Rio2 (RIO) investor relations material

Executive summary

• Q3 production totaled 12,307 oz of gold, 95,257 oz of silver and 9.60 million lb of copper; severe winter weather disrupted Fenix Gold’s ramp-up.

• Condestable delivered steady production, while reported results included a large non-cash fair-value loss on the stream obligation.

Financial highlights

• Revenue was $115.4 million; net loss attributable to shareholders was $28.5 million, versus adjusted net income of $22.4 million.

• EBITDA was a loss of $1.8 million; adjusted EBITDA was $50.0 million, including adjustments for the stream fair-value loss and other items.

• Income from mine operations was $43.8 million; adjusted net income compared with an adjusted net loss of $2.8 million in Q3 2025.

• Cash was $26.8 million at September 30, 2026, versus $46.4 million at December 31, 2025.

Outlook and guidance

• Fenix Gold is expected to ramp up to 20,000 tonnes per day and reach commercial production in Q4 2026; no further restrictions were anticipated at the time of the release.

• Fenix Gold’s remaining drilling program is planned to resume in January 2027; an updated Mineral Resource Estimate is expected in December 2027.

• Condestable Phase 2 exploration drilling is planned for 72 holes totaling 17,120 metres, subject to permitting expected to take ~six months.

• Kalzas plans an initial 2,000-metre diamond reconnaissance program in the 2027 summer field season, with an estimated budget of $1.5 million.