Capitan Silver Corporation (QX) (CAPTF)

Capitan Silver Intersects 935 g/t Silver Equivalent over 1.3 Metres, Within a Wider Zone of 157 g/t Silver Equivalent over 20.0 Metres at the Cruz De Plata ProjectMay 11, 2026 6:00 AM
NewsfileCapitan continues to grow the mineralized system at Cruz de Plata, expanding the Jesus Maria vein deeper and identifying additional new high-grade zonesVancouver, British Columbia--(Newsfile Corp. - May 11, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company") is pleased to report the first assay results from its 60,000m 2026 drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from twenty-three (23) drill holes.Highlights:High-grade silver mineralization at the Jesus Maria Silver Trend appears to be expanding along strike and down-dip, with grades and widths improving at depthDrill hole 26-ERDD-08 intersected 934.6 g/t AgEq over 1.3m, within a wider interval of 157.3 g/t AgEq over 20.0m, extending high-grade silver mineralization 150m deeper than previously announced drill hole 25-ERRC-10
25-ERRC-10 intersected 502.0 g/t Ag over 1.52m, within a broader zone of 316.3 g/t Ag over 3.0m (see Capitan news release dated September 2, 2025)Drill hole 26-ERDD-07 also expands previously identified high-grade silver mineralization at the Jesus Maria vein, intersecting three distinct high-grade zones, including a broad zone of mineralization further down-dipDrill hole 26-ERDD-07 intersected an upper zone, the Jesus Maria vein, and a new lower zone further at depth
Upper zone: intersected 585.9 g/t AgEq over 1.1m, within a broader zone of 213.4 g/t AgEq over 9.0mMain zone (Jesus Maria vein): intersected multiple high-grade zones with up to 191.6 g/t AgEq over 2.0m, within a broader zone of 76.4 g/t AgEq over 20.7mLower zone: intersected 563.7 g/t AgEq over 1.0m, within a broader zone of 125.7 g/t AgEq over 5.3mDrill hole 26-ERDD-07 is located 30m east of previously reported hole 25-ERRC-52 (see Figure 5)
Drill hole 25-ERRC-52 returned multiple high-grade silver intercepts, including: 1,450.5 g/t AgEq over 1.5m, within a broader zone of 1,131.5 over 3.0m, 468.3 g/t AgEq over 4.6m, 574.6 g/t AgEq over 3.0m, all contained within a broad interval of 211.0 g/t AgEq over 41.1m (see Capitan news release dated April 1, 2026)Drill hole 26-SRRC-08 returned an interesting result, identifying a new, broad zone of silver mineralization east of the Peñoles FaultDrill hole 26-SRRC-08 intersected two mineralized zones:
Upper zone: intersected 213.7 g/t AgEq over 1.5mLower zone: intersected 164.2 g/t AgEq over 6.1m, within a wider interval of 61.8 g/t AgEq over 39.6mUpcoming Catalysts:Analyst site tour (May 11-13)Assays pending for 43 drill holes: 16 RC and 27 core holes, with more arriving weeklyAlberto Orozco, CEO of Capitan Silver, commented:"The first batch of assay results from our 2026 drilling program have demonstrated that the high-grade Jesus Maria Silver Trend continues to grow on strike and at depth. As we go down-dip, I am excited to see mineralization growing, grades improving, good continuity of mineralized structures, consistent thicknesses, and new high-grade zones of mineralization. "Not only have we intersected the main Jesus Maria vein - clearly identified in our highlight hole - with its characteristic broad width, but we also continue to intersect high grades both above and below the Jesus María vein. Finding a new high-grade zone at depth is particularly exciting, as it is expanding our deeper targets and bringing further scale potential into view. "These new results now give the Company 2.5 km of drilled continuity along strike. Looking ahead, we are only getting started on the deeper testing, and plan to expand all our known drilling down to approximately 500m from surface with this year's program."Figure 1: Cruz de Plata drill plan mapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296840_e13159e7e4454930_002full.jpgDiscussion of 2026 Drill Program and ResultsDrilling at the Cruz de Plata silver-gold project has ramped up in 2026, with three drill rigs currently operating at site. Total daily output currently averages approximately 210-220m per day, with very little downtime reported. The Company expects to add an additional diamond core drill rig to the property in the coming month.Diamond core drilling has been primarily focused on expanding high-grade silver mineralization at depth along the main Jesus Maria Silver Trend, specifically targeting areas down-dip from shallow, first pass RC drilling to the west of the Peñoles Fault (see Figure 1), with the goal of testing mineralization 500m from surface (see Figure 5). Approximately thirty (30) diamond core holes have been completed so far in 2026, in addition to thirty-six (36) RC holes.Drill Results Jesus Maria Silver Trend (west of the Peñoles Fault)Diamond and RC drilling continued to test the continuity of high-grade silver mineralization on the west side of the Peñoles fault, with drilling focused on two main 400m-wide corridors consisting of the Peñoles Fault-Jesus Maria Silver Trend Intersection (results reported in this news release) as well as the Gully Fault-Jesus Maria Silver Trend intersection further to the west (assay results pending).Diamond drill holes 26-ERDD-05, 07 and 08 were designed as on-section step-outs to test and extend high-grade silver mineralization at depth, as well as obtain more detailed structural and lithological information that is not captured well in the RC drilling. All holes returned multiple, strong silver grades both near surface and at depth. Drill hole 26-ERRD-05 returned multiple zones, including a strong silver interval down-dip from a previously identified zone, that returned weaker silver grades, in the hanging wall to the main Jesus Maria zone. These results indicate the potential for additional sub-parallel zones of high-grade silver mineralization developing in the hanging wall of the main Jesus Maria zone. These intercepts extended mineralization down-dip between 20 and 56m, in addition to identifying important fault structures, intrusive units and breccia zones, that will assist with additional targeting at depth. Best results include 827.0 g/t AgEq over 1.4m and 254.6 g/t AgEq over 1.1m.Drill hole 26-ERDD-08 returned a strong intercept in the Jesus María structure with 157.3 g/t AgEq over 20.0m starting at a depth of 172.0m. This broader 20.0m intercept included multiple high-grade zones including 934.6 g/t AgEq over 1.3m, within a broader zone of 376.3 g/t AgEq over 5.2m, as well as 182.5 g/t AgEq over 2.3m, and 136.6 g/t AgEq over 2.0m. This step-out hole extends mineralization down-dip, along section by 83m from drill hole 26-ERRC-53. While reported in silver equivalent, the 20.0m interval is averaging 84% silver equivalent content, with the remaining 16% of the AgEq grade coming from gold, lead and zinc. However, the higher-grade zone with 934.6 g/t AgEq over 1.3m, has a silver content of 920.0 g/t Ag, representing 98% of the silver equivalent content (see Table 1). These results not only continue to strengthen the primary silver nature of Cruz de Plata, but the metal ratios also indicate the drill intercepts are still high on the system with significant upside to test at depth. Additionally, drill holes 26-ERDD-08 and 26-ERRC-53 extended mineralization 150m down-dip from drill hole 25-ERRC-10, with grades increasing at depth towards hole 26-ERDD-08 (see Figure 2).Drill hole 26-ERDD-07, located 30m east of previously reported hole 25-ERRC-52 (see Capitan news release dated April 1, 2026) intersected three distinct high-grade zones: (i) an upper zone, (ii) the Jesús María vein, and (iii) a new lower zone further at depth (see Figure 3). The upper zone (also cut by drill hole 26-ERDD-08 but in a lower-grade zone), intersected 585.9 g/t AgEq over 1.1m, within a wider zone of 213.4 g/t AgEq over 9.0m. This zone has been intersected in other drill holes in this area and continues to grow on strike and at depth and has been low in base metals with AgEq, coming mainly from silver with some gold. The main zone, or the Jesus María vein, intersected multiple high-grade zones with up to 191.6 g/t AgEq over 2.0m, within a broader zone of 76.4 g/t AgEq over 20.7m. The new lower zone intersected 563.7 g/t AgEq over 1.0m, within a broader zone of 125.7 g/t AgEq over 5.3m. While this zone was higher in base metal contents with up to 4.91% Pb + Zn (see Table 1), silver still amounted to 76% of the calculated silver equivalent grade. This new lower zone adds new targets to the Jesus María Silver Trend.Jesus Maria Silver Trend RC Drilling (east of the Peñoles Fault)Ongoing exploration work in early 2026 along the Jesus Maria Silver Trend east of the Peñoles Fault has led to the completion of 29 drill holes at this target, with 18 holes reported in this news release. During 2025, drilling confirmed that this area was comprised of multiple, sub-parallel mineralized zones that were poorly understood due to lack of drilling. The goal for early 2026 was to build out mineralization along strike and at depth through broadly spaced RC drilling to confirm the dip and orientation of mineralized zones. An additional objective was to obtain enough information to model at least one zone that could be used as a target for future drill planning to extend the zone down-dip through larger step-outs. Currently, the modelled zone east of the Peñoles Fault has a strike length of 1,100m and has been traced down-dip between 150 to 350m and remains open along strike to the east and at depth (see Figure 5). All 14 drill holes reported in this news release intersected silver-gold dominated mineralization, with locally strong silver grades returned in multiple holes. Best results include: drill hole 26-ERRC-58, which returned 341.9 g/t AgEq over 1.5m, within a wider interval of 137.5 g/t AgEq over 6.1m,drill hole 26-SRRC-08, which returned 213.7 g/t AgEq over 1.5m (upper zone) and 164.2 g/t AgEq over 6.1m, within a wider interval of 61.8 g/t AgEq over 39.6m (lower zone), drill hole 26-SRRC-11, which returned 238.9 g/t AgEq over 1.5m, within a wider interval of 77.4 g/t AgEq over 9.1m, and drill hole 26-SRRC-17, which returned 417.5 g/t AgEq over 1.5m and 139.4 g/t AgEq over 1.5m, within a wider interval of 148.6 g/t AgEq over 7.6m. In addition, several of the remaining drill holes returned values of >100 g/t AgEq (see Table 1).Evaluation of the geochemical signature from this portion of the Jesus Maria Silver Trend indicates that the current drill program remains in relatively shallow (boiling portion) of the epithermal system, as base metals remain largely absent in the reported mineralized zones, even in the deepest portions of the mineralized model. The recently completed MobileMT geophysical survey (see Capitan news release dated May 8, 2026), indicates that this zone remains open to expansion, with good correlation between magnetics and conductivity anomalies, indicating the anomalies extend for at least 1km below the current modelled zone. Future drilling will be focused on larger step-outs to explore for higher grades in the deeper parts of the system.Figure 2: Cross-Section, drill hole 26-ERRD-08To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296840_e13159e7e4454930_003full.jpgFigure 3: Cross-Section, drill hole 26-ERDD-07 To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296840_e13159e7e4454930_004full.jpgFigure 4: Cross-Section, drill hole 26-SRRC-08To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296840_e13159e7e4454930_005full.jpgFigure 5: Long section with drill highlightsTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296840_e13159e7e4454930_006full.jpgTable 1: Drill TableHole IDFrom
(m)To
(m)Interval 
(m)AgEq
(g/t)Ag
(ppm)Au
(ppm)Pb
(%)Zn
(%)26-ERDD-05Interval81.482.81.4827.00850.000.1530.2740.288Interval144.4145.91.548.8840.000.1530.0070.016Interval207.6211.64.0103.2898.500.0970.0290.094Interval216.6225.69.043.2930.960.0830.0880.178Interval296.0297.31.339.6125.000.0110.1120.359Interval305.0307.02.052.1452.000.0120.0330.045Interval346.0347.11.1254.65218.000.0790.4560.92626-ERDD-07Interval8.010.02.048.9926.000.3490.0050.012Interval18.027.09.0213.48194.380.4220.0400.018including21.422.41.0257.42246.000.3400.0820.015including22.423.51.1585.91574.000.6070.1280.030including23.525.11.6468.07437.000.7880.0750.029including25.127.01.9101.2066.000.5580.0090.016Interval31.333.32.0188.60180.000.2560.0150.040Interval38.040.02.030.5325.000.0600.0150.073Interval65.566.51.029.3226.000.0610.0020.018Interval70.071.01.060.1856.000.0680.0080.078Interval115.5136.220.776.4862.490.1020.1620.181including116.5117.51.0113.80115.000.0260.0810.048including119.2120.21.0133.63129.000.1580.0260.023including121.7122.71.0100.5398.000.0900.0290.041including128.0130.52.596.4147.400.2960.5140.501including132.0134.02.0191.67177.000.0890.3220.298Interval191.0193.02.036.1834.000.0070.0540.066Interval201.0206.35.3125.7696.280.0080.1920.861including201.0202.01.0563.72427.000.0060.8464.060Interval210.3211.31.0258.85251.000.1360.0860.32726-ERDD-08Interval57.362.04.732.0027.130.0880.0030.011Interval66.069.03.030.8721.170.0910.0030.137Interval172.0192.020.0157.35131.350.2420.1880.351including174.7177.02.3182.59144.220.3080.3050.508including178.4183.65.2376.37336.330.4880.3650.483and including178.4179.71.3934.62920.000.4920.7120.470including187.0189.02.0136.68123.000.1700.1050.18826-ERRC-53Interval6.19.13.033.5127.500.0990.0040.023Interval103.6105.21.5425.39437.000.1650.0600.046Interval123.4131.17.630.7319.800.0810.0590.143Interval153.9155.41.5101.5795.000.1280.0300.077Interval175.3176.81.553.5746.000.0190.1210.165Interval233.2236.23.067.5720.500.0420.2201.15426-ERRC-54Interval18.324.46.159.0559.750.0240.0060.031including22.924.41.5136.13141.000.0270.0130.041Interval30.532.01.597.12102.000.0120.0040.009Interval70.177.77.651.7544.800.1200.0110.032including76.277.71.5101.4699.000.0940.0220.039Interval86.9103.616.845.7434.550.1780.0080.024including93.094.51.594.8770.000.3870.0110.063including97.599.11.5130.26121.000.2200.0180.02626-ERRC-55Interval15.216.81.543.6722.000.3300.0010.008Interval48.854.96.181.9571.250.2030.0090.022including48.850.31.5246.92243.000.2420.0260.033Interval76.282.36.135.9820.500.1830.0110.112Interval123.4135.612.2105.5077.130.1070.3730.446including128.0131.13.0277.14218.500.0721.1121.046Interval140.2141.71.547.1742.000.0250.1230.07526-ERRC-56Interval42.745.73.041.9538.500.0740.0020.019Interval57.962.54.651.2646.330.1010.0060.018Interval71.680.89.193.1378.330.2620.0100.034including73.276.23.0185.98163.500.4400.0160.04726-ERRC-57Interval89.996.06.135.3529.750.0980.0040.016Interval115.8117.31.525.3722.000.0600.0030.014Interval118.9120.41.528.8920.000.1370.0030.018Interval201.2202.71.541.4539.000.0170.0540.062Interval281.9283.51.527.8324.000.0570.0190.02426-ERRC-58Interval21.322.91.557.1458.000.0290.0030.016Interval83.886.93.074.7335.000.5960.0070.019Interval111.3115.84.625.7122.670.0570.0050.010Interval140.2146.36.1137.45141.000.0460.0220.034including144.8146.31.5341.85357.000.0540.0310.050Interval210.3211.81.551.6333.000.2810.0110.02826-SRRC-08Interval15.216.81.528.1823.000.0870.0010.016Interval73.274.71.536.4036.000.0340.0000.006Interval80.882.31.5213.72224.000.0390.0060.009Interval138.7140.21.526.2618.000.1280.0020.014Interval163.1164.61.525.3911.000.2070.0060.019Interval179.8219.539.661.7950.920.1900.0050.020including192.0204.212.2117.56108.000.2210.0080.017including192.0193.51.5124.8595.000.5090.0030.013including198.1204.26.1164.17158.750.2020.0120.022including199.6201.21.5300.16305.000.1730.0210.02926-SRRC-09Interval0.03.03.039.4833.500.1110.0020.010Interval38.147.29.137.6126.330.1790.0040.012Interval143.3144.81.5108.7697.000.2360.0300.01426-SRRC-10Interval1.57.66.1149.16141.750.2160.0100.022Interval13.715.21.553.3153.000.0450.0030.009Interval149.4150.91.527.0315.000.1730.0150.01826-SRRC-11Interval45.747.21.526.3722.000.0750.0030.013Interval62.564.01.532.249.000.3420.0000.007Interval91.493.01.536.6737.000.0200.0010.014Interval120.4121.91.529.6424.000.0950.0010.015Interval128.0137.29.177.3564.670.2240.0080.029including131.1132.61.5238.93199.000.7210.0200.05026-SRRC-13Interval22.924.41.569.2748.000.3440.0020.012Interval29.032.03.088.3183.000.1400.0060.014Interval44.245.71.535.0625.000.1610.0030.012Interval65.567.11.572.7665.000.1620.0050.011Interval77.779.21.535.7531.000.0640.0140.05426-SRRC-14Interval25.929.03.0152.61153.000.1140.0070.022Interval59.461.01.597.0097.000.0760.0060.013Interval82.388.46.1101.6398.250.1220.0090.01826-SRRC-15Interval9.112.23.036.9532.000.0880.0010.023Interval18.319.81.561.5111.000.7400.0010.007Interval24.427.43.032.1327.500.0870.0010.008Interval35.136.61.527.879.000.2780.0010.008Interval53.354.91.526.7523.000.0650.0040.016Interval67.168.61.5102.4199.000.1170.0170.02426-SRRC-16Interval30.532.01.5124.21115.000.2300.0040.005Interval36.638.11.547.7328.000.3090.0010.004Interval51.859.47.639.0728.800.1620.0050.021Interval64.065.51.529.9427.000.0570.0060.01426-SRRC-17Interval27.435.17.6148.65145.000.1690.0090.015including29.030.51.5139.38113.000.4730.0050.014including32.033.51.5417.50434.000.1230.0260.011Interval74.777.73.055.1342.500.2090.0060.018Interval83.885.31.5103.1797.000.1650.0040.01626-SRRC-18Interval47.250.33.055.5448.500.1380.0030.011Interval62.567.14.653.0853.330.0290.0070.023including65.567.11.5103.14103.000.0620.0160.047Interval73.274.71.563.8467.000.0030.0050.016Interval91.496.04.6127.22106.330.3810.0120.020including93.094.51.5278.81248.000.6420.0250.024Interval123.4125.01.549.9136.000.2210.0070.02026-SRRC-19Interval15.216.81.557.7857.000.0570.0030.006Interval45.747.21.540.3532.000.1440.0030.008Interval73.276.23.052.1244.000.1450.0070.018Interval80.882.31.539.8341.000.0120.0020.01226-SRRC-20Interval35.148.813.731.6721.560.1310.0130.059Interval82.388.46.138.4926.250.1930.0040.013Interval172.2173.71.5173.1276.001.4600.0130.02626-SRRC-21Interval123.4126.53.064.5250.500.2290.0060.033Interval158.5164.66.181.1666.250.2650.0050.015include ng163.1164.61.5166.03130.000.6250.0090.017Interval176.8178.31.540.4819.000.3180.0020.020Interval182.9187.54.629.8714.330.2180.0040.038Interval196.6204.27.638.8836.400.0500.0090.028Interval213.4214.91.527.3328.000.0100.0030.007Interval224.0227.13.075.6270.500.0610.0510.110Interval224.0225.61.5102.1795.000.0710.0780.17126-SRRC-23Interval18.324.46.138.4733.750.0930.0030.008Interval44.245.71.525.6024.000.0410.0020.005Interval100.6109.79.141.6235.830.1070.0030.015Interval105.2106.71.597.8897.000.0880.0060.014Interval125.0140.215.224.8312.400.1850.0020.013Interval173.7185.912.231.4019.630.1430.0060.088 Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. RC Drill samples have also been sent to SGS labs in Durango for Fire assay and Four-acid Multi-element analysis using the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information, Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296840 Original: Capitan Silver Intersects 935 g/t Silver Equivalent over 1.3 Metres, Within a Wider Zone of 157 g/t Silver Equivalent over 20.0 Metres at the Cruz De Plata Project

