NI 43-101 - October 16, 2025

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# NI 43-101 - October 16, 2025

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# NI 43-101 - October 16, 2025
NI 43-101 Technical Report and
Mineral Resource Estimate for
the Calico Silver Project, San
Bernardino County, California,
USA
Submitted to:
Apollo Silver Corp.
Report Date: October 16, 2025
Effective Date: June 30, 2025
Stantec Consulting
International LLC
2890, East Cottonwood Parkway
Ste. 300, Salt Lake City, Utah
84121-7283
Tel: (801) 617-3200
Author(s):
Derek Loveday, P. Geo.
Mariea Kartick, P. Geo.
Johnny Marke, PG
Project No. 182925562
IMPORTANT NOTICE
This notice is an integral component of the Technical Report and Mineral Resource Estimate for
the Calico Silver Project, San Bernardino County, California, USA (“Technical Report” or “Report”)
and should be read in its entirety and must accompany every copy made of the Technical Report.
The Technical Report has been prepared in accordance with the requirements of National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Technical Report has been prepared for Apollo Silver Corp. (“Apollo”) by Stantec Consulting
International LLC (“Stantec”). The Technical Report is based on information and data supplied to
Stantec by Apollo. The quality of information, conclusions, and estimates contained herein are
consistent with the level of effort involved in the services of Stantec, based on i) information
available at the time of preparation of the Report, and ii) the assumptions, conditions, and
qualifications set forth in this Report.
Each portion of the Technical Report is intended for use by Apollo subject to the terms and
conditions of its contract, (dated March 13, 2025) with Stantec. Except for the purposes legislated
under Canadian provincial and territorial securities law, any other uses of the Technical Report, by
any third party, is at that party’s sole risk.
The results of the Technical Report represent forward-looking information. The forward-looking
information includes pricing assumptions, sales forecasts, projected capital and operating costs,
mine life and production rates, and other assumptions. Readers are cautioned that actual results
may vary from those presented. The factors and assumptions used to develop the forward-looking
information, and the risks that could cause the actual results to differ materially are presented in
the body of this Technical Report.
Stantec has used their experience and industry expertise to produce the estimates in the Technical
Report. Where Stantec has made these estimates, they are subject to qualifications and
assumptions, and it should also be noted that all estimates contained in the Technical Report may
be prone to fluctuations with time and changing industry circumstances.
CERT-1
CERTIFICATE OF QUALIFICATIONS
I, Derek J. Loveday, P.Geo., do hereby certify that:
1. I am currently employed as a Geologic Services Manager by Stantec Consulting International
LLC, 2890 East Cottonwood Parkway Suite 300, Salt Lake City UT 84121-7283.
2. I graduated with a Bachelor of Science Honors Degree in Geology from Rhodes University,
Grahamstown, South Africa in 1992.
3. I am a licensed Professional Geoscientist in the Province of Alberta, Canada, #159394.
4. I have worked as a geologist for a total of thirty-one years since my graduation from university, both
for mining and exploration companies and as a consultant specializing in resource evaluation for
precious metals and industrial minerals. I have many years of experience with exploring and
modelling stratiform polymetallic precious and base metals deposits located in the United States
and Mexico.
5. I have read the definition of “Qualified Person” set out in National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI-43-101”) and certify that by reason of my education, affiliation
with a professional association (as defined in NI 43-101), and past relevant work experience, I meet
the requirements to be a “Qualified Person” (or “QP”) for the purposes of NI 43-101.
6. I am responsible for the preparation of portions of sections 1 and 2, sections 3 to 24, portions of
section 25, section 26 and portions of section 27 of the report titled “NI 43-101 Technical Report
for the Mineral Resource Estimate of the Calico Silver Project, San Bernardino County, California,
USA” (the “Technical Report”) dated October 16, 2025, with an Effective Date June 30, 2025.
7. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in
compliance with that instrument and form.
8. I was Author and QP of the prior Technical Report prepared for the Calico Silver Project dated April
20, 2023, with Effective Date of February 8, 2023.
9. In 2021, I inspected the Calico Silver Project area from December 13, 2021, through December 14,
2021.
10. At the Effective Date of the Technical Report, to the best of my knowledge, information, and belief,
the Technical Report contains all scientific and technical information that is required to be disclosed
to make the Technical Report not misleading.
11. I am not aware of any material fact or material change with respect to the subject matter of the
Technical Report that is not reflected in the Report, the omission to disclose which makes the
Report misleading.
12. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.
“Original Signed and Sealed by Author”
Dated October 16, 2025 _________________________________
Derek J. Loveday, P.Geo.
Geologic Services Manager
CERT-2
CERTIFICATE OF QUALIFICATIONS
I, Mariea Kartick, P. Geo., do hereby certify that:
1. I am currently employed as a Project Manager by Stantec Consulting International LLC, 1560
Broadway Suite 1800 Denver CO 80202-6000.
2. I graduated with an Honours Bachelor of Science degree from the University of Toronto in 2014,
