# Mithril Derisks Target 1 with Mine Constrained and Diluted Resource Upgrade - 75% Indicated

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476

Original source: https://money.tmx.com/en/quote/MSG/news/8520089319635973/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i

Publisher: tmx

Original announcement: 2026-06-30T11:30:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Mithril Silver and Gold Limited

- Ticker: MSG

- Exchange: TSX

- Region: Durango State, Mexico

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Resource update, Metallurgy

- Extracted: 2026-09-18 10:42:59 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Mithril Silver and Gold Limited announced an upgraded Mineral Resource Estimate for its Target 1 deposit at the Copalquin Project in Mexico, with 75% of the total gold and silver now classified as Indicated. The estimate, which includes 3.391 Mt grading 3.15 g/t gold and 77.8 g/t silver \(464 koz AuEq\) in the Indicated category, is constrained by preliminary underground mining shapes and incorporates expected dilution, aiming for a more realistic representation for future mine planning. The company highlights a low discovery cost of less than US$20 per AuEq ounce and plans further drilling to expand the resource footprint.

Reasoning: The document reports a significant upgrade to the Target 1 Mineral Resource Estimate, with a high proportion \(75%\) of the resource now in the Indicated category. The estimate is de-risked by being constrained by preliminary underground mining shapes and incorporating dilution, making it more applicable for mine planning. The low discovery cost and high metallurgical recoveries further support a positive outlook, despite the lack of absolute prior figures for comparison.

- Positive factor: Significant resource upgrade with 75% of contained metal now in the Indicated category, enhancing confidence.

- Positive factor: Resource is constrained by preliminary underground mining shapes and incorporates expected mining dilution, providing a more realistic basis for future studies.

- Positive factor: Low discovery cost of less than US$20 per ounce AuEq.

- Positive factor: Compliant with JORC Code \(2012\) and CIM Definition Standards \(2014\), with independent QP sign-off and site visit.

- Positive factor: Metallurgical recoveries of 96% Au and 91% Ag are high for the processing route.

- Negative factor: No absolute prior resource numbers provided for direct comparison, only percentage increase.

- Negative factor: No production data available for reconciliation of the estimate.

Facts used in scoring: 20

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 20. Some facts used in scoring do not have a stored record.

## Resource Estimates (18)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-0)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:9fef948b4c14351cc0b9
- Deposit or zone: El Refugio
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 2557000
- Grade: 3.38
- Grade Unit: g/t
- Contained Metal: 278
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Indicated resource for El Refugio contributes significantly to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

Evidence · table

> 3.38

Context: 2,557

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-1)

Copalquin Project, Target 1 · silver

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:9fef948b4c14351cc0b9
- Deposit or zone: El Refugio
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 2557000
- Grade: 73.7
- Grade Unit: g/t
- Contained Metal: 6061
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Indicated resource for El Refugio contributes significantly to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

Evidence · table

> 73.7

Context: 2,557

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-2)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:9fef948b4c14351cc0b9
- Deposit or zone: El Refugio
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 2557000
- Grade: 4.44
- Grade Unit: g/t
- Contained Metal: 365
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 4.44
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Indicated resource for El Refugio contributes significantly to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

Evidence · table

> 4.44

Context: 2,557

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-3)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:0266a704272b07450d1a
- Deposit or zone: El Refugio
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 1217000
- Grade: 2.17
- Grade Unit: g/t
- Contained Metal: 85
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Inferred resource for El Refugio contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 2.17

Context: 1,217

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-4)

Copalquin Project, Target 1 · silver

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:0266a704272b07450d1a
- Deposit or zone: El Refugio
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 1217000
- Grade: 82.1
- Grade Unit: g/t
- Contained Metal: 3214
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Inferred resource for El Refugio contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 82.1

Context: 1,217

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-5)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:0266a704272b07450d1a
- Deposit or zone: El Refugio
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 1217000
- Grade: 3.35
- Grade Unit: g/t
- Contained Metal: 131
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.35
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Inferred resource for El Refugio contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 3.35

Context: 1,217

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-6)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:eebbcdc3ba4c261c822b
- Deposit or zone: La Soledad
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 834000
- Grade: 2.43
- Grade Unit: g/t
- Contained Metal: 65
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Indicated resource for La Soledad contributes to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

Evidence · table

> 2.43

Context: 834

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-7)

Copalquin Project, Target 1 · silver

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:eebbcdc3ba4c261c822b
- Deposit or zone: La Soledad
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 834000
- Grade: 90.2
- Grade Unit: g/t
- Contained Metal: 2418
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Indicated resource for La Soledad contributes to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

Evidence · table

> 90.2

Context: 834

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-8)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:eebbcdc3ba4c261c822b
- Deposit or zone: La Soledad
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 834000
- Grade: 3.72
- Grade Unit: g/t
- Contained Metal: 100
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.72
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Indicated resource for La Soledad contributes to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

Evidence · table

> 3.72

Context: 834

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-9)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:c59ddde6fc88a810e27a
- Deposit or zone: La Soledad
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 219000
- Grade: 2.54
- Grade Unit: g/t
- Contained Metal: 18
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Inferred resource for La Soledad contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 2.54

Context: 219

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-10)

Copalquin Project, Target 1 · silver

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:c59ddde6fc88a810e27a
- Deposit or zone: La Soledad
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 219000
- Grade: 26.1
- Grade Unit: g/t
- Contained Metal: 184
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Inferred resource for La Soledad contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 26.1

Context: 219

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-11)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:c59ddde6fc88a810e27a
- Deposit or zone: La Soledad
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 219000
- Grade: 2.92
- Grade Unit: g/t
- Contained Metal: 21
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 2.92
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This Inferred resource for La Soledad contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 2.92

Context: 219

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-12)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:b47063291c2db23aea20
- Deposit or zone: Total
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 3.15
- Grade Unit: g/t
- Contained Metal: 343
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This total Indicated resource represents a significant portion of the upgraded MRE, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category \(75% of total\).