Capitan Silver Receives Final Results from Airborne Geophysics Program for the Cruz De Plata ProjectMay 8, 2026 6:00 AM
NewsfileGeophysics further supports the Company's model that Cruz de Plata is a large-scale, rich, intact mineralized systemVancouver, British Columbia--(Newsfile Corp. - May 8, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company") is pleased to report that it has received the final interpretative products and reports from its property-wide Airborne Magnetotelluric ("MT") geophysical survey at its 100% owned Cruz de Plata silver-gold project, located in Durango, Mexico. The Airborne MT survey, completed by Expert Geophysics Limited, represents the first property-scale geophysics program completed at the property. Highlights:Data from Airborne geophysics further supports the Company's geological model, that Cruz de Plata is a significant large-scale, silver-rich mineral system (see Figures 2/2A/2B) and Capitan news release dated October 1, 2025):On-strike extension of the Jesus Maria Silver Trend target confirmed around the large granodiorite intrusive to the west and north (representing a mirror image of the Jesus Maria Silver Trend to the north (see Figure 2/2B)Strong vertical continuity of major geological features in geophysics with projections deeper than 1.5 km down-dip from surface; consistent with Intermediate Sulphidation Epithermal Systems (see Figure 4)Multiple new targets identified at Cruz de Plata, both along strike and at depth (see Figures 3/3A and 4)Catalysts: Assays pending for 64 drill holes: 35 reverse circulation (RC) holes and 29 core holes)Alberto Orozco, CEO of Capitan Silver, commented:"The results of the first property-wide geophysical survey at Cruz de Plata reinforces our confidence in the prospectivity, richness, and large-scale potential of the Cruz de Plata project. Magnetic data has shown a strong correlation with our current geological understanding of the property and previously identified mineralization. These results yield the potential for several exciting new drill targets throughout the property, where geophysical responses indicate that there could be repetition of similar mineralized structures. "This survey also indicates the potential for significant scale at depth, where we are seeing good vertical continuity of modelled geological structures with clear boundaries extending at depths of over 1.5 km from surface down-dip, which we are following up on this year."DiscussionCapitan Silver engaged Expert Geophysics Limited of Newmarket, Ontario to complete a Helicopter-borne MobileMT Electromagnetic and Magnetic survey over the entire Cruz de Plata property package. Figure 1 shows the extent of the program and lines flown over Capitan's Cruz de Plata property package. The survey collected three datasets: MobileMT (identifies conductive and resistive zones), Total Magnetic Intensity (contrasts in lithologies and alterations), and to build a three-dimensional resistivity model of the subsurface (Conductive zones indicate fault-controlled alteration, brecciation, and sulphide mineralization. Resistive zones indicate silicification and unaltered intrusive rocks) and VLF (used to map near-surface conductive structures). Initial data evaluation involved layering these new products with Capitan's existing database, including known mineralized zones, surface sampling, drill information, and geological interpretations to evaluate any readily discernable correlations between data sets.Figure 1: Map of survey area showing grid line and property boundaryTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_cpfig1.jpgCruz de Plata Mineral System Model and MT SurveyOn October 1, 2025, Capitan Silver presented its current mineralization and drill targets for the Cruz de Plata project after announcing the consolidation of the property on August 22, 2025. The model showed surface mapping, sampling and limited geophysical data supporting the continuity of high-grade silver mineralization around a large body of granodiorite. The current MT geophysical survey is the first to cover the entire consolidated property and to explore it at depth. Results from the MT survey show both the Magnetic and Resistivity Inversion models have a very strong correlation with current geological interpretations and known mineralization, reflecting major lithological boundaries and structures. Both 2D and 3D Inversion models indicate good horizontal continuity of modelled geological structures and lithology and also correlate well with known mineralized zone boundaries.Newly Acquired Conductivity DataApparent conductivity (see Figure 2) shows areas of strong contrast matching the mapped boundary between a large, elongated, northeast trending granodioritic intrusive unit (blue shows resistive unit). The immediate area surrounding the intrusive area is the favourable contact that hosts the Jesus Maria Silver Trend. Figure 2B shows a detailed view of this area including a layer of mapped structures on surface and surface sampling and shows a strong match between the high and low resistivity zones between the intrusive and surrounding rocks and mineralized zones. This provides strong new evidence for the continuity of the Jesus Maria Silver Trend to the west and north. Figure 2: Resistivity Plan Map (165Hz slice) showing new target locations 1. Jesus Maria Northwest 2. Peñoles Fault Target 3. El Tubo 4. Casco Norte 5. Jesus Maria North 6. Jesus Maria EastTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_fe3543d394814b09_003full.jpgFigure 2A: Previously released "Simplified Geological Map and Mineral System Model" (see Capitan news release dated October, 2025)To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_fe3543d394814b09_004full.jpg
Figure 2B: Zoom of Figure 2 (Resistivity plan map), showing drill and chip sample. To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_fe3543d394814b09_005full.jpgNewly Acquired Magnetic DataFigure 3 shows the magnetic vertical gradient map from the MT survey. It shows the granodiorite body mainly as a magnetic high and mineralized zones largely matching with magnetic lows. This is particularly clear in the Jesus Maria Silver Trend, west of the Peñoles Fault (where high grades have been intersected in drilling). A similar zone is found on the north end of the intrusive along the Peñoles Fault, indicating a potentially favourable zone for high grade. Additionally, a further pair of elongated lows are found on the eastern end of the magnetic high, one matching the eastern end of the Jesus Maria Silver Trend. The second, located within the intrusive, correlates strongly with the interpreted trend of the previously reported Casco Norte target (Target 4 in Figure 2), where chip sampling returned (4,291.2 g/t AgEq - 62.1 g/t Au, 18.3 g/t Ag, and 0.76% Cu from an old working (see Capitan news release dated October 1, 2025). This further strengthens the Casco Norte target. The anomaly associated with this area trends northeast for approximately 1.3 km and remains untested.Figure 3A shows a close up of the magnetic vertical gradient map with layered mapped structures, sampling and highlighted drill intercepts, thus offering further detail on the matching magnetic lows and the coincident mineralized structures. Figure 3: Magnetic plan map (vertical gradient) showing new target locations 1. Jesus Maria Northwest 2. Peñoles Fault Target 3. El Tubo 4. Casco Norte 5. Jesus Maria North 6. Jesus Maria EastTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_fe3543d394814b09_006full.jpgFigure 3A: Zoom of Figure 3 (Magnetics vertical gradient), showing drill and chip sample results. To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_fe3543d394814b09_007full.jpgCross-Sections: Implications of New Magnetic and Resistivity Data at the Jesus Maria Silver TrendBoth Figures 4 and 5 shown below display inverted magnetic susceptibility (top) and inverted resistivity (bottom) data along transects that cross-cut the main Jesus Maria Silver Trend. These two techniques help geologists to delineate boundaries between major rock units, as well trace faults, and detect changes in properties of rock units, that may reflect zones of alteration and mineralization in the subsurface. Cross section A-A' shows the main Jesus Maria Silver Trend proximal to the historic workings and the Capitan Hill Oxide Gold Deposit (see Figure 4). B-B' shows the Jesus Maria Silver Trend, east of the Peñoles Fault near the historic San Rafael Mine (see Figure 5). See Figure 1 for location of cross sections.The sections illustrate favourable zones for mineralization are identifiable within the interpretative products, with the granodiorite reflected in high magnetic susceptibility (magenta)/high resistivity (red-magenta), whereas the areas of altered volcanic and sediment, that host known mineralized zones (Capitan Hill and Jesus Maria), are reflected in the area of low magnetic susceptibility (blue) and low resistivity (green-blue). Of particular significance is the down-dip projection of these boundaries in the inverted data, which indicates that the favourable horizons for mineralization have continuity of approximately 1.5 km from surface, reinforcing the geological thesis that Cruz de Plata is a deep-rooted, large-scale system. The inverted resistivity images in Figures 4 and 5, illustrate the correlation between areas of strong magnetic contrast (lithological contacts and structures), and areas of strong conductivity at depth. These areas of conductivity (red areas) - where they overlap with known structures and lithology boundaries - could represent zones of hydrothermal alteration, including zones of brecciation, clay alteration, sulphide bearing zone or altered sediment. This observation supports Capitan's thesis of potentially deeper targets beneath known zones of mineralization where feeder structures are transporting mineralized fluids towards surface. It should be noted that mineralized zones such as Capitan Hill, eastern portions of the Jesus Maria Silver Trend (San Rafael Area) and the El Tubo target, represent more near surface (distal) hot-spring style epithermal mineralization, with deeper portions of the system, transitioning to more silver-rich, and eventually becoming more base-metal rich at depth.Interpretive work and updates will continue in the coming months as field work is carried out. Capitan intends to continue engaging with Expert Geophysics Limited to assist with targeting exercises, particularly for anomalies at depth.Figure 4: Top Image - Inverted Magnetic Susceptibility data showing the correlation of magnetic boundaries with known lithologies, and mineralized zones. US$2,500 Au pit and drill holes of the Capitan Hill Oxide Gold Deposit; and wireframe and drillholes of the Jesus Maria Silver Trend Ag-Zone are shown for reference. Bottom Image - Inverted Resistivity showing deep conductive anomalies along and adjacent to geological contacts and granodiorite intrusive To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_cpfig4.jpgFigure 5: Top Image - Inverted Magnetic Susceptibility data showing the correlation of magnetic boundaries with known lithologies, and mineralized zones. Wireframes and drill holes of the Jesus Maria Silver Trend Ag-Zone are shown for reference. Bottom Image - Inverted Resistivity showing deep conductive anomalies along and adjacent to geological contacts and granodiorite intrusiveTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/296626_cpfig5.jpgQualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).Assay DisclosureMetal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92% AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. Surface (Grab and Chip) samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. Grab and Chip samples reported herein are selective by nature and may not be representative of the average grade of the mineralized zones. About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296626 Original: Capitan Silver Receives Final Results from Airborne Geophysics Program for the Cruz De Plata Project

