Post: Presidents Year End Message

Year End - Letter to Shareholders

From the Office of the President & CEO

RZOLV Technologies Inc. (TSXV: RZL)

December 2025

Dear Shareholders,

As we close out 2025, I want to thank you for your continued support and share a clear view of what we built this year, what we proved, and what comes next. RZOLV is being developed as a practical answer to one of the biggest constraints in gold processing. There is a large and growing volume of material where cyanide is restricted, inconsistent, or does not deliver dependable recovery.

RZOLV did not come from a single moment of inspiration. It was earned through years of disciplined experimentation, careful analysis, and pilot-scale work aimed at understanding the real limits of conventional chemistry. Our team focused early on a simple question. What happens in the failure windows where cyanide struggles? Those windows are well known to operators and include cyanide prohibited jurisdictions, sulfide-rich ores, complex gravity and flotation concentrates, copper-gold systems, and legacy tailings with unpredictable chemistry. The consequence is significant. Billions of tonnes of gold-bearing material are penalized, deferred, or bypassed because cyanide is either prohibited, constrained or ineffective.

What changed our trajectory was a discovery that ran against conventional thinking. We found that gold dissolution could be driven effectively within a tightly controlled electrochemical operating regime where cyanide chemistry fails. Instead of forcing oxidation with harsh conditions, performance and selectivity improved when oxidation was buffered and precisely controlled. That insight became the foundation for RZOLV’s multi-component reagent system, engineered to remain stable in the presence of sulfides and iron, resist degradation, reduce passivation, and deliver predictable dissolution across difficult feeds.

In 2025, we translated that foundation into measurable progress. We advanced lab and pilot testing, moved electrochemical regeneration work forward, and improved formulation stability in ways that strengthen reagent economics. We also demonstrated gold recovery from solution using conventional carbon adsorption, an important step toward practical integration. Most notably, independent SGS studies on oxide and sulfide concentrates reported gold recoveries exceeding 99 percent under the specific test conditions evaluated, reinforcing both the technical credibility of the chemistry and its relevance for real operators.

We also strengthened our non-dilutive funding base to support execution. We secured support through MICA, the Mining Innovation Commercialization Accelerator, part of CEMI’s commercialization network, to advance our bulk test program. We also continued to receive NRC-IRAP funding to support and accelerate our research and development efforts.

October marked a major corporate milestone. We successfully listed on the TSX Venture Exchange under the symbol RZL and raised approximately 3 million dollars in operating capital to advance research, development, and commercialization. With that listing came greater visibility and engagement, and our market capitalization (MCAP) increased from approximately 14.4 million dollars to approximately 28 million dollars. We strengthened our internal capacity by adding a full-time CFO and two metallurgical specialists. We were also pleased to welcome Mary Ellen Thorburn to our Board of Directors, where she will serve as Chair of the Audit Committee.

Commercialization has been a constant focus throughout the year. We have been in active discussions with major chemical and distribution organizations as well as potential marquee customers. At the same time, we continue to see a steady number of gold producers reaching out to test their materials. That inbound interest matters because it reflects a real industry need for solutions that can operate reliably in jurisdictions and ore types where cyanide faces technical, regulatory, or environmental limits.

Gold prices reached historic highs in 2025, and investors often look to mining equities for leverage in these cycles. Mining leverage can be powerful, but it also carries geology, permitting, and capital intensity risk. RZOLV offers a different kind of leverage through technology. As gold prices rise, more tonnes become economic, more tailings and concentrates are reprocessed, and more projects advance. Each of those dynamics increases demand for effective leaching reagents. Because RZOLV is designed for conditions where cyanide is restricted or underperforming, we believe our opportunity can expand with the broader processing cycle without being tied to any single orebody.

Equally important is how we plan to scale. RZOLV has been designed for efficient production and shipment, with the goal of supplying it as a dry powder that can be mixed on site. We intend to pursue manufacturing and distribution through strategic partners rather than building traditional chemical plants, supporting a capital-light path to global deployment and recurring reagent sales.

We are also pleased to report that the 100-tonne commercial-scale bulk test in Arizona has now been completed, and we are in the process of compiling and reconciling the results from hundreds of assays and operational data points to produce a comprehensive technical report.

Looking into 2026, our priorities are clear: expanding commercial partner relationships, completing additional commercial-scale deployments, continuing independent validation across a broader range of materials, and advancing regional manufacturing arrangements where it makes strategic sense. Our mission remains unchanged, to deliver a globally deployable, non-toxic alternative to cyanide that improves recovery, reduces environmental impact, and unlocks value in materials where conventional methods fall short.

Thank you for your continued support. While we remain early in our commercialization journey, the position we are building, and the accelerating market pull toward safer, more flexible extraction chemistry, has never been stronger.

Wishing you and your family a joyful holiday season and a healthy, successful 2026.

Sincerely,

Duane Nelson

President and CEO

RZOLV Technologies Inc.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This document contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. Readers are cautioned not to place undue reliance on such statements. The Company undertakes no obligation to update forward-looking statements except as required by law. “Forward-looking statements in this document include, but are not limited to, statements regarding anticipated market adoption, pricing, margins, recurring revenue characteristics, comparative risk profiles relative to mining investments, and the Company’s expected commercialization trajectory. Such statements are based on management’s current expectations and assumptions and are subject to risks, uncertainties, and factors that could cause actual results to differ materially.”