0:00 Intro 1:35 Disclaimer 2:20 Apollo Silver Corp 4:00 Team 6:30 California Silver 9:45 Calico Project 14:09 2025 Calico Project …
Transcript
We've we've done two good transactions with both with arguably mid-tier to major companies in the silver space and I think it's it's got some good assets, a good team and a good shareholder base. Calico can is consists of of I'll say three deposits. Two of them are silver and one of them's gold and we don't even know how big the gold one is yet. It's a brand new discovery and we had no idea it was there. But the two silver deposits are Waterlue and Langree. Waterlue we paid 41 million cash for and we've put another 20 into the ground. It sits at surface. It's it's the US's largest undeveloped primary silver deposit. So typically silver deposits or silver lead zinc or silver and something. Uh, this is silver. There's no lead zinc. It's 100 g or 103 g of silver at surface. It's got wide structures that are 450 g. And with a management team that's done it before, a a board that's extremely qualified and experienced in all of our theaters of operation, a great shareholder registry that's been patient with us in the past and our other endeavors. and right time, right place. 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 an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This podcast is for entertainment purposes only. Please read all disclosures and disclaimers at the end of the show. For disclosure purposes, Apollo Silver is a paid for client on the investor.com website. Please read disclaimers and disclosures in the links below. Andy, thanks so much for joining us on the show today. For investors that are new to the Apollo Silver story, do you want to start with a quick background on how you got into mining and how you formed Apollo Silver? I founded a company called uh Prime Mining and we founded that in 2018 and you know sometime by late 2020 it had a market cap of over 500 million and was on its way to becoming a a solid company. uh we ran a couple lithium companies and one of them was at 400 plus million market cap and and the other one was trading around a billion market cap. So anyway, because of these strong companies, the some investors that have backed me said, "Would you do a silver company?" You know, I've always thought that that the silver space is interesting. There's not a lot of players in it, a good opportunity. Um, so I started Apollo Silver and you know we raised I don't know 60 something million dollars in the IPO or 53 I guess in the IPO and a another eight or nine right before that. but raised a lot of money and started to put a team together and next thing you know Apollo Silver was created and we bought we've we've done two good transactions to with both with arguably mid-tier to major companies in the silver space and I think it's it's got some good assets a good team and a good shareholder base. Well, it's a great time to be in the silver space as commodity prices are rising especially this year. Can you talk about um your new CEO announcement that you just announced this week? I feel like most mining investors will probably know who Ross is, but for investors maybe new to the space. What's interesting, so Ross is 62. He's about three or four years younger than I am. He's been in in this space for the same amount of time. When I founded Apollo, I founded it with a gentleman named Tom Peragud. And Tom was the exploration global exploration manager for BHP. And one of the guys that Tom worked with back then was Ross Mroy. And one of my partners in some of my other endeavors worked with Ross for I don't know 10 or 12 years. So, I got to know Ross a few years ago and then when uh Tom Peragof decided he wanted to retire, uh I took on the role of the interimm CEO and Ross and I started talking and Ross is lives in Colona, BC, which is a little town I'm from. I guess it's not so little anymore. That's where I grew up. And Ross spends half of his time in Palm Springs, California, and that's two hours away from our Calico Silver project. So, he was kind of the right guy cuz Tom knew of his abilities. I knew of his abilities. Ross had just sold well he sold Fision Uranium, a company he founded and built and he sold it last December for $1.1 billion for the benefit of all of his shareholders. So, you know, Ross was a good hire there. There's a lot of people that would like to hire Ross. He's got a lot of talents aside from geology and yeah, we're just thrilled to have him um as my partner and as our team leader and and you know, CEO of Apollo. Well, it's a very impressive add-on to the team. Um speaking of Calico, let's start off a little conversation about your flagship project. California really hasn't been like I say probably maybe a hot topic in the last five to seven years but as this year and comes through uh there's probably about five or six companies that are now talking about California. Do you want to just talk about like why you picked that Calico project and some of the history behind it and then what you're seeing in California as far as the jurisdiction is changing this year. 2001, California imposed backfill legislation, uh, which meant that or means that if you dig a hole to mine something other than non- metallics, you've got to fill the hole back up after. Um, and so that could be costly for an open pit operation. and that that's affected some of the investment decisions in California. They've also got fairly tight water conditions in some of the area. And so California, in spite of being historically a very popular mining state, um has not been in the last few years. And there are two two different Californiaiforns. There's and sure there are areas that are covered in Joshua trees and there are areas with a lot of desert tortoise and other um endangered species and but then there's places like San Bernardino County that um have 90 some odd operating mines in them and and you can permit a mine there and uh it depends where you are and what you do. You know, there's other companies like some of our competitors um that operate in other areas