# Apollo Files NI 43-101 Technical Report for the Calico Silver Project Updated Mineral Resource Estimate

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31

Original source: https://money.tmx.com/en/quote/APGO/news/8266440739028812/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi

Publisher: tmx

Original announcement: 2025-10-16T23:20:20.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Apollo Silver Corp.

- Ticker: APGO

- Exchange: TSX

- Region: California, USA

- Primary commodity: Silver

- Secondary commodities: Gold, Barite, Zinc

- Document categories: Resource update

- Extracted: 2026-08-22 22:49:03 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Apollo Silver Corp. has filed an updated NI 43-101 technical report for the Calico Silver Project, featuring a significant increase in silver tonnage and the addition of barite and zinc resources. The Waterloo property M&I silver resource now totals 55 Mt at 71 g/t Ag, representing a 61% increase in tonnage.

Reasoning: The update shows significant expansion in silver tonnage and the inaugural reporting of barite and zinc resources, significantly increasing the project's scale and metal content.

- Positive factor: Significant tonnage growth \(61%\)

- Positive factor: Addition of barite and zinc resources

- Positive factor: Gold ounces increase in Inferred category

- Positive factor: Low strip ratio \(0.8:1\) mentioned

- Positive factor: NI 43-101 compliant with QP sign-off

- Negative factor: Large portion of resource remains Inferred

Facts used in scoring: 8

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The report was prepared in accordance with NI 43-101 Standards of Disclosure.

Evidence · text

> The report titled “ NI 43-101 Technical Report and Mineral Resource Estimate for the Calico Silver Project, San Bernardino County, California, USA ”

**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: Multiple independent Qualified Persons from Stantec are named and responsible for the estimate.

Evidence · text

> The 2025 MRE has been prepared by Derek Loveday, P. Geo., of Stantec Consulting Services Ltd., an independent Qualified Person

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: A significant portion of the silver and gold resources are in the Inferred category.

Evidence · text

> Inferred total of 0.6 Mt at a grade of 26 g/t Ag

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The M&I silver tonnage increased by 61% compared to the previous announcement.

Evidence · text

> 61% increase in tonnage

## Extracted facts

Stored fact records: 8. Some facts used in scoring do not have a stored record.

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-0)

silver

#### Identity

- Commodity: silver
- Ticker: APGO

#### Resource Data

- Category: indicated
- Tonnes: 55000000
- Grade: 71
- Grade Unit: g/t
- Contained Metal: 125000000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: Large scale M&I silver resource.

- Positive factor: High grade for silver

Evidence · text

> New combined Measured and Indicated total of 55 million tonnes \(“Mt”\) at a grade of 71 grams per tonne \(“g/t”\) silver \(“Ag”\) for a total of 125 million ounces \(“Moz”\) Ag

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-1)

silver

#### Identity

- Commodity: silver
- Ticker: APGO

#### Resource Data

- Category: inferred
- Tonnes: 600000
- Grade: 26
- Grade Unit: g/t
- Contained Metal: 510000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: Speculative resource category.

- Negative factor: Inferred category

Evidence · text

> Inferred total of 0.6 Mt at a grade of 26 g/t Ag for a total of 0.51 Moz contained Ag

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-2)

gold

#### Identity

- Commodity: gold
- Ticker: APGO

#### Resource Data

- Category: inferred
- Tonnes: 17000000
- Grade: 0.25
- Grade Unit: g/t
- Contained Metal: 130000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: Significant increase in gold content within the inferred category.

- Positive factor: 86% increase in gold ounces

Evidence · text

> Gold \(“Au”\) ounces have increased by 86% in the Inferred category for a new total of 17 Mt at a grade of 0.25 g/t Au and total Au content of 0.13 Moz

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-3)

barite

#### Identity

- Commodity: barite
- Ticker: APGO

#### Resource Data

- Category: indicated
- Tonnes: 36000000
- Grade: 7.4
- Grade Unit: % BaSO4
- Contained Metal: 2700000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: New critical mineral resource addition.

- Positive factor: Inaugural resource

Evidence · text

> Indicated: 36 Mt @ 7.4% BaSO 4 and 0.45% Zn for a total content of 2.7 Mt BaSO 4 and 354 million pounds \(“Mlbs”\) Zn

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-4)

zinc

#### Identity

- Commodity: zinc
- Ticker: APGO

#### Resource Data

- Category: indicated
- Tonnes: 36000000
- Grade: 0.45
- Grade Unit: % Zn
- Contained Metal: 354000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: New critical mineral resource addition.

- Positive factor: Inaugural resource

Evidence · text

> Indicated: 36 Mt @ 7.4% BaSO 4 and 0.45% Zn for a total content of 2.7 Mt BaSO 4 and 354 million pounds \(“Mlbs”\) Zn

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-5)

barite

#### Identity

- Commodity: barite
- Ticker: APGO

#### Resource Data

- Category: inferred
- Tonnes: 17000000
- Grade: 3.9
- Grade Unit: % BaSO4
- Contained Metal: 650000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: New critical mineral resource addition.

- Negative factor: Inferred category

Evidence · text

> Inferred: 17 Mt @ 3.9% BaSO 4 and 0.71% Zn for a total content of 0.65 Mt BaSO 4 and 258 Mlbs Zn

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-6)

zinc

#### Identity

- Commodity: zinc
- Ticker: APGO

#### Resource Data

- Category: inferred
- Tonnes: 17000000
- Grade: 0.71
- Grade Unit: % Zn
- Contained Metal: 258000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: New critical mineral resource addition.

- Negative factor: Inferred category

Evidence · text

> Inferred: 17 Mt @ 3.9% BaSO 4 and 0.71% Zn for a total content of 0.65 Mt BaSO 4 and 258 Mlbs Zn

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/apollo-files-ni-43-101-technical-report-for-the-calico-silver-project-updated-mi--7a6b2c89-0aa3-40e0-8681-2ad8c13aee31#fact-resource-facts-7)

silver

#### Identity

- Commodity: silver
- Ticker: APGO

#### Resource Data

- Category: inferred
- Tonnes: 24000000
- Grade: 73
- Grade Unit: g/t Ag
- Contained Metal: 57000000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-16T00:00:00.000Z

Reasoning: Langtry property resource is entirely Inferred.

- Negative factor: Inferred category

Evidence · text

> Updated Langtry MRE now includes 24 million tonnes at a grade of 73 g/t Ag for a total Ag content of 57 million ounces

## 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.