Mr. Ross McElroy reports

APOLLO SILVER ANNOUNCES 2026 EXPLORATION AND DEVELOPMENT PROGRAM FOR ITS U.S. BASED CALICO PROJECT

Apollo Silver Corp. has released details of its 2026 exploration and project development program (the 2026 program) at the company's Calico silver project located in San Bernardino County, California. The 2026 program is designed to advance both the exploration potential and project development initiatives at Calico at a time when the silver market sentiment is strengthening and the metal's recent designation as a United States critical mineral is drawing renewed attention to secure domestic supply. As one of the largest undeveloped primary silver assets in the U.S., Calico is well positioned within this evolving landscape.

The 2026 program advances prospective exploration and project development at Calico in support of longer-term planning for processing, mine design and permitting. Project development activities will focus on metallurgical studies, geotechnical work and the initiation of development-stage permitting, and will include a drilling program designed to provide material for geotechnical analysis and metallurgical testing. Planned exploration activities include exploration drilling, property-scale mapping and sampling, and both airborne and ground geophysical surveys.

Highlights of the 2026 program:

• Project development activities:
  • 4,500-metre (m) HQ large diameter core drill program commencing in Q1 2026 to address current continuing metallurgical studies and geotechnical analysis to support future mine design work;
  • A metallurgical testwork program focused on evaluating processing options and investigating opportunities to improve upon historic silver recoveries;
  • Early stage permitting activities, including the initiation of long-term, continuing baseline environmental monitoring, ensuring that the regulatory phase progress aligns with technical advancements.
• Exploration activities
  • 1,000-metre NQ diameter exploration drilling program at the Waterloo property to test the Burcham gold potential with the goal of expanding the gold resource;
  • Ground and airborne geophysical surveys including gravity, induced polarization (IP), and magnetics to image and characterize subsurface controls of mineralization as well as lithological, structural and alteration features at both a deposit and property scale, to assist in defining and prioritizing future drill targets;
  • Expanded geological mapping across Waterloo and Mule property to advance surficial geological interpretations and promote target generation.

"Our 2026 program positions Apollo Silver to advance Calico at an opportune moment," said Ross McElroy, president and chief executive officer of Apollo Silver. "Silver's addition to the U.S. critical minerals list and the current strength in precious-metal markets highlight the importance of responsibly developing domestic supply. Calico hosts one of the largest undeveloped primary silver deposits in the United States. The exploration program will allow us to evaluate the blue-sky potential of the project, while the planned metallurgical, geotechnical and geophysical work will further strengthen our technical understanding and support the next stages of its advancement."

2026 project development program

The 2026 project development program at Waterloo includes a 4,500 m HQ diameter core drill program aimed at obtaining sufficient material and data for continuing geotechnical and metallurgical analysis, and the initiation of development level permitting activities. The permitting activities will begin in 2026 and will form the foundational start of a long-term permitting process, which is designed to keep the regulatory progress aligned with technical advancement.

Core drilling -- Waterloo (geotechnical and metallurgical)

A 4,500 m HQ diameter core drilling program is scheduled to begin in mid-Q1 and continue through Q2 2026. Drill core will be used for:

• Geotechnical data collection for analysis to support engineering and mine design;
• Metallurgical testwork to better characterize the silver recovery and evaluate opportunities for recovery enhancement.

Metallurgical studies

Metallurgical testwork will continue throughout 2026 and will focus on:

• Evaluating ore characteristics and processing options;
• Assessing opportunities to improve silver recoveries above historical levels identified, presently estimated at approximately 65 per cent.

Underground volume survey

Calico is host to numerous historic small-scale, high-grade vein hosted mining operations that were active from approximately 1880 to 1894, some in close proximity to the Waterloo and Langtry deposits. A lidar (light detection and ranging) survey of historical underground drifts and tunnels at Waterloo is planned for Q4 2026 to enhance the knowledge of precise location and scale of historic workings with respect to the current day deposits. This information should provide important data to assist with improved resource classification, as well as provide critical information for future mine development.

2026 exploration program

The 2026 exploration program at Calico includes core drilling, geological mapping, ground gravity and IP surveys, and airborne magnetics geophysical surveys, all designed to map geological features and interpret controls of mineralization at both a deposit and property scale across the Waterloo and Mule properties. Results will be used to assist in generating future drill targets.

Exploration drilling

The company plans to complete 1,000 m of NQ diameter core drilling to test the Burcham gold target located on the east side of Waterloo, in the area of the historical Burcham mine. The work is scheduled for Q1 to Q2 2026 and is designed to evaluate the potential for expansion of the existing gold resource.

Geological mapping

Geological mapping will continue throughout 2026, and work will include:

• Updating surficial geological interpretations at both Waterloo and Mule;
• Follow-up ground assessment of anomalies identified from the 2022 IP geophysical survey on Waterloo;
• Continuing support for exploration targeting and drill planning.

Geophysics

A multimethod geophysical program is planned for Q1, Q2 and Q4 2026. Surveys will include both airborne and ground surveys which will assist to resolve the subsurface interpretations and potentially help define and prioritize targets for future drilling. Activities will include:

• Ground gravity and subsurface historical mine workings surveys at Waterloo;
• IP and airborne magnetic surveys at Waterloo and Mule;
• Integration and interpretation of new and historic geophysical data sets (gravity, IP, magnetics).

Laboratory analysis

Petrographic studies and soil/rock assays will run through Q1 to Q3 2026 which will support geological mapping and aid in drill target refinement.

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 QP as defined by National Instrument 43-101 and is not independent of the company.

About Apollo Silver Corp.

Apollo Silver 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 and zinc credits -- recognized as critical minerals 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 (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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