um have been accused of taking drilling fluid or drilling water out of municipal golf course ponds and things like that. And you know, there's been some troubles with some of the operators there and that's what led to maybe not a lot of activity in California, but there's some amazing operating minds there. Our Calico project sits right between uh Riotinto's borax mine and Equinox's Castle Mountain Gold Mine. And our Calico project sits on private land, like not patented claims, private land, fe simple land. We pay county taxes on that land. And it was designated mining land many years ago. And so it's right next to the old historic Cal C calico ghost town uh where a lot of the precious metal in California came out of back in the day. Can you talk about obviously there's the back fill issue that you on your property don't have the back fill issue and then if I'm correct you have a 1:1 strip ratio there and it seems like it's a fairly easy to understand geological formation. Do you want to just walk through a little bit on the geology side and some of the positives of the project? Calico can is consists of of I'll say three deposits. Two of them are silver and one of them's gold. And we don't even know how big the gold one is yet. It's a brand new discovery. We had no idea it was there, but it's going to matter. But the two silver deposits are Waterlue and Langree. Waterlue we paid 41 million cash for and we've put another 20 into the ground. It sits at surface. It's it's the US's largest undeveloped primary silver deposit. So typically silver deposits or silver lead zinc or silver and something. Uh this is silver. There's no lead zinc. It's 100 grams or 103 grams of silver at surface. It's got wide structures that are 450 grams. What it does have is a and and we're not compliant on this yet. We're just doing all the all the estimation work on it now, but a sarco in the late '7s estimated that there was a 13.5% barite credit to the rock. Barerite is a waiting agent in the oil and gas industry. 95% of the US's consumption of it is imported from China and as a consequence it sits on the US critical mineral list. So the only operating berry mine in the US in the last 60 years or so operated about 5 miles norththeast of the Calico project. And so uh we know that bar at one point was significant in the district. It it the project sits in the Gulf in the southwest of the US. So it could be a good provider of barite to the oil and gas industry of the southwest US and that critical mineral gives us a bargaining chip with the government. Now, I didn't want to get off topic because this is a precious metal deposit, but but that barite is going to play into importance with the governments, the federal government and and the local governments uh as as this as this evolves. But the silver and gold, so there's a formation called the pandle that hosts all the silver at Waterlue. There's 110 million measured and indicated ounces at Langree. There's another 50 million inferred. So you've really got 160 million ounces of silver there. And the formation underneath that pickle which comes to surface, the formation underneath it which comes to the surface at the south has some gold in it. And we don't know how much yet. But when we were estimating the silver resource, we got this 70,000 ounce gold resource. And we know it's a lot bigger. We just don't know how much bigger. So now we're going to do some work. And and look, for a silver company, we wouldn't have done that initially just because you kind of the narrative silver, silver, silver. We got silver in California, silver in Mexico. In fact, if you put all the pieces together in this company, you got about a 400 million ounces of silver. Um, but there's this gold thing that we got to value, especially with gold at 30. I don't know what it's at, 3,400, 3,300 still. It's lots. Yeah, it definitely feels like the right time to look at gold as well. And not to take away from silver, but it's great to have critical minerals, especially with again the geopolitics the way they are in the states. I feel like having mineral access is great no matter what it is at this point on US property. What are your plans currently that you can talk to investors about going forward coming into 2025 for the summer for um the Calico project? So we've been we did an 8,000 to 10,000 sample program in the first quarter to evaluate the barate resource. And so all the compilation of that data is being done now and sometime at the end of the first half we'll announce a a compliant bearite resource. Number one. Number two, we've done a field prospecting and sampling program around the gold structures to determine what we should do next to to identify the size of this gold resource. A bunch of that data just came in and we haven't had a chance to review it yet. But I suspect that that's going to lead to a drill program this year to see how much what the footprint of that gold resource looks like to the south of the of the silver. And so that's sort of the exploration work that's going to go on. And then in the second half of this year, we're going to do an economic study on on the silver resource and that will be a PA initially and and given some geotech drilling and some more met work, we'll will maybe feed into a PFS in 2026. Keeping the focus on silver again, I want to talk about your other project, Cinco de Mayo, again that um has a rich history uh in Chihuahua. Do you want to just for investors or maybe people that haven't heard of the project and the property give them kind of a quick overview of how you kind of got your hands on that and the opportunity there? Sinco is a silver, lead, zinc, copper, gold carbonate replacement deposit that's got about 155 million silver equivalent ounces in it right now. Plus another gold Molly deposit, Mexico's richest Molly deposit. That's about a half a million gold equivalent ounces sitting at surface. It's a monster project of 2500 hectares about 2 hours northwest of Chihuahua City in North Mexico. It's been worked on by a worldrenowned CRD geologist named Peter McGaw. This