Mithril Silver and GOLD June 2025 Quarterly Activites Report Continued Copalquin District Expansion
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MITHRIL SILVER AND GOLD JUNE 2025 QUARTERLY ACTIVITES REPORT
CONTINUED COPALQUIN DISTRICT EXPANSION
Melbourne, Australia and Vancouver, Canada - Mithril Silver and Gold Limited ("Mithril” or the
"Company") (TSXV: MSG) (ASX: MTH) is pleased to provide its June 2025 quarterly activities report at its
Copalquin District – Durango State, Mexico
Channel sampling and first drilling at Target 2 produced high-grade gold and silver results from this
new area in the east of the district and at a higher elevation in the system
• Highlight Target 2 channel sampling results:
o 1.00m @ 21.5 g/t gold, 337 g/t silver, (LB001)
o 1.00m @ 28.7 g/t gold, 356 g/t silver, (LB009)
o 1.00m @ 15.3 g/t gold, 127 g/t silver, (LB010)
o 1.00m @ 21.8 g/t gold, 156 g/t silver, (LB013)
o 9.50m @ 5.66 g/t gold, 155 g/t silver, (MEP001)
o 2.00m @ 26.8 g/t gold, 1,004 g/t silver, (MEP002)
o 1.00m @ 31.8 g/t gold, 233 g/t silver, (MEP003)
With the addition of a second drill in the District in April , drilling at Las Brujas in Target 2 , returned
excellent results with the highlight discovery drill hole T2DH25-006 returning:
• 11.5m @ 8.61 g/t gold, 57.6 g/t silver from 44.5m, (T2DH25-006)1, including
o 3.85m @ 25.33 g/t gold, 128 g/t silver from 46.65m, including
o 0.85m @ 109.5 g/t gold, 325 g/t silver from 46.65m
At Target 5 in the south -west of the Copalquin District extensive channel sampling prepare s this new
target area (2.5 km wide x up to 0.8 km long) for first drilling next quarter
• Highlight channel sample results from surface and underground workings within Target 5:
o 0.7 m @ 4.64 g/t gold, 732 g/t silver (226229; Mina Apomal)
o 0.8 m @ 2.84 g/t gold, 777 g/t silver (527107; Mina Apomal)
o 0.5 m @ 5.36 g/t gold, 706 g/t silver (527143; Apomal Norte)
o 0.8 m @ 2.58 g/t gold, 716 g/t silver (798719; Dulces Nombres)
Resource expansion drilling continued at the Target 1 resource area successfully intercepted the El
Refugio structure 120 metres down dip on the eastern side, returning a high-grade result:
• 2.90m @ 9.06 g/t gold, 10.6 g/t silver, from 339.6 m (MTH-LS25-20), including
o 0.50m @ 44.7 g/t gold, 42.7 g/t silver, from 342m
At Target 3 in the east of the District, mapping and sampling commenced aided by the establishment
of a second exploration camp
Subsequent to the end of the quarter (July 7, 2025) , channel sam pling results from surface and
underground workings were announced for Targets 2, 3, 4 and 5 with highlights including:
o 0.50 m @ 6.21 g/t gold, 265 g/t silver (814502; Mina Lico, T2)
o 1.00 m @ 19.85 g/t gold, 270 g/t silver (527248; Mina Constancia, T3)
o 0.90 m @ 12.40 g/t gold, 820 g/t silver (527285; Surface, T3)
o 0.50 m @ 13.25 g/t gold, 558 g/t silver (814552; T3)
Corporate
1 reported down hole widths, true widths not known
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• A C$11.5M brokered private placement to institutional and sophisticated investors was
successfully complete in July 2025
• Cash balance of A$11M at end of the June 2025 quarter exclusive of net funds from the July
2025 placement referred to above
• Board changes – Meghan Lewis, a mining finance professional and geologist, was appointed as a
non-executive director in May 2025. Garry Thomas and Stephen Layton retired from the Board at
the end of June 2025
• Michael Port was appointed CFO at the end of April 2025, having manage Mithril’s financial
reporting since 2020.
COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO
Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.
With 100 historic underground gold -silver mines and workings plus 198 surface workings/pits
throughout 70km 2 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)2 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
2 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
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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 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Targets 1 and Zaragoza mine area, high
priority drill target area of La Constancia -El Jabali (Target 3) and Target 5. Several new areas highlighted across the dis trict for follow-up
work including recently sampled Target 6
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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, including results released in July 2025
Channel Sampling at Target 3
Target 3 , which includes the Jabali, Constancia, San Antonio, and Guadalupe mines, has
revealed a network of veins through ongoing mapping efforts (Figure 4). While many of these
veins exhibit limited continuity, they occur in various orientations, with a dominant northwest
strike over a cumulative strike length of 1km . Channel sampling from both surface and
underground workings has returned numerous high-grade gold and silver values, highlighting the
potential of the area. Notably, the Jabali mine hosts veins characterized by abundant amethyst,
suggesting a distinct mineralogical signature that may be useful for further vectoring. Mapping
and sampling continues in the area to fully develop drill targeting.
