October 31, 2025 – Melbourne, Australia and Vancouver, Canada – TheNewswire – Mithril Silver and Gold Limited (“Mithril” or the “Company”) (TSXV: MSG) (ASX: MTH) is pleased to provide its September 2025 quarterly activities report at its Copalquin District – Durango State, Mexico

“The September quarter marked another strong period of progress for Mithril with two drills turning and a third drill scheduled for Target 3”, said John Skeet, Managing Director & CEO, “Drilling is underway at Target 5, while drilling at Target 1 continues to expand the resource footprint and refine our 3D geological model. Systematic mapping and sampling have defined continuous mineralisation stretching nine kilometres across the southern half of district and 1,300 metres vertically. We are rapidly advancing our district scale geology model, focused on identifying the major feeder system driving gold-silver mineralisation across multiple deposits within the district.”

“With the completion of the C$11.5 million placement in July and a strong quarter-end cash balance of A$18.3 million, Mithril is well positioned to execute its accelerated exploration program into 2026.  We anticipate significant news flow for the rest of the year and into next year, as we accelerate exploration work across the district and receive pending assay results for completed drill holes.”

Exploration Highlights:  

• Drilling progressed at Target 1 with high-grade intercepts expanding mineralisation to the east and west.  Recently released intercepts including7.19 g/t gold, 260 g/t silver over 8.03 m from 257.72 m1 (MTH-RE25-45), extend the strike 300m further west of the Target 1 maiden resource and 8.63 g/t gold, 41.2 g/t silver over 3.3 m from 169.7 m2 (MTH-LS25-36) on the east 
• The resource drilling and 3D modelling at Target 1 have significantly refined the geological interpretation and definition of mineralized domains, with the completion of resource update drilling anticipated in early 2026.  First drilling southeast of the resource area at Target 1 along the 2 km long Copalquin Structure intercepted 6.40 g/t gold, 4,400 g/t silver over 0.57m from 342.4m (MTH-ZG25-37), 160 m below the Zaragoza workings. The Copalquin Structure is developing as a key feature in the large epithermal gold-silver system. 
• Drilling commenced at Target 5 with 12 holes completed and assays pending. Target 5 now covers 2 km x 2 km with 3,300 g/t silver, 2.0 g/t gold over 1.3 m3 from channel sampling at the Tasolera mine workings.  The Target 5 has successfully intercepted targeted structures 300 metres along strike and over 100 metres below the Apomal workings in the first phase of drilling. 
• Channel Sampling at the multi-level Santa Cruz mine at the eastern side of the district returned up to 57.8 g/t gold, 2,120 g/t silver over 0.70 m4 defining a new target area (Target 6). 

Corporate

• A share placement in July 2025 was successfully completed for C$11.5M before costs, further upgrading Mithril’s shareholder register with over 40% of shares now held by global institutional investors 
• Cash balance of A$18.3M at end of the September 2025 quarter and Mithril remains debt free 
• Mithril’s common shares qualified to trade on the OTCQB® Venture Market (“OTCQB”) in the United States under the symbol MTIRF. 

COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km2 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 mineral resource estimate (MRE) at the Target 1 area (El Refugio-La Soledad)5  and a NI 43-101 Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the maiden resource in early 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 developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.

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Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.

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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

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Figure 3  Property-wide channel sampling results for the middle and south district sections within ~50% of the 70 km2 mining concession area covering the Copalquin District

Exploration Work

Overall, excellent progress continued throughout the quarter with detailed mapping and sampling and continuous drilling by the two drills.  Target 1 drilling progressed with drill intercepts east and west of the Target 1 resource successfully intercepting high-grade gold and silver mineralisation. Several further drill holes are completed with assays pending.

Drilling commenced at Target 5 with the first 12 drill holes completed and assays pending.

The first drill holes were completed beneath the Zaragoza mine workings, successfully intercepting deeper high-grade gold and silver.

Several geological control holes were completed near Los Pinos and Los Reyes along the extensive east-west structure to acquire data on the geological domains and structures for the geologic model development.

