Mithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m

About this update from Pinnacle Silver And Gold Corp

Mithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m (TheNewswire) March 3, 2025 – TheNewswire - Drilling at La Soledad, has intercepted multiple high-grade veins as the Target 1 resource update drilling progresses at the Copalquin silver and gold district property in Durango State, Mexico. HIGHLIGHTS 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m, 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, (MTH-ES25-10), including 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m including 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09), 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m (MTH-ES25-08), 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m, including 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m In February, a further six drill holes have been completed at La Soledad, with drilling ongoing expanding the footprint and structural knowledge in this silver and gold rich NW trending structure.  Considerable strike and depth potential exists in this area. Addition of a second drill is on schedule with the municipal access road upgrade for completion late March, allowing 35,000m of core drilling in the district throughout 2025 and advancing the next two target areas while developing the large district scale geologic model Mithril Silver and Gold Limited (“Mithril” or “the Company”) (MTH:ASX, MSG:TSXV) announces drill results for the Target 1 resource expansion programme at its Copalquin District project, Mexico. John Skeet, Mithril’s Managing Director and CEO commented: “Drilling at La Soledad in the Target 1 area has continued to produce exceptional results for this silver and gold rich multi-level historic mine area.  The La Soledad structure is open at depth and to the north-west with the opportunity to locate additional ‘ore shoots’ along strike.  The drill program is expanded in the La Soledad area with several additional holes to complete before moving the drill to Refugio West in the Target 1 resource area.  Drilling in the Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling.  The second drill is scheduled to be on site and commence drilling early April, at the Target 2 area.  Progress is on track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define the 10 km wide, extensive epithermal silver-gold system in our 70km 2 district.” COPALQUIN GOLD-SILVER DISTRICT, MEXICO With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km 2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC resource at El Refugio (529koz AuEq @6.81 g/t AuEq) 1 supported by a conceptional underground mining study completed on the maiden resource in early 2022 ( see ASX announcement 01 March 2022 and metallurgical test work (see ASX Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation. With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is d eveloping into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico. Drilling is in progress at the Target 1 drill area where the current maiden resource drilling is scheduled to be completed by end of Q1 2025. Channel sampling work, using a diamond rock saw, has continued adjacent to the Target 1 area and immediately to the south towards the Copalquin creek. Drilling is planned to commence with the second drill rig at the Target 2 area by April 2025. Click Image To View Full Size Figure 1 LiDAR identified historic workings across the 70km 2 district.  