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

TOTAL

2,416

4.80

141

6.81

373

10,953

529

John Skeet

Managing Director and CEO

jskeet@mithrilsilvergold.com

+61 435 766 809

+1 672 962 7112

Mark Flynn

Investor Relations

mflynn@mithrilresources.com.au

+61 416 068 733

Hole ID

From (m)

To (m)

Length (m)

Sample ID

Gold (g/t)

Silver (g/t)

AuEq*

AgEq*

MTH-LS25-12

87.5

88

0.5

800365

0.569

3.1

0.61

42.93

MTH-LS25-12

91

91.6

0.6

800369

0.21

6.4

0.30

21.1

MTH-LS25-12

93.5

94.5

1

800372

0.06

9

0.19

13.2

MTH-LS25-12

96.25

96.96

0.71

800376

0.104

1.6

0.13

8.88

MTH-LS25-12

98.26

98.76

0.5

800377

15.4

214

18.46

1292

MTH-LS25-12

98.76

99.5

0.74

800378

0.346

14.4

0.55

38.62

MTH-LS25-12

99.5

100.25

0.75

800379

0.773

35.7

1.28

89.81

MTH-LS25-12

100.25

101

0.75

800380

0.099

4.8

0.17

11.73

MTH-LS25-12

108

108.75

0.75

800384

0.073

7.9

0.19

13.01

MTH-LS25-12

108.75

109.25

0.5

800385

5.16

334

9.93

695.2

MTH-LS25-12

109.25

110

0.75

800386

0.105

2.2

0.14

9.55

MTH-LS25-12

110

111

1

800387

0.165

4.9

0.24

16.45

MTH-LS25-12

111

111.5

0.5

800388

1.105

99.4

2.53

176.75

MTH-LS25-12

111.5

112

0.5

800389

0.137

3.8

0.19

13.39

MTH-LS25-12

131

131.5

0.5

800394

0.408

10.4

0.56

38.96

MTH-LS25-12

140

140.75

0.75

800406

0.509

7.1

0.61

42.73

MTH-LS25-12

173.5

174

0.5

800417

0.062

2.7

0.10

7.04

MTH-LS25-13

80

81

1

740011

0.081

21

0.38

26.67

MTH-LS25-13

81

82

1

740012

0.114

20

0.40

27.98

MTH-LS25-13

82

83

1

740013

0.23

28.5

0.64

44.6

MTH-LS25-13

87

88

1

740016

0.161

3

0.20

14.27

MTH-LS25-13

88

89

1

740017

0.07

2.9

0.11

7.8

MTH-LS25-13

97

97.7

0.7

740023

0.07

3.9

0.13

8.8

MTH-LS25-13

97.7

98.2

0.5

740024

1.675

22.3

1.99

139.55

MTH-LS25-13

98.2

99.2

1

740026

0.776

16.5

1.01

70.82

MTH-LS25-13

100

100.6

0.6

740027

0.765

21.8

1.08

75.35

MTH-LS25-13

100.6

101.32

0.72

740028

45.5

221

48.66

3406

MTH-LS25-13

101.32

102

0.68

740029

0.047

4.3

0.11

7.59

MTH-LS25-13

135.8

136.3

0.5

740031

0.128

0.9

0.14

9.86

MTH-LS25-13

137

138

1

740033

0.124

6.8

0.22

15.48

MTH-LS25-13

138

139

1

740034

0.136

7.8

0.25

17.32

MTH-LS25-13

140.2

141

0.8

740035

0.167

5.1

0.24

16.79

MTH-LS25-13

158

159

1

740037

0.073

2.1

0.10

7.21

MTH-LS25-13

159.5

160.3

0.8

740039

0.091

1

0.11

7.37

MTH-LS25-13

164

165

1

740044

0.25

0.6

0.26

18.1

MTH-LS25-13

170.54

171

0.46

740052

4.11

83.8

5.31

371.5

MTH-LS25-13

171

172

1

740053

0.093

3.3

0.14

9.81

MTH-LS25-13

172

172.9

0.9

740054

0.114

2.5

0.15

10.48

MTH-LS25-13

177.64

178.52

0.88

740057

0.181

10.7

0.33

23.37

MTH-LS25-14

108.06

109

0.94

740098

0.953

7

1.05

73.71

MTH-LS25-14

109

110

1

740099

4.64

10.6

4.79

335.4

MTH-LS25-14

110

111

1

740101

16.7

72.7

17.74

1241.7

MTH-LS25-14

111

111.56

0.56

740102

0.62

4.6

0.69

48

MTH-LS25-14

111.56

112.56

1

740103

2.16

11.1

2.32

162.3

MTH-LS25-14

112.56

113.06

0.5

740104

1.31

13.9

1.51

105.6

MTH-LS25-14

113.06

113.84

0.78

740105

0.263

6.7

0.36

25.11

MTH-LS25-14

141

142

1

740107

0.075

1.8

0.10

7.05

MTH-LS25-14

142

142.6

0.6

740108

0.044

4.3

0.11

7.38

MTH-LS25-14

142.6

143.1

0.5

740109

0.168

2.9

0.21

14.66

MTH-LS25-14

143.1

144.1

1

740110

0.829

15.7

1.05

73.73

MTH-LS25-14

148.66

149.5

0.84

740112

1.775

35.6

2.28

159.85

MTH-LS25-15

102.15

102.65

0.5

740147

1.72

11.9

1.89

132.3

MTH-LS25-15

177

177.5

0.5

740167

0.149

8.9

0.28

19.33

MTH-LS25-15

258.5

259.03

0.53

740212

0.02

5.7

0.10

7.1

MTH-LS25-15

282

283

1

740226

0.133

1.8

0.16

11.11

MTH-LS25-15

284.15

285

0.85

740229

0.084

3.4

0.13

9.28

MTH-LS25-15

297.7

298.5

0.8

740246

0.102

4.6

0.17

11.74

MTH-LS25-16

213

214

1

740279

0.081

2.4

0.12

8.07

MTH-LS25-16

214

214.5

0.5

740281

0.133

3.9

0.19

13.21

MTH-LS25-16

214.5

215.15

0.65

740282

0.071

3.1

0.12

8.07

MTH-LS25-16

215.15

216

0.85

740283

20.6

1180

37.46

2622

MTH-LS25-16

216

217

1

740284

62.7

2300

95.56

6689

MTH-LS25-16

217

217.5

0.5

740285

