Mithril Gives Exploration Update Including Channel Sample Results up to 4,520 g/t Silver, and 38.2 g/t Gold as Expansion of the District Continues at Copalquin, Mexico

December 01, 2025 07:30:00 am

Source: TheNewsWire

(TheNewswire)

Melbourne, Australia and Vancouver, Canada – TheNewswire - December 1,2025 - Mithril Silver and Gold Limited("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH)(OTCQB: MTIRF) is pleased to provide an exploration update over multiple targets at the districtscale Copalquin property, Durango State,exico.

Channel sampling across multipledistrict targets continues to deliver high-grade gold and silver withhighlights including:
- 0.50 m @ 16.8 g/t gold, 625 g/t silver ( Target 1 West – El Gallo)
- 0.65 m @ 16.0 g/t gold, 284 g/t silver ( Target 3 – ElJabali)
- 0.60 m @ 38.3 g/t gold, 4,520 g/t silver ( Target 5 -Candelaria)
Ongoing petrographic work is confirming Mithril’sdistrict scale model for the Copalquin epithermal system which has avertical mineralised extent of over 1,200m.
This work is vectoring into potential feeder zones atTarget 1, around Refugio West drill holes MTH-RE25-044 and 045 (7.20 m @ 2.78 g/t gold, 148 g/t silver plus2.80 m @ 3.97 g/t gold, 208 g/t silver and 8.03 m @ 7.19 g/t gold, 260g/t silver respectively) 1 , and around Target1 South drill hole MTH-ZG25-037 (0.57 m @ 6.80 g/t gold and 4,400 g/t silver) 2 , both of which areinterpreted to lie along the same northwest trending structure (theCopalquin Structure).
Target 1 resource update drilling continued,successfully expanding mineralisation to the west and providingvaluable input into the Target 1 geology model that is now robust andpredictive.
Target 5 drilling, mapping and channel sampling resultscontinue to expand this highly prospective area in the southwest ofthe district. A further 8 drill holes have been completed at Target 5with assays pending.
Target 3 is ready for the first phase of drilling,commencing early January 2026. Target 3 includes several high-gradehistoric workings including the El Jabali underground mine.

“Copalquin continues to demonstrate its exceptionalscale and continuity,” commented John Skeet,Managing Director & CEO . “High-graderesults from multiple targets across 9 kilometres with more than akilometre of vertical extent, confirm we are advancing a large,district scale epithermal gold-silver system.

Our detailed study of the recent high-grade interceptsat Refugio West, Zaragoza and Target 5 (Apomal) validate the deeperplumbing of a large, vertically extensive epithermal system. Thissupports our modelling and demonstrates the true scale and potentialof the Copalquin district. With the upcoming Target 1 resource update,Target 5 expanding and Target 3 drill-ready, we are systematicallydefining a high-grade, multi-target gold-silver district. Throughout2025 we have completed the detailed groundwork ahead of a fully fundedexploration program in 2026, which includes 25,000 metres of drillingin the first 6 months.”

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 25 February2022 ). There is considerable strike anddepth potential to increase the resource at ElRefugio and at other target areas across the district, plus theunderlying geologic system that is responsible for the widespreadgold-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.

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

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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

Drilling

Drilling continues at Copalquin at Targets 1 and 5,with work at Target 1 focused on expanding mineralization in theRefugio West area. Defining the geometry of the Refugio structure andits relationship to post mineral dykes and sills remains critical forrefining the exploration model.

Drilling at Target 5 continues to test continuous highgrade quartz veins traced for more than 1.2 km along surface and fromunderground workings ( Figure 5 ). Upcoming holeswill focus on the Tasolera workings, located roughly 500 m southeastalong strike from Apomal ( Figure 5 ).

