Category: Junior Mining

Hong Kong billionaire Cheah Cheng Hye has quietly turned a quarter of his fortune into gold, betting that in an era of sanctions, seizures, and geopolitical shocks, nothing beats metal you can touch.

“If you have the physical gold in the warehouse or in your bank safe, nobody owes you anything,” he told Bloomberg News last week.

While he didn’t confirm his family office’s performance and holdings, a source told Bloomberg that precious metals make up about 25% of the $1.4 billion portfolio.

The 71-year-old Cheah, who built Value Partners Group into a multibillion-dollar Hong Kong asset manager, is an outlier in the world of ultrahigh-net-worth investing, with the UBS Global Family Office Report 2025 putting the average allocation to gold and other precious metals at just 2% in 2024. Nevertheless, the billionaire urged investors to rethink their mix altogether, advocating a portfolio split of 60% equities, 20% bonds, and 20% precious metals, led by gold.​

Cheah’s interview with Bloomberg took place after the gold boom of 2025, when a series of geopolitical shocks encouraged investors to seek safety in the yellow bars, but before gold set another new record, rocketing past $5,000 per ounce for the first time ever on Jan. 24.

As Fortune’s Jim Edwards noted shortly before this new milestone, the Trump “TACO trade” has been driving up the price of gold as central banks hoard bullion to hedge against the dollar. JPMorgan analysts wrote in mid-2025 that more gold increases could be coming if—and when—foreign investors continue shifting away from Treasury bonds.

‘Vault flight’ and distrust of the West

Behind the gold rush is Cheah’s conviction that global finance has entered what he calls a period of massive “vault flight.” The freezing of Russian assets after the 2022 invasion of Ukraine, and more recent tensions involving Venezuela and Iran, have convinced him that politically exposed money is safer closer to home. Wealthy Asian families, he argued, are increasingly repatriating funds to insulate themselves from U.S. sanctions or potential asset seizures.​

For those investors, he said, physical bullion is the preferred refuge. Cheah’s holdings are backed by gold stored in a Hong Kong government warehouse at the city’s airport, and he insists Asia‑based wealth should favor metal in vaults over “paper gold” such as purely synthetic products. His mantra—that nobody owes you anything if you hold the metal yourself—captures both skepticism about Western financial plumbing and a deeply conservative instinct about security.​

Cheah’s gold pivot is also institutional. Frustrated by Western vault arrangements after he began buying in 2008, he helped launch the Value Gold ETF in 2010, designed to store physical bullion at Hong Kong’s airport facility. He remains the fund’s largest holder, with a stake worth about 1.3 billion Hong Kong dollars, or roughly $167 million, people familiar with the matter told Bloomberg.​

Cheah’s bullish stance has been buttressed by markets. Entering 2026, gold, silver, copper, and tin have all hit record highs, buoyed by expectations of Federal Reserve easing, political pressure from President Donald Trump’s administration, and persistent geopolitical tensions. Silver, which he also favors, has roughly tripled over the past year, far outpacing even gold’s gains.​

While Cheah may be an outlier among ultrahigh-net-worth investors, more big names in finance are coming around to his viewpoint as well. JPMorgan CEO Jamie Dimon, for instance, told Fortune in November that it was “semi-rational” for the first time in his life to have gold in one’s portfolio. That same month, “bond king” Jeffrey Gundlach said that gold had become a “real asset class” that was no longer limited to “survivalists” or “crazy speculators.” Instead, he said, people were allocating “real money because it’s real value.” Gundlach suggested maintaining an allocation, perhaps around 15% of a portfolio, because it was consolidating somewhat.

Cheah began his career as a financial journalist with the Asian Wall Street Journal and Far Eastern Economic Review, before establishing the Hong Kong/China equities research department at Morgan Grenfell Group in Hong Kong, where he was also head of research and a proprietary trader.

Source: https://www.yahoo.com/finance/news/hong-kong-billionaire-invests-25-185023322.html

Vancouver, British Columbia–(Newsfile Corp. – January 28, 2026) – Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) (“Minaurum” or the “Company”) is pleased to announce the completion of an Inferred Mineral Resource Estimate (“Resource Estimate”) at its 100%-owned Alamos Silver Project (“Alamos”) located in Sonora, Mexico.

Highlights:

• High Grade Inferred Mineral Resource: Resource Estimate of 5.37 million tonnes (Mt) grading 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc, or 320 g/t silver equivalent (“AgEq“) and containing 34.8 million ounces (“Moz”) of silver; 35,640 ounces of gold; 51.0 million pounds of copper; 115 million pounds of lead; and 238 million pounds of zinc; or 55.2 Moz AgEq (Table 1).
• Conservative Assumptions Showcase Robust Mineralization: Calculations include smelter and processing deductions typically associated with more advanced resource estimates. Sensitivity analysis further indicates that the resource remains resilient at higher cut-off grades than 150 g/t AgEq, emphasizing the high-grade nature of the mineralization. (Table 2).

