Apollo Silver Initiates Preliminary Economic Assessment for the Calico Project

Apollo Silver Corp. has commenced a significant milestone in advancing its Calico Silver Project by engaging SLR Consulting (Canada) Ltd. to conduct a Preliminary Economic Assessment (PEA) for the California-based asset. The PEA represents a critical step in the development pathway for what the company describes as one of the largest undeveloped primary silver deposits in the United States, located in San Bernardino County's historic Calico Silver Mining District.

The project's mineral resource base is substantial, containing 125 million ounces of silver in the Measured and Indicated category within 55 million tonnes grading 71 g/t silver, plus an additional 58 million ounces of silver in the Inferred category within 25 million tonnes at the same grade. Beyond silver, the deposit hosts significant critical mineral resources including 2.7 million tonnes of barite and 354 million pounds of zinc in the Indicated category, positioning Calico as a multi-commodity asset aligned with domestic supply chain priorities.

Concurrent with the PEA, Apollo Silver is advancing complementary technical programs designed to enhance project understanding and support future development. SLR will provide ongoing metallurgical and geotechnical advisory services, including test work planning, sample evaluation, and processing flowsheet development. The company has also completed a high-resolution airborne magnetic and radiometric survey covering 632 line kilometers across the Waterloo and Mule properties, executed at 50-meter line spacing to support geological interpretation and future drill targeting.

The strategic engagement of SLR as both PEA lead and technical advisor reflects Apollo Silver's systematic approach to project advancement. With the majority of mineral resources located on private land with vested mining rights, and the project's proximity to established infrastructure near Barstow, California, Calico is positioned as a potentially significant domestic source of silver and critical minerals. The combination of substantial resources, strategic location, and comprehensive technical programs suggests Apollo Silver is methodically positioning the project for future production scenarios.