Investor Insight

Apollo Silver is advancing two high-impact silver projects in premier North American jurisdictions—California and Chihuahua—offering investors a unique combination of scale, optionality, and leverage to silver and critical mineral demand.

Overview

Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE: 6ZF0) is a silver-focused company advancing a dual-asset strategy centered on two high-impact projects in North America: the Calico silver project in California, USA and the Cinco de Mayo project in Chihuahua, Mexico. Both are located in mining-friendly jurisdictions with strong infrastructure and significant historical work.

At Calico, Apollo Silver is advancing the Waterloo deposit toward development through geological modeling, barite resource definition, and engineering studies. Calico boasts 125 Moz of silver (measured and indicated) and 58 Moz of silver (inferred), and recent test work has produced a 94.6 percent barite concentrate, supporting the asset’s potential as a US critical minerals supplier.

In Mexico, Cinco de Mayo offers rare optionality with a historical inferred resource of 154 Moz silver equivalent (385 g/t), and a potentially game-changing discovery at the Pegaso Zone. The project is under an option agreement between Apollo Silver and Pan American (previously MAG Silver), wherein Apollo Silver will complete a 20,000-meter drill program to convert the option to an acquisition of the Cinco de Mayo. Apollo Silver’s strategy is underpinned by disciplined capital allocation, high-impact exploration, and a proven ability to acquire and unlock value from high-quality assets—following a model similar to Prime Mining. With no debt, strong institutional backing, and an experienced team, Apollo Silver is well-positioned to deliver scalable, discovery-driven growth in a rising silver and critical minerals market.

Company Highlights

• Tier-1 US Silver Asset – Calico Project: Hosts 125 Moz silver (Measured and Indicated) and 58 Moz silver (inferred), making it the largest undeveloped primary silver deposit in the US.
• Barite & Zinc Critical Minerals Exposure: Calico includes an Indicated resource estimate of 2.7 Mt of barite and 354M lbs of zinc and an Inferred resource estimate of 0.65Mt of barite and 258M lbs of zinc.
• High-grade Discovery Potential – Cinco de Mayo: An option to acquire a district-scale carbonate replacement deposit with a historical inferred resource of 154 Moz silver equivalent at 385 g/t, offering further upside from the Pegaso Zone discovery target.
• Strategic Shareholder Registry: Backed by Jupiter Asset Management, Eric Sprott, Terra Capital, Commodity Capital and Ninepoint.
• Experienced Leadership Team: Proven M&A, discovery and capital markets expertise with over $5 billion in past transactions and most applicable to Apollo Silver, the success at Prime Mining.

Key Projects

Calico Project

The Calico silver project comprises three adjacent properties—Waterloo, Langtry and Mule—located in mining-friendly San Bernardino County, 15 km from Barstow, California. Resources at Calico sit primarily on private land with vested mining rights, simplifying the path to permitting. Infrastructure is excellent: paved roads, power lines within 5 km, and proximity to the expanding Barstow rail terminal.

Using a 47 g/t silver equivalent cut-off grade, the Waterloo Deposit includes 125 M oz of silver in in 55Mt at an average grade of 71 g/t silver in the Measured and Indicated categories, and 0.51 Moz silver in 0.6 Mt at an average of 26 g/t silver in the Inferred category. The Langtry Deposit now contains 57 Moz silver in 24 Mt at an average grade of 73 g/t in the Inferred category, using a 43 g/t silver cut-off grade. The deposits are approximately 2 km apart, shallow, laterally extensive, and exhibit excellent geologic continuity. The mining concept would be a potential open-pit operation, with a minimal environmental footprint and where Waterloo would have a low strip ratio of 0.8:1.

Apollo Silver recently added critical mineral resources for both barite & zinc at the Calico project. Barite has shown recoveries above 94.6 percent in earlier test work. Waterloo includes an Indicated resource estimate of 2.7 Mt of barite and 354M lbs of zinc at an average grade of 7.4 percent barite and 0.45 percent zinc at a cut-off grade of 47 g/t silver equivalent. It also contains Inferred resource estimate of 0.65Mt of barite and 258M lbs of zinc, at an average grade of 3.9 percent barite and 0.71 percent zinc at a cut-off grade of 47 g/t silver equivalent.

