Mithril Intercepts High-Grade Silver at Target 5 Returning 1,714 G/T Ageq (5.8 G/T Au, 1,308 G/T AG) over 1.0 M at the Copalquin District, Mexico
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MITHRIL INTERCEPTS HIGH-GRADE SILVER AT TARGET 5 RETURNING 1,714
G/T AgEq (5.8 G/T AU, 1,308 G/T AG) OVER 1.0 M AT THE COPALQUIN
DISTRICT, MEXICO
Melbourne, Australia and Vancouver, Canada – November 5, 2025 - Mithril Silver and Gold Limited
("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide exploration
results and update for multiple targets at Mithril’s district scale Copalquin property, Durango State,
Mexico.
• High-grade intercepts returned from initial drilling at Target 5, a new, silver rich target in the
southwest area of the Copalquin District at lower elevation within the large Copalquin epithermal
gold-silver system – with results up to 100 metres below surface near the historic El Apomal mine;
only ~5% of the mapped and projected vein system has been tested to date.
• Target 5 highlights include:
o 2.75 m @ 660 g/t AgEq1 (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
1.05 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
• Target 5 Drilling is progressing rapidly, with 13 drill holes now completed. Assays have been
received for the first eight holes which have all returned reportable mineralised intercepts.
Ongoing mapping and channel sampling continues to expand this large target area.
• Tasolera Mine area at Target 5 - drilling commences this week following up high-grade channel
sampling, including 3,440 g/t AgEq (2.0 g/t gold, 3,300 g/t silver) 2 over 1.40m at this highly
prospective area of Target 5.
• Target 3 – preparations continue for drilling in the coming months, with further channel sample
results pending and the addition of a third rig. Target 3 is a large and highly prospective gold-silver
area with multiple high-grade surface samples returned to date and extensive veins mapped.
“Our maiden drill program at Target 5 is off to an excellent start, delivering multiple high-grade gold-silver
intercepts from this new, silver -rich target in the southwest of the Copalquin District,” said John Skeet,
Managing Director & CEO. “Assays received for the first eight of thirteen holes all returned reportable
mineralisation, confirming the strength of this emerging target — and our work here has just begun with
only five percent of the mapped and projected veins tested to date to just 100 metres below surface.”
“Target 5 is rapidly emerging as a major new silver -dominant zone within the broader Copalquin
epithermal system where drilling continues, with holes at the high-grade Tasolera mine area commencing
this week. At the same time, Mithril continues to advance Target 3 to drill readiness with ongoing mapping
and sampling, while at Target 1 drilling is testing the western extension of the maiden resource area
toward the El Gallo mine, 900 metres to the west.”
1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details, AuEq (gold equivalent) and AgEq. (silver equivalent) calculations
2 See ASX announcement: 09/10/2025 - SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER
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District Outlook
Mithril is fully funded to complete 45,000 m etres of drilling through to the second half of 2026, with
preparations to add a third drill rig in early 2026 at Target 3 . Target 1 drilling continues to focus on
expanding the current resource area in the district and drilling is well underway at Target 5. Detailed
mapping and sampling also continue to advance across multiple targets, underpinning the district-scale
potential of Copalquin . A close ly spaced aerial magnetic survey will be flown late 2025 and a
petrographic fluid inclusion study on samples across the district is supporting the ongoing development
of the district scale model for this large epithermal gold-silver system.
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) 3 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 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.
Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.
3 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
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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
Copalquin District Exploration Progress Update
Figure 3 Property-wide channel sampling results for the middle and south district sections within ~50% of the 70 km2 mining concession
area covering the Copalquin District
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Target 5 Drilling Discussion
Target 5 first drill holes successfully intercepted the targeted veins 20m to 100m below the surface in the
first round of drilling for which there are reported assays. All eight reported drill holes returned reportable
gold-silver intercepts in the silver rich area of the Copalquin District and hosted in the granodiorite
intrusive rock unit.
