News Summary
On December 23, 2025, Capitan Silver Corp. announced a C$6.0 million non-brokered private placement from Schroder Investment Management Limited (Schroders ISF Global Gold Fund). The investment consists of 2,955,665 common shares priced at C$2.03 per share, matching the price of the recently closed C$23 million bought deal. There are no warrants attached to this placement. This funding is earmarked for exploration at the Cruz de Plata project and general working capital.
Material Impact
The impact of this news is Material – Positive for three primary reasons:
– Institutional Validation: Following the recent entry of Stifel, TD, BMO, and Canaccord in the December 17 bought deal, the addition of Schroders—a tier-one global asset manager—further legitimizes the Cruz de Plata project.
– Pricing Strength: The placement was executed at C$2.03, the same price as the large bought deal, suggesting that institutional demand is persistent even after a significant capital raise. This creates a psychological “floor” at the C$2.00 level.
– Capital Fortress: Combined with the C$23 million closed on December 17, the company has raised C$29 million in a single month. This effectively removes all financing risk for the 2026 exploration and development season, including the ability to meet upcoming acquisition payments to Fresnillo.
Catalysts
– Assay Results: Assays for 31 RC drill holes from the Phase One program are currently pending.
– Geophysical Data: Results from the property-wide airborne magnetic and magneto-telluric survey are expected in Q1 2026.
– Jesus Maria MRE: While the Capitan Hill (Gold) MRE was updated in December 2025, a maiden or updated resource for the Jesus Maria (Silver) trend is a likely mid-2026 catalyst.
– Drill Expansion: Look for news on the commencement of the 2026 drill program, likely targeting the newly identified “El Tubo” and “Casco Norte” targets.
Materiality Conclusion
The Schroders investment is material because it signifies a shift in the company’s registry from retail/high-net-worth to institutional “sticky” capital. While the dollar amount (C$6M) is smaller than the recent bought deal, the prestige of the investor provides a significant tailwind for the stock’s valuation relative to peers.