• Growth Potential: The Resource Estimate encompasses portions of the Promontorio, Travesia, and Europa vein zones-three of the twenty-six vein zones identified at Alamos. The resource is open along strike and at depth, offering significant potential for expansion through the ongoing Phase II 50,000 m resource expansion drill program.
• The Resource Estimate, completed by Independent Mining Consultants, Inc., is based on a total database of 104 drill holes, totaling 35,888.15 metres and 10,194 samples. The Resource Estimate is classified as an Inferred Mineral Resource in accordance with CIM Definition Standards, with an effective date of January 8, 2026.

“Our inferred resource estimate of 55 million ounces of AgEq, defined across portions of just three of the 26 identified vein zones at Alamos, represents a major milestone for Minaurum,” stated Darrell Rader, President and CEO of Minaurum Silver. “The estimate establishes Alamos as a high-grade silver district with a rare combination of grade and width, with each of the vein zones included remaining open for expansion. Our next step is to aggressively grow the resource through the ongoing Phase II 50,000-metre resource expansion drilling program. I would like to thank the entire Minaurum team, along with our contractors and local communities, for their contributions to this achievement.”

Table 1. Alamos Silver Project – Inferred Mineral Resource Estimate Summary (150 g/t AgEq cut-off)

Inferred Mineral  Resource:			Average Grade						Metal Content
		Mass	AgEq	Ag	Au	Cu	Pb	Zn	AgEq	Ag	Au	Cu	Pb	Zn
		Ktonnes	(g/t)	(g/t)	(g/t)	(%)	(%)	(%)	(koz)	(koz)	(koz)	(klbs)	(klbs)	(klbs)
	Vein
	Promontorio/
	Veta Grande	1,835	281	138	0.31	0.40	1.11	2.80	16,602	8,142	17.99	16,060	44,904	113,272
	Veta Guijas	124	202	92	0.17	0.45	0.89	1.82	806	365	0.67	1,230	2,433	4,975
	Vela El Cien	561	299	136	0.49	0.42	1.69	2.34	5,388	2,448	8.77	5,182	20,902	28,941
	Vela El Cien HW	152	283	159	0.07	0.32	1.36	2.98	1,381	777	0.33	1,059	4,557	9,986
	Veta Oeste	186	379	218	0.45	0.23	1.47	3.37	2,266	1,302	2.70	955	6,028	13,819
	Travesia	373	187	125	0.12	0.36	0.52	0.49	2,247	1,499	1.39	2,944	4,276	4,029
	Total	3,231	276	140	0.31	0.39	1.17	2.46	28,691	14,532	31.86	27,431	83,100	175,023
	Europa/
	Europa	1,426	402	306	0.06	0.54	0.75	1.41	18,435	14,006	2.57	16,882	23,578	44,327
	Europa HW	409	351	274	0.07	0.48	0.38	1.03	4,621	3,604	0.87	4,355	3,426	9,287
	Europa HW2	51	242	167	0.02	0.41	0.72	1.10	396	274	0.03	462	810	1,237
	Europa HW3	45	308	244	0.01	0.37	0.64	0.88	446	353	0.01	370	635	873
	Europa HW4	32	667	502	0.02	0.26	2.05	4.69	686	517	0.02	184	1,446	3,309
	Nuevas Europa	53	428	358	0.03	0.39	0.62	0.98	729	611	0.05	456	724	1,145
	Nuevas Europa HW	119	300	238	0.06	0.32	0.40	0.99	1,149	909	0.24	845	1,049	2,597
	Total	2,135	386	295	0.06	0.50	0.67	1.33	26,463	20,274	3.78	23,554	31,669	62,775
	Grand Total	5,366	320	202	0.21	0.43	0.97	2.01	55,154	34,806	35.64	50,985	114,769	237,798

Notes:

1. The Resource Estimate conforms with the requirements of NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The Resource Estimate is entirely classified as Inferred Mineral Resources. Inferred Mineral Resources have been estimated from geological evidence and limited sampling and have a lower level of confidence than Measured and Indicated Mineral Resources and must not be converted to Mineral Reserves. There is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources.
2. Weight-averaged silver-equivalent (“AgEq”) grades are based on the October 1, 2025 long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast, using metal prices of US$29.73/oz Ag, US$2,646/oz Au, US$4.34/lb Cu, US$0.92/lb Pb, and US$1.21/lb Zn. Metal recovery assumptions, based on comparable projects, are 88.3% Ag, 75.0% Au, 75.5% Cu, 83.1% Pb, and 75.5% Zn. Assumed refinery payables are 95% Ag, 95% Au, 96.5% Cu, 95% Pb, and 85% Zn.
3. The Resource Estimate is reported at a cut-off grade of 150 g/t AgEq.
4. Unit cost assumptions are $50/t mining, $30.22/t for processing and G&A, and $19.50/t for smelting and refining.
5. Bulk density values applied are 2.72 t/m³ for the Promontorio and Travesía zone veins and 2.63 t/m³ for the Europa zone veins.
6. The Resource Estimate is reported on a 100% project basis and reflects reasonable prospects for eventual economic extraction.
7. The effective date of the Resource Estimate is January 8, 2026.
8. There are no known legal, political, environmental, or other risks that, to the knowledge of the Qualified Persons, could materially affect the potential development of the Mineral Resources.
9. All figures are rounded to reflect the relative accuracy of the Resource Estimate. Totals may not sum exactly due to rounding.

