Mithril Silver and GOLD September 2025 Quarterly Activites Report Accelerating Exploration Progress
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MITHRIL SILVER AND GOLD SEPTEMBER 2025 QUARTERLY ACTIVITES REPORT
ACCELERATING EXPLORATION PROGRESS
Melbourne, Australia and Vancouver, Canada - Mithril Silver and Gold Limited ("Mithril” or the
"Company") (TSXV: MSG) (ASX: MTH) is pleased to provide its September 2025 quarterly activities
report at its Copalquin District – Durango State, Mexico
“The September quarter marked another strong period of progress for Mithril with two drills turning and a
third drill scheduled for Target 3”, said John Skeet, Managing Director & CEO, “Drilling is underway at
Target 5, while drilling at Target 1 continues to expand the resource footprint and refine our 3D geological
model. Systematic mapping and sampling have defined continuous minerali sation stretching nine
kilometres across the southern half of district and 1,300 metres vertically. We are rapidly advancing our
district scale geology model, focused on identifying the major feeder system driving gold-silver
mineralisation across multiple deposits within the district.”
“With the completion of the C$11.5 million placement in July and a strong quarter-end cash balance of
A$18.3 million, Mithril is well positioned to execute its accelerated exploration program into 2026. We
anticipate significant news flow for the rest of the year and into next year, as we accelerate exploration
work across the district and receive pending assay results for completed drill holes.”
Exploration Highlights:
• Drilling progressed at Target 1 with high-grade intercepts expanding mineralisation to the east
and west. Recently released intercepts including 7.19 g/t gold, 260 g/t silver over 8.03 m from
257.72 m1 (MTH-RE25-45), extend the strike 300m further west of the Target 1 maiden resource
and 8.63 g/t gold, 41.2 g/t silver over 3.3 m from 169.7 m2 (MTH-LS25-36) on the east
• The resource drilling and 3D modelling at Target 1 have significantly refined the geological
interpretation and definition of mineralized domains, with the completion of resource update
drilling anticipated in early 2026. First drilling southeast of the resource area at Target 1 along the
2 km long Copalquin Structure intercepted 6.40 g/t gold, 4,400 g/t silver over 0.57m from
342.4m2 (MTH-ZG25-37), 160 m below the Zaragoza workings . The Copalquin Structure is
developing as a key feature in the large epithermal gold-silver system.
• Drilling commenced at Target 5 with 12 holes completed and assays pending. Target 5 now covers
2 km x 2 km with 3,300 g/t silver, 2.0 g/t gold over 1.3 m3 from channel sampling at the Tasolera
mine workings. The Target 5 has successfully intercepted targeted structures 300 metres along
strike and over 100 metres below the Apomal workings in the first phase of drilling.
• Channel Sampling at the multi-level Santa Cruz mine at the eastern side of the district returned
up to 57.8 g/t gold, 2,120 g/t silver over 0.70 m4 defining a new target area (Target 6).
Corporate
• A share placement in July 2025 was successfully completed for C$11.5M before costs, further
upgrading Mithril’s shareholder register with over 40% of shares now held by global institutional
investors
• Cash balance of A$18.3M at end of the September 2025 quarter and Mithril remains debt free
• Mithril’s common shares qualified to trade on the OTCQB® Venture Market ("OTCQB") in the
United States under the symbol MTIRF.
1 See ASX announcement: 16/10/2025 - 300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m 2 See ASX announcement: 28/08/2025 - MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5 3 See ASX announcement: 09/10/2025 - SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER 4 See ASX announcement: 29/07/2025 - High-Grade Channel Sampling Results
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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)5 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.
5 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
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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Exploration Work
Overall, excellent progress continued throughout the quarter with detailed mapping and sampling and
continuous drilling by the two drills. Target 1 drilling progressed with drill intercepts east and west of the
Target 1 resource successfully intercepting high-grade gold and silver mineralisation. Several further drill
holes are completed with assays pending.
Drilling commenced at Target 5 with the first 12 drill holes completed and assays pending.
The first drill holes were completed beneath the Zaragoza mine workings, successfully intercepting
deeper high-grade gold and silver.
Several geological control holes were completed near Los Pinos and Los Reyes along the extensive east-
west structure to acquire data on the geological domains and structures for the geologic model
development.
Channel sampling during the quarter was extensive with excellent results returned for Target 3 pre
drilling, Target 5 expansion, the new Target 6 (Santa Cruz mine) and Target 1 west.
