Mr. Alex Black reports

RIO2 ANNOUNCES RECEIPT OF US$50 MILLION FROM WHEATON PRECIOUS METALS

Further to the news releases dated Nov. 16, 2021, March 29, 2022, Oct. 21, 2024, and March 24, 2025, Rio2 Ltd. has received a third deposit payment of $50-million (U.S.) from Wheaton Precious Metals International Ltd. in connection with the previously announced amended and restated precious metal purchase agreement and flexible prepay arrangement relating to Rio2's Fenix gold project in Chile. The third deposit will be used by Rio2 to continue to advance construction at Fenix gold.

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 and designed 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, generating employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated will be a run-of-mine heap leach operation, and no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the project.

For additional information regarding the project, including key 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 feasibility study 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 market 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 pillars (social, environment and economics) of responsible development. As related companies, it reaffirms 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.

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