MARKET WIRE NEWS

Mithril Provides Exploration Update Over Multiple Targets, Copalquin Silver-Gold Project, Mexico

Source: TheNewsWire

(TheNewswire)

Melbourne, Australia and Vancouver, Canada – February11, 2026 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the"Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleasedto provide details of continued explorationprogress at Mithril’s district scale Copalquinproperty, Durango State, Mexico.

  • The maiden drillprogramme at Target 5 has confirmed alarge silver rich targetin the south-west of the Copalquin District.  High grade silver andgold mineralisation has been outlined within a series of northwesttrending banded quartz veins hosted in granodiorite over an areaextending      3.2 km from El Gallo in the northwest toGuamuchilito in the southeast and 3.0 km from El Jarillal in thesouthwest to the Zaragoza workings in the northeast (an area of 9.6 km). 

Drilling at the Apomal workings has defined amineralised zone over 350m of strike length.  Drilling at theTasolera workings to the southeast, intercepted a major alterationzone 70m thick containing elevated silver and base metal values.  Thealteration zone is associated with a major shear zone and indicatesthat a significant amount of hydrothermal fluids has passed throughthese rocks, similar to the structures intercepted below Target 1.Further along trend to the southeast, are the Candelaria workings,where channel sampling returned 0.6 m @ 38.3 g/tgold, 4,520 g/t silver 1 indicating a mineralised corridor of1.5 km within this 9.6 km2target area.

Further drilling at Target 5 will target known zones ofhigh-grade mineralisation based on the work done to date and theresults of the aeromagnetic survey, with a view to defining additionalresource tonnes.

  • An aerial magnetic survey hasbeen completed over the Copalquin District and is currently inprogress over the La Dura property concessionarea.  Along with detailed mapping, sampling,spectral surveys and petrography work, the survey output will providethe data to finalise the drill plan targeting key structural‘feeder’ targets and progress the District-wide exploration. 

  • Phase IV Drilling at Target 1 tocomplete the resource update has commenced (~3,000 m).  The resourcehas been extended 300m to the west and is still open in thisdirection.  The resource is also open down dip to the east.  Inaddition, a number of  holes are planned to cover internal gapswithin the current block model.  Samples from drill core produced todate, have been selected for further metallurgical testing to confirmthe previous high gold and silver recoveries. 

  • The maiden drill programme at Target 3 has commenced.Early signs are encouraging, with mineralisedquartz vein structures intercepted at predicted depths.  Maidendrilling is testing several locations with within the targetarea. 

Highlight drill results to date from Target5 maiden programme (including previouslyreleased2):

    • 2.75 m @660 g/t AgEq (2.28 g/tgold, 500 g/t silver) from 93.6 m(AP25-003), including 

1.00 m @1,714 g/t AgEq(5.80 g/t gold, 1,308 g/t silver) from 94.7 m

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

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

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

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

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

    • 0.50 m @443g/t AgEq (0.45 g/t gold, 411 g/tsilver) from 241.3 m (AP25-010) 

(plus 3.4% lead and 1.70%zinc)

    • 2.85 m @145g/t AgEq (1.14 g/t gold, 65 g/tsilver) from 79.6 m (AP25-014) 

    • 3.05 m @170g/t AgEq (0.07g/t gold, 165 g/t silver) from 193.05 m(AP25-017) 

 

“Copalquin continues to develop as a large epithermalsilver–gold system, with high-grade mineralisation now confirmedacross multiple targets,” said John Skeet, Managing Director and CEOof Mithril Silver and Gold Limited.

“Resource drilling at Target 1, high-gradediscoveries at Target 5, and the commencement of drilling at Target 3demonstrate the scale and growth potential of the district. Alterationintensity, structural controls and geochemical vectors all point to amajor hydrothermal system with significant expansion upside.

Our strategy is to progress Target 1 to a futuredevelopment, advance Targets 3 and 5 to additional resources, whiletesting the district defining targets of this large epithermalsilver-gold system, demonstrating further resource upside potential. Detailed work programs for 2026 are being finalised utilising thedata from the recent aerial magnetic survey and vein studywork.”

