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.

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.

1. Trilogy Metals (TSX:TMQ)

Year-to-date gain: 602.37 percent
Market cap: C$2.42 billion
Share price: C$11.87

Trilogy Metals is a polymetallic exploration and development company working to advance its Upper Kobuk mineral projects in Northern Alaska, US, which it owns in a 50/50 joint venture with South32 (ASX:S32,OTC Pink:SHTLF).

Its most advanced asset is the Arctic copper, zinc, lead, gold and silver project, which is in the feasibility stage. In an updated feasibility study from February 2023, the company reported annual payable production volumes of 148.68 million pounds of copper, 172.6 million pounds of zinc, 25.75 million pounds of lead, 32,538 ounces of gold and 2.77 million ounces of silver.

After tax, the study pegged the net present value at US$1.11 billion, with an internal rate of return of 22.8 percent and a payback period of 3.1 years.

Trilogy’s other key asset is the Bornite copper-cobalt project located 25 kilometers southwest of its Arctic project. The site hosts widespread mineralization and has seen historic exploration dating back to the 1950s.

A preliminary economic assessment for Bornite, dated January 15, established an after-tax net present value of US$393.9 million, with an internal rate of return of 20 percent and a payback period of 4.4 years. The updated mineral resource included with the report estimates an inferred resource of 6.53 billion pounds of copper with an average grade of 1.42 percent from 208.9 million metric tons of ore.

Trilogy’s Upper Kobuk assets are among the mineral projects dependent on the approval and construction of the Ambler Access Road, a planned 211 kilometer industrial road through Alaska.

Trilogy’s share price saw substantial gains in October after the US Senate repealed a land management plan that prevented the construction of the access road due to environmental concerns, and the current US administration supported its construction.

Additionally, Trilogy reported on October 6 that it had entered into a binding letter of intent that would see the US Department of Defense (DoD) invest US$17.8 million in Trilogy in exchange for 8.22 million Trilogy shares, or 10 percent of the company. The DoD would also hold warrants for an additional 7.5 percent, exercisable only after the road is constructed.

The funds are earmarked for exploration and development of the Upper Kobuk projects.

According to the release, the DoD will work to facilitate financing for the road’s construction and collaborate with Trilogy to expedite mine permitting using the FAST-41 process.

Shares in Trilogy reached a year-to-date high of C$14.70 on October 14.

2. St. Augustine Gold and Copper (TSX:SAU)

Year-to-date gain: 393.75 percent
Market cap: C$404.32 million
Share price: C$0.395

St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines’ Davao de Oro province. The project consists of 184 mining claims.

On May 30, St. Augustine entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor’s wholly owned subsidiary Kingking Milling, which holds the development rights to King-king.

Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.

The project’s exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.

On June 18, St. Augustine completed a debt conversion with Queensberry Mining, converting C$1.67 million in debt owed to Queensbury into 25.31 million common shares in St. Augustine at C$0.066 per share.

A follow-up announcement from Queensberry Mining stated that the shares represent a 2.5 percent stake in St. Augustine, increasing Queensberry’s holdings in the company to 52 percent of the total issued and outstanding shares.

As for Q3, on July 31, the company released an updated feasibility study for the project. Based on a copper price of US$4.30 per pound and a gold price of US$2,150 per ounce, the project’s economics included an after-tax net present value of US$4.18 billion, with an internal rate of return of 34.2 percent and a payback period of 1.9 years.

The report estimates a 31 year mine life with average annual production of 96,411 metric tons of payable copper and 185,828 ounces of gold. The six phase development plan will see higher average production in the first five years at 129,000 metric tons of copper and 330,000 ounces of gold.

St. Augustine’s latest update came on October 8, when it reported that it is advancing the Kingking project to a definitive feasibility study based on the feasibility results. It expects the study to be completed by the fourth quarter of 2026.

Shares in St. Augustine Gold and Copper reached a year-to-date high of C$0.58 on July 28.

3. Northern Dynasty Minerals (TSX:NDM)

Year-to-date gain: 337.65 percent
Market cap: C$2.15 billion
Share price: C$3.72

Northern Dynasty Minerals is an exploration and development company focused on the Pebble project, a copper-molybdenum-gold-silver project located 200 miles southwest of Anchorage in the Bristol Bay region of Alaska.

Pebble, which the company says is “one of the greatest stores of mineral wealth ever discovered,” hosts a measured and indicated copper resource of 6.5 billion metric tons and an inferred copper resource of 4.5 billion metric tons.

The Pebble property’s measured and indicated resources for molybdenum, gold and silver total 1.26 million metric tons, 53.82 million ounces and 249.3 million ounces, respectively.

The project stalled in 2020 during the permitting phase following a US Environmental Protection Agency (EPA) veto that suggested the proposed mine would damage the Bristol Bay watershed.

