Updated ASX Announcement

Executive Summary

• Mithril Silver and Gold Ltd. reports new drilling at Target 5 (Apomal historic mine) and continued high‑grade intercepts at Target 1 (La Soledad, Zaragoza, Refugio West) within the Copalquin district, Mexico.
• The program is fully funded for 45,000 m of drilling over the next 12–14 months, with a third drill rig to be added in early 2026.
• Significant intercepts include 3.30 m @ 8.63 g/t Au and 41.24 g/t Ag (including 0.5 m @ 48.85 g/t Au, 91.55 g/t Ag) at La Soledad; 0.57 m @ 6.4 g/t Au, 4,400 g/t Ag and 0.66 m @ 3.49 g/t Au, 127 g/t Ag at Zaragoza.

Key Details

• Program Funding: Fully funded for a total of 45,000 m of drilling; preparation to add a third drill rig in early 2026.
• Target 5 – Apomal Historic Mine: First three holes completed (≈5,000 m program); drilling down‑dip and along strike of historic veins; assays pending.
• Target 1 – La Soledad (East):
• Hole MTH‑LS25‑36: 3.30 m @ 8.63 g/t Au, 41.24 g/t Ag from 169.7 m, including 0.5 m @ 48.85 g/t Au, 91.55 g/t Ag.
• Hole MTH‑LS25‑35: 1.1 m @ 9.95 g/t Au, 44.6 g/t Ag from 156.9 m.
• Target 1 – Zaragoza (South):
• Hole MTH‑ZG25‑37: 0.57 m @ 6.4 g/t Au, 4,400 g/t Ag from 342.4 m.
• Same hole: 0.66 m @ 3.49 g/t Au, 127 g/t Ag from 389.1 m.
• Target 1 – Refugio West: Step‑out drilling underway 250 m west of maiden resource area, targeting extension toward El Gallo (≈900 m).
• Target 3: Systematic mapping and sampling continue; maiden drill program to start in coming months.
• Resource Context: Existing JORC‑compliant resource at El Refugio–La Soledad: Indicated 691 kt @ 5.43 g/t Au, 114 g/t Ag (121 koz Au, 2,538 koz Ag); Inferred 1,725 kt @ 4.55 g/t Au, 152 g/t Ag (252 koz Au, 8,414 koz Ag).
• Option to Acquire Concessions: Exclusive option to purchase 100 % of Copalquin concessions for US$10 M exercisable by 7 Aug 2028.
• Future Work: Planned aeromagnetic survey Q4 2025; continued drilling across multiple targets; metallurgical test work on core composites already completed (SGS, Mexico).

Notable Quotes

“Our exploration program continues to advance across the district, expanding the Target 1 resource area, drilling new zones and developing additional targets through systematic mapping and sampling.” – John Skeet, Managing Director & CEO.