Q1 - 2026 Shareholder Update…RZOLV is making the transition from promise to proof.

Dear Shareholders,

Over the past several months, our focus has been clear: build technical credibility, expand the commercial case, and position RZOLV where its value proposition is strongest. I believe the Company made meaningful progress this quarter. We are no longer defined only by concept-stage potential. We are building a growing body of validation that now includes independent third-party concentrate testing, bulk-scale mine-site results in Arizona, a planned 50 tonne-per-day agitated tank-leach program, third-party ecotoxicity work, and encouraging silver recovery results on solar-panel-derived concentrates.

That matters because markets reward evidence, not theory. Step by step, RZOLV is building that evidence. In my view, the story is becoming clearer, broader, and more investable.

From Lab Results to Field Validation

A key milestone was our Arizona bulk vat-leach program at an operating gold mine. In that test, RZOLV processed 75 tonnes of low-grade oxide mineralization and achieved 67.51% overall gold recovery over 40 days, while also demonstrating similar recoveries to cyanide, stable reagent consumption, controlled pH and ORP, compatibility with conventional activated carbon, and recovery to a gold doré bar. This was an important advance because it moved RZOLV beyond bench-scale testing and further into real operating conditions.

We are now extending that path through our agreement with Environmental Research and Development in Arizona, where the next phase is designed to operate in an agitated tank-leach configuration at an initial nominal rate of 50 to 100 tonnes per day. This is the kind of field work that can move a technology from interest to relevance.

A Large Opportunity in Gold and Silver Concentrates

One of the strongest validation points to date came from independent SGS bottle-roll testing on gravity concentrates from two Alaska gold projects. Under the test conditions, RZOLV reported gold recovery of 98.7% on oxide concentrate and 89.4% on sulfide concentrate over 96 hours. We view these results as highly significant because they support a potentially compelling use case for RZOLV in the treatment of conventional gold and silver concentrates.

This matters because concentrate sales are often constrained by economics well beyond metallurgy. Smelting and concentrate sales can erode value through treatment charges, freight, insurance, assaying, agency costs, settlement delays, and penalties for deleterious elements. If RZOLV can enable more onsite recovery, operators may be able to keep more of the metal value through higher payables, lower downstream costs, faster settlement, and fewer smelter deductions.

This is a large market. Gold-rich concentrates represent roughly 12% to 15% of global gold production, or approximately US$64 billion to US$80 billion in annual contained value at current prices. Even limited market penetration in that segment could become highly meaningful for RZOLV.

Solar Recycling Is Emerging as a Second Growth Lane

At the same time, a second commercial lane is beginning to emerge in solar recycling. We recently reported test work on a fine solar-panel-derived concentrate grading approximately 977 g/t silver from a U.S.-based recycler where RZOLV achieved approximately 89.8% calculated silver recovery in less than 4 hours. This result is important not only technically, but strategically, because it points to a high-value application outside conventional mining.

The solar opportunity is substantial. Industry estimates suggest that recycling or repurposing retired PV panels could unlock roughly 78 million tonnes of raw materials and components globally by 2050, with recovered material value exceeding US$15 billion. Today, many recyclers capture only a fraction of the value in their concentrates and remain dependent on costly downstream smelters. We believe that creates a meaningful opening for a lower-cost, onsite recovery solution. By establishing an early foothold in this market, RZOLV can potentially create a significant second growth engine for the Company.

Environmental Profile Matters

We also added an important environmental data point this quarter through third-party ecotoxicity work. Based on the CTRI results disclosed by the Company, the data were directionally consistent with a materially lower acute LC50 toxicity profile than cyanide (57,000X). We will continue to communicate those findings carefully and responsibly, but the broader implication is clear: RZOLV appears to be strengthening not only its technical case, but also its environmental and permitting case. In our view, that could become an increasingly important competitive advantage.

LC50 Comparative Matrix

Substance	EPA Category
Rotenone (pesticide)	Very Highly Toxic
Sodium cyanide	Very Highly Toxic
Un-ionized ammonia	Moderately Toxic
Sodium sulfate (detergent)	Moderately Toxic
Potassium carbonate (Potash)	Slightly Toxic
Magnesium hydroxide (antacid)	Practically Nontoxic
Potassium chloride (De-icer)	Practically Nontoxic
RZOLV	Practically Nontoxic
Sodium bicarbonate (baking soda)	Practically Nontoxic
Sodium chloride (table salt)	Practically Nontoxic

Results of the rainbow trout acute testing indicate that RZOLV falls within the EPA’s lowest acute aquatic toxicity band (“practically nontoxic”) rather than the mg/L or sub-mg/L toxicity ranges associated with more acutely hazardous chemistries. (EPA)

A Clearer Market Position

Taken together, these developments are helping sharpen our market position. RZOLV should not be framed as a broad “replace cyanide everywhere” story. The stronger and more investable thesis is that RZOLV is a targeted, water-based, non-cyanide recovery platform for the applications where conventional routes are harder to permit, harder to manage, or less attractive economically. That includes concentrates, complex mineralogy, selected lower-grade applications, and high-value secondary materials such as solar concentrates. These are the areas where we believe the Company has the strongest potential to create value.

