Apollo Silver Secures $27.5M Boost from Sprott, Jupiter & Insiders

VANCOUVER, BC – December 29, 2025 – Apollo Silver Corp. has significantly bolstered its treasury, announcing an upsized private placement for aggregate gross proceeds of up to $27.5 million. The financing, which saw overwhelming demand, was increased by $2.5 million to accommodate participation from the company's own insiders, a move that signals strong internal confidence in its strategic silver assets in the United States and Mexico.

The substantial capital injection is anchored by two of the mining industry's most influential investors: billionaire mining financier Eric Sprott and a fund managed by Jupiter Asset Management. Their participation underscores a powerful vote of confidence in Apollo's strategy and the potential of its projects.

A Major Endorsement from Key Shareholders

The financial backing from Apollo Silver’s two largest shareholders forms the cornerstone of the deal. Both Mr. Sprott and the Jupiter Fund are set to subscribe for 2,500,000 units each, representing a combined investment of $25 million. This commitment not only provides the company with significant capital but also solidifies the positions of its key backers.

Upon completion of the Upsized Offering, the Jupiter Fund is expected to hold approximately 12% of Apollo Silver’s issued and outstanding common shares, with Eric Sprott holding approximately 9.5% on an undiluted basis. Their ownership will increase further on a partially diluted basis, reflecting the warrants included in the offering. The continued and expanded support from such knowledgeable investors is often interpreted by the market as a strong validation of a company's assets and management team.

The financing is structured through the issuance of up to 5,500,000 units at a price of $5.00 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each warrant provides the holder with the right to purchase an additional common share at an exercise price of $7.00 for a period of 24 months following the closing of the offering. This structure provides immediate funding while offering investors potential upside participation in the company's future growth, should the share price appreciate above the warrant exercise price.

Insider Participation Signals Strong Conviction

A noteworthy component of the revised deal is the $2.5 million upsize specifically carved out to allow for participation by company insiders. This means members of the management team and board of directors are investing their own capital alongside institutional and high-net-worth investors. Such a move is widely seen as the ultimate expression of confidence, suggesting that those with the most intimate knowledge of the company's projects and prospects believe firmly in their future success.

This insider participation is classified as a “related party transaction” under Canadian securities regulations, specifically Multilateral Instrument 61-101. However, Apollo Silver has stated that the transaction is exempt from the formal valuation and minority shareholder approval requirements. This is permissible because the company’s shares are not listed on certain specified senior exchanges and the total value of the securities issued to the insiders will not exceed 25% of the company's market capitalization. All securities issued, including those to insiders, will be subject to a standard four-month statutory hold period from the date of closing. The company may also pay finder's fees on a portion of the funds raised, in line with the policies of the TSX Venture Exchange.

Fueling a Two-Pronged Silver Strategy

With its coffers significantly strengthened, Apollo Silver intends to deploy the net proceeds to aggressively advance its portfolio of silver projects. The capital is earmarked for critical exploration and development activities, as well as for general working capital.

The company’s flagship asset is the Calico Project, located in the United States. It is distinguished as one of the largest undeveloped primary silver projects in the country. The deposit is described as a large, bulk-minable system, a characteristic that often points to the potential for a large-scale, long-life mining operation. A unique and valuable feature of the Calico project is the presence of significant barite credits. Barite is designated as a critical mineral in the U.S. due to its essential role in the energy sector, particularly in drilling fluids, and in medical applications. The ability to produce barite alongside silver could provide a crucial secondary revenue stream and enhance the project's overall economics.

Apollo also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico. This project is host to a major carbonate replacement deposit (CRD), a geological formation type known for hosting some of the world's richest silver-lead-zinc mines. The deposit is characterized as being both high-grade and large-tonnage, a combination highly sought after in the mining industry as it can lead to more profitable extraction. The new funding will enable the company to continue unlocking the potential of this promising Mexican asset.

Led by what it describes as an experienced and award-winning management team, Apollo Silver is now in a robust financial position to execute its dual-pronged strategy. The infusion of capital will allow for expanded drill programs, updated resource estimates, and the commencement of economic and engineering studies necessary to de-risk the projects and move them closer to a development decision. The closing of the upsized offering remains subject to customary regulatory approvals, including that of the TSX Venture Exchange.