Mithril Silver and Gold Limited Secures AU$12.5 Million Capital Raise

Highlights:

• Successful Capital Raise: Mithril Silver and Gold Limited (ASX: MTH) confirmed a AU$12.5 million capital raising at AU$0.50 per share, backed by major institutional investors, enhancing its financial position for exploration.
• Expansion of Drilling Efforts: Proceeds from the placement will increase Mithril’s cash balance to approximately AU$18 million, enabling a significant boost in drilling capacity to 40,000 meters in 2025, quadrupling its current drilling plans.
• Infrastructure Improvements: The company has initiated upgrades to access roads in the Copalquin District, expected to facilitate expanded exploration activities, with completion anticipated by the end of Q1 2025.

Mithril Silver and Gold Limited (ASX: MTH) has successfully confirmed commitments for a significant capital raising of AU$12.5 million at an issue price of AU$0.50 per share. This initiative is supported by both new and existing institutional shareholders, marking a pivotal moment for the company as it gears up for expanded exploration efforts.

Strong Investor Support and Commitments

Notably, the Jupiter Gold and Silver Fund has reaffirmed its stake in Mithril with a 16% shareholding, while the 1832 Fund, part of the Bank of Nova Scotia, maintains an 8% position post-placement. In addition, Mithril’s directors have committed to subscribing for AU$200,000 of shares, emphasizing their confidence in the company's future prospects.

Enhanced Exploration Strategy

The proceeds from this placement will significantly enhance Mithril's financial position, boosting its cash balance to approximately AU$18 million. This funding will enable the company to increase its drilling efforts dramatically in 2025, with a target of 40,000 meters—a substantial increase compared to the current 9,000 meters planned for 2024. The aim is to expand the existing 529,000-ounce gold equivalent resource at the Target 1 area by Q1 2025.

In conjunction with these drilling plans, Mithril has commenced upgrades to access roads within the Copalquin District, anticipated to be completed by the end of Q1 2025. This infrastructure improvement will facilitate the company's expansive exploration activities.

Forward-Looking Statements

John Skeet, Managing Director/CEO of Mithril, expressed enthusiasm about the continued backing from major investors and the potential for rapid advancement in exploration. He stated, “The funding allows Mithril to considerably expand drilling at Copalquin with additional drill capacity... We remain on track for the high-grade resource update at the Target 1 area in Q1 2025.”

This capital raising positions Mithril Silver and Gold Limited for a transformative year ahead, with ambitious plans to establish the Copalquin District as a world-class gold-silver mining area. As of now, the company is well-equipped to meet its targets, bolstered by strong investor confidence and a solid financial foundation at the time of writing.

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