Channel Sampling

Channel sampling at the Copalquin Project continues todeliver strong results from both surface and underground workings,reinforcing the continuity and grade potential of the district’sprincipal vein systems. Recent channels consistently report high gradegold and silver values along well-developed structures, confirmingthat mineralization is both laterally and vertically extensive (8 kmand 1.2 km, respectively) across the project area. These resultsstrengthen confidence in the modelled geometry of the Refugio,Soledad, Zaragoza, and related veins, and they validate ongoingexploration aimed at expanding known mineralized zones and identifyingadditional high-grade shoots along strike and at depth.

Target 1

Gold and silver samples from the Guacima Mine and theEl Gallo area, located approximately 500 and 950 meters west ofmineralized drillholes MTH-RE25-44 and 45, respectively, confirm thepresence of additional mineralized structures that extend the broaderfootprint of the Copalquin system Figure 4 .

Surface samples collected to the southeast of theCopalquin structure returned grades up to 1 g/t gold and 770 g/tsilver. The Copalquin structure, tested to date in the Zaragoza andCopalquin areas, remains open down dip and along strike to both thenorthwest and southeast. At Zaragoza, drillhole MTH-ZG25-037intersected 0.57 m grading6.80 g/t gold and 4,400 g/t silver , an intervalinterpreted to lie on the same northwest trending Copalquin Structure( Figure8 ).

Additionally, several samples have returned promisingresults from a 1.2 m wide , banded quartz vein located650 m north of Los Reyes and 650 m northeast of La Soledad with up to 2 g/t Au and 201 g/t Ag .

Target 3

Underground sampling at Jabali continuesto yield excellent results from historic workings. Samples from apreviously unsampled working have returned up to 15.95 g/t Au and 1275 g/t Ag over a 0.65m interval. These samplesfurther highlight the prospective nature of Target 3.

Target 5

Underground and surface sampling from the San MiguelMine, located 550 m southeast of Tasolera and 1.2 km southeast alongtrend from the Apomal vein system, has returned several high-gradesilver assays and anomalous to locally high-grade gold values. Thesesamples display Ag:Au ratios characteristic of Target 5, commonlygreater than 100:1. Although most samples contain low to moderategold, one 0.60 m interval returned 38.3 g/t Auand 4,520 g/t Ag . These results are consistentwith the very high-grade samples collected at Apomal and Tasolera,underscoring the continuity and strength of mineralization acrossTarget 5.