Significant gold and silver Target 3 channel sampling highlights include:
1.0 m @ 1.08 g/t Au, 114 g/t Ag (527246; underground)
1.0 m @ 19.85 g/t Au, 270 g/t Ag (527248; underground)
1.0 m @ 3.49 g/t Au, 231 g/t Ag (527255; surface)
0.5 m @ 1.32 g/t Au, 66 g/t Ag (527256; surface)
1.0 m @ 2.31 g/t Au, 60.8 g/t Ag (527271; surface)
1.0 m @ 3.08 g/t Au, 179 g/t Ag (527272; surface)
0.5 m @ 1.46 g/t Au, 50.6 g/t Ag (527284; surface)
0.9 m @ 12.40 g/t Au, 820 g/t Ag (527285; surface)
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0.6 m @ 2.54 g/t Au, 170 g/t Ag (742048; underground)
0.5 m @ 2.52 g/t Au, 155 g/t Ag (742049; underground)
0.6 m @ 1.02 g/t Au, 83.3 g/t Ag (814551; underground)
0.5 m @ 13.25 g/t Au, 558 g/t Ag (814552; underground)
0.5 m @ 4.04 g/t Au, 314 g/t Ag (814553; underground)
0.7 m @ 1.40 g/t Au, 83.3 g/t Ag (814557; surface)
0.65 m @ 5.67 g/t Au, 365 g/t Ag (814559; surface)
0.7 m @ 3.47 g/t Au, 256 g/t Ag (814565; surface)
0.5 m @ 5.80 g/t Au, 1 g/t Ag (814572; surface)
0.5 m @ 1.49 g/t Au, 41.7 g/t Ag (527288; underground)
0.8 m @ 1.02 g/t Au, 41.7 g/t Ag (814608; surface)
1.0 m @ 2.00 g/t Au, 4.7 g/t Ag (814609; surface)
1.0 m @ 1.73 g/t Au, 27.6 g/t Ag (814610; underground)
1.0 m @ 2.08 g/t Au, 43.4 g/t Ag (814611; underground)
0.8 m @ 1.34 g/t Au, 52.0 g/t Ag (814612; underground)
0.9 m @ 8.03 g/t Au, 108 g/t Ag (814613; underground)
Figure 4 Channel sample results and vein traces in the Target 3 Area
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Channel Sampling at Target 5
Surficial and underground channel sampling at the Target 5 Area (El Apomal, El Duraznito,
Veta Azul, Dulces Nombres ) returned excellent results , with several channel samples
intersecting very high-grade silver and high-grade gold within a broad, outcropping vein system,
which extends 1.6 km west of the Dulces Nombres to El Apomal Mine (Figure 5).
Significant gold and silver Target 5 channel sampling highlights include:
Dulces Nombres Mine area:
1.0 m@ 0.141 g/t Au, 841 g/t Ag (798709; underground)
0.8 m @ 2.58 g/t Au, 716 g/t Ag (798719; underground)
El Apomal Mine area:
0.7 m @ 4.64 g/t Au, 732 g/t Ag (226229; underground)
0.8 m @ 3.14 g/t Au, 333 g/t Ag (226241; underground)
0.9 m @ 5.20 g/t Au, 297 g/t Ag (226244; underground)
0.6 m @ 1.25 g/t Au, 381 g/t Ag (527103; underground)
0.8 m @ 2.84 g/t Au, 777 g/t Ag (527107; underground)
1.0 m @ 2.47 g/t Au, 252 g/t Ag (527141; surface)
0.5 m @ 5.36 g/t Au, 706 g/t Ag (527143; surface)
Figure 5 Channel sample results and vein traces in the Target 5 Area in the south west corner of the District
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Significant base metal Target 5 channel sampling highlights include:
1.0 m @ 1.48 g/t gold, 236 g/t silver, 0.17% copper, 1.73 % lead, 0.06% zinc (798776; Veta Azul)
1.0 m @ 0.04 g/t gold, 8 g/t silver, 0.03% copper, 0.09 % lead 1.28 % zinc (79770; Veta Azul)
1.0 m @ 0.07 g/t gold, 41 g/t silver, 1.59 % copper, 19 ppm lead, 61 ppm zinc (226223; Apomal)
0.85 m @ 0.06 g/t gold, 145 g/t silver, 0.1% copper, 1.14 % lead, 0.05% zinc (527169; Duraznito)
High-Potential Discovery at Target 5 – El Apomal: Target 5 development started with the
dewatering, mapping and sampling of the historic El Apomal Mine (Figure 5). The mine, a 130-
metre underground adit , is dominated by a mineralized quartz vein, up to 1.5 m wide (The
Apomal vein). The southeast trending Apomal vein can be traced over 500 metres and remains
open to the northwest and southeast. Several parallel vein sets have been mapped and sampled
up to 300 m to the southwest of the Apomal Mine.
