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CAPT.V ·

Capitan Silver Intersects High-Grade Silver Equivalent Mineralization at All Priority Target Areas

Drill Results Exploration Programs

Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company") is pleased to report additional results from its 60,000-metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from thirty-five (35) drill holes.

Highlights:

Capitan's Jesus Maria Silver Trend Expands Drilled Strike Length to 2.8 km: Drilling continues to expand silver mineralization both at depth and on strike along the continuous 2.8 km Jesus Maria Silver Trend, with the Company returning multiple high- grade intercepts from all three target areas (See Figure 1)

Two (2) New High-Grade Silver Zones Discovered at Depth, East of the Peñoles Fault: Drill holes 26-ERRC-63 and 26-SRRC-32 represent two (2) of the widest and highest-grade intervals reported in this target area; both zones remain open along strike and at depth (see Figure 1, Target B)

Drill highlights include:

848.0 g/t AgEq over 1.5 m, within a wider interval of 29.0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq in drill hole26-ERRC-63

Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2)

889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq in drill hole 26-SRRC-32

Drill hole 26-SRRC-32 intersected six (6) silver mineralized zones (see Figure 3)

1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq

over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09

1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-

368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.2 g/t AgEq in drill hole 26-JMDD-06

798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08

756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13 632.2 g/t AgEq over 1.5 m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04

648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18

Upcoming Catalysts:

Assays pending for 78 drill holes in multiple priority targets: 31 core, 47 reverse circulation ("RC") holes, with more arriving weekly (see new target drill plan map in Figure 7)

Acquiring new structural data: Pilot Televiewer Survey has commenced

Alberto Orozco, CEO of Capitan Silver, commented:

"I'm very pleased with the results from our 2026 drill program. The footprint of the Cruz de Plata continues to expand and confirms our thesis that we have a large, silver-rich mineralized system. Our most recent batch of assay results have returned an abundance of high-grade silver intercepts, which not only expand known mineralization to 2.8 km along the Jesus Maria Silver Trend, but also expand the mineralized envelope deeper. Most significant - and encouraging - is the fact that these results have also encountered high-grade mineralization in all three of our major target areas, which reinforces our confidence in the robustness and large-scale potential of this asset."

Figure 1: Cruz de Plata Plan Map

Figure

Discussion of 2026 Drill Program and Results

The 2026 drill program at the Cruz de Plata project is fully ramped up, with four (4) drill rigs currently operating at site. Drilling through the late spring and summer focused on extending known zones of highgrade silver mineralization at depth over the entire strike length of the Jesus Maria Silver Trend (see Figure 1, Targets A, B, and C). This phase of drilling was executed primarily with diamond drilling, with some supporting RC holes. Down-dip step-outs varied between 35 to 150 m.

The remainder of the 60,000 m program for this area is focused on drilling the strike length of the Jesus Maria Silver Trend to a depth of 500 m vertically from surface with down-dip step outs increasing to 80 to 175 m with diamond drilling. The RC rig is now fully dedicated to drilling newly-permitted targets and has moved from a single to a double shift to increase the drill rate for the remainder of the program.

Drill Results: Target Area B

Recent drilling at Target Area B has resulted in the discovery of two (2) new high-grade zones of silver mineralization at depth, with grades approaching bonanza levels starting to appear in drilling.

Drill highlights from Target Area B include:

Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2), that includes a number of reported mineralized intervals:

848.0 g/t AgEq over 1.5 m, within a wider interval of 29. 0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq

Drill hole 26-SRRC-32 intersected six (6) separate silver mineralized zones (see Figure 3). This includes:

889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq

Drill hole 26-ERRC-63 was drilled proximal to the hanging wall of the Peñoles Fault, which has demonstrated to be a controlling structure for mineralization on the stratigraphically higher west side of the fault (see previously reported drill holes 25-ERRC-12, 26, 35, 37).

This drill hole returned one of the most significant intersections of silver equivalent mineralization to date along this portion of the Jesus Maria Silver Trend, returning multiple intervals including an upper zone

which returned 410.7 g/t AgEq over 1.5 m within a wider zone of 3.0 m of 327.4 g/t AgEq, 848 g/t AgEq over 1.5m, within a wider zone of 6.1 m of 429.6 g/t AgEq, all within a wider interval of 29 m of 181.4 g/t AgEq. The lower zone contained 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq. This new high-grade zone remains open to expansion down-dip to the south and along strike to the east, with follow-up drilling currently being coordinated.

