Capitan Silver Corp · TSXV:CAPT
Capitan Silver — Investor Presentation (February 2026)
18 slides from Capitan Silver's investor presentation, February 2026
Slide 1: Corporate Presentation February 2026
CORPORATE PRESENTATION F E B R U A R Y 2 0 2 6 TSX-V: C AP T
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 Peñoles 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: Tight Share Structure
C A P I TA N S I LV E R C O R P. A DISCIPLINED APPROACH Tight Share Structure (As of Jan 15th, 2026) Shares Issued Options 128.5M 5.9M No Free Quality Royalty Warrants Market Cap Shares Financings Free Nil $281.4M • No free shares issued to • Last two (2) financings have been • CAPT management has f
Slide 5: A Team That Delivers
L E A D E R S H I P BOARD OF DIRECTORS MANAGEMENT 2019 2004 A TEAM Alberto Orozco CEO Alberto Orozco CEO ARGONAUT GOLD PEDIMENT GOLD LINEAR GOLD THAT President Sonora Mining Cluster Previously with Argonaut Gold, Rob Scott GREAT BEAR RIVERSIDE Pediment Gold, Linear Gold. CFO RESOURCES RESOURCES DELI
Slide 6: Cruz de Plata
Los Gatos Cordero Cruz de Plata S I LV E R - G O L D P R O J E C T Parral Project CRUZ DE PLATA Platosa Guanaceví A historically-producing, high-grade silver asset TORREÓN Pitarrilla Ojuela Tahuehueto Located in friendly mining State of Durango Topia Rodeo Velardeña El Castillo Cienega Peñasquito In
Slide 7: Deposit Type
C R U Z D E P L ATA DEPOSIT TYPE Cruz de Plata is an Intermediate Sulphidation Epithermal System – an asset type highly coveted by majors • Intermediate Sulphidation Epithermal Systems: o Some of the largest silver deposits in Mexico o Have potential to be ”Company Makers” with attractive economics
Slide 8: High-Grade Silver
C R U Z D E P L ATA HIGH-GRADE SILVER Drill Hole Highlights Include: 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: 25-ERRC-12 16.8m @ 309.82 g/t AgEq 19.8m of 368.1 g/t AgEq INCL. 1.5m @ 2,250.1
Slide 9: Creating Value Through the Drill Bit
C R U Z D E P L ATA CREATING VALUE THROUGH THE DRILL BIT Jesús María vein long section October 6th, 2020: First published long section of the Napoleon vein as reported 1.7 km by Vizsla Silver (AgEq Grade) X (Est. True Width) 100 250 500 1,000 1,500 2,000 +5,000 September 2nd, 2021: Updated long sect
Slide 10: Jesus Maria Silver Vein
C R U Z D E P L ATA JESUS MARIA SILVER VEIN 1. Jésus María silver polymetallic mineralization has been drilled along a continuous strike of 1.7km 2. Jésus María silver mineralization has been sampled on surface along a 3.7km vein structure 3. Mineralization remains open along strike and at depth 4.
Slide 11: Project-Scale Comparisons
C R U Z D E P L ATA PROJECT-SCALE COMPARISONS JÉSUS MARÍA MINE EL SAN RAFAEL CRUZ DE PLATA – CAPITAN SILVER REFUGIOMINE MINE • Approximately 25,000m drilling as of end 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 3.7Km Oz Au. Estimat
Slide 12: Project-Scale Comparisons
C R U Z D E P L ATA PROJECT-SCALE COMPARISONS TSX-V: C AP T 12
Slide 13: Jesús Maria Silver Vein Continues to Grow
C R U Z D E P L ATA JESÚS MARIA SILVER VEIN CONTINUES TO GROW 2025 DRILL PROGRAM RESULTS • Silver mineralization along Jesus Maria continued to expand along strike to the east with multiple new parallel silver mineralized structures and zones identified • Mineralization at the Gully Fault Zone expan
Slide 14: Mineral System
C R U Z D E P L ATA MINERAL SYSTEM • New Mineral system model put together in recently consolidated property using multiple data sets (geological mapping, surface sampling and geophysics) • Six new targets added to the property • New aerial geophysical survey; (results expected in late Q1 2026-Q2 20
Slide 15: Mineral System Model
C R U Z D E P L ATA MINERAL SYSTEM MODEL Multiple Datasets, One Compelling Opportunity SURFACE SAMPLING GEOPHYSICS: INDUCED POLARIZATION GEOPHYSICS: AIRBORNE MAGNETICS High grades have obtained from surface A chargeability high is observed closely The Mexican Geological Survey’s aerial (grab and chi
Slide 16: 2026 Drilling Program
C R U Z D E P L ATA 2026 DRILLING PROGRAM 60,000-metre multi-rig drill campaign represents a 400% increase compared to the 2025 program • Planned metrage for 2026 more than doubles all historic drilling completed on the property • Drill program to consist of 4 drill rigs: 3 core rigs and 1 RC rig •
Slide 17: Valuation
VALUATION Capitan Silver shares (CAPT.V) are attractively priced, trading at a 51% discount to the silver peer group average Tight Share Structure: Capitan has less than 1/4th of the shares outstanding (normalized for share consolidations since Jan 2022) Royalty Free: Capitan Silver is one of the fe
Slide 18: Summary
C A P I TA N S I LV E R SUMMARY • Capitan Silver (CAPT.V) is defining the next great silver project • Grade and Scale: Our Flagship project, Cruz de Plata, hosts a robust silver mineralized system (intermediate sulphidation epithermal system), these assets are highly coveted by the majors • Target R
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