Table 1 Highlights of surface and underground sampleassay results

Sample	Easting (m)	Northing (m)	Elevation (m)	Surface/ UG	Location	Width (m)	Au (g/t)	Ag (g/t)	Cu (g/t)	Pb (g/t)	Zn (g/t)
815820	287880	2822314	720	Surface	Los Martires	0.90	0.8	106	28	482	332
815826	287526	2821913	749	Surface	El Limon	0.50	2.53	501	116	205	130
815832	287126	2821566	724	Surface	El Limon	0.30	0.643	59.6	8	23	29
815834	287099	2821670	721	Surface	El Limon	1.00	0.668	25.7	36	11	49
815839	287650	2823707	979	Surface	El Platano	0.80	3.55	77	123	1120	35
815843	287627	2823692	980	Surface	El Platano	0.73	1.04	48	36	47	25
815772	287843	2822716	766	Surface	Apomal	0.50	16.8	625	98	240	164
815869	288132	2823629	995	Surface	La Guacima	1.00	0.477	46.5	21	76	57
815873	288130	2823631	996	Surface	La Guacima	0.50	3.01	198	13	105	81
815896	287663	2822032	808	Surface	Camino El Limon	0.60	0.617	136	62	5180	796
815897	287646	2822082	820	Surface	Camino El Limon	0.40	0.875	179	31	2080	281
815898	287615	2822234	835	Surface	Camino El Limon	1.10	0.873	149	41	135	182
815899	287616	2822235	835	Surface	Camino El Limon	0.50	0.558	85.6	40	155	144
815885	288724	2821914	923	Surface	Candelaria Working	0.60	0.216	320	74	2080	259
815886	288635	2821817	874	Underground	San Miguel Mine	0.75	1.71	314	208	339	277
815887	288634	2821817	874	Underground	San Miguel Mine	0.75	0.357	67.9	143	194	183
815888	288632	2821819	874	Underground	San Miguel Mine	0.60	1.23	335	92	152	134
815889	288631	2821818	874	Underground	San Miguel Mine	0.55	0.606	67.8	133	223	220
815891	288627	2821820	876	Underground	San Miguel Mine	0.60	38.3	4520	1945	4460	523
815892	288625	2821822	878	Underground	San Miguel Mine	0.60	0.482	77.4	546	415	143
815893	288621	2821823	878	Underground	San Miguel Mine	0.60	0.624	59.5	196	499	188
815894	288617	2821825	880	Surface	San Miguel Mine	0.65	1.055	123	43	96	75
815895	288616	2821825	880	Surface	San Miguel Mine	0.55	0.97	295	182	339	114
814734	292487	2824820	1460	Surface	Jabali mine II	0.65	15.95	1275	50	17	42
814735	292487	2824820	1460	Surface	Jabali mine II	0.55	0.998	641	43	12	45
814739	292450	2824837	1458	Underground	Jabali mine II	1.15	4.59	396	51	20	34
814741	292454	2824840	1458	Underground	Jabali mine II	0.75	6.54	157	36	17	58
814743	292466	2824837	1442	Underground	Jabali mine I	1.00	2.52	126	29	18	20
814744	292466	2824837	1442	Underground	Jabali mine I	1.00	2.69	55.9	30	13	38
814749	292508	2824820	1442	Underground	Jabali mine I	0.65	0.854	50.2	6	21	26
814852	292508	2824814	1442	Underground	Jabali mine I	0.60	2.01	201	9	9	21
814853	292508	2824814	1442	Underground	Jabali mine I	0.60	1.995	119	34	50	56
814854	292510	2824802	1442	Underground	Jabali mine I	0.50	1.475	19.4	15	17	20
814855	292512	2824792	1442	Surface	Jabali mine I	0.50	2.62	6.9	14	47	47
814768	290269	2823165	880	Surface	Copalquin East	0.80	1.01	770	2730	209	729

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Figure 3 Property-wide channelsampling results for the middle and south district sections within~50% of the 70 km2 mining concession area covering the CopalquinDistrict

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Figure 4 Target 1 channel sampling results.Mineralization of the Refugio structure to the west towards theGuacima Mine and La Soledad

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Figure 5 Target 5 channel sampling results. Several NWtrending structures with underground workings with strike lengths over1 km with high-grade channel sampling

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Figure 6 Channel sampling results atthe historic El Jabali underground mine in Target 3 where firstdrilling will commence early January 2026

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Figure 7 Channel sampling north of theTarget 1 resource drilling area

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Figure 8 Sampling along the Copalquin Structure at thehistoric workings of Zaragoza and Copalquin 800-900 metres southeastof the Target 1 resource area

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 Report filed 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 2 Mineral resource estimate El Refugio – LaSoledad 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

* 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 the Company’s opinionthere is reasonable potential for both gold and silver to be extractedand 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 this announcement that relates tosampling techniques and data, exploration results and geologicalinterpretation for Mithril’s Mexican project, has been compiled byMr Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort isa member of the Engineers and Geoscientists of British Columbia and aCertified Professional Geologist (P.Geo). This is a RecognisedProfessional Organisation (RPO) under the Joint Ore Reserves 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 with AMC, in September 2021to observe the drilling, logging, sampling and assay database. MrWebster consents to the inclusion in this report of the matters basedon information in the form and context in which it appears

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

A cautionary note regarding surface and channelsamples, which by their nature, are selective samples and may notrepresent true underlying mineralization.

