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Rio2 Ltd (2)
Symbol RIO
Shares Issued 301,494,413
Close 2024-06-07 C$ 0.49
Market Cap C$ 147,732,262
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Globe says Shafigullin sees "good value" at Rio2

2024-06-07 07:17 ET - In the News

The Globe and Mail reports in its Friday, June 7, edition that Eight Capital analyst Felix Shafigullin says Rio2 offers "good value relative to its developer/explorer peers." The Globe's David Leeder writes in the Eye On Equities column that Mr. Shafigullin sees "plenty of room for growth" as Rio2's open-pit Fenix Gold project in Chile advances toward near-term production. He rates Rio2 "buy" in new coverage. Mr. Shafigullin set a Street-high share target of $1.10. Analysts on average target the shares at 60 cents. Mr. Shafigullin expects the mine to commence production in the first half of 2026 after Rio2 secures a construction financing package. Mr. Shafigullin says in a note: "Fenix Gold ranks as one of the largest undeveloped oxide gold heap leach projects in the Americas with a total mineral resource estimate (MRE) of 5.7 Moz of gold in 480 Mt at 0.37 g/t Au. In September 2023, Rio2 published the results of a Fenix Gold Feasibility Study (FS) that envisioned the project as a 20,000 tpd operation producing 78 koz of gold per year on average over a 17-year mine life. Compared to other undeveloped heap leach gold projects in the Americas, Fenix Gold has relatively low total capex requirements of $193-million (U.S.)."

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