Mithril Silver and Gold Limited reported strong progress for the September 2025 quarter, focusing exploration efforts on its Copalquin District project in Durango State, Mexico. The company expanded drilling operations with two drills active and a third scheduled, targeting multiple areas including Target 1 and Target 5. Systematic mapping and sampling identified continuous mineralisation extending nine kilometres across the district and 1,300 metres vertically. Significant results included high-grade channel sampling at the Santa Cruz mine, with assays up to 57.8 g/t gold and 2,120 g/t silver over 0.7 metres, defining a new target area (Target 6). At Target 5, sampling yielded up to 3,300 g/t silver. Subsequent to the quarter, drilling at Target 1 delivered a 300-metre extension with results of 10.9 g/t gold equivalent over 8.03 metres. Financially, Mithril completed a C$11.5 million share placement, raising its cash balance to A$18.3 million and leaving the company debt free. Over 40% of shares are now held by global institutional investors. The company also finalized the divestment of its remaining interest in the Lignum Dam tenements in Western Australia and qualified for trading on the OTCQB market in the US under the symbol MTIRF. Exploration expenditure for the quarter totaled A$4.87 million, focused entirely on Copalquin.