Apollo Silver Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Apollo Silver is a TSX-V listed company which controls the US’s third largest advanced pure silver resource at its Calico Silver Project. Recently Apollo announced an updated mineral resource of 110 million ounces of silver in Measured and Indicated categories with an additional 51 million ounces of silver in the Inferred category at Calico. In addition to advancing Calico toward development, Apollo Silver Corp. is advancing its Cinco de Mayo Project, in Chihuahua Mexico.

Investment Highlights

Two Significant Projects Located in Pro-mining Jurisdictions

The Calico Silver Project (“Calico Project”) occupies private land in mining friendly San Bernardino County, USA where US$60 Billion of mineral reserves have been permitted in the last 15 years

Recently optioned district scale Cinco de Mayo Project (“Cinco de Mayo”) located in Chihuahua, Mexico along continental trend of globally significant silver mines and deposits

Large Mineral Inventory with Expansion Potential

Calico Project – 110Moz Ag of M&I resources plus 51Moz Ag inferred resources making it one of the largest primary silver deposits in the US

Cinco de Mayo Project has a historical inferred resource of 154Moz high-grade AgEq at 386 g/t AgEq

Corporate Highlights

Highly experienced team with capital raising, marketing, and technical expertise

Executive team has been involved in over $5B of M&A activity

Strong support from institutional investors

Robust treasury position to advance portfolio of projects

Upcoming Value Driving Catalysts

Resource estimate for critical elements at Calico Project

Active and ongoing engagement with local community to restore social license and project access at Cinco de Mayo

Cinco de Mayo mineral resource update

Follow up work to confirm potential large discovery at Cinco de Mayo

Projects in Hand

PROJECTS IN HAND

(1) Calico Project, USA

The Calico Project is well-placed relative to infrastructure and is located in the mining-friendly jurisdiction of San Bernardino County, California. The Project comprises the adjacent Waterloo and Langtry properties, which total 2,950 acres. The Project is 15 kilometres (9 miles) from the city of Barstow and has an extensive private gravel road network spanning the property. There is commercial electric power within 5 kilometres (3 miles) of the Project.

Other mines of note in the region include SV Minerals Searles Lake Boron project, MP Materials Mountain Pass rare earth element mine and Equinox Gold’s Castle Mountain gold mine. Rio Tinto’s Boron mine is near the border with San Bernardino County, in Kern County.

Waterloo Property

The Waterloo property comprises 27 fee simple land parcels (1,352 acres) and 21 unpatented claims (19 lode mining, 2 mill site claims) (418 acres). These were acquired by Apollo through an Asset Purchase Agreement between Stronghold Silver USA Corp., a wholly-owned subsidiary of Apollo and Pan American Minerals Inc. (“Pan American”; a wholly-owned subsidiary of Pan American Silver Corp.), that closed July 13, 2021. Pan American retains a 2% Net Smelter Royalty on the property.

Langtry Property

The Langtry property comprises 20 patented claims (413 acres) and 38 unpatented lode mining claims (767 acres). The Project is under option between Stronghold Silver USA Corp., a wholly-owned subsidiary of Apollo, and the Bruce and Elizabeth Strachan Revocable Living Trust for the patented claims, and Athena Minerals Inc. for the unpatented claims.

Calico Project 2023 Mineral Resource Estimate at a 50 g/t Ag and 0.3 g/t Au Cut-Off Grades. Effective February 8, 2023 (Waterloo) & January 28, 2022 (Langtry).

(See news release dated March 6, 2023)

Cinco de Mayo Project, Mexico

Cinco de Mayo Project is located in the north central part of Chihuahua State, Mexico approximately 190 km northwest of the state capital of Chihuahua City. The Project is accessible by driving north from Chihuahua City on Federal Highway 45D for approximately 92 km to Highway 7D, then driving northwesterly for approximately 108 km to the town of Ricardo Flores Magón. The Project area is located immediately west of the village of Benito Juárez and for the purposes of exploration, benefits from excellent access via local dirt roads. Cinco de Mayo is made up of 29 concessions totaling over 25,000 ha located in the Municipio de Buenaventura.

The Project is host to the Upper Manto Pb-Zn-Ag (Au) deposit, which consists of two parallel and overlapping manto deposits referred to as the Jose Manto and the Bridge Zone. The Project also hosts the Pozo Seco Mo-Au deposit. The two deposits host distinctly different mineralization with different commodities and are separated by four kilometres.

Upper Manto

The Upper Manto is considered to be a Carbonate Replacement Deposit (“CRD”) types and has many geological and mineralogical characteristics in common with the largest CRDs in Mexico. CRDs are Phanerozoic, high-temperature (>250oC) deposits consisting of major pod, lens, and pipe-shaped Pb-Zn-Ag-Cu-Au skarn and massive sulphide bodies which transgress the stratigraphy of their host carbonate rocks and are commonly associated with igneous intrusive and extrusive rocks.

