Mithril Derisks Target 1 with Mine Constrained and Diluted Resource Upgrade - 75% Indicated

About this update from Mithril Silver And Gold Limited

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 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.

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