Target 1 area current drilling location, channel sampling area and the high priority drill target areas of Las Brujas-El Peru (Target 2) and La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work. Drill Results Discussion Drilling at La Soledad , the north-westerly tending structure on the north-eastern side of the Target 1 resource area, has returned excellent intercepts ahead of the planned resource update.  Results for drill holes MTH-ES25-08 to MTH-ES25-11 are summarised below.  Drilling is continuing at La Soledad where a further seven holes have been completed and four of these dispatched to the assay laboratory. 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m, 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m (MTH-ES25-10), including 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, including 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09), plus 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m (MTH-ES25-08), including 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m Click Image To View Full Size Click Image To View Full Size Click Image To View Full Size Click Image To View Full Size At El Cometa on the eastern side of the Target 1, the last two holes completed at resource area returned multiple shallow intercepts.  The near surface (<100m down hole) cut-off for reporting the intercepts in the El Cometa area is lower (0.25 g/t AuEq 2 compared with 1.00 g/t AuEq 2 for >100m down hole intercept reporting) reflecting its potential for lower cost mining methods. El Cometa features a broad mineralised structure with cross cutting structures hosting very high-grade gold and silver, such as reported from drill hole CDH-159 in 2024 ( 33.00m @31.8 g/t gold, 274 g/t silver from surface). Intercepts for MTH-EC25-06 and MTH-EC25-07 are summarised below and have continued to build on the excellent results from this shallow mineralisation. 1.00m @ 1.56 g/t gold, 58.3 g/t silver from 31.0m (MTH-ES25-07) 1.00m @ 0.72 g/t gold, 29.0 g/t silver from 33.5m 6.00m @ 1.33 g/t gold, 178.6 g/t silver from 95.0m, including 1.70m @ 4.07 g/t gold, 588 g/t silver from 98.15m 7.00m @ 1.56 g/t gold, 70.5 g/t silver from 126m, including 1.00m @ 8.70 g/t gold, 272 g/t silver from 127m 2.90m @ 0.83 g/t gold, 88.0 g/t silver from 22.6m (MTH-ES25-06) Click Image To View Full Size Click Image To View Full Size ABOUT THE COPALQUIN GOLD SILVER PROJECT The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km 2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits. Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver. Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021 ) ^ and NI43-101 Technical Report filed on SEDAR+ 2,416,000 tonnes 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total 529,000 oz AuEq*) using a cut-off grade of 2.0 g/t AuEq* 28.6% of the resource tonnage is classified as indicated 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 Table 1 - Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq* *  The gold equivalent (AuEq.) values are determined from gold and silver values and assume the following:  AuEq. = gold equivalent calculated using and gold:silver price ratio of 70:1.  That is, 70 g/t silver = 1 g/t gold.  The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.  Metallurgical recoveries are assumed to be approximately equal for both gold and silver at this early stage. Actual metallurgical recoveries from test work to date are 96% and 91% for gold and silver, respectively.  In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. Actual metal prices have not been used in resource estimate, only the price ratio for the AuEq reporting. Formula for AuEq. = Au grade +((Ag grade/gold:silver price ratio) x (Ag recovery/Au recovery)) ^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq * ), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Mining study and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-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 2026 (option has been extended by 3 years). Mithril has reached an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028). Click Image To View Full Size Figure 2 – Copalquin District location map, locations of mining and exploration activity and local infrastructure -ENDS- Released with the authority of the Board. For further information contact: John Skeet Managing Director and CEO [email protected] +61 435 766 809 +1 672 962 7112 Mark Flynn Investor Relations [email protected] +61 416 068 733 Competent Persons Statement - JORC The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code. Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Ricardo Rodriguez who is Mithril’s Project Manager. Mr Rodriguez is a Member of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code. Mr Rodriguez has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rodriguez consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian Institute of Mining and Metallurgy. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Qualified Persons – NI 43-101 Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101. Table 2 Mineralised intercepts in reported drillholes above 0.1 g/t AuEq. (*See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. Calculation) Hole ID From (m) To (m) Length (m) Sample ID Gold (g/t) Silver (g/t) AuEq* AgEq* MTH-EC25-06 3 4 1 799610 0.043 3.9 0.1 6.91 MTH-EC25-06 11 12 1 799619 0.065 3.7 0.12 8.25 MTH-EC25-06 14 15 1 799622 0.069 6.6 0.16 11.43 MTH-EC25-06 16 17 1 799624 0.117 4.6 0.18 12.79 MTH-EC25-06 17 18 1 799626 0.072 2.7 0.11 7.74 MTH-EC25-06 18 19 1 799627 0.048 6.7 0.14 10.06 MTH-EC25-06 19 20 1 799628 0.065 2.3 0.1 6.85 MTH-EC25-06 20 21 1 799629 0.05 4.5 0.11 8 MTH-EC25-06 22 22.6 0.6 799631 0.037 4.9 0.11 7.49 MTH-EC25-06 22.6 23.25 0.65 799632 0.596 30.1 1.03 71.82 MTH-EC25-06 23.25 24 0.75 799633 0.46 36.2 0.98 68.4 MTH-EC25-06 24 25 1 799634 1.365 174 3.85 269.55 MTH-EC25-06 25 25.5 0.5 799635 0.599 68.8 1.58 110.73 MTH-EC25-06 25.5 26 