Mithril Drills High-Grade Gold-Silver At Target 1 And Further Expands The District Scale, Copalquin, Mexico

(via TheNewswire) Melbourne, Australia and Vancouver, Canada – January 20, 2026 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide exploration success at Mithril’s district scale Copalquin property, Durango State, Mexico. High-grade in shallow intercepts returned from expansive resource drilling at Target 1 ahead of the Target 1 mineral resource estimation (MRE) update   Target 1 drilling highlights include   1.55 m @ 2.11 g/t gold, 5.5 g/t silver from 24.65 m (MTH-RE25-54) , plus   1.35 m @ 21.9 g/t gold, 357 g/t silver from 142.75 m, including 0.50 m @ 57.7 g/t gold, 924 g/t silver from 143.6 m 3.05 m @ 1.68 g/t gold, 107 g/t silver from 52.0 m (MTH-LS25-53) , including   0.50 m @ 9.60 g/t gold, 612 g/t silver from 52.0 m, plus 2.80 m @ 2.29 g/t gold, 60.3 g/t silver from 65.25 m, including 0.50 m @ 10.6 g/t gold, 298 g/t silver from 67.55 m, plus 4.40 m @ 2.18 g/t gold, 14.6 g/t silver from 77.2 m 0.50 m @ 15.5 g/t gold, 66.1 g/t silver from 81.1 m Drilling on the western side of Target 1 ( 150 metre anomalous silver zone intercept in MTH-RE25-58 extends the District east-west mineralised structure 300 metres west plus extensive hydrothermal alteration. This large alteration zone indicates significant hydrothermal fluid flow which possibly represents a major feeder zone in this part of the District. This is further supported by our recent petrographic work (see discussion below) .  The east-west structure likely extends a further 600 metres west to the El Gallo workings where high-grade gold and silver was intercepted in previous drilling (see ASX announcement date 5 May 2022) 1 providing significant scale upside.   300 metre down dip extension of the Refugio 1 structure, also on the western side of Target 1 ( MTH-RE25-47 and 56 ), are the deepest intercepts in this area to date which (with the intercept in MTH-RE25-058) provide vectors for continued expansion of the Copalquin District model.     “The recent drilling at Target 1 has successfully expanded the resource potential for the upcoming Target 1 MRE update and provided important success in the development of the larger District scale model ”, said John Skeet, Managing Director & CEO. “The drilling on the western side of Target 1 intersected a broad anomalous silver zone with pervasive hydrothermal alteration associated with the district-scale east–west structure. In low-sulphidation systems, this style of alteration and silver enrichment is indicative of a well-developed hydrothermal conduit or feeder zone and supports further potential for mineralisation along strike and at depth as well as the District bigger picture. The 300-metre down-dip extension of the Refugio 1 structure confirms vertical continuity of the system and provides clear scope to expand the Target 1 resource beyond the current model.”   Copalquin District - 2026 Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned during the first half of the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings including several notable producing multi-level mines and 200 surface workings.  Mapping and sampling across the lower half of the 70 km 2 mining concession area demonstrates and a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread silver and gold mineralisation. The nearby 20 km 2 La Dura property has recently been added to the portfolio providing where a LiDAR survey has been flown (interpretation anticipated in February 2026) and will undergo and aerial magnetic survey upon completion of the aerial magnetic survey at Copalquin commencing in January 2026.     