Commercialization Is Advancing

Commercialization work continues to advance. We remain active in testing ores, concentrates, and tailings from multiple mining companies. We are also advancing our joint venture with the Alaskan miner to construct a modular commercial-scale concentrate treatment plant to be mobilized to Nome, Alaska, for high-grade gravity concentrates and tailings.

In parallel, we continue discussions with global chemical manufacturers regarding potential strategic partnerships designed to accelerate manufacturing and distribution while limiting capital intensity at the corporate level.

Critical Minerals Expand the Long-Term Opportunity

Critical minerals further expand the upside. Recent test work on the recovery of critical minerals and rare earth elements using RZOLV was also encouraging, with dissolved metals including cerium, neodymium, praseodymium, dysprosium, terbium, samarium, europium, yttrium, lanthanum, cobalt, nickel, manganese, vanadium, chromium, scandium, indium, tellurium, beryllium, and uranium, among others.



This is strategically important because critical minerals are not a peripheral opportunity. They are one of the largest long-term industrial growth markets in the world. The International Energy Agency estimates the current market value of key energy-transition minerals at approximately US$325 billion, with the potential to grow to US$770 billion by 2040 under its Net Zero Emissions scenario. That puts the critical minerals opportunity in a category large enough to materially expand the long-term addressable market for RZOLV if our chemistry continues to demonstrate relevance across selected applications.

Looking Ahead

While we are extremely proud of what our team has achieved so far, we also recognize that the market still wants more. The market will continue to ask for more: more field data, clearer economics, and commercial relationships that move beyond test work. That is entirely reasonable. Our job is to continue reducing risk and building the record.

What is becoming increasingly clear, however, is that RZOLV is not a single-market story. We are advancing a platform with exposure to gold concentrates, solar recycling, and critical minerals — three large and strategically important markets that together represent a much broader long-term commercial opportunity for the Company.

I believe RZOLV is becoming a stronger, clearer, and more investable company. There is more work ahead, but the foundation is improving, the opportunity is expanding, and the momentum is real.



Thank you for your continued support.

Sincerely,

Duane Nelson

President & CEO

RZOLV Technologies

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Disclosure and Cautionary Note

This shareholder letter contains certain statements and information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information in this letter includes, but is not limited to, statements regarding the advancement and scale-up of pilot and field programs; potential commercial deployment of RZOLV in conventional gold and silver concentrates, solar recycling and critical minerals applications; potential construction, mobilization and operation of modular treatment plants; the negotiation and completion of licensing, partnership and other commercial arrangements; anticipated metallurgical, operating, economic, environmental, permitting and commercial benefits of RZOLV; and the size, timing and accessibility of potential market opportunities.

Forward-looking information is based on management’s current expectations, estimates, projections and assumptions as of the date of this letter, including assumptions regarding the reproducibility of test results at larger scale and under commercial conditions; the availability and quality of feed materials; the ability to secure required permits, approvals, counterparties, equipment, personnel and financing on acceptable terms; the performance of third-party laboratories, contractors and strategic partners; and the continued relevance of cited third-party market and industry data.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results or achievements to differ materially from those expressed or implied in such information. These factors include, without limitation, risks relating to metallurgical variability, scale-up, reagent consumption, recoveries, operating costs, plant performance, sample representativeness, permitting and regulatory timelines, environmental compliance, availability of commercial feedstock, financing, commodity prices, market adoption, competitive technologies, counterparty performance, intellectual property protection, and general economic, market and business conditions.

Readers are cautioned not to place undue reliance on forward-looking information. Although the Company believes the assumptions and expectations reflected in such information are reasonable as of the date hereof, no assurance can be given that they will prove to be correct. Actual results may differ materially. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

This shareholder letter also contains market and industry data obtained from third-party sources that the Company believes to be reliable as of the date hereof. However, the Company has not independently verified such information and makes no representation or warranty as to its accuracy, completeness or applicability.

This shareholder letter is provided for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.