NOT FOR DISTRIBUTION TO OR FOR DISSEMINATION IN THE UNITED STATES
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company")(CSE:NLR)(OTCQB:NLRCF) announces that it intends to complete a non-brokered private placement (the "Placement") for gross proceeds of up to C$1,000,000 from the sale of common shares of the Company (the "Shares") at a price of C$0.075 per Share
The Company intends to use the net proceeds raised from the Placement for the exploration of the Company's Secret Pass Gold Project located in Northwestern Arizona, USA and for general working capital purposes.
The Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as customary closing conditions, including regulatory approvals as required.
In accordance with applicable securities laws, the Shares issued under the Placement will be sold to accredited investors or other investors who are exempt from prospectus requirements and will be subject to a four-month hold period in Canada. While the Placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% controlled, Secret Pass Gold Project located in Mohave County, Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County, Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCD) is pleased to announce start of the 2022 exploration program at the Medicine Springs Silver Project ("Medicine Springs"), located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. (Reyna Silver
The 2022 exploration program at Medicine Springs will include a 5,000 to 7,000 metre drill program targeting the discovery of a large scale Carbonate Replacement Deposit (CRD) system. Drill permitting is underway and work is commencing immediately on additional field studies to further refine drill targets. Drilling is expected to commence in Q3/Q4 2022.
Norhern Lights CEO, Jason Bahnsen commented "We are delighted to have work underway at Medicine Spings leading to the upcoming 5,000 to 7,000 metre drill program. The Medicine Springs Project has the potential to host large scale CRD silver and base metals mineralizaton and we are looking forward to seeing the results of this initial drill program."
Under the terms of the Opton/JV agreement between Northern Lights and Reyna Silver, Reyna Silver are earning up to 80% of the Medicine Springs Project. Northern Lights does not contribute to project exploration expenditure until total exploration expenditures have exceeded US$4.0 million. (See the Northern Lights announcement dated October 5, 2020 for full details of the Option/JV agreement with Reyna Silver.)
In 2021, Reyna Silver conducted a Selective Jasperoid Sampling survey focused on the prominent NE trending, multi-stage jasperoids that cut across the property along the inferred principal hydrothermal fluid pathways. The results show zoning of Copper, Lead-Zinc, and Silver and are interpreted to indicate a multi-stage high-level mineralization center at depth. Comparison of the field data to Reyna's CRD continuum exploration model supports the idea that the full CRD spectrum is present within the Medicine Springs project area.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCD" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company") (CSE:NLR), (OTCQB:NLRCF) is pleased to announce that it is proceeding with the consolidation of its common shares on a ten (10) for one (1) basis (the "Consolidation"). The Company's common shares will commence trading on a post-consolidated basis effective at market opening on May 24, 2022 (the "Effective Date
Immediately prior to completion of the Consolidation, the Company has 143,571,385 common shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 14,357,139 common shares issued and outstanding, subject to the rounding of fractional common shares. The company has been issued with a new Cusip Number (66538D301), there will be no escrow of shares, and the trading symbol will remain unchanged.
No fractional common shares will be issued as a result of the Consolidation. All fractional common shares resulting from the Consolidation will be rounded to the nearest whole number of common shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (10:1) to reflect the Consolidation in accordance with their respective terms, with proportionate adjustments being made to exercise prices. New warrant certificates reflecting the Consolidation are not required and will not be issued.
Registered shareholders will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to affect the Consolidation.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.co
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce an update to the exploration plan for the Tin Cup prospect at the Company's 100% owned Secret Pass Gold Project in Mohave County, Arizona
Following on from the success of the initial four holes completed, Northern Lights is planning to expand the exploration program at Secret Pass to include the drilling of three (3) additional holes at Tin Cup and two (2) drill holes at the FM Zone, which is located approximately 500 metres east of Tin Cup. All five (5) proposed drill holes are fully permitted. The drill holes statistics and significant intersections for the first four drill holes are sumarized on Table 1. The location of the recent drill holes and the planned drill holes for Tin Cup and the FM Zones are illlustrated on Figure 1.
Prior to initiating the second phase of drilling, Northern Lights is planning to complete a deep penetrating Induced Polarization (IP) survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in refining existing targets and identifying new drill targets associated with zones of high chargeability located along strike and to depth. With reference to Figure 1, the IP survey area will cover the gold anomay generated from the soil sampling program completed in 2021. This soil survey identified a significant gold soil anomaly approximately 1,100 metres in length and up to 400 metres wide as shown on Figure1.