Table 3 All Channel Sampling Results reported in thisannouncement

Sample	Easting (m)	Northing (m)	Elevation (m)	Surface/UG	Location	Width (m)	Au (g/t)	Ag (g/t)	Cu (g/t)	Pb (g/t)	Zn (g/t)
815785	288145	2823621	977	Underground	La Guacima	1.00	0.014	2.5	26	21	57
815786	288144	2823622	977	Underground	La Guacima	1.00	0.027	0.7	11	10	52
815788	288144	2823623	977	Underground	La Guacima	1.00	0.031	0.7	9	11	48
815789	288144	2823624	977	Underground	La Guacima	1.00	0.012	0.5	4	12	142
815790	288143	2823625	977	Underground	La Guacima	1.00	0.028	1.7	20	19	288
815791	288143	2823625	977	Underground	La Guacima	1.00	0.023	1.8	28	14	318
815792	288142	2823626	977	Underground	La Guacima	1.00	0.009	1.9	28	16	71
815793	288142	2823627	977	Underground	La Guacima	1.00	0.025	3.1	38	14	75
815794	288142	2823628	977	Underground	La Guacima	1.00	0.029	2.6	7	11	18
815795	288141	2823629	977	Underground	La Guacima	1.00	0.244	16	7	13	16
815796	288141	2823630	977	Underground	La Guacima	1.00	0.067	9	5	24	13
815797	288141	2823631	977	Underground	La Guacima	1.00	0.044	6.8	4	14	13
815798	288140	2823632	977	Underground	La Guacima	1.00	0.051	6.7	5	14	19
815799	288140	2823633	977	Underground	La Guacima	1.00	0.014	1.5	5	9	31
815816	287796	2822247	762	Surface	Los Martires	1.00	0.063	5.9	89	1075	955
815817	287779	2822260	766	Surface	Los Martires	0.30	0.224	36	36	1605	2180
815818	287739	2822235	794	Surface	Los Martires	1.20	0.006	1	38	1290	189
815819	287738	2822235	794	Surface	Los Martires	0.80	0.006	1.2	86	150	306
815820	287880	2822314	720	Surface	Los Martires	0.90	0.8	106	28	482	332
815821	287894	2822314	698	Surface	Los Martires	1.00	0.033	1.9	24	380	576
815822	288364	2822425	773	Surface	Apomal	0.50	0.173	25	13	89	111
815824	288868	2822377	872	Surface	Candelaria	0.50	0.29	33	25	55	109
815826	287526	2821913	749	Surface	El Limon	0.50	2.53	501	116	205	130
815828	287455	2821862	755	Surface	El Limon	0.80	0.038	12	21	125	696
815829	287143	2821927	778	Surface	El Limon	0.50	0.218	21	125	148	259
815830	287142	2821925	777	Surface	El Limon	0.80	0.239	13	73	94	178
815831	287118	2821863	748	Surface	El Limon	1.00	0.025	2.5	10	15	60
815832	287126	2821566	724	Surface	El Limon	0.30	0.643	60	8	23	29
815833	287098	2821670	721	Surface	El Limon	1.00	0.2	17	13	13	55
815834	287099	2821670	721	Surface	El Limon	1.00	0.668	26	36	11	49
815835	287021	2821431	655	Surface	El Limon	0.50	0.257	7.3	15	6	21
815836	287707	2823720	994	Surface	El Platano	1.00	<0.005	1.2	14	6	2
815837	287697	2823718	1000	Surface	El Platano	1.00	0.006	2	9	14	3
815838	287697	2823719	1000	Surface	El Platano	0.80	<0.005	0.9	4	8	3
815839	287650	2823707	979	Surface	El Platano	0.80	3.55	77	123	1120	35
815840	287650	2823708	978	Surface	El Platano	1.00	0.461	16	49	181	71
815841	287658	2823704	977	Surface	El Platano	0.80	0.017	1.6	7	20	22
815843	287627	2823692	980	Surface	El Platano	0.73	1.04	48	36	47	25
814726	293214	2825424	2059	Surface	El Duraznal	0.75	0.103	<0.5	5	20	40
814727	293264	2825280	2033	Surface	El Duraznal	0.50	0.006	<0.5	7	13	24
814728	293137	2825317	1991	Surface	El Duraznal	0.50	<0.005	<0.5	3	13	40
814729	293063	2825380	1972	Surface	El Duraznal	0.50	<0.005	<0.5	4	13	38
814730	293055	2825401	1985	Surface	El Duraznal	0.50	<0.005	<0.5	4	12	35
