CAPITAN SILVER FILES AMENDED AND RESTATED OFFERING DOCUMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC, Dec. 8, 2025 /CNW/ - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or the "Company") announces that, further to its news release earlier today entitled "Capitan Silver Announces $20 Million Bought Deal Financing", it has filed an Amended and Restated Offering Document (as defined below) in connection with its "bought deal" private placement offering of 9,855,000 common shares of the Company (the "Common Shares") at a price of C$2.03 per Common Share for aggregate gross proceeds of C$20,005,650 (the "Offering").

The Amended and Restated Offering Document provides for the offer and sale of the Common Shares to purchasers resident in Québec such that the Common Shares may now be offered and sold to purchasers resident in each of the provinces of Canada pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.

For further details of the Offering, which otherwise remain unchanged, please refer to the news release of the Company disseminated and filed earlier today and to the Amended and Restated Offering Document.

There is an amended and restated offering document (the "Amended and Restated Offering Document") related to the Offering that can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.capitansilver.com. Prospective investors should read the Amended and Restated Offering Document before making an investment decision. A French version of the Amended and Restated Offering Document will be filed under the Company's issuer profile on SEDAR+ and on the Company's website within the period permitted under applicable Canadian securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Capitan Silver Corp.

Capitan Silver 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 38% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata Silver project.

ON BEHALF OF CAPITAN SILVER CORP.

"Alberto Orozco"

Alberto Orozco, CEO

www.capitansilver.com

DISCLAIMER FOR FORWARD-LOOKING INFORMATION

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect", "estimates", "intends", "anticipates", "believes", "plans") and include statements regarding the structure and terms of the Offering, the proposed use of proceeds of the Offering, the timing and ability of the Company to complete the Offering and the timing and ability of the Company to receive necessary approvals. Such information involves known and unknown risks -- including the inability of the Company to complete the Offering on the terms proposed or at all, the inability of the Company to obtain necessary approvals, the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Capitan in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Capitan Silver Corp.

For more information please contact: Alberto Orozco, CEO, Capitan Silver Corp., [email protected], Phone: [phone]; IR Team, Capitan Silver Corp., [email protected], Phone: [phone]