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Significant resource upgrade.

Evidence · table

> 3.15

Context: 3,391

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-13)

Copalquin Project, Target 1 · silver

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:b47063291c2db23aea20
- Deposit or zone: Total
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 77.8
- Grade Unit: g/t
- Contained Metal: 8479
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This total Indicated resource represents a significant portion of the upgraded MRE, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category \(75% of total\).

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Significant resource upgrade.

Evidence · table

> 77.8

Context: 3,391

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-14)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:b47063291c2db23aea20
- Deposit or zone: Total
- Mining method: underground

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 4.26
- Grade Unit: g/t
- Contained Metal: 464
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 4.26
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This total Indicated resource represents a significant portion of the upgraded MRE, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.

- Positive factor: High confidence Indicated category \(75% of total\).

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Significant resource upgrade.

Evidence · table

> 4.26

Context: 3,391

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-15)

Copalquin Project, Target 1 · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:94747937fccc6f2c9d22
- Deposit or zone: Total
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 2.23
- Grade Unit: g/t
- Contained Metal: 103
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This total Inferred resource contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 2.23

Context: 1,436

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-16)

Copalquin Project, Target 1 · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:94747937fccc6f2c9d22
- Deposit or zone: Total
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 73.6
- Grade Unit: g/t
- Contained Metal: 3398
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This total Inferred resource contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 73.6

Context: 1,436

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-resource-facts-17)

Copalquin Project, Target 1 · gold

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, other
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:94747937fccc6f2c9d22
- Deposit or zone: Total
- Mining method: underground

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 3.28
- Grade Unit: g/t
- Contained Metal: 151
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.28
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ALS Minerals

#### Location

- CRS: UTM/UPS WGS 84 zone 13 N
- Loc. Confidence: high

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: This total Inferred resource contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.

- Positive factor: Mine-constrained and diluted for realistic planning.

- Positive factor: Part of a significant resource upgrade.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 3.28

Context: 1,436

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

## Metallurgical Results (2)

### metallurgical test work

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-metallurgical-facts-18)

Copalquin Project, Target 1 · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Test Work

- Test Type: metallurgical test work
- Processing Route: flotation, intensive cyanide leaching of flotation concentrate and conventional cyanide leaching of the flotation tail. Merrill-Crowe zinc precipitation assumed to recover gold and silver from solutions prior to smelting to produce gold-silver doré bars.
- Sample: Target 1 composite samples

#### Recovery

- Recovery: 96 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: SGS laboratory Mexico

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2022-02-25T00:00:00.000Z

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: Historical metallurgical test work showed high gold recovery, which is a positive indicator for the project's processing amenability, though the data is not new.

- Positive factor: High gold recovery \(96%\) for the stated processing route.

- Positive factor: Test work conducted on representative composite samples.

- Negative factor: Results are historical, from 2022.

Evidence · text

> Metallurgical recoveries of 96% Au and 91% Ag were determined from metallurgical test work on Target 1 composite samples. \(ASX Announcement 25 February 2022\).

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 96% is at or above the exceptional band \(95%\)

### metallurgical test work

[Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-derisks-target-1-with-mine-constrained-and-diluted-resource-upgrade-75-i--bf663331-06cb-4d09-8379-5a6a2eaa0476#fact-metallurgical-facts-19)

Copalquin Project, Target 1 · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Copalquin Project, Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango State, Mexico
- Ticker: MSG

#### Test Work

- Test Type: metallurgical test work
- Processing Route: flotation, intensive cyanide leaching of flotation concentrate and conventional cyanide leaching of the flotation tail. Merrill-Crowe zinc precipitation assumed to recover gold and silver from solutions prior to smelting to produce gold-silver doré bars.
- Sample: Target 1 composite samples

#### Recovery

- Recovery: 91 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: SGS laboratory Mexico

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2022-02-25T00:00:00.000Z

#### Dates

- Event date: 2026-06-30T00:00:00.000Z

Reasoning: Historical metallurgical test work showed high silver recovery, which is a positive indicator for the project's processing amenability, though the data is not new.

- Positive factor: High silver recovery \(91%\) for the stated processing route.

- Positive factor: Test work conducted on representative composite samples.

- Negative factor: Results are historical, from 2022.

Evidence · text

> Metallurgical recoveries of 96% Au and 91% Ag were determined from metallurgical test work on Target 1 composite samples. \(ASX Announcement 25 February 2022\).

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 91% is at or above the exceptional band \(90%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.