Capitan Silver Corp · TSXV:CAPT
Capitan Silver — Investor Presentation (November 2025)
16 slides from Capitan Silver's investor presentation, November 2025
Slide 1: Corporate Presentation November 2025
CORPORATE PRESENTATION N O V E M B E R 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 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 Nov 5 th, 2025) Shares Issued Options 114.2M 5.9M No Free Quality Royalty Warrants Market Cap Shares Financings Free Nil $187M • No free shares issued to • Last two (2) financings have been • CAPT management has fou
Slide 5: 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 Previously with Argonaut Gold, Rob Scott GREAT BEAR RIVERSIDE Pediment Gold, Linear Gold. CFO RESOURCES RESOU
Slide 6: 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 A historically-producing, high-grade silver asset Pitarrilla Ojuela Tahuehueto Topia Rodeo Velardeña Located in friendly mining State of Durango El Castillo Cieneg
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_14_24: JM_DDH_13_06: 42.0m of 244.72 g/t AgEq 13.7m of 381.06 g/t AgEq INCL. 7.15m of 1,024.8 g/t AgEq INCL. 0.9m of 3,567 g/t AgEq 21-JMRC-03: 21-JMRC-10: 10.7m @ 403.43: 16.8m @ 309.82 g/t AgEq INCL. 1.5m @ 739.6 g/t AgEq,
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 1,450m 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: Robust Silver Mineralized System
C R U Z D E P L ATA ROBUST SILVER MINERALIZED SYSTEM JÉSUS MARÍA VEIN (SILVER + GOLD + BASE METALS) 1. Jésus María silver polymetallic mineralization has been drilled along a continuous strike of 1.45km 2. Jésus María silver mineralization has been sampled on surface along a 3.7km vein structure 3.
Slide 11: Project-Scale Comparisons
C R U Z D E P L ATA PROJECT-SCALE COMPARISONS JÉSUS MARÍA EL SAN CRUZ DE PLATA – CAPITAN SILVER REFUGIOMI RAFAEL MINE NE 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. Estimated for open
Slide 12: Project Comparisons in Cross Section
C R U Z D E P L ATA PROJECT COMPARISONS IN CROSS SECTION TSX-V: CAPT 12
Slide 13: Jesús María Silver Vein Continues to Grow
C R U Z D E P L ATA JESÚS MARIA SILVER VEIN CONTINUES TO GROW Capitan Silver Drills 1,541 g/t AgEq over 1.5m within a wider zone of 201.6 g/t AgEq over 18.3m • Recent Press Release (Oct 14th, 2025) highlights the continued growth of the Jesus Maria Silver trend to the east with the drill tested stri
Slide 14: Mineral System
C R U Z D E P L ATA MINERAL SYSTEM • New Mineral system model has been put together in recently consolidated property. • Interpretation includes multiple data sets including: geological mapping, surface sampling and geophysics. • Six new targets added to the property • New aerial geophysical survey
Slide 15: Valuation
VALUATION Capitan Silver shares (CAPT.V) are Company Project Location Ownership Royalty Stage AgEq Resource AgEq Grade FDITM S/O Normalized FDITM/SO* FDITM Market Cap Enterprise Value attractively priced, trading at a 52% (%) (%) (Moz AgEq) (g/t AgEq) (M) (M) (C$M) (C$M) discount to the silver Viszl
Slide 16: Summary
C A P I TA N S I LV E R PHASE 1 DRILL 10,000M PROGRAM IN PROGRESS SUMMARY • Capitan Silver Corp. is focused on the potential for generational wealth creation through silver discovery • Grade and Scale: Our Flagship project, Cruz de Plata, hosts a robust silver mineralized system (intermediate sulphi
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