Drill Highlights at Target 1 included:
Drilling at La Soledad, the NW trending structure on the eastern side of Target 1, produced further
excellent results with the highlight drill holes MTH-LS25-35 and MTH-LS25-366. These holes confirm
mineralisation down dip from the existing block model, and that mineralisation is still open at depth.
MTH-LS25-35 1.1m @ 9.95 g/t gold, 44.6 g/t silver from 156.9m
MTH-LS25-36 0.5 m @ 3.21 g/t gold, 13.8 g/t silver from 103.3 m
MTH-LS25-36 3.3 m @ 8.63 g/t gold, 41.2 g/t silver from 169.7 m, including
0.5 m @ 48.85 g/t gold, 91.55 g/t silver from 169.7 m
Figure 4 Target 1 Drill results during the quarter including drilling reported after quarter-end, and showing the 300 metre extension west
6 See ASX announcement: 28/08/2025 - MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5
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Figure 5 Cross section of holes MTH-RE25-44 and MTH-RE25-45 extending drilling 300 metres west at Target 1
First Drilling at Zaragoza7, located 500 metres from the Refugio resource area (see Figure 4) has yielded
excellent results. Four holes have been completed over a 200 metre strike length. Drill hole MTH-ZG25-
37 intersected significant gold and silver within two separate, broad structures returning:
• MTH-ZG25-37 0.57 m @ 6.4 g/t gold, 4400 g/t silver from 342.4 m
• MTH-ZG25-37 0.66 m @ 3.49 g/t gold, 127 g/t silver from 389.1 m
Target 3 – Channel Sampling in Preparation for Drilling8
Significant gold and silver Target 3 channel sampling highlights include:
1.0 m @ 1.08 g/t gold 114 g/t silver (527246; underground)
1.0 m @ 19.85 g/t gold 270 g/t silver (527248; underground)
1.0 m @ 3.49 g/t gold 231 g/t silver (527255; surface)
0.5 m @ 1.32 g/t gold 66 g/t silver (527256; surface)
1.0 m @ 2.31 g/t gold 60.8 g/t silver (527271; surface)
1.0 m @ 3.08 g/t gold 179 g/t silver (527272; surface)
0.5 m @ 1.46 g/t gold 50.6 g/t silver (527284; surface)
7 See ASX announcement: 28/08/2025 - MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5
8 See ASX announcement: 07/07/2025 - MTH EXTENDS 8 KM LONG HIGH-GRADE GOLD-SILVER SYSTEM
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0.9 m @ 12.40 g/t gold 820 g/t silver (527285; surface)
0.6 m @ 2.54 g/t gold 170 g/t silver (742048; underground)
0.5 m @ 2.52 g/t gold 155 g/t silver (742049; underground)
0.6 m @ 1.02 g/t gold 83.3 g/t silver (814551; underground)
0.5 m @ 13.25 g/t gold 558 g/t silver (814552; underground)
0.5 m @ 4.04 g/t gold 314 g/t silver (814553; underground)
0.7 m @ 1.40 g/t gold 83.3 g/t silver (814557; surface)
0.65 m @ 5.67 g/t gold 365 g/t silver (814559; surface)
0.7 m @ 3.47 g/t gold 256 g/t silver (814565; surface)
0.5 m @ 5.80 g/t gold 1 g/t silver (814572; surface)
0.5 m @ 1.49 g/t gold 41.7 g/t silver (527288; underground)
0.8 m @ 1.02 g/t gold 41.7 g/t silver (814608; surface)
1.0 m @ 2.00 g/t gold 4.7 g/t silver (814609; surface)
1.0 m @ 1.73 g/t gold 27.6 g/t silver (814610; underground)
1.0 m @ 2.08 g/t gold 43.4 g/t silver (814611; underground)
0.8 m @ 1.34 g/t gold 52.0 g/t silver (814612; underground)
0.9 m @ 8.03 g/t gold 108 g/t silver (814613; underground)
0.7 m @ 8.81 g/t gold, 329 g/t silver (Jabali Level 3; Target 3; Underground)
1.0 m @ 3.42 g/t gold, 194 g/t silver (Jabali Level 3; Target 3; Underground)
0.7 m @ 5.16 g/t gold, 176 g/t silver (Jabali Level 3; Target 3; Underground)
0.5 m @ 2.18 g/t gold, 100 g/t silver (North Jabali; Target 3; Surface)
