Magister Ladd:
Go to the Watcher's Tomb and defeat the Bloody Guardian. From their bodies, you can obtain the Blood Fire, the Flames of Purgatory. That is the only ingredient that can melt the supreme metals, True Gold, and Pure Silver.
Once you find the Blood Fire, use this mixing stone to activate the Alchemic Mixing Jar in the basement of the Ivory Tower and mix the three ingredients. Then, set the temperature to 3 degrees, phoenix.
If you are truly prepared to received a hero's fate, Mimir's Elixir shall appear in the midst of the flames.