gentleman has worked on that project since 1992. And um over the course of the time that that this deposit's been in exploration, 445 drill holes have been put into it and only 12 uh were un non-mineralized. It's big. It's got huge opportunity. Some of these professionals will tell you that it could be the largest CRD in North America. And CRDs run from 10 to 50 million tons. So right now it's 12 a.5 million tons. It's could be a lot bigger and looks to be a lot bigger based on the work so far. But in 2012 the company that owns the project, Mag Silver, lost social license. They got kicked off the property by the local surface owners. The surface owners banned mining for a hundred years and didn't let them come back. And that was 13 years ago. Um that company MAG has been busy with other things and there's a lot of history in the background that important but maybe not important for the context of this conversation. But what I would say is that MAG has given me a 5-year option to solve the community problem and get back on the property and start drilling. And if I do that, then we get to buy it by giving them a 19.9% stake in our company. And and why they did it with me is because my group has done this in Mexico twice before. And so I started this conversation saying that I founded Prime Mining. Now, Prime Mining is a three or three and a half million ounce gold equivalent deposit that's in Mexico. Uh the company has a market cap right now of 230 million because there's a bit of trouble on the ground. Otherwise, it would probably have a market cap of three or four times this price. But it's got Pierre Lassand is the largest shareholder. I'm the second largest shareholder. It's got a register of amazing funds that hold it. It's a great company. I started it by buying an asset from some other guys that didn't think they could advance it because the community wasn't on side. And it took and I bought it for $9 million. And I took nine months to restore the communities to get community support to do a for 30-year program or a 30-year agreement with them. When we got that agreement, it unlocked a lot of value. As I said, in 2020, 20 late 2020, Prime had a market cap of $550 million and the who's who of investors. All because we unlocked the problem. That's what we're going to try and do at Cinco de Mayo. The brokerage community, the banking community, the geology community, they all know that Cinco is worth a lot of money. In fact, MAG lost 400 million in market cap when they got told to leave the property over a period of time, but that's what they lost. People will tell you that it's a half a billion to a billion dollar deal if you get social license resolved there. Well, I think we can do it. 20 of the employees or 20 some odd of the employees that work at Prime are live or have come from Chihuahua City, 2 hours away from Cinco de Mayo. Our country manager, the person in charge of ASG, they're all from that region. So, we've got some connection to the community. We've got connection to the government, to the congressmen, to the officials that we need. and and we've been in the community working since May to last May to try and understand the issues and fix the problems. For any investors that again maybe were not at Roundup this year or not familiar with some of the um announcements from Chihuahua, do you want to also explain why this is important going forward and that jurisdiction is so mining friendly coming into 2025? mining probably accounts for 20% of the economy in northern Mexico and it might with all the spin-offs and indirect it might even be 30% in northern Mexico like it's key and there's been some real troubles between Mexico and the US recently and um and the former government of the Amllo government you know tried to eliminate open pit mining and tried to make a lot of changes to the mining code and as a consequence there hasn't been a lot of foreign investment coming in but the government of Mexico changed last year and the Shinbong government is talking about really opening up mining for foreign investment again and and that's key because uh because it almost got shut down and there's not a lot of people putting money in and you know the difference between communities companies that have mineral explanation, mind development in Mexico and those that don't is really stark. They need it and they need they need our investment and and I've always I've worked in Mexico since 95 and this is such a good place to work. They're going to make some changes and we're going to see them coming and that's going to create opportunity especially in Chihuahua and you know we had three members of the ministry of of minds from Chihuahua in our office in at Roundup. I can't remember what day it was but they said you know we're excited you're going at Cinco de Mayo. We we think you're going to get a deal done there. We think you're going to open it back up and it's going to be good for a lot of people. And you know like Prime for example in Sinaloa I mean we spend 20 to 25 million into the local economy every year on exploration and drilling and so us getting to work at Cinco deio will be valuable for that community. Can you talk about your team that obviously was with Prime Mining and now going into Apollo? Do you attribute like your success to rebuilding social license and moving projects forward to the local knowledge you have on the ground or is it like your management? Is it a combination of all the above? I I always think there's like three legs to a stool. You need for things to be successful and and look at and deals aren't successful unless everybody wins in them. But to be successful, you need a good idea. So, good assets. Uh you need a good management team and you need a good shareholder base. Uh and and within that a good capital structure. And if you get all those things together, then you've got the recipe for success. And um we don't like I've never been a believer that one person accomplishes everything. Like you got to have a team that's successful to I try to like I'd like I'd like to be the smartest guy