MD&A

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# MD&A

Source: https://apollosilver.com/wp-content/uploads/2026/03/Apollo-Silver-MDA-YE-2025.pdf
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## Content

# MD&A
APOLLO SILVER CORP.
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2025
AS AT MARCH 11, 2026
Page 1 of 33
Apollo Silver Corp. – Management Discussion and Analysis
INTRODUCTION
The following Management Discussion and Analysis (“MD&A”) is for Apollo Silver Corp. (“Apollo” or the “Company”) and
has been prepared based on information known to management as of March 11, 2026.
The purpose of this MD&A is to provide readers with management’s overview of the past performance of, and outlook for,
Apollo. The report also provides information to enhance readers’ understanding of the Company’s consolidated financial
statements and highlights important business trends and risks affecting the Company’s financial performance. It is intended to
complement and supplement the Company’s consolidated financial statements, but it does not form part of those consolidated
financial statements. This MD&A should be read in conjunction with the consolidated financial statements and notes thereto for
the years ended November 30, 2025 and 2024 (the “Financial Statements”), and the MD&A for the year ended November 30,
2024.
All information contained in this MD&A is current as of March 11, 2026, unless otherwise stated.
All financial information in this document, including the Company’s financial position, results of operations and cash flows is
prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”),
unless otherwise stated. Unless otherwise stated, all dollar figures included in this MD&A are expressed in Canadian dollars.
FORWARD-LOOKING STATEMENTS
This MD&A contains “forward-looking information” or “forward-looking statements” (collectively, “forward-looking
statements”), which reflect the Company’s current expectations regarding the future results of operations, performance, and
achievements of the Company. Forward-looking statements in this MD&A include, but are not limited to, statements with respect
to the potential of the Calico Silver Project (“Calico” or “Calico Project”) and Cinco de Mayo Project (“Cinco” or “Cinco de
Mayo”) (together, the “Projects”); the potential to expand the Calico silver and gold resource estimates and upgrade their
confidence levels, including prospective mineralization on strike and at depth; the potential to further expand the updated mineral
resource estimate announced in 2025, which now includes barite and zinc; expected timing and results of future metallurgical
testing; future silver, barite, and zinc recoveries at the Projects; expected timing and results of future drilling or exploration work
on the Projects; the expected timing of further resource estimates or economic studies on the Projects; the estimation of mineral
resources and reserves; the realization of mineral resource estimates; the realization of metal recovery estimates; the potential to
obtain the necessary licensing to operate and perform exploration activities at Cinco; the potential to advance community relations
and regain access to Cinco de Mayo; the potential to locate and identify a larger and higher-grade resource at depth at Cinco de
Mayo; the potential for new discoveries at Cinco de Mayo; geological interpretations and historical resource estimates for Cinco
de Mayo; the anticipated use of proceeds from the recently completed private placement financing; as well as statements with
respect to the Company’s opinions and beliefs, financial position, business strategy, budgets, historic and current mineral resource
estimates and classifications; ongoing or future development activities; ability to identify and secure additional exploration and
acquisition opportunities and projects; drilling, logging and re-logging; geochemical and geological modeling plans; data from
sampling programs; potential for higher grades or additional metal recoveries (including barite and zinc); references to additional
potential discoveries; targeting efforts in greenfield areas; assay results; expanded mineralized zones; ground surveys; publication
of updated mineral resource estimates; and the plans and objectives of management for properties and operations.
The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words
such as “plan”, “anticipate”, “believe”, “estimate”, “expect”, “is expected to”, “budget”, “schedule”, “forecast”, “intend”, or
variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will be
taken”, “occur” or “be achieved”, or the negative connotation thereof.
Forward-looking statements are based on a number of assumptions which management believes to be reasonable at the time such
statements are made, including, but not limited to, assumptions regarding: the availability of financing on reasonable terms; the
ability of the Company to obtain necessary permits, licences and regulatory approvals; the ability to maintain access to its mineral
properties; commodity prices and exchange rates; the availability of labour, equipment and services; and the continued validity
of geological interpretations and mineral resource estimates.
Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual
results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, these
statements. These uncertainties are factors that include, but are not limited to, risks related to mineral property exploration and
mining; possible variations in mineral resources, grade or recovery rates; financing and share price fluctuation; general economic
