Toronto, Ontario--(Newsfile Corp. - April 19, 2024) - Eric Sprott announces that, on April 17, 2024, 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 5,128,500 common shares (Shares) of Rio2 Limited 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% 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% 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% since the date of the last filing of an Early Warning Report and brings total holdings to under 10% on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario Ltd., ceased to be insiders of Rio2 Limited.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206237