Rio Silver Completes Agreement with Local Community at Jorimina Project, Peru

VANCOUVER, July 23, 2024 - Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) is pleased to announce it has finalized a surface access agreement ("the Agreement") with the local Community for a period of one year at the Company's Jorimina Project, an advanced gold/silver project near the city of Ayachucho in south central Peru.

A recently completed Environmental Impact Study and community workshops aided by the President and Council of the local community, represent the final steps of the drill permitting application process and allow for the initiation of activities at this highly prospective, bulk tonnage gold and silver target located at the Company's wholly owned, Jorimina, Gold / Silver Project.

Jorimina was previously a joint venture project of Newmont, one of the world's largest gold producers, that earned its interest from Southern Peru Copper by spending $US 7 million outlining that it was in fact a precious metals dominant deposit. Newmont performed extensive geophysical and geochemical exploration programs followed by a detailed metallurgical review as part of an internal preliminary economic analysis. This was based upon their initial diamond drilling campaign, which was a fence or row of widely spaced diamond core drilling holes, that transected the property. A planned follow up, resource defining, diamond drilling campaign was never realized due to a major market correction in 2012. The Company is in receipt of all the data generated and summarized in the 2012 Newmont report, which strongly recommended advancement of the project for which, upon a successful resource defining drill evaluation, could be capable of supporting a robust midsized mining operation.

Rio Silver expects receipt of the necessary drill permitting late in Q3, 2024, and is working with potential drill contractors to prepare to mobilize crews and equipment upon the receipt of the permits and minor property access upgrades.

Rio Silver's President, Chris Verrico, states" We are very pleased to have been able to advance Jorimina towards resource delineation, truly an exceptional milestone while we look forward to very strong precious metals pricing. Newmont had used a $1200/oz gold value at Jorimina in their preliminary economic analysis at Jorimina. It is an exciting entry point for future valuation gains! Rio Silver has a very successful track record of permitting successes and a very focused and experienced team that can deliver on our objectives. Our recent success with community engagement and permitting advances, may aid our ability to engage the community that is associated with the adjoining Ninobamba, high sulfidation, epithermal silver/gold deposit located just 6.5 kilometers east from Jorimina, under one continuous land holding and another opportunity for an accretive valuation increase for Rio Silver shareholders.

Rio Silver is a resource development company that has been selectively acquiring and advancing precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favorable precious metals bull market. Both our Niñobamba and Jorimina area Au/Ag targets are suggestive of near surface, bulk mineable open pit targets.

We remain ever impressed and optimistic by the resilience and ingenuity of our host country as the Government continues to endorse supportive mining policies ensuring continued growth and opportunity throughout Peru.

ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.

"Chris"
Christopher Verrico

Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.

For further information:

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: chris.verrico@riosilverinc.com

Website: www.riosilverinc.com