The Veta Azul and Dulces Nombres Mines are located over 900 m northeast of the El Duraznito
Mine and have returned high -grade silver values . The veins in these mines appear to have a
similar orientation to the veins observed underground and on surface in the El Apomal Mine area.
Moderate-grade Au and Ag mineralized quartz veins were intersected in two holes (CDH152 -
5.66m @ 2.58 g/t gold, 230 g/t silver from 18.5m including 1.98m @ 4.59 g/t gold, 520 g/t silver
from 18.5m and CDH -154 - 2.90m @ 1.86 g/t gold, 240 g/t silver from 75.1m) drilled at the
historic Copalquin Mine which is located approximately 2.5 km east of El Apomal Mine . The
veins at Copalquin are interpreted to be part of the wide vein system observed at Target 5.
Target 5 veins mapped to date, are primarily hosted in granodiorite and are situated at a lower
elevation in the system at 650 – 900 m compared with the mineralised zones at Target 1 (900 –
1,150 m) and Target 2 (1,500 - 1,700 m). Mineralised parallel vein sets h ave now been mapped
and sampled for over 1,000 metres of vertical relief between Target 2 and Target 5 across a width
of approximately 5 km, a further indication of the Copalquin District to potentially host a large,
multi-target mineralized system.
The styles of mineralisation and associated host rocks found at various elevations conform
to the model of a district wide low sulphidation epithermal system potentially centred
along a 5km east-west trend of rhyolite flow domes.
Continued mapping and sampling is underway to the south and southeast of the El Apomal Mine
where several outcropping veins have been identified. An exploration road is advancing to the
Target 5 area to provide access for drill pads.
Further targets for mapping and sampling include the areas to the immediate south of Target 5
towards the historic mines Tasolera 1 and 2 (~1 km from Apomal) and to the southeast towards
the historic mine Guamuchilito (~1.7 km from Apomal).
Further mapping at Target 5 — including the El Apomal, El Duraznito, Veta Azul, and Dulces
Nombres areas — continued to identify additional vein systems and underground workings,
significantly expanding the Target 5 area both along strike and across strike ( Figure 5). Several
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of the mapped veins display good continuity, with some traceable for over 600 metres. The vein
system is predominantly striking northwest -southeast with veins in the southwest of the target
area dipping to the southwest and veins in the northeast dipping to the northeast ( Figure 5).
Target 5 veins mapped to date, are hosted in granodiorite and are situated at a lower elevation
in the system at 650 – 900 m compared with the mineralised zones at Target 1 (900 – 1,150 m)
and Target 2 (1,500 - 1,700 m).
Surface and underground channel sampling continues to return anomalous gold and silver
values, with numerous assay results still pending.
Significant gold and silver target 5 channel sampling highlights include:
0.6 m @ 1.17 g/t Au, 85 g/t Ag (814016; surface)
0.55 m @ 1.17 g/t Au, 34.1 g/t Ag (814033; surface)
0.5 m @ 1.28 g/t Au, 59.3 g/t Ag (814037; surface)
0.5 m @ 1.29g/t Au, 252 g/t Ag (814045; surface)
0.5 m @ 3.07 g/t Au, 34.2 g/t Ag (814053; surface)
0.3 m @ 1.11 g/t Au, 43.0 g/t Ag (814058; surface)
Channel Sampling at Target 2
Mina Lico , located just over one kilometre west-southwest of Las Brujas within Target 2 ,
returned high -grade gold and silver values from limited sampling (se F igure 3). These results
further support the potential for property-wide for high -grade mineralization and point to the
need for continued mapping and sampling in the Target 2 area.
Significant gold and silver Target 2 channel sampling highlights include:
0.5 m @ 1.83 g/t Au, 213 g/t Ag (742097; underground)
0.5 m @ 2.59 g/t Au, 191 g/t Ag (742098; underground)
0.6 m @ 1.36 g/t Au, 142 g/t Ag (814501; underground)
0.5 m @ 6.21 g/t Au, 265 g/t Ag (814502; underground)
Soil Sampling in Target 4
Previously unreported soil samples from the San Manuel Mine ( Target 4 ) Area have returned
numerous high-grade gold and silver assay results. The high-grade samples are located primarily
to the north of the workings of the San Manuel Mine ( see Figure 3 ). These high -grade results
further indicate the potential for the extension of mineralised structures from the San Manuel
Mine and warrant detailed mapping and sampling to fully develop the Target 4 Area.
Significant gold and silver target 4 soil sampling highlights include:
SM-036 @ 2.56 g/t Au, 59 g/t Ag