RIO2 Limited Files Technical Report FOR the Fenix GOLD Project Updated Pre-Feasibility Study

RIO2 LIMITED FILES TECHNICAL REPORT FOR THE FENIX GOLD PROJECT

UPDATED PRE-FEASIBILITY STUDY

For Immediate Release October 17, 2019

Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that

it has filed an independent technical report dated October 15th, 2019, entitled "Updated Pre-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 August 15th, 2019 and supports the disclosure made by the Company in its news release dated

September 4, 2019 announcing the results of the pre-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:

• Raul Espinoza, (MAusIMM (CP)) of Mining Plus S.A.C.

• Mario Rossi, (Fellow AusIMM, Member CIM, Member SME) of GeoSystems International Inc.

• Denys Parra, (Member SME) of Anddes Asociados S.A.C.

• Anthony Maycock, (P.Eng.) of HLC Ingenieria y Construccion S.A.C.

• Andres Beluzan (ChCM Registered Member) of ABelco Consulting SpA.

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.sedar.com.

ABOUT RIO2 LIMITED

Rio2 is a mine development company with a team that has proven technical skills in the development

and operations of mines 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. With the Fenix Gol d Project in development in Chile and gold exploration

platform in Peru, Rio2 Limited will continue to pursue additional strategic acquisitions where it can

deploy its operational excellence and responsible mining practices to build a multi -asset, multi -

jurisdiction, precious metals company focused in the Americas.

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

www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black

President, CEO & Director

Email: [email protected]

Tel: 1 (604) 260-2696

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.