RIO Silver Announces Close of First Tranche of Private Placement

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RIO SILVER ANNOUNCES CLOSE OF FIRST TRANCHE OF PRIVATE PLACEMENT

Vancouver, British Columbia – June 12, 2023 – Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) is

pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement

(the "Offering") for gross proceeds of $440,000.

Upon the completion of the Offering, the Company issued an aggregate of 8,800,000 units (the "Units") of the Company

at a price of $0. 05 per Unit. Each Unit consists of one common share of the Company and one common share

purchase warrant (a "Warrant"). Each Warrant is exercisable into one additional common share of the Company at a

price of $0.08 per share until December 9, 2024 , unless the closing price of the common shares of the Company is

$0.15 or higher for 15 consecutive trading days any time after the date that is four months after closing, in which case

the Warrants will expire 30 calendar days after notice to the Warrant holders through a news release announcing an

earlier expiry date.

Three insiders of the Company participated in the Offering, namely : a company controlled by Chri stopher Verrico ,

CEO, President and a director of the Company, purchased 2,400,000 Units, Steve Brunelle, a director of the Company,

purchased 1,000,000 Units and Richard Mazur, a director of the Company, purchased 1,000,000 Units.

Proceeds from the Offering will be used to fund the Company’s ongoing business operations and for general working

capital purposes.

The securities issued under the Offering will be subject to a statutory hold until October 10, 2023.

For more information contact:

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: [email protected]

Website: www.riosilverinc.com

Neither yjr TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX

Venture Exchange) 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 express ed in

such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee 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 uncertai nties.

We do not assume any obligation to update any forward-looking statements except as required by applicable laws.