Capitan Silver Corp.
Despite its name, Capitan Silver's only current mineral resource is led by gold. The company owns 100% of the roughly 2,551-hectare Cruz de Plata silver-gold project in Durango, Mexico's Penoles Mining District, where the Capitan Hill oxide gold deposit holds an inferred resource of 525,000 oz of gold and 4.24 Moz of silver (39.8 Mt at 0.41 g/t gold and 3.3 g/t silver), so gold is about 92% of its value at the estimate's prices. Its focus is the Jesus Maria silver trend, where a fourfold-expanded, 60,000-metre multi-rig 2026 drill campaign, backed by C$29 million in fresh funding, aims to grow high-grade silver zones toward a first current silver resource.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Not yet determined: mill, tailings facility.
Jurisdiction (40%)6/10
Mexico has a long mining tradition and an established regulatory framework, but carries moderate security, permitting, and fiscal-policy risk relative to Canada/US/Australia.
Infrastructure (40%)7.9/10
Confirmed road access and confirmed grid power at Cruz de Plata Project, Durango, Mexico; existing mill and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Director of Capitan Silver Corp. Holds an MSc from the University of Sonora, Mexico, in collaboration with Saint Mary's University in Canada, was a PhD candidate at Dalhousie University in Earth Science with academic work published in Tectonophysics, and holds the LEAD Certificate in Corporate Innovation from Stanford Graduate School of Business. Has 15 years of experience in the mining industry having worked for Linear Gold Corp., Pediment Gold, Argonaut Gold and most recently as the former VP of Corporate Development with Riverside Resources, holding the roles of Country Manager, Director of Exploration and more recently Vice President of Corporate Affairs and Sustainability, and has been involved in exploring, developing and permitting a number of +1M oz gold deposits in Mexico including Ixhuatán, San Antonio, La Colorada and San Agustín. Currently the President of the Sonora Mining Cluster in Mexico.
Chief Financial Officer of iMetal Resources Inc. (TSXV: IMR), appointed as announced 31 August 2026; also Chief Financial Officer of Riverside Resources Inc., Capitan Silver Corp., Outcrop Silver & Gold Corporation, Blue Jay Gold Corp., Bullfrog Gold Corporation, Electric Royalties Ltd and ValOre Metals Corp. CPA, CA and CFA charterholder with more than 25 years of experience in accounting and corporate compliance, corporate finance, and merchant and commercial banking, including the past 18 years as a senior officer and director of a number of TSX Venture Exchange-listed issuers. During that time has helped raise more than $250 million in equity, with extensive experience in initial public offerings, reverse takeovers, corporate restructurings, mergers and acquisitions and cost-effective operations management. Founder and President of Corex Management Inc. Current and past management positions include Capitan Silver Corp. (TSXV: CAPT), Blue Jay Gold Corp. (TSXV: JAY), Riverside Resources Inc. (TSXV: RRI), Outcrop Silver & Gold Corporation, Electric Royalties Ltd, Bullfrog Gold Corporation and Great Bear Resources Ltd. (acquired by Kinross Gold Corporation in 2022 for approximately C$1.8 billion).
Operations lead of Capitan Silver Corp. An exploration geologist with over 30 years of experience who has worked in and managed a number of significant projects and +1 million-ounce gold-silver deposits in Mexico including La Herradura, Mulatos, San Antonio, La Colorada, El Castillo and San Agustín. Has worked at companies such as Peñoles, Placer Dome and Pediment Gold, and more recently Argonaut Gold where he was the company's Mexico exploration manager and managed a number of projects in the country in several stages of advancement.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two discretionary fund managers hold positions: Jupiter Fund Management at 7.52% and Ninepoint Partners at 3.16%. Ninepoint is a well-established Canadian resource specialist, running dedicated gold, precious-minerals and mining funds and Canada's largest flow-through franchise, though its position here is small. Institutional ownership is 26.7%. No producer or strategic corporate holds shares.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Despite its name, Capitan Silver's only current mineral resource is led by gold. The company owns 100% of the Cruz de Plata silver-gold project, about 2,551 hectares in the Peñoles Mining District of Durango, Mexico. Its Capitan Hill oxide gold deposit carries a pit-constrained inferred resource of 39.8 Mt at 0.41 g/t gold and 3.3 g/t silver, for 525,000 oz of gold and 4.24 Moz of silver (effective 17 September 2025; technical report January 2026), with no measured or indicated category; at the estimate's US$2,500/oz gold and US$26.50/oz silver, gold is about 92% of its value. No economic study has been published, and the 2015 Jesus Maria silver estimate is historical, not current. The company is running a 60,000 m, four-rig drill programme in 2026, the largest in its history, focused on high-grade silver-gold structures along the 2.8 km Jesus Maria Silver Trend, with intercepts including 2,451.1 g/t silver equivalent over 1.5 m within 1,283.4 g/t over 4.6 m.