Mr. Alex Black reports

RIO2 ANNOUNCES 2023 AGM RESULTS

Rio2 Ltd. has released the results of voting at its annual general and special meeting of shareholders held on Wednesday, Sept. 27, 2023. A total of 119,076,933 common shares were voted, representing 46.02 per cent of 258,753,108 shares issued and outstanding as of the record date of the meeting. Shareholders voted in favour of all items put forward by the board of directors and management. All seven of the individuals nominated for the board of directors were elected, as set out in an attached table.

At the meeting, shareholders also approved amendments to the company's 2018 stock option plan. The amended plan is substantially the same as the 2018 stock option plan; however, it allows for the exercise of stock options on a cashless and net-exercise basis and contains other minor amendments to ensure compliance with TSX Venture Exchange Policy 4.4 -- Security Based Compensation, which was implemented by the exchange on Nov. 24, 2021.

As a result of the shareholder approval, the 2018 stock option plan will be of no further force and effect, and all options and stock option agreements issued under the 2018 stock option plan will be deemed to be issued under the amended plan and henceforth governed under the amended plan. The full version of the amended plan can be found on Rio2's SEDAR+ profile or obtained directly from the company at info@rio2.com.

At the meeting, shareholders also voted in favour of reappointing Grant Thornton LLP as auditor for the ensuing year and authorizing directors to fix the auditor's remuneration.

About Rio2 Ltd.

Rio2 is a mining company focused on development and mining operations, with a team that has proven technical skills as well as a 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. Rio2 is reaffirming its commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that it operates in.