Mithril Provides Exploration Update over Multiple Targets, Copalquin Silver-GOLD Project, Mexico
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MITHRIL PROVIDES EXPLORATION UPDATE OVER MULTIPLE TARGETS,
COPALQUIN SILVER-GOLD PROJECT, MEXICO
Melbourne, Australia and Vancouver, Canada – February 11, 202 6 - Mithril Silver and Gold Limited
("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide details of
continued exploration progress at Mithril’s district scale Copalquin property, Durango State, Mexico.
• The maiden drill programme at Target 5 has confirmed a large silver rich target in the south-
west of the Copalquin District. High grade silver and gold mineralisation has been outlined within
a series of northwest trending banded quartz veins hosted in granodiorite over an area extending
3.2 km from El Gallo in the northwest to Guamuchilito in the southeast and 3.0 km from El Jarillal
in the southwest to the Zaragoza workings in the northeast (an area of 9.6 km2).
Drilling at the Apomal workings has defined a mineralised zone over 350m of strike length. Drilling
at the Tasolera workings to the southeast, intercepted a major alteration zone 70m thick
containing elevated silver and base metal values. The alteration zone is associated with a major
shear zone and indicates that a significant amount of hydrothermal fluids ha s passed through
these rocks, similar to the structures intercepted below Target 1. Further along trend to the
southeast, are the Candelaria workings, where channel sampling returned 0.6 m @ 38.3 g/t gold,
4,520 g/t silver 1 indicating a mineralised corridor of 1.5 km within this 9.6 km2 target area.
Further drilling at Target 5 will target known zones of high-grade mineralisation based on the work
done to date and the results of the aeromagnetic survey , with a view to defining additional
resource tonnes.
• An aerial magnetic survey has been completed over the Copalquin District and is currently in
progress over the La Dura property concession area. Along with detailed mapping, sampling,
spectral surveys and petrography work, the survey output will provide the data to finalise the drill
plan targeting key structural ‘feeder’ targets and progress the District-wide exploration.
• Phase IV Drilling at Target 1 to complete the resource update has commenced (~3,000 m). The
resource has been extended 300m to the west and is still open in this direction. The resource is
also open down dip to the east. In addition, a number of holes are planned to cover internal gaps
within the current block model. Samples from drill core produced to date, have been selected
for further metallurgical testing to confirm the previous high gold and silver recoveries.
• The maiden drill programme at Target 3 has commence d. Early signs are encouraging, with
mineralised quartz vein structures intercepted at predicted depths. Maiden d rilling is testing
several locations with within the target area.
Highlight drill results to date from Target 5 maiden programme (including previously released2):
o 2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003)2, 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)2, 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)2, 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
1 See ASX Announcement 1 Dec 2025 Exploration Sampling up to 4,520 G/T Silver, 38.2 G/T Gold
2 See ASX Announcement 5 Nov 2025 Maiden T5 Drilling Up To 1,714 G/T AgEq Over 1m
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o 0.50 m @ 443 g/t AgEq (0.45 g/t gold, 411 g/t silver) from 241.3 m (AP25-010)
(plus 3.4% lead and 1.70% zinc)
o 2.85 m @ 145 g/t AgEq (1.14 g/t gold, 65 g/t silver) from 79.6 m (AP25-014)
o 3.05 m @ 170 g/t AgEq (0.07 g/t gold, 165 g/t silver) from 193.05 m (AP25-017)
“Copalquin continues to develop as a large epithermal silver–gold system, with high-grade mineralisation
now confirmed across multiple targets,” said John Skeet, Managing Director and CEO of Mithril Silver and
Gold Limited.
“Resource drilling at Target 1, high -grade discoveries at Target 5, and the commencement of drilling at
Target 3 demonstrate the scale and growth potential of the district. Alteration intensity, structural
controls and geochemical vectors all point to a ma jor hydrothermal system with significant expansion
upside.
Our strategy is to progress Target 1 to a future development, advance Targets 3 and 5 to additional
resources, while testing the district defining targets of this large epithermal silver -gold system ,
demonstrating further resource upside potential . Detailed work programs for 2026 are being finalised
utilising the data from the recent aerial magnetic survey and vein study work.”
