📈 Apollo Silver Fully Funded: Advancing One of the Largest Undeveloped Silver Deposit's in the US
Summary
Apollo Silver (APGO): The guest outlines a fully funded plan for 2-3 years to advance the Calico project (Waterloo and Langtry) and potentially drill at Cinco de Mayo in Mexico, supported by a recent ~$27M raise and potential warrant proceeds.
California Mining: Strong emphasis on San Bernardino County’s pro-mining stance, citing 90+ active operations and signals that the county is “open for business,” with improving permitting sentiment and alignment with federal priorities.
Critical Minerals: The story now includes critical minerals zinc and barite at Waterloo, reflecting policy tailwinds and county/federal focus on securing domestic supply chains for essential materials.
Silver: The project is predominantly driven by silver value (estimated ~75–80% of deposit value), with discussion of sizeable silver resources and the potential for silver to gain critical-mineral status and outperform gold.
Precious Metals Outlook: Despite a recent pullback in gold and silver, the guest maintains a bullish long-term view, framing dips as buying opportunities for quality junior miners with strong assets and management.
Permitting & Water Risk: Water access in the Mojave Basin is highlighted as the key hurdle; the team plans to secure rights creatively, with most mineralization on private land with vested mining rights helping the permitting path.
Regional Validation: MP Materials and Equinox Gold are cited as regional case studies reinforcing the county’s mining credibility and improved perceptions of California as a viable mining jurisdiction.
Transcript
We're going to have runway in Apollo for well over the next two years. You know, we'll be able to continue to advance on our Calico project in Southern California. You know, the next major step for us down there is to begin economic studies. You know, that that process will really get kicked off in 2026. There's going to be an exploration uh program as well down there. Um, you know, with the the new mule claims that we uh added on to Calico about, you know, 5 months ago, um, you know, we we added additional claims and they're really blue sky potential for us there on strike of the Calico fault, which is really responsible for why the silver's there in the first place. So, you know, you've got that big long fault trend that's going to be exploration. So, you know, the the funds are going to go into both project advancement, exploration in California, and um should we be fortunate enough to have an access agreement for a project down in in Mexico, that's a Cinco de Mayo in Chihuahua. We're also well funded for that. You know, for us, that probably translates into about a five or$6 million drill program. So no matter how you how busy we're going to be and we will be busy um you know we're really looking at at least two three years runway in front of us >> and you were just at the county forum for San Bernardino. I'd love to hear what the sentiment was. I think what's really happened just, you know, over the course of, well, we've seen it in just several months, but really if you step back and look over the last couple of years, I think there's been some fundamental changes in the perception of the jurisdiction in California. You know, we're really aware that San Bernardino is such a we'll call it a progressive county, the most important mining county to California. just in generalities, you know, we're talking to investors and they hear you're in California. You know, the first impression a lot of people have is, "Oh, that's too bad." Um, you know, because they expect that, you know, not a lot happens in California mining wise. But take a closer look. You know, the real thing that differentiates uh one area versus another is the county, how it's set up, and you know, how do they actually view mining? And San Bernardino is really an important mining district. You know, there's what some 90 active mining operations going on within the county itself right now. A lot of those are aggregate mines. So, there's gravel mining. Um, as you've just cited, there's MP Materials with their very large rare earth deposit operation. You've got Equinox Gold with Castle Mountain. This is a county that we know we can operate within. And you know the re message that we heard loud and clear is that San Bernardino is open for business. They wanted industry to come down meet with all their representatives and basically they were asking the questions how can we help you with your project. >> 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. 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. Your raise is um very close to closing. I'm imagining might even be closed by the time this airs. Do you want to talk to investors and followers about the use of proceeds for the 25 $25 million plus that you're raising? >> Yeah, sure. And I think the at the end of the day, we're looking Cali at around probably a little closer to $27 million, you know, and that uh closed completely this week. Um and you know, really that's going to give us sufficient funds. I think we're going to have runway in Apollo for well over the next two years. Um, you know, we'll be able to continue to advance on our Calico project in Southern California. You know, the next major step for us down there is to begin economic studies. Um, and and we'll, you know, that that process will really get kicked off in 2026. There's going to be an exploration program as well down there. Um, you know, with the the new mule claims that we added on to Calico, I guess it was back in May, so about, you know, five months