Mr. Andrew Bowering reports

APOLLO SILVER ANNOUNCES $10 MILLION PRIVATE PLACEMENT

Apollo Silver Corp. has arranged non-brokered private placement offering of up to 50 million shares of the company at a price of 20 cents per share for aggregate gross proceeds of up to $10-million.

All securities issued in connection with the offering will be subject to a four-month hold period from the date of closing. Finders' fees may be payable on any or all of the funds in accordance with the policies of the TSX Venture Exchange. The company intends on using the net proceeds from the offering to continue advancing the Calico silver project in San Bernardino county, California, to invest in community relations initiatives at its newly optioned Cinco de Mayo silver project in Chihuahua, Mexico (see news release dated Sept. 23, 2024), for continuing property maintenance costs at both projects, and for general corporate purposes.

The closing of the offering is subject to regulatory approval including that of the TSX-V.

Share consolidation

Following closing of the offering, the company intends to consolidate its issued and outstanding shares at a ratio of five preconsolidation shares to one postconsolidation share.

Prior to the consolidation, and assuming completion of the offering, the company is expected to have 224,693,729 shares issued and outstanding. Following the consolidation, the company will have approximately 44,938,746 shares issued and outstanding.

No fractional shares will be issued under the consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the consolidation shall be rounded to the nearest whole number and no cash consideration will be paid in respect of fractional shares. The consolidation will not affect any shareholder's percentage ownership in the company other than by the minimal effect of the aforementioned elimination of fractional shares, even though such ownership will be represented by a smaller number of shares. Instead, the consolidation will reduce proportionately the number of shares held by all shareholders.

A letter of transmittal will be mailed to registered shareholders providing instructions with respect to exchanging share certificates representing preconsolidation shares for postconsolidation shares. shareholders who hold their shares in brokerage accounts or in book-entry form are not required to take any action as they will have their holdings electronically adjusted by the company's transfer agent or by their brokerage firms, banks, trusts or other nominees. In accordance with the company's articles, the consolidation will not require shareholder approval and has been approved by the company's board of directors.

Completion of the consolidation remains subject to regulatory approval.

Director appointment

The company has appointed Alex Tsakumis to its board of directors.

Mr. Tsakumis is a public markets specialist with over 30 years of experience in all aspects of mining from exploration to production. He has represented mining resource companies listed on major stock exchanges. Responsibilities have included corporate governance, communications, finance, mergers and acquisitions and maintaining strong relationships within investment banking and the institutional investment community.

Mr. Tsakumis is currently the interim chief executive officer and a director of American Lithium Corp., and has previously held the position of vice-president at Prime Mining Corp., Belcarra Group, Alio Gold/Timmins Gold and Orko Silver. He began his career as an associate with the Barrington Group, representing leading mining companies. He is a graduate of the University of British Columbia with a bachelor's degree in economics.

Management changes

The company has appointed Amandip Singh as vice-president, corporate development.

Mr. Singh is a geologist and mining professional with over 15 years of experience in the mining industry, finance and academia. Most recently, he was vice-president, corporate development, for West Red Lake Gold Mines, where he was involved in the corporate turnaround and acquisition of the company's flagship Madsen mine project. He was also previously with GT Gold as part of the management team that saw the Saddle North copper-gold porphyry project advance from discovery to eventual acquisition by Newmont Mining in a transaction valued at $311-million (U.S.). As a finance professional, Mr. Singh was a sell-side mining analyst at a boutique mining-focused brokerage, his coverage ranged from developers all the way up to senior producers. Mr. Singh holds a bachelor of science degree from the University of Toronto.

About Apollo Silver Corp.

Apollo Silver has assembled an experienced and technically strong leadership team who have joined to advance world-class precious metals projects in Tier 1 jurisdictions. The company is focused on advancing its portfolio of two significant silver exploration and resource development projects: the Calico project in San Bernardino county, California, and the Cinco de Mayo project in Chihuahua, Mexico.

We seek Safe Harbor.