Mithril Resources raised $4 million from sophisticated investors, supporting the resumption of drilling at its Copalquin Gold/Silver Project in Mexico.

The funding includes a $3.7 million placement at $0.001 per share and a $300,000 convertible note raise.

The funds will be used for exploration in the Copalquin district, general working capital, and a 1-for-100 share consolidation.

Mithril aims to list on a North American exchange in 2024 and explore opportunities with precious metal producers.

The capital will also support follow-ups on high-grade intercepts and expand the JORC resource at the El Refugio-La Soledad target area.