The Globe and Mail reports in its Friday, May 29, edition that National Bank Financial analyst Don DeMarco rates Rio2 "outperform" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. DeMarco set a share target of $5.50, matching the consensus. Mr. DeMarco says in a note: "We are initiating coverage on Rio2 Limited, a Peruvian-based, Vancouver-supported, Latin American producer with two operating mines: (I) the 100-per-cent-owned Fenix Gold mine, an open pit, heap leach operation located in Chile's Atacama region along the Maricunga gold belt, which delivered first gold pour on Jan. 23, 2026; and (ii) the 99.1-per-cent-owned Condestable mine, an established underground copper mine in Peru, acquired on Jan. 30, 2026, from privately-owned Southern Peaks Mining LP. Fenix rising, Condestable delivering. Fenix is Rio2's flagship mine and principal driver for production upside from a proposed expansion prefeasibility study targeted for Q3/26, while Condestable provides immediate operating cash flow from stabilized operations, copper diversification and additional growth from throughput expansion and reserve conversion. Condestable also complements the company's presence in Chile."