Table 2. Alamos Silver Project – Inferred Mineral Resource Estimate Sensitivity Table

			Average Grade						Metal Content
		Mass	AgEq	Ag	Au	Cu	Pb	Zn	AgEq	Ag	Au	Cu	Pb	Zn
	Resource Case	Ktonnes	(g/t)	(g/t)	(g/t)	(%)	(%)	(%)	(koz)	(koz)	(koz)	(klbs)	(klbs)	(klbs)
Case 1. 115 g/t Equivalent Silver Cutoff
	Promontorio	4,608	233	118	0.26	0.33	0.94	2.07	34,450	17,487	38.39	33,352	95,877	210,519
	Europa	2,459	353	269	0.05	0.47	0.62	1.24	27,889	21,295	3.92	25,295	33,375	67,030
	Total	7,067	274	171	0.19	0.38	0.83	1.78	62,339	38,782	42.31	58,647	129,252	277,549
Case 2. 125 g/t Equivalent Silver Cutoff
	Promontorio	4,031	249	126	0.28	0.35	1.02	2.20	32,204	16,290	36.27	31,414	90,843	195,348
	Europa	2,418	357	273	0.05	0.47	0.62	1.25	27,721	21,182	3.88	25,099	33,091	66,607
	Total	6,449	289	181	0.19	0.40	0.87	1.84	59,925	37,472	40.16	56,513	123,933	261,955
Case 3. 140 g/t Equivalent Silver Cutoff
	Promontorio	3,520	266	134	0.30	0.37	1.11	2.36	30,043	15,191	33.57	29,007	86,480	183,041
	Europa	2,248	373	286	0.05	0.49	0.65	1.29	26,988	20,688	3.80	24,079	32,164	63,718
	Total	5,768	308	194	0.20	0.42	0.93	1.94	57,031	35,879	37.38	53,087	118,644	246,759
Case 4. 150 g/t Equivalent Silver Cutoff
	Promontorio	3,231	276	140	0.31	0.39	1.17	2.46	28,691	14,532	31.86	27,431	83,100	175,023
	Europa	2,135	386	295	0.06	0.50	0.67	1.33	26,463	20,274	3.78	23,554	31,669	62,775
	Total	5,366	320	202	0.21	0.43	0.97	2.01	55,154	34,806	35.64	50,985	114,769	237,798
Case 5. 165 g/t Equivalent Silver Cutoff
	Promontorio	2,744	297	152	0.33	0.41	1.25	2.60	26,238	13,420	28.89	24,949	75,663	157,356
	Europa	2,035	397	304	0.06	0.51	0.69	1.36	25,959	19,910	3.71	23,024	31,128	61,127
	Total	4,779	340	217	0.21	0.46	1.01	2.07	52,197	33,330	32.60	47,973	106,791	218,483
Case 6. 175 g/t Equivalent Silver Cutoff
	Promontorio	2,518	309	158	0.34	0.43	1.30	2.71	24,993	12,791	27.48	23,643	72,378	150,307
	Europa	1,982	403	309	0.06	0.52	0.70	1.38	25,662	19,693	3.68	22,731	30,661	60,331
	Total	4,500	350	225	0.22	0.47	1.04	2.12	50,656	32,484	31.16	46,375	103,039	210,638

The Resource Estimate lies in portions of the 3 veins of the 26 identified veins in the Alamos district, roughly 2 kilometres of approximately 30 known kilometres of cumulative vein strike length (Figures 1-3).

Figure 1. Alamos Silver Project Vein Zones – 55.2 Moz AgEq grading 320 g/t AgEq lies on Promontorio, Travesia, and Europa vein zones located within the black boxed outlines.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3455/281507_image1.jpg

Drill hole spacing within the modeled vein domains averages approximately 80 metres, with locally tighter spacing in higher-grade portions of the Promontorio vein zone. Most of the resource occurs in unmined zones, with partially mined-out areas in the Promontorio vein zone. Interpreted void volumes associated with historical mining have been deducted from the Resource Estimate based on interpretations of historical longitudinal sections, mine maps, and drill hole data. The resource remains open in along strike and down dip on both the Promontorio and Europa vein zones. Multiple other veins in the district have high-grade intercepts that await potential resource definition.

