Capitan Silver Intersects High-Grade Mineralization in Multiple Drill Holes

Capitan Silver Corp. (TSX-V: CAPT) (OTCQX: CAPTF) is pleased to report additional results from its 60,000-metre 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:

• High-grade mineralization at the Jesus Maria Silver Trend continues to expand down-dip, showing improving widths and grades at depth
  • Drill hole 26-ERDD-10 intersected a broad zone of mineralization, returning 1,071.1 g/t AgEq over 2.0m, within a wider interval of 15.8m of 250.1 g/t AgEq, extending high-grade mineralization 50m down-dip
• Drilling along the Jesus Maria Silver Trend (east and west of the Peñoles Fault) shows strong vertical continuity; silver mineralization extending down-dip in multiple new drill holes
  • Drill hole 26-ERDD-01 intersected 394.4 g/t AgEq over 1.7m in the upper zone and 620.3 g/t AgEq over 2m within a wider interval of 7.9m of 182.6 g/t AgEq in the lower zone
  • Drill hole 26-SRRC-12 intersected 280.5 g/t AgEq over 6.1m, within a broader zone of 16.8m of 167.2 g/t AgEq, extending mineralization 90m down-dip
• Capitan has confirmed drilled continuity over 2.5 km of strike with an average depth of 250m, at the Jesus Maria Main Vein; one of several silver mineralized veins that are part of the Jesus Maria Silver Trend. To date over 21 km of cumulative mineralized vein structures have been identified at the Jesus Maria Silver Trend through surface mapping and sampling programs
• Upcoming Catalysts:
  • Assays pending for 54 drill holes: 29 core and 25 RC holes, with more arriving weekly
  • 4 rigs actively drilling: 3 diamond (core) drill rigs and 1 Reverse Circulation (RC) rig

Alberto Orozco, CEO of Capitan Silver, commented:

“Our 2026 drilling program continues to deliver robust, high-grade results at the Cruz de Plata project. Drilling continues to build on our previous exploration success, extending mineralization further down-dip, where we are seeing both mineralized widths and grades improving.

“We are also encountering new zones of mineralization further at depth, which speak to the strong vertical continuity and deep-rooted scale potential of this project. We expect further drilling will continue to confirm our current geological thesis and structural interpretations, as we look to extend mineralization further.”

 Figure 1: Cruz de Plata Plan Map

Discussion of 2026 Drill Program and Results

Drill Results (Jesus Maria Silver Trend, west of the Peñoles Fault)

Drilling at the Jesus Maria Silver Trend west of the Peñoles Fault reported in this press release, continued to expand previously known mineralization deeper, intersecting high-grades further down-dip, with mineralized zones widening.

Drill hole 26-ERDD-10 was drilled to test the down-dip projection and expand the Jesus Maria high-grade zone. Drill hole 26-ERDD-10, drilled on the same section as previously reported drill hole 26-ERRC-48 (see Capitan news release dated April 1, 2026), intersected strong, broad, high-grade silver mineralization, returning 1,071.1 g/t AgEq over 2.0m within 884.3 g/t AgEq over 3.0m, all within a wider interval of 15.8m of 250.1 g/t AgEq. Drill hole 26-ERDD-10 extended mineralization from drill hole 26-ERRC-48 by 50m down-dip, with mineralization remaining open at depth (see Figures 2 and 3).

Figure 2: Cross-section 26-ERDD-10

 Figure 3: Long-section Jesus Maria Silver Trend showing 2.5 km of drilled continuity

Drill holes 26-ERDD-01 and 26-ERDD-06 were drilled to test the continuity of mineralization down-dip from previously completed drill holes to confirm the Company’s geological and structural interpretations. These drill holes continued to intersect multiple sub-parallel zones of high-grade mineralization close to surface and at depth.

Drill hole 26-ERDD-01 returned strong silver grades over multiple broad intervals, including (i) two upper zones, (ii) a lower zone down-dip, and (iii) a new high-grade zone (see Figure 4). The first upper zone intersected 140.2 g/t AgEq over 2.0m, while the second upper zone returned 394.4 g/t AgEq over 1.7m, within a wider interval of 18.2m of 100.6 g/t AgEq. The lower zone intersected 179.5 g/t AgEq over 2.0m, within a wider interval of 13.7m of 60.5 g/t AgEq. The Company also discovered a new high-grade zone of mineralization at depth within the skarn/hornfels unit, returning 620.3 g/t AgEq over 2.0m, within a wider interval of 7.9m of 182.6 g/t AgEq.

