Mithril Silver & Gold (ASX:MTH | TSXV:MGLD) is a dual-listed junior explorer advancing the Copalquin low-sulfidation gold–silver district in Durango, Mexico, where it currently owns a 50 % beneficial interest. To reach 100 % it must pay the vendor US $10 million by 7 Aug 2028 (plus US $150 000 every six months) after which a 2.5 % NSR remains (1.5 % buy-back for US $4.5 million). Copalquin’s flagship El Refugio–La Soledad zone hosts an inferred resource of ≈0.53 Moz AuEq (2 g/t cut-off, 2.4 Mt @ ~6.8 g/t AuEq); initial metallurgical tests report ~96 % Au and 91 % Ag recoveries with low arsenic. The 2025 workplan funds ≈35 000 m of diamond drilling (two rigs, third planned for 2026) aimed at expanding resources toward the 2–3 Moz AuEq M&I scale regarded as buy-out territory.

TLTW

1. Asset
   Mithril owns 50 % of Copalquin and must pay the vendor US $10 million by 7 Aug 2028, plus US $150 000 every six months until that payment is made; the vendor retains a 2.5 % NSR (1.5 % buy-back for US $4.5 million). The capital structure also includes ≈58 million warrants and employee options, equivalent to about 40 % potential dilution if exercised. Management noted that another equity raise is likely within the next 12 months, so both the option deadline and possible share issuance remain key financing considerations.
2. Drilling
   Target 1 contains an inferred resource of ~0.53 Moz AuEq (2 g/t cut-off). Management believes that demonstrating ≥2–3 Moz AuEq in M&I categories across several targets would meet typical acquisition thresholds. Roughly 70 000 m of additional diamond drilling are estimated to achieve that, at an all-in cost of about US $14 million (≈US $200 / m). Current cash covers the next ~45 000 m; the remaining metres, and any subsequent economic studies, will require new funding—whether from warrant exercises, equity, or a strategic partner.
3. Mexico
   The company reports stable community relations (no ejido land, locally hired workforce) and supportive state authorities. Nonetheless, management acknowledges ongoing costs tied to security, the timing of VAT refunds, and the need to monitor changes in federal mining policy. In addition, steep terrain increases road-building and logistics expenses. Investors therefore need to balance these jurisdictional and logistical factors against the project’s grades and favourable permitting path.
4. Remaining work
   Diamond-core recovery to date is high, and initial metallurgical tests return ~96 % Au and 91 % Ag recoveries with low arsenic levels. Mineralisation presently defined lies mostly within the upper ≈300 m; deeper zones with higher base-metal content have not yet been drilled systematically. A second core rig is active, and a third is planned for 2026. Confirmation of additional ore-shoots and extension of mineralisation at depth will be essential to meet the 2–3 Moz target.
5. Markets
   Dual ASX/TSXV listing gives access to both Australian and North-American investors. Average three-month trading volume is about 425 000 shares/day on the ASX and ≈30 000 shares/day on the TSXV. Two recent placements (A$12.3 million in Oct 2024 and C$11.5 million in Jul 2025) suggest the dual listing can attract capital, though management estimates incremental listing and compliance costs at ≈A$0.2 million per year. Liquidity on the TSXV remains limited, and a large warrant position (24.6 million listed at A$0.20 plus ~30 million unlisted at various strikes) could add selling pressure if the share price rises.

Mithril Silver and Gold CEO Interview With John Skeet

VERY IMPORTANT WARNING

Please note that although none of the companies mentioned herein have paid Resource Talks for the creation of this content, this website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.

By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.

The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.