Mr. Chris Verrico reports

RIO SILVER CLOSES $3.0M PRIVATE PLACEMENT WITH ERIC SPROTT AS LEAD INVESTOR

Rio Silver Inc. has closed its non-brokered private placement, previously announced on Feb. 25, 2026, by issuing an aggregate of 8,571,429 units of the company at a price of 35 cents per unit for gross proceeds of $3-million.

Each unit comprises one common share of the company and one-half of a common share purchase warrant, with each warrant exercisable to purchase an additional common share of the company at a price of 50 cents per common share for a period of 24 months from the date of issue, subject to early expiry in the event that the closing price of the common shares of the company on the TSX Venture Exchange is 75 cents or higher for 15 consecutive trading days at any time after the closing of the offering, upon which the warrants will expire 30 calendar days after notice to warrantholders through the company's announcement with respect to the early expiry date. All securities issued are subject to a statutory four-month hold period expiring on July 28, 2026.

No finders' fees or commissions were paid in connection with the closing of the offering.

The company intends to use the net proceeds of the offering for advancement of the company's Maria Norte project in Peru, access development, metallurgical programs and general working capital purposes.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired an aggregate of 5,714,285 units pursuant to the offering for total consideration of $1,999,999.75. Prior to the offering, Mr. Sprott did not beneficially own or control any securities of the company.

As a result of the offering, Mr. Sprott now beneficially owns or controls 5,714,285 common shares and 2,857,143 warrants of the company, representing approximately 10.0 per cent on an undiluted basis and 14.3 per cent on a partially diluted basis assuming the full exercise of such warrants held by the offeror.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on the company's SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. E, Suite 1106, Toronto, Ont., M5C 3C5).

We seek Safe Harbor.