CAPT.V · 2023-05-24 12:00:00

Capitan Silver Identifies New High-Priority Targets at Cruz De Plata and Provides Property Update Newly Consolidated Land Package Transforms High-Grade Silver Trend into Regional-Scale Mineral System

Mergers & Acquisitions Property Options & Staking Exploration Programs

Capitan Silver Identifies New High-Priority

Targets at Cruz De Plata and Provides

Property Update

Newly Consolidated Land Package Transforms High-Grade

Silver Trend into Regional-Scale Mineral System

Highlights:

Mineralized system at the Cruz de Plata ("

CDP

") project is significantly larger than previously

outlined.

Cumulative silver-mineralized vein structures have grown to more than 20km from 7km (previously

announced on May 24, 2023). These structures have been identified from surface sampling and

mapping on the newly consolidated land package.

A large granodiorite intrusion identified to the north of the main Jésus María trend is a key feature

for locating mineralization at Cruz de Plata, with the main silver trend now found to wrap around the

intrusion on its western and northern contact within the folded sedimentary package.

All known lithologies at the CDP project contain precious and base metal mineralization.

Six (6) new priority targets identified and being advanced to the drill-ready stage.

Property-wide geophysical survey commissioned and should be completed by Q1 2026.

Assays pending for 38 reverse-circulation ("

") drill holes with additional holes being drilled

every week.

Fully Funded Phase 1 Drill Program expanded by 50% to 15,000m.

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2025) -

Capitan Silver Corp. (TSXV:

CAPT) ("Capitan" or "the Company")

is pleased to provide an update for its Cruz de Plata silver-gold

project, located in Durango, Mexico. The Company reported today that a surface exploration campaign

on the newly acquired 2,171-hectare strategic land package (See Company press release dated August

22, 2025) has identified several new high-priority targets and high-grade mineral showings that include

significant extensions to known mineral structures, which the Company is now advancing to the drill-

ready stage.

These discoveries are significant as they validate management's thesis that the hydrothermal system at

Cruz de Plata is much larger than what was previously known, with the mineral footprint and structures

now shown to extend several kilometres to the north of the current limits of the 2025 drill program. A key

takeaway is that mineralization is observed to be hosted within all known geological units identified at

Cruz de Plata, further increasing the potential for new targets, and increasing the potential of the

property.

Alberto Orozco, CEO of Capitan Silver, commented:

"The continued growth and evolution of Cruz

de Plata has been tremendously exciting for the Company. What began as a handful of isolated silver

targets has expanded into a much larger mineralized system. The new detailed geological map and

surface sampling highlights how robust the Cruz de Plata system can be, while immediately giving us

multiple new targets to aggressively move to a drill-ready stage. We would also like to announce that

we are upsizing our Phase One Drill Program by 50%, for a total of 15,000 metres, which is fully

funded.

Mr. Orozco continued, "

the airborne geophysical survey that the Company has commissioned, will be

the first property-wide initiative for target generation and expansion by covering the entire project area

with new and detailed geophysical data."

Property Consolidation Summary

The Company's original (2020) property package contained two isolated high-grade silver vein targets,

Jésus María and San Rafael, as well as the disseminated gold target (Capitan Hill) to the south of the

Jésus María showings. In 2022, Capitan completed its first property acquisition at Cruz de Plata,

growing the property by 261.42 hectares and connecting the Jésus María and San Rafael targets, which

formed the Jésus María silver trend (See Company press release dated December 6, 2022). On August

22, 2025, the Company announced the acquisition of a key property covering a total surface of 2,171.4

hectares, completing the consolidation of the Cruz de Plata property package (See Figure 1). Prior to

the latest acquisition, the Company conducted a detailed mapping and surface sampling program that,

together with the newly acquired data from the previous operator, has formed the basis of a new

understanding of the controls of the mineral system and the discovery of multiple new targets. Figure 1

below shows the starting and current land position for the Cruz de Plata project.

Figure 1: Capitan Silver's original land position in 2020 for the Cruz de Plata silver-gold project is

shown in green with the strategic acquisitions in 2022 and 2025 shown in pink and blue respectively.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7373/268684_5292b213f48e7878_002full.jpg

Cruz de Plata - Geological Thesis

Through detailed mapping and sampling, the Capitan exploration team has recognized a spatial

correlation between the 3.7km Jesús María silver trend along the southern periphery of an east-northeast

trending-elongated granodiorite intrusive body and a similar environment to its north. Exploration crews

systematically followed this contact with further mapping and sampling to evaluate the possibility of the

silver mineralization continuing along the entire contact of the granodiorite intrusive and the sediments.

