Capitan Silver Corp. (TSX-V: CAPT) is pleased to report assay results from its 2025 reverse circulation 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 hits
  • Drill 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 9.1m
  • Drill 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 16.8m
  • Drill 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-34
    • Previously 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-26
  • Drill 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 12.2m
    • Previously 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 6.1m
      • The 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 25.9m

• Silver mineralization extended along the eastern end of the Jesus Maria Silver Trend both at depth and along strike
  • Drill 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 AgEq
  • Drill 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-32
    • Previously 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 property
  • The 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 Fault
  • An 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 holes

Alberto 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 Map

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Discussion of Drill Results

Towards 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; and
  • 347.6 g/t AgEq over 1.5m, within a wider zone of 107 g/t AgEq over 6.1m; and an

• Upper zone: intersecting 449.3 g/t AgEq over 1.5m, within a wider zone of 251.7 g/t AgEq over 6.1m

Figure 2: Cross-Section, Drill hole 25-ERRC-38

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Additional 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-42

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At 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 Results

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.

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, CEO

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