Apollo Minerals : December 2021 Quarterly Report

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ASX RELEASE | 31 January 2022 | ASX: AON

DECEMBER 2021 QUARTERLY REPORT

Apollo Minerals Limited (Apollo Minerals or Company) is pleased to present its quarterly report for the period ending 31 December 2021. The Company's focus is on its Kroussou zinc-lead project in Gabon (Kroussou) where results to date support the potential for multiple zones of large-scale, shallow, flat-lying, broad mineralisation.

Highlights during and subsequent to the quarter included:

• Major discoveries at Dikaki and Niamabimbou, two of 18 prospects at Kroussou, continue to grow with confirmed thick, shallow, zinc-lead sulphide mineralisation extensions including:
  Dikaki

1. 20.9m @ 2.6% Zn+Pb from 32.4m
2. • including 6.2m @ 5.3% Zn+Pb from 47.1m; and 2m @ 5.3% Zn+Pb from 32.4m o 18.9m @ 2.2% Zn+Pb from 1.2m
   • including 5m @ 5.0% Zn+Pb from 1.2m
   • open 400m to the south, untested 530m along trend to the west-southwest.

1. 17.3m @ 2.4% Zn+Pb from 37.2m
2. • including 4.9m @ 3.2% Zn+Pb from 37.8m; and 6.4m @ 2.9% Zn+Pb from 48.2m o 20.0m @ 2.0% Zn+Pb from 13.5m
   • including 9.3m @ 2.4% Zn+Pb from 13.5m
   • open 320m to the south and >2km along trend to the east.

Results demonstrate the potential of the eastern and central Dikaki zones merging. New drill holes display significantly higher endowment (up to seven times) when compared to nearby historical drilling (which was typically only partially sampled) - highlighting strong upside potential of the whole Dikaki system.

Niamabimbou

The first ever drilling at an emerging new discovery with 9km open trend. Significant intercepts from 6 holes received include:

• 1. 19.9m @ 1.6% Zn+Pb from 8.0m
  2. • including 5.7m @ 3.0% Zn+Pb from 22.2m o 19.9m @ 1.6% Zn+Pb from 13.5m;
     • including 4.5m @ 2.8% Zn+Pb from 27.4m
• Average depth to first mineralisation at both prospects has been less than 10m.
• Renewal of the Company's Licence covering Kroussou for an additional three years.
• Successful completion of A$7.2m placement to institutional, sophisticated and high net worth investors, supported by Sprott Capital Partners LP who acted as financial advisor.
• 2022 Drilling to recommence at Dikaki shortly - further news flow and results from exploration programs undertaken during 2021 are expected in the coming weeks.

For further information contact:
Neil Inwood	Themi Kailis
Executive Director	Business Development
Tel: [phone]	Email:[e-mail]
Apollo Minerals Limited	| ASX code: AON | ABN:	96 125 222 924 |www.apollominerals.com
PERTH Level 9, 28 The Esplanade, Perth WA 6000	| T: [phone] | F: [phone]

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For	Figure 1: Kroussou Project displaying 18 key prospects over more than 80km of prospective strike length.

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DRILL PROGRAMS AT DIKAKI AND NIAMABIMBOU

Exploration drilling at Kroussou to date has focussed on the Dikaki prospect (Dikaki) and newly discovered Niamabimbou prospect (Niamabimbou), two of 18 prospects at the Company's Kroussou province-scalezinc-lead project in Gabon.

Dikaki - An Emerging Zinc-Lead Discovery

The phased drilling program at Dikaki (Figures 1, 2 and 3) was completed during the quarter, consisting of 58 holes for 3,000m with assay results received from 46 holes to date.

Dikaki is situated at the centre of the Kroussou project area and represents one of four prospects with historic drilling activity. Apollo Minerals' diamond drilling within the eastern and central zones at Dikaki was designed to test for the presence of mineralisation near historic exploration conducted by the French Bureau de Recherches Géologiques et Minières ("BRGM"). Historic drilling completed by BRGM at Dikaki identified a variety of mineralisation styles, but the holes were either not sampled or only character-sampled (i.e. only select visually identifiable intervals were sampled, often ending in significant mineralisation).

