RZOLV Technologies Strengthens Board with Mining Expert John C. McConnell and Issues Over 1 Million Stock Options

John C. McConnell's Extensive Mining Leadership Experience

With over 40 years in mine development, operations, corporate leadership, project financing, and governance, John C. McConnell has led major mining projects from exploration through permitting, financing, construction, and commercial production. Throughout his career, he has raised more than US$1 billion to support project development and corporate growth.

Currently, McConnell is CEO of 44984 Capital, a private investment firm focusing on strategic investments in the global mining sector, emphasizing gold, silver, and copper. His active involvement in exploration, development, and production companies across public and private markets positions him as a dynamic industry participant.

Legacy of Leadership at Victoria Gold Corp. and Eagle Gold Mine

McConnell’s recent executive role was President, CEO, and Director of Victoria Gold Corp., where he spearheaded the acquisition, development, financing, construction, and operation of the Eagle Gold Mine in Yukon. Under his leadership, Eagle became Canada’s newest large-scale gold mine and one of Yukon’s most significant private-sector investments, producing approximately 180,000 ounces of gold annually.

He also forged partnerships with First Nations, governments, investors, and local communities during the mine’s development—a stakeholder engagement approach RZOLV highlights as directly relevant to its own goals for independent validation, strategic alliances, and commercialization of its non-cyanide processing technology.

Diverse Career Across Multiple Commodities

Before Victoria Gold, McConnell served as President and CEO of Western Keltic Mines Inc. and Vice President of Northwest Territories Projects for De Beers Canada Inc., where he led the Snap Lake Diamond Mine development. His senior roles at Winspear Diamonds Inc., Breakwater Resources Ltd., and Strathcona Mineral Services Ltd. provided him with extensive experience in gold, silver, base metals, and diamond projects.

His expertise spans mine engineering, project development, operations, mergers and acquisitions, corporate finance, environmental and regulatory permitting, stakeholder engagement, and corporate governance—skills critical to RZOLV’s current development phase involving environmental assessments, heap-leach scale-up, and regulatory processes.

Academic Background and Industry Honors

McConnell holds a Bachelor of Science in Mining Engineering from the Colorado School of Mines, aligning with RZOLV’s technical focus on hydrometallurgical processing and mineral recovery.

He has received three major Canadian mining awards: the 2024 PDAC Viola MacMillan Award, the 2023 AME Murray Pezim Award, and the 2022 AME E.A. Scholz Award. These accolades recognize his significant contributions to the Canadian mining industry. McConnell has also served on boards and committees of numerous public and private resource companies and industry organizations, bringing governance, technical oversight, risk management, and sustainability expertise.

RZOLV CEO Duane Nelson on McConnell’s Appointment

Duane Nelson, President and CEO of RZOLV Technologies Inc., commented: "John has spent more than four decades advancing major mining projects through permitting, financing, construction, and commercial production. His experience, technical knowledge, and relationships across the mining industry, governments, First Nations, and capital markets will be invaluable as RZOLV progresses to its next development phase."

Nelson emphasized McConnell’s operational background, stating: "John’s hands-on experience in mine development, heap-leach operations, environmental assessment, stakeholder engagement, and project finance will significantly strengthen our Board as we pursue independent validation, strategic partnerships, and commercial-scale opportunities."

John C. McConnell on Joining RZOLV’s Board

McConnell remarked: "The mining industry requires practical technologies that improve metal recovery while addressing environmental, regulatory, and operational challenges linked to conventional processing." He positioned RZOLV’s non-cyanide platform as a solution to these industry pressures rather than a purely experimental technology.

He added: "RZOLV is developing an innovative non-cyanide hydrometallurgical platform, and I look forward to collaborating with Duane, the Board, and the technical team as the technology advances through independent testing, scale-up, and commercialization."

Details of Stock Option Grants

The board granted McConnell 250,000 incentive stock options related to his appointment and an additional 767,117 options to other directors, officers, employees, and consultants in recognition of their ongoing contributions and to align interests with the company’s long-term goals. The total options granted amount to 1,017,117.

All options are exercisable at $0.35 per common share, vest immediately, and expire on July 14, 2031. They were granted under RZOLV’s Omnibus Incentive Plan and comply with TSX Venture Exchange policies, allowing recipients to exercise options without delay.

Amendment to Chief Innovation Officer’s Termination Terms

Alongside the board appointment and option grants, RZOLV amended Chief Innovation Officer Reza Kafaei’s employment agreement effective July 14, 2026. The amendment stipulates that if terminated without just cause, Kafaei will receive two times his annual compensation plus two times the average annual bonus over the last three years, payable immediately.

Additionally, all incentive securities granted to Kafaei will vest immediately and become exercisable per the Omnibus Incentive Plan upon termination without cause. The release does not disclose Kafaei’s current compensation or incentive security values. This amendment reflects broader governance and compensation updates by the board around July 14, 2026.

Overview of RZOLV’s Non-Cyanide Hydrometallurgical Technology

RZOLV Technologies is developing a water-based, non-cyanide hydrometallurgical platform for recovering gold, silver, and select critical minerals from various feedstocks including ores, concentrates, refractory materials, spent heap-leach pads, tailings, and legacy process residues—covering both primary production and remediation applications.

The platform operates under controlled aqueous conditions and integrates with established recovery technologies such as activated carbon, ion exchange, and electrowinning. RZOLV’s development strategy emphasizes feed-specific metallurgical testing, independent third-party validation, closed-loop solution management, and progressive scale-up from laboratory to pilot and field demonstrations. This approach underscores the importance of board expertise in mine operations, project finance, and environmental assessment at this stage.

Governance and Strategic Development Focus

McConnell’s appointment aligns with RZOLV’s efforts to enhance governance and technical oversight as it pursues independent validation, scale-up, and commercialization of its technology platform. His extensive board experience in public and private resource companies adds valuable governance, operational, and financial insights.

RZOLV is listed on the TSX Venture Exchange, OTCQB, and Frankfurt Stock Exchange, adhering to regulatory and disclosure requirements for TSXV-listed issuers, including stock option grants under its Omnibus Incentive Plan.