CRDs have contributed 40% of Mexico's historic silver production, making them second only to epithermal veins. The largest CRDs in Mexico range from 10 million tonnes to over 100 million tonnes in size and define a belt measuring 2,200 km long by 20 km to 50 km wide. The Upper Manto deposit represents a major discovery along this trend. CRDs are commonly mined at rates of 2,500 tpd to over 6,000 tpd, with mining depths in several exceeding 1,200 m below surface.

Poso Seco

The Pozo Seco Mo-Au deposit, for which RPA prepared a Mineral Resource estimate in 2010. At a cut-off grade of 0.022% Mo, the Indicated Mineral Resources were estimated at 29.1 million tonnes grading 0.147% Mo and 0.25 g/t Au, containing 94.0 million pounds Mo and 230,000 ounces Au. Inferred Mineral Resources were estimated at 23.4 million tonnes grading 0.103% Mo and 0.17 g/t Au, containing 53.2 million pounds Mo and 129,000 ounces Au.

Pegaso Zone

A potential new discovery, called the Pegaso Zone, was drilled in 2012. Consisting of 61.6 m of massive sulphide in a deeper hole (CM-12-431), it was not included in the 2012 historical resource estimate. This intercept is considered a high priority target and has potential to be a significant new discovery. The Company’s initial review of historical data suggests that the Pegaso Zone could indicate a larger and higher-grade resource at depth.

Management

Management and Directors

Andrew Bowering, Interim President & Chief Executive Officer, Chair and Director

A venture capitalist with over 30 years of operational experience, Mr. Bowering has raised over $500M in value and capital for companies within the natural resources industry. He is the founder of Millennial Lithium and American Lithium Corp. and he is a director and executive advisor to Prime Mining Corp.

Chris Cairns, CPA, CA, Chief Financial Officer

Mr. Cairns has more than 10 years of experience working in the finance and mining industry.

Rona Sellers, LLB, VP of Commercial & Compliance, Corporate Secretary

Ms. Sellers is an experienced governance professional with more than 10 years of experience in corporate and securities law.

Amandip Singh, VP of Corporate Development

Mr. Singh is a geologist and mining professional with over 15 years of experience in the mining industry, finance and academia.

Isabelle Lepine, M.Sc., P.Geo., Director of Mineral Resources

With over 20 years experience leading resource focused technical programs and teams, Ms. Lepine brings extensive knowledge in mineral resource management to Apollo.

Jocelyn Thompson, Independent Director

Steven Thomas, Independent Director

Alex Tsakumis, Independent Director

Collette Brown-Rodriguez, Independent Director

News Update

On March 14, 2025, Apollo Silver Corp. has engaged Danayi Capital Corp., an arm's-length service provider, to provide the company certain investor relations and digital marketing services, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Based in Vancouver, B.C., Danayi specializes in marketing, advertising and public awareness within the mining and metals sector. Under a digital marketing agreement dated March 13, 2025, Danayi will provide digital media, marketing strategies and advertising for a trial period of one month at a fee of $50,000 (U.S.). The company may extend the agreement at its discretion. The engagement is subject to the approval of the TSX-V.

Danayi does not currently have any direct or indirect interest in the company or its securities and has no intention or right to acquire such an interest during the engagement.

On March 07, 2025, Apollo Silver Corp. announced that it has filed an independent National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report titled “NI 43-101 Technical Report Cinco de Mayo Project, Chihuahua State, Mexico” with an effective date of February 28, 2025 (the “Technical Report”) in connection with its previously announced earn-in and option agreement with MAG Silver Corp. (“MAG”) and its subsidiary, Minera Pozo Seco, S.A. de C.V. (“MPS”) (see news release dated September 23, 2024) with respect to the 29 concessions totalling 25,113.2049 ha located in the Municipio de Buenaventura comprising the Cinco de Mayo Project (or “Project”).

On February 24, 2025, Apollo Silver Corp. has appointed Jackie Przybylowski to its board of directors, effective immediately. Ms. Collette Brown-Rodriguez has stepped down from the board and will transition to an advisory role with the company.

"We are delighted to welcome Jackie Przybylowski to our board of directors. We look to leverage Jackie's technical and financial expertise along with her strong relationships within the investment and global mining community as we advance our portfolio of projects and continue to build stakeholder value," commented interim chief executive officer and chairman Andrew Bowering. "We would also like to extend our sincere gratitude to Collette for her dedication and contributions during her time on the board of directors. Her guidance has been instrumental in shaping our growth, and we are pleased to have her transition to an advisory role, where her expertise will continue to benefit Apollo Silver."