Figure 2. Travesia-Promontorio vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 28.7 Moz AgEq grading 276 g/t AgEq. Click to enlarge.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3455/281507_image2.jpg

Figure 3. Europa vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 26.5 Moz AgEq grading 386 g/t AgEq. Click to enlarge.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3455/281507_image3.jpg

The Alamos Project Resource Estimate is based on the following key assumptions and parameters: specific gravity values of 2.72 for the Promontorio and Travesia veins and 2.63 for the Europa vein, derived from Minaurum’s test work based on 151 wax-coated density measurements; vein domains were modelled to reflect the interpreted vein geology, including vein continuity, thickness, and structural controls; all assays were composited to 1 metre, and grade capping was applied on a vein-by-vein basis, with silver grades capped at up to 3,000 g/t; a 5 m along strike × 1 m across strike × 2.5 m high block size was selected based on geological constraints and potential future mining methods; and block grades for gold, silver, copper, lead, and zinc were estimated using inverse distance squared interpolation; mineral resources were classified as Inferred in accordance with CIM Definition Standards, based on geological confidence, drill hole spacing, sample support, and search criteria. Additional details of the estimation methodology and classification criteria will be provided in the supporting technical report to be filed on the Company’s profile on SEDAR+.

A technical report prepared by IMC in accordance with NI 43-101 will be filed on the Company’s profile at www.sedarplus.ca within 45 days of the date of this press release.

Phase II – Resource Expansion Drill Program
Minaurum is currently conducting a 50,000-metre core drilling program aimed at expanding the resource at Europa and Promontorio-Travesia, while also completing step-out and in-fill drilling to further evaluate high-grade intercepts in additional vein zones across the Alamos district, including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas.

Minaurum intends to provide an updated resource estimate in the second half of 2026. There is no certainty that the Inferred Mineral Resources will be converted to the Measured and Indicated categories through further drilling.

National Instrument 43-101 Disclosure
Qualified Assurance Program and Quality Control Measures (“QA/QC”)

Minaurum has implemented QA/QC protocols including insertion of duplicate, blank and standard samples in all drill holes and underground sampling. Ninety-two percent of drill samples were submitted directly to the ALS Chemex in Hermosillo, Mexico, for preparation and sent to ALS Chemex in North Vancouver, BC, Canada, for analysis. During 2024, the Company sent drill samples to ActLabs’ facility in Zacatecas, Mexico, for preparation and analysis there, amounting to 8% of the total drill samples. Additional duplicate test work has been conducted on mineralized samples to assess variability of coarse reject and pulp samples. An IMC independent qualified person visited the Alamos project on 2 occasions, the 3-5th of September 2024, and the 18th of November 2025. IMC has reviewed the QA/QC work completed by Minaurum and believes the database is reliable for estimating Mineral Resources.

Qualified Person
The Mineral Resources for the Alamos Project disclosed in this news release have been estimated by Michael G. Hester, FAusIMMVice President of Independent Mining Consultants, Inc. and independent of Minaurum. Mr. Hester is a Qualified Person as defined in NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by CIM council, as amended. Mr. Hester has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimate.

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Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M) is an Americas-focused explorer concentrating on the high-grade 100% owned, production-permitted Alamos silver project in southern Sonora, Mexico and the Lone Mountain CRD Project in Nevada, USA. Minaurum is managed by one of the strongest technical and finance teams and will continue its founders’ legacy of creating shareholder value by acquiring and developing a pipeline of Tier-One precious-and base metal projects.

ON BEHALF OF THE BOARD

“Darrell A. Rader“

Darrell A. Rader
President and CEO

For more information, please contact:
Sunny Pannu – Investor Relations and Corporate Development Manager
(778) 330 0994 or via email at pannu@minaurum.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Data review and verification: Stephen R. Maynard, Vice President of Exploration of Minaurum and a Qualified Person (QP) as defined by National Instrument 43-101, reviewed and verified the assay data, and has approved the disclosure in this news release. Verification was done by visual inspection of core samples and comparison to assay results. Assay results have not been checked by re-analysis. No factors were identified that could materially affect the accuracy or reliability of the data presented in this news release.

Analytical Procedures and Quality Assurance/Quality Control: Preparation and assaying of drilling samples from Minaurum’s Alamos project are done with strict adherence to a Quality Assurance/Quality Control (QA/QC) protocol. Core samples are sawed in half and then bagged in a secure facility near the site and then shipped either by a licensed courior by Company personnel to ALS Minerals’ preparation facility in Hermosillo, Sonora, Mexico. ALS prepares the samples, crushing them to 70% less than 2mm, splitting off 250g, and pulverizing the split to more than 85% passing 75 microns. The resulting sample pulps are prepared in Hermosillo and then shipped to Vancouver for chemical analysis by ALS Minerals. In Vancouver, the pulps are analyzed for gold by fire assay and ICP/AES on a 30-gram charge. In addition, analyses are done for silver, copper, lead, and zinc using 4-acid digestion and ICP analysis. Samples with silver values greater than 100 g/t; and copper, lead, or zinc values greater than 10,000 ppm (1%) are re-analyzed using 4-acid digestion and atomic absorption spectrometry (AAS).

