# MTH: Investor Presentation

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143264

Publisher: asx

Original announcement: 2026-09-23T23:39:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-24T00:17:55.401Z

Atlas analysis updated: 2026-09-24T00:17:55.401Z

- Company: Mithril Silver and Gold Limited

- Ticker: MTH

- Exchange: ASX

- Region: Durango, Mexico

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Drill results, Resource update, Metallurgy

- Extracted: 2026-09-24 00:17:56 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Mithril Silver and Gold Limited announced a significant upgrade to its Copalquin Target 1 Mineral Resource Estimate, with a 196% increase in Indicated resources. The estimate, effective June 29, 2026, is JORC and NI 43-101 compliant and supports an ongoing Preliminary Economic Assessment. The company also reported strong metallurgical recoveries for gold and silver and outlined an active exploration pipeline across its Copalquin and La Dura projects in Durango, Mexico.

Reasoning: The investor presentation highlights a substantial upgrade to the Target 1 resource, particularly the Indicated category, supported by strong metallurgical recoveries and a clear path to a PEA. The company also showcases a robust exploration pipeline and experienced leadership, indicating significant potential for growth and de-risking in a high-grade silver-gold district.

- Positive factor: Significant increase in Indicated resource for Target 1, de-risking the project

- Positive factor: High-grade nature of the gold-silver mineralization

- Positive factor: Strong metallurgical recoveries for both gold and silver

- Positive factor: Clear exploration and development pipeline with multiple targets

- Positive factor: Experienced management team with direct experience in Mexican high-grade projects

- Positive factor: JORC and NI 43-101 compliant resource estimate with QP sign-off

- Negative factor: Drill results presented are historical, not new assays

- Negative factor: Metal equivalent assumptions rely on specific metal prices and recoveries which can fluctuate

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 26

## Classification and evidence

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The June 2026 upgrade increased the Indicated resource by 196%, indicating a significant improvement in resource confidence.

Evidence · text

> The June 2026 upgrade increased the Indicated resource by 196%

**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: Mr John Sims, a Certified Registered Geologist, is acting as the independent Competent Person under JORC Code and Qualified Person under NI 43-101 for the resource estimate.

Evidence · text

> Mr John Sims, a Certified Registered Geologist with the American Institute of Professional Geologists. This is a Recognised Professional Organisation under the JORC Code and an Acceptable Foreign Association under NI 43-101. Mr Sims is acting as the independent Competent Person under the 2012 JORC Code and the independent Qualified Person under NI 43-101 for the upgraded Copalquin Target 1 Mineral Resource Estimate, eective June 29, 2026.

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The resource estimate is stated to be compliant with the 2012 JORC Code.

Evidence · text

> Mr Sims is acting as the independent Competent Person under the 2012 JORC Code

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The resource estimate is stated to be compliant with NI 43-101.

Evidence · text

> the independent Qualified Person under NI 43-101 for the upgraded Copalquin Target 1 Mineral Resource Estimate

**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 undiluted resource is reported with a 1.50 g/t AuEq cut-off.

Evidence · text

> Undiluted resource reported with a 1.50 g/t AuEq cut-o

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Metallurgical recoveries are 96% for gold and 91% for silver, which are strong for these commodities.

Evidence · text

> Metallurgical recoveries are 96% for gold and 91% for silver based on test work on Target 1 composite samples.

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The drill results presented are historical, with the slide explicitly stating 'Results reported across Target 1 and district exploration areas' and 'See the ASX announcements listed in the source presentation for full context and technical disclosure.'

Evidence · text

> SELECTED HIGH-GRADE DRILL INTERVALS Results reported across Target 1 and district exploration areas

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: A Preliminary Economic Assessment \(PEA\) has commenced for Target 1, supported by the updated resource.

Evidence · text

> TARGET 1 PRELIMINARY ECONOMIC ASSESSMENT PEA \(Scoping Study\) commenced with permitting in progress

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 26. Some facts used in scoring do not have a stored record.

## Drill Results (16)

### CDH-159

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-10)

El Cometa · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-159
- Project: El Cometa
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 80.1
- Grade Unit: g/t
- Intercept: 13 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high gold grade over a significant width, indicating bonanza-grade potential in the El Cometa area.