Capitan Silver Announces Annual General and Special Meeting and Adoption of Omnibus Equity Incentive Plan and Shareholder Rights PlanMay 7, 2026 8:41 PM
NewsfileVancouver, British Columbia--(Newsfile Corp. - May 7, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or the "Company") announces that it has filed its notice of annual general and special meeting (the "Notice of Meeting"), management information circular (the "Information Circular") and related meeting materials (collectively, the "Meeting Materials") for its annual general and special meeting of shareholders (the "Shareholders") to be held on Friday, June 12, 2026 at 11:00 a.m. (Vancouver time) at 550-800 West Pender Street, Vancouver, British Columbia, V6C 2V6 (the "Meeting"). The Company also announces that, effective today, it has: (i) entered into a shareholder rights plan agreement with Olympia Trust Company, as rights agent (the "Rights Agreement"), pursuant to which it has adopted a shareholder rights plan (the "Rights Plan"); and (ii) adopted a 10% fixed omnibus equity incentive plan (the "Omnibus Plan").Shareholders' MeetingThe record date for determining the Shareholders entitled to receive notice of, and to vote at, the Meeting is the close of business on April 28, 2026. At the Meeting, the Shareholders will be asked to consider the items of business set forth in the Notice of Meeting, including: (i) an ordinary resolution approving and ratifying the Rights Agreement and Rights Plan; and (ii) an ordinary resolution approving and ratifying the Omnibus Plan.Rights PlanThe Rights Plan is designed to provide for the fair treatment of Shareholders in connection with "creeping bids" for common shares of the Company ("Common Shares"). The Rights Plan provides Shareholders with protections in the event that a person becomes a beneficial owner of 20% or more of the outstanding Common Shares through "creeping bid" purchases exempt from applicable take-over bid laws.Subject to the terms of the Rights Plan, in the event that rights become exercisable, holders of the rights (other than the acquiring person and its related parties) will be permitted to exercise their rights to purchase additional Common Shares at a 50% discount to the then-prevailing market price of the Common Shares. Pursuant to the Rights Plan, one right attaches to each issued and outstanding Common Share.While the Rights Plan is effective as of the date hereof, it is subject to ratification by the Shareholders at the Meeting and final approval of the TSX Venture Exchange (the "TSXV"). If the Rights Plan is not ratified by the Shareholders within six months of adoption, the Rights Plan will terminate and all rights issued thereunder will be cancelled. A copy of the Rights Agreement is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.Omnibus PlanThe Omnibus Plan provides the Company with flexibility to grant equity-based incentive awards to directors, officers, employees and consultants of the Company or its subsidiaries, including options ("Options"), restricted share units ("RSUs") and deferred share units ("DSUs", and together with Options and RSUs, "Awards").If the Omnibus Plan is approved by the Shareholders at the Meeting, it will replace the Company's current 10% rolling stock option plan, which was last approved by the Shareholders at the Company's annual general meeting held on June 26, 2025 (the "Existing Option Plan"). All future grants of equity-based awards will be made pursuant to the Omnibus Plan, and no further grants will be made under the Existing Option Plan.While the Omnibus Plan is effective as of the date hereof, it is subject to ratification by the Shareholders at the Meeting and final approval of the TSXV. If the Omnibus Plan is not ratified by the Shareholders at the Meeting, the Existing Option Plan will remain in effect. A complete copy of the Omnibus Plan is attached as Schedule "D" to the Information Circular, which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.About Capitan Silver Corp.Capitan is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning over 37% of the Company's share capital. Capitan is fully funded and actively drilling at its Cruz de Plata Silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor more information, please contact: Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.com Greg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com Cautionary Statement on Forward-Looking InformationThis news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects" or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the ability of the Company to obtain the final acceptance of the TSXV for the Rights Plan; the ratification of the Rights Plan by the Shareholders at a special meeting of shareholders of Capitan on or prior to November 7, 2026; the ratification of the Omnibus Plan by the Shareholders at the Meeting; and the prospects of the Cruz de Plata silver project (if any).Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of gold and silver; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; and availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Capitan's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/296586 Original: Capitan Silver Announces Annual General and Special Meeting and Adoption of Omnibus Equity Incentive Plan and Shareholder Rights Plan

VIDEO - BTV Explores Thesis Gold, Lion Copper & Gold, Brixton Metals, North American Iron, Quimbaya Gold, Canstar Resources, Capitan SilverApril 8, 2026 12:00 PM
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Wednesday, April 8 at 7:30 PM EST & Saturday, April 11 at 8 PM EST Tune into BTV and Discover Investment Opportunities. Vancouver, British Columbia--(Newsfile Corp. - April 8, 2026) - As capital flows back into the resource sector, BTV - Business Television showcases companies converting exploration success and strategic execution into real growth potential.[Suppressed Sound Link]Cannot view this video? Visit:
www.b-tv.com/post/btv-explores-thesis-gold-lion-copper-gold-brixton-metals-north-american-iron-quimbaya-gold-canstar-resources-capitan-silver-btv-401Thesis Gold & Silver (TSXV: TAU) (OTCQX: THSGF) - Backed by a growing gold and silver resource and strategic investment from major producers, Thesis is advancing a development-stage asset in British Columbia. With a completed pre-feasibility study, strong infrastructure access, and ongoing permitting, the company is positioning for long-term growth in a tier-one jurisdiction.Lion Copper & Gold Corp. (CSE: LEO) (OTCQB: LCGMF) - With over 3 billion pounds of copper resources, Lion Copper & Gold is advancing a large-scale U.S. development asset supported by a strategic partnership with a Rio Tinto subsidiary. By funding feasibility and permitting simultaneously, the company is working to accelerate timelines while aligning with rising demand for domestically sourced copper.Brixton Metals (TSXV: BBB) (OTCQX: BBBXF) - Entering an active exploration phase, Brixton is drilling across multiple assets with a focus on high-grade silver. Recent results have returned strong intercepts, supporting efforts to define a maiden resource and position the company within a market driven by both industrial and investment demand for silver.North American Iron is developing a U.S.-based pig iron production strategy aimed at reducing reliance on imports. Leveraging domestic iron ore resources, the company is targeting meaningful annual output as it advances through permitting, aligning with broader efforts to strengthen North America's industrial supply chain.Quimbaya Gold (CSE: QIM) (OTCQX: QIMGF) - is exploring a district-scale land package in Colombia alongside producing gold operations. Early drilling suggests continuity with nearby deposits, supporting a multi-target exploration strategy in one of the world's highest-grade gold regions.Canstar Resources (TSXV: ROX) - Focused on polymetallic exploration in Newfoundland, Canstar is targeting high-grade systems containing gold, silver, and base metals. With active drilling and strategic partnerships in place, the company is advancing within a historically productive district known for exceptional grades.Capitan Silver Corp. (TSXV: CAPT) - is advancing a high-grade silver system in Mexico, supported by strong drill results and a fully funded exploration program. With an experienced technical team and an expanded drilling campaign underway, the company is working to define scale in a well-established mining region.About BTV - Business Television / BTV The Agency:For 28 years, BTV - Business Television has been the go-to half-hour investment show for savvy investors, delivering exclusive on-location interviews and actionable insights with emerging companies, industry leaders, and market experts. Hosted by Taylor Thoen and Jessica Katrichak, BTV provides investors with direct access to executive teams and compelling investment opportunities not found anywhere else.Discover Investment Opportunities.Watch BTV Episode; BROADCAST NETWORKS and TIMES: CANADA:
Airing on BNN Bloomberg!Wednesday, April 8 @ 7:30pm ETSaturday, April 11 @ 8:00pm ET US National TV:
Biz Television Network - Sun, April 12 @ 1:00pm ETMon, April 13 @ 8:30am ETTues, April 14 @ 8:30pm ET & 11:30pm ETBTV The Agency is a capital markets-focused TV production and digital marketing agency serving publicly traded and financial companies. Through strategic content creation and extensive distribution across top-tier networks including Bloomberg, CNBC, FOX Business News, and leading financial platforms, the agency helps companies reach investors, advisors, and institutions-building brand credibility and driving national retail and institutional investor awareness.Take action now: Know a company investors should be watching?
Put them in front of thousands of active investors on BTV.Contact us directly at (604) 664-7401 or info@b-tv.com. Don't miss a beat-stay informed and ahead of the market by subscribing to BTV news today.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291565
Original: VIDEO - BTV Explores Thesis Gold, Lion Copper & Gold, Brixton Metals, North American Iron, Quimbaya Gold, Canstar Resources, Capitan Silver