and a Master of Science degree from the University of Toronto in 2015.
3. I am a member in-good-standing of the Association of Professional Geoscientists of Ontario
(Member 3226) since February 24, 2020.
4. I have worked as a Geologist for 8 years following graduation from my undergraduate degree, both
for mining operations and as a consultant, specializing in resource geology for precious and semi-
precious metals. I have several years experience writing about and evaluating mineral resources
under stringent supervision of experienced QPs.
5. I have read the definition of “Qualified Person” set out in National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“Ni-43-101) and certify that by reason of my education, affiliation
with a professional association (as defined in NI 43-101), and past relevant work experience, I meet
the requirements to be a “Qualified Person” (or “QP”) for the purposes of NI 43-101.
6. I am responsible for the preparation of portions of sections 1, 2, 12, 25 and 27 report titled “NI 43-
101 Technical Report for the Mineral Resource Estimate of the Calico Silver Project, San
Bernardino County, California, USA” (the “Technical Report”) dated October 16, 2025, and with
an Effective Date June 30, 2025.
7. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in
compliance with that instrument and form.
8. I inspected the Waterloo Property between May 16 and May 19, 2022.
9. I have no prior involvement with the Property that is the subject to this Technical Report.
10. At the effective date of the Technical Report, to the best of my knowledge, information, and belief,
the Technical Report contains all scientific and technical information that is required to be disclosed
to make the Technical Report not misleading.
11. I am not aware of any material fact or material change with respect to the subject matter of the
Technical Report that is not reflected in the Report, the omission to disclose which makes the
Report misleading.
12. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.
Dated October 16, 2025
“Original Signed and Sealed by Author”
__________________________________
Mariea Kartick, P.Geo.
Project Manager
T0C-3
CERTIFICATE OF QUALIFICATIONS
I, Johnny Marke, PG, do hereby certify that:
1. I am currently employed as a Resource Geologist by Stantec Consulting International LLC, 1001
Lakeside Ave E Ste 1600, Cleveland, Ohio 44114-1193.
2. I graduated with a Bachelor of Science Degree in Geology from The University of Akron, Akron,
Ohio in 2019.
3. I am a licensed Professional Geologist in the State of Oregon, #G2896.
4. I have worked as a geologist for a total of six years since my graduation from university, both for
mining companies and as a consultant specializing in resource evaluation for precious metals and
industrial minerals. I have six years of experience with exploring and modelling stratiform
polymetallic precious and base metals deposits located in the United States.
5. I have read the definition of “Qualified Person” set out in National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI 43-101”) and certify that by reason of my education, affiliation
with a professional association (as defined in NI 43-101), and past relevant work experience, I meet
the requirements to be a “Qualified Person” (or “QP”) for the purposes of NI 43-101.
6. I am responsible for the preparation of portions of Sections 1, 2, and 12, Section 14, portions of
Sections 25 and 27 of the report titled “NI 43-101 Technical Report for the Mineral Resource
Estimate of the Calico Silver Project, San Bernardino County, California, USA” (the “Technical
Report”) dated October 16, 2025, with an Effective Date June 30, 2025.
7. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in
compliance with that instrument and form.
8. I inspected the Calico Silver Project area from November 8, 2022, through November 11, 2022.
9. I have no prior involvement with the Property that is the subject to this Technical Report.
10. At the Effective Date of the Technical Report, to the best of my knowledge, information, and belief,
the Technical Report contains all scientific and technical information that is required to be disclosed
to make the Technical Report not misleading.
11. I am not aware of any material fact or material change with respect to the subject matter of the
Technical Report that is not reflected in the Report, the omission to disclose which makes the
Report misleading.
12. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.
“Original Signed and Sealed by Author”
Dated October 16, 2025 _________________________________
Johnny Marke, PG
Resource Geologist
T0C-4
TABLE OF CONTENTS
EXECUTIVE SUMMARY ..............................................................................................1-1
INTRODUCTION ..........................................................................................................2-1
2.1 Site Inspection and Author ................................................................................2-1
2.2 Sources of Information ......................................................................................2-2
2.3 Units of Measure ...............................................................................................2-2
RELIANCE ON OTHER EXPERTS ..............................................................................3-1
PROPERTY DESCRIPTION AND LOCATION .............................................................4-1
4.1 Description and Location...................................................................................4-1
4.2 Tenure, Agreements and Royalties ...................................................................4-1
Waterloo Property .................................................................................4-1
Langtry Property .

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