- Positive factor: Exceptional gold grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 13.00 m 80.1 g/t Au + 675 g/t Ag CDH-159 \| El Cometa

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-159

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-11)

El Cometa · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-159
- Project: El Cometa
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 675
- Grade Unit: g/t
- Intercept: 13 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high silver grade over a significant width, indicating bonanza-grade potential in the El Cometa area.

- Positive factor: Exceptional silver grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 13.00 m 80.1 g/t Au + 675 g/t Ag CDH-159 \| El Cometa

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-077

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-12)

El Refugio · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-077
- Project: El Refugio
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 80.3
- Grade Unit: g/t
- Intercept: 8.26 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high gold grade over a significant width, highlighting the high-grade nature of the El Refugio area.

- Positive factor: Exceptional gold grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 8.26 m 80.3 g/t Au + 705 g/t Ag CDH-077 \| El Refugio

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-077

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-13)

El Refugio · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-077
- Project: El Refugio
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 705
- Grade Unit: g/t
- Intercept: 8.26 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high silver grade over a significant width, highlighting the high-grade nature of the El Refugio area.

- Positive factor: Exceptional silver grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 8.26 m 80.3 g/t Au + 705 g/t Ag CDH-077 \| El Refugio

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### MTH-LS25-11

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-14)

La Soledad · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTH-LS25-11
- Project: La Soledad
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 20.5
- Grade Unit: g/t
- Intercept: 4.95 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high gold grade, indicating bonanza-grade potential at La Soledad.

- Positive factor: Exceptional gold grade

- Negative factor: Historical result, not new

Evidence · text

> 4.95 m 20.5 g/t Au + 1,833 g/t Ag MTH-LS25-11 \| La Soledad

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### MTH-LS25-11

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-15)

La Soledad · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTH-LS25-11
- Project: La Soledad
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 1833
- Grade Unit: g/t
- Intercept: 4.95 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high silver grade, indicating bonanza-grade potential at La Soledad.

- Positive factor: Exceptional silver grade

- Negative factor: Historical result, not new

Evidence · text

> 4.95 m 20.5 g/t Au + 1,833 g/t Ag MTH-LS25-11 \| La Soledad

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### MTH-ZG25-37

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-16)

Zaragoza · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTH-ZG25-37
- Project: Zaragoza
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 6.4
- Grade Unit: g/t
- Intercept: 0.57 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptional gold grade, but its very narrow width limits its individual materiality.

- Positive factor: Exceptional gold grade

- Negative factor: Very narrow intercept length

- Negative factor: Historical result, not new

Evidence · text

> 0.57 m 6.40 g/t Au + 4,400 g/t Ag MTH-ZG25-37 \| Zaragoza

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### MTH-ZG25-37

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-17)

Zaragoza · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTH-ZG25-37
- Project: Zaragoza
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 4400
- Grade Unit: g/t
- Intercept: 0.57 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high silver grade, indicating bonanza-grade potential despite the narrow width.

- Positive factor: Exceptional silver grade

- Negative factor: Very narrow intercept length

- Negative factor: Historical result, not new

Evidence · text

> 0.57 m 6.40 g/t Au + 4,400 g/t Ag MTH-ZG25-37 \| Zaragoza

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CO26-002

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-18)

Copalquin-Zaragoza · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CO26-002
- Project: Copalquin-Zaragoza
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 1.8
- Grade Unit: g/t
- Intercept: 13.95 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows a moderate gold grade over a good width, indicating consistent mineralization in the Copalquin-Zaragoza area.

- Positive factor: Moderate gold grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 13.95 m 1.80 g/t Au + 264 g/t Ag CO26-002 \| Copalquin-Zaragoza

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CO26-002

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-19)

Copalquin-Zaragoza · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CO26-002
- Project: Copalquin-Zaragoza
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 264
- Grade Unit: g/t
- Intercept: 13.95 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows a strong silver grade over a good width, indicating consistent mineralization in the Copalquin-Zaragoza area.

- Positive factor: Strong silver grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 13.95 m 1.80 g/t Au + 264 g/t Ag CO26-002 \| Copalquin-Zaragoza

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### T2DH25-006

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-20)

Las Brujas · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: T2DH25-006
- Project: Las Brujas
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 8.6
- Grade Unit: g/t
- Intercept: 11.5 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptional gold grade over a good width, highlighting high-grade potential at Las Brujas.

