Mr. Alberto Orozco reports

CAPITAN SILVER ANNOUNCES ARRIVAL OF SECOND DRILL RIG AT THE CRUZ DE PLATA PROJECT TO TEST NEWLY DISCOVERED HIGH-GRADE SILVER ZONE

A second drill rig has arrived on site and has commenced drilling at Capitan Silver Corp.'s Cruz de Plata silver-gold project in Durango, Mexico. The newly arrived core rig joins a reverse circulation (RC) rig that is already drilling on the property.

An aggressive 60,000-metre drill program is planned for Capitan's Cruz de Plata project in 2026. This will be the largest drill program in the company's history and four times the size of Capitan's 2025 drill program. The second rig is one of three (3) core rigs that are planned to arrive at the property and will be used to test high-priority targets with the goal of extending advanced high-grade mineralized zones along the Jesus Maria silver trend, which also includes the Gully fault and Penoles fault targets.

The core rig's immediate focus will be on expanding the newly defined high-grade zone, which was discovered proximal to the Penoles fault. It will target mineralization both at depth and downplunge of previously reported holes 25-ERRC-12, 25-ERRC-26 and 25-ERRC-34.

Drill hole 25-ERRC-12 (see Capitan's news release dated Sept. 2, 2025):

• Hole 25-ERRC-12 intersected 2,636 grams per tonne silver over 1.5 metres, within a wider interval of 1,400 g/t Ag over 4.6 m, occurring within a broader zone of 370.2 g/t Ag over 19.8 m.

Drill hole 25-ERRC-26 (see Capitan's news release dated Nov. 11, 2025):

• Upper zone: intersected 612.9 g/t AgEq (silver equivalent) over 1.5 m, within a broader zone of 155.9 g/t AgEq over 6.1 m;
• Lower zone: intersected 1,767.4 g/t AgEq over 1.5m, within a broader zone of 1,222.1 g/t AgEq over three m, which is part of a wider interval of 234.2 g/t AgEq over 25.9 m.

Drill hole 25-ERRC-34 (see Capitan's news release dated Feb. 2, 2026):

• Hole 25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5 m, within a broader zone of 240.5 g/t AgEq over 25.9 m.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, PGeo, 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 per cent of the company's share capital. Capitan Silver is fully financed and actively drilling at its Cruz de Plata silver project.

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