Channel sampling during the quarter was extensive with excellent results returned for Target 3 pre drilling, Target 5 expansion, the new Target 6 (Santa Cruz mine) and Target 1 west.

Drill Highlights at Target 1 included:

Drilling at La Soledad, the NW trending structure on the eastern side of Target 1, produced further excellent results with the highlight drill holes MTH-LS25-35 and MTH-LS25-366.  These holes confirm mineralisation down dip from the existing block model, and that mineralisation is still open at depth.

MTH-LS25-35 1.1m @ 9.95 g/t gold, 44.6 g/t silver from 156.9m

MTH-LS25-36 0.5 m @ 3.21 g/t gold, 13.8 g/t silver from 103.3 m

MTH-LS25-36 3.3 m @ 8.63 g/t gold, 41.2 g/t silver from 169.7 m, including

0.5 m @ 48.85 g/t gold, 91.55 g/t silver from 169.7 m

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Figure 4 Target 1 Drill results during the quarter including drilling reported after quarter-end, and showing the 300 metre extension west

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Figure 5 Cross section of holes MTH-RE25-44 and MTH-RE25-45 extending drilling 300 metres west at Target 1

First Drilling at Zaragoza7, located 500 metres from the Refugio resource area (see Figure 4) has yielded excellent results. Four holes have been completed over a 200 metre strike length. Drill hole MTH-ZG25-37 intersected significant gold and silver within two separate, broad structures returning:

• MTH-ZG25-37 0.57 m @ 6.4 g/t gold, 4400 g/t silver from 342.4 m 
• MTH-ZG25-37 0.66 m @ 3.49 g/t gold, 127 g/t silver from 389.1 m 

Target 3 – Channel Sampling in Preparation for Drilling8

Significant gold and silver Target 3 channel sampling highlights include:

1.0 m @ 1.08 g/t gold 114 g/t silver (527246; underground)

1.0 m @ 19.85 g/t gold 270 g/t silver (527248; underground)

1.0 m @ 3.49 g/t gold 231 g/t silver (527255; surface)

0.5 m @ 1.32 g/t gold 66 g/t silver (527256; surface)

1.0 m @ 2.31 g/t gold 60.8 g/t silver (527271; surface)

1.0 m @ 3.08 g/t gold 179 g/t silver (527272; surface)

0.5 m @ 1.46 g/t gold 50.6 g/t silver (527284; surface)

0.9 m @ 12.40 g/t gold 820 g/t silver (527285; surface)

0.6 m @ 2.54 g/t gold 170 g/t silver (742048; underground)

0.5 m @ 2.52 g/t gold 155 g/t silver (742049; underground)

0.6 m @ 1.02 g/t gold 83.3 g/t silver (814551; underground)

0.5 m @ 13.25 g/t gold 558 g/t silver (814552; underground)

0.5 m @ 4.04 g/t gold 314 g/t silver (814553; underground)

0.7 m @ 1.40 g/t gold 83.3 g/t silver (814557; surface)

0.65 m @ 5.67 g/t gold 365 g/t silver (814559; surface)

0.7 m @ 3.47 g/t gold 256 g/t silver (814565; surface)

0.5 m @ 5.80 g/t gold 1 g/t silver (814572; surface)

0.5 m @ 1.49 g/t gold 41.7 g/t silver (527288; underground)

0.8 m @ 1.02 g/t gold 41.7 g/t silver (814608; surface)

1.0 m @ 2.00 g/t gold 4.7 g/t silver (814609; surface)

1.0 m @ 1.73 g/t gold 27.6 g/t silver (814610; underground)

1.0 m @ 2.08 g/t gold 43.4 g/t silver (814611; underground)

0.8 m @ 1.34 g/t gold 52.0 g/t silver (814612; underground)

0.9 m @ 8.03 g/t gold 108 g/t silver (814613; underground)

0.7 m @ 8.81 g/t gold, 329 g/t silver (Jabali Level 3; Target 3; Underground)

1.0 m @ 3.42 g/t gold, 194 g/t silver (Jabali Level 3; Target 3; Underground)