conditions, including risks related to macro-economic and global financial conditions; inflation; fluctuations in prices of silver,
gold, barite, zinc, and other commodities; history of losses; title claims; licensing and permitting; limitations on insurance;
competition; limitations on the ability to acquire and integrate new properties or businesses; the ability to obtain governmental
Page 2 of 33
Apollo Silver Corp. – Management Discussion and Analysis
permits and/or approvals in a timely manner; regulatory risks; conflicts of interest; the ability to retain key personnel;
environmental; foreign operations; the inability to restore community relations and regain access to Cinco de Mayo; litigation;
climate change; fluctuations in market prices of mining consumables and other goods or services required for the current or future
work program; fluctuations in foreign currency exchange rates; information technology; changes in national and local
government regulation of mining operations, tax rules and regulations, and political and economic developments in the United
States of America and Mexico; and the unknown impact related to potential business disruptions stemming from future
pandemics or other infectious illnesses, ongoing or future global conflicts, trade tensions, tariffs, and other risks of the mining
industry.
This MD&A contains references to estimates of mineral resources. The estimation of mineral resources is inherently uncertain
and involves subjective judgements about many relevant factors. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data,
and of the assumptions made and judgements used in engineering and geological interpretation, which may prove to be unreliable
and depend, to a certain extent, upon the analysis of drilling results and geological and statistical inferences that ultimately may
prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in mineral prices; (ii)
results of drilling; (iii) results of metallurgical testing and other studies; (iv) proposed and completed exploration programs; (v)
the evaluation of exploration and drilling plans subsequent to the date of any estimates; and (vi) the possible failure to receive
required permits, approvals and licenses.
This MD&A also contains references to historical mineral resource estimates. The historical mineral resources discussed are
referred to as such because although they were calculated using mining industry standard practices, they were done so prior to
the implementation of the current Canadian Institute of Mining’s (“CIM”) standards for mineral resource estimation (as defined
by the CIM Definition Standard on Mineral Resources and Ore Reserves dated May 10, 2014). An independent Qualified Person
(“QP”), as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
has not completed sufficient work to classify these estimates discussed as current mineral resources or reserves and therefore the
reader is cautioned to treat them as historical in nature and not current mineral resources or mineral reserves. The historical
estimates are reliable and relevant to be included here in that they simply demonstrate the mineral potential of the properties. A
thorough review of all historic data performed by an independent QP, along with additional exploration work to confirm results,
would be required in order to produce a current mineral resource estimate for either property.
The Company’s management periodically reviews information reflected in forward-looking statements. The Company has and
continues to disclose in its MD&A and other publicly filed documents, changes to material factors or assumptions underlying
the forward-looking statements and to the validity of the statements themselves in the period the changes occur. Historical results
of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future
results from operations.
The forward-looking statements contained in this MD&A are expressly qualified by this cautionary statement. Apollo does not
undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
Readers should refer to the “Risks and Uncertainties” section of this MD&A and subsequent continuous disclosure filings with
the Canadian Securities Administrators, which are available at www.sedarplus.ca.
The forward-looking statements contained herein are made and based on information available as of March 11, 2026.
ADDITIONAL INFORMATION
Condensed interim financial statements, annual financial statements, MD&A and additional information relevant to the Company
and the Company’s activities can be found on SEDAR+ at www.sedarplus.ca and on the Company’s website at
www.apollosilver.com.
OVERVIEW OF THE BUSINESS
The Company is a publicly listed mineral exploration and development company incorporated under the laws of the Province of
Alberta, Canada on September 22, 1999. 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 common shares trade under the symbol APGO. The Company is also listed on the OTCQB
and Frankfurt Stock Exchange where its common shares trade under the symbols APGOF and 6ZF0, respectively. The
Company’s head office, principal address and registered and records office is #710-1030 West Georgia Street, Vancouver, British
Columbia, Canada, V6E 2Y3.
Page 3 of 33
Apollo Silver Corp. – Management Discussion and Analysis
The Company is focused on advancing its Calico Project, an exploration and development project in the United States, as well
as its opt

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