Mithril Silver And Gold September 2025 Quarterly Activites Report Accelerating Exploration Progress
(TheNewswire)
October 31, 2025 - Melbourne,Australia and Vancouver, Canada – TheNewswire- Mithril Silver and Gold Limited("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH)is pleased to provide its September 2025quarterly activities report at its Copalquin District – Durango State, Mexico
“The September quarter marked another strong periodof progress for Mithril with two drills turning and a third drillscheduled for Target 3”, said John Skeet, Managing Director &CEO, “ Drilling is underway atTarget 5, while drilling at Target 1 continues to expand the resourcefootprint and refine our 3D geological model . Systematic mapping and sampling have defined continuousmineralisation stretching nine kilometres across the southern half ofdistrict and 1,300 metres vertically. We are rapidly advancing our district scale geology model,focused on identifying the major feeder system driving gold-silvermineralisation across multiple deposits within thedistrict.”
“With the completion of the C$11.5 million placementin July and a strong quarter-end cash balance of A$18.3 million,Mithril is well positioned to execute its accelerated explorationprogram into 2026. We anticipate significant news flow for the restof the year and into next year, as we accelerate exploration workacross the district and receive pending assay results for completeddrill holes.”
Exploration Highlights:
Drilling progressed at Target 1 with high-gradeintercepts expanding mineralisation to the east and west. Recentlyreleased intercepts including 7.19 g/t gold, 260g/t silver over 8.03 m from 257.72 m 1 (MTH-RE25-45), extend the strike 300m further west of theTarget 1 maiden resource and 8.63 g/t gold, 41.2g/t silver over 3.3 m from 169.7 m 2 (MTH-LS25-36) onthe east
The resource drilling and 3D modelling at Target 1 havesignificantly refined the geological interpretation and definition ofmineralized domains, with the completion of resource update drillinganticipated in early 2026. First drilling southeast of the resourcearea at Target 1 along the 2 km long CopalquinStructure intercepted 6.40g/t gold, 4,400 g/t silver over 0.57m from342.4m (MTH-ZG25-37), 160 m below the Zaragozaworkings. The Copalquin Structure is developing as a key feature inthe large epithermal gold-silver system.
Drilling commenced at Target 5 with 12 holes completedand assays pending. Target 5 now covers 2 km x 2 km with 3,300 g/t silver, 2.0 g/t gold over 1.3m 3 from channelsampling at the Tasolera mine workings. The Target 5 hassuccessfully intercepted targeted structures 300 metres along strikeand over 100 metres below the Apomal workings in the first phase ofdrilling.
Channel Sampling at the multi-level Santa Cruz mine atthe eastern side of the district returned up to 57.8 g/t gold, 2,120 g/t silver over0.70 m 4 defining a newtarget area (Target 6).
Corporate
A share placement in July 2025 was successfullycompleted for C$11.5M before costs, further upgrading Mithril’sshareholder register with over 40% of shares now held by globalinstitutional investors
Cash balance of A$18.3M at end of the September 2025quarter and Mithril remains debt free
Mithril’s common shares qualified to trade on theOTCQB® Venture Market ("OTCQB") in the United States underthe symbol MTIRF.
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-gradegold-silver JORC mineral resource estimate (MRE)at the Target 1 area (El Refugio-La Soledad) 5 and a NI 43-101Technical Report filed on SEDAR+, supported by a conceptionalunderground mining study completed on the maiden resource in early2022 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.
Figure 1 –Copalquin District location map, locations of mining and explorationactivity and local infrastructure.
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
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
Exploration Work
Overall, excellent progress continued throughout thequarter with detailed mapping and sampling and continuous drilling bythe two drills. Target 1 drilling progressed with drill interceptseast and west of the Target 1 resource successfully interceptinghigh-grade gold and silver mineralisation. Several further drill holesare completed with assays pending.
Drilling commenced at Target 5 with the first 12 drillholes completed and assays pending.
The first drill holes were completed beneath theZaragoza mine workings, successfully intercepting deeper high-gradegold and silver.
Several geological control holes were completed nearLos Pinos and Los Reyes along the extensive east-west structure toacquire data on the geological domains and structures for the geologicmodel development.
Channel sampling during the quarter was extensive withexcellent results returned for Target 3 pre drilling, Target 5expansion, the new Target 6 (Santa Cruz mine) and Target 1west.
Drill Highlights at Target 1 included:
Drilling at La Soledad, the NWtrending structure on the eastern side of Target 1 , produced further excellent results with the highlight drillholes MTH-LS25-35 and MTH-LS25-36 6 . These holesconfirm mineralisation down dip from the existing block model, andthat mineralisation is still open at depth.
