What you need to know: • CAPT released assay results for eight drill holes from its 2025 RC drill program at Cruz de Plata. • Drilling increased continuity of the new high-grade zone and included a standout intercept of 1,130 g/t AgEq over 1.5m. • The new zone remains open at depth and down-plunge to the south and southeast, extending 220m down-dip from surface. • In addition, results include a newly discovered silver zone, ~250m southeast of the Jesús María Silver Trend. • We remind readers that while final 2025 drilling is being reported, the Company has commenced an extensive 60,000m 2026 program. This morning, Capitan Silver (CAPT:TSXV) announced assay results for eight drill holes from its 2025 RC drill program at Cruz de Plata. Drilling continues to increase continuity and confidence in the new high-grade zone, with this morning’s results highlighted by 1,130 g/t AgEq over 1.5m, within a broader zone of 241 g/t AgEq over 25.9m, in hole 25-ERRC-34. The zone remains open at depth and down-plunge to the south and southeast, currently traced ~220m down-dip from surface, and continues to grow as assays are reported. The highlight intercepts outlined below resulted from drilling near the intersection of the Jesús María Silver Trend and the Peñoles Fault, which all returned broad zones of mineralization with high-grade cores. Further, results include a newly discovered silver zone (Encarnación) to the southeast. We are maintaining our BUY rating and target price of $3.50/share on Capitan Silver. Highlight intercepts: • 25-ERRC-34: 1,130.1 g/t AgEq over 1.5m, within 240.5 g/t 25.9m. • 25-ERRC-36: 306.6 g/t AgEq over 1.5m & 223.6g/t AgEq over 3.0m. • 25-ERRC-46: 692.4 g/t AgEq over 1.5m & 404.6 g/t AgEq over 1.5m. The new Encarnación Zone was intersected in hole 25-ERRC-29, southeast of the Peñoles Fault zone, ~250m southeast of the Jesús María Silver Trend, supporting the potential that Cruz de Plata hosts a large, well-developed mineralized system. Surface sampling previously identified the occurrence that has been traced over 250m on surface, which was targeted with holes 25-ERRC-29 and 30. Hole 29 returned 90.3 g/t AgEq over 3.0m, including 133.96 g/t AgEq over 1.5m, while Hole 30 was drilled too far north. The Company plans to complete follow-up drilling on the new discovery. Final assays are pending for 33 drill holes from the 2025 program, and CAPT anticipates steady news flow in the coming months as these results come in. Further, we remind readers that CAPT has commenced an extensive 60,000m multi-rig drill program in 2026, which is a 400% increase from 2025’s program. The first of three core rigs is expected to begin drilling (along with the current RC rig) within the next week.