The Board of Mithril Resources Limited (ASX:MTH) (MTH or the Company) is pleased to announce that is has completed a capital raising with new and existing institutional, professional and sophisticated clients of PAC Partners Securities Pty Ltd and Arlington Group Asset Management (the Joint Lead Managers) for an investment in the Company of $3.7 million (before costs) through a Placement Offer.
Mithril Managing Director/CEO John Skeet said, 'We are very happy to welcome Jupiter Gold and Silver Fund to the register. In October 2023, we hosted Jupiter on a site visit at our Copalquin Project in Mexico and they obviously liked what they saw given this A$2 million or 10% investment in Mithril. The additional funding allows Mithril to continue drilling at Copalquin throughout the remainder of 2024, placing us on track to update the high-grade resource at the Target 1 area in Q1 2025, aiming for 2x current Target 1 resource, and to test adjacent targets.'
About Jupiter Gold and Silver Fund
Jupiter Gold and Silver Fund is a London based specialist gold and silver asset manager with approximately $1 billion assets under management. Jupiter has been a shareholder since 2020 of ASX listed De Grey Mining and according to its March 2024 investor newsletter counts the Sprott Physical Silver ETF as its second largest holding while exploration companies are only 3% of the fund's assets under management.
Capital Raising Details
Mithril has received binding commitments for a Placement to professional and sophisticated investors, comprising of 18,500,000 new fully paid ordinary shares in the Company (Placement Securities) at an issue price of $0.20 to raise approximately $3.7M (before costs) (Capital Raising). An applicable Appendix 3B pertaining to this Placement follows this announcement. The placement was well supported by Australian, North American and European investors. Participants in Placement will receive one free attaching option for every one share subscribed for under the Placement. The options will be unlisted, have an exercise price of $0.30 and an exercise period of 2 years from date of issue (Attaching Options). The Directors of the Company have committed to subscribe for $100,000 in the Placement. The issue of the shares will be completed under the Company's 7.1 (9,542,378 shares) and 7.1A (8,457,622 shares) placement capacity and approval under ASX Listing Rule 10.11 (500,000 shares) for director participation. The attaching options, including shares and options to Directors, are subject to shareholder approval at an upcoming EGM
The Placement was conducted by PAC Partners Securities Pty Ltd and Arlington Group Asset Management as joint lead managers with fees paid under normal commercial terms. The funds from the Placement will fund continued drilling and exploration work at the district scale, high-grade gold-silver Copalquin project in Mexico and for general working capital. Funds will also be allocated for access road upgrade works into the Copalquin property. The Company will announce a Notice of Extraordinary General Meeting to approve the issue of the placement options and placement securities to Directors
Contact:
Tel: +61 435 766 809
Email: mflynn@mithrilresources.com.au
ABOUT THE COPALQUIN GOLD SILVER PROJECT
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits. Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver. Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below. With over seventy historic gold-silver mines and workings throughout 70km2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are four interpreted hydrothermal upwelling zones in the district with one already hosting a high-grade gold-silver JORC resource at El Refugio (529koz AuEq @6.81 g/t AuEq) ^ . There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district. With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre GoldSilver Trend of Mexico. These districts can host 1 - 5 million ounces of gold plus 50 - 100+ million ounces of silver.
Competent Persons Statement
The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril's CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code. Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril's Mexican project, has been compiled by Mr Ricardo Rodriguez who is Mithril's Project Manager. Mr Rodriguez is a Member of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code. Mr Rodriguez has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rodriguez consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, Principal Geologist, AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian Institute of Mining and Metallurgy. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
MITHRIL RESOURCES LIMITED 
