Apollo Silver adds Gonzales as senior project manager

Executive Summary

• Apollo Silver Corp. appointed Tony Gonzales, PGeo, as senior project manager to lead advancement of the Calico silver project.
• The company amended its option‑to‑purchase agreement for the Strachan portion of the Langtry property, extending the option period to 2034 and increasing the purchase price to a minimum of $7 M (or spot price of 250,000 troy oz Ag).
• Apollo secured a third 12‑month extension of the temporary use permit for exploration drilling at the Waterloo property.

Key Details

• Senior Project Manager Appointment – Tony Gonzales brings 35+ years of exploration experience, including senior roles at BHP and Fission Uranium; will focus on advancing Calico’s high‑confidence silver resource and associated targets (silver, gold, barite).
• Langtry Option Extension
• Original agreement required payment of the greater of $5.2 M or spot price of 220,000 troy oz Ag by Dec 24 2025.
• Amendment extends expiry to Dec 24 2034, raises purchase price to the greater of $7.0 M or spot price of 250,000 troy oz Ag, and adds annual maintenance payments totaling $3.9 M over the eight‑year extension (credits against purchase price).
• To date, $500,000 in option maintenance payments have been made and will be credited upon exercise.
• The Langtry deposit contains a 2022 inferred resource of 19.3 Mt @ 81 g/t Ag (≈50 Moz Ag at 50 g/t cut‑off).
• Waterloo Permit Extension – San Bernardino County Land Use Services Department approved a third 12‑month extension of the temporary use permit, permitting continued exploration drilling at Waterloo through the next year.
• Technical Advisory Additions
• Engaged George Kenline, PG, CHg, CEG as an independent technical adviser; licensed engineering geologist/hydrogeologist with extensive local permitting expertise.
• Retained Genesg, a global consulting firm specializing in permitting, stakeholder relations, sustainability and ESG leadership, to support Calico’s project development.
• Qualified Person – Scientific and technical data reviewed and approved by Isabelle Lepine, MSc, PGeo, Director of Mineral Resources (NI 43‑101 Qualified Person).

Notable Quotes

“Calico consists of a major, high‑confidence silver resource surrounded by one of the most prospective land packages in the region… With the appointment of Tony Gonzales, we have one of the industry’s top exploration team leaders to take Calico into its next phase of growth.” – Ross McElroy, President & CEO, Apollo Silver Corp.