ago. Um, you know, we we added additional claims and they're really blue sky potential for us. They're on strike of the Calico fault, which is really responsible for why the silver's there in the first place. So, you know, you've got that big long fault trend and the the new ground um is is adjacent to the east of that. That's going to be exploration. So, you know, the the funds are going to go into both project advancement exploration in California. And um you know, we don't have a a budget fully worked out yet for what that's going to be in 2026, but I kind of anticipate probably no more for the calendar year than um you know, five or six million, we'll say. Should we be fortunate enough to have an access agreement for a project down in in Mexico, that's a Cinco de Mayo in Chihuahua. We're also well funded for that um as well because as you may recall, you know, one of the option terms is to drill 20,000 meters of of drilling on Sinko. And um you know for us that probably translates into about a5 or $6 million drill program. So no matter how you how busy we're going to be and we will be busy um you know we're really looking at at least two 3 years uh runway in front of us just with the the money that we'll have in place. And if we're fortunate enough, you know, the uh the warrants will will get exercised. We've got a series of warrants that um expire next July, so July of 2026, and then they'll all be in the money and should be exercised. That could bring in an additional close to $30 million. So, you know, we're we're pretty well situated for the level of work that we're doing right now for quite some time. Well, we both know that you and Andy are um well capable of raising capital and it's great to hear that the story can go across the line with that financing. So, is it safe to assume that most of it um like to look just a little bit into the future would be the pea for um Waterlue and then some of the exploration along Langree and Cinco de Mayo would be a blue sky opportunity if and when that shows up down the road that we can share. Yeah, I think that that that's pretty right. You know, that that's how we envision it being active in both Southern California and in Mexico. So, you know, it's going to be it's going to be a busy time for us 26 and beyond. >> I know that there is some similarities with Langree compared to Waterlue, but is it as close to surface as Waterlue project as investors are probably excited to hear what's the next steps on that? >> Langree and Waterlue both occur along the same fault zone. That's the Calico fault zone. um lang tree is slightly different. It occurs on a spllay of of the the major fault zone, but the rock type that the mineralization is in is identical. The style of mineralization is identical. The um the grade of the deposit itself is really similar. Um there's, you know, Waterlue is a little bit more wellnown. It's it's uh it's it has a lot more holes in it. So you know and the confidence level of the resource at Waterlue is is is is higher. It's drilled at measured and and indicated primarily. Um whereas Langree uh you know it it's drilled mostly inferred. The real difference I think between the two is Langree looks to be about half the size of Waterlue. So um where Waterlue is you know roughly about 125 million ounces of silver in in its various categories. Lang tree is about um you know 57 and a half million ounces of silver that's inferred. It is a little bit deeper down in the system but the mineralization does come up to surface as well. So there are a lot of similarities. I think there's more things that are similar between Langree and Waterlue than things that differentiate it. I I I suspect they're they're you know two sides of the same coin. When I started in May with Apollo, the number one comment from investors was California. I don't know about California and MP materials obviously changed that Equinox with her fast 41 and you were just at the county forum for San Bernardino. I'd love to hear what the sentiment was um what some of the conversations were between some of the government and then the mining companies and heads there. I think what's really happened just, you know, over the course of well, we've seen it in just several months, but really if you step back and look over the last couple of years, I think there's been some fundamental changes in the in the perception of the jurisdiction in California. You know, we're really aware that San Bernardino is such a we'll call it a progressive county. It it's um the most important mining county to California. Um, you know, if you just speak just in generalities, you know, we're talk to investors and they hear you're in California. You know, the first impression a lot of people have is, "Oh, that's too bad." Um, you know, because they expect that, you know, not a lot happens in California mining wise. But take a closer look. You know, the real thing that differentiates uh one area versus another is the county um how it's set up and you know, how do they actually view mining? And San Bernardino is really an important mining district. You know, there's what some 90 active mining operations going on within the county itself right now. A lot of those are aggregate mines. So there's gravel mining. Um, as you just cited, there's MP Materials with their very large rare earth deposit operation. You've got Equinox Gold with Castle Mountain. its recent receiving of the fast 41 uh designation on permitting. This is a county that we know we can operate within. And you know to to that extent I've just what would it be about a month ago now I was down uh invited to San Bernardino County to meet