Click Image To View Full Size Figure 1 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico   Click Image To View Full Size Figure 2  LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work including recently sampled Target 6 Target 1 Drilling Discussion Drilling continued throughout 2025 at the Target 1 area aiming to expand the maiden resource.  The results throughout the year and reported in this announcement have continued to successfully expand the footprint and fill in areas with the objective to bring more tonnes into classification for a mineral resource estimate (MRE) update.  Approximately 3,000 metres of drilling is to be completed in Q1 2026 to finalise the drilling for the MRE update.  3D modelling of the updated geology including the post mineral intrusive unit has created a robust and predictable model for the upcoming MRE. Recently received drill results have intersected very high-grade gold and silver and provided supportive geological control data for the Target 1 model. Assay highlights include 1.55 m @ 2.11 g/t gold, 5.5 g/t silver from 24.65 m (MTH-RE25-54) , plus   1.35 m @ 21.9 g/t gold, 357 g/t silver from 142.75 m, including 0.50 m @ 57.7 g/t gold, 924 g/t silver from 143.6 m 3.05 m @ 1.68 g/t gold, 107 g/t silver from 52.0 m (MTH-LS25-53) , including   0.50 m @ 9.60 g/t gold, 612 g/t silver from 52.0 m, plus 2.80 m @ 2.29 g/t gold, 60.3 g/t silver from 65.25 m, including 0.50 m @ 10.6 g/t gold, 298 g/t silver from 67.55 m, plus 4.40 m @ 2.18 g/t gold, 14.6 g/t silver from 77.2 m 0.50 m @ 15.5 g/t gold, 66.1 g/t silver from 81.1 m Table 1 Interval for results received for Target 1 drilling reported. Hole ID From (m) To (m) Interval (m) Au g/t Ag g/t AuEq g/t MTH-RE25-46 59.5 61.2 1.7 0.59 11.1 0.75 MTH-RE25-46 65.25 69.2 3.95 1.37 22.2 1.69 MTH-RE25-47 442.3 444.65 2.35 1.18 24.2 1.52 MTH-LS25-52 72.7 73.2 0.5 1.11 4.4 1.17 MTH-LS25-52 264.5 266 1.5 0.39 63.6 1.30 MTH-LS25-53 44.7 45.2 0.5 2.64 42.3 3.24 MTH-LS25-53 52 55.05 3.05 1.68 107 3.20 including 52 52.5 0.5 9.60 612 18.34 MTH-LS25-53 65.25 68.05 2.80 2.29 60.3 3.15 including 67.55 68.05 0.5 10.55 298 14.81 MTH-LS25-53 77.2 81.6 4.40 2.18 14.6 2.39 including 81.1 81.6 0.5 15.50 66.1 16.44 MTH-LS25-53 91.7 93 1.3 0.44 0.7 0.45 MTH-LS25-53 226 226.5 0.5 1.07 2.7 1.11 MTH-RE25-54 5.50 8.30 2.80 0.27 19.7 0.56 MTH-RE25-54 12 12.65 0.65 0.60 19.1 0.87 MTH-RE25-54 18.85 20 1.15 0.31 11.0 0.47 MTH-RE25-54 24.65 26.20 1.55 2.11 5.50 2.19 MTH-RE25-54 28.70 29.60 0.90 0.524 23.1 0.85 MTH-RE25-54 32.25 34.85 2.60 0.30 2.40 0.33 MTH-RE25-54 133.7 135 1.30 0.72 54.7 1.50 MTH-RE25-54 142.75 144.1 1.35 21.94 357 27.04 including 143.6 144.1 0.50 57.65 924 70.85 MTH-RE25-55 No reportable intercepts       MTH-RE25-56 441.75 447.2 5.45 0.78 35.9 1.29 including 441.75 442.7 0.95 1.08 39.5 1.64 including 444.7 447.2 2.50 1.26 62.1 2.15 MTH-RE25-57 189.15 189.65 0.50 1.43 128 3.25 MTH-RE25-58 165.85 166.35 0.50 1.09 82.2 2.26 MTH-RE25-59 No reportable intercepts          Click Image To View Full Size Figure 3 Plan map for the Target 1 drilling reported and section lines for the following cross sections Figure 4 Section C - high-grade intercepts on the eastern side of the Target 1 resource successfully in-filling an area with previously insufficient data in this relatively shallow area. Figure 5 Section D with multiple intercepts including those highlighted on the above section. Figure 6 Section E successfully intercepting the Refugio 1 structure on the eastern side over 300 metres down dip   Further Evidence of the Large Hydrothermal System Drilling on the western end of the resource area at Target 1 has continued to provide further evidence of continuation of the east-west mineralised structure plus extensive hydrothermal alteration. In a low sulphidation epithermal deposit, the presence of a wide alteration halo combined with silver-rich mineralization is a strong indicator