Apollo Silver : CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FEBRUARY 28, 2022

APOLLO SILVER CORP.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2022

(Unaudited)

APOLLO SILVER CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Stated in Canadian Dollars)

(Unaudited)

Notes

February 28, 2022

November 30, 2021

ASSETS Current assets

Cash

Receivables

Prepaid expenses and deposits

3 3

$

14,046,025 74,258

$

15,746,122 53,736

264,389 1,068,144

Total current assets

$

14,384,672

$ 16,868,002

Non-current assets

Property and equipment

Exploration and evaluation assets

4 5

403,081

262,547

77,911,716 78,072,736

TOTAL ASSETS

$

92,699,469

$ 95,203,285

LIABILITIES Current liabilities

Accounts payable and accrued liabilities

Lease liability

$

399,715

$ 250,809

6(b)

76,135 31,452

Total current liabilities

$

475,850

$ 282,261

Non-current liabilities

Lease liability

Warrant liability

6(b) 7

219,670 182,610 1,779,641 2,252,836

TOTAL LIABILITIES

$

2,475,161

$ 2,717,707

SHAREHOLDERS' EQUITY

Capital stock

Reserves

Warrants reserve

Accumulated other comprehensive income

Accumulated deficit

• 8 $ 8(d)

98,980,963 $ 98,632,134 3,818,538 3,267,119

8(c)

442,352 965,026 (13,982,571)

442,352

1,538,937

(11,394,964)

TOTAL SHAREHOLDERS' EQUITY

$ $

90,224,308 92,699,469

$ 92,485,578

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 95,203,285

Nature and continuance of operations (Note 1)

Subsequent events (Notes 8(c) & 8(d))

Approved and authorized for issue on behalf of the Board on April 27, 2022:

/s/Thomas Peregoodoff Thomas Peregoodoff, Director

/s/ Steven Thomas Steven Thomas, DirectorThe accompanying notes are an integral part of these condensed interim consolidated financial statements.

2| Page

APOLLO SILVER CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Stated in Canadian Dollars)

(Unaudited)

Three months ended February 28,

Notes

2022 2021

Operating expenses

Exploration and evaluation expenses

Administrative expenses

Depreciation

• 9 $ 10 4

1,030,934 $

-

1,438,430 224,528

28,885 1,821

Loss from operations

Other expenses

Fair value adjustment on warrant liabilty

Gain on foreign exchange

Interest expense

Other income

Other expense

2,498,249

226,349

Loss before income taxes

Income taxes

6(b)

7

3

2,587,607 -(460,719)

581,992

(33,644)

(5,677)

7,406

- - - - - 226,349 -

Net loss for the period

$

2,587,607

$

226,349

Other comprehensive loss

Items that may be reclassified subsequently to loss:

Currency translation adjustment

Total other comprehensive loss

Total comprehensive loss for the period

$ $ $ $

573,911 573,911 3,161,518

$ $ $ $

- - 226,349

Loss per share (basic and diluted)

0.02

0.00

Weighted average number of basic and diluted

common shares outstanding

163,378,402

51,082,896

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

3| Page

APOLLO SILVER CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Stated in Canadian Dollars)

(Unaudited)

Notes

Three months ended February 28, 2022 2021

Operating activities Net loss for the period Adjustments for non-cash items:

Share-based payments Depreciation

Fair value adjustment on warrant liability Interest expense

Other income Other expense

Unrealized foreign exchange

Changes in non-cash working capital items:

Receivables

Prepaid expenses

Accounts payable and accrued liabilities

9,10 4 7 6(b)

3

$

(2,587,607)

$

(226,349)

(460,719)

581,992

551,419

28,885

(5,677)

5,474

7,406

- 1,821 - - - - -

(602,514) 13,958

803,755 39,870

154,583 (54,955)

Cash used in operating activities

(1,523,003) (225,655)

Investing activities

Acquisition of exploration and evaluation assets Acquisition of equipment

Cash used in investing activites

5(a), 5(b)

7

(286,493) (75,700) (362,193)

- - -

Financing activities

Proceeds from exercise of warrants Share issuance costs

Principal payments on lease liabilities Interest payments on lease liabilities Cash from financing activities

8(b) 8(b) 6(b) 6(b)

212,031

191,590

(11,907)

(1,128)

(7,406)

115,959 - - - 115,959

Effect of changes in foreign exchange rates on cash

(6,491)

-

Decrease in cash

Cash, beginning of period Cash, end of period

15,746,122

(1,700,097)

(109,696) 6,125,876

$

14,046,025

$

6,016,180

The non-cash investing actvities not already disclosed in the consolidated statements of cash flows were as follows:

Three months ended February 28,

Notes 2022 2021

Investing activities

Shares issued on acquisition of exploration and evaluation assets

5(b)

$

125,450

$

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

-

4| Page

APOLLO SILVER CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Stated in Canadian Dollars)

(Unaudited)

Equity reserves

Notes

Number of common shares

Share capital

Warrants reserveOther reserves

Share-based payments reserveAccumulated other comprehensive income (loss)Accumulated deficit

Total

Balance at November 30, 2020

Net loss for the period

Shares issued on exercise of warrants

50,820,414 - 424,825 51,245,239

$

13,111,731 - 120,734

$

447,127 - (4,775)

$

672,095 -

$

653,439 -

$

-$

(8,684,110) $

-

(226,349)

6,200,282 (226,349) 115,959

Balance at February 28, 2021

$

13,232,465

$

442,352

$

672,095

$

653,439

$

-$

(8,910,459) $

6,089,892

Balance at November 30, 2021

Net loss for the period

Shares issued on exercise of warrants Shares issued on acquisition of exploration and evaluation assets Share issuance costs

8(c)

162,814,573 - 842,500

$

98,632,134 - 224,507

$

442,352 - -

$

672,095 - -

$

2,595,024 - -

$

1,538,937 $ (11,394,964) $ 92,485,578 - (2,587,607) (2,587,607) - - 224,507

5(b)

Share-based payments Other comprehensive loss Balance at February 28, 2022

203,322 - - - 163,860,395

$

98,980,963

125,450

(1,128)

- -$

442,352

- - - -

$

672,095

- - - -

$

3,146,443

- - 551,419

-

$

-	-	125,450
-	-	(1,128)
-	-	551,419
(573,911)	-	(573,911)

965,026 $ (13,982,571) $ 90,224,308

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

5| Page