202629 releases
Amended Announcement Copalquin Project Target 1 Deposit MRE
Amended announcement resubmitting an upgraded Mineral Resource Estimate for the Target 1 deposit at the Copalquin Project in Durango State, Mexico, with additional disclosure on sampling, drilling, classification criteria, assay methods, cut-off grades and mining and metallurgical parameters, plus a statement that the company considers there is reasonable potential for both gold and silver to be extracted and sold. Indicated resources total 3.391 Mt at 3.15 g/t gold and 77.8 g/t silver (343 koz gold, 8.479 Moz silver); Inferred total 1.436 Mt at 2.23 g/t gold and 73.6 g/t silver. Effective date June 29, 2026.
Resource updateInvestor Presentation
A July 2026 investor presentation summarizes the Copalquin district in Mexico, including the Target 1 resource update announced June 30, 2026, of 464 koz AuEq Indicated and 151 koz AuEq Inferred (75% Indicated), comprising 343 koz gold and 8,479 koz silver Indicated, with metallurgical recoveries of 96% gold and 91% silver. It reports 12,000 m of fully funded drilling planned for H2 2026, cash of A$10.8m at 31 March 2026, and a ~A$47m market cap at 30 June 2026.
CorporateNotification regarding unquoted securities - MTH
800,000 unquoted options expiring 01-Sep-2028 with an exercise price of $1.07 were issued on 30 June 2026 under an employee incentive scheme, to key management personnel James Barr via registered holder Barbara Barr. Following the issue, Mithril Silver and Gold has 187,487,758 ordinary fully paid shares quoted and 10,180,000 options in the MTHAAM class on issue. The issue used the Listing Rule 7.2 exception 13, so no security holder approval was required.
CorporateMITHRIL DERISKS TARGET 1 WITH 75% INDICATED RESOURCE
Upgraded mineral resource estimate for the Target 1 deposit at the Copalquin Project in Durango State, Mexico, with constrained and diluted Indicated resources of 3.391 Mt at 3.15 g/t gold and 77.8 g/t silver (343 koz gold, 8.479 Moz silver, 464 koz AuEq) and Inferred resources of 1.436 Mt at 2.23 g/t gold and 73.6 g/t silver (103 koz gold, 3.398 Moz silver, 151 koz AuEq), effective June 29, 2026. Indicated gold and silver rose 196% from the 2021 MRE, with 75% of metal now Indicated. The estimate uses 204 drill holes totalling approximately 60,568 metres.
Resource updateApplication for quotation of securities - MTH
50,000 fully paid ordinary shares have been applied for quotation on the ASX, issued 17 June 2026 as part consideration for the acquisition of the La Dura gold-silver property, per the announcement dated 5 December 2025. The consideration is valued at an estimated A$0.285000 per security. Following quotation, issued capital will comprise 187,487,758 quoted ordinary shares and 21,576,498 quoted options expiring 14 May 2027.
FinancingMITHRIL DRILLS 7.25 M @ 4.01 G/T AU, 225 G/T AG AT T1
4.01 g/t gold and 225.1 g/t silver over 7.25 m from 375.70 m, including 15.25 g/t gold and 533.0 g/t silver over 0.50 m, was intersected in hole RE26-013 at El Refugio, Target 1, on the Copalquin property in Durango State, Mexico. Other results include 3.25 m at 5.23 g/t gold and 30.5 g/t silver from 92.0 m in La Soledad hole LS26-007. The final holes of the Target 1 upgrade program are complete, with 11,238 m drilled of up to 25,000 m planned and an updated mineral resource estimate due late June 2026.
Drill resultsMTH Drills 7.00 G/T Gold, 370 G/T Silver Over 9.65 M at T1
Drilling at Target 1 on the Copalquin property in Durango State, Mexico returned 9.65 m at 7.00 g/t gold and 370 g/t silver from 271.40 m in hole RE26-009, including 0.50 m at 30.70 g/t gold and 1,780 g/t silver, about 300 m west of the November 2021 Inferred resource boundary. Other holes returned 3.45 m at 12.09 g/t gold and 249 g/t silver (RE26-004) and 3.60 m at 2.18 g/t gold (LS26-005). Thirteen holes for 4,383 m are complete; a resource update is planned for late June 2026, within 25,000 m of drilling for the year.
Drill resultsUnaudited 31 March 2026 Financial Statements
Unaudited condensed interim consolidated financial statements for the nine months ended March 31, 2026 show cash and cash equivalents of $10,839,090 (AUD), working capital of $10,182,505, exploration and evaluation assets of $50,787,994 and a net loss of $4,524,870, including $2,878,200 of share-based payments. Exploration spending of $11,622,374 was funded by a private placement of 31,944,700 units at $0.3984 (C$0.36) for gross proceeds of $12,726,956, plus $1,434,281 from warrant and option exercises. Accumulated losses of $50,869,029 and the need for additional funds indicate material uncertainty about going concern.
CorporateApplication for quotation of securities - MTH
An application has been lodged for quotation of 2,650,000 ordinary fully paid shares issued on 28 April 2026 on exercise of options expiring 14 May 2027 at an exercise price of AUD 0.10 per security. Not all options of that class have been exercised, with 3,000,000 remaining on issue. Following quotation, issued capital will comprise 187,437,758 ordinary shares and 21,576,498 quoted options expiring 14 May 2027.
NewsQuarterly Activities/Appendix 5B Cash Flow Report
Exploration results for the March 2026 quarter at the Copalquin and La Dura properties in Durango State, Mexico. Target 3 drilling of 3,039 m returned 0.90 m @ 2.79 g/t gold and 151 g/t silver from 155.45 m (JA26-002), 0.50 m @ 6.91 g/t gold and 475 g/t silver from 102.50 m (JA26-004), and 0.50 m @ 33.20 g/t gold from 134.95 m (GU26-002). Target 1 infill and expansion drilling continues with a resource update scheduled for end H1 2026. Cash was A$10.8M at March 31, 2026, with exploration spending of A$2.86M for the quarter and no debt.
CorporateInvestor Presentation
An investor presentation for the Ignite Investment Summit in Hong Kong on 15-16 April 2026 covers the Copalquin gold-silver district in Mexico's Sierra Madre, a 70 km² package with 298 historic mines and workings, plus the adjacent 20 km² La Dura property acquired in December 2025. The Target 1 initial resource stands at Indicated 691 kt @ 5.43 g/t gold and 114 g/t silver, and Inferred 1,725 kt @ 4.55 g/t gold and 152 g/t silver, with a resource update slated for H1 2026. The company reports A$14m cash at 31 December 2025 and 25,000 metres of drilling funded for the first 6-8 months of 2026.
CorporateHIGH-GRADE AND WIDESPREAD SILVER AND GOLD AT TARGET 3
Drilling at the Copalquin project in Durango State, Mexico returned 0.90 m @ 2.79 g/t gold, 151 g/t silver from 155.45 m (JA26-002), 0.50 m @ 6.91 g/t gold, 475 g/t silver from 102.50 m (JA26-004) and 0.50 m @ 33.20 g/t gold, 5.9 g/t silver from 134.95 m (GU26-002). The 3,039 m Target 3 programme tested 700 metres of strike across four historic workings. At Target 5, hole MA26-001 at La Maquina cut 0.85 m @ 6.20 g/t gold, 764 g/t silver from 122.80 m, 68 metres down dip from surface. Up to 25,000 metres of drilling is planned in 2026.
Drill resultsApplication for quotation of securities - MTH
15,000 ordinary fully paid shares were issued on 17 March 2026 on the exercise of options expiring 14 May 2027 at AUD 0.20 per security, and have been applied for quotation on the ASX. Following quotation, issued capital will comprise 184,787,758 ordinary shares and 21,576,498 quoted options expiring 14 May 2027, plus various unquoted option classes.
FinancingBecoming a substantial holder
Hendo Family Superannuation Fund Pty Ltd (Henderson Superfund A/C) became a substantial holder of Mithril Silver and Gold Limited on 25/26 March 2026, holding 10,632,679 fully paid ordinary shares, representing 5.75% voting power. Of these, 4,142,304 shares were acquired between 2/2/26 and 25/3/26 for cash consideration of $1,380,403.
CorporateSwiss Mining Institute Zurich Conference Presentation
An investor presentation for the Swiss Mining Institute conference in Zurich, 17-19 March 2026, covers the Copalquin gold-silver district in Mexico, where the Target 1 initial resource stands at Indicated 691 kt @ 5.43 g/t gold and 114 g/t silver (121,000 oz gold, 2,538,000 oz silver) and Inferred 1,725 kt @ 4.55 g/t gold and 152 g/t silver (252,000 oz gold, 8,414,000 oz silver). The company reports A$14m cash at 31 December 2025, funding for 25,000 metres of drilling in the first 6-8 months of 2026, a Target 1 resource update in H1/Q2 2026, Target 3 drilling started January 2026, completed maiden Target 5 drilling, and the December 2025 acquisition of the 20 km² La Dura property.
CorporateHalf Yearly Report and Accounts
A loss after income tax of $3,992,367 was reported for the half-year ended 31 December 2025, versus $1,104,382 a year earlier, with cash and cash equivalents of $14,149,399 at period end and exploration and evaluation assets of $48,572,120. A July 2025 placement of 31,944,700 units at CAD$0.36 raised $12,726,956 before costs, and 6,724,202 warrants were exercised for $1,364,840. La Dura, five contiguous concessions totalling 2,052 hectares in Durango, Mexico, was optioned for US$25,000 and 50,000 shares; a Target 1 resource update at Copalquin is planned for the first half of 2026.
CorporateMithril appoints James Barr as Vice President, Exploration
James Barr, P.Geo., has been appointed Vice President, Exploration of Mithril Silver and Gold, effective immediately. Barr previously held senior roles at SilverCrest Metals, most recently as Interim Vice President, Exploration, working on the Las Chispas Mine in Sonora, Mexico. In connection with the appointment, the Company will issue 800,000 stock options with an exercise price of A$1.07 and an expiry date of 1 September 2028, a 193% premium to the ASX closing price on 27 February 2026.
ManagementInvestor Presentation
An investor presentation for PDAC, 1–4 March 2026, covers the Copalquin district in Mexico's Sierra Madre, a 70 km² package with 298 historic mines and workings, plus the adjacent 20 km² La Dura gold-silver property acquired in December 2025. The Target 1 maiden resource stands at Indicated 691 kt at 5.43 g/t gold and 114 g/t silver, and Inferred 1,725 kt at 4.55 g/t gold and 152 g/t silver, with an update due H1 2026. Cash was A$14m at 31 December 2025, funding 25,000 metres of drilling in 2026.
CorporateMITHRIL LIDAR STUDY REVEALS 1.5 KM TREND & HISTORIC MINES
A LiDAR survey has been completed over 21 km² of mining concessions at the La Dura gold-silver project in Durango State, Mexico, identifying 18 historic mine shafts, 44 adits and 134 mine and prospecting pits, plus a second cluster of adits and workings 1 km south. Consultant GeoCloud Analytics interpreted a trend up to 1.5 km long and 300 m wide with workings along 5 repeated structures, including the four-level La Dura mine. Phase IV drilling at Copalquin Target 1 is expected to finish within two months, and maiden drilling at Target 3 has intercepted mineralised quartz veins with assays pending.
NewsUnaudited 31 December 2025 Financial Statements
Unaudited condensed interim consolidated financials for the six months ended December 31, 2025 show cash and cash equivalents of A$14,149,399, working capital of A$14,032,596, exploration and evaluation assets of A$48,572,120, a net loss of A$3,992,367 and accumulated losses of A$50,336,526, with a going concern material uncertainty noted. During the period Mithril closed a private placement of 31,944,700 units at A$0.3984 (C$0.36) for gross proceeds of A$12,726,956, issued 6,724,202 shares on warrant exercises for A$1,364,840, and spent A$8,990,729 on Mexican exploration.
CorporateTarget 5 Drilling and District Update
Maiden drilling at Target 5 on the Copalquin silver-gold project in Durango State, Mexico outlined northwest-trending banded quartz veins across a 9.6 km2 area, with a 1.5 km mineralised corridor and a 700 m x 200 m modelled hydrothermal zone; results include 2.75 m @ 660 g/t AgEq from 93.6 m (including 1.00 m @ 1,714 g/t AgEq) and 3.35 m @ 366 g/t AgEq from 90.15 m. Phase IV drilling at Target 1 (~3,000 m) and maiden drilling at Target 3 have commenced, with up to 25,000 metres planned across the district in the first 6-8 months of 2026. An aerial magnetic survey over Copalquin is complete and is in progress over the 20 km2 La Dura property.
Drill resultsCeasing to be a substantial holder
The Bank of Nova Scotia and its controlling entities ceased to be a substantial holder of Mithril Silver and Gold Limited on 5 February 2026. The change followed a decrease of 554,407 shares on 5 February 2026 through in-market buys on ASX at AUD 0.3974, affecting 554,407 votes, held via 1832 Asset Management L.P. and the Dynamic Precious Metals Fund. The previous notice was given and dated 4 February 2026.
CorporateChange in substantial holding
The Bank of Nova Scotia and its controlled entities, including 1832 Asset Management L.P., reduced their holding in Mithril Silver and Gold Limited from 11,846,664 shares (6.42%) to 9,650,000 shares (5.22%), based on 184,772,758 shares outstanding. The change took effect February 2, 2026, following on-market sales on the ASX between January 23 and February 2, 2026 at prices from AUD 0.4424 to AUD 0.5934 per share. The shares are held through the Dynamic Precious Metals Fund.
CorporateChange of Registered Office
The registered office of Mithril Silver and Gold Limited has moved to Suite 303, 365 Little Collins Street, Melbourne, VIC, 3000, effective 3 February 2026. All other company contact details remain unchanged. The announcement was authorised by the Company Secretary.
CorporateApplication for quotation of securities - MTH
An application has been made to quote 245,834 new ordinary fully paid MTH shares on the ASX following option exercises: 150,000 shares issued 2 February 2026 from options expiring 14 May 2027 at AUD 0.20 each, and 95,834 shares issued 30 January 2026 from options expiring 24 July 2027 at CAD 0.36 each. Following quotation, issued capital will comprise 184,772,758 ordinary fully paid shares and 21,591,498 quoted options.
FinancingQuarterly Activities/Appendix 5B Cash Flow Report
Drilling at the Copalquin gold-silver project in Durango State, Mexico returned 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m at Target 1 and 2.75 m @ 660 g/t AgEq from 93.6 m at Target 5, with a Target 1 resource update planned for Q2 after 3,000 m of infill drilling. Mithril agreed to acquire 100% of the nearby La Dura concessions for US$4M over four years. Quarter-end cash was A$14.1M, with A$3.88M spent on exploration.
CorporateChange in substantial holding
The Bank of Nova Scotia and its controlled entities, including 1832 Asset Management L.P., filed a Form 604 notice of change of interests of substantial holder in Mithril Silver and Gold Limited, with the change occurring January 22, 2026. Their holding moved from 11,400,000 ordinary shares (7.91% voting power) to 11,846,664 shares (6.42%, based on 184,527,000 shares outstanding). Changes included a 2,550,000-share private placement purchase at AUD 0.3600 and various ASX market trades, most recently 553,336 shares at AUD 0.5919.
CorporateMITHRIL DRILLS HIGH-GRADE GOLD-SILVER AT TARGET 1
Drill results from resource drilling at Target 1, Copalquin property, Durango State, Mexico, included 1.55 m at 2.11 g/t gold and 5.5 g/t silver from 24.65 m plus 1.35 m at 21.9 g/t gold and 357 g/t silver from 142.75 m in MTH-RE25-54, and 3.05 m at 1.68 g/t gold and 107 g/t silver from 52.0 m in MTH-LS25-53. Hole MTH-RE25-58 returned a 150 metre anomalous silver zone, extending the east-west structure 300 metres west, while MTH-RE25-47 and 56 extended the Refugio 1 structure 300 metres down dip. About 3,000 metres remains to be completed in Q1 2026 ahead of a resource update, within 25,000 metres planned for the first half of the year.
Drill resultsMTH KICKS OFF MAIDEN DRILL PROGRAMME AT TARGET 3
Drilling has begun at Target 3 at the Copalquin gold-silver district in Durango State, Mexico, with approximately 3,300 metres planned as part of 25,000 metres scheduled across the district in the first half of 2026. The maiden programme starts around the El Jabali historic workings, where channel sampling returned up to 0.65 m @ 16 g/t gold and 1,275 g/t silver. Target 1 drilling is due for completion in Q1 2026 ahead of a resource update, and a drone magnetic survey starts this month.
Drill results
202578 releases
Third drill mobilization & expanded 2026 exploration program
A third drill rig is being mobilized at the 100%-owned Copalquin gold-silver district in Durango State, Mexico, with 25,000 metres of drilling planned for 2026 and up to three rigs turning in the first half. Target 3 maiden drilling of 3,300 metres starts the first week of January 2026 near El Jabali, and about 3,000 metres will be drilled at Target 1 in Q1 2026 ahead of a resource update. Assays for roughly 20 holes remain pending due to laboratory delays, with 12 more dispatched. A district-scale aerial magnetic survey over Copalquin and La Dura is scheduled for January 2026.
Drill resultsInvestor Presentation
A December 2025 investor presentation covers the Copalquin district in Mexico, where the Target 1 maiden resource stands at Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver (7.06 g/t AuEq) and Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver (6.72 g/t AuEq). Target 1 and Target 5 drilling is underway, Target 3 begins January 2026, and 25,000 metres is funded for the first half of 2026. Cash was A$18.2m at 30 September 2025.
