Apollo Silver Corp. report initial assay results from the recently completed Phase 2 of the 2022 Drill Program at the Calico Silver Project located in San Bernardino County, California. Drilling continues to expand silver mineralization at depth up to approximately 100 metres below the base of the current mineral resource estimate in the northern portion of the Waterloo deposit.

Resource infill drilling results continue to confirm the continuous and predictable nature of near-surface silver mineralization, providing a solid foundation for the updated MRE in early 2023. Gold (“Au”) horizon continues to be intercepted with 39.0 m of 0.790 g/t Au intercepted in drill hole W22-RC-044 (15.0 m estimated true width). New significant intercepts include: 133 g/tAgover 129.0 m from 7.0 m depth down hole (W22-RC-043), including; 288 g/t Ag over 6.0 m from 67.0 m depth down hole; 287 g/t Ag over 3.0 m from 91.0 m depth down hole; and 280 g/t Ag over 6.0 m from 103.0 m depth down hole; 93 g/t Ag over 52.5 m from 38.5 m depth down hole (W22-RC-044), including; 257 g/t Ag over 1.5 m from 62.5 m depth down hole; 72 g/t Ag over 143.5 m from surface (W22-RC-058); 119 g/t Ag over 79.5 m from 1.0 m depth down hole (W22-RC-059), including; 284 g/t Ag over 1.5 m from 32.5 m depth down hole; 113 g/t Ag over 47.5 m from surface (W22-RC-061), including; 302 g/t over 1.5 m from 55.0 m depth down hole.

0.790 g/tAuover 39.0 m from 109.0 m depth down hole (W22-RC-044), including; 1.080 g/t Au over 19.5 m from 112.0 m depth down hole; and 2.551 g/t Au over 4.5 m from 115.0 m depth down hole; and 1.645 g/t Au over 1.5 m from 125.5 m depth down hole; and 1.125 g/t Au over 1.5 m from 130.0 m depth down hole; 0.825 g/t Au over 7.5 m from 137.5 m depth down hole; and 1.910 g/t Au over 1.5 m from 143.5 m depth down hole. Silver intercepts are reported at a 50 g/t silver cut-off grade (“COG”) with up to 4.5 m dilution and are uncapped. Gold intercepts are reported at a 0.1 g/t COG with up to 4.5 m dilution and are uncapped.

Lengths are down hole lengths and may not represent true widths unless otherwise stated. Assay results from the Waterloo Property continue to confirm the near-surface silver mineralization within the current MRE block model is continuous and predictable. Additionally, silver continues to be identified at depths below the base of the MRE potentially expanding the resource.

Phase 2 drilling is part of the 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred MRE of 166millionouncesofsilvercontainedin58.1million tonnes at an average grade of 89 grams per tonne (“g/t”). All six holes reported below intersected silver mineralization above the MRE cut-off grade (“COG”) of 50 g/t silver. These holes were designed to complete further infill drilling in the southern half of the Waterloo deposit to confirm silver grade trends identified in the MRE block model and to test possible extensions of silver mineralization at depth below the base of the MRE in the northern half of the deposit.

Specifically, holes W22-RC-058 and W22-RC-059 were designed to follow up deeper silver identified in hole W22-RC-033. Hole W22-RC-044 was selected for gold analysis as it specifically targeted the modeled gold mineralized horizon occurring at the Barstow sediments-Pickhandle volcanics contact beneath the current MRE (gold is not included in the current MRE announced February 9, 2022). This hole intercepted 39.0 m of 0.790 g/t Au from 109.0 m downhole, representing a modeled true thickness of 15.0 m. Drilling continues to better define and expand the gold mineralization at Waterloo and the pending MRE update will seek to add gold to the mineralized resource.