# Mithril Silver And Gold December 2025 Quarterly Report Continued Exploration Success Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254 Original source: https://money.tmx.com/en/quote/MSG/news/5405976652357480/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc Publisher: tmx Original announcement: 2026-01-30T12:30:00.000Z 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: Drill results, Resource update, Metallurgy - Extracted: 2026-09-18 11:00:57 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Mithril Silver And Gold reports continued exploration success at its Copalquin Gold-Silver Project in Mexico, with high-grade gold and silver intercepts extending the Target 1 strike and confirming a new silver-rich system at Target 5. The company also provided an update on its maiden JORC/NI 43-101 compliant resource estimate for Target 1, which, despite being historical, shows high-grade gold equivalent resources with a moderate indicated component. The company maintains a strong cash balance to fund ongoing exploration. Reasoning: The document reports strong exploration results with high-grade intercepts and new discoveries, alongside a healthy financial position. While the resource estimate is historical, it provides a high-grade baseline. The overall tone is positive for continued exploration success and growth potential. - Positive factor: High-grade gold and silver intercepts reported from ongoing drilling - Positive factor: Extension of mineralized strike length at Target 1 - Positive factor: Confirmation of a new silver-rich epithermal system at Target 5 with bonanza grades - Positive factor: Strong cash balance to fund continued exploration - Positive factor: Acquisition of new prospective ground \(La Dura\) adjacent to existing project - Negative factor: Resource estimate is historical \(effective date 2021\) and has a significant inferred component - Negative factor: Some high-grade intercepts are over narrow widths Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 36 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 36. Some facts used in scoring do not have a stored record. ## Drill Results (24) ### MTH-RE25-44 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-0) Copalquin Gold–Silver · gold #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 2.78 - Grade Unit: g/t - Intercept: 7.2 m - From: 260.9 m - To: 268.1 m - Intercept Depth: 260.9 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:260.9-268.1 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept shows a strong gold grade over a moderate width, contributing to the overall exploration success and strike extension at Target 1. - Positive factor: Strong gold grade for epithermal deposit - Positive factor: Moderate intercept length - Positive factor: QA/QC procedures disclosed Evidence · text > 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m \(MTH-RE25-44\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-44 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-1) Copalquin Gold–Silver · silver #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 148 - Grade Unit: g/t - Intercept: 7.2 m - From: 260.9 m - To: 268.1 m - Intercept Depth: 260.9 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:260.9-268.1 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept shows a moderate silver grade over a moderate width, supporting the polymetallic nature of the mineralization at Target 1. - Positive factor: Moderate silver grade for epithermal deposit - Positive factor: Moderate intercept length - Positive factor: QA/QC procedures disclosed Evidence · text > 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m \(MTH-RE25-44\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-44 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-2) Copalquin Gold–Silver · gold #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 7.41 - Grade Unit: g/t - Intercept: 2.05 m - From: 266.05 m - To: 268.1 m - Intercept Depth: 266.05 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:266.05-268.1 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows a bonanza gold grade, significantly enhancing the overall intercept's value. - Positive factor: Exceptional gold grade for epithermal deposit - Positive factor: QA/QC procedures disclosed Evidence · text > including 2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Gold grade of 7.41 g/t is well above the exceptional threshold for epithermal deposits. Evidence · text > 2.05 m @ 7.41 g/t gold **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-44 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-3) Copalquin Gold–Silver · silver #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 419 - Grade Unit: g/t - Intercept: 2.05 m - From: 266.05 m - To: 268.1 m - Intercept Depth: 266.05 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:266.05-268.1 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows a strong silver grade, supporting the high-grade nature of the mineralization. - Positive factor: Strong silver grade for epithermal deposit - Positive factor: QA/QC procedures disclosed Evidence · text > including 2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-44 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-4) Copalquin Gold–Silver · gold #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 3.97 - Grade Unit: g/t - Intercept: 2.8 m - From: 272.35 m - To: 275.15 m - Intercept Depth: 272.35 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:272.35-275.15 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows a strong gold grade, further enhancing the overall intercept's value. - Positive factor: Strong gold grade for epithermal deposit - Positive factor: QA/QC procedures disclosed Evidence · text > plus 2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-44 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-5) Copalquin Gold–Silver · silver #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 208 - Grade Unit: g/t - Intercept: 2.8 m - From: 272.35 m - To: 275.15 m - Intercept Depth: 272.35 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:272.35-275.15 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows a strong silver grade, supporting the polymetallic nature of the mineralization. - Positive factor: Strong silver grade for epithermal deposit - Positive factor: QA/QC procedures disclosed Evidence · text > plus 2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-45 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-6) Candelaria Silver-Rich · gold #### Identity - Hole ID: MTH-RE25-45 - Project: Candelaria Silver-Rich - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 7.19 - Grade