Mr. Andrew Bowering reports

APOLLO SILVER OUTLINES 2025 CALICO WORK PROGRAM AND PROGRESS AT CINCO DE MAYO

Apollo Silver Corp. has provided details on the coming 2025 work program at its Calico silver project located in San Bernardino county, California, as well as provided an update on the newly optioned Cinco de Mayo project in Chihuahua, Mexico.

Highlights:

• Commencement of barite work program to define and add this critical mineral to an updated mineral resource estimate for Waterloo;
• Initiating a mapping and sampling program in the Burcham mine area of Waterloo, following up on surface gold sampling results, in advance of a drill program to expand on gold mineralization outlined in the 2023 Waterloo mineral resource estimate;
• A new executive for the Ejido Benito Juarez, owner of the surface rights covering the Cinco de Mayo claims, was recently duly elected and certified.

"Calico hosts approximately 170 million ounces of silver with a significant amount of associated barite, a USGS listed critical mineral. With the United States' growing focus on securing domestic critical mineral supplies, we believe the barite contained within the Calico project can provide regulatory support. Accordingly, the upcoming program looks to produce a current and compliant barite resource at Calico, creating additional value for our shareholders," commented Andrew Bowering, chairman and interim chief executive officer.

Mr. Bowering continued: "Furthermore, I am pleased with our progress to restore social licence and gain access to our recently optioned Cinco de Mayo project. As reported in this release, a new executive that is more favourable to resource development was recently certified for a three-year term, opening up the opportunity for meaningful discussion for the first time in a dozen years."

Calico technical program

The 2025 program will consist of two components: expanding the 2023 Waterloo mineral resource estimate by defining and potentially adding barite to the resource; and mapping and sampling, where the Barstow and Pickhandle formations are exposed at surface in the Burcham mine area, following up on the recent gold surficial sampling results. Depending on the results of the 2025 program, Apollo Silver plans to commence a small drill program aimed at better localizing and defining the extent of the gold mineralization.

In 2022, barite was included on the U.S. Geological Survey final list of critical minerals, and, given the abundant presence of high-quality barite associated with the silver mineralization on the Waterloo property, further geochemical analysis is warranted to better define and quantify the potential resource.

The 2023 Waterloo MRE currently consists of 110 million ounces silver in 34.2 million tonnes at 100 grams per tonne silver (measured and indicated categories); 720,000 ounces silver in 300,000 tonnes at 77 g/t Ag (inferred category); and 70,000 oz gold in 4.5 Mt at an average grade of 0.5 g/t Au (see news release dated March 6, 2023).

Barite program

The proposed barite program includes a comprehensive reassaying of selected historical and recent drill pulps by X-ray fluorescence, a method that will give a higher precision on the barium content, as its digestion is more complete than what was previously done at Waterloo (four acid or aqua regia). This will give a higher confidence level on the barium results that will be used for updating the Waterloo 2023 MRE with barite.

The reassay program is expected to start in February, 2025, and should take approximately three months to complete at the laboratory.

Burcham program

The proposed Burcham program comprises a mapping and drill program, which aims to better understand the extent of the gold mineralization at surface and within the Pickhandle formation, focusing on determining the orientations of high-angle gold-bearing structures. Detailed surface mapping and rock sampling are expected to commence in late February, 2025, and will take approximately one week to complete.

Once the mapping is completed and interpreted to define drill targets, approximately 1,000 metres of exploration core drilling is expected to eventually follow.

About barite

Barite was identified in the USGS 2022 report as essential to national security, the economy, renewable energy and infrastructure. This list was produced under the mandate of the Energy Act of 2020 to highlight minerals vital to U.S. security and vulnerable to supply chain disruptions. The energy industry relies heavily on barite, with 90 per cent used as a weighting agent in petroleum drilling. According to the USGS 2022 report, the United States imports over 75 per cent of its barite, with more than half sourced from China.

Results from metallurgical testwork completed (see May 2, 2023, news release) showed that barite concentrates of up to 94.6 per cent were achieved. In addition, quality analysis confirmed that the barite concentrate produced meets or exceeds the American Petroleum Institute quality requirements.