Table 1 Reported drill hole interval highlights for drill holes AP25-001 to Ap25-008 (intervals are close
to true widths. More drill data required to more accurately determine)
Hole ID From (m) To (m) Interval Au g/t Ag g/t AgEq g/t AuEq g/t
AP25-001 32 32.5 0.5 1.21 39.3 124 1.77
AP25-001 279.83 280.35 0.52 1.285 167 256.95 3.67
AP25-002 31.45 35.3 3.85 1.26 42.65 130.85 1.87
Including 31.45 31.95 0.5 7.74 187 728.8 10.41
AP25-003 34.5 35 0.5 0.393 62.4 89.91 1.28
AP25-003 93.6 96.35 2.75 2.28 500 659.6 9.42
Including 94.7 95.7 1 5.8 1307.5 1713.5 24.48
AP25-003 214 215.3 1.3 2.89 0.5 202.8 2.90
AP25-003 231.6 232.3 0.7 2.38 1.5 168.1 2.40
AP25-004 89.2 90.65 1.45 0.57 109.6 149.5 2.14
AP25-005 35.65 39.7 4.05 0.19 61.5 74.8 1.07
Including 36.75 38.35 1.6 0.41 130 158.7 2.27
AP25-005 90.15 93.5 3.35 1.71 246 365.7 5.22
(Including 92.45 93.5 1.05 5.35 771 1145.5 16.36
AP25-006 119.2 120.45 1.25 4.548 409.12 727.48 10.39
AP25-006 138.1 139 0.9 2.41 447 615.7 8.80
AP25-006 149.75 150.55 0.8 1.51 321 426.7 6.10
AP25-006 301.4 301.9 0.5 0.187 73 86.09 1.23
AP25-007 51 52.5 1.5 0.23 15.2 31.3 0.45
AP25-007 62.75 64.8 2.05 0.27 88.1 107 1.53
Including 64.3 64.8 0.5 0.9 311 374 5.34
AP25-008 78.2 78.9 0.7 0.344 11.9 35.98 0.51
The first program of drilling has tested 350m of strike (with assays for the remaining 5 drill holes pending)
including drilling to test greater depths of the veins in this area.
This week the first program of holes will commence at the high-grade Tasolera mine workings area where
channel sampling results have highlighted this as a highly prospective area in Target 5.
Mapping and channel sampling of the Target 5 area is also ongoing with district scale work aiming to
continue development of the district geologic model advancing the interpretations for the future system
definition drilling.
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Figure 4 The large Target 5 Drill area in southwest area of the Copalquin District
Figure 5 Magnified area of Target 5 Drill results. 350m of strike tested with further assays pending,
accounting for only ~5% of the total mapped and projected veins in the Target 5 area
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Figure 6 Cross section of holes AP25-001 to AP25-004 at Target 5.
Figure 7 Cross section of holes AP25-005 and AP25-006 at Target 5. AP25-006 is 200m along strike from AP25-003.
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Table 2 Drill hole collar details reported in this announcement
Hole ID
Easting
(m)
Northing
(m)
Elevation
(m)
Azimuth
(degrees)
Inclination
(degrees)
Depth
(m) Assays
AP25-001 287910 2822591 758.82 40 -48 351 Received
AP25-002 287909 2822588 758.01 63 -53 252 Received
AP25-003 287910 2822591 758.82 63 -69 285 Received
AP25-004 287903.2 2822590 760.85 30 -63 291 Received
AP25-005 287828 2822672 799.94 35 -60 381 Received
AP25-006 287753 2822676 825.53 44 -55 330 Received
AP25-007 287765 2822785 813.31 30 -48 126 Received
AP25-008 287765 2822785 813.31 30 -77 177 Received
AP25-009 287605 2822595 891.75 45 -55 300 Pending
AP25-010 287638 2822483 854.12 60 -46 300 Pending
AP25-011 287859 2822568 744.79 63 -69 381 Pending
AP25-012 287877 2822485 741.56 60 -50 351 Pending
AP25-013 drilling
ABOUT THE COPALQUIN GOLD SILVER PROJECT
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of
70km2 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 gold and silver districts.
Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread
alteration together with extensive surface vein exposures and dozens of historic mine workings, identify
the Copalquin mining district as a major epithermal centre for Gold and Silver.
Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource
estimate 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+
• 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 3 Mineral resource estimate 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
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* 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
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