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Apollo Silver Ranks 13th Overall in the 2026 TSX Venture 50™

VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO; OTCQB:APGOF; Frankfurt:6ZF) is pleased to announce that it has been recognized as a 2026 Top 50 Company by the TSX Venture Exchange (“TSXV”).

The TSX Venture 50™ is an annual ranking of the top performing companies from the past year on TSXV based on three equally weighted criteria: market capitalization growth, share price appreciation and trading value. The TSX Venture 50™ showcases the top 50 of the over 1,600 TSXV issuers.

“We are honoured to be recognized as a member of the 2026 TSX Venture 50™,” said Ross McElroy, President and CEO of Apollo Silver. “This recognition reflects the strong performance of our shares over the past year, including 383% share price appreciation, a 484% growth in market capitalization and a 460% increase in total trading value in Canada. We thank our shareholders for their ongoing support.”

Over the past year, Apollo Silver has advanced exploration and technical programs at its flagship Calico Project in California and continued community engagement efforts and social-licence initiatives at its Cinco de Mayo Project in Mexico. With silver increasingly recognized as a critical mineral and growing industrial demand supporting a constructive market environment, Apollo Silver remains focused on disciplined execution and long-term value creation for shareholders.

ABOUT APOLLO SILVER CORP.

Apollo Silver is advancing the second largest undeveloped primary silver project 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 U.S. energy, industrial 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 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 continued advancement and development potential of the Company’s projects, including the Calico Project and the Cinco de Mayo Project and the Company’s future plans, objectives and expectations. 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.

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ELEMENTAL ROYALTY ANNOUNCES INAUGURAL DIVIDEND AND OPTION FOR QUALIFYING REGISTERED SHAREHOLDERS TO RECEIVE TETHER GOLD

February 17, 2026 – Denver, Colorado: Elemental Royalty Corporation (“Elemental” or “the Company”) (TSX-V: ELE, NASDAQ: ELE) is pleased to announce that its Board of Directors has approved an inaugural dividend policy (the “Dividend Policy”). In accordance with the Policy, Elemental expects to declare an annual cash dividend to its shareholders of US$0.12 per Elemental common share, to be paid in quarterly instalments of US$0.03 per share, with the record date for the inaugural dividend to be paid at the end of the first calendar quarter of 2026, and at the end of each calendar quarter following for subsequent dividends.

The Company is also pleased to announce that it anticipates that qualifying registered shareholders will be able to elect to receive their dividend in the form of Tether Gold XAU₮ tokens, of par value to the dividend price, thereby providing Elemental shareholders with direct ownership of physical gold through their investment in gold royalties.

Highlights

  • Maiden Dividend Policy approved by the Board of Directors
  • Expected annual cash dividend of US$0.12 per Elemental share, paid quarterly
  • Anticipated that qualifying registered shareholders will be able to elect that their cash dividends be invested in Tether Gold’s XAU₮ token
  • The Dividend to shareholders is supported by Elemental’s strong projected revenue and cash flow growth profile in 2026 and beyond
  • Further information on how shareholders may elect to receive the dividend or dividend in kind, will be provided in due course

David M. Cole, Chief Executive Officer of Elemental Royalty, commented: “The approval of this dividend policy marks an important milestone in Elemental’s strategic trajectory and reflects our confidence in the strength and momentum of the business; we believe this is the right time to introduce a sustainable, long-term, dividend. The decision to offer investors a dividend in kind, in the form of Tether Gold, further differentiates Elemental as a forward-thinking, growth-oriented investment.”

Stefan Wenger, Chief Financial Officer of Elemental Royalty Corporation, commented: “Our inaugural dividend is underpinned by Elemental’s strong balance sheet and future revenue outlook in the near and longer-term: as of December 31, 2025, we had approximately US$53 million of cash and no debt, providing substantial financial flexibility as we continue to invest in growth. We will continue to maintain a disciplined approach to capital allocation, balancing returning capital to shareholders through a progressive dividend which we intend to maintain, or even increase, without compromising on our strategy of accretive growth through the acquisition and generation of precious metals streams and royalties.”