814731	292907	2825392	1895	Surface	El Duraznal	0.50	<0.005	<0.5	5	19	57
814732	292838	2825462	1865	Surface	El Duraznal	0.80	<0.005	<0.5	6	16	46
815772	287843	2822716	766	Surface	Apomal	0.50	16.8	625	98	240	164
815844	287622	2823393	1014	Surface	El Gallo Sur	0.40	0.099	1.9	3	15	19
815845	287626	2823395	1014	Surface	El Gallo Sur	0.40	0.065	3.1	3	50	10
815846	288338	2823254	757	Surface	La Higuerita	0.70	0.028	9.9	11	107	73
815847	288335	2823251	756	Surface	La Higuerita	0.70	0.023	2	40	61	76
815848	288341	2823264	763	Surface	La Higuerita	0.50	0.008	0.8	23	113	140
815849	288350	2823271	771	Surface	La Higuerita	0.90	0.024	1.4	20	27	35
815851	288351	2823272	772	Surface	La Higuerita	0.90	0.012	1.6	20	29	60
815852	288351	2823272	772	Surface	La Higuerita	0.90	0.014	2.2	16	44	78
815853	288354	2823275	773	Surface	La Higuerita	0.80	0.072	5.5	17	310	175
815854	288423	2823464	799	Surface	La Higuerita	0.70	0.143	2.6	25	19	43
815855	288443	2823438	818	Surface	La Higuerita	0.50	0.008	0.6	13	32	70
815856	288393	2823373	770	Surface	La Higuerita	0.50	0.143	4.6	108	24	22
815857	288394	2823308	824	Surface	La Higuerita	0.50	0.011	0.5	10	15	53
815858	288389	2823307	808	Surface	La Higuerita	0.50	0.005	1.1	80	27	42
815859	288354	2823267	764	Surface	La Higuerita	0.50	0.109	9.2	20	48	68
815860	289063	2822631	792	Surface	La Maquina	0.70	0.008	0.6	31	19	80
815861	288177	2823358	727	Surface	La Higuerita	0.50	0.008	0.5	9	25	30
815862	288074	2823208	761	Surface	La Higuerita	0.50	0.084	0.7	14	140	121
815863	288066	2823213	751	Surface	La Higuerita	0.50	0.012	0.6	30	9	31
815864	287910	2823328	793	Surface	El Gallo Sur	0.60	0.018	0.7	42	25	37
815865	287912	2823404	819	Surface	El Gallo Sur	0.80	0.013	2.6	22	60	64
815866	288133	2823628	994	Surface	La Guacima	0.70	0.058	4.7	6	8	10
815868	288133	2823629	994	Surface	La Guacima	0.70	0.025	2.4	4	23	8
815869	288132	2823629	995	Surface	La Guacima	1.00	0.477	47	21	76	57
815870	288131	2823630	995	Surface	La Guacima	1.00	0.328	36	10	40	15
815871	288131	2823631	996	Surface	La Guacima	1.00	0.238	19	24	34	87
815873	288130	2823631	996	Surface	La Guacima	0.50	3.01	198	13	105	81
815874	288163	2823645	1010	Surface	La Guacima	0.50	0.007	0.8	5	5	20
815876	288162	2823645	1007	Surface	La Guacima	0.50	0.019	6.7	8	8	15
814754	294161	2823521	1515	Surface	El Peru	0.50	<0.005	<0.5	15	9	52
814755	294163	2823523	1515	Surface	El Peru	0.50	<0.005	<0.5	21	12	75
814756	294168	2823544	1517	Surface	El Peru	1.00	<0.005	<0.5	19	12	71
814757	294160	2823652	1580	Surface	El Peru	0.50	<0.005	<0.5	9	6	17
814758	294156	2823654	1581	Surface	El Peru	0.50	<0.005	<0.5	13	11	46
814759	294155	2823659	1582	Surface	El Peru	0.80	<0.005	<0.5	8	7	20
814760	294180	2824644	1733	Surface	Santa Cruz	0.50	<0.005	<0.5	7	15	47
815801	289205	2821765	840	Surface	Candelaria Sur	0.50	0.302	1.2	9	32	89
815802	289195	2821718	828	Surface	Candelaria Sur	0.50	0.005	<0.5	14	<2	12
815803	289195	2821719	828	Surface	Candelaria Sur	0.50	<0.005	<0.5	16	3	9
815804	289196	2821720	828	Surface	Candelaria Sur	1.00	<0.005	<0.5	9	5	14
815805	289196	2821721	828	Surface	Candelaria Sur	1.00	<0.005	<0.5	14	8	20
815806	289205	2821653	810	Surface	Candelaria Sur	0.60	0.011	0.6	12	309	309
815807	289249	2821686	822	Surface	Candelaria Sur	0.55	0.008	1.2	14	156	127
