Rhyolite Resources Ltd. has terminated its option to earn in a 70% interest in Suku Passi property and its option to earn in a 70% interest in the Bob's Pit property, both in Suriname. Discussions with the property vendors on amending the original agreement to reflect the exploration results to date proved unsuccessful. As a result, Rhyolite has elected to terminate the property agreements and will not be making a total of USD 450,000 in cash payments and USD 150,000 in share issuance payments required under the March 21, 2021 joint venture and earn-in agreements.

The full details of the joint venture and earn-in agreements were described in the Rhyolite press release dated March 31, 2021. The Company is continuing to evaluate its Brothers Concession in Suriname where it's inaugural 3,000-metre diamond core drilling program returned 1.8 grams gold per tonne over 10 meters downhole width in hole BRDD-001; 4.6 grams gold per tonne over 6 meters downhole width in hole BRDD-004; 2.4 grams gold per tonne over 8 meters downhole width in hole BRDD-009; and 20.5 grams gold per tonne over 1 meter downhole width in hole BRDD-013. The property vendors have made the application for the renewal of the Exploitation License and until the Concession is once again in good standing, Rhyolite will do no further field activities on the Concession but will maintain its current interest until a decision on the concession is made.