Investor Centre

Demand for silver is accelerating, driven by its critical role in EVs, electrification, AI, and defense applications, while also being formally recognized as a critical metal

• The industry has failed to replace resources and reserves for over 20 years, with most new supply coming as a byproduct rather than from primary silver mines

• High-grade, large-scale primary silver deposits are exceptionally rare, positioning Cruz de Plata as a highly valuable asset

Mexico is the world’s largest silver producer, with the majority of output coming from a prolific belt through Chihuahua, Durango, and Zacatecas

• Cruz de Plata is located in Durango, one of the safest and most mining-friendly states in the country

• The project benefits from strong infrastructure, including road access and hydro power

Cruz de Plata is an intermediate sulphidation epithermal system, a highly sought-after deposit type among major silver producers

• When successful, they have historically delivered long-term, large-scale value

• These systems are known for strong vertical continuity and deep mineralized roots

Cruz de Plata hosts over 21 km of mapped high-grade silver veins at surface

• Drilling at Jesús María has confirmed over 2.5 km of mineralized continuity

• The system also includes the adjacent Capitan Hill Oxide Gold Deposit with a 525,000 oz gold inferred resource, reinforcing district-scale potential

Drilling has consistently returned high-grade silver intercepts across multiple zones at Cruz de Plata

• Results demonstrate strong grade continuity within broader mineralized envelopes. This highlights the project’s potential for both grade and scale

Capitan Silver maintains a tight share structure through disciplined capital allocation and minimal dilution

• Its top three shareholders own just under 40% of the Company, reflecting strong long-term alignment

• Capitan has no warrants and is structured to be royalty-free, maximizing shareholder exposure

The Company is led by an experienced management team with a strong track record of delivering results in Mexico

• Capitan’s management team has successfully advanced three projects from exploration into production. Each was delivered on time and on budget

• Two of the mining projects developed and operated by our team are located just 90 minutes from the Cruz de Plata project

A 60,000-metre, multi-rig drill program is currently underway at Cruz de Plata, which is expected to drive near-term news flow