The Globe and Mail reports in its Friday, July 31, edition that Stifel analyst Ryan Walker commenced coverage on Rio2 with a "buy" recommendation and a $6.10 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $5.43. Mr. Walker says in a note: "An investment in Rio2 Ltd. affords investors exposure to ramping-up lower-cost gold production (we model Life of Mine [LOM] average of 81k/oz at AISC of $1,451 (U.S.)/oz, excluding stream and prepay impacts) at Fenix backstopped by proven steady cash flow from Condestable. While Rio2 shares have seen significant recent appreciation, we contend that further rerating potential exists as the company continues to derisk and ramp-up production at Fenix and fully integrates the Condestable mine. Such rerating potential should be bolstered by the delivery of various technical documents related to each mine's expansion and the subsequent timely government approval and execution of such expansions." The Globe reported on May 29 that National Bank Financial analyst Don DeMarco rated Rio2 "outperform" in new coverage. It was then worth $3.19.