Quality-control (QC) samples are inserted in the sample stream every 20 samples on average, and thus represent 5% of the total samples. QC samples include standards, blanks, and duplicate samples. Standards are pulps that have been prepared by a third-party laboratory; they have gold, silver, and base-metal values that are established by an extensive analytical process in which several commercial labs (including ALS Minerals) participate. Standards test the calibration of the analytical equipment. Blanks are rock material known from prior sampling to contain less than 0.005 ppm gold; they test the sample preparation procedure for cross-sample contamination. In the case of duplicates, the sample interval is cut in half and then quartered. The first quarter is the original sample, the second becomes the duplicate. Duplicate samples provide a test of the reproducibility of assays in the same drilled interval. When final assays are received, QC sample results are inspected for deviation from accepted values. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.

When final assays are received, QC sample results are inspected for deviation from accepted values by the QP. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.

ALS Minerals is independent of Minaurum Silver and is independent of the Qualified Person.

Cautionary Note Regarding Forward Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the Resource Estimate; the ongoing Phase II 50,000 m resource expansion drill program; and the completion of an updated resource estimate in the second half of 2026. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’s current beliefs as well as assumptions made by and information currently available to Minaurum, including that Minaurum will be able to obtain all necessary permits and approvals for planned exploration and drilling activities; that Minaurum’s planned drilling and exploration activities will be completed on the expected timeline, or at all; that the results of the drilling and exploration activities will be as expected; that Minaurum will be able to complete the updated mineral resource estimate on the timelines expected, or at all; and that Minaurum will have the financial resources to complete its ongoing drill program and anticipated updated mineral resource estimate. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information.

In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’s current beliefs as well as assumptions made by and information currently available to Minaurum. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information, including risks relating to the actual results of drilling or exploration activities, fluctuating silver prices, possibility of equipment breakdowns and delays, drilling or exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes and timeliness of government or regulatory approvals.

Readers are cautioned not to place undue reliance on forward-looking information. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281507

VANCOUVER, British Columbia, Jan. 28, 2026 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has closed the second and final tranche of its previously announced upsized non-brokered private placement (the “Offering”), previously announced on January 21, 2026. Pursuant to the closing of the second and final tranche of the Offering, the Company issued an aggregate of 2,500,000 units (the “Units”) at a price of $5.00 per Unit for aggregate gross proceeds of $12,500,000. With the completion of this tranche, the Offering is now fully subscribed for total gross proceeds of $27,500,000.

A fund managed by Jupiter Asset Management (the “Jupiter Fund”) subscribed for all of the Units under the second and final tranche of the Offering.

As a result of closing the second and final tranche of the Offering, the Jupiter Fund now beneficially owns and controls 7,452,456 common shares and 3,807,200 common share purchase warrants of the Company, representing approximately 11.9% of the Company’s outstanding common shares on a non-diluted basis and approximately 16.9% on a partially diluted basis, assuming exercise of such warrants.

“We welcome and appreciate the continued participation of Jupiter Fund, as a key shareholder of Apollo Silver,” said Ross McElroy, President and CEO of Apollo Silver. “Jupiter Fund’s commitment is a strong statement of support as we continue to advance our large scale, high quality silver assets in stable jurisdictions.”

Each Unit issued pursuant to the Offering consists of one common share (a “Share”) in the capital of the Company and one common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for a period of 24 months from the closing date of the Offering.

Closing of the Offering remains subject to final acceptance of the TSX Venture Exchange.

In connection with subscriptions received in the second and final tranche of the Offering, the Company paid aggregate finder’s fees totaling $312,500 to BMO Capital Markets.

The securities issued under the second and final tranche of the Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

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Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the final acceptance of the Offering by the TSXV, and the intended use of proceeds from the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Key Takeaways

• Record Copper Prices: Copper hit all-time highs as supply disruptions and structural deficits drove strong repricing.
• Tight Inventories: Regional stockpiling and policy uncertainty are tightening supply outside the U.S.
• Supply Shocks: Major mine outages and collapsing treatment charges signal severe upstream stress.
• Strategic Demand: AI, defense and grid modernization are making copper demand more durable.
• Key Catalysts: Section 232 tariff risk and rising M&A activity support a constructive 2026 outlook.

Performance as of December 31, 2025

Metric	1 MO*	3 MO*	1 YR	3 YR	5 YR
Copper Spot Price1	10.86%	21.79%	43.93%	14.19%	9.95%
Copper Mining Equities (Nasdaq Sprott Copper Miners Index TR)2	16.49%	26.28%	74.59%	28.53%	18.76%
Copper Junior Mining Equities (Nasdaq Sprott Junior Copper Miners Index TR)3	16.17%	34.77%	132.42%	43.42%	26.45%
Broad Commodities (BCOM Index)4	-0.65%	4.84%	11.07%	-0.93%	7.04%
U.S. Equities (S&P 500 TR Index)5	0.06%	2.65%	17.88%	22.98%	14.42%

*Performance for periods under one year is not annualized.
Source: Bloomberg as of 12/31/2025. You cannot invest directly in an index. Past performance is no guarantee of future results.

Performance Overview: Copper Price Hits All-Time Highs

Copper is in a powerful breakout, coming off a blockbuster 2025 and pushing deeper into record territory as tight supply and trade-driven dislocation keep the market on a scarcity footing.