Historical data from Asarco's 1979 estimate at the Waterloo deposit reported 33.9 Mt of mineralized material at an average grade of 13.4 per cent barite, totalling 4.5 Mt of barite at 93-per-cent grade (1).

Multielement assays typically underreport barium. As such, the 2025 barite program will reassay current and historical pulps using a method that ensures accurate barium concentration reporting. Upon completion, the company plans to update the 2023 Waterloo MRE with barite.

(1) The reader is cautioned not to treat this historical estimate or any part of it as a current mineral resource or reserve. An independent qualified person has not completed sufficient work to classify this as a current mineral resource or reserve, and, therefore, the company is not treating the historical estimate as a current mineral resource or mineral reserve.

Gold mineralization at Calico

The Burcham area, home to the historic Burcham mine, the only gold-producing mine in the Calico district operated in the 1940s. It featured two underground drifts that targeted gold-bearing, subvertical northwest structures. Gold was associated with chalcopyrite, galena, sphalerite and silver chloride, hosted in quartz, barite and iron oxides.

Total production figures are unknown, but historic public articles report grades of up to 0.31 ounce per ton (9.7 grams per tonne). Historical work completed by both Asarco and Pan American Silver confirmed the presence of Au mineralization at the contact between the Barstow and Pickhandle formations.

Work completed by the company in 2022 also showed the Au potential of the Burcham mine area, where surface sampling returned several high-grade results, including 211 g/t Au and 849 g/t Ag (see Feb. 14, 2023, news release). In addition, the 2023 drill program defined over a kilometre of strike length of Au mineralization, which remains open in all directions.

The company's technical team believes that the contact between the Barstow and Pickhandle formations is an excellent exploration target for replacement style Au mineralization, and possible higher-grade vein-hosted Au, and the coming 2025 mapping and drilling program will focus on this contact to better characterize the Au mineralization extent in the Burcham area.

About the Calico project

The Calico project, located in San Bernardino county, California, includes the adjacent Waterloo and Langtry properties totalling 2,950 acres. Situated 15 kilometres (nine miles) from Barstow and five km (three miles) from commercial power, it features an extensive private gravel road network. The project lies in the southern Calico Mountains of the Mojave Desert, part of the Basin and Range tectonic province, with the northwest-southeast-trending range composed mainly of Tertiary volcanics, volcaniclastics, sedimentary rocks and dacitic intrusions.

Mineralization at Calico comprises high-level low-sulphidation silver-dominant epithermal vein and stockwork associated with northwest-trending faults and fracture zones and mid-Tertiary volcanic activity.

Calico represents a district-scale mineral system endowment with approximately 6,000 metres (19,685 feet) in mineralized strike length controlled by the company. Silver and gold mineralization is oxidized and hosted within the sedimentary Barstow formation and the upper volcaniclastic units of the Pickhandle formation along the contact between these units.

The 2023 Waterloo MRE is 110 Moz Ag in 34.2 Mt at an average grade of 100 g/t Ag (measured and indicated categories); 720,000 oz Ag in 300,000 t at an average grade of 77 g/t Ag (inferred category); and 70,000 oz Au in 4.5 Mt at an average grade of 0.5 g/t Au. In addition, there is 50 Moz Ag and 19.3 Mt at an average grade of 81 g/t Ag (inferred category) at Langtry.

Cinco de Mayo update

On Feb. 3, 2025, a new and duly elected executive for the Ejido Benito Juarez, owner of the surface rights covering the Cinco de Mayo claims, was officially certified for a term of three years, having won an election on Dec. 13, 2024, by a majority and an approximate margin of two to one. As the new executive seems pro-development, there is now the opportunity to put an economic proposal to the general ejido population regarding the continued development of Cinco de Mayo, and investment in the local community, in keeping with the company's plan for the project.

Qualified person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lepine, MSc, PGeo, Apollo Silver's director, mineral resources. Ms. Lepine is a registered professional geologist in British Columbia and a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Minerals Projects) and is not an independent of the company.

About Apollo Silver Corp.

Apollo Silver has assembled an experienced and technically strong leadership team which has joined to advance world-class precious metal 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.