Apollo Silver Corp. press release

Apollo Silver Delivers Positive PEA for Calico

2026-10-29

TSXV - TSX Venture Exchange · Silver · Gold · Barium · Zinc · Copper · Canada · Technical Studies

After-tax NPV5% of US$737 million and 25% IRR at US$55/oz silver; average annual production of 5 Moz silver as on-site doré over a 15-year mine life; initial capital of US$633 million

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Apollo Silver Corp.(“Apollo Silver” or the “Company”) (TSX-V: APGO, OTCQB: APGOF, Frankfurt: 6ZF) announces positive results from the Preliminary Economic Assessment (the “PEA”) for its Calico Silver Project (“Calico” or the “Calico Project”) located in San Bernardino County, California.

The PEA and the updated Mineral Resource Estimate (“MRE”) were prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. SLR was responsible for the updated MRE, mine planning, processing, design parameters, and operating and capital cost estimates.

The PEA outlines an open pit mining operation at the Waterloo deposit feeding a conventional 8,000 tonne per day (“tpd”) milling and cyanidation leach plant with an initial planned processing life of approximately 15 years. At a base case silver (“Ag”) price of US$55/oz, the Project has an after-tax net present value at a 5% discount rate (“NPV5%”) of US$737 million, an after-tax internal rate of return (“IRR”) of 25%, and an after-tax payback period of 3 years (Table 1) 1,2.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Approximately 3% of the mill feed in the PEA mine plan is classified as Inferred Mineral Resources.

Highlights of the Calico Project Preliminary Economic Assessment

Positive Economic Results: After-tax NPV5% of US$737 million and after-tax IRR of 25% (pre-tax NPV5% of US$ 925 million and pre-tax IRR of 29%) at a base case silver price of US$55 per ounce (“oz”); and Initial capital cost of US$633 million, including a 25% contingency, with an after-tax payback period of 3 years since the start of production.

Silver Production: 74.4 Moz of recovered silver over a 15-year life of mine (“LOM”), averaging approximately 5 Moz per year.

Grade and recovery:

average diluted mill feed grade of 84.8 g/t Ag, with LOM silver recovery of 65% and a LOM strip ratio of 0.5:1.

Costs: LOM cash costs of US$24.96 per payable ounce of silver and all-in sustaining costs (“AISC”) of US$26.07 per payable ounce of silver (non-IFRS measures; see below).

Updated MRE3: Measured and Indicated Mineral Resources total 42.2 million tonnes (“Mt”) at 85.1 grams per tonne silver (“g/t Ag”) for 115.6 million ounces (“Moz”), including 88.2 Moz, or approximately 76% of the contained silver, in the Measured category. Inferred Mineral Resources total 24.1 Mt at 66.3 g/t Ag for 51.4 Moz across Waterloo and Langtry. The MRE has an effective date of October 1, 2026

Upside Outside the Mine Plan: Langtry’s 49.1 Moz of Inferred silver and the Waterloo gold domain are not included in the PEA and represent opportunities for future study.

U.S. domestic silver: Doré would be produced on site from private land with county-recognized vested rights to surface mining. Silver was added to the U.S. List of Critical Minerals in 2025.

“This PEA shows that Waterloo alone can support a 15-year operation producing about 5 million ounces of silver a year, with an after-tax NPV of US$737 million at US$55 silver, and the base case does not yet draw on Langtry’s 49 million Inferred ounces,” said Colin Sutherland, President and CEO. “Waterloo sits on private land with vested surface mining rights and would produce doré in the United States, at a time when silver has been added to the U.S. List of Critical Minerals. Our focus now is de-risking: studies on water, power and capital inputs are under way, and we are advancing toward a prefeasibility study.”

PEA Summary

The PEA assumes contract open pit mining at Waterloo, with mill feed processed at approximately 2.9 million tonnes per annum (8,000 tpd). The schedule prioritizes higher-grade feed in the first 10 years, averaging 100.8 g/t Ag, while material below 65.0 g/t Ag and above 34.0 g/t Ag is stockpiled and processed later in the mine life. The PEA does not include the Langtry silver Mineral Resource or the Waterloo gold Mineral Resource.

The base case indicates an after-tax payback of 3 years and pre-tax and after-tax NPV5% of US$925 million and US$737 million, respectively (Table 1).