Northern Lights CEO, Jason Bahnsen, commented"The initial drilling at Tin Cup has been very successful and has confirmed the presence of wide zones of gold mineralization. The next phase of drilling will test the Tin Cup mineralization at depth and further along strike. We also have two holes permitted to drill at the FM Zone where we are targeting vertical vein structrues similar to Tin cup. The proposed holes are fully permitted with drilling to commence pending financing and availability of drilling contractors."
The first four drill holes completed at Tin Cup showed confirmation of gold mineralization from surface to a maximum depth of approximately 90 metres. The three additional holes planned have been fully permitted and will test the down plunge extension of the gold mineralization. With reference to Figure 2, drill hole TC21-06 is planned for 400 metres at a 55 degree dip to test the mineralizaton at depth. The other two drill holes TC22-07 and TC22-08 will test the mineralization along strike.
At the Tin Cup zone, drilling at depth will test the potential for an epithermal quartz vein system similar to the Oatman District. The geology of the Tin Cup zone shares similarities of the upper parts of the Oatman gold system. The Secret Pass drilling will target both the upper broad zone of stockwork veining and the deeper, more discreet ‘bonanza' veining.
The drilling at the FM zone will target near-vertical mineralized structures related to the FM fault zone similar to the Tin Cup zone.
Table 1: Tin Cup Phase 1 Drill Holes
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) | Significant Intersections |
TC21-01 | Tin Cup | - | - | - | Abandoned |
TC21-02 | Tin Cup | 220 | -45 | 175 |
|
TC21-03 | Tin Cup | 220 | -55 | 230 |
|
TC21-04 | Tin Cup | 310 | -50 | 103* |
|
TC21-05 | Tin Cup | 040 | -60 | 102* |
|
TC22-06 | Tin Cup | 220 | -65 | 400 | Fully Permitted - Pending Drilling |
TC22-07 | Tin Cup | 250 | -50 | 250 | Fully Permitted - Pending Drilling |
TC22-08 | Tin Cup | 200 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-01 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-02 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
| Total Completed and Planned | 1,710 | ||||
Note: all intersections have been previously announced and represent downhole widths as insufficient information is available to calculate true widths.
*Drill holes TC21-04 and TC21-05 were terminated early due to technical difficulties.
Figure 1: Drill Locations and Gold Soil Anomalies
Figure 2: Tin Cup Drilling Cross Section and Geological Model
QA/QC Statement
Diamond Core (HQ size) was drilled by Godbe Drilling LLC under the supervision of Mr. Lee Beasley, QP for Northern Lights Resources. The core was split with the half core transported to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QA/QC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of one field control sample every 20 regular samples. Samples received by the lab are logged, weighted and assigned into batches. Sample preparation begins with crushing samples to 75% passing -10 mesh. From this sample, 250 grams of material is separated using a riffle splitter which is then further pulverized to at least 95% - 150 mesh resulting in a pulp that is ready for analysis. Gold was determined by fire assay fusion of a 30 gram sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold ( greater than 5 g/t) were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new inforAddmation, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources (CSE:NLR) (OTCQB:NLRCF) reports additional high-grade assay results from its third and fourth drill holes at its Tin Cup Prospect at its Secret Pass Gold Project in Arizona. The 100%-owned Secret Pass Gold Project is located in the Frisco-Catherine Gold district of Northwest Arizona, is approximately 8 kilometers Northeast of Elevation Gold's Moss Mine, a heap leach open pit gold mine currently operating at an average mined grade of 0.45 gt gold. Following the acquisition of an additional 260 hectares in September 2021, the Secret Pass Gold Project now covers approximately 1,128 hectares.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, along with video comments by Jason Bahnsen, CEO of Northern Lights. The video is available for viewing on " InvestmentPitch.com " and on " YouTube ". If these links are not enabled, please visit www.InvestmentPitch.com and enter "Northern Lights" in the search box.
Northern Lights has completed four diamond core drill-holes, totalling 610 meters, at Tin Cup. All four drill holes intercepted zones of moderate to strong gold mineralization hosted by altered andesite.
Today's results are from Hole TC21-04 and 05. Hole TC21-04 intersected 0.95 g/t gold over 103.00m, starting at surface and including the entire length of the drill hole . This included 2.96 g/t gold over 12.96m starting at 75.59m. Hole TC21-05 Intersected 0.29g/t gold over 60.91m starting at 41.50m, including 0.56 g/t over 24.07m from 78.34m, which also included 4.23 g/t over 0.99m from 101.42m, which was the last meter of the drill hole.
Recently announced assays from Holes TC21-02 and 03 indicate wide zones of near surface gold mineralization are present at Tin Cup. The results from Hole21-03 have been slightly upgraded.
