Rio2 (RIO) Mining Forum Americas 2026 summary

Corporate overview and asset update

• Management and technical operations are based in Lima, Peru, with a small financial team in Vancouver.

• Transitioned from developer to producer with two main assets: Fenix Gold in Chile and Condestable in Peru.

• Fenix Gold is in ramp-up year; Condestable was acquired in February and is a producing underground copper mine.

• Major shareholders include BlackRock; 7% insider ownership.

Fenix Gold project developments

• Fenix Gold is a high-altitude, open-cast heap leach oxide gold mine in Chile, currently limited by water supply trucked from Copiapó.

• Severe weather in Q3, including unprecedented snowfall, significantly disrupted operations and reduced gold output.

• Expansion plans include a desalinated water pipeline within five years to increase production from 100,000 to 300,000 ounces annually.

• Updated resource estimate expected in early Q3 2027 after drilling resumes in November.

• Engineering and EIA application for expansion to follow water provider selection, with construction decision targeted for end of 2028.

Condestable mine progress and expansion

• Condestable is a coastal, low-altitude underground copper mine with over 60 years of operation and stable annual output of 25,000–26,000 tons copper equivalent.

• Recently approved permit allows plant expansion from 8,400 to 10,000 tons/day, with potential to reach 12,000 tons/day; $50 million CapEx estimated for expansion.

• Ore sorting pilot plant to be trialed, potentially unlocking additional low-grade material for processing.

• Exploration drilling underway to define a surface resource for a possible future open pit operation.

• Fast-tracking open pit development would require a new EIA process, with a best-case timeline of four to five years.