Apollo Silver Corp · TSXV:APGO
Apollo Silver — Investor Presentation (November 2025)
29 slides from Apollo Silver's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 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” limitations on the ability to acquire and integrate new properties or businesses; the ability to obtain (collectively, “forward-looking statements”) within the meaning of Canadian securities legislation, govern
Slide 3: Cautionary Note: 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 In 2025: • Silver up ~70% • Apollo share price up ~200% Beyond 2025 • Apollo can expand current resources and advance both projects through further delineation and detailed e
Slide 5: 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 Draft list • 2nd largest undeveloped primary silver deposits in US 125M oz M+I and 58M oz
Slide 6: Serially Successful Leadership
CA Multiple Major Discoveries and Transactions Ross McElroy Northern Miner’s 2012 Mining Serially Successful Person of the Year), PDAC 2014 Bill Dennis recipient, and his team at BHP, discovered 3 Leadership major high-grade gold deposits (6M+oz.) in the vast Hope Bay Gold Project. Mr. McElroy was p
Slide 7: Capital Structure
Capital Structure TSX-V: OTCQB: FSE: MAJOR SHAREHOLDERS 2-YEAR PERFORMANCE CHART APGO APGOF 6ZFO Jupiter Asset Management +700 APGO CommodityCapital AG SILJ Silver (Ag) Primevestfund Share Price¹ C$4.02 Terra Capital Natural Resources Sprott Asset Management +350 30-day daily trading volume ¹ 478K S
Slide 8: EV/oz (US$) Valuation of Key Silver Developers
CA EV/oz (US$) Valuation of Key Silver Developers * Source: Red Cloud Securities Analysis as of September 30, 2025 – Apollo’s EV/oz calculation includes historical resources at Cinco de Mayo 8 apollosilver.com
Slide 9: 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 10: Calico vs Others
CA Calico vs Others 10 apollosilver.com
Slide 11: Calico Project Timelines: Delivering on Commitments
PROJECT TIMELINES Delivering on Commitments Q1 Exploration Drill Program Q3 Q2 Q3 Q3 Q1 Creation of Pure MRE1 Updated MRE1 Updated MRE1 Geotechnical / Silver Company, 166M oz Ag Inf 110 M oz Ag M&I 125M oz Ag M+I Metallurgical Drill Acquired Calico 50M oz Ag Inf 58M oz Ag Inf Program Properties 70K
Slide 12: 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 13: Waterloo Cross Section
Waterloo Cross Section 13 apollosilver.com
Slide 14: Langtry Cross Section
Langtry Cross Section 14 apollosilver.com
Slide 15: Cinco De Mayo Project
Cinco De Mayo Project CHIHUAHUA MEXICO Located along NW-SE trend host to 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 Tonnes Mexico’s
Slide 16: Option Agreement Steps
CINCO DE MAYO PROJECT Option Agreement Steps 1. Social License 3. Equity Issue Pan American Silver 19.9% of Gain access to the property the share capital of Apollo Silver at through the establishment of the conclusion of 20,000m of contracts and social license drilling and upon exercise of the with
Slide 17: 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 17 apollosilver.com
Slide 18: CRD Comparison
CRD Comparison Santa Eulalia: West Camp 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: ~3.5km strik
Slide 19: Pozo Seco High Grade Mo/Au Resource
CINCO DE MAYO PROJECT Pozo Seco High Grade Mo/Au Resource 1 See MAG Silver news release dated Nov. 14, 2012 for details 2 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. 19 apollos
Slide 20: Cinco de Mayo Project Timelines: Upcoming Catalysts
PROJECT TIMELINES Upcoming Catalysts Q1 Drill Planning & Permitting 1 Q3 Options MAG Silver’s Cinco De Q4 Q1 Desktop 20,000m Drill Mayo Project Geological Program 1 Studies 2024 CINCO DE MAYO 2025 2026 Mexico WE ARE HERE 1 Drill Planning & Permitting, and 20,000m Drill Program are contingent on the
Slide 21: Leadership Team
Leadership Team 21 apollosilver.com
Slide 22: 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 23: Updated Resource Estimate Highlights
APPENDIX 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
Slide 24: Waterloo Mineralization Distribution
APPENDIX Waterloo Mineralization Distribution 24 apollosilver.com
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: 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 28: 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
Slide 29: Cinco de Mayo – Grade Envelopes
APPENDIX Cinco de Mayo – Grade Envelopes 29 apollosilver.com
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