RIO2’s Fenix GOLD Project Moves Closer to Construction After Environmental Impact Assessment Filing

RIO2’s FENIX GOLD PROJECT MOVES CLOSER TO CONSTRUCTION AFTER

ENVIRONMENTAL IMPACT ASSESSMENT FILING

For Immediate Release April 20, 2020

Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that it

has submitted its Environmental Impact Assessment (“EIA”) for the construction and operation of its

Fenix Gold Project to the Chilean Environmental Impact Assessment System. The objectives of the EIA

are to identify, prevent, minimize, correct and mitigate any potential impacts to the environment or

the social framework of the Fenix Gold Project.

The EIA presented to the Environmental Assessment Service, Atacama Region was prepared by

Minería y Medio Ambiente Limitada (“MyMA”), the Company’s highly experienced environmental and

permitting consultants, in conjunction with senior members of the Rio2 and Fenix Gold team. Work

on the EIA commenced in November 2018 with the preparation of an Environmental Baseline Study

which included the documentation of flora, fauna, climate, air quality, archeological sites,

hydrogeology, soil usage, geology, geomorph ology, hydrogeology, geochemistry, water quality,

paleontology, landscape, noise and vibrations along with a socio-demographic survey and ecosystem

characterization during the various seasons of the year. The Environmental Baseline Study was

completed in January 2020.

The EIA has been prepared to support the project outline of the Fenix Gold Project as defined in the

Pre-Feasibility Study with an effective date of August 15, 2019. Approval of the EIA is anticipated for

Q2 2021.

Alex Black, President & CEO of Rio2, stated, “The submission of the EIA is a significant milestone for

the Company, coming just 20 months after acquiring the Fenix Gold Project and 4 months after

completing an Environmental Baseline Study on the project. Completion of the EIA demonstrates our

commitment to the environment and the people of the Atacama Region. The potential mine would

present a boost for the regional economy with respect to job creation, procurement of goods and

services as well as payments of taxes and royalties. It is estimated that more than 1000 jobs will be

created during construction of the mine and more than 500 people when the mine enters production.

We expect the Fenix Gold Mine to make a positive and lasting contribution to the empl oyment and

economy of the region for many years. I would also like to thank and congratulate our consultants and

our technical team who have worked diligently over the past 20 months to achieve this milestone.”

Rio2 remains committed to build and operate the Fenix Gold Project and make it the next new gold

mine in Chile in the shortest possible time, deploying the Company’s technical and capital markets

expertise to achieve this goal.

The scientific and technical content of this news release has been reviewed, approved and verified by

Enrique Garay, MSc. P.Geo ( EGBC member, and AIG Fellow), Senior Vice President Geology of Rio2

Limited, who is a QP under NI 43 -101. For additional information regarding the Fenix Gold Project,

including key parameters, assumptions and risks associated with its development, see the

independent technical report entitled “ Updated Pre-Feasibility Study for the Fenix Gold Project,

Atacama, III Region, Chile” dated October 15, 2019 with an effective date of August 15, 2019, a copy

of which document is available under Rio2’s SEDAR profile at www.sedar.com

ABOUT RIO2 LIMITED

Rio2 is a mining company with a focus on development and mining operations with a team that has

proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its

Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged

development strategy. In addition to the Fenix Gold Project in dev elopment in Chile, Rio2 Limited

continues to pursue additional strategic acquisitions where it can deploy its operational excellence

and responsible mining practices to build a multi -asset, multi-jurisdiction, precious metals company

focused in the Americas.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively

“forward-looking information”) within the meaning of applicable securities laws relating to Rio2’s

planned development of its Fenix Gold Project and other aspects of Rio2’s anticipated future operations

and plans. In addition, without limiting the generality of the foregoing, this news release contains

forward-looking information pertaining to the following: the potential development of a mine at the

Fenix Gold Project, the potential number of jobs created through the construction and operation of a

mine at the Fenix Gold Project, the potential timing of the commencement of construction at the Fenix

Gold Project, certain anticipated economic benefits of a mine at the Fenix Gold Project to the local

region and other matters ancillary or incidental to the foregoing.

All statements included herein, other than statements of historical fact, may be forward- looking

information and such information involves various risks and uncertainties. Forward- looking

information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”,

“continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”,

“could”, “might”, “should”, “believe”, and similar expressions. The forward- looking information is

based on certain key expectations and assumptions made by Rio2’s management, including but not

limited to: expectations concerning prevailing commodity prices , exchange rates, interest rates,

applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of

Chile; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in

carrying out planned activities; performance; the availability and cost of financing, labour and services;

and Rio2’s ability to access capital on satisfactory terms.

Rio2 believes the expectations reflected in these forward -looking statements are reasonable, but no

assurance can be given that these expectations will prove to be correct and such forward- looking

statements in this news release should not be unduly relied upon. A description of assumptions used

to develop such forward- looking information and a descriptio n of risk factors that may cause actual

results to differ materially from forward -looking information can be found in Rio2's disclosure

documents on the SEDAR website at www.sedar.com . Forward-looking statements included in this

news release are made as of the date of this news release and such information should not be relied

upon as representing its views as of any date subsequent to the date of this news release. Rio2 has

attempted to identify important factors that could cause actual results, performance or achievements

to vary from those current expectations or estimates expressed or implied by the forward- looking

information. However, there may be other factors that cause results, performance or achievements

not to be as expected or estimated and that could cause actual results, performance or achievements

to differ materially from current expectations. Rio2 disclaims any intention or obligation to update or

revise any forward -looking statements, whether as a result of new information, future events or

otherwise, except as expressly required by applicable securities legislation.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2's SEDAR profile at

www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black

President, CEO & Director

Email: [email protected]

Tel: 1 (604) 260-2696

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in t he

policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this

release.