MTIRF - 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

November, 04 2025 04:30 PM Mithril Resources

(TheNewswire)

Melbourne, Australia and Vancouver, Canada – November5, 2025 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the"Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleasedto provide exploration results and update formultiple targets at Mithril’s district scale Copalquin property, Durango State, Mexico.

High-grade interceptsreturned from initial drilling at Target 5, anew, silver rich target in the southwest area of the CopalquinDistrict at lower elevation within the large Copalquin epithermalgold-silver system – with results up to 100 metres below surfacenear the historic El Apomal mine; only ~5% of the mapped and projectedvein system has been tested to date.
Target 5 highlights include
- 2 .75 m @ 660 g/t AgEq 1 ( 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

- 3.35 m @ 366 g/t AgEq ( 1.71 g/t gold, 246 g/tsilver) from 90.15 m (AP25-005),including

1.05 m @1,146 g/t AgEq ( 5.35 g/tgold, 771 g/t silver) from 92.45 m

- 1.25 m @ 728 g/t AgEq ( 4.55 g/t gold, 409 g/tsilver) from 119.2 m (AP25-006), plus

0.90 m @616 g/t AgEq ( 2.41 g/t gold, 447 g/t silver) from138.1 m, plus

0.80 m @ 427 g/t AgEq ( 1.51 g/t gold, 321 g/tsilver) from 149.5 m

Target 5 Drilling is progressing rapidly, with13 drill holes now completed. Assays have been received for the firsteight holes which have all returned reportable mineralised intercepts.Ongoing mapping and channel sampling continues to expand this largetarget area.
Tasolera Mine area at Target5 - drilling commencesthis week following up high-grade channel sampling, including 3,440 g/t AgEq (2.0 g/tgold, 3,300 g/t silver) 2 over 1.40m at this highly prospective area of Target5.

Target 3 – preparationscontinue for drilling in the coming months, with further channelsample results pending and the addition of a third rig. Target 3 isa large and highly prospective gold-silver area with multiplehigh-grade surface samples returned to date and extensive veinsmapped.

“Our maiden drill program at Target 5 is off to anexcellent start, delivering multiple high-grade gold-silver interceptsfrom this new, silver-rich target in the southwest of the CopalquinDistrict,” said John Skeet, Managing Director& CEO. “Assays received for the firsteight of thirteen holes all returned reportable mineralisation,confirming the strength of this emerging target — and our work herehas just begun with only five percent of the mapped and projectedveins tested to date to just 100 metres below surface.”

“Target 5 is rapidly emerging as a major newsilver-dominant zone within the broader Copalquin epithermal systemwhere drilling continues, with holes at the high-grade Tasolera minearea commencing this week. At the same time, Mithril continues toadvance Target 3 to drill readiness with ongoing mapping and sampling,while at Target 1 drilling is testing the western extension of themaiden resource area toward the El Gallo mine, 900 metres to thewest.”

District Outlook

Mithril is fully funded to complete 45,000 metres ofdrilling through to the second half of 2026, with preparations to adda third drill rig in early 2026 at Target 3. Target 1 drillingcontinues to focus on expanding the current resource area in thedistrict and drilling is well underway at Target 5. Detailed mappingand sampling also continue to advance across multiple targets,underpinning the district-scale potential of Copalquin. A closelyspaced aerial magnetic survey will be flown late 2025 and apetrographic fluid inclusion study on samples across the district issupporting the ongoing development of the district scale model forthis large epithermal gold-silver system.

COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE,MEXICO

With 100 historic underground gold-silver mines andworkings plus 198 surface workings/pits throughout 70km 2 of mining concession area, Copalquinis an entire mining district with high-grade exploration results and amaiden JORC resource. To date there are several target areas in thedistrict with one already hosting a high-grade gold-silver JORC mineral resource estimate (MRE) at theTarget 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 themaiden resource in early 2022 and metallurgical test work (see ASX Announcement 25February 2022 ). There is considerablestrike and depth potential to increase theresource at El Refugio and at other target areas across the district,plus the underlying geologic system that is responsible for thewidespread gold-silver mineralisation.

With the district-wide gold and silver occurrences andrapid exploration success, it is clear the Copalquin District isdeveloping into another significant gold-silver district like the manyother districts in this prolific Sierra Madre Gold-Silver Trend ofMexico.

Click Image To View Full Size

Figure 1 – Copalquin Districtlocation map, locations of mining and exploration activity and localinfrastructure.

Click Image To View Full Size

Figure 2 LiDARidentified historic workings across the 70km2 district. Currentdrilling locations at Target 1 west and Target 5 (El Apomal), andrecent drilling at Zaragoza mine in Target 1 south, high prioritydrill target area of La Constancia-El Jabali (Target 3). Several newareas highlighted across the district for follow-up work includingrecently sampled Target 6

Copalquin District Exploration ProgressUpdate

Click Image To View Full Size

Figure 3 Property-wide channelsampling results for the middle and south district sections within~50% of the 70 km 2 miningconcession area covering the Copalquin District

Target 5 Drilling Discussion

Target 5 first drill holes successfullyintercepted the targeted veins 20m to 100m below the surface in thefirst round of drilling for which there are reported assays. Alleight reported drill holes returned reportable gold-silver interceptsin the silver rich area of the Copalquin District and hosted in thegranodiorite intrusive rock unit.