MTH-LS25-35 1.1m @ 9.95 g/t gold, 44.6 g/t silver from156.9m
MTH-LS25-36 0.5 m @ 3.21 g/t gold, 13.8 g/t silver from103.3 m
MTH-LS25-36 3.3 m @ 8.63 g/t gold, 41.2 g/t silver from169.7 m, including
0.5 m @ 48.85 g/t gold, 91.55g/t silver from 169.7 m
Figure 4 Target 1 Drill results duringthe quarter including drilling reported after quarter-end, and showingthe 300 metre extension west
Figure 5 Cross sectionof holes MTH-RE25-44 and MTH-RE25-45 extending drilling 300 metreswest at Target 1
First Drilling at Zaragoza 7 , located 500 metres from the Refugio resource area (see Figure4 ) has yielded excellent results. Four holeshave been completed over a 200 metre strike length. Drill hole MTH-ZG25-37 intersectedsignificant gold and silver within two separate, broad structuresreturning:
MTH-ZG25-37 0.57 m @ 6.4 g/t gold, 4400 g/t silver from342.4 m
MTH-ZG25-37 0.66 m @ 3.49 g/t gold, 127 g/t silver from389.1 m
Target 3 – Channel Sampling in Preparation forDrilling 8
Significant gold and silver Target 3 channel samplinghighlights include:
1.0 m @ 1.08 g/t gold 114 g/t silver (527246;underground)
1.0 m @ 19.85 g/t gold 270 g/t silver ( 52724 8; underground)
1.0 m @ 3.49 g/t gold 231 g/t silver (527255;surface)
0.5 m @ 1.32 g/t gold 66 g/t silver (527256;surface)
1.0 m @ 2.31 g/t gold 60.8 g/t silver (527271;surface)
1.0 m @ 3.08 g/t gold 179 g/t silver (527272;surface)
0.5 m @ 1.46 g/t gold 50.6 g/t silver (527284;surface)
0.9 m @ 12.40 g/t gold 820 g/t silver (527285;surface)
0.6 m @ 2.54 g/t gold 170 g/t silver (742048;underground)
0.5 m @ 2.52 g/t gold 155 g/t silver (742049;underground)
0.6 m @ 1.02 g/t gold 83.3 g/t silver (814551;underground)
0.5 m @ 13.25 g/t gold 558 g/t silver (814552;underground)
0.5 m @ 4.04 g/t gold 314 g/t silver (814553;underground)
0.7 m @ 1.40 g/t gold 83.3 g/t silver (814557;surface)
0.65 m @ 5.67 g/t gold 365 g/t silver (814559;surface)
0.7 m @ 3.47 g/t gold 256 g/t silver (814565;surface)
0.5 m @ 5.80 g/t gold 1 g/t silver (814572;surface)
0.5 m @ 1.49 g/t gold 41.7 g/t silver (527288;underground)
0.8 m @ 1.02 g/t gold 41.7 g/t silver (814608;surface)
1.0 m @ 2.00 g/t gold 4.7 g/t silver (814609;surface)
1.0 m @ 1.73 g/t gold 27.6 g/t silver (814610;underground)
1.0 m @ 2.08 g/t gold 43.4 g/t silver (814611;underground)
0.8 m @ 1.34 g/t gold 52.0 g/t silver (814612;underground)
0.9 m @ 8.03 g/t gold 108 g/t silver (814613;underground)
0.7 m @ 8.81 g/t gold, 329 g/t silver ( Jabali Level 3; Target 3;Underground)
1.0 m @ 3.42 g/t gold, 194 g/t silver ( Jabali Level 3; Target 3;Underground)
0.7 m @ 5.16 g/t gold, 176 g/t silver ( Jabali Level 3; Target 3;Underground)
0.5 m @ 2.18 g/t gold, 100 g/t silver (North Jabali;Target 3; Surface)
Figure 6 Targets 3 and 6 areas with new channel sample assay resultsfor Target 3 area which is being prepared for maiden drill program viaaddition of a third drill rig
Target 6 is a recently definedzone located 1.4 km east of Target 3 (see Figure 6 ). Within the Target area lies the historic Santa Cruz minewhich hosts east-west trending, subvertical mineralized quartz veinsand northwest trending quartz breccias. Sampling of the undergroundworkings has yielded numerous high-grade goldand silver listed below (see Figure 7 ), including 0.70 m @ 57.8 g/t gold, 2,120 g/t silver and 0.70 m @ 23.2 g/t gold, 755 g/t silver. 9
0.70 m @ 57.8 g/t gold, 2,120 g/t silver (814673;underground, Santa Cruz Level 1)
0.70 m @ 23.2 g/t gold, 755 g/t silver (814665;underground, Santa Cruz Level 2)
0.50 m @ 28.1 g/t gold, 233 g/t silver (814681;underground, Santa Cruz Level 2)
0.80 m @ 17.4 g/t gold, 603 g/t silver (814674;underground, Santa Cruz Level 1)
