Mithril Silver and Gold upgrades T1 MRE, expands district drill program

Melbourne, Australia and Vancouver, Canada – July 31, 2026 – TheNewswire - 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