Mr. Ross McElroy reports

APOLLO TO PROCEED WITH 5-FOR-1 SHARE CONSOLIDATION

Further to the news release dated Oct. 3, 2024, Apollo Silver Corp. intends to proceed with the consolidation of its issued and outstanding common shares on the basis of five preconsolidation shares for every one postconsolidation share.

"Consolidation of the company shares should result in a price environment that allows for immediate marginability, the opportunity of greater blue-sky potential in the U.S. and foreign markets, increased sophisticated investor interest, and greater opportunity for inclusion in various indexes and/or index funds. In addition, few of the company's peer groups are margin eligible, providing the company another advantage over our peers," commented Ross McElroy, president and chief executive officer.

Prior to the consolidation, the company has 242,585,395 shares issued and outstanding. Following the consolidation, the company will have approximately 48,517,079 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, trust or other nominees. In accordance with the company's articles, the consolidation will not require shareholder approval and was approved by the company's board of directors on Oct. 2, 2024.

The company will issue a subsequent news release to announce the effective date of the consolidation once approval has been received from the TSX Venture Exchange as the consolidation remains subject to regulatory approval.

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 U.S. 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 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.

We seek Safe Harbor.