CorporateNotification of cessation of securities - MTH
2,142,865 unquoted options exercisable at $0.70 expired unexercised on 9 December 2025, with no consideration paid for the cessation. Following the change, issued capital comprises 184,526,924 ordinary fully paid shares, 21,741,498 quoted options expiring 14 May 2027, and several classes of unquoted options including 14,000,005 expiring 19 December 2026 at $0.75 and 9,380,000 expiring 1 September 2028 at $1.07.
CorporateProposed issue of securities - MTH
50,000 ordinary fully paid shares will be issued on 11 December 2025 as part consideration for the acquisition of the La Dura gold-silver property, as per the ASX announcement dated 5 December 2025. The AUD equivalent of the consideration is estimated at $0.48 per security, with no cash consideration involved. The shares will be issued under the 15% placement capacity and are subject to voluntary escrow for 4 months from issue.
FinancingMITHRIL TO ACQUIRE THE LA DURA GOLD-SILVER PROPERTY
A Purchase Option Agreement has been executed to acquire the La Dura gold-silver property in Durango State, Mexico, comprising 5 contiguous mining concessions totalling 2,052 hectares, located 20 km from Mithril's Copalquin property. Mithril paid US$25,000 and issued 50,000 shares on execution, with staged payments over 48 months and the right to buy 100% for US$4,000,000; a 2.5% NSR applies, reducible to 1% for US$2,500,000. Commitments include LiDAR and aerial magnetic surveys in year one and US$200,000 exploration spend in year two.
AcquisitionExploration Sampling up to 4,520 G/T Silver, 38.2 G/T Gold
Channel sampling at the Copalquin property, Durango State, Mexico returned 0.60 m at 38.3 g/t gold and 4,520 g/t silver at Target 5 (San Miguel Mine), 0.50 m at 16.8 g/t gold and 625 g/t silver at Target 1 West, and 0.65 m at 16.0 g/t gold and 284 g/t silver at Target 3. Eight further holes were completed at Target 5 with assays pending, first drilling at Target 3 begins early January 2026, and a 25,000 metre program is funded for the first six months of 2026.
Drill resultsChange of Director's Interest Notices x 3
Three directors of Mithril Silver and Gold received unquoted options exercisable at $1.07 expiring 1/9/28, issued on 21/11/25 for non-cash consideration following shareholder approval on 5/11/25. Craig Sharpe acquired 800,000 options indirectly via Mano Asset Management Pty Ltd, while David Toyoda and Meghan Lewis each acquired 600,000 options directly. Toyoda also holds 30,000 shares; Lewis held nil securities prior to the change.
CorporateNotification regarding unquoted securities - MTH
5,200,000 unquoted options expiring 1 September 2028 with an exercise price of $1.07 were issued on 21 November 2025 under an employee incentive scheme, following shareholder approval on 5 November 2025. Recipients include key management personnel: John Skeet 1,000,000 and Priscila Skeet 800,000 (both via Trimin Pty Ltd), Craig Sharpe 800,000 via Mano Asset Management Pty Ltd, and 600,000 each to Colin Jones, David Toyoda and Meghan Lewis. Total MTHAAM options on issue now 9,380,000.
CorporateChange of Director's Interest Notice
Director John Skeet's indirect holdings changed, with 1,800,000 options expiring 01-Sep-2028 exercisable at $1.07 issued on 21 November 2025 to the nominee of John Skeet and his spouse Priscila Skeet, as approved by shareholders on 5 November 2025, for nil consideration. Separately, 250,000 options exercisable at $1.50 expired on 16 November 2025. The securities are held through Trimin Pty Ltd (Skeet Family A/C).
CorporateNotification of cessation of securities - MTH
250,000 unquoted options exercisable at $1.50 expired unexercised on 16 November 2025. Following the cessation, issued capital comprises 184,171,572 ordinary fully paid shares and 21,896,850 quoted options expiring 14 May 2027, plus several classes of unquoted options. No consideration was paid for the cessation.
CorporateApplication for quotation of securities - MTH
An application has been made to quote 355,352 new ordinary fully paid MTH shares issued on the exercise of options: 50,000 at AUD 0.10 issued 6 November 2025, and on 14 November 2025, 150,000 at AUD 0.30 and 155,352 at AUD 0.20. Following quotation, Mithril Silver and Gold will have 184,526,924 ordinary shares and 21,741,498 quoted options expiring 14 May 2027 on issue.
NewsRelease of Shares from Escrow
31,944,700 ordinary shares of Mithril Silver and Gold Limited will be released from escrow on 25 November 2025. The announcement was authorised by the Company Secretary.
CorporateInvestor Presentation Precious Metals Summit Zurich
An investor presentation for the Precious Metals Summit Zurich, held 10-11 November 2025, covers the Copalquin district in Mexico's Sierra Madre, a 70 km² package with 298 historic mines and workings across 13 target areas. The Target 1 maiden resource stands at 691 kt indicated at 5.43 g/t gold and 114 g/t silver (7.06 g/t AuEq) and 1,725 kt inferred at 4.55 g/t gold and 152 g/t silver (6.72 g/t AuEq), with a resource update drilling cut-off anticipated Q1 2026. The company reports A$18.2m cash at 30 September 2025 and funding for 45,000 m of drilling from July 2025 to August 2026.
CorporateSeptember Quarter Financial Report and Management Analysis
For the three months ended September 30, 2025, a net loss of A$2,184,341 was reported, versus A$546,772 a year earlier, with the increase largely reflecting A$1,630,200 of share-based payments. Cash and cash equivalents stood at A$18,269,182 at September 30, 2025, up from A$11,056,014 at June 30, 2025, after A$12,726,956 of private placements and A$1,180,770 from warrant exercises; exploration and evaluation assets were A$45,402,659, including A$45,379,668 for the Copalquin gold-silver project in Durango, Mexico. The statements note material uncertainty over going concern.
CorporateMAIDEN T5 DRILLING UP TO 1,714 G/T AGEQ OVER 1M
Maiden drilling at Target 5 in the Copalquin District, Durango State, Mexico returned 2.75 m at 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m in AP25-003, including 1.00 m at 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver). Other intercepts include 3.35 m at 366 g/t AgEq in AP25-005 and 1.25 m at 728 g/t AgEq in AP25-006. Thirteen holes are complete, with assays received for the first eight; drilling at the Tasolera mine area starts this week.
Drill resultsQuarterly Activities/Appendix 5B Cash Flow Report
Two rigs drilled at the Copalquin District, Durango State, Mexico during the September 2025 quarter, with Target 1 intercepts including 7.19 g/t gold, 260 g/t silver over 8.03 m from 257.72 m and 8.63 g/t gold, 41.2 g/t silver over 3.3 m from 169.7 m, plus 12 holes completed at Target 5 with assays pending. Exploration expenditure was A$4.87M and cash at quarter end was A$18.3M, following a C$11.5M placement completed in July 2025.
CorporateApplication for quotation of securities - MTH
515,000 ordinary fully paid shares have been applied for quotation on the ASX, issued on 14/10/2025 following the exercise of MTHO options expiring 14-May-2027 at an issue price of AUD 0.20 per security. Following quotation, quoted capital will comprise 184,171,572 ordinary shares and 21,896,850 MTHO options.
Financing300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m
Drilling at Target 1 on the Copalquin property in Durango State, Mexico returned 8.03 m at 7.19 g/t gold and 260 g/t silver from 257.72 m in MTH-RE25-45, including 4.40 m at 9.87 g/t gold and 506.8 g/t silver, and 7.20 m at 2.78 g/t gold and 148 g/t silver from 260.9 m in MTH-RE25-44. The results extend the Target 1 strike 300 metres west to over 1,300 m. At Target 5, 11 holes are complete with assays pending, and channel sampling expanded the target footprint to 2 km x 2 km.
Drill resultsSILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER
First nine holes of an initial 5,000 metre drill program at Target 5 (historic Apomal mine) on the Copalquin property, Durango State, Mexico, are complete with assays pending. Mapping and sampling expanded silver-rich Target 5 to over 2 km x 2 km, with underground highlights of 3.1 m at 2.02 g/t gold and 1,938 g/t silver at the Tasolera mine, including 1.40 m at 2.00 g/t gold and 3,300 g/t silver. Target 1 drilling extended the east-west structure 300 m west to over 1,200 m strike, and a district-wide aerial magnetic survey starts later this month.
Drill resultsNotice of Annual General Meeting/Proxy Form
The annual general meeting will be held at Karstens Melbourne, Level 9, 123 Queen Street, Melbourne, VIC 3000 on 5 November 2025 at 9.00am (AEDT), with proxies due by 9.00am (AEDT) on 3 November 2025. Business includes the remuneration report, re-election of directors Craig Sharpe, John Skeet, David Toyoda and Meghan Lewis, adoption of an Employee Incentive Securities Plan, ratification of 19,978,521 and 11,966,179 placement shares and 1,916,682 options, option issues to directors and related parties, appointment of BDO Audit Pty Ltd, and a 10% placement facility.
CorporateAppendix 4G and Corporate Governance Statement
Mithril Silver and Gold Limited lodged its Appendix 4G and Corporate Governance Statement for the financial year ended 30 June 2025, with the statement accurate and up to date as at 29 September 2025 and approved by the board. The company reported it did not follow ASX Corporate Governance Council recommendations 2.4 (majority independent board), 7.3 (internal audit function) and 7.4 (environmental and social risk disclosure) in full for the whole period, with reasons set out in the Corporate Governance Statement.
CorporateAnnual Report to shareholders
The annual report for the year ended 30 June 2025 reports a loss after tax of $2,122,134, versus $1,600,354 in the prior year, with activity centred on the Copalquin gold-silver property in Durango State, Mexico. The Target 1 (El Refugio–La Soledad) resource stands at 691 kt indicated at 5.43 g/t gold and 114.2 g/t silver, plus 1,725 kt inferred at 4.55 g/t gold and 151.7 g/t silver. Drill results included 33.00m at 31.8 g/t gold and 274 g/t silver from surface in CDH-159. The company listed on the TSXV on 27 September 2024 and raised approximately $12.5M through a placement of 25,000,000 shares at $0.50.
CorporateManagement Discussion and Analysis
For the year ended June 30, 2025, Mithril reported a net loss of $2,122,134 (2024: $1,600,354), cash and cash equivalents of $11,056,014 and working capital of $11,010,134, with exploration and evaluation assets of $39,065,392, of which $39,021,491 relates to the Copalquin gold-silver project in Durango State, Mexico. Financing activities provided $19,689,139, including an October 2024 placement of 25,000,000 shares at $0.50 raising about $12.5M with one-for-two $0.75 warrants. Copalquin drill results included 33.00m @ 31.8 g/t gold, 274 g/t silver from surface (CDH-159). The option to buy the remaining 50% of the concessions for US$10M now runs to 7 August 2028.
CorporateApplication for quotation of securities - MTH
189,350 ordinary fully paid shares have been applied for quotation on the ASX, issued 12/9/2025 following the exercise of options. These comprise 39,350 shares from options expiring 14-May-2027 at AUD 0.20 per security and 150,000 shares from options expiring 05-Sep-2026 at AUD 0.30 per security, both for cash consideration. Following quotation, Mithril Silver and Gold Limited will have 183,656,572 ordinary fully paid shares on issue.
FinancingAnnual General Meeting
The Annual General Meeting will be held on Wednesday 5 November 2025 AEST, with the time and other details to be advised in the Notice of Meeting. Business will include the election of directors, and nominations close at 5pm AEST on 17 September 2025. Nominations may only be made by a shareholder entitled to attend and vote, and must include the nominee's written consent and brief biographical details.
CorporateInvestor Presentation
An investor presentation for the Beaver Creek Precious Metals Summit, held 9-12 September 2025, covers the Copalquin district in Mexico's Sierra Madre, a 70 km² package with 298 historic mines and workings. The Target 1 maiden resource stands at Indicated 691 kt at 5.43 g/t gold and 114 g/t silver (7.06 g/t AuEq) and Inferred 1,725 kt at 4.55 g/t gold and 152 g/t silver (6.72 g/t AuEq), with a resource update planned for H2 2025. Cash of A$22.9m funds 45,000 metres of drilling over the next 12-14 months.
CorporateApplication for quotation of securities - MTH
4,491,500 ordinary fully paid shares will be quoted on the ASX following the exercise of options, with an issue date of 5/9/2025. The shares comprise 1,766,500 from options exercised at AUD 0.20, 1,300,000 at AUD 0.10 and 1,425,000 at AUD 0.30. Following quotation, Mithril Silver and Gold will have 183,467,222 ordinary fully paid shares on issue.
FinancingChange of Director's Interest Notices x 4
Four Appendix 3Y notices dated 2 September 2025 disclose agreements to issue options to directors of Mithril Silver and Gold Limited, subject to shareholder approval: 600,000 options each to David Toyoda and Meghan Lewis, 800,000 to Craig Sharpe or nominee, and 1,000,000 to John Skeet or nominee. All options expire 1 September 2028 with an exercise price of AUD $1.07 and nil consideration. No changes to existing shareholdings were reported.
CorporateNotification regarding unquoted securities - MTH
4,180,000 unquoted options were issued on 2 September 2025 under an employee incentive scheme, exercisable at A$1.07 and expiring 1 September 2028. Of these, 500,000 were issued to key management personnel Michael Port, registered to Shannon Port. Following the issue, Mithril has 178,975,722 ordinary shares on issue, with the options issued under the Listing Rule 7.2 exception 13 and not requiring security holder approval.
CorporateIssue of Options under Employee Incentive Securities Plan
Mithril Silver and Gold has issued 4,180,000 options to key management, employees and consultants under its Employee Incentive Securities Plan approved by shareholders at the November 2024 AGM. A further 5,200,000 options will be issued to directors and other related-party employees and contractors, subject to shareholder approval under ASX Listing Rule 10.11 at the 2025 AGM in November 2025. The options carry an exercise price of A$1.07, a 50% premium to the 1 September 2025 ASX close, expiring 1 September 2028.
CorporateMTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5
**Assays and drilling update, Copalquin property, Durango State, Mexico.** Drilling at Target 1's La Soledad returned 3.3 m @ 8.63 g/t gold and 41.24 g/t silver from 169.7 m in MTH-LS25-36, including 0.5 m @ 48.85 g/t gold and 91.55 g/t silver, and 1.1 m @ 9.95 g/t gold, 44.6 g/t silver from 156.9 m in MTH-LS25-35. First drilling at Zaragoza, 500 m southeast of Refugio, returned 0.57 m @ 6.4 g/t gold and 4,400 g/t silver from 342.4 m. Drilling has started at Target 5's Apomal mine, with three of an initial 5,000 m program complete; Mithril says it is funded for 45,000 m over 12-14 months.
Drill resultsApplication for quotation of securities - MTH
Quotation is sought on ASX for 800,000 new ordinary fully paid shares issued on the exercise of options: 300,000 shares at AUD 0.30 issued 28/8/2025 from options expiring 05-Sep-2026, and 500,000 shares at AUD 0.10 issued 15/8/2025 from options expiring 14-May-2027. Following quotation, Mithril Silver and Gold Limited will have 178,975,722 ordinary fully paid shares on issue, plus 24,217,700 quoted options expiring 14-May-2027.
NewsInvestor Presentation
An August 2025 investor presentation for the Copalquin district in Durango, Mexico covers the Target 1 maiden resource of 691 kt indicated at 5.43 g/t gold and 114 g/t silver (121,000 oz gold, 2,538,000 oz silver) and 1,725 kt inferred at 4.55 g/t gold and 152 g/t silver (252,000 oz gold, 8,414,000 oz silver), with metallurgical recoveries of 96% gold and 91% silver. Cash stood at A$22.9m following the July 2025 C$11.5 million placement, funding two drills for the rest of 2025, a third in 2026, and 45,000m over the next 12–14 months, with a Target 1 resource update planned for H2 2025. The company is listed on TSXV (MSG), ASX (MTH) and OTCQB (MTIRF).
CorporateApplication for quotation of securities - MTH
An application has been lodged for quotation of 105,000 new ordinary fully paid MTH shares issued on exercise of options: 50,000 on 12 August 2025 and 30,000 on 14 August 2025 from MTHO options expiring 14 May 2027 at AUD 0.20 each, plus 25,000 on 14 August 2025 from MTHAAJ options expiring 5 September 2026 at AUD 0.30. Following quotation, MTH will have 178,175,722 ordinary shares on issue.
NewsMithril Silver and Gold Announces US Listing on OTCQB
Mithril Silver and Gold's common shares began trading on the OTCQB Venture Market in the United States under the symbol MTIRF as of August 13, 2025. The shares continue to trade on the Australian Securities Exchange as MTH and on the TSX Venture Exchange as MSG. The company's Copalquin Gold-Silver District is located in Mexico's Sierra Madre Trend.
CorporateNotification regarding unquoted securities - MTH
1,916,682 unquoted options with an exercise price of CAD $0.36, expiring 24 July 2027, were issued on 24 July 2025 as consideration for lead agent fees relating to the placement announced to ASX on 11 July 2025 and 25 July 2025. Following the issue, Mithril Silver and Gold has 178,070,722 ordinary fully paid shares on issue.
NewsCancel - Notification regarding unquoted securities - MTH
A notification of unquoted securities lodged on 25/7/2025 has been cancelled, with Mithril Silver and Gold instead applying for quotation of the 31,944,700 shares and lodging an Appendix 2A with ASX. The shares were issued on 24/7/2025 at CAD 0.36 each under a placement previously announced in an Appendix 3B on 11 July 2025. Following the issue, quoted securities comprise 146,126,022 ordinary fully paid shares and 24,297,700 options expiring 14 May 2027.
CorporateApplication for quotation of securities - MTH
31,944,700 ordinary fully paid shares, issued 24 July 2025 at CAD 0.36 per security under a placement previously notified to ASX on 11 July 2025, have been applied for quotation. Following quotation, quoted capital will comprise 178,070,722 ordinary shares and 24,297,700 options expiring 14 May 2027. No further issues remain to complete the transaction.
