Capitan Silver Corp Intersects 1,541 g/t Silver Equivalent over 1.5 Metres within a Wider Zone of 201.6 g/t Silver Equivalent over 18.3 Metres at the Jesus Maria Silver Trend

On October 14, 2025, Capitan Silver Corp. announced assay results from twelve reverse circulation (RC) drillholes at its Cruz de Plata project in Durango, Mexico. The highlight was drillhole 25-ERRC-20, which intersected 1,541.03 g/t silver equivalent (AgEq) over 1.5 metres, within a broader mineralized zone of 201.65 g/t AgEq over 18.3 metres. These results are from the extension of the Jesús María vein.

Other notable results include: * Continued high-grade mineralization at the Gully Fault Zone, with hole 25-JMRC-33 hitting 216.2 g/t AgEq over 13.5 metres. * Discovery of new high-grade east-west trending zones, with hole 25-ERRC-17 intersecting 475.91 g/t AgEq over 1.5 metres. * Identification of new gold-silver and polymetallic zones in the footwall of the main Jesús María zone.

The company stated that this drilling provides further evidence supporting its new geological model, where key structures associated with a large intrusion to the north play a significant role in mineralization. Assays for 28 additional RC drillholes remain pending.

The news is Material - Positive. While not a "Game Changer" on its own, it is a very strong follow-up to previous high-impact announcements and confirms the exploration thesis is working.

Progression and Context: * Building the Foundation (Early-Mid 2025): The company secured a strategic C$5.3M financing led by Jupiter Silver & Gold Fund, consolidated its land package with a transformative acquisition from Minera Fresnillo, and bolstered its cash position to over C$10M with a C$6.6M warrant exercise, leaving it fully funded with zero warrants outstanding. * The Initial Breakthrough (Sept 2, 2025): The first drill results from the 2025 program delivered bonanza grades of 2,636 g/t silver over 1.5 metres, causing the stock to re-rate significantly. * The Geological Thesis (Oct 1, 2025): The company announced a major update, expanding the known mineralized vein structures from 7km to over 20km and expanding the drill program from 10,000m to a fully-funded 15,000m. This set high expectations for future results.

Assessment of Current News: This latest news release is significant because it demonstrates repeatability and predictability. The initial bonanza-grade hit on September 2nd could have been a one-off discovery. These results, including another intercept over 1,500 g/t AgEq, confirm that the high-grade system has continuity and that the company's new geological model is an effective targeting tool. The discovery of new mineralized zones and styles further expands the project's overall potential.

Critically, the market had already priced in significant exploration success after the September and early October news. This release meets those high expectations and provides crucial validation. It solidifies the Cruz de Plata project as a top-tier silver discovery in Mexico. The impact is material because it substantially de-risks the exploration concept and confirms the scale potential outlined on October 1st.

Capitan Silver Corp. is a Canadian exploration company focused on its 100%-owned Cruz de Plata Project in Durango, Mexico, a well-known mining jurisdiction. The project consists of two main targets: 1. Jesús María Silver Trend: A high-grade, epithermal silver-gold vein system. The company has consolidated the land package and recent drilling has focused on expanding this high-grade mineralization, which remains open in multiple directions. The 2025 drill program has returned multiple bonanza-grade intercepts. 2. Capitan Hill Gold Deposit: A disseminated, oxide-gold deposit with a historic inferred resource.

The company's strategy shifted in late 2022/early 2023 to focus primarily on the high-grade silver potential, which is reflected in its name change from Capitan Mining to Capitan Silver.