Rio2's construction 63% complete at Fenix gold mine

Executive Summary

• Rio2 Ltd. provided a Q3 2025 construction update for its 100%-owned Fenix gold project in Chile, confirming the project is on track and on budget for first gold production in January 2026.
• Construction is 63% complete as of the end of Q3 2025, with total spend of $86.7 million against a budget of $86.6 million.
• Key operational milestones include the completion of the PLS pond, installation of critical ADR plant components, and the placement of 87,000 tonnes of ore onto the leach pad ready for commissioning.

Key Details

• Construction Status: The project is 63% complete as of September 30, 2025, with first gold production targeted for January 2026.
• Financials: Total spend to date (Nov 1, 2024 – Sept 30, 2025) is $86.7 million, compared to a budget of $86.6 million. This excludes corporate overheads and preconstruction costs from 2022.
• Health and Safety:
  • 1,865,791 person-hours worked to date.
  • 3 lost-time incidents recorded (1 in Q1, 2 in Q3).
  • Lost-time incident frequency rate (LTIFR): 1.61.
  • Total incident frequency rate (TIFR): 8.58.
• Leach Pad Progress:
  • 12.7 hectares of geosynthetics installed, providing six months of production capacity.
  • 22,000 cubic metres of overliner material placed on approximately 8.5 hectares.
  • Additional 10 hectares of leach pad capacity expected by end of 2025.
• Ore Placement:
  • 87,000 tonnes of ore placed on the leach pad during Q3 2025.
  • Average gold grade of ore placed: 0.45 g/t.
  • Total ounces placed on leach pad: 1,260 oz.
• Infrastructure & Plant Construction:
  • PLS (pregnant leach solution) pond is complete and ready for hydrostatic testing; water trucking commenced late September with filling targeted for mid-November.
  • Haul Road 1 is complete; Haul Road 4 is largely complete.
  • ADR Plant: Diesel generators and all three electrical switchgear rooms installed. Reactors for chemical reactivation and desorption installed.
  • Ongoing works: Adsorption circuit piping/electrics, barren pump station, reagent handling/storage, gold room construction, electrowinning, retorts, and furnace.
• Human Resources:
  • 1,521 personnel employed (including contractors).
  • 94% Chilean workforce (44% from Atacama region).
  • 13% female workforce.
• Exploration:
  • Grade control drilling at Fenix South completed in late July.
  • Internal reconciliation of the Mineral Resource Estimate (MRE) for Fenix South to be concluded in October.
  • Preliminary analysis shows close reconciliation between grade control model and reserve model.
• Upcoming Milestones:
  • Fill PLS pond with water: Continuing.
  • Leach process commissioning: November 2025.
  • Plant commissioning: December 2025 / January 2026.
  • First gold pour: January 2026.
  • Completion of mine expansion prefeasibility study: Q1 2026.
• Project Overview:
  • Fenix is a heap leach operation requiring no crushing or tailings storage facilities.
  • Measured and Indicated Mineral Resource: 4.8 million ounces of gold.
  • Total capital investment: Approximately $235 million (U.S.).
  • Employment: 1,200 during construction; 800 during 17-year operations.