Capitan Silver drills 1,130.1 g/t Silver Equivalent over 1.5 metres, within a wider zone of 240.5 g/t AgEq over 25.9 metres at Cruz De Plata Project, Mexico

Capitan Silver Corp. [TSXV: CAPT] reported assay results from its 2025 reverse circulation (RC) drill program at its Cruz de Plata silver-gold project in Durango, Mexico. The company is reporting assay results from eight drill holes.

Highlights: Drilling at Capitan’s Cruz de Plata silver-gold project continues to intersect high-grade mineralization, increasing continuity and confidence in a new high-grade zone.

Drill hole 25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5m, within a broader zone of 240.5 g/t AgEq over 25.9 metres. Drill hole 25-ERRC-36, a down-dip, step-out hole from previously announced drill hole 25-ERRC-26, intersected multiple intervals including 306.6 g/t AgEq over 1.5 metres, and 223.6 g/t AgEq over 3.0 mteres, extending mineralization from 60 to 90 metres down-dip.

Previously announced drill hole 25-ERRC-26, intersected multiple zones of silver mineralization. The lower zone intersected 1,767 g/t AgEq over 1.5 meters, within a broader zone of 234.2 g/t AgEq over 25.9 metres.

Drill hole 25-ERRC-46 intersected 692.4 g/t AgEq over 1.5 metres and 404.6 g/t AgEq over 1.5 metres within a broader interval of 18.3 metres of 122.3 g/t AgEq. Drill hole 25-ERRC-46 extended the mineralized zone below previously announced drill hole 25-ERRC-21 by 50m down-dip

Previously announced drill hole 25-ERRC-21 intersected multiple zones of silver mineralization. The upper zone intersected 710.5 g/t AgEq over 1.5 metres and 353 AgEq g/t over 1.5 mteres, within a wider zone of 292.4 g/t AgEq over 6.1 mteres.

This new high-grade zone remains open at depth and down-plunge to the south and southeast, and has been traced to approximately 220m down-dip from surface

New Discovery – Encarnación Zone: Drill hole 25-ERRC-29 intersected a new silver zone, southeast of the Peñoles Fault zone and 250 metres to the southeast of the Jesús María Silver Trend.

The 2026 drilling program is underway. On January 20, 2026, the company announced that it had commenced a 60,000-metre multi-rig program at Cruz de Plata.

The first of three core rigs has been mobilized and is expected to join the existing RC rig on site within the next week. Final assays pending for 33 drill holes.

Alberto Orozco, CEO of Capitan Silver, commented: “We are increasingly encouraged by what our drill results are showing at Cruz de Plata. Not only are we continuing to extend the Jesús María vein, we are also identifying additional veins along the broader trend that merit follow-up drilling. With each hole, our understanding of the scale and potential of the system continues to improve, and our belief is becoming clearer that Cruz de Plata hosts a large, well-developed mineralized system.

Importantly, the high-grade zones first identified in drill holes 25-ERRC-12 and 25-ERRC-26 continue to expand, with results such as hole 25-ERRC-34 demonstrating that these higher-grade shoots remain open and are growing with continued drilling.

“Looking ahead, we expect increased news flow through early 2026. With 33 completed drill holes from our 2025 drill program steadily being returned from the assay lab, we anticipate a meaningful pickup in results and look forward to keeping the market updated as we continue to advance and grow this high-grade silver-gold system.“

In 2025, drilling included targets within the Jesús María trend with a focus on extending known zones of mineralization to depth and confirming the continuity of high-grade zones. A special area of interest was near the intersection of the Jesús María Silver Trend and the Peñoles Fault.

Drill holes 25-ERRC-34, 36 and 46 targeted this area, with drill hole 25-ERRC-34 targeting the region between drill holes 25-ERRC-12 and 26, while drill holes 36 and 46 were designed to test the continuity of this zone down-dip from drill holes 25-ERRC-26 and 21, respectively. All drill holes intersected broad zones of silver mineralization, with embedded high-grade cores, consistent with previous drilling earlier in the program.

Drill hole 25-ERRC-34 was able to confirm the continuity of high-grade silver mineralization between drill holes 25-ERRC-12 and 26, returning 1,130.1 g/t AgEq over 1.5 metres within a wider interval of 240.5 g/t AgEq over 25.9 metres.

Drill holes 25-ERRC-36 and 46 were designed as on-section step outs, to test the continuity of high-grade mineralization below drill holes 25-ERRC-26 and 21, respectively. Both drill holes returned multiple zones of high-grade silver mineralization with drill hole 25-ERRC-46 returning 692.4 g/t AgEq and 404.6 g/t AgEq over 1.5 metres, within a broader zone of 122.3 g/t AgEq over 18.3 metres, while drill hole 25-ERRC-36 returned 223.6 g/t AgEq over 3.0 metres and 306.6 g/t AgEq over 1.5 metres Both holes were able to extend high-grade silver mineralization down-dip between 50 and 90 metres, respectively.

These results expand the new high-grade silver area in the Jesús María trend near the intersection of the Peñoles Fault. This zone continues open in multiple directions. Additional drilling has targeted the expansion of this new high-grade silver zone and will be reported in the coming weeks.

In addition to step-out and definition drilling along the Jesús María Trend, Capitan field crews have targeted new zones of silver mineralization that had been discovered by surface sampling. Drill holes 25-ERRC-29 and 30 targeted a new silver occurrence that has been traced on surface for over 250 metres, located approximately 250 metres southeast of the Jesús María, that trends northeasterly. Drill hole 25-ERRC-29 returned 90.3 g/t AgEq over 3.0 metres, including 133.96 g/t AgEq over 1.5 metres, while drill hole 25-ERRC-30 appears to have been collared too far to the north to intersect this new zone. Overall, this drilling indicates that the new zones of mineralization off the main trends have been confirmed, increasing the footprint of the silver system across the property.

This new silver occurrence adds to the multiple new zones that have been discovered through both drilling and surface sampling at Cruz de Plata. Additional follow-up drilling is planned for this and other new zones.

The correct number of drillholes pending assays should have been reported in a 20Jan26 news release as 36 instead of 53 drillholes. That total is inclusive of the drillholes reported in this news release.

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 top three shareholders own approximately 37% of the share capital. Capitan Silver is fully funded.