Table 1: 2026 Calico Project Preliminary Economic Assessment Metrics

| Key Assumptions | | | | Base Case Silver Price | US$55/oz | | | Silver Metallurgical Recovery | 65% | | | Royalty | 2% NSR | | | Production Profile | units | | | Total Tonnes Processed | '000 tonnes | 41,981 | | Total Tonnes Waste | '000 tonnes | 20,517 | | Stripping Ratio | W:O | 0.49 | | Ag Grade | g/t | 84.78 | | Mine Life | years | 15 | | Mill Feed | '000 tonnes | 41,981 | | Contained Ag | koz | 114,426 | | Throughput | tpd | 8,000 | | Total Ag Recovered | koz | 74,377 | | Operating Cost | | | | Open Pit | US$/t moved | 2.57 | | Processing | US$/t milled | 28.40 | | G&A – Site Services | US$/t milled | 5.32 | | Total Unit Operating Cost | US$/t milled | 38.48 | | Capital Cost | | | | Initial Capital (including 25% contingency) | US$ '000 | 632,867 | | Sustaining Capital | US$ '000 | 28,200 | | Open Pit Backfilling | US$ '000 | 16,619 | | Closure Costs | US$ '000 | 37,473 | | Total Capital Cost | US$ '000 | 715,159 |

Sensitivity analysis indicates leverage to the silver price (Table 2) with a high case of US$65/oz silver price resulting in an after-tax NPV5% of US$1,113 million and an after-tax IRR of approximately 32%, while maintaining the same mine plan and operation assumptions.

Table 2: Silver Price Sensitivity Analysis

| Silver Price (US$/oz) | | $ 45 (Low Case) | $ 55 (Base Case) | $ 65 (High Case) | | Pre-tax Cash Flow (LOM) | US$ '000 | 788,654 | 1,516,818 | 2,244,982 | | Pre-tax NPV (5%) | US$ '000 | 435,193 | 924,863 | 1,414,533 | | Pre-tax IRR | % | 18% | 29% | 38% | | Pre-tax Payback | years | 3.8 | 2.7 | 2.2 | | After-tax Cash Flow (LOM) | US$ '000 | 658,661 | 1,238,027 | 1,795,719 | | After tax NPV (5%) | US$ '000 | 347,955 | 737,263 | 1,112,698 | | After tax IRR | % | 16% | 25% | 32% | | After-tax Payback | years | 3.9 | 3.0 | 2.4 |

Project Description

The Calico Project is in the historic Calico Silver Mining District of the Mojave Desert, San Bernardino County, California, about 15 km northeast of Barstow. It is reached year-round from Interstate 15 by paved and dirt roads. The project covers 8,361 acres (3,384 ha) in three adjoining properties (Waterloo – 1,645 acres, Langtry – 1,166 acres, and Mule – 5,550 acres). The majority of the mineral resources at Waterloo and Langtry are located on private lands with county-recognized vested rights to surface mining. Barstow provides workforce, utilities and services, and the Union Pacific main line runs along I-15. Water for the Project is expected to be secured through the acquisition or lease of water rights within the adjudicated Mojave Basin.

Figure 1: Calico Project Location and Regional Infrastructure

2026 Calico Silver Mineral Resource Estimate

The updated MRE has an effective date of October 1, 2026. The drill hole database remains unchanged from the June 30, 2025 estimate disclosed in Apollo’s news release dated September 4, 2025. The updated MRE reflects revised grade capping, estimation and classification methods, metal-specific reporting, updated commodity prices and operating assumptions, and revised reporting cut-off grades and optimized pit constraints.

At Waterloo, Measured and Indicated silver Mineral Resources total 42.2 Mt at 85.1 g/t Ag for 115.6 Moz of contained Ag, and Inferred silver Mineral Resources total 1.1 Mt at 65.4 g/t Ag for 2.3 Moz. At Langtry, Inferred silver Mineral Resources total 23.0 Mt at 66.3 g/t Ag for 49.1 Moz. Combined Calico Silver Mineral Resources comprise 42.2 Mt at 85.1 g/t Ag for 115.6 Moz in the Measured and Indicated categories and 24.1 Mt at 66.3 g/t Ag for 51.4 Moz in the Inferred category. Inferred gold Mineral Resources in the Waterloo gold domain total 0.53 Mt at 0.80 g/t Au for 0.014 Moz (Tables 3 and 4). All Mineral Resources are constrained within optimized open pit shells.

Silver is the principal commodity at Waterloo and Langtry. Gold is reported separately as an Inferred Mineral Resource within the Waterloo gold domain and is not combined with silver in a silver-equivalent grade. Barite and zinc are not reported in the updated MRE. Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and are constrained within optimized open pit shells to demonstrate reasonable prospects for eventual economic extraction (“RPEEE”). Reporting cut-off grades are 34 g/t Ag at Waterloo, 0.51 g/t Au in the Waterloo gold domain, and 35 g/t Ag at Langtry.

Mineral Resources are reported in metric units. The MRE uses a silver price of US$50/oz, while the PEA base case uses US$55/oz.

