Rio2 (RIO) investor relations material

Executive summary

• Q2 2026 results showed operational improvements at both Condestable and Fenix Gold, with consolidated production of 13,539 oz gold, 75,437 oz silver, and 9.3M lbs copper.

• Condestable delivered steady cash flows and operational performance, while Fenix Gold ramp-up advanced with expanded work areas, increased workforce, and new mining fleet.

• Fenix Gold faced significant weather disruptions, including two major snowstorms, impacting production and delaying steady-state throughput.

• Condestable integration is progressing, with ongoing plant expansion and ore sorting evaluations; EIA modification approval expected in Q3.

• Commercial production at Fenix Gold is targeted for Q4 2026.

Segment performance

• Condestable has been under management for five months, operating at steady state, producing 9.3M lbs copper, 4,451 oz gold, and 74,374 oz silver in Q2.

• Fenix Gold produced 9,088 oz gold in Q2, with ramp-up affected by weather and lower grades; cash cost $2,701/oz, AISC $2,873/oz.

• Mining fleet issues at Fenix Gold were resolved with new trucks and excavators, and operator availability improved.

• Leach pad operations at Fenix Gold adapted to winter conditions using plastic covers, improving temperature control and water retention.

• Exploration and ore sorting trials are underway at Condestable, with a pilot plant arriving in Q4.

Financial highlights

• Q2 2026 EBITDA was $76.2M; adjusted EBITDA $46.5M; consolidated revenue $105.3M; net income $46.8M; cash and equivalents $49.7M at June 30, 2026.

• Income from mine operations was $39.2M; adjusted net income $17.1M, up from a $0.9M loss in Q2 2025.

• Cash provided by operating activities was $0.3M; investing activities used $12.4M; financing activities used $31.0M.

• At Condestable, Q2 AISC was $3.10/lb copper, with cash cost $2.34/lb; at Fenix Gold, Q2 AISC was $2,873/oz gold.

• Fenix Gold Q2 saw 19,325 contained ounces stacked and a 47% recovery rate; feasibility assumes 70-75% recovery.