Copper rose 43.93% in 2025, capping a strong year that reshaped market expectations for both price and the supply-demand balance. Copper’s strength has carried into early 2026, with the copper price continuing to attain all-time highs, reaching $13,273.81 per metric ton as of this writing. Notably, this is not a typical cyclical upswing. Copper is being repriced amid tightening fundamentals. Major supply disruptions have pushed the market into a deficit sooner than expected, while long-term demand growth continues to outstrip supply, increasing the likelihood of deeper shortages ahead. Copper’s momentum has been further reinforced by the broader strength of hard assets, as deglobalization and de-dollarization are increasing the strategic premium investors assign to essential critical materials like copper.

Copper is breaking records, driven by tight supply, structural market shifts and surging demand.

Copper’s strength is also being reinforced by a structural shift in the mobility of copper inventories. In a more open system, before 2025, exchange stocks and arbitrage help move metal to where it is most needed, smoothing regional imbalances. Today, that mechanism is increasingly constrained by trade frictions and policy uncertainty, which are encouraging stockpiling behavior and redirecting deliverable inventory to specific jurisdictions. This has left U.S. inventories elevated, while availability outside the U.S. is tighter than global headline inventories imply, providing support for the copper market. The result is a copper market where location, deliverability and policy risk can heighten the impact of the traditional supply-demand balance, particularly when the supply chain is already strained, and deficits are developing earlier than many expected. In effect, copper’s inventory buffer is behaving more like a set of regional pools than a single global reservoir, which helps explain why tightness can persist even when headline inventories do not look extreme.

Copper miners were the primary beneficiaries of rising copper prices in 2025. Copper miners gained 74.59% and junior copper miners rose 132.42%, underscoring how copper mining equities can deliver operating leverage to a higher copper price. For junior copper miners, the outperformance also reflects a rising probability that projects move from optionality to execution as higher prices improve economics and financing viability. That dynamic has been especially important for U.S.-linked projects, where government actions have increased confidence that domestic copper supply can be accelerated through faster permitting and broader support mechanisms, such as a direct equity stake in one junior developer.

Looking at longer-term performance, copper and copper miners have meaningfully outpaced equities and broader commodity benchmarks, respectively, over the past five years (Figure 1).

Figure 1. Physical Copper and Copper Stocks Have Outperformed Other Asset Classes Over the Past Five Years (12/31/2020-12/31/2025)

Source: Bloomberg and Sprott Asset Management. Data as of 12/31/2025. Copper Miners are measured by the Nasdaq Sprott Copper Miners™ Index (NSCOPPT index); Junior Copper Miners are measured by the Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJT index); U.S. Equities are measured by the S&P 500 TR Index; the Copper Spot Price is measured by LMCADY Comdty; and Commodities are measured by the Bloomberg Commodity Index (BCOM). Definitions of the indices are provided in the footnotes. You cannot invest directly in an index. Past performance is no guarantee of future results.

Market DriversEmpty heading

Supply Disruptions Force Market Tightness

Copper’s rally has been driven by an abrupt shift into a supply deficit after a cluster of major disruptions forced the market to reprice faster than expected. The most significant was the September shutdown at Grasberg, where an estimated 800,000 metric tons of mud flooded the mine. Lost output through December 2026 is expected to exceed Collahuasi’s entire annual production, effectively removing the world’s third-largest mine from the market and tightening conditions overnight. The disruption was compounded by a string of setbacks across the industry. The Kamoa-Kakula complex faced flooding-related output cuts estimated at roughly 300 thousand metric tons, Teck revised guidance lower by about 60,000 metric tons across multiple operations, Codelco’s El Teniente reduced expected output by 33 thousand metric tons after an accident, and the ongoing shutdown of Cobre Panama continues to represent a loss of over 300 thousand metric tons of supply.

Major disruptions forced the copper market to reprice faster than expected.

The market impact of these disruptions is amplified by a broader truth about copper: supply reliability has always been fragile. Historically, unplanned outages average about 5% of global supply. In prior years, this could have been absorbed more easily. Today, however, it comes at a time when inventories are fragmented, and the market has less flexibility to balance regional tightness, raising the odds that even incremental disruptions push prices higher. This is why industry-wide constraints matter so much in 2026. Years of underinvestment, long development timelines and declining ore grades have slowed the industry’s ability to respond, leaving the market increasingly exposed when disruptions occur. As a result, the market is more likely to reprice the forward deficit path rather than dismiss disruptions as short-term noise. With demand growing faster than expected and supply relatively flat, the outlook now points to larger deficits ahead (Figure 2).

Figure 2. Copper Supply and Demand Imbalance May Likely Grow

Source: BloombergNEF Transition Metals Outlook 2025. The line represents demand and the shaded area

Treatment Charges Flash Red

One of the clearest signs of stress in copper right now is the concentrate market, where smelters are increasingly competing for the mined feedstock that becomes refined copper. That competition shows up directly in treatment costs (TCs), the fee smelters earn for processing copper concentrate. There are two prices to watch. The annual TC benchmark is the reference level that anchors many long-term contracts for the year. It reset to $0 for 2026, down from $21.25 in 2025, which was already considered exceptionally low versus historical norms that were often in the $80s.⁶ The spot TCs are the day-to-day marginal price for concentrate and it has been even more extreme, falling deeper into negative territory and pushing to fresh all-time lows (Figure 3).

