Mr. Alex Black reports

RIO2 LIMITED ISSUES SHARES IN LIEU OF SALARIES

In accordance with the shares for service agreements announced Jan. 25, 2023, and March 27, 2023, Rio2 Ltd. has agreed to issue 372,974 common shares at a deemed price of 27 cents per share to directors and officers of the company.

Under the shares for services agreements, the deemed price per common share to be issued will be no less than the volume-weighted average closing price of the company's common shares on the last three trading days of each quarter, provided that in any event, the price will not be lower than the discount permitted under applicable TSX Venture Exchange policies.

All securities issued pursuant to the shares for services agreements will be subject to a hold period of four months plus one day from the date of issuance thereof in accordance with applicable TSX-V polices and Canadian securities laws.

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 Ltda., 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.