From Resource to Development: Apollo Silver’s 2026 Strategy At Calico in Silver Market Uptrend
Summary
0:00 Intro 2:05 Disclaimer 2:46 Exploration and Development 2026 Calico 5:10 Drilling Strategy 8:20 Gold Exploration 11:05 …
Transcript
One of the points I've made, you know, when when talking about Calico in general is I think it's it's very sensitive to the price of silver. I think that's the the most critical component of of this project is the price of silver. You take $60 silver, if we could achieve that, the the project is in operation. If you're achieving $65 and higher silver prices, you would have an a tremendous project, like extremely uh robust. I'm I'm sure of it. Um, you know, I I think that certainly where where silver is trading now, where it's traded for this entire year in 2025 would make Calico a pretty attractive project as a mining operation. Um, so we don't have the economic numbers. So I I got to be a little careful in the crystal ball uh uh comments out there um until we can you know get a third party review of the economics uh you know that'll that'll tell us what it does at different prices. But I think we can be pretty confident to say that it uh you know the current prices of 60 $65 an ounce silver calico is an absolutely important mining asset out there and I think it would be quite attractive. So it's one that we want to continue focusing. That's why you know we're we're happy to continue on this um pathway towards project development and exploration. We think silver is the right place to be. This is a tremendous asset. Stay tuned. We we continue to work also uh on our Mexican project Cinco de Mayo again there we're trying to unlock the um the social issues on the project in in Mexico and you know if we can reestablish that social contract down there and get access back to the ground move forward you know that's a worldass asset out there and one that we want to get busy on and work I think both stories are going to be very exciting for for Apollo Silver in 2026 6 in a really hot uh silver market sector. >> For disclosure purposes, our site does not make recommendations for purchases or sale of stocks, services, or products. Nothing on our site or this podcast should be construed as [music] an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This podcast is for [crying] entertainment purposes only. For disclosure purposes, Apollo Silver is a paid for client on the investor ideas website. >> Ross, it's great to have you back on the show. Uh, you just came out with a press release that's pretty exciting yesterday. So, I'd love to start the discussion off with that. So, you're obviously doing a lot more work on the Calico project for Q1 2026. Do you want to just give a little bit of information on that? >> Yeah, absolutely. And good morning, Cali. Um, you know, I think uh really what the what we were outlining in the press release is a is a full year um plans for Calico. So everything from 2026. Um maybe just preface it a bit. Um we'll be doing both an exploration program uh throughout the year and we'll also be doing project development uh work. really the bulk of the program, the bulk of the activities is on the uh the project development which is doing the the studies uh involved in order to to advance that. Um so the the 4500 meter drill program is large core diameter HQ. Um and what it's for is to get material that we can use for metallurgical studies. So we we need to um basically understand what the minology is all about in in the project. Understand how we can uh enhance our recoveries. Currently we're looking at about 65% uh silver recovery from you know the the data that we have but we think there's opportunities to uh to increase that and perhaps substantially. So that's that's where the the 4500 meter program comes in. There'll be a bunch of drill holes in the waterlue deposit that'll collect data that we can use for metallurgical uh work and also for geotechnical. The geotechnical information is really all about uh mine design, future mine design, so planning. So as we continue to advance a project, all this information is critical. Uh and just uh to touch on the expiration component I mentioned earlier, there will be ongoing expiration which is outside of the deposits themselves. That's meant to advance uh targets on the rest of the property. A lot of that work is on the mule claims that we've done well no work on yet today. >> Is there a different methodology that you're um coming with a new approach for the drilling program? I know that you're the CEO only as of this year for Apollo, but based on some of the historic like is this the same kind of drilling that you did before on the project or is this different? >> The the difference being that um the previous work was really meant about uh establishing the resource itself, the uh the level of the resource classification. The last drill program that we conducted at at Calico was on the Waterlue project where we increased the the resource estimate um to primarily a measured and indicated. So it was all about establishing what level of category the the resource will be classified at. This is different work because this is specifically meant to get new material that we can take to laboratory analysis for on the