As we have seen in the spot price, ETFs and equities over the last twelve months, silver is in the early stages of what looks to be an extended bull market. The reason is a straightforward case of supply and demand. While demand is strong and steady, primary supply (mining) is struggling. As The Silver Institute has made clear, this supply deficit – which emerged in 2021 – appears set to continue. Despite a modest increase in production from Mexico, silver supply has been in this deficit state since 2021. During this time, demand has remained strong and, while there are still enough stockpiles to fill the gap, the multi-year supply deficit is making its presence felt – as the upwards price trend proves. Now factor in the approaching end-of-life for several primary silver mines in Mexico and you have a silver market quietly positioning itself for a sustained period of significantly higher prices. It is at this time that I have taken the helm of Apollo Silver as President and CEO. I was offered the role by Apollo Chairman, Andy Bowering, because of my track record of delivering major value growth via a combination of successful exploration and asset