Rio2 (RIO) Corporate presentation summary

Portfolio and scale

• Fenix Gold in Chile and Condestable in Peru provide a two-mine operating base; Fenix Phase 1 targets 100 koz Au/year and Phase 2 assesses 300 koz/year, while Condestable averages 26 kt CuEq/year.

• Projected annual mine EBITDA is ~US$450m at consensus prices and ~US$515m at spot prices, based on 2027–2028 technical report averages and including streams and flexible prepay.

Fenix Gold

• Construction was completed on time and on budget; first gold pour occurred in Jan 2026, with ramp-up during 2026 and 100 koz/year targeted from 2027.

• Q2 leach-pad feed increased to 13,600–16,100 t/day; water consumption was ~25% below plan, while early freezing temperatures prompted leach-pad cover adaptations.

• Produced 9,088 oz in Q2 at total cash cost of $2,701/oz sold; H1 production was 13,736 oz at $2,671/oz sold.

• Phase 2 study assesses 80,000 t/day and ~300 koz/year; desalinated water is planned, with supplier MOUs and studies underway.

Condestable

• Q2 processed 725,970 tonnes at 1.04% CuEq; mining and production costs were maintained at $39.5/t.

• Q2 copper production was 9.297m lbs at C1 cash cost of $2.34/lb and AISC of $3.10/lb.

• A MEIA approved expansion to 10,000 t/day in Q3 2026; further expansion to 12,000 t/day is under study, alongside open-pit potential and an ore-sorting pilot.

• The mine has 268 kt of copper reserves, 565 kt of measured and indicated resources, and 169 kt of inferred resources.