Apollo Silver Corp · TSXV:APGO
Apollo Silver — Investor Presentation (October 2026)
29 slides from Apollo Silver's investor presentation, October 2026
Slide 1: Investor Presentation
Investor Presentation October 2026 TSX-V OTCQB FSE APGO APGOF 6ZF apollosilver.com 1 apollosilver.com October 2026
Slide 2: Forward Looking Statements
This presentation includes “forward-looking statements” and “forward-looking information” required for the current or future work program; capital expenditures; actual results of current (collectively, “forward-looking statements”) within the meaning of Canadian securities exploration activities; ch
Slide 3: Information Concerning Calico Resource Estimate and Cinco de Mayo Historical Resource Estimates
CAUTIONARY NOTE Information Concerning Calico Resource Estimate Information Concerning Cinco de Mayo Historical The Calico Silver Project 2025 Mineral Resource Estimate (“2025 MRE”) has been prepared by Derek Loveday, P. Geo., of Resource Estimates Stantec Consulting Services Ltd., an independent Qu
Slide 4: Apollo Investment Thesis
Apollo Investment Thesis Two of North America’s Major Silver Assets, Backed by Proven Leaders & Positioned for Strong Markets 2026 Key Drivers, Milestones and Goals: Silver (Ag) & Apollo Silver (APGO) - 2 Year Price Chart • Apollo is positioned to grow its resource base and AG APGO advance both proj
Slide 5: Capital Structure
Capital Structure1 MAJOR SHAREHOLDERS TSX-V: OTCQB: FSE: 2-YEAR PERFORMANCE CHART 1 APGO APGOF 6ZF Jupiter Asset Management Eric Sprott +500 APGO Andrew Bowering SILJ ETF Primevestfund Silver (Ag) Share Price C$2.67 RETURN % Commodity Capital AG +350 30-Day Daily Trading Volume 189.1K Ninepoint Capi
Slide 6: EV/oz (US$) Valuation of Key Silver Developers
CA EV/oz (US$) Valuation of Key Silver Developers As of July 2, 2026 Source: Company financials and market capitalization as of July 2, 2026 – Apollo’s EV/oz calculation includes historical resources at Cinco de Mayo. Please refer to slides 2 and 3 of this presentation for cautionary notes and furth
Slide 7: Operating in two mining-friendly jurisdictions
LOCATION Operating in two mining-friendly jurisdictions Calico Project – San Bernardino County, California • San Bernardino – largest mining district in California . • Silver included on the US Critical Minerals list. • 2nd largest undeveloped primary silver deposit in the US 125M oz M+I and 58M oz
Slide 8: Calico vs Others
CA Calico vs Others 8 apollosilver.com October 2026
Slide 9: Strong Jurisdiction – San Bernardino County
CALICO PROJECT Strong Jurisdiction – San Bernardino County “Our county’s diverse mining industry is both an important and valued sector for our regional economy, while also providing a highly competitive resource advantage to our nation.” 1 California – Mining on a National Scale: 4th in the US for
Slide 10: Resource Development, Expansion and Regional Targets
CALICO PROJECT Resource Development, Expansion and Regional Targets Waterloo and Langtry Resources Primarily on Private Land with Vested Mining Rights & Nearby Infrastructure Large, near-surface silver resource1 MEASURED & INDICATED INFERRED 125 Moz Silver 58 Moz Silver at 71 g/t Ag at 71 g/t Ag Sig
Slide 11: Calico Project: Proven Execution and 2026 Growth Plan
PROJECT TIMELINES Calico Project: Proven Execution and 2026 Growth Plan 2026 Project Development (Waterloo) Survey of Historic U/G workings. 4,500m HQ Core Drilling Program2 (Geotech & Metallurgical) Updated MRE Calico Acquisition 110M oz Ag M+I Metallurgical and Geotechnical Work creates pure Silve
Slide 12: Cinco De Mayo Project
Cinco De Mayo Project CHIHUAHUA, MEXICO Located along NW-SE trend host to Cinco de Mayo world’s largest Carbonate Replacement Deposits (CRD) CRDs are large tonnage, high grade and with a small environmental footprint: Rich in Silver and Base Metals (Ag, Zn, Pb, Cu) Often >300g/t Ag Eq 10M to >100M T
Slide 13: A textbook CRD deposit
CINCO DE MAYO PROJECT A textbook CRD deposit Upper Manto – Large Historic Inferred Resource (Ag, Zn, Pb) Pegaso Zone – A major discovery of Ag, Zn, Pb Seco – Historic Au-Mo Resource 13 apollosilver.com October 2026
Slide 14: CRD Comparison