Capitan Silver Intersects 1,450.5 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 211.0 g/t Silver Equivalent over 41.1 Metres at the Cruz De Plata ProjectApril 1, 2026 6:00 AM
NewsfileVancouver, British Columbia--(Newsfile Corp. - April 1, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company") is pleased to report assay results from its 2025 reverse circulation ("RC") drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from ten (10) drill holes.Highlights:Discovery of another new high-grade silver zone developing at depth along the Jesus Maria Silver Trend, 240m west of the Peñoles FaultDrill hole 25-ERRC-52 returned multiple high-grade silver intercepts including: 1,450.5 g/t AgEq over 1.5m, within a broader zone of 1,131.5 over 3.0m468.3 g/t AgEq over 4.6m574.6 g/t AgEq over 3.0m All contained within a broad interval of 211.0 g/t AgEq over 41.1m25-ERRC-52 extended mineralization by 25m down-dip along section from previously reported drill hole JEMA-02JEMA-02 (completed by previous operator Minera Fresnillo S. A. de C. V., see Capitan news release dated December 6, 2022) intersected 531.06 g/t AgEq over 1.3m, within a broader zone of 213.9 g/t AgEq over 6.85m, within a wider interval of 93.3 g/t AgEq over 29mDrill holes 25-ERRC-52 and previously reported drill hole 25-ERRC-38 (see Capitan news release dated Feb 26, 2026) show evidence that mineralized silver zones have the potential to get wider at depth and intercept multiple high-grade zonesCapitan's most advanced target at the Cruz de Plata Project, the Jesus Maria Silver Trend, has only been drilled to an average depth of 188m along 2.5km of a 3.7km strikeA key objective of the Company's 60,000m drill program will be to extend mineralization to depth along the Jesus Maria Silver TrendAdditional drilling along the Jesus Maria Silver Trend, west of the Peñoles Fault, returned strong silver grades, extended mineralization at depth, and confirms continuity along strikeDrill hole 25-ERRC-48 intersected multiple zones with strong silver values, including:220.1 g/t AgEq over 1.5m, within a broader zone of 156.8 g/t AgEq over 3.0m175.3 g/t AgEq over 3.0m, within a broader zone of 86.4 g/t AgEq over 15.2m Drill hole 25-ERRC-48 extended mineralization 50m down-dip from previously announced drill hole 25-ERRC-2525-ERRC-25 (see Capitan news release dated November 11, 2025) intersected 687.4 g/t AgEq over 1.5m, within a wider interval of 250.3 g/t AgEq over 6.1mDrilling on eastern side of the Peñoles Fault extends silver mineralizationDrill hole 25-ERRC-44 returned multiple mineralized intervals, including 256.3 g/t AgEq over 3.0mNew gold zone discovered to the north of the Jesus Maria Silver Trend, to the north of the Gully Fault, and in close proximity to the Capitan Hill oxide gold depositDrill hole 25-JMRC-27 intersected 0.44 g/t Au over 24.4m60,000m multi-rig drill program continues to gather momentum: drilling is ramping up at Cruz de Plata, with three (3) of four (4) rigs now on site. The fourth rig is expected to arrive on site in the coming weeks. The Company's 2026 drill program will be comprised of three diamond (core) rigs and one RC rigCatalysts: Final assays pending for 38 drill holes24 - RC holes14 - Core holesProperty-wide airborne geophysical survey completed; results expected in Q2 2026. These results will assist with definition of deeper targets property-wideAlberto Orozco, CEO of Capitan Silver, commented:"Drilling at Cruz de Plata continues to deliver high-grade results. These recent assays not only continue to identify new high-grade zones of mineralization but also expand previously identified mineralization along strike and at depth and demonstrate excellent continuity. Additionally, I am excited by what we are seeing in terms of silver mineralization at depth. Specifically, drill holes 25-ERRC-52 and 25-ERRC-38, which show that as we go deeper, we are seeing mineralized zones getting larger and intersecting multiple high-grade vein structures. Given the nature of intermediate sulfidation epithermal systems — which are known to have deep roots — these results signal the potential for greater scale at depth, which we will be drill testing this year with diamond core rigs."Figure 1: Drill Plan MapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/290837_capitanfig1.jpgDiscussion of Drill ResultsDrilling at the Company's Cruz de Plata silver-gold project is ongoing, with the results reported in this release from several areas on the property, including the Jesus Maria Silver Trend (both west and east of the Peñoles Fault), the San Rafael area, as well as testing new targets along the Gully Fault. The most significant development is the discovery of a new zone of high-grade silver mineralization at depth, located approximately 240m west of the Peñoles Fault and 130m west of a previously reported new high-grade silver zone developing on the Jesus Maria Silver Trend, on the west side of the Peñoles Fault.Drill hole 25-ERRC-52 (see Figure 2) was collared at the same location as previously reported drill hole JEMA-02 which was drilled by its previous owner, Minera Fresnillo S. A. de C. V. (a wholly owned subsidiary of Fresnillo plc) and was subsequently acquired by Capitan in 2022 (see Capitan news release dated December 6, 2022). Previously reported drill hole JEMA-02 intersected 531 g/t AgEq over 1.3m within 214 g/t AgEq over 6.85m, within a wider zone of 93 g/t AgEq over 29m. Drill hole 25-ERRC-52 returned a wide, strong zone of silver mineralization, with several significant high-grade intervals including 1,450.5 g/t AgEq over 1.5m, within a wider zone of 1,131.5 g/t AgEq over 3.0m, 468.3 g/t AgEq over 4.6m, and 574.6 g/t AgEq over 3.0m, all within a broad interval of 211.0 g/t AgEq over 41.1m. This hole extended mineralization down-dip approximately 25m from drill hole JEMA-02, with the zone remaining open along strike and at depth. The diamond drill rig is currently completing additional drilling in this area, with results pending.Figure 2: Cross section, drill hole 25-ERRC-52To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/290837_b53d9c3614b469a4_003full.jpgAdditional drilling along the Jesus Maria Silver Trend west of the Peñoles Fault continued to grow mineralization at depth, as well as increase confidence and continuity of mineralization along strike. Drill holes 25-ERRC-39, 25-ERRC-40, 25-ERRC-41, 25-ERRC-48, and 25-ERRC-51 all targeted down-dip, on-section extensions of mineralization along this trend. All drill holes returned multiple intervals of silver mineralization and extended mineralization to depth, along section between 20m to 50m, with the best values returned from holes 25-ERRC-48 and 51. Drill hole 25-ERRC-48 (see Figure 3) intersected 220.1 g/t AgEq over 1.5m, within 156.8 g/t AgEq over 3.0m, 175.3 g/t AgEq over 3.0, within 86.4 g/t AgEq over 15.2m, and drill hole 25-ERRC-51 intersected 171.8 g/t AgEq over 4.6m and 175.7 g/t AgEq over 3.0m.Figure 3: Cross section, drill hole 25-ERRC-48To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/290837_b53d9c3614b469a4_004full.jpgDrilling at the Jesus Maria Silver Trend east of the Peñoles Fault continued to indicate that this area consists of multiple, sub-parallel zones of silver mineralization with strong silver grades. Drill hole 25-ERRC-44 intersected multiple zones of silver mineralization, over broad widths with higher-grade cores. Results include 256.3 g/t AgEq over 3.0m, within a broader zone of 181.3 g/t AgEq over 4.6m and 138 g/t AgEq over 1.5m, within a wider interval of 63.5 g/t AgEq over 9.1m, as well as 117.3 g/t AgEq over 1.5m, within a broader zone of 78.8 g/t AgEq over 4.6m. RC drilling in 2026 is focusing on this area, and has continued to build out this zone to the east, as well as testing additional trends to the north.Evidence of Strong Silver Mineralization at Depth at the Jesus Maria Silver TrendGiven that the Cruz de Plata project is an intermediate sulphidation epithermal system, and that these systems have the potential for strong vertical continuity, there is an interesting opportunity for silver mineralized zones to widen at depth. Both drill hole 25-ERRC-52 and previously reported drill hole 25-ERRC-38 (see Figures 2 and 4) illustrate this opportunity, with broad silver mineralized zones intersecting multiple veins with higher silver grades being encountered at depth.Thus far, the average hole depth for the 2025 program is 188m with a median depth of 173m, indicating that the majority of the drilling at Cruz de Plata is still relatively shallow, and remains open to expansion at depth. One of the key objectives of the 60,000m drill campaign that has been announced for 2026 is to extend silver mineralization to depth along the Company's most advanced target, The Jesus Maria Silver Trend. Figure 4: Cross sections of drill holes 25-ERRC-38 and 34To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/290837_b53d9c3614b469a4_005full.jpgDiscovery of New Gold ZoneDrill hole 25-JMRC-27 intersected a new zone of gold mineralization over significant widths. Results include 0.44 g/t Au over 24.4m, with additional gold mineralization intersected by drill hole 25-JMRC-28. This style of gold mineralization has been documented in the footwall where Jesus Maria intersects the Gully Fault. While not a focus of the program at this time, this new gold zone could present additional optionality for the Company due to its proximity to the Capitan Hill oxide gold deposit, where the Company delineated a pit-constrained inferred Mineral Resource of 525,000 ounces of gold at a grade of 0.4 g/t Au (see Capitan news release dated December 5, 2025).Change of Analytical LaboratoryThe Company also reports that it has engaged SGS Canada to be the primary laboratory for all drill hole and surface samples going forward. This decision ensures that all sample preparation and analysis remain in Mexico, within 3 hours of the project site. This shift is expected to help significantly streamline the analysis sequence, resulting in faster turnaround times as the 2026 drilling program continues to ramp-up. Table 1: Drill ResultsHole IDFrom 
(m)To (m)Interval 
(m)Ag Eq Rec 
(g/t)Ag (ppm)Au 
(ppm)Pb (%)Zn (%)25-ERRC-39Interval56.457.91.571.928.30.0120.2011.140Interval86.991.44.667.451.80.0730.1130.308including89.991.41.5151.9125.10.0190.2140.793Interval178.3179.81.574.630.00.1970.1790.81725-ERRC-40Interval6.19.13.037.232.50.0670.0150.050Interval54.956.41.534.329.70.0550.0080.069Interval59.461.01.527.018.90.0080.1030.169Interval71.673.21.560.550.10.0440.1030.220Interval125.0128.03.037.728.30.0810.0680.107Interval187.5189.01.526.69.70.1250.1370.14825-ERRC-41Interval04.64.626.320.60.0710.0130.048Interval13.715.21.552.743.40.1500.0180.032Interval19.821.31.528.721.80.1050.0040.027Interval59.461.01.557.236.50.0440.2410.386Interval70.173.23.041.436.00.0210.0780.116Interval96.097.51.532.89.80.0330.1250.525Interval147.8149.41.5131.393.00.0390.5870.726Interval158.5160.01.566.768.40.0140.0120.031Interval211.8213.41.526.95.60.1870.1610.12425-ERRC-44Interval65.570.14.6181.3183.00.1110.0080.041including65.568.63.0256.3261.00.1300.0120.052Interval74.776.21.533.711.20.3280.0010.017Interval91.4100.69.163.554.20.1700.0060.019including97.599.01.5138.0128.30.2340.0110.030Interval141.7146.34.678.867.60.1830.0380.048including143.2144.81.5117.3107.70.1700.0700.070Interval214.9217.93.079.674.10.0810.0370.09925-IPRC-01Interval88.489.91.550.819.70.4660.0010.005Interval146.3147.81.572.870.70.0750.0150.024Interval271.3272.81.554.151.10.0220.0460.096Interval278.9280.41.559.929.40.0250.0850.829Interval300.2301.81.544.019.10.0240.3650.416Interval307.8309.41.535.610.70.0090.2840.499Interval315.5317.01.525.625.10.0140.0140.02025-JMRC-27Interval21.345.724.438.16.40.4360.0040.059Interval50.351.81.526.423.00.0180.0060.098Interval106.7108.21.532.815.80.1340.0910.18025-JMRC-28Interval01.51.545.516.40.2340.1500.287Interval27.430.53.033.510.10.3100.0130.070Interval36.642.76.126.88.50.1780.0240.172Interval114.3115.81.553.218.80.4880.0300.03325-ERRC-48Interval59.461.01.531.930.00.0470.0050.011Interval83.885.31.527.421.00.0890.0040.042Interval140.2143.33.0156.8153.00.1620.0180.039including140.2141.71.5220.1228.00.0520.0210.048Interval169.2184.415.286.460.30.1050.1920.503including176.8179.83.0175.3153.00.1750.1200.472Interval196.6198.11.5147.6121.00.3430.2320.112Interval228.6230.11.531.326.00.0060.0460.151Interval245.4246.91.546.037.00.0100.0190.294Interval254.5257.63.050.639.50.0390.0650.26425-ERRC-51Interval13.719.86.145.843.80.0570.0040.018Interval41.142.71.543.535.00.1490.0020.009Interval62.573.210.784.882.90.0630.0170.062including68.673.24.6171.8172.70.0800.0340.090Interval85.386.91.535.335.00.0160.0060.033Interval91.499.17.6104.399.80.0870.0420.096including93.096.03.0175.7170.50.1430.0710.110Interval140.2143.33.074.375.50.0220.0160.041Interval161.5163.11.555.354.00.0230.0120.07625-ERRC-52Interval25.927.41.580.228.00.7770.0030.011Interval44.245.71.574.070.00.1050.0040.025Interval59.462.53.062.759.00.0820.0150.036Interval73.274.71.533.022.00.1770.0010.004Interval138.7179.841.1211.0192.70.1630.2490.341including149.4152.43.0574.6517.00.5150.8310.878including157.0161.54.6468.3391.00.5950.8051.095including169.2172.23.01,131.51,143.00.1880.6050.801and including170.7172.21.51,450.51,462.00.2590.7711.080Interval225.6227.11.531.212.00.0050.0610.524 Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Hermosillo Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. RC Drill samples have also been sent to SGS labs in Durango for Fire assay and Four-acid Multi-element analysis using the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays will be performed at ALS laboratories in Zacatecas, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290837
Original: Capitan Silver Intersects 1,450.5 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 211.0 g/t Silver Equivalent over 41.1 Metres at the Cruz De Plata Project

Capitan Silver Commences Trading on the OTCQX Market Under Symbol "CAPTF"March 26, 2026 7:00 AM
NewsfileVancouver, British Columbia--(Newsfile Corp. - March 26, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company")  is pleased to announce that OTCMarkets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, has qualified Capitan to trade on the OTCQX® Best Market. Capitan Silver Corp. upgraded to OTCQX from the OTCQB® Venture Market.Capitan Silver Corp. will begin trading today on OTCQX under the symbol "CAPTF". The Company's common shares continue to trade on the TSX Venture Exchange in Canada under the symbol "CAPT".U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.Alberto Orozco, CEO of Capitan Silver, commented:"We are pleased to be upgrading to the OTCQX Market, which we expect will provide Capitan with enhanced access and visibility among U.S. investors, as well as increased liquidity. This graduation comes at an exciting time in Capitan's growth trajectory, as we have launched the largest drill program in the Company's history with the goal of further growing our high-grade Cruz de Plata silver-gold project at depth and demonstrating the large-scale potential of the asset."About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.About OTC Markets Group Inc.OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations 
Capitan Silver Corp. 
info @MakemLaff2 
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289949
Original: Capitan Silver Commences Trading on the OTCQX Market Under Symbol "CAPTF"

