Apollo Silver – $1.4 Billion CEO Reveals His Next Silver Play
Summary
Market Outlook: The silver sector has experienced significant appreciation, with silver prices rising by 60% in 2025, driven by both its role as a precious and industrial metal.
Company Overview: Apollo Silver is positioning itself as a leader in the silver and critical minerals market, controlling one of the largest primary silver assets in the United States.
Management and Strategy: Led by CEO Ross Maroy, Apollo Silver is focused on developing its Calico project in California and the Cinco de Mayo project in Mexico, with an emphasis on building strong community relationships and advancing project stages.
Project Highlights: The Calico project boasts 125 million ounces of silver in measured and indicated categories, and the inclusion of critical minerals like barite and zinc enhances its strategic importance.
Development Path: Apollo Silver aims to progress the Calico project towards a preliminary economic assessment by 2026, while focusing on securing community agreements for the Cinco de Mayo project to resume exploration.
Capital Structure: Apollo Silver has a strong financial position with 48.5 million shares outstanding, $10 million in the treasury, and no debt, positioning it well for future growth.
Investment Potential: With the silver sector showing strong momentum, Apollo Silver's strategic assets and experienced management team present a compelling investment opportunity.
Transcript
Look, um, you know, Apollo might have might have been a sleeper a year ago. Um, you know, but I'd say with, uh, the silver sector going the way it is, um, the share performance has been nothing short of spectacular, uh, particularly in the last 6 months, but I think people haven't seen anything yet. >> Welcome to Proven and Probable. I'm Maurice Jackson and I'm delighted to have you here today. Before we begin today's video, make sure you give us a thumbs up and leave a comment in the comment section below. And as always, we thank you for your continued support. And just a reminder, we sell physical precious metals through Miles Franklin precious metals investments. We offer physical delivery to your home, precious metal IAS, and brings depository accounts. You can reach me at 855-505-1900. [Music] That's 855-5051900 [Music] or you may email maurice@mfranklin.com. That's maurice at milesfranklin.com. Welcome to Proven and Probable. I'm your host Maurice Jackson. Today we're going to highlight Apollo Silver, which is building a silver and critical minerals powerhouse. Joining us for a conversation is awardwinning Ross Maroy, the president, CEO, and director of Apollo Silver, a company that controls one of the largest primary silver assets in the United States. Mr. Mroy, thank you for joining us today, sir. >> Great to be here with you today, Maurice. >> Mr. Maroy, you have a proven pedigree of success. I know you're a modest, humble person, but for our audience members, would you please tell us about your awardwinning pedigree and the lucrative sale of your most recent endeavor at Vision Uranium? >> Sure. Um, you know, spend a couple of minutes on that, I guess. Um yeah, I think as you say, most people would recognize me from the uranium uh world where I guess I spent the last 18 years of my career. Um in the first uh version of Fision, which is Fision Energy, and then Fision Uranium, both of those companies were really successful. They they ended off with a sale discovery of of significant deposits and sale. The most significant, of course, being uh the PLS project that we found in Fision uranium. Um, and recently, recently being the end of 2024, uh, as I was the CEO of uh, of Vision Uranium, we sold that asset to, well, the company to Paladin Energy out of Australia for just a little bit north of $1.14 billion. So that was a you know a huge win um from you know I guess the from a discovery uh really a concept to discovery to you know outlining bringing a project along um through advanced stages detailed engineering basically to the point where it's almost shovel ready and ready for a mining company to take over. So that was really what the the exit was all about with uh with Fision and Uranium. Shareholders I think did rather well on that and um you know that freed me up and u ready to go again. >> Well Fision uranium I know is a big big feather in your cap and now you're looking to replicate that success right here. Sir, you now have your sight set on silver and critical minerals. The timing of Apollo silver couldn't be at a more opportune time for speculators. Before we delve into Apollo silver, provide us with an overview of silver. As the silver charts look incredibly strong right now, and what do you attribute this recent move in the price of silver to? And based on your long-term view of the fundamentals, how long do you foresee this tailwind lasting? >> Yeah, well, I guess you know, I mean, it's it's been tremendous uh uh appreciation and value in the precious metals overall. um both gold and silver uh but uh you know gold was the early leader in the price appreciation but in calendar 2025 silver has been playing a lot of catchup so whereas gold has increased I guess since the beginning of the year by some 40% silver on the other hand is up 60% from where it started in January 1st of this year so we began at $29 an ounce silver um And now, you know, it's currently about $46 an ounce. So, it's, you know, it's moving up rapidly. And I think that, you know, fundamentals of of precious metals, I think, are are rather strong. And I think they're closely associated with uh, you know, the US dollar going the other way. And, um, so I think people look to precious metals as a hedge. So, I think that that's that's part of the activity there. um it's a bet uh you know for for quality assets um outside of of of a US dollar. Now on the other side of the equation, silver is very much also an industrial metal. So it plays both a a dual role as a as a precious metal and monetary sense and also as an industrial uh metal in in today's uh new economy. So as everything becomes more electrified going forward, silver uh is an absolute critical mineral we'll say uh a strategic mineral um uh with respect to that. So you know both of the and there is a deficit in in uh in silver overall. So um basically uh you know I think the the whole silver sector has done really remarkable um you know this calendar year but uh Apollo silver is is uh is behaving extremely well and it's been a just a tremendous vehicle for shareholders. Yeah, there are a number of catalysts for silver right now and as you referenced the price today just exceeded over 46 bucks, which is a 15-year high, and it looks to be climbing along with the share price of Apollo Silver, coincidentally. Well, now that we have a a better understanding of silver's proposition and one's portfolio, let's find out how Apollo Silver is positioning itself as the frontr runner of being a value driver for silver speculators. please introduce us to Apollo Silver's management and board of directors. >> Sure. You know, I guess Apollo Silver um it's a very young company. Uh it was founded in 2021 by Andy Bowing. He put together the company and the first thing Andy did was look for quality assets to put into the company. So the the first project um was Calico and southwestern California. So that was the start of of Apollo Silver back in 2021. um they were able to put together a a very solid uh board um with with great experience um in both you know the capital market side of the business um on the technical side on on basically you know I mean you've got directors that um that cover all all aspects of of of the business most recently just this week I've joined uh Apollo's board of directors as well so that'll give a little bit more depth on the technical side as well as a as a professional geologist with about 40 years experience in there. So I think you're looking at a at a board that um that knows how to you know and and management group that knows how to not only find good assets but but able to develop them, move them along and and ultimately uh you know turn what look to be great looking assets into um uh mining propositions. And really that's what we have at uh at Apollo Silver. As I say, we got started with the the asset in California in Southwest California. And then in 2024, uh Apollo Silver signed an option agreement with Mag Silver for a worldclass asset in Northern Mexico in the state of Chihuahua and that would be the Cinco deio property. So it's, as I say, young company, but really, really good assets. And I think maybe what differentiates um us to others, there's very little geological risk on either of these assets. the the challenge and the opportunity is more to do on with say permitting side in California and um in Mexico on building social relationships and