Results of this survey, which also included compilation data from previous operators, validated this

hypothesis (See Figure 2).

Figure 2: Simplified geological map and mineral system model, including new identified targets. 1.

Jesús María silver trend (Containing the Jésus María , Santa Teresa and San Rafael veins), 2. Gully

Fault zone, 3. Jésus María East trend, 4. San Rafael West, 5. Jésus María Northwest, 6. Casco Norte,

7. La Providencia, 8. Jésus María silver trend north, 9. La Purísima, 10. Capitan Hill gold deposit, 11.

El Tubo Hill gold target.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7373/268684_5292b213f48e7878_003full.jpg

The current geological thesis suggests that the genesis of the hydrothermal mineralization at Cruz de

Plata occurs somewhere below the granodiorite, with the documented radial fractures in the intrusive unit

being the main conduit transporting the mineralization across the property. As the mineralized fluids

reach the sediment rock package, they form the silver vein trend in a combination of replacement zones

and hydrothermal breccias. As mineralized fluids continue to flow further away from the source along

these radial fractures and cross the boundary of the Tertiary volcanic unit, this is where the Company

believes the gold mineralization is deposited (in the cooler temperature part of the mineralized system -

Capitan Hill).

This potentially explains the relationship of the Gully Fault (believed to be one of several

key radial fractures) to both the Jésus María silver vein trend and the Capitan Hill gold deposit.

Recent Surface Exploration and New Discoveries

Capitan's exploration team conducted a reconnaissance-scale surface evaluation of the newly acquired

land package consisting of mapping, surface trenching and soil sampling, with the objective of

identifying new targets. Early field work provided further evidence of structural and lithological controls for

silver and gold mineralization; mainly the silver system emplacing around and proximal to the contact

with an intrusive granodiorite body

(

Figure 2). In addition to identifying high-grade silver mineralization

around the granodiorite intrusive, the Company has identified the potential for the silver zone to grow via

radial structures cross-cutting the granodiorite intrusion. Strong silver and gold grades have been

returned from prospecting and are described below. Additionally, the Company has defined the

lithological contact between the folded sedimentary package and the overlying, younger volcanic rock

package across the easternmost portion of the property package. This environment is prospective for

additional disseminated gold mineralization, similar to what is found at Capitan Hill.

Prior to the commencement of the surface program, Capitan commissioned a new high-resolution

Digital Terrain Model (

"DTM"

) and satellite image from Pacific Geomatics of Vancouver, BC to help

field crews identify old historic workings and areas of potential outcrop. This provided field crews with a

more efficient method of evaluating the property and led to a reduction in the time spent seeking these

new targets.

This program, still in its early stages, has resulted in the discovery of at least six (6

)

new mineral

showings, including significant extensions to known mineralized structures across the newly acquired

land package, which are described below (Figure 3).

Figure 3. Detailed view of new project concept with sampling highlights.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7373/268684_5292b213f48e7878_004full.jpg

Description of Targets

Casco Norte (High-grade Gold and Silver) - NEW

Casco Norte is located in the central portion of the newly consolidated property package (See Figures 2

& 3) and consists of a series of workings and pits that trend roughly west-northwest, and has been traced

along strike for 150m. Mineralization consists of sheared and brecciated, strongly silicified granitic to

granodioritic intrusive that is at least 3-4m in width. A series of grab and chip samples were taken

across the old workings, which returned moderate to high-grade Au values, ranging from trace to

the

best value returning 4,291.2 g/t AgEq

(See Table 1). Despite the low topographic relief of the area,

overburden depth is surprisingly thin, which will allow for further surface exploration work, including

mechanical trenching. Follow-up work will begin on this target in the next several weeks.

Jésus María Northwest - NEW

Jésus María Northwest is located along the north contact of the sediment-granitic intrusive boundary,

approximately 400-500m northwest of the western most drillholes of the main Jésus María silver zone.

The showing consists of an old mine working in an area of low topographic relief, with little outcrop, that

trends roughly north-northwest. Capitan geologists were able to enter the old workings and obtain a

sample for analysis and have confirmed that mineralization closely resembles the main Jésus María

zone. This discovery is significant as it extends the Jésus María zone approximately 800m to the west

and north, suggesting it wraps around the main granodioritic intrusive body. Sampling from the main

showing returned significant values ranging from trace to high-grade values with the

best value

returning 2,268.1 g/t AgEq

(See Table 1). Follow-up work will continue in this area and will include soil

geochemistry, possible mechanical trenching, and geophysics.

