Mr. Christopher Verrico reports

RIO SILVER COMPLETES AGREEMENT WITH LOCAL COMMUNITY AT JORIMINA PROJECT, PERU

Rio Silver Inc. has finalized a surface access agreement with the local community for a period of one year at the company's Jorimina project, an advanced gold/silver project near the city of Ayachucho in south-central Peru.

A recently completed environmental impact study and community workshops aided by the president and council of the local community represent the final steps of the drill permitting application process and allow for the initiation of activities at this highly prospective, bulk-tonnage gold and silver target located at the company's wholly owned Jorimina gold/silver project.

Jorimina was previously a joint venture project of Newmont, one of the world's largest gold producers, which earned its interest from Southern Peru Copper by spending $7-million (U.S.) outlining that it was in fact a precious-metal-dominant deposit. Newmont performed extensive geophysical and geochemical exploration programs followed by a detailed metallurgical review as part of an internal preliminary economic analysis. This was based upon its initial diamond drilling campaign, which was a fence or row of widely spaced diamond core drilling holes that transected the property. A planned follow-up, resource-defining diamond drilling campaign was never realized due to a major market correction in 2012. The company is in receipt of all the data generated and summarized in the 2012 Newmont report, which strongly recommended advancement of the project that, upon a successful resource-defining drill evaluation, could be capable of supporting a robust mid-sized mining operation.

Rio Silver expects receipt of the necessary drill permitting late in Q3 2024 and is working with potential drill contractors to prepare to mobilize crews and equipment upon the receipt of the permits and minor property access upgrades.

Chris Verrico, Rio Silver's president, stated: "We are very pleased to have been able to advance Jorimina towards resource delineation, truly an exceptional milestone while we look forward to very strong precious metals pricing. Newmont had used a $1,200-per-ounce gold value at Jorimina in their preliminary economic analysis at Jorimina. It is an exciting entry point for future valuation gains. Rio Silver has a very successful track record of permitting successes and a very focused and experienced team that can deliver on our objectives. Our recent success with community engagement and permitting advances may aid our ability to engage the community that is associated with the adjoining Ninobamba high-sulphidation, epithermal silver/gold deposit, located just 6.5 kilometres east from Jorimina, under one continuous landholding and another opportunity for an accretive valuation increase for Rio Silver shareholders."

Rio Silver is a resource development company that has been selectively acquiring and advancing precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favourable precious metal bull market. Both the company's Ninobamba and Jorimina area gold/silver targets are suggestive of near-surface, bulk-minable open-pit targets.

The company remains ever impressed and optimistic by the resilience and ingenuity of its host country as the government continues to endorse supportive mining policies, ensuring continued growth and opportunity throughout Peru.

We seek Safe Harbor.