Date: Sep 27, 2018

Mithril Resources Limited

During the year under review the Company continued to focus on advancing the Kurnalpi Project where nickel sulphide mineralisation was confirmed in reverse circulation (RC) drilling. Importantly the work completed to date has demonstrated that nickel sulphides are present at Kurnalpi within favourable ultramafic rocks. We are confident that ongoing exploration will ultimately be successful, and we look forward to carrying out further drilling at Kurnalpi in 2019.

Data compilation and target generation activities were completed on the Billy Hills Project where the company is targeting large scale zinc + lead +silver deposits similar to the nearby Pillara deposit. Four initial targets have been prioritised for follow-up on two newly granted tenements highlighted by elevated rock chip results up to 14.24% zinc + lead, an untested IP geophysical anomaly and broad zones of bedrock anomalism in historic drill intercepts.

Late in the year the Company applied for two Exploration Licences in the highly prospective Bangemall Basin targeting base metal mineralisation. The tenements are situated northwest of Meekatharra and are in a similar geological setting to the large Abra Deposit held by Galena Mining Limited. The area’s prospectivity is highlighted by a number of surface geochemical anomalies, geophysical anomalies and strong indications of copper and zinc mineralisation in some historic drill holes that require follow-up. Mithril will now conduct a target generation exercise ahead of the tenement’s grant which is expected within the next 12 months.

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