with all of the heads of of state all the the CEO of of the county the the various directors of land use the assessment basically all the heads came together to introduce the the new director of of land use to industry. They had a one-day lunchon down there and um you know the re message that we heard loud and clear is that San Bernardino is open for business. They wanted industry to come down meet with all their representatives and basically they were asking the questions how can we help you with your project. They understand the importance of mining to San Bernardino and we're fortunate to have you know such a significant asset in Calico there. But I'm really quite confident that this is an area that encourages development and that we can see a process all the way through. >> Without getting into details that we can't share, um what what was the sentiment about some of the challenges? I'm assuming water is a challenge in California and obviously with people from MP Equinox and city officials, government officials. Was there a conversation about how to move that forward in a progressive way for everyone involved there? >> Yeah, you know, I think um water is going to be probably the the most important thing that we have to deal with. Put it put it this way. It it is probably representative of the most significant hurdle that we'll have in the permitting scheme. You know, the Mojave Basin is an adjudicated basin. They allow a certain um amount of water out there. you can buy water rights, you know, so it's you can always access water. Um there's plenty of water in in in the groundwater aquifers, you know, in the region. It's just that it comes with a cost. So there's a price to be paid to to uh to get water. You know, we're going to be very creative in in how we um obtain our water rights down there. And so, you know, I think that this project's going to be able to um handle the the cost, we'll say, to be able to access all the water that we need. We know we've got a a very, as I said already, we've got a progressive environment on the permitting side. Both of our deposits, Langree and Waterlue, are almost entirely held on private land that has vested mining rights. So, you know, we've pretty much got everything going in our way down there, but you're right, water is going to be um one of the more significant hurdles that we do face down down in on the Calico project. >> The county forum like how has the trajectory changed? Like why did San Bernino become so positive and forward thinking? Is it the critical minerals and the administration change over the last couple years? The MP material story. Do you want to just walk investors through what they used to think California is to what it is now? >> I think I think you did you hit the nail on the head with that comment. Um you know one thing that they drove home to the you know the entire lunch and as I said it was a lot of industry people as well as government about 50/50 between government and industry. what they were what they drove home was that they understand that this is a whole new regime in place um much more progressive for mining. I think they're always a little bit more forward thinking anyways and probably uh you know maybe led California you know with that attitude but they recognize very well that um even federally this is a you know an administration that is much more promining than what they've seen in the past and they're really taking the lead you know how how the federal administration is handling mining more so than anything else and they're basically trying to replicate that or make sure that they fall in, you know, along that method. So, um, you know, I think that was what was, uh, really encouraging and we heard that from the leadership all the way from the top, you know, down to the to the various levels of heads of different departments at the county. So, um, you know, that was certainly the the sense that I got down there, um, was that they were, you know, things have changed down there. They absolutely recognize just how important mining is to the uh to the overall economy and um and they want to do everything they can to encourage it. >> Can we talk a little bit um for any of the following or investors that are new to the story? You obviously just had your updated ME and then you just filed for your 43101. Apollo has zinc barite critical minerals. We're counting down assuming at some point silver is also going to be a critical mineral this year. just walk us through some of the results. >> Absolutely. And and I think critical minerals is really the you know that that's the key phrase now and that's also why the county is is really quite progressive as well because as I said they're following in line understanding the need moving the critical mineral pathway forward. Um so we uh for the first time were able to you know put some numbers behind uh critical minerals uh barite and zinc and that those are on the waterlue deposit. I'm sure they exist as well on Langree but we've not evaluated Langree for for that. So um you know we have a you know a significant portion um of zinc now and in in the indicated category as well as inferred. So combine the two like a little over 300 million pounds of zinc and indicated just under 300 million pounds of zinc and inferred category. Um you've got barite which is another critical mineral um combined indicated and inferred you're looking at around 3.2 million tons of of barite. You know I think well there's some gold as well. Now, gold's not classified as a critical mineral, but everybody knows the value of gold, too. Around $4,000 an ounce. Gold, you know, every every ounce is