FinancingQuarterly Activities/Appendix 5B Cash Flow Report
June 2025 quarter exploration at the Copalquin District, Durango State, Mexico included first drilling at Target 2 (Las Brujas), where hole T2DH25-006 returned 11.5m @ 8.61 g/t gold and 57.6 g/t silver from 44.5m, including 0.85m @ 109.5 g/t gold, 325 g/t silver. At Target 1, hole MTH-LS25-20 cut 2.90m @ 9.06 g/t gold, 10.6 g/t silver from 339.6m, 120 metres down dip. Exploration spend was $2.675M; quarter-end cash was A$11,056,000, before a C$11.5M brokered placement completed in July 2025.
CorporateChange in substantial holding
Jupiter Asset Management Limited's voting power in Mithril Silver and Gold Limited fell from 15.78% to 12.91% as at 25 July 2025, while its holding remained unchanged at 23,000,000 ordinary shares. The change followed Mithril issuing 31,944,700 shares, taking the share count used to calculate the percentage to 178,070,722. No consideration was given in relation to the change.
CorporateHigh-Grade Channel Sampling Results
Channel sampling at the Copalquin property in Durango State, Mexico returned 0.70 m at 57.8 g/t gold and 2,120 g/t silver from underground at the historic Santa Cruz mine in the newly defined Target 6, along with 0.70 m at 23.2 g/t gold and 755 g/t silver and 0.50 m at 27.9 g/t gold from surface sampling at La Maquina in Target 5. A first 5,000 metre drill program at Target 5 is scheduled to begin in August 2025, with the company funded for 45,000 metres of drilling over the next 12 months.
Drill resultsCLOSING OF C$11.5 MILLION BROKERED PRIVATE PLACEMENT
A brokered private placement of 31,944,700 ordinary shares at C$0.36 per share closed for gross proceeds of C$11,500,092, including full exercise of the agents' option for an additional 4,166,700 shares. Ventum Financial Corp. acted as lead agent and sole bookrunner, receiving a 6.0% cash fee of C$690,005.52 and 1,916,682 compensation options exercisable at C$0.36 until July 24, 2027. Proceeds will fund the Copalquin district project in Durango State, Mexico, working capital and general corporate purposes. Shares are subject to a hold period expiring November 25, 2025.
FinancingNotification regarding unquoted securities - MTH
31,944,700 unquoted ordinary fully paid securities were issued on 24 July 2025 at CAD 0.36 per security for cash, completing a placement previously notified in an Appendix 3B announced 11 July 2025. Following the issue, quoted securities comprise 146,126,022 ordinary fully paid shares and 24,297,700 options expiring 14 May 2027, with no further issues to take place to complete the transaction.
NewsApplication for quotation of securities - MTH
158,000 ordinary fully paid shares were issued on 21 July 2025 on exercise of MTHO options expiring 14 May 2027, at an issue price of AUD 0.20 per security, and have been applied for quotation on ASX. Following quotation, Mithril Silver and Gold will have 146,126,022 ordinary shares and 24,297,700 MTHO options on issue.
NewsMITHRIL ARRANGES UP TO C$11.5M PLACEMENT
A private placement of 27,778,000 common shares at C$0.36 per share to raise C$10,000,080 has been arranged, with Ventum Financial Corp. as lead agent and sole bookrunner, plus an agents' option for up to 4,166,700 additional shares for a further C$1,500,012, taking the maximum to 31,944,700 shares and up to C$11.5M. Proceeds will fund exploration and drilling at the Copalquin district project in Durango State, Mexico, working capital and general corporate purposes. Closing is scheduled for July 24, 2025. Agents receive a 6.0% cash fee and 1,916,682 compensation options at C$0.36 expiring two years from closing.
FinancingProposed issue of securities - MTH
Up to 1,916,682 options will be issued on 24 July 2025 as consideration for lead agent fees in connection with the placement announced to ASX on 11 July 2025. The options carry an exercise price of CAD $0.36, expire 24 July 2027, and each converts into one MTH ordinary fully paid share. They will be issued under the company's 15% placement capacity and subject to a statutory hold period expiring four months and one day from issue.
Financing$10 Million Brokered Private Placement
A brokered private placement of 27,778,000 common shares at C$0.36 per share for gross proceeds of C$10,000,080 has been agreed with Ventum Financial Corp. as lead agent and sole bookrunner, with an agents' option for up to an additional 15% exercisable before closing. Net proceeds will fund exploration and drilling at the Copalquin district project in Durango State, Mexico, plus working capital and general corporate purposes. Closing is scheduled for July 29, 2025, subject to TSX Venture Exchange approval; agents receive a 6.0% cash fee and compensation options.
FinancingMTH EXTENDS 8 KM LONG HIGH-GRADE GOLD-SILVER SYSTEM
8 km long, 1,200 m vertical gold-silver system defined at the Copalquin Project in Durango State, Mexico, with Target 2 mineralisation extended 1,000 m WSW and Santa Cruz historic mine assays pending. Channel samples returned 1.00 m at 19.85 g/t gold and 270 g/t silver at Mina Constancia (T3), 0.90 m at 12.40 g/t gold and 820 g/t silver, and 0.50 m at 6.21 g/t gold and 265 g/t silver at Mina Lico (T2). Drilling starts this month at Target 5 and late Q3 2025 at Target 3.
Drill resultsApplication for quotation of securities - MTH
110,000 ordinary fully paid shares were issued on 2 July 2025 following the exercise of MTHO options expiring 14 May 2027, at an issue price of AUD 0.20 per security, and have been applied for quotation on ASX. Following quotation, issued capital will comprise 145,968,022 ordinary shares and 24,455,700 quoted options expiring 14 May 2027, plus unquoted options.
NewsFinal Director's Interest Notice
Stephen Layton ceased to be a director of Mithril Silver and Gold Limited on 30 June 2025, with the final director's interest notice lodged under ASX listing rule 3.19A.3. He held no securities as registered holder, and indirect interests comprised 1,325,000 fully paid ordinary shares via Bodie Investments Pty Ltd, 80,000 fully paid ordinary shares via his superannuation account, and 1,100,000 fully paid ordinary shares, 250,000 quoted options and 600,000 unquoted options via Sindel Nominees Proprietary Limited.
CorporateMithril Silver and Gold Announces Director Retirements
Non-Executive Directors Garry Thomas and Stephen Layton will retire from the board of Mithril Silver and Gold Limited (ASX:MTH; TSXV:MSG) effective 30 June 2025. Both have been senior Board members since the company's 2020 shift to its current Mexico precious metals focus, and both remain shareholders.
ManagementApplication for quotation of securities - MTH
An application has been lodged for quotation on ASX of 94,500 ordinary fully paid shares issued on exercise of options: 69,500 shares issued 12 June 2025 from options expiring 5 September 2026 at AUD 0.30, and 25,000 shares issued 13 June 2025 from options expiring 14 May 2027 at AUD 0.20. Following quotation, Mithril Silver and Gold will have 145,858,022 ordinary shares on issue, plus 24,565,700 quoted options expiring 14 May 2027.
NewsUpdated Investor Presentation
An updated June 2025 investor presentation covers the Copalquin district in Mexico, including the Target 1 maiden resource of Indicated 691 kt at 5.43 g/t gold and 114 g/t silver (121,000 oz gold, 2,538,000 oz silver) and Inferred 1,725 kt at 4.55 g/t gold and 152 g/t silver (252,000 oz gold, 8,414,000 oz silver). The company states it is fully funded for 35,000 m of drilling in 2025, with a second drill at Target 2 since April 2025.
CorporateExploration Expansion Continues at the Copalquin District
Channel sampling at the newly developing Target 5 area of the 70 km² Copalquin property in Durango State, Mexico returned 0.5 m at 5.36 g/t gold and 706 g/t silver, 0.7 m at 4.64 g/t gold and 732 g/t silver, and 0.8 m at 2.84 g/t gold and 777 g/t silver. Mapping outlined multiple northwest-trending parallel veins up to 500 metres long within a 1.6 km wide corridor, 1.5 km southwest of the Target 1 resource, with samples exceeding 1% copper, lead and zinc. First-pass drilling at Targets 5 and 3 is scheduled for next quarter.
Drill resultsResponse to ASX Price Query
In response to an ASX price query dated 30 May 2025, following a share price move from a closing price of $0.37 on 29 May 2025 to an intraday high of $0.45, Mithril Silver and Gold confirmed it is aware of unannounced information: pending channel sample results at target 5 El Apomal. The results remain subject to interpretation, validation, JORC-compliant preparation and competent person sign-off, and the company has entered a trading halt, with an announcement expected by Tuesday 3 June 2025.
NewsInitial Director's Interest Notice
Meghan Lewis was appointed a director of Mithril Silver and Gold Limited on 20/5/2025, as disclosed in an Appendix 3X Initial Director's Interest Notice lodged with ASX. The notice reports nil securities held directly, nil securities in which she is not the registered holder, and nil interests in contracts.
CorporateNew High-Grade Drilling Discovery at Target 2 Copalquin
11.5 m at 8.61 g/t gold and 57.6 g/t silver from 44.5 m was returned in hole T2DH25-006 at the Las Brujas zone of Target 2, Copalquin property, Durango State, Mexico, including 3.85 m at 25.33 g/t gold and 128 g/t silver from 46.65 m, and 0.85 m at 109.5 g/t gold and 325 g/t silver. Shallow holes across a 200 m strike length intersected a near-surface structure; follow-up drilling about 80 m down dip is planned. First-phase drilling at El Peru, 400 m east, is complete with samples dispatched.
Drill resultsAppointment of Non-Executive Director
Meghan Lewis has been appointed an Independent Non-Executive Director of Mithril Silver and Gold Limited (ASX:MTH; TSXV:MSG). Lewis is a mining finance professional with almost 20 years' experience in the resources industry, previously Vice President, Corporate Development for Aura Minerals Inc. and, before that, eight years as a senior mining analyst with the Dundee Group of Toronto. She holds a B.Sc. Honours in Geological Science from Queens University and an M.Sc. Geology from Dalhousie University.
ManagementUnaudited 31 March 2025 Financial Statements
Unaudited condensed interim consolidated financial statements for the nine months ended March 31, 2025 show cash of $14,186,041 (June 30, 2024: $1,496,392), total assets of $50,763,250 and working capital of $14,264,193, with a net loss of $1,478,799 and accumulated losses of $45,700,824, in Australian dollars. Financing during the period included private placements of $16,200,000 and $4,499,640 from warrant exercises, while $5,469,466 was spent on exploration assets. Management notes material uncertainty regarding going concern.
CorporateQuarterly Activities/Appendix 5B Cash Flow Report
Drilling at the Copalquin District in Durango State, Mexico returned 3.35m @ 26.5 g/t gold, 1,046 g/t silver from 215.15m (MTH-LS25-16) and 4.95m @ 20.5 g/t gold, 1,833 g/t silver from 107m (MTH-LS25-11), with 5,800 metres drilled in the March 2025 quarter and 11,225 metres since June 2024. The Target 1 resource update drilling cut-off was extended to late May 2025, and a second rig began maiden drilling at Target 2 in early April 2025 toward 35,000m planned for 2025. Cash was A$14.2M at quarter end, with quarterly exploration spend of $2.322M.
CorporateTarget 2 High-Grade Samples & Second Drill Starts
Channel sampling at the Target 2 (Las Brujas–El Peru) area of the Copalquin district, Durango State, Mexico returned results including 1.00m @ 28.7 g/t gold and 356 g/t silver, 2.00m @ 26.8 g/t gold and 1,004 g/t silver, 1.00m @ 31.8 g/t gold and 233 g/t silver, and 9.50m @ 5.66 g/t gold and 155 g/t silver. A second drill began drilling Target 2 as part of the 2025 35,000 metre programme. Hole MTH-LS25-20 at Target 1 returned 2.90m @ 9.06 g/t gold, 10.6 g/t silver from 339.6m, including 0.50m @ 44.7 g/t gold; resource drilling cut-off extended to late May 2025.
Drill resultsChange of Director's Interest Notice
Director David Toyoda acquired 30,000 ordinary shares of Mithril Silver and Gold Limited on 21 and 24 March 2025 via on-market TSXV purchases for CAD $11,482. He held nil securities prior to the change and holds 30,000 shares after it. The trades were not made during a closed period requiring prior written clearance.
CorporateApplication for quotation of securities - MTH
100,000 ordinary fully paid shares will be quoted on the ASX following the exercise of options expiring 14 May 2027 at an issue price of AUD 0.20 per security, issued 20 March 2025. Following quotation, Mithril Silver and Gold will have 145,763,522 quoted ordinary shares on issue and 24,590,700 quoted options expiring 14 May 2027.
NewsHigh-Grade Drill Results at Copalquin, Target 1 Area
Drilling at La Soledad in the Target 1 area of the Copalquin silver-gold district, Durango State, Mexico returned 3.35m @ 26.5 g/t gold and 1,046 g/t silver from 215.15m in MTH-LS25-16, 5.00m @ 5.08 g/t gold and 22.1 g/t silver from 108.06m in MTH-LS25-14, and 3.62m @ 9.62 g/t gold and 55.2 g/t silver from 97.7m in MTH-LS25-13; hole MTH-LS25-17 returned no reportable intercept. Three further holes were completed in March with one in progress, ahead of drilling at El Refugio and Refugio West and a Target 1 resource update. A second rig is scheduled to begin at the Target 2 El Peru/Las Brujas area in early April 2025, within a planned 35,000 metres of drilling for 2025.
Drill resultsHalf Yearly Report and Accounts
A half-year loss after tax of $1,104,382 for the six months to 31 December 2024, compared with $617,788 a year earlier, with cash of A$15.74M plus A$1.00M on six-month term deposit following placements totalling A$16.200M before costs and A$4.417M from option exercises. Drilling continued at Target 1 in the Copalquin District, Durango, Mexico, with CDH-159 returning 33.00m at 31.8 g/t gold and 274 g/t silver from surface; a resource update is scheduled for end Q1 2025 and 35,000 metres of drilling in 2025. The option to acquire the remaining 50% of the Copalquin concessions for US$10M was extended to 7 August 2028.
CorporateBecoming a substantial holder
Jupiter Asset Management Limited became a substantial holder in Mithril Silver and Gold Limited on 1 March 2025, with a relevant interest in 23,000,000 ordinary shares representing 15.78% voting power. The interest is held as investment manager of collective investment schemes and arose from a transfer of assets from Jupiter Investment Management Ltd to Jupiter Asset Management Ltd.
CorporateCeasing to be a substantial holder
Jupiter Investment Management Limited ceased to be a substantial holder of Mithril Silver and Gold Limited on 01/03/2025, following the integration of Jupiter Investment Management Ltd into Jupiter Asset Management Ltd and the transfer of its positions to that entity. The change involved no consideration and 0 ordinary shares affected. The previous substantial holding notice was dated 22/11/2024.
CorporateMithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m
Drilling at La Soledad in the Target 1 area of the Copalquin district, Durango State, Mexico returned 4.95m at 20.5 g/t gold and 1,833 g/t silver from 107m in MTH-ES25-11, including 0.55m at 110 g/t gold and 7,530 g/t silver from 110m, and 2.55m at 9.97 g/t gold, 571.8 g/t silver from 112m in MTH-ES25-10. Target 1 resource update drilling continues to end of March 2025, with a second rig to start at Target 2 in early April, targeting 35,000m of drilling in 2025.
Drill resultsInvestor Presentation
An investor presentation for PDAC Toronto (2-5 March 2025) outlines the Copalquin district project in Mexico's Sierra Madre, a 70 km² district with 298 historic mines and workings. The Target 1 maiden resource stands at 2.4 Mt containing 373 koz gold at 4.80 g/t and 10.95 moz silver at 141 g/t, totalling 529 koz AuEq at 6.81 g/t. The company reports A$16.7m cash (Dec 2024) and full funding for 35,000 metres of drilling in 2025, with a second drill on site by end of March 2025.
CorporateRelease of Shares from Escrow
7,000,000 ordinary shares in Mithril Silver and Gold Limited will be released from escrow on 4 March 2025 at the conclusion of the four-month from issue hold period. The announcement was authorised by the Company Secretary.
CorporateUnaudited 31 December 2024 Financial Statements
Cash and cash equivalents stood at $16,757,242 at December 31, 2024, up from $1,496,392 at June 30, 2024, with working capital of $17,058,008, accumulated losses of $45,326,407 and total liabilities of $706,949. The net loss for the six months ended December 31, 2024 was $1,104,382 versus $617,788 a year earlier. During the period the company raised $16,200,000 through private placements and $4,416,640 from warrant exercises, and capitalized exploration and evaluation assets of $33,140,012. The statements note material uncertainty regarding going concern.
CorporateQuarterly Activities/Appendix 5B Cash Flow Report
Drilling at the Target 1 area of the Copalquin gold-silver district in Durango, Mexico returned 4.60 m at 5.51 g/t gold and 182.4 g/t silver from 99 m in CDH-162, including 0.60 m at 28.0 g/t gold and 997 g/t silver, and 9.00 m at 2.06 g/t gold and 90.26 g/t silver from 98 m in CDH-161. A total of 7,138 m has been drilled since June 2024, with a resource update scheduled for end of Q1 2025. Cash at 31 December 2024 was A$15.74M plus A$1.00M on term deposit, following a completed A$12.5M placement and A$4.417M in option exercises funding 35,000 m of 2025 drilling.
CorporateApplication for quotation of securities - MTH
500,000 ordinary fully paid shares have been issued on 22 January 2025 following the exercise of options expiring 14 May 2027 at an exercise price of AUD 0.10 per security, and are subject to an application for quotation on ASX. Following quotation, issued capital will comprise 145,663,522 ordinary fully paid shares and 24,690,700 quoted options expiring 14 May 2027. 7,500,000 options exercisable at $0.10 expiring 14 May 2027 remain unquoted.
