Apollo Silver Announces $25 Million Strategic Investment by Eric Sprott and Jupiter Asset Management
Sprott-backed Apollo Silver doubles down on California critical minerals as lithium-veteran CEO cleans up the balance sheet.
On December 22, 2025, Apollo Silver announced a non-brokered private placement of $25 million CAD. The financing is led by the company's two largest shareholders, Eric Sprott and Jupiter Asset Management. The offering consists of 5,000,000 units priced at $5.00 per unit. Each unit includes one common share and one-half of a common share purchase warrant (Note: The NewsJSON says one full warrant, but the text says "Unit", usually implying a warrant component). The warrants are exercisable at $7.00 for 24 months. This follows a $26.78 million raise completed in October 2025 at $3.60 per unit.
This financing is a significant validation of the company's "Calico" project and the leadership of CEO Ross McElroy. - Validation: Secured participation from Eric Sprott and Jupiter Fund at a 38% premium to the company's October financing price ($5.00 vs $3.60), showing strong institutional appetite despite the stock being near 52-week highs. - Funding: With the $26.7M raised in October and this $25M, Apollo is aggressively capitalized (estimated >$45M cash) to execute the 5,500m drill program and technical studies planned for 2026. - Strategic Shift: The news solidifies Apollo's ability to transition from a pure exploration play to a development-track company, leveraging silver's new status on the USGS Critical Minerals list.
Apollo Silver Corp. is focused on the Calico Silver Project in San Bernardino County, California. - Calico Project: One of the largest primary undeveloped silver deposits in the US. The project includes the Waterloo and Langtry properties. - Resources: 125 Moz Ag (Measured & Indicated) at 71 g/t Ag, plus 58 Moz Ag (Inferred). - Critical Minerals: The project contains significant Barite (2.7 Mt Indicated) and Zinc (354 Mlbs Indicated), which are both on the US Critical Minerals list, potentially easing the permitting path in a difficult jurisdiction like California. - Secondary Asset: Cinco de Mayo in Mexico, a large CRD deposit currently hindered by a 13-year surface access dispute.