Mr. Alex Black reports

RIO2 ANNOUNCES GOLD POUR AT FENIX GOLD MINE

The first official gold pour at Rio2 Ltd.'s 100-per-cent-owned Fenix gold mine in Chile occurred on Friday, Jan. 23, 2026.

Construction of critical path items at Fenix gold has been completed on time and on budget, as previously guided. This gold pour yielded approximately 897 ounces of gold, which are in addition to approximately 358 ounces of gold that were produced in December as part of the plant commissioning process. As well, the two pours combined produced approximately 131 ounces of silver. With this significant milestone, the Fenix gold mine has become the newest gold mine in Chile.

Rio2 is now focused on ramping up operations at Fenix gold to 20,000 tonnes per day of ore to pad over the remainder of the year. Based on the current ramp-up plan, Rio2 is targeting gold production of 60,000 to 70,000 ounces for 2026.

Alex Black, executive chairman of Rio2, commented: "This milestone moment is the culmination of a long and somewhat challenging eight-year journey since our 2018 merger with Atacama Pacific Gold Corp. It speaks to the discipline, execution capability and determination of our team. On behalf of the board of directors of Rio2, I want to congratulate Andrew Cox and the combined Rio2 and Fenix gold team for delivering the Fenix gold mine on budget, in record time. Despite all that we have dealt with, the team has always maintained its 'never give up' attitude to get the job done. Fenix gold is the cornerstone asset for creating value for all our stakeholders and I look forward to what the future holds as we expand the mine and bed-down the Condestable copper mine acquisition that we announced in December."

Andrew Cox, president and chief executive officer of Rio2, commented: "I am very proud that our team at Fenix gold has been able to achieve this exceptional accomplishment, after a short 14-month construction period. I would like to offer my sincere thanks to all our employees and contractors in achieving this result with a strong safety record. We are now fully focused on the safe and efficient ramp-up of operations over the remainder of the year and achieving our 2026 production targets."

Rio2 intends to provide further project updates and guidance as mining and gold production progresses in 2026. The company also intends to provide updates related to the phase 2 expansion of Fenix gold, which will drive the next significant leg of growth for Rio2.

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 (QP) under National Instrument 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 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 ramping up its Fenix gold mine in Chile to 20,000 tonnes per day of ore to pad by the end of 2026. 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, economics) of responsible development. As related companies, Rio2 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.

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