Rio2 (RIO) Q2 2026 earnings summary

Executive summary

• Consolidated Q2 2026 production: 13,539 oz gold, 75,437 oz silver, 9.3M lbs copper; Fenix Gold ramp-up advanced, Condestable delivered steady cash flows and operational performance.

• Fenix Gold ramp-up improved with expanded work areas, increased workforce, and new mining fleet; commercial production targeted for Q4 2026.

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

Financial highlights

• Q2 2026 EBITDA: $76.2M; Adjusted EBITDA: $46.5M.

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

• Consolidated revenue: $105.3M; net income: $46.8M; cash and equivalents: $49.7M at June 30, 2026.

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

Outlook and guidance

• Fenix Gold commercial production expected in Q4 2026; annual gold production guidance deferred due to severe weather and ramp-up impacts.

• Condestable 2026 production guidance: 21,500–23,500 tonnes of payable copper equivalent.

• Fenix Gold mine expansion study for 80,000 tpd ongoing, with desalinated water provider selection expected by Q3 and study completion in Q4.