MTH $12.5M capital raise supported by cornerstone investors

Earlier this week our Mexican silver Investment Mithril Silver & Gold (ASX:MTH) closed a $12.5M capital raise at 50 cents per share.

We participated in this raise.

This follows on from last week when cornerstone investor Jupiter Gold and Silver Fund exercised $3M worth of options.

Both cornerstone investors Jupiter Gold and Silver Fund as well as 1832 Fund (Bank of Nova Scotia) maintained their positions in the raise.

(MTH’s directors also tipped in $200k - we always like it when directors buy into a capital raise)

At the end of the quarter MTH had ~$2M in the bank.

With these funds raised and the exercised options MTH should have ~$19.5M ($3M+$4M+$12.5M) cash in the bank to fund exploration.

(Source - MTH Quarterly Report)

MTH has 11 million oz silver and 373,000 oz gold or 529,000 ounces of gold equivalent JORC resource at its project in Mexico.

The company has completed the initial 4,500m drilling program and is looking to drill another ~5,000m.

The goal is to double the JORC resource by early next year.

This current resource only covers ~5% of the total land package for MTH and there are a number of potential targets over the project that could be of similar size…

Or bigger than this first one.

What is next for MTH?

Below is a chart which outlines what MTH has planned in 2024-2028:

🔄 More drilling around existing resource and new targets - We want to see more drilling to expand the resource, and MTH to have a crack at one of numerous targets on its large project.

🔄 Ultimate goal: double JORC resource (Q1 2025) - this would enhance the scale of MTH’s project and make it more attractive as an investment for larger funds and increase its standing among precious metals projects around the world.