Apollo Files NI 43-101 Technical Report for the Calico Silver Project Updated Mineral Resource Estimate

Executive Summary

• Apollo Silver filed an NI 43‑101 technical report confirming a substantially larger Calico Project resource, now totaling 125 Moz Ag in Measured & Indicated categories (+15 Moz vs. prior estimate).
• The update adds significant barite and zinc credits (2.7 Mt BaSO₄ & 354 Mlb Zn indicated; 0.65 Mt BaSO₄ & 258 Mlb Zn inferred) and increases inferred gold to 130,000 oz (+86%).
• A single‑pit mining plan with a low strip ratio (0.8:1) and favorable economics (Ag cut‑off $28/oz, BaSO₄ $120/t, Zn $1.22/lb) further derisks the project and creates growth upside.

Key Details

• Waterloo Property – Measured & Indicated: 55 Mt @ 71 g/t Ag → 125 Moz Ag (combined M&I).
• Waterloo Property – Inferred: 0.60 Mt @ 26 g/t Ag → 0.51 Moz Ag.
• Gold (Inferred, Waterloo): 130,000 oz Au in 17 Mt @ 0.25 g/t Au.
• Barite (Indicated, Waterloo): 36 Mt @ 7.4 % BaSO₄ → 2.7 Mt BaSO₄, plus 354 Mlb Zn @ 0.45 %.
• Barite (Inferred, Waterloo): 17 Mt @ 3.9 % BaSO₄ → 0.65 Mt BaSO₄, plus 258 Mlb Zn @ 0.71 %.
• Langtry Property – Inferred: 24 Mt @ 73 g/t Ag → 57 Moz Ag.
• Resource Growth: +61 % tonnage and +14 % Ag ounces versus Sep‑4‑2025 release; total Ag increase of 15 Moz.
• Economic Assumptions (Waterloo):
• Mining cost US$2.8/tonne, processing & G&A US$26.5/tonne.
• Metal prices: Ag $28/oz, BaSO₄ $120/t, Zn $1.22/lb, Au $2,451/oz.
• Recoveries: Ag 65 %, Au 80 %, BaSO₄ 85 %, Zn 80 %.
• Cut‑off Grades: Silver‑equivalent cut‑off calculated using above cost and price assumptions; gold‑only cut‑off based on $2,451/oz Au.
• Mining Plan: One single pit for all metals at Waterloo with a strip ratio of 0.8:1, enhancing economic viability.
• Sensitivity Analysis: Demonstrates Ag resource resilience to metal price fluctuations.
• Qualified Persons: Derek Loveday, P.Geo.; Mariea Kartick, P.Geo.; Johnny Marke, P.G. (Stantec) – independent QPs; Isabelle Lépine, M.Sc., P.Geo. (Apollo) – non‑independent reviewer.

Notable Quotes

“The increased quantities of Ag and Au, the addition of two new critical minerals, and the larger single pit with low strip ratio have derisked the Calico Project.” – Ross McElroy, President & CEO

All forward‑looking statements are subject to risks and uncertainties detailed in the release.