Jésus María East - NEW

The extension of the Jésus María silver trend to the east hosts the historic San Rafael mine and has seen

small amounts of drilling by Capitan in 2022. Capitan geologists have traced similar style mineralization

onto the newly consolidated land package, adding approximately 1.2km of strike to this zone. A series of

grab and chip samples have been taken along this zone, with analysis returning values ranging from

trace to high-grade mineralization with the

best value returning 1,337.5 g/t AgEq

. Additional surface

work in this area will include mapping and mechanical trenching to upgrade this target to the drill-ready

stage.

San Rafael West - NEW

The San Rafael West zone is the northernmost of the veins and structures that are part of the east-west

trending Jésus María silver trend. This zone is located just to the north and west of the El Casco Property

boundary, approximately 500m to the north of the Jésus María showings (See Figures 2 & 3). High-

grade silver mineralization has been traced over a strike length of approximately 150m with grab and

chip samples ranging from trace to high-grade with the

best value of 1,379.1 g/t AgEq

being returned

(See Table 1). Mineralization is hosted in hornfelsed sediments, very proximal to the sedimentary granite

intrusive boundary. This target remains open along strike to the east-and west.

La Providencia

La Providencia consists of a series of pits and shallow workings that trend northwest and can be traced

along strike for approximately 400m. Mineralization is hosted in sheared and brecciated granodioritic

intrusive and dips steeply to the southwest. Capitan geologists have taken a series of chip and grab

samples within the workings and along the surface expression of the veins at higher elevations.

The

best values returned include 381.6 g/t AgEq

. Additional surface work, including mechanical

trenching, will be conducted at this target to upgrade it to drill-ready stage.

La Purisima - NEW

The La Purisima showing is located within the northeastern portion of the Capitan claim group,

approximately 4.5km northeast of the main Jésus María trend (See Figures 2 & 3). This portion of the

mining claim group was - until recently - quite isolated, with little incentive to explore further due to the

very small size of the surrounding mining claim (approximately 200m north-south in dimension). The

recent property consolidation has changed these circumstances significantly with the infilling of the

property to the south. As a result, field crews were sent to evaluate this area further.

La Purisima occurs at the northern contact between the granodioritic intrusive and limestone sediments,

with mineralization resembling more of a skarn-like appearance, from the limited exposure observed at

this time. The showing consists of a series of old pits and shafts that occur in an area of very low

topographic relief, over a strike length of approximately 50m. Grab and chip samples from this area

returned polymetallic Au-Ag-Cu-Pb-Zn, with values ranging from trace to

241.6 g/t AgEq

. Follow-up work

will continue, in this area with additional prospecting, and possible mechanical trenching.

Jésus María North - NEW

This target consists of east-northeast and northwest striking structures that have been mapped and

sampled in the sedimentary unit, along the north contact of the intrusive. Outcrop in this area is minimal,

so future exploration targeting will rely on expanding the soil geochemistry program and airborne

geophysics.

El Tubo Hill Gold

The El Tubo Hill contains a very similar stratigraphy to the Capitan Hill oxide gold deposit where Tertiary

volcanics rest unconformably over the deformed sedimentary unit. At Capitan Hill, the contact between

the two units is marked by the Capitan vein, with mineralization then expanding from that point both

underneath into the sediments and above towards the volcanics, forming a large volume of gold

mineralization. At El Tubo, low-grade gold mineralization has been identified in outcrop, along the

contact between the two units. Additionally, soil geochemical sampling returned anomalous values over

a strike length of approximately 500m.

Expanded 2025 Drilling Program

The Company is pleased to report that it will be upsizing its 2025 Phase One Drilling Program from

10,000m to 15,000m. Capitan has completed just over 8,000m of drilling to date, with assays pending

for 38 drill holes. With new drill holes being delivered to the lab weekly, the Company will continue to

update the market as assay results are received.

Airborne Geophysical Program

Capitan is pleased to report that it has engaged the services of Expert Geophysics Services of

Newmarket, Ontario, to complete a property-wide 385 line-km regional airborne magnetic and magneto-

telluric survey. The results generated from this survey will include magnetic maps and their various

derivatives, as well as apparent conductivity and resistivity maps that can be used to help identify new

alteration zones, geological features and lithologies, and extensions of existing zones (including fault

structures), up to depths of 1km.

