Mr. Alex Black reports

RIO2 COMMENCES COMMISSIONING OF CONDESTABLE TAILINGS FILTRATION FACILITY

Rio2 Ltd. has commenced the commissioning phase for the new tailings filtration facility (TFF) at its newly acquired Condestable copper mine in Peru.

The transition to dry-stack tailings provided by the new TFF represents a major operational milestone, following an 18-month construction period and a total capital investment of approximately $27-million (U.S.). The facility features an installed design capacity of 8,400 tonnes per day, capable of processing 100 per cent of Condestable's current tailings output and has been engineered to accommodate potential future production expansions. Commissioning is expected to conclude within 10 weeks, with full commercial operations slated for the third quarter of 2026.

Filtered dry tailings output from the TFF will initially be deposited within the existing permitted tailings impoundment facilities before transitioning to tailings storage facility No. 6. The TFF is currently in the advanced stages of the permitting process, with environmental approval expected during the third quarter of 2026. Initial permitted capacity for facility No. 6 is expected to be 43 million tonnes, with the design allowing for staged expansions of up to a total of 170 million tonnes to support future extensions to the life of the mine.

By shifting to a dry-stacking facility, Condestable establishes itself as a best-in-class operation regarding tailings management, materially enhancing safety and environmental standards. This investment also aligns with Condestable's continuing commitment to its Copper Mark certification. Furthermore, the filtration process will increase total water recovery at the mine from approximately 60 per cent to close to 90 per cent. This substantial improvement in water recovery provides the capacity for future growth projects without requiring additional water permits or increasing the use of local water resources.

Andrew Cox, president and chief executive officer of Rio2, commented: "We are very happy about this important step at Condestable. The operating team's commitment to the highest environmental and safety standards has been impressive and the beginning of the commissioning phase of the filter plant is strong evidence of this effort. It is also an important step for the next stage of growth at the mine, which we at Rio2 will be excited to unveil before the end of this year."

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 National Instrument 43-101. For additional information regarding Condestable, see the independent technical report entitled "NI 43-101 Technical Report on the Condestable Mine, Lima Department, Peru," dated April 12, 2024, effective date Dec. 31, 2022, prepared by SLR Consulting (Canada) Ltd. in accordance with NI 43-101, Standards of Disclosure for Mineral Projects, a copy of which is available under Rio2's SEDAR+ profile.

About Rio2 Ltd.

Rio2 is a diversified precious metals and copper producer focused on building and operating mines with a management team that has proven technical skills as well as a successful capital markets record. The company is currently producing gold at its Fenix gold heap-leach mine in Chile and copper/gold/silver at its recently acquired Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Ltda. and Compania Minera Condestable SA, are companies that operate 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, Rio2 and its subsidiaries reaffirm their commitment to apply environmental standards beyond those mandated by regulators, seeking to protect and preserve the environment in the territories where the company and its subsidiaries operate.

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