Rio2 Ltd

Description

Rio2 Ltd is a Latin American producer operating the Fenix Gold Mine in Chile and the 99.1%-owned Condestable copper-gold-silver mine in Peru. The company combines a ramping gold operation with an established polymetallic underground mine and longer-term expansion optionality.

The investment case is centered on Fenix ramping toward approximately 100,000 oz of annual gold production while Condestable contributes operating cash flow, reserve life and copper-gold-silver exposure. Fenix also offers Phase 2 expansion potential, while Condestable is evaluating ore sorting and a possible throughput increase. Rio2 also holds a strategic equity interest in Royal Road Minerals.

List of Projects:

Project 1: Fenix Gold Mine, Atacama Region, Chile — Gold / 100%-owned / Producing-Ramp-up Flagship
Reserve-backed run-of-mine heap-leach operation. Phase 1 targets about 100,000 oz/year during 2027–2030, with commercial production targeted for Q4 2026. A Phase 2 PFS is evaluating a larger-scale expansion.

Project 2: Condestable Mine, Lima Region, Peru — Copper-Gold-Silver / 99.1%-owned / Producing
Long-running underground mine operating at approximately 8,400 tpd. Rio2 is advancing drilling, ore-sorting trials and a potential 10,000 tpd expansion.

Project 3: Royal Road Minerals Interest — Strategic Equity Optionality / Non-operated
Rio2 owns approximately 54.022M Royal Road Minerals shares, representing a strategic investment rather than an operated mining project.

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