Ownership

This Website (the "Website") is owned and operated by Capitan Silver Corp. ("Capitan" or the "Company"), a company incorporated under the laws of British Columbia, Canada. By accessing, browsing, or using this Website, you acknowledge that you have read, understood, and agree to be bound by these terms and conditions (the "Terms"), as they may be amended from time to time. If you do not agree to these Terms, you should not access or use this Website. Capitan reserves the right to modify, suspend, or discontinue any aspect of this Website at any time without notice. Capitan also reserves the right to amend these Terms at any time by posting the amended Terms on this Website. Your continued use of this Website following any such amendment constitutes your acceptance of the amended Terms.

Use of Website

The information, materials, and documents posted on this Website are provided for general informational purposes only. Unless otherwise expressly stated, nothing contained on this Website constitutes, or is intended to constitute: (a) an offer, invitation, or solicitation to purchase, hold, or sell any securities of Capitan in any jurisdiction; (b) a recommendation or endorsement of any investment strategy, security, or transaction; (c) investment, legal, tax, accounting, or other professional advice; or (d) a solicitation of proxies or votes with respect to any matter. Any such offer or solicitation will be made only by means of a prospectus or other offering document filed with the applicable securities regulatory authorities in accordance with applicable securities laws.

Capitan endeavours to update the information on this Website regularly; however, the information is provided "as is" without warranty of any kind, express or implied. Capitan makes no representation or warranty as to the accuracy, completeness, timeliness, or reliability of the information on this Website, and assumes no responsibility or liability for any errors or omissions in such information. The information on this Website is not intended to be a comprehensive review of all matters and developments concerning the Company and should not be relied upon as such. For the most current and complete information about Capitan and its activities, readers are encouraged to review the Company's continuous disclosure filings available on SEDAR+ (www.sedarplus.ca) under Capitan's issuer profile. In the event of any inconsistency between the information on this Website and the Company's continuous disclosure filings available on SEDAR+ (www.sedarplus.ca), the information in the SEDAR+ filings shall prevail.

Privacy

Any material, information, or other communication (including questions, comments, or suggestions) you transmit to Capitan through this Website will be considered non-confidential and non-proprietary ("Communications"). By transmitting any Communications to Capitan, you agree that: (a) Capitan will have no obligations of any kind with respect to the Communications; (b) Capitan may use, reproduce, publish, modify, or distribute the Communications for any purpose without compensation to you; and (c) the Communications may be transferred to any Capitan office or affiliate, including offices located outside of Canada, as necessary to respond to your enquiry or for other business purposes. By sending Communications to Capitan, you consent to the collection, use, transfer, and processing of any personal information contained therein by the Company and its affiliates for these purposes. Capitan's collection and use of personal information is subject to applicable privacy legislation, including the Personal Information Protection and Electronic Documents Act (Canada). You are prohibited from posting or transmitting to or from Capitan any unlawful, threatening, libellous, defamatory, obscene, pornographic, or other materials that violate any applicable law.

Copyright and Trademarks

All content on this Website, including text, graphics, logos, icons, images, audio clips, video clips, data compilations, and software, is the property of Capitan or its content suppliers and is protected by Canadian and international copyright laws. Certain names, graphics, logos, icons, designs, words, titles, or phrases on this Website may constitute trade names, trademarks, or service marks of Capitan or other entities, which may be registered in Canada and other countries. The display of any trademarks on this Website does not imply that a licence of any kind has been granted. Nothing contained on this Website should be construed as granting, by implication, estoppel, or otherwise, any licence or right to use any trademark displayed on this Website without the prior written permission of Capitan or the third party that owns the applicable trademark. You may view, download, and print content from this Website for your personal, non-commercial use only, provided that you: (a) do not modify the content; (b) retain all copyright, trademark, and other proprietary notices contained in the content; and (c) do not use the content in a manner that suggests an association with Capitan or any of its products or services. Any other use, reproduction, modification, distribution, transmission, republication, or display of the content on this Website is strictly prohibited without Capitan's prior written consent. Unauthorized use of any content on this Website may violate copyright, trademark, and other applicable laws and could result in civil or criminal penalties.

Cautionary Statement on Forward-looking Information

This Website contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements are not guarantees of future performance and are based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances.