1.955

221

5.11

357.85

MTH-LS25-16

217.5

218.5

1

740286

7.48

91

8.78

614.60

MTH-LS25-16

218.5

219.5

1

740287

0.358

8.5

0.48

33.56

MTH-LS25-16

254

255.1

1.1

740327

0.089

3.2

0.13

9.43

MTH-LS25-16

280.35

281

0.65

740338

12.1

292

16.27

1139

MTH-LS25-16

281

281.5

0.5

740339

0.144

5.5

0.22

15.58

MTH-LS25-16

281.5

282.33

0.83

740340

0.083

3.1

0.13

8.91

MTH-LS25-16

335

335.5

0.5

740365

3.53

3.2

3.58

250.30

MTH-LLS25-17

137.4

138

0.6

740378

0.582

1.2

0.60

41.94

MTH-LLS25-17

157.6

158.2

0.6

740393

0.111

0.5

0.12

8.27

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. 

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. 

• Aspects of the determination of mineralisation that are Material to the Public Report. 

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. 

• Samples for the Copalquin, Mexico drill programs consist of ½ HQ core cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 1.5 m to 0.5 m based on geologic criteria. 

• Deeper portions of holes from CDH-075 onward consist of ½ NQ core. Sample sizes are tracked by core diameter and sample weights. 

• The same side of the core is always sent to sample (left side of saw). 

• Reported intercepts are calculated as either potentially underground mineable (below 120m below surface) or as potentially open-pit mineable (near surface). 

• Potentially underground mineable intercepts are calculated as length weighted averages of material greater than 1 g/t AuEQ_70 allowing up to 2m of internal dilution. 

• Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution. 

• Rock chip sampling is done with hammer and chisel along continuous chip lines oriented perpendicular to the mineralized structure. The samples are as representative as possible.  

Drilling techniques

• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core 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 an MP500 man-portable core rig capable of drilling HQ size core to depths of 400 m. Core is recovered in a standard tube. Less than 6% of the total core drilled is NQ size core (as of 2025-03-03). 

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed. 

• Measures taken to maximise sample recovery and ensure representative nature of the samples. 

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. 

• Drill recovery is measured based on measured length of core divided by length of drill run. 

• Recovery in holes CDH-001 through CDH-025 and holes CDH-032 through CDH-077 was always above 90% in the mineralized zones. Detailed core recovery data are maintained in the project database. 

• Holes CDH-026 through CDH-031 had problems with core recovery in highly fractured, clay rich breccia zones. 

• There is no adverse relationship between recovery and grade identified to date. 

Logging

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. 

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. 

• The total length and percentage of the relevant intersections logged. 

•        Core samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

•        Core logging is both qualitative or quantitative in nature. Photos are taken of each box of core before samples are cut. Core is wetted to improve visibility of features in the photos.

• All core has been logged and photographed.  

Sub-sampling techniques and sample preparation

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

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

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

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. 

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

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

•        Core is sawn and half core is taken for sample.

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

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

•        field duplicate/second-half sampling is undertaken for 3% of all samples to determine representativity of the sample media submitted.

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

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. 

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. 

• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. 