815808	289250	2821684	822	Surface	Candelaria Sur	0.50	0.01	1.8	29	217	211
815809	289282	2821783	843	Surface	Candelaria Sur	1.00	0.005	<0.5	9	11	43
815810	289279	2821777	842	Surface	Candelaria Sur	0.50	<0.005	<0.5	6	8	34
815811	289284	2821789	848	Surface	Candelaria Sur	1.00	0.005	0.6	42	703	31
815813	289311	2821868	873	Surface	Candelaria Sur	0.50	0.042	1.9	133	404	351
815814	289311	2821908	900	Surface	Candelaria Sur	0.50	0.009	0.5	17	158	343
815815	289313	2821924	904	Surface	Candelaria Sur	0.50	0.005	<0.5	9	49	65
814801	291992	2824829	1344	Surface	Northwest Jabali	0.70	<0.005	<0.5	6	8	22
814802	291992	2824829	1344	Surface	Northwest Jabali	0.90	<0.005	<0.5	5	8	25
814803	291992	2824829	1344	Surface	Northwest Jabali	0.90	<0.00 5	<0.5	2	8	31
814804	291371	2824431	1224	Surface	West of Jabali	0.70	<0.005	<0.5	50	18	96
814805	291371	2824431	1224	Surface	West of Jabali	0.90	<0.005	0.7	71	22	110
814806	291371	2824431	1224	Surface	West of Jabali	0.90	<0.005	<0.5	50	26	141
814807	291371	2824431	1224	Surface	West of Jabali	0.70	<0.005	0.5	37	38	95
814808	291371	2824431	1224	Surface	West of Jabali	1.00	<0.005	<0.5	32	10	77
815896	287663	2822032	808	Surface	Camino El Limon	0.60	0.617	136	62	5180	796
815897	287646	2822082	820	Surface	Camino El Limon	0.40	0.875	179	31	2080	281
815898	287615	2822234	835	Surface	Camino El Limon	1.10	0.873	149	41	135	182
815899	287616	2822235	835	Surface	Camino El Limon	0.50	0.558	86	40	155	144
815901	288264	2821508	760	Surface	El Limon	0.40	0.037	27	58	1115	471
815903	287905	2821229	678	Surface	El Limon	0.50	0.008	0.6	14	60	83
815877	288719	2821916	924	Surface	Candelaria Working	0.80	0.129	24	44	613	187
815878	288719	2821917	924	Surface	Candelaria Working	0.50	0.021	4.9	47	31	418
815879	288720	2821917	924	Surface	Candelaria Working	0.90	0.011	3.5	47	26	540
815880	288720	2821917	924	Surface	Candelaria Working	0.65	0.045	3.8	32	217	400
815881	288721	2821917	925	Surface	Candelaria Working	0.80	0.008	2.2	30	28	716
815882	288721	2821918	925	Surface	Candelaria Working	0.60	0.012	4.7	15	21	311
815883	288722	2821918	925	Surface	Candelaria Working	0.50	0.015	2.9	15	50	200
815884	288727	2821910	923	Surface	Candelaria Working	0.50	0.047	15	44	1375	228
815885	288724	2821914	923	Surface	Candelaria Working	0.60	0.216	320	74	2080	259
815886	288635	2821817	874	Underground	San Miguel Mine	0.75	1.71	314	208	339	277
815887	288634	2821817	874	Underground	San Miguel Mine	0.75	0.357	68	143	194	183
815888	288632	2821819	874	Underground	San Miguel Mine	0.60	1.23	335	92	152	134
815889	288631	2821818	874	Underground	San Miguel Mine	0.55	0.606	68	133	223	220
815890	288631	2821818	874	Underground	San Miguel Mine	0.55	0.188	43	25	38	99
815891	288627	2821820	876	Underground	San Miguel Mine	0.60	38.3	4520	1945	4460	523
815892	288625	2821822	878	Underground	San Miguel Mine	0.60	0.482	77	546	415	143
815893	288621	2821823	878	Underground	San Miguel Mine	0.60	0.624	60	196	499	188
815894	288617	2821825	880	Surface	San Miguel Mine	0.65	1.055	123	43	96	75
815895	288616	2821825	880	Surface	San Miguel Mine	0.55	0.97	295	182	339	114
814733	292490	2824846	1465	Surface	El Jabalí NW	0.50	0.005	<0.5	7	12	78
814734	292487	2824820	1460	Surface	Jabali mine II	0.65	15.95	####	50	17	42
