Slide 1: Corporate Presentation May 2023
CORPORATE PRESENTATION M AY 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 Durango, Mexico OPPORTUNITY Strong Management Team Attractive Valuation Tight Share Structure with Quality Shareholder Base Big Milestone Advanced Exploration Capitan acquires key property from Fresnillo & consolidates a 3 km
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 tightest • No warrant overhang on • CAPT management has @ C$0.20 per share share structures amongst its CAPT shares co
Slide 5: Share Structure
M A R C H 2 0 2 3 Shared Issued Options SHARE 69.8M 2.3M STRUCTURE Fully Diluted Market Cap 72.1M $16.8M 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 PEÑOLES, Óscar Jiménez ARGONAUT PEDIMENT REAL DE Previously with Argonaut Gold, PROJECT MANAGEMENT GOLD GOLD
Slide 7: Cruz de Plata Project
Los Gatos SI Cordero LV Cruz de Plata ER Parral Project S I LV E R - G O L D P R O J E C T CRUZ DE PLATA BE LT Platosa Guanaceví TORREÓN Pitarrilla Ojuela Topia Tahuehueto Velardeña Located in friendly mining State of Durango Rodeo El Castillo Cienega Peñasquito San Agustín At the heart of Mexico’s
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 A limited, initial 4,470m* diamond drill program (2011-2014) by previous operators identified high silver grades at Cruz de Plata Highlights • 0.9m of 3,409 g/t Ag, 0.36 Au, 3.4% Pb and 7% Zn include: Within a wider interval of 11.8m of 320.3 g/t Ag and 0.17 g/t
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 Jesus María JM North Refugio) Capitan Hill Vein -Long Section- Chip sample: 0.6m • Ag-Au epithermal veins (San Rafael / Gully Fault) OxideGo
Slide 11: Silver Trend Consolidated
C R U Z D E P L ATA Multiple Silver Targets Over +3.0km Cruz De Plata Trend SILVER TREND 1. Jesus Maria Vein (historical production, inferred resource) 9 Skarn North 2. Gully Fault Zone (Drilling) CONSOLIDATED 3. JM North (Surface sampling; undrilled) 4. JM South (Discovered by hole 29) 5. San Rafae
Slide 12: 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: • 21-JMRC-01: 42.7m @ 224.3 g/t AgEq: • 21-JMRC-10: 16.8m @ 332 g/t AgEq: •
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 A A’ WEST 3. Open on strike and at depth 1,300m 4. Vein thickness consistent. As wide as 21m (TW) Jesús María 5. New drill holes expanded favor
Slide 14: Case Study: Vizsla Silver
C R U Z D E P L ATA CASE STUDY: VIZSLA SILVER Jesús María Vein Longitudinal section Longitudinal section of the Napoleon vein as reported on October 06, 2020 Longitudinal section of the Napoleon vein as reported on September 02, 2021 • Excellent continuity of high-grade shoot at Jesús María JESÚS MA
Slide 15: Greater Scale Potential
C R U Z D E P L ATA GREATER SCALE POTENTIAL WSW ENE Jesús María 1.3Km strike length San Rafael SRDDH14-05 No drilling SRDDH14-01 OPEN au lt -F e y ll n OPEN G u Zo OPEN OPEN OPEN OPEN OPEN OPEN A’ OPEN OPEN A 200m New property New property Cruz de Plata Project • Silver system has great scale potent
Slide 16: Gully Fault Zone
C R U Z D E P L ATA Cruz de Plata Project GULLY Jesus María Vein & Gully Fault Zone silver targets N JM No FAULT ZONE (u targ rth nd et ril l ed ) c Gully-Fault Silver-Gold Mineralization a b d dary oun 1. A potentially younger, cross-cutting structure than Jesus Maria b erty 2. Higher in Ag-Au rela
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 mine are both intermediate sulfidation systems that have strong vertical continuity. 2. At an angle or cross-cutting relative to polym
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 15.2M t
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 stri
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 2100RL Ag, 0.37 g/t Au 2021 Drill Program Jesu
Slide 21: Valuation
C A P I TA N S I LV E R Company Location Stage S/O Market Enterprise Cap Value VALUATION (C$M) (C$M) Aftermath Silver Ltd. Chile Resource 171.2 $46 $46 Defiance Silver Corp. Mexico Resource 227.7 $32 $32 Golden Tag Resources Ltd. Mexico Resource 216.3 $49 $49 GR Silver Mining Ltd. Mexico Resource 23
Slide 22: Value Drivers
C A P I TA N S I LV E R 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-grades zones at Jesus María vein an
Slide 23: Contact Us
CONTACT US info@capitansilver.com www.capitansilver.com