Apollo Silver raising $27.5 million from upsized private placement
Apollo Silver Corp. [APGO-TSXV, APGOF-OTCQB, 6ZF-Frankfurt] has announced a $2.5 million upsize of a previously announced non-brokered private placement financing which is now expected to raise $27.5 million.
The additional amount is being subscribed for primarily by insiders of the company, which is issuing up to 5.5 million units priced at $5.00 each.
As previously announced, financier Eric Sprott and a fund managed by Jupiter Asset Management, Apollo’s two largest shareholders, are participating in the upsized offering, and will each subscribe for 2.5 million units., leaving Jupiter with a 12.1% stake in Apollo and Sprott with 9.6%.
Under the terms of the financing, each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one share at an exercise price of $7.00 for 24 months from the closing date of the offering.
On Monday, Apollo shares eased 1.6% or $0.09 to $5.57. The shares trade in a 52-week range of $5.69 and $1.00.
Apollo Silver is advancing one of the largest undeveloped primary silver projects in the U.S. The Calico Project hosts a large bulk-mineable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the U.S. energy and medical sectors.
The company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage.
In a press release on December 11, 2025, Apollo announced details of its 2026 exploration and development program for the Calico project. The company said the program is designed to advance both the exploration potential and project development initiatives at Calico at a time when the silver market sentiment is strengthening. It said the metal’s recent designation as a U.S. critical mineral is drawing renewed attention to secure domestic supply.
The 2026 program advances prospective exploration and project development at Calico in support of longer-term planning for processing, mine design, and permitting. Planned exploration activities include exploration drilling, property-scale mapping and sampling, and both airborne and ground geophysical surveys.
Project development highlights are expected to include 4,500 metres of large diameter core drilling commencing in the first quarter of 2026.
Exploration highlights will include 1,000 metres of exploration drilling at the Waterloo Property to test the Burcham gold potential with a goal of expanding the gold resource.
Calico consists of the adjacent, Waterloo, Langtry and Mule properties. It is host to numerous historic small-scale, high-grade vein hosted mining operations that were active from 1880 to 1894, some in close proximity to the Waterloo and Langtry deposits.
Apollo recently announced an updated mineral resource estimate for the Calico project, which now contains 125 million ounces of silver in 55 million tonnes at an average grade of 7.1 g/t silver in the measured and indicated category and 0.51 million ounces of silver, inferred.
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