Table 1 Reported drill holeinterval highlights for drill holes AP25-001 to Ap25-008 (intervalsare close to true widths. More drill data required to more accuratelydetermine)

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) includingdrilling to test greater depths of the veins in this area.

This week the first program of holes will commence atthe high-grade Tasolera mine workings area where channel samplingresults have highlighted this as a highly prospective area in Target5.

Mapping and channel sampling of the Target 5 area isalso ongoing with district scale work aiming to continue developmentof the district geologic model advancing the interpretations for thefuture system definition drilling.

Click Image To View Full Size

Figure 4 The large Target 5 Drill area in southwest area of the CopalquinDistrict

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Figure 5 Magnified area of Target 5Drill results. 350m of strike tested with further assays pending,accounting for only ~5% of the total mapped and projected veins in theTarget 5 area

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Figure 6 Cross section of holesAP25-001 to AP25-004 at Target 5.

Click Image To View Full Size

Figure 7 Cross sectionof holes AP25-005 and AP25-006 at Target 5. AP25-006 is 200m alongstrike from AP25-003.

Table 2 Drillhole 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 DurangoState, Mexico and covers an entire mining district of 70km 2 containing several dozen historicgold and silver mines and workings, ten of which had notableproduction. The district is within the Sierra Madre Gold Silver Trendwhich extends north-south along the western side of Mexico and hostsmany gold and silver districts.

Multiple mineralisation events, young intrusivesthought to be system-driving heat sources, widespread alterationtogether with extensive surface vein exposures and dozens of historicmine workings, identify the Copalquin mining district as a majorepithermal centre for Gold and Silver.

Within 15 months of drilling in the Copalquin District,Mithril delivered a maiden JORC mineral resource estimatedemonstrating the high-grade gold and silver resource potential forthe district. This maiden resource is detailed below (see ASX release 17 November2021 ) ^ and a NI 43-101 Technical Reportfiled 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 asindicated

Table 3 Mineral resource estimateEl Refugio – La Soledad using a cut-off grade of 2.0 g/tAuEq*


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

* In determining the gold equivalent (AuEq.) gradefor reporting, a gold:silver price ratio of 70:1 was determined, usingthe formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Aurecovery)). The metal prices used to determine the 70:1 ratio are thecumulative 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 samefactors 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 wereassumed to be equal (93%). Subsequent preliminary metallurgical testwork produced recoveries of 91% for silver and 96% for gold (ASXAnnouncement 25 February 2022) and these will be used when theresource is updated in the future. In theCompany’s opinion there is reasonable potential for both gold andsilver to be extracted and sold.

^ The information in this reportthat relates to Mineral Resources or Ore Reserves is based oninformation provided in the following ASX announcement: 17 Nov 2021 -MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq * ), which includes the full JORC MREreport, also available on the Mithril Resources LimitedWebsite.

The Company confirms that it is not aware of any newinformation or data that materially affects the information includedin the original market announcement and that all material assumptionsand technical parameters underpinning the estimates in the relevantmarket announcement continue to apply and have not materially changed.The company confirms that the form and context in which the CompetentPerson’s findings are presented have not been materially modifiedfrom the original market announcement.

Mining study (conceptual) and metallurgical test worksupports the development of the El Refugio-La Soledad resource withconventional underground mining methods indicated as being appropriateand with high gold-silver recovery to produce metal on-site withconventional processing. The average vein width is approximately 4.5metres.

Mithril is currently exploring in the CopalquinDistrict to expand the resource footprint, demonstrating itsmulti-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

jskeet@mithrilsilvergold.com

+61 435 766 809

NIKLI COMMUNICATIONS

Corporate Communications

liz@mithrilsilvergold.com

nicole@mithrilsilvergold.com

The Australian Securities Exchange has not reviewed anddoes not accept responsibility for the accuracy or adequacy of thisrelease.

Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

Competent Persons Statement - JORC

The information in this announcement that relates tometallurgical test results, mineral processing and project developmentand study work has been compiled by Mr John Skeet who is Mithril’sCEO and Managing Director. Mr Skeet is a Fellow of the AustralasianInstitute of Mining and Metallurgy. This is a Recognised ProfessionalOrganisation (RPO) under the Joint Ore Reserves Committee (JORC)Code.

Mr Skeet has sufficient experience of relevance to thestyles of mineralisation and the types of deposits underconsideration, and to the activities undertaken, to qualify as aCompetent Person as defined in the 2012 Edition of the Joint OreReserves Committee (JORC) Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves. Mr Skeetconsents to the inclusion in this report of the matters based oninformation in the form and context in which it appears. TheAustralian Securities Exchange has not reviewed and does not acceptresponsibility for the accuracy or adequacy of this release.