Table 1: Grab and Chip Sample Highlights from Prospecting Program

Easting

Northing

Au_ppm

Ag_ppm

Cu%

Pb%

Zn%

AgEq (g/t)

Zone

548116

2839164

62.1

18.3

0.76

0.02

4291.17

Casco North

547221

2839029

1.8

186

0.03

1.03

4.49

480.41

Casco North

547217

2839124

0.584

343

0.04

0.31

0.40

384.78

Casco North

548015

2839210

4.16

7.8

0.02

0.00

293.78

Casco North

547219

2839032

0.518

133

0.01

2.11

0.61

240.61

Casco North

547221

2839031

1.011

87.4

0.02

0.47

1.87

228.55

Casco North

548090

2839128

0.588

8.8

0.01

49.09

Casco North

548183

2839145

0.442

16.1

0.01

45.95

Casco North

548090

2839132

0.463

6.3

0.01

0.00

37.96

Casco North

548182

2839146

0.397

10.8

0.00

0.01

0.00

37.75

Casco North

548183

2839145

0.32

11.9

0.00

0.01

33.58

Casco North

548186

2839146

0.239

12.3

0.00

0.01

0.00

28.31

Casco North

548185

2839146

0.25

8.7

0.01

0.00

25.68

Casco North

548076

2839199

0.347

0.7

0.01

0.00

0.01

24.81

Casco North

548178

2839138

0.212

10.3

0.00

0.01

0.00

24.55

Casco North

547060

2838918

0.3

0.15

0.04

0.00

20.89

Casco North

548347

2838492

0.744

1364

0.04

0.09

0.05

1337.50

East

548509

2838457

0.132

198

0.00

0.01

195.74

East

548990

2838564

2.54

4.8

0.00

179.30

East

549206

2838654

1.845

0.25

0.00

0.01

127.55

East

549009

2838575

1.615

6.7

0.00

117.44

East

548442

2838500

0.513

64.4

0.00

0.01

96.10

East

548434

2838323

0.04

97.4

0.00

94.43

East

548886

2838705

0.159

88.1

0.00

0.01

94.21

East

548526

2838471

0.019

0.01

93.02

East

548859

2838490

1.22

8.5

0.00

91.96

East

548814

2838369

0.902

27.1

0.00

87.59

East

548521

2838478

1.08

9.3

0.00

0.01

83.46

East

548347

2838492

0.12

70.3

0.00

74.62

East

548435

2838321

0.008

78.5

0.00

74.41

East

549067

2838602

0.954

1.5

0.01

0.00

0.01

67.24

East

548868

2838680

0.205

46.9

0.01

58.67

East

548517

2838467

0.066

56.7

0.00

58.05

East

548868

2838683

0.237

44.1

0.00

0.01

58.01

East

548665

2838528

0.537

19.8

0.00

55.69

East

549331

2838675

0.798

0.4

0.00

0.01

55.47

East

548664

2838530

0.591

12.5

0.00

52.55

East

548487

2838551

0.412

23.5

0.00

50.69

East

548642

2838515

0.468

19.2

0.00

50.39

East

548460

2838480

0.53

8.9

0.00

44.94

East

548511

2838474

0.512

8.3

0.00

0.01

43.24

East

548434

2838498

0.443

12.5

0.00

42.31

East

Easting

Northing

Au_ppm

Ag_ppm

Cu%

Pb%

Zn%

AgEq (g/t)

