Mr. Alex Black reports

RIO2 PROVIDES FENIX GOLD MINE Q3 2025 CONSTRUCTION UPDATE

Rio2 Ltd. today provided an update on progress made at Rio2's 100-per-cent-owned Fenix gold project currently under construction in the Atacama region, Chile. At the end of Q3 2025, construction was 63 per cent complete and remains on track and on budget for first gold production in January, 2026.

Construction highlights for the 11-month period from Nov. 1, 2024, to Sept. 30, 2025, are as follows, with all amounts expressed in United States dollars:

Health and safety -- A total of 1,865,791 person-hours have been worked on the project to date, with three lost-time incidents recorded (a finger injury in Q1, a dislocated ankle and a back strain in Q3), resulting in a lost-time incident frequency rate (LTIFR) of 1.61. The total incident frequency rate (TIFR) for the project as of Sept. 30, 2025, was 8.58.

Budget -- Total spend to date since November, 2024, of $86.7-million for works completed, versus budget of $86.6-million. These costs exclude corporate overheads and preconstruction costs expended in 2022.

Schedule -- Total project is currently 63 per cent complete, and the company expects to achieve first gold production in January, 2026. All long lead time procurement items are in hand.

Construction progress

As of the end of Q3, 12.7 hectares of geosynthetics were installed on the leach pad. This area guarantees a leach pad for six months of production capacity. Leach pad construction recommenced in October, 2025, with an additional 10 hectares of leach pad capacity expected to be delivered by the end of the year.

The company has placed approximately 22,000 cubic metres of overliner material on the leach pad, covering approximately 8.5 hectares of geosynthetic material ready to receive mineral.

Mining of ore from haul road excavation work from Fenix Central and Fenix South stater pit area began in August and continues, with 87,000 tonnes of ore placed onto the leach pad, during Q3, with an average gold grade of 0.45 gram per tonne, equating to 1,260 ounces placed on the leach pad ready for plant commissioning in December/January.

The PLS (pregnant leach solution) pond is now complete and ready for hydrostatic testing. Water trucking commenced in late September, with the aim of filling the PLS pond by mid-November for leaching circuit commissioning.

Construction of Haul Road 1 is now complete, while Haul Road 4 is largely complete with only some minor finishing works required. The Fenix South orebody is now connected to the leach pad via the designed haul roads.

Related to the ADR (adsorption, desorption, recovery) plant, diesel generators and all three electrical switchgear rooms have been installed. Reactors for chemical reactivation (acid wash) and desorption have also been installed. Continuing works include the installation of the adsorption circuit piping and electrics, barren pump station, reagent handling, and chemical reagent storage facilities. Gold room construction and implementation of electrowinning, retorts and furnace are also under way.

Human resources -- A total of 1,521 personnel (including contractors) are currently employed at the project. Ninety-four per cent of the work force comprises Chileans, with 44 per cent from the Atacama region and 13 per cent are female.

Exploration -- Grade control drilling activities at Fenix South were completed in late July and the internal reconciliation of the MRE for Fenix South will be concluded in October. Preliminary analysis of this work indicates a very close reconciliation (tonnes and grade) of the grade control model to the reserve model.

Timetable and next steps

Upcoming key milestones include:

• Filling PLS pond with water -- continuing;
• Leach process commissioning - November;
• Plant commissioning -- December/January;
• First gold pour -- January, 2026;
• Completion of mine expansion prefeasibility study -- Q1 2026.

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, NI 43-101) 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 800 people during the 17-year operations phase. The mine being contemplated 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 Enrique Garay, MSc, PGeo/FAIG, 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 (NI 43-101). 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 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 Ltd., 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, economics) of responsible development. As related companies, the company 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 the company operates in.

We seek Safe Harbor.