NewsTARGET 1 EXPANSION ASSAYS UP TO 438 G/T SILVER 7.88 G/T GOLD
Drilling at the El Cometa area on the eastern side of the Target 1 resource area at the Copalquin District project in Durango, Mexico returned 7.37m @ 4.16 g/t gold, 69.5 g/t silver from 42m (MTH-EC24-01), including 4.00m @ 6.60 g/t gold, 48.9 g/t silver, and 7.10m @ 1.87 g/t gold, 91.6 g/t silver from 163.9m in MTH-EC24-04, including 1.00m @ 7.88 g/t gold, 438 g/t silver from 170m. Two holes have been completed at La Soledad this month, with drilling to move to Refugio West ahead of a Target 1 resource update. A second rig is scheduled once the municipal access road upgrade completes late March, enabling 35,000m of additional drilling in 2025.
Drill resultsApplication for quotation of securities - MTH
65,000 ordinary fully paid shares will be quoted on the ASX following the exercise of options expiring 14 May 2027 at an issue price of AUD 0.20 per security, with an issue date of 15 January 2025. Following quotation, Mithril Silver and Gold will have 145,163,522 ordinary shares and 24,690,700 quoted options on issue, plus unquoted options across six classes.
FinancingEngagement of Highly Experienced Technical Consultants
Daniel Kunz & Associates, LLC (DKA) has been engaged as technical consultant for the Copalquin silver-gold district property in Durango State, Mexico, for an initial 12-month term covering geological review, personnel training, 3D modelling and resource estimation support. DKA will be issued 735,000 unlisted options exercisable at A$0.70 for two years from issue. Drilling has commenced for 2025, with 35,000 metres planned for completion by year-end, starting at the maiden resource Target 1 area.
CorporateManaging Director Executive Services Agreement
A new Executive Services Agreement with Managing Director John Skeet was executed on 7 January 2025, effective 1 November 2024, for an indefinite term with a base salary of $300,000 per year excluding statutory superannuation. Skeet may be entitled to short-term and long-term performance-based incentive payments subject to conditions set by the Company. Termination and resignation notice periods are three months each, and Skeet would receive three months' salary if he resigns for good reason within 12 months of a change of control.
Management
202487 releases
Change of Director's Interest Notices x 3
Three directors of Mithril Silver and Gold Limited acquired securities on 19 December 2024 through participation in a capital raising approved by shareholders on 17 December 2024. John Skeet acquired 100,000 shares and 50,000 options for $50,000, Craig Sharpe acquired 100,000 shares and 50,000 options for $50,000, and Garry Thomas acquired 200,000 shares and 100,000 options for $100,000. The unlisted options have an exercise price of $0.75 and expire 19 December 2026.
CorporateNotification regarding unquoted securities - MTH
1,500,000 unquoted options expiring 19 December 2026 with an exercise price of $0.75 were issued on 27 December 2024 as broker options approved by shareholders on 17 December 2024, for non-cash consideration. The issue relates to a placement previously notified in an Appendix 3B dated 28 October 2024, with no further issues remaining to complete the transaction. Mithril Silver and Gold has 145,098,522 ordinary shares on issue following the issue.
NewsNotification of cessation of securities - MTH
333,334 performance rights (MTHAAC) ceased on 26/11/2024 due to expiry without exercise or conversion, with no consideration paid. Following the cessation, issued capital comprises 145,098,522 ordinary fully paid shares and 24,755,700 quoted options expiring 14-May-2027, plus unquoted options including 12,500,005 expiring 19-Dec-2026 at $0.75 and 8,000,000 expiring 14-May-2027 at $0.10.
CorporateApplication for quotation of securities - MTH
33,000 ordinary fully paid shares have been issued on the exercise of options expiring 05-Sep-2026 at AUD 0.30 each, with an issue date of 20/12/2024, and application has been made for their quotation on the ASX. Following quotation, quoted securities will comprise 145,098,522 ordinary shares and 24,755,700 options expiring 14-May-2027, with 6,378,200 of the $0.30 options remaining on issue.
FinancingApplication for quotation of securities - MTH
400,000 ordinary fully paid shares were issued on 19 December 2024 at AUD 0.50 per security for cash consideration, under a placement previously notified to ASX in an Appendix 3B dated 28 October 2024. A further 12,500,000 options remain to be issued to complete the transaction. Following quotation, Mithril Silver and Gold will have 145,065,522 ordinary shares and 24,755,700 quoted options expiring 14 May 2027 on issue.
FinancingNotification regarding unquoted securities - MTH
12,500,005 unquoted options exercisable at A$0.75 and expiring 19 December 2026 were issued on 19 December 2024 as attaching options to capital raising shares on a one-for-two share basis, per the announcement dated 28 October 2024 and approved by shareholders on 17 December 2024. Following the issue, Mithril Silver and Gold has 144,665,522 ordinary shares and 24,755,700 quoted options on issue.
NewsPROGRESS AND DISTRICT EXPLORATION EXPANSION, COPALQUIN
The second stage of the 9,000 metre drill program has begun at El Cometa on the eastern side of the Target 1 resource area at the Copalquin Silver-Gold District, Durango State, Mexico, with about 1,500 metres of core drilling completed since restarting in November and 6,300 metres of the 9,000 metre program done. A Target 1 maiden resource update is scheduled for end of Q1 2025, and the municipal access road upgrade is due for completion late March 2025, ahead of about 40,000 metres of further drilling by end-2025 funded by the A$12.5m placement of 28 October 2024.
Drill resultsChange in substantial holding
Jupiter Investment Management Limited increased its holding in Mithril Silver & Gold Limited from 20,000,000 ordinary shares (16.96%) to 23,000,000 ordinary shares (15.89%), with the change in interests occurring on 22/11/2024. The increase came from 3,000,000 ordinary shares received on 01/11/2024 as part of a private placement for consideration of $1,500,000.00, followed by an update to securities in issue on 22/11/2024.
CorporateRelease of Shares from Voluntary Escrow
500,000 ordinary shares in Mithril Silver and Gold Limited (ASX:MTH; TSXV:MSG) will be released from voluntary escrow on 3 December 2024. The announcement was approved for release by the Company Secretary.
CorporateApplication for quotation of securities - MTH
500,000 ordinary fully paid shares have been applied for quotation on the ASX following the exercise of options expiring 05-Sep-2026 at an exercise price of AUD 0.30 per security, with an issue date of 22/11/2024. Following quotation, Mithril Silver and Gold will have 144,665,522 ordinary shares on issue and 24,755,700 quoted options expiring 14-May-2027. A further 6,411,200 of the $0.30 options remain unexercised.
FinancingNotice of General Meeting/Proxy Form
A general meeting of shareholders will be held on 17 December 2024 at 9.00am (AEDT) at Karstens Melbourne, Level 8, 123 Queen Street, Melbourne, with Canadian holders of record as at November 7, 2024 entitled to vote. Resolutions cover ratification of 13,600,000 and 11,000,000 placement shares issued on 4 November 2024 at $0.50, and approval to issue 12,300,000 placement options, 400,000 director placement shares plus 200,000 director options ($200,000), and 1,500,000 lead manager options, all exercisable at $0.75 and expiring two years from issue. The placement announced 28 October 2024 sought $12,500,000 from 25,000,000 shares.
CorporateInvestor Presentation
An investor presentation for the Precious Metals Summit in Zurich, 11-12 November 2024, covers the Copalquin district in Mexico's Sierra Madre, a 70km² district with 298 historic mines and workings. The Target 1 maiden resource stands at 2.4Mt containing 373 koz gold at 4.80 g/t and 10.95 moz silver at 141 g/t, totalling 529 koz AuEq at 6.81 g/t. A 9,000m drill program is 50% complete, with funding for a further 35,000m in 2025 and a Target 1 resource update due Q1 2025; estimated cash is A$17.6m.
CorporateChange in substantial holding
The Bank of Nova Scotia and controlled entities, including 1832 Asset Management L.P., increased their holding in Mithril Silver and Gold Limited to 11,400,000 ordinary shares from 10,000,000, via the acquisition of 1,400,000 shares at AUD 0.5000 under a private placement that closed on November 4, 2024. Voting power moved from 9.70% to 7.91%, based on 144,165,522 shares outstanding. The Form 604 was signed November 6, 2024.
CorporateApplication for quotation of securities - MTH
An application has been made for quotation on ASX of 24,600,000 ordinary fully paid shares (MTH) issued 4 November 2024 at AUD 0.50 per security for cash, under a placement previously notified in an Appendix 3B dated 28 October 2024. A further 400,000 shares and 12,500,000 options remain to be issued to complete the transaction. Following quotation, MTH will have 142,465,522 ordinary shares and 24,755,700 quoted options expiring 14 May 2027 on issue.
NewsApplication for quotation of securities - MTH
1,700,000 ordinary fully paid shares will be quoted on the ASX following the exercise of options expiring 14 May 2027 at an exercise price of AUD 0.10 per security, with an issue date of 1 November 2024. Following quotation, Mithril Silver and Gold Limited will have 119,565,522 quoted ordinary shares on issue and 24,755,700 quoted options expiring 14 May 2027. A further 8,000,000 unquoted $0.10 options remain outstanding.
FinancingQuarterly Activities/Appendix 5B Cash Flow Report
The September 2024 quarterly report covers drilling at the Copalquin District, Durango State, Mexico, where CDH-159 returned 33.00m at 31.8 g/t gold and 274 g/t silver from surface, including 2.00m at 495 g/t gold and 3,765 g/t silver from 20m, and CDH-150 returned 17.95m at 5.16 g/t gold and 78.0 g/t silver from 265.55m. A LiDAR survey over the 70km² concessions identified 93 adits, 198 pits and 7 shafts. Cash was A$1.99M plus A$1.00M in term deposit; after quarter end the company received A$4.09M from option exercises and commitments for a A$12.5M raising. Drilling paused, with restart planned early November 2024.
Corporate$12.5M PLACEMENT, EXPLORATION SHIFTS TO HIGH-GEAR
Firm commitments have been received for a A$12.5 million placement of 25,000,000 shares at $0.50, an 11.5% discount to the last traded price of $0.565, with one free attaching unlisted option per two shares at a $0.75 exercise price over two years. Jupiter Gold and Silver Fund holds 16% and 1832 Fund (Bank of Nova Scotia) 8% post placement, while directors subscribed $200,000. Proceeds lift cash to ~$18m to fund ~40,000 metres of drilling in 2025 at Copalquin, Durango, Mexico.
FinancingProposed issue of securities - MTH
A proposed issue of 1,500,000 unlisted options is planned for 20/12/2024, with an exercise price of $0.075 and expiring two years from issue, to be issued as consideration for lead manager services rather than cash. The options will form a new, unquoted class and are conditional on security holder approval at a meeting proposed for 17/12/2024. Full option terms will be set out in a notice of meeting to be lodged with ASX in November 2024.
FinancingChange in substantial holding
Jupiter Investment Management Limited increased its holding in Mithril Silver and Gold Limited (ASX: MTH) from 10,000,000 ordinary shares, or 9.99% voting power, to 20,000,000 shares, or 16.96%, effective 23 October 2024. The change came from the exercise of 10,000,000 options acquired under a private placement, expiring September 2026 with a A$0.30 strike, for consideration of $3,000,000.00. The previous substantial holder notice was given on 4 July 2024.
CorporateNotice of Annual General Meeting/Proxy Form
The annual general meeting will be held at Karstens Melbourne, Level 8, 123 Queen Street, Melbourne, VIC on 27 November 2024 at 9.00am (AEDT), with an Australian record date of 7:00pm AEDT on 25 November 2024 and a Canadian record date of October 19, 2024. Resolutions cover adoption of the remuneration report, election of David Toyoda and re-election of Stephen Layton as directors, adoption of an Employee Incentive Securities Plan allowing up to 15,000,000 securities, appointment of Davidson & Company LLP as Canadian auditor, constitutional amendments, and approval of a 10% placement facility.
CorporateApplication for quotation of securities - MTH
10,400,000 ordinary fully paid shares have been issued at AUD 0.30 each following the exercise of options expiring 05-Sep-2026, with an issue date of 23/10/2024, and application made for their quotation on ASX. Following quotation, quoted capital will comprise 117,865,522 ordinary shares and 24,755,700 options expiring 14-May-2027. A further 6,911,200 of the $0.30 options remain on issue.
FinancingUP TO 736 G/T SILVER, 8.99 G/T GOLD IN CHANNEL SAMPLES
Channel sampling in the Target 1 area of the Copalquin District project in Durango State, Mexico returned 2.00 m at 8.99 g/t gold and 736 g/t silver at Soledad Level 1, 1.75 m at 9.19 g/t gold and 653 g/t silver and 1.50 m at 13.56 g/t gold and 545 g/t silver on the Lumbrera Vein, and 3.50 m at 2.89 g/t gold and 179.7 g/t silver at El Cometa. A total of 9,000 m of drilling is to be completed by end of 2024 ahead of a resource update.
Drill resultsASSAYS UP TO 997 G/T SILVER, 28 G/T GOLD
Drill results from the Target 1 resource expansion programme at the Copalquin District project in Durango, Mexico include 4.60 m at 5.51 g/t gold and 182.4 g/t silver from 99 m in CDH-162, including 0.60 m at 28.0 g/t gold and 997 g/t silver from 100.40 m, and 9.00 m at 2.06 g/t gold and 90.26 g/t silver from 98 m in CDH-161. A total of 4,881.50 metres has been drilled since June 2024, with drilling to recommence late this month for the second half of the 9,000 m program and a Target 1 resource update scheduled for Q1 2025.
Drill resultsApplication for quotation of securities - MTH
A total of 672,500 new ordinary fully paid shares were issued on 16/10/2024 following the exercise of options, comprising 300,000 at AUD 0.20, 72,500 at AUD 0.30 and 300,000 at AUD 0.10, all for cash consideration. Following quotation, Mithril Silver and Gold will have 107,465,522 ordinary shares and 24,755,700 quoted options expiring 14-May-2027 on issue.
FinancingCleansing Prospectus
A cleansing prospectus was lodged with ASIC on 4 October 2024 for an offer of up to 1,000 shares at $0.60 per share to raise up to $600 before expenses, with the Closing Date set at 5.00pm (AEDT) 31 January 2025. The stated purpose is to remove trading restrictions on shares issued without disclosure, as the company cannot issue a cleansing notice due to its shares having been suspended for more than 5 trading days in the last 12 months. Offer expenses are approximately $8,206, leaving shares on issue at 103,077,222.
FinancingApplication for quotation of securities - MTH
3,716,800 ordinary fully paid shares will be quoted on ASX from 4 October 2024, issued on the exercise of options: 2,600,500 listed MTHO options at AUD 0.20 each and 1,116,300 unlisted options at AUD 0.30 each expiring 5 September 2026. Following quotation, Mithril Silver and Gold will have 106,793,022 ordinary shares and 25,055,700 quoted MTHO options on issue.
NewsAnnual General Meeting
Mithril Silver and Gold Limited will hold its Annual General Meeting on Wednesday 27 November 2024, with the time and other details to be provided in the Notice of Meeting. An item of business will be the election of directors, with nominations closing at 5pm AEDT on 9 October 2024. Nominations may only be made by a shareholder entitled to attend and vote, and must include the nominee's written consent and brief biographical details.
CorporateChange in substantial holding
The Bank of Nova Scotia and its controlled entities, including 1832 Asset Management L.P., increased their holding in Mithril Silver and Gold Limited from 7,822,000 shares (7.59%) to 10,000,000 shares (9.70%) of 103,076,222 shares outstanding. The change occurred on September 25, 2024 through in-market buys on the ASX of 2,178,000 shares at AUD 0.6700. The shares are held for the Dynamic Precious Metals Fund.
CorporateBecoming a substantial holder
The Bank of Nova Scotia and its controlling entities, including 1832 Asset Management L.P., became a substantial holder of Mithril Silver and Gold Limited on 24 September 2024, with 7,822,000 common shares representing 7.59% voting power based on 103,076,222 shares outstanding. The shares were acquired for the Dynamic Precious Metals Fund: 1,800,000 at AUD 0.3200 on Sept. 20, 1,946,253 at AUD 0.4900 on Sept. 23, and 4,075,747 at AUD 0.6100 on Sept. 24, 2024.
NewsDual Listing on TSX Venture Exchange
Mithril Silver and Gold Limited's ordinary shares will commence trading on the TSX Venture Exchange effective Friday, September 27, 2024 (Toronto time) under the symbol MSG, with a Junior Mining classification and Computershare Investor Services Inc. as transfer agent. The Company retains its primary listing on the ASX under the symbol MTH.
CorporateAppointment of Non-Executive Director
David Toyoda has been appointed as an Independent Non-Executive Director of Mithril Silver and Gold Limited. Toyoda is the Principal of Pacific Star Corporate Finance Law in Vancouver, British Columbia, Canada, holds a Bachelor of Commerce (honours) and Bachelor of Law from the University of British Columbia, and practices corporate and securities law. He is currently a director of three public companies and two private companies in the process of going public.
ManagementInitial Director's Interest Notice
David Toyoda was appointed a director of Mithril Silver and Gold Limited on 20/9/24. The Appendix 3X initial director's interest notice reports nil securities held as registered holder, nil relevant interests in securities not registered in his name, and no interests in contracts.
CorporateNotification regarding unquoted securities - MTH
800,000 unquoted options expiring 14 May 2027 with an exercise price of $0.20 (ASX code MTHAAI) were issued on 12 September 2024 under an employee incentive scheme, using the company's 15% placement capacity under Listing Rule 7.1. None were issued to key management personnel or associates. Following the issue, Mithril Silver and Gold has 103,076,222 ordinary shares on issue and 3,100,000 options in the MTHAAI class.
