RIO2 ANNOUNCES GOLD POUR AT FENIX GOLD MINE

Rio2 Limited achieved a major operational milestone with the first official gold pour at its wholly-owned Fenix Gold Mine in Chile on January 23, 2026. The inaugural pour yielded approximately 897 ounces of gold, demonstrating successful commissioning of the processing facilities and marking the transition from construction to production phase.

The completion of critical path construction items on time and on budget reflects strong project execution and management capabilities. This achievement validates the company's development timeline and cost estimates, providing confidence in operational forecasts going forward. The gold pour represents the culmination of the construction phase and the beginning of commercial production at what represents a significant asset in Rio2's portfolio.

For the broader mining sector, this successful commissioning adds another gold producer to the market and demonstrates that well-managed projects can still be delivered on schedule and budget despite ongoing industry challenges. The successful startup at Fenix Gold positions Rio2 as an emerging gold producer with proven execution capabilities, potentially making it an attractive target for investors seeking exposure to Latin American gold production.

Looking ahead, the focus will shift to ramping up production to nameplate capacity and optimizing operational efficiency. The successful first pour provides a strong foundation for achieving production targets and generating cash flow from operations, which will be critical for funding ongoing operations and potential future development projects.