Mr. Alex Black reports

RIO2 COMPANY-WIDE EXPLORATION UPDATE

Rio2 Ltd. has provided a company-wide exploration update for its Condestable copper mine, located in Peru, its Fenix gold mine, located in Chile, and its Kalzas tungsten project, located in Canada.

Condestable mine -- Peru

The company announces the initiation of a first-phase surface drilling program and district-scale exploration activities at the Condestable mine. These programs follow the completion of a comprehensive geological mapping campaign covering a three-kilometre-by-1.2-kilometre (km) northeast-trending corridor between Condestable, Raul and Vinchos. The geological mapping has strengthened the correlation between surface geology and underground mine geology, and has refined the understanding of the principal controls on Cu-Au-Ag (copper-gold-silver) sulphide mineralization.

Mineralization at Condestable occurs within brecciated mantos ranging from one to 10 metres (m) in thickness, exhibiting strong lithological controls associated with volcanic breccias parallel to stratification. Vein-hosted mineralization is also present, with widths from centimetres to more than three metres. The dominant vein orientation is northwest, with a secondary northeast-trending set, defining a clear structural control. Drill holes have been designed to intercept both mineralization styles at high angles to maximize geological information and resource conversion potential.

Based on this updated geological model, the company has established initial 80-metre spacings for drill sections and structured the drilling program into two phases:

• Phase 1: drill holes with existing access and prepared platforms, all within the company's permitted environmental footprint and surface land position. This phase includes 69 platforms and 85 drill holes, totalling 16,750 metres. Drilling is scheduled to commence during the week commencing Sept. 21;
• Phase 2: drill holes requiring new access, platform construction and additional environmental authorization. This phase comprises 62 platforms and 72 drill holes, totalling 17,120 metres. Construction requirements include 8,622 metres of access roads and 62 drill platforms. The company anticipates a permitting timeline of approximately six months prior to commencement of the phase 2 drilling program.

As part of its broader district-scale exploration strategy, the company completed a 57,740-hectare GeoMagDrone survey. The survey covered 40,694 hectares of mining properties within the 46,290 hectares of mineral rights controlled by Condestable S.A. Survey lines were spaced 200 metres apart, generating 3,522 line kilometres of magnetic data.

The analytical signal defines two principal magnetometric domains within the project area. The western sector is characterized by a high magnetic response associated with intrusive rocks of the coastal batholith, whereas the eastern sector exhibits a low magnetic response corresponding with sedimentary rock sequences. The eastern domain is dominated by N345-trending structural features and their intersection with trans-Andean N35-trending structures, including the regional Calicantro fault.

The intersection of these structural trends hosts an isolated, high-intensity magnetic anomaly corresponding with the Condestable-Raul system, which displays a pronounced north-south orientation across the mine area. This anomaly represents a key geophysical feature of interest due to its structural position and magnetic signature.

From an exploration perspective, the intersections of northwest-southeast and northeast-southwest structural trends constitute favourable target zones for potential mineralization. These structures exhibit a fractal-type spatial distribution, with approximate spacings of five km for northwest-trending features and three km for northeast-trending features. The geometry and periodicity of these structures suggest a recurrent structural framework conducive to fluid flow, deformation and potential mineral deposition.

Condestable -- exploration targeting and follow-up work

Preliminary integration of the geophysical results with geological and geochemical data sets identified six priority exploration targets: Cerro Pacay, Cerro Perico, Loma de Vinchos, San Marcos, Condestable 10 and Punta Colorada. Each target will undergo follow-up prospecting and detailed geological assessment.

For additional information regarding the Condestable mine, see the independent technical report dated July 22, 2026, entitled "NI 43-101 Technical Report Condestable Mine, Lima Department, Peru," prepared by SLR Consulting (Canada) Ltd. pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects. The technical report has an effective date of May 31, 2026. The technical report is available on the company's website and on SEDAR+.

Fenix gold mine -- Chile

The company advises that drilling at the Fenix gold mine has been suspended due to adverse weather conditions, worker safety considerations and contractor standby costs. The company plans to resume the remaining drill program in January, 2027, to take advantage of Chile's summer season.