These TCs matter because they signal extreme stress and scarcity in mined copper. When TCs collapse, it means concentrate is in short supply relative to processing demand, and the whole chain becomes more vulnerable. In a market already tightening, that kind of upstream stress can ultimately pressure the price of refined copper higher, because the system has less flexibility to absorb disruptions or delays. It can also boost copper miners’ earnings power, as sustained tightness in concentrate typically reflects strong demand for mined copper.

Figure 3. Treatment Costs Are the Canary in Copper’s Supply Chain (2021-2025)

Source: Bloomberg. Data as of 12/31/2025. Includes inventories on the LME, SHFE, and COMEX. Included for illustrative purposes only.

Section 232 Copper Tariff Risk Remains

The July 30, 2025, Section 232⁷ copper proclamation imposed universal 50% tariffs on semi‑finished copper products and copper‑intensive derivative products, effective August 1, 2025. Contrary to Trump’s initial messaging and the market expectations that followed, it did not result in a tariff on refined copper. That swing, from an almost 50% tariff being priced into refined copper to 0%, created a premium for U.S. copper over the rest of the world that the market had never seen before, and participants raced to ship copper into the U.S. When refined copper was ultimately exempted, that premium fell back toward normal levels. Even so, inventories have remained concentrated in the U.S. (Figure 4), and the administration outlined a clear pathway for introducing refined copper tariffs later. The outcome could have just as profound implications for the copper spot price in 2026.

Section 232 keeps U.S. copper markets on edge, with tariff risk still unresolved.

By June 30, 2026, the U.S. Secretary of Commerce will provide President Trump with an update on domestic copper markets, so that he can determine whether imposing a phased universal import duty on refined copper is warranted. The duty path contemplated is 15% starting January 1, 2027, increasing to 30% starting January 1, 2028.

While the U.S. chose in January 2026 to forgo proposing tariffs on most critical minerals in favor of negotiating critical mineral agreements, copper remains a notable outlier given its separate treatment. Moreover, the legal environment prevents this risk from fading; if the Supreme Court constrains broader tariff strategies, the Trump administration is likely to lean more heavily on Section 232 tariffs. The practical takeaway is that Section 232 risk remains unresolved. It is evolving, and it continues to fragment inventory systems in a copper market already tightened by supply disruptions and concentrate constraints.

Figure 4. Trapped Copper in the U.S. (COMEX) (2015-2025)

Source: Bloomberg. Data as of 12/31/2025. Includes inventories on the LME, SHFE, and COMEX. Included for illustrative purposes only.

De-Dollarization Buoys Critical Materials and Precious Metals

Copper is increasingly traded as a critical material rather than an economic gauge, as markets place greater weight on policy credibility and de-dollarization. Headlines about a criminal investigation involving Federal Reserve Chair Jerome Powell and the rising political pressure on the Federal Reserve have sharpened concerns about Fed independence, reinforcing de-dollarization dynamics and supporting the broader metals complex. That same backdrop helped underpin broad strength across metals in 2025 (Figure 5), and it remains a credible tailwind into 2026, particularly for critical materials like copper that sit at the intersection of electrification, industrial security and strategic supply-chain priorities.

De-dollarization is supporting copper and critical materials performance. 

Rate expectations add another layer. Markets have been focused on the likelihood of lower rates over time, including the potential for a more dovish policy stance as President Trump appoints a successor at the Fed. A lower-rate trajectory is typically supportive for commodities through both financing conditions and currency dynamics, and it can reinforce investor demand for critical materials assets. When that tailwind converges with a market already contending with multiple others, it can keep copper well supported and raise the probability that the upside pressure extends through 2026.

Figure 5. Metals Post Strong Returns in 2025

Source: Bloomberg. Data as of 12/31/2025. Gold is measured by the Gold Spot Price; Silver is measured by the Silver Spot Price; Platinum is measured by the Platinum Spot Price; Palladium is measured by the Palladium Spot Price; Copper is measured by the LME Copper Spot Price; Lithium is measured by the China Lithium Carbonate 99.5%; Nickel is measured by the LME Nickel Spot Price; the U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from TradeTech, UxC, S&P Platts and Numerco; the S&P 500 TR is measured by the S&P 500 Total Return Index; Bonds are measured by the Bloomberg Barclays US Agg Total Return Value Unhedged USD (LBUSTRUU Index).

Copper Demand Is Shifting Toward Strategic, Less Price‑Sensitive End Uses

Copper is increasingly being pulled by structural, strategic demand that is less price-sensitive, tied to the buildout of critical infrastructure rather than the traditional industrial cycle. Copper still faces exposure to cyclical segments, including construction-related demand, which can be influenced by China’s property downturn and uneven global growth. The difference today is that the marginal demand driver is steadily shifting toward the world’s most critical sectors, helping copper stay well supported even as parts of the conventional growth picture appear mixed.