NewsMTH Drills 144 g/t Gold, 1,162 g/t Silver over 7.0 metres
Drilling at the Target 1 (El Refugio) area of the Copalquin District project in Durango State, Mexico returned hole CDH-159 with 33.00m @ 31.8 g/t gold, 274 g/t silver from surface, including 7.00m @ 144 g/t gold, 1,162 g/t silver from 18m and 2.00m @ 495 g/t gold, 3,765 g/t silver from 20m. CDH-157 returned 1.00m @ 12.65 g/t gold, 13.2 g/t silver from 123m, while CDH-155, CDH-156 and CDH-158 had no reportable intercepts. Assays from CDH-161 to CDH-164 are pending.
Drill resultsUpdated Investor Presentation
The peer comparison graph on page 14 of 16 of the Investor Presentation lodged with ASX on 13 September 2024 has been retracted, and an updated presentation excluding that graph has been released. The presentation restates the Copalquin District Target 1 maiden JORC and NI 43-101 resource of 2.4Mt containing 373 koz gold at 4.80 g/t and 10.95 moz silver at 141 g/t, totalling 529 koz AuEq at 6.81 g/t.
CorporateOver 100% Increase in District Historic Mines and Workings
A LiDAR survey covering the full 70km² of mining concessions at the Copalquin gold-silver district in Durango State, Mexico identified 70 historic mine shafts, 93 adits (previously ~50) and 198 mine and prospecting pits (previously ~30), plus two additional corridors of historic workings, taking the district total to four. Drill hole CDH-165 is in progress, with samples from completed holes dispatched for assay. All TSXV dual listing application information has been submitted following completion of the 30 June 2024 audit.
CorporateInvestor Presentation
An updated investor presentation covers the Copalquin district project in Mexico, including the maiden JORC/NI 43-101 resource of 2.4Mt at 6.81 g/t AuEq for 529 koz AuEq (373 koz gold at 4.80 g/t and 10.95 moz silver at 141 g/t) at a 2.0 g/t AuEq cut-off, with metallurgical recoveries of 96% gold and 91% silver. A 9,000m drill programme is underway, with the company aiming to double the Target 1 resource in Q1 2025. A dual ASX/TSXV listing is planned for September 2024, subject to TSXV final approval. Cash at bank was estimated at about A$5m in June 2024, with 103m shares on issue.
CorporateChange of Director's Interest Notice
Director John Skeet acquired an indirect interest in 500,000 fully paid ordinary shares and 500,000 unlisted options for $100,000, effective 5 September 2024, through Goss Closet Pty Ltd as trustee of the GC Super Fund. The options carry an exercise price of $0.30 and expire 5 September 2026. The acquisition was through director participation in a capital raising approved by shareholders on 2 September 2024.
CorporateChange of Company Name
Mithril Resources Ltd has changed its name to Mithril Silver and Gold Limited, following a shareholder resolution passed on 2 September 2024 and processing by the Australian Securities and Investment Commission. The name change takes effect on the ASX from the commencement of trading on Tuesday 10 September 2024. The ASX code remains MTH.
CorporateAppendix 4G & Corporate Governance Statement
Mithril Resources Ltd lodged its Appendix 4G and Corporate Governance Statement for the financial year ended 30 June 2024, with the statement accurate as at 3 September 2024 and approved by the board. The statement is available at https://mithrilresources.com.au/corporate/corporate-governance/. The company discloses it does not have nomination, audit, risk or remuneration committees, nor an internal audit function, and has not followed recommendations 2.4, 2.5 and 7.4 in full.
CorporateNotification regarding unquoted securities - MTH
18,500,000 unquoted options, each exercisable at $0.30 and expiring 5 September 2026, were issued on 5 September 2024 by Mithril Resources Limited (ASX: MTH). The options were issued for nil cash consideration as attaching options to shares placed under the capital raising announced on 26 June 2024, on a one-for-one basis, as approved by shareholders on 2 September 2024. A further 500,000 shares remain to be issued to complete the transaction.
NewsApplication for quotation of securities - MTH
An application has been lodged for quotation of 500,000 ordinary fully paid MTH shares, issued 5 September 2024 at AUD 0.20 per security for cash consideration, under a placement previously notified in an Appendix 3B announced 26 June 2024. The shares will be held in voluntary escrow for up to 12 months. Following quotation, issued capital will comprise 103,076,222 ordinary shares and 27,656,200 options expiring 14 May 2027.
NewsAnnual Report to shareholders
The annual report for the year ended 30 June 2024 reports a loss after tax of $1,600,354, compared with $2,098,081 in the prior year, with activity focused on the Copalquin gold-silver district in Durango State, Mexico, which hosts a maiden JORC resource of 2,416,000 tonnes at 4.80 g/t gold and 141 g/t silver (529,000 oz AuEq). Diamond drilling began in June 2024 for an initial 4,000m, expanded to 9,000m after a July 2024 raising, with a resource update anticipated in Q1 2025. Shareholders approved a name change to Mithril Silver and Gold Limited on 2 September 2024, and the US$10M option to acquire the remaining 50% of the concessions was extended to 7 August 2028.
CorporateMTH Drills 17.95 Metres at 5.16 g/t Gold and 78.0 g/t Silver
Results from the first six holes (1,700 metres) of a planned 9,000 metre 2024 drill programme at the Copalquin project in Durango State, Mexico included CDH-150 at the Target 1 (El Refugio) area returning 17.95m @ 5.16 g/t gold and 78.0 g/t silver from 265.55m, including 5.45m @ 9.89 g/t gold and 171 g/t silver. First drilling 900m southeast near the historic Copalquin Mine returned 5.66m @ 2.58 g/t gold, 230 g/t silver from 18.5m in CDH-152, and 2.90m @ 1.86 g/t gold, 240 g/t silver from 75.1m in CDH-154.
Drill resultsNotice of General Meeting/Proxy Form
A general meeting of Mithril Resources Limited will be held at 11:00am (AEST) on Monday 2 September 2024 at Karstens Melbourne, Level 8, 123 Queen Street, Melbourne. Shareholders will vote on ratifying the prior issue of 9,542,378 and 8,457,622 placement shares issued at $0.20 each under Listing Rules 7.1 and 7.1A, issuing 18,000,000 placement options exercisable at $0.30 expiring two years from issue, and issuing 500,000 shares and 500,000 options to director John Skeet raising $100,000. A special resolution proposes changing the name to Mithril Silver and Gold Limited.
CorporateQuarterly Activities/Appendix 5B Cash Flow Report
Diamond core drilling began in June at the Target 1 area of the Copalquin district in Durango State, Mexico, for an initial 4,000 metre programme, expanded to 9,000 metres for 2024, with a resource update anticipated in Q1 2025. A A$3.7M placement was completed, including A$2M from Jupiter Gold and Silver Fund for a ~10% holding at a 29 per cent premium; cash at 30 June 2024 was A$1.5M. A TSXV dual listing is targeted for the September 2024 quarter.
CorporateApplication for quotation of securities - MTH
2,500,000 ordinary fully paid shares were issued on 12/7/2024 at AUD 0.20 per security under a placement previously notified to ASX in an Appendix 3B dated 26 June 2024, and have been applied for quotation. A further 1,000,000 shares and 18,500,000 options remain to be issued to complete the transaction. Following quotation, quoted capital will comprise 102,576,222 ordinary shares and 27,656,200 options expiring 14-May-2027.
NewsBecoming a substantial holder
Jupiter Investment Management Ltd became a substantial holder in Mithril Resources Limited (ASX: MTH) on 4 July 2024, holding 10,000,000 ordinary shares for voting power of 9.99%. The shares were acquired through a private placement dated 04/07/2024 for cash consideration of AUD 2,000,000. The interest is held in Jupiter's capacity as investment manager of collective investment schemes.
CorporateApplication for quotation of securities - MTH
An application has been made to quote 15,500,000 ordinary fully paid MTH shares issued 4 July 2024 at AUD 0.20 per security for cash consideration, under a placement previously notified in an Appendix 3B dated 26 June 2024. A further 3,000,000 shares and 18,500,000 options remain to be issued to complete the transaction. Following quotation, Mithril Resources will have 100,076,222 quoted ordinary shares and 27,656,200 quoted options expiring 14 May 2027.
FinancingCleansing Prospectus
Cleansing prospectus lodged with ASIC and ASX on 3 July 2024 for an offer of up to 1,000 shares at $0.20 per share to raise up to $200 before expenses, to remove trading restrictions on shares issued without disclosure prior to the Closing Date. It follows firm commitments announced 26 June 2024 to raise approximately $3,700,000 via a placement of 18,500,000 shares at $0.20, with one free attaching option exercisable at $0.30 within two years. Funds will extend and accelerate drilling at the Copalquin district in Mexico.
Financing$3.7M PLACEMENT WITH CORNERSTONE INVESTOR
Firm commitments have been received for a A$3.7 million placement of 18,500,000 shares at $0.20, a 29.0% premium to the last traded price of $0.155, with Jupiter Gold and Silver Fund subscribing A$2 million for about 10% of the company and directors $100,000. Each share carries one free attaching unlisted option exercisable at $0.30 for two years, subject to shareholder approval. Proceeds will extend drilling at the Copalquin district, Durango, Mexico, from 4,000 metres to more than 9,000 metres through the second half of 2024. A TSXV dual listing application is progressing, anticipated in August 2024.
FinancingProposed issue of securities - MTH
A placement of 18,500,000 fully paid ordinary shares at A$0.20 each, with one free attaching option per share exercisable at A$0.30 expiring 17/7/2026, is proposed for issue on 3/7/2024. Of the shares, 9,542,378 use listing rule 7.1 capacity and 8,457,622 use rule 7.1A, with 500,000 director shares and the attaching options subject to shareholder approval. PAC Partners Securities and Arlington Group Asset Management acted as joint lead managers for a 6% fee. Proceeds will more than double the current drill program at the Copalquin district, Mexico, to 9,000 metres, running continuously through the second half of 2024.
FinancingHigh Grade Diamond Saw Assays Expand Drill Targets
Diamond rock saw channel sampling at the Copalquin gold-silver district in Durango, Mexico returned results including 2.0m @ 39.2 g/t gold, 401 g/t silver (including 1.0m @ 70.7 g/t gold, 710 g/t silver) and 1.5m @ 34.4 g/t gold, 372 g/t silver at the El Refugio mine second level, 3.5m @ 8.30 g/t gold, 239 g/t silver on the main level, 10.5m @ 4.47 g/t gold, 121 g/t silver at Cometa 480, and 3.0m @ 8.02 g/t gold, 78 g/t silver in Copalquin Creek. The first-phase programme covers Target 1, which hosts a maiden JORC resource of 529koz at 6.81 g/t gold equivalent, and results will inform drill planning.
Drill resultsCompany Secretary Appointment & Change of Registered Office
Justyn Stedwell has been appointed Company Secretary of Mithril Resources Limited (ASX:MTH), with over 17 years' experience as a Company Secretary of ASX listed companies. He will be the person responsible for communications with ASX under Listing Rule 12.6. Claire Newstead-Sinclair has resigned as Company Secretary. The registered office is now at The Block Arcade, Suite 324, Level 3, 96 Elizabeth St, Melbourne, VIC, 3000.
ManagementChange of Director's Interest Notice
A change of director's interest notice for Mithril Resources Limited director Garry Thomas reports transfers of holdings between two indirect entities on 30 May 2024, for nil consideration. After the change, the Thomas Family Superannuation Fund holds 3,498,184 fully paid ordinary shares and 428,572 unquoted options, while the Thomas Family Trust holds 2,060,813 fully paid ordinary shares, 333,334 performance rights, 100,000 quoted options and 500,000 unquoted options.
CorporateDrill Programme Restart at Copalquin
An initial 4,000 metre drilling programme has commenced at the Copalquin gold-silver project in Durango state, Mexico, with the drill on site and the contractor crew mobilised. Drilling will target the El Refugio area, where Mithril aims to double the existing 529,000 ounce resource at 6.81 g/t gold equivalent, following up intercepts including CDH-077 (8.26m @ 80.3 g/t Au, 705 g/t Ag) and testing new structures and areas near the historic El Refugio and La Soledad workings. First-phase rock saw sampling assays are pending.
Drill resultsInvestor Presentation
An investor presentation dated 21 May 2024 was released for the Copalquin Property in Durango State, Mexico, restating the maiden JORC and NI 43-101 resource of 2,416kt at 4.80 g/t gold and 141 g/t silver for 373 koz gold and 10.95 moz silver, or 529 koz AuEq at 6.81 g/t AuEq, at a 2.0 g/t AuEq cut-off. Plans include recommencing drilling at the Target 1 area in May 2024, aiming to at least double that resource in 2024, a LiDAR survey flown in May 2024, and a proposed ASX-TSXV dual listing. Estimated cash at bank in May 2024 is about A$3m, and Mithril holds 50% of the project with rights to earn up to 100% via a US$10m payment to the vendor by August 2028.
CorporateReviewed Proforma Balance Sheet
A reviewed pro-forma consolidated balance sheet as at 30 April 2024 was released in connection with the re-quotation of the Company's securities, prepared assuming completion of the capital raising announced 5 March 2024 and resolutions approved at the 22 April 2024 AGM. Pro-forma cash rises to $3,384,712 from $25,989, total assets to $35,597,199, total liabilities fall to $1,409,409 and net assets reach $34,187,790. Fundraising totalled $3,495,500 less $190,530 costs, with convertible notes and a $150,000 loan converted to shares. Nexia Melbourne Audit provided a limited assurance conclusion.
CorporateStatement of Confirmations
Confirmations were provided to satisfy conditions for reinstatement of Mithril Resources' securities to ASX quotation, with 84,576,222 shares, 42,349,065 options and 333,334 performance rights on issue at reinstatement. The board confirms the Company meets the $1.5 million working capital test under Listing Rule 1.3.3(c) and is funded for at least two quarters. Capital raising funds of A$2,810,000 are allocated over two and a half quarters to the Copalquin gold-silver project in Durango, Mexico, including A$1,000,000 for up to 4,000 metres of diamond core drilling.
NewsReinstatement to Official Quotation
Trading in Mithril Resources Limited (ASX: MTH) securities is expected to resume from the commencement of trading on Wednesday, 22 May 2024, after the company complied with ASX's reinstatement conditions. The notice was issued by ASX Compliance on 21 May 2024.
CorporateApplication for quotation of securities - MTH
Mithril Resources has applied to ASX for quotation of 27,656,200 listed options, issued 16 May 2024, exercisable at AUD 0.20 and expiring 14 May 2027, with one ordinary share issued per option exercised. The options were attaching securities from a placement approved at the annual general meeting on 22 April 2024 and were notified in Appendix 3B filings on 5 March, 6 March and 22 March 2024. Following quotation, issued capital will include 33,688,822 ordinary fully paid shares.
FinancingTop 20 Listed Option Holders and Distribution Summary
A statement of Mithril Resources' top 20 listed option holders and distribution summary was released, showing 27,656,200 listed options on issue held by 82 holders. The top 20 hold 19,832,650 options, led by Arlington Group Asset Mgt Ltd with 2,500,000 (9.04%), Fidelity Clearing Canada with 2,302,500 (8.33%) and S3 Consortium Pty Ltd with 1,875,000 (6.78%). Holders of 500,001 or more options account for 16,357,650 units, or 59.15%.
CorporateChange of Director Interest Notices
Four Appendix 3Y notices from Mithril Resources Limited disclose director securities changes dated 16 May 2024, arising from issues approved at the 2024 Annual General Meeting held on 22 April 2024. John Skeet acquired 800,000 unquoted options plus 2,500,000 shares and 1,250,000 quoted options for $250,000; Garry Thomas acquired 1,775,000 shares, 100,000 quoted options and 500,000 unquoted options, paying $20,000; Stephen Layton acquired 500,000 shares, 250,000 quoted and 500,000 unquoted options for $50,000, with 50,000 unquoted options lapsing; Craig Sharpe acquired 950,000 shares, 475,000 quoted options and 500,000 unquoted options for $95,000.
CorporateCeasing to be a substantial holder
Stephen Layton and associated entities ceased to be a substantial holder in Mithril Resources Limited on 16 May 2024, per a Form 605 notice dated 17 May 2024. Changes on 16 May 2024 comprised a purchase by Sindel Nominees Pty Ltd of 500,000 ordinary shares for $50,000, and dilution of 2,505,000 ordinary shares held by Bodie Investments Pty Ltd and Stephen Layton as a result of a share issue. The previous notice was dated 20 March 2023.
CorporateChange in substantial holding
A Form 604 change of substantial holding notice for Mithril Resources Limited reports that Garry Thomas and associated entities changed their interests on 16/05/2024. Voting power for Garry Thomas and Nancy-Lee Thomas (Thomas Family A/C) moved from 1,810,813 votes (6.20%) to 2,123,184 votes (2.51%), while Thomas Family Superannuation Fund Pty Ltd went from 1,046,040 votes (3.58%) to 3,435,813 votes (4.06%). Changes included dilution from a placement and placement participation of $157,500 for 1,575,000 securities and $20,000 for 200,000 securities.
CorporateApplication for quotation of securities - MTH
50,887,400 ordinary fully paid shares will be quoted on the ASX on 16 May 2024 at an issue price of AUD 0.10 per security, following shareholder approval at the AGM held 22 April 2024. Of the total, 9,232,400 shares were issued in lieu of cash payment, with the issue made to raise additional working capital. Following quotation, Mithril Resources will have 84,576,222 ordinary fully paid shares on issue.
