# Mithril Silver And Gold December 2025 Quarterly Report Continued Exploration Success Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef 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, Other - Extracted: 2026-08-25 23:00:30 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Mithril Silver And Gold reported continued exploration success at its Copalquin Gold-Silver Project in Mexico, with high-grade gold and silver intercepts extending mineralization at Target 1 and maiden drilling confirming a new silver-rich epithermal system at Target 5. The company also acquired the La Dura mining concessions, expanding its portfolio in Durango State. Financially, Mithril maintains a strong cash balance of A$14.1M and is debt-free, with an estimated 3.29 quarters of funding available. Reasoning: The report highlights strong historical exploration results and a healthy financial position, but the core drill and resource data presented are not new, leading to lower novelty for the specific numbers. New exploration activities are underway, indicating future potential. - Positive factor: High-grade gold and silver intercepts reported - Positive factor: Extension of mineralization at Target 1 - Positive factor: Identification of new silver-rich target area \(Target 5\) - Positive factor: Acquisition of new mining concessions \(La Dura\) - Positive factor: Strong cash balance and debt-free status - Positive factor: JORC and NI 43-101 compliant reporting and QP/CP sign-off - Negative factor: Specific drill intercepts are re-statements from prior announcements, reducing novelty - Negative factor: Mineral Resource Estimate presented is historical \(November 2021\) - Negative factor: Relatively small contained metal in the historical resource estimate - Negative factor: Funding available for 3.29 quarters, indicating a moderate runway Facts used in scoring: 46 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is stated to be compliant with the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Evidence · text > JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Scientific and technical information in the report has been reviewed and approved by a Qualified Person within the meaning of NI 43-101. Evidence · text > 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. **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: Multiple Qualified Persons and Competent Persons are named and have signed off on the technical information, including John Skeet, Darren LeFort, and Rodney Webster. Evidence · text > 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. **Epithermal Deposit** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Copalquin project is explicitly described as a 'vertically extensive epithermal gold–silver system'. Evidence · text > Copalquin confirmed as a large, vertically extensive epithermal gold–silver system **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document states that 'conventional underground mining methods indicated as being appropriate' for the El Refugio-La Soledad resource. Evidence · text > conventional underground mining methods indicated as being appropriate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource Estimate presented is from November 2021, making it over four years old at the time of this January 2026 report. Evidence · text > This maiden resource is detailed below \(see ASX release 17 November 2021 \) **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The resource estimate is referred to as a 'maiden JORC mineral resource estimate'. Evidence · text > Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas \(Target 1\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate clearly states a cut-off grade of 2.0 g/t AuEq. Evidence · text > cut-off grade of 2.0 g/t AuEq\* **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drill intercepts are stated to 'extend the Target 1 strike over 30%'. Evidence · text > The above intercepts extend the Target 1 strike over 30% **New Target Area** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Target 5 is described as a 'New Target Area' with 'first drilling' confirming a silver-dominant system. Evidence · text > Target 5 – Apomal–Candelaria Silver-Rich System \(New Target Area – first drilling\) **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: 28.6% of the resource tonnage is classified as indicated, meaning 71.4% is inferred, which is a high proportion of inferred resources. Evidence · text > 28.6% of the resource tonnage is classified as indicated ## Extracted facts Stored fact records: 46. Some facts used in scoring do not have a stored record. ## Drill Results (46) ### MTH-RE25-44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-0) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 2.78 - Grade Unit: g/t - Intercept: 7.2 m - From: 260.9 m - To: 268.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:260.9-268.1 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is strong for an epithermal deposit, indicating significant mineralization, but its novelty is low as it was previously announced. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: Good intercept length - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 7.20 m @ 2.78 g/t gold ### MTH-RE25-44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-1) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 148 - Grade Unit: g/t - Intercept: 7.2 m - From: 260.9 m - To: 268.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:260.9-268.1 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is moderate for an epithermal deposit, but its novelty is low as it was previously announced. - Positive factor: Moderate silver grade for an epithermal deposit - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 148 g/t silver from 260.9 m \(MTH-RE25-44\) ### MTH-RE25-44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-2) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 7.41 - Grade Unit: g/t - Intercept: 2.05 m - From: 266.05 m - To: 268.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:266.05-268.1 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional gold grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional gold grade for an epithermal deposit - Positive factor: High-grade sub-interval - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 2.05 m @ 7.41 g/t gold ### MTH-RE25-44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-3) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 419 - Grade Unit: g/t - Intercept: 2.05 m - From: 266.05 m - To: 268.