19:56:40 EST Thu 01 Dec 2022
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Rio2 Ltd (2)
Symbol RIO
Shares Issued 257,510,649
Close 2022-11-22 C$ 0.13
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Rio2 to sell Chilean royalty interests for $5M (U.S.)

2022-11-22 09:24 ET - News Release

Mr. Alex Black reports


Rio2 Ltd. has entered into a binding agreement to sell a package of Chilean royalty interests to Osisko Gold Royalties Ltd. for aggregate consideration of $5-million (U.S.). The royalty sale provides for the sale of Rio2's 1.5-per-cent royalty on the Anocarire project and its 1.25-per-cent royalty on the Horizonte project, both located in Chile.

Rio2 is currently in an administrative appeal process with the Chilean government with respect to the rejection of the environmental impact assessment for the development of its Fenix gold project, as previously outlined in a press release dated Sept. 7, 2022.

Alex Black, president and chief executive officer of Rio2, stated: "We are sincerely thankful to Osisko Gold Royalties for their support during this time of challenging market conditions. The monetization of these non-core royalty interests provides Rio2 with a welcome boost to its balance sheet and working capital."

The royalty sale is subject to customary conditions precedent and is expected to close in the coming days.

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 a 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 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 axes (social, environment and economics) of sustainable development.

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