Northern Lights has permits in place to drill 3 additional holes and plans to apply for further drill-hole permits following the analysis of these first 4 holes. The company is also planning to complete a deep penetrating IP survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in defining new drill targets associated with zones of high chargeability located along strike and to depth.
The gold mineralization at Tin Cup is open at depth and has not yet been tested below an average depth of 95 metres. The focus of this initial drill program is to confirm the gold mineralization previously identified by reverse circulation drilling in the 1980s and to provide additional geological information on the style of gold mineralization.
The shares are trading at $0.035. For more information, please visit the company's website, www.NorthernLightsResources.com , contact Rick Timcke, President, at 604-608-6163 or email RTimcke@NorthernLightsResources.com , or contact Jason Bahnsen, CEO, at 604-608-6163 or email jason@NorthernLightsResources.com . For Investor Relations, contact Shawn Balaghi, at 604-773-0242 or email shawn@NorthernLightsResources.com .
Disclaimer
The information in this Investmentpitch Media Ltd video is for the viewers information only. Northern Lights has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
About InvestmentPitch Media
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News Provided by GlobeNewswire via QuoteMedia
HIGHLIGHTS:
Following a competitive tender process, the Company has awarded the diamond drilling contract to West Core Drilling. The upcoming drill program will be completed under a partial drill-for-equity arrangement and will focus on high-priority mine and near-mine targets. These include:
Drilling is anticipated to commence in the week following the Company’s upcoming General Meeting (GM) planned for 19 May 2025.
Executive Director Bruce Garlick commented:
“We are delighted to partner with West Core as part of our inaugural drilling program. This contract award demonstrates our continued progression of the project, and we look forward to testing the asset with the drill bit in the coming weeks. It was also fantastic for the board to recently visit site and see all the readily available nearby infrastructure that could potentially feed into our development planning.”
Targeting for the drill program is currently being finalised, with active involvement from the Board of Errawarra and technical consultants ERM Consulting. A recent site visit completed by management has enabled ground-truthing of the high-priority targets.
Figure 1 – Errawarra’s Management visiting Elizabeth Hill
As part of Errawarra’s ongoing project development and planning, management visited the Radio Hill processing plant, approximately 15 kilometres to the north which is owned by Artemis Resources (ASX: ARV) and currently in care and maintenance.
Figure 2 – Errawarra’s Management inspecting the Gekko Gravity processing area at the Artemis Resources (ASX: ARV) owned Radio Hill plant
During the same site visit, the team also observed the almost completed regional soil sampling campaign which is targeting regional structures with associated historical silver in soil anomalism. A total 1,766 soil samples and 89 rock chips samples have been collected to date during this program which is anticipated to be completed in the coming week.
Click here for the full ASX Release
This article includes content from Errawarra Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2025. The full version of the financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.govedgar. All amounts are in U.S. dollars unless stated otherwise.
"Our robust production for Q1 has yielded strong financial performance for the quarter," said Keith Neumeyer, President & CEO. "We have hit multiple record financial metrics including a record $110 million in cash flow from operations and the highest treasury balance in the Company's 21+ year history, our balance sheet has never been stronger, and we are on track to have a stellar year. Our focus remains to deliver on our commitments in producing safe and profitable ounces."
FIRST QUARTER HIGHLIGHTS
Record Cash Position: The Company ended the quarter with the highest cash and restricted cash balance in its history of $462.6 million consisting of $351.3 million in cash and cash equivalents and $111.3 million in restricted cash. The Company's liquidity position has further improved to a record $544.4 million, consisting of $404.8 million of working capital and $139.6 million of undrawn revolving credit facility, and excluding $111.3 million held in restricted cash.
Record Silver Production (+88% Y/Y): The Company produced 7.7 million silver equivalent ("AgEq") ounces in Q1 2025 representing 26% of the mid-point of the Company's 2025 production guidance, including a quarterly silver production record of 3.7 million silver ounces, an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Gold production also increased by 1% to 36,469 ounces.
Record Quarterly Revenue (+130% Y/Y): The Company generated record quarterly revenue of $243.9 million in the first quarter (57% from silver sales), representing a 130% increase compared to $106.0 million in the first quarter of 2024.
Held Inventory: The Company held 620,043 silver ounces in finished goods inventory as at March 31, 2025, inclusive of coins and bullion. The fair value of this inventory as at March 31, 2025 was $21.1 million, which was not included in revenue during the first quarter.
