Mr. Alex Black reports

RIO2 FILES NI 43-101 TECHNICAL REPORT FOR THE KALZAS TUNGSTEN PROJECT, YUKON, CANADA

Rio2 Ltd. has filed on SEDAR+ an independent National Instrument 43-101 technical report supporting historical data, geology and potential of the Kalzas tungsten project, located in Yukon, Canada.

The report is entitled "Technical Report for the Kalzas Tungsten Project, Yukon, Canada." The report was independently prepared by Tatiana Alva Jimenez, MSc, PGeo, of RUMI Geoscience Consulting, on behalf of the company, in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, dated July 10, 2026, with an effective date of June 19, 2026.

The technical report is available on the company's website and on SEDAR+.

About the Kalzas tungsten project

The Kalzas tungsten project consists of eight quartz mineral claims totalling approximately 155 hectares, situated within the Selkirk First Nation (SFN) settlement land block SFN-R-16A. The claims are active and verified as in good standing.

The Kalzas project is located on the Kalzas Plateau in central Yukon, Canada, south of the Stewart River, approximately 70 kilometres (km) southeast of Mayo and 290 km north of Whitehorse. The property is accessible from Whitehorse to Mayo, via the Klondike Highway to Stewart Crossing, then north along the Silver Trail Highway (Yukon Highway 11), followed by a 30-minute flight from Mayo to the project site. Alternatively, the project can be accessed directly by helicopter from Whitehorse.

The property is underlain by a geologically coherent porphyry-style vein-stockwork and sheeted-vein wolframite system hosted within the metasedimentary rocks of the Yusezyu formation, Hyland Group. The system is spatially associated with a buried mid-Cretaceous pluton interpreted as part of the Tombstone intrusive suite. A K/Ar age of 90.0 plus or minus 1.4 million years (Lynch, 1985a) from altered biotite supports this interpretation. According to previous studies, tungsten mineralization consists predominantly of wolframite, with up to approximately 10 per cent occurring as scheelite within quartz veins and a stockwork system.

The Kalzas project occurs within the Selwyn tungsten belt, one of Canada's most established tungsten metallogenic provinces, which hosts several significant tungsten deposits. Tungsten is classified as a critical mineral by Canada and many other countries, driven by its strategic importance in defence, aerospace, electronics and energy transition applications.

History of the Kalzas project

The Kalzas property was discovered and staked in 1978 by prospector J.D. Randolph. Union Carbide Corp. optioned the property in 1980, and conducted the first systematic exploration programs between 1981 and 1983, and relinquished its option in 1984 following a significant downturn in the tungsten market (Dawson, 2006). The property was acquired by Copper Ridge Exploration Inc. in 2001, which conducted exploration programs between 2001 and 2005. In 2007, Prospector Resources Corp. entered into an option agreement to acquire the Kalzas property from Copper Ridge Exploration, and conducted a diamond drilling program in 2008 and commissioned a technical report in 2016. Prospector Resources subsequently changed its name to Rio2, with trading of Rio2 common shares commencing on the TSX Venture Exchange under the symbol RIO on April 28, 2017. The Kalzas claim is currently registered as 100 per cent owned by Rio2.

The claims are subject to the following royalties and encumbrances:

• A 2-per-cent net smelter return (NSR) royalty payable to David Randolph and J.D. Randolph, as established under the 2005 NSR agreement between Copper Ridge Exploration and the Randolphs. Rio2 has the right to acquire one-half (a 1-per-cent royalty) of this royalty at any time for a prenegotiated amount of $500,000;
• A 2-per-cent net profit royalty (NPR) currently held by Golden Predator Mining Corp., a subsidiary of Victoria Gold Corp., as successor to Redtail Metals Corp. Rio2 has the right to acquire one-half (a 1-per-cent royalty) of this royalty at any time for a prenegotiated amount of $500,000.

Exploration history

The Kalzas property was discovered and staked in 1978 by prospector J.D. Randolph. Systematic exploration commenced in 1980 when Union Carbide optioned the property, conducting geological mapping, geochemical sampling, trenching, airborne geophysics and diamond drilling between 1981 and 1983. Union Carbide relinquished the option in 1984 following a downturn in the tungsten market.

Surface geochemical programs conducted by Union Carbide (1981) and Copper Ridge (2001 to 2002) delineated a contiguous tungsten-in-soil and talus-fines anomaly exceeding 1,000 parts per million (ppm) tungsten (W), measuring approximately 1,500 metres (m) in a northeasterly direction by 300 to 900 m in width. Trench sampling highlights include 1.04 per cent WO3 over 150 m (Union Carbide, line L43N) and up to 3.165 per cent WO3 over 0.4 m (Copper Ridge, upper levels trench).

Copper Ridge acquired the property in 2001, and conducted resampling, geological mapping and a five-hole diamond drilling program totalling 397.4 m in 2005. Prospector Resources entered into an option agreement in 2007 and completed a four-hole diamond drilling program totalling 505.5 m in 2008. Prospector Resources was subsequently renamed Rio2 in 2017.

A total of 11 diamond drill holes have been completed at the property across three campaigns, totalling approximately 1,570.29 m. No exploration activity has been documented at the property since fall 2008. The 2016 technical report prepared by Doherty for Prospector Resources reported the details of the Prospector Resources 2008 drilling campaign.

Historical geochemical highlights

Historical soil and talus fines geochemical samples have defined a well-developed tungsten geochemical anomaly at the property.

Surface geochemical programs conducted by Union Carbide (1981 to 1984) and resampled by Copper Ridge (2001 to 2002) delineated a contiguous tungsten-in-soil and talus-fines anomaly exceeding 1,000 ppm W, measuring approximately 1,500 m in a northeasterly direction by 300 to 900 m in width.