 

Copalquin District - 2026

Mithril is undertaking an aggressive explorationprogram in 2026, with up to 25,000 metres of drilling planned duringthe first 6 - 8 months of the year across the Copalquin District.Upcoming work will focus on expanding known mineralized zones, testingnew high-priority targets, integrating district-wide geophysical data,and continuing to advance the Company’s district-scale explorationthesis.  The district features over 100 historic underground workings(c.1850 – 1910) including several multi-level mines and 200 smallsurface workings.  Mapping and sampling across the lower half of the70 km2 mining concessionarea demonstrates and a large epithermal silver-gold system withmultiple target areas for potential resource growth plus the conduitsystem responsible for the widespread silver and goldmineralisation.

The northern half of the Copalquin concession areafeatures large areas of alteration. The LiDAR image shows evidence ofhistoric mining activity and indicates some key structures.  Alongwith historic sampling data, the northern section of the propertypresents as a potentially significant large exploration area withinMithril’s Copalquin mining concessions.

The nearby 20 km2 La Dura property has recently been added to the portfolioproviding a brown field property with a database of mapping, samplingand drilling.  There are at least several workings within theconcession area, including the 4-level high-grade La Dura mine.  ALiDAR survey has been flown (interpretation anticipated in February2026) and an aerial magnetic survey is currently being flown.

 

 
Click Image To View Full Size

Figure 1 Mithril’s Copalquin andLa Dura property locations in Durango State, Mexico


Click Image To View Full Size

Figure 2 LiDARidentified historic workings across the 70km2district. Current drilling locations at Target1, Target 3 and Target 5 with ongoing mapping and sampling plusrecently completed aerial magnetic survey (report pending)


Click Image To View Full Size

Figure 3  Property-wide channelsampling results for the middle and south district sections within~50% of the 70 km2 miningconcession area covering the Copalquin District. Current drilling locations at Target 1, Target 3 and Target 5with ongoing mapping and sampling plus recently completed aerialmagnetic survey (report pending)

 

Target 5 Drilling and Discussion

 

The drilling at Target 5 has confirmed high-gradesilver-gold mineralisation within a 1.5 km mineralised corridor thatruns from the Candelaria - San Miguel workings and north-west to theApomal workings within the 9.6 km2 target area.

 

The maiden drill programme successfully interceptedhigh-grade silver and gold from near surface and at various elevationsup to 240 metres below surface.

 

The strongest observed alteration zone to date inTarget 5 was intercepted by hole drill TA25-002 which has a 70 metrelength of alteration zone with ~5 ppm Ag and elevated base metals.This is a sign that a significant amount of fluids have passed throughthese rocks. It should also be noted that this zone should produce asignificant soil geochemical anomaly – especially for lead(Pb).


Click Image To View Full Size

Figure 4 Target 5 hydrothermalzone with drill hole traces and intercepts indicated by the starsymbols (stars - yellow > 1 g/t, red 1-5 g/t and pink > 5g/t)

 

The above figure shows a modelled hydrothermal zone(red lines) based on Ag > 1 ppm and Na / Al ratios - drilling hasmanaged to delineate a healthy 700 m x 200 m hydrothermal zone thathosts a network of anastomosing veins.  Included areAuEq70* intercepts > 1g/t (stars - yellow > 1 g/t, red 1-5 g/t and pink > 5 g/t). Itis also notably open to the NW, SE and it is interpreted that the areabetween Apomal and Taz is highly prospective.

 

The aerial magnetic survey over the southern half theCopalquin mining concession area has been completed with the finalreport pending.  It is anticipated that the results from the surveywill provide important data for drill programme design as Target 5progresses.

  


Click Image To View Full Size

Figure 5 Target 5 – Drilling andchannel sampling to date currently defines a mineralised silver-goldcorridor of approximately 1.5 km, open to NW and SE with furtherindications of parallel structures each side.

