Capitan Silver

Capitan Silver represents a unique value proposition in the North American silver exploration space. The company trades at a significant discount to its peer group despite controlling one of Mexico’s most advanced intermediate-sulfidation silver projects - an asset class highly coveted by major producers for its grade, continuity, and scalability. Comparable systems such as Las Chispas, Juanicipio, and Los Gatos have been acquired or valued in the market at over C$1–6 billion, underscoring the strategic importance of high-quality silver deposits in Mexico. With Capitan’s fully consolidated land package, strong exploration results, and royalty-free status, the company stands out as one of the few remaining pre-resource silver projects with district-scale potential.

Recent drilling continues to expand mineralization at Jesús María, increasing the defined strike length to 1.7 km and confirming broad, continuous zones of high-grade silver. Parallel structures such as the Gully Fault Zone have returned excellent silver-gold grades with minimal base metals, indicating multiple mineralized centres within the same system. Additionally, six newly identified targets from airborne geophysics further broaden the project’s upside. With silver trading near multi-year highs and growing demand from industrial and investment markets, Capitan is well-positioned to benefit from strengthening commodity prices.

Capitan’s tight share structure (only 120M shares fully diluted), lack of royalties, and strong institutional backing—including the Jupiter Gold & Silver Fund and renowned mining investor Michael Gentile—enhance its leverage to exploration success. As drilling advances through 2025, assay results from 38 pending holes offer substantial potential for near-term catalysts.

Capitan Silver is led by a highly experienced management group with deep technical, operational, and capital-markets expertise in Mexico’s mining sector. CEO and Director Alberto Orozco brings more than 15 years of industry experience and an academic background that includes an MSc from the University of Sonora in partnership with Saint Mary’s University, publications in Tectonophysics, and executive training from Stanford’s Graduate School of Business. He has held senior roles at Linear Gold, Pediment Gold, Argonaut Gold, and Riverside Resources, contributing to the exploration, development, and permitting of multiple +1 million-ounce gold deposits across Mexico. Alberto also serves as President of the Sonora Mining Cluster, underscoring his leadership within the national mining community.

Chief Financial Officer Rob Scott adds over two decades of accounting, corporate finance, and public-company governance experience. A CPA, CA and CFA charterholder, he has helped raise more than $200 million for TSX-V issuers and brings extensive knowledge of IPOs, reverse takeovers, and M&A.

Rounding out the leadership team, Oscar Jiménez, an exploration geologist with 30+ years of experience, has worked on major gold–silver deposits including La Herradura, Mulatos, La Colorada, El Castillo, and San Agustín, previously holding key roles at Peñoles, Placer Dome, Pediment Gold, and Argonaut Gold.

Capitan Silver’s growth strategy centers on aggressive, systematic expansion of the Cruz de Plata silver district through targeted drilling, advanced geological modeling, and district-wide geophysics. With the launch of a 15,000-metre drill program and a new mineral-system interpretation, Capitan aims to define multiple high-quality silver deposits across its consolidated land package. The company is prioritizing extensions of the Jesús María vein, deeper testing of the Gully Fault Zone, and the evaluation of several new satellite targets identified through mapping and airborne surveys.

The company also benefits from excellent infrastructure, including road and power access directly to the project, gentle topography, and a long-standing community agreement valid through 2030. This operational stability supports efficient scaling of exploration activities and derisks future development scenarios. With multiple parallel mineralized structures present, Capitan is working toward defining a multi-zone deposit capable of supporting long-life silver production.

Longer term, Capitan remains open to strategic partnerships or transactions that maximize shareholder value, similar to recent multi-billion-dollar acquisitions of Mexican silver projects. The strong combination of grade, scale potential, jurisdictional advantages, and corporate discipline puts Capitan on a clear path toward becoming an attractive target for mid-tier and major silver producers.

Capitan Silver maintains one of the tightest and cleanest capital structures among Mexican silver explorers, with no warrants, a fully diluted share count of only 120.1 million, and over 70% of the company’s equity held by long-term strategic investors. The last several financings were completed at premiums to market, demonstrating strong institutional confidence in the project’s potential. The company’s current market capitalization is approximately C$187 million.

Crucially, Cruz de Plata is a royalty-free asset, with all remaining royalties contractually committed for removal - uncommon among exploration companies in Mexico. This provides exceptional future project economics compared to peers whose assets often carry 2–4% NSR burdens. Capitan is fully funded for its ongoing 10,000-metre Phase 1 drill campaign, with an expanded 15,000-metre program underway as new targets emerge.

Project valuations across the sector indicate significant upside potential: comparable intermediate-sulfidation systems often carry valuations several times higher than Capitan’s, even at earlier development stages. Given the scale of the Cruz de Plata system and Capitan’s conservative capital structure, the company retains substantial leverage to exploration results and silver price movements.

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Capitan Silver Corp. is emerging as one of Mexico’s most compelling early-stage silver exploration stories, anchored by the growing Cruz de Plata Silver-Gold Project - a large, high-grade, intermediate-sulfidation system with district-scale potential. With strong drilling results, expanding structures, and numerous untested targets, the project demonstrates the characteristics that have historically supported billion-dollar silver discoveries across Mexico.

Backed by a seasoned management team, a royalty-free project, tight share structure, and strong institutional support, Capitan Silver is well-positioned to deliver significant value as exploration advances. For investors seeking exposure to high-grade silver discovery potential in a world-class jurisdiction, Capitan Silver offers an attractive and increasingly rare opportunity.