Mr. Andrew Bowering reports

APOLLO FILES N.I. 43-101 TECHNICAL REPORT FOR THE CINCO DE MAYO PROJECT, CHIHUAHUA STATE, MEXICO

Apollo Silver Corp. has filed an independent National Instrument 43-101, Standards of Disclosure for Mineral Projects, technical report titled "NI 43-101 Technical Report Cinco de Mayo Project, Chihuahua State, Mexico," with an effective date of Feb. 28, 2025, in connection with its previously announced earn-in and option agreement with Mag Silver Corp. and its subsidiary, Minera Pozo Seco SA de CV (MPS) (see news release dated Sept. 23, 2024) with respect to the 29 concessions totalling 25,113.2049 hectares located in the Municipio de Buenaventura comprising the Cinco de Mayo project.

Katharine Masun, MSA, MSc, PGeo, principal resource geologist with SLR Consulting (Canada) Ltd., is the qualified person for this technical report as defined in NI 43-101 and in compliance with Form 43-101F1. In compliance with NI 43-101 requirements, Ms. Masun and Apollo Silver management conducted the required site visit to the project from Jan. 7 to Jan. 8, 2025. During the site visit, Ms. Masun visited the core facility in Chihuahua city and the Upper Manto project site. In Chihuahua city, Ms. Masun reviewed drill core from the Upper Manto deposit and viewed stored sample pulps from historical drilling. Relevant intervals of core from six holes were examined, comparing the logged information to the core. At the project site, Ms. Masun reviewed collar coordinates for eight drill holes.

The technical report can be found under the company's profile on SEDAR+ and on the company's website.

Previous technical work at the Cinco de Mayo project

The Upper Manto lead-zinc-silver (gold) deposit consists of two parallel and overlapping manto deposits referred to as the Jose Manto deposit and the Bridge zone. The project also hosts the Pozo Seco molybdenum-gold deposit. The two deposits host distinctly different mineralization with different commodities, are separated by four kilometres and are divided by a small mountain range. At the project, extensive amount of historical technical work has been completed by Mag Silver between mid-2004 and 2012. The work included geological mapping, geochemical sampling, geophysical surveys, surface drilling (approximately 213,591 m in 445 drill holes) and metallurgical testing.

An independent technical report and mineral resource estimate (MRE) on the Upper Manto deposit was prepared in 2012 by Roscoe Postle and Associates (RPA), which is now part of SLR. RPA estimated the mineral resources for the Upper Manto deposit using drill hole data available as of Sept. 1, 2012. At a net smelter return cut-off of $100 (U.S.) per tonne, inferred mineral resources were estimated to total 12.45 million tonnes at 132 grams per tonne silver, 0.24 gram per tonne gold, 2.86 per cent lead and 6.47 per cent zinc. The total contained metals in the resource were 52.7 million ounces of silver, 785 million pounds of lead, 1,777 million pounds of zinc and 96,000 ounces of gold. This 2012 historical MRE for the Upper Manto deposit is summarized in Table 1.

In 2010, RPA prepared an independent technical report and MRE for the Pozo Seco deposit based on drill results available as of July 12, 2010. At a cut-off grade of 0.022 per cent molybdenum, the indicated mineral resources were estimated at 29.1 million tonnes grading 0.147 per cent molybdenum and 0.25 gram per tonne gold, containing 94.0 million pounds of molybdenum and 230,000 ounces of gold. Inferred mineral resources were estimated at 23.4 molybdenum grading 0.103 per cent molybdenum and 0.17 gram per tonne gold, containing 53.2 million pounds of molybdenum and 129,000 ounces of gold. The estimate was constrained within a preliminary pit shell using assumed costs, recoveries and metal prices. This 2010 historical MRE for the Pozo Seco deposit is summarized in Table 2.

The reader is cautioned not to treat these historical mineral resource estimates disclosed in Table 1 and Table 2 above, or any part thereof, as current mineral resources or reserves, nor should they be relied upon. However, they are included here as an indication of mineralization on the project. The qualified person has not completed sufficient work to classify both Upper Manto and Pozo Seco as current mineral resources and Apollo is not treating them or any part of them as current mineral resources.

