Mr. Thomas Peregoodoff reports

APOLLO SILVER ANNOUNCES CEO TRANSITION; COLIN SUTHERLAND APPOINTED PRESIDENT AND CEO

Ross McElroy has stepped down as president and chief executive officer of Apollo Silver Corp. and has resigned from the company's board of directors, effective July 15, 2026. The company has entered into an agreement with Colin P. Sutherland, CPA, CA, under which Mr. Sutherland will assume the role of president and chief executive officer, effective July 15, 2026. Mr. Sutherland is not joining the board at this time.

"On behalf of the board and the entire Apollo Silver team, I want to thank Ross for his leadership and the many contributions he has made in advancing the company's projects. Ross leaves the company well positioned for its next phase of growth and we wish him well in his future endeavours," said Tom Peregoodoff, executive chair of Apollo Silver. "At the same time, we are very pleased to welcome Colin Sutherland as our incoming president and CEO. Colin brings more than two decades of senior executive and financial leadership across gold and silver producers, having served as president, CEO and CFO [chief financial officer] of companies operating internationally, in North America and, more specifically, Mexico. His track record of capital markets execution, M&A [merger and acquisition] leadership, and operational discipline makes him an excellent fit to lead Apollo Silver through its next stage of growth. Finally, to our shareholders, thank you for your continued trust and support as we build on the momentum Apollo Silver has established."

"I am honoured to join Apollo Silver at such an important stage in the company's growth," said Mr. Sutherland. "Apollo Silver holds one of the largest undeveloped primary silver assets in the United States, together with a high-quality option on the Cinco de Mayo project in Mexico. I believe my 20-plus years of corporate leadership and operating experience in Mexico as well as other jurisdictions is ideal for Apollo Silver's current position and I look forward to working with the board, management, and shareholders to advance these assets and build long-term value."

About Mr. Sutherland

Mr. Sutherland is a chartered professional accountant with more than two decades of international experience in mining finance, capital markets and operations, including senior executive and operating roles with Capital Gold Corp., Nayarit Gold and McEwen Mining across projects in the broader Americas and globally.

At Capital Gold, owner of the producing El Chanate gold mine in Sonora, Mexico, he led the merger and acquisition process, including the combination with Nayarit Gold and the subsequent sale of the company, delivering positive returns to shareholders. He subsequently served as president of McEwen Mining, where he oversaw operations and capital markets activity across the company's Mexican operations, delivering improving performance during his tenure. Mr. Sutherland's background spans both M&A and operating sides of the mining business.

Mr. Sutherland is a permanent resident of Mexico.

Incentive awards

Pursuant to the company's omnibus incentive plan dated Dec. 12, 2024, and the policies of the TSX Venture Exchange, the company's board of directors has approved the grant of incentive stock options and deferred share units (DSUs) to an officer and a director of the company.

The company has granted options to purchase an aggregate of 250,000 common shares of the company at an exercise price of $2.52 per common share, being the closing price of the common shares on the TSX-V on the date of grant. The options vest over a 24-month period, with one-third vesting on the date of grant, one-third vesting 12 months from the date of grant and the balance vesting 24 months from the date of grant. Once vested, each option is exercisable into one common share for a period of five years from the date of grant.

The company has also granted an aggregate of 100,000 DSUs. Each DSU entitles the holder, when settled, to receive one common share and may only be settled once the holder ceases to serve as a director of the company, in accordance with the terms of the plan.

About Apollo Silver Corp.

Apollo Silver is advancing the second-largest undeveloped primary silver project in the United States. The Calico silver project hosts a large, bulk-minable silver deposit with significant barite and zinc credits -- recognized as critical minerals essential to the U.S. energy, industrial and medical sectors. The company also holds an option on the Cinco de Mayo project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

We seek Safe Harbor.