metallurgical side. So it's more engineering focused if you will to understand the the nature how well the or processes what what uh what steps do we need to do in order to achieve maximum silver when we you know at the eventual processing of of the deposit and and also to collect geotechnical data which is different again it's really what engineers would use to understand the strength of the rock and just see how you would design a mine for development. So they really are sort of a different focus of of work. It's not meant to enhance the resource. Uh it's more for other studies that are that are required for for project evaluation >> for the silver improvement for recovery. Um I know you just mentioned that 65% like what are some of the things that you're looking for in that improvement um as you do all these geoysics and geotechnical work out there? Yeah. Well, things that we believe that that could enhance recovery um anywhere from an additional uh you know, say five to, you know, maybe even 15% or so enhancement would be to um figure out what the ideal size of of grind is all about. Um you know, we we believe we can get better recoveries if we produce an ultra fine grind. Uh so in other words, smashing the the the rock into a into a finer component in order to extract silver. Um we'll be looking at uh things like u a fluoride leech enhancement. Um there's just probably two or three or maybe even four different uh techniques both physical to grind the rock and also chemical. what what's the right the right processing um the chemistry mixture in order to to get the maximum recovery because you know this is a silver dominant uh deposit. It's really all about you know how the price of silver and how much silver we can recover uh in processing. So every bit above 65% uh recovery have a huge meaningful impact on the economics. So there is a there is a lot of justification to try to maximize um the amount the recovery that we that we can get in the or so that's really what it's kind of aimed at. >> I think one of the other exciting parts of the press release is that you're doing the thousand meters to expand the Burkham. Can you just talk a little bit about the potential for that? >> Historically speaking Burkham was a producing gold deposit. So back in the day, you know, it would be about 150 years ago when there was mining activity in the Calico area, um not only did they mine high-grade silver, but there was some uh some gold mining activities there, too. And that's what Burkham is a historic gold mining operation. It's at the eastern end of the Waterlue deposit. Um so it's not surprising that we have gold in the resource. If you may recall in our uh mineral resource estimate that we published in the fall, there's 130,000 ounces of of gold. Uh the gold sits pretty much at the lower part of the silver mineralization at the formation between the the rock that hosts the silver and and the and the underlying formation. That's where the gold is focused. We don't know as much about that as we do about the the formation that holds the silver. So that's what you know the thousand meters of of testing around there is really designed to get a better understanding of the gold distribution and see if gold can be a meaningful part of the um part of the deposit as well. You know gold's quite valuable trading at uh over 4,000 what is it around $4,300 an ounce right now. I think it's important uh for us to have a a look at at gold and just see you know if we can enhance the amount of gold that we that we see in in the resource estimate as well. Um so that's kind of what what that is about. Uh we had done some mapping some surface mapping and sampling uh in early 2025. U you may recall we reported on that um would be about 6 months ago. uh and and we did see a bunch of new anomalies and and new things that we want to test with the drilling. So that's where the thousand meters comes in. It's not meant to look so much at the silver at the Waterlue deposit, the silver, but maybe the more of the underlying gold or the gold that might be occurring periphery to to the deposit and and there's also some other base metals in there as well. So it really is more of an exploration uh effort as opposed to say a resource development >> with your geoysics and your IP survey that you're planning as well. Um can you just talk a little bit about that? And I'd love to just touch on um as we're like discussing the waterlue project. We've obviously talked about the barite and zinc um before. Are those are all of these things also going to obviously not take away from the silver but add >> you know geohysics what it allows us to do is image the rocks and a lot of the controls on on why the mineralization is there in the first place in other words fault zones rock different rock formations alteration you can measure with geoysics so we'll uh do an airborne magnetic survey that tells you really what what the rocks look like it basically paints a picture um that we don't otherwise see. You don't see it on surface. You don't you know it's all about imaging subsurface. You know what's happening 50 m below, 100 meters below. Um that's what magnetics is good for. We'll be doing an IP survey. This deposit uh shows up very clearly with an IP survey. So we