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:266.05-268.1 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows a strong silver grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Positive factor: High-grade sub-interval - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 419 g/t silver from 266.05 m ### MTH-RE25-44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-4) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 3.97 - Grade Unit: g/t - Intercept: 2.8 m - From: 272.35 m - To: 275.15 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:272.35-275.15 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows a strong gold grade, enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: High-grade sub-interval - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 2.80 m @ 3.97 g/t gold ### MTH-RE25-44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-5) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-44 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 208 - Grade Unit: g/t - Intercept: 2.8 m - From: 272.35 m - To: 275.15 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-44:272.35-275.15 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows a strong silver grade, enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Positive factor: High-grade sub-interval - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 208 g/t silver from 272.35 m ### MTH-RE25-45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-6) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-45 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 7.19 - Grade Unit: g/t - Intercept: 8.03 m - From: 257.72 m - To: 265.75 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:257.72-265.75 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is exceptional for an epithermal deposit, indicating significant mineralization, but its novelty is low as it was previously announced. - Positive factor: Exceptional gold grade for an epithermal deposit - Positive factor: Good intercept length - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 8.03 m @ 7.19 g/t gold ### MTH-RE25-45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-7) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-45 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 260 - Grade Unit: g/t - Intercept: 8.03 m - From: 257.72 m - To: 265.75 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:257.72-265.75 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is strong for an epithermal deposit, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 260 g/t silver from 257.72 m \(MTH-RE25-45\) ### MTH-RE25-45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-8) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-45 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 9.87 - Grade Unit: g/t - Intercept: 4.4 m - From: 260.7 m - To: 265.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:260.7-265.1 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional gold grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional gold grade for an epithermal deposit - Positive factor: High-grade sub-interval - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 4.40 m @ 9.87 g/t gold ### MTH-RE25-45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-9) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTH-RE25-45 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 507 - Grade Unit: g/t - Intercept: 4.4 m - From: 260.7 m - To: 265.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MTH-RE25-45:260.7-265.1 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional silver grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver grade for an epithermal deposit - Positive factor: High-grade sub-interval - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 507 g/t silver from 260.7 m ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-10) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 660 - Grade Unit: g/t AgEq - Intercept: 2.75 m - From: 93.6 m - To: 96.35 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:93.6-96.35 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 660 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver equivalent grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver equivalent grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 2.75 m @ 660 g/t AgEq ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-11) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 2.28 - Grade Unit: g/t - Intercept: 2.75 m - From: 93.6 m - To: 96.35 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:93.6-96.35 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 2.28 g/t gold ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-12) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 500 - Grade Unit: g/t - Intercept: 2.75 m - From: 93.6 m - To: 96.35 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:93.6-96.35 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 500 g/t silver\) ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-13) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 1714 - Grade Unit: g/t AgEq - Intercept: 1 m - From: 94.7 m - To: 95.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:94.7-95.7 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 1714 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional silver equivalent grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver equivalent grade for an epithermal deposit - Positive factor: High-grade sub-interval - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 1.00 m @ 1,714 g/t AgEq ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-14) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 5.8 - Grade Unit: g/t - Intercept: 1 m - From: 94.7 m - To: 95.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:94.7-95.7 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional gold grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional gold grade for an epithermal deposit - Positive factor: High-grade sub-interval - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 5.80 g/t gold ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-15) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-003 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 1308 - Grade Unit: g/t - Intercept: 1 m - From: 94.7 m - To: 95.7 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-003:94.7-95.7 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional silver grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver grade for an epithermal deposit - Positive factor: High-grade sub-interval - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 1,308 g/t silver\) ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-16) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 366 - Grade Unit: g/t AgEq - Intercept: 3.35 m - From: 90.15 m - To: 93.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:90.15-93.5 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 366 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver equivalent grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong silver equivalent grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 3.35 m @ 366 g/t AgEq ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-17) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 1.71 - Grade Unit: g/t - Intercept: 3.35 m - From: 90.15 m - To: 93.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:90.15-93.5 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is moderate for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Moderate gold grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 1.71 g/t gold ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-18) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 246 - Grade Unit: g/t - Intercept: 3.35 m - From: 90.15 m - To: 93.