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# FS

Source: https://apollosilver.com/wp-content/uploads/2026/03/Apollo-Silver-FS-YE-2025.pdf
Fetched: 2026-09-12T06:58:52.721+00:00
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## Content

# FS
APOLLO SILVER CORP.
CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER 30, 2025
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APOLLO SILVER CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Stated in Canadian Dollars)
November 30, November 30,
Notes 2025 2024
ASSETS
Current assets
Cash and cash equivalents 6 $ 31,702,286 $ 13,684,047
Receivables 158,574 14,961
Prepaid expenses and deposits 7 1,891,786 230,337
Total current assets $ 33,752,646 $ 13,929,345
Non-current assets
Property and equipment 8 211,687 186,548
TOTAL ASSETS $ 33,964,333 $ 14,115,893
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities $ 592,208 $ 290,901
Lease liability 9(b) 100,275 59,987
Total current liabilities $ 692,483 $ 350,888
Non-current liabilities
Lease liability 9(b) 75,149 53,434
TOTAL LIABILITIES $ 767,632 $ 404,322
SHAREHOLDERS' EQUITY
Share capital 10 $ 141,285,492 $ 114,761,639
Reserves 10(d),(e) 7,502,321 5,143,032
Accumulated other comprehensive loss (219,404) (202,737)
Accumulated deficit (115,371,708) (105,990,363)
TOTAL SHAREHOLDERS' EQUITY $ 33,196,701 $ 13,711,571
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,964,333 $ 14,115,893
Nature and continuance of operations (Note 1)
Subsequent events (Notes 11 and 19)
Approved and authorized for issue on behalf of the Board on March 11, 2026:
/s/ Andrew Bowering /s/ Steven Thomas
Andrew Bowering, Director Steven Thomas, Director
The accompanying notes are an integral part of these consolidated financial statements.
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APOLLO SILVER CORP.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Stated in Canadian Dollars)
Year ended November 30,
Notes 2025 2024
Operating expenses
Exploration and evaluation expenses 11 $ 4,018,878 $ 1,574,694
Administrative expenses 12 5,465,151 1,365,850
Depreciation 8 143,865 139,232
Loss from operations 9,627,894 3,079,776
Other expenses
Loss (gain) on foreign exchange 117,992 (7,318)
Interest expense 9(b) 34,961 23,863
Other income (399,421) (109,807)
(Gain) loss on disposal of property and equipment 8 (81) 7,356
Net loss for the year $ 9,381,345 $ 2,993,870
Other comprehensive loss (income)
Items that may be reclassified subsequently to loss:
Currency translation adjustment $ 16,667 $ (5,332)
Total other comprehensive loss (income) $ 16,667 $ (5,332)
Total comprehensive loss for the year $ 9,398,012 $ 2,988,538
Loss per share (basic and diluted) 3(q) $ 0.19 $ 0.08
Weighted average number of basic and diluted
common shares outstanding 3(q) 49,248,341 35,767,732
The accompanying notes are an integral part of these consolidated financial statements.
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APOLLO SILVER CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in Canadian Dollars)
Year ended November 30,
Notes 2025 2024
Operating activities
Net loss for the year $ (9,381,345) $ (2,993,870)
Adjustments for non-cash items:
Share-based payments 11,12 2,138,994 40,627
Depreciation 8 143,865 139,232
Interest expense 9(b) 34,961 23,863
(Gain) loss on disposition of property and equipment 8 (81) 7,356
Unrealized foreign exchange (gain) loss (98,486) 17,875
Changes in non-cash working capital items:
Receivables (143,613) (9,826)
Prepaid expenses (1,661,449) (157,299)
Accounts payable and accrued liabilities 160,366 64,086
Cash used in operating activities (8,806,788) (2,867,956)
Investing activities
Acquisition of equipment 8 (15,756) (9,100)
Disposition of equipment 8 1,500 -
Cash used in investing activites (14,256) (9,100)
Financing activities
Proceeds from private placement 10(c) 26,775,648 13,500,000
Share issuance costs 10(c) (91,202) (395,650)
Proceeds from exercise of warrants 10(e) 49,060 -
Proceeds from exercise of share purchase options 10(c) 151,583 29,167
Principal payments on lease liabilities 9(b) (92,670) (97,694)
Interest payments on lease liabilities 9(b) (34,961) (23,863)
Cash from financing activities 26,757,458 13,011,960
Effect of changes in foreign exchange rates on
cash and cash equivalents 81,825 (14,680)
Change in cash and cash equivalents 18,018,239 10,120,224
Cash and cash equivalents, beginning of year 13,684,047 3,563,823
Cash and cash equivalents, end of year $ 31,702,286 $ 13,684,047
Supplemental cash flow information (Note 16)
The accompanying notes are an integral part of these consolidated financial statements.
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APOLLO SILVER CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Stated in Canadian Dollars)
Reserves
Number Accumulated
of common Share-based other
shares Share Contributed payments comprehensive Accumulated
Notes (Note 3(q)) capital surplus reserve (loss) income deficit Total
Balance at November 30, 2023 34,892,079 $ 101,628,076 $ 1,114,447 $ 4,004,958 $ (208,069) $ (102,996,493) $ 3,542,919
Net loss for the year - - - - - (2,993,870) (2,993,870)
Shares issued in private placement 10(c) 13,500,000 13,500,000 - - - - 13,500,000
Share issuance costs 10(c) - (412,604) - - - - (412,604)
Shares issued on exercise of share purchase options 10(e) 46,667 46,167 - (17,000) - - 29,167
Share-based payments 10(e) - - - 40,627 - - 40,627
Other comprehensive income - - - - 5,332 - 5,332
Balance at November 30, 2024 48,438,746 $ 114,761,639 $ 1,114,447 $ 4,028,585 $ (202,737) $ (105,990,363) $ 13,711,571
Balance at November 30, 2024 48,438,746 $ 114,761,639 $ 1,114,447 $ 4,028,585 $ (202,737) $ (105,990,363) $ 13,711,571
Net loss for the year - - - - - (9,381,345) (9,381,345)
Shares issued in private placement 10(c) 7,437,680 26,775,648 - - - - 26,775,648
Share issuance costs 10(c) - (1,299,589) - - - - (1,299,589)
Units issued in settlement of finder's fees 10(c),10(d) 206,528 743,501 - 323,945 - - 1,067,446
Shares issued on exercise of share purchase options 10(e) 223,333 255,233 - (103,650) - - 151,583
