APOLLO SILVER CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

FOR THE THREE MONTHS ENDED FEBRUARY 28, 2022

AS AT APRIL 27, 2022

INTRODUCTION

The following Management Discussion and Analysis ("MD&A") is for Apollo Silver Corp. ("Apollo" or the "Company"), formerly Apollo Gold & Silver Corp., and has been prepared based on information known to management as of April 27, 2022.

The purpose of this MD&A is to provide readers with management's overview of the past performance of, and outlook for, Apollo. The report also provides information to enhance readers' understanding of the Company's financial statements and highlights important business trends and risks affecting the Company's financial performance. It is intended to complement and supplement the Company's condensed interim consolidated financial statements, but it does not form part of those condensed interim consolidated financial statements. This MD&A should be read in conjunction with the condensed interim consolidated financial statements and notes thereto for the three months ended February 28, 2022 (the "Financial Statements"), the audited consolidated financial statements and notes thereto for the year ended November 30, 2021 and 2020, and the MD&A for the year ended November 30, 2021.

All information contained in this MD&A is current as of April 27, 2022, unless otherwise stated.

All financial information in this document, including the Company's financial position, results of operations and cash flows is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), unless otherwise stated. Unless otherwise stated, all dollar figures included in this MD&A are expressed in Canadian dollars.

FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"), which reflect the Company's current expectations regarding the future results of operations, performance, and achievements of the Company. Forward-looking statements in this MD&A include, but are not limited to, statements with respect to the potential of the Calico Silver Project and Arizona Silver District Project; the potential for identification of gold and barite resources at Calico; the potential to expand the Calico Silver Project resource estimate and upgrade its confidence level, including prospective mineralization on strike and at depth; expecting timing and results of metallurgical testing; expected timing and results of future exploration work on its mineral properties; the estimation of mineral resources and reserves; the realization of mineral resource estimates; the realization of mineral recovery estimates; as well as statements with respect to the Company's opinions and beliefs, financial position, business strategy, budgets, historic mineral resource estimates, mineral resource estimates, ongoing or future development and exploration opportunities and projects, drilling, re-logging, geochemical and geological modeling plans, data from sampling programs, references to potential higher grades, references to additional potential discoveries, targeting efforts in greenfield areas, assay results, expanded mineralized zones, ground surveys, publication of updated mineral resource estimates, classification of historic mineral resources, classification of mineral resources, and plans and objectives of management for properties and operations.

The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words such as "plan", "anticipate", "believe", "estimate", "expect", "is expected to", "budget", "schedule", "forecast", "intend", or variations of such words and phrases or stating that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved", or the negative connotation thereof.

Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, these statements. These uncertainties are factors that include, but are not limited to, risks related to mineral property exploration and mining; possible variations in mineral resources, grade or recovery rates; financing and share price fluctuation; general economic conditions; fluctuations in prices of silver, gold, barite, and other commodities; claims and limitations on insurance coverage; competition; delays in obtaining governmental permits and/or approvals; conflicts of interest; environmental; foreign operations; community relations; litigation, climate change; increases in market prices of mining consumables; fluctuations in foreign currency exchange rates; information technology; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in the United States of America; the unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or other infectious illnesses, and other risks of the mining industry.

This MD&A contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgements about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgements used in engineering and geological interpretation, which may prove to be unreliableand depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on: (i) fluctuations in mineral prices; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) proposed and completed mining exploration programs; (v) the evaluation of exploration and drilling plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.

The Company's management periodically reviews information reflected in forward-looking statements. The Company has and continues to disclose in its MD&A and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking statements and to the validity of the statements themselves in the period the changes occur. Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.

The forward-looking statements contained in this MD&A are expressly qualified by this cautionary statement. Apollo does not undertake any 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.

Readers should refer to the "Risks and Uncertainties" section discussed in the Company's MD&A for the year ended November 30, 2021, the "Risks and Uncertainties" section of this MD&A and subsequent continuous disclosure filings with the Canadian Securities Administrators, which are available atwww.sedar.com.

The forward-looking statements contained herein are made and based on information available as of April 27, 2022.

ADDITIONAL INFORMATION

Condensed interim financial statements, annual financial statements, MD&A and additional information relevant to the Company and the Company's activities can be found on SEDAR atwww.sedar.com and on the Company's website atwww.apollosilver.com.