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:90.15-93.5 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 246 g/t silver\) ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-19) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 1146 - Grade Unit: g/t AgEq - Intercept: 1.05 m - From: 92.45 m - To: 93.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:92.45-93.5 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 1146 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional silver equivalent grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver equivalent grade for an epithermal deposit - Positive factor: High-grade sub-interval - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 1.05 m @ 1,146 g/t AgEq ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-20) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 5.35 - Grade Unit: g/t - Intercept: 1.05 m - From: 92.45 m - To: 93.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:92.45-93.5 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional gold grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional gold grade for an epithermal deposit - Positive factor: High-grade sub-interval - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 5.35 g/t gold ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-21) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-005 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 771 - Grade Unit: g/t - Intercept: 1.05 m - From: 92.45 m - To: 93.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-005:92.45-93.5 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This sub-interval shows an exceptional silver grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver grade for an epithermal deposit - Positive factor: High-grade sub-interval - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 771 g/t silver\) ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-22) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 728 - Grade Unit: g/t AgEq - Intercept: 1.25 m - From: 119.2 m - To: 120.45 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:119.2-120.45 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 728 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver equivalent grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver equivalent grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 1.25 m @ 728 g/t AgEq ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-23) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 4.55 - Grade Unit: g/t - Intercept: 1.25 m - From: 119.2 m - To: 120.45 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:119.2-120.45 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 4.55 g/t gold ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-24) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 409 - Grade Unit: g/t - Intercept: 1.25 m - From: 119.2 m - To: 120.45 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:119.2-120.45 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 409 g/t silver\) ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-25) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 616 - Grade Unit: g/t AgEq - Intercept: 0.9 m - From: 138.1 m - To: 139 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:138.1-139.0 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 616 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver equivalent grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Exceptional silver equivalent grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 0.90 m @ 616 g/t AgEq ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-26) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 2.41 - Grade Unit: g/t - Intercept: 0.9 m - From: 138.1 m - To: 139 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:138.1-139.0 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 2.41 g/t gold ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-27) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 447 - Grade Unit: g/t - Intercept: 0.9 m - From: 138.1 m - To: 139 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:138.1-139.0 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 447 g/t silver\) ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-28) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 427 - Grade Unit: g/t AgEq - Intercept: 0.8 m - From: 149.5 m - To: 150.3 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:149.5-150.3 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 427 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver equivalent grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong silver equivalent grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 0.80 m @ 427 g/t AgEq ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-29) Copalquin Gold–Silver Project · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 1.51 - Grade Unit: g/t - Intercept: 0.8 m - From: 149.5 m - To: 150.3 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:149.5-150.3 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported gold grade is moderate for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Moderate gold grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 1.51 g/t gold ### AP25-006 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-30) Copalquin Gold–Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: AP25-006 - Project: Copalquin Gold–Silver Project - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 321 - Grade Unit: g/t - Intercept: 0.8 m - From: 149.5 m - To: 150.3 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: AP25-006:149.5-150.3 - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-05T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced. - Positive factor: Strong silver grade for an epithermal deposit - Positive factor: New target area - Negative factor: Result is a re-statement from a prior announcement Evidence · text > 321 g/t silver\) ### Fact 32 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-31) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 5.43 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The indicated gold resource shows a strong grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: Indicated resource category - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Contained gold is below weak threshold for contained metal scale Evidence · table > 5.43 Context: 691 ### Fact 33 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-32) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 114.2 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The indicated silver resource shows a moderate grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small. - Positive factor: Moderate silver grade for an epithermal deposit - Positive factor: Indicated resource category - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Contained silver is below weak threshold for contained metal scale Evidence · table > 114.2 Context: 691 ### Fact 34 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-33) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 7.06 - Grade Unit: g/t Eq. #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 7.06 - Metal Eq. Unit: g/t Eq. - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The indicated gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical and the contained metal is relatively