Record Mine Operating Earnings (+$64.1 million Y/Y): The Company achieved record quarterly mine operating earnings of $63.8 million, representing a significant increase compared to a mine operating loss of $0.3 million in the first quarter of 2024. The increase was primarily due to a 64% increase in payable AgEq ounces sold, including 74 days of production from Cerro Los Gatos, as well as a 37% increase in the average realized silver price, which was $32.50 per ounce during the quarter.
Record Cash Flow from Operations (+$97.4 million Y/Y): Operating cash flow before changes in working capital and taxes in the quarter was a record $110.0 million, representing a significant increase compared to $12.6 million in the first quarter of 2024.
Strong Free Cash Flow (+$42.6 million Y/Y): Free cash flow for the quarter totaled $43.5 million after paying $28.0 million in cash income taxes mainly related to the strong performance of Santa Elena in 2024 and unfavorable working capital adjustment of $26.5 million. This represented a significant increase compared to $0.9 million of free cash flow in the first quarter of 2024.
Record Earnings Before Income Tax, Depreciation and Amortization1 ("EBITDA") (+$92.2 million Y/Y): EBITDA for the quarter was $98.8 million, representing a significant increase compared to $6.6 million in the first quarter of 2024.
Net Earnings (+$19.8 million Y/Y): Net earnings for the quarter were $6.2 million (EPS of $0.01) compared to a net loss of $13.6 million (EPS of ($0.05)) in the first quarter of 2024, representing a 146% increase year-over-year. Adjusted net earnings, normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, acquisition costs and deferred income tax, were $20.9 million (EPS of $0.05) compared to an adjusted net loss of $18.4 million (EPS of ($0.06)) in the first quarter of 2024.
Reduced Cash Costs (-9% Y/Y): Consolidated cash costs of $13.68 per AgEq ounce for the quarter represented a 9% reduction from $15.00 per AgEq ounce in the first quarter of 2024, and 6% below the mid-point of the Company's 2025 cost guidance.
Improved All-In Sustaining Cost ("AISC") (-11% Y/Y): Consolidated AISC in the first quarter was $19.24 per AgEq ounce, representing an 11% improvement from $21.53 per AgEq ounce in the first quarter of 2024, and 7% below the mid-point of 2025 cost guidance.
Continued success at First Mint (+$6.9 million Y/Y): First Mint, LLC, the Company's 100%-owned minting facility, generated quarterly sales of $7.9 million compared to $1.0 million in the first quarter of 2024.
Completed Final Springpole Stream Payment: At the end of the quarter, the Company paid $5 million in cash to First Mining Gold Corp. ("First Mining"), representing the final payment due by the Company to First Mining in connection with the silver stream that the Company has over First Mining's Springpole gold project located in Ontario, Canada. In consideration of accelerating the timing of this final payment and making the final payment in cash (as opposed to a combination of cash and shares, as originally required under the agreement governing the stream), First Mining agreed to extend the Company's original warrants that were granted to the Company on July 20, 2020 to March 31, 2028, and to amend the exercise price of the warrants to CAD$0.20.
Purchased Common Shares: The Company purchased and cancelled an aggregate of 262,500 common shares at an average price of CAD$8.20 per share through the facilities of the TSX pursuant to its normal course issuer bid during the three months ended March 31, 2025. In April, the Company further purchased and cancelled an additional 331,000 common shares under its normal course issuer bid at an average price of CAD$8.00 per share.
First Quarter Dividend: The Company declared a cash dividend of $0.0045 per common share for the first quarter of 2025 for shareholders of record as of the close of business on May 16, 2025, to be paid out on or about May 30, 2025 (Note: Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares. In the case of net revenues generated from the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company's quarterly dividend calculation.)
