Mr. Tom Kennedy reports

RIFT VALLEY PROVIDES UPDATE TO CEASE TRADE ORDER

Rift Valley Resources Corp. has provided an update on the status of the cease trade order issued on May 8, 2023, by its principal regulator, the British Columbia Securities Commission, under Multilateral Instrument 11-103, Failure-to-File Cease Trade Orders in Multiple Jurisdictions.

The company is currently finishing the preparation of its audited financial statements for the year ended Dec. 31, 2022, and the first two quarterly financial statements for 2023, together with their respective MD&A (management discussion and analysis) documents and certificates. The company plans on filing these financial statements and documents on SEDAR within the next 90 days and will then promptly apply for a revocation of the cease trade order, which will bring the company into good standing with all applicable securities regulators.

The company and Ruralink Broadband Inc. (RBI) are continuing on working toward a definitive agreement to replace the binding letter of intent (LOI) signed by the parties on Sept. 7, 2022, and as amended Jan. 5, 2023, and April 5, 2023. The LOI sets out the terms and conditions for the company to acquire all of RBI's issued and outstanding securities through an all-stock transaction (see press release dated Sept. 8, 2023, Jan. 5, 2023, and April 5, 2023, on SEDAR for complete details).

Further information

Further details about the proposed transaction and the resulting issuer will be provided in a comprehensive news release when the parties enter into a definitive agreement regarding the proposed transaction.

It is currently expected that trading in the company's common shares will remain halted pending receipt and review by the Canadian Securities Exchange of acceptable documentation regarding the resulting issuer following completion of the proposed transaction or upon termination of the LOI.

We seek Safe Harbor.