small. - Positive factor: Strong gold equivalent grade for an epithermal deposit - Positive factor: Indicated resource category - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Contained gold equivalent is below weak threshold for contained metal scale Evidence · table > 7.06 Context: 691 ### Fact 35 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-34) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 4.63 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The inferred gold resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong gold grade for an epithermal deposit - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained gold is below weak threshold for contained metal scale Evidence · table > 4.63 Context: 1,447 ### Fact 36 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-35) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 137.1 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The inferred silver resource shows a moderate grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Moderate silver grade for an epithermal deposit - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained silver is below weak threshold for contained metal scale Evidence · table > 137.1 Context: 1,447 ### Fact 37 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-36) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 6.59 - Grade Unit: g/t Eq. #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 6.59 - Metal Eq. Unit: g/t Eq. - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The inferred gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong gold equivalent grade for an epithermal deposit - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained gold equivalent is below weak threshold for contained metal scale Evidence · table > 6.59 Context: 1,447 ### Fact 38 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-37) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 4.12 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The inferred gold resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong gold grade for an epithermal deposit - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained gold is below weak threshold for contained metal scale Evidence · table > 4.12 Context: 278 ### Fact 39 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-38) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 228.2 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The inferred silver resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong silver grade for an epithermal deposit - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained silver is below weak threshold for contained metal scale Evidence · table > 228.2 Context: 278 ### Fact 40 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-39) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 7.38 - Grade Unit: g/t Eq. #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 7.38 - Metal Eq. Unit: g/t Eq. - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The inferred gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong gold equivalent grade for an epithermal deposit - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained gold equivalent is below weak threshold for contained metal scale Evidence · table > 7.38 Context: 278 ### Fact 41 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-40) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 5.43 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The total indicated gold resource shows a strong grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small. - Positive factor: Strong gold grade for an epithermal deposit - Positive factor: Indicated resource category - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Contained gold is below weak threshold for contained metal scale Evidence · table > 5.43 Context: 691 ### Fact 42 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-41) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 114.2 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The total indicated silver resource shows a moderate grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small. - Positive factor: Moderate silver grade for an epithermal deposit - Positive factor: Indicated resource category - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Contained silver is below weak threshold for contained metal scale Evidence · table > 114.2 Context: 691 ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-42) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 7.06 - Grade Unit: g/t Eq. #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 7.06 - Metal Eq. Unit: g/t Eq. - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The total indicated gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical and the contained metal is relatively small. - Positive factor: Strong gold equivalent grade for an epithermal deposit - Positive factor: Indicated resource category - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Contained gold equivalent is below weak threshold for contained metal scale Evidence · table > 7.06 Context: 691 ### Fact 44 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-43) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 4.55 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The total inferred gold resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong gold grade for an epithermal deposit - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained gold is below weak threshold for contained metal scale Evidence · table > 4.55 Context: 1,725 ### Fact 45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-44) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: silver - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 151.7 - Grade Unit: g/t #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The total inferred silver resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong silver grade for an epithermal deposit - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained silver is below weak threshold for contained metal scale Evidence · table > 151.7 Context: 1,725 ### Fact 46 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-and-gold-december-2025-quarterly-report-continued-exploration-suc--5b8df8d3-6bf2-4b6e-9ba7-606cc462e3ef#fact-drill-facts-45) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### Identity - Project: Target 1 El Refugio – La Soledad - Commodity: gold - Region: mexico - Reported Region: Durango State, Mexico - Ticker: MSG #### Geometry - Grade: 6.72 - Grade Unit: g/t Eq. #### Classification - Deposit Type: epithermal - Mining Method: underground #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 6.72 - Metal Eq. Unit: g/t Eq. - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The total inferred gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small. - Positive factor: Strong gold equivalent grade for an epithermal deposit - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Resource estimate is historical \(2021\) - Negative factor: Inferred resource category \(lower confidence\) - Negative factor: Contained gold equivalent is below weak threshold for contained metal scale Evidence · table > 6.72 Context: 1,725 ## 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.