OVERVIEW OF THE BUSINESS

The Company is a publicly listed exploration and development company incorporated under the laws of the Province of Alberta, Canada on September 22, 1999. The Company filed for continuance under the Canada Business Corporations Act on December 1, 2003 and then under the laws of British Columbia on November 4, 2010. The Company is listed on the TSX Venture Exchange ("TSX-V") and its shares trade under the symbol APGO. The Company is also listed on the OTCQB and Frankfurt Stock Exchange and its shares trade under the symbol APGOF and 6ZF0, respectively. The Company's head office, principal address and registered and records office is #710-1030 West Georgia Street, Vancouver, British Columbia, Canada, V6E 2Y3.

The Company is a mineral exploration and development group focused on advancing its portfolio of two silver exploration and development projects in the United States. This portfolio consists of the Calico Silver Project ("Calico" or "Calico Project") comprising the Waterloo property ("Waterloo" or the "Waterloo Property") and the Langtry property ("Langtry" or the "Langtry Property") in San Bernardino County, California and the Arizona Silver District Project ("AZ Silver District" or "AZ Silver District Project") in La Paz County, Arizona (collectively, the "Projects").

The principal business of the Company is the acquisition, exploration, and definition of potentially economically viable mineral resource deposits on mineral properties. The recoverability of the amounts incurred to acquire the Company's mineral properties and related exploration costs are dependent upon the existence of economically recoverable resources, the ability of the Company to obtain the necessary financing and permits to complete the development of those resources, and future profitable production.

The Company currently has no source of operating cash flow and has no assurance that additional funding will be available for future exploration and development programs at its properties or to enable the Company to fulfill its obligations under any applicable agreements. The Company's ability to continue as a going concern is dependent on its ability to obtain additional sources of financing to explore and evaluate its mineral properties and, ultimately, to achieve profitable operations. While the Company has been successful in obtaining funding in the past, there is no assurance that future financing will be available or be available on favorable terms. The ability to raise future financing may be impaired, or such financing may not be available on favorable terms, due to conditions beyond the Company's control, such as uncertainty in the capital markets, changes in commodity prices, or country-specific risk factors.

The global spread of COVID-19 has caused and continues to cause considerable disruptions to the world economy, including financial markets, which could adversely impact the Company's ability to obtain additional financing when necessary. Global supply chains also continue to be impacted, which could adversely impact the Company by increasing costs and the lead time toacquire or procure necessary services and products. Finally, the ongoing pandemic continues to impact the free movement of people across the Canada-US border. The duration of these border restrictions, and any change to the level of restriction of movement, is unknown. As the Company's projects are located in the US, this could impact Apollo's ability to execute planned work programs. Overall, these pandemic-related material uncertainties may cast significant doubt about the Company's ability to continue as a going concern.

CORPORATE ACTIVITIES

On December 2, 2021, Apollo announced that it had filed an independent technical report for the Langtry Property.

On December 8, 2021, Apollo announced the commencement of its 2022 maiden resource declaration program for the Waterloo and Langtry properties, including the engagement of Stantec Incorporated to provide independent mineral resource estimation services.

On December 20, 2021, Apollo announced that it had received its Conditional Temporary Use Permit from the County of San Bernardino authorising the 2022 proposed drilling activities at the Waterloo Property.

On January 11, 2022, Apollo announced that it had identified a 25 metre ("m") thick, gold bearing horizon below silver mineralization based on its ongoing technical review of historic data at the Waterloo and Langtry properties. Refer to 'Exploration and Development Activities' for further discussion released by the Company.

On January 24, 2022, Apollo announced that it had finalized its work program for the AZ Silver District Project and paid the scheduled option payment. Furthermore, the Company announced that it had entered into an investor relations and services agreement with Pacific Prime Communications Corp. ("PPC") to provide digital marketing and investor relations services to the Company. PPC, a company based in Vancouver, British Columbia, provides investor communications and marketing strategies for growing and emerging public companies. The agreement was subject to TSX Venture Exchange approval, which was received in February 2022.

On February 9, 2022, Apollo announced its Maiden NI 43-101 Mineral Resource Estimate ("MRE") for the Calico Project. Refer to 'Exploration and Development Activities' for further discussion on the results that were released by the Company.

On February 25, 2022, the Company announced that it had terminated its engagement of Future Money Trends LLC ("FMT"), effective immediately, because the Company was unable to receive approval of the engagement from the TSXV. As the agreement was terminated prior to the completion of the term of the agreement, the Company demanded that FMT return a pro-rata portion of the US$1,100,000 pre-payment, equal to approximately US$458,000

On March 24, 2022, the Company provided an update on the Calico Silver Project 2022 drill program, announcing that mobilization was set to commence on March 29, 2022, with drilling expected to commence April 4, 2022.

On March 29, 2022, Apollo announced that it had filed the independent technical report for the Calico Project's maiden MRE. The report titled "NI 43-101 Technical Report for the Mineral Resource Estimate of the Calico Silver Project, San Bernardino County, California, USA" has an effective date of January 28, 2022, and was dated March 28, 2022.