of a robust, long-lived hydrothermal system and has important implications for both scale and exploration potential. A broad alteration halo reflects extensive circulation of neutral to weakly alkaline hydrothermal fluids through permeable structures and surrounding wall rocks. Alteration assemblages commonly include quartz, adularia, sericite, with variable carbonate, chlorite and locally developed clay alteration. The breadth of alteration indicates that fluid flow was not restricted to narrow vein conduits, but instead affected a large volume of rock, increasing the likelihood of multiple mineralized structures, stacked veins, or locally disseminated mineralization. From an exploration standpoint, wide alteration halos provide large, mappable footprints that can be detected through mapping, geochemistry, and remote sensing, allowing effective vectoring toward higher grade zones.   Click Image To View Full Size Figure 7 Drill hole MTH-RE25-58 intercepted a thick anonymously silver rich alteration halo on the western side of Target 1 Silver mineralization is a characteristic feature of low sulphidation epithermal systems and commonly occurs as electrum, acanthite, native silver, silver sulfosalts, or Ag-bearing base metal sulphides. Elevated silver grades often reflect boiling, fluid mixing, or rapid pressure changes within the epithermal environment, processes that are also efficient at precipitating gold. Silver rich zones may be laterally or vertically offset from gold dominant zones, commonly occupying higher or more distal portions of the system, and therefore provide valuable vectors toward potentially gold rich feeder structures at depth or along strike. Together, a wide alteration halo and significant silver mineralization suggest a well-developed epithermal system with favourable permeability architecture and strong hydrothermal flux. This combination increases the probability of discovering additional veins, higher grade shoots, or vertically zoned precious metal mineralization, and supports the potential for a district scale mineralized system rather than isolated, narrow veins.   Table 2  Drill hole collar details reported in this announcement Hole ID Easting (m) Northing (m) Elevation (m) Azimuth (degrees) Inclination (degrees) Depth (m) MTH-RE25-46 289355 2823700 1246.14 188 -50 249 MTH-RE25-47 288996.3 2824042 1188.21 210 -75 516 MTH-RE25-48 288547 2823911 1133.83 205 -65 351 MTH-LS25-49 289869 2824152 1065.27 200 -45 342 MTH-LS25-50 289729 2824339 1057.79 195 -73 402 MTH-LS25-51 289956 2824182 1081.41 195 -65 132 MTH-LS25-52 289943 2824082 1094.17 210 -45 450 MTH-LS25-53 289601 2824056 1141.2 180 -55 339 MTH-RE25-54 289519 2823757 1192.72 165 -55 417 MTH-RE25-55 288759 2823832 1189.26 250 -50 351 MTH-RE25-56 289004 2824047 1189.1 210 -69 516 MTH-RE25-57 288757 2823827 1190.94 210 -45 351 MTH-RE25-58 288757 2823827 1190.94 185 -45 300 MTH-RE25-59 288748 2823965 1232.44 180 -77 501   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 gold and silver districts.   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 at the first of several target areas (Target 1), 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 a NI 43-101 Technical Report filed on SEDAR+   Target 1 Maiden Resource:   Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver for 121 ,000 oz gold plus 2,538,000 oz silver   Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252 ,000 oz gold plus 8,414,000 oz silver   (using a cut-off grade of 2.0 g/t AuEq*) 28.6% of the resource tonnage is classified as indicated            Table 3  Mineral resource estimate at Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*   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   *  In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Au recovery)). 