Mithril Silver and Gold June 2025 Quarterly Activities Report
Executive Summary
- High‑grade gold–silver intercepts were reported from multiple new targets (Targets 1‑6) in the Copalquin District, including a standout hole T2DH25‑006 with 11.5 m @ 8.61 g/t Au and 57.6 g/t Ag (up to 109.5 g/t Au over 0.85 m).
- The company completed an C$11.5 M brokered private placement in July 2025, raising cash to A$11 M plus the placement proceeds, supporting continued exploration.
- Board changes were announced (appointment of non‑executive director Meghan Lewis; retirements of Garry Thomas & Stephen Layton) and Michael Port was confirmed as CFO.
Key Details
- Target 2 – Channel Sampling:
- 1.00 m @ 21.5 g/t Au, 337 g/t Ag (LB001)
- 1.00 m @ 28.7 g/t Au, 356 g/t Ag (LB009)
- 9.50 m @ 5.66 g/t Au, 155 g/t Ag (MEP001)
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2.00 m @ 26.8 g/t Au, 1,004 g/t Ag (MEP002)
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Target 2 – Drill Hole T2DH25‑006:
- 11.5 m @ 8.61 g/t Au, 57.6 g/t Ag from 44.5 m
- Includes 3.85 m @ 25.33 g/t Au, 128 g/t Ag (46.65‑50.5 m)
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Includes 0.85 m @ 109.5 g/t Au, 325 g/t Ag (46.65‑47.5 m)
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Target 1 – Drill Hole MTH‑LS25‑20:
- 2.90 m @ 9.06 g/t Au, 10.6 g/t Ag from 339.6 m
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Includes 0.50 m @ 44.7 g/t Au, 42.7 g/t Ag at 342 m
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Target 5 – Channel Sampling (surface & underground):
- 0.7 m @ 4.64 g/t Au, 732 g/t Ag (226229)
- 0.8 m @ 2.84 g/t Au, 777 g/t Ag (527107)
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1.0 m @ 5.36 g/t Au, 706 g/t Ag (527143)
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Target 3 – Channel Sampling Highlights:
- 0.9 m @ 12.40 g/t Au, 820 g/t Ag (527285)
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Multiple other intercepts ranging from 1.08‑19.85 g/t Au and 114‑820 g/t Ag
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Target 4 – Soil Sampling:
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SM‑036 @ 2.56 g/t Au, 59 g/t Ag; SM‑037 @ 4.10 g/t Au, 83 g/t Ag; … SM‑128 @ 2.08 g/t Au, 47 g/t Ag
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Exploration Expenditure: $2.675 M spent in Q2 2025, focused on Copalquin District.
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Financing:
- C$11.5 M brokered private placement (institutional & sophisticated investors) closed July 2025.
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Cash balance at quarter‑end: A$11 M (excluding placement proceeds).
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Corporate Updates:
- Board: Meghan Lewis appointed non‑executive director; Garry Thomas & Stephen Layton retired.
- Michael Port confirmed as CFO (appointed April 2025).
- Monthly Mexican VAT refunds continued.
Notable Quotes
“The high‑grade intercepts across multiple targets underscore the significant upside potential of the Copalquin District and validate our exploration strategy,” – John Skeet, Managing Director & CEO.