Table 3: Summary of the Calico Silver Open Pit Mineral Resources, Effective Date October 1, 2026

| Deposit | Metal | Classification | Cut-off (g/t Ag) | Tonnage (Mt) | Grade (g/t Ag) | Contained Metal (Moz Ag) | | Waterloo | Silver | Measured | 34 | 30.6 | 89.5 | 88.2 | | Indicated | 11.6 | 73.5 | 27.4 | | | | | Measured + Indicated | 42.2 | 85.1 | 115.6 | | | | | Inferred | 1.1 | 65.4 | 2.3 | | | | | Langtry | Inferred | 35 | 23.0 | 66.3 | 49.1 | | | Total | Measured | 34 | 30.6 | 89.5 | 88.2 | | | Indicated | 11.6 | 73.5 | 27.4 | | | | | Measured + Indicated | 42.2 | 85.1 | 115.6 | | | | | Inferred | 34 / 35 | 24.2 | 66.3 | 51.5 | | |

Notes:

1. Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). 2. Mineral Resources are reported within optimized pit shells used to establish reasonable prospects for eventual economic extraction (RPEEE). At Waterloo, pit optimization inputs include silver and gold prices of US$50/oz and US$3,000/oz, respectively; metallurgical recoveries of 65% for silver and 70% for gold; payability of 99.9% for both metals; a 2% net smelter return (NSR) royalty; transportation, treatment and refining charges of US$2.16/oz silver and US$5.00/oz gold; a 45° pit slope angle; and a mining cost of US$3.31/t of material moved. At Langtry, pit optimization inputs include a silver price of US$50/oz, metallurgical recovery of 65%, payability of 99.9%, a 2% NSR royalty, transportation, treatment and refining charges of US$2.16/oz silver, a 45° pit slope angle, and a mining cost of US$3.86/t of material moved. 3. At Waterloo the Silver Mineral Resources are reported at a cut-off grade of 34 g/t Ag, and for Langtry the Silver Mineral Resources are reported at a cut-off grade of 35 g/t Ag. 4. The rounded reporting cut-off grade of 34 g/t Ag at Waterloo is based on a silver price of US$50/oz, metallurgical recovery of 65%, payability of 99.9%, a 2% NSR royalty, transportation, treatment and refining charges of US$2.16/oz silver, processing costs of US$28.40/t, and general and administrative (G&A) costs of US$5.14/t, assuming a processing rate of 8,000 t/d. The rounded reporting cut-off grade of 35 g/t Ag at Langtry uses the same assumptions plus a mineralized material transportation cost of US$0.92/t. No gold credit is applied in calculating either silver reporting cut-off grade. 5. A bulk density of 2.44 t/m3was assigned to the reported Mineral Resources. 6. Contained silver has not been adjusted for metallurgical recovery. 7. The Mineral Resource estimate was prepared by Katharine Masun, P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd., a Qualified Person as defined in NI 43-101 and who is independent of the Company. 8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 9. Inferred Mineral Resources have a lower level of geological confidence than Measured and Indicated Mineral Resources. There is no certainty that further exploration will result in their conversion to a higher classification. 10. The Total rows combine the Waterloo and Langtry silver Mineral Resources by classification category and are reported on silver only. The Waterloo gold Mineral Resource is reported separately. 11. Totals may not add or multiply accurately due to rounding.

Table 4: Summary of the Waterloo Au Open Pit Mineral Resources, Effective Date October 1, 2026

| Deposit | Classification | Cut-off (g/t Au) | Tonnage (Mt) | Grade (g/t Au) | Contained Metal (Moz Au) | | Waterloo | Inferred | 0.51 | 0.53 | 0.80 | 0.014 |

Notes:

1. Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). 2. Mineral Resources are reported within an optimized pit shell used to establish reasonable prospects for eventual economic extraction (RPEEE). Pit optimization inputs include silver and gold prices of US$50/oz and US$3,000/oz, respectively; metallurgical recoveries of 65% for silver and 70% for gold; payability of 99.9% for both metals; a 2% net smelter return (NSR) royalty; and transportation, treatment and refining charges of US$2.16/oz silver and US$5.00/oz gold. Pit optimization applies a pit slope angle of 45° and a mining cost of US$3.31/t of material moved. 3. Gold Mineral Resources are reported at a cut-off grade of 0.51 g/t Au (0.0148 oz/short ton Au). 4. The rounded reporting cut-off grade of 0.51 g/t Au is based on a gold price of US$3,000/oz, metallurgical recovery of 70%, payability of 99.9%, a 2% NSR royalty, transportation, treatment and refining charges of US$5.00/oz gold, processing costs of US$28.40/t, and general and administrative (G&A) costs of US$5.14/t, assuming a processing rate of 8,000 t/d. No silver credit is applied in calculating the gold reporting cut-off grade. 5. A bulk density of 2.44 t/m3was assigned to the reported Mineral Resources. 6. Contained gold has not been adjusted for metallurgical recovery. 7. The Mineral Resource estimate was prepared by Katharine Masun, P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd., a Qualified Person as defined in NI 43-101 and who is independent of the Company. 8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 9. Inferred Mineral Resources have a lower level of geological confidence than Measured and Indicated Mineral Resources. There is no certainty that further exploration will result in their conversion to a higher classification. 10. Totals may not add or multiply accurately due to rounding.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Other than as described in this news release, including under “Environmental, Permitting and Community” and in the forward-looking statements, the Company is not aware of any known legal, political, environmental or other risks that could materially affect the potential development of the Mineral Resources.

