Rio2 Provides Fenix Gold Q3 Operations Update

Rio2 Limited (TSX: RIO) (OTCQX: RIOFF) (BVL: RIO) ("Rio2" or "the Company") provides an update on the impact of a series of severe winter storms that our Fenix Gold Mine has experienced during Q3 of this year.

The Fenix Gold Mine is in the ramp-up stage of its first year of gold production, and these extraordinary weather events have been caused by a super El Niño, currently adversely affecting the typical seasonal weather patterns in both Chile and Peru.

The safety of our workforce remains the highest priority across our mining operations in Chile. During these events, operations were safely suspended, personnel were successfully evacuated, and our strong safety record was maintained. Despite the temporary suspension of mining activities, several critical facilities remained fully intact and operational at reduced capacity, including:

• Leach pad
• Process plant
• Power generation facilities

The continued operation of these facilities helped preserve site integrity and supported a more efficient return to normal mining activities.

The Fenix Gold Mine experienced a series of severe winter weather events characterized by heavy snowfall and high winds.

Major Storm Events

• July 17 - 24: The first major winter storm disrupted mining operations.
• August 10 - 22: A second major storm caused further operational disruptions.

Following the August storm, the site experienced three additional significant single-day snowfall events. These weather disruptions have continued to affect the planned ramp-up and build-up of production. Production performance to September 21 is presented in the graphs below.

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Weather conditions have begun to improve gradually, although long-range forecasts indicate that unseasonal snowfall may continue through December. The ramp-up of mining activities remains on track to achieve commercial production in Q4, with site management implementing several initiatives to recover production losses incurred over recent months. A graph showing actual gold production to date and projected production (assuming minimal weather disruptions) for the remainder of the year is provided below. The Company continues to withhold formal guidance for the balance of the year.

Aerial view - September 24, 2026

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https://images.newsfilecorp.com/files/1013/316260_rio2_1.jpg

The scientific and technical content of this news release has been reviewed, approved and verified ‎by Enrique Garay, MSc P.Geo/FAIG, who is a QP under NI 43-101 and not independent from the Company.

ABOUT Rio2 LIMITED

Rio2 is a diversified precious metal 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 Fenix Gold heap leach mine in Chile and copper/gold/silver at its Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Limitada and 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 commitment 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 news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to Rio2's development of the Fenix Gold Project and other aspects of Rio2's future operations and plans. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the expected timeline for the Fenix Gold Mine to achieve commercial production; projected gold production at the Fenix Gold Mine for the remainder of 2026; the potential for adverse weather conditions at the Fenix Gold Mine; 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 certain key expectations and assumptions made by Rio2's management, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; future mining and production rates and estimates of capital and operating costs; legislative and regulatory environment of Chile, Peru and Canada; anticipated timing and results of capital expenditures; weather conditions at the Fenix Gold Mine and the ability of the Corporation to address the consequences of adverse weather conditions; receipt of third-party and regulatory approvals; and the availability and cost of labour and services.

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. 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.sedarplus.ca. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to market conditions, risks associated with our operations; risks that required third party and regulatory approvals are not obtained on satisfactory terms or at all; and management's ability to anticipate and manage the factors and risks referred to herein.

Forward-looking statements included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date subsequent to the date of this news release. Rio2 has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. 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.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316260