Mr. Andrew Cox reports

RIO2 ANNOUNCES OFFICIAL START OF CONSTRUCTION OF FENIX GOLD MINE

Rio2 Ltd. is celebrating the official start of construction of its Fenix gold mine, located in the Maricunga gold belt of the Atacama region, Chile. The event held on Feb. 6, 2025, was attended by: Aurora Williams Baussa, Minister of Mining; Mario Silva Alvarez, Deputy Governor of Atacama; Jorge Riesco Valdivieso, president of SONAMI (Chilean National Mining Society); representatives of the Colla indigenous communities; regional ministerial secretaries; representatives of mining and industry guilds; and high authorities from InvestChile, CORPROA (The Corporation for the Development of the Atacama Region) and SERNAGEOMIN (National Service of Geology and Mining).

The event included remarks from the participating authorities and Andrew Cox, Rio2's president and chief executive officer.

As announced in a press release dated Jan. 13, 2025, the company recommenced construction activities at the Fenix gold mine in October, 2024, after successfully completing a debt-and-equity financing for the construction of the mine (announced on Oct. 29, 2024).

The projected construction capital expenditure for 2025 is estimated to be $122-million (U.S.) (excluding Chilean VAT tax, which is refundable), with construction expected to be completed in November, 2025. First gold production is currently guided for January, 2026.

About the 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 and designed 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, generating employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated 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.

About Rio2 Ltd.

Rio2 is a mining company with a focus on development and mining operations and 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 pillars (social, environment, economics) of responsible development. The related companies 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.