Early in 2024, the Supreme Court declined to hear the matter on procedural grounds, sending it back to the federal district court and the federal circuit of appeals before the Supreme Court would hear it.

Northern Dynasty spent the rest of 2024 advancing its case in Alaska’s state court. In March of that year, it announced the filing of actions to vacate the EPA’s veto.

In 2025, shares of Northern Dynasty began to surge following Trump’s March 20 executive order that called for expedited approvals for domestic mineral production and included copper as a strategically important mineral.

Since Trump became president, Northern Dynasty has been attempting to work with the EPA to vacate the veto on the project. On February 18, the company agreed to grant the EPA a requested 90 day extension to allow for review by the new leadership in the agency, and granted a further 30 day extension on May 14 and a 20 day extension on June 12.

Although the company had hoped to reach a settlement in early July, it ultimately was forced to file a motion for summary judgment on July 17 to have the EPA veto removed.

The most recent update came on October 8, when Northern Dynasty reported that it had filed a brief with the court and presented arguments as to why the veto should be removed. The company’s president and CEO stated in the release that he believes the company has a strong case.

Shares in Northern Dynasty reached a year-to-date high of C$3.89 on October 14.

4. Imperial Metals (TSX:III)

Year-to-date gain: 251.63 percent
Market cap: C$1.17 billion
Share price: C$6.47

Imperial Metals is a mine development and production company with operations in British Columbia, Canada.

It holds a 30 percent interest in the Red Chris mine in BC’s Golden Triangle, with the remainder owned by Newmont (TSX:NGT,NYSE:NEM,ASX:NEM). Imperial also fully owns the Mount Polley copper-gold mine, which reopened in June 2022, and the Huckleberry copper mine, which has been under care and maintenance since 2016.

Provincial approvals of a 4 meter raise of the embankment at its Mount Polley tailings storage facility has been the subject of an ongoing lawsuit this year after the Xatśūll First Nation applied for an interim injunction challenging them in April.

A June 30 update reported that the BC Supreme Court reserved judgment on the case following a four-day hearing.

The Supreme Court ultimately dismissed the Xatśūll First Nation’s application for the injunction and judicial review of the approvals on August 6.

Imperials’ most recent update on the case came on September 3, when the Xatśūll First Nation filed a notice of appeal to overturn the dismissal of the judicial reviews. However, they did not appeal the injunction decision, meaning the company can complete the raise and continue mining at Mount Polley.

In an exploration update at the mine on August 12, Imperial reported the discovery of copper mineralization in a 400 meter blind target step-out hole located 4 kilometers from the mill site. The hole showed significant visual native copper, with one intercept returning 0.7 percent copper over 7 meters and another returning a grade of 0.25 percent copper over 20 meters.

The company stated that the results were significant because the hole is 390 meters away from the nearest known mineralized zone and the hole is unique in the prominence of native copper, raising the possibility of other similar-style mineralization in the area.

On August 29, Imperial announced that it received approval for a permit amendment allowing the company to expand Mount Polley’s operations and extend its operating life, including pit development and expansion of storage areas within the existing mine site footprint.

Shares in Imperial reached a year-to-date high of C$6.75 on October 2.

5. Meridian Mining (TSX:MNO)

Year-to-date gain: 244 percent
Market cap: C$524.54 billion
Share price: C$1.29

Meridian Mining is an exploration and development company developing its flagship Cabaçal copper-gold project in Mato Grosso, Brazil. The project license covers a 50 square kilometer area and hosts an 11 kilometer volcanogenic massive sulfide corridor containing gold, copper and silver.

A prefeasibility study released March 10 demonstrates a post-tax base case net present value of US$984 million with an internal rate of return of 61 percent and a payback period of 17 months. The project has a predicted mine life of 10.6 years with total life of mine production of 169,647 metric tons of copper.

The included mineral resource estimate for Cabaçal shows a measured and indicated resource of 204,470 metric tons of contained copper from 51.43 million metric tons of ore with an average grade of 0.4 percent. It also hosts significant gold and silver resources.

Additionally, Meridian reported on May 8 that it has hired Ausenco Brazil as the lead engineer to complete a definitive feasibility study for Cabaçal, targeting the first half of 2026 for completion.

Meridian has been carrying out an extensive exploration program at the site as part of the study.

The company announced results from the final phase of the drill program on October 7, when it reported significant copper grades. It highlighted an interval of 1.4 percent copper equivalent over 27.5 meters, including an intersection of 6.1 percent copper equivalent over 6.4 meters.

The company stated that the drill program yielded robust grades of gold, copper and silver mineralization, which will contribute to the mineral resource and reserve upgrades included in the definitive feasibility study. It also reported exploration success at the Cigarra target.

Shares in Meridian reached a year-to-date high of C$1.30 on October 16.

FAQs for investing in copper

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.