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Mithril Silver and Gold is a Mexico-focused precious-metals explorer advancing the Copalquin district, which hosts multiple target areas (Targets 1, 3, 5, etc), while also adding the nearby La Dura project as a low-cost pipeline asset. This interview covered why La Dura was acquired now, how it will be worked without disrupting Copalquin, and the timeline and technical rationale behind the upcoming Target 1 resource update.
TLDR;
Copalquin remains the priority with a Q1 2026 Target 1 resource update still planned and an aggressive H1 2026 drill plan (~25,000 m, three rigs across Targets 1/3/5 plus district-scale structural tests). The key technical narrative at Target 1 is a revised model incorporating a post-mineral rhyolite intrusive that offsets structures, which John told me improves predictability and supports a higher-quality resource classification mix. La Dura was added as a nearby, low-cost pipeline option (US$4M total consideration, 2.5% NSR reducible to 1% for US$2.5M) with early work focused on LiDAR/LAR, aerial mag, and mapping/sampling rather than immediate drilling. According to Skeet, they had 18 million in cash at last quarter-end and the burn rate was just over A$1M/month, and potential warrant inflows estimated at ~$7M in-the-money plus another ~$14M exercisable at $0.75.
- What have you done for shareholders lately?
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At Copalquin, John said they’ve expanded district mapping and sampling across ~20 km² and completed petrography work to refine its epithermal model and targeting. More specifically, at Target 1, the team rebuilt the geological interpretation after identifying a post-mineral rhyolite intrusive that offsets structures, which Skeet says explains prior drilling misses and improves predictability. At Target 5, he said they’ve drilled 17 holes along a key structure (plus additional holes in nearby mine areas) and they’re waiting on (slow) assay turnaround. At La Dura, management said LiDAR (“LAR” in the transcript) has already been flown and early geophysics and field work are planned next.
– - What has changed since the last major update?
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The company has now formalized the La Dura option and reiterated it will not change the Target 1 resource update schedule (still expected in Q1 2026) or divert core Copalquin resources. Technically at Target 1, management said the major change is properly modeling a post-mineral rhyolite intrusive that displaced vein positions and improving targeting. John also talked about his intent to improve the proportion of indicated material versus the 2021 maiden resource and discussed using a lower cutoff grade than the 2g AuEq used in 2021 (potentially ~1.0g AuEq), although it’s not yet clear how that would change tonnage or grade.
– - How much money do they have and what are they spending it on?
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John said the company had around 18 million cash at the end of the last quarter and is burning just over AUS $1 million per month, and said they’re funded for a planned ~25,000 m drill program in the first six months of 2026 across Copalquin with three rigs (Target 5, Target 3 starting January 2026, and Target 1 resource completion plus westward extensions), with an all-in drilling cost at about US$170 per metre (higher with depth). At La Dura, minor spend is expected relative to Copalquin, with LiDAR/LAR stated at ~US$50K, the aerial mag survey similar or slightly higher, mapping/sampling budgeted around ~US$70K, and a stated minimum year-two exploration spend commitment of US$200k under the option.
– - Upcoming catalysts
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Mithril’s nearest dated catalyst is the Target 1 resource update targeted for Q1 2026, alongside drill-driven news flow in H1 2026 from ongoing Target 5 drilling (with assay backlog expected to be caught up by mid-January 2026), first-pass Target 3 drilling starting January 2026, and further Target 1 westward drilling now supported by improved access. Jophn also emphasized the importance of an aerial magnetic survey at Copalquin for smarter deep targeting but noted delays due to contractor equipment issues. At La Dura, he outlined early 2026 LiDAR/LAR interpretation, an aerial mag survey in the first couple months of 2026, mapping/sampling in H1 2026, and suggested channel sampling results could start around Q2 2026, while drilling is a possibility later in 2026 or early 2027 rather than a firm timeline.
– - Risks
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The CEO identified the main risk as running out of money or letting cash get too low, which can force discounted financings and pressure the share price, and tied cash planning partly to the timing of warrant exercises. Operationally, he highlighted slow assay turnaround (especially for high-grade silver samples requiring additional methods) and the risk of spending on deep holes without sufficient targeting support, which they want to mitigate with geophysics. For La Dura, their ‘walk-away” criteria were framed around poor continuity/limited strike potential or mineralization being too deep to justify early spending, and management also noted permitting and compliance steps would be needed (renewing early-works permitting under NOM-120-style processes and ensuring legacy plant/tailings infrastructure is properly permitted and safe for a public-company standard).
Mithril Silver & Gold CEO Interview With John Skeet
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