Slide 1: Corporate Presentation August 2023
CORPORATE PRESENTATION A U G U S T 2 0 2 3 TS X -V: C A P 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. INVESTMENT New Silver Exploration Company Advanced Exploration in Durango, Mexico OPPORTUNITY Strong Management Team Tight Share Structure with Quality Shareholder Base Attractive Valuation Big Milestone Capitan acquires key property from • Historic silver mining dis
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 No Warrants Royalty Shares Structure Outstanding Free • Lowest priced shares issued • CAPT has one of the tighest • No warrant overhang on • CAPT management has @ C$0.20 per share share structures amongs its CAPT shares cont
Slide 5: Share Structure
M AY 2 0 2 3 Shared Issued Options SHARE 70.6M 2.3M STRUCTURE Fully Diluted Market Cap 72.9M $13.8M Shares Tightly Held Insiders & Management +68% +22% TS X -V: C A P T 5
Slide 6: A Team That Delivers Results
L E A D E R S H I P B OA R D O F D IR E C TO R S 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, PEÑOLES, Óscar Jiménez ARGONAUT PEDIMENT REAL DE Pediment Gold, Linear Gold.
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 ER BE LT Platosa CRUZ DE PLATA 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
High-grade core sample of Jesus María vein C R U Z D E P L ATA HIGH-GRADE SILVER A limited, initial 4,470m* diamond drill program (2011-2014) by previous operators identified high silver grades at Cruz de Plata Highlights • JM_DDH_13_06 include: • 0.9m of 3,409 g/t Ag, 0.36 Au, 3.4% Pb and 7% Zn Wit
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: High-Grades Continue
C R U Z D E P L ATA HIGH-GRADES CONTINUE Between late 2021 and 2022 Capitan has added 6,250m of drilling (and added 1,930m through new area contracted) in the silver trend, mostly in the Jesús María vein Highlights include(1)(2): • 21-JMRC-01: 42.7m @ 207.82 g/t AgEq: • 21-JMRC-10: 16.8m @ 309.82 g/
Slide 12: 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 13: 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 14: 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 15: 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 au lt -F e y ll n 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 16: 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 dary oun 1. A potentially younger, cross-cutting structure to Jesus Maria b erty 2. Higher in Ag-Au relative to Pb-Zn (low base metals)
Slide 17: 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 18: 43-101 Inferred Resources
C R U Z D E P L ATA 43-101 INFERRED RESOURCES Notes: 1. Initial inferred resource estimated as an open-pit scenario 2. High silver veins not modelled 3. Only 80 drill holes and ~10,000m Capitan Au zone Jesus Maria Ag zone of drilling ~7,000mdrilling ~3,100mdrilling 20.7M tonnes @ 0.46 g/t Au 7.6M to
Slide 19: 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 20: 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 21: Valuation
VALUATION Company Location Stage S/O (M) S/O FD (M) Market Cap (C$M) Enterprise Value (C$M) Aftermath Silver Ltd. Chile Resource 207.2 255.4 $48 $47 Defiance Silver Corp. Mexico Resource 227.7 260.7 $37 $30 Golden Tag Resources Ltd. Mexico Resource 216.3 236.6 $28 $22 GR Silver Mining Ltd. Mexico Re
Slide 22: Value Drivers
VALUE DRIVERS Continue drilling and expanding multiple silver targets in consolidated property Silver trend consolidated Project contracted royalty free Advancing other targets in high quality exploration property Expansion of existing high-grade zones at Jesus Maria and Gully Fault Capitan Hill Gol
Slide 23: Contact Us
CONTACT US info@capitansilver.com www.capitansilver.com
Slide 24: Cruz de Plata Project Drill Map
A P P E N D I X 1 CRUZ DE PLATA PROJECT DRILL MAP TS X -V: C A P T 24
Slide 25: Detail of Drill Highlights
A P P E N D I X 2 DETAIL OF DRILL HIGHLIGHTS TS X -V: C A P T 25