Cruz de Plata Project

Capitan Silver's advanced silver-gold exploration project in Durango, Mexico, centered on the Capitan Hill oxide gold deposit along the Jesus Maria Trend. An updated NI 43-101 mineral resource estimate for the Capitan Hill oxide gold deposit (effective September 17, 2025; announced December 5, 2025) was prepared by APEX Geoscience of Edmonton, with a final signed technical report titled 'Mineral Resource Estimate for the Cruz de Plata Property, Durango, Mexico' (effective October 14, 2025) filed on SEDAR+. A historic 2015 NI 43-101 resource was also completed on the western portion of the Jesus Maria Trend. During prior periods the Company entered agreements with Exploraciones del Altiplano and Minera Fresnillo to acquire mineral concessions and eliminate underlying net smelter return royalties; on June 11, 2025 it completed acquisition and elimination of the Altiplano NSRs for US$1,000,000. Resources are not reserves.