Mr. Alex Black reports

RIO2 RECEIVES ALL KEY SECTORIAL PERMITS FOR CONSTRUCTION OF FENIX GOLD MINE

Rio2 Ltd.'s Chilean subsidiary, Fenix Gold Ltda., has received the principal sectorial permits it requires to begin construction at its Fenix gold project, located in the Maricunga gold belt of the Atacama region in Chile. These sectorial permits are: (1) mining methods; (2) process plant; (3) waste dumps and stockpiles; and (4) closure plan.

Andrew Cox, president and chief executive officer of Rio2, commented: "The team at both Rio2 and Fenix Gold have done a great job in obtaining these permits, which will allow the company to complete its debt and equity financing for the construction phase of the mine. We look forward to rapidly continuing to unlock value for all our stakeholders by progressing the Fenix gold mine towards an anticipated construction start in November of this year."

These sectorial permits represent the last governmental authorization required to enable the start of the construction phase and subsequent operation of the Fenix gold mine.

Financing update

Following the announcement of the filing of an independent technical report dated Oct. 16, 2023, entitled "NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project," Rio2 has been working with its financial adviser, Endeavour Financial, to develop the optimum financing solution for the Fenix gold project.

The company has received several financing proposals from interested counterparties, which are being considered by management and the company's board. Due diligence is progressing with certain of these financing sources and further updates will be provided in due course.

Fenix gold project

The Fenix gold project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a measured and indicated mineral resource (as such term is defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects) of 4.8 million ounces of gold which the company believes will make a positive contribution to the Atacama region and Chile. The project is an example of modern gold mining, where a full complement of technical, environmental and social considerations has been consulted on and designed in from the outset. The project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately $235-million (U.S.) of initial and sustaining capital and will generate employment for at least 1,200 people during the construction phase and 800 people during the 17-year operational phase. The mine being contemplated at the project will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the project.

The scientific and technical content of this news release has been reviewed, approved and verified by Ronoel Vega, MinEng, MMBA, FAusIMM, who is a qualified person under NI 43-101. For additional information regarding the project, including key parameters, assumptions and risks associated with its development, see the independent technical report entitled "NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project," pursuant to NI 43-101. The feasibility study is dated Oct. 16, 2023, with an effective date of Oct. 16, 2023, a copy of which document is available under Rio2's SEDAR+ profile.

Market-making service contract

Rio2 announces that it has engaged the services of ICP Securities Inc. to provide automated market-making services, including the use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of $7,500, plus applicable taxes. The agreement is dated Oct. 1, 2024, between the company and ICP, with a start date of Oct. 1, 2024. The agreement is for four months and shall be automatically renewed for subsequent one-month terms unless either party provides at least 30 days of written notice prior to the end of the initial term or an additional term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the company in the future. ICP's market-making activity will be primarily to correct temporary imbalances in the supply and demand of the company's shares. ICP will be responsible for the costs it incurs in buying and selling the company's shares and no third party will be providing funds or securities for the market-making activities. ICP is located in Toronto, Ont. ICP and its affiliates are an arm's-length party to the company and, prior to their engagement as market-makers, did not hold any securities of Rio2, directly or indirectly.

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 successful capital market 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, 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 pillars (social, environment and economics) of responsible development. As related companies, Rio2 and Fenix Gold reaffirm their commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that they operate in.

We seek Safe Harbor.