know that we can see Waterlue. We can see Langree very well with a with an IP survey, an induced polarization survey. We want to continue in other areas where we don't necessarily have outcropping of the silver mineralization to to see it, but the IP may help detect hidden occurrences of silver mineralization possibly uh you know along the same context. So, you know, the I I'm quite familiar with using u geoysics for as an exploration aid and a and a tool to find new deposits. It it's certainly very powerful. Um we've got some great expertise inhouse in the company. Uh uh you know, relationships with with consultants that that understand these um these types of surveys and we think that it could lead to new discoveries. Really, that's the whole point of of of the geoysics. So you know that the new ground particularly the mule claims where we haven't done any uh any work to date. That's one of the first uh steps first stages of work that that you do in a property. Um start using geochemistry and geoysics to kind of focus in where where we think the next area of discovery will be. And so that's planned throughout the uh the calendar year. We'll be starting it in early early 2026, but we'll probably do the IP survey towards the end of the year. So, that covers the geohysics component. You were asking about the critical minerals uh zinc and barite. That gets back to the project development part of the uh the program. Um I think barite is going to be important to get some more metallurgical work on on that again to see how well it processes what kind of a product we could get. Ultimately that determines you know the value on a per ton basis of of barite. So yeah there'll there will be a focus on getting uh better understanding of barite. There's zinc there but it might be a situation where it's not economic to extract it. But I think Barite on the other hand has the potential to add to the the economics of the deposit. >> Can you just uh recap some of the information about your mule claims for anyone that's missed um our podcasts before? >> Sure. Well, we acquired the mule claims back in in May of 2025. So, you know, we we've had them for about six um maybe close to seven months now in in the company. Those claims essentially almost close to tripled the size of Calico, the the overall land package. It was a strategic piece of ground, the mule claims, because they're on strike of the um of the Calico fault zone that that is responsible for hosting the Waterlue and the Langree deposit. So, we continue on with that that fault zone to the to the east. That's what the mule claims uh cover and it also covers the right formations um where we know that that silver mineralization is associated with. So there's been very very very little work done on these these claims and yet we think that the the potential for new discoveries on on mule I think are pretty high. This is this is a good strategic package contributor I think to the overall calico project and it's really time for us to to start exploring it and see if we can make new discoveries along there. That's why we'll we'll do the phased approach of mapping and sampling at the surface. We'll be doing the geohysics surveys in order to see what's happening at depth and that'll set us up hopefully for some uh drill targeting probably in 2027. >> I'd love for your commentary. Obviously, we're having a wild week with silver. I think it's 64 today, which is a great way to end the year. And obviously, Waterlue is a fantastic project for a silver deposit um going into 2026. So, I'd love for you just to give your commentary on what a great end to the year for this year. >> Oh, yeah. I know it's incredible. You know, I mean, but there is some wild fluctuations going on. I think when I first looked at the silver price first thing this morning, it was up another dollar something and last time I looked it was down uh you know, another 80 cents. I mean it it fluctuates, but the the the real I think the the news story here is silver's on a very powerful uptrend. We think that's going to continue. It's precious metals in in general. Gold is going up. Silver is going up. Silver is going up faster than gold. I think that that trend is going to continue. But just 2025, which already silver is more than doubled where it started. Began in January at about $30 an ounce. Now it's uh as you noted it's over $60 63 62 63 64 you know that that's the kind of range it's in. Um we think that uh this is still very very early in the in the cycle of you know the the uptrend in silver prices and gold for that matter. Um it's I think just the the macro story for precious metals uh just continues to get stronger and stronger and we see you know we're I'm very bullish on higher prices that that continue throughout not only 2027 but I think you know for the long term several years out. I know we don't have a crystal ball here today, but about the potential of how much the Calico project makes sense with, you know, if we stay at these current prices or above with silver that it really becomes um a fantastic asset to have. >> Absolutely. You know, one of the points I've made, you know, when when talking about Calico in general is I think it's it's very sensitive to the price of silver. I think that's the