The Outlaw and Mithril Eyes

The Outlaw and Mithril Eyes is the second episode of the Log Horizon 2 anime. It covers The Gold of the Kunie chapter 2, and Lost Child of the Dawn, a later portion of chapter 1.

Cold Open
Raids are dungeon conquests that require the cooperation of multiple parties of adventurers. The most common raid is a Full Raid: four parties of six, totaling twenty-four. Planning and preparation of both equipment and team composition are critical to success, for the challenge goes beyond a mere test of strength and numbers.

Recruiting Silver Sword
Shiroe, Naotsugu, and Li Gan arrive at Susukino, where Shiroe splits off from the two to approach William Massachusetts to recruit Silver Sword's assistance in the Abyssal Shaft raid. William accepts immediately without first knowing the details, saying it would be "rude" to turn down the request after Shiroe had made the whole journey up to Susukino to find him. However, William caveats that the guild is on a hiatus due to a shortage of members: out of the guild's 220 members, many had either left the guild or simply quit raiding due to the effects of death. He elaborates that the memory loss itself was inconsequential, then asks Shiroe if he had ever died after the Catastrophe. After being told that he hadn't, William tries to explain the self-inflection that comes in death. He ends saying that if Shiroe dies, he would understand how they felt.

Meeting Tetora
Naotsugu and Li Gan are discussing what sort of teammates to find, and what to study about the city of Suskino. They hear a muffled cry from the Cleric Tetora, who had landed face-first into a pile of snow. Naotsugu and Li Gan exchange comments about Tetora's appearance, specifically her hot pants. Suddenly, several large icicles fall almost hitting Naotsugu; he declares this to be Akatsuki's curse on him. Finally extracting herself from the snowbank, Tetora declares the world is saved from despair because she is unharmed. The men are unimpressed, and after recovering from disparaging remarks Tetora introduces herself. Naotsugu remains unimpressed, and declares the woman of his dreams to be none other than Maryelle. Nevertheless, Tetora's skill caliber qualifies her for the raid team.

Demiqas Reformed
In the middle of Shiroe's talk with William, Demiqas intrudes, seeking a rematch against Shiroe, who remains unintimidated and insolent about the monk's name. William asserts that Demiqas should stand down due to his prior defeat, and threatens to mutually resort to violence. Demiquas exchanges a few more barbs, but Tetora, Naotsugu, and Li Gan walk in while Tetora reveals how far Demiqas had fallen from his former glory. She tells how Brigandia has lost half its members and even Londark has quit and headed west, the remaining members now underlings of Silver Sword. Shiroe and some other Silver Sword members, including Ragoumaru, Junzou, and HighlandSky, listen into the conversation with amusement, particularly when Tetora begins talking about Demiqas' loving wife being a Lander he'd initially kidnapped as a house maid. He loses his temper and throws Shiroe away, using Phantom Step to try and kick her. Naotsugu casually blocks the kick and Demiqas cancels his attack in response, both knowing that the area is a safe zone. William announces that with Shiroe, Naotsugu, Tetora, and Demiqas, they have enough members for a full raid team.

Raid Journey
The raid team sets out, leaving Li Gan at the city. Since not everyone has a mount, they must travel by foot to the destination, fighting monsters along the way. Shiroe thinks this is perfect for William to assess the capabilities of the raid composition. William comes along and mentions that he is close to determining a proper role for Demiqas to play, despite his foolhardly fighting.

Naotsugu and Maryelle have a chat over telepathy, with him disclosing only the fact that he is about to enter a raid. They had decided to call once daily at night as a protocol to protect information from getting picked up by Minami spies. Henrietta is displeased over Maryelle's communication access, but the guild master swears she is technically working.

Akatsuki eats snacks with Princess Rayneshia at the embassy. Shiroe had assigned her to protection duty while he is away from town, to which she suspects that Minami spies might endanger the princess. Rayneshia inquires about Akatsuki's Red Bean Bun and Green Tea, feeling insecure about her own ignorance of adventurer culture. The ninja replies that the snack combo is merely her preference, and starts to feel awkward.

She departs from the embassy and window-shops the Amenoma weapon shop, casually crossing paths with Enbart Nelles. She eyes at some high-level blades and thinks about how better gear could raise her power level, but she lacks raiding experience to obtain loot, and cannot afford these items. The Samurai Tatara mentions that the listed prices are final, since she doesn't care to haggle her merchandise.

Having reached the Abyssal Shaft, Demiqas decides to enact his revenge on Shiroe by somehow preventing him from reaching his goal during the raid.

Trivia

 * At the beginning of the episode, the Adventurers seen are from the TRPG. Specifically, each one represented a different class in the TRPG Rulebook.
 * Chronologically, this is not the first time Tetora has landed-face first with her rear end sticking out. She did it once during William and Isaac's duel, interrupting them before they could finish. Aware that William was heading to Susukino, she decides to follow Silver Sword.
 * Li Gan exposes that the walls of Suskino protected the Ezzo Empire from giants.
 * Light novel differences:
 * Demiquas' barbs with Shiroe include asking Shiroe what kind of meat he likes, he replies in the light novel that he preferred tofu, prompting Demiqas to respond that he'll be as nice and soft as tofu once he's done with him.
 * During Demiqas' and Shiroe's argument, Shiroe notes that the Landers aren't afraid of him anymore. In the light novel, after some Silver Sword members dismiss an employee, he notices four pairs of Werecat Landers' ears sticking out from behind the bar, where they were watching the scene unfold.
 * Akatsuki does not pass Enbart Nelles on the way to Amenoma in the light novel; the first time he sees her is during their first fight in Christmas Eve.