Mr. Alberto Orozco reports

CAPITAN SILVER ANNOUNCES UPSIZE OF NON-BROKERED PRIVATE PLACEMENT TO C$2.0 MILLION

Further to its news release dated March 4, 2024, Capitan Silver Corp. has increased the size of its non-brokered private placement from $1.5-million to $2,000,001. The company will issue up to 13,333,340 common shares, with each common share being issued at a price of 15 cents.

Capitan intends to use the net proceeds from the private placement to: continue to advance the Cruz de Plata gold-silver project; evaluate potential acquisitions; as well as finance working capital and general corporate expenses.

The closing of the private placement is expected to occur on or about April 12, 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.

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.

We seek Safe Harbor.