RIO2 Announces Official Start of Construction of Fenix GOLD MINE
RIO2 ANNOUNCES OFFICIAL START OF CONSTRUCTION OF FENIX GOLD MINE
For Immediate Release February 7, 2025
Vancouver, BC - Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO)
announces today the celebration of the official start of construction of its Fenix Gold Mine located in
the Maricunga Gold Belt of the Atacama Region. The event held on February 6, was attended by the
Honorable Aurora Williams Baussa, Minister of Min ing; Mr. Mario Silva Álvarez, Deputy Governor of
Atacama; Mr. Jorge Riesco Valdivieso, President of SONAMI (Chilean National Mining Society);
representatives of the Co lla Indigenous Communities; Regional Ministerial Secretaries;
representatives of Mining and Industry Guilds and high authorities from InvestChile, CORPROA (The
Corporation for the Development of the Atacama Region), and SERNAGEOMIN (National Service of
Geology and Mining).
The event included remarks from the participating authorities and Andrew Cox, Rio2’s President &
CEO.
Unveiling of commemorative plaque by management and authorities
Official ribbon cutting ceremony
Andrew Cox, President & CEO and mining and regional authorities
Placing of the first stone at the ADR Plant
As announced in a press release dated January 13, 2025, the Company recommenced construction
activities at the Fenix Gold Mine in October 2024 after successfully completing a debt and equity
financing for the construction of the mine announced on October 29, 2024.
The projected construction capex for 2025 is estimated to be USD 12 2 M (excluding Chilean VAT tax
which is refundable) with construction expected to be completed in November 2025. First gold
production is currently guided for January 2026.
FENIX GOLD PROJECT
The Fenix Gold Project is one of the largest undeveloped gold oxide, heap leach projects in the
Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National
Instrument 43-101 -Standards of Disclosure for Mineral Projects, “NI 43-101”) of 4.8 million ounces of
gold which the Company believes will make a positive contribution to the Atacama Region and Chile.
The Project is an example of modern gold mining where a full complement of technical,
environmental, and social considerations has been consulted and designed from the outset. The
Project represents a significant investment in the gold mining business in Chile by a junior mining
company of approximately US$235M of initial and sustaining capital, generating employment for at
least 1,200 people during the construction phase and 550 people during the 17-year operations phase.
The mine being contemplated will be a run-of-mine heap leach operation; no crushing or tailings
storage facilities are required, thereby minimizing the overall impact and footprint of the Project.
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. 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 pillars (Social, Environment, Economics) of responsible
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.
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.