Durango, Mexico
A silver district with high-grade gold
High-grade resource delivered in 2026 — PEA progressing.
A new adjacent resource area is growing at Target 4, with two drills working.
+ 8.48 Moz silver
+ 3.40 Moz silver
Economic assessment
Target 1 PEA underway, targeting early 2027.
Near-term resource growth
Target 4 550 m of confirmed mineralised strike within a 1.5 km structure.
District upside
70 km² Copalquin plus the 20 km² adjacent La Dura property.
People and alignment
Mexico experience and success 37% institutional ownership and 15% Board / Management / Insiders.
Target 1 Mineral Resource Estimate effective 29 June 2026, mining shape constrained and diluted. Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. See the resource table and Disclaimers.
Target 1 provides the resource base for the PEA.
The June 2026 upgrade increased the Indicated resource by 196%.
is Indicated
| Class | Tonnes (kt) | Gold (g/t) | Silver (g/t) | AuEq (g/t) | Gold (koz) | Silver (koz) | AuEq (koz) |
|---|---|---|---|---|---|---|---|
| Indicated | 3,391 | 3.15 | 77.8 | 4.26 | 343 | 8,479 | 464 |
| Inferred | 1,436 | 2.23 | 73.6 | 3.28 | 103 | 3,398 | 151 |
High recoveries support a conventional process route.
| Process recoveries | Gold | Silver |
|---|---|---|
| Recovery to flotation concentrate | 93.5% | 87.8% |
| Overall recovery including leaching after flotation | 96% | 91% |
High recovery into concentrate using conventional reagents, tested on Target 1 crushed core material.
Flotation only may support lower capital intensity and operating cost. The PEA will quantify this opportunity.
SGS composite tests are laboratory results, not operating guarantees. See ASX announcement 25 Feb 2022 — “Further Excellent Metallurgy Results”.
*Constrained and diluted Mineral Resources for Copalquin Target 1 are based on underlying metal prices of $3,300/oz Au and $50/oz Ag, unless otherwise noted. AuEq g/t = Au g/t + (Ag g/t × (Ag price / Au price) × (Ag recovery / Au recovery)), calculated using the underlying metal prices along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples.
Underground resource estimates are based on economically constrained mining shapes generated using Datamine’s Mineable Shape Optimizer (MSO) algorithm, diluted to a minimum 2 m thick shape, with Long Hole Open Stope mining at a total Mining + Processing + G&A cost of $97.00 per tonne of material processed. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
See ASX announcement 03 July 2026, “Amended Announcement Copalquin Project Target 1 Deposit MRE”. NI 43-101 Technical Report — Updated Target 1 MRE, effective date 29 June 2026, available on the Company website and SEDAR+.
Target 4 opens adjacent resource upside.
One of several key district structural targets — a new geologic model applied to a 1.5 km potential structure, with 550+ m of confirmed strike and two drills currently working.
Adjacent to Target 1
Drilling is testing the interpreted structural corridor linking Target 1 with the historic San Manuel mine, 1.5 km to the southeast.
There are other interpreted NW-trending parallel structures to the east and west.
Additional resources aim to expand the district’s development upside and support shareholder value growth.
Exploration results only. There is no Target 4 resource estimate. The interpreted 1.5 km structure requires further drilling to establish continuity.
Turning district knowledge into targets for resource expansion.
of drilling across the 70 km² district
Mapping and sampling
Surface geology and historic workings help rank targets.
Geological modelling
Drill results, LiDAR and geophysics refine the structural model.
Target 4 shows how a better model can guide the next resource discovery.
Copalquin District — high-priority drill targets, new LiDAR targets and the unexplored northern area.
La Dura adds low initial-cost exploration optionality.
LiDAR & mag surveys
A 1.5 km trend of historic workings — an obvious drill target. LiDAR interpretation and magnetics are completed.
La Dura is under an option to acquire 100%, not an unconditional 100% holding. No current Mineral Resource. Historic data require verification.
Copalquin sits in a proven silver-gold region.
Established Sierra Madre Trend
Palmarejo, San Julián and Guanaceví, La Ciénega and Tahuehueto illustrate the region’s operating depth.
Recent open pit approvals in Mexico
- San Antonio, Sonora(July ’26)
- Cerro de Oro, Zacatecas(Sep ’26)
- Municipal access road upgraded in 2025
- El Durazno town provides a nearby additional workforce and services
- Chihuahua City 8 hours north by road
Regional mine locations and access distances from Mithril. Neighbouring operations do not establish Copalquin’s economic viability.