The company has recently acquired 2,215 hectares of highly prospective claims contiguous to its Waterloo property at the Calico silver project referred to as the Mule claims comprising 418 lode mining claims. The Mule claims expand the Calico Project land package by over 285 percent, from 1,194 ha to 3,409 ha of contiguous claims.

Having recently announced its mineral resource estimate, ongoing 2025-26 programs are contemplated to include exploration for additional gold mineralization, with a subsequent targeted drill program contingent on positive early results, and metallurgical and geotechnical work program on Waterloo.

Cinco de Mayo Project

Cinco de Mayo is a district-scale carbonate replacement deposit (CRD) system located in Chihuahua, Mexico along the same NW-SE structural trend that hosts some of the country’s largest silver and base metal deposits. The project was historically MAG Silver’s flagship asset, hosting a 2012 historical mineral resource estimate prepared by RPA. At an NSR cut-off of US$100/t, the Inferred resources were estimated to total 12.45 Mt at 132 g/t silver, 0.24 g/t gold, 2.86 percent lead, and 6.47 percent zinc. The total contained metals in the resource were 52.7 Moz of silver, 785 Mlbs of lead, 1,777 Mlbs of zinc, and 96,000 ounces of gold. Notably, a significant mineralized intercept—including 61 meters of massive sulphides—was drilled by MAG Silver in the Pegaso Zone beneath the known resource but never followed up due to social access issues.

The site also includes the Pozo Seco deposit, which hosts an additional historical resource consisting of 29.1 Mt grading 0.147 percent molybdenum and 0.25 g/t gold, containing 94.0 Mlbs of molybdenum and 230,000 oz of gold, in the Indicated resource category. An Inferred Mineral Resources were estimated at 23.4 Mt grading 0.103 percent molybdenum and 0.17 g/t gold, containing 53.2 Mlbs of molybdenum and 129,000 oz of gold. Cut-off grade used in the 2010 technical report was 0.022 percent molybdenum.

Apollo Silver has secured an option to acquire the Cinco de Mayo property from Pan American (previously Mag Silver) and is re-engaging with the local community to secure surface access. A new, development-friendly ejido administration, elected in December 2024, has created an opportunity to negotiate a mutually beneficial agreement for access rights. Once secured, Apollo plans to launch a 20,000-meter drill campaign, with priority targets at Pegaso and expansion zones at Jose Manto.

Under the option agreement with Pan American, Apollo must secure surface access, complete the 20,000 meters of drilling, and issue 19.99 percent of its common shares to finalize the acquisition. The company is also evaluating metallurgical studies and engineering reviews to support a future resource update.

Management Team

Andrew Bowering – Chairman of the Board

A venture capitalist with over 30 years of operational experience, Andrew Bowering has raised over $500 million in value and capital for companies within the natural resources industry. He is the founder of Millennial Lithium and American Lithium, and he is a director and executive advisor to Prime Mining.

Ross McElroy – President and CEO

Ross McElroy is a professional geologist with over 38 years of experience in the mining industry, spanning operational and corporate roles with major, mid-tier, and junior companies worldwide. He played a pivotal role in the discoveries of several world-class uranium and gold deposits, many of which have advanced through development into mining operations. Most recently he was the CEO of Fission Uranium Corp, where he oversaw the sale of Fission for more than $1.14B to Paladin Energy.

Chris Cairns – Chief Financial Officer

Chris Cairns is a CPA, CA and brings more than 13 years of experience working in the finance and mining industries. He obtained his designation while at PwC, working with numerous Canadian and US-listed mining and exploration companies operating in North America, South America and Mongolia, before leaving to serve in roles as controller and CFO of two publicly listed mining exploration companies listed in Canada and the United States.

Rona Sellers – VP Commercial and Compliance and Corporate Secretary

Rona Sellers is an experienced governance professional with more than 13 years of experience in corporate and securities law. Previously, she was VP compliance and corporate secretary at Maple Gold Mines, and previous to that she held corporate secretarial roles at publicly traded companies listed in Canada and the United States.

Isabelle Lépine – Director, Mineral Resources

With over 25 years experience leading resource focused technical programs and teams, Isabelle Lépine brings extensive knowledge in mineral resource management to Apollo. Her significant experience ranges across the advanced stages of the resource development cycle through to mining. Most recently, she was director of mineral resources at Stornoway Diamonds.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$107,811, a 3.5 percent decrease in 24 hours. Its lowest valuation of the day was US$107,657, and its highest was US$108,936.

