Mr. Andrew Bowering reports

APOLLO SILVER CLOSES FULLY SUBSCRIBED $13.5 MILLION PRIVATE PLACEMENT WITH PARTICIPATION FROM MR. ERIC SPROTT

Apollo Silver Corp. has closed its previously announced non-brokered private placement and has issued an aggregate of 67.5 million common shares of the company at a price of 20 cents per share for aggregate gross proceeds of $13.5-million. Eric Sprott has subscribed for $2-million of the offering.

"We are pleased to welcome Mr. Eric Sprott to our list of valued shareholders," commented Andrew Bowering, interim president and chief executive officer. "With the funds raised from this financing, we believe the company is well capitalized to continue building value for all our shareholders."

The company intends on using the net proceeds from the offering to continue advancing the Calico silver project in San Bernardino, Calif., 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.

In connection with subscriptions received in the offering, the company will pay aggregate cash finders' fees totalling $334,000 to certain eligible finders. The shares issued under the offering are subject to a customary four-month-and-one-day hold period pursuant to applicable securities laws of Canada. The offering remains subject to the final approval of the TSX Venture Exchange.

The offering included participation by Mr. Bowering in the amount of $500,000. Such participation constitutes a related party transaction, within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance of the shares to Mr. Bowering is exempt from the formal valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b), as the company's shares are not listed on a specified market, and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the related parties does not exceed 25 per cent of the company's market capitalization.

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.