura properties in Durango State,
Mexico.
EXPLORATION HIGHLIGHTS
District-Scale Discovery Progressing – Copalquin Gold–Silver Project, Mexico
Copalquin confirmed as a large, vertically extensive epithermal gold –silver system , with
mineralisation defined over 9 km strike length and 1,200 m vertical extent , with multiple targets, a
dominant east –west structural corridor and multiple northwest -trending structures within the 70 km 2
mining concession area.
Target 1 – Refugio–La Soledad (Maiden Resource Growth)
• Ongoing drilling continued to expand and infill the Target 1 resource area and allow development
of a geology model that is now robust and predictive . Updating of the maiden resource at Target
1 is planned for Q2, following a 3,000 metre drill programme to infill key areas in the model .
Beyond the resource update drilling, Target 1 is still open at depth, west towards El Gallo and the
northwest extension of the La Soledad structure.
• Highlight intercepts reported include: 1
o 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44), including
2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m, plus
2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m
o 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45), including
4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m
The above intercepts extend the Target 1 strike over 30%
Target 5 – Apomal–Candelaria Silver-Rich System (New Target Area – first drilling)
• Maiden drilling confirmed a silver -dominant epithermal system developed at lower elevation
within the Copalquin district. Multiple, parallel NW trending veins hosted in the granodiorite
intrusive in the southwest area of the district.
• Highlight results include: 2
o 2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003), including
1.00 m @ 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m
o 3.35 m @ 366 g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005), including
1 See ASX announcement 16 Oct. 2025, 300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m
2 See ASX announcement 5 Nov. 2025, MAIDEN T5 DRILLING UP TO 1,714 G/T AGEQ OVER 1M
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1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m
o 1.25 m @ 728 g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006), plus
0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m, plus
0.80 m @ 427 g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m
• Surface and channel sampling up to 3,300 g/t Ag and 2.0 g/t Au over 1.4 m3 and 4,520 g/t Ag and
38.3 g/t Au over 0.60 m4 from historic workings.
• Drilling to date has tested only a small proportion of mapped veins, highlighting substantial
upside potential at this large target area
Target 3 – El Jabali-Guadelupe (Maiden Drill Programme in January 2026)
• Mapping and sampling continued to define a coherent target on the eastern side of the Copalquin
system adjacent to one of the multiple rhyolite domes that feature across the 10 km long district
trend
• Channel sampling highlights included 0.65 m @ 16.0 g/t Au, 1,275 g/t Ag (El Jabali area)4.
• Subsequent to the end the quarter, the maiden drill programme has commenced at Target 3 in
January 2026.5
District Geological Model Strengthened
Integrated mapping, sampling, spectral analysis and petrography have confirmed:
• a dominant east–west corridor hosting high-grade gold-silver mineralisation;
• northwest-trending and cross-cutting ‘feeder’ structures
• vertically zoned silver and gold mineralisation ranging from silver rich to gold rich across the
district for 9 km.
• multiple mineralised centres analogous to Mexican epithermal districts throughout the Sierra
Madre Gold-Silver trend.
• Subsequent to the end of the quarter, an aerial magnetic survey commenced over the Copalquin
mining concession area. This is expected to confirm and reveal the key structures, including
shear zones, faults and other geologic features , responsible for the widespread silver and gold
mineralisation across the Copalquin District
3 See ASX announcement: 09/10/2025 - SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER
4 See ASX announcement: 01/12/2025 - Exploration Sampling up to 4,520 G/T Silver, 38.2 G/T Gold
5 See ASX announcement: 15/01/2026 – MTH Kicks off Maiden Drill Programme at Target 3
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Acquisition of the La Dura Mining Concessions, Adjacent to Mithril’s Copalquin Property6
La Dura consists of 5 contiguous mining concessions with a total area of 2,052 hectares and located in
Durango State, Mexico, 5 km from the town of El Durazno and 20 km from Mithril’s flagship Copalquin
property.
The property hosts a significant Au ‐Ag sheeted to stockwork vein system associated with NW striking
faults in Tertiary rhyolite. Mineralization occurs on surface along 650 metres of strike and has been mined
in the San Manuel shoot at the La Dura historic mine, to about 140 metres depth. Veins are characterised
by low sulphide mineralisation with minimal to no alteration of the host rhyolite tuff. Historically, the
veins have been exploited and explored solely on the progress of the underground workings and assaying.