Estimation Methodology

At Waterloo, silver was estimated by ordinary kriging within four hard-boundary domains using domain-specific grade continuity models and locally variable orientations; at Langtry, silver was estimated by inverse-distance-cubed interpolation within a single hard-boundary domain. Domain-specific caps of 330 g/t Ag to 565 g/t Ag at Waterloo and 200 g/t Ag at Langtry were applied to assays before compositing, rather than to composites as in the 2025 estimate. Gold was estimated separately within the Waterloo gold domain and capped at 2 g/t Au. A bulk density of 2.44 t/m³ was applied at both deposits, and the models were validated against capped composites, check estimates, and swath plots. At Waterloo, nominal drill hole spacings of 150 ft, 250 ft, and 350 ft support the Measured, Indicated, and Inferred classifications, respectively; Langtry is classified entirely as Inferred.

The reporting pit shells are conceptual constraints used solely for Mineral Resource reporting. They do not constitute mine designs, Mineral Reserves, or evidence of demonstrated economic viability.

Analytical Methods and Data Verification

The Mineral Resource estimate uses the same drilling and assay database as the estimate effective June 30, 2025, as disclosed in Apollo’s news release dated September 4, 2025; no new drilling or sampling has been completed at Calico since that estimate. Sample preparation was completed at ALS Global Geochemistry in Reno, Nevada, and analyses were completed at ALS Global Geochemistry in Vancouver, British Columbia. ALS is an ISO 9001 and ISO/IEC 17025 accredited laboratory and is independent of Apollo. All samples were analyzed for 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples analyzed for silver were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1-1,500 ppm (method Ag-OG62). When results were over 400 ppm silver, they were re-submitted for analysis by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000 ppm (method Ag-GRA21). Over-range samples analyzed for copper, lead and zinc were re-submitted for analysis using a four-acid digestion and ICP-AES finish with range of 0.001-50% for copper, 0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01-100 ppm Au. The quality assurance and quality control (QA/QC) program comprises certified reference materials, blanks, field duplicates, and external check assays at a secondary umpire laboratory.

The SLR Qualified Person (QP), Ms. Masun, reviewed the sampling, analytical, and QA/QC data and verified the assay database against available laboratory certificates. No limitations were placed on the verification process. The QA/QC results and data verification support the use of the data for Mineral Resource estimation and public disclosure NI 43-101. The SLR Qualified Person (QP), Mr. Engelbrecht, reviewed the metallurgical test work data underlying the PEA recovery assumption. No limitations were placed on the verification process.

Comparison to Previous Estimate

The 2026 MRE supersedes the June 30, 2025 estimate. The drill hole database is unchanged; differences reflect revised grade capping, estimation and classification methods, updated prices and costs, revised pit constraints, and the change to metal-specific reporting. At Waterloo, reporting changed from a 47 g/t AgEq cut-off in 2025, which credited gold, barite, and zinc, to separate 2026 cut-offs of 34 g/t Ag for silver and 0.51 g/t Au for gold. At Langtry, the silver cut-off changed from 43 g/t Ag in 2025 to 35 g/t Ag in 2026. The 2025 Waterloo AgEq cut-off is not directly comparable with the 2026 silver-only cut-off. Gold is reported separately within the Waterloo gold domain at the classification supported by the gold data.

At Waterloo, Measured and Indicated silver tonnage decreased 23% to 42.2 Mt, average grade increased 20% to 85.1 g/t Ag, and contained silver decreased from 125 Moz to 115.6 Moz. Inferred silver tonnage increased 83% to 1.1 Mt, average grade increased 152% to 65.4 g/t Ag, and contained silver increased from 0.51 Moz to 2.3 Moz. The 2026 optimized resource pit shell at Waterloo is shallower than the 2025 reporting shell, and its resource-shell strip ratio decreased from 0.8:1 to 0.6:1.

At Langtry, Inferred silver tonnage decreased 4% to 23.0 Mt, average grade decreased 9% to 66.3 g/t Ag, and contained silver decreased from 57 Moz to 49.1 Moz. The Langtry Mineral Resource remains entirely Inferred. The 2026 optimized resource pit shell at Langtry is shallower than the 2025 reporting shell, and its resource-shell strip ratio decreased from 2.8:1 to 1.7:1. The Waterloo and Langtry reporting-shell strip ratios described above are conceptual Mineral Resource reporting metrics and are not mine-plan strip ratios.