Apollo does not intend to complete additional work at Pozo Seco to update the historical mineral resource estimate in the foreseeable future and all future fieldwork activities and proposed work would only occur once Apollo has obtained social licence and necessary permits for the project. The technical report recommends that a significant exploration budget is warranted at the Upper Manto deposit. Recommended work includes additional drilling to expand the mineralized domains along strike and downdip, collect density data, and construct a geological model to improve confidence in the mineralization controls. The 61.6-metre intersection of massive sulphide, known as the Pegaso zone, was not included in the historical estimate at the Upper Manto deposit and additional drilling is also recommended to establish the geometry of this zone during the first phase. The technical report recommends that, as part of a phase 2 program, Apollo prepares a current mineral resource estimate on the Upper Manto deposit.

Cinco de Mayo transaction terms

On Sept. 20, 2024, Apollo entered into an earn-in and option agreement with Mag Silver and its subsidiary, MPS, pursuant to which Apollo was granted the option to acquire all of the issued and outstanding shares of 0890887 B.C. Ltd., a wholly owned subsidiary of Mag Silver. MPS is (except for one share that is owned Los Lagartos SA de CV, which holds such share for the benefit of Mag Silver, in order to comply with the minimum legal requirement of having two shareholders in a Mexican corporation) an indirect, wholly owned subsidiary of 0890887 and the sole registered and beneficial owner of the project. In order to render the option exercisable and to acquire a 100-per-cent indirect interest in and to the project, Apollo must first obtain the necessary licensing and permits to access and conduct mining activities on the project, followed by completing no less than 20,000 metres of exploration drilling within five years. Upon completion of these terms and subject to the final approval of the TSX Venture Exchange, Apollo must then issue to Mag Silver such number of common shares in the capital of Apollo equivalent to 19.9 per cent of the then issued and outstanding common shares of the company on a non-diluted basis following such issuance. In addition, Apollo will grant Mag Silver the right to maintain its 19.9-per-cent stake by participating in any subsequent financing for an additional four-year period from the date of exercise of the option.

During the option term, the company will control all exploration and development activities on the project and will be responsible for all expenses associated with maintaining the project in good standing.

About Cinco de Mayo project

The project is located in the northern-central part of Chihuahua state, Mexico, approximately 190 kilometres northwest of the state capital of Chihuahua city in the Municipio de Buenaventura. The project area is located immediately west of the village of Benito Juarez and benefits from excellent access through local gravel roads.

The project is prospective for and hosts carbonate-replacement-type deposits, including the Upper Manto lead-zinc-silver (gold) deposit, which consists of two parallel and overlapping manto deposits referred to as Jose Manto and the Bridge zone.

A potential new discovery, called the Pegaso zone, was not included in the 2012 historical MRE. Apollo's technical team considers this intersection as a high-priority target that has potential to be a significant new discovery. The company's initial review of historical data suggests that the Pegaso zone could indicate a larger and higher-grade resource at depth.

Qualified person

The scientific and technical data contained in this news release were reviewed and approved by Isabelle Lepine, MSc, PGeo, Apollo's director, mineral resources. Ms. Lepine is a registered professional geologist in British Columbia and a qualified person as defined by NI 43-101 and is not an independent of the company.

Information in this news release relating to the technical report has been reviewed and approved by SLR principal resource geologist Katharine Masun, MSA, MSc, PGeo, a qualified person as defined under NI 43-101. Ms. Masun is considered to be independent of the company under Section 1.5 of NI 43-101.

About Apollo Silver Corp.

Apollo Silver has assembled an experienced and technically strong leadership team that has joined to advance quality precious metal projects in sought-after jurisdictions. The company is focused on advancing its portfolio of two prospective silver exploration and resource development projects: the Calico project in San Bernardino county, Calif., and the Cinco de Mayo project in Chihuahua, Mexico.

We seek Safe Harbor.