RZOLV - Shareholder/Corporate Update | Q4 2026
RZOLV Technologies Inc. | October 26, 2026
Advancing Precious and Critical Metals Recovery Through Technology and Partnerships
Dear fellow shareholders,
Over the past six months, RZOLV has strengthened its technical foundation, expanded its commercial relationships and opened new opportunities for its metal-recovery technology. Our latest silver-recovery results, together with a growing pipeline of processing opportunities, represent meaningful progress toward commercial application.
This year’s achievements include large-scale technology validation, encouraging environmental toxicology results and government support through funding programs and participation in international delegations. We have secured support and non-dilutive funding through IRAP, SR&ED, CEMI and MICA, earned recognition from leading mining publications, and strengthened our research and industry relationships with UBC, Alkemio Biosciences, EMEW Clean Technologies, Novamera, and the Critical Minerals Institute. Together, these developments support our technical progress and broaden our access to expertise, funding and potential commercial partners.
We believe this progress is not yet fully reflected in our market valuation. We also recognize that shareholder confidence must be earned through execution. Our focus remains on delivering the milestones that can translate technical advances into lasting shareholder value: repeatable operating results, funded demonstrations, commercial agreements and revenue.
A focused technology business
The Company has developed unique and patent pending technologies and chemical formulas for the extraction of precious and critical metals from primary (ores and minerals) and secondary sources (end of life electronics and solar panels).
RZOLV’s business strategy combines two complementary models—LICENSE and PARTNERSHIP—across two distinct industry sectors:
Under LICENSE, RZOLV would provide technology access, reagents and technical expertise to qualified operators, creating opportunities for recurring revenue.
Under PARTNERSHIP, RZOLV would participate selectively in concentrate, tailings and spent-heap projects where its technology has the potential to improve metal recovery and project economics.
We continue discussions with established industry participants and reagent suppliers to evaluate applications and develop routes to market. Our MOU with Novamera addresses the potential integration of selective mining with modular, non-cyanide processing. Our LOI with Alkemio Bioscience explores complementary approaches to rare-earth and critical-mineral recovery and our LOI with EMEW Clean Technologies provides project engineering, electrowinning, and global reach with 9 global locations.
Developing the above-ground resource opportunity
Historical tailings and spent heap-leach materials represent a substantial opportunity for RZOLV. These materials have already been mined and often crushed or ground, potentially reducing some of the requirements associated with developing new mineral deposits.
The scale is significant. S&P Global estimates that approximately 131 billion tonnes of tailings were generated worldwide between 1991 and 2025, with primary gold producers accounting for approximately 23%—equivalent to roughly 30 billion tonnes of gold-mine tailings. Separately, market analysts estimate approximately 10 billion tons of gold-bearing ore in existing heaps worldwide.
We are developing relationships with global mining companies and technology providers to identify suitable projects and advance them through representative sampling, laboratory testing, column trials and larger-scale demonstrations. Our focus is on establishing recovery, reagent consumption, permeability and project economics before making development commitments.
Illustrating the potential of a royalty-based model
A successful project could create meaningful revenue for RZOLV through a negotiated royalty. For illustration only, consider a hypothetical tailings project containing 2 million tonnes at an average grade of 1.0 gram of gold per tonne. Assuming 70% overall recovery and an illustrative gold price of US$4,000 per troy ounce, the calculation would be:
Illustrative measure | Approximate amount |
Contained gold | 64,300 ounces |
Gold recovered at 70% recovery | 45,000 ounces |
Gross recovered gold value | US$180 million/CAD$250 million |
5% of gross recovered gold value (Royalty) | US$9.0 million/CAD$12,600,000 |
Importantly, under a partner-funded development and royalty model, RZOLV may not be required to fund the mine development, processing infrastructure or ongoing operating costs associated with the project. RZOLV's contribution could instead consist primarily of its proprietary technology, technical expertise and ongoing process support.
As a result, royalty revenue generated under this type of structure could represent high-margin, capital-light revenue to RZOLV, with relatively limited direct project-level capital or operating expenditures borne by the Company. The actual economics would depend on the final commercial agreement, project performance, recovery rates, gold prices and the extent of RZOLV's continuing obligations.
This illustrates the potential leverage of RZOLV's business model: participation in the economics of large above-ground mineral resources without necessarily assuming the capital intensity and operating risk associated with owning and developing the underlying mining project.
Solar panel critical metals: advancing extraction and recovery
Our latest testing achieved 99.9% silver extraction from the solar-panel concentrate tested and 99.8% silver recovery from solution during a five-hour electrowinning test. These results support continued development of the leaching and metal-recovery stages.
The extraction result was calculated using independent ALS assays of the concentrate and final washed residue, together with recorded dry masses. It applies to the prepared material tested, rather than untreated whole panels. The time required to achieve that extraction has not been established, and reconciliation across all solution streams remains under review.
Our next work will address complete metal balances, product verification, solution reuse, reagent consumption and operating costs. These preliminary results do not establish commercial-scale performance.
A growing opportunity in solar recycling
The expansion of solar installations is creating a substantial future pool of recyclable equipment. IEA PVPS reports that global installed photovoltaic capacity reached approximately 2.96 terawatts by the end of 2025, with approximately 690 gigawatts added during that year.
Silver is an important component of that manufacturing supply chain. A peer-reviewed study published in Resources, Conservation and Recycling projects that photovoltaic manufacturing could require approximately 322–450 million troy ounces per year. These are scenario-based projections; actual demand will depend on solar deployment, cell technology, substitution and reductions in silver use per panel.
