RIO2 Files Ni 43-101 Technical Report FOR the Kalzas Tungsten Project, Yukon, Canada
RIO2 FILES NI 43-101 TECHNICAL REPORT FOR THE KALZAS TUNGSTEN
PROJECT, YUKON, CANADA
For Immediate Release July 14, 2026
Vancouver, BC - Rio2 Limited (“ Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO)
announces that the Company has filed on SEDAR+ an independent NI 43 -101 Technical Report (the
“Report”) supporting historical data, geology and potential of the Kalzas Tungsten Project located in
Yukon, Canada.
The Report is entitled “Technical Report for the Kalzas Tungsten Project, Yukon, Canada” (the
“Technical Report”). The report was independently prepared by Tatiana Alva Jimenez, M.Sc., P.Geo.,
of RUMI Geoscience Consulting on behalf of the Company in accordance with National Instrument 43-
101- Standards of Disclosure for Mineral Projects (“NI 43-101”), dated July 10, 2026, with an effective
date of June 19, 2026.
The Technical Report is available on the Company’s website at www.rio2.com and on SEDAR+ at
www.sedarplus.ca.
About the Kalzas Tungsten Project
The Kalzas Tungsten Project (the “Kalzas Project”) consists of eight quartz mineral claims totalling
approximately 155 hectares, situated within the Selkirk First Nation Settlement Land Block SFN-R-16A.
The claims are active and verified as in good standing.
The Kalzas Project is located on the Kalzas Plateau in central Yukon Territory, Canada, south of the
Stewart River, approximately 70 km southeast of Mayo and 290 km north of Whitehorse. The property
is accessible from Whitehorse to Mayo, via the Klondike Highway to Stewart Crossing, then north along
the Silver Trail Highway (Yukon Highway 11), followed by a 30-minute flight from Mayo to the Project
site. Alternatively, the Project can be accessed directly by helicopter from Whitehorse.
The property is underlain by a geologically coherent porphyry-style vein-stockwork and sheeted-vein
wolframite system hosted within the metasedimentary rocks of the Yusezyu Formation, Hyland Group.
The system is spatially associated with a buried mid -Cretaceous pluton interpreted as part of the
Tombstone Intrusive Suite. A K/Ar age of 90.0 ± 1.4. Ma (Lynch, 1985a) from altered biotite supports
this interpretation. According to previous studies, tungsten mineralization consists predominantly of
wolframite, with up to approximately 10% occurring as scheelite within quartz veins and a stockwork
system.
The Kalzas Project occurs within the Selwyn Tungsten Belt, one of Canada’s most established tungsten
metallogenic provinces, which hosts several significant tungsten deposits. Tungsten is classified as a
critical mineral by Canada and many other countries, driven by its strategic importance in defence,
aerospace, electronics, and energy transition applications.
History of the Kalzas Project
The Kalzas Property was discovered and staked in 1978 by prospector J.D. Randolph. Union Carbide
Corporation optioned the property in 1980 and conducted the first systematic exploration programs
between 1981 and 1983 and relinquished its option in 1984 following a s ignificant downturn in the
tungsten market (Dawson, 2006). The property was acquired by Copper Ridge Exploration Inc. in 2001,
which conducted exploration programs between 2001 and 2005. In 2007, Prospector Resources Corp.
entered into an option agreement to acquire the Kalzas property from Copper Ridge Exploration Inc.
and conducted a diamond drilling program in 2008 and commissioned a Technical Report in 2016.
Prospector Resources Corp. subsequently changed its name to Rio2 Limited, with trading of Rio2
common shares commencing on the TSX Venture Exchange under the symbol “RIO” on April 28, 2017.
The Kalzas claim is currently registered as 100% owned by Rio2 Limited.
The claims are subject to the following royalties and encumbrances:
• A 2% Net Smelter Return (NSR) royalty payable to David Randolph and J.D. Randolph, as
established under the 2005 NSR agreement between Copper Ridge Exploration Inc. and the
Randolphs. Rio2 Limited has the right to acquire one -half (1%) of this royalty at any time for a pre -
negotiated amount of CA$500,000.
• A 2% Net Profits Royalty (NPR) currently held by Golden Predator Mining Corp., a subsidiary
of Victoria Gold Corp., as successor to Redtail Metals Corp. Rio2 Limited has the right to acquire one-
half (1%) of this royalty at any time for a pre-negotiated amount of CA$500,000.
Exploration History
The Kalzas Property was discovered and staked in 1978 by prospector J.D. Randolph. Systematic
exploration commenced in 1980 when Union Carbide Corporation optioned the property, conducting
geological mapping, geochemical sampling, trenching, airborne geophysics, and diamond drilling
between 1981 and 1983. Union Carbide relinquished the option in 1984 following a downturn in the
tungsten market.
Surface geochemical programs conducted by Union Carbide (1981) and Copper Ridge (2001 –2002)
delineated a contiguous tungsten-in-soil and talus-fines anomaly exceeding 1,000 ppm W, measuring
approximately 1,500 m in a northeasterly direction by 300 to 900 m in width. Trench sampling
highlights include 1.04% WO₃ _over 150 m (Union Carbide, Line L43N) and up to 3.165% WO₃ _over
0.4 m (Copper Ridge, Upper Levels trench).
