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 thirty-five (35) drill holes.

Highlights:

• Capitan’s Jesus Maria Silver Trend Expands Drilled Strike Length to 2.8 km: Drilling continues to expand silver mineralization both at depth and on strike along the continuous 2.8 km Jesus Maria Silver Trend, with the Company returning multiple high-grade intercepts from all three target areas (See Figure 1)
• Two (2) New High-Grade Silver Zones Discovered at Depth, East of the Peñoles Fault: Drill holes 26-ERRC-63 and 26-SRRC-32 represent two (2) of the widest and highest-grade intervals reported in this target area; both zones remain open along strike and at depth (see Figure 1, Target B)
• Drill highlights include:
  • 848.0 g/t AgEq over 1.5 m, within a wider interval of 29.0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq in drill hole26-ERRC-63
    • Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2)
  • 889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq in drill hole 26-SRRC-32
    • Drill hole 26-SRRC-32 intersected six (6) silver mineralized zones (see Figure 3)
  • 1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09
  • 1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14
  • 368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.2 g/t AgEq in drill hole 26-JMDD-06
  • 798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08
  • 756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13
  • 632.2 g/t AgEq over 1.5 m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04
  • 648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18
• Upcoming Catalysts:
  • Assays pending for 78 drill holes in multiple priority targets: 31 core, 47 reverse circulation holes, with more arriving weekly (see new target drill plan map in Figure 7)
  • Acquiring new structural data: Pilot Televiewer Survey has commenced

Alberto Orozco, CEO of Capitan Silver, commented:

“I’m very pleased with the results from our 2026 drill program. The footprint of the Cruz de Plata continues to expand and confirms our thesis that we have a large, silver-rich mineralized system. Our most recent batch of assay results have returned an abundance of high-grade silver intercepts, which not only expand known mineralization to 2.8 km along the Jesus Maria Silver Trend, but also expand the mineralized envelope deeper. Most significant – and encouraging – is the fact that these results have also encountered high-grade mineralization in all three of our major target areas, which reinforces our confidence in the robustness and large-scale potential of this asset.”

Figure 1: Cruz de Plata Plan Map

Discussion of 2026 Drill Program and Results

The 2026 drill program at the Cruz de Plata project is fully ramped up, with four (4) drill rigs currently operating at site. Drilling through the late spring and summer focused on extending known zones of high-grade silver mineralization at depth over the entire strike length of the Jesus Maria Silver Trend (see Figure 1, Targets A, B, and C). This phase of drilling was executed primarily with diamond drilling, with some supporting RC holes. Down-dip step-outs varied between 35 to 150 m.

The remainder of the 60,000 m program for this area is focused on drilling the strike length of the Jesus Maria Silver Trend to a depth of 500 m vertically from surface with down-dip step outs increasing to 80 to 175 m with diamond drilling. The RC rig is now fully dedicated to drilling newly-permitted targets and has moved from a single to a double shift to increase the drill rate for the remainder of the program.

Drill Results: Target Area B

Recent drilling at Target Area B has resulted in the discovery of two  new high-grade zones of silver mineralization at depth, with grades approaching bonanza levels starting to appear in drilling.

Drill highlights from Target Area B include:

• Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2), that includes a number of reported mineralized intervals:
  • 848.0 g/t AgEq over 1.5 m, within a wider interval of 29. 0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq

• Drill hole 26-SRRC-32 intersected six (6) separate silver mineralized zones (see Figure 3). This includes:
  • 889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq

Drill hole 26-ERRC-63 was drilled proximal to the hanging wall of the Peñoles Fault, which has demonstrated to be a controlling structure for mineralization on the stratigraphically higher west side of the fault (see previously reported drill holes 25-ERRC-12, 26, 35, 37).