0.5 799636 0.154 10.3 0.3 21.08 MTH-EC25-06 26 26.85 0.85 799637 0.274 14.9 0.49 34.08 MTH-EC25-06 26.85 27.85 1 799638 0.065 5.1 0.14 9.65 MTH-EC25-06 27.85 28.85 1 799639 0.078 11.5 0.24 16.96 MTH-EC25-06 28.85 29.85 1 799641 0.34 27.1 0.73 50.9 MTH-EC25-06 29.85 30.85 1 799642 0.263 12.3 0.44 30.71 MTH-EC25-06 30.85 31.45 0.6 799643 0.068 11.2 0.23 15.96 MTH-EC25-06 31.45 32.1 0.65 799644 0.136 6.3 0.23 15.82 MTH-EC25-06 32.1 32.6 0.5 799645 0.127 6.4 0.22 15.29 MTH-EC25-06 32.6 33.17 0.57 799646 0.094 8.5 0.22 15.08 MTH-EC25-06 33.17 33.81 0.64 799647 0.095 5.8 0.18 12.45 MTH-EC25-06 33.81 34.4 0.59 799648 0.175 16.4 0.41 28.65 MTH-EC25-06 34.4 35 0.6 799649 0.094 6 0.18 12.58 MTH-EC25-07 15 15.55 0.55 799704 0.158 6.2 0.25 17.26 MTH-EC25-07 15.55 16.05 0.5 799705 0.347 4.3 0.41 28.59 MTH-EC25-07 21 21.5 0.5 799711 0.037 7.7 0.15 10.29 MTH-EC25-07 21.5 22 0.5 799712 0.055 25.5 0.42 29.35 MTH-EC25-07 31 32 1 799723 1.56 58.3 2.39 167.5 MTH-EC25-07 33.5 34 0.5 799727 0.332 13.9 0.53 37.14 MTH-EC25-07 34 34.5 0.5 799728 1.11 44.2 1.74 121.9 MTH-EC25-07 36 37 1 799731 0.057 4.8 0.13 8.79 MTH-EC25-07 37 38 1 799732 0.086 3.5 0.14 9.52 MTH-EC25-07 39 39.85 0.85 799734 0.116 4.8 0.18 12.92 MTH-EC25-07 39.85 40.85 1 799735 0.089 4.2 0.15 10.43 MTH-EC25-07 40.85 41.85 1 799736 0.096 5 0.17 11.72 MTH-EC25-07 41.85 42.85 1 799737 0.048 4.3 0.11 7.66 MTH-EC25-07 42.85 43.55 0.7 799738 0.246 11.4 0.41 28.62 MTH-EC25-07 69 69.8 0.8 799745 0.096 4.5 0.16 11.22 MTH-EC25-07 79.2 80 0.8 799746 0.408 15.9 0.64 44.46 MTH-EC25-07 82 82.8 0.8 799749 0.079 6 0.16 11.53 MTH-EC25-07 85.85 86.35 0.5 799751 0.548 1.8 0.57 40.16 MTH-EC25-07 86.35 87 0.65 799752 0.391 13.7 0.59 41.07 MTH-EC25-07 87 87.55 0.55 799753 0.056 4.8 0.12 8.72 MTH-EC25-07 88.6 89.4 0.8 799755 0.444 6 0.53 37.08 MTH-EC25-07 89.4 89.95 0.55 799756 0.1 6.5 0.19 13.5 MTH-EC25-07 89.95 90.7 0.75 799757 0.117 6.7 0.21 14.89 MTH-EC25-07 90.7 91.5 0.8 799758 0.088 5.9 0.17 12.06 MTH-EC25-07 91.5 92 0.5 799759 0.069 2.2 0.10 7.03 MTH-EC25-07 94.5 95 0.5 799763 0.088 2.2 0.12 8.36 MTH-EC25-07 95 95.7 0.7 799764 0.177 6.2 0.27 18.59 MTH-EC25-07 95.7 96.35 0.65 799765 0.888 29.9 1.32 92.06 MTH-EC25-07 97 98.15 1.15 799767 0.131 14.1 0.33 23.27 MTH-EC25-07 98.15 99 0.85 799768 5.54 767 16.50 1154.8 MTH-EC25-07 99 99.85 0.85 799769 2.6 409 8.44 591.00 MTH-EC25-07 99.85 100.35 0.5 799770 0.096 31.4 0.54 38.12 MTH-EC25-07 100.35 101 0.65 799771 0.206 20.9 0.50 35.32 MTH-EC25-07 101 101.8 0.8 799772 0.076 6.8 0.17 12.12 MTH-EC25-07 102.4 103 0.6 799774 0.082 7.3 0.19 13.04 MTH-EC25-07 103 104 1 799776 0.112 12.7 0.29 20.54 MTH-EC25-07 104 104.5 0.5 799777 0.033 6 0.12 8.31 MTH-EC25-07 104.5 105.2 0.7 799778 0.049 10 0.19 13.43 MTH-EC25-07 107 108 1 799781 0.141 7.6 0.25 17.47 MTH-EC25-07 108 109 1 799782 0.086 5.7 0.17 11.72 MTH-EC25-07 109 110 1 799783 0.051 4.8 0.12 8.37 MTH-EC25-07 112.65 113.65 1 799787 0.233 19.5 0.51 35.81 MTH-EC25-07 116.65 117.65 1 799791 0.109 12 0.28 19.63 MTH-EC25-07 125.4 126 0.6 799792 0.133 8.5 0.25 17.81 MTH-EC25-07 126 127 1 799793 0.232 33.3 0.71 49.54 MTH-EC25-07 127 128 1 799794 8.7 272 12.59 881 MTH-EC25-07 128 129 1 799795 0.181 30.6 0.62 