Financial Data and Key Metrics Changes - Total revenue for Q2 was $51.4 million, a 24% increase compared to the same period last year, driven by strong realized gold prices averaging over $3,300 per attributable ounce [10] - Operating cash flow was over $38 million, with net income of $16.9 million, reflecting a 61% year-over-year increase [4][11] - Average cash cost per attributable ounce was $350, resulting in record cash operating margins of $2,981 per ounce [11] Business Line Data and Key Metrics Changes - Sandstorm sold approximately 15,100 attributable gold equivalent ounces in Q2, a decrease year-over-year due to the outperformance of gold relative to other commodities [10] - Production at Chapada was impacted by lower recoveries from processing lower grade stockpiles, but higher grade ore is expected in the latter half of the year [12] - Greenstone's gold production rose to 51,274 ounces in Q2, a 15% increase from Q1, indicating improved operational efficiency [16][19] Market Data and Key Metrics Changes - Approximately 45% of attributable GEOs in Q2 came from South America, 34% from North America, and 21% from other jurisdictions [15] - On a metals basis, 82% of GEOs were from precious metals, with copper contributing 11% and other base metals making up the remaining 7% [15] Company Strategy and Development Direction - The acquisition by Royal Gold is expected to enhance portfolio diversification and solidify value for investors, with a focus on maintaining exposure to gold [5][6] - The transaction is anticipated to close in Q4, with Royal Gold's portfolio expected to include over 80 cash flowing royalties and streams [5][6] - Development projects like Greenstone and Platte Reef are on track, with significant production increases and expansions planned [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive response from shareholders regarding the acquisition and the expected completion timeline [5] - The strong gold price environment is expected to continue supporting revenue growth despite lower GEOs compared to Q1 [11] - Exploration successes at Lundin Gold's Fruta Del Norte are expected to extend the mine life and enhance production profiles [22][24] Other Important Information - The company made net debt repayments of $25 million during the quarter, continuing its deleveraging efforts [11] - The exploration program at Fruta Del Norte has expanded significantly, with the largest annual drill campaign ever planned [25] Q&A Session Summary - There were no questions during the Q&A session, and management indicated they would be available for follow-up inquiries [29]

Company Overview - Apollo Silver Corp. is focused on acquiring significant silver assets and has recently appointed Ross McElroy as President and CEO to enhance its management team and shareholder value [1][5][21] - The company currently has two main projects: the Calico Project in California and the Cinco de Mayo Project in Mexico, with a total cash reserve of $11 million as of June 2025 [5][15] Management Expertise - Ross McElroy brings over 38 years of mining industry experience, having previously led Fission Uranium to a successful acquisition valued at $1.14 billion [3][21] - Andy Bowering, former CEO and now Chairman, has a history of successful exits and emphasizes the importance of attracting top talent to drive Apollo's growth [4][5] Calico Project - The Calico Project is one of the largest undeveloped primary silver deposits in the U.S., with a recent mineral resource estimate showing 110 million ounces of silver in the Measured and Indicated category [9][7] - Apollo has expanded the Calico land package by over 285%, increasing it from 1,194 hectares to 3,409 hectares, which enhances exploration potential [10][12] - The project has a low strip ratio of 1.1:1, which aligns with environmental concerns and optimizes operations [12] Exploration and Resource Development - Apollo aims to continue resource growth and conversion at the Calico Project, with plans to extend drill permits and advance towards production [14] - The company is also exploring the potential to add barite to its resource updates, which could contribute to project economics due to its designation as a critical mineral [13] Cinco de Mayo Project - The Cinco de Mayo Project consists of 29 concessions totaling over 25,000 hectares, with a historical resource of approximately 154 million ounces of silver equivalent [15][16] - Apollo has entered into an exploration agreement with MAG Silver Corp. to acquire the project, focusing on establishing a social license for exploration activities [16][17] - The project features an underground mine, aligning with current environmental narratives against open-pit mining [19] Strategic Focus - Apollo's strategy is to maximize shareholder value by focusing on exploration in mining jurisdictions with historic silver production and limited modern exploration [20] - The management team has a strong track record in M&A activity, having been involved in over $5 billion of transactions [21][22]