The information in thisannouncement that relates to sampling techniques and data, explorationresults and geological interpretation for Mithril’s Mexican project,has been compiled by Mr Darren LeFort who is Mithril’s ExplorationManager. Mr LeFort is a member of the Engineers and Geoscientists ofBritish Columbia and a Certified Professional Geologist (P.Geo). Thisis a Recognised Professional Organisation (RPO) under the Joint OreReserves Committee (JORC) Code.

Mr LeFort has sufficient experience of relevance tothe styles of mineralisation and the types of deposits underconsideration, and to the activities undertaken, to qualify as aCompetent Person as defined in the 2012 Edition of the Joint OreReserves Committee (JORC) Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves. Mr LeFortconsents to the inclusion in this report of the matters based oninformation in the form and context in which it appears.

The information in this announcement that relates toMineral Resources is reported by Mr Rodney Webster, former PrincipalGeologist at AMC Consultants Pty Ltd (AMC), who is a Member of theAustralian Institute of Geoscientists. The report was peer reviewed byAndrew Proudman, Principal Consultant at AMC. Mr Webster is acting asthe Competent Person, as defined in the 2012 Edition of the Joint OreReserves Committee (JORC) Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves, for thereporting of the Mineral Resource estimate. A site visit was carriedout by Jose Olmedo a geological consultant withAMC, in September 2021 to observe the drilling, logging, sampling andassay database. Mr Webster consents to the inclusion in this report ofthe matters based on information in the form and context in which itappears

Qualified Persons – NI 43-101

Scientific and technical information in this Report hasbeen reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’sManaging Director and Chief Executive Officer. Mr John Skeet is aqualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparationperformed in Chihuahua City, Mexico and assaying of sample pulpsperformed in North Vancouver, BC, Canada

Table 4 All drill resultsreported greater than or equal to 7 g/t AgEq (0.1 g/t AuEq)