Juan Sartori, Executive Chairman of Elemental Royalty Corporation, commented: “We believe the initiation of this dividend policy is a world first for a royalty company: we anticipate enabling qualifying shareholders to elect to have their cash dividend invested in the purchase of the Tether XAU₮ token, thereby facilitating  for shareholders greater exposure to physical gold through Tether Gold’s stablecoin and retaining real long-term value storage via a practical mechanism for gold-denominated investment returns.”

Tara Vivian-Neal

Investor Relations | Elemental Royalty Corporation

Mobile: +44 (0) 7394 408 654

Vancouver: 905 – 815 W. Hastings St., Vancouver, BC, Canada V6C 1B4

Denver: 10001 W. Titan Road, Littleton, CO, USA 80125

London: 3 Orchard Place, London, SW1H 0BF, United Kingdom

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Apollo Silver Accepted into U.S. Defense Industrial Base Consortium

Vancouver, British Columbia, February 02, 2026 – Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that it has received acceptance into the U.S. Defense Industrial Base Consortium (“DIBC”), a U.S. Department of Defense-supported initiative designed to support collaboration across industry, academia, and government in advancing solutions relevant to U.S. defense and national security priorities.

The DIBC focuses on strategic and critical materials and technologies essential to U.S. national security, including initiatives to improve the resilience and security of domestic critical mineral supply chains that support defense and industrial applications[1].

Apollo Silver’s U.S.-based Calico Project hosts significant silver mineralization alongside barite and zinc, which are classified as critical minerals on the USGS List of Critical Minerals and play important roles in industrial, infrastructure, and defense-related applications.

As a member of the DIBC, Apollo Silver joins a network of traditional and non-traditional defense contractors, research institutions, and federal agencies working to advance innovation at speed. Membership provides the Company with opportunities to engage in federally sponsored initiatives related to critical materials supply chains, including the mining and processing of silver, zinc, and barite.

“Apollo Silver’s acceptance into the DIBC reflects the growing strategic importance of U.S.-based critical mineral assets, including silver, following its inclusion on the USGS List of Critical Minerals in November 2025,” said Ross McElroy, President and CEO of Apollo Silver. “With one of the largest undeveloped primary silver assets in the United States and meaningful exposure to industrial critical minerals such as barite and zinc, we believe Apollo Silver is well positioned to align with U.S. priorities focused on supply-chain security, industrial resilience, and national defense.”

About Apollo Silver Corp.

Apollo Silver is advancing the second 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 U.S. energy, industrial 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 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 expected benefits of the Company’s acceptance into the U.S. Defense Industrial Base Consortium (“DIBC”), the Company’s ability to maintain its membership in the DIBC and pursue opportunities arising therefrom, and the advancement and development potential of the Company’s projects, including the Calico Project and the Cinco de Mayo Project. 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 the Company’s ability to maintain DIBC membership and realize anticipated benefits therefrom; changes in government priorities, programs, funding or procurement processes; the risk that membership in the DIBC does not result in any specific contracts, funding, or other opportunities; 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.

[1] https://www.dibconsortium.org/

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Apollo Silver Advances Community Discussions at Cinco de Mayo

VANCOUVER, British Columbia, Dec. 15, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to provide an update on ongoing community engagement activities at its Cinco de Mayo Project (“Cinco de Mayo” or the “Project”) in Chihuahua, Mexico.

Over several months, the Company held productive discussions with elected representatives of the Ejido Benito Juárez (the “Ejido”), Municipio de Buenaventura, and other leaders and community groups in the region. The objective of these discussions was to regain public support for mineral exploration and mine development at Cinco de Mayo, and more specifically, to rescind the property access ban imposed by the Ejido in November 2012 and to establish a long-term access agreement. This agreement is anticipated to provide important economic and community benefits to the Ejido, including annual payments, environmental value, and preferential employment and service opportunities, in exchange for unrestricted access for the Company to explore, develop and potentially mine the resources at Cinco de Mayo.

As part of Apollo’s efforts to introduce a plan of responsible development in cooperation and partnership with the local communities, informational materials are being distributed to members of the Ejido, outlining a plan of long-term collaboration and shared benefits associated with continued exploration and future operations at the Project. This phase of community engagement is expected to continue early into the new year, whereupon the Company remains hopeful for, and looks forward to, a general assembly of the Ejido in early 2026 to vote on rescinding the property access ban and approving a long-term access agreement.

