Apollo Silver Corp. announced an updated National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101') mineral resource estimate (‘MRE') with an effective date of February 8, 2023, for its Calico Silver Project (‘Calico' or the ‘Calico Project') located in San Bernardino County, California (the ‘2023 MRE'). The findings of the 2023 MRE, particularly in terms of size and confidence level, positions Calico and its Waterloo Property (‘Waterloo') resource as one of the largest advanced stage silver projects in North America.

Highlights of the Calico Project 2023 MRE: 110 million ounces (‘Moz') silver (‘Ag') classified as Measured and Indicated (‘M&I') declared at Waterloo with an average grade of 100 grams per tonne (‘g/t') silver: 81% (90 Moz) classified as Measured at 103 g/t silver. 95% of Inferred silver ounces have been converted to M&I. 51 Moz silver classified as Inferred: 720,000 oz silver at Waterloo Property; 50 Moz silver at Langtry Property. 70,000 oz Inferred oxide gold (‘Au') ounces added to metal inventory at Waterloo.

Robust silver resource: conservative base-case estimate uses 50 g/t silver cutoff grade (‘COG'). Low strip ratio of 1.1:1 for Waterloo silver resource. Significant growth opportunities remain.

Calico Project 2023 Mineral Resource Estimate: The 2023 MRE focused on upgrading and expanding the Waterloo resource estimate from that declared in 2022. The most significant change in the 2023 MRE is the significant conversion of the silver mineralization defined in the Waterloo deposit to the Measured and Indicated resource classification categories. The Waterloo resource now contains 110 Moz silver in 34.2 Mt at an average grade of 100 g/t silver in M&I, and 0.72 Moz silver in 0.29 Mt at an average grade of 77 g/t silver in the Inferred category.

The Langtry MRE remains unchanged from that defined in the 2022 MRE, therefore the following information relates only to the 2023 MRE and updates for the Waterloo Property. In addition to its robust silver resource, the Waterloo resource now contains 70,000 oz oxide gold contained in 4.5 Mt at an average grade of 0.50 g/t gold in the Inferred category. Oxide gold mineralization has been drilled over 1,000 m strike length and remains open in multiple directions.

Previously reported preliminary cyanide solubility tests show gold recoveries ranging from 75% to 95%. Mineralization at Waterloo is shallow and shows high continuity along the 1.8 km long strike length of the deposit. The 2023 MRE is calculated to a maximum depth of ~183 m (600 ft) increased from 125 m (410 ft).

Using conservative open pit optimization to determine reasonable prospects for economic extraction, the calculated waste to mineralization ratio for the silver resource is 1.1:1 and 2.1:1 for the gold resource. Data Input: The 2023 MRE considered drilling information up to and including the most recently completed program in 2022, as well as geological information from Apollo's 2021 and 2022 exploration activities. Drilling data supporting the 2023 MRE includes information from historic drilling data from 258 holes (18,679 m/61,283 ft), and 2022 drilling data from 85 holes (9,729 m/31,919 ft) for a total of 343 holes (28,407 m/93,199 ft).

Nominal drill hole spacing is 30 x 46 m (100 x 150 ft) within the Measured portion of the 2023 MRE. Of the drill data set used, 332 holes are rotary or reverse circulation holes, and 11 holes are diamond drill holes. Verification of drilling exploration data used for the 2023 MRE was performed by Mariea Kartick, P.Geo.

(Stantec), an independent Qualified Person. The 2023 MRE reflects the addition of drilling completed by the Company at Waterloo to the drilling database and other geological information acquired in 2022 as reported above. No drilling was completed on the Langtry Property since the declaration of the 2022 MRE and as such, the Inferred mineral resource announced February 9, 2022, for the Langtry Property remains unchanged and current.

The following information therefore relates only to the 2023 MRE and updates for the Waterloo Property.