Hole ID
Sample ID
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AgEq (g/t)
AuEq (g/t)
AP25-001
826695
13.75
16.5
2.75
0.023
7.4
9.0
0.13
AP25-001
826706
32
32.5
0.5
1.21
39.3
124.0
1.77
AP25-001
826708
33.5
35
1.5
0.068
4.6
9.4
0.13
AP25-001
826711
38.1
38.67
0.57
0.203
38.6
52.8
0.75
AP25-001
826712
38.67
39.3
0.63
0.058
7.8
11.9
0.17
AP25-001
826721
48
49
1
0.025
5.8
7.6
0.11
AP25-001
826749
86
88
2
0.028
5.9
7.9
0.11
AP25-001
826807
164.55
165.1
0.55
0.134
26.5
35.9
0.51
AP25-001
826808
165.1
165.75
0.65
0.039
5.9
8.6
0.12
AP25-001
826843
207.75
209.05
1.3
0.059
5.8
9.9
0.14
AP25-001
826863
231.15
232.27
1.12
0.053
11.6
15.3
0.22
AP25-001
826866
233.93
234.43
0.5
0.141
4.2
14.1
0.2
AP25-001
826912
279.83
280.35
0.52
1.285
167
257.0
3.67
AP25-001
826961
328.4
329.3
0.9
0.055
9.9
13.8
0.2
AP25-002
827006
31.45
31.95
0.5
7.74
187
728.8
10.41
AP25-002
827007
31.95
32.47
0.52
0.338
66.8
90.5
1.29
AP25-002
827009
33
33.5
0.5
1.39
48.8
146.1
2.09
AP25-002
827011
34.43
35.3
0.87
0.096
11.2
17.9
0.26
AP25-002
827023
46.15
46.65
0.5
0.178
13.3
25.8
0.37
AP25-002
827024
46.65
47.33
0.68
0.057
5.1
9.1
0.13
AP25-002
827029
50.2
51.25
1.05
0.012
8
8.8
0.13
AP25-002
827049
69.45
71.06
1.61
0.037
7.4
10.0
0.14
AP25-002
827052
71.6
72.2
0.6
0.061
7.4
11.7
0.17
AP25-002
827061
78.3
78.8
0.5
0.138
14
23.7
0.34
AP25-002
827085
103.55
104.05
0.5
0.136
16.9
26.4
0.38
AP25-002
827095
113.5
114.15
0.65
0.083
11.5
17.3
0.25
AP25-002
827173
205.4
206.5
1.1
0.088
8.1
14.3
0.2
AP25-002
827174
206.5
207.05
0.55
0.072
6.7
11.7
0.17
AP25-002
827176
207.05
207.85
0.8
0.19
7.6
20.9
0.3
AP25-002
827186
213.25
213.75
0.5
0.063
9.5
13.9
0.2
AP25-003
827244
34.5
35
0.5
0.393
62.4
89.9
1.28
AP25-003
827251
40
40.55
0.55
0.038
6.4
9.1
0.13
AP25-003
827280
72
72.8
0.8
0.048
4.2
7.6
0.11
AP25-003
827288
78.35
79.15
0.8
0.059
33.2
37.3
0.53
AP25-003
827298
89.15
89.65
0.5
0.099
13.4
20.3
0.29
AP25-003
827301
90.15
90.65
0.5
0.047
15.5
18.8
0.27
AP25-003
827307
93.1
93.6
0.5
0.043
11.6
14.6
0.21
AP25-003
827308
93.6
94.15
0.55
0.695
60.7
109.4
1.56
AP25-003
827309
94.15
94.7
0.55
0.128
27.4
36.4
0.52
AP25-003
827310
94.7
95.2
0.5
6.56
1240
1699.2
24.27
AP25-003
827311
95.2
95.7
0.5
4.99
1375
1724.3
24.63
AP25-003
827312
95.7
96.35
0.65
0.082
30.2
35.9
0.51
AP25-003
827332
119
121
2
0.017
6.6
7.8
0.11
AP25-003
827333
121
123
2
0.081
18.2
23.9
0.34
AP25-003
827383
186.55
187.05
0.5
0.163
40.6
52.0
0.74
AP25-003
827404
214
215.3
1.3
2.89
0.5
202.8
2.9
AP25-003
827405
215.3
215.8
0.5
0.008
26.8
27.4
0.39
AP25-003
827414
224
225.45
1.45
0.104
0.5
7.8
0.11
AP25-003
827415
225.45
226.55
1.1
0.019
33.1
34.4
0.49
AP25-003
827423
231.6
232.3
0.7
2.38
1.5
168.1
2.4
AP25-003
827427
234
236
2
0.014
6.9
7.9
0.11
AP25-004
827493
30
30.5
0.5
0.09
13.2
19.5
0.28
AP25-004
827509
40.75
41.35
0.6
0.094
20.9
27.5
0.39
AP25-004
827513
42.85
43.65
0.8
0.094
16.1
22.7
0.32
AP25-004
827542
76.6
78
1.4
0.053
6.2
9.9
0.14
AP25-004
827553
88.7
89.2
0.5
0.081
3.9
9.6
0.14
AP25-004
827554
89.2
90.15
0.95
0.74
135
186.8
2.67
AP25-004
827555
90.15
90.65
0.5
0.259
61.4
79.5
1.14
AP25-004
827557
91.15
92
0.85
0.05
7.5
11.0
0.16
AP25-004
827558
92
94
2
0.139
2.5
12.2
0.17
AP25-004
827561
97
98.3
1.3
0.017
9.2
10.4
0.15
AP25-004
827567
105.9
106.4
0.5
0.036
9
11.5
0.16
AP25-004
827574
114.15
114.65
0.5
0.385
87.8
114.8
1.64
AP25-004
827603
152.45
152.95
0.5
0.062
16.6
20.9
0.3
AP25-004
827617
173.85
174.35
0.5
0.035
5.9
8.4
0.12
AP25-004
827618
