Apollo Silver Corp. entered an exploration, earn-in, and option agreement with MAG Silver Corp. on September 20, 2024. Under this agreement, Apollo gained an option to acquire the Cinco de Mayo Project in Chihuahua, Mexico. The project comprises 29 concessions over 25,000 hectares and contains two key deposits: Upper Manto, rich in silver, lead, zinc, and gold, and Pozo Seco, containing molybdenum and gold. Historical inferred resources for the Upper Manto estimate 52.7 million ounces of silver and 1.777 billion pounds of zinc, among other metals.

Apollo is required to obtain licensing and complete 20,000 meters of exploratory drilling within five years. Upon successful completion, Apollo will issue shares equivalent to 19.9 percent of its outstanding common shares to MAG Silver. A 3.5 percent finders' fee on the share value will be paid to an arm's-length third party in cash or stock upon option exercise. The deal is subject to TSX Venture Exchange approval.

The transaction value was not disclosed.