Mithril Silver and Gold Limited (TSXV: MSG, ASX: MTH, OTCQB: MTIRF) is advancing its 100%-owned Copalquin District gold-silver project in Durango State, Mexico, within the Sierra Madre Gold-Silver Trend. The district covers 70km2 containing several dozen historic gold-silver mines and workings, ten with notable historic production. On 30 Jun 2026 the company announced an upgraded, 'mine constrained and diluted' JORC 2012 / NI 43-101 Mineral Resource Estimate for its Target 1 deposit (effective 29 Jun 2026), a 196% increase in Indicated metal versus the prior estimate, achieved at a stated discovery cost of under US$20 per AuEq ounce across roughly 60,000m of drilling. As of 30 Jun 2026 the company held A$7.3 million in cash and remains debt-free. A third drill rig has since been mobilized and an expanded 2026 exploration program is underway across multiple targets at Copalquin (Target 1, Target 3 and others), with high-grade results reported at Target 3 (a separate target not yet carrying its own resource estimate) and continued infill/expansion drilling at Target 1.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 2% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Jurisdiction (40%)6/10
The Copalquin District project is in Durango State, Mexico, within the Sierra Madre Gold-Silver Trend, a district with several dozen historic gold-silver mines.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Target 1 Deposit, Copalquin District Gold-Silver Project, Durango State, Mexico (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)8.5/10
Tahuehueto (Luca Mining Corp.) is 42 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:5.8/10
Nearest producing mine: Tahuehueto (Luca Mining Corp.), 42 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Non-Executive Chairman of Mithril Silver and Gold Limited. B.Comm in Economics and Finance; MBA; graduate of the AICD. 25+ years of experience in equity capital markets.
CEO and Managing Director of Mithril Silver and Gold Limited. 35 years as a mine builder across the former Soviet Union, Australia and Mexico, including 20 years working in Mexico on projects such as Palmarejo, Ocampo, Cerro del Gallo and Copalquin. B.App.Sc; Fellow, AusIMM.
Independent Director of Mithril Silver and Gold Limited. Principal of Pacific Star Corporate Finance, practising corporate and securities law. Director of three public companies and two private companies in the process of going public.
Independent Director of Mithril Silver and Gold Limited. Mining-finance professional with roughly 20 years of experience across all aspects of the resources industry, with strong links to the Canadian mining corporate-finance sector. M.Sc. Geologist.
VP Exploration of Mithril Silver and Gold Limited. B.Sc Geol, P.Geo; 20+ years of exploration and mine-development experience, including extensive work in Mexico, notably SilverCrest's Las Chispas discovery.
Geology Manager of Mithril Silver and Gold Limited. B.Sc (Geol); 11 years exploring epithermal deposits along Mexico's Sierra Madre trend. Manages Mithril's drill programmes and property stakeholder relationships in Durango.
CFO of Mithril Silver and Gold Limited. Chartered accountant and partner with DFK Kidsons, with over 30 years of experience in auditing and accounting ranging from small private companies to large publicly listed multinational groups.
Corporate Secretary of Mithril Silver and Gold Limited. B.Comm, Grad. Dips. in Accounting and Corporate Governance; over 17 years of experience as company secretary of ASX-listed companies.
General Manager, Mexico, of Mithril Silver and Gold Limited. B.Comm, MBA; 12 years in the Mexican mining sector with Caterpillar, Sun Minerals and Mithril, and an experienced business owner and operator.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Mithril Silver and Gold owns 100% of the Copalquin District gold-silver project in Durango State, Mexico, a 70km2 district in the Sierra Madre gold-silver trend with several dozen historic gold-silver mines and workings. The upgraded resource for its Target 1 deposit, constrained by mine shapes and diluted and effective 29 June 2026, contains 343,000 oz of gold and 8,479,000 oz of silver in the indicated category (3,391 kt at 3.15 g/t gold and 77.8 g/t silver), with no measured category, plus 103,000 oz of gold and 3,398,000 oz of silver inferred; the indicated metal is 196% higher than in the previous estimate, after roughly 60,000m of drilling. A third drill rig has been added for an expanded 2026 program covering Target 1 and other targets, including Target 3, which has returned high-grade results but has no resource of its own, and no economic study has been completed.