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RIO2 – Fenix GOLD Eia Administrative Appeal to Be Heard December 20, 2023

Permits & Approvals Legal & Disputes

RIO2 – FENIX GOLD EIA ADMINISTRATIVE APPEAL TO BE HEARD DECEMBER

20, 2023

For Immediate Release December 18, 2023

VANCOUVER, B.C., - Rio2 Limited (“ Rio2” or the “ Company”) (TSXV: RIO ; OTCQX: RIOFF; BVL: RIO)

today announces that Chilean authorities have confirmed that the Committee of Ministers will

announce their decision on the administrative appeal, previously filed by its subsidiary Fenix Gold

Limitada, for the approval of the Fenix Gold EIA (Environmental Impact Assessment) at a committee

meeting scheduled for December 20, 2023.

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 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. Rio2 and its wholly owned subsidiary, Fenix Gold Limitada, are companies with

the highest environmental standards and responsibility with the firm conviction that it is possible to

develop mining projects that respect the three axes (Social, Environment, Economics) of sustainable

development. As related companies, we reaffirm our commitment to apply environmental standards

beyond those that are mandated by regulators, seeking to protect and preserve the environment of

the territories that we operate in.

Forward-Looking Statements

Certain information contained in this press release constitutes “forward-looking information”, within

the meaning of applicable securities legislation. Generally, these forward-looking statements can be

identified by the use of forward -looking terminology such as “plans”, “expects” or “does not expect”,

“is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not

anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events

or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the

potential to.” Forward-looking statements contained in this press release include statements regarding

the expected timing of an announcement of the decision regarding Rio2’s administrative appeal.

Actual results and outcomes may differ materially from what is expressed or forecasted in these

forward-looking statements. Such statements are qualified in their entirety by the inherent risks and

uncertainties surrounding future expectations. Among those factors which could cause actual results

to differ materially are the following: the internal processes of the Committee of Ministers approvals

and other risk factors listed from time to time in our reports filed with Canadian securities regulators

on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are

made as of the date of this press release and 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.sedarplus.ca.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black

Executive Chairman

Email: [email protected]

Tel: +51 99279 4655

Kathryn Johnson

Executive Vice President, CFO & Corporate Secretary

Email: [email protected]

Tel: +1 604 762 4720

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

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

release.