Rio2 Announces Gold Pour at Fenix Gold Mine
Rio2 Pours First Gold at Fenix, Transitioning to Producer Amidst Major Copper Acquisition
The news release dated January 26, 2026, announces the first official gold pour at Rio2's 100%-owned Fenix Gold Mine in Chile, marking the commencement of production. The company states construction was completed on time and on budget. The first pour yielded 897 ounces of gold, with an additional 358 ounces produced during December commissioning and 131 ounces of silver combined. The company is now focused on ramping up operations to a target mining rate of 20,000 tonnes per day and has provided 2026 production guidance of 60,000 to 70,000 ounces of gold. Management quotes highlight the culmination of an eight-year journey and congratulate the team for delivery.
This news is a material positive milestone, confirming the successful transition from developer to producer. It validates years of project development, financing, and construction execution. The achievement is in line with the company's consistent guidance for first gold in January 2026, as reiterated in construction updates throughout 2025. The provided 2026 production guidance (60k-70k oz) sets a baseline for near-term cash flow generation. However, the material impact is somewhat tempered by the fact that this milestone was widely anticipated and follows a series of progressive construction updates. The company's share price had already re-rated significantly in late 2025 in anticipation of production and following the transformative Condestable mine acquisition announced in December 2025. This news solidifies the operational foundation of the company's new, larger, and diversified production profile.
Rio2 Limited is a Canada-based mining company focused on gold and copper projects in Latin America. Its original flagship asset was the Fenix Gold Mine in Chile's Maricunga gold belt, a large, undeveloped gold oxide, heap-leach project with a measured and indicated resource of 4.8 million ounces. In December 2025, the company announced the transformational acquisition of the producing Condestable copper-gold mine in Peru. This shifts Rio2's profile from a single-asset gold developer to a diversified Latin American producer. The Fenix project transitioned from construction (which began in late 2024) to production with the first gold pour in January 2026. Condestable is a cash-flowing operation with an estimated 10-year reserve life and significant expansion potential.