Copper Ridge Exploration Inc. acquired the property in 2001 and conducted resampling, geological
mapping, and a five -hole diamond drilling program totalling 397.4 m in 2005. Prospector Resources
Corp. entered into an option agreement in 2007 and completed a four-hole diamond drilling program
totalling 505.5 m in 2008. Prospector Resources Corp. was subsequently renamed Rio2 Limited in
2017.
A total of 11 diamond drill holes have been completed at the property across three campaigns,
totalling approximately 1,570.29 m. No exploration activity has been documented at the property
since fall 2008. The 2016 Technical Report prepared by Doherty for Prospector Resources Corp.
reported the details of the Prospector Resources 2008 drilling campaign.
Examples of the rock lithology, alteration and mineralization observed during the site visit on May 27,
2026, are shown in Figure 1.
Source: Rio2 Limited
Figure 1: Float rock sample collected at the Kalzas Project. A. Hand Sample showing quartzite with
quartz and quartz -tourmaline veins. B: Same sample under UV illumination showing scheelite
fluorescence concentrated along fracture and quartz intersection. C: Examples of lithology, alteration,
and mineralization (K -08-11 drill core). Quartzite with quartz stockwork veins with tourmalinization
and sericitization (dark patches) along selvage and fracture.
Historical Geochemical Highlights
Historical soil and talus fines geochemical samples have defined a well- developed tungsten
geochemical anomaly at the property.
Surface geochemical programs conducted by Union Carbide (1981 -1984) and resampled by Copper
Ridge (2001-2002) delineated a contiguous tungsten-in-soil and talus-fines anomaly exceeding 1,000
ppm W, measuring approximately 1,500 m in a northeasterly direction by 300-900 m in width (Figure
2).
Trench sampling highlights included 1.04% WO 3 over 150 m (Union Carbide) and, from the Copper
Ridge Upper Levels trench, up to 3.165% WO 3 over 0.4 m and 2.552% WO 3 over 2 m. Higher grade
zones appear to be structurally controlled, trending west -northwest and preferentially developed
within quartzite-dominated host rock intervals. ,
The full extent of the anomaly remains open in several directions and is not fully tested at depth.
Source: C. Roots, digitally coloured using AI
Figure 2: Southeast view of the tungsten zone on West Kalzas, Twin Mountain
Historical Drilling Highlights
A total of 11 diamond drill holes have been completed at the Property across three campaigns totalling
1,570.29 m. Reliable drill hole data comes from the Copper Ridge (2005) and Prospector Resources
(2008) drilling campaigns. Highlights include drill hole KZ05-01, which contains a 1.9 m interval grading
1.122% WO3 within a broader 48 m intersection averaging 0.153% WO3, and drill hole KZ05-05, which
contains two narrow intervals (0.5 m each) grading 1.220% and 1.390% WO3 within a broader 24.4 m
intersection averaging 0.304% WO3. Prospector Resources (2008) drilling program highlights include
drill hole K-08-09, which returned 0.287% WO3 over 15 m. This interval is contained within the broader
101.36 m intersection averaging 0.224% WO 3, representing the most significant higher -grade sub-
interval identified in the 2008 program.
Table 1: 2005 Drill Hole Assay Highlights, Copper Ridge, Kalzas Project
Hole From (m) To (m) Interval (m) WO3(%)
KZ05-01 11 59 48 0.153
includes 29.6 41 11.4 0.304
and 29.6 38 8.4 0.393
and 29.6 32 2.4 0.688
and 36.1 38 1.9 1.122
KZ05-02 33 62 29 0.13
includes 50 52.1 2.1 0.391
KZ05-03 3 11 8 0.246
includes 28 30 2 0.24
49.2 53.8 4.6 0.26
KZ05-04 16 21.5 5.5 0.221
64.9 84.7 19.8 0.145
includes 64.9 68.5 3.6 0.231
KZ05-05 0 24.4 24.4 0.304
includes 7 14 7 0.419
and 9 17.4 8.4 0.533
and 9.8 10.3 0.5 1.22
and 16.9 17.4 0.5 1.39
58.4 60 1.6 0.38
84 85 1 0.72
Table 2: 2008 Drill Hole Assay Highlights, Prospector Resources, Kalzas Project
Hole From(m) To (m) Interval (m) WO3(%)
K-08-08 11.07 29.06 17.99 0.172
K-08-08 35 60.5 25.5 0.153
K-08-09 34 135.36 101.36 0.224
including 52 82.5 30.5 0.234
including 56.5 71.5 15 0.287
K-08-10 0 29 29 0.066
K-08-10 65 92 27 0.101
K-08-11 0 42.5 42.5 0.158
K-08-11 124.5 150.5 26 0.069
Technical Report Conclusion
The Kalzas Project hosts a geologically coherent, well- characterized porphyry-style wolframite vein-
stockwork system with meaningful bulk -tonnage exploration potential. The geological model is
consistent with known tungsten deposits within the Selwyn Tungsten Belt a nd is well -supported by
historical surface geochemistry, trench sampling, alteration mapping, aeromagnetic data, and three
diamond drill programs conducted between 1983 and 2008.