pretty important. So, there is gold in the system as well. Um, but this is still a project that is dominated by the value of silver. You know, if we kind of look at the overall resource, I say silver accounts for something like 75% maybe 75 to 80% of the value of the deposits both water well we don't know Langree but for Waterlue um really it's it's still a silverdriven project and that's why you know we always make a point of saying that this is a um you know not only a large deposit but it's you know the you know, one of the largest in the US with respect to silver being the primary uh mineral. So, it's all about the price of silver with how this project moves forward. >> I love your commentary that obviously gold has had a pullback, but silver, it looks like there's the possible squeeze that's going to happen again with the possibility that it's going to become a critical mineral. there's a lot of hype behind silver and yet we've seen junior mining companies all have a pullback as well just because of the price of gold. um what's your commentary on why I think you know I personally believe it's a fantastic opportunity to buy junior mining stocks right now but I'd love your commentary as well >> both gold and silver um well and all metals for that matter but just talking specifically in the precious metals they've had a really good um run for you know several months nothing ever goes up in a straight line um I think seeing a pullback over the last week or so uh in both gold and silver prices is not unexpected and it you know it should even be I think investors should be aware of that. Um you know nothing as I say is going to go up every single day but if you look at the overall trend uh I think it's pretty clear that precious metals are you know they haven't settled out yet. Um, a lot of smart people in this business that are, you know, make a living at prognosticating prices on gold and silver see much much higher than than where we're at right now. Um, you know, silver, some of the uh discussions I've heard around silver is that it's uh, you know, it could well be, you know, ending the year at at $65 is is what I've heard. um you know, but certainly up uh a double or even triple over some period of time going forward. I I think that there you you take this opportunity like we've seen in the last week in the market and uh you're a believer in the precious metals um and you have a conviction in there, you you take the attitude that you just said, which is, you know, you look at look at these as buying opportunities. still find your favorite companies, the ones with assets that you like in jurisdictions that you like with with management that um that that can move projects forward and um you take that opportunity and you you use the downturn in the last week or so to add to your positions. I mean, that's how I approach my own investment. Um I'm not just speaking for Apollo Silver with that comment. I I sort of take that whole approach with everything across my universe of of metal investment. So, I'm very very bullish. Uh I I think this is temporary, but it's also healthy. You you know, you you just can't expect gold to be going up by $50 every day as we were sort of seeing, you know, prior to the um you know, the fall back, but it's still at healthy values. Silver, the same story. You know, I think silver's got even a better trajectory ahead of it than gold for that matter. So >> Ross, I would love uh I know you guys have been busy. You've been at a lot of conferences throughout the states and obviously with that Barrett and Zinc add-on, the critical minerals really has a nice development story coming for Apollo. What's been the sentiment um on the US front? Because again with the administration change, I feel like having a property there, right time, right place to add those two critical minerals to your story. it you're just in the right place at the right time. And and I know that assets in the US um are valued with a certain premium as opposed to assets outside of the US uh because there's you know the whole environment is really all about developing uh its own you know the US wants to develop its own resources and become you know significantly less dependent on other countries critical uh elements that they need to to power the the future. So you know there's I think there's every reason to remain extremely um optimistic and confident uh you know by by having assets I think in particular North America and US specifically. >> There are any um conferences coming up that investors can find you at or best ways to reach out to you through the end of the year? >> Yeah. Uh well I'm off to Zurich next week for the uh you know the precious metal forum in uh it's in the second week of November. So we'll be attending that. I'll also be in Toronto and early um November attending the red cloud uh mining forum. So um you know it's it's going to be busy. It has been busy. The last month has been all about being on the road and getting our message out. We, you know, had a really, really great conference down at Beaver Creek in Colorado in September. Um, I just came back, uh, from a week on the road last week attending an SCP one-day silver conference in in Toronto as well as attending a a smaller conference called the gem hidden gems in in New York. That was uh that was really quite a good little conference as well. So, um, but Zurich, uh, in in early November, after that, I'm sure there there will be more, but, uh, we're gearing up. It it is a very, very busy fall of 2025, and, uh, it really looks like 2026 is is going to be everything 2025 was and more. >> Ross, do you have any closing commentary that you want to share with current shareholders and potential new shareholders to end the show? You know, I guess the way we started the conversation, uh, you know, talking about money now in the in the treasury, you know, that really you seeing seeing companies that that have a very healthy treasury and and now we do. We're, you know, well set for the next couple of years. We've got plans in place. We've got the team, the people. um you know really I think we're firing on all cylinders and uh so you know look for some exciting news flow continuing from Apollo and the sector overall but no stay tuned and um I think for those that that enjoy precious metals find your favorite companies and um think about that think about adding positions to to your investment [Music]