in the room or the hardest working guy in the room. But but you know what that's just something that you might aspire to that doesn't like you. So but what you do is you go try and hire smarter people and harder working people. And if you get all those people in the same room, it's it's interesting what you can do, right? So, like I like to stick in my lane. I like to raise money and I like to um promote. That's where I feel the most comfortable. But I've run my own drilling company, so I'm not afraid to get my hands dirty and I'm not afraid to and I understand what it takes to do the right things. And then, you know, and then I guess betting on yourself, too. Like, you know, I have $6.5 million of my own money tied up in Apollo. Like, there's no free ride here. There's no we're we're you can do the history on our group. We're not We don't print our ownership and things and try and get them for nothing. That's not what we do. like you know Ross just joined and wa what I bet watching Ross' insider reporting that he he will he'll buy stock in this company he'll that's what we do and and so and when you show that kind of leadership to the market you generally get good supporters if you get good supporters then then you know good supporters bring other good supporters to the mix because they talk about their investments or their trust in their investments and the people that are doing it and and and good things happen. Um and they give you the patience to get things done cuz you know sometimes this takes a while. We've been at Prime for six or seven years now and it'll come and Apollo four years this summer. So you know and we're just getting started. Um, speaking of the stock side and capital raising, do you want to just talk quickly about your share structure, uh, your burn rate, how much is in the till? Obviously, I feel like, you know, where silver prices are at and the commodity price is moving. It feels like an undervalued story at this point, as most juniors are, and hopefully that will be changing this year. It's slowly changing. So, yeah, there's 242 million shares out in the company. There's uh some warrants that are at significantly higher in the market. They're at 79 cents. We're at 33. So probably 20 $30 million worth of warrants if they come in. But 242 million shares out, a small amount of options that our executives and management team have, but of the 242 million shares, I'm the largest shareholder. with with my family we have about 10%. Jupiter Asset Management has 9%. Eric Spratu and Commodity Capital have four or four and a half. Primeve Vest another fabulous fund operated out of Vancouver here with Riaz Sheree um has uh 3%. And then we're starting to see other funds come in. Uh it was a UBS one the other day. I don't know if Gold 2000's an investor yet, but they're coming. So, got a good mix of shareholders. Market cap's about $80 million and there's 12 million in the treasury right now. Our burn rate is maybe $2.5 million a year. uh a million of that or a million2 of that is just the property taxes on our assets. And the other um million two to million five would be your GNA for the company. So the salaries for the execs and that sort of thing, you know, like I I I never took a salary as the CEO of the company, but uh we just hired a CEO and now you got to pay him. And we're good at raising money. My office has raised with the help of our teams, I don't know, 400, 500 million in the last seven years. We'll get what we need. We're hoping to really start to turn it up. You're the one that said the me metal markets are starting to heat up and and they are. The prices are starting to look good and there's starting to be more volume on things and now that we're heading into this good market, we're going to start amping up our our work commitments. We're going to build something. And and to get a little bit promotional, I would say this. you know, in my um career so far, I've had I've had uh I don't know, it seems like in my world, people want to measure by stock performance. And and you keep in mind, these juniors are often penny stocks. I've had two $6 stocks, a couple $5 stocks, and a whole bunch of others in the in between. And I think this one can be the best one yet. I'm I'm personally a big fan of silver myself, so I quite like the story. It feels like you're just kind of at the perfect time and strategically placed that you have project in Mexico and in the US as everything is being pushed towards mining and an improvement of actually building that out again and with commodity prices again um reaching all-time highs this year. Is there anything you want to close with or wrap up with to share with them about Apollo? There's changes coming. You can tell with a new CEO hired, uh, my disclosure said we weren't going to hire a CEO until I thought, there was good reason to start spending more money on management and things are going to heat up. And if you violate 43101 and combine measured and indicated and inferred and convert gold to silver and convert Molly to gold to silver and barite to silver and blah blah blah. If you do all that, that's what because that's what analysts do. There's you can say there's 400 million ounces of silver in this company. And if there's 400 million ounces of silver in all shapes and forms, the our peers are getting a buck an ounce for that. That puts a 400 million valuation potential on this company. And um you know, that's several times from where we are today. and with a management team that's done it before, a a board that's extremely qualified um and experienced in all of our theaters of operation, a great shareholder registry that's been patient with us in the past and our other endeavors. Um and right time, right place. For disclosure purposes, our site does not make recommendations for purchase or sale of stock, services, or products. Nothing on our site should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This is not investment opinion from investor ideas. This podcast is for education and entertainment purposes only.
This Fully Funded Silver Stock Holds America’s Biggest Undeveloped Silver Mine