OPERATIONAL AND FINANCIAL HIGHLIGHTS
| Key Performance Metrics | 2025-Q1 | 2024-Q4 | Change Q1 vs Q4 | 2024-Q1 | Change Q1 vs Q1 | |||||||||||
| Operational(1) | ||||||||||||||||
| Ore Processed / Tonnes Milled | 944,373 | 745,124 | 27% | 588,651 | 60% | |||||||||||
| Silver Ounces Produced | 3,704,503 | 2,353,865 | 57% | 1,975,176 | 88% | |||||||||||
| Gold Ounces Produced | 36,469 | 39,506 | (8%) | 35,936 | 1% | |||||||||||
| Silver Equivalent Ounces Produced | 7,711,709 | 5,713,289 | 35% | 5,162,283 | 49% | |||||||||||
| Cash Costs per Silver Equivalent Ounce(2) | $ | 13.68 | $ | 13.82 | (1%) | $ | 15.00 | (9%) | ||||||||
| All-in Sustaining Cost per Silver Equivalent Ounce(2) | $ | 19.24 | $ | 20.34 | (5%) | $ | 21.53 | (11%) | ||||||||
| Total Production Cost per Tonne(2) | $ | 97.71 | $ | 96.63 | 1% | $ | 128.23 | (24%) | ||||||||
| Average Realized Silver Price per Silver Equivalent Ounce(2) | $ | 32.50 | $ | 29.84 | 9% | $ | 23.72 | 37% | ||||||||
| Financial (in $millions) | ||||||||||||||||
| Revenues | $ | 243.9 | $ | 172.3 | 42% | $ | 106.0 | 130% | ||||||||
| Mine Operating Earnings | $ | 63.8 | $ | 48.2 | 32% | ($0.3 | ) | NM | ||||||||
| Net (Loss) Earnings | $ | 6.2 | ($13.5 | ) | 146% | ($13.6 | ) | 146% | ||||||||
| Operating Cash Flows before Non-Cash Working Capital and Taxes | $ | 110.0 | $ | 62.4 | 76% | $ | 12.6 | NM | ||||||||
| Capital Expenditures | $ | 51.0 | $ | 36.1 | 41% | $ | 28.2 | 81% | ||||||||
| Cash and Cash Equivalents | $ | 351.3 | $ | 202.2 | 74% | $ | 102.1 | NM | ||||||||
| Restricted Cash | $ | 111.3 | $ | 106.1 | 5% | $ | 127.2 | (13%) | ||||||||
| Working Capital(2) | $ | 404.8 | $ | 224.5 | 80% | $ | 159.6 | 154% | ||||||||
| Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA")(2) | $ | 98.8 | $ | 62.0 | 59% | $ | 6.6 | NM | ||||||||
| Adjusted EBITDA(2) | $ | 109.7 | $ | 64.8 | 69% | $ | 12.0 | NM | ||||||||
| Free Cash Flow(2) | $ | 43.5 | $ | 68.4 | (36%) | $ | 0.9 | NM | ||||||||
| Shareholders | ||||||||||||||||
| (Loss) Earnings per Share ("EPS") - Basic | $ | 0.01 | ($0.04 | ) | 125% | ($0.05 | ) | 120% | ||||||||
| Adjusted EPS(1) | $ | 0.05 | $ | 0.03 | 67% | ($0.06 | ) | 178% | ||||||||
| NM - Not meaningful (1) Operational metrics calculated in the table above are reported on an attributable basis to account for the 70% ownership of the Cerro Los Gatos mine. (2) The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, all-in sustaining cost per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non- GAAP Measures" at the end of this news release for further details of these measures. | ||||||||||||||||
FIRST QUARTER FINANCIAL RESULTS
The Company generated record quarterly revenue of $243.9 million in the first quarter of 2025 with 57% derived from silver sales, a 130% increase compared to $106.0 million of revenue generated in the same period in the prior year. This was primarily attributable to a 64% increase in payable AgEq ounces sold, driven by the addition of the Cerro Los Gatos Silver Mine to the Company's portfolio of producing mines in Mexico on January 16, 2025, which contributed $90.5 million in revenue, along with improved production at San Dimas, which contributed $60.0 million in revenue. Further, the average realized silver price increased to $32.50 per ounce, representing a 37% increase compared to the first quarter of 2024.
At the end of the quarter, the Company reported the highest cash and restricted cash balance in its history of $462.6 million consisting of $351.3 million in cash and cash equivalents and $111.3 million in restricted cash. This represents an increase of 50% compared to $308.3 million at the end of the fourth quarter of 2024 consisting of $202.2 million in cash and cash equivalents and $106.1 million in restricted cash. Additionally, working capital reached a record high of $404.8 million, representing an 80% increase compared to $224.5 million in the fourth quarter of 2024.
Mine operating earnings for the quarter increased significantly to a record $63.8 million compared to a loss of $0.3 million in the first quarter of 2024. The increase in mine operating earnings was primarily attributed to the addition of the Cerro Los Gatos Silver Mine, which has contributed $27.6 million in mine operating earnings since the Company acquired the mine on January 16, 2025. Additionally, the strong performance at San Dimas and Santa Elena increased mine operating earnings by an additional $14.7 million and $13.9 million, respectively, compared to the first quarter of 2024.
Operating cash flow before changes in working capital and taxes in the quarter was a record $110.0 million, representing a significant increase compared to $12.6 million in the first quarter of 2024. This was primarily driven by a $64.1 million increase in mine operating earnings compared to the first quarter of 2024, resulting from the addition of the Cerro Los Gatos Silver Mine as well as strong performances at San Dimas and Santa Elena.