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 .   For silver equivalent (AgEq.) grade reporting, the same factors as above are used with the formula AgEq grade = Ag grade + ((Au grade x 70) x (Au recovery/Ag recovery)) At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future.   In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. ^ 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 (conceptual) 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. The average vein width is approximately 4.5 metres.   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 2028.   -ENDS- Released with the authority of the Board. For further information contact: John Skeet Managing Director and CEO [email protected] +61 435 766 809 NIKLI COMMUNICATIONS Corporate Communications [email protected] [email protected]   The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.    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 Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.  Mr LeFort 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 LeFort 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, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. 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 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. Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada    Table 4  All drill results reported greater than or equal to 0.1 g/t AuEq Drillhole ID Sample ID From (m) To (m) Au g/t Ag g/t AuEq g/t Cu g/t Pb g/t Zn g/t MTH-RE25-46 821441 59.5 60.6 0.451 10.8 0.61 55 7 89 MTH-RE25-46 821442 60.6 61.2 0.858 11.7 1.03 56 7 90 MTH-RE25-46 821446 64.55 65.25 0.073 5.6 0.15 47 75 122 MTH-RE25-46 821447 65.25 65.8 1.925 46.5 2.59 46 25 84 MTH-RE25-46 821448 65.8 66.45 0.45 8.8 0.58 34 9 49 MTH-RE25-46 821449 66.45 67 3.65 45.3 4.30 44 26 65 MTH-RE25-46 821451 67 67.8 1.31 20.8 1.61 34 31 108 MTH-RE25-46 821452 67.8 68.4 1.285 16.9 1.53 32 21 77 MTH-RE25-46 821453 68.4 69.2 0.313 6 0.40 27 17 77 MTH-RE25-47 821494 436 436.7 0.08 10.4 0.23 60 73 305 MTH-RE25-47 821495 436.7 438 0.192 30.8 0.63 26 78 139 MTH-RE25-47 821499 440 441 0.351 32.2 0.81 98 279 343 MTH-RE25-47 821501 441 441.6 0.232 5.9 0.32 39 101 112 MTH-RE25-47 821503 441.6 442.3 0.378 7.3 0.48 124 696 700 MTH-RE25-47 821504 442.3 442.9 1.605 57.4 2.43 150 1005 2260 MTH-RE25-47 821505 442.9 443.5 0.836 14.8 1.05 241 1050 3380 MTH-RE25-47 821506 443.5 444 0.576 10.2 0.72 228 1060 4430 MTH-RE25-47 821507 444 444.65 1.555 12.9 1.74 297 282 1585 MTH-RE25-48 821559 341 343 0.042 5.5 0.12 390 244 232 MTH-RE25-48 821563 345.8 347 0.165 1.4 0.19 39 44 82 MTH-LS25-49 821570 101.05 101.95 0.63 18.6 0.90 24 365 18 MTH-LS25-49 821606 163 163.65 0.067 3.2 0.11 7 6 12 MTH-LS25-49 821624 178.4 178.9 0.704 1.4 0.72 35 698 1190 MTH-LS25-49 821626 178.9 179.5 0.379 1.9 0.41 13 66 73 MTH-LS25-49 821627 179.5 180 0.143 2.9 0.18 57 457 1745 MTH-LS25-49 821628 180 180.5 0.203 3.6 0.25 168 1515 439 MTH-LS25-49 821629 180.5 181.25 0.475 4 0.53 100 648 725 MTH-LS25-49 821632 182.75 183.7 0.817 3.2 0.86 5 11 55 MTH-LS25-49 821641 191.45 192 0.091 2 0.12 5 52 96 MTH-LS25-50 821713 267.25 267.85 0.091 7.4 0.20 31 29 55 MTH-LS25-50 821726 280.25 280.95 0.07 12 0.24 13 44 75 MTH-LS25-50 821727 280.95 282.05 0.112 24.4 0.46 51 38 93 MTH-LS25-51 821756 91.5 92 0.185 1.5 0.21 26 21 63 MTH-LS25-52 821783 14.3 14.95 0.031 5.2 0.11 31 27 53 MTH-LS25-52 821790 72.7 73.2 1.105 4.4 1.17 22 19 63 MTH-LS25-52 821794 125.2 125.95 0.089 0.8 0.10 15 12 53 MTH-LS25-52 821829 193 193.5 0.087 11 0.24 15 37 32 MTH-LS25-52 821838 203.4 204.3 0.089 4.3 0.15 15 16 68 MTH-LS25-52 821847 216 217.1 0.044 5.1 0.12 5 7 27 MTH-LS25-52 821882 253.15 254.05 0.052 3.7 0.10 25 16 124 MTH-LS25-52 821887 258.4 259.4 0.097 2.3 0.13 111 162 267 MTH-LS25-52 821893 264.5 