you know those are both issues that we are very confident that we can um you know we we can uh you know gain traction and and success on and this will allow us to um you know move these assets forward to uh advanced stages ultimately mining operations. issues. >> Well, let's go on site. Mr. Maroy, Apollo Silver hosts two promising projects that have enormous upside potential. Take us on to the Calico project which released a robust updated mineral resource estimate. Please share the highlights with us. >> Sure. >> Yeah, it's um you know the the Calico project is is really consists of two deposits. There's the Waterlue deposit which um hosts probably twothirds of the silver on the property and the Langree deposit which is basically around 35% of the the silver assets itself. What was new about the mineral resource estimate that we did um put out probably about a month ago now um we were able to uh increase the amount of measured and indicated well and inferred so basically all categories of silver and that's and gold as well. We more than doubled the amount of gold that's in the system but I'll get talked about that in just a little bit. But the the primary asset silver, we now have 125 million uh ounces of silver and measured and indicated or further 57 million ounces in inferred category. Um and and an increase in gold that's now 130,000 ounces of gold. And really that's a function of metal prices. So it's it's you as we talked at the beginning of this interview uh with the the price of silver and gold increasing sharply um you know we were able to lower a cutoff grade and actually bring in more mineralization into the resource category. And so now we host probably either the the largest or one of certainly one of the largest primary silver assets in the in the United States. But in addition with the mineral resource estimate, we also brought in new minerals um that had never been considered uh previously and they are critical minerals, barite and zinc. So now you've got four um four elements, silver, barite, zinc, and gold that make up the uh the uh the Calico project assets. >> I tell you what, the uh proposition is extremely compelling. And I've have about uh 10 years experience in this and the chances or probability of having a young company already have the measured and indicated categories in an MRE that is not common. >> No, it's it it truly is remarkable. Um as I said, I think you know what we looked at is acquiring projects that already had a certain amount of geologic risk taken off. they had um discovered assets um but you know for whatever reason um the companies that had them before you know it was maybe not core to them but certainly core to us. The Calico project or well the Waterlue project on Calico was actually a Pan-Amean asset and Pan-American were you know at that time back in the early 2020 so 2021 you know they they were not going to focus on California. they had uh other places to look and so that became an opportunity for us and in the case of Cinco de Mayo in Mexico um that was a a project that Mag Silver had problems at the community level um they had made a tremendous discovery down there and I'm sure we'll talk about it here you know know in specifics but basically it was a an asset that um was troubled more at the community level not the geologic side I mean every geologist out there that uh that knows you know quality deposits would um would consider Cinco de Mayo to be one of the top um silver zinc assets worldwide. >> May I ask you are we looking at a potential open pit or is this underground? And also did you touch on grams per ton? >> Um well California you'd be looking at open pits. So that's a near surface um deposits. the uh the Waterlue and the Langree deposits on Calico are near surfacer bulk tonnage um uh type scenarios. Um the average grade at uh at Waterlue is 71 g per ton um using a what is it a 46 uh gram per ton cut off and Lang tree is essentially the same thing. it's a a 70 73 g per ton um asset and you know using a similar cutoff grade. So, uh, they're not, you know, they're they're reasonable grade deposits, but what makes them attractive is that that'll be they're very shallow, open pitable, uh, bulk tonnage. Um, and then of course with the other minerals, the zinc, barite, and gold in the system, I think it becomes, you know, quite economically attractive. The Mexican asset is a little bit different on Cinco deio. It's deeper. uh that would be an underground uh mining operation by the time we we advance it far enough to go. So it you're looking at surface open pit um uh scenarios in California underground mining in Mexico. >> Now many insiders of the opinion that Apollo Silver may have caught a tiger by its tail. What makes the Calico project in California unique from a geological and scale perspective? Well, first of all, as we kind of already touched on, just the absolute size and scope of the deposit, you know, was an undeveloped uh silver primary uh deposit. It's uh probably ranked number one in in the US in size. Um uh you know, so and it I think you know, the fact that it's in the San Bernavino County, I think is such an important part. And maybe this is a point to make on both projects, that in California and Mexico. These are in jurisdictions that are very pro-development. Um you they're projects that we know that we can permit. Um you know, and they're they they're great assets. We've they're already well um drilled, delineated. Um there's still some more work to be done down in Mexico, but they're both in jurisdictions that we can uh you know, we're very comfortable in operating in California, San Bernardino. um that would be the top uh mining jurisdiction in the state of California. Uh you know, people may not, you know, they hear California and they they think that um permitting might be problematic. Um I think quite the contrary, uh San Bernardino has about 90 different uh operations already in place within the the state, the county. Um it has uh the well North America's largest rare earth um and only uh rare earth mining operation that's in San Bernardino County. Um also Equinox's uh Equinox gold have the Castle Mountain project about 100 or so miles um from the Calico project. Also San Bernardino they're uh you know that's a that's a mining operation. Um there's several open hit gravel quies out there. There's really quite a plethora. I think that it it is definitely a place that you can um you can build a mine in. >> Well, you stole the thunder for my next question. So permitting is not a challenge that you foresee. Is that correct? >> Well, I mean it's it's you have to play the long game, Maurice, here. When you when you go into areas, yes, you can permit there. Is there an easy path forward? Um, no, there's a lot of work to be done. You have to have a very uh detailed baseline environmental work. You have to spend your time in the communities. Um, you know, and you have to uh spend your time talking to the regulators, the permitters, um, and you have to do things in a the right responsible method. If you take that approach, you take the long term, you do everything right, you keep your uh lines of communication open, people are transparent about what you're doing, you can demonstrate the economic benefits and spin-offs. I'm confident that this is a the right jurisdiction to be able to build a mine. So, um, you know, we're we work very very comfortable about being and it's particular because it is the San Bernardino County and that makes all the difference in California. So the Calico project hosts two critical minerals and a what looks to be a pending third in silver and so we have barite, we have zinc. What do these designations mean for Apollo silver in terms of project development, capital access and strategic importance? >> Well, and I'll also add too that um silver's on the short list to be classified as a critical mineral as well. what the classification of critical minerals does. You know, the US is um definitely on a trajectory to build and develop their own assets. They want to be independent of relying on you know other countries um particularly Asian countries we'll say on uh on critical minerals. Critical minerals are those that are gener and generally considered important in the in the new burgeoning economy as we touched on earlier on in the interview on the u the electrification of basically everything um you know I think the the critical minerals are very important with respect to um batteries the energy um you know the whole equation and silver is a key part of that that story as well so which is why it's listed there I think being classified as a critical mineral um will give us a certain amount of clout when we're uh trying to permit the mine. Um with both the the federal, state and and county um governments and jurisdictions, they you know the critical minerals have a