43.27 MTH-EC25-07 129 130 1 799796 0.953 91.4 2.26 158.11 MTH-EC25-07 130 131 1 799797 0.178 15 0.39 27.46 MTH-EC25-07 131 132 1 799798 0.261 27.7 0.66 45.97 MTH-EC25-07 132 133 1 799799 0.425 23.8 0.77 53.55 MTH-EC25-07 133 134 1 799802 0.034 6.6 0.13 8.98 MTH-EC25-07 134 135 1 799803 0.075 7.8 0.19 13.05 MTH-EC25-07 135 136 1 799804 0.442 15.2 0.66 46.14 MTH-EC25-07 137 138 1 799806 0.138 5.2 0.21 14.86 MTH-EC25-07 138 139 1 799807 0.083 6.1 0.17 11.91 MTH-EC25-07 139 140 1 799808 0.069 6.8 0.17 11.63 MTH-EC25-07 140 141 1 799809 0.055 4.6 0.12 8.45 MTH-EC25-07 146 147 1 799815 0.499 56.3 1.30 91.23 MTH-EC25-07 148 149 1 799817 0.047 4.6 0.11 7.89 MTH-EC25-07 149 150 1 799818 0.078 8.2 0.20 13.66 MTH-EC25-07 150 150.6 0.6 799819 0.369 20.7 0.66 46.53 MTH-EC25-07 152 153 1 799822 0.219 35 0.72 50.33 MTH-EC25-07 155 156 1 799826 0.262 37.3 0.79 55.64 MTH-EC25-07 184.5 185 0.5 799834 0.065 4.9 0.14 9.45 MTH-EC25-07 189.05 189.65 0.6 799841 0.082 4.2 0.14 9.94 MTH-EC25-07 189.65 190.15 0.5 799842 0.062 5.6 0.14 9.94 MTH-EC25-07 196 196.5 0.5 799849 0.154 7.8 0.27 18.58 MTH-EC25-07 196.5 197.1 0.6 799851 0.375 1.8 0.40 28.05 MTH-EC25-07 199.6 200.1 0.5 799855 0.098 1.8 0.12 8.66 MTH-EC25-07 200.1 201 0.9 799856 0.065 2.7 0.10 7.25 MTH-LS25-08 0 1.5 1.5 799861 0.136 18.2 0.40 27.72 MTH-LS25-08 2 3 1 799863 0.044 10.2 0.19 13.28 MTH-LS25-08 3 4 1 799864 0.069 7.7 0.18 12.53 MTH-LS25-08 4 5 1 799865 0.058 5.8 0.14 9.86 MTH-LS25-08 5 6 1 799866 0.96 15.4 1.18 82.6 MTH-LS25-08 7 8 1 799868 0.089 1 0.10 7.23 MTH-LS25-08 14 15 1 799876 0.479 10.6 0.63 44.13 MTH-LS25-08 16.5 17.6 1.1 799879 0.061 3.5 0.11 7.77 MTH-LS25-08 17.6 18.1 0.5 799881 1.19 51.5 1.93 134.8 MTH-LS25-08 18.1 19 0.9 799882 0.36 62.2 1.25 87.4 MTH-LS25-08 19 20.08 1.08 799883 7.97 171 10.41 728.9 MTH-LS25-08 20.08 21 0.92 799884 0.22 34.9 0.72 50.44 MTH-LS25-08 21 21.5 0.5 799885 0.22 35.9 0.74 51.51 MTH-LS25-08 21.5 22 0.5 799886 1.88 76.7 2.98 208.3 MTH-LS25-08 22 23 1 799887 0.36 46.2 1.02 71.33 MTH-LS25-08 23 24 1 799888 0.26 43.9 0.89 62.31 MTH-LS25-08 24 25 1 799889 0.33 33.4 0.81 56.36 MTH-LS25-08 25 26 1 799890 0.07 4.1 0.13 9.00 MTH-LS25-08 29 30 1 799894 0.037 7 0.14 9.59 MTH-LS25-08 30 31 1 799895 0.027 5.7 0.11 7.59 MTH-LS25-08 39.5 40 0.5 799906 0.055 16.9 0.30 20.75 MTH-LS25-08 40 40.5 0.5 799907 0.345 8.2 0.46 32.35 MTH-LS25-08 41 41.5 0.5 799909 0.629 7.5 0.74 51.53 MTH-LS25-08 42 43 1 799911 0.339 2.4 0.37 26.13 MTH-LS25-08 71 72 1 799916 0.037 4.8 0.11 7.39 MTH-LS25-08 88 89 1 799917 0.332 9.7 0.47 32.94 MTH-LS25-08 89 89.8 0.8 799918 0.033 5.2 0.11 7.51 MTH-LS25-08 89.8 90.3 0.5 799919 13.25 584 18.34 1284 MTH-LS25-08 90.3 91 0.7 799921 0.11 5.7 0.19 13.4 MTH-LS25-08 97 97.75 0.75 799929 0.566 28.1 0.97 67.72 MTH-LS25-08 97.75 98.25 0.5 799930 2.44 58.4 3.27 229.2 MTH-LS25-08 98.25 98.75 0.5 799931 1.23 44.4 1.86 130.5 MTH-LS25-08 98.75 99.75 1 799932 0.121 1.3 0.14 9.77 MTH-LS25-08 105 106 1 799940 0.112 4.5 0.18 12.34 MTH-LS25-08 107.3 108 0.7 799943 0.35 5.2 0.42 29.7 MTH-LS25-08 179.35 179.85 0.5 799982 0.98 3.3 1.03 71.9 MTH-LS25-08 185 186 1 799989 0.26 6.8 0.36 25.00 MTH-LS25-08 187.58 188.15 0.57 799992 0.332 2.3 0.36 