Unit: g/t - Intercept: 8.03 m - From: 257.72 m - To: 265.75 m - Intercept Depth: 257.72 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:257.72-265.75 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept shows a bonanza gold grade over a moderate width, representing a very strong result for Target 1. - Positive factor: Exceptional gold grade for epithermal deposit - Positive factor: Moderate intercept length - Positive factor: QA/QC procedures disclosed Evidence · text > 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m \(MTH-RE25-45\) #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Gold grade of 7.19 g/t is well above the exceptional threshold for epithermal deposits. Evidence · text > 8.03 m @ 7.19 g/t gold **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-45 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-7) Candelaria Silver-Rich · silver #### Identity - Hole ID: MTH-RE25-45 - Project: Candelaria Silver-Rich - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 260 - Grade Unit: g/t - Intercept: 8.03 m - From: 257.72 m - To: 265.75 m - Intercept Depth: 257.72 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:257.72-265.75 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept shows a strong silver grade over a moderate width, supporting the high-grade polymetallic mineralization. - Positive factor: Strong silver grade for epithermal deposit - Positive factor: Moderate intercept length - Positive factor: QA/QC procedures disclosed Evidence · text > 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m \(MTH-RE25-45\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-45 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-8) Candelaria Silver-Rich · gold #### Identity - Hole ID: MTH-RE25-45 - Project: Candelaria Silver-Rich - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 9.87 - Grade Unit: g/t - Intercept: 4.4 m - From: 260.7 m - To: 265.1 m - Intercept Depth: 260.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:260.7-265.1 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows an exceptional gold grade, significantly enhancing the overall intercept's value and indicating high-grade zones. - Positive factor: Exceptional gold grade for epithermal deposit - Positive factor: QA/QC procedures disclosed Evidence · text > including 4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Gold grade of 9.87 g/t is well above the exceptional threshold for epithermal deposits. Evidence · text > 4.40 m @ 9.87 g/t gold **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### MTH-RE25-45 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-9) Candelaria Silver-Rich · silver #### Identity - Hole ID: MTH-RE25-45 - Project: Candelaria Silver-Rich - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 507 - Grade Unit: g/t - Intercept: 4.4 m - From: 260.7 m - To: 265.1 m - Intercept Depth: 260.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:260.7-265.1 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows an exceptional silver grade, supporting the high-grade polymetallic mineralization. - Positive factor: Exceptional silver grade for epithermal deposit - Positive factor: QA/QC procedures disclosed Evidence · text > including 4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Silver grade of 507 g/t is above the exceptional threshold for epithermal deposits. Evidence · text > 507 g/t silver **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-003 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-10) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 500 - Grade Unit: g/t - Intercept: 2.75 m - From: 93.6 m - To: 96.35 m - Intercept Depth: 93.6 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:93.6-96.35 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 660 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows exceptional silver and silver equivalent grades, indicating a significant new discovery. - Positive factor: Exceptional silver grade and AgEq for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > 2.75 m @ 660 g/t AgEq \(2.28 g/t gold, 500 g/t silver\) from 93.6 m \(AP25-003\) #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Silver grade of 500 g/t is at the exceptional threshold for epithermal deposits, and AgEq is 660 g/t. Evidence · text > 500 g/t silver **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-003 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-11) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 2.28 - Grade Unit: g/t - Intercept: 2.75 m - From: 93.6 m - To: 96.35 m - Intercept Depth: 93.6 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:93.6-96.35 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 660 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows a strong gold grade, contributing to the overall high silver equivalent value. - Positive factor: Strong gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > 2.75 m @ 660 g/t AgEq \(2.28 g/t gold, 500 g/t silver\) from 93.6 m \(AP25-003\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-003 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-12) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 1308 - Grade Unit: g/t - Intercept: 1 m - From: 94.7 m - To: 95.7 m - Intercept Depth: 94.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:94.7-95.7 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1714 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows bonanza silver and silver equivalent grades over a narrow width, highlighting very high-grade mineralization within the new target area. - Positive factor: Exceptional silver grade and AgEq for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > including 1.00 m @ 1,714 g/t AgEq \(5.80 g/t gold, 1,308 g/t silver\) from 94.7 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Silver grade of 1308 g/t is well above the exceptional threshold for epithermal deposits, and AgEq is 1714 g/t. Evidence · text > 1,308 g/t silver **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-003 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-13) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 5.8 - Grade Unit: g/t - Intercept: 1 m - From: 94.7 m - To: 95.7 m - Intercept Depth: 94.