Mithril Silver and Gold Reports Significant Progress and High-Grade Intercepts at Copalquin Project

Melbourne, Australia and Vancouver, Canada — August 27, 2026 — Leads & Copy — Mithril Silver and Gold Limited reported significant progress at its Copalquin property in Durango State, Mexico, with recent drilling at the Copalquin Mine area returning wide, high-grade, near-surface silver and gold mineralization. Mineralization has now been extended along a strike length of 550 meters and vertically to 200 meters within the combined Copalquin-Zaragoza corridor, with projected vein remaining untested to the northwest and southeast.

Drilling highlights include 11.70 meters grading 456 g/t silver equivalent (AgEq) from 22.0 meters in hole CO26-001, which included a 3.40-meter interval of 1,239 g/t AgEq. Within this interval, a 0.60-meter section yielded 3,877 g/t AgEq. Hole CO26-002 returned 13.95 meters grading 387 g/t AgEq from 88.85 meters, including a 1.00-meter section of 1,747 g/t AgEq. Additionally, hole CO26-003 intersected 6.50 meters grading 320 g/t AgEq from 93.4 meters, including a 0.80-meter interval of 1,890 g/t AgEq.

These results build upon earlier findings in June 2024, which yielded intercepts such as 5.66 meters with 2.58 g/t gold and 230 g/t silver. The company is working to determine grade continuity within the Copalquin-Zaragoza Structure, which has a potential total strike length of 1.5 kilometers.

Drilling has confirmed mineralization over approximately 550 meters of strike length and remains open for expansion along strike and dip. This zone is interpreted to be part of the Copalquin-Zaragoza Structure, a major geological feature that may connect historical mining areas across the district.

John Skeet, Managing Director and CEO of Mithril, stated, "These results represent an important step forward in our progress at the historic Copalquin Mine area within this large, high-grade gold-silver system. What began as an area with limited geological understanding has progressed with potential to be a substantial, high-grade mineralised corridor, with drilling demonstrating strong gold and silver mineralisation over a substantial strike length and across multiple levels." He added that the company is seeing how these discoveries potentially align within the larger Copalquin-Zaragoza Structure and connecting several historical mining areas across the district. Drilling has recommenced at Target 4 to test the structure to the southeast.

Mithril is conducting an extensive exploration program in 2026, with 25,000 meters of planned drilling across the Copalquin District. The company's work in the latter half of 2026 focuses on expanding known mineralized zones, testing new high-priority targets, integrating geophysical data, and advancing its district-scale exploration thesis. The district contains over 100 historic underground workings. Mithril has an exclusive option to purchase a 100% interest in the Copalquin mining concessions for US$10 million by August 7, 2028.

The nearby 20 km² La Dura property, acquired recently, is a brownfield property with a database of mapping, sampling, and drilling information. A LiDAR survey revealed multiple historic workings, including the high-grade La Dura mine. An initial 1.5 km long mineralization corridor has been identified as a future drill target, with an aerial magnetic survey completed and interpretation underway.

In terms of drilling results, Target 1 saw intercepts such as 13.45 meters grading 1.55 g/t gold and 16.6 g/t silver in hole LS26-008. At Target 4, hole CO26-001 returned 11.70 meters grading 1.06 g/t gold and 381.3 g/t silver. Hole CO26-002 had a 13.95-meter intercept of 1.76 g/t gold and 263.8 g/t silver, and hole CO26-003 yielded 6.50 meters grading 0.22 g/t gold and 305 g/t silver. Target 5 also provided notable results, including 0.50 meters of 12.20 g/t gold and 848 g/t silver in hole MA26-002.

The Copalquin Mine area is located on the northwest margin of the Copalquin arroyo. Previous drilling in 2024 and 2025 at the Zaragoza workings, located across the ridge to the northwest, intercepted high-grade gold and silver, including 0.57 meters grading 6.4 g/t gold and 4,400 g/t silver in hole MTH-ZG25-37.

Three recent holes (totalling 528 m) at Target 4 tested a revised interpretation of the Copalquin structure. Hole CO26-001 intercepted an 11.70-meter hydrothermal vein and quartz breccia zone. Hole CO26-002 intercepted a 13.60-meter mineralized hydrothermal quartz breccia, bridging the Copalquin and Zaragoza structures over approximately 500 meters of strike length. Hole CO26-003 intercepted two zones of mineralization.

Untested ground exists to the southeast along approximately 600 meters of strike and 350 meters up-dip between CO26-003 and the historical San Manuel mine, and to the northwest along approximately 400 meters of strike and 250 meters up-dip from MTH-ZG25-39 towards the El Refugio zone.

The Mineral Resource Estimate (MRE) for Target 1, with an effective date of June 29, 2026, indicates Indicated resources of 3,391 kilotonnes grading 3.15 g/t gold and 77.8 g/t silver, equating to 4.26 g/t gold equivalent (AuEq). This includes 343,000 ounces of gold and 8,479,000 ounces of silver.

Source: Mithril Silver and Gold Limited