0.7 m @ 5.16 g/t gold, 176 g/t silver (Jabali Level 3; Target 3; Underground)

0.5 m @ 2.18 g/t gold, 100 g/t silver (North Jabali; Target 3; Surface)

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Figure 6 Targets 3 and 6 areas with new channel sample assay results for Target 3 area which is being prepared for maiden drill program via addition of a third drill rig

Target 6 is a recently defined zone located 1.4 km east of Target 3 (see Figure 6). Within the Target area lies the historic Santa Cruz mine which hosts east-west trending, subvertical mineralized quartz veins and northwest trending quartz breccias. Sampling of the underground workings has yielded numerous high-grade gold and silver listed below (see Figure 7), including 0.70 m @ 57.8 g/t gold, 2,120 g/t silver and 0.70 m @ 23.2 g/t gold, 755 g/t silver.9

0.70 m @ 57.8 g/t gold, 2,120 g/t silver (814673; underground, Santa Cruz Level 1)

0.70 m @ 23.2 g/t gold, 755 g/t silver (814665; underground, Santa Cruz Level 2)

0.50 m @ 28.1 g/t gold, 233 g/t silver (814681; underground, Santa Cruz Level 2)

0.80 m @ 17.4 g/t gold, 603 g/t silver (814674; underground, Santa Cruz Level 1)

0.50 m @ 14.35 g/t gold, 584 g/t silver (814658; underground, Santa Cruz Level 2)

0.70 m @ 9.06 g/t gold, 421 g/t silver (814664; underground, Santa Cruz Level 2)

0.55 m @ 7.68 g/t gold, 437 g/t silver (814685; underground, Santa Cruz Level 2)

0.80 m @ 7.11 g/t gold, 303 g/t silver (814657; underground, Santa Cruz Level 2)

0.50 m @ 8.42 g/t gold, 188 g/t silver (814669; underground, Santa Cruz Level 1)

0.50 m @ 8.28 g/t gold, 77 g/t silver (814660; underground, Santa Cruz Level 2)

0.50 m @ 3.94 g/t gold, 196 g/t silver (814683; underground, Santa Cruz Level 2)

0.90 m @ 4.50 g/t gold, 94.2 g/t silver (814659; underground, Santa Cruz Level 2)

0.70 m @ 1.78 g/t gold, 102 g/t silver (814687; underground, Santa Cruz Level 2)

0.50 m @ 2.18 g/t gold, 56.9 g/t silver (814679; underground, Santa Cruz Level 2)

0.50 m @ 1.45 g/t gold, 76.6 g/t silver (814663; underground, Santa Cruz Level 2)

1.00m @ 1.04 g/t gold, 64.1 g/t silver (814672; underground, Santa Cruz Level 1)

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Figure 7 Channel sample results at the newly developing Target 6 (Santa Cruz historic mine area)

Target 5 Channel Sampling10

Significant gold and silver Target 5 channel sampling highlights include:

0.6 m @ 1.17 g/t gold 85 g/t silver (814016; surface)

0.55 m @ 1.17 g/t gold 34.1 g/t silver (814033; surface)

0.5 m @ 1.28 g/t gold 59.3 g/t silver (814037; surface)

0.5 m @ 1.29g/t gold 252 g/t silver (814045; surface)

0.5 m @ 3.07 g/t gold 34.2 g/t silver (814053; surface)

0.3 m @ 1.11 g/t gold 43.0 g/t silver (814058; surface)

0.50 m @ 27.9 g/t gold, 14 g/t silver (814239; surface, La Maquina)

0.30 m @ 9.60 g/t gold, 608 g/t silver (814194; surface, La Cucaracha)

0.20 m @ 2.02 g/t gold, 403 g/t silver (814198; surface, La Cucaracha)

0.50 m @ 3.54 g/t gold, 11.3 g/t silver (814212; surface, La Maquina)

1.00 m @ 1.08 g/t gold, 162 g/t silver (814224; surface, La Maquina)

0.50 m @ 1.04 g/t gold, 158 g/t silver (814191; surface, La Cucaracha)

0.50 m @ 0.28 g/t gold, 143 g/t silver (814220; surface, La Maquina)

Base metal sulphides have been observed in veins at La Maquina

1.00m @ 0.09 g/t gold, 70 g/t silver, 1.22 % Lead, 1.83 % Zinc (814260; surface, La Maquina)

Channel sampling is ongoing at this large target area in the southwest of the Copalquin District.