  

Table 1 Results received forTarget 5 drilling to-date for maiden drill programme. Drill holesAP25-001 to AP25-008 reported 5 Nov 2025 2

Hole ID

From (m)

 To (m)

Interval

Au g/t

Ag g/t

AgEq g/t

AgEq g/t.m

AP25-001

32

32.5

0.5

1.21

39.3

                     124

                        62

AP25-001

279.83

280.35

0.52

1.285

167

                     257

                     134

AP25-002

31.45

35.3

3.85

1.26

42.65

                     131

                     504

Including

31.45

31.95

0.5

7.74

187

                     729

                     364

AP25-003

34.5

35

0.5

0.393

62.4

                        90

                        45

AP25-003

93.6

96.35

2.75

2.28

500

                     660

                 1,814

Including

94.7

95.7

1

5.8

1308

                 1,714

                 1,714

AP25-003

214

215.3

1.3

2.89

0.5

                     203

                     264

AP25-003

231.6

232.3

0.7

2.38

1.5

                     168

                     118

AP25-004

89.2

90.65

1.45

0.57

109.6

                     150

                     217

AP25-005

35.65

39.7

4.05

0.19

61.5

                        75

                     303

Including

36.75

38.35

1.6

0.41

130

                     159

                     254

AP25-005

90.15

93.5

3.35

1.71

246

                     366

                 1,225

(Including

92.45

93.5

1.05

5.35

771

                 1,146

                 1,203

AP25-006

119.2

120.45

1.25

4.548

409

                     727

                     909

AP25-006

138.1

139

0.9

2.41

447

                     616

                     554

AP25-006

149.75

150.55

0.8

1.51

321

                     427

                     341

AP25-006

301.4

301.9

0.5

0.19

73

                        86

                        43

AP25-007

51

52.5

1.5

0.23

15.2

                        31

                        47

AP25-007

62.75

64.8

2.05

0.27

88.1

                     107

                     219

Including

64.3

64.8

0.5

0.90

311

                     374

                     187

AP25-008

78.2

78.9

0.7

0.34

11.9

                        36

                        25

AP25-009

85

85.8

0.8

0.09

23.6

                        30

                        24

AP25-009

89.45

95.55

6.1

0.30

21.7

                        43

                     260

AP25-009

99.6

100.1

0.5

0.10

10.3

                        18

                          9

AP25-010

96

96.5

0.5

0.50

47.4

                        83

                        41

AP25-010

241.3

241.8

0.5

0.45

411

                     443

                     221

AP25-011

263.15

263.65

0.5

0.06

24

                        29

                        14

AP25-012

84.45

84.95

0.5

0.22

105.3

                     121

                        60

AP25-012

232.95

233.95

1

0.14

105

                     115

                     115

AP25-012

347.05

347.65

0.6

0.63

86

                     130

                        78

AP25-013

73.65

74.4

0.75

0.05

15.6

                        19

                        14

AP25-013

78.75

79.25

0.5

0.44

55.5

                        86

                        43

AP25-013

384.2

384.9

0.7

0.16

3.8

                        15

                        11

AP25-014

78

78.55

0.55

0.13

65.9

                        75

                        41

AP25-014

79.6

82.45

2.85

1.14

64.7

                     145

                     412

AP25-014

185.5

186

0.5

1.40

64.7

                     163

                        81

AP25-014

407.7

408.9

1.2

0.34

57.9

                        82

                        98

AP25-015

NRI

    

                         -  

                         -  

AP25-016

NRI

    