the most critical component of of this project is the price of silver. Silver less than $30 an ounce, it probably would not be an economic uh operation. Over 30, it starts to change and and you know, you start turning the corner on economics. Um, you take $60 silver, if we could achieve that, the the project is in operation. If you're achieving $65 and higher silver prices, you would have an a tremendous project. Like extremely uh robust. I'm I'm sure of it. Um you know, I I think that certainly where where silver is trading now, where it's traded for this entire year in 2025 would make Calico, you know, a pretty attractive project as a mining operation. Um, so we don't have the economic numbers. So I I got to be a little careful in the crystal ball uh uh comments out there. Um until we can you know get a third party review of the economics uh you know that'll that'll tell us what the you know the what it does at different prices. But I think we can be pretty confident to say that it uh you know the current prices of 60 $65 an ounce silver calico is an absolutely important mining asset out there and I think it would be quite attractive. So it's one that we want to continue focusing. That's why you know we're we're happy to continue on this um pathway towards project development and exploration. We think silver is the right place to be. This is a tremendous asset. you know, it's on US uh ground and US stories uh US assets and particularly critical minerals are such an engaging story these days for uh for investors. We think there'll be a lot of support for this project going forward. >> Well, I 100% agree with that. Ross, as we come to the close, is there any closing remarks that you want to share with our following or um current investors or potential new investors? We're really pleased to that, you know, we're able to announce a program at Calico. You know, we've been spending the last several months getting things ready, talking about what will we perhaps do in 2026. Now, we've got a plan laid out that gets us going. It it's it's a lot of fun u to be in this sector on this project. Uh stay tuned. We we continue to work also uh on our Mexican project, Cinco de Mayo. Um again there we're trying to unlock the um the social issues down in in on the project uh in in Mexico and you know if we can reestablish that social contract down there and get access back to the ground move forward you know that's a you know that's a worldass asset out there and one that we want to get busy on and work. I think both stories are going to be very exciting for for Apollo Silver in 2026 in a really hot uh silver market sector.
From Resource to Development: Apollo Silver’s 2026 Strategy At Calico in Silver Market Uptrend
Summary
0:00 Intro 2:05 Disclaimer 2:46 Exploration and Development 2026 Calico 5:10 Drilling Strategy 8:20 Gold Exploration 11:05 …Transcript
One of the points I've made, you know, when when talking about Calico in general is I think it's it's very sensitive to the price of silver. I think that's the the most critical component of of this project is the price of silver. You take $60 silver, if we could achieve that, the the project is in operation. If you're achieving $65 and higher silver prices, you would have an a tremendous project, like extremely uh robust. I'm I'm sure of it. Um, you know, I I think that certainly where where silver is trading now, where it's traded for this entire year in 2025 would make Calico a pretty attractive project as a mining operation. Um, so we don't have the economic numbers. So I I got to be a little careful in the crystal ball uh uh comments out there um until we can you know get a third party review of the economics uh you know that'll that'll tell us what it does at different prices. But I think we can be pretty confident to say that it uh you know the current prices of 60 $65 an ounce silver calico is an absolutely important mining asset out there and I think it would be quite attractive. So it's one that we want to continue focusing. That's why you know we're we're happy to continue on this um pathway towards project development and exploration. We think silver is the right place to be. This is a tremendous asset. Stay tuned. We we continue to work also uh on our Mexican project Cinco de Mayo again there we're trying to unlock the um the social issues on the project in in Mexico and you know if we can reestablish that social contract down there and get access back to the ground move forward you know that's a worldass asset out there and one that we want to get busy on and work I think both stories are going to be very exciting for for Apollo Silver in 2026 6 in a really hot uh silver market sector. >> For disclosure purposes, our site does not make recommendations for purchases or sale of stocks, services, or products. Nothing on our site or this podcast should be construed as [music] an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This podcast is for [crying] entertainment purposes only. For disclosure purposes, Apollo Silver is a paid for client on the investor ideas website. >> Ross, it's great to have you back on the show. Uh, you just came out with a press release that's pretty exciting yesterday. So, I'd love to start the discussion off with that. So, you're