# MTH: Nordic Funds & Mines Investor Presentation

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03148848

Publisher: asx

Original announcement: 2026-10-05T23:20:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-06T00:14:45.084Z

Atlas analysis updated: 2026-10-06T00:14:45.084Z

- Company: Mithril Silver and Gold Limited

- Ticker: MTH

- Exchange: ASX

- Region: Durango, Mexico

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Resource update, Metallurgy, Other

- Extracted: 2026-10-06 00:14:45 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Mithril Silver and Gold Limited announced a significant 196% increase in the Indicated Mineral Resource for its Copalquin Target 1 project, now totaling 343 koz gold and 8.48 Moz silver \(464 koz AuEq\). The updated resource, effective June 29, 2026, is JORC and NI 43-101 compliant and constrained within underground mining shapes. The company also reported high metallurgical recoveries of 96% for gold and 91% for silver from Target 1 composite samples, supporting a conventional process route, with a Preliminary Economic Assessment \(PEA\) underway.

Reasoning: The investor presentation highlights a substantial 196% increase in the Indicated Mineral Resource for the Copalquin Target 1 project, coupled with strong metallurgical recoveries, which significantly de-risks the project and provides a clear path towards economic assessment with a PEA underway.

- Positive factor: Significant 196% increase in Indicated resource for Target 1.

- Positive factor: High metallurgical recoveries of 96% for gold and 91% for silver.

- Positive factor: Resource estimate is JORC and NI 43-101 compliant with QP/CP sign-off.

- Positive factor: Preliminary Economic Assessment \(PEA\) is underway for Target 1.

- Positive factor: Strong institutional backing and experienced management team.

- Negative factor: Metallurgical test work is at laboratory composite scale, not pilot plant.

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

Facts used in scoring: 10

## 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 document states '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%

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The document explicitly states 'The June 2026 upgrade increased the Indicated resource by 196%', which implies a significant increase in tonnage for the Indicated category.

Evidence · text

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

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The document states 'The June 2026 upgrade increased the Indicated resource by 196%', which implies a significant increase in contained metal for the Indicated category.

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 explicitly named as the independent Competent Person under JORC 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, effective June 29, 2026.

**JORC Compliant**

Polarity: positive

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

Why it applies: The document states that 'The relevant sections of JORC Code 2012 Table 1 are incorporated into the amended public report released on ASX on July 3, 2026'.

Evidence · text

> The relevant sections of JORC Code 2012 Table 1 are incorporated into the amended public report released on ASX on July 3, 2026.

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The document states 'A NI 43-101 Technical Report titled Technical Report and Upgraded Mineral Resource Estimate for the Copalquin Target 1 Area, Durango, Mexico will be filed on SEDAR+ within 45 days of the release'.

Evidence · text

> A NI 43-101 Technical Report titled Technical Report and Upgraded Mineral Resource Estimate for the Copalquin Target 1 Area, Durango, Mexico will be filed on SEDAR+ within 45 days of the release.

**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 document explicitly states the cut-off grades used for both the constrained \('2 g/t AuEq' from AuEq assumptions\) and undiluted \('1.50 g/t AuEq'\) resource estimates.

Evidence · text

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

**Indicated Resource**

Polarity: positive

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

Why it applies: The resource estimate includes a significant portion classified as 'Indicated', which provides reasonable geological confidence.

Evidence · table

> Indicated

Context: 3,391

**Inferred Resource**

Polarity: negative

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

Why it applies: The resource estimate includes a portion classified as 'Inferred', which is a speculative category with lower geological confidence.

Evidence · table

> Inferred

Context: 1,436

**High Recovery**

Polarity: positive

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

Why it applies: The reported overall recovery of 96% for gold and 91% for silver are exceptional for their respective processing routes \(leaching after flotation\).

Evidence · table

> 96%

Context: Overall recovery including leaching after flotation

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The document states 'SGS composite tests are laboratory results, not operating guarantees', indicating the metallurgical test work is at a preliminary, bench-scale level.

Evidence · text

> SGS composite tests are laboratory results, not operating guarantees.

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: The metallurgical test work describes 'flotation' and 'leaching after flotation', which are conventional mill-based processing routes.

Evidence · text

> Overall recovery including leaching after flotation

**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: 10. Some facts used in scoring do not have a stored record.

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-0)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:abc873088c90cfd31db3
- Deposit or zone: Target 1
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 3.15
- Grade Unit: g/t
- Contained Metal: 343
- Contained Unit: koz
- Cutoff Grade: 2
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The Indicated gold equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.

