Mr. Alberto Orozco reports

CAPITAN SILVER ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Capitan Silver Corp. has released the results of its annual general and special meeting of shareholders, held earlier today. A total of 65,819,634 common shares of the company were voted at the meeting, representing approximately 51.13 per cent of the total number of common shares of the company issued and outstanding.

All matters presented for approval at the meeting were overwhelmingly approved, as follows:

• Davidson & Company LLP was reappointed as the auditor of the company for the ensuing year (99.991 per cent in favour) and the board of directors of the company was authorized to fix its remuneration.
• The shareholder rights plan agreement with Olympia Trust Company, as rights agent, and the shareholder rights plan pursuant to the rights agreement were ratified and approved (99.797 per cent in favour).
• The 10-per-cent fixed omnibus equity incentive plan of the company was approved (99.740 per cent in favour) and the aggregate maximum number of common shares of the company reserved for issuance pursuant to the omnibus plan is 12.8 million common shares.
• All of the management nominees were elected to the board to serve for the ensuing year or until their successors are duly elected or appointed (details in attached table).

Detailed voting results regarding the election of directors are provided in the attached table.

Further details on the above matters are available in the company's management information circular dated May 7, 2026, which is available on SEDAR+ under Capitan's issuer profile.

John-Mark Staude completed his term as a director of the company and chairman of the board, effective prior to the meeting. Mr. Staude has been a director of Capitan since Aug. 14, 2020. The company wishes to extend its sincere appreciation to Mr. Staude for his dedication and hard work over the years.

Alberto Orozco, chief executive officer and director of Capitan, commented:

"On behalf of the board of directors and management of Capitan Silver, I would like to thank John-Mark for his contributions and commitment to the company. We are grateful for John-Mark's service -- both during his time on the Capitan board and in the early days of forming the company -- and wish him the best in his future endeavours."

About Capitan Silver Corp.

Capitan is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning over 37 per cent of the company's share capital. Capitan is fully financed and actively drilling at its Cruz de Plata silver project.

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