Capitan Silver Corp · TSXV:CAPT
Capitan Silver — Investor Presentation (July 2025)
26 slides from Capitan Silver's investor presentation, July 2025
Slide 1: Corporate Presentation July 2025
CORPORATE PRESENTATION J U LY 2 0 2 5 TSX-V: CAPT
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements This document contains forward-looking statements and factual information that are current as of the date the document was originally created for Capitan Silver Corp. (“the Company”) disclaims any intention or obligation to update or revise any forward-looking s
Slide 3: Investment Opportunity
C A P I TA N S I LV E R C O R P. New Silver Exploration Company INVESTMENT • The original mines and property which launched Penoles Mining Company in the late 1890’s (Past producing high grade silver district) OPPORTUNITY • First time since the Mexican Revolution that this property has been consolid
Slide 4: A Disciplined Approach
C A P I TA N S I LV E R C O R P. A DISCIPLINED APPROACH No Free Tight Share Quality Royalty Shares Structure Financings Free • No free shares issued to • CAPT has one of the tighest • Last two financings have been • CAPT management has founders, management or share structures amongs its completed at
Slide 5: Share Structure
J U LY 2 0 2 5 Shared Issued Options SHARE 98.3M 6.2M STRUCTURE Warrants Market Cap 13.3M $85.5M Top 3 Shareholders (on a partially diluted basis) Jupiter Gold & Silver Fund – 17.0% Michael Gentile – 14.4% Construplan – 11.1% Fully Diluted Shares Tightly Held 117.8M +70% TSX-V: CAPT 5
Slide 6: A Team That Delivers
L E A D E R S H I P B OA R D O F D IR EC TO R S MANAGEMENT 2019 2004 A TEAM Alberto Orozco CEO President Sonora Mining Cluster Alberto Orozco CEO ARGONAUT GOLD PEDIMENT GOLD LINEAR GOLD THAT Rob Scott GREAT BEAR RIVERSIDE Previously with Argonaut Gold, CFO RESOURCES RESOURCES Pediment Gold, Linear G
Slide 7: Cruz de Plata
Los Gatos Cordero Cruz de Plata SI Parral Project S I LV E R - G O L D P R O J E C T LV CRUZ DE PLATA ER BE LT Platosa Guanaceví TORREÓN Pitarrilla Ojuela Located in friendly mining State of Durango Tahuehueto Topia Rodeo Velardeña El Castillo Peñasquito At the heart of Mexico’s silver belt; Cienega
Slide 8: A Historically-Producing, High-Grade Silver Asset
C R U Z D E P L ATA A HISTORICALLY- PRODUCING, HIGH-GRADE SILVER ASSET The Cruz de Plata district is the birthplace of the Peñoles Mining company. Its first mines, Jesús María and San Rafael, commenced production in late 1800’s Underground production (1887-1908) • Jesus María mine Produced grades fr
Slide 9: High-Grade Silver
C R U Z D E P L ATA HIGH-GRADE SILVER Highlights Drill holes Includes: JM_DDH_13_06: JM_DDH_14_24: 13.7m of 381.06 g/t AgEq 42.0m of 244.72 g/t AgEq INCL. 0.9m of 3,567 g/t AgEq INCL. 7.15m of 1,024.8 g/t AgEq 21-JMRC-10: JM_DDH_13_07: 16.8m @ 309.82 g/t AgEq 6.0m of 368.3 g/t AgEq INCL. 1.5m @ 2,25
Slide 10: Geology
C R U Z D E P L ATA GEOLOGY Robust Mineralized System Different Styles Of Mineralization NORTH • Polymetallic (Ag-Au-Pb-Zn) replacement veins (Jesus María / El JM North Refugio) Capitan Hill Jesus María Chip sample: 0.6m Vein • Ag-Au epithermal veins (San Rafael / Gully Fault) OxideGold Deposit @414
Slide 11: Jesus Maria Vein
C R U Z D E P L ATA JESUS MARIA VEIN Jesus María Vein Scale Potential 1. Expanded on strike length from 800 to 1,300m with new property 2. Expanded down-dip 3. Open on strike and at depth 4. Vein thickness consistent. As wide as 21m (TW) 5. New drill holes expanded favorable zones at depth 6. Only a
Slide 12: Comparison to Vizsla Silver
C R U Z D E P L ATA COMPARISON TO VIZSLA SILVER Jesús María Vein Longitudinal section Longitudinal section of the Napoleon vein as reported on Vizsla Silver press release dated October 06, 2020 (AgEq Grade) X (Est. True Width) 100 250 500 1,000 1,500 2,000 +5,000 Refer to previously published drill
Slide 13: Greater Scale Potential
