Capitan Silver Corp. (TSX-V: CAPT) (OTCQX: CAPTF) 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 depth
  • Drill 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-dip
  • Drill 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 9.0m
    • Main 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 20.7m
    • Lower zone: intersected 563.7 g/t AgEq over 1.0m, within a broader zone of 125.7 g/t AgEq over 5.3m
  • Drill 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 Fault
  • Drill hole 26-SRRC-08 intersected two mineralized zones:
    • Upper zone: intersected 213.7 g/t AgEq over 1.5m
    • Lower zone: intersected 164.2 g/t AgEq over 6.1m, within a wider interval of 61.8 g/t AgEq over 39.6m

• Upcoming Catalysts:
  • Analyst site tour (May 11-13)
  • Assays pending for 43 drill holes: 16 RC and 27 core holes, with more arriving weekly

Alberto 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 map

Discussion of 2026 Drill Program and Results

Drilling 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-08

Crooss-Section, drill hole 26-ERDD-07

Figure 4: Cross-Section, drill hole 26-SRRC-08

Figure 5: Long section with drill highlights

Table 1: Drill Table

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 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.