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RIO2 Limited Files Technical Report FOR the Fenix GOLD Project

Technical Reports (NI 43-101)

RIO2 LIMITED FILES TECHNICAL REPORT FOR THE FENIX GOLD PROJECT

For Immediate Release October 18, 2023

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

today announces that it has filed an independent technical report dated October 16, 2023, entitled

“NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project” (the “Technical

Report”) pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-

101”). The Technical Report has an effective date of October 16, 2023, and supports the disclosure

made by the Company in its news release dated September 5, 2023, announcing the results of the

feasibility study on the Fenix Gold Project.

The Technical Report was compiled by Mining Plus Peru S.A.C. (“Mining Plus”) with contributions from

a team of Qualified Persons as defined by NI 43-101, as follows:

• Erick Ponce (FAusIMM), Manager Open Pit South America of Mining Plus;

• Dr. Carlos Arevalo, Professional Geologist, registered Member of the Chilean Mining

Commission REG#215 of CAC SpA;

• Andres Beluzan, Chartered Professional, Mining Engineering and a r egistered

Member of the Chilean Mining Commission REG#215 of ABelco Consulting SpA;

• Denys Parra, (Registered Member SME) of ANDDES of Anddes Asociados SAC;

• Anthony Maycock (P.Eng.), Senior Metallurgical Consultant of HLC SpA;

• Francisco Javier Rovira, registered Competent Person in Mineral Resources a nd

Reserves (Reg. No. 0363) of Derk S.A.

The Technical Report is available on the Company's website at www.rio2.com, as well as under the

Company's profile on SEDAR+ at www.sedarplus.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 successful capital markets track record. Rio2 is focused on taking its

Fenix Gold Project in Chile to production in the sho rtest 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.

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

www.sedarplus.com.

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.