News Summary
On December 11, 2025, Apollo Silver announced its planned 2026 exploration and project development program for its flagship Calico Silver Project in California. The program is designed to advance the project’s technical understanding and includes:
– A 4,500-meter core drilling program focused on gathering geotechnical and metallurgical data to support future mine design and improve on the historically estimated 65% silver recovery.
– A 1,000-meter exploration core drilling program targeting the Burcham area.
– Additional work including metallurgical testing, early-stage permitting activities, geophysical surveys, and geological mapping.
The program is scheduled to run throughout 2026, with drilling planned for the first half of the year. CEO Ross McElroy stated the program will strengthen the company’s technical understanding of Calico and evaluate its “blue-sky potential” at a time when silver’s designation as a U.S. critical mineral enhances the project’s profile.
Material Impact
The announcement of the 2026 work program is a Routine – Positive development. Following the successful closing of an oversubscribed ~$26.8 million private placement in October 2025, this news outlines the expected and necessary deployment of that capital. It is not a discovery or a game-changing event in itself, but rather the methodical execution of a well-funded business plan.
– Positive: The program directly addresses key project risks, particularly metallurgy and mine design (geotechnical). The historic 65% silver recovery is a significant hurdle, and any improvement demonstrated by this new work would be highly material to the project’s future economics. The program confirms that management is actively de-risking the project and moving it down the development path towards a Preliminary Economic Assessment (PEA).
– Routine: This is precisely the type of work the company was expected to undertake after securing substantial funding. For investors who participated in the recent financing at $3.60, this news validates that their capital is being put to work as anticipated. The market had already priced in the expectation of an aggressive work program; this release simply provides the specific details.
The progression of news in the second half of 2025 has been strong: a significantly updated Mineral Resource Estimate (MRE) in September, a major financing with strategic investors in October, and a positive macro tailwind with silver’s critical mineral designation in November. This announcement is the logical and operational follow-through on that momentum. The material catalysts will be the *results* of this program, not its announcement.
Catalysts
– Drill Results (Q2-Q3 2026): The market will be watching for results from both the 4,500m technical program and the 1,000m exploration program. Any indication of improved metallurgical recoveries would be a significant positive catalyst.
– PEA Timing: In the September 4, 2025 release, the CEO mentioned an upcoming PEA. Investors should look for updates on the timeline for this economic study, which will be the first comprehensive look at Calico’s potential profitability.
– Permitting Updates: Progress on early-stage permitting activities in California is crucial. Any news related to the project’s potential inclusion in the FAST-41 program would be highly significant.
Materiality Conclusion
The announced 2026 work program is an essential and positive step in advancing the Calico project. It demonstrates prudent use of recently raised capital to address key technical risks. However, as it is an expected operational update rather than a new discovery or unforeseen positive development, its impact is rated as Routine – Positive. The material news will follow from the results generated by this program.