Assay results from Dikaki continue to display the potential for a large-scale,shallow, flat-lying,broad mineralised system with the most recent results during the quarter demonstrating that the thick shallow system is open along strike 340m to the east; where shallow high-grade mineralisation had been intersected by recent drilling. The mineralisation is shallow (2-30m from surface) and up to 40m thick (estimated true thickness) and consists of sulphide minerals (predominantly sphalerite and galena - Figure 4); this geometry of mineralisation is interpreted to be favourable to potential shallow, open-pit mining scenarios.

The main Dikaki system is over 6.8km long, averages 400m wide and is now interpreted to have potential to be mineralised across the whole channel width, with average accumulated mineralised thickness of 20m from recent drilling.

Significant, high grade intercepts from Dikaki to date include:

1. 11.3m @ 3.4% Zn+Pb from 9.0m
2. • including 7.8m @ 4.1% Zn+Pb from 11.5m o 32m @ 3.1% Zn+Pb from 4.0m
   • including 13.5m @ 5.3% Zn+Pb from 12.8m o 18.7m @ 2.8% Zn+Pb from 5.5m
   • including 9.5m @ 4.6 % Zn+Pb from 7.9m o 20.9m @ 2.6% Zn+Pb from 32.4m
   • including 6.2m @ 5.3% Zn+Pb from 47.1m; and 2m @ 5.3% Zn+Pb from 32.4m o 10.5m @ 2.5% Zn+Pb from 15.6m
   • including 3.9m @ 4.0% Zn+Pb from 21.0m

1. 33.0m @ 2.4% Zn+Pb from 34.0m
2. • including 14.0m @ 4.0% Zn+Pb from 34.0m o 40m @ 2.2% Zn+Pb from 3.2m
   • including 12m @ 4.1% Zn+Pb from 17.0m and 4m @ 3.1% Zn+Pb from 38.0m o 38.2m @ 2.1% Zn+Pb from 20.0m
   • including 12m @ 4.1% Zn+Pb from 28.0m

1. 23.2m @ 2.4% Zn+Pb from 36.1m
2. • including 10.9m @ 3.1% Zn+Pb from 39.9m

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Figure 2: Displaying the broader Dikaki/Bouambo systems and significant trend potential.

Figure 3: Central Dikaki prospect displaying recent results and location of outstanding holes from 2021

drilling.

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Figure 4: Sulphide mineralisation styles seen at Dikaki and surrounding area. Top Left: Disseminated coarse

galena/sphalerite within sandstone/conglomerate unit (DKDD078); Top Middle: Concentric textured sphalerite and coarse galena

within a breccia unit (DKDD001); Top Right: Galena and sphalerite within a breccia unit (BOD004); Bottom Left: Coarse textured

galena, sphalerite and marcasite within the basal carbonate unit (DKDD013); Bottom Right: Outcrop of carbonate hosted galena and sphalerite.

Niamabimbou - A Further Zinc-Lead Discovery

The Niamabimbou prospect (Figures 1, 5 and 6) represents a new emerging discovery, with Apollo Minerals completing the first ever drilling over the system in the quarter. Mineralisation is open along a 9km trend throughout Niamabimbou, comprising three distinct sections of prospective trend.

A total of 40 holes for 2,200m have been completed with assay results received from 6 holes to date. Results of the first six holes from the maiden program at Niamabimbou successfully demonstrated shallow, thick sulphide mineralisation (Figure 7) with the average depth to mineralisation of less than 7m from surface. Significant intercepts include:

1. 19.9m @ 1.6% Zn+Pb from 8.0m
2. • including 5.7m @ 3.0% Zn+Pb from 22.2m o 19.9m @ 1.6% Zn+Pb from 13.5m
   • including 4.5m @ 2.8% Zn+Pb from 27.4m.

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