One of America's Largest Undeveloped Silver Deposits Moves Forward as Supply Tightens Globally

1. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Apollo Silver Corp. (APGO:TSX.V; APGOF:OTCQB) is a silver-focused exploration and development company advancing projects in the United States and Mexico. The company is focused on becoming a mid-tier silver producer by advancing silver-focused projects in mining-friendly U.S. jurisdictions, with a strategy centered on exploration and resource definition programs in areas with historic silver production and limited modern exploration.

The company's primary asset is the Calico Project in San Bernardino County, California, which hosts one of the largest undeveloped primary silver deposits in the United States. According to the company, the project contains 125 million ounces of silver in the Measured and Indicated category within 55 million tonnes grading 71 g/t silver, and 58 million ounces of silver in the Inferred category within 25 million tonnes grading 71 g/t silver. The project also contains additional mineral resources, including barite and zinc, with an Indicated Resource of 2.7 million tonnes of barite and 354 million pounds of zinc, and an Inferred Resource of 0.65 million tonnes of barite and 258 million pounds of zinc.

Apollo Silver also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is described as hosting a major carbonate replacement deposit that is both high-grade and large tonnage.

On March 18, the company announced that it had engaged SLR Consulting (Canada) Ltd. to lead a Preliminary Economic Assessment on the Calico Project. The company stated that SLR will also provide metallurgical and geotechnical advisory support as part of ongoing development work. In addition, Precision GeoSurveys US Inc. completed a high-resolution airborne magnetic and radiometric survey covering approximately 632-line km across the Waterloo and Mule properties.

Ross McElroy, President and CEO of Apollo Silver, said in a company news release, "The initiation of the PEA marks an important milestone in advancing the Calico Project on the development path."

The company also reported that metallurgical and geotechnical programs are being advanced to support further engineering development, including site investigations, laboratory testing, and metallurgical test work to evaluate mineral recovery and processing flowsheets.

Apollo Silver stated that the Calico Project consists of 525 mineral claims across three properties totaling 8,419 acres, with the majority of mineral resources located on private land with vested mining rights.

Silver Market Dynamics Reflect Strong Demand and Supply Constraints

According to a March 20 report from Kitco Media, China's silver imports reached an eight-year high in the first two months of the year, with "over 790 tonnes of silver" imported, driven by "burgeoning demand from the industrial and investment sectors." The report stated that strong local demand "drained domestic silver stockpiles, and drove unprecedented foreign purchases," while also noting that "2026 has seen the most volatile start for silver prices of any year on record."

Analysts at Goldman Sachs, cited in the same March 20 report, wrote that "thinner inventories have created conditions for squeezes, where rallies accelerate as investor flows absorb remaining metal in the London vaults and reverse sharply when tightness eases." They added that "disruption risk may prompt participants to secure their own stockpiles rather than share buffers globally," describing a shift that "would create an inefficient structure… transforming a smooth, integrated market into one prone to sharp, localized price swings."

A March 20 report from VBL and CJC similarly highlighted strong physical demand, stating that "China's silver imports surged to an eight-year high at the start of 2026 as strong industrial and retail investment demand drove overseas purchases." Rhona O'Connell of StoneX Group was quoted as saying, "Demand for physical bars is very strong, and solar cell manufacturers are going gangbusters." The same report cited Daniel Ghali of TD Securities, who stated, "The London market is behaving very well despite this strong demand for silver in China," while Simone Knobloch of Valcambi SA added that "China is one of the world's most significant markets for both industrial consumption and silver investment."

In a March 23 article, Richard Mills described ongoing supply challenges in the silver market, stating that "there is a significant, ongoing structural shortage of physical silver in 2026, marking six consecutive years of deficits where industrial and investment demand outweighs supply." The article also noted that "strong demand has led to shortages in physical silver products (bars and coins) and tight supply in the physical market," and that "the industrial demand story is why silver is scarce."

The same March 23 report stated that "most silver is produced as a byproduct of copper, lead, and zinc mining," and that "production cannot quickly increase when demand rises or prices spike," adding that "it often requires 7–15 years to move from discovery to meaningful output." It further stated that "the silver market is experiencing a severe structural deficit, with demand consistently outstripping both primary mining output and recycling," and that "2026 shows a projected 67-million-ounce shortfall."

The article also highlighted demand trends, stating that "by 2025, the solar industry was consuming between 200 and 250 million ounces annually," while additional demand from "EVs, semiconductors, 5G, medical devices, and AI data centers" continued to draw on global supply.

Third-Party Coverage Highlights Share Performance and Strategic Positioning

In a February 17 contributed opinion, Jason Williams wrote that Apollo Silver's alignment with the Defense Industrial Base Consortium "reflects a broader recognition that precious metals are no longer just financial hedges or industrial afterthoughts," adding that "they're strategic inputs." He also stated that "domestic silver supply, especially from stable U.S. jurisdictions, reduces exposure to foreign bottlenecks at a time when defense systems are becoming more metal-intensive, not less."

According to a February 20 report from  Melissa Pistilli of Investing News Network, Apollo Silver Corp. "has experienced a significant 383% increase in share price and a 464% growth in market capitalization." The report stated that the company is "dedicated to advancing its high-impact silver projects located in the United States and Mexico," and referenced its Calico Silver Project and Cinco De Mayo Project. 

In the same report, Angela Harmantas of Proactive Investors was cited as stating, "The company has also been accepted into a U.S. government consortium linked to the Department of Defense that supports development of critical minerals projects, which could help streamline permitting and potentially provide government support."

In a statement to Streetwise Reports on March 26, Bob Moriarity of 321Gold.com wrote, "After touching $7.10 in late January as silver climbed over $121 an ounce, Apollo Silver plunged to a low of $2.76 a few days ago. I happen to be a giant fan of buying things that are cheep and selling things that are deer. At $7.10 Apollo was quite high not withstanding the fact the company has almost 190 million ounces of silver in two world class deposits. I actually visited the Cinco De Mayo CRD  project with Dr. Peter Megaw about twenty years ago. He is the world's leading expert on CRD deposits. He liked it, I liked it and investors liked it. Apollo is now absurdly cheep."

Defined Work Programs and Development Timeline Across Calico

Apollo Silver outlined multiple development and exploration activities for the Calico Project, including metallurgical and geotechnical work programs, baseline permitting, and geophysical surveys, as described in the company presentation.

The company identified a 4,500-meter HQ core drilling program focused on geotechnical and metallurgical work, alongside ongoing metallurgical and geotechnical studies supporting project development.

Baseline permitting activities are being conducted in parallel with technical programs, while LiDAR surveys of historic underground workings are also planned as part of project development efforts.

Geophysical work includes ground gravity and induced polarization surveys, as well as airborne magnetic surveys, supporting exploration targeting. 

The company also outlined a 2026 exploration program across the Waterloo and Mule areas, which includes geological mapping and a 1,000-meter NQ core drilling program targeting the Burcham gold target.

In addition, Apollo stated that it has been accepted into the U.S. Defense Industrial Base Consortium, a Department of Defense-supported initiative focused on strengthening domestic supply chains for materials critical to national security, as described in the company presentation.

¹Ownership and Share Structure

Management and Insiders hold 5% of Apollo Silver. Institutions own 8%. The rest is retail. 

Apollo Silver has a market cap of US$189.55 million, 62.18 million outstanding shares, and a 52 week range of US$1.225 - US$7.10.