APOLLO MINERALS LIMITED — Capital/Financing Update 2021

Jun 28, 2021

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ASX RELEASE | 29 June 2021 | ASX: AON

DRILLING PROGRAM EXTENDS TO NIAMABIMBOU PROSPECT

Apollo Minerals Limited ( Apollo Minerals or Company ) is pleased to report that it has completed its first phase of drilling at the Dikaki Prospect and drilling has now commenced at the previously untested Niamabimbou Prospect at the Kroussou zinc-lead Project ( Kroussou Project or Project ) in Gabon.

Highlights:

• Phase 1 drilling at the Dikaki Prospect now completed

• 46 diamond holes drilled for 2,205m

• Initial assay results expected in coming weeks

• Drilling has commenced at Niamabimbou , which will target shallow, high grade zinclead ( Zn-Pb ) mineralisation

• Drilling has commenced in the northern portion of the extensive Niamabimbou system

• Planned Phase 2 program at Niamabimbou comprises approximately 100 holes for 5,000m of diamond drilling

• Widespread high-grade mineralisation identified in 2020 sampling program (~8km strike length of prospective geology), with grades up to 24.85% combined Zn-Pb from rock chip samples

• Strong news flow is expected as the Company advances its planned 2021 work programs at the Kroussou Project, including drilling and surface exploration programs to delineate the scale of the Project

• The Kroussou Project represents a significant, large scale, near surface Zn-Pb project with more than 80km of strike length of prospective contact, and multiple opportunities for discovery indicated by soil and rock chip sampling

Apollo Mineral’s Executive Director, Mr Neil Inwood, commented “With the successful completion of the Phase 1 drilling at Dikaki and initial results expected in the coming weeks, the focus of drilling has now shifted to the extensive Niamabimbou Prospect, which has over 8km of prospective strike. During the upcoming dry season, exploration activities will also expand to include planned mapping, soils and ground geophysics.”

For further information contact:

Neil Inwood, Executive Director Tel: +61 8 9322 6322 Email: info@apollominerals.com.au

Apollo Minerals Limited | ASX code: AON | ABN: 96 125 222 924 | www.apollominerals.com PERTH Level 9, 28 The Esplanade Perth, WA 6000 | T: +61 8 9322 6322 | F: +61 8 9322 6558

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Figure 1 – Kroussou Project Showing Key Prospects and drilling regions

COMPLETION OF PHASE 1 DRILLING AT DIKAKI

During April 2021, the Company mobilised a diamond drill rig to the Dikaki Prospect targeting shallow, high grade Zn-Pb mineralisation. The drill program followed extensive on-ground surface exploration work by Apollo Minerals to identify shallow zones of mineralisation building on historical exploration campaigns.

The program was designed to test previously identified high-grade trends and test for shallow extensions to those trends. The program also tested historical Bureau de Recherches Géologiques et Minières ( BRGM ) holes which were only character-sampled.

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The Company has successfully completed 46 diamond drill holes for 2,205 metres. The first batches of drill core have been shipped to Perth for analysis and the results will be published to the market in the coming weeks. Sample processing on site at Dikaki is expected to be finalised in the next week.

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Figure 2: Dikaki Prospect and Phase 1 drill hole locations

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Figure 3: Disseminated galena (Pb) and sphalerite (Zn) mineralisation encountered in DKDD078 (33.5m) at Dikaki – assays pending (LHS); and the site team at work within the Dikaki Prospect (RHS).

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COMMENCEMENT OF PHASE 2 DRILLING AT NIAMABIMBOU

Apollo Minerals recently established a new field camp at the Niamabimbou Prospect (Figures 1 and 4) which will ensure the efficient implementation of the planned activities within the broader high-priority Niamabimbou region during the upcoming dry season.

The next stage of drilling being undertaken by the Company is focused on drill testing multiple targets at Niamabimbou (Figure 5) which is developing into a potential new discovery with significant scale potential including a prospective strike length of 8km.

Mapping and rock chip sampling completed in 2020 was successful in refining the interpreted geology of the sedimentary channels (Figure 5) and generated numerous new high priority drill targets, with the potential to host significant tonnage of shallow base metals mineralisation (refer ASX announcements dated 15 January 2020 and 11 May 2020 ).

The rock chip sampling program identified widespread, high grade Zn-Pb mineralisation at Niamabimbou, with the best results including:

• 24.85% combined Zn-Pb from sample JBR651

• 20.16% combined Zn-Pb from sample JBR246

• 15.20% combined Zn-Pb from sample JBR244

• 13.87% combined Zn-Pb from sample JBR561

• 13.53% combined Zn-Pb from sample JBR946

• 10.71% combined Zn-Pb from sample JBR136

No previous drilling has been undertaken at the Niamabimbou Prospect and as such, the region is a key focus of planned activities for the 2021 dry season exploration program.