Capitan Silver Announces Arrival of 3rd Drill Rig at the Cruz de Plata ProjectMarch 11, 2026 6:00 AM
NewsfileVancouver, British Columbia--(Newsfile Corp. - March 11, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report that a third drill rig has arrived on site and has commenced drilling at the Company's Cruz de Plata silver-gold project in Durango, Mexico. The newly arrived core rig joins a reverse circulation ("RC") rig and core rig that are already drilling on the property.Highlights:Drilling activity continues to ramp up as the third (3rd) of four (4) rigs has arrived at Cruz de PlataThis new rig will be the second (2nd) of three (3) diamond (core) drill rigs that will join the existing RC drill rig that has been drilling on the property since March 2025The additional rigs are part of an aggressive 60,000-metre drilling campaign for 2026All three new diamond drill rigs will focus on testing and expanding the high-grade silver zones identified to date at Cruz de Plata in addition to testing mineralization at depth along the Jesus Maria Silver TrendCatalysts: 34 drill holes pending final assays, which includes the first 7 core holes drilled with the first diamond drill rig since arriving to site in February 2026 (see Capitan news release dated February 9, 2026)Capitan has commenced an aggressive 60,000-metre drilling campaign at its Cruz de Plata project for 2026, which represents the largest drill program in the Company's history and four times (4x) the size of the Company's 2025 drill program. The new core rig is the second of three (3) core rigs that are planned to arrive at the property. This core rig will be targeting high-grade silver mineralization on the western end of the Jesus Maria Silver Trend, including the Gully Fault Zone, central portions of the Jesus Maria vein, and beneath portions of Capitan Hill, and will focus on extending the mineralized envelope deeper, while providing more information about mineralization intersected in previously reported drill holes 21-JMRC-01, 21-JMRC-10, and JM-DDH-13-06 (see Figure 1, Target C).Testing Priority Targets in Three Main AreasWhile the newly arrived core rig's immediate focus will be testing high-grade targets to expand mineralization deeper at Target C, the first core rig that arrived at the property (see Capitan news release dated February 9, 2026) is currently focusing on expanding the recently defined high-grade zone proximal to the Peñoles Fault on the western side (see Figure 1, Target A). It is targeting mineralization both at depth and down plunge of previously reported holes 25-ERRC-12, 26, 34, and 38. The RC rig has been relocated from Target A and is now working east of the Peñoles Fault, where drilling has returned broad silver intervals, notably in holes 25-ERRC-20, 25-ERRC-32, and 25-ERRC-43 (see Figure 1, Target B). This is another new high-grade zone that is developing and has been interpreted to contain multiple subparallel zones of silver mineralization that remain at an early stage of exploration, with only widely spaced, shallow drilling having taken place. Drilling on Target B will focus on testing continuity of mineralization at surface and exploring for additional high-grade silver mineralization east of the Peñoles Fault toward the San Rafael area.Figure 1: Cruz de Plata drill plan mapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/288082_f487ff91b4647b11_002full.jpgPreviously Announced Drill Highlights for Target A Include:Drill hole 25-ERRC-12 (see Capitan news release dated September 2, 2025)25-ERRC-12 intersected 2,571.0 g/t AgEq over 1.5m, within a wider interval of 1,369.3 g/t AgEq over 4.6m, occurring within a broader zone of 368.1 g/t AgEq over 19.8m Drill hole 25-ERRC-26 (see Capitan news release dated November 11, 2025)Upper zone: intersected 612.9 g/t AgEq over 1.5m, within a broader zone of 155.9 g/t AgEq over 6.1mLower zone: intersected 1,767.4 g/t AgEq over 1.5m, within a broader zone of 1,222.1 g/t AgEq over 3m, which is part of a wider interval of 234.2 g/t AgEq over 25.9mDrill hole 25-ERRC-34 (see Capitan news release dated February 2, 2026)25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5m, within a broader zone of 240.5 g/t AgEq over 25.9mDrill hole 25-ERRC-38 (see Capitan news release dated February 26, 2026)25-ERRC-38 intersected four (4) separate high-grade structures, including 2,451.1 g/t AgEq over 1.5m, within a wider interval of 1,283.4 g/t AgEq over 4.6m, occurring within a broader zone of 683.6 g/t AgEq over 9.1m25-ERRC-38 also intersected 1,187 g/t AgEq over 1.5m, within a wider zone of 194.3 g/t AgEq over 16.8mPreviously Announced Drill Highlights for Target B Include:Drill hole 25-ERRC-20 (see Capitan news release dated October 14, 2025)25-ERRC-20 intersected 1,541 g/t AgEq over 1.5m, within a broader interval of 201.65 g/t AgEq over 18.3mDrill hole 25-ERRC-32 (see Capitan news release dated February 10, 2026)25-ERRC-32 intersected 1,254.8 g/t AgEq over 1.5m, within a wider interval of 157.3 g/t AgEq over 16.8mDrill hole 25-ERRC-43 (see Capitan news release dated February 26, 2026)25-ERRC-43 intersected multiple broad intervals of silver equivalent mineralization, including 225.3 g/t AgEq over 1.5m, within a wider interval of 59.3 g/t AgEq over 12.2mPreviously Announced Drill Highlights for Target C Include:Drill hole JM-DDH-13-06 (completed by a previous operator in 2013, re-reported in 2022; see Capitan news release dated February 16, 2022)JM-DDH-13-06 intersected 3,409.1 g/t Ag, 0.9 Au, 3.4% Pb and 7.1% Zn over 0.9m, within a wider interval of 320.3 g/t Ag and 0.17 Au over 11.85mDrill hole 21-JMRC-01 (see Capitan news release dated February 16, 2022)21-JMRC-01 intersected five (5) separate high-grade intervals, including 1,099.3 g/t AgEq over 1.52m, 1,267.2 g/t AgEq over 1.52m, 311.3 g/t AgEq over 3.0m, 341.6 g/t AgEq over 1.52m, and 276.9 g/t AgEq over 1.52m, all within a broader zone of 42.7m of 207.8 g/t AgEqDrill hole 21-JMRC-10 (see Capitan news release dated May 2, 2022)Upper zone: intersected 2,250.1 g/t AgEq over 1.5m, within a broader zone of 447.3 g/t AgEq over 9.1m, all within a wider interval of 309.8 g/t AgEq over 16.8mLower zone: intersected 308.8 g/t AgEq over 7.6m, within a wider zone of 171.3 g/t AgEq over 13.7mMetal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. RC Drill samples have also been sent to SGS labs in Durango for Fire assay and Four-acid Multi-element analysis using the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding. All drillholes reported herein use the following recoveries: Ag 94%, Au 86%, Pb 93.5%, Zn 92%. Note: Drillholes reported on a AgEq basis released prior to May 31st 2023, referenced on the company website, did not use a metal recovery. Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288082
Original: Capitan Silver Announces Arrival of 3rd Drill Rig at the Cruz de Plata Project

Capitan Silver Intersects 2,451 g/t Silver Equivalent over 1.5 Metres, within a Wider Zone of 684 g/t Silver Equivalent over 9.1 Metres at the Cruz De Plata ProjectFebruary 26, 2026 6:00 AM
NewsfileVancouver, British Columbia--(Newsfile Corp. - February 26, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its 2025 reverse circulation ("RC") drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from nine (9) drill holes.Highlights:Drilling at Cruz de Plata returned one of Capitan's best intercepts to date; the new high-grade zone that is developing along the Jesus Maria Silver Trend proximal to the Peñoles Fault continues to grow both down-dip and along section, delivering multiple high-grade hitsDrill hole 25-ERRC-38 intersected four (4) separate high-grade structures, including 2,451.1 g/t AgEq over 1.5m, within a wider interval of 1,283.4 g/t AgEq over 4.6m, occurring within a broader zone of 683.6 g/t AgEq over 9.1mDrill hole 25-ERRC-38 also intersected 1,187 g/t AgEq over 1.5m, within a wider zone of 194.3 g/t AgEq over 16.8mDrill hole 25-ERRC-38 provides increased confidence in continuity of mineralization, extending mineralization down-dip along section between 35m to 80m from previously announced drill hole 25-ERRC-34Previously announced drill hole 25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5m, within a broader zone of 240.5 g/t AgEq over 25.9m (see Capitan news release dated February 2, 2026)Drill hole 25-ERRC-42 extends the new high-grade silver mineralized zone approximately 10m to 20m to the east of previously announced drill hole 25-ERRC-26Drill hole 25-ERRC-42 returned multiple high-grade intervals >200 g/t AgEq, including 476.4 g/t AgEq over 1.5m and 419.8 g/t AgEq over 1.5m, within a wider zone of 152 g/t AgEq over 12.2mPreviously announced drill hole 25-ERRC-26 intersected two sizeable zones (see Capitan news release dated November 11, 2025):The Upper Zone returned 612.9 g/t AgEq over 1.5m, within a broader zone of 155.9 g/t AgEq over 6.1mThe Lower Zone intersected 1,767.4 g/t AgEq over 1.5m, within a broader zone of 1,222.1 g/t AgEq over 3m, which is part of a wider interval of 234.2 g/t AgEq over 25.9mSilver mineralization extended along the eastern end of the Jesus Maria Silver Trend both at depth and along strikeDrill hole 25-ERRC-43 intersected multiple broad intervals of silver equivalent mineralization, including 225.3 g/t AgEq over 1.5m, within 12.2m of 59.3 g/t AgEqDrill hole 25-ERRC-43 was collared 50m to the southeast of previously announced high-grade hits from drill holes 25-ERRC-20 and 25-ERRC-32Previously announced drill hole 25-ERRC-20 intersected 1,541 g/t AgEq over 1.5m, within a broader interval of 201.65 g/t AgEq over 18.3m, while drill hole 25-ERRC-32 (down-dip from 25-ERRC-20) intersected 1,254.8 g/t AgEq over 1.5m, within a wider interval of 157.3 g/t AgEq over 16.8m (see Capitan news releases dated October 14, 2025 and February 10, 2026, respectively)Diamond drilling continues to ramp-up on the propertyThe first diamond drill rig has arrived on site and is currently focused on extending the new high-grade silver zone which is developing at the Jesus Maria Trend proximal to the Peñoles FaultAn additional two (2) diamond drill rigs are expected to arrive at Cruz de Plata in the coming weeks and will target several priority drill targets in addition to testing deeper mineralization along the Jesus Maria Silver Trend Catalysts: Final assays pending for 24 drill holesAlberto Orozco, CEO of Capitan Silver, commented:"The drill results from Cruz de Plata continue to impress me. With a modest amount of drilling from the 2025 program, we have identified two additional high-grade silver zones that are developing along the Jesus Maria Silver Trend proximal to the Peñoles Fault (on either side of the Fault), which continue to highlight the richness of the robust silver system at Cruz de Plata. Today's announcement not only delivered one of the highest-grade drill results on the property, but it also highlights the continuity of these new high-grade zones, particularly the one that is developing on the western side of the Peñoles Fault. We have commenced our diamond drill program, with the first holes targeting this new high-grade zone. I'm excited to see core from this target and the results as we start to test at depth."Figure 1: Drill Plan MapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/285439_805fcd6fa43e3be0_002full.jpgDiscussion of Drill ResultsTowards the end of 2025, drilling continued to focus on expanding the new high-grade silver mineralized zone that is developing on the western side of the Peñoles Fault along the Jesus Maria Silver Trend (see 'A' on Figure 1). Early stage drilling focused on evaluating the distribution and continuity of a second new high-grade silver mineralized zone that is developing on the eastern side of the Peñoles Fault as it expands eastward towards the San Rafael area (see 'B' on Figure 1).Drill hole 25-ERRC-38 returned high-grade silver mineralization at depth, expanding the zone between 35 metres to 80 metres along section, where it was targeting the high-grade zone proximal to the Peñoles Fault (see Figure 2). The hole returned multiple high-grade intervals, including a: Lower zone: consisting of three separate high-grade intercepts:2,451.1 g/t AgEq over 1.5m, within a wider zone of 683.6 g/t AgEq over 9.1m;1,187 g/t AgEq over 1.5m, within a wider zone of 194.3 g/t AgEq over 16.8m; and347.6 g/t AgEq over 1.5m, within a wider zone of 107 g/t AgEq over 6.1m; and anUpper zone: intersecting 449.3 g/t AgEq over 1.5m, within a wider zone of 251.7 g/t AgEq over 6.1mFigure 2: Cross-Section, Drill hole 25-ERRC-38To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/285439_805fcd6fa43e3be0_003full.jpgAdditional drilling along the new high-grade zone on the western side of the Peñoles Fault returned significant grades. Drill hole 25-ERRC-47 returned 469.9 g/t AgEq over 1.5m and extended mineralization at depth, along section between 30m to 40m. Drill hole 25-ERRC-42 also returned multiple high-grade hits, including: 168 g/t AgEq over 1.5m, as well as 476.4 g/t AgEq over 1.5m, and 419.8 g/t AgEq over 1.5m, both of which were within a wider interval of 152.0 g/t AgEq over 12.2m. This hole expanded the high-grade zone towards the east between 10m to 20m. Drilling in this area is continuing in 2026, with the first diamond core rig targeting the expansion of this new high-grade silver zone at depth.Figure 3: Cross-Section, Drill hole 25-ERRC-42To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/285439_805fcd6fa43e3be0_004full.jpgAt the second new developing high-grade zone on the eastern side of the Peñoles Fault (see 'B' on Figure 1), drill hole 25-ERRC-43 was designed to target the high-grade results returned in previously announced drill holes 25-ERRC-20 and 25-ERRC-32. Drill hole 25-ERRC-20 intersected 1,541 g/t AgEq over 1.5m, within a broader interval of 201.65 g/t AgEq over 18.3m, while drill hole 25-ERRC-32 (down-dip from 25-ERRC-20) intersected 1,254.8 g/t AgEq over 1.5m, within a wider interval of 157.3 g/t AgEq over 16.8m (see Capitan news releases dated October 14, 2025 and February 10, 2026, respectively). Drill hole 25-ERRC-43 was collared approximately 50m to the southeast of the projected on-strike and down-dip extension of the high-grade intervals returned in these holes. Drill hole 25-ERRC-43 was successful in expanding mineralization down-dip and on-strike to the east, returning multiple, broad silver zones, including 225.3 AgEq over 1.5m, within a wider zone of 59.3 g/t AgEq over 12.2m. This new high-grade zone that is developing on the eastern side of the Peñoles Fault area has been interpreted to contain multiple subparallel zones of silver mineralization that remain at an early stage of exploration, with only widely spaced, shallow drilling having taken place. All zones remain open down-dip and along strike to the east, with 2026 RC drilling targeting areas identified thus far, as well as untested areas of historical workings to the north. Drilling in 2025 along the western defined limits of the Jesus Maria Silver Trend (west of the Gully Fault, see 'C' on Figure 1), targeted the down-dip expansion of historic, shallow core drilling that returned silver polymetallic mineralization. Three drill holes targeted the expansion of mineralization at depth, along section, with all three returning silver mineralization and expanding the zone to depth. The best results include drill hole 25-JMRC-31, which returned 384.9 g/t AgEq over 1.5m, within a wider interval of 150 g/t AgEq over 4.6m, and drill hole 25-JMRC-32, which intersected 128.4 g/t AgEq over 3m, within a wider interval of 71.1 g/t AgEq over 13.7m. This zone remains open to expansion to the west, towards the Jesus Maria northwest prospect as well as down-dip. Table 1: Drill ResultsHole IDFrom (m)To
(m)Interval (m)Ag Eq Rec (g/t)Ag (ppm)Au
(ppm)Pb
(%)Zn
(%)25-ERRC-28Interval16.827.410.749.541.80.1210.0070.050including22.924.41.5103.699.30.1250.0110.040Interval33.535.11.564.863.50.0640.0050.018Interval39.641.11.544.143.70.0370.0050.010Interval47.251.84.631.029.10.0430.0050.017Interval61.062.51.538.127.90.1620.0030.018Interval77.779.21.556.951.30.1160.0090.01225-ERRC-38Interval32.033.51.536.928.80.1350.0020.015Interval41.151.810.757.948.70.1700.0020.012Interval56.457.91.533.627.80.0990.0010.018Interval62.565.53.061.855.80.1250.0020.021Interval83.889.96.1251.7257.40.0890.0370.076including83.885.31.5449.3468.00.0840.0440.070Interval94.596.01.583.978.40.1250.0090.041Interval141.7147.86.1107.099.00.1560.0500.055including143.3144.81.5347.6339.00.2710.1610.169Interval157.0173.716.8194.3200.60.0340.0510.058including161.5163.11.51,187.01,239.00.1200.2330.222including169.2172.23.0243.32540.0120.0730.05Interval187.5196.69.1683.6694.80.0530.2800.557including187.5192.04.61,283.41,332.00.0860.3070.494and including189.0190.51.51,093.41,141.00.0330.2230.362and including190.5192.01.52,451.12,549.00.2100.4920.78725-ERRC-42Interval1.53.01.528.29.60.2670.0030.021Interval7.69.11.558.354.80.0880.0040.019Interval82.383.81.553.453.90.0350.0020.008Interval108.2109.71.5168.0158.50.2660.0060.017Interval135.6138.73.078.865.70.1770.0190.129including135.6137.21.5129.9119.90.1330.0340.21Interval163.1175.312.2152.0147.40.1620.0250.048including164.6166.11.5476.4493.00.1210.0930.060including169.2170.71.5419.8415.00.3650.0410.101Interval199.6213.413.7107.9106.80.0670.0370.055including202.7205.73.0198.6193.00.190.0560.07425-ERRC-43Interval16.829.012.259.360.30.0220.0070.027including18.319.81.5225.32370.0220.0230.001Interval48.876.227.446.535.60.1750.0070.02425-ERRC-47Interval140.2141.71.570.661.00.1690.0060.045Interval184.4185.91.5469.9477.00.2510.0440.090Interval243.8254.510.747.944.30.0220.0600.088Interval259.1260.61.564.667.00.0050.0150.027Interval269.7271.31.561.838.00.0180.0680.67525-JMRC-29Interval3.06.13.028.81.50.3490.0470.062Interval47.248.81.591.133.80.2470.5810.76325-JMRC-30Interval97.599.11.599.389.00.1050.0990.16525-JMRC-31Interval47.251.84.6150.0140.10.0560.2220.243including47.248.81.5384.9365.00.0950.5950.54725-JMRC-32Interval16.818.31.525.74.90.2990.0010.015Interval47.261.013.771.135.60.1890.3110.466including48.851.83.0128.475.60.4390.380.48including59.4611.5121.126.70.2880.8461.54 Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. RC Drill samples have also been sent to SGS labs in Durango for Fire assay and Four-acid Multi-element analysis using the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285439
Original: Capitan Silver Intersects 2,451 g/t Silver Equivalent over 1.5 Metres, within a Wider Zone of 684 g/t Silver Equivalent over 9.1 Metres at the Cruz De Plata Project

