RESOURCES INC
i RIVERSIDE
Suite 550 — 800 West Pender Street, Vancouver, BC, V6C 2V6 Tel: (778) 327-6671 TSX-V: RRI PRESS RELEASE OTCQB: RVSDF
Frankfurt: SYYO
RIVERSIDE RESOURCES OPTIONS CECILIA PROJECT, SONORA, MEXICO TO CALU
October 20, 2026 - Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) (OTCQB: RVSDF) (FSE: SYY0), is pleased to announce that its subsidiary, Ravena Resources Corp. ("Ravena"), together with RRM Exploraciones, S.A.P.I. DE C.V., has completed an option agreement with 1559239 B.C. Ltd., operating as Calu Resources Corp ("Calu") for the Cecilia Project in Sonora, Mexico. Under the agreement, Calu can earn 100% interest in the project by completing the business terms outlined below with a total earn-in work expenditure of $6,650,000. Ravena, the subsidiary of Riverside, will manage the exploration work and receive a 10% operations fee. The work will include an updated NI 43-101 report, followed by a firm commitment exploration program of at least C$150,000 in the first 12 months. Calu has made the initial payment of C$50,000 to Ravena to begin the option commitment. Calu is a new private company that intends to become public through a three-way amalgamation with Pender Capital. That transaction is described in a separate news release issued by Calu and Pender Street Capital Corp.
"Riverside is pleased to progress another property in its portfolio where Riverside retains a 2% NSR royalty and its subsidiary, Ravena Resources, receives option payments and acts as the operator of the exploration program,” said John-Mark Staude, CEO of Riverside Resources. “As we build our royalty portfolio, we are focusing on properties where discovery can add value to those royalties, particularly properties held through Riverside and, going forward, those included in the planned 2027 spin-out of Ravena Resources Corp. With more than C$6,500,000 in exploration expenditures under the earn-in, this agreement allows Cecilia to advance at no cost to Riverside."
Option and Earn-In Terms
Under the Option Agreement, Calu may acquire a 100% interest in the Cecilia Project by making aggregate cash and share payments of C$1,200,000 and funding aggregate exploration expenditures of C$6,650,000 over five years, as follows:
Due Date Payments Cumulative Exploration
Expenditures
Effective date of Option $50,000 in cash Nil
Agreement
First anniversary $150,000 in cash or Calu $150,000
shares
Second anniversary $150,000 in cash or Calu $500,000 shares
Third anniversary $150,000 in cash or Calu $2,000,000 shares
Fourth anniversary $200,000 in cash or Calu $2,000,000 shares
Fifth anniversar $500,000 in cash $2,000,000
Total: $1,200,000 $6,650,000
Unless otherwise indicated, all amounts in this news release are expressed in Canadian dollars.
The initial C$50,000 cash payment and at least C$150,000 in exploration expenditures during the first 12 months are firm commitments of Calu under the Option Agreement. All remaining payments and exploration expenditures are optional, but Calu must complete them to keep the option in good standing and to exercise it.
Where permitted under the option agreement, Calu may elect, with at least 10 business days' notice, to make all or part of a cash payment in Calu shares. The number of shares issued will be based on the 10-trading-day volume-weighted average price of Calu shares on a recognized stock exchange, subject to applicable securities laws and stock exchange policies. Shares will be issued fully paid and free of encumbrances, other than statutory resale restrictions.
Ravena will act as operator of all exploration programs on the Cecilia Project during the option period and will be entitled to a management fee equal to 10% of eligible exploration expenditures.
The Cecilia Project is subject to an existing 2.0% net smelter returns royalty in favour of 1412597 B.C. Ltd., a subsidiary of Riverside Resources Inc. Upon exercise of the option, Calu will grant Ravena an additional 0.5% net smelter returns royalty. Calu will have the right to purchase the entire 0.5% royalty from Ravena for US$1,500,000 in cash at any time prior to January 1, 2035.
Cecilia Project
The Cecilia Project is located in northeastern Sonora, Mexico, approximately 40 kilometres southwest of Agua Prieta, near the Mexico-United States border, and 100km due east of the Cananea large copper mining complex. Operations of Couer Mining, First Majestic, Agnico Eagle, Grupo Mexico, Penoles, Hylander Silver are all active in the area around the Project. Riverside's exploration work has included drilling at four key targets that warrant follow-up exploration. Six additional targets are permitted for drilling and could host a new discovery as well. If exploration is successful, Riverside will benefit through its royalty interests in addition to the option payments. The main concession block includes the Cecilia 1 titled claim and collectively covers > 60 km? of titled ground plus an additional 16 km? of application ground for