- Positive factor: Exceptional gold grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 11.50 m 8.60 g/t Au + 57.6 g/t Ag T2DH25-006 \| Las Brujas

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### T2DH25-006

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-21)

Las Brujas · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: T2DH25-006
- Project: Las Brujas
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 57.6
- Grade Unit: g/t
- Intercept: 11.5 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows a moderate silver grade over a good width, contributing to the overall prospectivity of Las Brujas.

- Positive factor: Moderate silver grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 11.50 m 8.60 g/t Au + 57.6 g/t Ag T2DH25-006 \| Las Brujas

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-094

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-22)

Refugio West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-094
- Project: Refugio West
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 9.64
- Grade Unit: g/t
- Intercept: 18.67 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptional gold grade over a substantial width, indicating strong mineralization at Refugio West.

- Positive factor: Exceptional gold grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 18.67 m 9.64 g/t Au + 278 g/t Ag CDH-094 \| Refugio West

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-094

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-23)

Refugio West · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-094
- Project: Refugio West
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 278
- Grade Unit: g/t
- Intercept: 18.67 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows a strong silver grade over a substantial width, indicating strong mineralization at Refugio West.

- Positive factor: Strong silver grade

- Positive factor: Significant intercept length

- Negative factor: Historical result, not new

Evidence · text

> 18.67 m 9.64 g/t Au + 278 g/t Ag CDH-094 \| Refugio West

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-040

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-24)

Los Reyes · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-040
- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 32.2
- Grade Unit: g/t
- Intercept: 2.22 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows an exceptionally high gold grade, indicating bonanza-grade potential at Los Reyes despite the narrow width.

- Positive factor: Exceptional gold grade

- Negative factor: Narrow intercept length

- Negative factor: Historical result, not new

Evidence · text

> 2.22 m 32.2 g/t Au + 185 g/t Ag CDH-040 \| Los Reyes

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### CDH-040

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-drill-facts-25)

Los Reyes · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: CDH-040
- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: mexico
- Ticker: MTH

#### Geometry

- Grade: 185
- Grade Unit: g/t
- Intercept: 2.22 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: This historical intercept shows a strong silver grade, contributing to the high-grade potential at Los Reyes despite the narrow width.

- Positive factor: Strong silver grade

- Negative factor: Narrow intercept length

- Negative factor: Historical result, not new

Evidence · text

> 2.22 m 32.2 g/t Au + 185 g/t Ag CDH-040 \| Los Reyes

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-0)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:4ca6fa77ca178a021bee
- Deposit or zone: Target 1

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 3.15
- Grade Unit: g/t
- Contained Metal: 343
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 4.26
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The Indicated gold resource at Target 1 is substantial, high-grade, and forms a key part of the project's de-risking strategy, supporting future economic studies.

- Positive factor: High confidence category \(Indicated\)

- Positive factor: Significant tonnage and grade for gold

- Positive factor: Supports ongoing PEA

- Positive factor: QP/CP signed and JORC/NI 43-101 compliant

Evidence · table

> 3.15

Context: 3,391

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-1)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:4ca6fa77ca178a021bee
- Deposit or zone: Target 1

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 77.8
- Grade Unit: g/t
- Contained Metal: 8479
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 4.26
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The Indicated silver resource at Target 1 is substantial and high-grade, contributing significantly to the project's overall value and supporting future economic studies.

- Positive factor: High confidence category \(Indicated\)

- Positive factor: Significant tonnage and grade for silver

- Positive factor: Supports ongoing PEA

- Positive factor: QP/CP signed and JORC/NI 43-101 compliant

Evidence · table

> 77.8

Context: 3,391

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-2)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:de075da99a2072c59b93
- Deposit or zone: Target 1

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 2.23
- Grade Unit: g/t
- Contained Metal: 103
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.28
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The Inferred gold resource provides additional potential but requires further drilling to upgrade confidence for economic studies.

- Positive factor: Adds to overall resource base

- Positive factor: High-grade for gold

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 2.23

Context: 1,436

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-3)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:de075da99a2072c59b93
- Deposit or zone: Target 1

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 73.6
- Grade Unit: g/t
- Contained Metal: 3398
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.28
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The Inferred silver resource provides additional potential but requires further drilling to upgrade confidence for economic studies.