📈 Apollo Silver Fully Funded: Advancing One of the Largest Undeveloped Silver Deposit's in the US
Summary
Transcript
We're going to have runway in Apollo for well over the next two years. You know, we'll be able to continue to advance on our Calico project in Southern California. You know, the next major step for us down there is to begin economic studies. You know, that that process will really get kicked off in 2026. There's going to be an exploration uh program as well down there. Um, you know, with the the new mule claims that we uh added on to Calico about, you know, 5 months ago, um, you know, we we added additional claims and they're really blue sky potential for us there on strike of the Calico fault, which is really responsible for why the silver's there in the first place. So, you know, you've got that big long fault trend that's going to be exploration. So, you know, the the funds are going to go into both project advancement, exploration in California, and um should we be fortunate enough to have an access agreement for a project down in in Mexico, that's a Cinco de Mayo in Chihuahua. We're also well funded for that. You know, for us, that probably translates into about a five or$6 million drill program. So no matter how you how busy we're going to be and we will be busy um you know we're really looking at at least two three years runway in front of us >> and you were just at the county forum for San Bernardino. I'd love to hear what the sentiment was. I think what's really happened just, you know, over the course of, well, we've seen it in just several months, but really if you step back and look over the last couple of years, I think there's been some fundamental changes in the perception of the jurisdiction in California. You know, we're really aware that San Bernardino is such a we'll call it a progressive county, the most important mining county to California. just in generalities, you know, we're talking to investors and they hear you're in California. You know, the first impression a lot of people have is, "Oh, that's too bad." Um, you know, because they expect that, you know, not a lot happens in California mining wise. But take a closer look. You know, the real thing that differentiates uh one area versus another is the county, how it's set up, and you know, how do they actually view mining? And San Bernardino is really an important mining district. You know, there's what some 90 active mining operations going on within the county itself right now. A lot of those are aggregate mines. So, there's gravel mining. Um, as you've just cited, there's MP Materials with their very large rare earth deposit operation. You've got Equinox Gold with Castle Mountain. This is a county that we know we can operate within. And you know the re message that we heard loud and clear is that San Bernardino is open for business. They wanted industry to come down meet with all their representatives and basically they were asking the questions how can we help you with your project. >> 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. 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. Your raise is um very close to closing. I'm imagining might even be closed by the time this airs. Do you want to talk to investors and followers about the use of proceeds for the 25 $25 million plus that you're raising? >> Yeah, sure. And I think the at the end of the day, we're looking Cali at around probably a little closer to $27 million, you know, and that uh closed completely this week. Um and you know, really that's going to give us sufficient funds. I think we're going to have runway in Apollo for well over the next two years. Um, you know, we'll be able to continue to advance on our Calico project in Southern California. You know, the next major step for us down there is to begin economic studies. Um, and and we'll, you know, that that process will really get kicked off in 2026. There's going to be an exploration program as well down there. Um, you know, with the the new mule claims that we added on to Calico, I guess it was back in May, so about, you know, five months ago. Um, you know, we we added additional claims and they're really blue sky potential for us. They're on strike of the Calico fault, which is really responsible for why the silver's there in the first place. So, you know, you've got that big long fault trend and the the new ground um is is adjacent to the east of that. That's going to be exploration. So, you know, the the funds are going to go into both project advancement exploration in California. And um you know, we don't have a a budget fully worked out yet for what that's going to be in 2026, but I kind of anticipate probably no more for the calendar year than um you know, five or six million, we'll say. Should we be fortunate enough to have an access agreement for a project down in in Mexico, that's a Cinco de