pathway forward to development. Um, and so that's why it was important for us to to uh do evaluate and establish a resource in barite, in zinc as well. And we're fortunate that silver is also on that um on that um short list to be a critical mineral. And you know, basically what that means is you can get yourself into the fast 41 uh classification of uh which basically eliminates a lot of red tape and potentially a lot of time off of the permitting process to move projects forward. So it it does give us uh you know a great advantage over um o over you know if you were trying to mine something that wasn't a critical mineral uh in the state. It it just it it should eliminate a great deal of red tape. >> Now, I know many of us are familiar with silver and the gold proposition, but many of us may not be aware of barite and zinc. Can you touch on those for us? >> Sure. Well, barite is used primarily in the drilling uh uh industry. It's a waiting agent. Um you use it in drill muds. There isn't a drill out there that doesn't use a formula of uh bentonite and barite uh in its uh you know when you're drilling holes. So it um it's a mineral that uh the US exports over 75% of and so as I say they're trying to become dependent you know independent on the on the um you know on on resources within the uh within the United States. And so um you know I think that's a critical part. Zinc is is always a a byproduct in in steel for example. Um you know I mean it's it's basically a necessary part in in alloys in the metal industry. U so they're they're important to the project but really calico does hang on the value of silver. So it's I'd say 75% of the resource value is still locked up in silver. The other ones are sweeteners to the uh to the overall economics and as I said they they'll help us um I think give us some clout as we're uh looking to advance on the on the permitting and regulatory side. >> Now before we move on to your second project, the Cinco deio project, can you share with us what work is currently being conducted on site? What is the next unanswered question for the calico and when will we find out results and what determines success? >> Sure. Well, now that we're done the um you know the the mineral resource estimate that we concluded uh in in early September, sometime in October, we'll actually publish the the full 43101 report. I think we're scheduled for somewhere around midocctober for that report to be published. But work on the ground is now getting us ready for a a preliminary economic assessment or a pea as most people uh refer to it. That's the next step and that is really the beginning of true economic studies of the project. So the the resource estimate tells you how much you have the quality of the deposit. The next step is to get it into the economic um uh understanding um you know how what's the capex going to be to build it. How does a mine plan look like? How long does it is it going to take to build out? Um what's the life of mine? Those are the sort of questions that start getting answered at Calico and we'll be working towards that um you know starting this fall but that's a you know there's several years involved in that but in 2026 we should be able to complete the first study being a pea probably within a year or so after that we'll move to a prefeasibility study followed uh maybe a year after that with a feasibility study and then you know that and then you work yourself basically towards uh building an operating mine. So that's the level we're at now. We did expand our land package at Calico significantly earlier this year. Uh in May, we essentially well the the claims that we acquired essentially triple the size of the Calico project. What that gives us is a great deal of exploration blue sky. So um yes, we'll be doing the starting to on the economic assessments this fall. um working towards a PA in early 2026, but we'll also be doing exploration work on the new mule claims and following up. You know, we think there's lots of room for expansion, new discoveries on the property. Um in particular, expanding the gold resource as well and and new uh new other metals that that we suspect exist on the new the new acquired claims there. So look for us to do exploration field work, some metallurgical work towards the engineering and other uh geotechnical type studies that get us ready for a pea in early 2026. >> Now is the goal to take it to production or sell it as an arbitrage? >> You know, I never really look at these things that way. I I know that the the end result here for a project for me is to get it into an operating mind. whether it stays within our hands to, you know, take it all the way for Apollo Silver to become a mining company or not, you know, that's a decision I guess you make as you go further down the road. But what you can do is you can build these projects out. It's something I've done uh you know, multiple times uh you know with with other companies similar to what we did in Fision Uranium for example. You know, we we took that project all the way through to the point where the next step is to permit and build a mine. Um, and that may be what we're looking at here at at Calico. You you know, you never quite know how long you're going to be the um the caretakers of it, but you the important thing is to do a quality job all the way along. So even if you're not the final person doing the um you know doing the mining on the property that what you would sell to a company is an asset that's ready to go. And so that's how that's our approach. We'll take the long-term approach and build this thing out properly. >> Fair enough answer, sir. All right, leaving California, let's go to Mexico and please introduce us to the promising Cinco deayo project. >> Yeah, Cinco de Mayo is a it's a beautiful looking deposit. It's a CRD, a carbonate replacement deposit. Um, basically a scarn type uh deposit. Um, what you know, Mexico uh is famous for hosting these CRD deposits. Um large CRDs are generally considered 10 million tons to say 50 million tons. Uh and and that produces in Mexico I think it's something upwards of 60% of the um you know overall silver production comes out of these types of deposits in Mexico and Mexico is such an important you know supplier miner of silver to the world. Now, what Cinco de Mayo is, it's it's a project. The discovery was made by Mag Silver um and drilled. Uh there's about 439 drill holes on the property. They outlawed a spectacular deposit called the Joseé Mantto uh zone. Um and towards the end of the drilling uh that that Mag Silver did, and this is more than a decade ago, back in 2012, they drilled a new discovery called the Pagaso zone, which sits, you know, could be a feeder system into the in the Joseé mantto system. Basically, it's a complex scar type deposit. Um there it's high-grade. Uh so it it has high-grade silver uh high-grade zinc, high-grade lead, there's gold, there's a little bit of copper in the system, but primarily a a silver uh zinc type deposit. Um you know, with the with I think it's about 150 million ounce equivalent uh resource and indicated in the Joseé mantto deposit um high grade 385 g per ton uh type deposit. So, you know, much higher grade than than we see in California. That's the kind of deposit that we have. Uh there um there hasn't been any work on the project more east since 2012. Mag Silver lost the um confidence of the local community and they were denied access onto the ground. And really, this is our opportunity is to build fences with the local Aido community. Um, gain uh surface access rights, build a long-term relationship with them, get back on the ground, continue drilling and development of the Cinco deio project. >> Now, is that uh wholly owned or is this under an option agreement? At the present, >> it's an option agreement. We have a a five-year term on the option agreement um in order to first of all get social license um build a relationship with the community, have an access agreement to the to the ground um and and then continue the work. The option the next stage of option once we get the community license agreement portion is to drill 20,000 mters. So roughly 6 months worth of drilling we'll say at at Cinco de Mayo and then we would issue um no mag silver was bought by Pan-American. So essentially we'd be in issuing Pan-American 19.9% of the uh equity in Apollo silver at the time. So, we'll let the market decide what the value of the project is worth and and and we'd be giving Pan-American 19.9% equity stake in the company after the 20,000 meters of drilling have have been completed and announced to the public. >> You know, some of the intrinsics that many of us overlook is that relationship base that you referred to that lost it to Mags and allowed you to now gain that project. And I'm of the opinion I've looked at both projects thoroughly. I like them