Mr. Alex Black reports

RIO2 LIMITED FILES TECHNICAL REPORT FOR THE FENIX GOLD PROJECT

Rio2 Ltd. has filed an independent technical report dated Oct. 16, 2023, entitled "NI [National Instrument] 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project," pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101). The technical report has an effective date of Oct. 16, 2023, and supports the disclosure made by the company in its news release dated Sept. 5, 2023, announcing the results of the feasibility study on the Fenix gold project.

The technical report was compiled by Mining Plus Peru SAC, with contributions from a team of qualified persons, as defined by NI 43-101, as follows:

• Erick Ponce, FAusIMM, manager, open-pit South America, of Mining Plus;
• Dr. Carlos Arevalo, professional geologist, registered member of the Chilean Mining Commission, registration No. 215, of CAC SpA;
• Andres Beluzan, chartered professional, mining engineering, and a registered member of the Chilean Mining Commission registration No. 215, of ABelco Consulting SpA;
• Denys Parra, registered member SME, of Anddes Asociados SAC;
• Anthony Maycock, PEng, senior metallurgical consultant of HLC SpA;
• Francisco Javier Rovira, registered competent person in mineral resources and reserves (registration No. 0363), of Derk SA.

The technical report is available on the company's website, as well as under the company's profile on SEDAR+.

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.