Capitan Silver Recognized as a Top 50 TSX Venture Exchange CompanyFebruary 18, 2026 7:30 AM
NewsfileBased on +598% share price appreciation and +931% market capitalization growth
in 2025Vancouver, British Columbia--(Newsfile Corp. - February 18, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to announce that it has been included in the TSX Venture 50 list based on the Company's +598% share price appreciation (ranked 10th) and +931% market capitalization growth (ranked 15th) in 2025.The TSX Venture 50 is a ranking of the 50 top-performing companies on the TSX Venture Exchange over the last year. Companies are ranked based on three equally-weighted criteria of: (i) one-year share price appreciation, (ii) market capitalization increase, and (iii) Canadian consolidated trading value. Click here for a special video message from Alberto Orozco, CEO of Capitan Silver Corp., highlighting the Company's inclusion in the TSX Venture 50. Alberto Orozco, CEO of Capitan, commented:"Being named to the TSX Venture 50 is a testament to Capitan's ability to execute in 2025. The Company achieved a series of significant milestones which led to the Company's near-600% share price growth. We executed on several fronts - bringing in a new strategic investor in Jupiter Gold & Silver Fund that gave us the appropriate cost of capital to re-start drilling, consolidating a strategic land package at Cruz de Plata, and delivering impressive, high-grade silver results from our 2025 drilling campaign - all of which has set a solid foundation for the year ahead.We believe 2025 was just the beginning for Capitan and are excited for what 2026 holds. Building off of the strong success and results of 2025, we enter 2026 fully-funded and have commenced the largest drilling program in the Company's history. We look forward to a year of continued execution, value creation, and discovery at Cruz de Plata."More details on the TSX Venture 50 can be found here: tsx.com/venture50About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284295
Original: Capitan Silver Recognized as a Top 50 TSX Venture Exchange Company

Capitan Silver Intersects 1,833 g/t Silver Equivalent over 1.5 M Within a Broader Zone of 340 g/t Silver Equivalent over 21.3 M at the New High-Grade Silver Zone at Cruz De PlataFebruary 10, 2026 6:00 AM
NewsfileCapitan Silver reports high-grade silver mineralization in multiple drill holesVancouver, British Columbia--(Newsfile Corp. - February 10, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its 2025 reverse circulation ("RC") drill program at its flagship Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from nine (9) drill holes.Highlights:Drilling at Capitan's Cruz de Plata Project continues to intersect high-grade silver mineralization in step-out drilling, while expanding a new high-grade zone at the Jesus Maria Silver Trend west of the Peñoles FaultDrill hole 25-ERRC-37 intersected 1,833.1 g/t AgEq over 1.5m, within a broader zone of 340.4 g/t AgEq over 21.3m at the new high-grade zone proximal to the Peñoles FaultNew high-grade silver intercept extends mineralization of the Jesus Maria Silver Trend on the north-easterly side (offset) of the Peñoles FaultDrill hole 25-ERRC-32 intersected 1,254.8 g/t AgEq over 1.5m, within a wider interval of 157.3 g/t AgEq over 16.8m, down-dip from previously announced drill hole 25-ERRC-20Previously announced drill hole 25-ERRC-20 intersected 1,541 g/t AgEq over 1.5m, within a broader interval of 201.65 g/t AgEq over 18.3m (see news release of Capitan dated October 14, 2025)Additional silver mineralization intersected at the Jesus Maria Silver Trend, east of the Peñoles fault, extending mineralization up-dipDrill hole SRRC-06 intersected 381.4 g/t AgEq over 1.5m, within 153.6 g/t AgEq over 4.6m at the San Rafael target areaBoth drill holes SRRC-06 and SRRC-07 extended known mineralization up-dip, approximately 200m toward surfaceSecond drill rig recently arrived at Cruz de Plata: Capitan ramped up drilling capacity at the property by adding a second drill rig. The newly arrived core rig joins the RC rig currently drilling at Cruz de Plata (see news release of Capitan dated February 9, 2026)Catalysts: Final assays pending for 24 drill holesAlberto Orozco, CEO of Capitan Silver, commented:"We are continuing to see high-grade silver, as mineralized zones expand and our pipeline of targets grows within the Jesus Maria Silver Trend. Cruz de Plata is a large-scale system, and while meaningful step-outs have delivered strong results, our drilling to date has been relatively shallow. Now, with our first core rig on site, we are ready to test this system at depth-and take the next step in unlocking its full potential."Figure 1: Cruz de Plata project plan mapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/283384_a397b3ed84dd9b8c_002full.jpgDiscussion of Drill ResultsDrilling in 2025 continued to test high priority targets including the new high-grade silver zones that are developing both east and west of the Peñoles Fault. The focus continued to be extending high-grade zones of mineralization to depth and increasing confidence in the continuity of high-grade shoots within those areas. The Company continues to build confidence in the continuity of the 3.7km silver trend. Drill hole 25-ERRC-37 intersected multiple high-grade zones below drill hole 25-JMRC-35, extending mineralization down-dip ranging from 20m to 80m. This high-grade shoot has now been drilled over a strike length of approximately 140m east-west by 220m down-dip and remains open at depth.Drill hole 25-ERRC-32 extended the high-grade zone approximately 10m down-dip from drill hole 25-ERRC-20 and continues to confirm continuity of mineralization. Additional step-out holes are planned, and the zone remains open at depth and along strike to the northeast.Figure 2: Drill hole 25-ERRC- 35 and 37 cross sectionsTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/283384_a397b3ed84dd9b8c_003full.jpgFigure 3: Drill hole 25-ERRC-32 cross sectionTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/283384_a397b3ed84dd9b8c_004full.jpgAdditional widely-spaced, shallow drilling at new targets and expansion zones continue to return >100 g/t AgEq intervals, confirming that broad zones of mineralization contain higher-grade cores. Drilling along the eastern portion of the main 3.7 km Jesus Maria Silver Trend continues to return multiple sub-parallel zones of silver mineralization that exhibits strong continuity both along strike and down-dip. Drill holes 25-SRRC-05, 06 and 07 were designed as a fence to test an area of mineralization that returned silver grades between 50 and 2,083 g/t AgEq from surface sampling (see Figure 4). Results show that silver mineralization in this area is widespread, with best results returned including 381.4 g/t AgEq over 1.5m in drill hole 25-SRRC-06 and 152.68 g/t AgEq over 3.0m from drill hole 25-SRRC-07. Drilling at San Rafael is still at an early stage, with follow up drilling planned to be at tighter spacing as well as step-outs at depth, to define the orientation and controls on higher-grade zones.Figure 4: Drill hole 25-SRRC-06, 07 cross sectionsTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/283384_a397b3ed84dd9b8c_005full.jpgTable 1: Drill resultsHole IDFrom 
(m)To 
(m)Interval 
(m)Ag Eq 
Rec (g/t)Ag 
(ppm)Au 
(ppm)Pb 
(%)Zn 
(%)25-ERRC-32Interval18.2935.0516.8157.3153.40.1520.0360.046including19.8121.341.51,254.81,308.00.1340.2650.25425-ERRC-33Interval12.1915.243.031.620.10.1740.0050.020Interval57.9159.441.5112.8106.60.1610.0260.024Interval124.97126.491.550.435.10.2360.0180.02025-ERRC-35Interval22.8645.7222.938.826.50.1900.0040.021including33.5036.603.0132.293.90.6300.0080.020Interval53.3459.446.128.016.70.1660.0030.023Interval70.1079.259.173.872.40.0650.0110.029including70.1071.631.5117.2114.10.1200.0220.028including77.7279.251.5191.5195.00.1000.0100.030Interval83.8292.969.184.276.50.1220.0530.069including88.3989.921.5198.2188.30.2570.0770.041Interval102.11103.631.541.939.90.0500.0080.02025-ERRC-37Interval36.5857.9121.3340.4346.00.1990.0130.034including36.5838.101.5759.0787.00.2520.0200.039including39.6241.151.5441.7445.00.3080.0130.054including44.2048.774.6955.9993.30.2980.0290.027and 
including44.2045.721.51,833.11,918.00.4090.0370.031Interval64.0168.584.666.063.40.0220.0090.136Interval79.2580.771.542.238.30.0750.0060.026Interval99.06106.687.623.919.30.0630.0070.038Interval111.25117.356.128.422.90.0580.0220.068Interval124.97132.597.636.921.20.0550.1170.290Interval137.16138.681.536.919.40.0610.1100.335Interval155.45156.971.5147.4128.70.0850.3100.34925-ERRC-49Interval67.0668.581.533.633.00.0250.0030.022Interval76.2077.721.551.551.00.0440.0060.01025-ERRC-50Interval96.01100.584.647.246.30.0390.0070.022Interval132.59147.8315.231.325.70.0900.0050.025Interval155.45163.077.664.863.60.0570.0090.023including156.97158.501.5102.9102.00.0870.0140.024Interval193.55196.603.073.365.50.1380.0260.04625-SRRC-05Interval73.1586.8713.762.556.80.1200.0060.018including74.6877.723.0121.6114.50.1900.0140.020Interval94.4996.011.527.325.40.0410.0040.01525-SRRC-06Interval9.1412.193.055.252.00.0650.0070.049Interval21.3427.436.153.954.50.0170.0090.035Interval32.0036.584.6153.6158.30.0410.0140.044including32.0033.531.5381.4397.00.0650.0390.077Interval89.92100.5810.754.148.00.1090.0070.03625-SRRC-07Interval51.8257.916.171.570.50.0630.0040.023including54.8656.391.5143.3139.00.1670.0060.029Interval67.0674.687.636.830.40.1110.0030.014Interval79.2582.303.035.135.00.0270.0020.009Interval96.0197.541.531.918.00.2140.0020.007Interval146.30164.5918.355.052.40.0630.0050.037including146.3149.833.0152.71430.2430.0130.035 Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. RC Drill samples have also been sent to SGS labs in Durango for Fire assay and Four-acid Multi-element analysis using the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.

