Northwire Canada EditionSaturday, October 31, 2026
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Gold 3,898.90 −3.3% Silver 49.28 −5.9% Copper 6.48 −1.8% Oil 104.12 +2.1% Palladium 987.70 −1.7% HCH 1.25 −3.9% CRD 0.040 −20.0% ENEV 0.005 +0.0% MOON 5.23 −7.9% ORE 2.56 −4.8% ASE 0.620 −14.5% LKY 0.005 + SOI 0.165 −5.7% ECR 0.190 −5.0% OZ 0.240 −9.4% ELEC 0.110 +4.8% WHY 0.260 −3.7% PHD 0.030 −33.3% OMI 0.220 −10.2% EML 0.105 +0.0% TECT 1.37 −2.8% Gold 3,898.90 −3.3% Silver 49.28 −5.9% Copper 6.48 −1.8% Oil 104.12 +2.1% Palladium 987.70 −1.7% HCH 1.25 −3.9% CRD 0.040 −20.0% ENEV 0.005 +0.0% MOON 5.23 −7.9% ORE 2.56 −4.8% ASE 0.620 −14.5% LKY 0.005 + SOI 0.165 −5.7% ECR 0.190 −5.0% OZ 0.240 −9.4% ELEC 0.110 +4.8% WHY 0.260 −3.7% PHD 0.030 −33.3% OMI 0.220 −10.2% EML 0.105 +0.0% TECT 1.37 −2.8%
Resource Estimate Routine +

Rio2 Updates Condestable Mine Resources & Reserves

Rio2’s Condestable reserve update confirms a 14-year mine life and sub-$1.50 AISC, though tonnage drawdown limits expansion potential.

By The Northwire Desk — AI Analysis Jun 23, 2026 · 08:00 RIO · 2.63 Rio2 Limited
Executive Summary
  • Rio2 Limited released an updated NI 43-101 Technical Report for its Condestable copper mine in Peru, prepared by SLR Consulting.
  • The report confirms expanded Mineral Resources and Reserves, extending the mine life to 14 years through 2039.
  • Measured & Indicated Resources: 82.1 Mt at 0.69% Cu, 0.13 g/t Au, 4.12 g/t Ag. Inferred Resources: 22.2 Mt.
  • Proven & Probable Reserves: 36.5 Mt at 0.73% Cu, 0.15 g/t Au, 4.28 g/t Ag, containing 267,450 t Cu, 176,890 oz Au, and 5.02 Moz Ag.
  • Production profile forecasts ~18,000 tonnes of contained copper annually, plus 12,900 oz Au and 304,800 oz Ag at 8,400 tpd throughput.
  • LOM C1 cash costs are estimated at US$1.00/lb Cu, with LOM AISC at US$1.46/lb Cu.
  • Project economics show an after-tax NPV(8%) of US$710 million and undiscounted after-tax FCF of US$1,147 million.
  • Expansion plans include an EIA modification expected in Q3 2026 to increase throughput from 8,400 to 10,000 tpd.
  • A 46,480m near-mine drilling program is underway (37% complete), alongside studies for open-pit expansion.
Material Impact
  • The reserve update validates the Condestable acquisition thesis by confirming a 14-year mine life and highly competitive AISC of $1.46/lb Cu.
  • However, the Proven & Probable Reserves (36.5 Mt) represent a slight tonnage and grade drawdown compared to the May 2026 investor presentation (39.5 Mt @ 0.75% Cu). This indicates normal mine-life depletion rather than a reserve expansion.
  • The news is expected and telegraphed (promised for Q2 2026). The market's reaction (price declining from ~$3.20 in mid-May to ~$2.63 by late June) suggests the update was absorbed without a re-rating, aligning with a Routine - Positive classification.
  • The headline catalyst is the Q3 2026 EIA approval for the 10,000 tpd expansion, which remains the key near-term catalyst.
RIO · Price
Company Overview
  • Fenix Gold Mine (Chile): 100% owned oxide heap leach project. First gold pour achieved Jan 2026. Phase 1 targets 20,000 tpd and ~100 koz Au/year. Phase 2 expansion (80,000 tpd) is in pre-feasibility.
  • Condestable Mine (Peru): 99.1% owned underground copper-gold mine acquired Jan 2026. Operating at 8,400 tpd with plans to expand to 10,000 tpd. Long-life asset with 14-year mine life.
  • Strategy: Building a diversified Latin American producer with copper exposure complementing gold operations.
Read the original news release →

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