Apollo Silver Corp. reported silver assay results acquired as part of its 2022 Metallurgical Test Program for the Waterloo Property at its Calico Silver Project located in San Bernardino County, California. Results below are reported from three diamond core holes which were drilled in 2012 by the previous operator Pan American Minerals Inc. Apollo acquired this core, which was never assayed, as part of the purchase of the Waterloo property.

Assay results below are from these three drill holes which were analysed as the first step of the 2022 Metallurgical Test Program at Calico being undertaken by Apollo. The 2022 Metallurgical Test Program is one component of the multi-component 2022 Calico Technical Program, which aims to upgrade and expand the recently announced Inferred Mineral Resource Estimate ("MRE") of 166 million ounces ("Moz") of silver contained in 58.1 million tonnes ("Mt") at an average grade of 89 grams per tonne ("g/t"). HIGHLIGHTS: Continuous, near surface high-grade intercepts: Hole W-0012 - 234 g/t Ag over 28.0 metres ("m") from 6 m depth down hole; including 471 g/t Ag over 8.0 m from 18 m down hole; and including 1,075 g/t Ag over 2.0 m from 18 m depth down hole.

Hole W-0013 - 196 g/t Ag over 52.0 m from 20 m depth down hole; including 294 g/t Ag over 6.0 m from 48 m downhole; and including 354 g/t over 10.0 m from 58 m downhole. Hole W-0014 - 121 g/t Ag over 53.2 m from surface. All assays reported at a 50 g/t silver cut-off grade with no dilution; lengths are down hole lengths and may not represent true widths.

Silver Assay Results: In preparation for the Company's metallurgical test work, whole PQ-diameter core from three diamond drill holes was separated into 2 m intervals and crushed to pulps by McClelland. Pulp samples were then securely shipped to ALS-Global Geochemical Analytic Laboratory in Reno, NV, ("ALS Reno") for gold analysis and shipping to ALS-Global Geochemical Analytical Laboratory in Vancouver, BC ("ALS Vancouver") for all other analyses. Both ALS Reno and ALS Vancouver are ISO/IEC 17025:2017 accredited laboratories and are independent of the Company.

Drill hole locations are shown in Table 1 and Figure 1; assay results are shown in Table 2. The diamond drill core was collected from Barstow Formation silver mineralized sedimentary rocks and drilling did not penetrate the Barstow/Pickhandle contact. As a result, no notable gold intercepts were reported, which is not unexpected for the dominantly silver mineralized Barstow rock package. SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL: Diamond drill core collected by Pan American was drilled by Diversified Drilling, of Anaheim, CA in 2012 and logged (lithology, alteration, mineralization and geotechnical) and photographed in detail.

The core has been securely stored by McClelland in Sparks, NV since its preliminary test work in 2014. In preparation for the Company's 2022 metallurgical test work the whole PQ-diameter core from these three drill holes was separated into 2 m intervals, each of which was coarsely crushed to ~38 mm before being thoroughly blended and split in half. One half was further crushed to 1.7 mm and a 250 g split was taken using a rotary-type splitter.

The 250 g splits were pulverized to better than 90% passing 106 microns. McClelland maintains its own comprehensive guidelines to ensure best practices in sample preparation. Pulp samples were sent by McClelland by secure transport to ALS Reno.

Samples were analysed for 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.5 to 100 ppm (method ME-MS61). Over-range samples were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1-1,500 ppm (method Ag-OG62) and by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000 ppm (method Ag-GRA21). Major elements were analysed using fused-disc X-Ray Fluorescence (method ME-XRF26).

Gold was analysed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01-100 ppm Au. All analyses were completed at ALS Vancouver with the exception of gold by fire assay, which was completed at ALS Reno. The Company maintains its own comprehensive quality assurance and quality control ("QA/QC") program to ensure best practices in sample preparation and analysis for samples.

The QA/QC program includes the insertion and analysis of certified reference materials, blanks, and duplicates to the laboratories. QA/QC sample analysis for these samples demonstrate results that have acceptable accuracy and precision. 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 drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data reported herein.