Four Paths to Growth: Apollo’s Calico Project I was approached to run Apollo because of my track record as a mining executive and my experience in building and leading successful technical teams. A big part of the reason I accepted the role is the quality of the company’s two projects, the flagship being Calico. Let me explain how I look at these things as a geologist, mining CEO, and as an investor. If a company is serious about building the next silver exploration and development powerhouse, it needs a project like Calico. It has size, location, and multiple avenues for growth. With the right approach, Calico has the potential to deliver not just growth but growth with some serious momentum. Value Growth Through Resource Development Let’s start with the resource development path. For those of you who might be new to the Apollo story, Calico is already one of the largest, undeveloped primary silver projects in the US. It has 110 Moz at 100 g/t Ag sitting in the Measured & Indicated category1, and a further 51 Moz at 86 g/t Ag in the Inferred category2. So, it’s a very large, high confidence resource and most of it is sitting

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