# Apollo Silver Initiates Preliminary Economic Assessment for the Calico Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583 Original source: https://money.tmx.com/en/quote/APGO/news/7123307886066812/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project Publisher: tmx Original announcement: 2026-03-18T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Apollo Silver Corp. - Ticker: APGO - Exchange: TSX - Region: California - Primary commodity: Silver - Secondary commodities: Barite, Zinc - Document categories: Resource update, Other - Extracted: 2026-09-15 10:53:14 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Apollo Silver has engaged SLR Consulting to lead a Preliminary Economic Assessment \(PEA\) for the Calico Silver Project in California. The company is also advancing metallurgical and geotechnical programs and recently completed a high-resolution airborne geophysical survey. Reasoning: The announcement of a PEA initiation is a major development milestone, though the resource figures themselves are restatements of the 2025 MRE. - Positive factor: Initiation of PEA marks significant project advancement - Positive factor: Large silver resource scale \(125 Moz M&I\) - Positive factor: Presence of critical minerals \(barite, zinc\) - Positive factor: Engagement of reputable engineering firm SLR - Negative factor: Resource data is historical \(2025 estimate\) Facts used in scoring: 6 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides details on the 2025 mineral resource estimate for the Calico Project. Evidence · text > The 2025 mineral resource estimate for Calico contains 125 million ounces of silver **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate is based on a NI 43-101 Technical Report. Evidence · text > The Technical Report was prepared in accordance with National Instrument 43-101 \(“NI 43-101”\) Standards **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Isabelle Lépine, a QP, reviewed and approved the technical data. Evidence · text > reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583#fact-resource-facts-0) Calico Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Calico Silver Project - Commodity: silver - Region: california - Reported Region: California - Ticker: APGO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Isabelle Lépine - Resource group id: resource:70224d669a634d50d302 - Deposit or zone: Calico Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 55000000 - Grade: 71 - Grade Unit: g/t - Contained Metal: 125 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-03-18T00:00:00.000Z Reasoning: Indicated silver resource component of the 2025 MRE. - Positive factor: High grade \(71 g/t\) - Positive factor: Large scale - Negative factor: Historical data Evidence · text > 125 million ounces of silver in the Measured and Indicated category within 55 million tonnes grading 71 g/t silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583#fact-resource-facts-1) Calico Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Calico Silver Project - Commodity: silver - Region: california - Reported Region: California - Ticker: APGO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Isabelle Lépine - Resource group id: resource:c36900491bf4f6d9d4e5 - Deposit or zone: Calico Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 71 - Grade Unit: g/t - Contained Metal: 58 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-03-18T00:00:00.000Z Reasoning: Inferred silver resource component of the 2025 MRE. - Positive factor: Significant tonnage - Negative factor: Inferred category Evidence · text > 58 million ounces of silver in the Inferred category within 25 million tonnes grading 71 g/t silver #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583#fact-resource-facts-2) Calico Silver Project · barite Historical result Needs review: historical\_restatement #### Identity - Project: Calico Silver Project - Commodity: barite - Region: california - Reported Region: California - Ticker: APGO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Isabelle Lépine - Resource group id: resource:2e5603409a46e8a20d5e - Deposit or zone: Calico Project #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 7.4 - Grade Unit: % - Contained Metal: 2.7 - Contained Unit: mt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-03-18T00:00:00.000Z Reasoning: Indicated barite resource component. - Positive factor: Critical mineral resource Evidence · text > Indicated Resource of 2.7 million tonnes of barite #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583#fact-resource-facts-3) Calico Silver Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Calico Silver Project - Commodity: zinc - Region: california - Reported Region: California - Ticker: APGO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Isabelle Lépine - Resource group id: resource:3c02656afbb4d8590ca9 - Deposit or zone: Calico Project #### Resource Data - Category: indicated - Tonnes: 36000000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 354 - Contained Unit: million pounds #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-03-18T00:00:00.000Z Reasoning: Indicated zinc resource component. - Positive factor: Critical mineral resource Evidence · text > 354 million pounds of zinc within 36 million tonnes grading 7.4% barite and 0.45% zinc #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583#fact-resource-facts-4) Calico Silver Project · barite Historical result Needs review: historical\_restatement #### Identity - Project: Calico Silver Project - Commodity: barite - Region: california - Reported Region: California - Ticker: APGO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Isabelle Lépine - Resource group id: resource:22a7715b34308ff38f70 - Deposit or zone: Calico Project #### Resource Data - Category: inferred - Tonnes: 650000 - Grade: 3.9 - Grade Unit: % - Contained Metal: 0.65 - Contained Unit: mt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-03-18T00:00:00.000Z Reasoning: Inferred barite resource component. - Positive factor: Critical mineral resource - Negative factor: Inferred category Evidence · text > Inferred Resource of 0.65 million tonnes of barite #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/apollo-silver-initiates-preliminary-economic-assessment-for-the-calico-project--7c304787-ef25-4c30-b23e-20edbfd2e583#fact-resource-facts-5) Calico Silver Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Calico Silver Project - Commodity: zinc - Region: california - Reported Region: California - Ticker: APGO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Isabelle Lépine - Resource group id: resource:accb562ca96c0b13faca - Deposit or zone: Calico Project #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 0.71 - Grade Unit: % - Contained Metal: 258 - Contained Unit: million pounds #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-16T00:00:00.000Z #### Dates - Event date: 2026-03-18T00:00:00.000Z Reasoning: Inferred zinc resource component. - Positive factor: Critical mineral resource - Negative factor: Inferred category Evidence · text > 258 million pounds of zinc within 17 million tonnes grading 3.9% barite and 0.71% zinc #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.