0.50 m @ 14.35 g/t gold, 584 g/t silver (814658;underground, Santa Cruz Level 2)
0.70 m @ 9.06 g/t gold, 421 g/t silver (814664;underground, Santa Cruz Level 2)
0.55 m @ 7.68 g/t gold, 437 g/t silver (814685;underground, Santa Cruz Level 2)
0.80 m @ 7.11 g/t gold, 303 g/t silver (814657;underground, Santa Cruz Level 2)
0.50 m @ 8.42 g/t gold, 188 g/t silver (814669;underground, Santa Cruz Level 1)
0.50 m @ 8.28 g/t gold, 77 g/t silver (814660;underground, Santa Cruz Level 2)
0.50 m @ 3.94 g/t gold, 196 g/t silver (814683;underground, Santa Cruz Level 2)
0.90 m @ 4.50 g/t gold, 94.2 g/t silver (814659;underground, Santa Cruz Level 2)
0.70 m @ 1.78 g/t gold, 102 g/t silver (814687;underground, Santa Cruz Level 2)
0.50 m @ 2.18 g/t gold, 56.9 g/t silver (814679;underground, Santa Cruz Level 2)
0.50 m @ 1.45 g/t gold, 76.6 g/t silver (814663;underground, Santa Cruz Level 2)
1.00m @ 1.04 g/t gold, 64.1 g/t silver (814672;underground, Santa Cruz Level 1)
Figure 7 Channel sample results at the newly developing Target 6 (Santa Cruz historic minearea)
Target 5 Channel Sampling 10
Significant gold and silver Target 5 channel samplinghighlights include:
0.6 m @ 1.17 g/t gold 85 g/t silver ( 814016 ; surface)
0.55 m @ 1.17 g/t gold 34.1 g/t silver (814033;surface)
0.5 m @ 1.28 g/t gold 59.3 g/t silver (814037;surface)
0.5 m @ 1.29g/t gold 252 g/t silver (814045;surface)
0.5 m @ 3.07 g/t gold 34.2 g/t silver (814053;surface)
0.3 m @ 1.11 g/t gold 43.0 g/t silver (814058;surface)
0.50 m @ 27.9 g/t gold, 14 g/t silver (814239; surface,La Maquina)
0.30 m @ 9.60 g/t gold, 608 g/t silver (814194;surface, La Cucaracha)
0.20 m @ 2.02 g/t gold, 403 g/t silver (814198;surface, La Cucaracha)
0.50 m @ 3.54 g/t gold, 11.3 g/t silver (814212;surface, La Maquina)
1.00 m @ 1.08 g/t gold, 162 g/t silver (814224;surface, La Maquina)
0.50 m @ 1.04 g/t gold, 158 g/t silver (814191;surface, La Cucaracha)
0.50 m @ 0.28 g/t gold, 143 g/t silver (814220;surface, La Maquina)
Base metal sulphides have been observed in veins at LaMaquina
1.00m @ 0.09 g/t gold, 70 g/t silver, 1.22 % Lead, 1.83% Zinc (814260; surface, La Maquina)
Channel sampling is ongoing at this large target areain the southwest of the Copalquin District.
Figure 8 Target 5 new channelsample assay results. First drilling at Target 5 commenced duringthe quarter at the El Apomal mine area.
Further highlight channel sampling results at Target 5reported subsequent the quarter end:
0.5 m @ 3.89 g/t gold, 157 g/t silver (LaCandelaria)
1.0 m @ 0.893 g/t gold, 204 g/t silver (LaCandelaria)
0.5 m @ 0.145 g/t gold, 284 g/t silver (LaTasolera)
0.9 m @ 0.056 g/t gold, 227 g/t silver (LaTasolera)
0.5 m @ 3.76 g/t gold, 54.5 g/t silver(Candelaria)
0.65 m @ 3.75 g/t gold, 555 g/t silver (Apomal)
0.6 m @ 24.5 g/t gold, 670 g/t silver (Apomal)
1.00 m @ 0.459 g/t gold, 249 g/t silver (Tasolera Level2)
1.00 m @ 1.29 g/t gold, 264 g/t silver (ElJarillal)
0.50 m @ 4.69 g/t gold, 520 g/t silver (LosMartires)
Corporate
A share placement in July 2025 was successfullycompleted for C$11.5M before costs, further upgrading Mithril’sshareholder register with over 40% of shares now held by globalinstitutional investors
Cash balance of A$18.3M at end of the September 2025quarter and Mithril remains debt free
Mithril’s common shares qualified to trade on theOTCQB® Venture Market ("OTCQB") in the United States underthe symbol MTIRF
Mithril successfully completed its divestment of itsremaining interest in the Lignum Dam tenements in WA
Exploration Expenditure
Exploration expenditure for the quarter was A$4.87Mfocussed entirely on the Copalquin District in Mexico. This includedsome delayed drill invoicing from the previous quarter.
