Apollo Silver Corp. reported preliminary results for silver recovery via bottle roll testing from its 2022 Metallurgical Test Program (the 2022 Test Program) for the Waterloo deposit. The 2022 Test Program, which is one component of the 2022 Calico Technical Program, is an initial investigation in the overall metallurgical program for the Calico Silver Project, located in San Bernardino County, California.

Metallurgical Test Program: The 2022 Test Program began in early 2022 using 2 tonnes of material acquired from three diamond drill holes completed on the Waterloo property in 2012 by a previous operator. The three drill holes are geologically and mineralogically representative of the Waterloo deposit and were collected in three separate areas across the deposit. Objectives of the test work are to assess and verify silver recovery using various communition and extraction methods.

This is to provide insight into possible processing methods and to compare results to historic work completed by previous operators in the 1960's and 1970's. This test work is one component of the 2022 Calico Technical Program that aims to upgrade and expand the previously announced maiden Inferred MRE at Waterloo of 116 million ounces of silver contained in 38.9 million tonnes at an average grade of 93 g/t, which forms part of the Calico maiden Inferred MRE of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 g/t. The 2022 Test Program was designed with input from professional metallurgists at both McClelland Laboratories Inc., (“McClelland”) and Samuel Engineering Inc., in cooperation with Stantec Consulting Ltd., (“Stantec”). All processing and testing was performed at McClelland, with the exception of processing for the HPGR product which was produced by Kappes Cassidy and Associates in Reno, Nevada using a ThyssenKrupp Polycom (PILOTWAL HPGR) unit. The 2022 Test Program comprises bond work index, abrasion index, barite flotation, bottle roll testing using cyanide and a fluoride-assisted cyanide leach, and column leach testing using cyanide.

Bottle roll and column leach testing both utilized conventionally crushed, fine grind and ultra-fine grind (“UFG”) crushed material and HPGR product. Results reported those for bottle roll testing; the Company will be reporting on remaining components of the 2022 Test Program, including column testing and barite analysis upon receipt of final data and reports. The drilling material had been securely stored at McClelland in Sparks, Nevada in the form of -1.5 inch (-38.1 mm) and -10 mesh (-2 mm) size fractions.

Due to the oxidized nature of mineralization, confirmed with detailed mineralogical studies, it was determined this material remained useful for test work. Five composites were created from the -1.5 inch material based on lithological, mineralogical and multi-element geochemical features of the rocks and spatial representation across the deposit. All mineralized rock comprises Barstow formation sandstones and siltstone of varying quartz, barite, and silver contents.

Composites were then split for individual tests. Silver recovery results for bottle roll tests, which simulate an agitated leach system. A total of seventeen (17) bottle roll tests were completed using cyanide as a leachant across four size fraction feed sizes.

Results indicate that a fine-grind conventional ball milling product (P80 -45 µm) had silver recoveries ranging from 40-61%, with generally low cyanide and lime requirements. The Company's bottle roll test results are encouraging, and the corresponding column tests will be published after the final reporting is available. For HPGR product feed, bottle roll test results showed an improvement in silver recoveries of approximately 50-100% over recoveries from conventionally crushed material (P80 -6.3 mm feed).

HPGR silver recovery ranged from 19 to 38% over 336 hours of leaching. Further work is required to assess the potential value HPGR may add to increased silver recoveries, as these results are encouraging. Similar HPGR technology is utilized at Coeur Mining's Rochester silver mine in Nevada where silver recovery via heap leach methods is approximately 60%.