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:94.7-95.7 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1714 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows an exceptional gold grade, contributing significantly to the high silver equivalent value. - Positive factor: Exceptional gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > including 1.00 m @ 1,714 g/t AgEq \(5.80 g/t gold, 1,308 g/t silver\) from 94.7 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Gold grade of 5.80 g/t is above the exceptional threshold for epithermal deposits. Evidence · text > 5.80 g/t gold **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-005 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-14) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 246 - Grade Unit: g/t - Intercept: 3.35 m - From: 90.15 m - To: 93.5 m - Intercept Depth: 90.15 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:90.15-93.5 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 366 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows strong silver and silver equivalent grades, confirming mineralization. - Positive factor: Strong silver grade and AgEq for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > 3.35 m @ 366 g/t AgEq \(1.71 g/t gold, 246 g/t silver\) from 90.15 m \(AP25-005\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-005 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-15) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 1.71 - Grade Unit: g/t - Intercept: 3.35 m - From: 90.15 m - To: 93.5 m - Intercept Depth: 90.15 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:90.15-93.5 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 366 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows a moderate gold grade, contributing to the overall silver equivalent value. - Positive factor: Moderate gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > 3.35 m @ 366 g/t AgEq \(1.71 g/t gold, 246 g/t silver\) from 90.15 m \(AP25-005\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-005 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-16) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 771 - Grade Unit: g/t - Intercept: 1.05 m - From: 92.45 m - To: 93.5 m - Intercept Depth: 92.45 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:92.45-93.5 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1146 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows bonanza silver and silver equivalent grades over a narrow width, indicating very high-grade mineralization within the new target area. - Positive factor: Exceptional silver grade and AgEq for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > including 1.05 m @ 1,146 g/t AgEq \(5.35 g/t gold, 771 g/t silver\) from 92.45 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Silver grade of 771 g/t is well above the exceptional threshold for epithermal deposits, and AgEq is 1146 g/t. Evidence · text > 771 g/t silver **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-005 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-17) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 5.35 - Grade Unit: g/t - Intercept: 1.05 m - From: 92.45 m - To: 93.5 m - Intercept Depth: 92.45 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:92.45-93.5 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1146 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This included interval shows an exceptional gold grade, contributing significantly to the high silver equivalent value. - Positive factor: Exceptional gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > including 1.05 m @ 1,146 g/t AgEq \(5.35 g/t gold, 771 g/t silver\) from 92.45 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Gold grade of 5.35 g/t is above the exceptional threshold for epithermal deposits. Evidence · text > 5.35 g/t gold **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-006 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-18) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 409 - Grade Unit: g/t - Intercept: 1.25 m - From: 119.2 m - To: 120.45 m - Intercept Depth: 119.2 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:119.2-120.45 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 728 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows exceptional silver equivalent grades over a narrow width, indicating high-grade mineralization. - Positive factor: Exceptional silver equivalent grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > 1.25 m @ 728 g/t AgEq \(4.55 g/t gold, 409 g/t silver\) from 119.2 m \(AP25-006\) #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Silver grade of 409 g/t is strong for epithermal deposits, and AgEq is 728 g/t \(exceptional\). Evidence · text > 409 g/t silver **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-006 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-19) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 4.55 - Grade Unit: g/t - Intercept: 1.25 m - From: 119.2 m - To: 120.45 m - Intercept Depth: 119.2 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:119.2-120.45 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 728 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows a strong gold grade, contributing to the overall high silver equivalent value. - Positive factor: Strong gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > 1.25 m @ 728 g/t AgEq \(4.55 g/t gold, 409 g/t silver\) from 119.2 m \(AP25-006\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-006 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-20) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 447 - Grade Unit: g/t - Intercept: 0.9 m - From: 138.1 m - To: 139 m - Intercept Depth: 138.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:138.1-139 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 616 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows exceptional silver equivalent grades over a narrow width, indicating high-grade mineralization. - Positive factor: Exceptional silver equivalent grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > plus 0.90 m @ 616 g/t AgEq \(2.41 g/t gold, 447 g/t silver\) from 138.1 m #### Tags used in scoring **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Silver grade of 447 g/t is strong for epithermal deposits, and AgEq is 616 g/t \(exceptional\). Evidence · text > 447 g/t silver **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-006 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-21) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 2.41 - Grade Unit: g/t - Intercept: 0.9 m - From: 138.1 m - To: 139 m - Intercept Depth: 138.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:138.1-139 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 616 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows a strong gold grade, contributing to the overall high silver equivalent value. - Positive factor: Strong gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > plus 0.90 m @ 616 g/t AgEq \(2.41 g/t gold, 447 g/t silver\) from 138.1 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-006 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-22) Copalquin Gold–Silver · silver #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 321 - Grade Unit: g/t - Intercept: 0.8 m - From: 149.5 m - To: 150.3 m - Intercept Depth: 149.