obviously doing a lot more work on the Calico project for Q1 2026. Do you want to just give a little bit of information on that? >> Yeah, absolutely. And good morning, Cali. Um, you know, I think uh really what the what we were outlining in the press release is a is a full year um plans for Calico. So everything from 2026. Um maybe just preface it a bit. Um we'll be doing both an exploration program uh throughout the year and we'll also be doing project development uh work. really the bulk of the program, the bulk of the activities is on the uh the project development which is doing the the studies uh involved in order to to advance that. Um so the the 4500 meter drill program is large core diameter HQ. Um and what it's for is to get material that we can use for metallurgical studies. So we we need to um basically understand what the minology is all about in in the project. Understand how we can uh enhance our recoveries. Currently we're looking at about 65% uh silver recovery from you know the the data that we have but we think there's opportunities to uh to increase that and perhaps substantially. So that's that's where the the 4500 meter program comes in. There'll be a bunch of drill holes in the waterlue deposit that'll collect data that we can use for metallurgical uh work and also for geotechnical. The geotechnical information is really all about uh mine design, future mine design, so planning. So as we continue to advance a project, all this information is critical. Uh and just uh to touch on the expiration component I mentioned earlier, there will be ongoing expiration which is outside of the deposits themselves. That's meant to advance uh targets on the rest of the property. A lot of that work is on the mule claims that we've done well no work on yet today. >> Is there a different methodology that you're um coming with a new approach for the drilling program? I know that you're the CEO only as of this year for Apollo, but based on some of the historic like is this the same kind of drilling that you did before on the project or is this different? >> The the difference being that um the previous work was really meant about uh establishing the resource itself, the uh the level of the resource classification. The last drill program that we conducted at at Calico was on the Waterlue project where we increased the the resource estimate um to primarily a measured and indicated. So it was all about establishing what level of category the the resource will be classified at. This is different work because this is specifically meant to get new material that we can take to laboratory analysis for on the metallurgical side. So it's more engineering focused if you will to understand the the nature how well the or processes what what uh what steps do we need to do in order to achieve maximum silver when we you know at the eventual processing of of the deposit and and also to collect geotechnical data which is different again it's really what engineers would use to understand the strength of the rock and just see how you would design a mine for development. So they really are sort of a different focus of of work. It's not meant to enhance the resource. Uh it's more for other studies that are that are required for for project evaluation >> for the silver improvement for recovery. Um I know you just mentioned that 65% like what are some of the things that you're looking for in that improvement um as you do all these geoysics and geotechnical work out there? Yeah. Well, things that we believe that that could enhance recovery um anywhere from an additional uh you know, say five to, you know, maybe even 15% or so enhancement would be to um figure out what the ideal size of of grind is all about. Um you know, we we believe we can get better recoveries if we produce an ultra fine grind. Uh so in other words, smashing the the the rock into a into a finer component in order to extract silver. Um we'll be looking at uh things like u a fluoride leech enhancement. Um there's just probably two or three or maybe even four different uh techniques both physical to grind the rock and also chemical. what what's the right the right processing um the chemistry mixture in order to to get the maximum recovery because you know this is a silver dominant uh deposit. It's really all about you know how the price of silver and how much silver we can recover uh in processing. So every bit above 65% uh recovery have a huge meaningful impact on the economics. So there is a there is a lot of justification to try to maximize um the amount the recovery that we that we can get in the or so that's really what it's kind of aimed at. >> I think one of the other exciting parts of the press release is that you're doing the thousand meters to expand the Burkham. Can you just talk a little bit about the potential for that? >> Historically speaking Burkham was a producing gold deposit. So back in the day, you know, it would be about 150 years ago when there was mining activity in the Calico area, um not only did they mine high-grade silver, but there was some uh some gold mining activities there, too. And that's what Burkham is a historic gold mining operation. It's at the eastern end of the Waterlue deposit. Um so it's not surprising that we have gold