266 0.389 63.6 1.30 79 146 105 MTH-LS25-53 821961 14 15 0.08 5.1 0.15 27 5 90 MTH-LS25-53 821967 20 21 0.029 5.2 0.10 46 53 103 MTH-LS25-53 821972 25.85 26.35 0.069 8.7 0.19 54 53 108 MTH-LS25-53 821974 27 28 0.045 5.8 0.13 58 39 136 MTH-LS25-53 821989 42 43 0.061 7.8 0.17 56 26 124 MTH-LS25-53 821992 44.7 45.2 2.64 42.3 3.24 65 27 85 MTH-LS25-53 822001 52 52.5 9.6 612 18.34 134 181 295 MTH-LS25-53 822002 52.5 53.45 0.038 7.8 0.15 15 38 134 MTH-LS25-53 822004 54.55 55.05 0.527 14.1 0.73 9 30 133 MTH-LS25-53 822015 65.25 66.4 0.49 0.6 0.50 40 7 99 MTH-LS25-53 822016 66.4 67.05 0.334 8.6 0.46 11 68 93 MTH-LS25-53 822017 67.05 67.55 0.69 27 1.08 9 17 14 MTH-LS25-53 822018 67.55 68.05 10.55 298 14.81 23 113 159 MTH-LS25-53 822030 77.2 77.75 1.305 25.9 1.68 34 73 180 MTH-LS25-53 822031 77.75 78.8 0.566 3.1 0.61 32 28 176 MTH-LS25-53 822032 78.8 79.8 0.169 3.4 0.22 31 31 127 MTH-LS25-53 822034 80.35 81.1 0.437 11.2 0.60 15 18 42 MTH-LS25-53 822035 81.1 81.6 15.5 66.1 16.44 33 109 135 MTH-LS25-53 822038 82.85 83.95 0.059 3.7 0.11 15 15 103 MTH-LS25-53 822048 91.7 93 0.443 0.7 0.45 24 38 109 MTH-LS25-53 822059 102.3 102.85 0.366 3.1 0.41 40 26 27 MTH-LS25-53 822069 112.5 113.1 0.229 3 0.27 16 17 54 MTH-LS25-53 822083 131.4 132.8 0.093 2.6 0.13 8 21 127 MTH-LS25-53 822087 137.1 138.5 0.099 1.3 0.12 6 27 97 MTH-LS25-53 840036 226 226.5 1.07 2.7 1.11 59 99 137 MTH-LS25-53 840069 250.75 251.35 0.125 1.1 0.14 25 11 69 MTH-LS25-53 840101 284.75 286 0.042 7.7 0.15 14 52 15 MTH-LS25-53 840103 286.75 287.25 0.103 7.5 0.21 6 21 157 MTH-LS25-53 840115 296 296.6 0.095 1.4 0.12 3 12 18 MTH-LS25-53 840119 298.55 299.7 0.08 12.1 0.25 787 588 301 MTH-LS25-53 840121 299.7 300.85 0.06 4.5 0.12 176 121 129 MTH-LS25-53 840124 301.65 302.35 0.114 0.8 0.13 2 9 25 MTH-LS25-53 840130 305 305.8 0.228 3.9 0.28 27 39 78 MTH-LS25-53 840131 305.8 306.3 0.705 2.2 0.74 19 21 57 MTH-LS25-53 840132 306.3 307.15 0.296 2.6 0.33 24 46 82 MTH-LS25-53 840133 307.15 307.8 0.07 5.5 0.15 78 523 363 MTH-LS25-53 840134 307.8 308.95 0.068 5.7 0.15 19 66 64 MTH-LS25-53 840139 312.05 312.75 0.168 1.8 0.19 16 72 89 MTH-LS25-53 840153 336.25 337.3 0.088 0.9 0.10 44 54 194 MTH-LS25-53 840154 337.3 338.35 0.095 0.8 0.11 54 47 191 MTH-RE25-54 840156 1 3.95 0.093 3.1 0.14 14 16 25 MTH-RE25-54 840157 3.95 5.5 0.113 10.4 0.26 24 21 20 MTH-RE25-54 840158 5.5 6.4 0.205 13 0.39 28 21 15 MTH-RE25-54 840159 6.4 7.45 0.311 24.5 0.66 15 21 19 MTH-RE25-54 840161 7.45 8.3 0.303 21 0.60 17 33 23 MTH-RE25-54 840163 9.25 9.8 0.098 6.6 0.19 25 26 120 MTH-RE25-54 840165 10.3 11.1 0.051 4 0.11 20 19 52 MTH-RE25-54 840166 11.1 12 0.075 4.6 0.14 24 13 108 MTH-RE25-54 840167 12 12.65 0.598 19.1 0.87 33 75 140 MTH-RE25-54 840171 15.1 16.35 0.113 7.4 0.22 22 21 95 MTH-RE25-54 840172 16.35 17.6 0.115 6.4 0.21 23 40 96 MTH-RE25-54 840174 18.2 18.85 0.053 4.4 0.12 29 19 98 MTH-RE25-54 840176 18.85 20 0.31 11 0.47 29 12 91 MTH-RE25-54 840181 23 24 0.087 4 0.14 31 12 82 MTH-RE25-54 840183 24.65 25.4 0.319 4 0.38 43 12 85 MTH-RE25-54 840184 25.4 26.2 3.79 6.9 3.89 53 19 109 MTH-RE25-54 840185 26.2 27 0.119 4.4 0.18 52 26 137 MTH-RE25-54 840187 27.75 28.7 0.123 5.2 0.20 50 28 132 MTH-RE25-54 840188 28.7 29.6 0.524 23.1 0.85 16 75 111 MTH-RE25-54 840189 29.6 30.1 0.146 3.7 0.20 28 20 101 MTH-RE25-54 840190 30.1 31.3 0.069 2.6 0.11 8 10 46 MTH-RE25-54 840192 32.25 33.6 0.221 2.3 0.25 7 13 62 MTH-RE25-54 840193 33.6 34.85 0.377 2.5 0.41 18 13 127 MTH-RE25-54 840194 34.85 36.05 0.172 2 0.20 12 12 110 MTH-RE25-54 840257 131.65 132.4 0.075 3.6 0.13 10 28 35 MTH-RE25-54 840258 132.4 133.2 0.097 10.3 0.24 3 36 27 MTH-RE25-54 840259 133.2 133.7 0.137 10.6 0.29 4 16 93 MTH-RE25-54 840260 133.7 134.35 0.86 78 1.97 8 19 42 MTH-RE25-54 840261 134.35 135 0.574 31.4 1.02 4 8 37 MTH-RE25-54 840262 135 135.55 0.117 2.6 0.15 5 29 