Bitcoin price performance, October 22, 2025.

Chart via TradingView.

Bitwise Chief Investment Officer Matt Hougan believes gold’s explosive price performance this year could offer a glimpse of what lies ahead for Bitcoin, arguing that the world’s top cryptocurrency may be preparing for a similar structural breakout once its remaining pool of sellers runs dry.

Gold has surged roughly 57 percent in 2025, powered largely by sustained central bank accumulation. Bitcoin, meanwhile, has traded in a relatively narrow range between US$108,000 and US$112,000. According to Hougan, the comparison between the two assets provides a potential roadmap for their trajectory going into next year.

“Don’t look at gold’s meteoric rise with envy. Look at it with anticipation. It could end up showing us where bitcoin is headed,” Hougan wrote in a client note this week.

In addition, steady accumulation by exchange-traded funds (ETFs) and corporate treasuries has provided a similar source of structural demand. Since the launch of spot Bitcoin ETFs in January 2024, institutions and corporations have purchased roughly 1.39 million BTC, far outpacing new supply generated by the network.

Market data this week supports the idea of renewed accumulation. Following a US$19 billion liquidation event earlier this month, spot Bitcoin ETFs have recorded US$477 million in positive net inflows.

Predictions about a breakdown below US$100,000 have not materialized, though ongoing long liquidations over the past four hours reveal how vulnerable bullish traders remain near current support.

Ether (ETH) was priced at US$3,796.34, a 4.9 percent decrease in 24 hours. Its lowest valuation of the day was US$3,795.42, and its highest was US$3,873.52.

Altcoin price update

• Solana (SOL) was priced at US$179.68, at its lowest valuation of the day, down by 7.5 percent over the last 24 hours. Its highest valuation of the day was US$185.98.

• XRP was trading for US$2.37, a decrease of 5.2 percent over the last 24 hours and its lowest valuation of the day. Its highest was US$2.41.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index remains locked in a state of anxiety, sitting in “fear” territory (29) for seven consecutive days and marking its longest streak since April. Its stagnation reflects a growing sense of caution among investors, as Bitcoin continues to trade within a narrow band between US$103,000 and US$115,000 for nearly two weeks.

Over the past 30 days, the index has been in greed territory for just seven days — the same period when Bitcoin reached its all-time high of US$126,000 in early October. Since then, investor sentiment has reversed sharply.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

The current fear phase began on October 11, a day after the largest liquidation event in crypto history erased more than US$20 billion in leveraged positions. Historically, similar periods of heightened fear have marked turning points for Bitcoin. The last extended stretch of fear occurred in March and April during the Trump administration’s tariff standoff with China, when Bitcoin bottomed near US$76,000. Market analysts say the prevailing mood underscores uncertainty following the US Federal Reserve’s recent policy pivot and renewed US-China trade negotiations.

Crypto derivatives and market indicators

Bitcoin derivatives metrics suggest traders are taking a wait-and-see approach.

Liquidations for contracts tracking Bitcoin have totaled approximately US$6.12 million in the last four hours, with the majority being long positions, signaling continued risk aversion. Ether liquidations showed a similar pattern, with long positions making up the majority of US$9.35 million in liquidations.

Futures open interest for Bitcoin was down by 1.09 percent to US$68.51 billion over four hours, with further decreases in the final hour of trading. Ether futures open interest moved by -1.15 percent to US$43.7 billion.

The funding rate remains positive for both crytocurrencies, with Bitcoin at 0.008 and Ether at 0.002, indicating more overall bullish positioning than bearish.

Bitcoin’s relative strength index stood at 44.98, meaning its price momentum is in a neutral to slightly bearish zone.

Today’s crypto news to know

Senate Democrats tell Trump envoy to explain undivested crypto stakes

Senate Democrats have called on Steve Witkoff, US President Donald Trump’s special envoy to the Middle East, to explain why he has not divested from his crypto holdings despite federal ethics requirements.

In a letter led by Senator Adam Schiff, eight lawmakers pressed Witkoff for details on his interests in World Liberty Financial, the Trump-linked crypto firm he co-founded in 2024, and several affiliated entities.

