Mithril Resources

JOHN SKEET

MANAGING DIRECTOR

◾ Company Name: Mithril Resources ◾ Company ASX code: MTH ◾ Key Commodities: Gold and silver ◾ Key Personnel: John Skeet, Managing Director and CEO | Hall Stewart, Chief Geologist ◾ Locations: Copalquin mining district in Mexico’s Durango State ◾ Market Cap as of 15/08/22: $17.58M ◾ FY22 Share price range - Low/High: $0.004 / $0.021 ◾ Company Website: mithrilresources.com.au

(ASX:MTH)

COMPANY PROFILE

Mithril Resources is focussed on exploration for gold and silver at the Copalquin Mining District located in the prolific Sierra Madre Gold-Silver Trend of Mexico.

The mining concession area of 70km2 covers and entire historic mining district in Durango State, Mexico which included several dozen historic gold and silver mines and workings, ten of which had notable production.

The district is situated within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico, and hosts many world-class gold and silver deposits.

In May 2020, Mithril Resources completed a restructure and acquisition of private exploration company Sun Minerals, who owned an exclusive option to purchase 100% of the mining concessions covering the Copalquin Mining District.

Within 15 months of commencing drilling at Copalquin, the Company delivered a high-grade maiden JORC mineral resource estimate (MRE). The MRE came in at 2.41 million tonnes at 4.8 grams per tonne (g/t) gold and 141 g/t silver, representing 373k ounces of gold and 10.95 million ounces of silver. Around 29% of that resource tonnage was classified as indicated and the remainder inferred.

Mining study work indicates that conventional underground mining methods are applicable for the maiden resource area and metallurgical test work on drill core samples returned high gold and silver recoveries using conventional processing methods. Using flotation and cyanide leaching, the test work achieved gold and silver recoveries of 96 percent and 91 percent, respectively.

Exploration work and drilling has continued in the Copalquin district, identifying other areas with future resource potential. Recent drilling around the maiden resource area has intercepted high-grade gold and silver mineralisation in the western and eastern ends of the deposit.

The mining industry in Mexico is highly active and considered to be a low-risk mining jurisdiction, with over 300 mostly North American mining and exploration companies active in the country, including Newmont Goldcorp, Agnico Eagle, Grupo Mexico and Fresnillo among 20 other $1Bn+ listed companies.

Close to Copalquin, London listed and Mexico based Fresnillo operates the San Julian and La Cienega mines. To the north is Agnico Eagle with Los Pinos and Coeur Mining with Palmarejo and to the south is First Majestic Silver with San Dimas.

Mithril’s board and management each have 20 – 30 years experience in Mexico with gold and silver exploration and mine development.

The investment opportunity provided by Mithril is exposure to proven highgrade gold and silver within a large historic mining district managed by a team of professionals with success and experience in Mexico. The Copalquin District geology is typical for this region of Mexico in a geologic trend famous for its epithemal gold and silver deposits. Mexico is a globally important economy with a large and significant mining industry and Mithril operates in a region with world class mines and operators.

KEY INVESTMENT HIGHLIGHTS

◾ High-grade gold and silver within the world class Sierra Madre Gold Silver Trend of Mexico. ◾ Experienced management team with history of success in this region of Mexico. ◾ High-grade maiden resource delivered after only 15 months of drilling at all in cost of only USD14.30 per resource ounce gold equivalent (gold and silver).