This shift was visible in 2025. Despite China’s property slowdown and persistent concerns around global growth, copper still delivered its strongest performance in 16 years, reinforcing that the market is increasingly pricing copper on critical end uses and constrained supply responsiveness rather than on the traditional economic cycle alone. Finally, copper has further evidenced this by decisively outperforming and breaking free of its correlation with Chinese equities since 2021 (Figure 6).

Figure 6. Copper Breaks Away from Chinese Equities (2015-2025)

Source: Bloomberg as of 12/31/2025. Chinese equities measured by the MXCN Index. Copper measured by LMCADY Comdty.

Copper’s break from its historical correlation with Chinese equities is clearest in three demand segments that are expanding simultaneously. First, AI and data-center deployments are driving a step-change in electricity consumption, along with the copper-heavy power systems, cooling capacity, and connectivity networks required to support that load. Second, defense spending is building a more persistent layer of demand that is less sensitive to economic cycles and more aligned with national-security priorities. Third, the electricity grid is entering a long-duration modernization cycle, driven by accelerating load growth, aging infrastructure, and heightened reliability concerns.

These shifts have meaningfully reshaped copper’s demand profile. Electrical infrastructure surpassed construction as copper’s leading demand source, rising from 24% of total usage in 2020 to 30% in 2025, with further gains expected (Figure 7). A similar pattern is visible within China itself: construction-linked demand has weakened with the property downturn, yet investment in electrical infrastructure continues to more than offset this, sustaining overall demand growth. Together, these trends are linking copper more directly to strategic procurement across critical industries, supporting a constructive outlook for 2026 and amplifying upward pressure amid tight supply conditions.

Figure 7. Electrical Infrastructure Takes Over Global Copper Demand (2020-2030E)

Source: Benchmark Mineral Intelligence, December 2025.

Looking Ahead: Copper’s Critical Catalysts

The copper market enters 2026 with several high-impact catalysts that should keep the outlook constructive. The most significant scheduled milestone is policy-related: under the Section 232 framework, the next key decision date is June 30, 2026, when the U.S. Commerce Secretary is expected to deliver an updated assessment of domestic copper markets.

Constrained supply and essential demand underpin copper’s strength.

Beyond policy, the market remains anchored by a supply chain that has shown how quickly it can tighten when disruptions hit and how slowly it can normalize when baseline supply growth is constrained. The key takeaway for 2026 is that the system continues to operate with limited flexibility, which supports a higher critical premium when participants compete for reliable units.

Copper demand continues to look increasingly durable because the marginal driver is shifting toward critical end uses that are harder to defer. The global push to expand and modernize electricity grids, the buildout of AI-related power infrastructure, and strategic industrial priorities are reinforcing copper’s role in essential systems. That demand mix is supportive in its own right, and it becomes even more powerful when paired with constrained supply responsiveness.

A final catalyst to watch is capital allocation across the mining industry. Mergers and acquisitions have increasingly reflected a strategic pivot toward copper, and the market is now openly entertaining transactions that could rival or exceed prior landmark deals (i.e., confirmed Rio Tinto and Glencore merger talks that would surpass the multibillion-dollar Anglo-Teck merger of 2025). Increased M&A reinforces the premium being placed on long-duration copper exposure and signals that the largest miners are likely to keep orienting portfolios toward copper, which tends to support sentiment across the copper complex.

Taken together, these catalysts leave copper’s move to all-time highs looking well grounded (Figure 8). With policy risk still active, supply responsiveness constrained, strategic demand tailwinds strengthening, and major miners continuing to reorient toward copper, the copper price can remain well supported near record territory through 2026.

Figure 8. Copper Hits All-Time Highs (2000-2025)

Source: Bloomberg as of 12/31/2025. Copper is measured by LMCADY Comdty. Past performance is not indicative of future results.

Footnotes

1	The copper spot price is measured by the LME Copper Cash ($), Bloomberg ticker LMCADY.
2	The Nasdaq Sprott Copper Miners™ Index (NSCOPP™) is designed to track the performance of a selection of global securities in the copper industry; the Index was co-developed by Nasdaq® and Sprott Asset Management LP.
3	Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) is designed to track the performance of mid-, small- and micro-cap companies in copper-mining related businesses; the Index was co-developed by Nasdaq® and Sprott Asset Management LP.
4	The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
5	The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
6	Source: Benchmark, Chinese smelter reportedly agrees to record low copper concentrate TC/RCs.
7	Section 232 refers to a provision in the Trade Expansion Act of 1962 that allows the U.S. President to impose tariffs or other trade restrictions on imported goods if the Secretary of Commerce finds they threaten national security, initiating investigations into product imports.

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Investment Risks and Important Disclosure

Relative to other sectors, precious metals and natural resources investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations. Risks related to extraction, storage and liquidity should also be considered.

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