Mithril Silver And Gold December 2025 Quarterly Report Continued Exploration Success

(TheNewswire)

Melbourne, Australia and Vancouver, Canada – January30, 2026 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the"Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleasedto provide its December 2025 quarterly activities and cash flow reportfor its Copalquin and La Dura properties in Durango State,Mexico.

EXPLORATION HIGHLIGHTS

District-Scale Discovery Progressing – CopalquinGold–Silver Project, Mexico

Copalquin confirmed as a large, vertically extensiveepithermal gold–silver system, withmineralisation defined over 9 km strikelength and 1,200 mvertical extent, with multiple targets, adominant east–west structural corridor and multiplenorthwest-trending structures within the 70 km2 mining concession area.

Target 1 – Refugio–La Soledad (Maiden ResourceGrowth)

• Ongoing drilling continued to expand and infill theTarget 1 resource area and allow development of a geology model thatis now robust and predictive. Updating of the maiden resource atTarget 1 is planned for Q2, following a 3,000 metre drill programme toinfill key areas in the model.  Beyond the resource update drilling,Target 1 is still open at depth, west towards El Gallo and thenorthwest extension of the La Soledad structure. 

• Highlight intercepts reported include: 1 

• • 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m(MTH-RE25-44), including 

2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m,plus

2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35m

• • 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m(MTH-RE25-45), including 

4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7m

The above intercepts extend the Target 1 strike over30%

Target 5 – Apomal–Candelaria Silver-Rich System(New Target Area – first drilling)

• Maiden drilling confirmed a silver-dominant epithermalsystem developed at lower elevation within the Copalquin district. Multiple, parallel NW trending veins hosted in the granodioriteintrusive in the southwest area of the district. 

• Highlight results include: 2 

  • 2.75 m @ 660 g/t AgEq (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/tsilver) from 94.7 m

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

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

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

0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver)from 138.1 m, plus

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

• Surface and channel sampling up to 3,300 g/t Ag and 2.0 g/t Au over 1.4 m3 and 4,520 g/t Ag and 38.3 g/t Au over 0.60 m4 from historicworkings. 

• Drilling to date has tested only a small proportion ofmapped veins, highlighting substantial upside potential at this largetarget area 

Target 3 – El Jabali-Guadelupe (Maiden DrillProgramme in January 2026)

• Mapping and sampling continued to define a coherenttarget on the eastern side of the Copalquin system adjacent to one ofthe multiple rhyolite domes that feature across the 10 km longdistrict trend 

• Channel sampling highlights included 0.65 m @ 16.0 g/t Au, 1,275 g/t Ag (ElJabali area) 

• Subsequent to the end the quarter, the maiden drillprogramme has commenced at Target 3 in January 2026.5 

District Geological Model Strengthened

Integrated mapping, sampling, spectral analysis andpetrography have confirmed:

• a dominant east–west corridor hosting high-gradegold-silver mineralisation; 

• northwest-trending and cross-cutting ‘feeder’structures 

• vertically zoned silver and gold mineralisation rangingfrom silver rich to gold rich across the district for 9 km. 

• multiple mineralised centres analogous to Mexicanepithermal districts throughout the Sierra Madre Gold-Silvertrend. 

• Subsequent to the end of the quarter, an aerialmagnetic survey commenced over the Copalquin mining concession area. This is expected to confirm and reveal the key structures, includingshear zones, faults and other geologic features, responsible for thewidespread silver and gold mineralisation across the CopalquinDistrict 

Acquisition of the La Dura Mining Concessions, Adjacentto Mithril’s Copalquin Property6

La Dura consists of 5 contiguousmining concessions with a total area of 2,052 hectares and located inDurango State, Mexico, 5 km from the town of El Durazno and 20 km fromMithril’s flagship Copalquin property.

The property hosts a significant Au?Ag sheeted to stockwork vein systemassociated with NW striking faults in Tertiary rhyolite. Mineralization occurs on surface along 650 metres of strike and hasbeen mined in the San Manuel shoot at the La Dura historic mine, toabout 140 metres depth. Veins are characterised by low sulphidemineralisation with minimal to no alteration of the host rhyolitetuff.  Historically, the veins have been exploited and exploredsolely on the progress of the underground workings and assaying.  Theproject warrants property scale mapping, wide spaced soil sampling andchannel sampling to develop targets for drill testing.  A LiDARsurvey has been completed (awaiting interpretation) and an aerialmagnetic survey is scheduled to be flown uponcompletion of the survey underway at Copalquin, both as precursors toa field programme.

The veins at the various workings appear to be hostedby upper series volcanic rocks and may have significant depthpotential should they extend into the lower series andesitic rocks atsome greater depth.