EBITDA for the quarter was a record $98.8 million, representing a significant increase compared to $6.6 million in the first quarter of 2024. The increase in EBITDA was primarily attributable to an increase in mine operating earnings.
Adjusted EBITDA normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities and acquisition costs for the quarter ended March 31, 2025 was $109.7 million, representing a significant increase compared to $12.0 million in the first quarter of 2024.
The Company reported net earnings for the quarter of $6.2 million (EPS of $0.01) compared to a net loss of $13.6 million (EPS of ($0.05)) in the first quarter of 2024. The increase in net earnings was primarily attributed to the higher mine operating earnings compared to the first quarter of 2024. This was partially offset by a non-cash depletion expense of $62.4 million (EPS of (0.16)), compared to $25.8 million (EPS of (0.09)) in the first quarter of 2024, a non-cash deferred income tax expense of $7.7 million (EPS of ($0.02)), compared to a non-cash deferred income tax recovery of $10.8 million (EPS $0.04) in the first quarter of 2024, as well as $5.6 million (EPS of (0.01)) in acquisition costs incurred as a result of the Company's acquisition of Gatos Silver, Inc. On January 16, 2025.
Adjusted net earnings normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, acquisition costs and deferred income tax for the quarter ended March 31, 2025 was $20.9 million (adjusted EPS of $0.05), representing a 213% increase compared to adjusted net loss of $18.4 million (adjusted EPS of ($0.06)) in the first quarter of 2024.
The Company's total capital expenditures in the first quarter were $51.0 million, representing an 81% increase compared to $28.2 million in the first quarter of 2024, as capital expenditures at Cerro Los Gatos were included for the first time. Total capital expenditures mainly consisted of $23.1 million for underground development (2024 - $13.3 million), $15.5 million in exploration (2024 - $9.9 million), and $8.2 million in property, plant and equipment ("PP&E") (2024 - $5.0 million).
FIRST QUARTER OPERATIONAL RESULTS
The table below represents the quarterly operating and cost performance results at each of the Company's four producing mines during the quarter.
| First Quarter Production Summary | Cerro Los Gatos(1) | Santa Elena | San Dimas | La Encantada | Consolidated |
| Ore Processed / Tonnes Milled | 193,825 | 270,203 | 231,190 | 249,155 | 944,373 |
| Silver Ounces Produced | 1,444,719 | 339,784 | 1,359,378 | 560,622 | 3,704,503 |
| Gold Ounces Produced | 794 | 21,408 | 14,241 | 26 | 36,469 |
| Silver Equivalent Ounces Produced(2) | 2,252,258(3) | 2,259,772 | 2,636,689 | 562,990 | 7,711,709 |
| Cash Costs per Silver Equivalent Ounce | $10.82 | $12.92 | $13.82 | $26.03 | $13.68 |
| AISC per Silver Equivalent Ounce | $13.07 | $15.46 | $17.57 | $31.68 | $19.24 |
| Total Production Cost per Tonne | $84.46 | $94.28 | $156.10 | $57.56 | $97.71 |
| (1) Cerro Los Gatos production was from January 16, 2025 to March 31, 2025 (74 days). All production and non-GAAP results shown in the table above are reported on an attributable basis to account for the Company's 70% ownership of the Cerro Los Gatos mine through its joint venture ownership of the mine. (2) The metal prices that were used to calculate the silver equivalent ounces were, silver: $31.91/oz, gold: $2,862/oz, lead: $0.89/lb., zinc: $1.29/lb. (3) Attributable silver equivalent ounces for Cerro Los Gatos includes 12,492,869 lbs. zinc and 7,487,065 lbs. lead (70%). | |||||
The Company produced 7.7 million attributable AgEq ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces produced in Q1 2024.
Furthermore, the Company reported record quarterly silver production of 3.7 million silver ounces representing an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San Dimas primarily due to operational improvements.
Consolidated cash cost per AgEq ounce for the quarter was $13.68, representing a 9% improvement compared to $15.00 per ounce in Q1 2024, and 6% below the mid-point of the Company's 2025 cost guidance. The decrease in cash costs was primarily due to an increase in attributable production of 2.5 million AgEq ounces during the quarter following the acquisition of Cerro Los Gatos on January 16, 2025 along with an 11% increase in AgEq production at San Dimas as a result of operational efficiencies and an increase in mine and plant throughput rates.
