Mithril Silver and Gold Extends High-Grade Mineralization at Copalquin Property in Mexico

Melbourne, Australia and Vancouver, Canada — October 30, 2026 — Leads & Copy — Mithril Silver and Gold Limited has announced new drilling and surface sampling results from Target 4 at its Copalquin property in Durango State, Mexico, extending high-grade silver-gold mineralization along the Copalquin-Zaragoza structure to 700 meters of strike length. New mapping and channel sampling around the historical San Manuel mine have returned significant gold and silver grades.

These results support Target 4 as a potential area for future resource growth, complementing the existing Target 1 Mineral Resource Estimate of 464,000 ounces gold equivalent Indicated and 151,000 ounces gold equivalent Inferred, which is currently undergoing a Scoping Study/Preliminary Economic Assessment.

Drillhole highlights from Target 4 include an intercept of 1.15 meters grading 2.76 g/t gold and 855 g/t silver (1,048 g/t AgEq) from 104.75 meters in hole CO26-006, and 0.50 meters grading 3.11 g/t gold and 1,520 g/t silver (1,738 g/t AgEq) from 154.50 meters in hole CO26-009. These findings extend the high-grade silver and gold mineralization in the Copalquin-Zaragoza structure, increasing the defined strike length to 700 meters across two sub-parallel veins.

The projected vein structure remains open and untested for approximately 400 meters to the northwest towards Target 1 (Refugio) and 400 meters to the southeast towards the historical San Manuel mine area, presenting clear targets for future drilling, including both up and down dip.

John Skeet, Mithril's Managing Director and CEO, stated that the extension of high-grade mineralization along the Copalquin-Zaragoza structure to 700 meters, with further step-out results pending, highlights the growing potential of Target 4. He also noted that surface sampling at San Manuel has identified exceptional gold-silver grades, reinforcing the opportunity to expand the district’s mineralized footprint. The company is focused on unlocking the potential between these targets while advancing the Target 1 Scoping Study/PEA.

Exploration at San Manuel has involved detailed geological mapping covering an additional 80 hectares around the historical mine, which was the second-largest historical producer in the Copalquin district. Channel sampling in this area confirms a higher-level gold-dominant mineralizing system, with over 50 of 135 channel samples returning grades of 1 g/t AuEq. Notable individual sample results include surface sampling with up to 8.55 g/t gold and 135 g/t silver over 0.7 meters, and underground sampling within the Mina del Aire workings returning up to 16.55 g/t gold and 616 g/t silver across 0.60 meters.

The latest drilling in the Copalquin-Zaragoza area builds on previous successful results, extending the strike length of vein-hosted mineralization from 550 meters to 700 meters. Drilling continues to systematically test the structure using lateral step-outs of approximately 60 meters, targeting an intercept elevation of around 850 meters above sea level.

Two drills are active on the property, with a total of 24,181 meters drilled to date as part of the budgeted 25,000-meter program for 2026. Assays are pending for eight drill holes. The recent drilling campaign has focused on the Target 4 area along the Copalquin-Zaragosa structure to prepare for potential future mineral resource growth along a potential structure of 1.5 kilometers total strike length.

Hole CO26-006, drilled 65 meters down dip from hole CO26-003, intersected significant mineralization across a broad 10-meter downhole interval. Hole CO26-008 targeted an 80-meter gap in drilling and intersected 1.95 meters grading 0.91 g/t gold and 75.1 g/t silver. Hole CO26-009, a step-out to the southeast, intersected a high-grade banded vein over 0.50 meters grading 3.11 g/t gold and 1,520 g/t silver.

Hole CO26-004 was re-drilled as CO26-005, which intersected the post-mineral dyke system at the target vein depth. Holes CO26-007 and CO26-010 also intersected the post-mineral dyke system and anomalous gold and silver values, respectively, helping to refine the geological model.

The San Manuel structure extends over 500 meters north to south and contains six main workings. Mining at San Manuel was along the San Manuel and Apolonia veins, which are parallel and up to 5 meters wide on the surface. Mina del Aire is situated along a northeast trend with observed veining averaging approximately 30 cm wide. The Mina Larga and Mina Hijo zones, located 300 meters south of San Manuel/Apolonia, show recent channel sampling grades of up to 10.4 g/t gold and 422 g/t silver on surface at Mina Larga, and up to 11.2 g/t gold and 402 g/t silver underground at Mina Hijo.

Mithril is undertaking an aggressive exploration program in 2026, with 25,000 meters of drilling budgeted across the Copalquin District. The company holds an exclusive option to purchase a 100% interest in the Copalquin mining concessions. The nearby 20 km2 La Dura property has recently been added to the portfolio, featuring multiple historical workings and an identified 1.5-kilometer-long mineralisation corridor.

The upgraded Target 1 Mineral Resource Estimate (MRE), announced on June 30, 2026, has 75% of the contained gold and silver classified as Indicated. Mithril has commenced a Scoping Study/PEA for Target 1, targeted for early 2027.

Source: Mithril Silver and Gold Limited