814735	292487	2824820	1460	Surface	Jabali mine II	0.55	0.998	641	43	12	45
814736	292486	2824819	1461	Surface	Jabali mine II	0.50	0.033	12	19	12	46
814737	292486	2824819	1461	Surface	Jabali mine II	0.60	0.025	3.1	9	16	72
814738	292487	2824822	1460	Surface	Jabali mine II	0.50	0.037	5.1	14	14	54
814739	292450	2824837	1458	Underground	Jabali mine II	1.15	4.59	396	51	20	34
814741	292454	2824840	1458	Underground	Jabali mine II	0.75	6.54	157	36	17	58
814742	292455	2824834	1458	Underground	Jabali mine II	0.50	0.487	3.7	31	12	43
814743	292466	2824837	1442	Underground	Jabali mine I	1.00	2.52	126	29	18	20
814744	292466	2824837	1442	Underground	Jabali mine I	1.00	2.69	56	30	13	38
814745	292470	2824842	1442	Underground	Jabali mine I	0.90	0.368	29	16	10	31
814746	292470	2824842	1442	Underground	Jabali mine I	0.85	0.43	32	14	11	34
814747	292473	2824846	1442	Underground	Jabali mine I	1.00	0.16	1.2	13	12	58
814748	292509	2824826	1442	Underground	Jabali mine I	1.00	0.125	4.7	13	9	32
814749	292508	2824820	1442	Underground	Jabali mine I	0.65	0.854	50	6	21	26
814852	292508	2824814	1442	Underground	Jabali mine I	0.60	2.01	201	9	9	21
814853	292508	2824814	1442	Underground	Jabali mine I	0.60	1.995	119	34	50	56
814854	292510	2824802	1442	Underground	Jabali mine I	0.50	1.475	19	15	17	20
814855	292512	2824792	1442	Surface	Jabali mine I	0.50	2.62	6.9	14	47	47
814856	292480	2824724	1374	Surface	El Jabalí W	0.50	0.092	4.9	11	11	32
814857	292480	2824722	1374	Surface	El Jabalí W	0.60	0.213	1.6	15	5	14
814809	291222	2824933	1458	Surface	NE of Los Reyes	1	0.009	<0.5	3	10	14
814810	291225	2824918	1458	Surface	NE of Los Reyes	0.5	0.032	0.6	7	21	19
814811	291221	2824914	1459	Surface	NE of Los Reyes	1	0.008	0.9	6	26	18
814812	291235	2824868	1445	Surface	NE of Los Reyes	1	0.018	1.9	5	27	36
814813	291248	2824804	1406	Surface	NE of Los Reyes	0.5	<0.005	<0.5	2	16	60
814814	291247	2824800	1407	Surface	NE of Los Reyes	1	<0.005	<0.5	2	8	27
814816	290502	2824428	1076	Surface	NE of Los Reyes	0.8	<0.005	<0.5	5	12	10
814817	290502	2824420	1076	Surface	NE of Los Reyes	0.7	0.296	3.4	7	16	44
814818	290502	2024420	1076	Surface	NE of Los Reyes	0.9	0.014	<0.5	4	9	15
814861	294738	2823013	1755	Surface	Desecho Perú	0.50	<0.005	<0.5	2	15	17
814862	294733	2823015	1747	Surface	Desecho Perú	0.50	<0.005	<0.5	1	15	22
814863	294733	2823015	1747	Surface	Desecho Perú	0.50	<0.005	<0.5	3	15	23
814864	294893	2822934	1869	Surface	Desecho Perú	0.50	<0.005	<0.5	4	12	32
814761	290361	2823150	904	Surface	Copalquin East	0.50	0.005	0.7	58	39	86
814762	290365	2823150	905	Surface	Copalquin East	0.80	0.15	12	146	136	152
814763	290367	2823151	905	Surface	Copalquin East	0.70	0.189	17	175	88	86
814764	290368	2823153	905	Surface	Copalquin East	0.50	0.038	11	159	143	164
814765	290384	2823160	911	Surface	Copalquin East	0.50	0.005	1.1	74	30	32
814766	290424	2823181	934	Surface	Copalquin East	0.60	0.023	0.6	25	27	50
814767	290502	2823173	967	Surface	Copalquin East	0.50	0.009	1.2	37	148	9
814768	290269	2823165	880	Surface	Copalquin East	0.80	1.01	770	2730	209	729
814769	290270	2823166	880	Surface	Copalquin East	0.50	0.077	13	131	80	113
814770	290273	2823163	880	Surface	Copalquin East	0.50	0.106	7.2	76	233	92

