Apollo Silver (APGO) investor relations material

Investment highlights and strategic positioning

• Holds two major silver assets in North America, both in mining-friendly jurisdictions with strong local and federal support for responsible mineral development.

• Accepted into the U.S. Defense Industrial Base Consortium, strengthening its position in critical mineral supply chains.

• Management team has a track record of over $2 billion in mining transactions and multiple major discoveries.

• Market capitalization of C$220M, with 63.18M shares outstanding and no debt; institutional holdings at 33.4%.

Calico Project overview and resource update

• Second largest undeveloped primary silver deposit in the U.S., with 125 Moz measured & indicated and 58 Moz inferred silver at 71 g/t Ag.

• Significant critical mineral resources: 2.7 Mt barite and 354 Mlbs zinc (indicated); 0.65 Mt barite and 258 Mlbs zinc (inferred).

• Gold resource increased to 130,000 oz inferred at 0.25 g/t Au; strong potential for further gold discoveries.

• Resource update reflects a 61% increase in tonnage and 14% increase in contained silver in M&I categories.

• Project derisked by larger pit, economic strip ratio (0.8:1), and resilience to metal price shifts.

Cinco de Mayo Project highlights

• Located in Mexico’s prolific CRD belt, hosting large, high-grade silver and base metal deposits.

• Historical Upper Manto resource: 12.45 Mt at 132 g/t Ag, 6.47% Zn, 2.86% Pb, and 0.24 g/t Au (52.7 Moz Ag, 1,777 Mlbs Zn, 785 Mlbs Pb, 96,000 oz Au).

• Pozo Seco historical resource: 29.1 Mt at 0.147% Mo and 0.25 g/t Au (94 Mlbs Mo, 230,000 oz Au indicated).

• Metallurgical tests show promising recoveries: up to 75% Ag and 90% Pb recovery in flotation; 73% Au and 74% Mo recovery in leaching.

• Advancement contingent on securing social license; 20,000m drill program planned post-approval.