Figure 2: Cross-section of drill hole 26-ERRC-63

Figure

Drill hole 26-SRRC-32 intersected the second high-grade zone of silver mineralization in Target B in the vicinity of the historic San Rafael Mine. The hole returned six zones of mineralization (see Figure 3), of which the most significant was a lower zone (labeled as 6 in Figure 3), which contains 889.9 g/t AgEq

over 1.5 m, within a wider zone of 3.0 m of 707 g/t AgEq, 107.7 g/t AgEq over 3.0 m and 197.1 g/t AgEq over 3.0 m, all within a wider interval of 27.4 m of 142.4 g/t AgEq.

Figure 3: Cross-section of drill hole 26-SRRC-32

Figure

These results confirm the Company's current working geological thesis that this portion of the Jesus Maria Silver Trend has been dropped down several hundred metres by the Peñoles Fault, preserving the upper portions of the vertically zoned hydrothermal system, which is generally more gold dominated, and characterized by more widespread silica alteration and boiling textures in the higher, near surface portions. As exploration has continued to expand mineralization to depth, a transition to high-grade silver mineralization has started to evolve, with mineralization wide open to expansion at depth over this portion of the trend.

Drill Results: Target Area C

Drilling at Target Area C continued to return encouraging results, with drilling focused on extending mineralization down-dip from known high-grade zones in the vicinity of the historic Jesus Maria Mine.

Drill holes 26-JMDD-04, 06, 07, 08, 09 and 10 all returned significant intervals of silver mineralization, with all holes reporting values more than 300 g/t AgEq, with bonanza grades greater than 1,000 g/t AgEq returned in drill hole 26-JMDD-09 (see Table 1 and Figure 4). All drill holes extended mineralization between 35 and 150 m down-dip from previously reported intersections.

Drill highlights from Target Area C include:

1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m,

within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09 798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26- JMDD-08

632.2 g/t AgEq over 1.5m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26- JMDD-04

368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.3 g/t AgEq in drill hole 26- JMDD-06

Figure 4: Cross-section of drill hole 26-JMDD-09

Figure

Drill Results: Target Area A

At Target Area A, diamond core drilling continued to expand the main Jesus Maria Vein down-dip from the historic El Refugio Mine. The primary goal of this drilling is to extend previously reported high-grade silver mineralization to depth, with the secondary goal of exploring/infilling areas with poor drill density in the vicinity of the Target C and Target A boundary.

The best intercept in this zone was in drill hole 26-ERDD-14, which intersected up to 1,123.6 g/t AgEq over 1.0 m. Five of the holes returned grades in excess of 500 g/t AgEq, with the majority of the holes intersecting values in excess of 200 g/t AgEq.

Drill highlights from Target Area A include:

1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14 648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26- ERDD-18

756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26- ERDD-13

643.1 g/t AgEq over 0.9 m in drill hole 26-ERDD-23

538.7 g/t AgEq over 1.7 m, within a wider interval of 5.2 m of 285.2 g/t AgEq in drill hole 26- ERDD-27

305.5 g/t AgEq over 1.3 m, within a wider interval of 25.6 m of 85.0 g/t AgEq in drill hole 26- ERDD-29

Drilling at Target area A continues to extend mineralization at depth with base metal tenors continuing to increase as drilling targets deeper and higher temperature portions of the mineralized system. The Company anticipates base metals tenors to continue to increase at depth, similar to what is seen to the west at the Jesus Maria Mine area.