174.35
174.85
0.5
0.685
98
146.0
2.09
AP25-004
827664
238.15
238.95
0.8
0.169
1.7
13.5
0.19
AP25-004
827665
238.95
239.55
0.6
0.041
5
7.9
0.11
AP25-004
827687
262
262.5
0.5
0.063
4.2
8.6
0.12
AP25-004
827693
266.45
266.95
0.5
0.059
2.9
7.0
0.1
AP25-004
827697
269.05
269.6
0.55
0.027
6.5
8.4
0.12
AP25-005
827729
20
22
2
0.005
9.6
10.0
0.14
AP25-005
827737
35.65
36.75
1.1
0.043
15.5
18.5
0.26
AP25-005
827738
36.75
37.25
0.5
0.342
99
122.9
1.76
AP25-005
827739
37.25
37.8
0.55
0.775
236
290.3
4.15
AP25-005
827741
37.8
38.35
0.55
0.119
52.6
60.9
0.87
AP25-005
827742
38.35
39.7
1.35
0.036
18
20.5
0.29
AP25-005
827753
48.65
49.55
0.9
0.108
20.9
28.5
0.41
AP25-005
827755
51.3
51.8
0.5
0.091
14.9
21.3
0.3
AP25-005
827784
88
88.5
0.5
0.091
6.8
13.2
0.19
AP25-005
827786
89.5
90.15
0.65
0.041
5.1
8.0
0.11
AP25-005
827787
90.15
90.65
0.5
0.159
25.1
36.2
0.52
AP25-005
827789
92.45
93
0.55
7.04
1090
1582.8
22.61
AP25-005
827790
93
93.5
0.5
3.5
420
665.0
9.5
AP25-005
827802
110.6
111.55
0.95
0.054
4.6
8.4
0.12
AP25-005
827805
114.55
115.05
0.5
0.067
5.6
10.3
0.15
AP25-005
827807
116.5
117
0.5
0.321
72.9
95.4
1.36
AP25-005
827811
119
119.75
0.75
0.041
4.8
7.7
0.11
AP25-005
827812
119.75
120.45
0.7
0.043
4.3
7.3
0.1
AP25-005
827813
120.45
121.05
0.6
0.138
20.1
29.8
0.43
AP25-005
827883
213.5
214.6
1.1
0.026
7.1
8.9
0.13
AP25-005
827899
232
232.5
0.5
0.317
61.2
83.4
1.19
AP25-005
827910
246.45
248
1.55
0.008
7.6
8.2
0.12
AP25-005
827911
248
249
1
0.006
8
8.4
0.12
AP25-005
827912
249
250.5
1.5
0.074
12.3
17.5
0.25
AP25-005
827952
304.6
305.1
0.5
0.044
3.9
7.0
0.1
AP25-005
827965
321
321.5
0.5
0.032
21.9
24.1
0.34
AP25-005
827966
321.5
322.2
0.7
0.028
5.1
7.1
0.1
AP25-005
827983
346.7
348.35
1.65
0.16
0.5
11.7
0.17
AP25-006
828029
47.25
48
0.75
0.033
30.4
32.7
0.47
AP25-006
828040
66.3
67.75
1.45
0.019
6
7.3
0.1
AP25-006
828058
119.2
119.8
0.6
5.51
432
817.7
11.68
AP25-006
828059
119.8
120.45
0.65
3.66
388
644.2
9.2
AP25-006
828060
120.45
122
1.55
0.095
12.3
19.0
0.27
AP25-006
828073
138.1
139
0.9
2.41
447
615.7
8.8
AP25-006
828084
148.25
148.75
0.5
0.047
6.1
9.4
0.13
AP25-006
828085
148.75
149.25
0.5
0.065
11.4
16.0
0.23
AP25-006
828086
149.25
149.75
0.5
0.131
22.7
31.9
0.46
AP25-006
828087
149.75
150.55
0.8
1.51
321
426.7
6.1
AP25-006
828088
150.55
151.4
0.85
0.045
9.4
12.6
0.18
AP25-006
828092
172.1
172.6
0.5
0.064
9.4
13.9
0.2
AP25-006
828106
208
209
1
0.022
6.2
7.7
0.11
AP25-006
828141
243.15
244
0.85
0.023
8.4
10.0
0.14
AP25-006
828152
266.25
267.15
0.9
0.038
7.2
9.9
0.14
AP25-006
828167
300.9
301.4
0.5
0.139
36.9
46.6
0.67
AP25-006
828168
301.4
301.9
0.5
0.187
73
86.1
1.23
AP25-006
828169
301.9
302.4
0.5
0.03
6.3
8.4
0.12
AP25-006
828171
302.4
302.9
0.5
0.242
45.2
62.1
0.89
AP25-007
828197
29
30
1
0.033
6
8.3
0.12
AP25-007
828203
50.25
51
0.75
0.049
8
11.4
0.16
AP25-007
828204
51
52
1
0.067
15.2
19.9
0.28
AP25-007
828205
52
52.5
0.5
0.554
39
77.8
1.11
AP25-007
828211
57.85
58.35
0.5
0.095
10.1
16.8
0.24
AP25-007
828214
60.1
60.9
0.8
0.025
8.1
9.9
0.14
AP25-007
828217
62.75
63.3
0.55
0.13
40.1
49.2
0.7
AP25-007
828219
63.8
64.3
0.5
0.033
5.3
7.6
0.11
AP25-007
828221
64.3
64.8
0.5
0.922
311
375.5
5.36
AP25-007
828226
67
67.85
0.85
0.044
7.9
11.0
0.16
AP25-007
828233
73
73.65
0.65
0.024
5.7
7.4
0.11
AP25-007
828234
73.65
74.15
0.5
0.184
28.8
41.7
0.6
AP25-007
828252
93.95
94.45
0.5
0.088
8.2
14.4
0.21
AP25-008
828292
78.2
78.9
0.7
0.344
11.9
36.0
0.51
AP25-008
828296
81.5
82
0.5
0.061
5.4
9.7
0.14