both, but I'm biased here to the Cinco deio. I love the proposition here. How does it fit into the uh overall strategy for your growth as a company? >> Oh, it you know, I think right now um we're probably getting very little to no value for Cinco de Mayo in the in the the company right now. I think our market cap is pretty much based around um the calico project in California because that's one that we actually you know we own waterlue 100% we have an option um on on Langree but basically that's one that we that we actually have whereas sinko is an option that we have yet to um you know complete that option earn an agreement for um but you know I'm like you I I look at the Cinco de Mayo project and first of of all it's large. We know it's large and also we know it's highra and third we know it has tremendous uh potential for expansion. It I try not to use this this term uh too commonly because it gets overused in this business but it is is truly a worldclass uh asset. It's one that would it's an absolute company maker and I think once we are able to you know secure uh the good strong relationship with the local community and uh you know and get working there again I think the market is really going to uh fall in love with this project and you know I I suspect our our market cap will be um probably based more on Cinco de Mayo than it than than than Calico even and both really good strong assets but the factory of size and and grade uh in a project like Senko. It's it's an absolute company major. >> Now what work is currently being conducted on site sir? >> There is no work being done. So until we um basically get uh get the surface access right. We we don't have the ability to get on the ground and do any work. Um you know we we can do paperwork. We can look at the studies. We can um you know work on our geological modeling. Where would we like to drill? what would we like to do? But really the work is going on uh at the community level right now. We are deep in discussions with the local AIO uh community. The Ajitos are essentially farmers that have you know been granted uh that land over top of this deposit for their their farming activities. Um so they're the owners of the surface and they're the the group that we need to um have a have a an access agreement with. Um, we do have a team in Mexico right now, a community relations uh, focused team that's in there talking to community members. Um, I will share that I was uh both myself and her chairman Andy Bowing were down in Mexico um would be about 3 weeks ago now and we met with the local Aido um uh executive and uh you know we feel confident that um they're now in a position where you know they're they want to see something happen. They're they're um you know they want to have an agreement. I think they want to have an agreement. We want to have an agreement. we we think we're entering a period that that's a win-win scenario um for both us and and for the the local communities down there as well. So hopefully we'll get uh you know we'll be able to announce hopefully later on this year um significant progress with respect to that and you know once we can get surface access you know we'll be uh uh very eager to get working right away down there. All right, sir. Now, before we leave the project sites for both projects here, just for summary purposes, where does Apollo Silver stand in its development path right now, and what are the near-term priorities that investors should be looking for in the coming months? >> Sure. Well, um, you know, we we will be active on the ground in California at Calico, as we've we've already discussed. So we want to, as I mentioned, we want to take that project further along the economic um study uh assembly line, we'll say. Um so look for us to be getting ourselves ready for a pea in in early 2026. um in Mexico, we're going to continue focusing at the community level and hopefully continue to uh mend fences, build relationships, long-term relationships with the community down there that allow us to um to get access on the ground and and get busy for work. So, that's where we're focused on right now. Um we're, you know, we've got plenty of money in the Treasury to uh to carry us through. We're um you know, we're we we love the silver sector. You know, as we discussed at the beginning of the at the interview, um we think we're in for a long-term bull market in the in the silver sector. So, you know, we're I just continue to build my team out and uh um you know, we're we we've expanded on our technical team, on our investor relations um business. The board has expanded. Um, you know, so Apollo's gone from what was essentially a dormant company about a year ago to one that's very very active and looking to progress. >> Let's look at some numbers. Sir, please provide the capital structure for Apollo Silver. >> Sure. Well, we just recently uh completed a 5 for one consolidation. So now um we're looking at share count, excuse me, about 48 uh.5 million shares outstanding. Um we do have warrants about 7 million warrants um by the way that are now in the money. So um you know those could provide well they provide another 30 million or so if if those warrants are exercised. So um but right now the warrants are in the money. Uh and uh basically we've got around $10 million in the treasury. We have no debt. Um so a nice small share count as I say at 48 1.5 million shares out and institutional holdings probably about a quarter of our um of our shares are held by institutions. Uh insiders have between 15 and 17% or so of the of the company. So there is definitely uh skin in the game by by insiders. Um and you know we're we're yeah I think we're we're set for u you know pretty exciting future here. What is your burn rate? >> Our burn rate is pretty minimal right now. Um, as I said with Cinco de Mayo, there's very very little expenditure going on. We are paying the maintenance fees uh down there. um uh California, we'll we're starting to ramp up expenditures as we we move to the next level getting ready for a pea, but essentially we're probably sitting around um uh roughly $200,000 a month, although we are starting to uh to ramp up on on on all these these levels. Um, we are increasing our uh, you know, the the number of people that work for us, employees, uh, management. We are starting to market a little bit more and get our name out there. So, you know, currently we're around 200, but we'll uh, continue probably increasing that spend, which I think is appropriate given the uh, the tailwinds in the sector that we have and the kind of work that we've got ahead of us. >> Before we close, what would you like to say to shareholders? Look, um, you know, Apollo might have might have been a sleeper a year ago. Um, you know, but I'd say with, uh, the silver sector going the way it is, um, the share performance has been nothing short of spectacular, uh, particularly in the last 6 months. But I think people haven't seen anything yet. um when we start getting active uh both in California and uh and down in in Mexico at the Cinco de Mayo, um I think you'll see a tremendous amount of news flow going. Uh great stories. These are these are great assets and uh you know, we're we're here to build build the company and to um you know, become the the you know, the darting of of the of the industry and the sector and you know, we've got the people and the assets that can do it. Last question. What did I forget to ask? >> I think you've covered uh pretty much, you know, everything that that that's important to talk about here, at least at this stage of the company. But um as I said, we uh I think with the consolidation now uh in the in the the in behind us, you know, I think we're we're ready to go here. We're we're primed and ready to go for for an exciting fall um and winter season. Well, I know what I forgot to ask. For someone that wants to learn more about Apollo Silver, please share the ticker symbol and the website. >> I forgot to mention that as well. So, um, the ticker symbol, it's a TSXV company and it's APGO. >> And what is the website, sir? >> The website is Apollos.com. >> All right, Mr. Maroy, it's been a pleasure speaking with you today. Wishing you and Apollo Silver the absolute best, sir. >> Thank you very much. The information presented on proven improbable is provided for educational andformational purposes only without any express or implied warranty of any kind including warranties of accuracy, completeness or fitness for any particular purpose. The information is not intended to be and does not constitute financial investment or trading advice or any other advice. You should not make any financial investment or trading decision based on any of the information presented without first undertaking independent due diligence and consultation with a professional broker or competent financial adviser.
