Craig Sharpe – Non-Executive Chair John Skeet – Managing Director & CEO Garry Thomas – Non-Executive Director Stephen Layton – Non-Executive Director David Toyoda – Ind. Non-Executive Director ADVISORS Colin Jones – Technical Advisor
ASX ANNOUNCEMENT
30 April 2025
MITHRIL SILVER AND GOLD LIMITED ACN: 099 883 922 ASX: MTH TSXV:MSG www.mithrilsilvergold.com
DIRECTORS
Craig Sharpe – Non-Executive Chair
John Skeet – Managing Director & CEO
Garry Thomas – Non-Executive Director
Stephen Layton – Non-Executive Director
David Toyoda – Ind. Non-Executive Director
ADVISORS
Colin Jones – Technical Advisor
Simon Catt – Corporate Advisor
Justyn Stedwell– Company Secretary
REGISTERED OFFICE
The Block Arcade
Level 3, Suite 324, 96 Elizabeth St
Melbourne VIC 3000
T: +61 3 9088 2049
MARCH 2025 QUARTERLY ACTIVITIES REPORT
Mithril Silver and Gold Limited (ASX:MTH, TSXV:MSG) (Mithril or the Company) presents its quarterly
report for the period ended 31 March 2025 with highlights as follows:
Target 1 Drilling continued at the Copalquin District in Mexico, some highlight intercepts reported:
• 3.35m @ 26.5 g/t gold, 1,046 g/t silver, from 215.15m, (MTH-LS25-16), plus
0.65m @ 12.1 g/t gold, 292 g/t silver, from 280.35m, plus
0.50m @ 3.53 g/t gold, 3.2 g/t silver, from 335.0m
• 3.62m @ 9.62 g/t gold, 55.2 g/t silver, from 97.7m, (MTH-LS25-13) (incl. 0.8m void) including
o 0.72m @ 45.5 g/t gold, 221 g/t silver, from 100.6m, plus
0.46m @ 4.11 g/t gold, 83.8 g/t silver, from 170.54m
• 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-LS25-11), including
o 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m, plus
0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m
• 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, (MTH-LS25-10), including
o 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m, plus
Target 1 resource update drilling – with continued success of the expansive drill programme at Target 1,
the cut-off date for drilling is extended to late May 2025
Target 2 Exploration and second drill rig mobilised – an important milestone for 35,000m drilling targeted
in 2025
• Channel samples collected during the March quarter and reported early April 2025, highlight results
o 26.8 g/t gold and 1,004 g/t silver over 2m from El Peru workings and
o 28.7 g/t gold, 356 g/t silver over 1m from Las Brujas workings.
• The second drill rig was mobilised at the end of the March quarter as planned and commenced drilling
at Target 2 early April 2025
Technical Team Further Strengthened
• Engagement of Daniel Kunz & Associates to support exploration and resource development
• Appointment of an experienced Canadian Exploration Manager
• Expansion of site geological and operations team, growing to 8 geologist and experienced site manager
Corporate
• Managing Director and CEO John Skeet executed a new Executive Services Agreement, remaining 100%
focused on Mithril.
• Cash balance A$14.2M at end of the March 2025 quarter.
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COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO
With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km2 of
mining concession area, Copalquin is an entire mining district with high -grade exploration results and a maiden
JORC resource. To date there are several target areas in the district with one already hosting a high -grade gold-
silver JORC mineral resource estimate (MRE) at the Target 1 area (El Refugio -La Soledad) 1 and a NI 43 -101
Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the
maiden resource in early 2022 ( see ASX announcement 01 March 2022 and metallurgical test work (see ASX
Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El
Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the
widespread gold-silver mineralisation.
With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is
developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-
Silver Trend of Mexico.
Exploration Activity Discussion
By the end of the March 2025 quarter, a total of 11,225 metres were drilled since commencing in June 2024 ,
including 5,800 metres completed in the March 2025 quarter.
