Apollo Silver completes payments for Athena option

Executive Summary

• Apollo Silver Corp. has completed all payments required to acquire a 100% interest in 36 unpatented lode mining claims (the "Athena Claims") from Athena Minerals Inc.
• The acquisition consolidates Apollo's land position at the Calico Silver Project in San Bernardino County, California, and includes a 1% Net Smelter Return (NSR) royalty granted to Athena Minerals.
• The total consideration for the acquisition was $1 million USD, consisting of prior annual payments and a final cash payment of $950,000 USD.

Key Details

• Transaction Structure: Completion of option to purchase agreement dated Dec. 21, 2020, as amended Jan. 21, 2023.
• Asset Acquired: 100% interest in 36 unpatented lode mining claims comprising part of the Langtry property, which forms part of the Calico Silver Project.
• Total Consideration: $1,000,000 USD aggregate purchase price.
• Payment Breakdown:
  • Initial payment: $15,000 USD paid in December 2020.
  • Annual payments: $25,000 USD paid on each anniversary date between 2021 and 2024.
  • Final cash payment: $950,000 USD paid to vest 100% ownership (credits applied for payments made within 24 months preceding exercise).
• Royalty Terms: Apollo granted Athena Minerals a 1% Net Smelter Return (NSR) royalty on future mineral production from the Athena Claims.
  • The NSR applies only to claims not already carrying an existing royalty of 1% or greater.
  • Total royalty burden on any claim will not exceed 2%.
• Project Context (Calico Silver Project):
  • Located in San Bernardino County, California.
  • Described as one of the largest primary undeveloped silver projects in the United States.
  • Mineral Resource Estimate (MRE):
    • Measured and Indicated: 125 million ounces Ag in 55 million tonnes at an average grade of 71 g/t Ag.
    • Inferred: 58 million ounces Ag in 25 million tonnes at a grade of 71 g/t Ag.
• Outstanding Warrants: As of Dec. 18, 2025, the company had 34,903,440 outstanding share purchase warrants.
  • Exercise Ratio: 5 warrants exercisable into one common share.
  • Exercise Price: $3.95 per share.
  • Expiration Date: July 8, 2026.

Notable Quotes

• "The acquisition of the Athena claims consolidates Apollo Silver's land position at the Calico silver project and represents a significant milestone in advancing the company's silver and critical minerals strategy in the region."