Apollo Silver Corp · TSXV:APGO
Apollo Silver — Investor Presentation (November 2026)
20 slides from Apollo Silver's investor presentation, Nov 1, 2026
Slide 1: Two Major North American Silver Assets, a Funded Plan and Clear Catalysts
Two Major North American Silver Assets, a Funded Plan and Clear Catalysts Investor Presentation | November 2026 TSX-V: APGO OTCQB: APGOF FSE: 6ZF This presentation must be read together with the cautionary notes on slides 2 and 3.
Slide 2: Forward Looking Statements
CAUTIONARY NOTE Forward Looking Statements This presentation includes “forward-looking statements” and “forward-looking information” (collectively, “forward-looking and estimates; realization of mineral resource estimates, interest and exchange rates; competition; financing and share price statement
Slide 3: Mineral Resource and Historical Estimate Disclosure
CAUTIONARY NOTE Mineral Resource and Historical Estimate Disclosure The Calico Silver Project 2026 Mineral Resource Estimate (“2026 MRE”) has been completed by Ms. Katharine Masun, M.Sc., P.Geo., Principal Information concerning Cinco de Mayo historical resource estimates Source of the historical es
Slide 4: Three Things to Take Away
WHY APOLLO Three Things to Take Away Scale that is already defined, a discovery that is waiting, and the balance sheet to pursue both. 01 SCALE 02 DISCOVERY 03 CAPITAL One of the largest undeveloped A fully drilled system, stopped on Enough in the treasury to advance primary silver deposits in the l
Slide 5: Two Assets. Two Distinct Value Drivers.
PROJECT OVERVIEW Two Assets. Two Distinct Value Drivers. Development at Calico. Discovery potential at Cinco de Mayo. Both in mining friendly jurisdictions. CALICO | SAN BERNARDINO COUNTY, CALIFORNIA ▪ Advancing development. 115.6 Moz Measured and Indicated at 85.1 g/t plus 51.5 Moz Inferred silver.
Slide 6: Calico Silver Project
01 Calico Silver Project San Bernardino County, California. A large, near surface silver resource in California's largest mining county.
Slide 7: Stopped on Price, Not on Ore
CALICO PROJECT Stopped on Price, Not on Ore Silver was discovered here in 1881. The district closed when the price collapsed, and the ground has only now been consolidated. 1881 50+ 15 to 20 Moz 3,384 ha Silver discovered in the Calico Mining Mines operating at peak, between 1883 and Silver extracte
Slide 8: PEA Highlights: A 15-Year US Silver Mine from Waterloo Alone
CALICO PROJECT | PRELIMINARY ECONOMIC ASSESSMENT PEA Highlights: A 15-Year US Silver Mine from Waterloo Alone Private land, vested mining rights, silver doré on site. Base case at US$55/oz silver. $925M / $737M 29% / 25% US$633M 2.7 / 2.9 years NPV 5%, pre-tax / after-tax IRR, pre-tax / after-tax In
Slide 9: America's Silver Gap, and How Calico Fills It
CALICO PROJECT | DOMESTIC SUPPLY America's Silver Gap, and How Calico Fills It The United States imports most of its silver. Calico is positioned to become a domestic primary source, from ore to metal. THE GAP CRITICAL MINERAL CALICO 77% Nov 2025 ~14% Of US silver supply was imported in 2025. Silver
Slide 10: A Large, Near Surface Silver Resource
CALICO PROJECT A Large, Near Surface Silver Resource Wide, shallow and continuous from surface, which keeps both the mining method and the approval route straightforward. 115.6 Moz 51.5 Moz 76% +20% Measured and Indicated silver at 85.1 g/t Inferred silver: Langtry 49.1, Waterloo 2.3 Of Measured and
Slide 11: Strong Jurisdiction. Infrastructure Already in Place.
CALICO PROJECT Strong Jurisdiction. Infrastructure Already in Place. San Bernardino County is California's largest mining county, with a long record of permitting and local support. 90+ US$60B 4th FAST-41 Active mine sites in the county, including In mineral reserves permitted in the county In the U
Slide 12: Calico: Proven Execution and Continued De-risking
PROJECT TIMELINES Calico: Proven Execution and Continued De-risking Resource and economic milestones delivered. The work now under way carries Calico to a prefeasibility study. DELIVERED Q3 2021 Q3 2023 Q3 2025 Q4 2026 Calico acquired, creating a pure silver Updated MRE, 110 Moz M&I and 50 Updated M
Slide 13: Cinco de Mayo Project
02 Cinco de Mayo Project Chihuahua, Mexico. A large, high grade carbonate replacement system with a defined resource and an untested source.
Slide 14: What They Found, What Lies Below, and the Prize
CINCO DE MAYO PROJECT What They Found, What Lies Below, and the Prize Roughly 211,000 metres of drilling defined the top of the system. Nobody has drilled to the bottom of it. 01 FOUND 02 BELOW 03 THE PRIZE Upper Manto Pegaso Zone The source Approximately 154 Moz AgEq historical Inferred at 385 g/t
Slide 15: Access, Not Geology, Is the Key Unlock
CINCO DE MAYO PROJECT Access, Not Geology, Is the Key Unlock Exploration stopped in late 2012 when surface access was lost. No modern exploration has been undertaken since. OPTION AGREEMENT STEPS PROJECT TIMELINE Social licence Q3 2024 Options MAG Silver's Cinco de Mayo Project 1 Gain access to the
Slide 16: Capital Structure
CAPITAL MARKETS Capital Structure Strong treasury, nil debt and meaningful institutional support. C$1.75 C$111.3M C$54.74M Nil 33.4% Share price Market capitalization Working capital Debt Institutional Share structure As at September 30, 2026 MAJOR SHAREHOLDERS Shares issued and outstanding 63.59M ▪
Slide 17: Proven Leaders Who Have Built, Financed and Sold
LEADERSHIP AND ALIGNMENT Proven Leaders Who Have Built, Financed and Sold Prior outcomes in the same jurisdictions, and a meaningful amount of their own capital in the stock. BOARD Tom Peregoodoff Andrew Bowering Jocelyn Thompson Jackie Przybylowski Alex Tsakumis Executive Chair Founder & Director L
Slide 18: Thank you
Thank you The scale is defined. The discovery is waiting on access. The capital is already in place. Apollo Silver Corp. 710-1030 West Georgia Street, Vancouver, BC V6E 2Y3 Tel: (604) 428-6128 info@apollosilver.com apollosilver.com TSX-V: APGO OTCQB: APGOF FSE: 6ZF Subscribe to our email list at apo
Slide 19: Mineral Resource Estimate
APPENDIX | CALICO PROJECT Mineral Resource Estimate Effective October 1, 2026. Prepared under NI 43-101 by SLR Consulting (Canada) Ltd. WATERLOO RESOURCE ESTIMATE Metal Category Cut-off Grade Tonnes Metal content Silver Measured 34 g/t Ag 89.5 g/t 30.6 Mt 88.2 Moz Indicated 34 g/t Ag 73.5 g/t 11.6 M
Slide 20: Historical Resource Estimates
APPENDIX | CINCO DE MAYO PROJECT Historical Resource Estimates Historical estimates only. Not current mineral resources and not to be relied upon. UPPER MANTO DEPOSIT S e p t e mb e r 1 , 2 0 1 2 , M A G S i l v e r C o r p . Category Tonnage Gold Silver Zinc Lead Gold Silver Zinc Lead AgEq (Mt) (g/
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