Corporate

• The Annual General Meeting was held on 5th November 2025 with all resolutionspassed 

• Cash balance of A$14.1M at end of the December 2025quarter and Mithril remains debt free 

• Mexican value added tax refunds have slowed towards theend of 2025. A refund of MXN3.8M (~A$0.32M) was received in January2026.  Approximately MXN10M (~A$0.8M) of refunds for 2025 are inprocess and it is anticipated these will complete over the comingmonths. 

Commenting on the December 2025 quarter, ManagingDirector and CEO John Skeet said:

“The December quarter marked another period ofsignificant exploration progress at Copalquin. Drilling at Target 1continued to expand the scale of the mineralised system ahead of theupcoming resource update, while Target 5 has emerged as a compellingsilver-rich growth opportunity within the south-west of thedistrict.

At the same time, we advanced Target 3 to be drillready (commenced January 2026) and strengthened our district-scalegeological model through systematic mapping, sampling and geophysicalwork. These results continue to reinforce our view that Copalquinrepresents a large, vertically extensive epithermal gold–silversystem with multiple high-grade centres and substantial resourcegrowth potential.  Firming of the key structural targets for drilltesting in the coming months will follow completion of the aerialmagnetic survey (commenced in January 2026).

The addition of the nearby La Dura mining concessionsto the portfolio takes advantage of our established presence in thearea to progress another compelling gold-silver property, utilisingour Copalquin experience and with minimal financial commitment.

With a strong treasury and multiple drill programmesunderway, Mithril is well positioned to achieve its explorationmilestones in 2026.”

Copalquin District and La Dura Property - 2026

 
Click Image To View Full Size

Figure 1 Mithril’s Copalquin and LaDura property locations in Durango State, Mexico

Click Image To View Full Size

Figure 2 LiDAR identified historicworkings across the 70km2 district. Current drilling locations atTarget 1 west and Target 5 (El Apomal), and recent drilling atZaragoza mine in Target 1 south, high priority drill target area of LaConstancia-El Jabali (Target 3).  Several new areas highlightedacross the district for follow-up work including recently sampledTarget 6

CORPORATE AND FINANCIAL SUMMARY

• The Annual General Meeting was held on 5th November 2025 with all resolutionspassed 

• Cash balance of A$14.1M at end of the December 2025quarter and Mithril remains debt free 

• Mexican value added tax refunds have slowed towards theend of 2025. A refund of MXN3.8M (~A$0.32M) was received in January2026.  Approximately MXN10M (~A$0.8M) of refunds for 2025 are inprocess and it is anticipated these will complete over the comingmonths. 

Exploration Expenditure

Exploration expenditure for the quarter was A$3.88Mfocussed entirely on the Copalquin District in Mexico.

Related party Payments

In line with its obligations under ASX Listing Rule5.3.5, Mithril Silver and Gold Limited notes that the only payments torelated parties of the Company, as advised in the Appendix 5B for theperiod ended 31 December 2025, pertain to payments to directors andconsultants for fees, salary and superannuation

PLANNED EXPLORATION ACTIVITIES – MARCH 2026QUARTER

During the March 2026 quarter, Mithril plans to:

• Complete resource expansion and infill drilling atTarget 1; 

• Progress the Target 1 Mineral Resource Estimateupdate; 

• Advance drilling programs at Target 5; 

• Commence maiden drilling at Target 3; 

• Complete interpretation of the aerial magneticsurvey; 

• Advance drill plans for Targets 4 and 6 

• Develop drill plan for key Copalquin Districtstructural targets 

• Continue district-scale mapping, sampling and technicalstudies. 

Material ASX Announcements released during the December2025 quarter:

22 Dec 2025        Third Drill Mobilization &Expanded 2026 Exploration Program

05 Dec 2025        Mithril to Acquire The La DuraGold-Silver Property

01 Dec 2025        Exploration Sampling Up To 4,520G/T Silver, 38.2 G/T Gold

05 Nov 2025        Maiden T5 Drilling Up To 1,714G/T AgEq Over 1m

05 Nov 2025        Results of Meeting

16 Oct 2025        300 Metre T1 Extension -10.9 G/TAuEq Over 8.03m

09 Oct 2025        Silver Rich Target 5, SamplingUp To 3,300 g/t Silver

03 Oct 2025        Notice of Annual GeneralMeeting/Proxy Form

ABOUT THE COPALQUIN AND LA DURA GOLD SILVERPROPERTIES

Mithril is undertaking an aggressive explorationprogram in 2026, with 25,000 metres of drilling planned during thefirst half of the year across the Copalquin District. Upcoming workwill focus on expanding known mineralized zones, testing newhigh-priority targets, integrating district-wide geophysical data, andcontinuing to advance the Company’s district-scale explorationthesis.  The district features over 100 historic underground workingsincluding several notable producing multi-level mines and 200 surfaceworkings.  Mapping and sampling across the lower half of the 70km2 mining concession areademonstrates and a large epithermal silver-gold system with multipletarget areas for potential resource growth plus the conduit systemresponsible for the widespread silver and gold mineralisation.

