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Mithril Silver and Gold Limited

TSXV:MSGLive AI agent

Mithril Silver & Gold is advancing the district-scale Copalquin project in Durango, Mexico — a de-risked, high-grade discovery in the heart of the Sierra Madre silver-gold trend.

Investor website: https://mithrilsilvergold.com/

About

Mithril Silver & Gold is advancing the district-scale Copalquin project in Durango, Mexico — a de-risked, high-grade discovery in the heart of the Sierra Madre silver-gold trend. The company is unlocking one of Mexico's highest-grade silver-gold districts, with a resource upgrade indicating 75% of the resource is classified as Indicated. The project encompasses 100 historic underground mines and 13 district targets across a 90 km² land package.

Verified company data

Cash position
A$10.8M
Shares outstanding
187.4M
Mineral resource
The June 2026 Target 1 resource upgrade — built on 60,000 m of drilling — is constrained by underground mine stope modelling and diluted, with 95% of the undiluted, high-grade core of the block model captured by the mining shape constraints. A mining-realistic foundation, ready to advance toward development. 464 koz Indicated AuEq 343 koz Au + 8.48 Moz Ag 151 koz Inferred AuEq 103 koz Au + 3.34 Moz Ag +196% Indicated Growth vs. 2021 maiden resource 96 / 91% Au / Ag Recoveries no lead, zinc or base metals | Area | Class | Tonnes (kt) | Au (g/t) | Ag (g/t) | AuEq (g/t) | Au (koz) | Ag (koz) | AuEq (koz) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | El Refugio | Ind | 2,557 | 3.38 | 73.7 | 4.44 | 278 | 6,061 | 365 | | | Inf | 1,217 | 2.17 | 82.1 | 3.35 | 85 | 3,214 | 131 | | La Soledad | Ind | 834 | 2.43 | 90.2 | 3.72 | 65 | 2,418 | 100 | | | Inf | 219 | 2.54 | 26.1 | 2.92 | 18 | 184 | 21 | | Total | Ind | 3,391 | 3.15 | 77.8 | 4.26 | 343 | 8,479 | 464 | | | Inf | 1,436 | 2.23 | 73.6 | 3.28 | 103 | 3,398 | 151 | Copalquin Target 1 Mineral Resource — underground mining shape constrained & diluted (1.5 g/t AuEq cut-off) Notes to the Mineral Resource Estimate 01. Numbers may not add due to rounding. 02. All dollar values in United States Dollars (USD) unless otherwise noted. 03. Reported at a cut-off grade of 1.5 g/t AuEq. 04. Mineral Resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019), which are materially identical to the JORC Code (2012). 05. The preparation of the mineral resource estimate was supervised by John Sims, President of Sims Resources LLC, an independent contractor and Qualified Person (QP) and Competent Person (CP), as a Certified Professional Geologist (CPG) member with the American Institute of Professional Geologists (AIPG). The Qualified Person has verified the data disclosed in this section, including sampling, analytical and test data underlying the information and opinions contained herein. 06. The effective date of the estimate is 29 June 2026. 07. Inferred Mineral Resources have been estimated from geological evidence and drill core sampling and have a lower level of confidence than Measured and Indicated Mineral Resources due to the distance between sampled drill holes. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 08. Constrained and diluted Mineral Resources for Copalquin Target 1 are based on underlying metal prices of $3,300/oz Au and $50/oz Ag, unless otherwise noted. 09. AuEq g/t = Au g/t + (Ag g/t × (Au price / Ag price) × (Ag recovery / Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples. 10. Underground Resource estimates are based on economically constrained mining shapes generated using Datamine’s Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters: diluted to a minimum 2 m shape width with a 92% mining recovery; metallurgical recoveries of 96% for Au and 91% for Ag, from metallurgical test work on Target 1 composite samples; Long Hole Open Stope mining with a total Mining + Processing + General and Administration (G&A) cost of $97.00 per tonne of material processed. 11. Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Projects
["Copalquin District\nA 70 km² district hosting 100 historic underground mines across 13 targets — home to the upgraded Target 1 resource, now 75% Indicated.\n70 km²\nLand package\n615 koz\nAuEq MRE (Ind + Inf)\n13\nDistrict targets\nExplore Copalquin District →","La Dura Property\n20 km² of contiguous concessions 15 km from Copalquin, hosting the historic four-level La Dura mine — acquired December 2025, drill target already defined.\n20 km²\nConcessions\n1.5 km\nMineralised trend\n62\nHistoric U/G workings\nExplore La Dura Property →"]
Leadership
Craig Sharpe (Non-Executive Chairman, Holds a B.Comm in Economics and Finance and an MBA, with more than 25 years of experience in equity capital markets.), John Skeet (CEO & Managing Director, Has spent 35 years as a mine builder across the former Soviet Union, Australia and Mexico, including 20 years working in Mexico on projects such as Palmarejo, Ocampo, Cerro del Gallo and Copalquin. He holds a B.App.Sc and is a Fellow of the AusIMM.), David Toyoda (Independent Director, Principal of Pacific Star Corporate Finance, practising corporate and securities law. He is a director of three public companies and two private companies in the process of going public.), Meghan Lewis (Independent Director, A mining finance professional with roughly 20 years of experience across all aspects of the resources industry, with strong links to the Canadian mining corporate finance sector. She is an M.Sc. Geologist.), James Barr (VP Exploration, Brings more than 20 years of exploration and mine development experience, including extensive work in Mexico — notably SilverCrest's Las Chispas discovery — alongside broad international experience.), Josue Corral (Geology Manager, Has spent 11 years exploring epithermal deposits along Mexico's Sierra Madre trend. He manages Mithril's drill programmes and property stakeholder relationships on the ground in Durango.), Michael Port (Chief Financial Officer, A chartered accountant and partner with DFK Kidsons, with more than 30 years of experience in auditing and accounting ranging from small private companies to large, publicly listed multinational groups.), Justyn Stedwell (Corporate Secretary, Has more than 17 years of experience as company secretary of ASX-listed companies and has served as a non-executive director on several ASX company boards.), Priscila Skeet (General Manager — Mexico, Has 12 years in the Mexican mining sector with Caterpillar, Sun Minerals and Mithril, and is an experienced business owner and operator.)

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