Witkoff’s latest ethics disclosure, dated August 13, shows he still owns stakes in multiple crypto-related businesses, including WC Digital Fi and SC Financial Technologies. Lawmakers allege these investments pose potential conflicts of interest given his diplomatic role and the company’s business ties to the United Arab Emirates.

The scrutiny follows a New York Times report linking Witkoff’s crypto dealings to a US$2 billion Emirati investment in Binance funded through World Liberty Financial’s stablecoin, USD1.

Neither the White House nor World Liberty Financial has commented on the matter.

FalconX announces plans to acquire 21Shares

FalconX announced plans to acquire 21Shares, one of Europe’s leading crypto exchange-traded product issuers.

The deal, confirmed Wednesday, will integrate FalconX’s prime brokerage operations, which serves over 2,000 institutional clients, with 21Shares’ portfolio of 55 listed products across Bitcoin, Ether and other digital assets.

21Shares currently oversees more than US$11 billion in assets and will continue operating independently under CEO Russell Barlow following the deal. While the financial terms remain undisclosed, the transaction marks FalconX’s third major acquisition this year after Arbelos Markets and Monarq Asset Management.

Hong Kong approves first spot Solana ETF

Hong Kong regulators have approved the region’s first spot Solana ETF.

The Securities and Futures Commission granted authorization to China Asset Management Company to launch the Hua Xia Solana ETF on the Hong Kong Stock Exchange on October 27. The product will trade through OSL Exchange, with OSL Digital Securities as sub-custodian and BOCI-Prudential Trustee serving as the primary custodian.

Each unit will consist of 100 shares, with a minimum investment of about US$100.

The fund’s debut makes Solana the third cryptocurrency — after Bitcoin and Ethereum — to receive regulatory approval for a spot ETF in Hong Kong.

Fed governor proposes skinny master accounts for crypto access to Fed payments

Fed Governor Christopher Waller signaled a major policy shift during his opening remarks at the Payments Industry Conference on Tuesday (October 21), welcoming DeFi and crypto innovators into mainstream payments dialogue and proposing a new framework for direct access to Fed payment infrastructure for eligible firms.

In his speech, Waller recognized traditional banks and crypto-native fintechs as core stakeholders and stressed the Fed’s intent to be active in technology-driven payment revolutions like distributed ledger technology, tokenized assets and artificial intelligence (AI). The proposed payment accounts, referred to as skinny master accounts, would offer eligible nonbank entities direct access to the Fed’s payments rails, bypassing third-party banks, but without interest, overdraft protection or discount window access, and potentially with balance caps.

Waller said this tailored access aims to match the needs and risks of payment firms and digital asset companies with a simpler review. He also noted that the Fed is conducting hands-on research into tokenization, smart contracts and AI/payments intersection and will seek industry input on the new account framework.

Andreessen Horowitz highlights maturing crypto industry

Andreessen Horowitz’s most recent State of Crypto 2025 report highlights a new era in the cryptocurrency industry that the firm says is defined by real utility and maturing institutional adoption.

The authors point out stablecoins’ explosion as a dominant macroeconomic force, citing nearly US$46 trillion in processed transactions over the past year, a figure that rivals traditional payment systems.

The report also emphasizes infrastructure upgrades across blockchains like Ether and Solana, which have increased transaction speeds while lowering costs, as well as improved regulatory clarity in the US through supportive legislative actions, which have been major catalysts helping revive builder confidence and establish frameworks for digital asset oversight that balance innovation with investor protection.

World app expands into prediction markets

World, the digital identity project formerly known as Worldcoin, is expanding into prediction markets by integrating Polymarket. The company, which is led by OpenAI CEO Sam Altman, announced on Tuesday that its World app, a mobile app combining a digital wallet with a decentralized identity tool, has integrated the Polymarket app.

The launch of the Polymarket mini app on World enables World app users to place Polymarket bets directly from the World app wallet using Circle’s USDC or World’s token, Worldcoin.

Investor Insight

JZR Gold has garnered attention for its strategic focus on the Vila Nova gold project in Amapá, Brazil. As the company moves toward near-term cash flow generation through innovative tailings reprocessing, JZR Gold is well-placed to become a viable player in Brazil’s gold mining industry.

