Mithril Silver and Gold Provides Exploration Update for Copalquin Property

Melbourne, Australia and Vancouver, Canada — February 11, 2026 — Leads & Copy —

Mithril Silver and Gold Limited (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) has provided details on exploration progress at its Copalquin property in Durango State, Mexico.

The initial drilling program at Target 5 confirmed a large silver-rich target in the southwest of the Copalquin District. High-grade silver and gold mineralization has been found within northwest-trending banded quartz veins in granodiorite, spanning 3.2 km from El Gallo to Guamuchilito and 3.0 km from El Jarillal to the Zaragoza workings, covering an area of 9.6 km².

Drilling at the Apomal workings has defined a mineralized zone over 350m of strike length. Drilling at the Tasolera workings to the southeast, intercepted a major alteration zone 70m thick containing elevated silver and base metal values. The alteration zone is associated with a major shear zone and indicates that a significant amount of hydrothermal fluids has passed through these rocks, similar to the structures intercepted below Target 1.

Channel sampling at the Candelaria workings, further along the trend to the southeast, returned 0.6 m @ 38.3 g/t gold, 4,520 g/t silver, indicating a mineralized corridor of 1.5 km within the 9.6 km² target area.

Further drilling at Target 5 will target known zones of high-grade mineralization, based on previous work and aeromagnetic survey results, to define additional resource tonnes.

An aerial magnetic survey has been completed over the Copalquin District and is in progress over the La Dura property concession area. Combined with detailed mapping, sampling, spectral surveys, and petrography work, the survey output will finalize the drill plan, targeting structural ‘feeder’ targets and advancing district-wide exploration.

Phase IV drilling at Target 1 has commenced (~3,000 m) to complete the resource update. The resource has been extended 300m to the west and remains open in that direction. It is also open down dip to the east. Additional holes are planned to cover internal gaps within the current block model. Samples from drill core have been selected for further metallurgical testing to confirm previous high gold and silver recoveries.

The initial drilling program at Target 3 has commenced. Early signs are encouraging, with mineralized quartz vein structures intercepted at predicted depths. Initial drilling is testing several locations within the target area.

Key drill results from the Target 5 initial program include:

• 2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003), including 1.00 m @ 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m
• 3.35 m @ 366g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005), including 1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m
• 1.25 m @ 728g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006), plus 0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m, plus 0.80 m @ 427 g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m
• 0.50 m @ 443g/t AgEq (0.45 g/t gold, 411 g/t silver) from 241.3 m (AP25-010) (plus 3.4% lead and 1.70% zinc)
• 2.85 m @ 145g/t AgEq (1.14 g/t gold, 65 g/t silver) from 79.6 m (AP25-014)
• 3.05 m @ 170g/t AgEq (0.07 g/t gold, 165 g/t silver) from 193.05 m (AP25-017)

According to John Skeet, Managing Director and CEO of Mithril Silver and Gold Limited, Copalquin continues to develop as a large epithermal silver-gold system with confirmed high-grade mineralization across multiple targets. Skeet added that resource drilling at Target 1, discoveries at Target 5, and drilling at Target 3 demonstrate the district’s scale and growth potential. Alteration intensity, structural controls, and geochemical vectors suggest a hydrothermal system with expansion upside.

The company’s strategy involves progressing Target 1 to development, advancing Targets 3 and 5 to additional resources, and testing district-defining targets within the silver-gold system. Detailed work programs for 2026 are being finalized using data from the recent aerial magnetic survey and vein study work.

Mithril plans an aggressive exploration program in 2026, with up to 25,000 meters of drilling planned across the Copalquin District during the first 6 – 8 months. Work will focus on expanding known mineralized zones, testing new high-priority targets, integrating geophysical data, and advancing the district-scale exploration.

The district features over 100 historic underground workings (c.1850 – 1910) and 200 small surface workings. Mapping and sampling demonstrate a large epithermal silver-gold system with multiple target areas for resource growth and the conduit system responsible for the mineralization.

The northern half of the Copalquin concession area features large areas of alteration, with LiDAR images showing evidence of historic mining activity and key structures. The nearby 20 km² La Dura property, recently added to the portfolio, has a database of mapping, sampling, and drilling, with several workings, including the La Dura mine. A LiDAR survey has been flown, and an aerial magnetic survey is in progress.

The drilling at Target 5 has confirmed high-grade silver-gold mineralization within a 1.5 km mineralized corridor from the Candelaria – San Miguel workings to the Apomal workings within the 9.6 km² target area. The initial drill program intercepted high-grade silver and gold from near surface and at various elevations up to 240 meters below surface.

The strongest alteration zone in Target 5 was intercepted by drill hole TA25-002, with a 70-meter length of alteration zone with ~5 ppm Ag and elevated base metals, indicating significant fluid flow. This zone is expected to produce a soil geochemical anomaly, especially for lead (Pb).

The aerial magnetic survey over the southern half of the Copalquin mining concession area has been completed, with the final report pending. Results are anticipated to provide data for drill program design as Target 5 progresses.

Mithril engaged SmallCaps IR to deliver investor relations services for AU$3,000 per month for three months. The Company continues to utilize SmallCaps IR on a month-to-month basis with a 45 day notice period. SmallCaps IR is an arm’s length party to the Company.

The Copalquin mining district in Durango State, Mexico, covers 70km² with historic gold and silver mines and workings. The district is within the Sierra Madre Gold Silver Trend.

Within 15 months of drilling, Mithril delivered a maiden JORC mineral resource estimate at Target 1, detailed below:

Target 1 Maiden Resource:

• Indicated: 691 kt @ 5.43 g/t gold, 114 g/t silver for 121,000 oz gold plus 2,538,000 oz silver
• Inferred: 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252,000 oz gold plus 8,414,000 oz silver (using a cut-off grade of 2.0 g/t AuEq*)

28.6% of the resource tonnage is classified as indicated.

The average vein width is approximately 4.5 metres.

Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10Mon or any time before 7 August 2028.

Source: Mithril Silver and Gold Limited

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