Mr. Colin Sutherland reports

APOLLO SILVER ANNOUNCES EJIDO VOTE ON MINING MORATORIUM AT CINCO DE MAYO

Ejido Benito Juarez, located in Buenaventura municipality, Chihuahua, Mexico, has scheduled a community assembly at which members of the Ejido are expected to vote on lifting the moratorium on mineral exploration and development affecting lands which include the Cinco de Mayo project, which is optioned by Apollo Silver Corp., as well as the acceptance of a long-term access agreement. The moratorium, which has been in place since 2012, represents a key outstanding condition for advancement of the project.

The assembly is expected to take place on Sept. 20, 2026, in accordance with the Ejido's established governance procedures.

"We are encouraged by the progress of this process and by the strength of the relationships we have built at the community level," said Colin Sutherland, president and chief executive officer of Apollo. "The company respects the autonomy of the Ejido and its decision-making processes, and we look forward to continuing an open, transparent and constructive dialogue with local stakeholders."

This coming assembly represents a pivotal milestone for the project. It will be the first time since the Ejido imposed its moratorium in 2012, more than a decade ago, that the community will get to vote on rescinding the ban and reopening the path to exploration and development at Cinco de Mayo. A vote in favour of the proposed long-term access agreement would resolve the single largest impediment to advancing the project and would represent a defining moment in the company's efforts to unlock the full potential of one of the largest undeveloped silver resources in the Americas.

The company is not a participant in the assembly or its voting process, and respects that this is a matter for the community to decide. The company's future activities will continue to be guided by the results of the vote, together with applicable regulatory approvals and its continuing engagement with the community.

About Cinco de Mayo

Cinco de Mayo is an approximately 25,000-hectare property located in the north-central part of Chihuahua state, Mexico, approximately 190 kilometres northwest of the state capital of Chihuahua city in the Buenaventura municipality. The project is prospective for and hosts carbonate replacement type deposits including the Upper Manto lead-zinc-silver (gold) deposit, which consists of two parallel and overlapping manto deposits referred to as the Jose Manto and the Bridge zone. An independent technical report and a mineral resource estimate on the Upper Manto deposit were prepared in 2012 by Roscoe Postle Associates Inc. At a net smelter return cut-off of $100 (U.S.) per tonne, the inferred MRE was estimated to total 12.45 million tonnes at 132 grams per tonne silver, 2.86 per cent lead, 6.47 per cent zinc and 0.24 gram per tonne gold (see Apollo's news release dated March 7, 2025). The total contained metals in the historical resource were 52.7 million ounces of silver, 785 million pounds of lead, 1,777 million pounds of zinc and 96,000 ounces of gold.

A potential new discovery, called the Pegaso zone, was not included in the 2012 historical MRE. Apollo's technical team considers this intersection as a high-priority target that has potential to be a significant new discovery. The company's initial review of historical data suggests that the Pegaso zone could indicate a larger and higher-grade resource at depth.

About Apollo Silver Corp.

Apollo is advancing one of the largest undeveloped primary silver projects in the United States. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits -- recognized as critical minerals essential to the U.S. energy 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 deposit that is both high grade and large tonnage. Apollo is well positioned to advance the assets and deliver value through exploration and development.

Qualified person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lepine, MSc, PGeo, Apollo's director, mineral resources. Ms. Lepine is a registered professional geologist in British Columbia and a qualified person as defined by National Instrument 43-101, and is not independent of the company.

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