Overview

JZR Gold (TSXV:JZR) is focused on advancing its Vila Nova gold project in Amapá, Brazil to create sustainable shareholder value. Recognizing the need for efficient operations, JZR Gold has chosen to commence its Vila Nova pilot mill, designed to process tailings from historical gold mining activities. The project holds approximately 9 million tonnes (Mt) of gold tailings, with an estimated average grade of 2.7 grams per tonne (g/t), translating to a projected contained gold content of over 700,000 ounces. The near-term cash flow generated from mill operations will fund further exploration work aimed at expanding JZR’s gold resources.

The pilot mill will initially focus on reprocessing 2 million tonnes of tailings from past mining activities. These tailings represent substantial residual gold that was left unextracted during previous operations. With a target daily processing rate of 800 tonnes, the mill is expected to yield approximately 2 kilograms (kg) of gold per day, based on a recovery rate of approximately 89 percent.

JZR’s processing method does not use harmful chemicals; instead, it employs gravitational processing, which involves crushing, grinding and centrifugation. This environmentally friendly approach enables JZR to meet both regulatory and community standards while minimizing its environmental impact.

The revenue from the Vila Nova pilot mill is expected to begin in the first quarter of 2025. This cash flow will not only cover operational expenses, but also fund subsequent exploration phases. By reinvesting the initial revenue into exploration, JZR Gold can expand its resource base and delineate additional high-grade gold targets. This phased approach reflects the company’s focus on incremental growth and value creation without requiring substantial external financing.

JZR Gold has obtained all the necessary permits to conduct bulk sampling at the Vila Nova site, allowing the company to extract up to 600,000 tonnes of tailings annually. This capacity provides the flexibility to ramp up operations if needed, ensuring the company can respond to both market demand and operational needs. The permitting process in Brazil is rigorous, and JZR’s ability to secure these permissions reflects its commitment to regulatory compliance and sustainable resource management.

Company Highlights

• Near term cash-flow from gold tailings operation at flagship Vila Nova gold project in Amapá, Brazil.
• An estimated 9 million tonnes of gold tailings have been identified with grades averaging 2.7 g/t for a projected contained gold content of over 700,000 ounces.
• The Vila Nova project has a fully permitted 800-ton-per-day pilot mill to process high-grade gold tailings for near-term cash flow.
• JZR Gold has invested more than US$7 million in infrastructure and drilling at the Vila Nova project.
• The Vila Nova project is situated in an underexplored region with significant geological upside and proximity to established mining operations.
• Initial operations at Vila Nova are expected to yield approximately 2 kilograms of gold per day.

Key Project

Vila Nova Gold Project

The Vila Nova project is JZR Gold’s flagship venture, situated in the mineral-rich yet underexplored region of Amapá, Brazil. This region has attracted significant interest due to its geological similarities to other major gold-producing areas, including parts of West Africa and Ontario, Canada. Amapá has a long mining history, but much of its potential remains untapped, making Vila Nova a critical asset for JZR Gold.

Located in the Mazagão municipality of Amapá, Vila Nova lies within the Vila Nova Greenstone Belt, a region known for hosting orogenic gold deposits. These deposits are typically found along fault lines or shear zones and can yield significant mineral resources at depth. The Vila Nova deposits are found along a north-south shear zone, close to the contact between metasediments and amphibolites, offering strong geological continuity and potential for resource expansion.

The presence of nearby mining operations, such as the Tucano and Gaivotas mines, further highlights the region’s potential. These sites, along with Vila Nova, collectively form one of the most substantial gold-producing zones in Amapá. Vila Nova’s proximity to the city of Macapá, located roughly 145 kilometers away and accessible by highway, enhances its logistical advantages, with Macapá offering both major airport access and essential infrastructure.

JZR Gold’s Vila Nova pilot mill, which is fully permitted, is key to the company’s strategy of achieving early cash flow. Through gravitational processing, the mill is expected to yield approximately 2 to 3 kg of gold daily. These reprocessing activities not only provide cash flow, but also enable JZR to avoid the environmental costs associated with conventional mining techniques. The company has invested more than US$7 million in developing Vila Nova’s infrastructure, including core drilling, sampling and trenching of tailings to prepare the site for full-scale operations.

While tailings reprocessing is the initial focus, Vila Nova offers ample potential for primary exploration as well. The geological characteristics of the Vila Nova Greenstone Belt suggest that additional gold resources could be discovered through deeper exploration. By using cash flow from the tailings operation, JZR Gold can undertake targeted drilling and geological surveys to expand its resource base, thereby increasing the project’s overall value.