Target 1 Area – Resource Update Drilling
Drilling during the March 2025 quarter focussed on the eastern side of the Target 1 resource around the La Soledad
structure with the multiple high-grade gold and silver intercepts returned resulting in extended drilling in this area.
The drill has now been moved to the El Refugio structure to test potential down -dip extensions to mineralization
along the main east-west striking vein trend and along northwest-southeast striking structures which may intersect
or crosscut the main trend. The plan includes drilling a series of 500 -600m long holes in this area before moving
to test potential near -surface extensions of the Refugio structure at the western extents of Target 1. Additional
follow up drilling is planned for both targets, pending positive assay results from the current program.
Target 2 Area – Maiden Drill Programme
An important milestone was reached at the end of the March quarter, with the mobilisation of the second drill rig
to the Copalquin District which will facilitate the planned 35,000 metres of drilling for 2025.
The second drill rig commenced the maiden drill programme for Target 2 in early April 2025, which has the potential
to become the second high-grade gold-silver resource area to be defined within the Copalquin District.
District Mapping and Sampling
The district mapping and sampling is progressing rapidly with highly prospective areas developing into future drill
targets. Mapping work during the quarter expanded into the southwest area of the district where there are several
historic mines workings in this lower elevation area.
1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
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Figure 1 LiDAR identified historic workings across the 70km2 district. Target 1 area current drilling location, channel sampling area and the high
priority drill target areas of Las Brujas-El Peru (Target 2) and La Constancia-El Jabali (Target 3). Several new areas highlighted across the district
for follow-up work.
Drilling at La Soledad, the north -westerly trending structure on the north -eastern side of the Target 1 resource
area, returned excellent intercepts ahead of the planned resource update. Results for drill holes MTH -LS25-08 to
MTH-LS25-11 are summarised below.
• 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-LS25-11), including
o 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,
• 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m
• 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including
o 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m
• 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m (MTH-LS25-10), including
o 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m
o 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m
• 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, including
o 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m
• 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-LS25-09), plus
• 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m
• 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m (MTH-LS25-08), including
o 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m
• 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m
• 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m
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Further drilling during the quarter on the northwest area of La Soledad at Target 1 produced returned high-grade
intercepts with drill holes MTH-LS25-12 to MTH-LS25-17 summarised below.
• 1.99m @ 4.29 g/t gold, 72.6 g/t silver, from 98.26 m (MTH-LS25-12), including
o 0.50m @ 15.4 g/t gold, 214 g/t silver, from 98.26m,
• 2.75m @ 1.23 g/t gold, 81.2 g/t silver, from 108.75m
o 0.50m @ 5.16 g/t gold, 334 g/t silver, from 108.75m,
• 3.62m @ 9.62 g/t gold, 55.2 g/t silver, from 97.7m, (MTH-LS25-13) (incl. 0.8m void), including
o 0.72m @ 45.5 g/t gold, 221 g/t silver, from 100.6m
• 0.46m @ 4.11 g/t gold, 83.8 g/t silver, from 170.54m
• 5.00m @ 5.08 g/t gold, 22.1 g/t silver, from 108.06m, (MTH-LS25-14), including
o 1.00m @ 16.7 g/t gold, 72.7 g/t silver, from 110.0m
• 0.84m @ 1.78 g/t gold, 35.6 g/t silver, from 148.66m
• 0.50m @ 1.72 g/t gold, 11.9 g/t silver, from 102.15m, (MTH-LS25-15)
• 3.35m @ 26.5 g/t gold, 1,046 g/t silver, from 215.15m, (MTH-LS25-16)
• 0.65m @ 12.1 g/t gold, 292 g/t silver, from 280.35m
• 0.50m @ 3.53 g/t gold, 3.2 g/t silver, from 335.0m
MTH-LS25-14 returned higher AuEq grades than previously estimated in the 2021 MRE along both the Soledad
main and Soledad mid veins. The first intercept represents a roughly 20m down -dip extension of high-grade
mineralization from CDH-008 and CDH-011 along the Soledad main vein, with the second intercept 42m down -dip
from MTH-LS-25-12 and 17m up-dip from CDH-013 along the Soledad mid vein.