                         -  

                         -  

AP25-017

9

10

1

0.26

29.1

                        47

                        47

AP25-017

57.6

58.1

0.5

0.09

17.1

                        24

                        12

AP25-017

63

63.75

0.75

0.18

19.2

                        32

                        24

AP25-017

193.05

196.1

3.05

0.07

165

                     170

                     518

Including

193.05

193.9

0.85

0.11

229

                     237

                     201

Including

195.45

196.1

0.65

0.09

265

                     271

                     176

TA25-001

36.5

37.5

1

0.10

21.9

                        29

                        29

TA25-001

57.1

60.45

3.35

0.18

33.7

                        46

                     155

TA25-002

35.65

36.35

0.7

0.09

34.8

                        41

                        29

TA25-002

77.35

77.85

0.5

0.19

52.8

                        66

                        33

TA25-002

79.85

81.1

1.25

0.39

29.4

                        57

                        71

TA25-003

33.8

34.55

0.75

0.07

21.3

                        26

                        19

TA25-003

45.65

46.5

0.85

0.10

37.4

                        45

                        38

TA25-004

79.5

80.75

1.25

0.53

66.35

                     103

                     129

TA25-005

1

3

2

0.13

18.55

                        28

                        55

TA25-005

141

141.55

0.55

0.10

82.2

                        89

                        49

   

Table 2 Drill hole collar detailsincluded in this announcement

Hole ID

Easting

Northing

Elevation

Azimuth

Inclination

Depth (m)

Assays

(m)

(m)

(m)

(degrees)

(degrees)

AP25-001

287910

2822591

758.82

40

-48

351

Received

AP25-002

287909

2822588

758.01

63

-53

252

Received

AP25-003

287910

2822591

758.82

63

-69

285

Received

AP25-004

287903.2

2822590

760.85

30

-63

291

Received

AP25-005

287828

2822672

799.94

35

-60

381

Received

AP25-006

287753

2822676

825.53

44

-55

330

Received

AP25-007

287765

2822785

813.31

30

-48

126

Received

AP25-008

287765

2822785

813.31

30

-77

177

Received

AP25-009

287605

2822595

891.75

45

-55

300

Received

AP25-010

287638

2822483

854.12

60

-46

300

Received

AP25-011

287859

2822568

744.79

63

-69

381

Received

AP25-012

287877

2822485

741.56

60

-50

351

Received

AP25-013

287829

2822379

738.95

60

-45

399

Received

AP25-014

287829

2822373

738.95

90

-55

441

Received

AP25-015

288175

2822617

685.93

43

-57

159

Received

AP25-016

288210

2822711

679.99

65

-45

150

Received

AP25-017

288309

2822643

730.82

60

-45

210

Received

TA25-001

288295

2822117

750.5

55

-45

150

Received

TA25-002

288295

2822117

750.5

55

-60

195

Received

TA25-003

288295

2822117

750.5

50

-75

198

Received

TA25-004

288263

2822160

741.66

60

-50

150

Received

TA25-005

288263

2822160

741.66

60

-65

159

Received

 

CONTRACTS UPDATE

 Mithril engaged SmallCaps IR to deliver professionalinvestor relations services designed specifically for ASX listedcompanies to deliver consistent market visibility and investorengagement for a fee of AU$3,000 per month for an initial period ofthree (3) months.  No stock options or other compensation was or willbe given in connection with the engagement.  The Company continues toutilize SmallCaps IR on a month-to-month basis with a 45 day noticeperiod.  SmallCaps IR is an arm’s length party to theCompany. 

 

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in DurangoState, Mexico and covers an entire mining district of 70km2 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 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*

 

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$10Mon 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 withAMC, in September 2021 to observe the drilling, logging, sampling andassay database. Mr Webster consents to the inclusion in this report ofthe matters based on information in the form and context in which itappears

Qualified Persons – NI 43-101

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

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

  

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 samplesunderground 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 metallurgicalstudies. 

  • 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 andmetallurgical studies. 

 
  • Core logging is both qualitative or quantitative innature. Photos are taken of each box of core before samples are cut.Photos of cut core intervals are taken aftersampling. Core is wetted to improve visibility of features in thephotos. 

  • All core has been logged and photographed.  

  • Rock sawn channel samples aremarked, measured and photographed at location 

  • Soil samples are recorded atlocation, logged and described 

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, halfor all core taken. 

  • If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry. 

  • For all sample types, the nature, quality andappropriateness of the sample preparation technique. 

  • Quality control procedures adopted for all sub-samplingstages to maximise representativity of samples. 

  • Measures taken to ensure that the sampling isrepresentative of the in situ material collected, including forinstance results for field duplicate/second-half sampling. 

