Capitan Silver Corp · TSXV:CAPT
Capitan Silver — Investor Presentation (September 2026)
17 slides from Capitan Silver's investor presentation, September 2026
Slide 1: Capitan Silver
TSX-V: CAPT | OTCQX: CAPTF CAPITAN SILVER Defining a generational silver system in the heart of Mexico’s premier silver belt September 2026
Slide 2: Disclaimer: Forward Looking Statements
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: Corporate Overview: Investment Opportunity
CORPORATE OVERVIEW Investment Opportunity New Silver Exploration Company Advanced Exploration in Durango, Mexico • The original mines and property which • Large near surface intermediate launched Peñoles Mining Company in sulfidation epithermal system A consolidated, high-grade silver district in Du
Slide 4: Tight Share Structure: A Disciplined Approach
CORPORATE OVERVIEW Tight Share Structure A Disciplined (as of September 18, 2026) 128.5M Approach Shares Issued Options 5.9M Warrants Nil Market Cap $298.1M Fully Diluted 134.4M NO FREE SHARES QUALITY FINANCINGS ROYALTY FREE Tightly Held +70% TO P TH R E E SH A R E H O L D E R S ✓ No free shares iss
Slide 5: Board of Directors and Management
BOARD OF DIRECTORS MANAGEMENT 2019 2004 Alberto Orozco Alberto Orozco ARGONAUT PEDIMENT LINEAR PRESIDENT & CEO GOLD GOLD GOLD President Sonora Mining Cluster Previously with Argonaut Gold, Rob Scott RIVERSIDE GREAT BEAR Pediment Gold, Linear Gold CFO RESOURCES CEO Israel Tolano ARGONAUT VP MEXICO GO
Slide 6: Cruz de Plata
Cruz de Plata S IL V E R - GO L D P R O J E C T A historically-producing, high-grade silver asset Located in friendly mining State of Durango In the heart of Mexico’s silver belt; near multiple operating mines Gentle topography Good infrastructure (paved highway, power to the property) Community agr
Slide 7: Cruz de Plata Deposit Type
CR U Z D E P L AT A INTERMEDIATE SULPHIDATION EPITHERMAL SYSTEMS: Deposit Type • Some of the largest silver deposits in Mexico • Long-life assets: Potential for significant scale; these systems • Have potential to be “Company Makers” tend to have tremendous vertical with attractive economics if they
Slide 8: High-Grade Silver Drill Hole Highlights
CR U Z D E P L AT A High-grade High-Grade Silver core sample of Jésus María DRILL HOLE HIGHLIGHTS INCLUDE: vein JM-DDH-13-06 25-ERRC-12 from hole JM-DDH-13-06 3,567 g/t AgEq over 0.9m 1,369.3 g/t AgEq over 4.6 m AND within: 13.7 m of 381.06 g/t AgEq 2,571.0 g/t AgEq over 1.5 m within: 19.8 m @ 368.1
Slide 9: A Silver System With Strong Continuity
J E S U S M AR IA S IL V E R T R E N D A Silver System With Strong Continuity TSX-V: CAPT | OTCQX: CAPTF capitansilver.com capitansilver.com 79
Slide 10: Mineralization Improving at Depth
J E S U S M A R IA S IL V E R T R E N D Mineralization Improving at Depth CROSS SECTIONS HIGHER GRADES ENCOUNTERED AT DEPTH Drill Section Highlights 01 02 Depth Expansion Potential Broad Multi-Vein Silver at Cruz de Plata Zones at Depth Drill holes 25-ERRC-52 and 25-ERRC- Given the deep-rooted natur
Slide 11: Project-Scale Comparisons
Project-Scale Comparisons JESUS MARÍA SILVER TREND CRUZ DE PLATA | CAPITAN SILVER 2015 Resource (with only 3,000 m drilling): 7.5M tonnes @ 62.3 g/t Ag and 0.1 g/t Au for 15M Oz Ag and 26k Oz Au. Estimated for open pit only. Current Market Cap: Approximately 25,000 m drilling as at end 2025; ~US$200
Slide 12: Project Scale Comparisons
CRUZ DE PLATA • Cruz de Plata’s Jesus Maria silver • High silver grades found at Cruz de • Significant near-surface Project Scale mineralization begins at surface, has excellent continuity, and remains Plata are consistent with those found at Las Chispas, Los Gatos, and Juanicipio mineralization in
Slide 13: Mineral System
CR U Z D E P L AT A Mineral System New Mineral system model put together in recently consolidated property using multiple data sets (geological mapping, surface sampling and geophysics) 2026 drill program expanded to 60,000 metres Targets: 1) San Rafael, 2) Gully Fault, 3) Jesus Maria East, 4) San R
Slide 14: Newly Acquired Geophysics Confirms Model
Newly Acquired Geophysics Confirms Model CRUZ DE PLATA Newly Acquired Geophysics Confirms Model Apparent Conductivity Resistivity Susceptibility TSX-V: CAPT | OTCQX: CAPTF capitansilver.com 14
Slide 15: 2026 Drilling Program
CR U Z D E P L AT A 2026 Drilling Program 60,000m multi-rig drill campaign Represents a 400% increase compared to the 2025 program • Planned meterage for 2026 more than doubles all historic drilling completed on the property 2026 FOCUS CORE DRILLING Expanding advanced silver-mineralized zones on the
Slide 16: Valuation
Analyst AgEq AgEq Normalized FDITM Enterprise Company Project Location Ownership Royalty Stage FDITM S/O Coverage Resource Grade FDITM/SO* Market Cap Value (%) (%) (M) (# of (Moz AgEq) (g/t AgEq) (M) (C$M) (C$M) Analysts) Valuation AbraSilver Resource Diablillos Argentina 100% 4% NSR Pre-Feasibility
Slide 17: Capitan Silver: Defining Mexico's next great silver project
S U M M AR Y Capitan Silver: Defining Mexico's next great silver project Grade and Scale Target Rich Fully Funded Drill Results Pending Our Flagship project, Cruz de Plata, Cruz de Plata is target-rich with Successfully raised C$29M in late- Actively drilling with new assay hosts a robust silver min
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