Capitan Silver (TSXV:CAPT) - 60,000m Drill Program Targets 100 Moz AgEq Scale

Interview with Alberto Orozco, CEO of Capitan Silver

Our previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-60000m-drilling-to-prove-scale-at-cruz-de-plata-9531

Recording date: 11th August 2026

Capitan Silver Corp. (TSXV:CAPT) is advancing its Cruz de Plata silver-gold project in Durango, Mexico, through a fully-funded 60,000 metre drill programme in 2026 - a 400% increase over the prior year's campaign and more than double all historic drilling on the property combined. CEO Alberto Orozco told Crux Investor the company is roughly halfway through the programme, with four rigs (one RC, three diamond) now active and the drill rate accelerating as additional rigs have come online through the year.

The project's most advanced target, the Jesus María trend, has been drilled along a continuous strike length of 2.5 km, part of a broader 3.7 km surface-sampled mineralised trend and a cumulative 21 km of vein structures identified across the consolidated property. Historical and recent drill results include intercepts of up to 1 kg/t silver over two to three metres, within broader zones as wide as 40 m grading 100-300 g/t AgEq. Orozco was clear the project is a primary silver system rather than a base-metals story: silver represents 75-95% of AgEq value depending on location, and a west-to-east metal zonation pattern is being used to vector toward the deeper part of the system.

Management's stated priority for 2026 is proving scale rather than rushing a resource. Because the current programme is focused on step-out rather than infill drilling, any near-term resource estimate would be classified as inferred. Orozco indicated an internal benchmark of roughly 100 Moz AgEq for a credible first resource, a figure he said the company does not expect to be far from once the current programme concludes, though further drilling would be needed to build density around any initial estimate.

Financially, Capitan Silver raised C$29 million in late 2025 to fund the expanded programme and reported a market capitalisation of $212.0 million as of August 2026. Over 70% of the share register is tightly held, with no free founder shares and most shares issued at $0.20. Two of the last three financings priced at a premium of more than 30% to market, each led by a new strategic investor, Jupiter Gold & Silver Fund, Michael Gentile and Construplan are the top three shareholders. Management has also contracted to remove all remaining project royalties.

The company positions Cruz de Plata within the intermediate sulphidation epithermal deposit class responsible for several major Mexican silver discoveries and recent billion-dollar M&A transactions, including Las Chispas, Los Gatos and Juanicipio. Peer-comparison data prepared by Stifel Canada shows Capitan trading at a discount to the average resource-stage peer on both market capitalisation and enterprise value. For investors, the key watch items through the remainder of 2026 are continued assay flow from the deeper, western portion of the Jesus María trend and from newly-permitted step-out targets, with a maiden resource estimate representing a later-stage catalyst rather than a near-term one.

Learn more: https://cruxinvestor.com/companies/capitan-silver

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