Exercise of warrants 10(c),10(d) 12,420 49,060 - - - - 49,060
Share-based payments 10(c),10(e) - - - 2,138,994 - - 2,138,994
Other comprehensive loss - - - - (16,667) - (16,667)
Balance at November 30, 2025 56,318,707 $ 141,285,492 $ 1,114,447 $ 6,387,874 $ (219,404) $ (115,371,708) $ 33,196,701
The accompanying notes are an integral part of these consolidated financial statements.
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APOLLO SILVER CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the years ended November 30, 2025 and 2024
(Stated in Canadian Dollars, unless otherwise noted)
1. NATURE AND CONTINUANCE OF OPERATIONS
Apollo Silver Corp. (the “Company” or “Apollo”) is a publicly listed exploration and development company
incorporated on September 22, 1999, under the laws of the Province of Alberta, Canada. The Company filed for
continuance under the Canada Business Corporations Act on December 1, 2003, and then under the laws of British
Columbia on November 2, 2010. The Company is listed on the TSX Venture Exchange (“TSX-V”) and its shares
trade under the symbol APGO. The Company is also listed on the OTCQB and Frankfurt Stock Exchange and its
shares trade under the symbols APGOF and 6ZF0, respectively. The Company’s head office and registered and records
office is #710-1030 West Georgia Street, Vancouver, British Columbia, Canada, V6E 2Y3.
The Company, together with its subsidiaries, is a mineral exploration and development group focused on advancing
the Calico Silver Project (the “Calico Project”), its silver exploration and resource development project in the United
States, as well as its optioned project in Chihuahua, Mexico, called the Cinco de Mayo Project (“Cinco de Mayo”).
The Calico Project is comprised of the Waterloo property (the “Waterloo Property”), the Langtry property (the
“Langtry Property”), and the newly acquired Mule property (the “Mule Property”) in San Bernardino County,
California. The principal business of the Company is the acquisition, exploration, and definition of potentially
economically viable mineral resource deposits on mineral properties.
These consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (“IFRS”) applicable to a going concern, which assumes that the Company will continue operations for the
foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.
The Company has incurred losses from inception and does not currently have the financial resources to sustain
operations in the long term. For the year ended November 30, 2025, the Company had no operating revenue and
incurred a net loss of approximately $9.38 million (November 30, 2024 - $2.99 million). At November 30, 2025, the
Company had consolidated cash of approximately $31.70 million (November 30, 2024 - $13.68 million) to apply
against current liabilities of approximately $692,000 (November 30, 2024 - $351,000).
At November 30, 2025, the Company believed it had adequate resources to maintain its minimum obligations arising
over the next 12 months, including general corporate activities, based on its cash position, its ability to modify planned
activities or exploration programs, and ability to pursue additional sources of financing, including equity placements.
The Company currently has no source of operating cash flow and is therefore dependent on external financing to fund
exploration, evaluation and development of its mineral properties and to meet its ongoing obligations. The Company’s
ability to continue to explore, evaluate and develop its mineral properties and ultimately achieve profitable operations
will depend, in part, on its ability to obtain additional financing in the future. While the Company has been successful
in obtaining funding in the past, there is no assurance that future financing will be available or be available on favorable
terms. The ability to secure financing may be impaired, or such financing may not be available on favorable terms due
to conditions beyond the Company’s control, such as uncertainty in capital markets, changes in commodity prices or
country-specific risk factors.
2. BASIS OF PREPARATION
These consolidated financial statements, including comparatives, have been prepared in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board (“IASB”), effective as of November
30, 2025.
3. MATERIAL ACCOUNTING POLICY INFORMATION
(a) Basis of measurement
These consolidated financial statements have been prepared on a historical cost basis except as disclosed in these
accounting policies.
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APOLLO SILVER CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the years ended November 30, 2025 and 2024
(Stated in Canadian Dollars, unless otherwise noted)
(b) Functional and presentation currency
These consolidated financial statements are presented in Canadian dollars, which is also the Company’s
functional currency. Each of the Company’s subsidiaries determines its own functional currency, and items
included in the financial statements of each subsidiary are measured in that functional currency. The functional
currency of the Company’s Canadian subsidiaries is the Canadian dollar. The functional currency of the
Company’s foreign exploration and development subsidiaries in the USA and Mexico are the US dollar and
Mexican peso, respectively.
References to “$” are to Canadian dollars, except where otherwise indicated.
(c) Basis of consolidation
These consolidated financial statements include the accounts of the Company and its subsidiaries, which are
entities controlled by the Company. Control is achieved where the Company has the power to govern the financial
and operating policies of an entity so as to obtain benefits from the entity’s activities. The financial statements
of subsidiaries are included in the consolidated financial statements as of the date that control commences until
the date that control ceases. If the Company’s interest in a subsidiary that it has determined it controls, is less
than 100%, the in

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