63 MTH-RE25-54 840263 135.55 137 0.091 2.9 0.13 4 23 54 MTH-RE25-54 840264 137 139 0.086 3.7 0.14 5 26 57 MTH-RE25-54 840265 139 140.3 0.115 3.5 0.17 7 26 60 MTH-RE25-54 840266 140.3 141.55 0.106 3.3 0.15 97 12 128 MTH-RE25-54 840267 141.55 142.75 0.073 4.6 0.14 59 10 87 MTH-RE25-54 840268 142.75 143.6 0.933 23.9 1.27 4 14 68 MTH-RE25-54 840269 143.6 144.1 58.4 947 71.93 41 70 148 MTH-RE25-54 840271 144.1 144.6 0.362 10.7 0.51 3 18 96 MTH-RE25-54 840272 144.6 146 0.099 1.7 0.12 2 16 78 MTH-RE25-54 840273 146 148 0.24 2.4 0.27 2 16 61 MTH-RE25-54 840274 148 149.4 0.071 3.4 0.12 2 16 96 MTH-RE25-54 840276 149.4 150.25 0.316 19.7 0.60 3 14 45 MTH-RE25-54 840277 150.25 150.9 0.085 5.1 0.16 3 17 43 MTH-RE25-54 840281 152 152.8 0.079 2 0.11 4 15 73 MTH-RE25-54 840298 175.25 175.75 0.19 1.2 0.21 8 29 59 MTH-RE25-54 840309 182 182.85 0.022 7.4 0.13 10 92 176 MTH-RE25-54 840311 183.75 184.35 0.056 3.4 0.10 3 31 91 MTH-RE25-54 840336 230.45 231.35 0.113 6.2 0.20 83 45 49 MTH-RE25-54 840369 328.75 329.65 0.091 36.3 0.61 44 220 221 MTH-RE25-54 840370 329.65 330.65 0.031 11.9 0.20 29 714 336 MTH-RE25-54 840378 335.15 335.7 0.011 6.6 0.11 31 155 335 MTH-RE25-54 840393 346.5 347.55 0.026 22.4 0.35 26 234 132 MTH-RE25-54 840394 347.55 348.35 0.025 7 0.13 40 257 132 MTH-RE25-56 840528 441.75 442.7 1.08 39.5 1.64 36 32 69 MTH-RE25-56 840531 444.7 445.7 1.11 9.6 1.25 253 843 1010 MTH-RE25-56 840532 445.7 446.2 1.305 110 2.88 1130 3490 3880 MTH-RE25-56 840533 446.2 446.7 1.2 90.4 2.49 174 1360 1570 MTH-RE25-56 840534 446.7 447.2 1.59 91 2.89 215 1045 1755 MTH-RE25-56 840546 456.5 457.5 0.084 2.3 0.12 21 16 118 MTH-RE25-57 840577 177.7 179 0.031 10.1 0.18 5 15 52 MTH-RE25-57 840578 179 180 0.044 5.1 0.12 4 20 46 MTH-RE25-57 840590 189.15 189.65 1.425 128 3.25 45 25 112 MTH-RE25-57 840593 247.85 249 0.055 5.2 0.13 4 13 43 MTH-RE25-57 840597 252.3 253.05 0.188 2.9 0.23 12 116 302 MTH-RE25-57 840605 259 261 0.021 7.8 0.13 9 50 98 MTH-RE25-57 840613 334.9 335.95 0.574 1.6 0.60 3 10 68 MTH-RE25-58 840626 158.2 158.75 0.287 13.4 0.48 12 21 93 MTH-RE25-58 840627 158.75 159.55 0.104 4.3 0.17 12 20 62 MTH-RE25-58 840628 159.55 160.3 0.351 19 0.62 13 12 90 MTH-RE25-58 840629 160.3 161.45 0.082 9.6 0.22 2 9 105 MTH-RE25-58 840632 162 162.5 0.044 6.6 0.14 41 23 87 MTH-RE25-58 840634 163.3 164.15 0.094 2.7 0.13 6 12 120 MTH-RE25-58 840635 164.15 164.95 0.089 6.2 0.18 4 11 125 MTH-RE25-58 840636 164.95 165.85 0.069 2.3 0.10 7 11 103 MTH-RE25-58 840637 165.85 166.35 1.085 82.2 2.26 16 23 101 MTH-RE25-58 840638 166.35 167 0.044 5.3 0.12 3 10 99 MTH-RE25-58 840639 167 168 0.093 8.8 0.22 24 19 98 MTH-RE25-58 840642 169.55 171 0.062 3.5 0.11 3 16 122 MTH-RE25-58 840645 174.85 176 0.224 7.3 0.33 49 30 160 MTH-RE25-58 840651 184 186 0.152 5.3 0.23 1 14 83 MTH-RE25-58 840652 186 188 0.478 15.1 0.69 13 24 92 MTH-RE25-58 840655 192 194 0.178 4.2 0.24 5 12 77 MTH-RE25-58 840657 196 197.5 0.085 1.2 0.10 26 9 49 MTH-RE25-58 840671 224.3 225.1 0.084 5 0.16 148 47 69 MTH-RE25-58 840689 243.4 244.05 0.102 13.5 0.29 21 31 70 MTH-RE25-58 840697 250.5 251.35 0.07 5.8 0.15 50 19 124 MTH-RE25-58 840710 262.1 262.9 0.038 10.1 0.18 36 45 99 MTH-RE25-58 840711 262.9 263.7 0.051 14.8 0.26 21 43 40 MTH-RE25-58 840712 263.7 264.9 0.03 10.3 0.18 10 32 25 MTH-RE25-58 840716 268.5 269.2 0.206 7.6 0.31 27 39 106 MTH-RE25-58 840717 269.2 270.25 0.2 15.8 0.43 62 187 408 MTH-RE25-58 840727 280.7 282.1 0.073 3 0.12 24 19 148 MTH-RE25-58 840729 283.55 285.1 0.093 5.4 0.17 79 108 227 MTH-RE25-58 840730 285.1 285.6 0.059 3.3 0.11 6 21 69 MTH-RE25-58 840731 285.6 286.35 0.084 3.3 0.13 4 21 23 MTH-RE25-58 840732 286.35 287.55 0.181 5 0.25 41 58 240 MTH-RE25-59 840796 417.9 418.85 0.031 5.7 0.11 9 7 7 MTH-RE25-59 840797 418.85 419.8 0.031 6.7 0.13 7 7 20 MTH-RE25-59 840842 455 457.6 0.013 14.6 0.22 68 14 14      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 representativity 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.  