Mr. Alberto Orozco reports

CAPITAN SILVER ANNOUNCES C$1.5 M NON-BROKERED PRIVATE PLACEMENT

With the support of its large shareholders, Capitan Silver Corp. intends to raise $1.5-million by way of a non-brokered private placement of 10 million common shares at a price of 15 cents per share. Capitan intends to use the net proceeds from the private placement to continue to advance the Cruz de Plata gold-silver project and evaluate potential acquisitions, as well as for working capital and general corporate expenses.

The closing of the private placement is expected to occur on or about March 29, 2024, and is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period, in accordance with applicable Canadian securities laws. There is no material fact or material change regarding Capitan that has not been generally disclosed.

About Capitan Silver Corp.

Capitan Silver is a well-financed junior exploration company focused on its 100-per-cent-owned Cruz de Plata gold-silver project in Durango, Mexico. The company is led by a management team that has successfully advanced and developed several heap-leach operations in Mexico over the past 16 years.

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