Mr. Duane Nelson reports

RZOLV REPORTS PRELIMINARY BENCH-SCALE SILVER RECOVERY RESULTS ON SOLAR PANEL CONCENTRATE, HIGHLIGHTING OPPORTUNITY FOR HIGH-VALUE PV RECYCLING

Rzolv Technologies Inc. has released preliminary bench-scale hydrometallurgical test results on a fine solar-panel-derived concentrate, demonstrating strong silver recovery and rapid dissolution kinetics under mechanically agitated leach conditions at ambient temperature.

Two laboratory leach tests achieved approximately 89.8-per-cent final calculated silver recovery on material grading approximately 977 grams per tonne silver. Solid head and residue samples were assayed by ALS Laboratories (including fire assay for silver), and leach solutions were also analyzed by ALS. Reported recoveries are calculated from these analytical results. These results provide a strong technical foundation for advancing to the next stage of structured testwork focused on defining operating assumptions for downstream recovery and solution recycle.

A key outcome of the testing was the improvement in time to recovery under the higher reagent dosage condition. At 15 minutes, 45 minutes and one hour, the higher dosage test achieved approximately 55.5-per-cent, 79.4-per-cent and 82.2-per-cent silver extraction, respectively, compared with 20.4 per cent, 45.0 per cent and 55.6 per cent under the standard dosage condition. In practical terms, the higher dosage condition reached in about one hour what the standard dosage condition required roughly four hours to approach. Testing was performed at ambient laboratory temperature (approximately 22 C) under mechanically agitated conditions.

"These early results are encouraging because they show high silver recovery alongside materially improved kinetics under practical agitated conditions," said Duane Nelson, president and chief executive officer of Rzolv Technologies. "Photovoltaic recycling economics increasingly depend on recovering the highest-value fractions efficiently. While these are preliminary bench-scale results, the data support proceeding with structured follow-on work to define the operating window, quantify consumption behaviour, and evaluate downstream recovery and solution recycle performance."

Photovoltaic solar panel recycling: industry challenge and opportunity

As global photovoltaic solar panel deployment continues to scale, PV recycling is moving from a niche end-of-life service into a strategic material recovery market. According to the International Energy Agency photovoltaic power systems program, global cumulative PV capacity grew to over 2.2 terawatts at the end of 2024, with over 600 gigawatts of new PV systems commissioned in 2024 alone. According to the International Renewable Energy Agency and IEA PVPS, cumulative end-of-life PV panel waste could reach approximately 60 million to 78 million tonnes by 2050, and the technical potential value of recovered materials could exceed $15-billion (U.S.) by 2050 if recovered and reinjected into the economy. IEA PVPS Task 12 notes that PV module recycling today can still face a high-cost, low-revenue scenario in many markets due to low volumes, logistics challenges, limited recycling technologies and underdeveloped markets for recovered materials -- reinforcing the opportunity for high-value, low-cost recovery pathways as volumes grow. The U.S. National Renewable Energy Laboratory has similarly highlighted that PV module recycling can recover high-value materials including silver and support new market opportunities as circular supply chains develop.

Summary of test results

Testing was conducted on a fine concentrate produced from crushed photovoltaic material under ambient temperature and mechanically agitated leach conditions.

About Rzolv Technologies Inc.

Rzolv Technologies is a clean technology company advancing a new generation of hydrometallurgical chemistry designed to transform how precious and critical metals are recovered from ores, concentrates and renewables. The company is developing proprietary, non-cyanide solutions intended to unlock value from complex materials where conventional methods can be limited.

Its flagship technology, Rzolv, is a proprietary, water-based dissolution system designed to achieve strong recovery performance without the toxicity, permitting burden and legacy liabilities associated with conventional cyanide-based processes. By operating in a broader and more controllable chemical window, Rzolv has the potential to recover precious and critical metals from challenging feedstocks and support a safer, more sustainable path forward for the mining and resource recovery industries.

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