The planned drill program at Niamabimbou, comprising approximately 100 holes for 5,000 metres of diamond drilling, is expected to be completed by September 2021. Initial assay results are anticipated to be received by August 2021.

Results from the Niamabimbou and Dikaki programs, alongside regional exploration programs, will then feed into subsequent drill and exploration planning.

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Figure 4: Drill Rig at Niamabimbou (left), and the setup of the Exploration Camp at Niamabimbou (right)

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Niamabimbou Prospect Geology and Targeting

Drill targeting at Niamabimbou includes a focus on defining mineralisation around broader channel targets, as well as interpreted faulted horst-related ‘weir’ outcrops.

The ‘weir’ targets are indicated in four areas where a dominance of conglomerate and/or microconglomerate outcrop has been mapped. These outcrops have been interpreted as a shallow underlying basement, compared to the other parts of the channel where sandstone and siltstone are dominant lithologies. These ‘weirs’ are potentially the result of fault-related horst-type features in the basement and their external margins are considered favourable geomorphologic settings for potential high-grade mineralisation in part due to the presence of clastic sediments.

Mineralised outcrops identified on the weir margins represent priority drilling targets, particularly in the zones “Wr2” and “Wr3” (Figure 5). High priority drilling targets were also identified at Niamabimbou NE (NB-NE) where a zone of mineralised outcrops (including JBR049 and JBR069 which returned 7.14% and 8.15% combined Zn-Pb respectively) extends 400m by 150m, with potential extending down-dip and laterally to the south and west. Recent results of soil geochemistry in this area delineated a significant Zn-Pb anomaly approximately 1.5km long by 200m wide.

Drilling at Niamabimbou has commenced on the northern portion of the Niambimbou system, around the “Wr3” target area.

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Figure 5 – High grade Zn-Pb results from surface sampling at the Niamabimbou Prospect showing areas of initial drill focus (red dashes)

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Future Exploration Plan

The current drilling programs are focussed on further defining the extents of shallow (potentially open-pittable), high grade Zn-Pb mineralisation at the Dikaki and Niambimbou Prospects. Exploration work planned for the broader Kroussou Project going forward also includes:

• Identification of new target regions along the +80km strike length of prospective geology, including at Niambokamba (approximately 6km north of Dikaki) and in at the Yombi-Ofoibou region (approximately 32km south of Dikaki);

• Surface exploration programs including geological mapping, rock chip and soil sampling to further assess identified prospects and to generate new targets within the broader project area;

• Ranking and prioritisation of exploration targets across the project area based on incoming exploration data;

• Review of existing geophysics and assess additional methods to refine identified prospects and generate new targets; and

• Technical studies and metallurgical test work over all prospective targets to assess recovery characteristics, concentrate quality, and variability;

The Company will undertake the work program with a strong commitment to all aspects of sustainable development and responsible mining, with an integrated approach to economic, social, environmental, health and safety management.

ABOUT THE KROUSSOU PROJECT

The Kroussou Project (Figures 1 and 6) consists of the Prospecting License G4-569 (the Company recently applied for the extension of the Prospecting Licence) which covers 986.5km[2] in the Ngounié Province of Western Gabon located approximately 220km southeast of the capital city of Libreville. The project is easily accessible by the major sealed N1 road from Libreville, and well-maintained provincial roads to towns bordering the project. Wellestablished and wide forestry tracks are present within the project area to the camp and exploration sites.

Zn-Pb mineralisation is hosted in Cretaceous sediments on the margin of the Cotier Basin within preserved channels lying on unconformable Archaean and Paleoproterozoic basement rocks.

Historical exploration work at the Kroussou Project identified 150 base metal occurrences along a +80km strike length of prospective geology within the project area. The Zn-Pb mineral occurrences are hosted within exposed channels that offer very shallow, near surface targets close to the basement rocks.

Only two of the 18 exposed channels were drill tested by the BRGM historically, with both channels containing significant base metal mineralisation.

A further two near surface targets were drilled by Trek Metals Limited ( Trek ), which also returned significant Zn-Pb intervals, further validating the province scale, base metal potential of the project area.

There are multiple opportunities for the discovery of further base metal mineralisation within the remaining untested 14 channels and also further exploration westward within the broader Cotier Basin is warranted.

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Figure 6: Kroussou Project Location Plan

Competent Persons Statement

The information in this announcement that relates to Exploration Results are extracted from the Company’s ASX announcements dated 3 September 2019, 15 January 2021, 3 March 2020, 11 May 2020 and 29 January 2021. These announcements are available to view on the Company’s website at www.apollominerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements; that all material assumptions and technical parameters underpinning the content in the relevant ASX announcements continues to apply and have not materially changed; and that the form and context in which the relevant Competent Person’s findings are presented have not been materially modified from the original ASX announcements.

This announcement has been authorised for release by Executive Director, Mr Neil Inwood.

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