Overall, cost efficiency initiatives, along with the weakening Mexico peso relative to the US dollar, which averaged 20% lower compared to the first quarter of 2024, contributed to further reductions in operating and administrative costs per AgEq ounce compared to the first quarter of 2024.
Consolidated AISC per AgEq ounce in the first quarter was $19.24, representing an 11% improvement compared to $21.53 per AgEq ounce in Q1 2024, and 7% below the mid-point of 2025 cost guidance. The decreased AISC was primarily attributable to lower cash costs, along with a 51% decrease in sustaining development costs per AgEq ounce compared to the first quarter of 2024. This was partially offset by a 24% increase in sustaining PP&E investment compared to the first quarter of 2024.
Q1 2025 DIVIDEND ANNOUNCEMENT
The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0045 per common share for the first quarter of 2025. The dividend will be paid to holders of record of First Majestic's common shares as of the close of business on May 16, 2025, and will be paid out on or about May 30, 2025.
Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares. Note: In the case of net revenues generated from the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company's quarterly dividend calculation.
The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
"signed"
Keith Neumeyer, President & CEO
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced, cash costs per gold ounce produced, AISC per gold ounce produced, total production cost per tonne, average realized silver price per ounce sold, average realized gold price per ounce sold, working capital, adjusted net earnings and EPS, EBITDA, adjusted EBITDA, and free cash flow. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing for the Company's dividend payment for the first quarter of 2025 and the shareholder record and payable dates in connection with such dividend payment; and anticipated future results. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward- looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
________________________
1 The Company reports certain non-GAAP measures which include EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non- GAAP Measures" at the end of this news release for further details of these measures.
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The DeGrussa processing plant
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Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE:6ZF0) is a silver-focused exploration company advancing a dual-asset strategy through two high-potential projects in North America: the Calico Silver Project in California, USA, and the Cinco de Mayo project in Chihuahua, Mexico. Both projects are situated in mining-friendly jurisdictions with robust infrastructure and a history of significant exploration work.
At Calico, Apollo Silver advances the Waterloo deposit through geological modeling, barite resource definition, and engineering studies. Calico hosts 110 Moz of silver (measured and indicated) and 51 Moz (inferred), with recent test work producing a 94.6 percent barite concentrate.
In Mexico, the Cinco de Mayo project offers rare optionality, featuring a historical inferred resource of 154 Moz silver equivalent (385 g/t) and a high-impact discovery opportunity at the Pegaso Zone. Under an option agreement with MAG Silver, Apollo is executing a 20,000-meter drill program to earn full ownership of the project.
Project locationsThe Calico Silver Project, located 15 km from Barstow, California, includes the adjacent Waterloo and Langtry properties. Calico hosts a combined resource of 110 Moz silver (measured and indicated, 100 g/t) and 51 Moz silver (inferred, 77 g/t). The shallow, laterally extensive deposit offers strong geologic continuity and a low 1.1:1 strip ratio, supporting a potential low-impact open-pit operation. Recent drilling confirmed a 95 percent conversion rate from inferred to measured and indicated resources at Waterloo.
This Apollo Silver profile is part of a paid investor education campaign.*
Click here to connect with Apollo Silver (TSXV:APGO) to receive an Investor Presentation
Apollo Silver is advancing two high-impact silver projects in premier North American jurisdictions—California and Mexico—offering investors a unique combination of scale, optionality, and leverage to silver and critical mineral demand.
Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE: 6ZF0) is a silver-focused company advancing a dual-asset strategy centered on two high-impact projects in North America: the Calico silver project in California, USA and the Cinco de Mayo project in Chihuahua, Mexico. Both are located in mining-friendly jurisdictions with strong infrastructure and significant historical work.
Project locations
At Calico, Apollo Silver is advancing the Waterloo deposit toward development through geological modeling, barite resource definition, and engineering studies. Calico boasts 110 Moz of silver (measured and indicated) and 51 Moz of silver (inferred), and recent test work has produced a 94.6 percent barite concentrate, supporting the asset’s potential as a US critical minerals supplier.
In Mexico, Cinco de Mayo offers rare optionality with a historical inferred resource of 154 Moz silver equivalent (385 g/t), and a potentially game-changing discovery at the Pegaso Zone. The project is under an option agreement between Apollo Silver and MAG SIlver, wherein Apollo Silver will complete a 20,000-meter drill program to convert the option to an acquisition of the Cinco de Mayo. Apollo Silver’s strategy is underpinned by disciplined capital allocation, high-impact exploration, and a proven ability to acquire and unlock value from high-quality assets—following a model similar to Prime Mining. With no debt, strong institutional backing, and an experienced team, Apollo Silver is well-positioned to deliver scalable, discovery-driven growth in a rising silver and critical minerals market.
