Apollo Silver Secures $27.5M Boost Backed by Mining Titan Eric Sprott

TORONTO, ON – December 29, 2025 – Amid a historic bull run for silver, Apollo Silver Corp. has announced an upsized private placement, increasing its total financing to $27.5 million. The move, driven primarily by strong demand from company insiders, serves as a powerful vote of confidence from some of the mining sector's most influential investors, including billionaire Eric Sprott and a fund managed by Jupiter Asset Management.

This significant capital injection comes as silver prices have skyrocketed by 155% in 2025, touching record highs and creating a fertile environment for developers of precious metal assets. The proceeds are earmarked to aggressively advance Apollo Silver's portfolio, chief among them the Calico project in California—one of the largest undeveloped primary silver resources in the United States, which also holds significant deposits of critical minerals barite and zinc.

A 'Smart Money' Endorsement

The composition of the investors in this financing is as noteworthy as the amount itself. Legendary mining financier Eric Sprott and major shareholder Jupiter Asset Management are collectively subscribing for $25 million of the offering. Upon closing, Jupiter is expected to hold approximately 12% of the company, with Sprott holding around 9.5% on an undiluted basis. Their deepened commitment is widely interpreted by market watchers as a 'smart money' endorsement of Apollo Silver's strategy and the intrinsic value of its assets.

Eric Sprott, a storied figure with a five-decade career of building and backing successful mining ventures, is known for his prescient investments based on deep sector analysis. His participation is often seen as a seal of approval that can attract broader investor interest. Sprott has been a vocal bull on silver, frequently citing the structural supply deficit—which entered its fifth consecutive year in 2025—and burgeoning industrial demand as key drivers for a sustained price rally. This investment aligns perfectly with that thesis, targeting a large, accessible silver deposit in a top-tier jurisdiction.

The timing is impeccable. The silver market's dramatic 2025 performance, which saw prices peak near $86 per ounce, has been fueled by a perfect storm of factors. Stagnant mine production has been unable to keep pace with soaring demand from the green energy transition, where silver is an irreplaceable component in solar panels and electric vehicles. Simultaneously, its traditional role as a safe-haven asset has been amplified by geopolitical instability and expectations of interest rate cuts in the United States, drawing significant investment demand.

Fueling the Engine for Critical Mineral Development

The $27.5 million in gross proceeds will provide substantial fuel for Apollo Silver's ambitious 2026 agenda. The company has laid out a detailed exploration and development program designed to de-risk its projects and accelerate them along the development curve. The majority of the focus will be on the Calico Silver Project in San Bernardino County, California.

For 2026, a 4,500-meter large-diameter core drilling program is slated to begin in the first quarter. This program has a dual purpose: to provide bulk material for extensive metallurgical test work aimed at improving silver recovery rates and to gather critical geotechnical data for future mine design and engineering studies. An updated technical report from October 2025 already confirmed a 15% increase in Calico's measured and indicated silver resource, and this new phase of work aims to build on that foundation.

Beyond silver, Calico's value is significantly enhanced by its barite and zinc credits. Barite, a critical mineral essential for the energy sector as a weighting agent in drilling fluids, is a market in which the United States is heavily import-reliant. Developing a domestic source at Calico is of strategic importance. The financing will support early-stage permitting activities, including the establishment of long-term environmental baseline monitoring, a crucial step in navigating California's rigorous regulatory landscape.

Funds have also been allocated for the Cinco de Mayo Project in Chihuahua, Mexico. While technical work is on hold pending community relations, the company is actively engaged in discussions to regain surface access. Apollo Silver is optimistic that a general assembly vote in early 2026 could lead to a long-term agreement, unlocking the potential of a project known for its high-grade, large-tonnage carbonate replacement deposit.

Navigating Governance and Insider Participation

The heavy participation by insiders classifies the financing as a "related party transaction" under Canadian securities regulations, specifically Multilateral Instrument 61-101. This instrument is designed to protect minority shareholders by ensuring fairness and mitigating potential conflicts of interest when insiders are involved in a transaction. Such transactions often require enhanced disclosure and, in some cases, a formal independent valuation and approval from a majority of non-insider shareholders.

While the company's press release did not specify the exact exemptions being relied upon, the deal remains subject to the approval of the TSX Venture Exchange, which will review the transaction for compliance with all applicable rules. From a governance perspective, significant insider investment is a double-edged sword. On one hand, it signals unparalleled conviction from the people who know the company best, aligning management and key shareholders with the interests of all investors. It demonstrates a willingness to put significant personal capital on the line.

On the other hand, such transactions inherently invite scrutiny to ensure that the terms are fair and that minority investors are not disadvantaged. The regulatory oversight provided by the exchange serves as a crucial check and balance. For Apollo Silver, the overwhelming support from its largest shareholders in a non-brokered placement—where the company does not pay fees to an agent—is a powerful testament to their belief in the path forward.

With its treasury substantially fortified, Apollo Silver is now strongly positioned to execute its 2026 plans. The combination of high-impact exploration, systematic project de-risking, and powerful market tailwinds for both silver and critical minerals places the company at a pivotal juncture in its efforts to develop resources vital to the modern economy.