Melbourne, Australia and Vancouver, British Columbia--(Newsfile Corp. - June 30, 2026) - Mithril Silver and Gold Limited (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) ("Mithril" or the "Company") is pleased to announce an upgraded Mineral Resource Estimate (MRE) for the Target 1 deposit at its flagship Copalquin Project in Durango State, Mexico.
After approximately 60,000 metres of drilling, 204 drill holes for an overall Target 1 discovery cost of less than US$20 per ounce of gold equivalent (AuEq), Mithril has developed a high quality and predictive geological model that clearly defines the controls on mineralisation, resulting in high resource confidence and continuity.
Unlike a purely geological estimate, the upgraded MRE has been constrained using preliminary mining shapes and incorporates expected mining dilution, providing a more realistic representation of the material that could ultimately form a mine plan. By accounting for practical mining conditions at the resource stage, the estimate provides a stronger foundation for future mine planning, engineering studies and economic evaluation, and represents an important step in de-risking the Target 1 as it advances toward development.
Highlights
Significant resource upgrade with total constrained and diluted Indicated and Inferred resources of 343 koz gold + 8.479 Moz silver (464 koz AuEq) and 103 koz gold + 3.398 Moz silver (151 koz AuEq), respectively. Indicated totals 3.391 Mt grading 3.15 g/t gold and 77.8 g/t silver (diluted) and Inferred totals 1.436 Mt grading 2.23 g/t gold and 73.6 g/t silver (diluted). See Table 2 for full details
196% increase in higher-confidence indicated gold and silver compared to previous MRE.
75% of total gold and silver now classified as indicated
Resource constrained within preliminary underground mining shapes and incorporates expected mining dilution, providing a more realistic basis for future engineering and economic studies
High confidence resource, remains open along strike and at depth with multiple opportunities for expansion
Overall Target 1 MRE discovery cost of less than US$20 per ounce AuEq from approximately 60,000 metres of drilling in 204 drill holes
Geological insights from Target 1 are being applied across multiple high-grade targets within the broader Copalquin epithermal system
The following Table 1 provides the highlighted base case for undiluted mineralisation reporting within the underground mining shapes (mine stope optimiser - MSO) at a cut-off grade of 1.5 g/t AuEq plus sensitivities to gold prices.