Mithril Gives Exploration Update Including Channel Sample Results up to 4,520 g/t Silver, and 38.2 g/t Gold as Expansion of the District Continues at Copalquin, Mexico (TheNewswire) Melbourne, Australia and Vancouver, Canada – TheNewswire - December 1, 2025 - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide an exploration update over multiple targets at the district scale Copalquin property, Durango State, exico. Channel sampling across multiple district targets continues to deliver high-grade gold and silver with highlights including: 0.50 m @ 16.8 g/t gold, 625 g/t silver ( Target 1 West – El Gallo) 0.65 m @ 16.0 g/t gold, 284 g/t silver ( Target 3 – El Jabali) 0.60 m @ 38.3 g/t gold, 4,520 g/t silver ( Target 5 - Candelaria) Ongoing petrographic work is confirming Mithril’s district scale model for the Copalquin epithermal system which has a vertical mineralised extent of over 1,200m. This work is vectoring into potential feeder zones at Target 1, around Refugio West drill holes MTH-RE25-044 and 045 (7.20 m @ 2.78 g/t gold, 148 g/t silver plus 2.80 m @ 3.97 g/t gold, 208 g/t silver and 8.03 m @ 7.19 g/t gold, 260 g/t silver respectively) 1 , and around Target 1 South drill hole MTH-ZG25-037 (0.57 m @ 6.80 g/t gold and 4,400 g/t silver) 2 , both of which are interpreted to lie along the same northwest trending structure (the Copalquin Structure). Target 1 resource update drilling continued, successfully expanding mineralisation to the west and providing valuable input into the Target 1 geology model that is now robust and predictive. Target 5 drilling, mapping and channel sampling results continue to expand this highly prospective area in the southwest of the district. A further 8 drill holes have been completed at Target 5 with assays pending. Target 3 is ready for the first phase of drilling, commencing early January 2026. Target 3 includes several high-grade historic workings including the El Jabali underground mine. “Copalquin continues to demonstrate its exceptional scale and continuity,” commented John Skeet, Managing Director & CEO . “High-grade results from multiple targets across 9 kilometres with more than a kilometre of vertical extent, confirm we are advancing a large, district scale epithermal gold-silver system. Our detailed study of the recent high-grade intercepts at Refugio West, Zaragoza and Target 5 (Apomal) validate the deeper plumbing of a large, vertically extensive epithermal system. This supports our modelling and demonstrates the true scale and potential of the Copalquin district. With the upcoming Target 1 resource update, Target 5 expanding and Target 3 drill-ready, we are systematically defining a high-grade, multi-target gold-silver district. Throughout 2025 we have completed the detailed groundwork ahead of a fully funded exploration program in 2026, which includes 25,000 metres of drilling in the first 6 months.” COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km 2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC mineral resource estimate (MRE) at the Target 1 area (El Refugio-La Soledad) 3 and a NI 43-101 Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the maiden resource in early 2022 and metallurgical test work (see ASX Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation. With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico. Click Image To View Full Size Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure. Click Image To View Full Size Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3). Several new areas highlighted across the district for follow-up work including recently sampled Target 6 Copalquin District Exploration Progress Update Drilling Drilling continues at Copalquin at Targets 1 and 5, with work at Target 1 focused on expanding mineralization in the Refugio West area. Defining the geometry of the Refugio structure and its relationship to post mineral