New Assay Results From Calico 2022 Drill Program

VANCOUVER - Apollo Silver Corp. reported new assay results from the 2022 Drill Program at the Calico Silver Project in San Bernardino County, California. Infill drilling at the Waterloo deposit continues to show silver (“Ag”) results consistent with the 2022 mineral resource estimate (“MRE”) block model and expand the gold (“Au”) mineralized horizon. Additionally, notable silver mineralization has been intercepted beneath the MRE, whose maximum depth is 125 meters (“m”) below surface. Drill hole W22-RC-033 reported silver grades above the MRE cut-off grade (“COG”) of 50 g/t to at least 180 m depth down hole and indicates possible stacking of silver mineralized horizons in the Barstow sediments. This is encouraging as it illustrates the opportunity to expand the mineral resource at depth. In addition, these latest results show 11 of 12 holes intersected shallow silver mineralization above the COG and two holes intersected silver grades in excess of 500 g/t.

12 reverse circulation (“RC”) drill holes completed between mid-May and the end of June 2022, bringing the results released to market for Phase 1 of the drill program to a total of 33 holes (3,681.0 m), of the 44 holes completed (5,021.0 m). Drilling is part of the 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred 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”).

“The Calico silver resource is already one of the largest undeveloped silver resources in the world,” said CEO, Tom Peregoodoff. “We have always believed that the resource had the potential to grow beyond what is currently shown in our 2022 resource declaration. These latest results confirm that silver mineralization above the 50 g/t COG extends well below the current base of the resource model. Further, the latest results again demonstrate the consistent and predictable nature of the near-surface silver mineralization within the current resource which adds further support to our goal of achieving upgraded confidence of silver ounces in our pending updated resource. Continued positive results will greatly reduce future development and mining risks for the Project, which is a clear advantage over more structurally complex and narrow silver resources. We look forward to discussing these results, and all results received to date in the context of our pending 2022 revised resource declaration.