Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN RIO2 LIMITED

On April 17, 2024, 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, acquired 5,128,500 common shares of Rio2 Ltd. for total consideration of $2,000,115 pursuant to a private placement. Prior to the acquisition, Mr. Sprott beneficially owned 25,933,371 shares representing approximately 10.0 per cent of the outstanding shares on a non-diluted basis.

As a result of the acquisition, Mr. Sprott now beneficially owns 31,061,871 shares representing approximately 9.8 per cent of the outstanding shares on a non-diluted basis. The acquisition, combined with previous treasury issuances of shares, resulted in a decrease in holdings of approximately 0.3 per cent since the date of the last filing of an early warning report and brings total holdings to under 10 per cent on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario Ltd., ceased to be insiders of Rio2.

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.

Rio2's address is suite 1000, 355 Burrard St., Vancouver, B.C., V6C 2G8. A copy of the early warning report with respect to the foregoing will appear on Rio2's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario Ltd., 7 King St. East, suite 1106, Toronto, Ont., M5C 3C5).