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Figure 8 Target 5 new channel sample assay results.  First drilling at Target 5 commenced during the quarter at the El Apomal mine area.

Further highlight channel sampling results at Target 5 reported subsequent the quarter end:

0.5 m @ 3.89 g/t gold, 157 g/t silver (La Candelaria)

1.0 m @ 0.893 g/t gold, 204 g/t silver (La Candelaria)

0.5 m @ 0.145 g/t gold, 284 g/t silver (La Tasolera)

0.9 m @ 0.056 g/t gold, 227 g/t silver (La Tasolera)

0.5 m @ 3.76 g/t gold, 54.5 g/t silver (Candelaria)

0.65 m @ 3.75 g/t gold, 555 g/t silver (Apomal)

0.6 m @ 24.5 g/t gold, 670 g/t silver (Apomal)

1.00 m @ 0.459 g/t gold, 249 g/t silver (Tasolera Level 2)

1.00 m @ 1.29 g/t gold, 264 g/t silver (El Jarillal)

0.50 m @ 4.69 g/t gold, 520 g/t silver (Los Martires)

Corporate

• A share placement in July 2025 was successfully completed for C$11.5M before costs, further upgrading Mithril’s shareholder register with over 40% of shares now held by global institutional investors 
• Cash balance of A$18.3M at end of the September 2025 quarter and Mithril remains debt free 
• Mithril’s common shares qualified to trade on the OTCQB® Venture Market (“OTCQB”) in the United States under the symbol MTIRF 
• Mithril successfully completed its divestment of its remaining interest in the Lignum Dam tenements in WA 

Exploration Expenditure

Exploration expenditure for the quarter was A$4.87M focussed entirely on the Copalquin District in Mexico.  This included some delayed drill invoicing from the previous quarter.

Related party Payments

In line with its obligations under ASX Listing Rule 5.3.5, Mithril Silver and Gold Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 30 September 2025, pertain to payments to directors and consultants for fees, salary and superannuation

Material ASX Announcements released during the September 2025 quarter:

29/09/2025        Management Discussion and Analysis

29/09/2025        Annual Report to shareholders

09/09/2025        Investor Presentation

09/09/2025        Annual General Meeting

05/09/2025        Change of Director’s Interest Notices x 4

04/09/2025        Updated ASX Announcement

03/09/2025        Issue of Options under Employee Incentive Securities Plan

28/08/2025        MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5

21/08/2025        Investor Presentation

13/08/2025        Mithril Silver and Gold Announces US Listing on OTCQB

31/07/2025        Quarterly Activities/Appendix 5B Cash Flow Report

30/07/2025        Change in substantial holding

29/07/2025        High-Grade Channel Sampling Results

25/07/2025        CLOSING OF C$11.5 MILLION BROKERED PRIVATE PLACEMENT

11/07/2025        MITHRIL ARRANGES UP TO C$11.5M PLACEMENT

09/07/2025        $10 Million Brokered Private Placement

07/07/2025        MTH EXTENDS 8 KM LONG HIGH-GRADE GOLD-SILVER SYSTEM

Subsequent to end of the September 2025 quarter

16/10/2025        300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m

09/10/2025        SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER

03/10/2025        Notice of Annual General Meeting/Proxy Form

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 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 a NI 43-101 Technical Report filed on SEDAR+

• 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 1 Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

*  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.  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.

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:

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.

Mithril Silver and Gold Limited Group

Original Article: https://www.thenewswire.com/press-releases/1AJ6FPjay-mithril-silver-and-gold-september-2025-quarterly-activites-report-accelerating-exploration-progress.html