Mr. Ross McElroy of Apollo Silver reports

APOLLO SILVER EXPANDS CALICO PROJECT LAND PACKAGE BY OVER 285%

Apollo Silver Corp. has acquired 2,215 hectares of highly prospective claims contiguous to its Waterloo property at its Calico silver project. The newly acquired claims herein referred to as the Mule claims comprise 415 lode mining claims and have been acquired from LAC Exploration LLC, a wholly owned subsidiary of Lithium Americas Corp., which was the previous operators of the property. Preliminary mapping and sampling conducted by the prior operator of the Mule claims identified several high-grade silver targets, which will be evaluated as part of Apollo's future exploration planning.

In addition, a mapping and sampling program was recently completed at the Burcham gold prospect area in the southwestern region of the Waterloo property (see news release dated Feb. 12, 2025). This program confirmed the importance of the Calico fault system with respect to controls on the silver and gold mineralization in the area and has identified the potential for copper, zinc and lead mineralization associated with strata-bound and manto lenses.

Highlights:

• Mule claims expand the Calico project land package by over 285 per cent, from 1,194 hectares to 3,409 hectares of contiguous claims:
  • Mule claims trend along the mineralized Calico fault system responsible for mineralization seen at Calico;
  • Reports from the prior operator indicate that there are several strongly anomalous silver values on the property, which Apollo will attempt to ground truth in the coming exploration programs;
  • Sampling done across the Mule claims by previous operator has identified a large silver anomaly associated with the same suite of host rocks at the Waterloo property;
• Exploration at the Burcham prospect at Waterloo included assays from 27 surface samples:
  • Assay peaks up to 14.10 grams per tonne gold, 20.70 grams per tonne silver, 0.17 per cent copper, 22.80 per cent zinc and 5.74 per cent lead from various samples (see Table 1);
  • Identification of strata-bound lenses and mantos that show strong potential for copper, zinc and lead mineralization.

Ross McElroy, president and chief executive officer of Apollo, commented: "The addition of the Mule claims substantially enhances the Calico project. Calico already hosts three discrete drill-delineated zones with resource estimates along a four-kilometre-long trend along the Calico fault zone. The Mule claims increase the overall land area of the Calico project by more than 2.5 times. The new claims are strategically located to the east along the very prolific Calico mineralized corridor and represent a great opportunity for further discoveries. Apollo is committed to continuing to unlock value in California for our shareholders."

Mule claims acquisition

The Mule claims are composed of 415 lode mining claims administered by the Bureau of Land Management. Mapping and sampling conducted by the previous operators across the Mule claims have identified a continuation of the mineralized Calico fault system. The sedimentary rocks of the Barstow formation, which hosts the Waterloo silver deposit, as well as the volcanic Pickhandle formation are pronounced all over the acquired claims. The contact between the Barstow and Pickhandle formations has demonstrated potential for gold mineralization as is seen at Waterloo. Sampling across the Mule claims has identified several strong silver and gold anomalies. Apollo plans to conduct its own follow-up exploration program on the Mule claims to better develop its own exploration targets and delineate where this highly prospective contact is exposed.

Details of the transaction

The Mule claims were acquired by Apollo's wholly owned U.S. subsidiary, Stronghold Silver USA Corp., from LAC. As consideration for the acquisition, Apollo paid $250,000 (U.S.) in cash, and LAC retains a 2.0-per-cent net smelter return royalty on the Mule claims.

Apollo, through Stronghold, retains the right to buy back 1.0 per cent of the royalty at any time on or before the date that is 30 days from the date of commencement of commercial production for a payment of $1-million (U.S.).

2025 Burcham exploration program

The company has completed its previously announced surface exploration work at its Burcham prospect (see news release dated Feb. 12, 2025). The work completed consisted of detailed mapping, sample collection and target generation, with the aim to follow up with future drilling.

The exploration team has completed some of the most detailed mapping to date at the Calico project, including previous programs at Langtry and Waterloo. Structures dominating at Burcham are similar to those at Waterloo with the system being dominated by the Calico fault, a sinuous moderately plunging reverse fault that dips steeply to the north. Potential for gold mineralization is strong along the contact of the Burcham and Pickhandle formations. Previously unrecognized, stratiform mantos and lenses occupying fold flexures show strong potential for copper mineralization. This type of manto has been historically mined on the north side of the Waterloo deposit and occurs near the contact between the Pickhandle formation and the overlying Barstow formation. Historic mining on the northern side of Waterloo deposit targeted a manto about 1.5 metres thick. Copper mineralization is associated with strong hydrothermal alteration, which is seen to diminish as you move eastward along the property. Assays of the sample results are presented in Table 1.

Sampling and quality assurance/quality control

Grab samples were collected in the field and a two-kilogram representative sample was sent for analysis. Rock samples are catalogued and securely stored in a warehouse facility in Barstow, Calif., until they are ready for secure shipment to ALS Global Geochemistry in Reno, Nev., for sample preparation and gold analysis. After preparation, splits of prepared pulps are securely shipped to ALS Vancouver in British Columbia for analysis.

Samples were prepared at ALS Reno (Prep-31 package) with each sample crushed to better than 70 per cent passing a two-millimetre (Tyler 9 mesh, U.S. standard No. 10) screen. A split of 250 grams is taken and pulverized to better than 85 per cent passing a 75-micron (Tyler 200 mesh, U.S. standard No. 200) screen. Surface samples were analyzed using complete characterization with the CCP-PK05 methods, which include whole rock analysis (ME-ICP06), ME-MS61, single-element trace method using aqua regia digestion and ICP-MS (ME-MS42) and rare earth elements using the method ME-ME81, which consists of lithium borate fusion followed by ICP-MS. All surface samples were submitted for gold analysis by fire assay (Au-AA23). Overrange samples analyzed for copper, lead and zinc were resubmitted for analysis using a four-acid digestion and ICP-AES finish (method OG62) with a range of 0.001 per cent to 50 per cent for copper, 0.001 per cent to 20 per cent for lead and 0.001 per cent to 30 per cent for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA25) with a reportable range of 0.01 part per million to 100 parts per million. All analyses were completed at ALS Vancouver, except for gold by fire assay, which was completed at ALS Reno.

Apollo's QA/QC program includes continuing auditing of all results from the laboratories. The company's qualified person is of the opinion that the sample preparation, analytical and security procedures followed are sufficient and reliable. The company is not aware of any sampling issues or other factors that could materially affect the accuracy or reliability of the data reported herein.

2025 marketing initiatives

The company also announces that it has engaged Creative Direct Marketing Group Inc. (CDMG), an arm's-length service provider, to provide creative services in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Based in Nashville, Tenn., CDMG specializes in marketing, advertising and public awareness across various sectors, including mining and metals.

Pursuant to a work order dated May 16, 2025, the Company has retained CDMG for a one-time fee of approximately $129,800 (U.S.). The agreement represents a creative budget for marketing and advertising services, enabling CDMG to begin preparing content that may be used in future campaigns. No specific marketing campaign has been prepared, approved or scheduled at this time. The engagement is subject to the approval of the TSX-V.

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 an independent of the company.

About Apollo Silver Corp.

Apollo Silver has assembled an experienced and technically strong leadership team that has joined to advance quality precious metals projects in sought-after jurisdictions. The company is focused on advancing its portfolio of two prospective silver exploration and resource development projects: the Calico project, in San Bernardino county, California, and the Cinco de Mayo project, in Chihuahua, Mexico.

We seek Safe Harbor.