Summary
0:00 Intro 1:35 Disclaimer 2:20 Apollo Silver Corp 4:00 Team 6:30 California Silver 9:45 Calico Project 14:09 2025 Calico Project …Transcript
We've we've done two good transactions with both with arguably mid-tier to major companies in the silver space and I think it's it's got some good assets, a good team and a good shareholder base. Calico can is consists of of I'll say three deposits. Two of them are silver and one of them's gold and we don't even know how big the gold one is yet. It's a brand new discovery and we had no idea it was there. But the two silver deposits are Waterlue and Langree. Waterlue we paid 41 million cash for and we've put another 20 into the ground. It sits at surface. It's it's the US's largest undeveloped primary silver deposit. So typically silver deposits or silver lead zinc or silver and something. Uh, this is silver. There's no lead zinc. It's 100 g or 103 g of silver at surface. It's got wide structures that are 450 g. And with a management team that's done it before, a a board that's extremely qualified and experienced in all of our theaters of operation, a great shareholder registry that's been patient with us in the past and our other endeavors. and right time, right place. 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 an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This podcast is for entertainment purposes only. Please read all disclosures and disclaimers at the end of the show. For disclosure purposes, Apollo Silver is a paid for client on the investor.com website. Please read disclaimers and disclosures in the links below. Andy, thanks so much for joining us on the show today. For investors that are new to the Apollo Silver story, do you want to start with a quick background on how you got into mining and how you formed Apollo Silver? I founded a company called uh Prime Mining and we founded that in 2018 and you know sometime by late 2020 it had a market cap of over 500 million and was on its way to becoming a a solid company. uh we ran a couple lithium companies and one of them was at 400 plus million market cap and and the other one was trading around a billion market cap. So anyway, because of these strong companies, the some investors that have backed me said, "Would you do a silver company?" You know, I've always thought that that the silver space is interesting. There's not a lot of players in it, a good opportunity. Um, so I started Apollo Silver and you know we raised I don't know 60 something million dollars in the IPO or 53 I guess in the IPO and a another eight or nine right before that. but raised a lot of money and started to put a team together and next thing you know Apollo Silver was created and we bought we've we've done two good transactions to with both with arguably mid-tier to major companies in the silver space and I think it's it's got some good assets a good team and a good shareholder base. Well, it's a great time to be in the silver space as commodity prices are rising especially this year. Can you talk about um your new CEO announcement that you just announced this week? I feel like most mining investors will probably know who Ross is, but for investors maybe new to the space. What's interesting, so Ross is 62. He's about three or four years younger than I am. He's been in in this space for the same amount of time. When I founded Apollo, I founded it with a gentleman named Tom Peragud. And Tom was the exploration global exploration manager for BHP. And one of the guys that Tom worked with back then was Ross Mroy. And one of my partners in some of my other endeavors worked with Ross for I don't know 10 or 12 years. So, I got to know Ross a few years ago and then when uh Tom Peragof decided he wanted to retire, uh I took on the role of the interimm CEO and Ross and I started talking and Ross is lives in Colona, BC, which is a little town I'm from. I guess it's not so little anymore. That's where I grew up. And Ross spends half of his time in Palm Springs, California, and that's two hours away from our Calico Silver project. So, he was kind of the right guy cuz Tom knew of his abilities. I knew of his abilities. Ross had just sold well he sold Fision Uranium, a company he founded and built and he sold it last December for $1.1 billion for the benefit of all of his shareholders. So, you know, Ross was a good hire there. There's a lot of people that would like to hire Ross. He's got a lot of talents aside from geology and yeah, we're just thrilled to have him um as my partner and as our team leader and and you know, CEO of Apollo. Well, it's a very impressive add-on to the team. Um speaking of Calico, let's start off a little conversation about your flagship project. California really hasn't been like I say probably maybe a hot topic in the last five to seven years but as this year and comes through uh there's probably about five or six companies that are now talking about California. Do you want to just talk about like why you picked that Calico project and some of the history behind it and then what you're seeing in California as far as the jurisdiction is changing this year. 2001, California imposed backfill legislation, uh, which meant that or means that if you dig a hole to mine something other than non- metallics, you've got to fill the hole back up after. Um, and so that could be costly for an open pit operation. and that that's affected some of the investment decisions in California. They've also got fairly tight water conditions in some of the area. And so California, in spite of being historically a very popular mining state, um has not been in the last few years. And there are two two different Californiaiforns. There's and sure there are areas that are covered in Joshua trees and there are areas with a lot of desert tortoise and other um endangered species and but then there's places like San Bernardino County that um have 90 some odd operating mines in them and and you can permit a mine there and uh it depends where you are and what you do. You know, there's other companies like some of