Mr. Alberto Orozco reports

CAPITAN SILVER SUCCESSFULLY RAISES C$6.6M THROUGH THE ACCELERATED EXERCISE OF WARRANTS

A total of 13.25 million share purchase warrants of Capitan Silver Corp., with an exercise price of 50 cents, have been fully exercised, generating $6.6-million in cash. The warrants were issued as part of a previously completed financing in February, 2025, that was led by the Jupiter Silver & Gold Fund, which saw Capitan raise $5.3-million in a unit deal priced at a 31-per-cent premium to market (see press release dated Feb. 24, 2025). The warrants issued in this transaction were subject to an acceleration clause.

Highlights:

• Capitan raises an additional $6.6-million in cash through the early exercise of all its outstanding warrants.
• A total of 13.25 million warrants have been exercised at a strike of 50 cents.
• Capitan's top three shareholders accounted for over 78 per cent of the warrants.
• Capitan has zero warrants outstanding and is fully financed for 2025.

In accordance with the terms of the warrants, Capitan issued a written acceleration notice to warrantholders to accelerate the exercise of the warrants following: (1) the June 9, 2025, announcement of a signed letter of intent to acquire a strategic land package consolidating the Cruz de Plata silver-gold project in Durango, Mexico; and (2) the company's closing share price of 93 cents on the TSX Venture Exchange on June 12, 2025.

The Jupiter Silver & Gold Fund, Michael Gentile, CFA, and Construplan accounted for over 78 per cent of the February, 2025, financing. With the exercise of the warrants, Capitan's largest shareholders ownership is as follows:

• Jupiter Silver & Gold Fund -- 15.35 per cent;
• Mr. Gentile -- 12.89 per cent;
• Construplan -- 9.92 per cent.

About Capitan Silver Corp.

Capitan Silver is a Canadian exploration company focused on advancing its Cruz de Plata silver-gold project, located in Durango, Mexico. The company is led by a management team that has successfully advanced and developed several precious metal operations in Mexico over the past 16 years.

We seek Safe Harbor.