Mr. Ross McElroy reports

APOLLO SILVER CLOSES SECOND AND FINAL TRANCHE OF $27.5 MILLION PRIVATE PLACEMENT OFFERING, WITH A $12.5 MILLION INVESTMENT FROM JUPITER ASSET MANAGEMENT

Apollo Silver Corp. has closed the second and final tranche of its previously announced upsized non-brokered private placement, previously announced on Jan. 21, 2026. Pursuant to the closing of the second and final tranche of the offering, the company issued an aggregate of 2.5 million units at a price of $5 per unit for aggregate gross proceeds of $12.5-million. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of $27.5-million.

A fund managed by Jupiter Asset Management subscribed for all of the units under the second and final tranche of the offering.

As a result of closing the second and final tranche of the offering, the Jupiter fund now beneficially owns and controls 7,452,456 common shares and 3,807,200 common share purchase warrants of the company, representing approximately 11.9 per cent of the company's outstanding common shares on a non-diluted basis and approximately 16.9 per cent on a partially diluted basis, assuming exercise of such warrants.

"We welcome and appreciate the continued participation of Jupiter fund, as a key shareholder of Apollo Silver," said Ross McElroy, president and chief executive officer of Apollo Silver. "Jupiter fund's commitment is a strong statement of support as we continue to advance our large-scale, high-quality silver assets in stable jurisdictions."

Each unit issued pursuant to the offering consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one share at an exercise price of $7 for a period of 24 months from the closing date of the offering.

Closing of the offering remains subject to final acceptance of the TSX Venture Exchange.

In connection with subscriptions received in the second and final tranche of the offering, the company paid aggregate finders' fees totalling $312,500 to BMO Capital Markets.

The securities issued under the second and final tranche of the offering are subject to a four-month hold period from the date of closing. The company intends to use the net proceeds from the offering to continue advancing the Calico silver project in San Bernardino, Calif.; to support community relations initiatives at the Cinco de Mayo silver project in Chihuahua, Mexico; to cover continuing property maintenance costs at both projects; and for general corporate purposes.

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 Silver is well positioned to advance the assets and deliver value through exploration and development.

We seek Safe Harbor.