Zone

548421

2838449

0.566

2.9

0.00

0.01

41.92

East

548510

2838455

0.153

30.5

0.00

0.01

39.50

East

548526

2838468

0.008

40.7

0.00

39.06

East

549334

2838675

0.51

1.2

0.00

0.01

36.45

East

548357

2838455

0.469

1.9

0.00

34.16

East

549320

2838715

0.266

16.7

0.00

34.11

JM East

548731

2838293

0.039

32.3

0.01

0.00

33.17

JM East

549139

2838631

0.471

0.7

0.00

33.14

JM East

548692

2838551

0.274

14.6

0.00

0.01

32.80

JM East

548376

2838461

0.185

0.00

0.01

32.67

JM East

548840

2838202

0.454

0.9

0.02

0.00

0.01

32.43

JM East

548668

2838521

0.11

26.1

0.00

32.29

JM East

548524

2838474

0.245

15.7

0.00

31.73

JM East

548421

2838448

0.319

8.7

0.00

0.01

30.42

JM East

548616

2838509

0.008

30.4

0.00

0.01

29.42

JM East

549391

2838673

0.409

0.25

0.00

0.01

28.57

JM East

548432

2838317

0.024

28.4

0.00

28.43

JM East

548814

2838617

0.128

20.2

0.01

0.00

27.86

JM East

548367

2838463

0.381

1.5

0.00

27.82

JM East

548715

2838290

0.168

0.00

27.60

JM East

548700

2838535

0.147

18.3

0.00

27.43

JM East

549111

2838622

0.389

0.5

0.00

27.33

JM East

548390

2838374

0.052

24.8

0.00

0.01

27.27

JM East

548418

2838449

0.354

2.8

0.00

27.15

JM East

548448

2838482

0.258

9.7

0.00

26.95

JM East

549391

2838671

0.385

0.25

0.00

26.82

JM East

548375

2838459

0.204

0.00

25.40

JM East

548390

2838479

0.348

0.8

0.00

24.76

JM East

548488

2838441

0.061

21.5

0.00

24.57

JM East

548445

2838458

0.319

2.3

0.01

0.00

24.29

JM East

548839

2838656

0.144

13.9

0.00

0.01

23.18

JM East

548309

2838339

0.041

21.3

0.00

0.01

23.05

JM East

548376

2838364

0.287

2.7

0.00

22.38

JM East

548823

2838628

0.097

16.3

0.00

22.17

JM East

548693

2838548

0.19

8.8

0.00

21.47

JM East

548676

2838283

0.243

4.6

0.01

0.00

21.12

JM East

548640

2838521

0.042

0.00

0.01

21.00

JM East

548445

2838457

0.211

6.6

0.01

0.00

20.78

JM East

549246

2838636

0.289

0.25

0.00

20.22

JM East

545667

2838409

27.5

200

0.73

4.00

2.23

2268.11

JM Ext West

545664

2838407

1.5

991

0.06

2.98

1.91

1183.35

JM Ext West

545667

2838404

2.99

122

0.75

4.50

2.59

534.78

JM Ext West

545664

2838407

0.187

186

0.04

2.90

6.86

502.57

JM Ext West

545676

2838403

0.692

136

0.12

2.28

2.79

334.38

JM Ext West

Easting

Northing

Au_ppm

Ag_ppm

Cu%

Pb%

Zn%

AgEq (g/t)

Zone

545466

2838213

0.028

29.9

0.32

6.25

2.43

288.06

JM Ext West

545506

2838377

0.151

54.1

0.07

3.84

0.65

191.08

JM Ext West

545503

2838375

0.188

33.5

0.16

2.34

1.87

173.55

JM Ext West

545586

2838253

0.04

14.2

0.10

2.09

0.53

92.77

JM Ext West

546009

2838444

0.018

4.4

0.03

0.11

2.13

80.99

JM Ext West

546058

2838435

0.007

14.1

0.01

0.90

0.12

43.12

JM Ext West

546010

2838444

0.033

2.9

0.02

0.03

0.68

28.75

JM Ext West

546500

2838900

0.13

113

0.00

2.70

7.00

462.04

JM North

547697

2839712

0.072

76.6

0.01

0.00

0.01

77.35

JM North

547242

2839175

0.238

0.01

0.04

0.09

75.83

JM North

547385

2839605

0.072

45.5

0.00

0.07

0.25

58.17

JM North

547250

2839243

0.243

25.2

0.01

0.02

0.04

42.35

JM North

548033

2839846

0.509

5.3

0.00

40.12

JM North

547243

2839172

0.051

23.4

0.01

0.02

0.06

28.14

JM North

547722

2839711

0.193

14.8

0.00

27.28

JM North

545744

2838658

0.106

79.3

0.04

1.92

0.57

155.09

JM North

545567

2838967

0.046

112

0.00

0.03

0.21

116.34

JM North

545569

2838965

0.035

114

0.01

0.08

0.10

115.37

JM North

545564

2838960

0.282

29.1

0.03

0.17

0.29

61.15

JM North

545739

2838657

0.021

8.4

0.01

0.42

0.12

24.94

JM North

546548

2838451

0.317

357

0.04

0.64

0.18

381.62

Providencia

546548

2838440

0.082

196

0.03

0.24

0.14

201.36

Providencia

546273

2838605

0.059

111

0.01

0.43

0.21

127.51

Providencia

546424

2838515

0.107

32.4

0.02

0.22

0.75

69.56

Providencia

546236

2838632

0.113

39.9

0.05

0.13

0.41

62.83

Providencia

546301

2838569

0.034

51.8

0.01

0.12

0.11

58.26

Providencia

546404

2838524

0.049

26.9

0.01

0.16

0.28

42.66

Providencia

546404

2838522

0.037

25.1

0.02

0.26

0.24

41.48

Providencia

546234

2838632

0.015

19.4

0.04

0.13

0.22

30.57

Providencia

546422

2838513

0.08

10.3

0.01

0.11

0.12

22.22

Providencia

550192

2840697

1.98

0.07

1.86

2.34

339.35

Purisima

550205

2840690

1.856

43.7

0.10

1.99

0.50

241.60

Purisima

550199

2840711

0.886

26.8

0.02

0.88

0.94

142.93

Purisima

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