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 30 September 2025, pertain to payments to directors andconsultants for fees, salary and superannuation
Material ASX Announcements released during theSeptember 2025 quarter:
29/09/2025 Management Discussion andAnalysis
29/09/2025 Annual Report toshareholders
09/09/2025 Investor Presentation
09/09/2025 Annual General Meeting
05/09/2025 Change of Director'sInterest Notices x 4
04/09/2025 Updated ASX Announcement
03/09/2025 Issue of Options under EmployeeIncentive Securities Plan
28/08/2025 MTH ACCELERATES EXPLORATION WITHNEW DRILLING AT TARGET 5
21/08/2025 Investor Presentation
13/08/2025 Mithril Silver and Gold AnnouncesUS Listing on OTCQB
31/07/2025 Quarterly Activities/Appendix 5BCash Flow Report
30/07/2025 Change in substantialholding
29/07/2025 High-Grade Channel SamplingResults
25/07/2025 CLOSING OF C$11.5 MILLIONBROKERED PRIVATE PLACEMENT
11/07/2025 MITHRIL ARRANGES UP TO C$11.5MPLACEMENT
09/07/2025 $10 Million Brokered PrivatePlacement
07/07/2025 MTH EXTENDS 8 KM LONG HIGH-GRADEGOLD-SILVER SYSTEM
Subsequent to end of the September 2025 quarter
16/10/2025 300 Metre T1 Extension -10.9 G/TAUEQ over 8.03m
09/10/2025 SILVER RICH TARGET 5, SAMPLING UPTO 3,300 G/T SILVER
03/10/2025 Notice of Annual GeneralMeeting/Proxy Form
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 notable production. The district is within the SierraMadre Gold Silver Trend which extends north-south along the westernside of Mexico and hosts many world-class gold and silver deposits.
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 1 Mineral resource estimate ElRefugio – La Soledad 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 . At this earlystage, the metallurgical recoveries were assumed to be equal (93%).Subsequent preliminary metallurgical test work produced recoveries of91% for silver and 96% for gold (ASX Announcement 25 February 2022)and these will be used when the resource is updated in the future. In the Company’s opinion there is reasonable potential for bothgold and silver 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.
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 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.
Mithril Silver and Gold Limited Group
Tenement and Mining Concession Information - 30September 2025
Australian Interests:
Mining Concession | Tenement title number | Interest owned % |
Murchison Area (Limestone Well) | E20/846 | 10.00 |
Murchison Area (Limestone Well) | E57/1069 | 10.00 |
Mithril continues to hold a 10% free carried interest in the Limestone Well tenements with Firefly Metals (formerly Auteco Minerals).
Mexican Operations:
Mining Concession | Mining Concession title number | Interest owned % |
LA SOLEDAD | 52033 | 50.00 |
EL COMETA | 164869 | 50.00 |
SAN MANUEL | 165451 | 50.00 |
COPALQUIN | 178014 | 50.00 |
EL SOL | 236130 | 50.00 |
EL CORRAL | 236131 | 50.00 |
Mithril has currently owns a 50% interest in the Copalquin mining concessions and has an exclusive 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 any time before 7 August 2026 (the due date for payment was initially 7 August 2023, and was extended by 3 years by written agreement between Mithril and the vendor). Mithril has executed and registeredan agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).
