Mr. Alberto Orozco reports

CAPITAN SILVER ANNOUNCES ARRIVAL OF 3RD DRILL RIG AT THE CRUZ DE PLATA PROJECT

A third 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 and core rig that are already drilling on the property.

Highlights:

• Drilling activity continues to ramp up as the third of four rigs has arrived at Cruz de Plata;
• This new rig will be the second of three diamond (core) drill rigs that will join the existing RC drill rig that has been drilling on the property since March, 2025;
• The additional rigs are part of an aggressive 60,000-metre drilling campaign for 2026;
• All three new diamond drill rigs will focus on testing and expanding the high-grade silver zones identified to date at Cruz de Plata in addition to testing mineralization at depth along the Jesus Maria silver trend;
• Catalysts: 34 drill holes pending final assays, which includes the first seven core holes drilled with the first diamond drill rig since arriving to site in February, 2026 (see Capitan's news release dated Feb. 9, 2026).

Capitan has commenced an aggressive 60,000-metre drilling campaign at its Cruz de Plata project for 2026, which represents the largest drill program in the company's history and four times the size of the company's 2025 drill program. The new core rig is the second of three core rigs that are planned to arrive at the property. This core rig will be targeting high-grade silver mineralization on the western end of the Jesus Maria silver trend, including the Gully fault zone, central portions of the Jesus Maria vein and beneath portions of Capitan Hill, and will focus on extending the mineralized envelope deeper while providing more information about mineralization intersected in previously reported drill holes 21-JMRC-01, 21-JMRC-10 and JM-DDH-13-06 (Target C).

Testing priority targets in three main areas

While the newly arrived core rig's immediate focus will be testing high-grade targets to expand mineralization deeper at Target C, the first core rig that arrived at the property (see Capitan's news release dated Feb. 9, 2026) is currently focusing on expanding the recently defined high-grade zone proximal to the Penoles fault on the western side (Target A). It is targeting mineralization both at depth and downplunge of previously reported holes 25-ERRC-12, 25-ERRC-26, 25-ERRC-34 and 25-ERRC-38.

The RC rig has been relocated from Target A and is now working east of the Penoles fault, where drilling has returned broad silver intervals, notably in holes 25-ERRC-20, 25-ERRC-32, and 25-ERRC-43 (Target B). This is another new high-grade zone that is developing and has been interpreted to contain multiple subparallel zones of silver mineralization that remain at an early stage of exploration, with only widely spaced, shallow drilling having taken place. Drilling on Target B will focus on testing continuity of mineralization at surface and exploring for additional high-grade silver mineralization east of the Penoles fault toward the San Rafael area.

Previously announced drill highlights for Target A include:

• Drill hole 25-ERRC-12 (see Capitan's news release dated Sept. 2, 2025):
  • 25-ERRC-12 intersected 2,571.0 grams per tonne silver equivalent over 1.5 metres, within a wider interval of 1,369.3 g/t AgEq over 4.6 m, occurring within a broader zone of 368.1 g/t AgEq 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 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 1.5 m, 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):
  • 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;
• Drill hole 25-ERRC-38 (see Capitan's news release dated Feb. 26, 2026):
  • 25-ERRC-38 intersected four separate high-grade structures, including 2,451.1 g/t AgEq over 1.5 m, within a wider interval of 1,283.4 g/t AgEq over 4.6 m, occurring within a broader zone of 683.6 g/t AgEq over 9.1 m;
  • 25-ERRC-38 also intersected 1,187 g/t AgEq over 1.5 m, within a wider zone of 194.3 g/t AgEq over 16.8 m.

Previously announced drill highlights for Target B include:

• Drill hole 25-ERRC-20 (see Capitan's news release dated Oct. 14, 2025):
  • 25-ERRC-20 intersected 1,541 g/t AgEq over 1.5 m, within a broader interval of 201.65 g/t AgEq over 18.3 m;
• Drill hole 25-ERRC-32 (see Capitan's news release dated Feb. 10, 2026):
  • 25-ERRC-32 intersected 1,254.8 g/t AgEq over 1.5 m, within a wider interval of 157.3 g/t AgEq over 16.8 m;
• Drill hole 25-ERRC-43 (see Capitan's news release dated Feb. 26, 2026):
  • 25-ERRC-43 intersected multiple broad intervals of silver equivalent mineralization, including 225.3 g/t AgEq over 1.5 m, within a wider interval of 59.3 g/t AgEq over 12.2 m.

Previously announced drill highlights for Target C include:

• Drill hole JM-DDH-13-06 (completed by a previous operator in 2013, re-reported in 2022; see Capitan's news release dated Feb. 16, 2022):
  • JM-DDH-13-06 intersected 3,409.1 g/t Ag, 0.9 g/t gold, 3.4 per cent lead and 7.1 per cent zinc over 0.9 m, within a wider interval of 320.3 g/t Ag and 0.17 Au over 11.85 m;
• Drill hole 21-JMRC-01 (see Capitan's news release dated Feb. 16, 2022):
  • 21-JMRC-01 intersected five separate high-grade intervals, including 1,099.3 g/t AgEq over 1.52 m, 1,267.2 g/t AgEq over 1.52 m, 311.3 g/t AgEq over 3.0 m, 341.6 g/t AgEq over 1.52 m and 276.9 g/t AgEq over 1.52 m, all within a broader zone of 42.7 m of 207.8 g/t AgEq;
• Drill hole 21-JMRC-10 (see Capitan's news release dated May 2, 2022):
  • Upper zone: intersected 2,250.1 g/t AgEq over 1.5 m, within a broader zone of 447.3 g/t AgEq over 9.1 m, all within a wider interval of 309.8 g/t AgEq over 16.8 m;
  • Lower zone: intersected 308.8 g/t AgEq over 7.6 m, within a wider zone of 171.3 g/t AgEq over 13.7 m.

Metal recovery was 94 per cent for silver, 86 for gold, 93.5 per cent for lead and 92 per cent for zinc.

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.

We seek Safe Harbor.