This drill hole returned one of the most significant intersections of silver equivalent mineralization to date along this portion of the Jesus Maria Silver Trend, returning multiple intervals including an upper zone which returned 410.7 g/t AgEq over 1.5 m within a wider zone of 3.0 m of 327.4 g/t AgEq, 848 g/t AgEq over 1.5m, within a wider zone of 6.1 m of 429.6 g/t AgEq, all within a wider interval of 29 m of 181.4 g/t AgEq. The lower zone contained 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq. This new high-grade zone remains open to expansion down-dip to the south and along strike to the east, with follow-up drilling currently being coordinated.

Figure 2: Cross-section of drill hole 26-ERRC-63

Drill hole 26-SRRC-32 intersected the second high-grade zone of silver mineralization in Target B in the vicinity of the historic San Rafael Mine. The hole returned six zones of mineralization (see Figure 3), of which the most significant was a lower zone (labeled as 6 in Figure 3), which contains 889.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 707 g/t AgEq, 107.7 g/t AgEq over 3.0 m and 197.1 g/t AgEq over 3.0 m, all within a wider interval of 27.4 m of 142.4 g/t AgEq.

Figure 3: Cross-section of drill hole 26-SRRC-32

These results confirm the Company’s current working geological thesis that this portion of the Jesus Maria Silver Trend has been dropped down several hundred metres by the Peñoles Fault, preserving the upper portions of the vertically zoned hydrothermal system, which is generally more gold dominated, and characterized by more widespread silica alteration and boiling textures in the higher, near surface portions. As exploration has continued to expand mineralization to depth, a transition to high-grade silver mineralization has started to evolve, with mineralization wide open to expansion at depth over this portion of the trend.

Drill Results: Target Area C

Drilling at Target Area C continued to return encouraging results, with drilling focused on extending mineralization down-dip from known high-grade zones in the vicinity of the historic Jesus Maria Mine.

Drill holes 26-JMDD-04, 06, 07, 08, 09 and 10 all returned significant intervals of silver mineralization, with all holes reporting values more than 300 g/t AgEq, with bonanza grades greater than 1,000 g/t AgEq returned in drill hole 26-JMDD-09 (see Table 1 and Figure 4). All drill holes extended mineralization between 35 and 150 m down-dip from previously reported intersections.

Drill highlights from Target Area C include:

• 1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09
• 798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08
• 632.2 g/t AgEq over 1.5m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04
• 368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.3 g/t AgEq in drill hole 26-JMDD-06

Figure 4: Cross-section of drill hole 26-JMDD-09

Drill Results: Target Area A

At Target Area A, diamond core drilling continued to expand the main Jesus Maria Vein down-dip from the historic El Refugio Mine. The primary goal of this drilling is to extend previously reported high-grade silver mineralization to depth, with the secondary goal of exploring/infilling areas with poor drill density in the vicinity of the Target C and Target A boundary.

The best intercept in this zone was in drill hole 26-ERDD-14, which intersected up to 1,123.6 g/t AgEq over 1.0 m. Five of the holes returned grades in excess of 500 g/t AgEq, with the majority of the holes intersecting values in excess of 200 g/t AgEq.

Drill highlights from Target Area A include:

• 1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14
• 648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18
• 756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13
• 643.1 g/t AgEq over 0.9 m in drill hole 26-ERDD-23
• 538.7 g/t AgEq over 1.7 m, within a wider interval of 5.2 m of 285.2 g/t AgEq in drill hole 26-ERDD-27
• 305.5 g/t AgEq over 1.3 m, within a wider interval of 25.6 m of 85.0 g/t AgEq in drill hole 26-ERDD-29

Drilling at Target area A continues to extend mineralization at depth with base metal tenors continuing to increase as drilling targets deeper and higher temperature portions of the mineralized system. The Company anticipates base metals tenors to continue to increase at depth, similar to what is seen to the west at the Jesus Maria Mine area.

Figure 5: Cross-section of drill hole 26-ERDD-18

 Figure 6: Long-Section of Jesus Maria Silver Trend

Figure 7: Cruz de Plata Plan Map with New Target Drilling

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 and Hermosillo 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.