25.54 MTH-LS25-09 20 20.74 0.74 800008 0.09 2 0.12 8.23 MTH-LS25-09 20.74 21.67 0.93 800009 0.14 4.3 0.20 13.89 MTH-LS25-09 21.67 22.5 0.83 800010 0.43 2 0.45 31.82 MTH-LS25-09 40 40.6 0.6 800018 0.10 5.4 0.18 12.61 MTH-LS25-09 48.3 48.91 0.61 800022 0.36 35.3 0.87 60.64 MTH-LS25-09 48.91 49.41 0.5 800023 0.25 21.7 0.56 39.41 MTH-LS25-09 88.5 89 0.5 800035 0.56 28.8 0.97 67.65 MTH-LS25-09 98.25 98.5 0.25 800036 15.20 786 26.43 1850 MTH-LS25-09 120.5 121 0.5 800039 0.33 31.7 0.78 54.59 MTH-LS25-09 138 138.3 0.3 800043 5.39 210 8.39 587.3 MTH-LS25-09 196 196.9 0.9 800062 0.19 0.8 0.20 14.24 MTH-LS25-09 196.9 197.45 0.55 800063 0.11 1.1 0.12 8.59 MTH-LS25-09 198 199 1 800065 0.22 0.7 0.23 15.96 MTH-LS25-10 65 66 1 800098 0.042 5.4 0.12 8.34 MTH-LS25-10 66 66.6 0.6 800099 0.079 14.7 0.29 20.23 MTH-LS25-10 66.6 67.2 0.6 800101 0.099 11.7 0.27 18.63 MTH-LS25-10 67.2 68 0.8 800102 0.968 122 2.71 189.76 MTH-LS25-10 68 68.8 0.8 800103 4.49 308 8.89 622.30 MTH-LS25-10 68.8 69.4 0.6 800104 0.106 3.6 0.16 11.02 MTH-LS25-10 69.4 70 0.6 800105 0.299 5.6 0.38 26.53 MTH-LS25-10 70 70.55 0.55 800106 2.42 504 9.62 673.40 MTH-LS25-10 70.55 71.25 0.7 800107 0.127 4 0.18 12.89 MTH-LS25-10 71.25 72.05 0.8 800108 1.39 215 4.46 312.30 MTH-LS25-10 73 74 1 800110 0.27 6.3 0.36 25.20 MTH-LS25-10 75 76 1 800112 0.147 5.9 0.23 16.19 MTH-LS25-10 76 77 1 800113 0.083 5.4 0.16 11.21 MTH-LS25-10 91.5 92.25 0.75 800131 0.083 15.2 0.30 21.01 MTH-LS25-10 98.1 98.8 0.7 800139 0.042 6.3 0.13 9.24 MTH-LS25-10 102 102.55 0.55 800144 0.022 42.7 0.63 44.24 MTH-LS25-10 102.55 103.1 0.55 800145 0.4 17.4 0.65 45.40 MTH-LS25-10 103.1 104 0.9 800146 0.641 27.3 1.03 72.17 MTH-LS25-10 108 108.95 0.95 800152 0.069 37.5 0.60 42.33 MTH-LS25-10 108.95 109.45 0.5 800153 0.043 7.6 0.15 10.61 MTH-LS25-10 110.05 111 0.95 800155 0.132 5.9 0.22 15.14 MTH-LS25-10 111 112 1 800156 0.156 11 0.31 21.92 MTH-LS25-10 112 113 1 800157 0.659 82.2 1.83 128.33 MTH-LS25-10 113 114 1 800158 20.70 1130 36.84 2579.00 MTH-LS25-10 114 114.55 0.55 800159 7.4 447 13.79 965.00 MTH-LS25-10 114.55 115.05 0.5 800161 0.122 10.3 0.27 18.84 MTH-LS25-10 115.05 116 0.95 800162 0.255 17.1 0.50 34.95 MTH-LS25-10 116 117 1 800163 0.108 14.3 0.31 21.86 MTH-LS25-10 124.1 125 0.9 800172 0.027 8.4 0.15 10.29 MTH-LS25-10 127.6 128.1 0.5 800177 1.93 141 3.94 276.10 MTH-LS25-10 128.6 129.2 0.6 800179 1.14 24.3 1.49 104.10 MTH-LS25-10 130 131 1 800181 0.043 8 0.16 11.01 MTH-LS25-10 141.6 142.1 0.5 800193 2.74 123 4.50 314.80 MTH-LS25-10 189.1 190 0.9 800220 0.18 3.3 0.23 15.90 MTH-LS25-10 192.3 192.8 0.5 800224 0.081 2 0.11 7.67 MTH-LS25-11 102.2 103.15 0.95 800281 0.23 22.6 0.55 38.70 MTH-LS25-11 103.15 103.95 0.8 800282 0.109 7.7 0.22 15.33 MTH-LS25-11 105 106 1 800284 0.097 12.1 0.27 18.89 MTH-LS25-11 106 107 1 800285 0.565 27.5 0.96 67.05 MTH-LS25-11 107 108 1 800286 1 27.2 1.39 97.20 MTH-LS25-11 108 108.8 0.8 800287 31.6 4030 89.17 6242.00 MTH-LS25-11 108.8 109.35 0.55 800288 7.15 641 16.31 1141.50 MTH-LS25-11 109.35 110 0.65 800289 8.69 892 21.43 1500.30 MTH-LS25-11 110 110.55 0.55 800290 110 7530 217.57 15230.00 MTH-LS25-11 110.55 111.25 0.7 800291 6.95 1020 21.52 1506.50 MTH-LS25-11 111.25 111.95 