Apollo Silver Becomes High-Octane Stock as Silver Prices Soar

Apollo Silver (TSX:APGO) has recently caught investors' attention as silver prices have surged to near US$58 an ounce, making it a leveraged bet on the metal. The company's flagship Calico project in California is one of the largest undeveloped primary silver deposits in the United States, with a mineral resource estimate showing 125 million ounces of silver in 55 million tonnes grading 71 grams per tonne.

Apollo Silver has had a busy year, closing a private placement and beginning a preliminary economic assessment (PEA) on Calico. The company's shares have moved due to the newsflow, putting it on watchlists. Part of the appeal is simple arithmetic: Apollo owns a large in-ground silver resource with no revenue, making it behave like a leveraged bet on the metal.

The company also hosts barite and zinc deposits, both classified as critical minerals by Washington. In February 2026, Apollo was accepted into the U.S. Defense Industrial Base Consortium, linking companies to defence-related supply chains. This aligns the project with a policy drive to cut reliance on imported minerals.

Apollo's centrepiece is the Calico silver project, covering roughly 8,400 acres in San Bernardino County, California. The company describes it as one of the largest undeveloped primary silver deposits in the United States. A mineral resource estimate dated 30 June 2025 put measured and indicated resources at 125 million ounces of silver.