Apollo Silver – $1.4 Billion CEO Reveals His Next Silver Play
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Look, um, you know, Apollo might have might have been a sleeper a year ago. Um, you know, but I'd say with, uh, the silver sector going the way it is, um, the share performance has been nothing short of spectacular, uh, particularly in the last 6 months, but I think people haven't seen anything yet. >> Welcome to Proven and Probable. I'm Maurice Jackson and I'm delighted to have you here today. Before we begin today's video, make sure you give us a thumbs up and leave a comment in the comment section below. And as always, we thank you for your continued support. And just a reminder, we sell physical precious metals through Miles Franklin precious metals investments. We offer physical delivery to your home, precious metal IAS, and brings depository accounts. You can reach me at 855-505-1900. [Music] That's 855-5051900 [Music] or you may email maurice@mfranklin.com. That's maurice at milesfranklin.com. Welcome to Proven and Probable. I'm your host Maurice Jackson. Today we're going to highlight Apollo Silver, which is building a silver and critical minerals powerhouse. Joining us for a conversation is awardwinning Ross Maroy, the president, CEO, and director of Apollo Silver, a company that controls one of the largest primary silver assets in the United States. Mr. Mroy, thank you for joining us today, sir. >> Great to be here with you today, Maurice. >> Mr. Maroy, you have a proven pedigree of success. I know you're a modest, humble person, but for our audience members, would you please tell us about your awardwinning pedigree and the lucrative sale of your most recent endeavor at Vision Uranium? >> Sure. Um, you know, spend a couple of minutes on that, I guess. Um yeah, I think as you say, most people would recognize me from the uranium uh world where I guess I spent the last 18 years of my career. Um in the first uh version of Fision, which is Fision Energy, and then Fision Uranium, both of those companies were really successful. They they ended off with a sale discovery of of significant deposits and sale. The most significant, of course, being uh the PLS project that we found in Fision uranium. Um, and recently, recently being the end of 2024, uh, as I was the CEO of uh, of Vision Uranium, we sold that asset to, well, the company to Paladin Energy out of Australia for just a little bit north of $1.14 billion. So that was a you know a huge win um from you know I guess the from a discovery uh really a concept to discovery to you know outlining bringing a project along um through advanced stages detailed engineering basically to the point where it's almost shovel ready and ready for a mining company to take over. So that was really what the the exit was all about with uh with Fision and Uranium. Shareholders I think did rather well on that and um you know that freed me up and u ready to go again. >> Well Fision uranium I know is a big big feather in your cap and now you're looking to replicate that success right here. Sir, you now have your sight set on silver and critical minerals. The timing of Apollo silver couldn't be at a more opportune time for speculators. Before we delve into Apollo silver, provide us with an overview of silver. As the silver charts look incredibly strong right now, and what do you attribute this recent move in the price of silver to? And based on your long-term view of the fundamentals, how long do you foresee this tailwind lasting? >> Yeah, well, I guess you know, I mean, it's it's been tremendous uh uh appreciation and value in the precious metals overall. um both gold and silver uh but uh you know gold was the early leader in the price appreciation but in calendar 2025 silver has been playing a lot of catchup so whereas gold has increased I guess since the beginning of the year by some 40% silver on the other hand is up 60% from where it started in January 1st of this year so we began at $29 an ounce silver um And now, you know, it's currently about $46 an ounce. So, it's, you know, it's moving up rapidly. And I think that, you know, fundamentals of of precious metals, I think, are are rather strong. And I think they're closely associated with uh, you know, the US dollar going the other way. And, um, so I think people look to precious metals as a hedge. So, I think that that's that's part of the activity there. um it's a bet uh you know for for quality assets um outside of of of a US dollar. Now on the other side of the equation, silver is very much also an industrial metal. So it plays both a a dual role as a as a precious metal and monetary sense and also as an industrial uh metal in in today's uh new economy. So as everything becomes more electrified going forward, silver uh is an absolute critical mineral we'll say uh a strategic mineral um uh with respect to that. So you know both of the and there is a deficit in in uh in silver overall. So um basically uh you know I think the the whole silver sector has done really remarkable um you know this calendar year but uh Apollo silver is is uh is behaving extremely well and it's been a just a tremendous vehicle for shareholders. Yeah, there are a number of catalysts for silver right now and as you referenced the price today just exceeded over 46 bucks, which is a 15-year high, and it looks to be climbing along with the share price of Apollo Silver, coincidentally. Well, now that we have a a better understanding of silver's proposition and one's portfolio, let's find out how Apollo Silver is positioning itself as the frontr runner of being a value driver for silver speculators. please introduce us to Apollo Silver's management and board of directors. >> Sure. You know, I guess Apollo Silver um it's a very young company. Uh it was founded in 2021 by Andy Bowing. He put together the company and the first thing Andy did was look for quality assets to put into the company. So the the first project um was Calico and southwestern California. So that was the start of of Apollo Silver back in 2021. um they were able to put together a a very solid uh board um with with great experience um in both you know the capital market side of the business um on the technical side on on basically you know I mean you've got directors that um that cover all all aspects of of of the business most recently just this week I've joined uh Apollo's board of directors as well so that'll give a little bit more depth on the technical side as well as a as a professional geologist with about 40 years experience in there. So I think you're looking at a at a board that um that knows how to you know and and management group that knows how to not only find good assets but but able to develop them, move them along and and ultimately uh you know turn what look to be great looking assets into um uh mining propositions. And really that's what we have at uh at Apollo Silver. As I say, we got started with the the asset in California in Southwest California. And then in 2024, uh Apollo Silver signed an option agreement with Mag Silver for a worldclass asset in Northern Mexico in the state of Chihuahua and that would be the Cinco deio property. So it's, as I say, young company, but really, really good assets. And I think maybe what differentiates um us to others, there's very little geological risk on either of these assets. the the challenge and the opportunity is more to do on with say permitting side in California and um in Mexico on building social relationships and you know those are both issues that we are very confident that we can um you know we we can uh you know gain traction and and success on and this will allow us to um you know move these assets forward to uh advanced stages ultimately mining operations. issues. >> Well, let's go on site. Mr. Maroy, Apollo Silver hosts two promising projects that have enormous upside potential. Take us on to the Calico project which released a robust updated mineral resource estimate. Please share the highlights with us. >> Sure. >> Yeah, it's um you know the the Calico project is is really consists of two deposits. There's the Waterlue deposit which um hosts probably twothirds of the silver on the property and the Langree deposit which is basically around 35% of the the silver assets itself. What was new about the mineral resource estimate that we did um put out probably about a month ago now um we were able to uh increase the amount of measured and indicated well and inferred so basically all categories of silver and that's and gold