Slide 1: Investor Presentation – CIBC Desk Presentation
Investor Presentation CIBC Desk Presentation May 12, 2026 TSX-V OTCQB FSE APGO APGOF 6ZF apollosilver.com 1 apollosilver.com May 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: Information Concerning Calico and Cinco de Mayo 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 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 projects
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 Eric Sprott +800 APGO Andrew Bowering SILJ ETF Primevestfund Silver (Ag) Share Price C$2.99 +600 RETURN % Commodity Capital AG 30-Day Daily Trading Volume 235K Ninepoint Capital
Slide 7: EV/oz (US$) Valuation of Key Silver Developers
CA EV/oz (US$) Valuation of Key Silver Developers As of May 1, 2026 Source: Company financials and market capitalization as of May 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 further
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 May 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) 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 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 May 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 May 1, 2026
Slide 17: 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 18: Cinco de Mayo - Upcoming Catalysts
PROJECT TIMELINES Cinco de Mayo - Upcoming Catalysts Q3 2026 Drill Planning & Q2 – Q4 2025 Permitting 1 Community Discussions and Q3 2024 Engagement Q2 2026 Options MAG Q1 2026 Continued Q4 2026 Silver’s Cinco De Community Community Projected Mayo Project Engagement Engagement 20,000m Drill Program
Slide 19: 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 20: 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 21: 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 21 apollosilver.com May 1, 2026