On February 12, 2025, Apollo Silver Corp. has provided details on the coming 2025 work program at its Calico silver project located in San Bernardino county, California, as well as provided an update on the newly optioned Cinco de Mayo project in Chihuahua, Mexico. Highlights:

• Commencement of barite work program to define and add this critical mineral to an updated mineral resource estimate for Waterloo;
• Initiating a mapping and sampling program in the Burcham mine area of Waterloo, following up on surface gold sampling results, in advance of a drill program to expand on gold mineralization outlined in the 2023 Waterloo mineral resource estimate;
• A new executive for the Ejido Benito Juarez, owner of the surface rights covering the Cinco de Mayo claims, was recently duly elected and certified.

"Calico hosts approximately 170 million ounces of silver with a significant amount of associated barite, a USGS listed critical mineral. With the United States' growing focus on securing domestic critical mineral supplies, we believe the barite contained within the Calico project can provide regulatory support. Accordingly, the upcoming program looks to produce a current and compliant barite resource at Calico, creating additional value for our shareholders," commented Andrew Bowering, chairman and interim chief executive officer.

Mr. Bowering continued: "Furthermore, I am pleased with our progress to restore social licence and gain access to our recently optioned Cinco de Mayo project. As reported in this release, a new executive that is more favourable to resource development was recently certified for a three-year term, opening up the opportunity for meaningful discussion for the first time in a dozen years."

On January 30, 2025, At Apollo Silver Corp.'s annual general and special meeting of shareholders held on Jan. 30, 2025, Apollo's shareholders approved by a majority to: elect all five directors standing for election, to reappoint Davidson & Company LLP as auditor of the company and to support the company's new omnibus incentive plan.

On December 19, 2024, Apollo Silver Corp. has granted 8.2 million incentive stock options to directors, officers, employees and eligible consultants of the company, pursuant to the company's stock option plan.

The options have a term of five years, are exercisable at a price of 20.5 cents per common share, and will vest over a 24-month period, with one-third of the options becoming vested on the grant date, a further one-third becoming vested after 12 months and the balance after 24 months.

On December 02, 2024, Apollo Silver Corp. has provided a corporate update and outlook for the company. Highlights:

• Successfully mitigated single asset risk and bolstered existing mineral inventory through optioning the high-grade Cinco de Mayo silver project in Chihuahua, Mexico (see news release dated Sept. 23, 2024).
• Completed $13.5-million financing (see news release dated Nov. 11, 2024).
• Strengthened board and management with the additions of Alex Tsakumis and Amandip Singh, respectively (see news release dated Oct. 3, 2024).
• Engaged a team of highly qualified professionals with ties to the local community and a record of success in navigating community relations and social licensing requirements, at Cinco de Mayo.
• Commencing maiden barite resource estimate and follow up gold exploration program at the Calico silver project in San Bernardino, Calif., in 2025

Interim president and chief executive officer Andrew Bowering commented, "In what has been a productive 2024, the company has been executing on its vision for the future. We have successfully entered into an option agreement to acquire the Cinco de Mayo project, mitigating single asset risk. Furthermore, we completed a financing that significantly strengthens our treasury, allowing us to continue to build long-term shareholder value across our portfolio of North American silver projects."

On November 26, 2024, The TSX Venture Exchange has accepted for filing the exploration, earn-in and option agreement dated Sept. 3, 2024, among the company and an arm's-length party. Pursuant to the terms of agreement, the optionor has granted the company the option to acquire a 100-per-cent interest in the optionor's subsidiary (Subco), which indirectly holds a 100-per-cent interest in the properties comprising the Cinco de Mayo project in northern Chihuahua, Mexico.

In order for the option to become exercisable, the company must, within a five-year period:

1. Obtain all necessary social licences to safely and legally access and conduct mining exploration activities on the properties;
2. Complete at least 20,000 metres of exploratory drilling on the properties.

On November 11, 2024, Apollo Silver Corp. has closed its previously announced non-brokered private placement and has issued an aggregate of 67.5 million common shares of the company at a price of 20 cents per share for aggregate gross proceeds of $13.5-million. Eric Sprott has subscribed for $2-million of the offering.

"We are pleased to welcome Mr. Eric Sprott to our list of valued shareholders," commented Andrew Bowering, interim president and chief executive officer. "With the funds raised from this financing, we believe the company is well capitalized to continue building value for all our shareholders."

The company intends on using the net proceeds from the offering to continue advancing the Calico silver project in San Bernardino, Calif., to invest in community relations initiatives at its newly optioned Cinco de Mayo silver project in Chihuahua, Mexico (see news release dated Sept. 23, 2024), for continuing property maintenance costs at both projects, and for general corporate purposes.

October 18, 2024, Apollo Silver Announces Further Upsizing of Private Placement to $13.5-million

https://apollosilver.com/apollo-silver-announces-further-upsizing-of-private-placement/

October 4, 2024, Apollo Silver Increases Private Placement to $12-million

https://apollosilver.com/apollo-silver-announces-upsizing-of-private-placement/

October 3, 2024, Apollo Silver Announces $10 Million Private Placement

https://apollosilver.com/apollo-silver-announces-10-million-private-placement/

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