Capitan Silver Announces Arrival of Second Drill Rig at the Cruz De Plata Project to Test Newly Discovered High-Grade Silver ZoneFebruary 9, 2026 6:00 AM
NewsfileVancouver, British Columbia--(Newsfile Corp. - February 9, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report that a second drill rig has arrived on site and has commenced drilling at the Company's Cruz de Plata silver-gold project in Durango, Mexico. The newly arrived core rig joins a reverse circulation ("RC") rig that is already drilling on the property.An aggressive 60,000-metre drill program is planned for Capitan's Cruz de Plata project in 2026. This will be the largest drill program in the Company's history and four times (4x) the size of Capitan's 2025 drill program. The second rig is one of three (3) core rigs that are planned to arrive at the property and will be used to test high-priority targets with the goal of extending advanced high-grade mineralized zones along the Jesus Maria Silver Trend, which also includes the Gully Fault and Peñoles Fault targets (see Figure 1 below).The core rig's immediate focus will be on expanding the newly defined high-grade zone which was discovered proximal to the Peñoles fault. It will target mineralization both at depth and down plunge of previously reported holes 25-ERRC-12, 26 and 34.Drill hole 25-ERRC-12 (see Capitan news release dated September 2, 2025)25-ERRC-12 intersected 2,636 g/t Ag over 1.5m, within a wider interval of 1,400 g/t Ag over 4.6m, occurring within a broader zone of 370.2 g/t Ag over 19.8m Drill hole 25-ERRC-26 (see Capitan news release dated November 11, 2025)Upper zone: intersected 612.9 g/t AgEq over 1.5m, within a broader zone of 155.9 g/t AgEq over 6.1mLower zone: intersected 1,767.4 g/t AgEq over 1.5m, within a broader zone of 1,222.1 g/t AgEq over 3m, which is part of a wider interval of 234.2 g/t AgEq over 25.9mDrill hole 25-ERRC-34 (see Capitan news release dated February 2, 2026)25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5m, within a broader zone of 240.5 g/t AgEq over 25.9mFigure 1: Cruz de Plata drill plan mapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/283158_fe927b90c4ae7b7b_002full.jpgMetal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed by Bureau Veritas using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. RC Drill samples have also been sent to SGS labs in Durango for Fire assay and Four-acid Multi-element analysis using the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283158
Original: Capitan Silver Announces Arrival of Second Drill Rig at the Cruz De Plata Project to Test Newly Discovered High-Grade Silver Zone

Capitan Silver Intersects 1,130.1 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 240.5 g/t Silver Equivalent over 25.9 Metres at the Cruz De Plata ProjectFebruary 2, 2026 7:00 AM
NewsfileVancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its 2025 reverse circulation ("RC") drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from eight (8) drill holes.Highlights:Drilling at Capitan's Cruz de Plata silver-gold project continues to intersect high-grade mineralization, increasing continuity and confidence in a new high-grade zoneDrill hole 25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5m, within a broader zone of 240.5 g/t AgEq over 25.9mDrill hole 25-ERRC-36, a down-dip, step-out hole from previously announced drill hole 25-ERRC-26, intersected multiple intervals including 306.6 g/t AgEq over 1.5m, and 223.6 g/t AgEq over 3.0m, extending mineralization from 60 to 90m down-dipPreviously announced drill hole 25-ERRC-26, intersected multiple zones of silver mineralization. The lower zone intersected 1,767 g/t AgEq over 1.5m, within a broader zone of 234.2 g/t AgEq over 25.9m (see news release of Capitan dated November 11, 2025)Drill hole 25-ERRC-46 intersected 692.4 g/t AgEq over 1.5m and 404.6 g/t AgEq over 1.5m within a broader interval of 18.3m of 122.3 g/t AgEq. Drill hole 25-ERRC-46 extended the mineralized zone below previously announced drill hole 25-ERRC-21 by 50m down-dipPreviously announced drill hole 25-ERRC-21 intersected multiple zones of silver mineralization. The upper zone intersected 710.5 g/t AgEq over 1.5m and 353 AgEq g/t over 1.5m, within a wider zone of 292.4 g/t AgEq over 6.1m (see news release of Capitan dated November 11, 2025)This new high-grade zone remains open at depth and down-plunge to the south and southeast, and has been traced to approximately 220m down-dip from surfaceNew Discovery - Encarnación Zone: Drill hole 25-ERRC-29 intersected a new silver zone, southeast of the Peñoles Fault zone and 250m to the southeast of the Jesús María Silver Trend2026 drilling program underway: On January 20, 2026, the Company announced that it had commenced a 60,000-metre multi-rig program at Cruz de PlataAdditional rig: The first of three core rigs has been mobilized and is expected to join the existing RC rig on site within the next weekCatalysts: Final assays pending for 33 drill holesAlberto Orozco, CEO of Capitan Silver, commented:"We are increasingly encouraged by what our drill results are showing at Cruz de Plata. Not only are we continuing to extend the Jesús María vein, we are also identifying additional veins along the broader trend that merit follow-up drilling. With each hole, our understanding of the scale and potential of the system continues to improve, and our belief is becoming clearer that Cruz de Plata hosts a large, well-developed mineralized system.Importantly, the high-grade zones first identified in drill holes 25-ERRC-12 and 25-ERRC-26 continue to expand, with results such as hole 25-ERRC-34 demonstrating that these higher-grade shoots remain open and are growing with continued drilling.Looking ahead, we expect increased news flow through early 2026. With 33 completed drill holes from our 2025 drill program steadily being returned from the assay lab, we anticipate a meaningful pickup in results and look forward to keeping the market updated as we continue to advance and grow this high-grade silver-gold system."Figure 1: Drill plan mapTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_002full.jpg
Discussion of drill resultsIn 2025, drilling included targets within the Jesús María trend with a focus on extending known zones of mineralization to depth and confirming the continuity of high-grade zones. A special area of interest was near the intersection of the Jesús María Silver Trend and the Peñoles Fault. Drill holes 25-ERRC-34, 36 and 46 targeted this area, with drill hole 25-ERRC-34 targeting the region between drill holes 25-ERRC-12 and 26, while drill holes 36 and 46 were designed to test the continuity of this zone down-dip from drill holes 25-ERRC-26 and 21, respectively (see figure 1). All drill holes intersected broad zones of silver mineralization, with embedded high-grade cores, consistent with previous drilling earlier in the program. Drill hole 25-ERRC-34 was able to confirm the continuity of high-grade silver mineralization between drill holes 25-ERRC-12 and 26, returning 1,130.1 g/t AgEq over 1.5m within a wider interval of 240.5 g/t AgEq over 25.9m (see figure 2). Drill holes 25-ERRC-36 and 46 were designed as on-section step outs, to test the continuity of high-grade mineralization below drill holes 25-ERRC-26 and 21, respectively (see figures 3 and 4). Both drill holes returned multiple zones of high-grade silver mineralization with drill hole 25-ERRC-46 returning 692.4 g/t AgEq and 404.6 g/t AgEq over 1.5m, within a broader zone of 122.3 g/t AgEq over 18.3m, while drill hole 25-ERRC-36 returned 223.6 g/t AgEq over 3.0m and 306.6 g/t AgEq over 1.5m. Both holes were able to extend high-grade silver mineralization down-dip between 50m and 90m, respectively. These results expand the new high-grade silver area in the Jesús María trend near the intersection of the Peñoles Fault. This zone continues open in multiple directions. Additional drilling has targeted the expansion of this new high-grade silver zone and will be reported in the coming weeks.Figure 2: Drill hole 25-ERRC-34 cross sectionTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_003full.jpgFigure 3: Drill hole 25-ERRC-36 cross sectionTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_004full.jpgFigure 4: Drill hole 25-ERRC-46 cross sectionTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_005full.jpgNew Silver Discovery: Encarnación ZoneIn addition to step-out and definition drilling along the Jesús María Trend, Capitan field crews have targeted new zones of silver mineralization that had been discovered by surface sampling. Drill holes 25-ERRC-29 and 30 targeted a new silver occurrence that has been traced on surface for over 250m, located approximately 250m to the southeast of the Jesús María, that trends northeasterly. Drill hole 25-ERRC-29 returned 90.3 g/t AgEq over 3.0m, including 133.96 g/t AgEq over 1.5m, while drill hole 25-ERRC-30 appears to have been collared too far to the north to intersect this new zone. Overall, this drilling indicates that the new zones of mineralization off the main trends have been confirmed, increasing the footprint of the silver system across the property. This new silver occurrence adds to the multiple new zones that have been discovered through both drilling and surface sampling at Cruz de Plata. Additional follow-up drilling is planned for this and other new zones. Table 1. Drill Results Hole IDFrom
 (m)To
(m)Interval 
(m)AgEq 
Rec (g/t)Ag 
(ppm)Au 
(ppm)Pb
(%)Zn
 (%)25-ERRC-27Interval7.629.021.344.630.40.2180.0100.02525-ERRC-29Interval13.716.83.090.388.90.0610.0010.075Including13.715.21.5133.96137.20.040.0010.0625-ERRC-30Interval50.351.81.529.113.20.2340.0010.01525-ERRC-31Interval97.599.11.5191.2195.80.0840.0010.038Interval173.7175.31.561.749.80.2070.0040.01525-ERRC-34Interval35.138.13.032.613.60.2820.0020.010Interval67.168.61.545.526.80.2920.0020.005Interval73.299.125.9240.5241.80.1690.0150.035including76.277.71.51,130.11,151.00.6470.0320.081including88.493.04.6490.0497.30.2860.0360.052and including88.489.91.5751.8756.00.5640.0390.038Interval103.6105.21.545.541.20.0780.0080.036Interval115.8132.616.832.627.70.0770.0110.02625-ERRC-36Interval61.062.51.5113.782.30.5080.0020.040Interval68.670.11.558.349.80.1510.0030.031Interval105.2111.36.137.231.30.0900.0040.044Interval138.7150.912.277.769.60.1040.0430.113including140.2141.71.5226.72210.240.0280.05Interval163.1164.61.532.630.30.0300.0120.051Interval181.4184.43.0223.6216.80.1750.0870.158Interval193.5201.27.6126.4131.90.0100.0310.026including196.6198.11.5306.6321.00.0140.0810.04825-ERRC-45Interval44.245.71.532.424.00.1370.0050.008Interval73.274.71.598.189.00.1980.0050.020Interval112.8114.31.545.631.00.2140.0070.045Interval128.0129.51.532.030.00.0390.0070.028Interval155.4173.718.388.061.40.1250.1910.478including161.5163.11.5185.21730.160.230.14including170.7172.21.5171.71190.100.611.04Interval182.9185.93.091.389.50.0440.0430.086Interval237.7240.83.056.81.00.806-0.01125-ERRC-46Interval120.4121.91.546.927.00.2800.0040.064Interval161.5163.11.5192.3200.00.0310.0370.035Interval187.5205.718.3122.3117.50.0290.1190.190including187.5189.01.5404.6409.00.1150.1930.199including199.6201.21.5692.4715.00.0540.3340.212Interval219.5221.01.528.114.00.0210.0520.353 Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC Drill samples have been analysed using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution.Update to Prior DisclosureFurther to the Company's news release dated January 20, 2026 and entitled "Capitan Silver Corp. Announces 60,000-Metre Multi-Rig Drilling Program and Provides Corporate Update for 2025-2026", Capitan wishes to update the number of drillholes from the 2025 drilling program that are pending final assays. The correct number of drillholes pending assays should have been reported in that news release as 36 instead of 53 drillholes. That total is inclusive of the drillholes reported in this news release.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).About Capitan Silver Corp.Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.ON BEHALF OF CAPITAN SILVER CORP."Alberto Orozco"Alberto Orozco, CEOFor Additional Information Contact:Alberto Orozco, CEO
Capitan Silver Corp.
info@capitansilver.comGreg DiTomaso, Investor Relations
Capitan Silver Corp.
info @MakemLaff2
www.capitansilver.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282343
Original: Capitan Silver Intersects 1,130.1 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 240.5 g/t Silver Equivalent over 25.9 Metres at the Cruz De Plata Project

Alberto Orozco of Capitan Silver Corp. talks to Peter Krauth at the September Metals Investor Forum



Daily Chart
https://schrts.co/TAyiZWHs

Capitan Silver Corp Intersects 1,541 g/t Silver Equivalent over 1.5 Metres within a Wider Zone of 201.6 g/t Silver Equivalent over 18.3 Metres at the Jesús María Silver Trend
Newsfile
October 14, 2025

Drilling Across Cruz de Plata Property Continuing to Deliver High-Grade Results; New Zones Emerging at Depth, Strong Mineralized Continuity Intersected, and More New Targets Identified

Vancouver, British Columbia--(Newsfile Corp. - October 14, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its recently expanded and fully funded Phase One reverse circulation ("RC") 15,000 metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from twelve (12) drillholes.