•        Samples are assayed for gold using ALS Minerals Au-AA25 method a 30 g fire assay with an AA finish. This is considered a total assay technique.

     Samples are assayed for silver using ALS Minerals ME-ICP61 method. Over limits are assayed by AgOG63 and AgGRAV21. These are considered a total assay technique.

• Standards and blanks are inserted at a rate of one per every 25 samples and one per every 40 samples, respectively.  Field duplicate sampling is undertaken for 3% of all samples (see above).  External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (ie lack of bias) and precision have not yet been established. 

• Soil samplingis also subject to a program of standards and blanks using the X-ray florescence (XRF) analyser. Results are acceptable. Samples were analysed using three wavelengths 50Kv, 40 Kv and 15 Kv for times of 120 seconds, 30 seconds and 30 seconds respectively. 

• Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both 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 either independent 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 either independent or alternative company personnel has not been conducted. A re-assay program of pulp duplicates is currently in progress.

• MTH has drilled one twin hole. Hole CDH-072, reported in 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) protocols are maintained in the company’s core facility.

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

Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. 

• Specification of the grid system used. 

• Quality and adequacy of topographic control. 

•        Drill collar coordinates are currently located by handheld GPS. Precise survey of hole locations is planned. Downhole surveys of hole deviation are recorded using a Reflex Multishot tool for all holes.  A survey measurement is first collected at 15 meters downhole, and then every 50 meters until the end of the hole. Locations for holes CDH-001 through CDH-048 and CDH-051 through CDH-148 have been surveyed with differential GPS to a sub 10 cm precision. .Hole CDH-005 was not surveyed

•        UTM/UPS WGS 84 zone 13 N

• High quality topographic control from Photosat covers the entire drill project area. 

Data spacing and distribution

• Data spacing for reporting of Exploration Results. 

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. 

• Whether sample compositing has been applied. 

•        Data spacing is appropriate for the reporting of Exploration Results.

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

• No sample compositing has been applied. 

Orientation of data in relation to geological structure

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

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. 

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

• The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a sampling bias. 

Sample security

• The measures taken to ensure sample security. 

• Samples are stored in a secure core storage facility until they are shipped off site by small aircraft and delivered directly to ALS Global. 

Audits or reviews

• The results of any audits or reviews of sampling techniques and data. 

• A review with spot checks was conducted by AMC in conjunction with the resource estimate published 17 Nov 2021. Results were satisfactory to AMC. 

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. 

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

• Concessions at Copalquin 

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties. 

• Previous exploration by Bell Coast Capital Corp. and UC Resources was done in the late 1990’s and in 2005 – 2007. Work done by these companies is historic and non-JORC compliant. Mithril uses these historic data only as a general guide and will not incorporate work done by these companies in resource modelling. 

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

Geology

• Deposit type, geological setting and style of mineralisation. 

• Copalquin is a low sulfidation epithermal gold-silver deposit hosted in andesite. This deposit type is common in the Sierra Madre Occidental of Mexico and is characterized by quartz veins and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults. Vein and breccia thickness has been observed up to 30 meters wide with average widths on the order of 3 to 5 meters. The overall strike length of the semi-continuous mineralized zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia is almost 6 kilometres. The southern area from Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 5km. 

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following 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 on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. 

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. 

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. 

• The assumptions used for any reporting of metal equivalent values should be clearly stated. 

• Intercepts are reported for all intercepts greater than or equal to 1 g/t AuEQ_70 using a 70:1 Silver to gold price ratio. No upper cut-off is applied to reporting intercepts. 

• Length weighted averaging is used to report intercepts. The example of CDH-002 is shown. The line of zero assays is a standard which was removed from reporting. 

• Metal equivalent grades are reported using a 70:1 silver to gold price ratio. This ratio is based on the gold and silver prices reported on kitco.com as of 11 July 2021 (actual ratio at that date 69.3:1) 

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results. 

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. 

• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). 

• True widths at Refugio between sections 120 and 1,000 vary according to the hole’s dip. Holes drilled at -50 degrees may be considered to have intercept lengths equal to true-widths, Holes drilled at -70 degrees have true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees have true widths of 77% of the reported intercept lengths.  

• True widths are not known at La Soledad and downhole intercepts are reported. 

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. 

See figures in announcement

Balanced reporting

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

• All exploration results are reported. 

Other substantive exploration data

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

• No additional exploration data are substantive at this time. 

• Metallurgical test work on drill core composite made of crushed drill core from the El Refugio drill hole samples has been conducted. 

• The samples used for the test work are representative of the material that makes up the majority of the Maiden Resource Estimate for El Refugio release on 17th November 2021. 

• The test work was conducted by SGS laboratory Mexico using standard reagents and test equipment. 

Further work

• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). 

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. 

• Exploration results from the Copalquin District reporting in this release.