The 2026 surface drilling program, originally planned for 21,880 metres, was suspended with 43 drill holes totalling 14,669 metres, comprising 3,905 metres of diamond drilling and 10,764 metres of reverse circulation (RC) drilling, completed to date. As the objectives of the 2026 campaign focus on testing deeper mineralized zones, drill platforms were strategically positioned along the periphery of known mineralization. To optimize drilling efficiency and reduce overall costs, the first 200 to 250 metres of each hole will be drilled using RC, with diamond drilling employed for the remainder of the hole.

The program is designed to increase geological confidence in mineral resources located beneath the reserve pit, within the current resource pit shell and up to 100 metres below the resource shell. Drill hole design parameters were established using a multivariable probabilistic model generated through artificial intelligence (AI), supporting improved targeting of high-potential zones.

All drill samples will be submitted to COTECNA Laboratory in Coquimbo, Chile. As of the date of this news release, 60 per cent of samples have been assayed and the company expects to receive 100 per cent of analytical results within the next two months. Systematic sampling was conducted at two-metre intervals for both RC and diamond drill holes. Assay protocols include Au-AAS FA (fire assay), 50 grams, and ICP-OES (inductively coupled plasma optical emission spectroscopy) analysis for 36 elements. In line with Fenix gold's QA/QC (quality assurance/quality control) procedures, every 100 samples include four standards, four duplicates and three blanks.

Once all the assay results have been received for the drilling completed to date, the company will release the results.

During 2027, the company plans to expand the scope of drilling to further validate the continuity of mineralization at depth and laterally of the existing resource. The company expects to deliver an updated mineral resource estimate for the Fenix gold mine in December, 2027, incorporating all drilling results together with a revised geological model of the deposit.

For additional information regarding the Fenix gold project, including key parameters, assumptions and risks associated with its development, see the independent technical report, entitled "NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project," pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects. The feasibility study is dated Oct. 16, 2023, with an effective date of Oct. 16, 2023, a copy of which document is available under Rio2's SEDAR+ profile.

Kalzas tungsten project -- Canada

Rio2 controls 100 per cent of the Kalzas tungsten project, which is located on the Kalzas Plateau in central Yukon, approximately 70 km southeast of the town of Mayo and 290 km north of the city of Whitehorse.

Kalzas -- 2026 work program

During 2026, Rio2 advanced the Kalzas tungsten project through technical studies, fieldwork, permitting, reclamation planning and community engagement.

Fieldwork:

• Rio2 geologists completed a field visit in May, 2026.
• An independent NI 43-101 technical report has been completed using available historical data.
• Detailed geological mapping at a 1:5,000 scale was completed, which confirms that the Kalzas project represents an intrusion-related tungsten system developed within a structurally prepared corridor. The mineralization is likely spatially associated with a granitic intrusive body that generated a broad thermal aureole and promoted the formation of quartz-rich vein and stockwork zones. Within these zones, wolframite ((Fe, Mn) WO4) and scheelite (CaWO4) have been identified as the principal tungsten minerals, occurring as disseminations and vein-hosted aggregates within quartz stockworks emplaced in quartzite.
• The distribution, mineralogical assemblage and structural controls observed to date are consistent with intrusion-related tungsten deposits elsewhere in Yukon, supporting the current exploration model and guiding next year's scout drilling program.
• An airborne magnetic survey has been completed, with results pending.

Permitting, reclamation and engagement:

• Rio2 obtained a Class 1 permit from the government of Yukon authorizing exploration activities at the project.
• Consultant Archer Cathro was engaged to carry out a site reclamation program and an initial mapping program, which has been successfully completed.
• Rio2 continues building a positive relationship with the Selkirk First Nation.

Next steps:

• Rio2 plans to carry out an initial 2,000-metre scout core drilling program at the commencement of the summer field season in 2027. The estimated all-inclusive budget for the drill program is $1.5-million (U.S.).
• Pending results of this initial drilling, additional drilling may be planned before the end of the 2027 field season.
• Upon review of the initial drilling results planned for 2027, a decision will be made about the future of the project with regard to whether it remains within Rio2 as a core project or whether it should be potentially spun out into a separate company and source future exploration financing independently of Rio2.

For additional information regarding the Kalzas tungsten project, see the independent technical report, entitled "Technical Report for the Kalzas Tungsten Project, Yukon, Canada." The report was independently prepared by Tatiana Alva Jimenez, MSc, PGeo, of RUMI Geoscience Consulting, on behalf of the company, in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, dated July 10, 2026, with an effective date of June 19, 2026. The technical report is available on the company's website and on SEDAR+.

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 (QP) under NI 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 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 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.

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