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, randomchips, or specific specialised industry standard measurement toolsappropriate to the minerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure samplerepresentativity and the appropriate calibration of any measurementtools or systems used.
Aspects of the determination of mineralisation that areMaterial to the Public Report.
In cases where ‘industry standard’ work has beendone this would be relatively simple (eg ‘reverse circulationdrilling was used to obtain 1 m samples from which 3 kg was pulverisedto produce a 30 g charge for fire assay’). In other cases moreexplanation may be required, such as where there is coarse gold thathas inherent sampling problems. Unusual commodities or mineralisationtypes (eg submarine nodules) may warrant disclosure of detailedinformation.

Drill core samples are cutlengthwise with a diamond saw. Intervals are nominally 1 m but mayvary between 0.5 m to 1.5 m based on geologic criteria.
The same side of the core is always sent to sample(left side of saw).
Reported intercepts are calculated as eitherpotentially underground mineable (100m down hole) or as potentiallyopen-pit mineable (near surface).
Potentially underground mineable intercepts arecalculated as length weighted averages of material greater than orequal to 1 g/t AuEQ_70 allowing up to 2m of internaldilution.
Potentially open-pit mineable intercepts are calculatedas length weighted averages of material greater than or equal to 0.25g/t AuEQ_70 allowing for up to 2m of internal dilution.
Rock Sawn Channel samples underground and surface are collected with the assistance of ahandheld portable saw. The channels are 2.5 to 3cm deep and 6-8 cmwide along continuous lines oriented perpendicular to the mineralizedstructure. The samples are as representative as possible
Rock Sawn Channel surface samples were surveyed with aHandheld GPS then permanently mark with an aluminium tag and redcolour spray across the strike of the outcrop over 1 metre. Samplesare as representative as possible
Rock Sawn Channel underground samples were locatedafter a compass and tape with the mine working having a surveyedcontrol point at the portal, then permanently marked with an aluminiumtag and red colour spray oriented perpendicular to the mineralizedstructure. Samples are as representative as possible
Soil sampling has been carriedout by locating pre-planned points by handheld GPS and digging tobelow the first colour-change in the soil (or a maximum of 50 cm). Inthe arid environment there is a 1 – 10 cm organic horizon and a 10– 30 cm B horizon above the regolith. Samples are sieved to -80 meshin the field. Samples are collected on a 20 m x50 m grid or every 20 m on N–S lines 50 m apart. These samples areconsidered representative of the medium being sampled and lines areappropriately oriented to the nearly E–W structural trend.

Drilling techniques

Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc) and details (egcore diameter, triple or standard tube, depth of diamond tails,face-sampling bit or other type, whether core is oriented and if so,by what method, etc).

Drilling is done with MP500 man-portable core rigscapable of drilling HQ size core to depths of 350-400m (depending onground conditions), reducing to NQ size core for greater depths. Coreis recovered in a standard tube.

Drill sample recovery

Method of recording and assessing core and chip samplerecoveries and results assessed.
Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.
Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.

Drill recovery is measured based on measured length ofcore divided by length of drill run.
Recovery in holes CDH-001 through CDH-025 and holesCDH-032 through CDH-077 was always above 90% in the mineralized zones.Detailed core recovery data are maintained in the projectdatabase.
Holes CDH-026 through CDH-031 had problems with corerecovery in highly fractured, clay rich breccia zones.
There is no adverse relationship between recovery andgrade identified to date.

Logging

Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)photography.
The total length and percentage of the relevantintersections logged.

Geotechnical and geological logging of the drillcore takes place on racks in the company core shed.
Core samples have beengeologically and geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining studies andmetallurgical studies.

Core logging is both qualitative or quantitative innature. Photos are taken of each box of core before samples are cut.Photos of cut core intervals are taken aftersampling. Core is wetted to improve visibility of features in thephotos.
All core has been logged and photographed.
Rock sawn channel samples aremarked, measured and photographed at location
Soil samples are recorded atlocation, logged and described

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, halfor all core taken.
If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.
For all sample types, the nature, quality andappropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-samplingstages to maximise representativity of samples.
Measures taken to ensure that the sampling isrepresentative of the in situ material collected, including forinstance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain sizeof the material being sampled.

Core is sawn and half core is taken forsample.

Samples are prepared using ALS Minerals Prep-31crushing, splitting and pulverizing. This is appropriate for the typeof deposit being explored.

Visual review to assure that the cut core is ½ of thecore is performed to assure representativity of samples.

Crushed core duplicates are split/collected by thelaboratory and submitted for assay (1 in 30 samples)
Sample sizes are appropriate to the grain size of thematerial being sampled.
Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splittingand pulverizing. This is appropriate for the type of deposit beingexplored.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assayingand laboratory procedures used and whether the technique is consideredpartial or total.
For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determining the analysisincluding instrument make and model, reading times, calibrationsfactors applied and their derivation, etc.
Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (ie lack of bias) and precision havebeen established.

Samples are assayed for gold using ALS Minerals Au-AA25method a 30 g fire assay with an AA finish. This is considered a totalassay technique.

Samples are assayed for silver using ALS MineralsME-ICP61 method. Over limits are assayed by silverOG63 andsilverGRAV21. These are considered a total assay technique.
Standards and blanks are inserted at a rate of one perevery 25 samples and one per every 40 samples, respectively. Pulpduplicate sampling is undertaken for 3% of all samples (see above). External laboratory checks will be conducted as sufficient samplesare collected. Levels of accuracy (ie lack of bias) and precision havenot yet been established.
Certified Reference Materials – Rock Labs and CDNCRMs have been used throughout the project including, low (~2 g/t Au),medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results areautomatically checked on data import into the BEDROCK database to fallwithin 2 standard deviations of the expected value.
Samples with significant amounts of observed visiblegold are also assayed by AuSCR21, a screen assay that analyses gold inboth the milled pulp and in the residual oversize from pulverization.This has been done for holes CDH-075 and CDH-077.

Verification of sampling and assaying

The verification of significant intersections by eitherindependent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.
Discuss any adjustment to assay data.