  • Whether sample sizes are appropriate to the grain sizeof the material being sampled. 

  • Core is sawn and half core is taken forsample. 

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

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

 
  • Crushed core duplicates are split/collected by thelaboratory and submitted for assay (1 in 30 samples) 

  • Sample sizes are appropriate to the grain size of thematerial being sampled. 

  • Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splittingand pulverizing. This is appropriate for the type of deposit beingexplored. 

 

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assayingand laboratory procedures used and whether the technique is consideredpartial or total. 

  • For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determining the analysisincluding instrument make and model, reading times, calibrationsfactors applied and their derivation, etc. 

  • Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (ie lack of bias) and precision havebeen established. 

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

 
  • Samples are assayed for silver using ALS MineralsME-ICP61 method. Over limits are assayed by silverOG63 andsilverGRAV21. These are considered a total assay technique. 

  • Standards and blanks are inserted at a rate of one perevery 25 samples and one per every 40 samples, respectively.  Pulpduplicate sampling is undertaken for 3% of all samples (see above). External laboratory checks will be conducted as sufficient samplesare collected. Levels of accuracy (ie lack of bias) and precision havenot yet been established. 

  • Certified Reference Materials – Rock Labs and CDNCRMs have been used throughout the project including, low (~2 g/t Au),medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results areautomatically checked on data import into the BEDROCK database to fallwithin 2 standard deviations of the expected value.  

  • Samples with significant amounts of observed visiblegold are also assayed by AuSCR21, a screen assay that analyses gold inboth the milled pulp and in the residual oversize from pulverization.This has been done for holes CDH-075 and CDH-077. 

 

Verification of sampling and assaying

  • The verification of significant intersections by eitherindependent or alternative company personnel. 

  • The use of twinned holes. 

  • Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols. 

  • Discuss any adjustment to assay data. 

  • The verification of significant intersections by eitherindependent or alternative company personnel has not been conducted. Are-assay program of pulp duplicates is currently in progress. 

  • MTH has drilled one twin hole. Hole CDH-072, reportedin the 15/6/2021 announcement, is a twin of holes EC-002 and UC-03.Results are comparable. 

  • Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic) protocolsare maintained in the company’s core facility. 

  • Assay data have not been adjusted other than applyinglength weighted averages to reported intercepts. 

Location of data points

  • Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings andother locations used in Mineral Resourceestimation. 

  • Specification of the grid system used. 

  • Quality and adequacy of topographic control. 

  • Drill collar coordinates are currently located byhandheld GPS. Precise survey of hole locations is planned. Downholesurveys of hole deviation are recorded using a Reflex Multishot toolfor all holes.  A survey measurement is firstcollected at 15 meters downhole, and then every 50 meters until theend of the hole. Locations for holes have been surveyed withdifferential GPS to a sub 10 cm precision.  

  • UTM/UPS WGS 84 zone 13 N 

  • High quality topographic control from LiDAR imagery andorthophotos covers the entire project area. 

Data spacing and distribution

  • Data spacing for reporting of ExplorationResults. 

  • Whether the data spacing and distribution is sufficientto establish the degree of geological and grade continuity appropriatefor the Mineral Resource and Ore Reserve estimation procedure(s) andclassifications applied. 

  • Whether sample compositing has been applied. 

  • Data spacing is appropriate for the reporting ofExploration Results. 

  • The Resource estimation re-printed in this announcementwas originally released on 17 Nov 2021 

  • No sample compositing has been applied. 

Orientation of data in relation to geologicalstructure

  • Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to which this is known,considering the deposit type. 

  • If the relationship between the drilling orientationand the orientation of key mineralised structures is considered tohave introduced a sampling bias, this should be assessed and reportedif material. 

  • Cut lines are marked on the core by the geologists toassure that the orientation of sampling achieves unbiased sampling ofpossible structures. This is reasonably well observed in the core andis appropriate to the deposit type. 

  • The relationship between the drilling orientation andthe orientation of key mineralised structures is not considered tohave introduced a sampling bias. 