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:149.5-150.3 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 427 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows strong silver and silver equivalent grades over a narrow width, indicating high-grade mineralization. - Positive factor: Strong silver grade and AgEq for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > plus 0.80 m @ 427 g/t AgEq \(1.51 g/t gold, 321 g/t silver\) from 149.5 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### AP25-006 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-drill-facts-23) Copalquin Gold–Silver · gold #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: MSG #### Geometry - Grade: 1.51 - Grade Unit: g/t - Intercept: 0.8 m - From: 149.5 m - To: 150.3 m - Intercept Depth: 149.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:149.5-150.3 - Mining Method: underground #### QA/QC - Laboratory: ALS Global - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 427 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This intercept from a new target area shows a moderate gold grade, contributing to the overall silver equivalent value. - Positive factor: Moderate gold grade for epithermal deposit - Positive factor: First drilling in a new target area - Positive factor: Metal equivalent assumptions disclosed - Positive factor: QA/QC procedures disclosed Evidence · text > plus 0.80 m @ 427 g/t AgEq \(1.51 g/t gold, 321 g/t silver\) from 149.5 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-24) Copalquin Gold–Silver Project · gold #### Identity - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:e9aebf5c3e2c2f8b6a1f - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 5.43 - Grade Unit: g/t - Contained Metal: 121 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 7.06 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This indicated resource shows a high gold grade, but its historical nature and moderate contained metal reduce its current impact. - Positive factor: High gold grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) Evidence · table > 5.43 Context: 691 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-25) Copalquin Gold–Silver Project · silver #### Identity - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:e9aebf5c3e2c2f8b6a1f - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 114.2 - Grade Unit: g/t - Contained Metal: 2538 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This indicated resource shows a moderate silver grade, contributing to the overall polymetallic resource, but is historical. - Positive factor: Moderate silver grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) Evidence · table > 114.2 Context: 691 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-26) Copalquin Gold–Silver Project · gold #### Identity - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:f701252465a0e853f4df - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1447000 - Grade: 4.63 - Grade Unit: g/t - Contained Metal: 215 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 6.59 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This inferred resource shows a high gold grade, but its historical nature and lower confidence category limit its current impact. - Positive factor: High gold grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) - Negative factor: Inferred category indicates lower confidence Evidence · table > 4.63 Context: 1,447 #### 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: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: El Refugio **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-27) Copalquin Gold–Silver Project · silver #### Identity - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:f701252465a0e853f4df - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1447000 - Grade: 137.1 - Grade Unit: g/t - Contained Metal: 6377 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This inferred resource shows a moderate silver grade, contributing to the overall polymetallic resource, but is historical and in the inferred category. - Positive factor: Moderate silver grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) - Negative factor: Inferred category indicates lower confidence Evidence · table > 137.1 Context: 1,447 #### 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: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: El Refugio **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-28) Copalquin Gold–Silver Project · gold #### Identity - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:79237f444d1c0ce89176 - Deposit or zone: La Soledad - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 278000 - Grade: 4.12 - Grade Unit: g/t - Contained Metal: 37 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 7.38 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This inferred resource shows a high gold grade, but its historical nature and lower confidence category limit its current impact. - Positive factor: High gold grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) - Negative factor: Inferred category indicates lower confidence Evidence · table > 4.12 Context: 278 #### 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: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: La Soledad **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-29) Copalquin Gold–Silver Project · silver #### Identity - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:79237f444d1c0ce89176 - Deposit or zone: La Soledad - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 278000 - Grade: 228.2 - Grade Unit: g/t - Contained Metal: 2037 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This inferred resource shows a strong silver grade, contributing to the overall polymetallic resource, but is historical and in the inferred category. - Positive factor: Strong silver grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) - Negative factor: Inferred category indicates lower confidence Evidence · table > 228.2 Context: 278 #### 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: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: La Soledad **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-30) Copalquin Gold–Silver Project · gold #### Identity - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:9e601363e44391342c71 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 5.43 - Grade Unit: g/t - Contained Metal: 121 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 