MTH-LS25-16 returned higher AuEq grades than previously estimated in the 2021 MRE along the Soledad main
vein, confirming a roughly 20m down -dip extension of high-grade mineralization from MTH-LS25-11. The deeper
two intercepts (from 280.35m and 335m) are both in the footwall of the Leon vein, in areas which were estimated
as waste in the 2021 MRE. Both intercepts are open up -dip, down-dip, and along strike, and while narrow, could
represent additional targets for resource growth in the Soledad system.
MTH-LS25-12 confirmed continuity in mineralization along the Soledad vein approximately 18m southeast from
historical mine workings.
MTH-LS25-13 confirmed continuity in mineralization along the Soledad vein approximately 10m west from
historical mine workings and returned significantly higher grades than nearby CDH-003 (12m down-dip).
Drill hole MTH-LS25-17 did not return a reportable intercept.
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Figure 2
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Figure 3
Figure 4
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Figure 5
Figure 6
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At El Cometa on the eastern side of the Target 1 resource area, two holes returned multiple shallow intercepts.
The near surface (<100m down hole) cut -off for reporting the intercepts in the El Cometa area is lower (0.25 g/t
AuEq2 compared with 1.00 g/t AuEq2 for >100m down hole intercept reporting) reflecting its potential for lower cost
mining methods.
El Cometa features a broad mineralised structure with cross cutting structures hosting very high -grade gold and
silver, such as reported from drill hole CDH-159 in 2024 (33.00m @31.8 g/t gold, 274 g/t silver from surface).
Intercepts for MTH-EC25-06 and MTH-EC25-07 are summarised below and have continued to build on the excellent
results from this shallow mineralisation.
• 1.00m @ 1.56 g/t gold, 58.3 g/t silver from 31.0m (MTH-ES25-07)
• 1.00m @ 0.72 g/t gold, 29.0 g/t silver from 33.5m
• 6.00m @ 1.33 g/t gold, 178.6 g/t silver from 95.0m, including
o 1.70m @ 4.07 g/t gold, 588 g/t silver from 98.15m
• 7.00m @ 1.56 g/t gold, 70.5 g/t silver from 126m, including
o 1.00m @ 8.70 g/t gold, 272 g/t silver from 127m
• 2.90m @ 0.83 g/t gold, 88.0 g/t silver from 22.6m (MTH-ES25-06)
CORPORATE
Cash - At end of the March 2025 quarter, the Company had total cash of A$14.2M.
Managing Director and CEO John Skeet executed a new Executive Services Agreement, remaining 100% focused on
Mithril.
Exploration Expenditure
Exploration expenditure for the quarter was $ 2.322M focussed entirely on the Copalquin District in Mexico with
some minor administrative costs for the Australian tenement interests.
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 March 2025, pertain to
payments to directors and consultants for fees, salary and superannuation
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company philosophy operating in the Copalquin district is to support communities via children’s education and
providing employment opportunities. This includes supporting community schools in the district, employing twenty
people from within the distri ct under the federal employment laws, supporting routine medical visits and
developing infrastructure in the district for long term benefit. This includes the municipal access road, connecting
to the township of El Durazno 12 km east of the Copalquin Dist rict, with support for the municipal upgrade works
scheduled for commencement in October 2024.
ABOUT THE COPALQUIN GOLD SILVER PROJECT
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km 2
containing several dozen historic gold and silver mines and workings, ten of which had notable production. The
district is within the Sierra Madre Gold Silver Trend which extends north -south along the western side of Mexico
and hosts many world-class gold and silver deposits.
2 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.