Mr. Ross McElroy reports

APOLLO EXPANDS PROJECT TEAM; RECEIVES DRILL PERMIT FOR CALICO SILVER PROJECT

Apollo Silver Corp. has outlined a number of positive developments at its Calico silver project located in San Bernardino County, Calif.

Highlights:

• Appointment of senior project manager: Tony Gonzales, PGeo, with over 35 years of mineral exploration experience, including leading roles at BHP and Fission Uranium, joins as senior project manager with a focus on advancing Calico.
• Langtry option extension: The company has executed an amendment to one of its option to purchase agreements for the Strachan portion of the Langtry property, extending its right to acquire up to 100 per cent of that portion of the property by an additional nine years.
• Waterloo permit extension: The company has received approval for a third extension of the temporary use permit (TUP) for the Waterloo property, which allows for exploration drilling activities for the next 12 months.
• Strengthening of technical advisers: The company has engaged George Kenline, PG, CHg, CEG, a California-licensed engineering geologist and hydrogeologist, and Genesg, a consulting firm with global expertise specializing in permitting, stakeholder relations, sustainability and ESG (environmental, social and governance) leadership, to its technical advisory team for Calico.

Appointment of senior project manager

To support the advancement of Calico, Apollo is also pleased to announce the appointment of Tony Gonzales, PGeo, as senior project manager.

Mr. Gonzales brings more than 35 years of mineral exploration experience, including nearly two decades with mining giant BHP. He was instrumental in advancing the Ekati diamond mine from exploration through to production, holding senior positions such as senior exploration geologist, technical specialist (R&D) and superintendent of exploration.

As project manager at Fission Energy, Mr. Gonzales oversaw advanced exploration of the J zone uranium deposit at Waterbury Lake. He later served as senior project manager for Fission Uranium, contributing to both the discovery and advancement of the award-winning Triple-R deposit. Mr. Gonzales was also a key member of the team that discovered F3 Uranium's JR zone in Northern Saskatchewan.

Ross McElroy, president and chief executive officer of Apollo, commented: "Calico consists of a major, high-confidence silver resource surrounded by one of the most prospective land packages in the region. Thanks to the success of prior work programs, we already have an exciting list of exploration targets, including high-grade silver, gold and barite. Now, with the appointment of Tony Gonzales, we have one of the industry's top exploration team leaders to take Calico into its next phase of growth."

Langtry option extension

The company has entered into an amendment to its option to purchase agreement with David K. Strachan as trustee of the Bruce & Elizabeth Strachan Revocable Living Trust dated July 25, 2007. Under the original agreement, the company was required to make a payment equal to the greater of $5.2-million (U.S.) or the spot price of 220,000 troy ounces of silver, less any option payments made to date, by Dec. 24, 2025, in order to acquire 100-per-cent interest in 20 patented and two unpatented mineral claims (the Strachan property) within the Langtry property, part of the company's larger Calico project. The Langtry deposit, the majority of which is located on the Strachan property, has a 2022 inferred mineral resource estimate of 19.3 million tonnes at a grade of 81 grams per tonne Ag (silver) for a total of 50 Moz (million ounces) of Ag using a 50 g/t silver cut-off (see news release dated Feb. 9, 2022).

The amendment extends the option period expiry date from Dec. 24, 2025, to Dec. 24, 2034: increases the purchase price to the greater of $7.0-million (U.S.) or the spot price of 250,000 troy ounces of silver, less any option payments made to date; and provides for annual option maintenance payments to be made over the duration of the eight-year extension totalling $3.9-million (U.S.), all of which can be credited against the amended purchase price upon exercise.

To date, the company has made a total of $500,000 (U.S.) in option maintenance payments, which can be credited against the amended purchase price upon exercise.

Waterloo permit extension

The company has received approval from the San Bernardino County Land Use Services Department for its third extension of its TUP, allowing the company to conduct exploration drilling at Waterloo for the next 12 months.

Technical advisory additions

The company has entered into an advisory agreement with George Kenline to act as an independent technical adviser to the company. Mr. Kenline is a California-licensed engineering geologist and hydrogeologist with extensive experience in environmental review processes. In particular, he has deep expertise in the permitting of mineral resource extraction, water supply development, reclamation and habitat restoration in the county of San Bernardino, California. For over 15 years, he led as the mining engineering geologist/environmental compliance manager for the San Bernardino County's Land Use Services Department Mining Section as the county's mining/engineering geologist.

Additionally, Apollo has also strengthened its project development team by engaging Genesg, a consulting firm with global expertise in permitting, stakeholder engagement, sustainability and ESG leadership, to support the company as it advances Calico toward project development.

Qualified person

The scientific and technical data contained in this news release was 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 QP as defined by National Instrument 43-101 and is not an independent of the company.

About Apollo Silver Corp.

Apollo is advancing one of the largest undeveloped primary silver projects in the United States. The Calico project hosts a large, bulk minable silver deposit with significant barite credits -- a critical mineral essential to the United States energy and medical sectors. The company also holds an option on the Cinco de Mayo project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.

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