Historical drilling has tested only a small fraction of the mineralized system — a zone approximately
300 m by 200 m on the northwest flank of Kalzas Mountain — within a broader 1,500 m by 800 m
mineralized envelope defined by surface geochemistry. The geo logical model predicts that
mineralization extends to depth beyond the approximately 180 m tested by historical drilling, and
along strike beyond the currently drilled area, particularly on the western flank of Kalzas Mountain.
These represent the primary targets for a future drill program.
Advancement of exploration at the Kalzas Project is subject to the resolution of three conditions in
sequence: completion of the Selkirk First Nation ("SFN") -mandated site remediation program,
acceptance of the Class 1 exploration permit, and negotiation of a formal exploration agreement with
the SFN. Rio2 is committed to advancing these requirements in a collaborative and respectful manner
with the Selkirk First Nation.
Proposed Exploration Program
A two -phase exploration program is planned to commence shortly at the Kalzas Project, with a
mandatory pre-requisite phase that must be completed before field activities can commence.
The pre -requisite phase includes completion of the SFN -mandated site reclamation program,
scheduled to begin in July 2026 and budgeted at CAD60,875 (plus applicable taxes) . Advancement is
also contingent on acceptance of the Class 1 exploration permit filed on April 13, 2026, and execution
of a formal exploration access agreement with the Selkirk First Nation. Yukon -based geological
consultants, Archer Cathro, have been engaged by Rio2 to manage the site reclamation work and the
subsequent two-phase exploration program during the 2026 field season.
Phase 1 consists of data compilation, geological mapping, and surface geochemical sampling,
budgeted at CAD66,830 (plus applicable taxes). The program is designed to establish the foundation
for effective drill targeting and includes consolidation of all historical exploration data into a validated
georeferenced database, 1:5,000 -scale geological mapping and prospecting by a crew of three
geologists, collection of approximately 50 rock samples for multi -element ICP -MS analysis at ALS
Laboratories, and re -sampling of talus and rock material around the margins of the established
tungsten geochemical anomaly. The Phase 1 field program is planned for late July or August 2026,
subject to permit acceptance and SFN engagement, and will be conducted from a fly camp accessed
by helicopter from Mayo.
Phase 2 consists of a 1,500–2,000 m diamond drilling program to be designed following interpretation
of Phase 1 results, estimated at CA $1,305,000 to $2,050,000 (plus applicable taxes). Drill targets will
focus on depth extensions of wolframite mineralization below the approximately 180 m vertical limit
of historical drilling, along -strike continuity to the northeast and southwest guided by the ~1,500 m
surface geochemical anomaly, the untested western flank of Kalzas Mountain, and twinning of
selected holes from the 2005 and 2008 programs to validate historical assay data.
The total recommended expenditure across all three phases is estimated at approximately
CA$1,400,000 to $2,200,000, exclusive of applicable taxes.
Figure 3 shows the recommended target areas for Phase 1 and 2 explorations, focused on the western
flank and untested strike/depth extensions.
Figure 3: Kalzas Project drill hole locations, surface sampling highlights, and recommended priority
drill target area (red dashed outline). Background shading denotes> 1,000 ppm W soil and talus
anomalies.
Qualified Person
The scientific and technical content of this press release has been reviewed, approved and verified by
Enrique Garay, MSc P.Geo/FAIG, SVP Geology, Rio2 Limited, who is a QP under NI 43-101.
The Technical Report was prepared by Tatiana Alva Jimenez, M.Sc., P.Geo., Principal Geologist of RUMI
Geoscience Consulting, who is an independent Qualified Person as defined by NI 43 -101. Ms. Alva
Jimenez has reviewed and approved the scientific and technical information contained in this news
release, which fairly and accurately reflects the information contained in the Technical Report.
ABOUT RIO2 LIMITED
Rio2 is a diversified precious metals and copper producer focused on building and operating mines
with a management team that has proven technical skills as well as a successful capital markets track
record. The Company is currently producing gold at its F enix Gold heap leach mine in Chile and
copper/gold/silver at its recently acquired Condestable underground mine in Peru. Rio2 and its wholly
owned subsidiaries, Fenix Gold Limitada and Compañía Minera Condestable S.A., are companies that
operate 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 comm itment to apply
environmental standards beyond those mandated by regulators, seeking to protect and preserve the
environment in the territories where we operate.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively
“forward-looking information”) within the meaning of applicable securities laws relating to Rio2’s
Kalzas Project and other aspects of Rio2’s future operations and plans. In addition, without limiting the
generality of the foregoing, this press release contains forward- looking information pertaining to the
following: the phased exploration program proposed to be conducted on the Kalzas Project including
the work to be completed in advance of the commencement of the exploration program; the expected
cost of the exploration program; 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 cer tain key expectations and assumptions made by Rio2’s management, including but not
limited to: the successful negotiation of a formal exploration agreement with SFN; receipt of regulatory