Mr. Alex Black reports

RIO2 SECURES ENVIRONMENTAL APPROVAL FOR FENIX GOLD PROJECT

Rio2 Ltd.'s wholly owned Chilean subsidiary, Fenix Gold Ltda., has been successful in being granted approval of its environmental impact assessment (EIA) for the construction and operation of its Fenix gold project located in the Atacama region of Chile.

Rio2 welcomes the decision in Chile by the committee of ministers to approve the EIA for the Fenix gold project, which now allows the company to advance the project through statutory permitting, financing and the currently planned recommencement of construction activities during 2024.

Alex Black, executive chairman, stated: "Finally, after many months of patiently waiting, we welcome the decision of the committee of ministers to support our advancement of the Fenix gold project. We have designed Fenix Gold as an example of the very best of modern mining bringing not only significant investment and jobs to the Atacama region, but also extensive protection of the environment with a particular focus on flora and fauna in the area we will be operating. I sincerely thank our shareholders for the patience and support they have shown over the past 18 months during this difficult process, and I particularly would like to thank the first-class management team at Rio2 and Fenix Gold for never giving up on our mission to vindicate the work completed for the Fenix Gold EIA."

Fenix gold project

The Fenix gold project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a measured and indicated mineral resource (as such term is defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects) of 4.8 million ounces of gold which the company believes will make a positive contribution to the Atacama region and Chile. The project is an example of modern gold mining where a full complement of technical, environmental and social considerations has been consulted on and designed in from the outset. The project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately $235-million (U.S.) of initial and sustaining capital and will generate employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated at the project will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the project.

The scientific and technical content of this news release has been reviewed, approved and verified by Ian Dreyer, BAppSc, MAIG, a consultant to Rio2, who is a qualified person under NI 43-101. For additional information regarding the project, including key parameters, assumptions and risks associated with its development, see the independent technical report entitled "NI 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. The technical report is dated Oct. 16, 2023, with an effective date of Oct. 16, 2023, a copy of which document is available under Rio2's SEDAR+ profile.

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, they 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.

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