as well. We more than doubled the amount of gold that's in the system but I'll get talked about that in just a little bit. But the the primary asset silver, we now have 125 million uh ounces of silver and measured and indicated or further 57 million ounces in inferred category. Um and and an increase in gold that's now 130,000 ounces of gold. And really that's a function of metal prices. So it's it's you as we talked at the beginning of this interview uh with the the price of silver and gold increasing sharply um you know we were able to lower a cutoff grade and actually bring in more mineralization into the resource category. And so now we host probably either the the largest or one of certainly one of the largest primary silver assets in the in the United States. But in addition with the mineral resource estimate, we also brought in new minerals um that had never been considered uh previously and they are critical minerals, barite and zinc. So now you've got four um four elements, silver, barite, zinc, and gold that make up the uh the uh the Calico project assets. >> I tell you what, the uh proposition is extremely compelling. And I've have about uh 10 years experience in this and the chances or probability of having a young company already have the measured and indicated categories in an MRE that is not common. >> No, it's it it truly is remarkable. Um as I said, I think you know what we looked at is acquiring projects that already had a certain amount of geologic risk taken off. they had um discovered assets um but you know for whatever reason um the companies that had them before you know it was maybe not core to them but certainly core to us. The Calico project or well the Waterlue project on Calico was actually a Pan-Amean asset and Pan-American were you know at that time back in the early 2020 so 2021 you know they they were not going to focus on California. they had uh other places to look and so that became an opportunity for us and in the case of Cinco de Mayo in Mexico um that was a a project that Mag Silver had problems at the community level um they had made a tremendous discovery down there and I'm sure we'll talk about it here you know know in specifics but basically it was a an asset that um was troubled more at the community level not the geologic side I mean every geologist out there that uh that knows you know quality deposits would um would consider Cinco de Mayo to be one of the top um silver zinc assets worldwide. >> May I ask you are we looking at a potential open pit or is this underground? And also did you touch on grams per ton? >> Um well California you'd be looking at open pits. So that's a near surface um deposits. the uh the Waterlue and the Langree deposits on Calico are near surfacer bulk tonnage um uh type scenarios. Um the average grade at uh at Waterlue is 71 g per ton um using a what is it a 46 uh gram per ton cut off and Lang tree is essentially the same thing. it's a a 70 73 g per ton um asset and you know using a similar cutoff grade. So, uh, they're not, you know, they're they're reasonable grade deposits, but what makes them attractive is that that'll be they're very shallow, open pitable, uh, bulk tonnage. Um, and then of course with the other minerals, the zinc, barite, and gold in the system, I think it becomes, you know, quite economically attractive. The Mexican asset is a little bit different on Cinco deio. It's deeper. uh that would be an underground uh mining operation by the time we we advance it far enough to go. So it you're looking at surface open pit um uh scenarios in California underground mining in Mexico. >> Now many insiders of the opinion that Apollo Silver may have caught a tiger by its tail. What makes the Calico project in California unique from a geological and scale perspective? Well, first of all, as we kind of already touched on, just the absolute size and scope of the deposit, you know, was an undeveloped uh silver primary uh deposit. It's uh probably ranked number one in in the US in size. Um uh you know, so and it I think you know, the fact that it's in the San Bernavino County, I think is such an important part. And maybe this is a point to make on both projects, that in California and Mexico. These are in jurisdictions that are very pro-development. Um you they're projects that we know that we can permit. Um you know, and they're they they're great assets. We've they're already well um drilled, delineated. Um there's still some more work to be done down in Mexico, but they're both in jurisdictions that we can uh you know, we're very comfortable in operating in California, San Bernardino. um that would be the top uh mining jurisdiction in the state of California. Uh you know, people may not, you know, they hear California and they they think that um permitting might be problematic. Um I think quite the contrary, uh San Bernardino has about 90 different uh operations already in place within the the state, the county. Um it has uh the well North America's largest rare earth um and only uh rare earth mining operation that's in San Bernardino County. Um also Equinox's uh Equinox gold have the Castle Mountain project about 100 or so miles um from the Calico project. Also San Bernardino they're uh you know that's a that's a mining operation. Um there's several open hit gravel quies out there. There's really quite a plethora. I think that it it is definitely a place that you can um you can build a mine in. >> Well, you stole the thunder for my next question. So permitting is not a challenge that you foresee. Is that correct? >> Well, I mean it's it's you have to play the long game, Maurice, here. When you when you go into areas, yes, you can permit there. Is there an easy path forward? Um, no, there's a lot of work to be done. You have to have a very uh detailed baseline environmental work. You have to spend your time in the communities. Um, you know, and you have to uh spend your time talking to the regulators, the permitters, um, and you have to do things in a the right responsible method. If you take that approach, you take the long term, you do everything right, you keep your uh lines of communication open, people are transparent about what you're doing, you can demonstrate the economic benefits and spin-offs. I'm confident that this is a the right jurisdiction to be able to build a mine. So, um, you know, we're we work very very comfortable about being and it's particular because it is the San Bernardino County and that makes all the difference in California. So the Calico project hosts two critical minerals and a what looks to be a pending third in silver and so we have barite, we have zinc. What do these designations mean for Apollo silver in terms of project development, capital access and strategic importance? >> Well, and I'll also add too that um silver's on the short list to be classified as a critical mineral as well. what the classification of critical minerals does. You know, the US is um definitely on a trajectory to build and develop their own assets. They want to be independent of relying on you know other countries um particularly Asian countries we'll say on uh on critical minerals. Critical minerals are those that are gener and generally considered important in the in the new burgeoning economy as we touched on earlier on in the interview on the u the electrification of basically everything um you know I think the the critical minerals are very important with respect to um batteries the energy um you know the whole equation and silver is a key part of that that story as well so which is why it's listed there I think being classified as a critical mineral um will give us a certain amount of clout when we're uh trying to permit the mine. Um with both the the federal, state and and county um governments and jurisdictions, they you know the critical minerals have a pathway forward to development. Um, and so that's why it was important for us to to uh do evaluate and establish a resource in barite, in zinc as well. And we're fortunate that silver is also on that um on that um short list to be a critical mineral. And you know, basically what that means is you can get yourself into the fast 41 uh classification of uh which basically eliminates a lot of red tape and potentially a lot of time off of the permitting process to move projects forward. So it it does give us uh you know a great advantage over um o over you know if you were trying to mine something that wasn't a critical mineral uh in the state. It it just it it should eliminate a great