On April 26, 2022, the Company provided an update on the Calico Silver Project 2022 drill program, announcing that drilling had begun on April 5, 2022, and nine reverse circulation ("RC") holes had been completed to date on the Waterloo properly, a first assay sample dispatch of 92 samples has been made, and sourcing for a second drill rig is underway.

A total of 10.6 million warrants have been exercised subsequent to February 28, 2022, resulting in the issuance of 10.6 million common shares of the Company for gross proceeds of $2.65 million.

Changes to Officers

On December 2, 2021, the Company announced that effective December 1, 2021, Rona Sellers had assumed the role of Corporate Secretary, in addition to her current role as Vice President, Commercial and Compliance.

EXPLORATION AND DEVELOPMENT ACTIVITIES

Calico Silver Project, California, USA

The Company announced its maiden NI 43-101 MRE for the Calico Project on February 9, 2022.

The Calico Project is located in the historic Calico Silver Mining District in the Mojave Desert of San Bernardino County, California. Under Apollo, this is the first time the two properties have been under common ownership. The Calico Projectrepresents a district-scale mineral system endowment with 2,950 acres with approximately 6,000 metres ("m") (19,685 feet ("ft")) in mineralized strike length under Apollo control. The Calico Project hosts low-sulfidation epithermal-vein type and disseminated-style silver-barite mineralization, which is open to depth and along strike. Previous operators completed more than 42,000 m (138,094 ft) of drilling across 438 holes on the Calico Project.

The Calico Project is situated approximately 248 kilometers ("km") (154 miles) northeast of Los Angeles, approximately halfway between Los Angeles, California and Las Vegas, Nevada along the I-15 interstate highway. The Calico Project is 15 km (9 miles) from the city of Barstow, within 5 km (3 miles) of commercial electric power and accessible by paved road with an extensive private gravel road network spanning the properties.

The Calico Project comprises 27 fee simple land parcels (1,350 acres), 20 patented claims (413 acres) and 59 unpatented claims (57 lode mining claims, 2 mill site claims) (1,183 acres), totaling approximately 2,950 gross acres, with the Waterloo property comprising 1,768 acres and the Langtry property 1,178 acres.

Private lands at both the Waterloo and Langtry properties have received a Certificate of Land Use Compliance, vesting surface mining rights, which simplifies certain permitting processes. The unpatented claims on Bureau of Land Management ("BLM") governed public lands are open for mineral entry, and no monuments, preserves or national parks encroach on these lands. The MRE at the Calico Project are wholly contained within the boundaries of private lands.

Mineral Resource Estimate

On February 9, 2022, the Company announced its maiden NI 43-101 MRE for the Calico Project, effective January 28, 2022, which was prepared by Derek Loveday, P.Geo., of Stantec Consulting Ltd. ("Stantec"), the Company's independent qualified person ("QP"). The MRE comprises 166 million ounces ("Moz") of silver contained in 58.1 million tonnes ("Mt") at an average grade of 89 grams per tonne ("g/t") at an Inferred level of confidence. The NI 43-101 technical report and MRE dated March 28, 2022, was filed on SEDAR and the Company's website.

The Calico Silver Project Inferred MRE (effective January 28, 2022) at a 50 g/t Ag Cut-Off Grade is as follows: Table 1: Calico Silver Project Inferred MRE

Inferred

Langtry

42.8

10.3

21.3

2.59

15.9

38.9

7.9

19.3

81

6.0

50

Calico (Total) 31.2

64.1

2.85

23.8

58.1

89

3.4

166

  • Base-case resource estimates reported in the above table. Contained silver ounces are reported as troy ounces ("oz").

  • Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions are followed for classification of the Mineral Resource.

  • Prospects for eventual economic extraction determined using surface mining operating costs of US$2.50/short ton ("st"), processing costs of US$29.00/st and silver price of US$23.00/ oz.

  • Specific gravity for the mineralized zone is fixed at 2.44 kg/m3 (13.13 ft3/st). Silver grade was capped at 400 g/t only for Waterloo estimation.

  • Resources are constrained to within an economic pit shell targeting mineralized blocks with a minimum of 50 ppm (50 g/t) silver.

  • Totals above may not represent the sum of the parts due to rounding.

  • The MRE has been prepared by Derek Loveday, P. Geo. of Stantec in conformance with CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve.

Highlights of the MRE include:

  • Optimized pit-constrained resource uses conservative cut-off grade of 50 g/t silver

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Apollo Gold Corp. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 02:03:09 UTC.