Magister Ladd:
Obtain Blood Fire by killing bloody guardians in Antharas' Lair.
Once you get the Blood Fire, create Mimir's Elixir using the mixing urn under the Ivory Tower. Combine Pure Silver and True Gold, using Blood Fire as a catalyst. Set the temperature to #3 Phoenix...
Once you've made the elixir, bring it to me. I'll show you how to use it.