Mr. Ross McElroy reports

APOLLO SILVER INITIATES PRELIMINARY ECONOMIC ASSESSMENT FOR THE CALICO PROJECT

Apollo Silver Corp. has engaged SLR Consulting (Canada) Ltd., a globally recognized engineering and environmental consulting firm, to lead a preliminary economic assessment (PEA) on the company's Calico silver project, located in San Bernardino county, California. The project hosts one of the largest undeveloped primary silver deposits in the United States.

In parallel with the PEA, Apollo Silver will advance metallurgical and geotechnical programs designed to further refine the company's technical understanding of the project as it progresses forward on the development path. The company has engaged SLR as adviser to assist in managing the geotechnical and metallurgical investigations required to support the mine development plan.

Highlights:

• PEA initiated: SLR engaged to conduct a PEA at Calico;
• Additional technical support: SLR will also provide continuing metallurgical and geotechnical advisory support for additional development engineering analysis at Calico as the company continues to advance the project;
• Exploration work: Precision GeoSurveys U.S. Inc. has recently completed a high-resolution airborne magnetic and radiometric survey covering approximately 632 line kilometres, designed to support geological interpretation, future exploration and drill targeting.

Ross McElroy, president and chief executive officer of Apollo Silver, commented: "The initiation of the PEA marks an important milestone in advancing the Calico project on the development path. This study will evaluate potential mining and processing scenarios for the significant mineral resources identified at the project.

"Engaging SLR to lead the PEA, while also supporting our ongoing metallurgical and geotechnical programs, is expected to strengthen our technical understanding of the project to support further project development on the path to Calico becoming a future producer.

"At the same time, our exploration activities continue to ramp up, as highlighted by the recently completed airborne geophysical survey. We believe that the Calico project has excellent potential for further significant discoveries and that a systematic, multifaceted exploration approach, beginning with the surficial lithologic and structural mapping and complemented by the regional geophysics survey that are now completed, is key to unlocking that potential."

Geotechnical analysis

SLR will provide geotechnical advisory services and technical oversight for Apollo Silver's programs, including planning, analysis and quality assurance of site investigations. The geotechnical scope of work will include:

• Site investigation planning and technical guidance for geotechnical logging and laboratory testing;
• Desktop geotechnical gap analysis;
• Supervision and quality assurance/quality control of third party geotechnical work.

Metallurgical and processing test work

SLR will also provide metallurgical advisory services to support test work and process evaluation at the Waterloo deposit. The metallurgical program is intended to advance the company's understanding of mineral recovery and support development of an optimized processing flow sheet for coming development studies.

Metallurgical work will include:

• Test work recommendations and program design;
• Sample selection and laboratory test work planning;
• Monitoring and interpretation of metallurgical test work results;
• Processing flow sheet evaluation and recovery estimation.

Previously collected metallurgical samples are being evaluated for further testing.

Exploration -- airborne magnetic and radiometric survey

Apollo Silver engaged Precision to complete a high-resolution airborne magnetic and radiometric survey over portions of the Calico project. The survey covered approximately 632 line kilometres across the Waterloo and Mule properties and has now been completed. The survey was carried out at 50-metre line spacing, providing high-resolution geophysical coverage across the project area.

The airborne program was designed to:

• Collect high-resolution magnetic and radiometric data across priority exploration areas of the Calico project;
• Compare radiometric signatures observed at the Waterloo deposit with data collected over the Mule property;
• Evaluate whether geological signatures associated with the known Waterloo mineralization can also be identified at Mule;
• Generate and refine potential drill targets for future exploration programs.

About the Calico project

The Calico project is a large silver project located in San Bernardino county, California, approximately nine miles northeast of the city of Barstow, in a region known as the historic Calico silver mining district. The project comprises 525 mineral claims (two unpatented mill site claims, 474 unpatented lode mining claims, 29 fee lands claims and 20 patented lode mining claims) in three separate properties (Langtry, Waterloo and Mule) totalling 8,419 acres. The majority of the mineral resources are located on private land with vested mining rights.

Apollo Silver's Calico project hosts one of the largest undeveloped primary silver resources in the United States. The 2025 mineral resource estimate for Calico contains 125 million ounces of silver in the measured and indicated category within 55 million tonnes grading 71 grams per tonne silver and 58 million ounces of silver in the inferred category within 25 million tonnes grading 71 grams per tonne silver.

In addition, the project contains significant critical mineral resources in barite and zinc, alongside its substantial silver resource, positioning Calico as a source of multiple minerals considered important to domestic supply chains. The deposit hosts an indicated resource of 2.7 million tonnes of barite and 354 million pounds of zinc within 36 million tonnes grading 7.4 per cent barite and 0.45 per cent zinc and an inferred resource of 650,000 tonnes of barite and 258 million pounds of zinc within 17 million tonnes grading 3.9 per cent barite and 0.71 per cent zinc.

Qualified person

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

About Apollo Silver Corp.

Apollo Silver is advancing the second-largest undeveloped primary silver project 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, industrial 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.

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