C R U Z D E P L ATA GREATER SCALE POTENTIAL WSW ENE Jesús María Vein Santa Teresa Vein No drilling OPEN Fa ul t - y ll n e OPEN G u Zo OPEN OPEN OPEN OPEN OPEN OPEN A’ OPEN OPEN A New property New property Cruz de Plata Project • Silver system has great scale potential • 2.8 km silver-mineralization
Slide 14: Gully Fault Zone
Cruz de Plata Project Jesus María West Vein & Gully Fault Zone silver targets C R U Z D E P L ATA GULLY N FAULT ZONE c Gully-Fault, Silver-Gold Mineralization a d b ry nd a bou 1. A potentially younger, cross-cutting structure to Jesus Maria ert y 2. Higher in Ag-Au relative to Pb-Zn (low base metal
Slide 15: Case Study: MAG Silver
C R U Z D E P L ATA CASE STUDY: MAG SILVER Similarities to MAG Silver’s Venadas and Venadas West zones: 1. Capitan Silver’s Cruz de Plata and Mag Silver’s Juanicipio are both intermediate sulfidation systems that have strong vertical continuity. 2. At an angle or cross-cutting relative to polymetall
Slide 16: Deposit Type: Intermediate Sulphidation Epithermal Systems
C R U Z D E P L ATA DEPOSIT TYPE : INTERMEDIATE SULPHIDATION EPITHERMAL SYSTEMS • Capitan’s Cruz de Plata Project is an Intermediate Sulphidation Epithermal System. These assets are coveted by majors as they: o Are some of the largest silver deposits in Mexico o Have potential to be ”Company Makers”
Slide 17: Project-Scale Comparisons in Long Section
C R U Z D E P L ATA PROJECT-SCALE COMPARISONS IN LONG SECTION JESUS MARIA EL SAN CRUZ DE PLATA – CAPITAN SILVER REFUGIO RAFAEL MINE MINE MINE • Only 12,500m drilling as of early 2025 • 2015 Resource (with only 3,000m drilling) 7.5M tonnes @ 62.3 g/t Ag and 0.1 g/t Au for 15M Oz Ag and 26k Oz Au. Est
Slide 18: Project Comparisons in Cross Section
C R U Z D E P L ATA PROJECT COMPARISONS IN CROSS SECTION TSX-V: CAPT 18
Slide 19: Revised Interpretation
C R U Z D E P L ATA REVISED INTERPRETATION • Capitan has revised its interpretation of mineralized structures at Cruz de Plata based on surface and drill data available to date • Significant scale has been identified in several structures which are prospective for future silver and gold discoveries
Slide 20: Valuation
VALUATION Company Location Stage S/O (M) S/O FD (M) Market Cap (C$M) Enterprise Value (C$M) Defiance Silver Corp.* Mexico Resource 352 431 $85 $68 ANALYST COVERAGE: GoGold Resources Mexico Resource 378 393 $775 $561 GR Silver Mining Ltd.* Mexico Resource 359 441 $68 $66 ATRIUM RESEARCH – BEN PIRIE K
Slide 21: Summary
NEW: PHASE 1 DRILL C A P I TA N S I LV E R SUMMARY 10,000M PROGRAM HAS COMMENCED • Capitan Silver (CAPT.V) is a premier silver exploration opportunity for investors • Located in the heart of Mexico’s main silver belt with good infrastructure (road, power to the property) • Our Flagship project, Cruz
Slide 22: Appendix
Appendix 22
Slide 23: Capitan Hill Gold Deposit
C R U Z D E P L A TA CAPITAN HILL GOLD DEPOSIT Deposit Name EL CASTILLO SAN AGUSTIN CAPITAN HILL Location Durango Durango Durango Resource Classification M&I M&I Inferred Resource Size at 398k oz Au I+I (Oxide) 305k oz Au 1.1M oz Au M&I Acquisition 16.5M oz Ag I+I (Oxide) 15M oz Ag 0.40 g/t Au 0.46
Slide 24: Capitan Hill Oxide, Gold Deposit
C R U Z D E P L ATA CAPITAN HILL OXIDE, GOLD DEPOSIT 2020-2021 Significant Resource Expansion Potential Drilling by previous operators 2011-2014 (6,717m) Metres Added 12,209m of RC drilling in 2020-2021 (Increased total drilling at Drilled Capitan by 280%) Mineralized Main zone nearly doubled on str
Slide 25: Capitan Hill Oxide, Gold Deposit
C R U Z D E P L ATA CAPITAN HILL OXIDE, GOLD DEPOSIT SW 195.1 m @ 0.34 g/t Aueq Incl. 38.1m @ 0.63 g/t Aueq NE 7.15m of 988 g/t Ag and SECTION 50 incl.10.7m @ 0.95 g/t Aueq 1.24 g/t Au Within a wider Cruz de Plata Project - interval of 70.8m of 147.8 g/t 2100 RL Ag, 0.37 g/t Au 2021 Drill Program Je
Slide 26: Contact Us
CONTACT US info@capitansilver.com www.capitansilver.com