Mr. Christopher Verrico reports

RIO SILVER FILES INDEPENDENT TECHNICAL REPORT

Rio Silver Inc. has filed, on SEDAR, an independent technical report prepared in accordance with National Instrument 43-101 for the Ninobamba gold-silver (Au-Ag) project in south-central Peru.

The 100-per-cent-owned 4,100-hectare Ninobamba property encompasses historic exploration from 2002 by the previous operators Anglo Gold, Bear Creek and Newmont. The report highlights the newly discovered gold rich zones identified by company geologists in 2012 to 2013. The report notes the style of precious metal mineralization and the conceptual modeling showing the relationship to the known widespread silver-rich mineralization initially documented by both Anglo Gold and Newmont and the newly discovered gold zones. The newly discovered gold mineralization by the company is hosted in oxidized vuggy silica-type alteration typical of the high-sulphidation systems, whereas the laterally widespread pure silver mineralization is considered to be associated with low-sulphidation-type alteration. Over all, the precious mineralization at the Ninobamba property shows a typical Andean epithermal system which hosts several host class orebodies in Peru.

The company is planning a 1,500-metre initial drill program for Q4 2022, along with a sequential program of widely spaced hand-dug pits primarily focused in the colluvium/alluvium downslope from the known gold and silver zones. Initially, the drill program will focus in the North zone where, in 2012, the company uncovered extensive gold-silver mineralization in trenches that was not recognized by previous operators.

Trench-01 was placed in the area where Anglogold drilled an intercept of 130 metres of 2.8 ounces per ton (oz/t) silver (Ag). This trench exposed extensive high-sulphidation alteration returning an impressive 56 metres averaging 1.03 grams per tonne (g/t) gold (Au) and 98.9 g/t Ag. Further trenching 400 metres southwest and along strike continued to expose typical vuggy silica high-sulphidation-type alteration with the last 21 metres in Trench-04 returning 1.32 g/t Au and 102 g/t Ag. The extent of the mineralization continues under deep colluvium. The last sample in the trench returned 0.53 g/t Au and 82 g/t Ag.

Since the gold mineralization in these systems is young and strongly oxidized, it is common to discover a significant amount of gold in the colluvium and/or alluvium near outcropping gold zones hosted in vuggy silica altered host rocks. An example of this type of gold resource is the La Quinua zone at Newmont's Yanacocha mine's gold mine in Northern Peru. The La Quinua gold zone is hosted in unconsolidated sediments eroded from the main Yanacocha orebody. The company is also pleased to report negotiations are being finalized with local stakeholders to facilitate the immediate commencement of the planned Q3 2022 diamond drilling and exploration campaign once concluded.

In addition, the company has also shipped and sold 31 million tonnes of oxide gold material from its 50-per-cent-owned Palta Dorada gold-silver-copper property (Palta Dorada) to Inca One's Kori One processing plant located in southern Peru. The average grade of the oxide material was 8.8 g/t Au and 74 g/t Ag. The company is continuing to rehabilitate old workings in order to reach the sulphide copper-gold-silver (Cu-Au-Ag) material for collection and processing of a bulk sample at its partner's nearby Aguila Norte sulphide plant. The company will continue to ship and sell the oxide gold material to third party toll mills designed to treat this type of oxide material. "We are extremely pleased to finally have all the flagship Ninobamba Au-Ag project encapsuled in one document. Pouring through the historic data once again has shed light on the combined potentials that very low-cost heap leaching of the recently identified gold-rich vuggy silica units can bring," said chief executive officer Chris Verrico. "This underpins our future development of the massive silver-rich deposits identified in the historic drilling and further in the more recent trenching campaign, conducted by the company in 2012. Ninobamba covers a big area and size matters," he added.

Qualified persons

Jeffrey Reeder, PGeo, geological consultant and qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the scientific and technical information in this press release for accuracy and compliance with NI 43-101.

About Rio Silver Inc.

Rio Silver is a resource company that has been selectively identifying and acquiring precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favourable precious metals bull market. Bulk sampling may be ramped up if successful and could become a cash flow to assist the company's overall exploration plans in a non-dilutive, shareholder-friendly way.