High-Grade Gold-Silver Resource, But is There Enough Scale? | Mithril Silver & Gold CEO Interview

**Antonio** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today on the CEO BBQ, advanced stage gold and silver exploration in Mexico, together with Mithril Silver & Gold. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, theresourcetalks.com for a free weekly newsletter. Now, although this company has paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general, and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on Sitterplus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, this is not Mithril's first time on the CEO BBQ. John's been on multiple times already, so if it's your first time hearing about the company, I'm going to post a link to a playlist containing all those previous interviews. Please watch those first as they contained the smell test, the basic grilling, skin in the game, track record and all that, which again, I won't be repeating in here today. Today is going to be more of an update about their MRE.
In a nutshell, though, Mithril's flagship project is called Copaquen, and it's located in Durango State in Mexico. It's roughly 200 kilometers from the city of Durango in the Sierra Madre gold and silver trend. This is a district scale, low-sulfidation epithermal gold silver vein system where they're currently running two drill rigs. One of it is following up extensions at Target 5, and then the other one is testing priority structural targets across the broader LAN package, both of which, of course, we'll talk about later on.
The most important recent news here really was the resource estimate for the main target, it's called Target 1, and that showed about 615,000 ounces of gold equivalent, with 75% now classified as indicated after the shift to mine-constrained and diluted modeling based on over 60,000 meters of drilling, all of which, by the way, sounds like a lot, but we'll talk about all that later on in the conversation. With that, Target 1 update delivered in June of 2020, so it was like just really a couple of days ago. The biggest new-term catalysts are the balance of the 2026 drill program, which should produce ongoing assay results through the second half of the year, and could also set up further resource growth or maybe the first move toward a PEA in 2027, which of course I do intend on asking about later on in the interview. Maybe also a brief update on the secondary project where they hold an option on the La Dura property. It's located about 20 kilometers from Popoquin where they recently completed LiDAR and airborne magnetic surveys to outline a couple of targets though. Drilling has not yet been committed to, but again, yet. Maybe it will be, and I'll be asking about the timing and the cost of that later on as well. For some of the numbers and a bit of the details here, Mithril is listed as MSG on the TSX-V. It is by the way dual listed, so it's listed in Australia as well, but I'll keep the TSX-V for the sake of this video.
On the venture exchange, the volume of the last three months has been about 30,000 shares. The 52-week high here is 69 cents, and the 52-week low is 22.5 cents. Again, that's Canadian on the Canadian exchange. Market cap in Canadian dollars, $43 million, and they also have just under 175.5 million shares outstanding, making this today at least a 23-cent stock. They've not raised money for a long while now. I think last time they did financing was in July, maybe of last year, it was last summer. I'll be asking about money, how much money they have left, how much will they need for the rest of this year, and how do they plan to raise money next time? Those are all questions that I'll be asking later on in the conversation.
But as to actually become a conversation though, I will have to shut up already and John, I'll let you do the talking. But first of all, thank you for sitting down with me today.

**John Skeet** (4:11)