deal of red tape. >> Now, I know many of us are familiar with silver and the gold proposition, but many of us may not be aware of barite and zinc. Can you touch on those for us? >> Sure. Well, barite is used primarily in the drilling uh uh industry. It's a waiting agent. Um you use it in drill muds. There isn't a drill out there that doesn't use a formula of uh bentonite and barite uh in its uh you know when you're drilling holes. So it um it's a mineral that uh the US exports over 75% of and so as I say they're trying to become dependent you know independent on the on the um you know on on resources within the uh within the United States. And so um you know I think that's a critical part. Zinc is is always a a byproduct in in steel for example. Um you know I mean it's it's basically a necessary part in in alloys in the metal industry. U so they're they're important to the project but really calico does hang on the value of silver. So it's I'd say 75% of the resource value is still locked up in silver. The other ones are sweeteners to the uh to the overall economics and as I said they they'll help us um I think give us some clout as we're uh looking to advance on the on the permitting and regulatory side. >> Now before we move on to your second project, the Cinco deio project, can you share with us what work is currently being conducted on site? What is the next unanswered question for the calico and when will we find out results and what determines success? >> Sure. Well, now that we're done the um you know the the mineral resource estimate that we concluded uh in in early September, sometime in October, we'll actually publish the the full 43101 report. I think we're scheduled for somewhere around midocctober for that report to be published. But work on the ground is now getting us ready for a a preliminary economic assessment or a pea as most people uh refer to it. That's the next step and that is really the beginning of true economic studies of the project. So the the resource estimate tells you how much you have the quality of the deposit. The next step is to get it into the economic um uh understanding um you know how what's the capex going to be to build it. How does a mine plan look like? How long does it is it going to take to build out? Um what's the life of mine? Those are the sort of questions that start getting answered at Calico and we'll be working towards that um you know starting this fall but that's a you know there's several years involved in that but in 2026 we should be able to complete the first study being a pea probably within a year or so after that we'll move to a prefeasibility study followed uh maybe a year after that with a feasibility study and then you know that and then you work yourself basically towards uh building an operating mine. So that's the level we're at now. We did expand our land package at Calico significantly earlier this year. Uh in May, we essentially well the the claims that we acquired essentially triple the size of the Calico project. What that gives us is a great deal of exploration blue sky. So um yes, we'll be doing the starting to on the economic assessments this fall. um working towards a PA in early 2026, but we'll also be doing exploration work on the new mule claims and following up. You know, we think there's lots of room for expansion, new discoveries on the property. Um in particular, expanding the gold resource as well and and new uh new other metals that that we suspect exist on the new the new acquired claims there. So look for us to do exploration field work, some metallurgical work towards the engineering and other uh geotechnical type studies that get us ready for a pea in early 2026. >> Now is the goal to take it to production or sell it as an arbitrage? >> You know, I never really look at these things that way. I I know that the the end result here for a project for me is to get it into an operating mind. whether it stays within our hands to, you know, take it all the way for Apollo Silver to become a mining company or not, you know, that's a decision I guess you make as you go further down the road. But what you can do is you can build these projects out. It's something I've done uh you know, multiple times uh you know with with other companies similar to what we did in Fision Uranium for example. You know, we we took that project all the way through to the point where the next step is to permit and build a mine. Um, and that may be what we're looking at here at at Calico. You you know, you never quite know how long you're going to be the um the caretakers of it, but you the important thing is to do a quality job all the way along. So even if you're not the final person doing the um you know doing the mining on the property that what you would sell to a company is an asset that's ready to go. And so that's how that's our approach. We'll take the long-term approach and build this thing out properly. >> Fair enough answer, sir. All right, leaving California, let's go to Mexico and please introduce us to the promising Cinco deayo project. >> Yeah, Cinco de Mayo is a it's a beautiful looking deposit. It's a CRD, a carbonate replacement deposit. Um, basically a scarn type uh deposit. Um, what you know, Mexico uh is famous for hosting these CRD deposits. Um large CRDs are generally considered 10 million tons to say 50 million tons. Uh and and that produces in Mexico I think it's something upwards of 60% of the um you know overall silver production comes out of these types of deposits in Mexico and Mexico is such an important you know supplier miner of silver to the world. Now, what Cinco de Mayo is, it's it's a project. The discovery was made by Mag Silver um and drilled. Uh there's about 439 drill holes on the property. They outlawed a spectacular deposit called the Joseé Mantto uh zone. Um and towards the end of the drilling uh that that Mag Silver did, and this is more than a decade ago, back in 2012, they drilled a new discovery called the Pagaso zone, which sits, you know, could be a feeder system into the in the Joseé mantto system. Basically, it's a complex scar type deposit. Um there it's high-grade. Uh so it it has high-grade silver uh high-grade zinc, high-grade lead, there's gold, there's a little bit of copper in the system, but primarily a a silver uh zinc type deposit. Um you know, with the with I think it's about 150 million ounce equivalent uh resource and indicated in the Joseé mantto deposit um high grade 385 g per ton uh type deposit. So, you know, much higher grade than than we see in California. That's the kind of deposit that we have. Uh there um there hasn't been any work on the project more east since 2012. Mag Silver lost the um confidence of the local community and they were denied access onto the ground. And really, this is our opportunity is to build fences with the local Aido community. Um, gain uh surface access rights, build a long-term relationship with them, get back on the ground, continue drilling and development of the Cinco deio project. >> Now, is that uh wholly owned or is this under an option agreement? At the present, >> it's an option agreement. We have a a five-year term on the option agreement um in order to first of all get social license um build a relationship with the community, have an access agreement to the to the ground um and and then continue the work. The option the next stage of option once we get the community license agreement portion is to drill 20,000 mters. So roughly 6 months worth of drilling we'll say at at Cinco de Mayo and then we would issue um no mag silver was bought by Pan-American. So essentially we'd be in issuing Pan-American 19.9% of the uh equity in Apollo silver at the time. So, we'll let the market decide what the value of the project is worth and and and we'd be giving Pan-American 19.9% equity stake in the company after the 20,000 meters of drilling have have been completed and announced to the public. >> You know, some of the intrinsics that many of us overlook is that relationship base that you referred to that lost it to Mags and allowed you to now gain that project. And I'm of the opinion I've looked at both projects thoroughly. I like them both, but I'm biased here to the Cinco deio. I love the proposition here. How does it fit into the uh overall strategy for your growth as a company? >> Oh, it you know, I think right now um we're probably getting very little to no value for Cinco de Mayo in the in the the company right now. I think our market cap is pretty much based around