Copalquin District - 2026
Mithril is undertaking an aggressive exploration program in 2026, with up to 25,000 metres of drilling
planned during the first 6 - 8 months 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 the sis. The
district features over 100 historic underground workings (c.1850 – 1910) including several multi-level
mines and 200 small surface workings. Mapping and sampling across the lower half of the 70 km2 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 northern half of the Copalquin concession area features large areas of alteration. The LiDAR image
shows evidence of historic mining activity and indicates some key structures. Along with historic
sampling data, the northern section of the property presents as a potentially significant large exploration
area within Mithril’s Copalquin mining concessions.
The nearby 20 km 2 La Dura property has recently been added to the portfolio providing a brown field
property with a database of mapping, sampling and drilling. There are at least several workings within
the concession area, including the 4 -level high -grade La Dura mine. A LiDAR survey has been flown
(interpretation anticipated in February 2026) and an aerial magnetic survey is currently being flown.
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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, Target 3 and Target 5 with
ongoing mapping and sampling plus recently completed aerial magnetic survey (report pending)
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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. Current drilling locations at Target 1, Target 3 and Target 5 with ongoing mapping and sampling plus
recently completed aerial magnetic survey (report pending)
Target 5 Drilling and Discussion
The drilling at Target 5 has confirmed high-grade silver-gold mineralisation within a 1.5 km mineralised
corridor that runs from the Candelaria - San Miguel workings and north-west to the Apomal workings
within the 9.6 km2 target area.
The maiden drill programme successfully intercepted high-grade silver and gold from near surface and
at various elevations up to 240 metres below surface.
The strongest observed alteration zone to date in Target 5 was intercepted by hole drill TA25-002 which
has a 70 met re length of alteration zone with ~5 ppm Ag and elevated base metals. This is a sign that a
significant amount of fluids have passed through these rocks. It should also be noted that this zone
should produce a significant soil geochemical anomaly – especially for lead (Pb).
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Figure 4 Target 5 hydrothermal zone with drill hole traces and intercepts indicated by the star symbols (stars - yellow > 1 g/t,
red 1-5 g/t and pink > 5 g/t)
The above figure shows a modelled hydrothermal zone (red lines) based on Ag > 1 ppm and Na / Al ratios
- drilling has managed to delineate a healthy 700 m x 200 m hydrothermal zone that hosts a network of
anastomosing veins. Included are AuEq70* intercepts > 1 g/t (stars - yellow > 1 g/t, red 1-5 g/t and pink >
5 g/t). It is also notably open to the NW, SE and it is interpreted that the area between Apomal and Taz is
highly prospective.
The aerial magnetic survey over the southern half the Copalquin mining concession area has been
completed with the final report pending. It is anticipated that the results from the survey will provide
important data for drill programme design as Target 5 progresses.
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Figure 5 Target 5 – Drilling and channel sampling to date currently defines a mineralised silver-gold corridor of approximately 1.5 km,
open to NW and SE with further indications of parallel structures each side.
Table 1 Results received for Target 5 drilling to-date for maiden drill programme. Drill holes AP25-001 to AP25-008 reported 5 Nov 2025 2
Hole ID From (m) To (m) Interval Au g/t Ag g/t AgEq g/t AgEq g/t.m
AP25-001 32 32.5 0.5 1.21 39.3 124 62