Mayo in Chihuahua. We're also well funded for that um as well because as you may recall, you know, one of the option terms is to drill 20,000 meters of of drilling on Sinko. And um you know for us that probably translates into about a5 or $6 million drill program. So no matter how you how busy we're going to be and we will be busy um you know we're really looking at at least two 3 years uh runway in front of us just with the the money that we'll have in place. And if we're fortunate enough, you know, the uh the warrants will will get exercised. We've got a series of warrants that um expire next July, so July of 2026, and then they'll all be in the money and should be exercised. That could bring in an additional close to $30 million. So, you know, we're we're pretty well situated for the level of work that we're doing right now for quite some time. Well, we both know that you and Andy are um well capable of raising capital and it's great to hear that the story can go across the line with that financing. So, is it safe to assume that most of it um like to look just a little bit into the future would be the pea for um Waterlue and then some of the exploration along Langree and Cinco de Mayo would be a blue sky opportunity if and when that shows up down the road that we can share. Yeah, I think that that that's pretty right. You know, that that's how we envision it being active in both Southern California and in Mexico. So, you know, it's going to be it's going to be a busy time for us 26 and beyond. >> I know that there is some similarities with Langree compared to Waterlue, but is it as close to surface as Waterlue project as investors are probably excited to hear what's the next steps on that? >> Langree and Waterlue both occur along the same fault zone. That's the Calico fault zone. um lang tree is slightly different. It occurs on a spllay of of the the major fault zone, but the rock type that the mineralization is in is identical. The style of mineralization is identical. The um the grade of the deposit itself is really similar. Um there's, you know, Waterlue is a little bit more wellnown. It's it's uh it's it has a lot more holes in it. So you know and the confidence level of the resource at Waterlue is is is is higher. It's drilled at measured and and indicated primarily. Um whereas Langree uh you know it it's drilled mostly inferred. The real difference I think between the two is Langree looks to be about half the size of Waterlue. So um where Waterlue is you know roughly about 125 million ounces of silver in in its various categories. Lang tree is about um you know 57 and a half million ounces of silver that's inferred. It is a little bit deeper down in the system but the mineralization does come up to surface as well. So there are a lot of similarities. I think there's more things that are similar between Langree and Waterlue than things that differentiate it. I I I suspect they're they're you know two sides of the same coin. When I started in May with Apollo, the number one comment from investors was California. I don't know about California and MP materials obviously changed that Equinox with her fast 41 and you were just at the county forum for San Bernardino. I'd love to hear what the sentiment was um what some of the conversations were between some of the government and then the mining companies and heads there. I think what's really happened just, you know, over the course of well, we've seen it in just several months, but really if you step back and look over the last couple of years, I think there's been some fundamental changes in the in the perception of the jurisdiction in California. You know, we're really aware that San Bernardino is such a we'll call it a progressive county. It it's um the most important mining county to California. Um, you know, if you just speak just in generalities, you know, we're talk to investors and they hear you're in California. You know, the first impression a lot of people have is, "Oh, that's too bad." Um, you know, because they expect that, you know, not a lot happens in California mining wise. But take a closer look. You know, the real thing that differentiates uh one area versus another is the county um how it's set up and you know, how do they actually view mining? And San Bernardino is really an important mining district. You know, there's what some 90 active mining operations going on within the county itself right now. A lot of those are aggregate mines. So there's gravel mining. Um, as you just cited, there's MP Materials with their very large rare earth deposit operation. You've got Equinox Gold with Castle Mountain. its recent receiving of the fast 41 uh designation on permitting. This is a county that we know we can operate within. And you know to to that extent I've just what would it be about a month ago now I was down uh invited to San Bernardino County to meet with all of the heads of of state all the the CEO of of the county the the various directors of land use the assessment basically all the heads came together to introduce the the new director of of land use to industry. They had a one-day lunchon down there and um you know the re message that we heard loud and clear is that San Bernardino is open for business. They wanted industry to come down meet with all their representatives and basically they were asking the questions how can we help you with your project. They understand the importance of mining to San Bernardino and we're fortunate to have you know such a significant asset in Calico there. But I'm really quite confident that this is an area that encourages development and that we can see a process all the way