Apollo Silver Initiates Preliminary Economic Assessment for the Calico Project

Latest news snapshot

• 2026-03-18: Apollo Silver initiated a Preliminary Economic Assessment (PEA) for the Calico Silver Project, engaging SLR Consulting for geotechnical, metallurgical and project oversight. A high-resolution airborne magnetic and radiometric survey (~632 line km at 50 m spacing) was completed to support geological interpretation and drill targeting. Calico is described as one of the largest undeveloped primary silver deposits in the United States, with a 2025 Measured & Indicated resource of 125 Moz Ag and significant barite and zinc credits.
• 2026-02-18: Apollo Silver ranked 13th in the TSX Venture 50, highlighting share-price appreciation, market capitalization growth, and trading value growth. The company reiterated Calico and Cinco de Mayo as flagship exploration assets.
• 2026-02-12: Announcement of the nomination of Tom Peregoodoff for election as Executive Chair and related governance changes (Andrew Bowering to become Director; Steven Thomas appointed Lead Independent Director), set for the March 27 AGM.
• 2026-02-02: Apollo Silver was accepted into the U.S. Defense Industrial Base Consortium (DIBC), signaling potential federal collaboration opportunities related to critical minerals supply chains.
• 2026-01-28 and 2026-01-21: Apollo Silver closed tranches of a private placement (first and second), with unit structures including a common share and warrant, at USD CAD-denominated prices ($5.00 per unit in later tranches), intended to fund Calico and Cinco de Mayo advancement and general corporate purposes. Insiders and notable investors (including Jupiter Asset Management) participated; warrants carry typical 24-month terms with an exercise price of CAD/USD 7.00 and potential acceleration at higher prices.
• 2025-12-22 and 2025-12-29: Strategic private placements with major investors (Eric Sprott via 2176423 Ontario Ltd. and Jupiter Asset Management) totaling CAD 25–27.5 million, including associated warrants, to accelerate exploration/development.
• 2025-12-18: Apollo Silver announced 100% ownership of the Athena claims at Langtry, consolidating land position and adding various royalty-related considerations (NSR on Langtry; multiple NSR/royalties linked to Langtry and related entities).
• 2025-12-15 to 2025-12-11: Ongoing community engagement at Cinco de Mayo; a robust 2026 exploration/development program at Calico was outlined; Langtry and Waterloo-area activity noted.
• 2025-10 to 2025-11: Numerous financings and market/IR actions including equity allocations, marketing arrangements, and RSU/DSU activity; private placements with broad investor participation (including insiders) continued to be a theme.
• 2025-08 to 2025-09: Operational appointments (e.g., Gonzales as Senior Project Manager at Calico) and governance and marketing initiatives; Equinox FAST-41 program recognition for Castle Mountain in the region noted as supportive sentiment for US-focused critical minerals and domestic supply.

• Overall rating: Routine - Positive
• Why:
• The PEA initiation for Calico (March 18, 2026) represents a logical, material development step in advancing a Tier-1 US silver asset. While a PEA is a feasibility-stage output, it frames potential mining and processing options and informs future permitting and capital decisions. It aligns with the company’s stated strategy to advance Calico with metallurgical and geotechnical programs, and it builds on the substantial 2025 MRE growth (and subsequent additions to the land package and resource base via Mule/Langtry expansions).
• The March news fits the ongoing capital-raising and strategic investor activity (Sprott, Jupiter, insiders) that has occurred through late-2024 to early-2026. The PEA should lead to further investor clarity on project economics, provided PEA results indicate economic viability or improved project metrics; until those numbers are released, the impact remains positive but bounded.
• Strategic governance changes (Executive Chair nomination, Lead Independent Director appointment) support corporate maturity and governance quality, potentially broadening investor comfort.
• DIBC membership and US critical minerals context bolster near-term optionality (defense/critical minerals programs) that can indirectly de-risk or accelerate permitting and collaboration.
• In line with prior expectations? Yes, the PEA is a conventional milestone given the ongoing MRE updates, land consolidation, and exploration/development programs. The financing activity and strategic investor participation in late 2024–early 2026 also align with a company preparing for larger-scale development, not a surprise.

• Apollo Silver Corp. is a precious metals company focused on the Calico Silver Project in San Bernardino County, California, with substantial barite and zinc credits. The Waterloo property (Langtry region) and Cinco de Mayo in Chihuahua are key exploration assets. Calico hosts one of the largest undeveloped primary silver deposits in the US, with a 2025 resource: 125 Moz Ag Measured & Indicated; Inferred 58 Moz Ag; significant barite and zinc resources in equivalent tiers. The company is actively expanding its land package (Mule claims) and pursuing bulk mining and processing options in parallel with metallurgical and geotechnical programs.