Drill core samples are cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 0.5 m to 1.5 m based on geologic criteria.  The same side of the core is always sent to sample (left side of saw).  Reported intercepts are calculated as either potentially underground mineable (100m down hole) or as potentially open-pit mineable (near surface).  Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 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 or equal to 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.  Rock Sawn Channel samples underground and surface are collected with the assistance of a handheld portable saw. The channels are 2.5 to 3cm deep and 6-8 cm wide along continuous lines oriented perpendicular to the mineralized structure. The samples are as representative as possible   Rock Sawn Channel surface samples were surveyed with a Handheld GPS then permanently mark with an aluminium tag and red colour spray across the strike of the outcrop over 1 metre. Samples are as representative as possible  Rock Sawn Channel underground samples were located after a compass and tape with the mine working having a surveyed control point at the portal, then permanently marked with an aluminium tag and red colour spray oriented perpendicular to the mineralized structure. Samples are as representative as possible  Soil sampling has been carried out by locating pre-planned points by handheld GPS and digging to below the first colour-change in the soil (or a maximum of 50 cm). In the arid environment there is a 1 – 10 cm organic horizon and a 10 – 30 cm B horizon above the regolith. Samples are sieved to -80 mesh in the field. Samples are collected on a 20 m x 50 m grid or every 20 m on N–S lines 50 m apart. These samples are considered representative of the medium being sampled and lines are appropriately oriented to the nearly E–W structural trend.  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 MP500 man-portable core rigs capable of drilling HQ size core to depths of 350-400m (depending on ground conditions), reducing to NQ size core for greater depths. Core is recovered in a standard tube.  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.  Geotechnical and geological   logging of the drill core takes place on racks in the company core shed.  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. Photos of cut core intervals are taken after sampling. Core is wetted to improve visibility of features in the photos.  All core has been logged and photographed.   Rock sawn channel samples are marked, measured and photographed at location  Soil samples are recorded at location, logged and described  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 representativity 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.    Crushed core duplicates are split/collected by the laboratory and submitted for assay (1 in 30 samples)  Sample sizes are appropriate to the grain size of the material being sampled.  Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored.    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 silverOG63 and silverGRAV21. These are considered a total assay technique.  Standards and blanks are inserted at a rate of one per every 25 samples and one per every 40 samples, respectively.  Pulp duplicate sampling is undertaken for 3% of all samples (see above).  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.  Certified Reference Materials – Rock Labs and CDN CRMs have been used throughout the project including, low (~2 g/t Au), medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results are automatically checked on data import into the BEDROCK database to fall within 2 standard deviations of the expected value.   