Apollo Silver's Calico Bet: A New Front in the US Critical Mineral Race

VANCOUVER, British Columbia – December 11, 2025 – In the high-stakes world of resource development, timing is everything. Apollo Silver Corp. appears to have timed its latest move to perfection, announcing a comprehensive 2026 program to advance its Calico Silver Project in California. The announcement lands at a critical intersection of market forces: a surging silver price, a multi-year structural supply deficit, and, most importantly, silver’s recent designation as a U.S. critical mineral. This transforms what might have been a standard development plan into a strategic play at the heart of America’s push for supply chain security.

The company's detailed plan moves beyond simple exploration, outlining a multi-pronged strategy to de-risk and optimize what it calls one of the largest undeveloped primary silver assets in the United States. By tackling metallurgy, geotechnical engineering, and permitting head-on, Apollo Silver is signaling its intent to write the next chapter for a historic mining district, but the narrative will be as much about national strategy and environmental stewardship as it is about ounces in the ground.

A Strategic Asset in America's Critical Supply Chain

The most significant tailwind for the Calico project is not its geology, but geopolitics. The U.S. Geological Survey’s inclusion of silver on its 2025 draft list of critical minerals fundamentally reframes the project's importance. For decades, silver was viewed primarily as a precious metal for investment and jewelry. Now, it is officially recognized as indispensable to the nation's economic and national security, a crucial component in everything from solar panels and electric vehicles to 5G networks and advanced defense systems.

This policy shift addresses a glaring vulnerability: the United States currently imports over 70% of its silver. As industrial demand, which now accounts for over half of all silver consumption, continues to climb, this reliance on foreign sources becomes an acute strategic risk. The solar industry alone, which represented just 11% of industrial demand in 2014, consumed a staggering 29% in 2024. With the global energy transition accelerating, that figure is only set to grow.

Apollo Silver's Calico project, boasting a combined Measured and Indicated resource of over 180 million ounces of silver, plus significant credits of zinc and barite—both also on the critical minerals list—is now positioned as a potential domestic solution. The company's 2026 program is a clear response to this new reality.

“Our 2026 Program positions Apollo Silver to advance Calico at an opportune moment,” said Ross McElroy, President and CEO of Apollo Silver, in the company's official release. “Silver’s addition to the U.S. critical minerals list and the current strength in precious-metal markets highlight the importance of responsibly developing domestic supply.”

Unlocking Value Through Technology and Technique

Owning a large resource is one thing; economically extracting it is another. Apollo Silver’s 2026 plan is a case study in modern mine development, focusing on the technical diligence required to turn a deposit into a profitable operation. The program's centerpiece is a 4,500-meter large-diameter core drilling campaign designed not to find more silver, but to understand it better.

The core samples will feed two critical workstreams. First, extensive metallurgical testing aims to improve upon the historical silver recovery rate, currently estimated at around 65%. This is not a trivial pursuit. Previous tests in 2022 hinted at the potential, achieving recoveries as high as 80% with ultra-fine grinding techniques. Every percentage point gained in recovery could add millions of dollars to the project's bottom line, especially with silver prices forecasted to remain robust, with many analysts seeing a $50-$65 per ounce range through 2026.

Second, the core will provide crucial geotechnical data. This information is the bedrock of mine design, determining the stability of pit walls and the overall engineering plan. By front-loading this work, the company aims to reduce uncertainty and refine its long-term development strategy. The program also includes a fascinating nod to the district's past: a LiDAR survey of historic underground mine workings from the late 1800s. Mapping these old tunnels will not only help refine the modern resource model but also mitigate risks during future development.

Beyond the main silver deposit, Apollo is also targeting growth. A separate 1,000-meter drilling program will test the Burcham gold target, aiming to expand an existing gold resource on the property. This highlights a broader strategy of maximizing value from the entire mineralized system, not just the primary silver.

Navigating California's Environmental Gauntlet

While the project's technical and market fundamentals appear strong, its location presents a formidable challenge. Developing a large-scale mine in San Bernardino County, California, means navigating one of the most stringent regulatory environments in the world. The California Environmental Quality Act (CEQA) process is famously rigorous, and public scrutiny over water use, habitat disruption, and waste management will be intense, especially given the proximity of the Calico Ghost Town tourist attraction.

Apollo Silver appears to be tackling this challenge proactively. A key component of its 2026 program is the initiation of long-term, baseline environmental monitoring. This is a savvy move. By collecting comprehensive data on water, air, and local biology before major development begins, the company establishes a credible scientific baseline. This data will be essential for the Environmental Impact Assessments required for permitting and will allow the company to demonstrate its commitment to responsible practices.

There is precedent for success. A previous operator, ASARCO, successfully permitted a mine at the site in the 1980s before shuttering the project due to falling silver prices. While regulations have evolved, this history suggests a viable, albeit complex, path forward. The critical minerals designation may also provide some tailwinds at the federal level, but ultimate success will hinge on the company’s ability to engage transparently with state regulators and local communities.

The confluence of a tightening global silver market, a national mandate for domestic supply, and a detailed technical advancement plan makes Apollo Silver's Calico project a compelling story. The 2026 program represents a calculated investment to unlock the potential of a strategic national asset, but its journey will be a crucial test of whether modern mining can successfully balance economic opportunity with the high bar of environmental responsibility in the 21st century.