Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION MAY 2025 TSX-V: APGO | OTCQB: APGOF | FSE: 6ZF0 www.apollosilver.com TSX-V: APGO | OTCQB: APGOF | FSE: 6ZFO |
Slide 2: Cautionary Note: Forward Looking Statements
Cautionary Note: Forward Looking Statements This presentation includes “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of Canadian securities legislation, which reflect the Apollo’s current expectations regarding the futu
Slide 3: Investment Thesis
Thesis Thesis Two Significant Large Mineral Corporate Highlights Upcoming Value Projects Located Inventory with Driving Catalysts Two Significant in Pro-mining Expansion Potential Large Mineral Corporate Highlights Upcoming Value Investment Jurisdictions Projects Located Inventory with Driving Catal
Slide 4: Capital Structure
Capital Structure Shares issued and outstanding 242.5M Options (avg. price $0.29/share) 15.2M Warrants ($0.79/share) 35.3M Market Capitalization¹ C$81.13M 30-day daily trading volume¹ 1.7M Working Capital¹ C$11.0M Debt NIL Institutional holdings 25.8% Insider and strategic holdings 15.5% Major Share
Slide 5: Leadership Team
Leadership Team Chris Cairns, CPA, CA Rona Sellers, LLB Amandip Singh Isabelle Lépine, CFO VP. Commercial & VP, Corporate Development M.Sc, P.GEO Ross McElroy Compliance, Corp. Director, Mineral President & CEO Secretary Resources Jocelyn Thompson Steven Thomas Alex Tsakumis Jackie Przybylowski Andr
Slide 6: Projects
Projects Operating in two mining- friendly jurisdictions with great access to infrastructure Calico Project Located in San Bernadino County, CA One of the largest primary silver deposits in the US Cinco de Mayo Project Recently optioned in Chihuahua, Mexico Textbook Carbonate Replacement deposit (CR
Slide 7: Creating Value
Creating Value Organic Growth Accretive Acquisitions Discovery Continued Resource Growth Recently announced entering into Highest priority target is the and Conversion at Calico an option agreement to acquire Pegaso Zone at Cinco de Mayo Project the Cinco de Mayo Project from MAG Silver Corp. Active
Slide 8: Calico Project - Highlights
Calico Project - Highlights Vested mining Bulk minable deposit Minimal geological Significant growth rights ease path to with low strip ratio risk opportunities development Low 1.1:1 strip ratio ensures Near-surface silver is Potential to expand silver and Private & public land with optimized operat
Slide 9: Calico Project: Title, Location and Infrastructure
Project Resources primarily occur within Project private lands Resources primarily occur within Both private properties have lands private MINERAL vested mining rights TITLE Both private properties have MINERAL vested mining rights Silver TITLE 15 km from Barstow and Silver accessible via paved road
Slide 10: Mule Claims - Calico Project
Barite Mule Claims - Calico Project Mule Claims Map of Calico Project in San Bernardino, California Expands the Calico Project land package by over 285% 3,409 ha of contiguous claims. Claims trend along the mineralized Calico Fault System Prior reports indicate several strongly anomalous silver valu
Slide 11: U.S. Critical Mineral at Calico: Barite
U.S. Critical Mineral at Calico U.S. Critical Mineral at Calico Barite Barite is on the 2022 US Final List of Critical Minerals as it is essential to the Barite Barite economic or is on the national 2023 security of US Final the U.S. andList of Critical is vulnerable Minerals to supply as it is esse
Slide 12: Silver Resource Estimate
90 Moz Silver Classified as Highest Confidence Resource Category Silver Resource Estimate 110 Moz silver (M&I) at 100 g/t silver¹ ² 51 Moz silver (Inferred) at 77 g/t silver¹ ² Strip ratio of 1.1:1 1,610 g/t Ag over 1.5 m Key factors that resulted in 95% M&I conversion rate: Near-surface silver mine
Slide 13: Looking Forward at Calico
Looking Forward at Calico Summary Map of Burcham Exploration Program Expand the oxide gold resource in Burcham Define barite distribution Target high-grade silver at Langtry GROW Feasibility level drilling focused on open pit design geotechnical information and metallurgical process optimization ADV
Slide 14: Cinco De Mayo Project: Carbonate Replacement Deposits
Carbonate Replacement Deposits (CRD’s) Cinco De Mayo Project 10 to 50 million tons High grades 5 to 50 oz / T Ag 3 to 25% Zn 3 to 25% Pb 0.2 to 5% Cu Au, Cd, Ge, In, W, Mo, PGE credits Low mining cost Metallurgically docile Minimal environmental footprint www.apollosilver.com TSX-V: APGO | OTCQB: AP
