Melbourne, Australia and Vancouver, Canada (July 9, 2025) – Mithril Silver and Gold
Limited (TSXV: MSG) (ASX: MTH) (“Mithril” or the “Company”) is pleased to announce
that it has entered into an agreement with Ventum Financial Corp. as lead agent and sole
bookrunner on behalf of a syndicate of agents (collectively, the “Agents”), in connection with
a private placement of 27,778,000 common shares (the “Shares”) of the Company at a price
of C$0.36 per Share (the “Offering Price”) for aggregate gross proceeds of C$10,000,080
(the “Offering”), excluding any additional proceeds raised from the exercise of the Agents’
Option (defined below).

The Company will grant the Agents an option (the “Agents’ Option”), which will allow the
Agents to offer up to an additional 15% of the Offering, on the same terms as the Shares.
The Agents’ Option may be exercised in whole or in part at any time prior to the Closing
Date of the Offering.

The Shares (including any Shares issued pursuant to the Agents’ Option) will be offered on
a private placement basis pursuant to exemptions from prospectus requirements under
applicable securities laws, in all provinces of Canada, and will be made utilising the
Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A.
The net proceeds from the Offering will be used to accelerate exploration and drilling activity
at the Company’s Copalquin district project in Durango State, Mexico, as well as for working
capital and general corporate purposes.

The Offering is scheduled to close on July 29, 2025 (the “Closing Date”), or such other date
as the Company and the Agents may agree and is subject to certain conditions including,
but not limited to, the receipt of all necessary regulatory approvals, including the approval of
the TSX Venture Exchange. All securities issued under the Offering will be subject to a
statutory hold period expiring four months and one day from the Closing Date.

In consideration for services provided by the Agents, the Company has agreed to pay a fee
of 6.0% of the gross proceeds of the Offering plus any applicable taxes in cash to the Agents.
The Company has also agreed to issue to the Agents that number of compensation options
equal to 6.0% of the aggregate number of Shares issued by the Company under the
Offering, each exercisable into one Share at the Offering Price, with an expiry date of two
(2) years from the Closing Date. The same commission shall be paid to the Agents in
connection with any Shares issued or sold pursuant to the exercise of the Agents’ Option.

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