our competitors um that operate in other areas um have been accused of taking drilling fluid or drilling water out of municipal golf course ponds and things like that. And you know, there's been some troubles with some of the operators there and that's what led to maybe not a lot of activity in California, but there's some amazing operating minds there. Our Calico project sits right between uh Riotinto's borax mine and Equinox's Castle Mountain Gold Mine. And our Calico project sits on private land, like not patented claims, private land, fe simple land. We pay county taxes on that land. And it was designated mining land many years ago. And so it's right next to the old historic Cal C calico ghost town uh where a lot of the precious metal in California came out of back in the day. Can you talk about obviously there's the back fill issue that you on your property don't have the back fill issue and then if I'm correct you have a 1:1 strip ratio there and it seems like it's a fairly easy to understand geological formation. Do you want to just walk through a little bit on the geology side and some of the positives of the project? Calico can is consists of of I'll say three deposits. Two of them are silver and one of them's gold. And we don't even know how big the gold one is yet. It's a brand new discovery. We had no idea it was there, but it's going to matter. But the two silver deposits are Waterlue and Langree. Waterlue we paid 41 million cash for and we've put another 20 into the ground. It sits at surface. It's it's the US's largest undeveloped primary silver deposit. So typically silver deposits or silver lead zinc or silver and something. Uh this is silver. There's no lead zinc. It's 100 grams or 103 grams of silver at surface. It's got wide structures that are 450 grams. What it does have is a and and we're not compliant on this yet. We're just doing all the all the estimation work on it now, but a sarco in the late '7s estimated that there was a 13.5% barite credit to the rock. Barerite is a waiting agent in the oil and gas industry. 95% of the US's consumption of it is imported from China and as a consequence it sits on the US critical mineral list. So the only operating berry mine in the US in the last 60 years or so operated about 5 miles norththeast of the Calico project. And so uh we know that bar at one point was significant in the district. It it the project sits in the Gulf in the southwest of the US. So it could be a good provider of barite to the oil and gas industry of the southwest US and that critical mineral gives us a bargaining chip with the government. Now, I didn't want to get off topic because this is a precious metal deposit, but but that barite is going to play into importance with the governments, the federal government and and the local governments uh as as this as this evolves. But the silver and gold, so there's a formation called the pandle that hosts all the silver at Waterlue. There's 110 million measured and indicated ounces at Langree. There's another 50 million inferred. So you've really got 160 million ounces of silver there. And the formation underneath that pickle which comes to surface, the formation underneath it which comes to the surface at the south has some gold in it. And we don't know how much yet. But when we were estimating the silver resource, we got this 70,000 ounce gold resource. And we know it's a lot bigger. We just don't know how much bigger. So now we're going to do some work. And and look, for a silver company, we wouldn't have done that initially just because you kind of the narrative silver, silver, silver. We got silver in California, silver in Mexico. In fact, if you put all the pieces together in this company, you got about a 400 million ounces of silver. Um, but there's this gold thing that we got to value, especially with gold at 30. I don't know what it's at, 3,400, 3,300 still. It's lots. Yeah, it definitely feels like the right time to look at gold as well. And not to take away from silver, but it's great to have critical minerals, especially with again the geopolitics the way they are in the states. I feel like having mineral access is great no matter what it is at this point on US property. What are your plans currently that you can talk to investors about going forward coming into 2025 for the summer for um the Calico project? So we've been we did an 8,000 to 10,000 sample program in the first quarter to evaluate the barate resource. And so all the compilation of that data is being done now and sometime at the end of the first half we'll announce a a compliant bearite resource. Number one. Number two, we've done a field prospecting and sampling program around the gold structures to determine what we should do next to to identify the size of this gold resource. A bunch of that data just came in and we haven't had a chance to review it yet. But I suspect that that's going to lead to a drill program this year to see how much what the footprint of that gold resource looks like to the south of the of the silver. And so that's sort of the exploration work that's going to go on. And then in the second half of this year, we're going to do an economic study on on the silver resource and that will be a PA initially and and given some geotech drilling and some more met work, we'll will maybe feed into a PFS in 2026. Keeping the focus on silver again, I want to talk about your other project, Cinco de Mayo, again that um has a rich history uh in Chihuahua. Do you want to just for investors or maybe people that haven't heard of the project and the property give them kind of a quick overview of how you kind of got your hands on that and the opportunity there? Sinco is a silver, lead, zinc, copper, gold carbonate replacement deposit that's got about 155 million silver equivalent ounces in it right now. Plus another gold Molly deposit, Mexico's richest Molly deposit. That's about a half a million gold equivalent ounces sitting at surface. It's a monster project of 2500 hectares about 2 hours northwest of Chihuahua City in North Mexico. It's been worked on by a