Slide 1: Investor Presentation April 2026
Investor Presentation April 2026 TSX-V OTCQB FSE APGO APGOF 6ZF apollosilver.com April 1, 2026
Slide 2: Cautionary Note: 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: Cautionary Note: 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 Milestones and Goals: Silver (Ag) & Apollo Silver (APGO) - 2 Year Price Chart APGO AG SHARE C$ $US/OZ • Apollo has been accepted into the U.S. Defense Industrial Base Co
Slide 5: Serially Successful Leadership
CA Multiple Major Discoveries and Transactions Andrew Bowering A venture capitalist with Serially Successful over 30 years of operational experience, Andrew has raised over $500M in value and Leadership capital for companies within the natural resources industry. He is the founder of Millennial Lith
Slide 6: Capital Structure
Capital Structure1 MAJOR SHAREHOLDERS 2-YEAR PERFORMANCE CHART TSX-V: OTCQB: FSE: APGO APGOF 6ZF Jupiter Asset Management +800 Eric Sprott APGO Andrew Bowering SILJ ETF +600 Primevestfund RETURN % Silver (Ag) Share Price C$3.49 Commodity Capital AG +400 30-Day Daily Trading Volume 322K Ninepoint Cap
Slide 7: EV/oz (US$) Valuation of Key Silver Developers
CA EV/oz (US$) Valuation of Key Silver Developers As of April 1, 2026 Source: Company financials and market capitalization as of April 1, 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 fur
Slide 8: 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 9: Calico vs Others
CA Calico vs Others 9 apollosilver.com April 1, 2026
Slide 10: Strong Jurisdiction – San Bernardino County
CA 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 f
Slide 11: 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 12: Calico Project: Proven Execution and 2026 Growth Plan
PROJECT TIMELINES Calico Project: Proven Execution and 2026 Growth Plan 2026 Project Development (Waterloo) 4,500m HQ Core Drilling Program 2 LiDAR Survey (Geotech & Metallurgical) of Historic U/G workings. Updated MRE Metallurgical and Geotechnical Work Calico Acquisition 110M oz Ag M+I creates pur
Slide 13: 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 14: 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 Pozo Seco – Historic Au-Mo Resource 14 apollosilver.com April 1, 2026
Slide 15: 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 38.6 MT @ ~335 g/t Ag over first 300 years • Historic resource 12.45 MT @ ~385 g/t Ag Eq • Dimensions: ~3.
Slide 16: Pozo Seco High Grade Mo/Au Resource
CINCO DE MAYO PROJECT Pozo Seco High Grade Mo/Au Resource 16 apollosilver.com April 1, 2026
Slide 17: 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 18: Cinco de Mayo - Upcoming Catalysts
PROJECT TIMELINES Cinco de Mayo - Upcoming Catalysts Q2 – Q3 2026 Drill Planning & Q2 – Q4 2025 Permitting 1 Community Discussions and Q3 2024 Engagement Options MAG Q2 2026 Q1 2026 Continued Silver’s Cinco De Community Q4 2026 Mayo Project Community Engagement Engagement Projected 20,000m Drill Pro
Slide 19: Leadership Team
Leadership Team Chris Cairns, CPA, CA Andrew Bowering Steven Thomas CHIEF FINANCIAL OFFICER FOUNDER & DIRECTOR LEAD INDEPENDENT DIRECTOR Over 14 years of finance and mining experience across public practice (PwC) and industry, including senior roles as Controller Venture capitalist with over 30 year
Slide 20: 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 April 1, 2026
Slide 21: 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 22: Waterloo Mineralization Distribution
APPENDIX Waterloo Mineralization Distribution 22 apollosilver.com April 1, 2026
Slide 23: Waterloo Cross Section
APPENDIX Waterloo Cross Section 23 apollosilver.com April 1, 2026
Slide 24: Langtry Cross Section
APPENDIX Langtry Cross Section 24 apollosilver.com April 1, 2026
Slide 25: 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 26: 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 27: Cinco de Mayo – Grade Envelopes
APPENDIX Cinco de Mayo – Grade Envelopes 27 apollosilver.com April 1, 2026
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 AgEg (Mt) (g/t) (g/t) (%) (%) (oz) (Moz) (Mlb) (g/t) Inferred 12.45 0.24 132 6.47 2.86 96,000 52.7 1,777 385 The Upper Manto Historical Mineral
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 Mantos1 : completed between 2010 and 2014 • Galena and sphalerite liberations are adequate to produce