Overview of Key Topics Presented to the Ejido

Long-Term Benefit Framework

The draft framework under discussion includes the following high-level concepts:

  • A 30-year structure of benefits to the Ejido in return for access to the Project during the exploration, development and mining phases over that time period.
  • Predictable annual payments made directly to the community to support priorities identified by the Ejido and its members, such payments amounting to approximately US$50 million over the life of the agreement.
  • An option to extend the term of the agreement for an additional period of time.

Employment, Training, and Local Procurement

The materials emphasize the Company’s commitment to maximizing local participation:

  • Hiring of Ejidatarios (registered members of the Ejido community), their descendants, and community members, based on skills and aptitude.
  • Preference for local suppliers of food, fuel, transportation, materials, and lodging.

These initiatives are intended to help build sustainable economic opportunities for the region.

Environmental Protection and Water Stewardship

Environmental responsibility remains central to all Project planning. Commitments communicated to the Ejido include:

  • Detailed hydrogeological studies to ensure exploration and potential future mining activities have no effect on community wells or natural springs.
  • Continuous monitoring of water quality and environmental indicators.
  • Strict adherence to all federal regulations, including requirements set by SEMARNAT, CONAGUA, and PROFEPA.
  • Implementation of reforestation programs, responsible materials management, and full reclamation of land at the end of the Project’s life cycle.

These commitments apply at every stage of work, from exploration through to eventual operations and closure.

“With a renewed interest in responsible mineral exploration and mine development being promoted at all levels of Mexican government, there is no better time to bring a strong plan of shared economic benefit to the communities around Cinco de Mayo,” stated Ross McElroy, President and CEO. “As one of North America’s better CRD deposits, with a well established history, Cinco de Mayo holds great opportunity for all.”

About Cinco de Mayo

Cinco de Mayo is an approximate 25,000 hectare property located in the north central part of Chihuahua State, Mexico, approximately 190 kilometres northwest of the state capital of Chihuahua City in the Municipio de Buenaventura. The Project is prospective for and hosts carbonate replacement type deposits including the Upper Manto Pb-Zn-Ag (Au) deposit, which consists of two parallel and overlapping manto deposits referred to as the Jose Manto and the Bridge Zone. An independent technical report and Mineral Resource estimate (“MRE”) on the Upper Manto deposit was prepared in 2012 by Rosco Postle and Associates (“RPA”). At a NSR cut-off of US$100/t, Inferred MRE was estimated to total 12.45 million tonnes at 132 grams per tonne silver, 2.86 per cent lead and 6.47 per cent zinc and 0.24 gram per tonne gold (See Apollo’s news release dated March 7, 2025). The total contained metals in the historical resource were 52.7 million ounces of silver, 785 million pounds of lead, 1,777 million pounds of zinc and 96,000 ounces of gold. See cautionary statement below.

A potential new discovery, called the Pegaso Zone was not included in the 2012 Historical MRE. Apollo’s technical team considers this intersection as a high priority target that has potential to be a significant new discovery. The Company’s initial review of historical data suggests that the Pegaso Zone could indicate a larger and higher-grade resource at depth.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not an independent of the Company

About Apollo Silver Corp.

Apollo 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 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Historical Mineral Resource Estimates

This 2012 historical MRE referenced above is considered historical in nature and the reader is cautioned not to treat this estimate as current Mineral Resources, nor should they be relied upon. They are included here as an indication of the mineralization of the Project. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

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 rescission of the 2012 access ban; the negotiation terms, value and potential execution of an access agreement with the Ejido; the timing, nature, and results of exploration and development activities at Cinco de Mayo; the exploration potential of the Project, including the potential discovery and significance of the Pegaso Zone; interpretations of historical data; the potential size, grade, continuity, and extent of mineralization, including at depth; potential future mining operations; the expected economic and social benefits to the Ejido and surrounding communities; and the Company’s future plans, strategies, and objectives. 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.

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Silver hit record highs in 2025 – here’s why the ‘Devil’s metal’ has further to run

Key Points

  • Silver has outpaced gold in 2025, with a growth of about 71%, compared to gold’s 54%.
  • Silver mine production has been decreasing for the past ten years, especially in Central and South America, due to mine closures, resource depletion and infrastructure challenges.
  • While industrial demand for silver is expected to decline slightly in 2025, the metal is increasingly used in electric vehicles, for AI components and in photovoltaics.

