Rio2 pours first gold at Fenix mine

Executive Summary

• Rio2 Ltd. successfully completed the first official gold pour at its 100%-owned Fenix gold mine in Chile on January 23, 2026, marking the mine's official commencement of production and establishing it as the newest gold mine in Chile.
• The company reported total production of approximately 897 ounces of gold from the official pour, adding to 358 ounces produced during December plant commissioning, along with 131 ounces of silver.
• Rio2 is now ramping up operations to 20,000 tonnes per day of ore, targeting 60,000 to 70,000 ounces of gold production for the full year of 2026.

Key Details

• Production Volume: The official gold pour yielded approximately 897 ounces of gold.
• Prior Production: Approximately 358 ounces of gold were produced in December 2025 during the plant commissioning process.
• By-product Production: The combined pours produced approximately 131 ounces of silver.
• Construction Status: Critical path items at Fenix Gold were completed on time and on budget.
• Operational Ramp-up: The company is targeting a processing rate of 20,000 tonnes per day of ore to be achieved by the end of 2026.
• 2026 Guidance: Rio2 is targeting gold production of 60,000 to 70,000 ounces for 2026 based on the current ramp-up plan.
• Future Expansion: The company intends to provide updates related to the Phase 2 expansion of Fenix Gold, which is expected to drive the next significant leg of growth.
• Acquisition Context: The release notes the bed-down of the Condestable copper mine acquisition announced in December.
• Technical Verification: The scientific and technical content was reviewed and verified by Enrique Garay, MSc, PGeo/FAIG, a Qualified Person under National Instrument 43-101. The feasibility study is dated October 16, 2023.

Notable Quotes

• Alex Black, Executive Chairman: "This milestone moment is the culmination of a long and somewhat challenging eight-year journey since our 2018 merger with Atacama Pacific Gold Corp. It speaks to the discipline, execution capability and determination of our team... Fenix gold is the cornerstone asset for creating value for all our stakeholders and I look forward to what the future holds as we expand the mine and bed-down the Condestable copper mine acquisition that we announced in December."
• Andrew Cox, President and CEO: "I am very proud that our team at Fenix gold has been able to achieve this exceptional accomplishment, after a short 14-month construction period... We are now fully focused on the safe and efficient ramp-up of operations over the remainder of the year and achieving our 2026 production targets."