Rio2 (RIO) Mining Forum Europe 2026 summary

Strategic overview and recent developments

• Transitioned from developer to producer with Fenix Gold moving into operation and acquisition of Condestable copper mine in Peru in January.

• Operations are managed from Lima, Peru, leveraging a team with extensive heap leach experience from previous projects.

• Fenix Gold is the cornerstone project, located in Chile’s Atacama region, with a 17-year mine life and current phase limited by water supply, which is being trucked in.

• Five million ounces of resources at Fenix, with plans to expand from 20,000 to 80,000 tons per day pending water pipeline development.

• CAD 10 million allocated for near-mine exploration at Fenix, focusing on deeper drilling to expand resources.

Project operations and expansion plans

• Fenix Gold is producing gold since January, with current mining at high altitude and ongoing leach pad construction.

• Condestable mine in Peru acquired for steady cash flow, producing 8,400 tons per day and 27,000 tons copper equivalent annually, with 11 years of reserves.

• Expansion at Condestable aims to increase throughput to 12,000 tons per day, supported by dry stack tailings and a sub-CAD 50 million plant upgrade.

• Electric truck trials at Condestable are yielding significant per-tonne cost savings and emission reductions.

• Both projects have large unexplored land packages, with exploration budgets set for near-mine targets.

Financials and forward-looking statements

• Company valued at approximately $1.1 billion USD, with CAD 93 million cash and CAD 87 million debt related to Condestable acquisition.

• Fenix ramping up to 60–70,000 ounces in 2026, targeting 100,000 ounces annually from 2027 at 20,000 tons per day.

• PFS on Fenix expansion expected end of this quarter, with pipeline and project CapEx estimated at CAD 400 million and CAD 150 million, respectively.

• Construction decision for Fenix expansion anticipated by end of 2028, aiming for 80,000 tons per day and 300,000 ounces per year by 2031.

• Condestable expansion to 12,000 tons per day is expected to be self-funded, with no additional borrowing planned.