Silver, often nicknamed the ‘Devil’s metal’ because of its volatility, has reached record highs this year and still has further to run despite a supply crunch, according to experts.

The metal’s growth value has been running alongside gold’s, which has seen its own rally with the price surging past $4,000 an ounce this year.

Silver prices reached a historic peak of $54.47 per troy ounce in mid October, marking a 71% rise year-on-year. They’ve since pared back gains somewhat, but are now growing again, despite low supply levels.

“Some people were having to transport silver by plane rather than on cargo ships to meet delivery demand,” Paul Syms, head of EMEA ETF Fixed Income and commodity product management at Invesco, told CNBC.

“While we’ve seen the spike up, we’ve seen the price come down a little bit. Longer term, there’s a different dynamic this time that could keep silver at reasonably high prices and maybe continuing to go up for some time to come,” he added.

October was only the third time in the past 50 years where silver prices peaked. Other silver price highs include January 1980, when the Hunt brothers amassed a third of the world’s supply as they attempted to corner the market, as well as 2011, following the U.S. debt ceiling crisis when silver and gold were embraced as safe haven assets.

“Silver is only about a tenth the size of the gold market, and that short squeeze, obviously, sort of caught a few investors by surprise,” said Syms.

Unlike the previous investment waves, silver’s boom in 2025 relied on a mix of low supply and high demand from India as well as industrial needs and tariffs.

“After Liberation Day, the gold price spiked, but silver actually went down a little bit. And the gold-silver ratio spiked to above 100,” said Syms, referring to the gold-silver ratio which reflects how many ounces of silver are needed to buy one ounce of gold.

A low ratio means gold is relatively cheap, while a high ratio indicates silver is undervalued and likely to rise. In April, the ratio reached a historic high.

“The risk managers in financial and industrial entities did not want to let any metal go out of the States for fear that it might come back in at 35% higher for example,” said Rhona O’Connell, head of market analysis EMEA and Asia at Stone X.

Fast forward to the Autumn and silver entered its peak demand, especially as India’s monsoon and harvest seasons came to an end.

“Farmers don’t really like the banks very much, so gold and latterly, silver, tend to be the first port of call when they’ve got the harvest in,” said O’Connell.

India is also the world’s largest consumer of silver, with about 4,000 metric tons used every year, mostly for jewelry, utensils and ornaments.

The silver appeal this Autumn also coincided with Diwali, a five-day ‘Festival of Lights’ celebrating prosperity and good fortune and also India’s biggest public holiday.

Supply crunch

While gold is traditionally a favorite, this year silver — an affordable investment option in a country where about 55% of the population depends on agriculture for their livelihood — outshined other metals.

On Oct. 17, the price of silver in India rose sharply, reaching a record high of 170,415 rupees a kilogram — an 85% rise since the start of the year.

However, 80% of India’s silver supply is imported. The UAE and China are increasingly supporting that demand, but the U.K. is traditionally India’s largest silver supplier.

Yet, London’s vaults have been emptying rapidly for the past few years. In June 2022, the London Bullion Market Association held 31,023 metric tons of silver. By March 2025, volumes had fallen by around a third to 22,126 metric tons — its lowest point in years.

“What isn’t necessarily so visible to people is what’s happening in the vaults,” said O’Connell. “And that had reached a point where there was basically there was no available metal left in London.”

In October, the squeeze was such that traders had to pay much higher borrowing costs – or lease rates – to close their positions.

“At one stage, to borrow overnight was costing 200% on an annualized basis, so a lot of people were very stressed to put it mildly,” said O’Connell.

Supply is a constant issue for silver, as for other precious and rare metals. The Silver Institute’s 2025′s World Silver Survey estimates that mine production has been decreasing over the past 10 years, especially in Central and South America.

“Over the course of the past twelve months or so, the underlying surplus has started to turn into a deficit for three reasons: the impact of the electrification of the vehicle fleet, artificial intelligence, and photovoltaics,” said O’Connell.