- Positive factor: Indicated category provides high confidence for economic studies.

- Positive factor: Metal equivalent grade combines value of gold and silver.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

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 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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-1)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:abc873088c90cfd31db3
- Deposit or zone: Target 1
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 3391000
- Grade: 77.8
- Grade Unit: g/t
- Contained Metal: 8479
- Contained Unit: koz
- Cutoff Grade: 2
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The Indicated silver equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.

- Positive factor: Indicated category provides high confidence for economic studies.

- Positive factor: Metal equivalent grade combines value of gold and silver.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

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 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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-2)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:a0e0decff7e6931031e8
- Deposit or zone: Target 1
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 2.23
- Grade Unit: g/t
- Contained Metal: 103
- Contained Unit: koz
- Cutoff Grade: 2
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The Inferred gold equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

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 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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-3)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:a0e0decff7e6931031e8
- Deposit or zone: Target 1
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1436000
- Grade: 73.6
- Grade Unit: g/t
- Contained Metal: 3398
- Contained Unit: koz
- Cutoff Grade: 2
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-06-29

#### Metal Equivalent

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The Inferred silver equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

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 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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-4)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:c27b53be61cdbac731aa
- Deposit or zone: Target 1
- Mining method: combined
- 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 GoldEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The undiluted Indicated gold equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.

- Positive factor: Indicated category provides high confidence for economic studies.

- Positive factor: Metal equivalent grade combines value of gold and silver.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-5)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:c27b53be61cdbac731aa
- Deposit or zone: Target 1
- Mining method: combined
- 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 GoldEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The undiluted Indicated silver equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.

- Positive factor: Indicated category provides high confidence for economic studies.

- Positive factor: Metal equivalent grade combines value of gold and silver.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-6)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:7b363da3391ec15b2a1f
- Deposit or zone: Target 1
- Mining method: combined
- 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: 4.87
- Metal Eq. Unit: g/t GoldEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The undiluted Inferred gold equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-resource-facts-7)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Resource scope

- Estimate type: resource
- Effective date: 2026-06-29T00:00:00.000Z
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: John Sims
- Resource group id: resource:7b363da3391ec15b2a1f
- Deposit or zone: Target 1
- Mining method: combined
- 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: 4.87
- Metal Eq. Unit: g/t GoldEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The undiluted Inferred silver equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.

- Positive factor: Resource is JORC and NI 43-101 compliant with QP/CP sign-off.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

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

**PEA-Supporting**

Polarity: neutral

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

Why it applies: the release names the study this estimate supports

## Metallurgical Results (2)

### flotation and leaching

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-metallurgical-facts-8)

Copalquin Target 1 · gold

#### Identity

- Project: Copalquin Target 1
- Commodity: gold
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Test Work

- Program Status: detailed
- Test Type: flotation and leaching
- Processing Route: leaching after flotation
- Sample: Target 1 composite samples

#### Recovery

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

#### Lab

- Laboratory: SGS

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The 96% gold recovery from Target 1 composite samples is exceptional for a mill-based process, indicating favorable metallurgy, though the test scale is still at the laboratory level.

- Positive factor: Exceptional gold recovery for a mill/CIL route.

- Positive factor: Supports a conventional and proven process route.

- Negative factor: Test work is at laboratory composite scale, not pilot plant, which may limit confidence in scale-up.

Evidence · table

> 96%

Context: Overall recovery including leaching after flotation

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**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 \(95%\)

### flotation and leaching

[Link to this fact](https://atlas-staging.minestarters.com/news/mth-nordic-funds-mines-investor-presentation--f7f26e04-793d-45ec-a48e-0e5ba5e555e0#fact-metallurgical-facts-9)

Copalquin Target 1 · silver

#### Identity

- Project: Copalquin Target 1
- Commodity: silver
- Region: mexico
- Reported Region: Durango, Mexico
- Ticker: MTH

#### Test Work

- Program Status: detailed
- Test Type: flotation and leaching
- Processing Route: leaching after flotation
- Sample: Target 1 composite samples

#### Recovery

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

#### Lab

- Laboratory: SGS

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-05T00:00:00.000Z

Reasoning: The 91% silver recovery from Target 1 composite samples is strong for a flotation-based process, indicating favorable metallurgy, though the test scale is still at the laboratory level.

- Positive factor: Strong silver recovery for a flotation route.

- Positive factor: Supports a conventional and proven process route.

- Negative factor: Test work is at laboratory composite scale, not pilot plant, which may limit confidence in scale-up.

Evidence · table

> 91%

Context: Overall recovery including leaching after flotation

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**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.