NewsNotification of cessation of securities - MTH
A total of 10,000 convertible notes (ASX code MTHAAG) ceased on 16/5/2024, comprising conversion of 9,700 convertible notes to shares as approved at the AGM on 22 April 2024 and redemption of 300 convertible notes, with no consideration paid. Following the cessation, issued capital comprises 33,688,822 ordinary fully paid shares, 250,000 options expiring 16-Nov-2025 at $1.50, 333,334 performance rights, 2,142,865 options expiring 09-Dec-2025 at $0.70 and nil convertible notes.
CorporateNotification regarding unquoted securities - MTH
Mithril Resources issued 2,300,000 unlisted options on 16 May 2024 under an employee incentive scheme, exercisable at AUD 0.20 and expiring 14 May 2027, and not to be quoted on ASX. Recipients include key management personnel: John Skeet (Trimin Pty Ltd) 800,000, Craig Sharpe 500,000, Stephen Layton (Sindel Nominees Pty Ltd) 500,000 and Garry Thomas 500,000. Security holder approval under listing rule 7.1 relates to a meeting dated 22 April 2024. Ordinary shares on issue total 33,688,822.
NewsIssue of Convertible Note
300,000 convertible notes with a face value of $1.00 each were issued following shareholder approval at Mithril Resources' Annual General Meeting on 22 April 2024, adding to 700,000 convertible notes previously issued. Shareholders also approved a 100:1 consolidation of the Company's securities, leaving 10,000 convertible notes on issue on a post-consolidation basis. Securities on issue post-consolidation include 33,688,822 fully paid ordinary shares, 250,000 and 2,142,865 unlisted options, and 333,334 performance rights.
FinancingNotification regarding unquoted securities - MTH
300,000 unquoted convertible notes with a face value of $1.00 each were issued on 22 April 2024 for cash consideration at AUD 1.00 per security, in addition to 700,000 convertible notes previously issued. The issue followed shareholder approval at the Annual General Meeting held on 22 April 2024, where shareholders also approved a 100:1 consolidation of securities, leaving 10,000 convertible notes on issue on a post-consolidation basis. Further placement shares and options remain to be issued.
NewsChange of Director's Interest Notice - GT, JS and SL
Appendix 3Y notices for Mithril Resources Limited directors Garry Thomas, John Stewart Skeet and Stephen Layton record changes in their holdings effective 30 April 2024 resulting solely from the share consolidation on the basis of 1 security for every 100 securities, approved at the AGM on 22 April 2024. No securities were acquired or disposed. Skeet's indirect holding, for example, moved from 224,563,615 fully paid ordinary shares and 25,000,000 unquoted options to 2,245,637 shares and 250,000 options.
CorporateQuarterly Activities/Appendix 5B Cash Flow Report
Firm commitments were confirmed for a $4.03M capital raising, with proceeds to fund recommencement of drilling at the Copalquin gold-silver project in Durango State, Mexico, where a drill rig is on site, plus working capital. Cash at 31 March 2024 was A$0.115M, with net proceeds due following ASX approval to recommence trading. Geological mapping and rock chip channel sampling continued around the El Refugio - La Soledad resource, with assays expected May 2024; shareholders approved a 1 for 100 consolidation on 22 April 2024.
CorporateCompletion of Share Consolidation
A 1-for-100 consolidation of Mithril Resources' issued capital is complete, following shareholder approval at the Annual General Meeting held on 22 April 2024. Post-consolidation securities on issue comprise 33,688,822 fully paid ordinary shares, 250,000 unlisted options expiring 16/11/2025 at $1.50, 2,142,865 unlisted options expiring 9/12/2025 at $0.70, 333,334 performance rights and 1,000 convertible notes. Fractional entitlements were rounded up to the nearest whole security, and new holding statements will be dispatched shortly.
CorporateNotification of cessation of securities - MTH
175,000,000 unquoted options exercisable at $0.015 and expiring 26 April 2024 (ASX code MTHAAD) ceased on 26 April 2024 through expiry without exercise or conversion, with no consideration paid. Following the cessation, issued capital comprises 84,888,045 ordinary fully paid shares, plus unquoted securities including 25,000,000 options expiring 16 November 2025 at $0.015, 214,285,714 options expiring 9 December 2025 at $0.007, 33,333,333 performance rights and 700,000 convertible notes.
CorporateAmendment to Notice of Annual General Meeting
A typographical error in Resolution 15 of the Notice of Annual General Meeting released to the ASX on 20 March 2024 has been corrected. The expiry date of the unlisted options to be issued to Compania Minera Copalquin SA de CV (or their nominee) should be 3 years from the date of issue, not 7 August 2028.
CorporateProposed issue of securities - MTH
A proposed issue of up to 1,192,000,000 fully paid ordinary shares at AUD 0.00100 each, comprising a 1,000,000,000-share placement, 150,000,000 shares to Compañia Minera Copalquin SA de CV or nominees and 42,000,000 shares, plus 500,000,000 unlisted options expiring 22 April 2027, 75,000,000 expiring 7 August 2028 and 21,000,000 expiring 22 April 2027 to convertible note holders in lieu of $42,000 interest, all exercisable at AUD 0.0020. Issue date 22/4/2024, subject to shareholder approval; PAC Partners and Arlington Group are joint lead managers. Placement funds are for exploration at the Copalquin gold-silver project in Mexico and working capital.
FinancingConsolidation/Split - MTH
Mithril Resources Limited has set a 100-to-1 security consolidation, with every 100 pre-consolidation securities becoming 1 post-consolidation security and fractions rounded up, subject to security holder approval at a meeting on 22 April 2024. Ordinary shares on issue would fall from 3,368,804,470 to 84,888,045, while option exercise prices rise from $0.015 to $1.50 and $0.007 to $0.70. Deferred settlement trading begins 24 April 2024, record date 26 April 2024, issue date 1 May 2024.
CorporateNotice of Annual General Meeting/Proxy Form
Mithril Resources Limited will hold its Annual General Meeting virtually on 22 April 2024 at 12.00pm (AEST), with proxies due by 12.00pm (AEST) on 20 April 2024. Shareholders will vote on 22 resolutions, including adoption of the Remuneration Report, election of Craig Sharpe and re-election of Garry Thomas, ratification of 700,000 convertible notes and issue of 300,000 new convertible notes, issues of placement shares and options to directors and advisers, and a 100:1 capital consolidation.
CorporateInvestor Presentation
An investor presentation for the Copalquin gold-silver project in Durango, Mexico sets out a maiden JORC and NI 43-101 resource of 2.4Mt at 4.80 g/t gold and 141 g/t silver, totalling 529,000 oz AuEq at 6.81 g/t AuEq at a 2.0 g/t cut-off. The company reports completion of a $4.03M placement plus additional note raise, estimated cash of ~A$3.8m post-AGM, a proposed 100:1 consolidation, and plans for initial 4,000m then 6,000m drilling campaigns in 2024, with a rig on site.
CorporateProposed issue of securities - MTH
Mithril Resources Limited (ASX: MTH) proposes to issue 300,000,000 unlisted options expiring 15 April 2027, exercisable at AUD 0.0020, each converting into one fully paid ordinary share. The options are not being issued for cash but as joint lead manager fees for managing a placement, with the consideration estimated at AUD 270,000. The proposed issue date is 15 April 2024 and is subject to security holder approval at a meeting on that date; the new class will not be quoted on ASX.
FinancingMithril Completes $4.03M Placement and Additional Note Raise
Firm commitments have been received for a capital raising of up to $4.03 million (before costs), comprising a $3.728 million placement of 3,728,000,000 shares at $0.001 with one free attaching option per two shares (exercise price $0.002, three-year term) and $300,000 of convertible notes at 18% per annum. Directors committed $572,500. Funds will restart drilling at the El Refugio-La Soledad target area at the Copalquin gold-silver project in Durango, Mexico, and for working capital. Shareholder approval will be sought for a 1-for-100 consolidation, with a North American exchange listing intended in 2024. Stocks Digital was appointed investor relations manager for two years.
FinancingProposed issue of securities - MTH
A proposed placement and related issues totalling up to 3,928,000,000 fully paid ordinary shares, 300,000 convertible notes at AUD 1.00 each, and unlisted options expiring 15 April 2027, with a proposed issue date of 15/4/2024 subject to security holder approval at a meeting on the same date. Placement shares are priced at AUD 0.001 with one free attaching option (exercise price AUD 0.002) for every two shares. Funds will go to exploration at the Copalquin gold-silver project in Mexico and working capital. PAC Partners Securities and Arlington Group Asset Management are joint lead managers, with brokerage fees up to 6%.
FinancingUpdate - Proposed issue of securities - MTH
A correction to the 5 March 2024 proposed issue of securities notice fixes a typographical error, changing the number of unlisted options expiring 15 April 2027 to be issued to convertible note holders from 700,000 to 700,000,000, exercisable at AUD 0.0010. The proposed issue also includes a placement of 3,470,500,000 shares at AUD 0.00100 with one free attaching option for every two shares, with a proposed issue date of 15/4/2024 subject to shareholder approval. Placement funds are for exploration at the Copalquin project in Mexico and working capital.
FinancingQuarterly Activities Report and Appendix 5B
Cash at 31 December 2023 was A$0.423M, including proceeds from the A$0.7M convertible note raise completed and announced 2 January 2024, with net operating cash outflow of A$193,000 and exploration payments of A$348,000 for the quarter, giving 0.78 quarters of funding available. The scheme implementation deed with Newrange Gold was terminated on 21 November 2023 after Newrange could not complete the required Concurrent Financing, and the shares remain suspended under Listing Rule 17.3.1. Geological mapping and rock saw channel sampling continued at the Copalquin project in Durango, Mexico.
CorporateMithril Completes $700,000 Convertible Note Raise
A $700,000 convertible note raise (before costs) has been completed with clients of joint lead managers PAC Partners Securities and Arlington Group Asset Management, with notes of $1.00 face value carrying 18% annual interest, maturing the earlier of three months from the subscription date or settlement of the next capital raising, and converting at the price set at that raising. Subject to shareholder approval, noteholders receive 1,000 unlisted options per $1.00 raised, exercisable at $0.001 and expiring three years from issue.
FinancingInitial Director's Interest Notice
Craig Andrew Sharpe was appointed a director of Mithril Resources Limited (ACN 099 883 922) effective 2 January 2024. The Initial Director's Interest Notice lodged with ASX reports nil securities held as registered holder, no relevant interests in securities held indirectly, and no interests in contracts.
CorporateNotification regarding unquoted securities - MTH
700,000 convertible notes with a face value of A$1.00 each were issued on 2/1/2024, raising cash for additional working capital. The notes carry a fixed 18.00% interest rate paid annually, with the first interest payment date of 2/4/2024, and a maturity date being the earlier of three months from the subscription date or settlement of the next capital raising, with the conversion price set at the price of that next equity raising. The notes were issued under Mithril Resources' 15% placement capacity.
News
202331 releases
Proposed Director Appointment
Craig Sharpe has been invited to join the board of Mithril Resources Limited (ASX:MTH) as Non-Executive Chair, with the appointment to be made upon completion of the Company's next capital raising. Sharpe has more than 25 years in equity markets, holds a Bachelor of Commerce specialising in Economics and Finance and an MBA from Monash University, and is a recent AICD graduate. He is currently Non-Executive Chair of Lightning Minerals Ltd (ASX:L1M) and a Non-Executive Director of Maverick Minerals (pending ASX IPO).
ManagementSuspension from Quotation by ASX
Mithril Resources Limited (ASX: MTH) securities will continue to be suspended from quotation under ASX Listing Rule 17.3.1 until MTH demonstrates compliance with Listing Rule 12.2 to ASX's satisfaction. The securities were initially suspended at MTH's request under Listing Rule 17.2 on Friday, 17 November 2023 pending information on a then proposed scheme of arrangement with Newrange Gold, and the suspension was extended on Tuesday, 21 November 2023 pending the outcome of a strategic review covering recapitalisation and operational funding, which MTH disclosed is critical to its ongoing financial viability.
CorporateExtension of Voluntary Suspension
An extension to the voluntary suspension of Mithril Resources Limited's (ASX:MTH) securities, originally granted on 21 November 2023, has been requested under ASX Listing Rule 17.2. The suspension is to allow the Company to continue assessing its financial position and a strategic review covering recapitalisation options and securing operational funding. It is anticipated to remain in place until the earlier of the commencement of normal trading on Thursday, 7 December 2023 or release of the anticipated announcement.
CorporateTermination of Scheme and Extension to Suspension
The Scheme Implementation Deed under which Newrange Gold Corp. would have acquired 100% of Mithril Resources Limited (ASX: MTH) has been mutually terminated effective 21 November 2023, after Newrange advised on 20 November 2023 that it could not raise the up to CA$3,600,000 Concurrent Financing before the Second Court Hearing. No break fee is payable. Mithril will undertake an immediate strategic review and has requested a two-week extension of its voluntary suspension to 5 December 2023, holding $264,000 in cash at 30 September 2023.
CorporateVoluntary Suspension from Quotation
Securities of Mithril Resources Limited (ASX: MTH) were suspended from quotation immediately under ASX Listing Rule 17.2, at the company's request, pending an announcement regarding the scheme of arrangement with Newrange Gold. The suspension follows an earlier trading halt request made on Wednesday, 15 November 2023, and runs until Tuesday, 21 November 2023, by which time the company expects to make the announcement.
CorporateAdjournment of second court hearing
The Federal Court of Australia in Brisbane has adjourned the Second Court Hearing for the Schemes under which Newrange Gold Corp. would acquire 100% of Mithril Resources Limited, moving it from 9:30am (AEST) Monday, 6 November 2023 to 2:15pm (AEST) Wednesday, 22 November 2023. Newrange requires additional time to satisfy the Concurrent Financing condition, a private placement to raise up to CA$3,600,000. The Implementation Date is now Monday, 4 December 2023.
CorporateQuarterly Activities Report and Appendix 5B
The September 2023 quarterly report states the Federal Court postponed Mithril's Share Scheme and Option Scheme meetings on the proposed acquisition by Newrange Gold from 13 October to Friday, 27 October 2023, with a second court date of 6 November and implementation date of 16 November 2023. Consideration is 18.08 Newrange shares per 1,000 Mithril shares, totalling 60,907,985 shares at a deemed C$0.18, plus warrants, implying ~A$11.8 million fully diluted. Geologic mapping and drill core relogging advanced at Copalquin, Durango, Mexico; cash was A$0.264M.
CorporateScheme Meeting Scripts & Presentations
Meeting scripts and presentations were released for Mithril Resources' Share Scheme and Option Scheme Meetings held at 9.00am and 10.00am (AEDT) on 27 October 2023 in South Melbourne, covering the proposed acquisition of Mithril by Newrange Gold Corp. Consideration is approximately 18.08 Newrange shares per 1,000 Mithril shares, and 18.08 Class A and Class B warrants per 1,000 corresponding options. Share Scheme proxies were 1,365,930,800 for and 8,786,148 against; option proxies 114,313 for and none against. Newrange's concurrent financing, required before the 6 November 2023 Second Court Date, had not been completed.
CorporateResults of Scheme Meetings
Mithril Resources shareholders and optionholders approved the schemes of arrangement under which Newrange Gold Corp. would acquire 100% of Mithril's issued share capital and cancel existing options, at meetings held 27 October 2023. The share scheme resolution passed with 99.37% of votes cast and 88.14% of shareholders present and voting in favour; the option scheme resolution passed with 100% support. The schemes remain subject to Federal Court approval at a hearing scheduled for 9:30am (AEST) on 6 November 2023, the Concurrent Financing and Newrange's unconditional TSXV re-listing approval, with implementation expected on or about 16 November 2023.
CorporateScheme meeting date postponed
The Federal Court of Australia has ordered the Mithril Resources Share Scheme and Option Scheme meetings postponed from Friday, 13 October 2023 to Friday, 27 October 2023, with the Second Court Date moved to Monday, 6 November 2023 and implementation now expected on Thursday, 16 November 2023. The postponement follows Newrange Gold Corp. advising it requires additional time to complete a private placement of up to CA$3,600,000, a condition precedent to the schemes.
CorporateInvestor Presentation
An investor presentation outlines the proposed friendly merger under which Newrange Gold will acquire 100% of ASX-listed Mithril Resources by Scheme of Arrangement, with the combined TSXV-listed company to be renamed Pinnacle Silver & Gold Corp. trading under the ticker PINN. Newrange shareholders vote 5 October 2023, Mithril securityholders 13 October 2023, and a Federal Court of Australia hearing is scheduled for 20 October 2023. Conditions include a CA$3.6 million concurrent financing and a 2:1 Newrange share consolidation. Mithril's Copalquin district in Durango, Mexico holds an indicated resource of 691 kt at 7.06 g/t AuEq and inferred 1,725 kt at 6.72 g/t AuEq.
CorporateDispatch of Scheme Booklet
The Scheme Booklet has been dispatched to Mithril Resources (ASX: MTH) shareholders and Class A and Class B optionholders for the schemes of arrangement under which Newrange Gold Corp. would acquire 100% of Mithril's shares and cancel its options in exchange for Newrange shares and warrants. The Share Scheme Meeting will be held at 9:00am (AEDT) on 13 October 2023 in South Melbourne, with the Option Scheme Meeting following; the voting record time is 7:00pm (AEDT) on 11 October 2023.
NewsScheme Booklet registered by ASIC
Scheme Booklet for the proposed acquisition of Mithril Resources (ASX: MTH) by Newrange Gold Corp. has been registered by ASIC and is dated 7 September 2023. Independent expert RSM Corporate Australia concluded the Share Scheme and Option Scheme are not fair but reasonable and in the best interests of Mithril shareholders and optionholders absent a superior proposal; directors unanimously recommend voting in favour. The Share Scheme Meeting is set for 9:00am (AEDT) Friday, 13 October 2023 in South Melbourne, with the Second Court Hearing expected 20 October 2023.