(Left to right) Drilling hole W22-RC008 and downhole surveying with an optical televiewer in drill hole WCC-RC-004B
The Calico silver project comprises two adjacent properties—Waterloo and Langtry—located in mining-friendly San Bernardino County, 15 km from Barstow, California. The combined resource at Calico includes 110 Moz of silver in the measured and indicated category (average grade: 100 g/t) and 51 Moz of silver in the inferred category with an average grade of 77 g/t. The deposit is shallow, laterally extensive, and exhibits excellent geologic continuity. A low strip ratio of 1.1:1 supports a potential open-pit operation with minimal environmental footprint. Drilling has demonstrated strong correlation between 2022 results and historical intercepts, underpinning a 95 percent conversion rate from inferred to measured and indicated categories at Waterloo.
Resources at Calico sit primarily on private land with vested mining rights, simplifying the path to permitting. Infrastructure is excellent: paved roads, power lines within 5 km, and proximity to the expanding Barstow rail terminal.
In addition to silver, Apollo Silver is evaluating Calico’s potential for gold and barite. Barite, a US critical mineral essential to oil and gas drilling, has demonstrated recoveries exceeding 94.6 percent purity in prior test work. A 1979 ASARCO historical estimate indicates 4.5 Mt of barite grading 13.4 percent. Ongoing 2025 work includes a barite resource estimate, investigating potential for additional gold mineralization, depending on results of preliminary work, followed up by a small drill program to test those findings.
Project location
Cinco de Mayo is a district-scale carbonate replacement deposit (CRD) system located in Chihuahua, Mexico along the same NW-SE structural trend that hosts some of the country’s largest silver and base metal deposits. The project was historically MAG Silver’s flagship asset, hosting a historical NI 43-101 compliant inferred resource of 154 Moz silver equivalent at an average grade of 386 g/t silver equivalent, including 132 g/t silver, 6.47 percent zinc, and 2.86 percent lead across the Jose Manto and Bridge Zone targets.
The site also includes the Pozo Seco deposit, which hosts an additional historical resource of 230,000 oz gold and 94 million pounds molybdenum, based on a 2010 technical report. Notably, a significant mineralized intercept—61 meters of massive sulphides—was drilled by MAG Silver in the Pegaso Zone beneath the known resource but never followed up due to social access issues.
Apollo Silver has secured an option to acquire the property from MAG Silver and is actively re-engaging with the local community to secure surface access to the property. A new, development-friendly ejido administration was elected in December 2024. The company is now pursuing a mutually beneficial and meaningful agreement with the local community for surface access rights to the Cinco de Mayo. The company will then execute a 20,000-meter drill campaign once access is secured. Under the option agreement with MAG Silver, Apollo Silver must secure access, drill 20,000 meters, and issue 19.99 percent of its common shares to complete its option to acquire Cinco de Mayo. Priority targets include Pegaso and expansion zones at Jose Manto. Metallurgical studies and engineering reviews are being considered as part of a future resource update.
A venture capitalist with over 30 years of operational experience, Andrew Bowering has raised over $500 million in value and capital for companies within the natural resources industry. He is the founder of Millennial Lithium and American Lithium, and he is a director and executive advisor to Prime Mining.
Chris Cairns is a CPA, CA and brings more than 13 years of experience working in the finance and mining industries. He obtained his designation while at PwC, working with numerous Canadian and US-listed mining and exploration companies operating in North America, South America and Mongolia, before leaving to serve in roles as controller and CFO of two publicly listed mining exploration companies listed in Canada and the United States.
Amandip Singh is a geologist and mining professional with over 15 years of experience in the mining industry, finance and academia. Most recently he was vice-president, corporate development for West Red Lake Gold Mines, where he was involved in the corporate turnaround and acquisition of the company’s flagship Madsen Mine project. He was previously with GT Gold as part of the management team that saw the Saddle North copper-gold porphyry project advance from discovery to eventual acquisition by Newmont Mining in a transaction valued at USD $311 million.
Rona Sellers is an experienced governance professional with more than 13 years of experience in corporate and securities law. Previously, she was VP compliance and corporate secretary at Maple Gold Mines, and previous to that she held corporate secretarial roles at publicly traded companies listed in Canada and the United States.
With over 20 years experience leading resource focused technical programs and teams, Isabelle Lépine brings extensive knowledge in mineral resource management to Apollo. Her significant experience ranges across the advanced stages of the resource development cycle through to mining. Most recently, she was director of mineral resources at Stornoway Diamonds.