CRD Comparison Santa Eulalia: West Camp Apollo's Upper Manto Deposit 3.5km 1000m • Large CRD Deposit (47 MT) in Central Chihuahua • Large CRD Deposit in Northern Chihuahua • Historic Production 51.5 MT @ average 310 g/t Ag, 8.2% Pb, • Historic resource 12.45 MT @ ~385 g/t Ag Eq(1) 7.1% Zn, for over
Slide 15: Pozo Seco High Grade Mo/Au Resource
CINCO DE MAYO PROJECT Pozo Seco High Grade Mo/Au Resource 15 apollosilver.com October 2026
Slide 16: Option Agreement Steps
CINCO DE MAYO PROJECT Option Agreement Steps 1. Social License 3. Equity Issue Pan American Silver Gain access to the property 19.9% of the share capital of through the establishment of Apollo Silver at the conclusion contracts and social license of 20,000m of drilling to with the local community ex
Slide 17: Cinco de Mayo - Upcoming Catalysts
PROJECT TIMELINES Cinco de Mayo - Upcoming Catalysts Q4 2026 Drill Planning & Q2 – Q4 2025 Permitting 1 Community Discussions and Q3 2024 Engagement H2 2026 Options MAG H1 2026 Continued Q1 2027 Silver’s Cinco De Community Community Projected Mayo Project Engagement Engagement 20,000m Drill Program
Slide 18: Leadership Team
Leadership Team Andrew Bowering Steven Thomas, B.SC.,FCA Jocelyn Thompson CHIEF FINANCIAL OFFICER FOUNDER & DIRECTOR LEAD INDEPENDENT DIRECTOR 30+ years of corporate finance experience within the mining Venture capitalist with over 30 years of operational industry. Formerly the CFO of Mountain Provi
Slide 19: Thank you
710-1030 West Georgia Street Vancouver, BC V6E 2Y3 Tel: (604) 428-6128 Email: info@apollosilver.com To subscribe to our email list, visit: www.apollosilver.com Thank you TSX-V OTCQB FSE APGO APGOF 6ZF 19 apollosilver.com October 2026
Slide 20: Updated Resource Estimate Highlights
APPENDIX CALICO PROJECT Updated Resource Estimate Highlights Silver resource tonnage up 61% in M&I, now totalling 55 Mt. Contained silver in M&I up 14%, adding 15 Moz for a new total of 125 Moz at 71 g/t. Resource demonstrates strong resiliency to metal price shifts, confirmed by sensitivity analysi
Slide 21: Waterloo Mineralization Distribution
APPENDIX Waterloo Mineralization Distribution 21 apollosilver.com October 2026
Slide 22: Waterloo Cross Section
APPENDIX Waterloo Cross Section 22 apollosilver.com October 2026
Slide 23: Langtry Cross Section
APPENDIX Langtry Cross Section 23 apollosilver.com October 2026
Slide 24: Potential for High-Grade Gold at Calico
APPENDIX CALICO PROJECT Potential for High-Grade Gold at Calico Waterloo silver-gold deposit at Calico includes 130,000 oz Au in 17Mt at an average grade of 0.25 g/t Au1 Proximal to the historic Burcham mine (historic public articles reported grades up to 0.31 ounces per ton – 9.7 g/t) Historical wo
Slide 25: Updated Mineral Resource Estimate
APPENDIX Updated Mineral Resource Estimate WATERLOO RESOURCE ESTIMATE(1,2) Metal Category Grade Tonnes Strip Ratio Metal Content Measured 75 g/t 43 Mt 0.8 104 Moz Silver (AgEQ ≥ 47 Indicated 57 g/t 12 Mt 0.8 21 Moz cut-off) Inferred 26 g/t 0.6 Mt 0.8 0.51 Moz Gold 3 Inferred 0.25 g/t 17 Mt 0.8 0.13
Slide 26: Cinco de Mayo – Grade Envelopes
APPENDIX Cinco de Mayo – Grade Envelopes 26 apollosilver.com October 2026
Slide 27: Pegaso Zone – Apollo's Preliminary Interpretation
Pegaso Zone – Apollo’s Preliminary Interpretation Chimney-Style Mineralization: Structure, Controls & Upside Pegaso Zone is interpreted to be a chimney Mineralizing fluids followed existing fault d Growth Potential - Significant intersection in hole CM12-431 was not modelled in the 2012 MRE Same str
Slide 28: Historical Resources
APPENDIX CINCO DE MAYO PROJECT Historical Resources UPPER MANTO DEPOSIT* September 1, 2012, MAG Silver Corp. Tonnage Gold Silver Zinc Lead Gold Silver Zinc Lead AgEq (Mt) (g/t) (g/t) (%) (%) (oz) (Moz) (Mlb) (Mlb) (g/t) Inferred 12.45 0.24 132 6.47 2.86 96,000 52.7 1,777 785 385 The Upper Manto Hist
Slide 29: Historical Metallurgical Test Works
APPENDIX Historical Metallurgical Test Works Cinco De Mayo Project SUMMARY OF HISTORICAL WORK KEY TAKEAWAYS FROM HISTORICAL WORK Basic preliminary metallurgical work Promising Metal recoveries Jose Manto1 : completed between 2010 and 2014 • Galena and sphalerite liberations are adequate to produce g