Highlights:

New high-grade silver mineralization intersected in the extension of the Jesús María vein

Drillhole 25-ERRC-20 intersected 1,541 g/t AgEq over 1.5m, within a broader interval of 201.65 g/t AgEq over 18.3m

The mineralization intersected is believed to be the continuation of the Jesús María main vein which has been offset to the north by the Peñoles Fault

Jesús María vein remains open to the east and at depth, as well as open down plunge of drillhole 25-ERRC-12 (previously released), which returned one of the highest-grade intervals to date at Cruz de Plata:

Drillhole 25-ERRC-12 intersected 2,636 g/t Ag over 1.5m, within a wider interval of 1,400 g/t Ag over 4.6m, occurring within a broader zone of 370.2 g/t Ag over 19.8m (See Capitan news release dated September 2, 2025)

Peñoles Fault emerging as a new key target: Northwest-striking Peñoles Fault emerging as a high-priority target, with evidence of enhanced mineralization open at depth, especially where the fault intersects east-west trending zones.

New high-grade east-west trending zone discovered along the Jesús María silver trend

Drillhole 25-ERRC-17 intersected 475.91 g/t AgEq over 1.5m, within a broader zone of 117.69 g/t AgEq over 7.6m proximal to the Peñoles Fault

Continued high-grade silver mineralization intersected at the Gully Fault Zone; three (3) distinct zones of mineralization identified:

Drillhole JMRC-33

Gully Fault: intersected 216.2 g/t AgEq over 13.5m, within a broader interval of 100.7 g/t AgEq over 44.2m

Jesús María: intersected 803.6 g/t AgEq over 1.5m, within a broader interval of 129.2 g/t AgEq over 22.9m

New Zone: intersected 139.8 g/t AgEq over 3.0m and 128.6 g/t AgEq over 4.6m

Drillhole JMRC-25

Gully Fault: intersected 408.4 g/t AgEq over 3.0m, within a broader zone of 112.2 g/t AgEq over 38.1m

Jesús María: intersected 13.7m of vein zone with two separate 1.5m underground openings with no drill recovery

New Zone: intersected 358.2 g/t AgEq over 1.5m within 213.1 g/t AgEq over 3m and 276.8 g/t AgEq

Drillhole JMRC-26 intersected three (3) high-grade intervals including:

Gully Fault: intersected 390.8 g/t AgEq over 1.5m, within a broader interval of 111.9 g/t AgEq over 9.1m

Jesús María: intersected 502.0 g/t AgEq over 1.5m, and 328.6 g/t AgEq over 1.5m within a broader interval of 238.4 g/t AgEq over 10.7m

New Zone: intersected 100.2 g/t AgEq over 4.6m

CONTINUED:
https://finance.yahoo.com/news/capitan-silver-corp-intersects-1-100000449.html

Capitan Silver Identifies New High-Priority Targets at Cruz De Plata and Provides Property Update
Newsfile
October 1, 2025

Newly Consolidated Land Package Transforms High-Grade Silver Trend into Regional-Scale Mineral System

Highlights:

Mineralized system at the Cruz de Plata ("CDP") project is significantly larger than previously outlined.

Cumulative silver-mineralized vein structures have grown to more than 20km from 7km (previously announced on May 24, 2023). These structures have been identified from surface sampling and mapping on the newly consolidated land package.

A large granodiorite intrusion identified to the north of the main Jésus María trend is a key feature for locating mineralization at Cruz de Plata, with the main silver trend now found to wrap around the intrusion on its western and northern contact within the folded sedimentary package.

All known lithologies at the CDP project contain precious and base metal mineralization.

Six (6) new priority targets identified and being advanced to the drill-ready stage.

Property-wide geophysical survey commissioned and should be completed by Q1 2026.

Assays pending for 38 reverse-circulation ("RC") drill holes with additional holes being drilled every week.

Fully Funded Phase 1 Drill Program expanded by 50% to 15,000m.

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to provide an update for its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company reported today that a surface exploration campaign on the newly acquired 2,171-hectare strategic land package (See Company press release dated August 22, 2025) has identified several new high-priority targets and high-grade mineral showings that include significant extensions to known mineral structures, which the Company is now advancing to the drill-ready stage.

These discoveries are significant as they validate management's thesis that the hydrothermal system at Cruz de Plata is much larger than what was previously known, with the mineral footprint and structures now shown to extend several kilometres to the north of the current limits of the 2025 drill program. A key takeaway is that mineralization is observed to be hosted within all known geological units identified at Cruz de Plata, further increasing the potential for new targets, and increasing the potential of the property.

Alberto Orozco, CEO of Capitan Silver, commented: "The continued growth and evolution of Cruz de Plata has been tremendously exciting for the Company. What began as a handful of isolated silver targets has expanded into a much larger mineralized system. The new detailed geological map and surface sampling highlights how robust the Cruz de Plata system can be, while immediately giving us multiple new targets to aggressively move to a drill-ready stage. We would also like to announce that we are upsizing our Phase One Drill Program by 50%, for a total of 15,000 metres, which is fully funded.
CONTINUED:
https://finance.yahoo.com/news/capitan-silver-identifies-high-priority-100000725.html

Capitan Drills 2,636 g/t Silver over 1.5 Metres Within Wider Interval of 370.2 g/t Silver over 19.8 Metres
Newsfile
September 2, 2025

2025 Drilling Program Discovers New High-Grade Silver Zone and Expands Jesús María Mineralization 150 Metres to the East

Vancouver, British Columbia--(Newsfile Corp. - September 2, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or the "Company") is pleased to announce assay results from eleven (11) of the first twelve drillholes of its planned Phase One 10,000 metre drill program at its Cruz de Plata ("CDP") silver-gold project, located in Durango, Mexico.

Highlights:

Hole 25-ERRC-12 returned one of the highest-grade intervals to date at Cruz de Plata:

2,636 g/t Ag over 1.5 m, within a wider interval of 1,400 g/t Ag over 4.6 m, occurring within a broader zone of 370.2 g/t Ag over 19.8 m

Hole 25-ERRC-12 also expands the Jesús María zone 150 m to the east, along strike, and toward surface

New high-grade mineralized zone discovered north of Jesús María Target:

Hole 25-ERRC-08 intersected 456 g/t Ag over 1.52 m and 382.0 g/t Ag over 1.52 m, both within a broader zone of 109.4 g/t Ag over 16.8 m

Additional Jesús María Drill Highlights:

Hole 25-ERRC-10 intersected 502.0 g/t Ag over 1.52 m within a broader zone of 316.3 g/t Ag over 3.0 m

Hole 25-ERRC-09 intersected 427 g/t Ag over 1.52 m within a broader zone of 79.0 g/t Ag over 13.7 m

An additional 30 RC drillholes have been completed with assay results pending

Alberto Orozco, CEO of Capitan Silver, commented:

"I am encouraged by the early success of our 2025 drill program at Cruz de Plata. The Company had two main objectives at the outset of this campaign: to extend existing mineralization and identify new high-grade mineralized zones, and I am pleased to report that we've already not only extended the Jesús Maria silver zone to the east but also uncovered a brand-new high-grade zone – all within the first twelve drillholes."

Mr. Orozco concluded, "I want to commend our exploration team for their efforts in achieving these objectives so rapidly. These robust results provide fresh evidence of the strength and scale of the project's high-grade silver system. With the Cruz de Plata property now fully consolidated, we have a larger, more prospective land package and a clear path to generating and testing new targets. I look forward to continuing to update the market on further developments."

2025 Drill Program Update

Capitan's planned Phase One 10,000 m drill program at the Cruz de Plata project has been steadily advancing since March 2025, with

6,700 m and 41 reverse-circulation ("RC") holes completed to date. The program has focused primarily on the Jesús María silver trend, especially the underexplored eastern portion where little historic work had been done.

https://finance.yahoo.com/news/zacatecas-silver-closed-over-subscribed-112757615.html

Capitan Silver Executes Definitive Agreement to Acquire Strategic Land Package in Durango, Mexico
Newsfile
August 22, 2025

Vancouver, British Columbia--(Newsfile Corp. - August 22, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or the "Company") is pleased to announce that it has executed a definitive agreement to acquire a strategic property package at its Cruz de Plata project, previously announced Letter of Intent (LOI) on June 9, 2025. The newly acquired property consists of seven (7) mineral concessions located immediately adjacent to and surrounding its Cruz de Plata silver project in Durango, Mexico.

Key Highlights:

Acquisition of a 100% interest in 7 mineral concessions totaling 2,171.4 hectares, directly adjacent to and surrounding the Cruz de Plata Project

Increases Capitan Silver's total land position in the district by approximately 85%

Expands the surface expression of the 2.5 km silver-gold trend by to 3.7 km (additional 1.2 km to the east)

This transaction allows for the consolidation of the land package while opening up additional ground for potential infrastructure development and optimizing the project design

Capitan is acquiring the properties from Minera Fresnillo S.A. de C.V. ("Fresnillo"). The price of the transaction is US$4.0 million, in two installments: US$2.0 million, that was due and has been paid upon execution of the definitive agreement ("Closing") and US$2.0 million payable on or before the second anniversary of the Closing. There are no royalties or share payments for this transaction.

The agreement will be submitted to the Public Registry of Mines for final approval from the authorities.

Figure 1. Cruz de Plata property map showing the resulting consolidated property following completion of the transactions with Fresnillo. The map also shows the location of the high-grade silver trend, which would extend for an additional 1.2 km to the East into the consolidated property, and the location of the Capital hill disseminated oxide gold deposit.

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https://finance.yahoo.com/news/capitan-silver-executes-definitive-agreement-110000941.html

Alberto Orozco of Capitan Silver Corp. presents at Metals Investor Forum in Vancouver | Sep. 2025 .....very high grade silver



Weekly Chart
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CAPTF Stock UP 38.81% On Day. Silver Mining Stock Booming UP Starting NOW!
Investors have figured out the Fed Can NOT control inflation. In fact INTEREST RATES HAVE VERY LITTLE TO DO WITH TODAY'S INFLATION (EXCEPT FOR REAL ESTATE CLOSING PRICES).
THIS inflation surge is DUE TO SUPPLY SIDE ECONOMICS FOR THE VERY MOST PART!

Shallow Field rich Ag core samples taken at Capitan Mining. "Hole 21-JMRC-03 intersected the second high-grade shoot at 79.2m downhole, returning 435.02 g/t AgEq over 10.7m, including three high-grade intervals of 798.29 g/t AgEq over 1.5m, 860.19 g/t AgEq over 1.5m, and 641 g/t AgEq over 1.5m."

https://capitanmining.com/news/news-rss/606-apitaniningrills15mof8602gtgqithin107mo20220308070000.html

https://capitanmining.com/news/news-rss/589-apitaniningrills1352gtilverqover15m117720220216070000.html

https://capitanmining.com/news/news-rss/586-apitaniningrills381mof063tuqithinaroad20220124070000.html


Shallow proven Gold and Silver offers a high percentage value to Stock Price assets.

Hole 21-JMRC03 returned 435.02 g/t AgEq over 10.7m from the Jesus Maria Silver Zone, including three higher-grade intervals of:
798.29 g/t AgEq over 1.5m
860.19 g/t AgEq over 1.5m
641.0 g/t AgEq over 1.5m
New gold-silver zone discovered to the north of the Jesus Maria Silver Zone, with 13.7m of 63.3 g/t AgEq
Additional mineralized structures intersected in the hanging wall to the Jesus Maria Silver Zone
Drilling is ongoing; a total of 15 RC Drill holes have been completed at the Jesus Maria Silver Zone- Assays for 11 drill holes are pending
Capitan is re-branding its "Peñoles Project" to "Cruz de Plata Project" which is closely aligned to its silver focus and exploration potential
Discussion

Confirms Continuity High Grade Silver Mineralization at Depth

Hole 21-JMRC-03 was designed to target one of two high-grade ore shoots nested in the Jesus Maria Silver Zone, that outcrop at surface, and have been delineated by both surface trenching and drilling. The first ore shoot was intersected by hole 21-JMRC-01 (previously released), located 100m to the west of 21-JMRC-03, which returned 1.5m of 1,352 g/t AgEq and 1.5m of 1,177 AgEq within a wider interval of 42.7m of 224.3 g/t AgEq. Hole 21-JMRC-03 intersected the second high-grade shoot at 79.2m downhole, returning 435.02 g/t AgEq over 10.7m, including three high-grade intervals of 798.29 g/t AgEq over 1.5m, 860.19 g/t AgEq over 1.5m, and 641 g/t AgEq over 1.5m. The hole successfully extended high-grade mineralization 40m down plunge from drillhole JM_DDH_12_06 located to the east. This high-grade zone remains open down plunge to the southwest. Cross section 600 (Fig. 2) where hole 21-JMRC-03 is located, had no previous drilling. Figure 1 shows the drill map of the project and location for hole 21-JMRC-03 and cross section 600.

New Gold-Silver Zone Discovered

Additionally, a new zone of gold-silver mineralization was discovered to the north of the Jesus Maria Silver Zone, with Au-Ag (Capitan Style) mineralization intersected at 164.6m downhole, approximately 50m to the north of the Jesus-Maria Vein. This new zone returned 13.7m of 63.28 g/t AgEq, and has been interpreted to be the northeastern extension of the Gully Fault structure, which appears to continue the north of the Jesus Maria Silver Zone. This new zone remains open along strike to the northeast.

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