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Melbourne, Australia and Vancouver, Canada – January 30, 2026 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide its December 2025 quarterly activities and cash flow report for its Copalquin and La Dura properties in Durango State, Mexico .

EXPLORATION HIGHLIGHTS

District-Scale Discovery Progressing – Copalquin Gold–Silver Project, Mexico

Copalquin confirmed as a large, vertically extensive epithermal gold–silver system , with mineralisation defined over 9 km strike length and 1,200 m vertical extent , with multiple targets, a dominant east–west structural corridor and multiple northwest-trending structures within the 70 km 2 mining concession area.

Target 1 – Refugio–La Soledad (Maiden Resource Growth)

• Ongoing drilling continued to expand and infill the Target 1 resource area and allow development of a geology model that is now robust and predictive. Updating of the maiden resource at Target 1 is planned for Q2, following a 3,000 metre drill programme to infill key areas in the model.  Beyond the resource update drilling, Target 1 is still open at depth, west towards El Gallo and the northwest extension of the La Soledad structure.  

• Highlight intercepts reported include: 1  

• • 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44), including  

2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m, plus

2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m

• • 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45), including  

4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m

The above intercepts extend the Target 1 strike over 30%

Target 5 – Apomal–Candelaria Silver-Rich System (New Target Area – first drilling)

• Maiden drilling confirmed a silver-dominant epithermal system developed at lower elevation within the Copalquin district.  Multiple, parallel NW trending veins hosted in the granodiorite intrusive in the southwest area of the district.  

• Highlight results include: 2  

  • 2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003), including  

1.00 m @ 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m

• • 3.35 m @ 366 g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005), including  

1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m

• • 1.25 m @ 728 g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006), plus  

0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m, plus

0.80 m @ 427 g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m

• Surface and channel sampling up to 3,300 g/t Ag and 2.0 g/t Au over 1.4 m 3 and 4,520 g/t Ag and 38.3 g/t Au over 0.60 m 4 from historic workings.  

• Drilling to date has tested only a small proportion of mapped veins, highlighting substantial upside potential at this large target area  

Target 3 – El Jabali-Guadelupe (Maiden Drill Programme in January 2026)

• Mapping and sampling continued to define a coherent target on the eastern side of the Copalquin system adjacent to one of the multiple rhyolite domes that feature across the 10 km long district trend  

• Channel sampling highlights included 0.65 m @ 16.0 g/t Au, 1,275 g/t Ag (El Jabali area)  

• Subsequent to the end the quarter, the maiden drill programme has commenced at Target 3 in January 2026. 5  

District Geological Model Strengthened

Integrated mapping, sampling, spectral analysis and petrography have confirmed:

• a dominant east–west corridor hosting high-grade gold-silver mineralisation;  

• northwest-trending and cross-cutting ‘feeder’ structures  

• vertically zoned silver and gold mineralisation ranging from silver rich to gold rich across the district for 9 km.  

• multiple mineralised centres analogous to Mexican epithermal districts throughout the Sierra Madre Gold-Silver trend.  

• Subsequent to the end of the quarter, an aerial magnetic survey commenced over the Copalquin mining concession area.  This is expected to confirm and reveal the key structures, including shear zones, faults and other geologic features, responsible for the widespread silver and gold mineralisation across the Copalquin District  

Acquisition of the La Dura Mining Concessions, Adjacent to Mithril’s Copalquin Property 6

La Dura consists of 5 contiguous mining concessions with a total area of 2,052 hectares and located in Durango State, Mexico, 5 km from the town of El Durazno and 20 km from Mithril’s flagship Copalquin property.

The property hosts a significant Au ‐ Ag sheeted to stockwork vein system associated with NW striking faults in Tertiary rhyolite.  Mineralization occurs on surface along 650 metres of strike and has been mined in the San Manuel shoot at the La Dura historic mine, to about 140 metres depth. Veins are characterised by low sulphide mineralisation with minimal to no alteration of the host rhyolite tuff.  Historically, the veins have been exploited and explored solely on the progress of the underground workings and assaying.  The project warrants property scale mapping, wide spaced soil sampling and channel sampling to develop targets for drill testing.  A LiDAR survey has been completed (awaiting interpretation) and an aerial magnetic survey is scheduled to be flown upon completion of the survey underway at Copalquin, both as precursors to a field programme.

The veins at the various workings appear to be hosted by upper series volcanic rocks and may have significant depth potential should they extend into the lower series andesitic rocks at some greater depth.

Corporate

• The Annual General Meeting was held on 5 th November 2025 with all resolutions passed  

• Cash balance of A$14.1M at end of the December 2025 quarter and Mithril remains debt free  

• Mexican value added tax refunds have slowed towards the end of 2025. A refund of MXN3.8M (~A$0.32M) was received in January 2026.  Approximately MXN10M (~A$0.8M) of refunds for 2025 are in process and it is anticipated these will complete over the coming months.  

Commenting on the December 2025 quarter, Managing Director and CEO John Skeet said:

“The December quarter marked another period of significant exploration progress at Copalquin. Drilling at Target 1 continued to expand the scale of the mineralised system ahead of the upcoming resource update, while Target 5 has emerged as a compelling silver-rich growth opportunity within the south-west of the district.

At the same time, we advanced Target 3 to be drill ready (commenced January 2026) and strengthened our district-scale geological model through systematic mapping, sampling and geophysical work. These results continue to reinforce our view that Copalquin represents a large, vertically extensive epithermal gold–silver system with multiple high-grade centres and substantial resource growth potential.  Firming of the key structural targets for drill testing in the coming months will follow completion of the aerial magnetic survey (commenced in January 2026).

