Apollo Silver Corp.
Apollo Silver Corp. combines the Waterloo and Langtry silver properties into the Calico project, one of the largest undeveloped primary silver projects in the US. Waterloo alone carries a Measured & Indicated resource of 125 million oz silver (55Mt at 71 g/t Ag). The company initiated a Preliminary Economic Assessment for Calico in March 2026, alongside a 2026 program of geological mapping, IP/airborne magnetic surveys, and a 4,500-metre HQ core drill program supporting metallurgical and geotechnical work.
Notable vs. Peers
- Financials score of 9.2/10 is stronger than the peer average of 5.8/10.
- Trading within 1% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Jurisdiction (40%)6/10
California: Fraser PPI 2024 is 25.66 of 100 (rank 68 of 82; not rated in the 2025 survey), which maps to 6 on this site's scale. The Calico silver project (Waterloo and Langtry) is in San Bernardino County, California. California has US rule of law, but its mining policy climate ranks among the lowest in Fraser's survey, and a new mine needs CEQA environmental review and county approvals.
Infrastructure (40%)6.4/10
Confirmed road access at Calico Silver Project (Waterloo and Langtry), San Bernardino County, California; existing mill, grid power, and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Soledad Mountain (Golden Queen Mining Company, LLC), 120 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.7/10
Nearest producing mine: Soledad Mountain (Golden Queen Mining Company, LLC), 120 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
United States: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Apollo Silver Corp. A Chartered Professional Accountant with more than two decades of experience in senior executive roles across the global mining industry, delivering financial and operational excellence spanning operations globally. A permanent resident of Mexico.
Chief Financial Officer of Apollo Silver Corp. (CPA, CA) Over 13 years of experience in the finance and mining industry, having begun his career with PwC working with Canadian and U.S.-listed mining and exploration companies with operations across Asia, North America, South America and Europe. Has since held senior finance roles including Controller and Chief Financial Officer positions with publicly traded mining companies, where he has supported financial reporting, planning and capital markets activities and contributed to strong corporate governance practices.
Vice President, Commercial and Compliance, and Corporate Secretary of Apollo Silver Corp. (LLB) A seasoned governance and legal professional with over 14 years of experience in corporate and securities law, leading the company's compliance, governance and legal functions and ensuring adherence to public company obligations across North America. Previously served as Vice President, Compliance and Corporate Secretary at Maple Gold Mines Ltd., and before that as Corporate Secretary for two publicly traded companies listed in both Canada and the United States.
Director of Mineral Resources of Apollo Silver Corp. (M.Sc., P.Geo) With over 20 years' experience leading resource-focused technical programs and teams, brings extensive knowledge in mineral resource management to Apollo. Her experience ranges across the advanced stages of the resource development cycle through to mining; most recently she was Director, Mineral Resources at Stornoway Diamonds.
Senior Project Manager of Apollo Silver Corp. (B.Sc. (Spec), P.Geo) A seasoned geologist with over 35 years of experience in mining and exploration across Canada; his BHP roles included Senior Exploration Geologist, Technical Specialist (R&D) and Superintendent of Exploration. Spent over two decades with BHP, playing a crucial role in developing Canada's first surface and underground diamond mine including the Fox, Panda, Misery and Koala kimberlite pipes at EKATI. Since 2011 has been instrumental in uranium exploration with Fission companies, contributing to major discoveries including the J-Zone, Triple-R deposit and F3 Uranium Corp's JR Zone in the Athabasca Basin. Brings expertise in project management, technical leadership and overseeing large exploration teams of 50+ personnel.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Three separate Apollo insiders bought stock on the open market during 2026 and none sold. Ross McElroy bought across six fills on 13 March at $3.74-$3.80, Andrew Bowering bought in both March and July, and Colin Sutherland accumulated steadily from 16 to 21 July at $2.46-$2.64 -- buying into a falling share price rather than a rising one. Separately, Eric Sprott, through a company he controls, is a confirmed 10.3% shareholder (6,188,889 shares and 3,888,889 warrants, approximately 15.8% partially diluted) as of the January 21, 2026 closing of a $25 million strategic financing he co-led alongside a fund managed by Jupiter Asset Management, which took an approximately 12.1% stake of its own in the same round.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Apollo Silver is combining its Waterloo and Langtry silver properties in San Bernardino County, California, into the Calico project, which it describes as one of the largest undeveloped primary silver projects in the United States. The resource effective 30 June 2025 gives Waterloo 125,000,000 oz of silver in measured and indicated resources (55 Mt at 71 g/t), of which 104,000,000 oz is measured and 21,000,000 oz indicated, plus 510,000 oz inferred, while Langtry adds 57,000,000 oz of silver, all inferred, for 57,510,000 oz inferred in total. In March 2026 the company engaged SLR Consulting to lead a preliminary economic assessment for Calico, guided for the third quarter of 2026 and not yet published, supported by a 2026 program of 4,500 m of large-diameter core drilling for metallurgical and geotechnical data.