The project warrants property scale mapping, wide spaced soil sampling and channel sampling to
develop targets for drill testing. A LiDAR survey has been completed (awaiting interpretation) and an
aerial magnetic survey is scheduled to be flown upon completion of the survey underway at Copalquin,
both as precursors to a field programme.
The veins at the various workings appear to be hosted by upper series volcanic rocks and may have
significant depth potential should they extend into the lower series andesitic rocks at some greater
depth.
Corporate
• The Annual General Meeting was held on 5th November 2025 with all resolutions passed
• Cash balance of A$14.1M at end of the December 2025 quarter and Mithril remains debt free
• Mexican value added tax refunds have slowed towards the end of 202 5. A refund of MXN3.8M
(~A$0.32M) was received in January 2026. Approximately MXN10M (~A$0.8M) of refunds for 2025
are in process and it is anticipated these will complete over the coming months.
Commenting on the December 2025 quarter, Managing Director and CEO John Skeet said:
“The December quarter marked another period of significant exploration progress at Copalquin. Drilling
at Target 1 continued to expand the scale of the mineralised system ahead of the upcoming resource
update, while Target 5 has emerged as a compelling silver-rich growth opportunity within the south-west
of the district.
At the same time, we advanced Target 3 to be drill ready (commenced January 2026) and strengthened
our district-scale geological model through systematic mapping, sampling and geophysical work. These
results continue to reinforce our view that Copalquin represents a large, vertically extensive epithermal
gold–silver system with multiple high-grade centres and substantial resource growth potential. Firming
of the key structural targets for drill testing in the coming months will follow completion of the aer ial
magnetic survey (commenced in January 2026).
The addition of the nearby La Dura mining concessions to the portfolio takes advantage of our established
presence in the area to progress another compelling gold -silver property, utilising our Copalquin
experience and with minimal financial commitment.
With a strong treasury and multiple drill program mes underway, Mithril is well positioned to achieve its
exploration milestones in 2026.”
6 See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property
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Copalquin District and La Dura Property - 2026
Figure 1 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico
Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal),
and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3). Several new areas
highlighted across the district for follow-up work including recently sampled Target 6
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CORPORATE AND FINANCIAL SUMMARY
• The Annual General Meeting was held on 5th November 2025 with all resolutions passed
• Cash balance of A$14.1M at end of the December 2025 quarter and Mithril remains debt free
• Mexican value added tax refunds have slowed towards the end of 202 5. A refund of MXN3.8M
(~A$0.32M) was received in January 2026. Approximately MXN10M (~A$0.8M) of refunds for 2025
are in process and it is anticipated these will complete over the coming months.
Exploration Expenditure
Exploration expenditure for the quarter was A$ 3.88M focussed entirely on the Copalquin District in
Mexico.
Related party Payments
In line with its obligations under ASX Listing Rule 5.3.5, Mithril Silver and Gold Limited notes that the only
payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31
December 2025, pertain to payments to directors and consultants for fees, salary and superannuation
PLANNED EXPLORATION ACTIVITIES – MARCH 2026 QUARTER
During the March 2026 quarter, Mithril plans to:
• Complete resource expansion and infill drilling at Target 1;
• Progress the Target 1 Mineral Resource Estimate update;
• Advance drilling programs at Target 5;
• Commence maiden drilling at Target 3;
• Complete interpretation of the aerial magnetic survey;
• Advance drill plans for Targets 4 and 6
• Develop drill plan for key Copalquin District structural targets
• Continue district-scale mapping, sampling and technical studies.
Material ASX Announcements released during the December 2025 quarter:
22 Dec 2025 Third Drill Mobilization & Expanded 2026 Exploration Program
05 Dec 2025 Mithril to Acquire The La Dura Gold-Silver Property
01 Dec 2025 Exploration Sampling Up To 4,520 G/T Silver, 38.2 G/T Gold
05 Nov 2025 Maiden T5 Drilling Up To 1,714 G/T AgEq Over 1m
05 Nov 2025 Results of Meeting
16 Oct 2025 300 Metre T1 Extension -10.9 G/T AuEq Over 8.03m
09 Oct 2025 Silver Rich Target 5, Sampling Up To 3,300 g/t Silver
03 Oct 2025 Notice of Annual General Meeting/Proxy Form
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ABOUT THE COPALQUIN AND LA DURA GOLD SILVER PROPERTIES
Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned
during the first half of the year across the Copalquin District. Upcoming work will focus on expanding
known mineralized zones, testing new high -priority targets, integrating district -wide geophysical data,
and continuing to advance the Company’s district-scale exploration thesis. The district features over 100
historic underground workings including several notable producing multi -level mines and 200 s urface
workings. Mapping and sampling across the lower half of the 70 km 2 mining concession area
demonstrates and a large epithermal silver-gold system with multiple target areas for potential resource
growth plus the conduit system responsible for the widespread silver and gold mineralisation.
