Mithril Silver and Gold Limited (ASX:MTH) Announces December 2024 Quarterly Activities Report
Exploration Highlights
Mithril Silver and Gold continued drilling at the Target 1 area in the Copalquin district, Mexico, expanding its maiden resource footprint. Notable drill results include CDH-162 intercepting 4.60 meters at 5.51 g/t gold and 182.4 g/t silver, including a high-grade 0.60 meters at 28.0 g/t gold and 997 g/t silver. Additionally, CDH-161 returned 9.00 meters at 2.06 g/t gold and 90.26 g/t silver, with further enriching intercepts. The company initiated the second stage of its 9,000-meter drilling program, ensuring progress towards a resource update scheduled for Q1 2025.
Financial Performance
Mithril Silver and Gold successfully completed a A$12.5 million placement, supported by Australian, North American, and European investors, alongside A$4.417 million from option exercises. This funding will support an additional 35,000 meters of drilling in 2025. As of 31 December 2024, the company reported a cash balance of A$15.74 million and A$1.00 million in a six-month term deposit. Exploration expenditure for the quarter was A$1.756 million, primarily focused in Mexico.
Operational Updates
The municipal access road upgrade in the Copalquin district progressed throughout the quarter and is on track for completion in late March 2025. This development will facilitate the commencement of drilling with the addition of a second drill at two advanced target areas. The upgraded infrastructure supports expanded and fully funded exploration activities throughout 2025, including an additional 35,000 meters of drilling.
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