in the resource. If you may recall in our uh mineral resource estimate that we published in the fall, there's 130,000 ounces of of gold. Uh the gold sits pretty much at the lower part of the silver mineralization at the formation between the the rock that hosts the silver and and the and the underlying formation. That's where the gold is focused. We don't know as much about that as we do about the the formation that holds the silver. So that's what you know the thousand meters of of testing around there is really designed to get a better understanding of the gold distribution and see if gold can be a meaningful part of the um part of the deposit as well. You know gold's quite valuable trading at uh over 4,000 what is it around $4,300 an ounce right now. I think it's important uh for us to have a a look at at gold and just see you know if we can enhance the amount of gold that we that we see in in the resource estimate as well. Um so that's kind of what what that is about. Uh we had done some mapping some surface mapping and sampling uh in early 2025. U you may recall we reported on that um would be about 6 months ago. uh and and we did see a bunch of new anomalies and and new things that we want to test with the drilling. So that's where the thousand meters comes in. It's not meant to look so much at the silver at the Waterlue deposit, the silver, but maybe the more of the underlying gold or the gold that might be occurring periphery to to the deposit and and there's also some other base metals in there as well. So it really is more of an exploration uh effort as opposed to say a resource development >> with your geoysics and your IP survey that you're planning as well. Um can you just talk a little bit about that? And I'd love to just touch on um as we're like discussing the waterlue project. We've obviously talked about the barite and zinc um before. Are those are all of these things also going to obviously not take away from the silver but add >> you know geohysics what it allows us to do is image the rocks and a lot of the controls on on why the mineralization is there in the first place in other words fault zones rock different rock formations alteration you can measure with geoysics so we'll uh do an airborne magnetic survey that tells you really what what the rocks look like it basically paints a picture um that we don't otherwise see. You don't see it on surface. You don't you know it's all about imaging subsurface. You know what's happening 50 m below, 100 meters below. Um that's what magnetics is good for. We'll be doing an IP survey. This deposit uh shows up very clearly with an IP survey. So we know that we can see Waterlue. We can see Langree very well with a with an IP survey, an induced polarization survey. We want to continue in other areas where we don't necessarily have outcropping of the silver mineralization to to see it, but the IP may help detect hidden occurrences of silver mineralization possibly uh you know along the same context. So, you know, the I I'm quite familiar with using u geoysics for as an exploration aid and a and a tool to find new deposits. It it's certainly very powerful. Um we've got some great expertise inhouse in the company. Uh uh you know, relationships with with consultants that that understand these um these types of surveys and we think that it could lead to new discoveries. Really, that's the whole point of of of the geoysics. So you know that the new ground particularly the mule claims where we haven't done any uh any work to date. That's one of the first uh steps first stages of work that that you do in a property. Um start using geochemistry and geoysics to kind of focus in where where we think the next area of discovery will be. And so that's planned throughout the uh the calendar year. We'll be starting it in early early 2026, but we'll probably do the IP survey towards the end of the year. So, that covers the geohysics component. You were asking about the critical minerals uh zinc and barite. That gets back to the project development part of the uh the program. Um I think barite is going to be important to get some more metallurgical work on on that again to see how well it processes what kind of a product we could get. Ultimately that determines you know the value on a per ton basis of of barite. So yeah there'll there will be a focus on getting uh better understanding of barite. There's zinc there but it might be a situation where it's not economic to extract it. But I think Barite on the other hand has the potential to add to the the economics of the deposit. >> Can you just uh recap some of the information about your mule claims for anyone that's missed um our podcasts before? >> Sure. Well, we acquired the mule claims back in in May of 2025. So, you know, we we've had them for about six um maybe close to seven months now in in the company. Those claims essentially almost close to tripled the size of Calico, the the overall land package. It was a strategic piece of ground, the mule claims, because they're on strike of the um of the Calico fault zone that that is responsible for hosting the Waterlue and the Langree deposit. So, we continue on with that that fault zone to the to the east. That's what the mule claims uh cover and it also covers the