Drill hole 26-ERDD-01 extended mineralization 55m down-dip from previously announced drill hole 25-ERRC-37 (see Capitan news release dated February 10, 2026), which returned 1,833.1 g/t AgEq over 1.5m, within a broader zone of 21.3m of 340.4 g/t AgEq.

Drill hole 26-ERDD-06, drilled on the same section as drill hole 26-ERDD-01, returned multiple strong intervals of silver mineralization, intersecting 461.5 g/t AgEq over 1.1m, within a wider interval of 5.1m of 122.6 g/t AgEq, and 218.2 g/t AgEq over 3.0m, within a wider interval of 9.5m of 106 g/t AgEq (see Figure 4). Drill hole 26-ERDD-06 also extended mineralization from drill hole 26-ERDD-01 by 25m down-dip. Cumulatively, drill holes 26-ERDD-01 and 26-ERRC-06 extended mineralization from drill hole 25-ERRC-37 by 85m down-dip. For both drill holes 26-ERDD-01 and 26-ERDD-06, the Company has observed increasing base metal tenors compared to shallower drilling, indicating that mineralization is beginning to cross over to a style more consistent with what the Company has seen at the historic, high-grade Jesus Maria mine to the west.

Figure 4: Cross-section 26-ERDD-01 and 26-ERDD-06

Drill hole 26-ERDD-04 returned multiple intervals with strong silver grades, intersecting mineralization in an upper zone of 237.4 g/t AgEq over 1.3m, within a wider interval of 5.3m of 72.4 g/t AgEq, and a lower zone of 394.4 g/t AgEq over 1.0m, within a wider interval of 3.9m of 141.8 g/t AgEq.

Drill hole 26-ERDD-04 also extended mineralization from previously announced drill hole 25-ERRC-52 by 43m down-dip. Drill hole 25-ERRC-52 had multiple high-grade silver intercepts, including 1,450.5 g/t AgEq over 1.5m, within a broader zone of 3.0m of 1,131.5 g/t AgEq, 468.3 g/t AgEq over 4.6m, 574.6 g/t AgEq over 3.0m, all contained within a broad interval of 41.1m of 211.0 g/t AgEq (see Capitan news release dated April 1, 2026).

Drill hole 26-ERDD-09, drilled on the same section as previously announced drill hole 26-ERRC-39 (see Capitan news release dated April 1, 2026), intersected two zones of mineralization, an upper zone of 184.7 g/t AgEq over 2.0m, and a 105m down-dip extension to the main Jesus Maria zone, including 313.0 g/t AgEq over 1.4m and 198.1 g/t AgEq over 2.6m, within a wider interval of 25.5m of 86.0 g/t AgEq.

Drill Results (Jesus Maria Silver Trend, east of the Peñoles Fault)

RC drilling east of the Peñoles Fault continued to increase the Company’s confidence in its mineralization model, with silver grades continuing to improve in width and grade at depth. Lack of base metals in this area indicates that current drilling is still high (elevation) in the epithermal system, with zones remaining open at depth, indicating the potential for further expansion. RC drilling in this area was intended to expand the mineralized footprint through large step-out drilling in the historic San Rafael mine area of the Jesus Maria Silver Trend, and to test continuity of stronger silver grades that were returned in previously announced drill holes 26-SRRC-11, 14, and 18 along the same section (see Capitan news release dated May 11, 2026).

Drill hole 26-SRRC-12, drilled 120m to the west of the historic San Rafael mine workings, returned one of the widest and strongest intercepts east of the Peñoles Fault along the Jesus Maria Silver Trend, intersecting 280.5 g/t AgEq over 6.1m, within a broader zone of 16.8m of 167.2 g/t AgEq. Drill hole 26-SRRC-12 shows that grades and widths are improving with depth. This hole also extended mineralization down-dip from 26-SRRC-11 by 90m, and the zone remains open 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 and Diamond Core Drill samples have been analysed at SGS labs in Durango using fire assay and Four-acid multi-element analysis with 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 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 Person

The 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.