Issued on behalf of Apollo Silver Corp.
When Ross McElroy closed a C$1.14 billion cash sale of Fission Uranium in December 2024[1], he didn’t retire.
He shifted his full attention to Apollo Silver (TSXV: APGO) (OTCQB: APGOF).
The man knows timing, and the timing was too good to take on his next play.
McElroy spent three decades building uranium and precious metals discoveries into billion-dollar exits. Fission was the most recent. BHP’s Hope Bay gold deposits were earlier. Cameco’s McArthur River before that.[2]
The pattern is consistent: find large-scale domestic resources in mining-friendly jurisdictions, prove them out, and let the market reprice the optionality.
Apollo Silver controls 125 million ounces of measured and indicated silver at the Calico Project in San Bernardino County, California. The project also hosts a separate 58 million ounces inferred. The deposit sits 90 minutes from Los Angeles in the largest mining county in the state.[3]
Silver is trading over $93/oz. China opened 2026 by banning silver exports for everyone except a handful of selected companies[4]. The U.S. designated silver a critical mineral in 2025. [5]
While the broader market fixates on paper-market volatility, McElroy is focused on the logistics of the 125 million ounces of Measured and Indicated silver at Calico.
In October, Apollo Silver upsized a financing to $27.5 million. The company didn’t need the capital immediately. The upsize was specific: to let insiders buy in.
This move bypasses the typical promotional noise and focuses entirely on the technical roster.
The $5.00 Floor: How Eric Sprott and Other High-Worth Investors Validated Apollo’s Entry Point
In late December 2025, Eric Sprott led a private placement for Apollo Silver (TSXV: APGO) (OTCQB: APGOF).[6]
Then the company upsized it.[7]
The additional allocation went to the board and management team. They bought in at $5.00 per unit.
Sprott has been the lead investor in more silver discoveries than any institutional investor in the past two decades.
He and others entered at $5.00.
The current trading price is below that entry point. The resource hasn’t changed. The jurisdiction hasn’t changed. The 125 million ounces of measured and indicated silver at Calico haven’t moved.
What changed is the paper market panicked over a Chinese export ban while the insiders quietly wrote $5.00 checks.
Frame that entry point as a structural floor. When the people running the company and the most successful silver allocators in the sector are buying at $5.00, the current valuation represents a disconnect from the structural asset density of the 125 million ounces of Measured and Indicated domestic silver Apollo Silver controls. This represents a generational domestic resource currently on U.S. soil.
The convergence of these variables including the roster, the resource, and the institutional entry point suggests the current valuation is a brief and structural anomaly.
The 125 Million Ounce Sanctuary
Also in December, Apollo Silver (TSXV: APGO) (OTCQB: APGOF) acquired 100% interest in the Athena claims at Langtry.[8] The company no longer options a project. It owns the entire Calico district.
The technical advantage is buried in the strip ratio: 0.8:1.
For every tonne of ore Apollo Silver extracts at Calico, it moves 0.8 tonnes of waste. Most open-pit silver mines operate at 5:1 or 10:1 strip ratios. That difference translates directly to cash costs per ounce.
This is a permanent margin advantage. It persists regardless of the silver price.
The 125 million ounces of measured and indicated silver sit in San Bernardino County, California. The county has over 90 active mine sites. The permitting track record is established. Infrastructure is in place.
San Bernardino County is the largest mining district in California. It’s also 90 minutes from Los Angeles.
While China cut off silver exports and the supply chain fractured, Apollo Silver consolidated a domestic resource that doesn’t cross a border to reach U.S. refineries.
Frame San Bernardino County as a domestic sanctuary for silver at a time when sovereign supply chains are the only supply chains that matter.
The 2026 Execution Blitz
Apollo Silver (TSXV: APGO) (OTCQB: APGOF) isn’t waiting for the silver price to stabilize. A 4,500-meter HQ core drill program launches in mid-Q1 2026 at Calico.
The current drilling phase focuses strictly on the engineering requirements of a bankable asset.
The core samples are designated for metallurgical and geotechnical studies. The company is building the technical foundation for a bankable feasibility study. The timeline is compressed because the resource is already defined.
The market is pricing Apollo Silver on Calico alone. Cinco de Mayo in Chihuahua, Mexico is basically valued at zero.[9]
That may change in early 2026.
A community vote is expected to rescind a 13-year access ban at Cinco de Mayo. If the ban is lifted, Apollo Silver unlocks a high-grade carbonate replacement deposit with 52.7 million ounces of historical silver resources plus significant lead and zinc credits.
The project moves forward with a confirmed resource, established geological mapping, and functional local infrastructure.
The only barrier is access. If that barrier falls, the market will reprice the asset.
Right now, it’s a free option on 52.7 million ounces of silver.
Make of that what you will…
The Arbitrage Close
Apollo Silver (TSXV: APGO) (OTCQB: APGOF) controls 125 million ounces of measured and indicated silver on U.S. soil. This represents one of the largest undeveloped silver resources currently on U.S. soil.
The current market capitalization represents a significant discount to the scale of the Calico district.
This is the valuation gap that Sprott and others identified most recently. When they wrote $27.5 million in checks at $5.00 per unit, they set a floor. When the board and management followed them in at the same price, they confirmed the arbitrage.
The lead time to position ahead of the domestic supply pivot is effectively evaporating.
China banned silver exports. The U.S. designated silver a critical mineral. Domestic supply is now sovereign supply. Apollo Silver owns 125 million ounces of measured and indicated silver in San Bernardino County with a 0.8:1 strip ratio and established infrastructure.
A re-rating at these levels moves out of the realm of speculation and into a territory defined by the scale of the verified resource.
The Catalyst Calendar
- Mid-Q1 2026: Launch of the 4,500m HQ core drill program for bankable engineering.
- Early 2026: The Cinco de Mayo community vote in Mexico. This is your “free option” on 52.7 million ounces of silver.
Positioned for the Domestic Silver Sanctuary
Apollo Silver (TSXV: APGO) (OTCQB: APGOF) represents a district-scale consolidation managed by an executive team with $2.5 billion in verified exits.
The 2026 program is strictly focused on the engineering requirements of a bankable feasibility study.
The smart money moved. The institutional floor is set at $5.00. The 4,500-meter drill program launches mid-Q1 2026.
The math is clear. The roster is documented. The execution timeline is active.
[View the Full Calico Technical Report & Recent News at ApolloSilver.com]
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SOURCES CITED:
[1] https://www.reuters.com/markets/deals/canada-clears-paladins-789-million-fission-uranium-takeover-2024-12-18/
[2] https://apollosilver.com/company-overview/management/
[3] https://apollosilver.com/calico-project/
[4] https://www.reuters.com/world/asia-pacific/china-names-companies-allowed-export-silver-over-2026-2027-2025-12-30/
[5] https://www.usgs.gov/news/science-snippet/interior-department-releases-final-2025-list-critical-minerals
[6] https://apollosilver.com/wp-content/uploads/2026/01/2026.01.21-APGO-NR-Strategic-Investment-Insider-Participation-Final.pdf
[7] https://apollosilver.com/apollo-silver-announces-2-5-million-upsize-to-previously-announced-financing-to-allow-for-insider-participation/
[8] https://apollosilver.com/apollo-silver-secures-100-interest-in-athena-claims-at-langtry/