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.  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 using a Reflex Multishot tool for all holes.  A survey measurement is first collected at 15 meters downhole, and then every 50 meters until the end of the hole. Locations for holes have been surveyed with differential GPS to a sub 10 cm precision.   UTM/UPS WGS 84 zone 13 N  High quality topographic control from LiDAR imagery and orthophotos covers the entire 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 17 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.  Rock sawn channel samples are cut perpendicular to the observed vein orientation wherever possible  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 sample preparation facility in Chihuahua, Mexico.  ALS airfreights the sample pulps to their assaying facility in North Vancouver, BC, Canada  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 17 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 and Santa Cruz is almost 7 kilometres. The southern area from south west of Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 6km.  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.    See Table 2 in the announcement. 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.  Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 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 or equal to 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.  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 silver raw Length (m) Au *length silver *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 silver gpt     4.55 25.667 1481.9 91.95 96.5 4.55 5.64 325.7   In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((silver grade/70) x (silver recovery/Au recovery)). 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  At this early stage, the metallurgical recoveries are assumed to be equal (93%), Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022).  For Rock Saw Channel Sampling and soil sampling in the Copalquin District, silver equivalent (AgEq) is determined using the formula: AgEq grade = silver grade + ((Au grade x 70) x (Au recovery/silver recovery)). 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) fromkitco.com   At this early stage, the metallurgical recoveries for Au and silver are assumed to be equal (93%) in the absence of metallurgical test work for Targets 2, 3, 4 and 5 material. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.  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 had true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees had true widths of 77% of the reported intercept lengths.   True widths at La Soledad are not fully understood and downhole intercepts to date, are reported.  At Las Brujas in Target 2, true widths are not yet known since we are still in the early stages of target definition.  Rock sawn channel samples are cut perpendicular to the observed vein orientation wherever possible  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 for intercepts greater than or equal to 0.1 g/t gold equivalent (gold plus silver at 70:1 price ratio for gold:silver).  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 17th 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.  The Company drilled 148 diamond core holes from July 2020 to July 2022 for 32,712 m.  The Company has stated its target to drill up to 45,000m from July 2025 until the second half of 2026  Diagrams are included in the announcements and presentations showing the drill target areas within the Copalquin District    1  ASX announcement EXPLORATION CONTINUES TO EXPAND, COPALQUIN DISTRICT, MEXICO, 5 May 2022   Copyright (c) 2026 TheNewswire - All rights reserved.