Figure 5: Cross-section of drill hole 26-ERDD-18

Figure

Figure 6: Long-Section of Jesus Maria Silver Trend

Figure

Figure 7: Cruz de Plata Plan Map with New Target Drilling

Figure

Table 1: Drill Results

Hole IDFrom (m)To (m)Interval (m)Ag Eq Rec (g/t)Ag (ppm)Au (ppm)Pb (%)Zn (%)
26-ERDD-11 / TARGET A
Interval34.936.31.428.1012.000.2400.0010.009
Interval41.743.72.030.0628.000.0460.0040.013
Interval97.999.01.131.5421.000.1630.0060.012
Interval106.8107.91.145.0938.000.1280.0060.012
Interval181.1182.51.4110.55100.000.2180.0240.025
Interval216.9234.317.495.8468.740.0740.2160.589
including222.4225.22.8153.0973.000.0960.7251.690
including226.7230.74.0141.72126.500.0630.1070.456
including233.2234.31.1197.78192.000.1110.1090.194
Interval239.7240.91.240.7932.000.1470.0090.010
Interval249.4251.42.031.6316.000.0500.0390.354
Interval310.9312.92.033.7715.000.0030.0510.531
Interval335.9336.91.045.9121.000.0370.2540.485
26-ERDD-12 / TARGET A
Interval64.466.52.135.6123.430.1840.0030.024
Interval95.996.91.033.586.000.4000.0020.011
Interval201.7224.622.991.8171.290.2020.1660.183
including203.7204.71.0118.4070.000.3020.6940.363
including209.5212.83.3222.00201.940.2860.2050.198
including221.0224.63.6135.07114.720.2310.1620.200
26-ERDD-13 / TARGET A
Interval97.498.41.038.8117.000.3260.0040.009
Interval120.0125.35.3316.82316.940.2010.0490.109
including122.0124.02.0756.57781.000.2160.1030.137
Interval200.2204.84.6128.18130.960.0350.0540.034
including201.8202.81.0302.20314.000.0390.1120.036
Interval226.0236.310.354.7231.580.1320.1510.344
including228.0229.01.0146.1983.000.1680.3801.350
Interval255.0261.46.435.3814.880.0570.1820.364
26-ERDD-14 / TARGET A
interval72.976.03.142.7116.970.3800.0050.015
interval82.083.41.427.8911.000.2500.0020.008
interval131.0137.06.0125.26126.200.0810.0090.023
including135.9137.01.1597.17627.000.0710.0350.056
interval141.0143.02.087.4687.000.0620.0160.029
interval190.7192.72.0153.05159.000.0300.0350.016
interval200.6201.61.01,123.631,172.000.0790.2750.258
interval222.0247.425.442.8133.500.0650.0410.167
including245.6247.41.8143.86148.000.0270.0350.056
interval292.9300.17.243.6429.310.0040.2790.235
26-ERDD-15 / TARGET A
interval20.421.61.253.3936.000.2750.0100.011
interval41.442.41.025.2218.000.1150.0020.008
interval46.250.03.881.8550.740.4860.0100.020
including46.248.22.0130.9882.000.7700.0100.019
interval57.059.02.038.1338.000.0230.0040.021
interval130.0131.71.728.8229.000.0140.0050.014
interval136.0137.71.729.8120.000.1410.0180.023
interval146.5161.114.654.0623.100.0630.1930.664
including150.0152.02.0114.3749.000.0780.5331.410
including153.5154.71.2172.7457.000.0340.5492.980
interval173.0175.02.064.2046.000.1690.1780.127
interval231.4233.92.540.1234.480.0420.0690.016
26-ERDD-16 / TARGET A
Interval46.848.21.490.3569.000.3420.0160.045
Interval88.289.31.1107.36110.000.0380.0110.031
Interval111.0112.41.441.9340.000.0620.0020.000
Interval120.0123.53.5191.06175.710.3260.0260.081
including120.0122.02.0310.47297.000.3720.0440.131
Interval145.3146.51.2328.43337.000.0560.1190.131
Interval186.6200.313.768.1746.690.1480.1190.316
including192.6195.93.3118.6296.030.2480.1270.228
including198.6200.31.7119.9458.000.0770.4571.390
Interval205.1213.78.6230.42227.790.1330.1290.104
including206.1208.01.9416.72424.000.1330.1570.136
including210.0212.22.2382.08370.180.2830.2900.192
26-ERDD-17 / TARGET A
Interval161.0162.31.358.6652.000.1190.0060.042
Interval248.0252.54.668.9159.650.1630.0120.037
including249.0250.01.0109.5993.000.2730.0220.081
including251.0252.51.5100.6596.000.1410.0090.013
Interval322.3323.31.035.8515.000.0730.0490.452
Interval328.2330.22.054.8830.500.1600.1240.344
Interval339.8342.32.527.2013.600.0240.0730.316
Interval482.5483.51.0125.06120.000.0100.1280.235
26-ERDD-18 / TARGET A
Interval219.4220.61.249.7448.000.0530.0110.020
Interval257.7264.06.4203.05210.390.0240.0630.053
including257.7258.71.1648.16680.000.0190.1600.093
including261.2262.71.5357.66374.000.0090.0940.084
Interval279.5280.51.0104.42101.000.0340.0970.130
