RIO2 Provides Mine Construction and Corporate Update

Core Viewpoint - Rio2 Limited is progressing well with its Fenix Gold Project in Chile, with construction 41% complete and on track for first gold production in January 2026 [1][3]. Construction Update - The project has recorded 1,270,141 person-hours worked with a Lost Time Incident Frequency Rate (LTIFR) of 0.79 and a Total Incident Frequency Rate (TIFR) of 6.30 as of June 30, 2025 [2]. - Total expenditure since October 2024 is $56.4 million against a budget of $57.8 million, excluding corporate overheads and pre-construction costs from 2022 [3]. - Key construction milestones include the installation of 12.7 hectares of geosynthetics at the leach pad and 4 hectares of overliner material, ready for mineral placement in August 2025 [4]. Infrastructure Development - Haul Road 1 is 90% complete, while Haul Road 4 is at 40% completion, both crucial for connecting the Fenix South pit to the leach pad [5]. - The ADR Plant's structural assembly is complete, with building cladding at 90% [5]. - The first of three electrical switch rooms is being transported to the project site [6]. Human Resources - The project currently employs 1,514 personnel, with 94% being Chilean and 41% from the Atacama Region; 10% of the workforce is female [6]. Exploration Activities - Grade control drilling activities are nearing completion, focusing on the pit areas for the first three years of production, with results expected by the end of September [7]. Upcoming Milestones - Key upcoming milestones include the start of mineral stacking on the leach pad and finalization of the PLS pond in August 2025, commissioning of the ADR Plant in November 2025, and the first gold pour in January 2026 [13]. Corporate News - Rio2 has received conditional approval to graduate from the TSX Venture Exchange to the Toronto Stock Exchange, with final approval pending [9]. - The company has published its 2024 ESG Report, highlighting its commitment to responsible mining practices [10]. Project Overview - The Fenix Gold Project is one of the largest undeveloped gold oxide heap leach projects in the Americas, with a Measured and Indicated mineral resource of 4.8 million ounces of gold [11]. - The project represents a significant investment of approximately $235 million, generating employment for at least 1,200 people during construction and 800 during operations [11].