Vancouver, British Columbia–(Newsfile Corp. – October 24, 2022) – Capitan Mining Inc. (TSXV: CAPT) (“Capitan” or the “Company”) is pleased to announce that it has closed the first tranche of the previously announced $3,200,000 non-brokered private placement (the “Offering”). This first tranche consists of 13,000,000 Common Shares at a price of CAD$0.20 per share for total proceeds of $2,600,000. The second and final tranche of 3,000,000 shares at a price of CAD$0.20 per share for total proceeds $600,000 is anticipated to close on or before October 31 st, 2022.