Interval295.1301.26.153.6635.510.0480.1400.383
Interval323.6326.52.942.2741.000.0300.0200.033
Interval359.4360.91.5167.02174.000.0140.0310.048
Interval369.1370.21.1236.97215.000.0160.2790.762
26-ERDD-20 / TARGET A
Interval13.815.01.326.8219.000.1220.0000.016
Interval273.5274.51.025.1024.000.0250.0080.018
Interval283.2289.76.625.2618.470.0330.0420.131
Interval294.6296.21.628.2527.000.0340.0050.012
Interval316.0317.31.380.7581.000.0550.0070.019
26-ERDD-21 / TARGET A
Interval143.1144.31.276.6145.000.4940.0030.007
Interval165.9167.01.129.4426.000.0670.0050.008
Interval175.8179.03.2152.02135.310.1880.0250.330
including178.0179.01.0371.39332.000.3660.0650.949
Interval243.0244.31.351.9552.000.0270.0180.021
Interval264.1266.42.397.3864.570.3130.1830.294
including264.1265.31.2139.5199.000.4150.2580.313
Interval278.7281.93.255.9441.090.1760.0900.079
Interval285.4287.31.951.1847.000.0750.0160.041
26-ERDD-22 / TARGET A
Interval97.098.01.063.2719.000.6540.0050.008
Interval107.7108.30.645.7716.000.4410.0070.006
Interval164.5166.52.062.6432.000.4280.0120.081
Interval178.3181.53.244.2941.190.0690.0080.018
Interval300.0306.96.934.1620.670.0500.0880.259
Interval348.2348.70.5182.33134.000.0090.3741.330
26-ERDD-23 / TARGET A
Interval42.843.20.582.7944.000.5930.0060.014
Interval84.885.10.3198.494.002.8100.0020.039
Interval180.6183.32.841.7328.220.0160.1340.304
Interval188.4204.416.167.8654.790.0470.1330.277
including194.8200.05.2118.20109.440.0180.0840.346
Interval213.6214.00.485.7421.000.3011.1500.383
Interval217.1218.31.232.3519.000.1270.1670.031
Interval234.8235.70.9643.06259.000.2817.4335.046
Interval299.4301.01.656.2118.270.0180.6230.596
26-ERDD-24 / TARGET A
Interval217.6220.73.190.7938.360.1030.3641.099
including219.1220.71.6135.9160.000.0800.4781.780
Interval224.4227.53.157.6623.230.0940.5260.429
Interval239.1242.43.351.9223.450.0190.1330.729
26-ERDD-25 / TARGET A
Interval184.7185.71.040.1431.000.1570.0020.005
Interval208.0209.81.841.6131.000.1740.0040.011
Interval283.6288.75.199.9954.840.0660.1811.140
including284.8287.62.8148.7077.550.0840.2001.893
Interval305.3316.911.670.2558.690.0640.1350.202
including312.5314.11.6186.77168.000.0940.5380.214
including315.6316.91.3113.9195.000.0910.2230.356
Interval333.2334.31.137.0914.000.0150.1710.532
26-ERDD-27 / TARGET A
Interval52.053.01.087.6980.000.1660.0140.020
Interval257.4262.14.839.6227.780.0350.0580.278
Interval289.5294.75.2285.17161.050.3121.7761.836
including290.2291.81.7538.73333.000.4353.2303.090
Interval303.0304.01.026.7119.000.0430.0800.107
26-ERDD-28 / TARGET A
Interval37.838.60.829.226.000.3390.0020.006
Interval69.570.71.225.076.000.2750.0010.015
Interval189.7194.85.178.4366.330.2110.0150.033
including191.1192.41.3202.19197.000.1940.0450.070
Interval207.8209.21.386.7786.000.0760.0090.013
Interval286.7290.23.4100.5190.350.1030.1200.150
Interval294.4300.25.838.4419.950.1570.1020.178
Interval315.0317.92.992.0545.950.1070.2621.003
including316.0317.00.9177.9897.000.1840.4951.770
Interval326.9330.03.153.5525.530.0690.2000.563
26-ERDD-29 / TARGET A
Interval202.9228.525.685.0450.590.0530.3860.676
including206.8208.82.0105.7068.000.0770.5220.641
including216.0220.74.7260.06167.510.0681.4201.708
and including217.9219.11.3305.53254.000.0401.9100.307
including223.6225.01.4108.2283.000.0970.1150.596
26-ERRC-59 / TARGET B
Interval7.612.24.640.5441.330.0160.0030.015
Interval39.641.11.525.3424.000.0340.0020.011
Interval57.959.41.529.6215.000.2170.0020.016
Interval123.4129.56.142.8528.750.2240.0030.011
Interval153.9161.57.6104.38100.200.1350.0120.017
including153.9157.03.0226.27228.000.1530.0260.022
Interval167.6176.89.140.5929.670.1630.0070.038
including167.6169.21.5118.04113.000.1250.0130.084
Interval193.5202.79.133.9123.830.1460.0100.035
Interval240.8245.44.626.3624.000.0450.0030.017
26-ERRC-60 / TARGET B
Interval22.924.41.594.0195.000.0500.0020.036
Interval108.2109.71.550.7448.000.0610.0050.038
Interval137.2138.71.529.2229.000.0230.0030.009
Interval147.8149.41.534.5027.000.1290.0020.005
Interval163.1166.13.034.7420.500.1710.0110.100