um the calico project in California because that's one that we actually you know we own waterlue 100% we have an option um on on Langree but basically that's one that we that we actually have whereas sinko is an option that we have yet to um you know complete that option earn an agreement for um but you know I'm like you I I look at the Cinco de Mayo project and first of of all it's large. We know it's large and also we know it's highra and third we know it has tremendous uh potential for expansion. It I try not to use this this term uh too commonly because it gets overused in this business but it is is truly a worldclass uh asset. It's one that would it's an absolute company maker and I think once we are able to you know secure uh the good strong relationship with the local community and uh you know and get working there again I think the market is really going to uh fall in love with this project and you know I I suspect our our market cap will be um probably based more on Cinco de Mayo than it than than than Calico even and both really good strong assets but the factory of size and and grade uh in a project like Senko. It's it's an absolute company major. >> Now what work is currently being conducted on site sir? >> There is no work being done. So until we um basically get uh get the surface access right. We we don't have the ability to get on the ground and do any work. Um you know we we can do paperwork. We can look at the studies. We can um you know work on our geological modeling. Where would we like to drill? what would we like to do? But really the work is going on uh at the community level right now. We are deep in discussions with the local AIO uh community. The Ajitos are essentially farmers that have you know been granted uh that land over top of this deposit for their their farming activities. Um so they're the owners of the surface and they're the the group that we need to um have a have a an access agreement with. Um, we do have a team in Mexico right now, a community relations uh, focused team that's in there talking to community members. Um, I will share that I was uh both myself and her chairman Andy Bowing were down in Mexico um would be about 3 weeks ago now and we met with the local Aido um uh executive and uh you know we feel confident that um they're now in a position where you know they're they want to see something happen. They're they're um you know they want to have an agreement. I think they want to have an agreement. We want to have an agreement. we we think we're entering a period that that's a win-win scenario um for both us and and for the the local communities down there as well. So hopefully we'll get uh you know we'll be able to announce hopefully later on this year um significant progress with respect to that and you know once we can get surface access you know we'll be uh uh very eager to get working right away down there. All right, sir. Now, before we leave the project sites for both projects here, just for summary purposes, where does Apollo Silver stand in its development path right now, and what are the near-term priorities that investors should be looking for in the coming months? >> Sure. Well, um, you know, we we will be active on the ground in California at Calico, as we've we've already discussed. So we want to, as I mentioned, we want to take that project further along the economic um study uh assembly line, we'll say. Um so look for us to be getting ourselves ready for a pea in in early 2026. um in Mexico, we're going to continue focusing at the community level and hopefully continue to uh mend fences, build relationships, long-term relationships with the community down there that allow us to um to get access on the ground and and get busy for work. So, that's where we're focused on right now. Um we're, you know, we've got plenty of money in the Treasury to uh to carry us through. We're um you know, we're we we love the silver sector. You know, as we discussed at the beginning of the at the interview, um we think we're in for a long-term bull market in the in the silver sector. So, you know, we're I just continue to build my team out and uh um you know, we're we we've expanded on our technical team, on our investor relations um business. The board has expanded. Um, you know, so Apollo's gone from what was essentially a dormant company about a year ago to one that's very very active and looking to progress. >> Let's look at some numbers. Sir, please provide the capital structure for Apollo Silver. >> Sure. Well, we just recently uh completed a 5 for one consolidation. So now um we're looking at share count, excuse me, about 48 uh.5 million shares outstanding. Um we do have warrants about 7 million warrants um by the way that are now in the money. So um you know those could provide well they provide another 30 million or so if if those warrants are exercised. So um but right now the warrants are in the money. Uh and uh basically we've got around $10 million in the treasury. We have no debt. Um so a nice small share count as I say at 48 1.5 million shares out and institutional holdings probably about a quarter of our um of our shares are held by institutions. Uh insiders have between 15 and 17% or so of the of the company. So there is definitely uh skin in the game by by insiders. Um and you know we're we're yeah I think we're we're set for u you know pretty exciting future here. What is your burn rate? >> Our burn rate is pretty minimal right now. Um, as I said with Cinco de Mayo, there's very very little expenditure going on. We are paying the maintenance fees uh down there. um uh California, we'll we're starting to ramp up expenditures as we we move to the next level getting ready for a pea, but essentially we're probably sitting around um uh roughly $200,000 a month, although we are starting to uh to ramp up on on on all these these levels. Um, we are increasing our uh, you know, the the number of people that work for us, employees, uh, management. We are starting to market a little bit more and get our name out there. So, you know, currently we're around 200, but we'll uh, continue probably increasing that spend, which I think is appropriate given the uh, the tailwinds in the sector that we have and the kind of work that we've got ahead of us. >> Before we close, what would you like to say to shareholders? Look, um, you know, Apollo might have might have been a sleeper a year ago. Um, you know, but I'd say with, uh, the silver sector going the way it is, um, the share performance has been nothing short of spectacular, uh, particularly in the last 6 months. But I think people haven't seen anything yet. um when we start getting active uh both in California and uh and down in in Mexico at the Cinco de Mayo, um I think you'll see a tremendous amount of news flow going. Uh great stories. These are these are great assets and uh you know, we're we're here to build build the company and to um you know, become the the you know, the darting of of the of the industry and the sector and you know, we've got the people and the assets that can do it. Last question. What did I forget to ask? >> I think you've covered uh pretty much, you know, everything that that that's important to talk about here, at least at this stage of the company. But um as I said, we uh I think with the consolidation now uh in the in the the in behind us, you know, I think we're we're ready to go here. We're we're primed and ready to go for for an exciting fall um and winter season. Well, I know what I forgot to ask. For someone that wants to learn more about Apollo Silver, please share the ticker symbol and the website. >> I forgot to mention that as well. So, um, the ticker symbol, it's a TSXV company and it's APGO. >> And what is the website, sir? >> The website is Apollos.com. >> All right, Mr. Maroy, it's been a pleasure speaking with you today. Wishing you and Apollo Silver the absolute best, sir. >> Thank you very much. The information presented on proven improbable is provided for educational andformational purposes only without any express or implied warranty of any kind including warranties of accuracy, completeness or fitness for any particular purpose. The information is not intended to be and does not constitute financial investment or trading advice or any other advice. You should not make any financial investment or trading decision based on any of the information presented without first undertaking independent due diligence and consultation with a professional broker or competent financial adviser.