worldrenowned CRD geologist named Peter McGaw. This gentleman has worked on that project since 1992. And um over the course of the time that that this deposit's been in exploration, 445 drill holes have been put into it and only 12 uh were un non-mineralized. It's big. It's got huge opportunity. Some of these professionals will tell you that it could be the largest CRD in North America. And CRDs run from 10 to 50 million tons. So right now it's 12 a.5 million tons. It's could be a lot bigger and looks to be a lot bigger based on the work so far. But in 2012 the company that owns the project, Mag Silver, lost social license. They got kicked off the property by the local surface owners. The surface owners banned mining for a hundred years and didn't let them come back. And that was 13 years ago. Um that company MAG has been busy with other things and there's a lot of history in the background that important but maybe not important for the context of this conversation. But what I would say is that MAG has given me a 5-year option to solve the community problem and get back on the property and start drilling. And if I do that, then we get to buy it by giving them a 19.9% stake in our company. And and why they did it with me is because my group has done this in Mexico twice before. And so I started this conversation saying that I founded Prime Mining. Now, Prime Mining is a three or three and a half million ounce gold equivalent deposit that's in Mexico. Uh the company has a market cap right now of 230 million because there's a bit of trouble on the ground. Otherwise, it would probably have a market cap of three or four times this price. But it's got Pierre Lassand is the largest shareholder. I'm the second largest shareholder. It's got a register of amazing funds that hold it. It's a great company. I started it by buying an asset from some other guys that didn't think they could advance it because the community wasn't on side. And it took and I bought it for $9 million. And I took nine months to restore the communities to get community support to do a for 30-year program or a 30-year agreement with them. When we got that agreement, it unlocked a lot of value. As I said, in 2020, 20 late 2020, Prime had a market cap of $550 million and the who's who of investors. All because we unlocked the problem. That's what we're going to try and do at Cinco de Mayo. The brokerage community, the banking community, the geology community, they all know that Cinco is worth a lot of money. In fact, MAG lost 400 million in market cap when they got told to leave the property over a period of time, but that's what they lost. People will tell you that it's a half a billion to a billion dollar deal if you get social license resolved there. Well, I think we can do it. 20 of the employees or 20 some odd of the employees that work at Prime are live or have come from Chihuahua City, 2 hours away from Cinco de Mayo. Our country manager, the person in charge of ASG, they're all from that region. So, we've got some connection to the community. We've got connection to the government, to the congressmen, to the officials that we need. and and we've been in the community working since May to last May to try and understand the issues and fix the problems. For any investors that again maybe were not at Roundup this year or not familiar with some of the um announcements from Chihuahua, do you want to also explain why this is important going forward and that jurisdiction is so mining friendly coming into 2025? mining probably accounts for 20% of the economy in northern Mexico and it might with all the spin-offs and indirect it might even be 30% in northern Mexico like it's key and there's been some real troubles between Mexico and the US recently and um and the former government of the Amllo government you know tried to eliminate open pit mining and tried to make a lot of changes to the mining code and as a consequence there hasn't been a lot of foreign investment coming in but the government of Mexico changed last year and the Shinbong government is talking about really opening up mining for foreign investment again and and that's key because uh because it almost got shut down and there's not a lot of people putting money in and you know the difference between communities companies that have mineral explanation, mind development in Mexico and those that don't is really stark. They need it and they need they need our investment and and I've always I've worked in Mexico since 95 and this is such a good place to work. They're going to make some changes and we're going to see them coming and that's going to create opportunity especially in Chihuahua and you know we had three members of the ministry of of minds from Chihuahua in our office in at Roundup. I can't remember what day it was but they said you know we're excited you're going at Cinco de Mayo. We we think you're going to get a deal done there. We think you're going to open it back up and it's going to be good for a lot of people. And you know like Prime for example in Sinaloa I mean we spend 20 to 25 million into the local economy every year on exploration and drilling and so us getting to work at Cinco deio will be valuable for that community. Can you talk about your team that obviously was with Prime Mining and now going into Apollo? Do you attribute like your success to rebuilding social license and moving projects forward to the local knowledge you have on the ground or is it like your management? Is it a combination of all the above? I I always think there's like three legs to a stool. You need for things to be successful and and look at and deals aren't successful unless everybody wins in them. But to be successful, you need a good idea. So, good assets. Uh you need a good management team and you need a good shareholder base. Uh and and within that a good capital structure. And if you get all those things together, then you've got the recipe for success. And um we don't like I've never been a believer that one person accomplishes everything. Like you got to have a team that's successful to I try to like