The verification of significant intersections by eitherindependent or alternative company personnel has not been conducted. Are-assay program of pulp duplicates is currently in progress.
MTH has drilled one twin hole. Hole CDH-072, reportedin the 15/6/2021 announcement, is a twin of holes EC-002 and UC-03.Results are comparable.
Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic) protocolsare maintained in the company’s core facility.
Assay data have not been adjusted other than applyinglength weighted averages to reported intercepts.

Location of data points

Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings andother locations used in Mineral Resourceestimation.
Specification of the grid system used.
Quality and adequacy of topographic control.

Drill collar coordinates are currently located byhandheld GPS. Precise survey of hole locations is planned. Downholesurveys of hole deviation are recorded using a Reflex Multishot toolfor all holes. A survey measurement is firstcollected at 15 meters downhole, and then every 50 meters until theend of the hole. Locations for holes have been surveyed withdifferential GPS to a sub 10 cm precision.
UTM/UPS WGS 84 zone 13 N
High quality topographic control from LiDAR imagery andorthophotos covers the entire project area.

Data spacing and distribution

Data spacing for reporting of ExplorationResults.
Whether the data spacing and distribution is sufficientto establish the degree of geological and grade continuity appropriatefor the Mineral Resource and Ore Reserve estimation procedure(s) andclassifications applied.
Whether sample compositing has been applied.

Data spacing is appropriate for the reporting ofExploration Results.
The Resource estimation re-printed in this announcementwas originally released on 17 Nov 2021
No sample compositing has been applied.

Orientation of data in relation to geologicalstructure

Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to which this is known,considering the deposit type.
If the relationship between the drilling orientationand the orientation of key mineralised structures is considered tohave introduced a sampling bias, this should be assessed and reportedif material.

Cut lines are marked on the core by the geologists toassure that the orientation of sampling achieves unbiased sampling ofpossible structures. This is reasonably well observed in the core andis appropriate to the deposit type.
The relationship between the drilling orientation andthe orientation of key mineralised structures is not considered tohave introduced a sampling bias.
Rock sawn channel samples are cutperpendicular to the observed vein orientation whereverpossible

Sample security

The measures taken to ensure sample security.

Samples are stored in a secure core storage facilityuntil they are shipped off site by small aircraft and delivereddirectly to ALS Global sample preparation facility in Chihuahua,Mexico. ALS airfreights the sample pulps to their assaying facilityin North Vancouver, BC, Canada

Audits or reviews

The results of any audits or reviews of samplingtechniques and data.

A review with spot checks was conducted by AMC inconjunction with the resource estimate published 17 Nov 2021. Resultswere satisfactory to AMC.

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownershipincluding agreements or material issues with third parties such asjoint ventures, partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national park andenvironmental settings.
The security of the tenure held at the time ofreporting along with any known impediments to obtaining a licence tooperate in the area.

Concessions at Copalquin

No.
Concession
Concession Title number
Area (Ha)
Location
1
LA SOLEDAD
52033
6
Tamazula, Durango, Mexico
2
EL COMETA
164869
36
Tamazula, Durango, Mexico
3
SAN MANUEL
165451
36
Tamazula, Durango, Mexico
4
COPALQUIN
178014
20
Tamazula, Durango, Mexico
5
EL SOL
236130
6,000
Tamazula, Durango and Badiraguato, Sinaloa,México
6
EL CORRAL
236131
907.3243
Tamazula, Durango and Badiraguato, Sinaloa,México

Exploration done by other parties

Acknowledgment and appraisal of exploration by otherparties.

Previous exploration by Bell Coast Capital Corp. and UCResources was done in the late 1990’s and in 2005 – 2007. Workdone by these companies is historic and non-JORC compliant. Mithriluses these historic data only as a general guide and will notincorporate work done by these companies in resourcemodelling.
Work done by the Mexican government and by IMMSA andwill be used for modelling of historic mine workings which are nowinaccessible (void model)

Geology

Deposit type, geological setting and style ofmineralisation.

Copalquin is a low sulfidation epithermal gold-silverdeposit hosted in andesite. This deposit type is common in the SierraMadre Occidental of Mexico and is characterized by quartz veins andstockworks surrounded by haloes of argillic (illite/smectite)alteration. Veins have formed as both low-angle semi-continuous lensesparallel to the contact between granodiorite and andesite and astabular veins in high-angle normal faults. Vein and breccia thicknesshas been observed up to 30 meters wide with average widths on theorder of 3 to 5 meters. The overall strike length of thesemi-continuous mineralized zone from El Gallo to Refugio, Cometa, LosPinos, Los Reyes, La Montura to Constancia and Santa Cruz is almost 7kilometres. The southern area from south west of Apomal to San Manueland to Las Brujas-El Peru provides additional exploration potential upto 6km.

Drill hole Information

A summary of all information material to theunderstanding of the exploration results including a tabulation of thefollowing information for all Material drill holes:
easting and northing of the drill hole collar
• elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified onthe basis that the information is not Material and this exclusion doesnot detract from the understanding of the report, the Competent Personshould clearly explain why this is the case.

See Table 2 in theannouncement.

