Highlights

  • Mithril records AUD 2.18M quarterly net loss amid higher exploration and equity-based costs.
  • Cash balance increases to AUD 18.27M supported by July private placements.
  • Copalquin district drilling progresses across multiple target areas with new intercepts.

Mithril Silver and Gold Limited (ASX:MTH) reported its condensed interim financial results for the three months ended 30 September 2025, with total assets rising to AUD 65.49M compared with AUD 50.95M at 30 June 2025. The increase was driven by exploration and evaluation assets, which reached AUD 45.40M versus AUD 39.07M previously.

The Company recorded a quarterly net loss of AUD 2.18M, compared with AUD 0.55M in the same period last year. The change reflects higher administration, remuneration, investor relations spending, and a significant rise in share-based payments of AUD 1.63M compared with AUD 0.039M a year ago. Depreciation expenses increased to AUD 0.028M from AUD 0.014M.

Other income totaled AUD 0.18M, supported by AUD 0.13M in interest revenue and AUD 0.054M profit from the sale of the Lignum Dam tenements. A foreign currency translation adjustment added AUD 1.06M to other comprehensive income.

Balance Sheet and Capital Activity

Total equity increased to AUD 63.43M from AUD 50.08M at the end of June 2025. Capital inflows included private placements of AUD 12.73M and warrant exercises of AUD 1.18M, partially offset by share issuance costs of AUD 1.06M.

Current assets rose to AUD 20.08M, supported by the cash balance of AUD 18.27M compared with AUD 11.06M at the beginning of the period. Current liabilities increased to AUD 2.06M from AUD 0.87M.

Working capital at the quarter-end stood at AUD 18.02M. Net cash provided by financing activities was AUD 12.85M, while investing activities used AUD 4.85M, mainly for exploration spending.

Exploration and Operational Update

Exploration work continued across the Copalquin Gold-Silver District in Durango, Mexico. Drilling progressed in Target 1, Target 5, and the Zaragoza area, with multiple intercepts reported at depth and along structural extensions. Geological control holes were completed, and channel sampling continued across several zones, including newer targets.

In Australia, the Company retained only its 10 percent free-carried interest in the Limestone Well vanadium-titanium tenements, with other legacy interests divested during the quarter.

Corporate Developments

The July 2025 share placement raised CAD 11.5M before costs, expanding the institutional shareholder base. The Company’s shares were approved for trading on the OTCQB Venture Market in the United States under the ticker MTRIF. After the quarter-end, an additional 515,000 shares were issued through warrant exercises for AUD 0.103M, and shareholders approved the issuance of 5.2M options exercisable at AUD 1.07.

Share Performance of MTH

MTH shares were trading 4.081% lower at AUD 0.470 per share at the time of writing on 7 November 2025.