Capitan Silver – Strong Grades at All Targets; Two New Zones Discovered at Depth

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Author: Atrium Research September 14, 2026

Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661

Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314

PLEASE REVIEW THE DISCLOSURES AT THE BOTTOM OF THE PAGE

What you need to know:

  • Capitan Silver reported results for 35 additional holes as part of its 60,000m drill program, while a further 78 holes remain pending.

  • High grades were intersected at all three priority target areas, expanding known mineralization along the Jesus Maria Trend to 2.8km.

  • Two new high-grade silver zones were discovered at depth east of the Peñoles Fault, both of which remain open along strike and at depth.

  • Results reinforce the potential for a large-scale and robust mineralized silver system at Cruz de Plata.

This morning, Capitan Silver (CAPT:TSXV, CAPTF:OTC) reported assays for 35 holes from its 60,000m 2026 drill program at the Cruz de Plata Project in Durango, Mexico. Drilling delivered high-grade assays at all three target areas, as the program continues to expand mineralization at depth, while expanding drilled strike along the Jesus Maria Silver Trend to 2.8km. In addition, CAPT discovered two new high-grade silver zones at depth to the east of the Peñoles Fault, which remain open for expansion. Assays are pending for an additional 78 drill holes from 2026’s extensive program and continue to arrive weekly. We are maintaining our BUY rating and target price of $3.50/share on Capitan Silver.

Drilling returned high-grade intercepts at all three target areas (A,B,C), as displayed below in Figure 1, expanding known mineralization to 2.8km along the Jesus Maria Trend, and at depth. Highlight intercepts reported this morning include:

  • 26-ERRC-63: 848.0 g/t AgEq over 1.5m within 181.4 g/t over 29.0m, and 429.9 g/t over 1.5m within 340.5 g/t over 3.0m (lower zone).

  • 26-SRRC-32: 889.9 g/t AgEq over 1.5m within 142.4 g/t, and 63.6 g/t over 12.2m (lower zone).

  • 26-JMDD-09: 1,363.1 AgEq over 1.1m within 731.3 g/t over 3.1m (upper zone), 389.7 g/t AgEq over 1.6m and 288.6 g/t over 1.3m within 173.5 g/t over 11.6m (middle zone), and 198.8 g/t over 1.0m within 82.6 g/t over 6.3m (lower zone).

  • 26-ERDD-14: 1,123.6 g/t AgEq over 1.0m and 597.2 g/t over 1.1m within 125.3 g/t over 6.0m, and 143.9 g/t over 1.8m within 42.8 g/t over 25.4m.

Discovered two high-grade silver zones at depth east of the Peñoles Fault. At Target B, holes 26-ERRC-63 and 26-SRRC-32 returned two of the widest and highest-grade intervals in the area. 26-ERRC-63 intersected a 70m wide zone, while 26-SRRC-32 intersected six separate mineralized zones. Both newly discovered targets remain open at depth and along strike for expansion.

2026 drill program fully ramped. Four drill rigs are currently active at the Cruz de Plata Project, with drilling through the late spring and summer targeting extensions of known high-grade zones at depth over the Jesus Maria Silver Trend’s entire strike length. 78 additional drill holes from numerous priority targets are still pending assays, which includes 31 core and 47 RC holes. The remainder of the 60,000m program in this area will focus on diamond drilling the strike length of the trend to a depth of 500m vertically from surface, with down-dip step outs increasing to ~80-175m. RC drilling is now 100% focused on newly permitted targets and has moved to a double shift to accelerate drilling. This morning’s results reinforce our belief that Cruz de Plata hosts a large-scale and robust mineralized system, with significant potential that has yet to be drilled.

Catalysts

  • 60,000m Drill Program – Ongoing

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