As the Silver Institute explains in its World Silver Survey 2026, silver recycling from retired panels remains limited because much of the installed fleet has yet to reach end of life. Commercial viability also depends on sufficient feedstock and the economics of recovering the full material mix, including aluminum and silicon.
For RZOLV, the opportunity is to develop a silver-recovery process that adds measurable value within this broader recycling system as collection volumes grow.
Building a global circular supply chain
RZOLV is in discussions with several prospective global partners to develop an integrated system for recovering valuable metals from retired solar panels and returning them to manufacturing.
The proposed system would bring together complementary capabilities across five stages:
Collection: A global solar-panel manufacturer would collect end-of-life panels.
Dismantling and concentration: A recycling partner would dismantle panels and concentrate the metal-bearing materials.
Dissolution: RZOLV technology would dissolve targeted metals from suitable concentrates into solution.
Metal recovery: Electrowinning would recover dissolved metals from the RZOLV solution.
Refining and reuse: A global refining partner would process recovered materials to manufacturing specifications, allowing silver to return to the manufacturer for reuse.
Our near-term objectives are to formalize partner responsibilities, validate the integrated process and establish commercial terms. Successful deployment could provide a foundation for expansion across additional recycling facilities and manufacturing networks, creating opportunities for recurring reagent supply, technology licensing and technical support. Negotiations remain ongoing, and definitive agreements have not been concluded.
Building on our gold-recovery foundation
These programs build on laboratory testing and the approximately 75-tonne Arizona bulk vat-leach program, which reported 67.51% overall gold recovery over 40 days under the conditions evaluated. That program provided practical experience in material handling, solution circulation and downstream recovery beyond laboratory scale.
Separate testing on a selected complex copper-gold sample reported approximately 97% gold extraction without pretreatment. Additional work on copper-gold materials has helped identify where direct treatment is appropriate and where preliminary copper removal may improve subsequent gold recovery.
We also secured non-dilutive funding and completed MICA and NRC IRAP supported research programs addressing bulk-scale testing, electrochemical regeneration, reagent management and process control, while expanding our technical capabilities.
Results remain specific to the materials and conditions tested. Our development work increasingly focuses on the complete process: metal dissolution, recovery, product quality, controlled reagent consumption and reliable solution reuse.
Our priorities ahead
Our immediate priorities are to advance revenue-generating projects, validate integrated solar-silver recovery, formalize suitable commercial partnerships and progress selected above-ground opportunities through technical and economic assessment.
Longer term, our objective is a repeatable technology business serving multiple customers and applications through reagent supply, licensing, technical services and selected project participation.
The technical foundation is strengthening, funded work is advancing and the range of potential applications is expanding. Our task now is to convert that progress into demonstrated performance and commercial results.
Thank you for your continued support.
Duane NelsonPresident & CEO
RZOLV Technologies Inc.
Forward-Looking Information and Technical Qualifications
This update contains forward-looking information concerning RZOLV’s planned laboratory and pilot programs, facility arrangements, funding support, prospective partnerships, anticipated processing activities, potential royalty and other revenues, market opportunities, scale-up and commercialization. Forward-looking information reflects management’s expectations and assumptions as of the date of this update and is not a guarantee of future performance.
Material assumptions include successful technical validation and scale-up; access to suitable feedstock, facilities, equipment and qualified personnel; availability of financing and satisfaction of applicable funding conditions; receipt of required permits and approvals; acceptable recovery rates, reagent consumption and operating costs; and the negotiation and execution of definitive commercial agreements. Any proposed model involving partner-funded development assumes that partners secure and provide the necessary capital and undertake the responsibilities specified in those agreements.
Actual results may differ materially because of technical or operational difficulties, feedstock variability, unsuccessful scale-up, delays, financing constraints, changes in metal prices or market demand, regulatory requirements, or an inability to conclude or implement commercial agreements. Prospective partnerships may not result in definitive agreements or commercial deployment. There can be no assurance that the Company will achieve the timing, revenues, margins or commercial outcomes discussed.
Any royalty illustration is hypothetical and intended solely to explain a potential business model. It is not a forecast of RZOLV revenue, a project valuation, or an estimate of mineral resources or reserves. Its assumed tonnage, grade, recovery, metal price and royalty rate have not been established for an identified project. Actual royalty receipts would depend on verified project characteristics, economic viability, financing, permitting, production, completed sales and contractual terms, including applicable deductions. Amounts illustrated represent potential receipts over the full processing life assumed, rather than annual revenue, profit or present value. Partner funding would not necessarily eliminate RZOLV’s technical-support, administration or other contractual costs.
Technical results apply only to the materials and conditions tested. The reported 99.9% silver extraction applies to the pretreated material tested, not untreated whole solar panels. The reported 99.8% electrowinning result measures recovery from solution during a two-hour test. These are separate processing-stage measurements and do not establish overall recovery from panel material to finished metal. Integrated operation, complete metal balances and product verification remain subject to further work. Preliminary bench-scale results do not establish commercial-scale performance or economic viability.
Third-party market estimates and projections provide industry context. They do not represent resources controlled by RZOLV, feedstock available to the Company, or material demonstrated to be technically or economically treatable using its technology.
Readers should not place undue reliance on forward-looking information. Except as required by applicable securities laws, RZOLV undertakes no obligation to update this information following new information, future events or otherwise.
[1] IEA PVPS, Trends in PV Applications 2026, September 2026: https://iea-pvps.org/trends_reports/trends-2026/[2] The Silver Institute, World Silver Survey 2026, p. 39.
[PL1]Yes I like this order a lot better, and aligned with what I had initially suggested - putting business strategy upfront
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