Huachocolpa District, Huancavelica, Peru

Maria Norte Project

Project Overview

The Maria Norte Project is Rio Silver Inc.’s flagship high-grade silver asset, located in the historic Huachocolpa District of Huancavelica, Peru. The district has supported decades of underground silver, lead, zinc, and gold production and remains an active mining area today.

Maria Norte benefits from year-round road access and is located approximately 11 kilometres from operating processing plants, providing a strong foundation for potential low-capital development pathways, subject to exploration success, permitting, and technical studies.

Project Type

High-grade silver polymetallic

Primary Metals

Silver, lead, zinc, with localized gold

Infrastructure

Road access and nearby processing facilities

Stage

Advanced exploration and early development

Geological Setting

Maria Norte hosts a network of silver-rich polymetallic veins and breccia structures within volcanic and sedimentary host rocks. Mineralization is dominated by silver, with associated lead, zinc, copper, and localized gold credits.

Structural trends at Maria Norte align with nearby producing operations in the Huachocolpa District, suggesting the project may form part of a broader mineralized corridor. Further exploration is required to confirm continuity and scale.

Exploration Highlights

Surface grab samples have returned silver values exceeding 500 g/t Ag, with elevated lead and zinc
A historical sample from the Castor vein reported 1,128 g/t Ag with significant gold content
Independent verification sampling completed in 2025 returned assays of 869 g/t Ag and 991 g/t Ag

These results demonstrate the high-grade nature of the mineral system and support continued advancement.

Project Advancement Timeline

Acquisition

Secured in a proven mining district with existing infrastructure.

Surface Sampling and Mapping

High-grade silver values confirmed through surface work and historical data review.

Underground Access Preparation

Planning for underground access to improve geological understanding at depth.

Technical Studies

Metallurgical testing, geological modeling, and evaluation work to support future decisions.

Potential Development Pathways

Assessment of toll milling or partnership-based processing options, subject to results and approvals.

High Grade Mineralization confirmed

High-Grade Silver Mineralization at Surface and Underground

Historic underground workings confirm multiple mineralized vein systems
Channel sampling and historic sampling identified high-grade silver with lead and zinc credits
0.7 m chip sample:
6.263 g/t Au, 991 g/t Ag, 2.35% Pb, 0.36% Zn
0.5 m chip sample:
1.679 g/t Au, 869 g/t Ag, 17.31% Pb, 10.17% Zn
Mineralization exposed at surface provides direct access for early testing
Waste dumps and historical stopes indicate prior extraction of high-grade material

This is not conceptual geology. Real high-grade silver is already exposed on the property

Sample	Sample Type	Width (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Location
9623	Grab	–	2.194	396	0.276	1.430	0.565	Waste dump
9624	Chip	0.5	1.679	869	0.310	17.310	10.170	Outcrop
9625	Chip	0.4	0.868	68.8	0.300	0.563	0.819	Outcrop
9626	Chip	0.7	6.263	991	0.612	2.350	0.357	Outcrop

Geological Model & Mining Potential

District-Scale Polymetallic Vein System

Low-sulphidation polymetallic vein model typical of productive Peruvian districts
Multiple known veins mapped across the property
Mineralization remains open along strike and at depth
Structural complexity suggests potential for additional blind vein systems

Objective: Demonstrate continuity and scale across a multi-vein district system

Favorable Geometry for Capital-Efficient Development

Mineralization occurs in well-defined, steeply dipping vein structures
Vein orientation suitable for conventional underground mining methods
High-grade zones exposed at surface reduce early development risk
Underground access potential supports staged, low-capex development
Veining in this mineralogical district can be very deep seated – providing long-serving resource potential

The shape and structure of the mineralization supports simple, scalable underground mining

Staged Work Program

Phase I

Surface De-Risking

Alpha IP geophysics survey
Geological mapping, channel sampling & assays
Road access & community programs
NI-compliant technical reporting

Phase II

Initial Drill Program

~600 metres of diamond drilling

All-in drilling cost: US$210 per metre

Assays: 150-600 samples Staffing, logistics, community work, QP report

Phase work is designed to advance from surface access → portal preparation → staged underground access, while processing strategy is advanced in parallel through metallurgical validation and toll-milling logistics planning.

Near-term Catalysts

2026 Value-Creation Milestones

IP geophysics and surface mapping across 4 concessions
Channel sampling → drill-ready targets
Initial 600 m drill program testing priority veins
Progress toward long-term surface access agreements
Advance toll-milling logistics and processing discussions supported by metallurgical results

Multiple re-rating catalysts within the next 6–12 months

Development Potential

Peru is one of the world’s leading silver-producing countries and hosts some of the largest known silver reserves globally. The country benefits from a skilled workforce, a deep mining culture, and well-developed infrastructure that supports exploration and mine development.

Rio Silver’s projects are located in Peru’s central Andean polymetallic belts, including the Huachocolpa District of Huancavelica. This region is known for high-grade silver-lead-zinc vein systems and decades of underground mining activity.