NewsCourt orders Scheme Meetings be convened
The Federal Court of Australia ordered on 6 September 2023 that Mithril Resources (ASX: MTH) convene shareholder and optionholder meetings to vote on two schemes of arrangement under which Newrange Gold Corp. would acquire 100% of Mithril's issued share capital and cancel existing Mithril options, leaving Newrange as the TSXV-listed holding company. The Share Scheme Meeting is set for 9:00am AEDT on 13 October 2023 in South Melbourne, with the Option Scheme Meeting to follow, and a second court hearing scheduled for 20 October 2023. The Scheme Booklet is expected to be registered with ASIC on 7 September 2023.
CorporateAnnual Report to shareholders
The annual report for the year ended 30 June 2023 reports a loss after income tax of $2,098,081, compared with $632,304 in FY2022, with activity focused on the Copalquin gold-silver project in Durango State, Mexico, where the maiden JORC resource stands at 2,416,000 tonnes @ 4.80 g/t gold and 141 g/t silver for 373,000 oz gold and 10,953,000 oz silver. Mithril holds 50% of the Copalquin concessions with an option to acquire the remainder for US$10M, with the payment date extended to 7 August 2026 and a further 2-year extension to 7 August 2028 being documented. Subsequent to year end, Mithril executed a binding Scheme Implementation Deed under which Newrange Gold Corp.
CorporateCorporate Governance Statement
A corporate governance statement current as at 21 August 2023 was approved by the board of Mithril Resources Limited, disclosing compliance with the ASX Corporate Governance Council's Principles and Recommendations (4th edition). The company reports it does not have separate nomination, remuneration or audit and risk committees, with those duties carried out by the full board, and that none of its three directors are considered independent, with no formally appointed chair. It also did not set measurable gender diversity objectives for the past financial year.
CorporateQuarterly Activities Report and Appendix 5B
A binding scheme implementation deed signed 26 May 2023 would see Newrange Gold acquire 100% of Mithril, with shareholders receiving 18.08 Newrange shares per 1,000 Mithril shares, totalling 60,907,985 shares at a deemed price of C$0.18, plus warrants, implying a fully diluted equity value of about A$11.8 million; scheme meetings are proposed for early October 2023. At the Copalquin gold-silver project in Durango, Mexico, mapping, soil sampling at San Manuel and drill planning continued. Cash at 30 June 2023 was A$0.569 million, with about A$0.30 million in Mexican VAT refunds expected in the September 2023 quarter.
CorporateResponse to Appendix 3Y Query
Mithril Resources responded to an ASX query dated 31 May 2023 regarding the late lodgement of an Appendix 3Y Change of Director's Interest Notice for Mr Garry Thomas on 26 May 2023, which should have been lodged by 23 May 2023. The company said an original notice was lodged on 17 May 2023 but omitted shares and options issued to Mr Billy-Joe Thomas under the Thomas Family Superannuation Fund holding, approved at the 5 May 2023 General Meeting, and attributed the oversight to administrative error.
CorporateChange of Directors Interest Notice
Director Garry Thomas acquired an indirect interest in 85,714,286 fully paid ordinary shares and 42,857,143 unquoted options of Mithril Resources Limited on 16 May 2023, for consideration of $300,000. The securities were issued to Billy Joe Thomas and held in Thomas Family Superannuation Fund Pty Ltd, of which Mr Thomas is a director, pursuant to shareholder approval under resolutions 5 and 6 at the 2023 General Meeting held on 5 May 2023. Holdings after the change total 192,318,292 shares and 42,857,143 unquoted options in that entity.
CorporateMithril enters Scheme of Arrangement with TSXV Newrange Gold
Mithril Resources Limited (ASX: MTH) and Newrange Gold Corp. have executed a binding Scheme Implementation Deed under which Newrange will acquire 100% of Mithril's issued capital, with Newrange remaining the TSXV-listed holding company in a transaction classified as a reverse takeover. Mithril shareholders will receive 18.08 Newrange shares per 1,000 Mithril shares, totalling 60,907,985 shares at a deemed price of C$0.18, plus warrants, implying a fully diluted equity value of ~A$11.8 million. Conditions include a private placement of up to CA$3,600,000, a 2:1 Newrange share consolidation, court and securityholder approvals, with Scheme Meetings expected in August 2023.
AcquisitionApplication for quotation of securities - MTH
An application has been made to quote 105,714,286 ordinary fully paid MTH shares issued on 16 May 2023 at AUD 0.00350000 per security for cash consideration, under a placement previously notified in an Appendix 3B dated 2 December 2022. Following quotation, Mithril Resources Limited will have 3,368,804,470 ordinary fully paid shares on issue, plus unquoted securities including 361,428,571 options and 33,333,333 performance rights.
NewsChange of Directors Interest Notice
Director Garry Thomas acquired an indirect interest in 57,142,857 fully paid ordinary shares and 28,571,429 unquoted options in Mithril Resources Limited on 16 May 2023 for consideration of $200,000. The securities were issued pursuant to shareholder approval under resolutions 5 and 6 at the 2023 General Meeting held on 5 May 2023. His holdings now comprise 163,746,863 shares and 28,571,429 unquoted options through one entity, plus 186,081,267 shares and 33,333,333 performance rights through another.
CorporateNotification regarding unquoted securities - MTH
52,857,143 unquoted options expiring 9 December 2025 with an exercise price of $0.007 were issued on 16 May 2023 under ASX code MTHAAF, on a 1:2 basis as part of the company's placement previously notified in the Appendix 3B dated 2 December 2022. No cash consideration was received and no further issues remain to complete the transaction. Following the issue, Mithril Resources has 3,263,090,184 quoted ordinary fully paid shares and 214,285,714 MTHAAF options on issue.
NewsQuarterly Activities Report and Appendix 5B
A non-binding term sheet was signed with TSXV-listed Newrange Gold Corp. for a merger by scheme of arrangement, under which Newrange would consolidate its shares 12:1 and issue about 18.08 consolidated shares per 1,000 Mithril shares based on an equity value for Mithril of A$11.8M, with Newrange to be renamed Pinnacle Silver and Gold Corp. Newrange plans placements of up to C$360,000 and up to C$3,600,000. At 31 March 2023 cash was A$0.560M plus A$0.370M due from the December 2022 placement. Mapping, soil sampling and drill planning continued at Copalquin, Durango, Mexico.
CorporateNotice of General Meeting/Proxy Form
A general meeting of Mithril Resources Limited (ASX: MTH) will be held virtually on Friday, 5 May 2023 at 11.00am (AEST), with proxies due by 11.00am (AEST) on Wednesday, 3 May 2023. Shareholders will vote on ratifying the 9 December 2022 issue of 322,857,143 shares at $0.0035 each (138,571,429 and 184,285,714 tranches) and 161,428,572 attaching options exercisable at $0.007 expiring 9 December 2025. Further resolutions seek approval to issue 105,714,286 shares and 52,857,143 options to related parties Stephen Layton, Garry Thomas and Billy Joe Thomas.
CorporateNotice of General Meeting/Proxy Form- Date Clarification
A General Meeting of Mithril Resources Limited will be held virtually by video conference at 11.00am (AEST) on Friday, 5 May 2023, with proxies due by 11.00am (AEST) on Wednesday, 3 May 2023. Resolutions seek ratification of the 9 December 2022 issue of 322,857,143 shares at $0.0035 each (138,571,429 and 184,285,714) and 161,428,572 options exercisable at $0.007 expiring 9 December 2025, plus approval to issue 105,714,286 shares and 52,857,143 options to Stephen Layton, Garry Thomas and Billy Joe Thomas.
CorporateChange of Directors Interest Notice
Director Stephen Layton acquired 40,000,000 fully paid ordinary shares of Mithril Resources Limited for $80,000 in an on-market trade dated 17 March 2023, held indirectly through Sindel Nominees Proprietary Limited. Following the change, his indirect interests total 180,500,000 fully paid ordinary shares and 5,000,000 unquoted options across Bodie Investments Pty Ltd, his superannuation account and Sindel Nominees. No securities were disposed.
CorporateBecoming a substantial holder
Stephen Layton became a substantial holder in Mithril Resources Limited on 17 March 2023, with a relevant interest in 180,500,000 fully paid ordinary shares, representing 5.53% voting power. The holdings are registered to Bodie Investments Pty Ltd (132,500,000 shares), Mr Stephen Layton Superannuation A/C (8,000,000 shares) and Sindel Nominees Proprietary Limited (40,000,000 shares). Sindel Nominees acquired its 40,000,000 shares on 17 March 2023 for $80,000 cash.
CorporateInvestor Presentation
An investor presentation outlines the non-binding heads of agreement signed 7 March 2023 for a friendly merger of Mithril Resources (ASX:MTH) with TSXV-listed Newrange Gold, valuing Mithril at C$10.96m and Newrange at C$2.96m, with Mithril shareholders receiving 18.08 NRG shares per 1,000 MTH shares and holding about 61.3% post-financing. Newrange, to be renamed Pinnacle Silver & Gold Corp., plans a 12:1 consolidation, a C$0.36m bridge financing and a C$3.6m concurrent financing, with completion targeted by July 2023.
CorporateNon-binding term sheet for merger with TSXV Newrange Gold
A non-binding term sheet has been signed for Newrange Gold Corp. (TSXV: NRG) to acquire 100% of Mithril Resources via scheme of arrangement, a transaction that would be classified as a reverse takeover under TSXV rules. Newrange would consolidate its shares 12:1 and issue about 18.08 consolidated shares per 1,000 Mithril shares, based on an equity value for Mithril of A$11.8M, with Newrange to be renamed Pinnacle Silver and Gold Corp. Scheme Implementation Agreements are targeted by 28 April 2023, alongside Newrange placements of up to C$360,000 and C$3,600,000.
AcquisitionQuarterly Activities Report and Appendix 5B
The December 2022 quarterly report for the Copalquin Gold Silver Project in Durango, Mexico covers petrographic and drill core relogging work concluding most El Refugio drilling sits in an upper brecciation zone, with high-grade veins such as 8.26m @ 80.3 g/t gold, 705 g/t silver from 468.34m (CDH-077) and 18.67m @ 9.64 g/t gold, 278.8 g/t silver from 144.0m (CDH-094) lying deeper and peripheral. Mithril raised A$1.5M at $0.0035 per share in December and held A$0.91M cash at quarter end, plus A$0.37M subject to shareholder approval and ~A$1.1M of Mexican VAT refunds due. Mapping, sampling and soil work at El Platano is scheduled for January/February 2023.
Corporate
202248 releases
Application for quotation of securities - MTH
322,857,143 fully paid ordinary shares of Mithril Resources were issued on 9 December 2022 at AUD 0.0035 per security, completing part of a placement announced on 2 December 2022. A further 105,714,286 fully paid ordinary shares are to be issued following shareholder approval for director participation in the placement. Total quoted ordinary shares on issue will be 3,263,090,184.
NewsSection 708A Cleansing Notice
Mithril Resources Limited has issued 322,857,143 fully paid ordinary shares at an issue price of $0.0035 (0.35 cent) per share to placement participants, without disclosure to investors under Part 6D.2 of the Corporations Act. The notice is given under Section 708A(5)(e) of the Corporations Act 2001 (Cth), confirming compliance with Chapter 2M and Section 674 and that there is no excluded information under Sections 708A(7) and 708A(8).
NewsNotification regarding unquoted securities - MTH
Mithril Resources issued 161,428,571 unquoted options on 9 December 2022, expiring 9 December 2025 with an exercise price of $0.007 per option, granted on a 1:2 basis as part of the company's previously announced placement. A further 52,857,143 unquoted options are to be issued following shareholder approval for director participation in the placement. Following the issue, the company has 2,940,233,041 quoted ordinary fully paid shares on issue.
NewsMithril raises A$1.5m to continue Copalquin Exploration
Firm commitments have been received to raise approximately A$1.5M before costs through a placement of 428,571,429 shares at 0.35 cents (A$0.0035) each, a 22.2% discount to the last traded price of A$0.0045 on 29 November 2022, with one free attaching unlisted option per two shares exercisable at A$0.007 over three years. Directors and a related party will subscribe for $370,000, subject to shareholder approval at an EGM. Settlement is expected 8 December 2022, with trading from 9 December 2022. Funds will continue diamond drilling at El Refugio and exploration across the 70km² Copalquin District, Durango, Mexico.
FinancingProposed issue of securities - MTH
A placement of 428,571,429 fully paid ordinary shares at A$0.0035 each is proposed, with an issue date of 9 December 2022, together with 214,285,714 free attaching unquoted options exercisable at A$0.0070 and expiring 9 December 2025. The shares will be issued using 138,571,429 under the 15% placement capacity (listing rule 7.1, along with the options) and 290,000,000 under the additional 10% capacity (rule 7.1A). Funds are for diamond core drilling at El Refugio and along strike, Copalquin District exploration and study work. Taylor Collison and Morgans are joint lead managers, on a fee of up to 6% of gross proceeds.
FinancingInvestor Presentation
An investor presentation for the Copalquin Mining District in Durango State, Mexico sets out a maiden JORC resource of 2,416,000 tonnes containing 373,000 oz gold at 4.80 g/t and 10,953,000 oz silver at 141 g/t, totalling 529,000 oz AuEq at 6.81 g/t AuEq at a 2.0 g/t AuEq cut-off, with 28.6% of tonnage classified as Indicated. Metallurgical test work returned 96% gold and 91% silver recoveries. Planned 2023 work includes a resource estimation update at El Refugio and district target advancement. Shares were A$0.0045 on 29 November 2022, for a A$13.2m undiluted market cap.
CorporateUpdated Investor Presentation
An updated investor presentation for the Copalquin Mining District in Durango, Mexico was released. It reiterates the maiden JORC resource of 2,416,000 tonnes containing 373,000 oz gold at 4.80 g/t and 10,953,000 oz silver at 141 g/t, totalling 529,000 oz AuEq at 6.81 g/t AuEq at a 2.0 g/t AuEq cut-off, with 28.6% of tonnage Indicated, plus metallurgical recoveries of 96% gold and 91% silver. Planned 2023 work includes a resource update at El Refugio and district target advancement.
CorporateNotification regarding unquoted securities - MTH
25,000,000 unquoted options were issued on 16 November 2022 under an employee incentive scheme, exercisable at AUD 0.015 and expiring 16 November 2025, convertible into MTH fully paid ordinary shares. Some of the options were issued to key management personnel John Skeet, via registered holder Trimin Pty Ltd (John Skeet Family A/C). Following the issue, Mithril Resources has 2,940,233,041 quoted ordinary shares on issue, plus 33,333,333 performance rights and 175,000,000 options expiring 26 April 2024.
NewsChange of Directors Interest Notice
Director John Stewart Skeet acquired an indirect interest in 25,000,000 unquoted options exercisable at $0.015 each on or before 16 November 2025, held through Trimin Pty Ltd <John Skeet Family A/C>. The options were issued under shareholder approval of resolution 5 at Mithril Resources Limited's Annual General Meeting held on 16 November 2022. He continues to hold 224,563,615 fully paid ordinary shares, with no securities disposed.
CorporateUpdated Quarterly Activities Report
A re-lodged September 2022 quarterly activities report and Appendix 5B, amended to include the Competent Persons Statement omitted from the original 31 October 2022 lodgement. The quarter covered drilling at the El Refugio area of the Copalquin Gold-Silver Project, Durango, Mexico, including 5.83m @ 15.7 g/t gold, 474 g/t silver from 91.77m (CDH-140) and 5.67m @ 4.37 g/t gold, 174 g/t silver from 331.33m (CDH-137). Cash at 30 September 2022 was A$0.6M, with ~A$1.1M (MXP14.14M) of Mexican VAT refunds due.
CorporateInvestor Presentation
An investor presentation for the Copalquin Mining District, Mexico, prepared for IMARC 2-4 Nov. 2022, summarises the maiden JORC resource of 2,416,000 tonnes at 4.80 g/t gold and 141 g/t silver, containing 373,000 oz gold and 10,953,000 oz silver for 529,000 oz AuEq at 6.81 g/t AuEq (2.0 g/t AuEq cut-off), with 28.6% of tonnage Indicated. Metallurgical testwork showed 96% gold and 91% silver recoveries. A resource update for El Refugio is planned in 2023.
CorporateQuarterly Activities Report and Appendix 5B
Drilling at the El Refugio target in the Copalquin Gold-Silver District, Durango, Mexico returned 5.83m @ 15.7 g/t gold, 474 g/t silver from 91.77m in CDH-140 (including 1.81m @ 45.5 g/t gold, 1,387 g/t silver), 5.67m @ 4.37 g/t gold, 174 g/t silver from 331.33m in CDH-137, and 7.00m @ 3.40 g/t gold, 227 g/t silver from 185.0m in CDH-143. Mithril holds 50% of the concessions and can buy 100% for US$10M by August 2026. Quarter-end cash was A$0.6M, with ~A$1.1M of Mexican VAT refunds due.
CorporateChange of Directors Interest Notice
Director John Stewart Skeet acquired 200,000 fully paid ordinary shares on 13 October 2022 and a further 200,000 on 14 October 2022 via on-market trades, for consideration of $2,250. The shares are held indirectly through Trimin Pty Ltd (Skeet Family A/C), of which Mr Skeet is a director. His holding rose from 224,163,615 to 224,563,615 fully paid ordinary shares in Mithril Resources Limited.
CorporateNotice of Annual General Meeting/Proxy Form
The Annual General Meeting of Mithril Resources Limited will be held virtually by video conference at 12.00pm (AEDT) on Wednesday, 16 November 2022, with proxy forms due by 12.00pm (AEDT) on Monday, 14 November 2022. Resolutions cover adoption of the Remuneration Report, re-election of Mr Stephen Layton as a Director, ratification of the 18 August 2022 issue of 10,000,000 fully paid ordinary shares at $0.005 each to Sr Miguel Angel Matas, renewal of the Employee Incentive Plan, grant of 25,000,000 unlisted options to Managing Director John Skeet, constitutional amendments and 10% additional placement capacity under Listing Rule 7.1A.