Management Team

Robert Klenk – CEO and Director

As CEO, Robert Klenk brings more than 20 years of experience in corporate finance and resource management to JZR Gold. His leadership emphasizes operational efficiency and shareholder value, guiding JZR’s efforts in establishing Vila Nova as a profitable, environmentally conscious mining operation. He has been the CEO of JZR Gold since April 2017, restructuring the company and acquiring the Vila Nova project in Brazil. He holds an MBA in finance from the University of British Columbia and a Bachelor of Science in finance from the University of Illinois. During his career, he has worked at the Chicago Board Options Exchange, West Coast Energy, and as an investment advisor for Merrill Lynch, CIBC Wood Gundy and Canaccord Genuity in Vancouver.

Ron Tewitz – Chief Operating Officer and Director

Ron Tewitz is responsible for overseeing day-to-day operations at Vila Nova. His extensive experience in project management and mining operations ensures JZR Gold’s activities are executed with precision, safety and regulatory compliance. Tewitz was appointed director of JZR Gold in December 2020.

Graham Carter – Director

Graham Carter provides strategic oversight and contributes to long-term planning. His experience in corporate governance and resource development complements JZR’s growth-oriented approach.

Investor Insight

Pinnacle Silver and Gold presents a compelling investment opportunity in the precious metals sector as it continues to advance its flagship high-grade El Potrero project in Mexico and its Red Lake, Ontario assets. The company’s proven business model focuses on rapidly reactivating past-producing mines to generate early cash flow, while simultaneously exploring for district-scale potential, offering a strong value proposition in a bullish gold-silver environment.

Overview

Focused on silver and gold projects in the Americas, Pinnacle is strategically placed to capitalize on the growing demand for these valuable resources. Its core projects include the high-grade El Potrero gold-silver project in Mexico, and the Argosy gold mine and North Birch gold project in Ontario’s Red Lake District – each offering near-term development potential and strong exploration upside.

Pinnacle’s current flagship project, El Potrero, is located within the Sierra Madre Gold Silver Trend.

The company’s investment appeal stems from several key factors:

• A robust pipeline of projects at various stages of exploration and development
• Strategic focus on high-potential areas in North and South America
• Effective capital management practices
• Aggressive expansion strategy through strategic acquisitions

The company’s business strategy involves the acquisition of past-producing mines that can be put back into production quickly to generate cash flow. By focusing on high-grade, underground mines, Pinnacle can leverage low capex, a smaller operational footprint, easier and faster permitting process and protection against metal price volatility. At the same time, the company conducts brownfield exploration for resource expansion, increasing its potential for district-scale discovery.

Pinnacle’s emphasis on creating shareholder value is evident in its approach to project selection and development. The company’s portfolio is carefully curated to balance near-term production potential with long-term growth prospects, offering investors exposure to both immediate returns and future upside.

Company Highlights

• Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
• The company’s flagship El Potrero gold-silver project, located in Mexico’s Sierra Madre Belt, has returned exceptional underground sample grades up to 85.1 grams per ton (g/t) gold and 520 g/t silver, with exploration potential across a 1.6 km strike length.
• The 100-percent-owned Argosy gold mine and North Birch project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production and high-grade underground mines.
• The company’s strategy is to generate near-term production from past-producing assets while growing its resource base through modern, brownfields exploration.
• Pinnacle is led by a highly experienced management team with a successful track record in advancing exploration-stage assets through to production.

Key Projects

El Potrero Gold-Silver Project

El Potrero is a high-grade, past-producing gold-silver project located in the prolific Sierra Madre Belt in Mexico, within 35 km of four operating mines, including Fresnillo’s 4,000 tpd Ciénega Mine. The project comprises two concession blocks totaling 1,074 hectares, which include the historic mines and a 100 tpd on-site processing plant.

Recent Developments (as of July 2025):

• Geological interpretation highlights a significant quartz-feldspar porphyry dyke as a structural control on gold-silver mineralization.
• The Dos de Mayo vein system has been mapped over 1.6 km with trench and underground samples showing high-grade mineralization, including 13.2 g/t gold and 2,280 g/t silver from surface grab samples.
• Work is underway to design an underground and surface drill program to define continuity and guide future mine development.
• A site inspection of the 100 tpd plant confirmed that the base infrastructure is sound. Refurbishment of key equipment (crusher, mill, Merrill Crowe circuit) is being planned.
• Permitting efforts are progressing efficiently, aided by the site’s historical disturbance. Baseline studies and formal permitting proposals are underway.

