What you need to know: • Capitan announced mapping, trenching, and soil sampling results as part of a reconnaissance-scale program on the newly acquired land package. • Early work shows strong silver and gold mineralization on the north side of the granodiorite intrusion, significantly expanding the size potential. • CAPT has upsized its fully funded Phase 1 program by 50% to 15,000m; ~8,000m drilled to date with 38 RC assays pending. • The Company is planning to complete a property-wide 385 line-km regional airborne magnetic and magneto-telluric survey. This morning, Capitan Silver (CAPT:TSXV) announced results from its surface exploration program at its Cruz de Plata silver-gold project in Durango, Mexico, following the August 2025 acquisition of a 2,171ha strategic land package (see our flash on this here). The program outlined several high-priority targets and high-grade showings, including meaningful extensions of known mineralized structures, which CAPT is now moving toward drill readiness (six targets already identified). The discoveries demonstrate that the hydrothermal system at Cruz de Plata is much larger than previously recognized, with mineralization extending several kilometres north of the 2025 drill program and occurring across all major geological units. In response, the Company has increased its fully funded Phase 1 drill program by 50% to 15,000m and initiated a property-wide airborne geophysical survey, its first comprehensive effort to expand target generation across the entire project. We are maintaining our BUY rating and a target price of $2.40/share on Capitan Silver. Capitan has completed over 8,000m of drilling at Cruz de Plata as part of its 2025 RC drill program, with assays pending for 38 holes, and additional samples are being sent to the lab on a weekly basis. We expect consistent news flow as results are released, providing greater clarity on the scale and continuity of mineralization. Airborne Geophysical Program In addition, CAPT has initiated an airborne magnetic and magneto-telluric survey spanning 385 line-km across the entire property. The survey will deliver magnetic maps and derivatives, along with conductivity and resistivity models, which will aid in finding new alteration zones, refining geological features and lithologies, and tracing extensions of structures, including faults, to depths of 1km.