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🚨 $1.4 Billion CEO Reveals His Next Silver Play

New Orleans Investment Conference, Proven And Probable

Register Here: New Orleans Investment Conference

🔗 Connect with Apollo Silver Corp.:
APOLLO SILVER: TSX.V: APGO | OTCQB: APGOD
Website: https://apollosilver.com/
Phone: 1 (604) 428-6128
Info: info@apollosilver.com
Corporate Deck: http://bit.ly/42ekw60
Calico 43-101: http://bit.ly/3IFBxiM
Ciinco De Mayo 43-101: http://bit.ly/42KNhHE

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Proven and Probable Presents: A Ponderous Consideration of Apollo Silver, by a Fellow Who Ain’t a Fool (Usually)

Apollo Silver – https://apollosilver.com/

TSX.V: APCO | OTCQB: APGOF | Frankfurt: 6ZF0

Now, I’ve seen a thing or two in my time, from the muddy banks of the Mississippi to the wild, woolly, and mostly-full-of-lies silver rushes out West. The talk of riches—it’s like a siren’s song, ain’t it? It’ll make a man forget his grammar, his good sense, and sometimes his very trousers. The world is full of fellows who’d sell you a gold brick made of brass, and another sort who’ll show you a hole in the ground and swear it’s a direct-to-Heaven express line for your pocketbook.

And so it is, that a body must approach a matter of finance with a mind as clear as a bottle of good whiskey before the cork’s been pulled. And I’ve been looking at this Apollo Silver business, and it’s a curious thing, a right proper puzzle for a man who’s seen a few. It ain’t about the grand promises of a bonanza that’ll make you the next Rockefeller, a-building libraries and a-dressing in finery. No sir. That kind of talk is for the greenhorns and the giddy.

What’s to be said for Apollo is a different tune entirely. It’s a calm, measured sort of melody, like a riverboat gliding on a Sunday afternoon. You see, they’ve got this Calico project out in California, and another one, Cinco de Mayo, down in Mexico. And when they speak of it, they ain’t waving their arms about or using words too big for their boots. They’re talking about a mineral resource. And not just a vague promise, but numbers that have been “measured,” “indicated,” and “inferred.” That’s the part that sticks to a man’s ribs like a good meal.

And there’s history to back it up, too. The Calico district ain’t some new-fangled idea; it’s a place where they’ve been pulling silver from the earth for a long spell. Back in 1881, after a big discovery, Calico became a real humdinger of a town. It was a place that produced millions of dollars in silver over a dozen years, a wild and colorful place that drew in folks from all over the globe, a town with a name that came right from the “calico-colored” mountains themselves. A fella by the name of Walter Knott, who had a berry farm and a fondness for history, even went and restored the old place after it became a ghost town. So, the ground there, it’s got a reputation.

And in that reputable ground, they’ve got a proper accounting. The Calico project is said to hold a mighty 110 million ounces of silver in the “Measured and Indicated” category, which is a powerful lot of the shiny stuff. And on top of that, there’s another 51 million ounces of silver in the “Inferred” category. That’s a sum a body can get his head around.

Now, as for the Cinco de Mayo project down in Chihuahua, Mexico, well, that region is a whole other book of stories. Mexico’s got a history with silver that goes back centuries, and a fella who knows a thing or two about rocks will tell you that the very geology of the area is famous for these “carbonate replacement deposits,” the kind that have been responsible for a good 40% of all the silver ever pulled out of the ground in that country. And while their report on this project is of a historical nature, it still speaks to a substantial resource, with a historical estimate of 52.7 million ounces of silver in the “Inferred” category. It’s a testament to the region’s long-standing character.

Now, I’ve seen men go bust on a whim, throwing their money at some fly-by-night scheme with a map that had more flourishes than truth. But this here, this is a matter of geography and common sense. It’s in places where they’ve been digging silver for a hundred years, and where the land itself seems to say, “Why yes, there’s more where that came from.” And the folks in charge—they’ve got a long-standing acquaintance with the business of pulling wealth from the earth, not just from the pockets of others.

So, a man must ask himself, what’s the virtue in this? The virtue is in the lack of fancy. It’s a bet on what’s already there, not what might be. It’s the difference between a high-stakes poker game where you might lose your shirt, and a man walking into a store to buy a new one. It ain’t a get-rich-quick scheme. It’s a slow, deliberate trundle down the road of reason. And in a world where every huckster with a shovel has a story to tell, a story about a resource measured and counted is a mighty comfortable thing to rest your hat on.

(Please note: Apollo Silver is a sponsor of Proven And Probable, and we are biased.)

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