Pinnacle can earn an initial 50 percent interest upon production and increase its ownership of El Potrero to 100 percent subject to a 2 percent NSR, primarily through cash flow-funded payments, offering a low-dilution path to full ownership.

Argosy Gold Mine

Located within the Birch-Uchi Greenstone Belt in Ontario’s Red Lake District, and approximately 10 km from First Mining’s Springpole deposit, the Argosy gold mine produced 101,875 ounces at 12.7 g/t gold from 1931 to 1952. Pinnacle owns 100 percent of the project, subject to a 2.5 percent NSR.

Exploration Highlights:

• Past drilling intersected high-grade mineralization, including:
  • 14.67 g/t gold over 1.7 m (No. 3 Vein)
  • 12.02 g/t gold over 1.29 m (No. 8 Vein)
  • 11.75 g/t gold over 1.55 m (No. 2 Vein)
• The project offers strong depth potential, with 2002–2004 drilling intersecting multiple new veins and gold mineralization extending to 400 m vertical depth.

North Birch Gold Project

Located 4 km from the Argosy Mine, North Birch is a 3,850-hectare grassroots project with major upside. The property lies in an underexplored section of the Birch-Uchi Belt and covers a folded and sheared iron formation, interpreted as analogous to Newmont’s Musselwhite Mine.

Exploration Work:

• LiDAR surveys and IP geophysics have revealed 8+ km of structural breaks with multiple drill targets.
• 2022 drilling intersected anomalous gold and copper mineralization within structurally deformed and altered iron formations, confirming the favorable structural setting

Management Team

Robert Archer – President, CEO and Director

Robert Archer has more than 40 years’ experience in the mining industry, working throughout the Americas. After spending more than 15 years with major mining companies, Archer held several senior management positions in the junior mining sector and co-founded Great Panther Mining, a mid-tier precious metals producer, where he served as president and CEO from 2004 to 2017 and director until 2020. He joined Pinnacle as a director in March 2018 followed by his appointment as CEO in January 2019 and president in October 2021. Archer is a professional geologist and holds an Honours BSc from Laurentian University in Sudbury, Ontario.

David Cross – CFO

David Cross is a CPA and CGA with over 21 years’ experience in the junior sector with a focus on finance and corporate governance. He is currently a partner of Cross Davis and Company LLP Chartered Professional Accountant, which specializes in accounting and management services for private and publicly listed companies within the mining industry, and has recently been appointed CFO of Ashburton Ventures.

Colin Jones – Independent Director

Colin Jones is principal consultant for Orimco Resource Investment Advisors in Perth, Australia. He has almost 40 years’ experience as a mining, exploration and consulting geologist in a number of different geological environments on all continents. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Jones holds a Bachelor of Science (Earth Sciences) degree from Massey University, NZ.

David Salari – Independent Director

David Salari has worldwide experience in the design, construction and operation of extractive metallurgical plants. He is an engineer with more than 35 years of experience in the mining and mineral processing field. He is currently the president and CEO of DENM Engineering.

Ron Schmitz – Independent Director

Ron Schmitz is the principal and president of ASI Accounting Services, providing administrative, accounting and office services to public and private companies since July 1995. Schmitz has served as a director and/or chief financial officer of various public companies since 1997, and currently holds these positions with various public and private companies.

Carlos Castro Villalobos – Project Manager, El Potrero Gold

Carlos Castro Villalobos holds a degree in Mining Engineering and Mineral Processing (Ingeniero de Minas y Plantas de Beneficio) from the University of Guanajuato and brings over 45 years of experience in the mining industry. He has held senior roles with companies such as Peñoles, Luismin, Great Panther, and First Majestic, ranging from mine superintendent to general manager across multiple operations. Notably, while with Rochester Resources, he oversaw the construction of a 300-tonne-per-day processing plant completed in just seven months—experience that will be particularly valuable at El Potrero.

Jorge Ortega – Qualified Person

Jorge Ortega, P.Geo., is a qualified person as defined under National Instrument 43-101 and the author of the NI 43-101 Technical Report for the Potrero Project. He has reviewed and approved the technical information contained in this news release.