Mr. Alex Black reports

RIO2 ANNOUNCES PARTICIPATION IN ROYAL ROAD'S BROKERED LIFE OFFERING

Rio2 Ltd. has participated in the Royal Road Minerals Ltd. brokered LIFE (listed issuer financing exemption) offering, which closed on July 28, 2026, with the purchase of 10 million ordinary shares of Royal Road at the price of 20 cents per share ($2-million 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 up to a 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 brokered LIFE offering on July 28, 2026, and the purchase by Rio2 of 10 million shares under that placement, Rio2 has beneficial ownership, control and direction over an aggregate of 54,021,667 shares, representing approximately 16.33 per cent of the issued and outstanding shares of Royal Road on a non-diluted basis. Prior to this placement, Rio2 held 44,021,667 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 at 1-604-762-4720.

About Rio2 Ltd.

Rio2 is a diversified precious metals 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 record. The company is currently producing gold at its Fenix gold heap leach mine in Chile and copper/gold/silver at its recently acquired Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Ltda. and Compania Minera 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.