right formations um where we know that that silver mineralization is associated with. So there's been very very very little work done on these these claims and yet we think that the the potential for new discoveries on on mule I think are pretty high. This is this is a good strategic package contributor I think to the overall calico project and it's really time for us to to start exploring it and see if we can make new discoveries along there. That's why we'll we'll do the phased approach of mapping and sampling at the surface. We'll be doing the geohysics surveys in order to see what's happening at depth and that'll set us up hopefully for some uh drill targeting probably in 2027. >> I'd love for your commentary. Obviously, we're having a wild week with silver. I think it's 64 today, which is a great way to end the year. And obviously, Waterlue is a fantastic project for a silver deposit um going into 2026. So, I'd love for you just to give your commentary on what a great end to the year for this year. >> Oh, yeah. I know it's incredible. You know, I mean, but there is some wild fluctuations going on. I think when I first looked at the silver price first thing this morning, it was up another dollar something and last time I looked it was down uh you know, another 80 cents. I mean it it fluctuates, but the the the real I think the the news story here is silver's on a very powerful uptrend. We think that's going to continue. It's precious metals in in general. Gold is going up. Silver is going up. Silver is going up faster than gold. I think that that trend is going to continue. But just 2025, which already silver is more than doubled where it started. Began in January at about $30 an ounce. Now it's uh as you noted it's over $60 63 62 63 64 you know that that's the kind of range it's in. Um we think that uh this is still very very early in the in the cycle of you know the the uptrend in silver prices and gold for that matter. Um it's I think just the the macro story for precious metals uh just continues to get stronger and stronger and we see you know we're I'm very bullish on higher prices that that continue throughout not only 2027 but I think you know for the long term several years out. I know we don't have a crystal ball here today, but about the potential of how much the Calico project makes sense with, you know, if we stay at these current prices or above with silver that it really becomes um a fantastic asset to have. >> Absolutely. You know, one of the points I've made, you know, when when talking about Calico in general is I think it's it's very sensitive to the price of silver. I think that's the the most critical component of of this project is the price of silver. Silver less than $30 an ounce, it probably would not be an economic uh operation. Over 30, it starts to change and and you know, you start turning the corner on economics. Um, you take $60 silver, if we could achieve that, the the project is in operation. If you're achieving $65 and higher silver prices, you would have an a tremendous project. Like extremely uh robust. I'm I'm sure of it. Um you know, I I think that certainly where where silver is trading now, where it's traded for this entire year in 2025 would make Calico, you know, a pretty attractive project as a mining operation. Um, so we don't have the economic numbers. So I I got to be a little careful in the crystal ball uh uh comments out there. Um until we can you know get a third party review of the economics uh you know that'll that'll tell us what the you know the what it does at different prices. But I think we can be pretty confident to say that it uh you know the current prices of 60 $65 an ounce silver calico is an absolutely important mining asset out there and I think it would be quite attractive. So it's one that we want to continue focusing. That's why you know we're we're happy to continue on this um pathway towards project development and exploration. We think silver is the right place to be. This is a tremendous asset. you know, it's on US uh ground and US stories uh US assets and particularly critical minerals are such an engaging story these days for uh for investors. We think there'll be a lot of support for this project going forward. >> Well, I 100% agree with that. Ross, as we come to the close, is there any closing remarks that you want to share with our following or um current investors or potential new investors? We're really pleased to that, you know, we're able to announce a program at Calico. You know, we've been spending the last several months getting things ready, talking about what will we perhaps do in 2026. Now, we've got a plan laid out that gets us going. It it's it's a lot of fun u to be in this sector on this project. Uh stay tuned. We we continue to work also uh on our Mexican project, Cinco de Mayo. Um again there we're trying to unlock the um the social issues down in in on the project uh in in Mexico and you know if we can reestablish that social contract down there and get access back to the ground move forward you know that's a you know that's a worldass asset out there and one that we want to get busy on and work. I think both stories are going to be very exciting for for Apollo Silver in 2026 in a really hot uh silver market sector.