Rio2 (RIO) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic overview and asset portfolio

• Operates two long-life mines: Fenix Gold in Chile (gold) and Condestable in Peru (copper, gold, silver).

• Fenix Gold began production in January and holds 5 million ounces of gold; Condestable has over 550,000 tonnes of copper in M&I.

• Condestable is the only underground copper mine in Peru, acquired with a 10-year reserve life and expansion potential.

• Leadership team has a proven track record, previously building and selling Rio Alto for $1.2 billion.

• Company is Lima-based, with no Canadian office, and is focused on operational oversight of both assets.

Financial performance and growth plans

• Achieved a market valuation of $1.8 billion, outperforming GDX and gold price over the past two years.

• Raised $200 million in financing for the Condestable acquisition, with strong institutional and high-net-worth backing.

• Combined EBITDA from both mines projected at $400–500 million annually, with significant leverage to metal prices.

• Fenix Gold and Condestable expected to self-fund future expansion phases.

• Gold equivalent production could reach 400,000–420,000 ounces per year after expansions.

Operational updates and expansion timelines

• Fenix Gold ramping up to 20,000 tons/day, targeting 60,000–70,000 ounces in 2024 and 100,000 ounces annually for at least 4–5 years.

• Plans to expand Fenix Gold to 80,000 tons/day by 2030–2031, producing 300,000 ounces per year.

• Condestable expansion to 12,000 tons/day expected by end of 2027, reaching 120,000 ounces gold equivalent annually.

• Combined expanded output from both mines projected at 420,000 ounces gold equivalent per year.

• Water supply for Fenix Gold to transition from trucking to desalination pipeline from Copiapó.