The nearby 20 km2 La Dura property has recently been added to the portfoliowhere a LiDAR survey has been flown (interpretation anticipated inFebruary 2026) and will undergo an aerial magnetic survey in February2026, upon completion of the aerial magnetic survey atCopalquin.

Within 15 months of drilling in the Copalquin District,Mithril delivered a maiden JORC mineral resource estimate at the firstof several target areas (Target 1), demonstrating the high-grade goldand silver resource potential for the district. This maiden resourceis detailed below (see ASX release 17 November2021)^ and a NI 43-101 Technical Reportfiled on SEDAR+

Target 1 Maiden Resource:

• Indicated 691 kt @5.43 g/t gold,114 g/t silver for 121,000 oz goldplus 2,538,000 oz silver 

• Inferred 1,725 kt @4.55 g/t gold,152 g/t silver for 252,000 oz goldplus 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 estimateat Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/tAuEq*

*  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$10Mon or any time before 7 August 2028.

-ENDS-

Released with the authority of the Board.

For further information contact:

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

Tenement and Mining Concession Information – 31December 2025

Mithril Silver and Gold Limited Group

Australian Interests:

Mithril continues to hold a10% free carried interest in the Limestone Well tenements with Firefly Metals (formerly Auteco Minerals).

Mexican Operations:

Copalquin Property

Mithril has currently owns a 50% interest in the Copalquin mining concessions and has anexclusive option to purchase the remaining 50%(bringing Mithril’s ownership of the Copalquin mining concessions to 100%) by paying US$10M to the vendor on or anytime before 7 August 2026 (the due date for payment was initially 7 August 2023, and was extended by3 years by written agreement between Mithril and the vendor). Mithril has executed and registeredan agreement withthe vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7August 2028).

La Dura Property

In December 2026, Mithril executed an Agreement toacquire 100% interest in the La Dura mining concessions over a 4 yearperiod for a purchase price of US$4M (See ASX announcement: 05/12/2025- Mithril to Acquire the La Dura Gold-Silver Property)

Appendix 5B

Mining explorationentity or oil and gas exploration entity
quarterly cash flow report

Compliancestatement

1        This statement has been prepared inaccordance with accounting standards and policies which comply withListing Rule 19.11A.

2        This statement gives a true and fair viewof the matters disclosed.

Date:        30/1/26

Authorised by:        The Board

(Name of body or officer authorising release – seenote 4)

Notes

1.        This quarterly cash flow report and theaccompanying activity report provide a basis for informing the marketabout the entity’s activities for the past quarter, how they havebeen financed and the effect this has had on its cash position. Anentity that wishes to disclose additional information over and abovethe minimum required under the Listing Rules is encouraged to doso.

2.        If this quarterly cash flow report hasbeen prepared in accordance with Australian Accounting Standards, thedefinitions in, and provisions of, AASB 6:Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flowsapply to this report. If this quarterly cashflow report has been prepared in accordance with other accountingstandards agreed by ASX pursuant to Listing Rule 19.11A, thecorresponding equivalent standards apply to this report.

3.        Dividends received may be classifiedeither as cash flows from operating activities or cash flows frominvesting activities, depending on the accounting policy of theentity.

4.        If this report has been authorised forrelease to the market by your board of directors, you can insert here:“By the board”. If it has been authorised for release to themarket by a committee of your board of directors, you can insert here:“By the [name of board committee – egAudit and Risk Committee]”. If it has beenauthorised for release to the market by a disclosure committee, youcan insert here: “By the Disclosure Committee”.

5.        If this report has been authorised forrelease to the market by your board of directors and you wish to holdyourself out as complying with recommendation 4.2 of the ASXCorporate Governance Council’s CorporateGovernance Principles and Recommendations, theboard should have received a declaration from its CEO and CFO that, intheir opinion, the financial records of the entity have been properlymaintained, that this report complies with the appropriate accountingstandards and gives a true and fair view of the cash flows of theentity, and that their opinion has been formed on the basis of a soundsystem of risk management and internal control which is operatingeffectively.

1 See ASX announcement 16Oct. 2025, 300 Metre T1 Extension -10.9 G/T AUEQover 8.03m

2 See ASX announcement 5Nov. 2025, MAIDEN T5 DRILLING UP TO 1,714 G/T AGEQ OVER 1M

3 See ASX announcement:09/10/2025 - SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/TSILVER

4 See ASX announcement:01/12/2025 - Exploration Sampling up to 4,520 G/T Silver, 38.2 G/TGold

5 See ASX announcement:15/01/2026 – MTH Kicks off Maiden Drill Programme at Target 3

6 See ASX announcement:05/12/2025 - Mithril to Acquire the La Dura Gold-SilverProperty

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