Trench sampling highlights included 1.04 per cent WO3 over 150 m (Union Carbide) and, from the Copper Ridge upper levels trench, up to 3.165 per cent WO3 over 0.4 m and 2.552 per cent WO3 over two m. Higher-grade zones appear to be structurally controlled, trending west-northwest and preferentially developed within quartzite-dominated host rock intervals.

The full extent of the anomaly remains open in several directions and is not fully tested at depth.

Historical drilling highlights

A total of 11 diamond drill holes have been completed at the Property across three campaigns totalling 1,570.29 m. Reliable drill hole data come from the Copper Ridge (2005) and Prospector Resources (2008) drilling campaigns. Highlights include drill hole KZ05-01, which contains a 1.9 m interval grading 1.122 per cent WO3 within a broader 48 m intersection averaging 0.153 per cent WO3, and drill hole KZ05-05, which contains two narrow intervals (0.5 m each) grading 1.220 per cent and 1.390 per cent WO3 within a broader 24.4 m intersection averaging 0.304 per cent WO3. Prospector Resources (2008) drilling program highlights include drill hole K-08-09, which returned 0.287 per cent WO3 over 15 m. This interval is contained within the broader 101.36 m intersection averaging 0.224 per cent WO3, representing the most significant higher-grade subinterval identified in the 2008 program.

Technical report conclusion

The Kalzas project hosts a geologically coherent, well-characterized porphyry-style wolframite vein-stockwork system with meaningful bulk-tonnage exploration potential. The geological model is consistent with known tungsten deposits within the Selwyn tungsten belt, and is well supported by historical surface geochemistry, trench sampling, alteration mapping, aeromagnetic data and three diamond drill programs conducted between 1983 and 2008.

Historical drilling has tested only a small fraction of the mineralized system -- a zone approximately 300 m by 200 m on the northwest flank of Kalzas Mountain -- within a broader 1,500 m by 800 m mineralized envelope defined by surface geochemistry. The geological model predicts that mineralization extends to depth beyond the approximately 180 m tested by historical drilling and along strike beyond the currently drilled area, particularly on the western flank of Kalzas Mountain. These represent the primary targets for a future drill program.

Advancement of exploration at the Kalzas project is subject to the resolution of three conditions in sequence: completion of the SFN-mandated site remediation program, acceptance of the Class 1 exploration permit; and negotiation of a formal exploration agreement with the SFN. Rio2 is committed to advancing these requirements in a collaborative and respectful manner with the Selkirk First Nation.

Proposed exploration program

A two-phase exploration program is planned to commence shortly at the Kalzas project, with a mandatory prerequisite phase that must be completed before field activities can commence.

The prerequisite phase includes completion of the SFN-mandated site reclamation program, scheduled to begin in July, 2026, and budgeted at $60,875 (plus applicable taxes). Advancement is also contingent on acceptance of the Class 1 exploration permit filed on April 13, 2026, and execution of a formal exploration access agreement with the Selkirk First Nation. Yukon-based geological consultant Archer Cathro has been engaged by Rio2 to manage the site reclamation work and the subsequent two-phase exploration program during the 2026 field season.

Phase 1 consists of data compilation, geological mapping and surface geochemical sampling, budgeted at $66,830 (plus applicable taxes). The program is designed to establish the foundation for effective drill targeting, and includes consolidation of all historical exploration data into a validated georeferenced database, 1:5,000-scale geological mapping and prospecting by a crew of three geologists, collection of approximately 50 rock samples for multielement ICP-MS (inductively coupled plasma mass spectrometry) analysis at ALS Laboratories, and resampling of talus and rock material around the margins of the established tungsten geochemical anomaly. The phase 1 field program is planned for late July or August, 2026, subject to permit acceptance and SFN engagement, and will be conducted from a fly camp accessed by helicopter from Mayo.

Phase 2 consists of a 1,500 to 2,000 m diamond drilling program to be designed following interpretation of phase 1 results, estimated at $1,305,000 to $2.05-million (plus applicable taxes). Drill targets will focus on depth extensions of wolframite mineralization below the approximately 180 m vertical limit of historical drilling, along-strike continuity to the northeast and southwest guided by the approximately 1,500 m surface geochemical anomaly, the untested western flank of Kalzas Mountain, and twinning of selected holes from the 2005 and 2008 programs to validate historical assay data.

The total recommended expenditure across all three phases is estimated at approximately $1.4-million to $2.2-million, exclusive of applicable taxes.

Qualified person (QP)

The scientific and technical content of this news release has been reviewed, approved and verified by Enrique Garay, MSc, PGeo/FAIG, senior vice-president, geology, Rio2, who is a QP under NI 43-101.

The technical report was prepared by Tatiana Alva Jimenez, MSc, PGeo, principal geologist of RUMI Geoscience Consulting, who is an independent QP as defined by NI 43-101. Alva Jimenez has reviewed and approved the scientific and technical information contained in this news release, which fairly and accurately reflects the information contained in the technical report.

About Rio2 Ltd.

Rio2 is a diversified precious metals and copper producer focused on building and operating mines with a management team that has proven technical skills, as well as a successful capital markets record. The company is currently producing gold at its Fenix gold heap leach mine in Chile and copper/gold/silver at its recently acquired Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Ltda. and Compania Minera Condestable S.A., are companies that operate with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three pillars (social, environment and economics) of responsible development. The related companies reaffirm their commitment to apply environmental standards beyond those mandated by regulators, seeking to protect and preserve the environment in the territories where they operate.

We seek Safe Harbor.