Rio Silver begins permitting to access Maria Norte

Executive Summary

• Rio Silver Inc. has initiated the regulatory process to obtain necessary permits (mining activity authorization and explosives permits) to access high-grade silver surface mineralization and prepare for underground portal entry at its Maria Norte project in Peru.
• The company expects to receive the required permits during Q2, subject to regulatory review, marking a transition from confirmed surface mineralization to physical site access and execution.
• Independent verification sampling by James A. McCrea, PGeo, confirmed high-grade silver values at surface, including intervals up to 991 g/t Ag, validating the quality of the exposed mineralization.

Key Details

• Permitting Process: The company is engaging Peru's Ministry of Energy and Mines (MEM) and SUCAMEC to secure:
  • Mining activity authorization.
  • Explosives use permit.
  • Explosives purchase authorization.
• Timeline: Standard regulatory timelines require several months; management expects permit receipt during Q2.
• Operational Plan: Upon permit receipt, the company will focus on:
  • Blasting and breaking rock to access exposed veins.
  • Preparing portal entry for staged underground advancement.
  • Evaluating strike continuity and depth potential for long-term exploitation.
• Verification Sampling Results (NI 43-101): Conducted by James A. McCrea, PGeo, in June 2025, targeting surface vein exposures and historic waste:
  • Sample 1: 0.5m interval at 869 g/t Ag (associated with lead and zinc).
  • Sample 2: 0.7m interval at 991 g/t Ag.
  • Sample 3: Grab sample from historic waste dump at 396 g/t Ag.
  • Sample 4: One additional chip sample from surface vein outcrop (specific grade not listed in summary, but part of the four total samples).
• Sampling Methodology:
  • Three chip samples from surface vein outcrops (widths ~0.4m to 0.7m).
  • One grab sample from historic waste dump.
  • Samples bagged, labeled, sealed with security ties, and transported to Lima.
  • Analyzed by Certimin S.A. (ISO 9001-certified laboratory).
  • No additional QC samples (blanks/standards/duplicates) inserted due to limited sample count, deemed appropriate for exploration stage.
• Strategic Context: Management describes Maria Norte as a "silver-dominant system" and a "unicorn" in the current market, contrasting it with silver typically produced as a byproduct of base-metal mining. The strategy is capital-efficient, relying on toll milling.

Notable Quotes

• "Maria Norte is a rare development opportunity where high-grade silver veins are already exposed at surface, allowing us to move directly into execution once access is authorized... In today's silver market, that is increasingly uncommon." — Chris Verrico, President and CEO.
• "We are pursuing the permits that are the regulatory gateway that allows us to safely access visible mineralization, prepare underground entry and begin converting high-grade silver into mineable tonnes through a disciplined, capital-efficient approach." — Chris Verrico, President and CEO.