  • Rock sawn channel samples are cutperpendicular to the observed vein orientation whereverpossible 

Sample security

  • The measures taken to ensure sample security. 

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

Audits or reviews

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

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

 

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownershipincluding agreements or material issues with third parties such asjoint ventures, partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national park andenvironmental settings. 

  • The security of the tenure held at the time ofreporting along with any known impediments to obtaining a licence tooperate in the area. 

  • Concessions at Copalquin 

 

No.

Concession

Concession Title number

Area (Ha)

Location

1

LA SOLEDAD

52033

6

Tamazula, Durango, Mexico

2

EL COMETA

164869

36

Tamazula, Durango, Mexico

3

SAN MANUEL

165451

36

Tamazula, Durango, Mexico

4

COPALQUIN

178014

20

Tamazula, Durango, Mexico

5

EL SOL

236130

6,000

Tamazula, Durango and Badiraguato, Sinaloa,México

6

EL CORRAL

236131

907.3243

Tamazula, Durango and Badiraguato, Sinaloa,México

  •  

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by otherparties. 

  • Previous exploration by Bell Coast Capital Corp. and UCResources was done in the late 1990’s and in 2005 – 2007. Workdone by these companies is historic and non-JORC compliant. Mithriluses these historic data only as a general guide and will notincorporate work done by these companies in resourcemodelling. 

  • Work done by the Mexican government and by IMMSA andwill be used for modelling of historic mine workings which are nowinaccessible (void model)  

Geology

  • Deposit type, geological setting and style ofmineralisation. 

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

Drill hole Information

  • A summary of all information material to theunderstanding of the exploration results including a tabulation of thefollowing information for all Material drill holes:  

  • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above
     

  • sea level in metres) of the drill hole collar  

  • dip and azimuth of the hole  

  • down hole length and interception depth  

  • hole length.  

  • If the exclusion of this information is justified onthe basis that the information is not Material and this exclusion doesnot detract from the understanding of the report, the Competent Personshould clearly explain why this is the case. 

 

See

 in the announcement.

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

     
00000     

0.306

16

1

0.306

16

     

0.364

31.7

1

0.364

31.7

     

3.15

241

0.5

1.575

120.5

     

10.7

709

0.5

5.35

354.5

     

15.6

773

0.5

7.8

386.5

     
     

From

To

Length

Au gpt

silver gpt

  

4.55

25.667

1481.9

91.95

96.5

4.55

5.64

325.7

 
  • In determining the gold equivalent (AuEq.) grade forreporting, a gold:silver price ratio of 70:1 was determined, using theformula: AuEq grade = Au grade + ((silver grade/70) x (silverrecovery/Au recovery)). The metal prices used to determine the 70:1ratio are the cumulative average prices for 2021: gold USD1,798.34 andsilver: USD25.32 (actual is 71:1) from kitco.com  At this earlystage, the metallurgical recoveries are assumed to be equal (93%),Subsequent preliminary metallurgical test work produced recoveries of91% for silver and 96% for gold (ASX Announcement 25 February2022). 

  • For Rock Saw Channel Sampling and soil sampling in theCopalquin District, silver equivalent (AgEq) isdetermined using the formula: AgEq grade = silver grade + ((Au grade x70) x (Au recovery/silver recovery)). The metal prices used todetermine the 70:1 ratio are the cumulative average prices for 2021:gold USD1,798.34 and silver: USD25.32 (actual is 71:1) fromkitco.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 explorationdata

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

  • No additional exploration data are substantive at thistime. 

  • Metallurgical test work on drill core composite made ofcrushed drill core from the El Refugio drill hole samples has beenconducted. 

  • The samples used for the test work are representativeof the material that makes up the majority of the Maiden ResourceEstimate for El Refugio release on 17th 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 1Dec 2025 Exploration Sampling up to 4,520 G/T Silver, 38.2 G/TGold

2 See ASX Announcement 5Nov 2025 Maiden T5 Drilling Up To 1,714 G/T AgEq Over 1m

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