I'd like I'd like to be the smartest guy in the room or the hardest working guy in the room. But but you know what that's just something that you might aspire to that doesn't like you. So but what you do is you go try and hire smarter people and harder working people. And if you get all those people in the same room, it's it's interesting what you can do, right? So, like I like to stick in my lane. I like to raise money and I like to um promote. That's where I feel the most comfortable. But I've run my own drilling company, so I'm not afraid to get my hands dirty and I'm not afraid to and I understand what it takes to do the right things. And then, you know, and then I guess betting on yourself, too. Like, you know, I have $6.5 million of my own money tied up in Apollo. Like, there's no free ride here. There's no we're we're you can do the history on our group. We're not We don't print our ownership and things and try and get them for nothing. That's not what we do. like you know Ross just joined and wa what I bet watching Ross' insider reporting that he he will he'll buy stock in this company he'll that's what we do and and so and when you show that kind of leadership to the market you generally get good supporters if you get good supporters then then you know good supporters bring other good supporters to the mix because they talk about their investments or their trust in their investments and the people that are doing it and and and good things happen. Um and they give you the patience to get things done cuz you know sometimes this takes a while. We've been at Prime for six or seven years now and it'll come and Apollo four years this summer. So you know and we're just getting started. Um, speaking of the stock side and capital raising, do you want to just talk quickly about your share structure, uh, your burn rate, how much is in the till? Obviously, I feel like, you know, where silver prices are at and the commodity price is moving. It feels like an undervalued story at this point, as most juniors are, and hopefully that will be changing this year. It's slowly changing. So, yeah, there's 242 million shares out in the company. There's uh some warrants that are at significantly higher in the market. They're at 79 cents. We're at 33. So probably 20 $30 million worth of warrants if they come in. But 242 million shares out, a small amount of options that our executives and management team have, but of the 242 million shares, I'm the largest shareholder. with with my family we have about 10%. Jupiter Asset Management has 9%. Eric Spratu and Commodity Capital have four or four and a half. Primeve Vest another fabulous fund operated out of Vancouver here with Riaz Sheree um has uh 3%. And then we're starting to see other funds come in. Uh it was a UBS one the other day. I don't know if Gold 2000's an investor yet, but they're coming. So, got a good mix of shareholders. Market cap's about $80 million and there's 12 million in the treasury right now. Our burn rate is maybe $2.5 million a year. uh a million of that or a million2 of that is just the property taxes on our assets. And the other um million two to million five would be your GNA for the company. So the salaries for the execs and that sort of thing, you know, like I I I never took a salary as the CEO of the company, but uh we just hired a CEO and now you got to pay him. And we're good at raising money. My office has raised with the help of our teams, I don't know, 400, 500 million in the last seven years. We'll get what we need. We're hoping to really start to turn it up. You're the one that said the me metal markets are starting to heat up and and they are. The prices are starting to look good and there's starting to be more volume on things and now that we're heading into this good market, we're going to start amping up our our work commitments. We're going to build something. And and to get a little bit promotional, I would say this. you know, in my um career so far, I've had I've had uh I don't know, it seems like in my world, people want to measure by stock performance. And and you keep in mind, these juniors are often penny stocks. I've had two $6 stocks, a couple $5 stocks, and a whole bunch of others in the in between. And I think this one can be the best one yet. I'm I'm personally a big fan of silver myself, so I quite like the story. It feels like you're just kind of at the perfect time and strategically placed that you have project in Mexico and in the US as everything is being pushed towards mining and an improvement of actually building that out again and with commodity prices again um reaching all-time highs this year. Is there anything you want to close with or wrap up with to share with them about Apollo? There's changes coming. You can tell with a new CEO hired, uh, my disclosure said we weren't going to hire a CEO until I thought, there was good reason to start spending more money on management and things are going to heat up. And if you violate 43101 and combine measured and indicated and inferred and convert gold to silver and convert Molly to gold to silver and barite to silver and blah blah blah. If you do all that, that's what because that's what analysts do. There's you can say there's 400 million ounces of silver in this company. And if there's 400 million ounces of silver in all shapes and forms, the our peers are getting a buck an ounce for that. That puts a 400 million valuation potential on this company. And um you know, that's several times from where we are today. and with a management team that's done it before, a a board that's extremely qualified um and experienced in all of our theaters of operation, a great shareholder registry that's been patient with us in the past and our other endeavors. Um and right time, right place. For disclosure purposes, our site does not make recommendations for purchase or sale of stock, services, or products. Nothing on our site should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This is not investment opinion from investor ideas. This podcast is for education and entertainment purposes only.