The nearby 20 km 2 La Dura property has recently been added to the portfoli o where a LiDAR survey has
been flown (interpretation anticipated in February 2026) and will undergo an aerial magnetic survey in
February 2026, upon completion of the aerial magnetic survey at Copalquin.
Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource
estimate at the first of several target areas (Target 1), demonstrating the high -grade gold and silver
resource potential for the district. This maiden resource is detailed below (see ASX release 17 November
2021)^ and a NI 43-101 Technical Report filed on SEDAR+
Target 1 Maiden Resource:
• Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver for 121,000 oz gold plus 2,538,000 oz silver
• Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252,000 oz gold plus 8,414,000 oz silver
(using a cut-off grade of 2.0 g/t AuEq*)
• 28.6% of the resource tonnage is classified as indicated
Table 1 Mineral resource estimate at Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*
Tonnes
(kt)
Tonnes
(kt)
Gold
(g/t)
Silver
(g/t)
Gold Eq.*
(g/t)
Gold
(koz)
Silver
(koz)
Gold Eq.*
(koz)
El Refugio Indicated 691 5.43 114.2 7.06 121 2,538 157
Inferred 1,447 4.63 137.1 6.59 215 6,377 307
La Soledad Indicated - - - - - - -
Inferred 278 4.12 228.2 7.38 37 2,037 66
Total Indicated 691 5.43 114.2 7.06 121 2,538 157
Inferred 1,725 4.55 151.7 6.72 252 8,414 372
* In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using th e
formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Au recovery)). The metal prices used to determine the 70:1 ratio
are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.
For silver equivalent (AgEq.) grade reporting, the same factors as above are used with the formula AgEq grade = Ag grade + (( Au
grade x 70) x (Au recovery/Ag recovery))
At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work
produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the
resource is updated in the future. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted
and sold.
^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the
following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq *), which includes
the full JORC MRE report, also available on the Mithril Resources Limited Website.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the
original market announcement and that all material assumptions and technical parameters underpinning the estimates in the
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relevant market announcement continue to apply and have not materially changed. The company confirms that the form and
context in which the Competent Person’s findings are presented have not been materially modified from the original market
announcement.
Mining study (conceptual) and metallurgical test work supports the development of the El Refugio -La
Soledad resource with conventional underground mining methods indicated as being appropriate and
with high gold -silver recovery to produce metal on -site with conventional processing. The average vein
width is approximately 4.5 metres.
Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its
multi-million-ounce gold and silver potential. Mithril has an exclusive option to purchase 100% interest in
the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.
-ENDS-
Released with the authority of the Board.
For further information contact:
John Skeet
Managing Director and CEO
+61 435 766 809
NIKLI COMMUNICATIONS
Corporate Communications
The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy
or adequacy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Competent Persons Statement - JORC
The information in this announcement that relates to metallurgical test results, mineral processing and
project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and
Managing Director. Mr Skeet is a Fellow of the Australasi an Institute of Mining and Metallurgy. This is a
Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits
under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the
2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the
matters based on information in the form and context in which it appears. The Australian Securi ties
Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this
release.
The information in this announcement that relates to sampling techniques and data, exploration results
and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Darren LeFort who
is Mithril’s Exploration Manager. Mr LeFort is a m ember of the Engineers and Geoscientists of British
Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation
(RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr LeFort has sufficient experience of relevance to the styles of mineralisation and the types of deposits
under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the
2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration
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Results, Mineral Resources and Ore Reserves. Mr LeFort consents to the inclusion in this report of the
matters based on information in the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is reported by Mr Rodney
Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the
Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal
Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the
Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried
out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging,
sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based
on information in the form and context in which it appears
Qualified Persons – NI 43-101
Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet
(FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified
person within the meaning of NI 43-101.
Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and
assaying of sample pulps performed in North Vancouver, BC, Canada