Riverside Resources Inc. announced it has signed an option agreement on March 8, 2024 with Fortuna Silver's subsidiary Compania Minera Cuzcatlan (CMC) on Riverside's Cecilia Gold Silver Project in Sonora, Mexico where through a series of payments and work commitments, Fortuna may earn a majority interest. Riverside will remain the program operator using its local team based in Hermosillo, Sonora and adding strength to its international geoscience staff. The Cecilia Project is a titled and 100% Riverside owned district scale gold and silver, low sulfidation epithermal system, located 40 KM southwest of the Mexico-U.S.A. border city of Agua Prieta and is directly accessible by a well-maintained paved and then dirt road.

The project is over 60 KM sq and has over 10 different exploration targets, with at least two nested dome complexes like the domes in Peru at the Yanacocha Mining District and in Bolivia at the Korri Kollo Mine, which have produced well over 25M and 5M oz gold respectively. This new Agreement enables the Project to immediately move ahead with a robust exploration program and reflects the belief, by both parties, of the potential for rapid discovery of new precious metal deposits. Highlights of the Agreement are summarized: Fortuna Silver Option of Riverside's Cecilia project with commitment of work, including an initial planned minimum 1,000 meters drilling campaign.

Work expenditures of 500k/yr for the first 4 years and 1.75M in final year. An initial payment of $50,000 to Riverside upon signing and then $25,000 each year for a total of $150,000. A total work spends of USD 3,750,000 for an initial 51% interest and second option total spending of USD 6,000,000 to earn 80% interest.

Option agreement terms: First Option: 5 years to earn 51% by spending USD 3.75 million in work and paying USD 150,000 in cash payments to Riverside with required work of at least $500,000 in the first year for the Option and Riverside has the drill permits in hand. Fortuna has paid Riverside the initial $25,000 on signing and pays $25,000 more on filing the agreement in Mexico. Then pays Riverside $25,000 each year plus Riverside acts as operator for the program with a 10% management fee on top of the work spending commitments each year.

Second Option: Upon completion of First Option, Fortuna may elect to progress with a second option to earn to 80% by spending an additional $2.25 million in work over 3 additional years. Third Option: After completing Second Option, Fortuna may Elect within 120 days to pay Riverside $5 million cash and grant Riverside a 2% NSR where 1% NSR may be purchased before commercial production for $3 million thereby Fortuna earning 100% interest in the project. Riverside will be reimbursed for all annual concession maintenance fees, property taxes, access fees, and any other payments required to maintain the Project.

As Operator, Riverside will manage the exploration programs and be entitled to collect administration fees of 10% on the work programs. Riverside Ceclia project is a high-quality project, and the company is excited to see it now moving ahead with mid-Tier Mexico producer as partner and the project fully fundable this way. Riverside has the right to sell interest in the joint venture or royalty through a first right of offer (ROFO). Similarly, Fortuna can do the same providing Riverside with first right of offer.

Cecilia Project: Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 37 meters at 1.5 grams per ton of gold (>50 gram meter) within the rhyodacite dome, showcasing the property's substantial potential at shallow depths. The project has substantial potential at shallow depths.