0.7 800292 0.505 50.1 1.22 85.45 MTH-LS25-11 111.95 113 1.05 800293 0.359 37.8 0.90 62.93 MTH-LS25-11 129.49 130.49 1 800297 0.251 26.2 0.63 43.77 MTH-LS25-11 130.49 131.05 0.56 800298 22.8 1425 43.16 3021.00 MTH-LS25-11 136.78 137.2 0.42 800306 1.12 88.6 2.39 167.00 MTH-LS25-11 137.2 137.7 0.5 800307 8.21 471 14.94 1045.70 MTH-LS25-11 137.7 138.6 0.9 800308 0.132 11.8 0.30 21.04 MTH-LS25-11 138.6 139.6 1 800309 0.453 38.6 1.00 70.31 MTH-LS25-11 139.6 140.55 0.95 800310 0.212 61.2 1.09 76.04 MTH-LS25-11 140.55 141.15 0.6 800311 0.037 6.9 0.14 9.49 MTH-LS25-11 148 148.45 0.45 800323 0.277 4.6 0.34 23.99 MTH-LS25-11 173 174 1 800330 0.012 7.6 0.12 8.44 MTH-LS25-11 182 182.6 0.6 800336 0.265 14.5 0.47 33.05 MTH-LS25-11 182.6 183.1 0.5 800337 0.069 3.5 0.12 8.33 MTH-LS25-11 191 191.5 0.5 800347 0.064 5.6 0.14 10.08 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, 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, blanks and duplicates are inserted appropriately into the sample stream.  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 sampling is 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. •        The use of twinned holes. No twin holes have been drilled. 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 for all holes. 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 16 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 16 Nov 2021. Results were 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 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 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 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. Drillhole Easting Northing Elevation Azimuth Dip Final Depth CDH-167 289607 2823791 1176 240 75 357 MTH-EC24-01 289612 2823837 1155 250 50 291 MTH-EC24-02 289662 2823808 1152 250 50 258 MTH-EC24-03 289594 2823842 1145 250 50 330 MTH-EC24-04 289619 2823766 1168 330 50 240 MTH-EC24-05 289603 2823896 1148 250 50 381 MTH-EC25-06 289612 2823805 1174 145 50 207 MTH-EC25-07 289506 2823824 1186 248 70 210 MTH-LS25-08 289615 2824074 1155 210 60 201 MTH-LS25-09 289570 2824106 1181 210 60 210 MTH-LS25-10 289643 2824122 1148 210 60 210 MTH-LS25-11 289594 2824196 1111 225 67 222 MTH-LS25-12 289665 2824157 1114 210 72 201 MTH-LS25-13 289622 2824214 1093 210 60 210 MTH-LS25-14 289692 2824202 1073 210 60 219 MTH-LS25-15 289536 2824254 1155 210 65 339 MTH-LS25-16 289565 2824286 1162 210 58 342 MTH-LS25-17 289565 2824286 1162 210 75 402 MTH-LS25-18 289565 2824286 1162 225 63 448.5 MTH-LS25-19 289638 2824289 1116 210 70 In Progress 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. Au raw Ag raw Length (m) Au *length Ag *length 7.51 678 0.5 3.755 339 11.85 425 0.55 6.5175 233.75 0 0 0 0 0 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 Ag gpt 4.55 25.6675 1481.95 91.95 96.5 4.55 5.64 325.70 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 17 th 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. 1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation. 2 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation. Copyright (c) 2025 TheNewswire - All rights reserved.

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