RIO2 Limited Begins Drilling Program at Fenix GOLD Project

PRESS RELEASE – NOVEMBER 7, 2018

RIO2 LIMITED BEGINS DRILLING PROGRAM AT FENIX GOLD

PROJECT

Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; BVL: RIO) is pleased to

announce that a 7,000-meter in-pit drilling program has commenced at its Fenix Gold

Project located in the Atacama Region (III Region, Chile) within the well-known

Maricunga Mineral Belt. The drilling is focused on the US$728 pit shell as defined in

the Project’s Pre-Feasibility Study completed in 2014. As previously announced, the

objective of this drilling is to intersect and define east-west structural feeders that the

geologists believe are controlling the higher grade mineralization, as evidenced in

surface sampling. The drilling will also serve as a check for previous drilling within the

US$728 pit shell and assist in better defining the near surface higher grade

mineralized component of the new resource estimate for the deposit to be completed

by the end of the first quarter of 2019.

The in-pit drilling campaign, including assaying, is expected to take up to three months

to complete and will be followed by a series of geo-metallurgical, geotechnical and

condemnation drill holes. Metallurgical drilling will assist the Company on completing

a trade-off of various crushing options for the project while geotechnical drilling will

focus on pit wall stability and condemnation drilling will be targeted in areas of mine

infrastructure such as leach pad, waste dump, process plant and other mine facilities.

All the information gathered from this additional drilling will contribute to the planned

Feasibility Study which is expected to be completed in second half of 2019.

Rio2’s geologists have recently completed the re-logging of the existing core from past

drilling programs dating back to 2010. The principal reason for re-logging the core is

to generate, for the first time, a geological model that will support the new resource

estimate to be completed in the first quarter of 2019. The Company believes that there

is a high-grade component to the resource related to structures and breccias which

are prevalent in the deposit but have not been defined in the current resource estimate

which has been constrained by a 0.15 g/t grade shell without considering geological

domaining. The geologists are also resampling surface exposures of the mineralized

resource to include this information in the revised resource estimate. Previous surface

sampling was not included in the current resource estimate despite a high proportion

of samples being above the average mineralized resource grade and the resource

outcropping at surface.

The Company is also pleased to announce that it has initiated the Environmental

Baseline Study on the Fenix Gold Project. The study is scheduled to be completed by

mid 2019 and will form a basis for the preparation of an Environmental Impact Study

which is scheduled to be filed with Chilean authorities during second half of 2019,

following the completion of the planned Feasibility Study.

Alex Black, President and Chief Executive Officer of Rio2, stated, “The Rio2 team is

excited to commence the Feasibility Study work program at our Fenix Gold Project

with the in-pit drilling program underway. A steady flow of results from our work

program will be released to the public over the coming months repositioning the Fenix

Gold Project as an upcoming development project in the gold sector.”

NATIONAL INSTRUMENT 43‐101 DISCLOSURE

The scientific and technical content of this new release has been reviewed and

approved by Enrique Garay, Senior Vice President ‐ Geology, Rio2 Limited, a

Qualified Person as defined by National Instrument 43‐ 101. For additional information

regarding the Fenix Gold Project (formerly the Cerro Maricunga Gold Project),

including key parameters, assumptions and risks associated with its mineral resource

and reserve estimates, see the independent technical report entitled “NI 43‐101

Technical Report on the Cerro Maricunga Project Pre‐ Feasibility Study Atacama

Region, Chile” dated October 6, 2014 with an effective date of August 19, 2014, a copy

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

ABOUT RIO2 LIMITED

Rio2 Limited is building a multi‐asset, multi‐jurisdiction, precious metals company

focused in the Americas. With the Fenix Gold Project in development in Chile and

exploration platforms in Peru and Central America, Rio2 Limited will continue pursuing

additional strategic acquisitions to compile an attractive portfolio of precious metals

assets where it can deploy its operational excellence and responsible mining practices

to create value for its shareholders. Rio2 Limited has assembled a highly experienced

executive team to generate significant shareholder value, with proven technical skills

in the development and operations of mines and capital markets experience. Through

its strategy of acquiring precious metals assets at exploration, development, and

operating stages, the executive team will grow Rio2 Limited and create long‐term

shareholder value through the development of high‐margin, strong free‐cash‐flowing

mining operations.

For more information about Rio2 Limited, please contact:

Alex Black

President and Chief Executive Officer

Email: [email protected]

Telephone: +1 (416) 432 0622

CAUTIONARY STATEMENT ON FORWARD‐LOOKING INFORMATION

Certain information set forth in this news release contains "forward‐looking

statements", and "forward‐ looking information” under applicable securities laws.

Except for statements of historical fact, certain information contained herein

constitutes forward‐looking statements, which include plans related to the future

exploration and development of the Fenix Gold Project and the timing for both a new

resource estimate and the completion of a Feasibility Study on the Fenix Gold Project,

and are based on current internal expectations, estimates, projections, assumptions

and beliefs, which may prove to be incorrect. Some of the forward‐looking statements

may be identified by the use of conditional or future tenses or by the use of such words

such as "will”, “expects", “may”, “should”, “estimates”, "anticipates", "believes",

"projects", "plans", and similar expressions, including variations thereof and negative

forms. 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. These statements are not guarantees of future performance and

undue reliance should not be placed on them. Such forward‐looking statements

necessarily involve known and unknown risks and uncertainties, which may cause the

actual performance and financial results of Rio2 in future periods to differ materially

from any projections of future performance or results expressed or implied by such

forward‐looking statements. A description of assumptions used to develop such

forward-looking information and a description 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 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that

term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release