Mr. Ross McElroy reports

APOLLO SILVER SECURES 100% INTEREST IN ATHENA CLAIMS AT LANGTRY

Through Apollo Silver Corp.'s wholly owned subsidiary, Stronghold Silver USA Corp., the company has completed all payments required under the option to purchase agreement dated Dec. 21, 2020, as amended Jan. 21, 2023, with Athena Minerals Inc. (the optionor). As a result, the company now owns 100-per-cent interest in 36 unpatented lode mining claims comprising part of the Langtry property, which forms part of the Calico silver project, in San Bernardino county, California.

Under the terms of the Athena agreement, the company had the right to acquire the Athena claims for an aggregate purchase price of $1-million (U.S.), payable on or before Dec. 21, 2025. An initial payment of $15,000 (U.S.) was paid upon execution of the Athena agreement in December, 2020, followed by annual payments of $25,000 (U.S.) on each anniversary date. Between 2021 and 2024, the company made the required annual payments. In accordance with the Athena agreement, payments made within the 24 months preceding option exercise were credited against the purchase price, resulting in a final cash payment of $950,000 (U.S.) to vest 100-per-cent ownership of the Athena claims.

Pursuant to the Athena agreement, the company has granted Athena a 1-per-cent net smelter return (NSR) royalty on future mineral production from the Athena claims. The NSR applies only to those claims that do not already carry an existing royalty of 1 per cent or greater, and in all cases the total royalty burden on any claim will not exceed 2 per cent. The acquisition of the Athena claims consolidates Apollo Silver's land position at the Calico silver project and represents a significant milestone in advancing the company's silver and critical minerals strategy in the region.

About Calico silver project

The Calico project is one of the largest primary undeveloped silver projects in the United States. With silver designated as a United States critical mineral and continued strong industrial demand highlighting the importance of secure domestic supply, large-scale U.S. silver assets may become increasingly strategic. The Calico project mineral resource estimate (MRE) comprises an measured and indicated resource of 125 million ounces Ag (silver) in 55 Mt (million tonnes) at an average grade of 71 g/t Ag the measured and indicated categories and 58 Moz Ag in 25 Mt at a grade of 71 g/t Ag in the inferred category (see Apollo Silver news releases dated Sept. 4, 2025, and Oct. 16, 2025).

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 NI 43-101 and is not independent of the company.

Outstanding warrants

As of Dec. 18, 2025, the company had 34,903,440 outstanding share purchase warrants, with five warrants exercisable into one common share of the company, in accordance with their terms, at an exercise price of $3.95 per share and expiring July 8, 2026. Investors requiring further information regarding the exercise of their warrants should contact: (i) if the warrants are held through a brokerage account or other nominee, such broker or nominee; and (ii) if the warrants are held directly in registered form, the warrant agent, Endeavor Trust Corp., by e-mail at admin@endeavortrust.com and following the instructions set forth in the applicable warrant certificate. Warrant holders should also consult their financial and tax advisers regarding the financial and tax implications applicable to them prior to exercising warrants.

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 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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