through. >> Without getting into details that we can't share, um what what was the sentiment about some of the challenges? I'm assuming water is a challenge in California and obviously with people from MP Equinox and city officials, government officials. Was there a conversation about how to move that forward in a progressive way for everyone involved there? >> Yeah, you know, I think um water is going to be probably the the most important thing that we have to deal with. Put it put it this way. It it is probably representative of the most significant hurdle that we'll have in the permitting scheme. You know, the Mojave Basin is an adjudicated basin. They allow a certain um amount of water out there. you can buy water rights, you know, so it's you can always access water. Um there's plenty of water in in in the groundwater aquifers, you know, in the region. It's just that it comes with a cost. So there's a price to be paid to to uh to get water. You know, we're going to be very creative in in how we um obtain our water rights down there. And so, you know, I think that this project's going to be able to um handle the the cost, we'll say, to be able to access all the water that we need. We know we've got a a very, as I said already, we've got a progressive environment on the permitting side. Both of our deposits, Langree and Waterlue, are almost entirely held on private land that has vested mining rights. So, you know, we've pretty much got everything going in our way down there, but you're right, water is going to be um one of the more significant hurdles that we do face down down in on the Calico project. >> The county forum like how has the trajectory changed? Like why did San Bernino become so positive and forward thinking? Is it the critical minerals and the administration change over the last couple years? The MP material story. Do you want to just walk investors through what they used to think California is to what it is now? >> I think I think you did you hit the nail on the head with that comment. Um you know one thing that they drove home to the you know the entire lunch and as I said it was a lot of industry people as well as government about 50/50 between government and industry. what they were what they drove home was that they understand that this is a whole new regime in place um much more progressive for mining. I think they're always a little bit more forward thinking anyways and probably uh you know maybe led California you know with that attitude but they recognize very well that um even federally this is a you know an administration that is much more promining than what they've seen in the past and they're really taking the lead you know how how the federal administration is handling mining more so than anything else and they're basically trying to replicate that or make sure that they fall in, you know, along that method. So, um, you know, I think that was what was, uh, really encouraging and we heard that from the leadership all the way from the top, you know, down to the to the various levels of heads of different departments at the county. So, um, you know, that was certainly the the sense that I got down there, um, was that they were, you know, things have changed down there. They absolutely recognize just how important mining is to the uh to the overall economy and um and they want to do everything they can to encourage it. >> Can we talk a little bit um for any of the following or investors that are new to the story? You obviously just had your updated ME and then you just filed for your 43101. Apollo has zinc barite critical minerals. We're counting down assuming at some point silver is also going to be a critical mineral this year. just walk us through some of the results. >> Absolutely. And and I think critical minerals is really the you know that that's the key phrase now and that's also why the county is is really quite progressive as well because as I said they're following in line understanding the need moving the critical mineral pathway forward. Um so we uh for the first time were able to you know put some numbers behind uh critical minerals uh barite and zinc and that those are on the waterlue deposit. I'm sure they exist as well on Langree but we've not evaluated Langree for for that. So um you know we have a you know a significant portion um of zinc now and in in the indicated category as well as inferred. So combine the two like a little over 300 million pounds of zinc and indicated just under 300 million pounds of zinc and inferred category. Um you've got barite which is another critical mineral um combined indicated and inferred you're looking at around 3.2 million tons of of barite. You know I think well there's some gold as well. Now, gold's not classified as a critical mineral, but everybody knows the value of gold, too. Around $4,000 an ounce. Gold, you know, every every ounce is pretty important. So, there is gold in the system as well. Um, but this is still a project that is dominated by the value of silver. You know, if we kind of look at the overall resource, I say silver accounts for something like 75% maybe 75 to 80% of the value of the deposits both water well we don't know Langree but for Waterlue um really it's it's still a silverdriven project and that's why you know we always make a point of saying that this is a um you know not only a large deposit but it's you know the you know, one of the largest in the US with respect to silver being the primary uh mineral. So, it's all about the price of silver with how this project moves forward. >> I love your commentary that obviously gold has had a pullback, but silver, it looks like there's