Apollo Silver Corp · TSXV:APGO
Apollo Silver — Investor Presentation (September 2025)
25 slides from Apollo Silver's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation SEPTEMBER 2025 TSX-V OTCQB FSE apollosilver.com APGO APGOF 6ZF0
Slide 2: Forward Looking Statements
This presentation includes “forward-looking statements” and “forward-looking information” operations, tax rules and regulations, and political and economic developments in the United (collectively, “forward-looking statements”) within the meaning of Canadian securities States of America and Mexico;
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 Silver Snapshot
Apollo Silver Snapshot One of the largest District scale Geared for primary silver silver project Rapid growth projects in the US in Mexico Calico Project hosts 125Moz Ag Cinco de Mayo Project is one of Team with deep of Measured & Indicated plus the crown jewels of Mexico’s technical and capital 58
Slide 5: Operating in two mining-friendly jurisdictions
LOCATION Operating in two mining-friendly jurisdictions Calico Project • Pro-mining jurisdiction with SAN BERNARDINO COUNTY, a long history of production CA, USA in the region • Strong local support • Federal FAST-41 program accelerating the permitting process in nearby operations Cinco de Mayo • Pr
Slide 6: Calico Project
Calico Project SAN BERNARDINO COUNTY, CA, USA 8,283 ha contiguous claims along the mineralized Calico Fault System Large, near-surface silver resource MEASURED & INDICATED INFERRED 125 Moz Silver 58 Moz Silver at 71 g/t Ag¹ ² at 71 g/t Ag¹ ² 1 2 3 4 Optimal Significant critical Multiple deposit 130,
Slide 7: Optimal Development Path
CALICO PROJECT Optimal Development Path Optimal Footprint and Bulk Minable: Continuous, shallow depth mineralization and low strip ratio of 0.8:1 at Waterloo deposit supports highly efficient open pit operation Advantageous Permitting Path: Primarily located on private lands with vested mining right
Slide 8: Updated Resource Estimate Highlights
CALICO PROJECT Updated Resource Estimate Highlights Silver resource tonnage up 61% in M&I, now totaling 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 analysis. Inaugur
Slide 9: Resource Development, Expansion and Regional Targets
CALICO PROJECT Resource Development, Expansion and Regional Targets Development drilling at Langtry and Waterloo Multiple expansion and regional exploration targets Historic sampling at recently acquired Mule claims returned prospective, high-grade silver and gold results 9 apollosilver.com
Slide 10: Significant critical mineral resources - Barite
Significant critical mineral resources - Barite About Barite Barite Resources at Calico Project Placed on the US Critical Mineral list In-ground barite at Waterloo: in 2022 36Mt of barite at a 7.4% grade in Essential for domestic applications in the Indicated category, for a total the energy and med
Slide 11: Significant critical mineral resources - Zinc
Significant critical mineral resources - Zinc About Zinc Zinc Resources at Calico project Placed on the US Critical Mineral list In-ground zinc at Waterloo: in 2022 36Mt of zinc at a 0.45% grade in Essential for domestic applications in the Indicated category for a total the steel, defense and energ
Slide 12: Potential for High-Grade Gold at Calico
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 work and re
Slide 13: Potential Timeline for Upcoming Catalysts
CALICO PROJECT Potential Timeline for Upcoming Catalysts Q3 2025 Q4 2025 Q1 2026 Q2 2026 UPDATE RESOURCE ESTIMATE * COMPLETED * EXPLORATION DRILL PROGRAM GEOTECHNICAL / METALLURGICAL DRILL PROGRAM PEA STUDY 13 apollosilver.com
Slide 14: Cinco De Mayo Project
Cinco De Mayo Project CHIHUAHUA MEXICO Located along NW-SE trend host to world’s largest Carbonate CINCO DE Replacement Deposits (CRD) MAYO 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 To
Slide 15: A textbook CRD deposit
CINCO DE MAYO PROJECT A textbook CRD deposit Upper Manto – Large Historic Inferred Resource (Ag, Zn, Pb) Pozo Seco – Historic Au-Mo Resource Pegaso Zone – A major discovery of Ag, Zn, Pb 15 apollosilver.com
Slide 16: Resource Expansion and Potential New Discovery
CINCO DE MAYO PROJECT Resource Expansion and Potential New Discovery Please refer to slides 2 and 3 of this presentation for cautionary notes and further information regarding Cinco de Mayo Project historical mineral resource estimates. 16 apollosilver.com
Slide 17: Pozo Seco High Grade Mo/Au Resource
CINCO DE MAYO PROJECT Pozo Seco High Grade Mo/Au Resource 1 See table 14.5 from MAG Silver news release dated Nov. 14, 2012 for details 2 Please refer to slides 23 of this presentation for cautionary notes and further information regarding Cinco de Mayo Project historical mineral resource estimates.
Slide 18: Historical Resources
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 resources
Slide 19: Option Agreement Terms
CINCO DE MAYO PROJECT Option Agreement Terms Social License Equity Gain access to the property Issue Pan American Silver (which through the establishment of has acquired Mag Silver) 19.9% of contracts and social license the share capital of Apollo Silver with the local community at the conclusion of
Slide 20: Potential Timeline for Upcoming Catalysts
CINCO DE MAYO PROJECT Potential Timeline for Upcoming Catalysts 1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ESTABLISH & MAINTAIN SOCIAL LICENSE DESKTOP GEOLOGICAL STUDIES DRILL PLANNING & PERMITTING 20,000m DRILL PROGRAM 1 These catalysts are contingent upon the Company securing the necessary social license f
Slide 21: Capital Structure
Capital Structure TSX-V: OTCQB: FSE: MAJOR SHAREHOLDERS 2-YEAR PERFORMANCE CHART APGO APGOF 6ZFO Jupiter Asset Management +200 APGO CommodityCapital AG +150 SILJ Primevestfund Silver (Ag) SHARE STRUCTURE +100 Shares issued and outstanding 48.52M Terra Capital Natural Resources Options (avg. $1.72/sh
Slide 22: Leadership Team
Leadership Team Chris Cairns, CPA, CA Jackie Przybylowski Ross McElroy INDEPENDENT DIRECTOR PRESIDENT, CEO & DIRECTOR CFO Ms. Przybylowski holds extensive mining • Professional geologist of 35+ years’ Chris brings more than 14 years of finance capital markets experience, and currently exploration, d
Slide 23: 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 6ZF0
Slide 24: 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 25: 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
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