7.06 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This total indicated resource shows a high gold grade, but its historical nature and moderate contained metal reduce its current impact. - Positive factor: High gold grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) Evidence · table > 5.43 Context: 691 #### Tags used in scoring **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: This is the first formal MRE for the project, establishing a baseline. Evidence · text > Maiden JORC mineral resource estimate at the first of several target areas \(Target 1\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the resource estimate \(2021-11-17\) is more than 2 years old. Evidence · text > ASX release 17 November 2021 **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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-31) Copalquin Gold–Silver Project · silver #### Identity - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:9e601363e44391342c71 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 114.2 - Grade Unit: g/t - Contained Metal: 2538 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This total indicated resource shows a moderate silver grade, contributing to the overall polymetallic resource, but is historical. - Positive factor: Moderate silver grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) Evidence · table > 114.2 Context: 691 #### Tags used in scoring **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: This is the first formal MRE for the project, establishing a baseline. Evidence · text > Maiden JORC mineral resource estimate at the first of several target areas \(Target 1\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the resource estimate \(2021-11-17\) is more than 2 years old. Evidence · text > ASX release 17 November 2021 **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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-32) Copalquin Gold–Silver Project · gold #### Identity - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:cf5c9173e8d3015ff533 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1725000 - Grade: 4.55 - Grade Unit: g/t - Contained Metal: 252 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 6.72 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This total inferred resource shows a high gold grade, but its historical nature and lower confidence category limit its current impact. - Positive factor: High gold grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) - Negative factor: Inferred category indicates lower confidence Evidence · table > 4.55 Context: 1,725 #### 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: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: Total **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: This is the first formal MRE for the project, establishing a baseline. Evidence · text > Maiden JORC mineral resource estimate at the first of several target areas \(Target 1\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the resource estimate \(2021-11-17\) is more than 2 years old. Evidence · text > ASX release 17 November 2021 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-resource-facts-33) Copalquin Gold–Silver Project · silver #### Identity - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort - Resource group id: resource:cf5c9173e8d3015ff533 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1725000 - Grade: 151.7 - Grade Unit: g/t - Contained Metal: 8414 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This total inferred resource shows a strong silver grade, contributing to the overall polymetallic resource, but is historical and in the inferred category. - Positive factor: Strong silver grade for epithermal deposit - Positive factor: JORC and NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Estimate is historical \(effective date 2021\) - Negative factor: Inferred category indicates lower confidence Evidence · table > 151.7 Context: 1,725 #### 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: The resource is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: Total **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: This is the first formal MRE for the project, establishing a baseline. Evidence · text > Maiden JORC mineral resource estimate at the first of several target areas \(Target 1\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the resource estimate \(2021-11-17\) is more than 2 years old. Evidence · text > ASX release 17 November 2021 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ## Metallurgical Results (2) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-metallurgical-facts-34) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Test Work - Program Status: preliminary #### Recovery - Recovery: 91 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-02-25T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: Preliminary metallurgical test work showed good silver recovery, but these results are historical and will be updated with the resource. - Positive factor: Good silver recovery for preliminary test work - Positive factor: QP signed - Negative factor: Results are historical \(2022\) Evidence · text > recoveries of 91% for silver #### Tags used in scoring **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 \(90%\) #### Rejected tags **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Reason: Metallurgical test work results are from an ASX Announcement dated February 25, 2022, making them historical. Evidence · text > ASX Announcement 25 February 2022 ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--d5ecb079-79ee-4651-8722-b6b58deba254#fact-metallurgical-facts-35) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Test Work - Program Status: preliminary #### Recovery - Recovery: 96 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-02-25T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: Preliminary metallurgical test work showed excellent gold recovery, but these results are historical and will be updated with the resource. - Positive factor: Excellent gold recovery for preliminary test work - Positive factor: QP signed - Negative factor: Results are historical \(2022\) Evidence · text > and 96% for gold \(ASX Announcement 25 February 2022\) #### Tags used in scoring **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 \(95%\) #### Rejected tags **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Reason: Metallurgical test work results are from an ASX Announcement dated February 25, 2022, making them historical. Evidence · text > ASX Announcement 25 February 2022 ## 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.