Mr. Alex Black reports

RIO2 ANNOUNCES PARTICIPATION IN ROYAL ROAD'S PRIVATE PLACEMENT

Rio2 Ltd. has participated in the Royal Road Minerals Ltd. non-brokered private placement, which closed on Nov. 27, 2025, with the purchase of 4,166,667 ordinary shares of Royal Road at the price of 18 cents per share ($750,000 in total).

Pursuant to the investor rights agreement announced on Sept. 29, 2025, Rio2 has the right to participate in equity financings by Royal Road to maintain its pro rata ownership in Royal Road at the time of any such financing or acquire an up-to-15-per-cent ownership interest in Royal Road (after giving effect to the financing) provided that Rio2 owns at least 9.5 per cent in Royal Road (calculated in accordance with the investor rights agreement).

Following the completion of the Royal Road private placement on Nov. 27, 2025, and the purchase by Rio2 of 4,166,667 shares under that placement, Rio2 has beneficial ownership, control and direction over an aggregate of 44,021,667 shares, representing approximately 15 per cent of the issued and outstanding shares of Royal Road on a non-diluted basis. Prior to this placement, Rio2 held 39,855,000 shares of Royal Road, representing approximately 15 per cent of Royal Road's issued and outstanding shares.

Rio2 acquired these shares for investment purposes. Rio2 may, from time to time, subject to the investor rights agreement, acquire additional shares or other securities of Royal Road, or dispose of some or all of the shares or other securities of Royal Road that it owns at such time.

This news release is being issued in connection with the filing of an early warning report pursuant to the requirements of National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). The early warning report will be electronically filed with the applicable securities commission in each jurisdiction where Royal Road is reporting and will be available under the profile of Royal Road and Rio2 on SEDAR+. A copy of the early warning report may also be requested by contacting the executive vice-president, chief financial officer and corporate secretary of Rio2 directly.

About Rio2 Ltd.

Rio2 is a mining company with a focus on development and mining operations, with a team that has proven technical skills, as well as a successful capital market record. Rio2 is focused on taking its Fenix gold project in Chile to production in the shortest possible time frame based on a staged development strategy. Rio2 and its wholly owned subsidiary, Fenix Gold Ltda., are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three pillars (social, environment and economics) of responsible development. As related companies, it reaffirms its commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that it operates in.

We seek Safe Harbor.