Mr. Alex Black reports

RIO2 PROVIDES FENIX GOLD Q3 OPERATIONS UPDATE

Rio2 Ltd. has provided an update on the impact of a series of severe winter storms that the company's Fenix gold mine has experienced during Q3 of this year.

The Fenix gold mine is in the ramp-up stage of its first year of gold production, and these extraordinary weather events have been caused by a super El Nino, currently adversely affecting the typical seasonal weather patterns in both Chile and Peru.

The safety of the company's work force remains the highest priority across the company's mining operations in Chile. During these events, operations were safely suspended, personnel were successfully evacuated and the company's strong safety record was maintained. Despite the temporary suspension of mining activities, several critical facilities remained fully intact and operational at reduced capacity, including:

• Leach pad;
• Process plant;
• Power generation facilities.

The continued operation of these facilities helped preserve site integrity and supported a more efficient return to normal mining activities.

The Fenix gold mine experienced a series of severe winter weather events characterized by heavy snowfall and high winds.

Major storm events

• July 17 to July 24: The first major winter storm disrupted mining operations.
• Aug. 10 to Aug. 22: A second major storm caused further operational disruptions.

Following the August storm, the site experienced three additional significant single-day snowfall events. These weather disruptions have continued to affect the planned ramp-up and buildup of production.

Weather conditions have begun to improve gradually, although long-range forecasts indicate that unseasonal snowfall may continue through December. The ramp-up of mining activities remains on track to achieve commercial production in Q4, with site management implementing several initiatives to recover production losses incurred over recent months. The company continues to withhold formal guidance for the balance of the year.

The scientific and technical content of this news release has been reviewed, approved and verified by Enrique Garay, MSc, PGeo/FAIG, who is a qualified person under National Instrument 43-101 and not independent from the company.

About Rio2 Ltd.

Rio2 is a diversified precious metal and copper producer focused on building and operating mines with a management team that has proven technical skills as well as a successful capital markets track record. The company is currently producing gold at its Fenix gold heap leach mine in Chile and copper/gold/silver at its Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Ltd. and Condestable S.A., are companies that operate 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, economics) of responsible development. As related companies, the company reaffirms its commitment to apply environmental standards beyond those mandated by regulators, seeking to protect and preserve the environment in the territories where it operates.

We seek Safe Harbor.