Mining explorationentity or oil and gas exploration entity
quarterly cash flow report
MITHRIL SILVER AND GOLD LIMITED | ||
30 099 883 922 | 30 SEPTEMBER 2025 |
Current quarter | Year to date (3 months) | ||
1. | Cash flows from operating activities | ||
1.1 | Receipts from customers | ||
1.2 | Payments for | ||
| |||
| |||
| |||
| (164) | (164) | |
| (709) | (709) | |
1.3 | Dividends received (see note 3) | ||
1.4 | Interest received | 85 | 85 |
1.5 | Interest and other costs of finance paid | ||
1.6 | Income taxes paid | ||
1.7 | Government grants and tax incentives | ||
1.8 | Other | ||
1.9 | Net cash from / (used in) operating activities | (788) | (788) |
2. | Cash flows from investing activities | ||
2.1 | Payments to acquire or for: | ||
| |||
| |||
| |||
| (4,870) | (4,870) | |
| |||
| |||
2.2 | Proceeds from the disposal of: | ||
| |||
| 25 | 25 | |
| |||
| |||
| |||
2.3 | Cash flows from loans to other entities | ||
2.4 | Dividends received (see note 3) | ||
2.5 | Other (provide details if material) | ||
2.6 | Net cash from / (used in) investing activities | (4,845) | (4,845) |
3. | Cash flows from financing activities | 12,727 | 12,727 |
3.1 | Proceeds from issues of equity securities (excludingconvertible debt securities) | ||
3.2 | Proceeds from issue of convertible debtsecurities | ||
3.3 | Proceeds from exercise of options | 1,181 | 1,181 |
3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | (1,058) | (1,058) |
3.5 | Proceeds from borrowings | ||
3.6 | Repayment of borrowings | ||
3.7 | Transaction costs related to loans andborrowings | ||
3.8 | Dividends paid | ||
3.9 | Other (provide details if material) | ||
3.10 | Net cash from / (used in) financing activities | 12,850 | 12,850 |
4. | Net increase / (decrease) in cash and cash equivalentsfor the period | ||
4.1 | Cash and cash equivalents at beginning of period | 11,056 | 11,056 |
4.2 | Net cash from / (used in) operating activities(item 1.9 above) | (788) | (788) |
4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (4,845) | (4,845) |
4.4 | Net cash from / (used in) financing activities(item 3.10 above) | 12,850 | 12,850 |
4.5 | Effect of movement in exchange rates on cashheld | (4) | (4) |
4.6 | Cash and cash equivalents at end of period | 18,269 | 18,269 |
8. |
| |
8.1 | Net cash from / (used in) operating activities(item 1.9) | (788) |
8.2 | (Payments for exploration &evaluation classified as investing activities) (item 2.1(d)) | (4,870) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (5,658) |
8.4 | Cash and cash equivalents at quarter end(item 4.6) | 18,269 |
8.5 | Unused finance facilities available at quarter end(item 7.5) | - |
8.6 | Total available funding (item 8.4 + item 8.5) | 18,269 |
8.7 | Estimated quarters of funding available (item 8.6divided by item 8.3) | 3.23 |
Note: if the entity has reported positive relevantoutgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as“N/A”. Otherwise, a figure for the estimated quarters of fundingavailable must be included in item 8.7. | ||
8.8 | If item 8.7 is less than 2 quarters, please provideanswers to the following questions: | |
8.8.1 Does the entity expect that it willcontinue to have the current level of net operating cash flows for thetime being and, if not, why not? | ||
Answer: n/a | ||
8.8.2 Has the entity taken any steps, ordoes it propose to take any steps, to raise further cash to fund itsoperations and, if so, what are those steps and how likely does itbelieve that they will be successful? | ||
Answer: n/a | ||
8.8.3 Does the entity expect to be able tocontinue its operations and to meet its business objectives and, ifso, on what basis? | ||
Answer: n/a | ||
Note: where item 8.7 is less than 2 quarters, all ofquestions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
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: 31/10/25
Authorised by: The Board of Directors
(Name of body or officer authorising release – seenote 4)
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 Flows apply 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 – eg Audit and RiskCommittee ]”. If it has been authorised forrelease to the market by a disclosure committee, you can 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:16/10/2025 - 300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m
2 See ASX announcement:28/08/2025 - MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET5
3 See ASX announcement:09/10/2025 - SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/TSILVER
4 See ASX announcement:29/07/2025 - High-Grade Channel Sampling Results
5 See ‘About CopalquinGold Silver Project’ section for JORC MRE details and AuEq.calculation.
6 See ASX announcement: 28/08/2025 - MTH ACCELERATESEXPLORATION WITH NEW DRILLING AT TARGET 5
7 See ASX announcement:28/08/2025 - MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET5
8 See ASX announcement: 07/07/2025 -MTH EXTENDS 8 KM LONG HIGH-GRADE GOLD-SILVER SYSTEM
9 See ASX announcement: 29/07/2025 - High-Grade ChannelSampling Results
10 See ASX announcement:29/07/2025 - High-Grade Channel Sampling Results
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