Apollo Silver Corp · TSXV:APGO
Apollo Silver — Investor Presentation (January 2026)
29 slides from Apollo Silver's investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation January 2026 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 Investment Thesis
Apollo Investment Thesis Two of North America’s Major Silver Assets, Backed by Proven Leaders & Positioned for Strong Markets In 2025: Silver (Ag) & Apollo Silver (APGO) - 2 Year Price Chart • Silver up ~125% APGO AG • Apollo share price up ~360% SHARE C$ $US/OZ $5.00 $70 APGO 2026 and beyond Silver
Slide 5: 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 6: Capital Structure
Capital Structure MAJOR SHAREHOLDERS 4 2-YEAR PERFORMANCE CHART 5 TSX-V: OTCQB: FSE: APGO APGOF 6ZFO Jupiter Asset Management +700 APGO Eric Sprott SILJ EFT Silver (Ag) Andrew Bowering +500 Primevestfund Share Price¹ C$5.31 RETURN % CommodityCapital AG 30-day daily trading volume ¹ 352K Sprott Asset
Slide 7: EV/oz (US$) Valuation of Key Silver Developers
CA EV/oz (US$) Valuation of Key Silver Developers As of January 1, 2026 Source: Company financials and market capitalization as of December 31, 2025 – Apollo’s EV/oz calculation includes historical resources at Cinco de Mayo 7 apollosilver.com
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 deposits in US 125M oz M+I and 58M oz Inf
Slide 9: Calico vs Others
CA Calico vs Others 9 apollosilver.com
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) 4,500m HQ Core Drilling Program LiDAR Survey (Geotech & Metallurgical) of Historic U/G workings. Updated MRE Calico Acquisition 110M oz Ag M+I creates pure Silver 50M oz Ag Inf Metallurgical a
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 To
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
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
Slide 17: Option Agreement Steps
CINCO DE MAYO PROJECT Option Agreement Steps 1. Social License 3. Equity Issue Pan American Silver 19.9% Gain access to the property of the share capital of Apollo through the establishment of Silver at the conclusion of contracts and social license 20,000m of drilling and upon with the local commun
Slide 18: Cinco de Mayo - Upcoming Catalysts
PROJECT TIMELINES Cinco de Mayo - Upcoming Catalysts Q1 2026 Drill Planning & Q2 – Q4 2025 Permitting 1 Community Discussions and Q3 2024 Engagement Options MAG Q1 2026 Q2 – Q4 2026 Silver’s Cinco De Continued 20,000m Drill Program 1 Mayo Project Community Engagement 1 Drill Planning & Permitting, a
Slide 19: Leadership Team
Leadership Team Chris Cairns, CPA, CA CFO Jackie Przybylowski Ross McElroy Chris brings more than 14 years of finance and INDEPENDENT DIRECTOR PRESIDENT, CEO & DIRECTOR mining experience in both public practice (PwC) Ms. Przybylowski holds extensive mining • Professional geologist of 35+ years’ and
Slide 20: 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 21: 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 22: Waterloo Mineralization Distribution
APPENDIX Waterloo Mineralization Distribution 22 apollosilver.com
Slide 23: Waterloo Cross Section
APPENDIX Waterloo Cross Section 23 apollosilver.com
Slide 24: Langtry Cross Section
APPENDIX Langtry Cross Section 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: Cinco de Mayo – Grade Envelopes
APPENDIX Cinco de Mayo – Grade Envelopes 27 apollosilver.com
Slide 28: 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 29: 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