All statements, other than statements of historical fact, contained on this Website are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statements contained on this Website. The Company anticipates that subsequent events and developments may cause the Company's views to change.

Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology. In particular, but without limiting the foregoing, this Website contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; interpretations of geophysical survey data and the potential for new targets at depth; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.

The forward-looking statements contained in this Website are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.

The foregoing lists of assumptions, risks, and uncertainties are not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's continuous disclosure filings available on SEDAR+ (www.sedarplus.ca) under Capitan's issuer profile. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to place undue reliance on forward-looking statements.

Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated, or intended. Forward-looking statements contained on this Website are made as of the date indicated on the applicable page or, if no date is indicated, as of the date this Website was last updated. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements, which speak only as of the date made.

Qualified Persons

The scientific and technical information on this Website has been reviewed and approved by Marc Idziszek, P.Geo., Vice President Exploration of Capitan, who is a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Idziszek is not independent of the Company for purposes of Section 1.5 of NI 43-101.

The mineral resource estimates referenced on this Website for the Capitan Hill Oxide Gold Deposit are supported by the technical report titled "NI 43-101 Technical Report and Mineral Resource Estimate for the Cruz de Plata Property, Durango, Mexico" dated January 16, 2026 (with an effective date of October 14, 2025), which was prepared for Capitan by APEX Geoscience Ltd. and is available on SEDAR+ (www.sedarplus.ca) under Capitan's issuer profile.

Cautionary Statement on Scientific and Technical Disclosure

The Company's Cruz de Plata project is an exploration-stage project. There has been no feasibility study or preliminary economic assessment completed on the project, and there is no certainty that any mineral resources identified will ever be economically viable to extract.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The inferred mineral resources disclosed on this Website have a lower level of confidence than indicated mineral resources and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could potentially be upgraded to indicated mineral resources with continued exploration.

Cautionary Note for U.S. Investors

The mineral resource estimates contained on this Website have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards differ significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and information concerning mineral deposits set forth herein may not be comparable to similar information made public by companies subject to the SEC's reporting and disclosure requirements.

Third Party Stock Quote Data

All stock quote data displayed on this Website is provided by third-party service providers and is delayed at least 15 minutes unless otherwise indicated. Stock data is provided for general informational purposes only and is not intended for trading purposes or as a basis for any investment decision. Capitan does not endorse or recommend any particular investment strategy and is not a registered broker, dealer, investment advisor, or financial analyst. Capitan makes no representation or warranty, express or implied, regarding the accuracy, completeness, timeliness, or reliability of any stock price quotes, historical stock price data, or other market information displayed on this Website, and has not independently verified such information. Users should consult their own financial advisors and conduct their own research before making any investment decisions. To the fullest extent permitted by applicable law, Capitan, its directors, officers, employees, agents, and affiliates shall not be liable for: (a) any inaccuracies, errors, or omissions in any stock data or market information; (b) any delays or interruptions in the transmission or display of such data; or (c) any direct, indirect, incidental, special, consequential, or punitive damages arising from or related to the use of, or reliance on, any stock data or market information displayed on this Website, including any losses arising from investment decisions or trading activities.

No Investment Advice

The information on this Website is provided for general informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This Website does not provide, and should not be construed as providing, investment, legal, accounting or tax advice. Investors should consult with their own professional advisors before making any investment decision.

Internet Software or Computer Viruses

While Capitan takes reasonable precautions to maintain the security and integrity of this Website, the internet is inherently subject to risks. Due to the nature of internet communications, Capitan cannot guarantee that this Website is free from viruses, malware, ransomware, spyware, or other harmful components, or that transmissions to and from this Website will be uninterrupted, error-free, or secure. Technical difficulties, software errors, or transmission problems may produce inaccurate or incomplete copies of information contained on this Website. Users access and use this Website at their own risk. Capitan strongly recommends that you install and maintain up-to-date anti-virus software, firewalls, and other appropriate security measures on any device used to access this Website. To the fullest extent permitted by applicable law, Capitan, its directors, officers, employees, agents, and affiliates shall not be liable for any damage to your computer equipment, software, data, or other property arising from your access to, use of, or browsing of this Website, or from downloading any materials, data, text, images, or other content from this Website, including any damage caused by viruses, malware, or other harmful components.

Last updated August 12, 2026

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