Slide 15: Cinco De Mayo Project: A Textbook CRD Deposit
A textbook CRD deposit Cinco De Mayo Project Located along NW- SE trend that hosts the world’s largest Carbonate Replacement Deposits High grade Silver and Base Metal Grades (>350g/t AgEq) CRD Exploration Multiple Mineralization and Model for alteration stages Cinco De Mayo Favourable rock types and
Slide 16: Cinco De Mayo Project History
Cinco De Mayo Project History 2004 2007 2008 2009 2010 2011 /2012 2012 /2013 MAG Silver Geophysics Jose Manto Pozo Seco Pozo Seco Bridge Zone Project Access Option Discovery Discovery Resource Discovery Reduced Based on CRD Property-wide 6.87m @ 254 g/t High Grade Indicated 29Mt @ Discovery at Jose
Slide 17: Cinco De Mayo: Resource Expansion and Potential New Discovery
Resource Expansion and Potential New Discovery Cinco De Mayo Project Please refer to slide 23 of this presentation for cautionary notes and further information regarding Cinco de Mayo Project historical mineral resource estimates. www.apollosilver.com TSX-V: APGO | OTCQB: APGOF | FSE: 6ZFO | 17
Slide 18: Cinco De Mayo: Pegaso Zone
Resource Expansion and Potential New Discovery at Pegaso Zone Cinco De Mayo Project Highest Priority Target Pegaso Zone is a potentially significant new discovery Multiple thick layers of mineralization Fits expected Carbonate Replacement Zoning Model Open in all directions www.apollosilver.com TSX-
Slide 19: Cinco De Mayo: Pozo Seco High Grade Mo/Au Resource
Cinco De Mayo Project Pozo Seco- High Grade Mo/Au Resource Source: “Ross, D., 2010, Technical Report on the Pozo Seco Mineral Re- source Estimate, Cinco de Mayo Project, Chihuahua, Mexico, NI 43-101 Report, September 10, 2010” www.apollosilver.com TSX-V: APGO | OTCQB: APGOF | FSE: 6ZFO | 19
Slide 20: TSX-V: APGO | OTCQB: APGOF | FSE: 6ZFO | 20
TSX-V: APGO | OTCQB: APGOF | FSE: 6ZFO | 20
Slide 21: Thank You
THANK YOU To subscribe to our email list, visit: www.apollosilver.com 710-1030 West Georgia Street Vancouver, BC V6E 2Y3 Tel: (604) 428-6128 Email: info@apollosilver.com TSX-V: APGO | OTCQB: APGOF | FSE: 6ZF0
Slide 22: Cautionary Note: Calico Resource Estimate
Appendix Cautionary Note: Information Concerning Calico Resource Estimate Cautionary Note for Mineral Resource Estimates The Calico Silver Project 2023 Mineral Resource Estimate (“2023 MRE”) has been prepared by Derek Loveday, P. Geo., of Stantec Consulting Services Ltd. (“Stantec”), an independent
Slide 23: Cautionary Note: Cinco de Mayo Historical Resource Estimates
Cautionary Note: Appendix Information Concerning Cinco de Mayo Historical Resource Estimates Source of the historical estimate: Upper Manto Deposit: In 2012, MAG Silver reported at an NSR cut-off of US$100/t, an Inferred Mineral Resource for total 12.45 million tonnes of 132 g/t Ag, 0.24 g/t Au, 2.8
Slide 24: Updated Mineral Resource Estimate
Updated Mineral Resource Estimate Waterloo Silver - 95% conversion rate to Measured & Indicated¹ ² from Inferred³ February 9, 2022 March 6, 2023 WATERLOO RESOURCE ESTIMATE(1,3) WATERLOO RESOURCE ESTIMATE(1,2) Category Metal Grade Tonnes Strip Ratio Ounces Category Metal Grade Tonnes Strip Ratio Ounc
Slide 25: Historical Resources
Resources *Upper Manto Deposit, September 1, 2012, Mag Silver Corporation Resources Category Tonnage (Mt) Gold (g/t) Silver (g/t) *Upper Zinc (%) Manto Lead (%)Deposit, September AgEg (g/t) Gold (oz) 1, 2012, Mag Silver Silver (Moz) Corporation Zinc (Mlb) Inferred 12.45Tonnage Category 0.24 (Mt) 132
Slide 26: Consolidated Resources
Consolidated Resources Appendix Consolidated Resources Category Tonnes (Mt) Silver (g/t) Gold (g/t) Zinc (%) Lead (%) AgEq (g/t) AgEq (Moz) Gold (oz) Silver (Moz) Zinc (Mlbs) Lead Mlbs) *Cinco De Mayo Project Inferred 12.45 132.00 0.24 6.47 2.86 385.00 154.00 96,000.00 52.70 1,777.00 785.00 Waterloo
Slide 27: Cinco De Mayo Project: Transaction Considerations
Cinco De Mayo Project Appendix Transaction Considerations Gain access to property, through the establishment Social of contracts and social license with the local License community stakeholders Plan and execute comprehensive exploration program Work Assume all property holding costs upon signing Com
Slide 28: Cinco De Mayo: Historical Metallurgical Test Works
Cinco De Mayo Project Cinco De Mayo Project Appendix Appendix Historical Metallurgical Test Works Historical Metallurgical Test Works Summary of Historical Work Key Takeaways From Historical Work Basic preliminary metallurgical Summary work of Historical completed between Work Promising Metal recove