Figure 6 Targets 3 and 6 areas with new channel sample assay results for Target 3 area which is being prepared for maiden drill
program via addition of a third drill rig
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Target 6 is a recently defined zone located 1.4 km east of Target 3 (see Figure 6). Within the Target area
lies the historic Santa Cruz mine which hosts east-west trending, subvertical mineralized quartz veins
and northwest trending quartz breccias. Sampling of the underground workings has yielded numerous
high-grade gold and silver listed below (see Figure 7), including 0.70 m @ 57.8 g/t gold, 2,120 g/t silver
and 0.70 m @ 23.2 g/t gold, 755 g/t silver.9
0.70 m @ 57.8 g/t gold, 2,120 g/t silver (814673; underground, Santa Cruz Level 1)
0.70 m @ 23.2 g/t gold, 755 g/t silver (814665; underground, Santa Cruz Level 2)
0.50 m @ 28.1 g/t gold, 233 g/t silver (814681; underground, Santa Cruz Level 2)
0.80 m @ 17.4 g/t gold, 603 g/t silver (814674; underground, Santa Cruz Level 1)
0.50 m @ 14.35 g/t gold, 584 g/t silver (814658; underground, Santa Cruz Level 2)
0.70 m @ 9.06 g/t gold, 421 g/t silver (814664; underground, Santa Cruz Level 2)
0.55 m @ 7.68 g/t gold, 437 g/t silver (814685; underground, Santa Cruz Level 2)
0.80 m @ 7.11 g/t gold, 303 g/t silver (814657; underground, Santa Cruz Level 2)
0.50 m @ 8.42 g/t gold, 188 g/t silver (814669; underground, Santa Cruz Level 1)
0.50 m @ 8.28 g/t gold, 77 g/t silver (814660; underground, Santa Cruz Level 2)
0.50 m @ 3.94 g/t gold, 196 g/t silver (814683; underground, Santa Cruz Level 2)
0.90 m @ 4.50 g/t gold, 94.2 g/t silver (814659; underground, Santa Cruz Level 2)
0.70 m @ 1.78 g/t gold, 102 g/t silver (814687; underground, Santa Cruz Level 2)
0.50 m @ 2.18 g/t gold, 56.9 g/t silver (814679; underground, Santa Cruz Level 2)
0.50 m @ 1.45 g/t gold, 76.6 g/t silver (814663; underground, Santa Cruz Level 2)
1.00m @ 1.04 g/t gold, 64.1 g/t silver (814672; underground, Santa Cruz Level 1)
Figure 7 Channel sample results at the newly developing Target 6 (Santa Cruz historic mine area)
9 See ASX announcement: 29/07/2025 - High-Grade Channel Sampling Results
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Target 5 Channel Sampling10
Significant gold and silver Target 5 channel sampling highlights include:
0.6 m @ 1.17 g/t gold 85 g/t silver (814016; surface)
0.55 m @ 1.17 g/t gold 34.1 g/t silver (814033; surface)
0.5 m @ 1.28 g/t gold 59.3 g/t silver (814037; surface)
0.5 m @ 1.29g/t gold 252 g/t silver (814045; surface)
0.5 m @ 3.07 g/t gold 34.2 g/t silver (814053; surface)
0.3 m @ 1.11 g/t gold 43.0 g/t silver (814058; surface)
0.50 m @ 27.9 g/t gold, 14 g/t silver (814239; surface, La Maquina)
0.30 m @ 9.60 g/t gold, 608 g/t silver (814194; surface, La Cucaracha)
0.20 m @ 2.02 g/t gold, 403 g/t silver (814198; surface, La Cucaracha)
0.50 m @ 3.54 g/t gold, 11.3 g/t silver (814212; surface, La Maquina)
1.00 m @ 1.08 g/t gold, 162 g/t silver (814224; surface, La Maquina)
0.50 m @ 1.04 g/t gold, 158 g/t silver (814191; surface, La Cucaracha)
0.50 m @ 0.28 g/t gold, 143 g/t silver (814220; surface, La Maquina)
Base metal sulphides have been observed in veins at La Maquina
1.00m @ 0.09 g/t gold, 70 g/t silver, 1.22 % Lead, 1.83 % Zinc (814260; surface, La Maquina)
Channel sampling is ongoing at this large target area in the southwest of the Copalquin District.
Figure 8 Target 5 new channel sample assay results. First drilling at Target 5 commenced during the quarter at the El Apomal mine area.
10 See ASX announcement: 29/07/2025 - High-Grade Channel Sampling Results