Mr. Andrew Cox reports

RIO2 LIMITED RECEIVES US$5 MILLION FROM CHILEAN IVA/VAT REFUND

The Chilean Internal Revenue Service has issued Fenix Gold Ltda., Rio2 Ltd.'s wholly owned subsidiary in Chile, an IVA/VAT (impuestos a las ventas y servicios/value-added tax) refund in the amount of 4,073,551,385 Chilean pesos (the equivalent of approximately $5,092,000 (U.S.) at current exchange rates).

In Chile, an IVA/VAT refund is usually not received until after a mining company achieves commercial production. However, Fenix Gold applied for the refund of IVA/VAT credits under a special program that allows IVA/VAT paid on expenditures that are capital in nature to be refunded at an accelerated pace. In January, 2023, Rio2's other wholly owned Chilean subsidiary, Lince SA, received an IVA/VAT refund of $1.3-million (U.S.) under the same program.

The above-mentioned refunds will provide additional working capital for the continued advancement of the Fenix gold project.

Andrew Cox, president, chief executive officer and director, commented: "We are very pleased to have received this timely IVA/VAT refund. With these funds, Rio2 and Fenix Gold are now funded, at our current cash burn rate, into Q2 2024. We recognize the tremendous efforts of our accounting staff in Chile to make this happen, as we patiently wait for our Fenix Gold administrative appeal to be heard. To date, the company has not received confirmation from the Chilean authorities as to when the appeal will be heard."

About Rio2 Ltd.

Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as successful capital markets record. Rio2 is focused on taking its Fenix gold project in Chile to production in the shortest possible time frame based on a staged development strategy. Rio2 and its wholly owned subsidiary, Fenix Gold, are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three axes (social, environment, economics) of sustainable development. As related companies, Rio2 and Fenix Gold reaffirm their commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that they operate in.

We seek Safe Harbor.