Capitan Intersects Silver Mineralization in All Reported Drill Holes

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

• The silver-rich mineralized system at Capitan’s Cruz de Plata Project continues to expand, with all reported holes intersecting silver mineralization and extending the mineralized footprint to depth
• Bonanza-grade drill intercept extends known mineralization down-dip at the Jesus Maria Silver Trend, with grades significantly improving at depth
  • Drill hole 26-JMDD-02 returned 1,077.1 g/t AgEq over 1.1m, within a wider interval of 6.7m of 342.2 g/t AgEq, extending the main Jesus Maria zone 25m down-dip
• Multiple drill holes along the Jesus Maria Silver Trend (east and west of the Peñoles Fault) significantly expand silver mineralization down-dip and continue to demonstrate strong vertical continuity
• Upcoming Catalysts:
  • Assays pending for 61 drill holes: 35 core and 26 reverse circulation (“RC”) holes, with more arriving weekly

Alberto Orozco, CEO of Capitan Silver, commented:

“The latest assay results from our 2026 drilling program at Cruz de Plata continue to expand the size and potential of this silver-rich mineralized system. We are continuing to see high-grade results with grades improving at depth, which demonstrates the strong vertical continuity of this deposit. Additionally, we have significantly expanded mineralization down-dip at several holes across the Jesus Maria Silver Trend.”

“With four drill rigs currently turning at the property and newly permitted high-priority target areas being tested, I am excited about how this year’s exploration program is unfolding. While we are encouraged by the results to date, we remain focused on aggressively drilling the project to bring the large-scale potential of Cruz de Plata into clearer focus. As more results become available, I look forward to keeping the market updated and seeing just how large this system can get.”

 Figure 1: Cruz de Plata Plan Map

 Figure 2: Long-section of Jesus Maria Silver Trend

Discussion of 2026 Drill Program and Results

Drilling at the Cruz de Plata project continues at an aggressive pace, with four drill rigs currently operating at site. Step-out drilling continues along the main Jesus Maria Silver Trend at Targets A, B and C (see Figure 1), with larger step-outs being planned at all target areas in order to expand mineralization at depth, better define zones of high-grade mineralization, and explore for new high-grade zones. All drilling reported in this news release successfully intersected the main Jesus Maria zone, extending mineralization at depth, along section, with silver mineralization reported in all drill holes.

Drill Results: Jesus Maria Silver Trend, West of the Peñoles Fault

Drilling at the Jesus Maria Silver Trend west of the Peñoles Fault was recently focused on Target Area C, which includes the historic Jesus Maria workings, with mineralization being characterized as more base-metal rich compared to target areas further east (see Figure 1).

• Drill hole 26-JMDD-02, drilled on the same section as previously reported drill holes 21-JMRC-03 and 22-JMRC-17, returned bonanza silver grades including 1,077.1 g/t AgEq over 1.1m, within a wider interval of 6.7m of 342.2 g/t AgEq (see Figure 3 and Image 1).

• This drill hole confirmed the Company’s geologic and structural models down-dip from previously drilled RC holes, demonstrated good continuity of mineralization, and extended the main Jesus Maria zone down-dip, along section by approximately 25m.

• The zone remains open to expansion at depth and the Company intends to follow-up with larger >50m step-out drilling.

Figure 3: Cross-section of drill hole 26-JMDD-02

 Image 1: Jesus Maria polymetallic silver mineralization, drill hole 26-JMDD-02 (interval, 166.6m to 166.7m). High-Grade, calcitic-sulphide breccia zone, hosted in carbonaceous siliciclastic sediments.

• Drill hole 26-JMDD-03, designed as a 50m on-section step-out behind previously announced drill hole 22-JMRC-19, returned multiple zones of mineralization, including: (i) an upper zone which intersected 339.91 g/t AgEq over 1.0m, within a wider interval of 3.0m of 152.53 g/t AgEq in the main Jesus Maria zone, and (ii) a lower zone that returned 153.82 g/t AgEq over 3.2m.

• This drill hole also demonstrated strong continuity of the main Jesus Maria zone and extended mineralization in the main Jesus Maria zone by 50m down-dip. Future drill planning at this target area includes larger step-outs (>75m) and will commence in the short-term.

Drill Results: Jesus Maria Silver Trend, East of the Peñoles Fault

RC drilling east of the Peñoles Fault continued to focus on delineating and expanding the main Jesus Maria Silver Trend at depth, with relatively large step-outs continuing to return strong silver grades.

• Drill hole 26-SRRC-25 extended the main Jesus Maria Silver Trend down-dip and intersected multiple zones of mineralization, including: (i) an upper zone adjacent to the historic San Rafael workings that returned 187.56 g/t AgEq over 1.5m (drill hole also hit old workings) and (ii) a higher-grade, broader, lower zone of mineralization that returned 348.21 g/t AgEq over 1.5m, within a wider interval of 12.2m of 115.05 g/t AgEq. This drill hole successfully extended the main Jesus Maria zone 150m down-dip from drill holes 26-SRRC-13 and 17, demonstrating strong continuity of mineralization at depth. This drill hole also showed that historic drill hole SR-DDH-14-02 was stopped short of the main Jesus Maria zone and missed its target.

• Drill hole 26-SRRC-27 also returned strong silver grades, including: (i) an upper zone that returned 226.1 g/t AgEq over 1.5m, within a wider interval of 3.0m of 188.25 g/t AgEq, and (ii) a lower zone that returned 250 g/t AgEq over 1.5m, within a wider zone of 3.0m of 175.77 g/t AgEq, all within a broader interval of 16.8m of 95.44 g/t AgEq. This drill hole extended the main Jesus Maria zone approximately 80m down-dip along section, with the zone showing strong vertical continuity at depth. The Jesus Maria zone at this target area (see Figure 1, Target B) remains open to expansion at depth, with core drilling currently focusing on 75m step-outs.

Table 1: Drill Results

Drill hole IDs containing initials DD and RC denote diamond drilling and reverse circulation drilling respectively

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.