The superstar fullback had initially been tight-lipped facing a media scrum at the Rabbitohs' Heffron Park headquarters following a meeting called by club powerbrokers on Tuesday.
But later that afternoon, Mitchell took to Instagram with his first formal comments on the leaked image that depicted him leaning over a white powder during a recent community visit to Dubbo.
"Sometimes in life you make poor decisions and I have accepted that as a man/family man/club man I want to do better," Mitchell wrote.
"I can take this time now to move forward, look ahead and continue on being the best version of myself.
"Love to all that has supported my through this. Very grateful."
Mitchell has accepted a one-match ban and fine from the NRL over the image, which circulated on social media and was alleged by the league to have brought the game into disrepute.
He is also likely to receive a separate sanction from Souths.
Earlier on Tuesday, Mitchell told reporters he had a "good yarn" with the Souths board but was at a loss to explain the incident when pressed.
"To be honest I don't really know. We will just leave it there," he said walking to his car.
"No comment. I think we'll leave it with the board and go from there.
"I just had a good yarn to them and we'll leave it with them and get home to my family now."
Latrell Mitchell has endured plenty of on- and off-field drama during the 2024 NRL season. (Dan Himbrechts/AAP PHOTOS)
Photographed at his Sydney home during a leave of absence from the Rabbitohs, Mitchell asked the media for privacy.
"Leave me alone at my house please, that'd be nice," he said.
Tuesday's board meeting is the latest chapter in a calamitous year for both Mitchell and the 15th-placed Bunnies, who are on track for their first bottom-four finish since 2008.
Mitchell raised eyebrows with a profane radio interview in March and missed three games for raising his elbow into Shaun Johnson's face while coach Jason Demetriou's job was on the line the next month.
He surged back to form to star for NSW in the second State of Origin match, only to suffer a foot injury in the round-18 win over Parramatta that interim coach Ben Hornby has said will end his season.
It remains to be seen whether Mitchell will be permitted to serve his one-match ban while sidelined this year, as is the preference of the Rugby League Players Association, or if it will hold for next season.
Rabbitohs captain Cameron Murray is fronting the NRL judiciary on Tuesday night in a bid to have his careless high tackle charge downgraded and play again this season.
If unsuccessful, the shot on Newcastle's Tyson Frizell will force Murray to sit out until round two next year.
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