the possible squeeze that's going to happen again with the possibility that it's going to become a critical mineral. there's a lot of hype behind silver and yet we've seen junior mining companies all have a pullback as well just because of the price of gold. um what's your commentary on why I think you know I personally believe it's a fantastic opportunity to buy junior mining stocks right now but I'd love your commentary as well >> both gold and silver um well and all metals for that matter but just talking specifically in the precious metals they've had a really good um run for you know several months nothing ever goes up in a straight line um I think seeing a pullback over the last week or so uh in both gold and silver prices is not unexpected and it you know it should even be I think investors should be aware of that. Um you know nothing as I say is going to go up every single day but if you look at the overall trend uh I think it's pretty clear that precious metals are you know they haven't settled out yet. Um, a lot of smart people in this business that are, you know, make a living at prognosticating prices on gold and silver see much much higher than than where we're at right now. Um, you know, silver, some of the uh discussions I've heard around silver is that it's uh, you know, it could well be, you know, ending the year at at $65 is is what I've heard. um you know, but certainly up uh a double or even triple over some period of time going forward. I I think that there you you take this opportunity like we've seen in the last week in the market and uh you're a believer in the precious metals um and you have a conviction in there, you you take the attitude that you just said, which is, you know, you look at look at these as buying opportunities. still find your favorite companies, the ones with assets that you like in jurisdictions that you like with with management that um that that can move projects forward and um you take that opportunity and you you use the downturn in the last week or so to add to your positions. I mean, that's how I approach my own investment. Um I'm not just speaking for Apollo Silver with that comment. I I sort of take that whole approach with everything across my universe of of metal investment. So, I'm very very bullish. Uh I I think this is temporary, but it's also healthy. You you know, you you just can't expect gold to be going up by $50 every day as we were sort of seeing, you know, prior to the um you know, the fall back, but it's still at healthy values. Silver, the same story. You know, I think silver's got even a better trajectory ahead of it than gold for that matter. So >> Ross, I would love uh I know you guys have been busy. You've been at a lot of conferences throughout the states and obviously with that Barrett and Zinc add-on, the critical minerals really has a nice development story coming for Apollo. What's been the sentiment um on the US front? Because again with the administration change, I feel like having a property there, right time, right place to add those two critical minerals to your story. it you're just in the right place at the right time. And and I know that assets in the US um are valued with a certain premium as opposed to assets outside of the US uh because there's you know the whole environment is really all about developing uh its own you know the US wants to develop its own resources and become you know significantly less dependent on other countries critical uh elements that they need to to power the the future. So you know there's I think there's every reason to remain extremely um optimistic and confident uh you know by by having assets I think in particular North America and US specifically. >> There are any um conferences coming up that investors can find you at or best ways to reach out to you through the end of the year? >> Yeah. Uh well I'm off to Zurich next week for the uh you know the precious metal forum in uh it's in the second week of November. So we'll be attending that. I'll also be in Toronto and early um November attending the red cloud uh mining forum. So um you know it's it's going to be busy. It has been busy. The last month has been all about being on the road and getting our message out. We, you know, had a really, really great conference down at Beaver Creek in Colorado in September. Um, I just came back, uh, from a week on the road last week attending an SCP one-day silver conference in in Toronto as well as attending a a smaller conference called the gem hidden gems in in New York. That was uh that was really quite a good little conference as well. So, um, but Zurich, uh, in in early November, after that, I'm sure there there will be more, but, uh, we're gearing up. It it is a very, very busy fall of 2025, and, uh, it really looks like 2026 is is going to be everything 2025 was and more. >> Ross, do you have any closing commentary that you want to share with current shareholders and potential new shareholders to end the show? You know, I guess the way we started the conversation, uh, you know, talking about money now in the in the treasury, you know, that really you seeing seeing companies that that have a very healthy treasury and and now we do. We're, you know, well set for the next couple of years. We've got plans in place. We've got the team, the people. um you know really I think we're firing on all cylinders and uh so you know look for some exciting news flow continuing from Apollo and the sector overall but no stay tuned and um I think for those that that enjoy precious metals find your favorite companies and um think about that think about adding positions to to your investment [Music]