Data aggregation methods

In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations (eg cutting ofhigh grades) and cut-off grades are usually Material and should bestated.
Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of low grade results, theprocedure used for such aggregation should be stated and some typicalexamples of such aggregations should be shown in detail.
The assumptions used for any reporting of metalequivalent values should be clearlystated.

Potentially underground mineable intercepts arecalculated as length weighted averages of material greater than orequal to 1 g/t AuEQ_70 allowing up to 2m of internaldilution.
Potentially open-pit mineable intercepts are calculatedas length weighted averages of material greater than or equal to 0.25g/t AuEQ_70 allowing for up to 2m of internal dilution.
No upper cut-off is applied to reportingintercepts.
Length weighted averaging is used to report intercepts.The example of CDH-002 is shown. The line of zero assays is a standardwhich was removed from reporting.

Au Raw
silver raw
Length (m)
Au *length
silver *length





7.51
678
0.5
3.755
339





11.85
425
0.55
6.5175
233.75





0
0
0
0
0





0.306
16
1
0.306
16





0.364
31.7
1
0.364
31.7





3.15
241
0.5
1.575
120.5





10.7
709
0.5
5.35
354.5





15.6
773
0.5
7.8
386.5










From
To
Length
Au gpt
silver gpt


4.55
25.667
1481.9
91.95
96.5
4.55
5.64
325.7

In determining the gold equivalent (AuEq.) grade forreporting, a gold:silver price ratio of 70:1 was determined, using theformula: AuEq grade = Au grade + ((silver grade/70) x (silverrecovery/Au recovery)). The metal prices used to determine the 70:1ratio are the cumulative average prices for 2021: gold USD1,798.34 andsilver: USD25.32 (actual is 71:1) from kitco.com At this earlystage, the metallurgical recoveries are assumed to be equal (93%),Subsequent preliminary metallurgical test work produced recoveries of91% for silver and 96% for gold (ASX Announcement 25 February2022).
For Rock Saw Channel Sampling and soil sampling in theCopalquin District , silver equivalent (AgEq) isdetermined using the formula: AgEq grade = silver grade + ((Au grade x70) x (Au recovery/silver recovery)). The metal prices used todetermine 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 At this early stage,the metallurgical recoveries for Au and silver are assumed to be equal(93%) in the absence of metallurgical test work for Targets 2, 3, 4and 5 material. In the Company’s opinion there is reasonablepotential for both gold and silver to be extracted and sold.

Relationship between mineralisation widths andintercept lengths

These relationships are particularly important in thereporting of Exploration Results.
If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect (eg ‘downhole length, true width not known’).

True widths at Refugio between sections 120 and 1,000vary according to the hole’s dip. Holes drilled at -50 degrees maybe considered to have intercept lengths equal to true-widths, Holesdrilled at -70 degrees had true widths approximately 92% of thereported intercept lengths and holes drilled at -90 degrees had truewidths of 77% of the reported intercept lengths.
True widths at La Soledad are not fully understood anddownhole intercepts to date, are reported.
At Las Brujas in Target 2, truewidths are not yet known since we are still in the early stages oftarget definition.
Rock sawn channel samples are cutperpendicular to the observed vein orientation whereverpossible

Diagrams

Appropriate maps and sections (with scales) andtabulations of intercepts should be included for any significantdiscovery being reported. These should include, but not be limited toa plan view of drill hole collar locations and appropriate sectionalviews.

See figures in announcement

Balanced reporting

Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting of both low andhigh grades and/or widths should be practiced to avoid misleadingreporting of Exploration Results.

All exploration results are reported for interceptsgreater than or equal to 0.1 g/t gold equivalent (gold plus silver at70:1 price ratio for gold:silver).

Other substantive explorationdata

Other exploration data, if meaningful and material,should be reported including (but not limitedto): geological observations; geophysical survey results; geochemicalsurvey results; bulk samples – size and method of treatment;metallurgical test results; bulk density, groundwater, geotechnicaland rock characteristics; potential deleterious or contaminatingsubstances.

No additional exploration data are substantive at thistime.
Metallurgical test work on drill core composite made ofcrushed drill core from the El Refugio drill hole samples has beenconducted.
The samples used for the test work are representativeof the material that makes up the majority of the Maiden ResourceEstimate for El Refugio release on 17 th November 2021.
The test work was conducted by SGS laboratory Mexicousing standard reagents and test equipment.

Further work

The nature and scale of planned further work (eg testsfor lateral extensions or depth extensions or large-scale step-outdrilling).
Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretations and futuredrilling areas, provided this information is not commerciallysensitive.

The Company drilled 148 diamond core holes from July2020 to July 2022 for 32,712 m. The Company has stated its target todrill up to 45,000m from July 2025 until the second half of2026
Diagrams are included in the announcements andpresentations showing the drill target areas within the CopalquinDistrict

1 See ‘About Copalquin Gold Silver Project’ section forJORC 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

3 See ‘About CopalquinGold Silver Project’ section for JORC MRE details and AuEq.calculation.

Company Name:	Mithril Resources
Stock Symbol:	MTIRF
Market:	OTC

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