Updated: Mithril Silver and Gold June 2026 Quarterly Report Upgraded T1 MRE and District Expansion Drill Program

Melbourne, Australia and Vancouver, Canada – TheNewswire - July 31, 2026 - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to report on its quarterly activities and cash flow for its Copalquin and La Dura properties in Durango State, Mexico for the period ended June 30, 2026 . EXPLORATION HIGHLIGHTS Significant mineral resource estimate (MRE) upgrade with total constrained and diluted Indicated and Inferred resources of 343 koz gold + 8.479 Moz silver (464 koz AuEq) and 103 koz gold + 3.398 Moz silver (151 koz AuEq), respectively. Indicated totals 3.391 Mt grading 3.15 g/t gold and 77.8 g/t silver (diluted) and Inferred totals 1.436 Mt grading 2.23 g/t gold and 73.6 g/t silver (diluted). See Table 2 for details 1 196% increase in higher-confidence indicated gold and silver compared to previous MRE. 75% of total gold and silver now classified as indicated Resource constrained within preliminary underground mining shapes and incorporates expected mining dilution , providing a more realistic basis for future engineering and economic studies High confidence resource, remains open along strike and at depth with multiple opportunities for expansion Overall Target 1 MRE discovery cost of less than US$20 per ounce AuEq from approximately 60,000 metres of drilling in 204 drill holes First drilling at Target 3 area since 2020 has shown extensive gold and silver mineralisation with high grades intercepted. Further drilling planned for next quarter. Drilling at Target 5 has expanded the known gold-silver mineralisation with high grades intercepted at the La Maquina area The final Target 1 drilling for the for the MRE upgrade produced strong results on the western end of the deposit area for extensional follow-up. Corporate Cash balance of A$7.3M as of 30 June 2026 and Mithril remains debt free Mexican value added tax refunds have continued with MXN11.5M (~A$940k) of refunds received in Mexico during the June 2026 quarter. Commenting on the June 2026 quarter, Managing Director and CEO John Skeet said: “The June quarter marked a significant step in the systematic de-risking of Target 1 and the broader expansion of the large Copalquin epithermal silver-gold system. The upgraded MRE moves the deposit beyond a purely geological inventory by constraining the resource within preliminary underground mining shapes and incorporating dilution. This provides a more practical foundation for mine planning, engineering and economic evaluation. The Target 1 drilling program strengthened the geological model at El Refugio and La Soledad. Results confirmed continuity through and beyond the post-mineral dyke system, identified additional mineralised structures and demonstrated that the system remains open. The knowledge gained at Target 1 is being applied across the broader Copalquin district. Two drills are active on site to execute the remaining fully funded 12,000 metres of drilling for the 2026 program. The aim of the program is to advance other current target areas for additional resources and to test the deeper system driving targets identified from the extensive mapping, geophysics and structural work across this exceptional epithermal system.” PLANNED EXPLORATION ACTIVITIES – SEPTEMBER 2026 QUARTER During the September 2026 quarter, Mithril plans to: Drill test west and northwest of the Target 1 resource area Follow-up drilling along strike from the high-grade intercepts at the historic Copalquin mine workings Progress a series of deep, key structural targeting drill holes across the district Follow-up drilling to test deeper at Target 3 Progress economic assessment and derisking work for the Target 1 resource area Progres...