SmallCaps Spotlight: Mithril Silver & Gold (MTH) — upgrading Target One at Copalquin

## Episode snapshot **Company:** Mithril Silver and Gold Ltd (**ASX: MTH**) **Industry:** Diversified Metals & Mining **Project focus:** **Copalquin, Mexico** (Target One and district-wide drill programme)

## Key talking points - **Major resource update for Target One** at Copalquin built on **60,000m** of drilling. - **Quality upgrade:** **75% of the resource is now Indicated**, improving the pathway to potential conversion into mining reserves. - **Mineability focus:** the resource has been modelled with **dilution, recovery and underground mining shapes**, and **95%** of the mineralisation falls within those mining shapes. - **Exceptional discovery economics:** exploration/draw efficiency delivered **discovery costs under ~US$20 per gold-equivalent ounce**. - **Resource scale headline:** total **~615,000 oz gold equivalent** (with inferred and indicated components), alongside improved geological robustness and continuity versus the maiden update. - **Why the geology supports low costs:** more challenging topography managed using **mobile portal diamond core rigs**, careful drill placement, and a strong “every hole counts” approach—supported by consistent intercept reporting. - **What’s next for drilling (12 months):** - Expansion on the **east-west structure**: drills taken off Target One after the update, with follow-up work to extend the system. - **Target Five** for deeper, more **silver-rich** mineralisation; silver:gold ratios expected to be significantly higher. - **System-driving/feeder targets** identified for deeper drilling **up to ~650m** (with a key focus on structures underpinning widespread gold and silver across the district).

## Near-term milestones mentioned - Two rigs onsite to complete the current **~12,000m** programme segment over **around five months**. - **Assay turnaround targeted at ~4–5 weeks**, with deeper drilling results expected to start returning within about **six weeks**. - Continued drilling allocations across: - **~8,000m into deeper feeder/system targets**, and - Remaining meters to extend **Target One** and advance **Target Five**.

## Why investors should care This update isn’t just about headline tonnes and ounces—it’s about **confidence**: higher Indicated percentage, a mineable-minded resource shape, and drill economics that suggest the Copalquin system is both **geologically strong** and **efficient to test**. The next phase is designed to expand and deepen—potentially unlocking additional value across the district.

## Listener takeaway **Target One is now upgraded and modelled for underground development logic.** The next leg is expanding along strike and testing deeper feeder systems—where the district-wide gold and silver story may become even bigger.

--- *This podcast episode is based on the provided transcript and company context; it is not financial advice.*

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