AP25-001 279.83 280.35 0.52 1.285 167 257 134
AP25-002 31.45 35.3 3.85 1.26 42.65 131 504
Including 31.45 31.95 0.5 7.74 187 729 364
AP25-003 34.5 35 0.5 0.393 62.4 90 45
AP25-003 93.6 96.35 2.75 2.28 500 660 1,814
Including 94.7 95.7 1 5.8 1308 1,714 1,714
AP25-003 214 215.3 1.3 2.89 0.5 203 264
AP25-003 231.6 232.3 0.7 2.38 1.5 168 118
AP25-004 89.2 90.65 1.45 0.57 109.6 150 217
AP25-005 35.65 39.7 4.05 0.19 61.5 75 303
Including 36.75 38.35 1.6 0.41 130 159 254
AP25-005 90.15 93.5 3.35 1.71 246 366 1,225
(Including 92.45 93.5 1.05 5.35 771 1,146 1,203
AP25-006 119.2 120.45 1.25 4.548 409 727 909
AP25-006 138.1 139 0.9 2.41 447 616 554
AP25-006 149.75 150.55 0.8 1.51 321 427 341
AP25-006 301.4 301.9 0.5 0.19 73 86 43
AP25-007 51 52.5 1.5 0.23 15.2 31 47
AP25-007 62.75 64.8 2.05 0.27 88.1 107 219
Including 64.3 64.8 0.5 0.90 311 374 187
AP25-008 78.2 78.9 0.7 0.34 11.9 36 25
AP25-009 85 85.8 0.8 0.09 23.6 30 24
AP25-009 89.45 95.55 6.1 0.30 21.7 43 260
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Hole ID From (m) To (m) Interval Au g/t Ag g/t AgEq g/t AgEq g/t.m
AP25-009 99.6 100.1 0.5 0.10 10.3 18 9
AP25-010 96 96.5 0.5 0.50 47.4 83 41
AP25-010 241.3 241.8 0.5 0.45 411 443 221
AP25-011 263.15 263.65 0.5 0.06 24 29 14
AP25-012 84.45 84.95 0.5 0.22 105.3 121 60
AP25-012 232.95 233.95 1 0.14 105 115 115
AP25-012 347.05 347.65 0.6 0.63 86 130 78
AP25-013 73.65 74.4 0.75 0.05 15.6 19 14
AP25-013 78.75 79.25 0.5 0.44 55.5 86 43
AP25-013 384.2 384.9 0.7 0.16 3.8 15 11
AP25-014 78 78.55 0.55 0.13 65.9 75 41
AP25-014 79.6 82.45 2.85 1.14 64.7 145 412
AP25-014 185.5 186 0.5 1.40 64.7 163 81
AP25-014 407.7 408.9 1.2 0.34 57.9 82 98
AP25-015 NRI - -
AP25-016 NRI - -
AP25-017 9 10 1 0.26 29.1 47 47
AP25-017 57.6 58.1 0.5 0.09 17.1 24 12
AP25-017 63 63.75 0.75 0.18 19.2 32 24
AP25-017 193.05 196.1 3.05 0.07 165 170 518
Including 193.05 193.9 0.85 0.11 229 237 201
Including 195.45 196.1 0.65 0.09 265 271 176
TA25-001 36.5 37.5 1 0.10 21.9 29 29
TA25-001 57.1 60.45 3.35 0.18 33.7 46 155
TA25-002 35.65 36.35 0.7 0.09 34.8 41 29
TA25-002 77.35 77.85 0.5 0.19 52.8 66 33
TA25-002 79.85 81.1 1.25 0.39 29.4 57 71
TA25-003 33.8 34.55 0.75 0.07 21.3 26 19
TA25-003 45.65 46.5 0.85 0.10 37.4 45 38
TA25-004 79.5 80.75 1.25 0.53 66.35 103 129
TA25-005 1 3 2 0.13 18.55 28 55
TA25-005 141 141.55 0.55 0.10 82.2 89 49
Table 2 Drill hole collar details included in this announcement
Hole ID Easting Northing Elevation Azimuth Inclination Depth (m) Assays (m) (m) (m) (degrees) (degrees)
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 Received
AP25-010 287638 2822483 854.12 60 -46 300 Received
AP25-011 287859 2822568 744.79 63 -69 381 Received
AP25-012 287877 2822485 741.56 60 -50 351 Received
AP25-013 287829 2822379 738.95 60 -45 399 Received
AP25-014 287829 2822373 738.95 90 -55 441 Received
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AP25-015 288175 2822617 685.93 43 -57 159 Received
AP25-016 288210 2822711 679.99 65 -45 150 Received
AP25-017 288309 2822643 730.82 60 -45 210 Received
TA25-001 288295 2822117 750.5 55 -45 150 Received
TA25-002 288295 2822117 750.5 55 -60 195 Received
TA25-003 288295 2822117 750.5 50 -75 198 Received
TA25-004 288263 2822160 741.66 60 -50 150 Received
TA25-005 288263 2822160 741.66 60 -65 159 Received
CONTRACTS UPDATE
Mithril engaged SmallCaps IR to deliver professional investor relations services designed specifically for
ASX listed companies to deliver consistent market visibility and investor engagement for a fee of
AU$3,000 per month for a n initial period of three (3) months. No stock options or other compensation
was or will be given in connection with the engagement. The Company continues to utilize SmallCaps IR
on a month -to-month basis with a 45 day notice period. SmallCaps IR is an arm’s length party to the
Company.
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 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 3 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