RIO2 COMPLETES ACQUISITION OF THE CONDESTABLE MINE

Rio2 Limited has completed a major strategic acquisition, securing a 99.1% interest in the Condestable mine located in Peru from Southern Peaks Mining L.P. The transaction represents a significant expansion of Rio2's operational footprint in South America and adds a producing asset to the company's portfolio.

The acquisition aligns with Rio2's growth strategy and provides the company with direct ownership of mining operations in Peru, a jurisdiction known for its mineral wealth and established mining infrastructure. Executive Chairman Alex Black characterized the deal as an important milestone for the company, suggesting management views this as a transformative transaction.

For the broader mining sector, this acquisition demonstrates continued consolidation activity and strategic positioning by mid-tier mining companies seeking to expand their operational base. The transaction also highlights Peru's continued attractiveness as a mining investment destination, with established operators willing to acquire significant stakes in existing operations.

The completion of this acquisition positions Rio2 to benefit from the operational cash flows of the Condestable mine while potentially providing opportunities for further development and optimization of the asset. The deal structure, involving the acquisition of nearly complete ownership rather than a joint venture arrangement, gives Rio2 substantial control over the mine's future operations and strategic direction.