CorporateDepth Potential Confirmed - El Refugio, Copalquin District
Petrographic work, core relogging and recent drilling at the El Refugio deposit, Copalquin District, Durango State, Mexico, indicate the majority of drilling to date sits in an upper brecciation zone, with high-grade veins targeted deeper and peripheral to it. Cited intercepts include 8.26m at 80.3 g/t gold and 705 g/t silver from 468.34m (CDH-077), 18.67m at 9.64 g/t gold and 278.8 g/t silver from 144.0m (CDH-094), and 5.83m at 15.7 g/t gold and 474 g/t silver from 91.77m (CDH-140). The project hosts a maiden JORC resource of 529,000 oz gold equivalent.
Drill resultsAnnual Report to Shareholders
The annual report for the year ended 30 June 2022 reports a loss after tax of $632,304, versus $1,688,618 in FY2021. A maiden JORC resource at El Refugio-La Soledad in the Copalquin District, Durango, Mexico was delivered in November 2021 of 2,416,000 tonnes at 4.80 g/t gold and 141 g/t silver for 373,000 oz gold and 10,953,000 oz silver (529,000 oz AuEq). Placements of A$3.3m (September 2021) and A$3.5m (April 2022) were completed, and Mithril's Copalquin interest rose to 50% on 18 August 2022.
CorporateCorporate Governance Statement
CorporateDate of AGM and Closing Date for Nomination of Director
Mithril Resources Limited will hold its next Annual General Meeting on Wednesday, 16 November 2022, with an election of directors to be held pursuant to ASX Listing Rule 14.5. Nominations for the position of Director must be received in writing at the Company's Registered Office no later than 5.00pm (Melbourne time) on Wednesday, 5 October 2022. Details of the directors to be elected will be provided in the Notice of AGM.
CorporateHIGH-GRADE INTERCEPTS AT EL REFUGIO, COPALQUIN
Drilling at the eastern end of the El Refugio resource area, Copalquin Gold Silver Project in Durango State, Mexico, returned 7.00m @ 3.40 g/t gold and 227 g/t silver from 185.0m in CDH-143, including 3.00m @ 6.49 g/t gold and 454 g/t silver from 189.0m, plus 4.00m @ 2.27 g/t gold, 170 g/t silver from 106.0m in CDH-146 and 2.50m @ 2.71 g/t gold, 125 g/t silver from 71.5m in CDH-147. Having spent over US$8m on direct exploration, Mithril has earned a 50% interest in the Copalquin concessions, with its purchase option extended three years to August 2026. A core relogging programme and study work on an initial development are underway.
Drill resultsApplication for quotation of securities - MTH
10,000,000 fully paid ordinary shares were issued on 18/8/2022 for quotation on the ASX, non-cash consideration valued at an estimated A$0.005000 per security, on Mithril satisfying expenditure requirements to hold a 50% interest in the concessions forming Copalquin. Following quotation, issued capital will comprise 2,940,233,041 quoted ordinary shares, plus 33,333,333 performance rights and 175,000,000 options expiring 26-Apr-2024 at $0.015. The shares are being issued under the 15% placement capacity without security holder approval.
FinancingSection 708A Cleansing Notice
10,000,000 fully paid ordinary shares were issued at an issue price of $0.005 (5 cents) under ASX Listing Rule 7.1, without disclosure to investors under Part 6D.2 of the Corporations Act. Mithril Resources Limited gave the notice under Section 708A(5)(e) of the Corporations Act 2001 (Cth), confirming compliance with Chapter 2M and Section 674 and that there is no excluded information under Sections 708A(7) and 708A(8).
NewsQuarterly Activities Report and Appendix 5B
June 2022 quarter exploration at the Copalquin gold-silver district, Durango, Mexico included first drilling at El Gallo, 1km west of the El Refugio resource, returning 2.00m @ 2.55 g/t gold, 184 g/t silver from 50.0m, and drilling at El Refugio that returned 5.83m @ 15.7 g/t gold, 474 g/t silver from 91.77m, including 1.81m @ 45.5 g/t gold, 1,387 g/t silver. A$3.5M was raised in April 2022 at 1 cent per share; cash at 30 June was A$2.3M. The concession purchase option was extended three years to August 2026, with 100% available for US$10m.
CorporateCONTINUED HIGH-GRADE DRILLING AT EL REFUGIO, COPALQUIN
Drilling at the western end of the El Refugio resource area, Copalquin District, Durango State, Mexico, returned 5.83m @ 15.7 g/t gold and 474 g/t silver from 91.77m in CDH-140, including 1.81m @ 45.5 g/t gold and 1,387 g/t silver from 93.77m, the first drilling on section 800. CDH-141 on section 600 cut a 62.4m wide mineralised zone including 5.49m @ 2.54 g/t gold, 23.8 g/t silver from 292.51m. Eastern El Refugio drilling is complete with assays pending, and study work is assessing a 300m adit accessing 51.6kt @ 24.65 g/t gold, 187 g/t silver.
Drill resultsInvestor Presentation
An investor presentation for the Noosa Mining Conference, 20-22 July 2022, covers the Copalquin Mining District in Mexico. It restates the maiden JORC resource of 2,416,000 tonnes containing 373,000 oz gold at 4.80 g/t and 10,953,000 oz silver at 141 g/t, totalling 529,000 oz AuEq at 6.81 g/t AuEq at a 2.0 g/t AuEq cut-off, with 28.6% of tonnage indicated. It also cites 96% gold and 91% silver recoveries, a completed El Refugio mining concepts study, and over 10 km of strike to explore. Share price was A$0.006 on 19 July 2022, with a market cap of A$17.5m.
CorporateExpansive Deep Drilling Success at El Refugio, Copalquin
Assays from the first of six deep holes at El Refugio, Copalquin Gold Silver Project, Durango, Mexico, returned 5.67m at 4.37 g/t gold and 174 g/t silver from 331.33m in CDH-137, including 1.67m at 9.64 g/t gold and 399 g/t silver, while CDH-136 returned 0.50m at 2.13 g/t gold and 118 g/t silver from 368.5m. Drilling continues on the eastern side of the projected upwelling zone, and scoping study work on first stage development options is progressing.
Drill resultsNotification of cessation of securities - MTH
300,000 unquoted options (MTHAAB, exercise price 10c) expired unexercised on 22 June 2022, with no consideration paid for the cessation. Following the cessation, Mithril Resources has 2,920,233,041 ordinary fully paid shares on issue, plus 33,333,333 performance rights and 170,000,000 options expiring 26 April 2024 at $0.015.
CorporateApplication for quotation of securities - MTH
10,000,000 ordinary fully paid shares were issued on 22 June 2022 at AUD 0.01 per share as a placement to a Director, following approval at the General Meeting held on 21 June 2022. Quotation of the shares brings total quoted ordinary shares on issue to 2,930,233,041. Unquoted securities include 300,000 options expiring 22-Jun-2022 at 10c, 33,333,333 performance rights and 170,000,000 options expiring 26-Apr-2024 at $0.015.
FinancingNotification regarding unquoted securities - MTH
5,000,000 unquoted options expiring 26 April 2024 with an exercise price of $0.015 were issued on 22 June 2022 to a Director, as approved at the General Meeting held on 21 June 2022. The options were issued on a 1:2 basis as part of the Company's placement for non-cash consideration. Following the issue, Mithril Resources has 2,920,233,041 quoted ordinary fully paid shares and 175,000,000 options in the MTHAAD class on issue.
NewsSection 708A Cleansing Notice
10,000,000 fully paid ordinary shares were issued at $0.01 (1 cent) per share following shareholder approval at the General Meeting held on 21 June 2022. The shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act, and Mithril Resources Limited has given a cleansing notice under Section 708A(5)(e), confirming compliance with Chapter 2M and Section 674 and that there is no excluded information.
NewsChange of Director's Interest Notice
Director Stephen Layton acquired an indirect interest in 10,000,000 fully paid ordinary shares for $100,000 and 5,000,000 unquoted options exercisable at $0.15 on or before 26 April 2024, via Bodie Investments Pty Ltd, on 22 June 2022. The placement shares and options were issued following shareholder approval at the General Meeting held 21 June 2022. His holdings now total 132,500,000 shares and 5,000,000 options, plus 8,000,000 shares held through a superannuation account.
CorporateChange of Director's Interest Notice
Director Stephen Layton acquired 5,500,000 fully paid ordinary shares in Mithril Resources Limited on 24 May 2022 via an on-market trade for $33,000. The shares were acquired through Bodie Investments Pty Ltd, whose holding rose from 117,000,000 to 122,500,000 fully paid ordinary shares, while a separate superannuation account holding of 8,000,000 shares was unchanged.
CorporateChange of Director's Interest Notice
Director John Stewart Skeet of Mithril Resources Limited acquired 2,500,000 fully paid ordinary shares in an on-market trade on 19 May 2022 for consideration of $17,250. The shares are held indirectly through Trimin Pty Ltd, of which Mr Skeet is a director. His holding rose from 221,663,615 to 224,163,615 fully paid ordinary shares.
CorporateRelease of securities from escrow
657,523,066 fully paid ordinary shares will be released from voluntary escrow on 27 May 2022, in accordance with ASX Listing Rule 3.10A. The securities were issued as part of the acquisition of Sun Minerals announced on 27 May 2020.
CorporateNotice of General Meeting/Proxy Form
A general meeting of Mithril Resources Limited will be held virtually on 21 June 2022 at 12.00pm (AEST), with proxies due by 12.00pm (AEST) on Sunday, 19 June 2022. Shareholders are asked to ratify the 26 April 2022 issue of 340,000,000 shares at $0.01 each and 170,000,000 attaching options exercisable at $0.015 expiring 26 April 2024, and to approve the issue of 10,000,000 shares at $0.01 ($100,000) and 5,000,000 options to director Stephen Layton. Funds are for diamond core drilling in the Copalquin District.
CorporateChange in substantial holding
A Form 604 change of substantial holding notice for Mithril Resources Limited reports that on 26 April 2022 Garry Thomas and associated entities were diluted as a result of a placement. Garry Thomas and Nancy-Lee Thomas (Thomas Family A/C) hold 181,081,267 votes, with voting power falling from 7.53% to 6.20%, while Thomas Family Superannuation Fund Pty Ltd holds 104,604,006 votes, down from 4.45% to 3.58%. No consideration was given. The notice was signed 12 May 2022.
CorporateChange in substantial holding
A Form 604 change of substantial holding notice for Mithril Resources Limited reports that Trimin Pty Ltd's voting power fell from 9.43% to 7.59% as of 26 April 2022, due to dilution resulting from a placement. Trimin's holding remains unchanged at 221,663,615 votes, with no consideration given. The previous notice was dated 5 February 2021, and the current form was signed by director John Skeet on 6 May 2022.
CorporateEXPLORATION CONTINUES TO EXPAND, COPALQUIN DISTRICT, MEXICO
Drilling at the El Gallo target, 1km west of the El Refugio JORC resource (529koz AuEq), returned 0.54m at 4.48 g/t gold and 412 g/t silver from 21.37m and 1.00m at 2.69 g/t gold, 179 g/t silver from 25.50m in CDH-127, and 2.00m at 2.55 g/t gold, 184 g/t silver from 50.0m in CDH-128, at the Copalquin District, Durango, Mexico. Deep drilling at El Refugio starts early May 2022, with La Montura assays expected late June 2022 and Las Brujas-El Peru drilling in July 2022, funded by a $3.5m April 2022 placement.
Drill resultsApplication for quotation of securities - MTH
Quotation is sought on the ASX for 340,000,000 fully paid ordinary shares (MTH) issued 26 April 2022 at AUD 0.01 per security for cash, under a placement previously notified in an Appendix 3B announced 13 April 2022. A further 10,000,000 fully paid ordinary shares are to be issued following shareholder approval for director participation in the placement. Following quotation, Mithril Resources Limited will have 2,920,233,041 quoted ordinary shares on issue, plus 300,000 options expiring 22 June 2022 and 33,333,333 performance rights unquoted.
FinancingSection 708A Cleansing Notice
340,000,000 fully paid ordinary shares were issued at $0.01 (1 cent) per share to participants in placements, without disclosure to investors under Part 6D.2 of the Corporations Act. Mithril Resources Limited gave the notice under Section 708A(5)(e) of the Corporations Act 2001 (Cth), confirming compliance with Chapter 2M and Section 674, and that there is no excluded information of the type referred to in Sections 708A(7) and 708A(8).
NewsNotification regarding unquoted securities - MTH
170,000,000 unquoted options were issued on 26 April 2022 to placement participants on a 1:2 attaching basis, exercisable at $0.015 and expiring 26 April 2024, with no cash consideration. The options were issued under Mithril Resources' 15% placement capacity under ASX listing rule 7.1. A further 10,000,000 fully paid ordinary shares and 5,000,000 unquoted options will be issued following shareholder approval for director participation in the placement. Ordinary shares on issue total 2,580,233,041.
NewsQuarterly Activities Report and Appendix 5B
Metallurgical test work by SGS on an El Refugio composite grading 4.52 g/t gold and 124 g/t silver returned overall recoveries to solution of 96.5% gold and 91% silver at the Copalquin Gold-Silver Project, Durango, Mexico. Drilling at La Soledad returned 8.10m @ 1.64 g/t gold, 106 g/t silver from 77.3m (CDH-111), and Los Pinos hole CDH-113 returned 0.60m @ 9.91 g/t gold, 161 g/t silver from 78.1m. Total cash was A$4.3M, including A$0.5M from the Limestone Well sale and A$3.5M before costs from a placement, both completed after quarter end.
CorporateMTH raises A$3.5m to expand high grade Gold-Silver resources
Firm commitments have been received for a A$3.5M placement (before costs) of 350,000,000 shares at A$0.01 each, a 9.1% discount to the 8 April 2022 close of A$0.011, with one free attaching unlisted option per two shares exercisable at A$0.015 within 2 years. Directors will subscribe for $100,000, subject to shareholder approval. Settlement is expected 22 April 2022 and trading 26 April 2022. Funds will continue diamond core drilling at the Copalquin District, Durango, Mexico, targeting expansion of the El Refugio resource.
FinancingProposed issue of securities - MTH
A placement of 350,000,000 fully paid ordinary shares at AUD 0.01 each is proposed, with 175,000,000 free attaching unquoted options exercisable at AUD 0.0150 expiring 26/4/2024, to be issued on 26/4/2022. The shares comprise 100,000,000 under the 15% placement capacity and 250,000,000 under the additional 10% capacity, with proceeds funding diamond core drilling in the Copalquin District to expand the high-grade gold-silver maiden JORC resource at El Refugio and exploration target development. Taylor Collison and Morgans are Joint Lead Managers on a 6% fee.
FinancingHigh-Grade Multiple Vein Intercepts
Drill results from the Copalquin Gold Silver Project in Durango State, Mexico included 6.00m at 1.84 g/t gold and 23.0 g/t silver from 41.0m in CDH-109 at La Soledad, 8.10m at 1.64 g/t gold and 106 g/t silver from 77.3m in CDH-111, and 0.60m at 9.91 g/t gold and 161 g/t silver from 78.1m in CDH-113 at Los Pinos. Mapping and sampling defined over 7km of veins and a new target at La Montura, 2km east of the maiden resource of 373koz gold and 10.9Moz silver.
Drill resultsHalf Year Report December 2021
A net loss of $447,748 for the half-year ended 31 December 2021 (31 December 2020: $1,198,987), with cash of A$1.828m at 31 December 2021, excluding A$500,000 due from the Limestone Well sale. During the period a maiden JORC resource was delivered for El Refugio–La Soledad at the Copalquin gold-silver project in Durango, Mexico: 2,416,000 tonnes at 4.80 g/t gold and 141 g/t silver for 373,000 oz gold and 10,953,000 oz silver, at a 2.0 g/t AuEq cut-off, 28.6% indicated. A A$3.3m placement at A$0.015 per share was completed.
CorporateInvestor Presentation
An investor presentation for the Copalquin Gold Silver District in Mexico was delivered to the Melbourne Mining Club on 8 March 2022. It sets out a maiden JORC resource of 2,416,000 tonnes at 4.80 g/t gold and 141 g/t silver, containing 373,000 oz gold and 10,953,000 oz silver, for 529,000 oz AuEq at 6.81 g/t AuEq at a 2.0 g/t AuEq cut-off, with 28.6% indicated. Metallurgical testwork showed 96% gold and 91% silver recoveries; a mining concepts study at El Refugio is complete.
CorporateMINING CONCEPTS STUDY COMPLETED - COPALQUIN
A mining concepts study by AMC Consultants has been completed for the El Refugio–La Soledad maiden JORC resource at the Copalquin Gold Silver District, Durango State, Mexico. The study indicates the resource would most effectively be mined underground using mechanised Avoca bench stoping with rockfill and a bottom-up sequence, with some open pit potential at El Cometa requiring further drilling. The conceptual mine design inventory totals 2,244.9 kt at a 3.0 g/t AuEq cut-off, which is not a resource or reserve. The maiden resource is 2,416,000 tonnes at 4.80 g/t gold and 141 g/t silver.
Study resultsFURTHER EXCELLENT METALLURGY RESULTS
Metallurgical test work by SGS Laboratories on an El Refugio drill core composite from the Copalquin Gold Silver District, Durango State, Mexico returned overall recoveries to solution of 96.5% for gold and 91% for silver, combining flotation with intensive cyanide leaching of concentrate and low-level leaching of tailings. The composite graded 4.52 g/t gold and 124 g/t silver. AMC Consulting is finalising a mining concepts design report within the next week, and exploration drilling east of El Refugio continues with assays pending.
Study results