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 x 50 m grid or every 20m on N–S lines 50 m apart. These samples are consideredrepresentative of the medium being sampled and lines are appropriatelyoriented 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 metallurgical studies. Whether logging is qualitative or quantitative innature. 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 and metallurgical 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 after sampling. Core is wettedto improve visibility of features in the photos. 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 Resource estimation. 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 first collected at 15 metersdownhole, and then every 50 meters until the end of the hole.Locations for holes have been surveyed with differential GPS to a sub10 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 does not detract from the understanding of thereport, the Competent Person should clearly explain why this is thecase.

See Table 3 in the announcement for full details of thechannel sample results

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 clearly stated.

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 early stage,the metallurgical recoveries are assumed to be equal (93%), Subsequentpreliminary metallurgical test work produced recoveries of 91% forsilver and 96% for gold (ASX Announcement 25 February 2022).
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, true widths are not yetknown since we are still in the early stages of targetdefinition.
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 exploration data

Other exploration data, if meaningful and material,should be reported including (but not limited to): geologicalobservations; geophysical survey results; geochemical survey results;bulk samples – size and method of treatment; metallurgical testresults; bulk density, groundwater, geotechnical and rockcharacteristics; 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 ASX announcement 16Oct. 2025, 300 Metre T1 Extension -10.9 G/T AUEQover 8.03m

2 See ASX announcement 28Aug. 2025 MTH ACCELERATES EXPLORATION WITH NEWDRILLING AT TARGET 5

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