- Positive factor: Adds to overall resource base

- Positive factor: High-grade for silver

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 73.6

Context: 1,436

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-4)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:28fd4f6a445b8f08d4d5
- Deposit or zone: Target 1
- Material type: undiluted

#### Resource Data

- Category: indicated
- Tonnes: 1990000
- Grade: 5.1
- Grade Unit: g/t
- Contained Metal: 326
- Contained Unit: koz
- Cutoff Grade: 1.5
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 6.85
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The undiluted Indicated gold resource shows very high grades, indicating strong intrinsic value before mining dilution.

- Positive factor: Very high-grade gold content in the undiluted resource

- Positive factor: High confidence category \(Indicated\)

- Positive factor: QP/CP signed and JORC/NI 43-101 compliant

Evidence · table

> 5.10

Context: 1,990

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-5)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:28fd4f6a445b8f08d4d5
- Deposit or zone: Target 1
- Material type: undiluted

#### Resource Data

- Category: indicated
- Tonnes: 1990000
- Grade: 122
- Grade Unit: g/t
- Contained Metal: 7832
- Contained Unit: koz
- Cutoff Grade: 1.5
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 6.85
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The undiluted Indicated silver resource shows very high grades, indicating strong intrinsic value before mining dilution.

- Positive factor: Very high-grade silver content in the undiluted resource

- Positive factor: High confidence category \(Indicated\)

- Positive factor: QP/CP signed and JORC/NI 43-101 compliant

Evidence · table

> 122

Context: 1,990

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-6)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:3c8ab29e14bfcae16601
- Deposit or zone: Target 1
- Material type: undiluted

#### Resource Data

- Category: inferred
- Tonnes: 900000
- Grade: 3.52
- Grade Unit: g/t
- Contained Metal: 96
- Contained Unit: koz
- Cutoff Grade: 1.5
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.28
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The undiluted Inferred gold resource shows high grades, providing additional potential that needs further definition.

- Positive factor: High-grade gold content in the undiluted resource

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 3.52

Context: 900

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-resource-facts-7)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: jorc, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr John Sims
- Resource group id: resource:3c8ab29e14bfcae16601
- Deposit or zone: Target 1
- Material type: undiluted

#### Resource Data

- Category: inferred
- Tonnes: 900000
- Grade: 109
- Grade Unit: g/t
- Contained Metal: 3155
- Contained Unit: koz
- Cutoff Grade: 1.5
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

- Metal Eq. Grade: 3.28
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: The undiluted Inferred silver resource shows high grades, providing additional potential that needs further definition.

- Positive factor: High-grade silver content in the undiluted resource

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 109

Context: 900

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

## Metallurgical Results (2)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-metallurgical-facts-8)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Ticker: MTH

#### Test Work

- Program Status: detailed
- Processing Route: fully mechanized Long Hole Open Stope
- Sample: Target 1 composite samples

#### Recovery

- Recovery: 96 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: A 96% gold recovery is excellent and de-risks the project's processing economics, supporting the ongoing PEA.

- Positive factor: High gold recovery for the processing route

- Positive factor: Based on actual test work

- Positive factor: Supports economic studies

Evidence · text

> Metallurgical recoveries are 96% for gold and 91% for silver based on test work on Target 1 composite samples.

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 96% is at or above the exceptional band \(95%\)

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-investor-presentation--41325868-a333-40a4-ab22-f2fd208ad68c#fact-metallurgical-facts-9)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Ticker: MTH

#### Test Work

- Program Status: detailed
- Processing Route: fully mechanized Long Hole Open Stope
- Sample: Target 1 composite samples

#### Recovery

- Recovery: 91 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-23T00:00:00.000Z

Reasoning: A 91% silver recovery is strong and contributes positively to the project's processing economics, supporting the ongoing PEA.

- Positive factor: Strong silver recovery for the processing route

- Positive factor: Based on actual test work

- Positive factor: Supports economic studies

Evidence · text

> Metallurgical recoveries are 96% for gold and 91% for silver based on test work on Target 1 composite samples.

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 91% is at or above the exceptional band \(90%\)

## 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.