The addition of the nearby La Dura mining concessions to the portfolio takes advantage of our established presence in the area to progress another compelling gold-silver property, utilising our Copalquin experience and with minimal financial commitment.

With a strong treasury and multiple drill programmes underway, Mithril is well positioned to achieve its exploration milestones in 2026.”

Copalquin District and La Dura Property - 2026

Figure 1 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico

Click Image To View Full Size

Figure 2  LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work including recently sampled Target 6

CORPORATE AND FINANCIAL SUMMARY

• The Annual General Meeting was held on 5 th November 2025 with all resolutions passed  

• Cash balance of A$14.1M at end of the December 2025 quarter and Mithril remains debt free  

• Mexican value added tax refunds have slowed towards the end of 2025. A refund of MXN3.8M (~A$0.32M) was received in January 2026.  Approximately MXN10M (~A$0.8M) of refunds for 2025 are in process and it is anticipated these will complete over the coming months.  

Exploration Expenditure

Exploration expenditure for the quarter was A$3.88M focussed entirely on the Copalquin District in Mexico.

Related party Payments

In line with its obligations under ASX Listing Rule 5.3.5, Mithril Silver and Gold Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31 December 2025, pertain to payments to directors and consultants for fees, salary and superannuation

PLANNED EXPLORATION ACTIVITIES – MARCH 2026 QUARTER

During the March 2026 quarter, Mithril plans to:

• Complete resource expansion and infill drilling at Target 1;  

• Progress the Target 1 Mineral Resource Estimate update;  

• Advance drilling programs at Target 5;  

• Commence maiden drilling at Target 3;  

• Complete interpretation of the aerial magnetic survey;  

• Advance drill plans for Targets 4 and 6  

• Develop drill plan for key Copalquin District structural targets  

• Continue district-scale mapping, sampling and technical studies.  

Material ASX Announcements released during the December 2025 quarter:

22 Dec 2025        Third Drill Mobilization & Expanded 2026 Exploration Program

05 Dec 2025        Mithril to Acquire The La Dura Gold-Silver Property

01 Dec 2025        Exploration Sampling Up To 4,520 G/T Silver, 38.2 G/T Gold

05 Nov 2025        Maiden T5 Drilling Up To 1,714 G/T AgEq Over 1m

05 Nov 2025        Results of Meeting

16 Oct 2025        300 Metre T1 Extension -10.9 G/T AuEq Over 8.03m

09 Oct 2025        Silver Rich Target 5, Sampling Up To 3,300 g/t Silver

03 Oct 2025        Notice of Annual General Meeting/Proxy Form

ABOUT THE COPALQUIN AND LA DURA GOLD SILVER PROPERTIES

Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned during the first half of the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings including several notable producing multi-level mines and 200 surface workings.  Mapping and sampling across the lower half of the 70 km 2 mining concession area demonstrates and a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread silver and gold mineralisation.

The nearby 20 km 2 La Dura property has recently been added to the portfolio where a LiDAR survey has been flown (interpretation anticipated in February 2026) and will undergo an aerial magnetic survey in February 2026, upon completion of the aerial magnetic survey at Copalquin.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas (Target 1), demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021 ) ^ and a NI 43-101 Technical Report filed on SEDAR+

Target 1 Maiden Resource:

• Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver for 121 ,000 oz gold plus 2,538,000 oz silver  

• Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252 ,000 oz gold plus 8,414,000 oz silver  

(using a cut-off grade of 2.0 g/t AuEq*)

• 28.6% of the resource tonnage is classified as indicated  

Table 3  Mineral resource estimate at Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

*  In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from  kitco.com .  

For silver equivalent (AgEq.) grade reporting, the same factors as above are used with the formula AgEq grade = Ag grade + ((Au grade x 70) x (Au recovery/Ag recovery))

At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future.   In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.

^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq * ), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.5 metres.

Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential.   Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.

-ENDS-

Released with the authority of the Board.

For further information contact:

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Competent Persons Statement - JORC

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

 Mr LeFort has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr LeFort consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada

Tenement and Mining Concession Information – 31 December 2025

Mithril Silver and Gold Limited Group

Australian Interests:

Mithril continues to hold a 10% free carried interest in the Limestone Well tenements with Firefly Metals (formerly Auteco Minerals).

Mexican Operations:

Copalquin Property

Mithril has currently owns a 50% interest in the Copalquin mining concessions and has an exclusive option to purchase the remaining 50% (bringing Mithril’s ownership of the Copalquin mining concessions to 100%) by paying US$10M to the vendor on or any time before 7 August 2026 (the due date for payment was initially 7 August 2023, and was extended by 3 years by written agreement between Mithril and the vendor). Mithril has executed and registered an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).

La Dura Property

In December 2026, Mithril executed an Agreement to acquire 100% interest in the La Dura mining concessions over a 4 year period for a purchase price of US$4M (See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property)

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

Date:        30/1/26

Authorised by:        The Board

(Name of body or officer authorising release – see note 4)

Notes

1.        This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.        If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.        Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.        If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5.        If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

1  See ASX announcement 16 Oct. 2025, 300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m

2  See ASX announcement 5 Nov. 2025, MAIDEN T5 DRILLING UP TO 1,714 G/T AGEQ OVER 1M

3  See ASX announcement: 09/10/2025 - SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER

4  See ASX announcement: 01/12/2025 - Exploration Sampling up to 4,520 G/T Silver, 38.2 G/T Gold

5  See ASX announcement: 15/01/2026 – MTH Kicks off Maiden Drill Programme at Target 3

6  See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property

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