Mr. Alex Black reports

RIO2 ANNOUNCES BOARD RENEWAL AND ENVIRONMENTAL STEWARDSHIP AWARD

Ram Ramachandran and Sidney Robinson have retired from Rio2 Ltd.'s board of directors, effective Nov. 11, 2026. Mr. Ramachandran joined Rio2 on April 21, 2017, and has been an invaluable member of the board since then, serving as chair of the audit committee, and a member of the health, safety and community committee. Mr. Robinson also joined the company on April 21, 2017, and served as a member of the audit committee, providing legal insight and sound business acumen.

Alex Black, executive chairman of the board of directors, commented: "While I am excited about the experience and perspective Deborah and Ria will bring to Rio2, the most difficult and genuinely sad aspect of this renewal is saying goodbye to Ram and Sidney. Both have been part of the Rio Alto Mining and Rio2 adventures for nearly 16 years, sharing in the challenges, milestones and successes that have shaped our companies over that long journey. Their steadfast support, wise counsel and commitment have meant a great deal to me and have contributed meaningfully to what we have achieved together. After so many years of working alongside Ram and Sidney, their departure marks the end of an important chapter for our board and for me personally. I want to express my sincere gratitude to both for everything they have given to Rio Alto and Rio2, and I wish them every success and happiness in whatever comes next."

The board of directors of Rio2 announces the appointment of Deborah Starkman, an experienced finance professional, as an independent director and chair of the audit committee, along with Maria (Ria) Sanz, a seasoned mining executive, as an independent director.

Ms. Starkman is a corporate director and former senior financial executive with over 30 years of experience in capital markets, financial services, asset management and real estate. Most recently, Ms. Starkman served as chief financial officer of Dream Unlimited Corp., a publicly traded real estate development and asset management company. Previously, she was chief financial officer and corporate secretary of GMP Capital Inc., a publicly traded Canadian financial services firm. Earlier in her career, she was a managing director at RBC Capital Markets. Ms. Starkman currently serves on the boards of International Petroleum Corp., Crombie Real Estate Investment Trust and the Ontario Securities Commission. She previously served on the board of Iamgold Corp., where she chaired the corporate governance and nominating committee, and served on the audit and finance committee, and the human resources and compensation committee. Ms. Starkman holds a bachelor of arts in political science from Western University and a bachelor of commerce in accounting from the University of Windsor. She is a fellow of the Chartered Professional Accountants of Ontario (FCPA, FCA) and a chartered financial analyst (CFA) charterholder, and holds the ICD.D designation from the Institute of Corporate Directors.

Ms. Sanz is an accomplished global executive, bringing extensive experience from the mining (AngloGold Ashanti and Newcrest Mining), manufacturing (BOC Gases/Afrox and Sappi), construction (Bouygues/Basil Read), private health care (Afrox Healthcare) and banking (Investec Bank) industries. Since 1998, she has served on the executive committees of four publicly listed companies. Her expertise includes advising public boards, chief executive officers and executive colleagues on governance, risk, sustainability, compliance, corporate finance, mergers and acquisitions, litigation, regulatory, and legal matters. She has led multijurisdictional and multidisciplinary teams across the globe for over 25 years and has mentored senior leaders for the past decade. Known for her strategic and commercial acumen, integrity and collaborative approach, Ms. Sanz has consistently been entrusted by chairs and CEOs with sensitive board and executive responsibilities. Her expanding roles have extended well beyond the standard duties of a chief legal officer. She has developed in-depth regulatory knowledge, having worked with companies listed on the Johannesburg Stock Exchange, Toronto Stock Exchange, New York Stock Exchange, Australian Securities Exchange and London Stock Exchange, and on the Ghana and PNG stock exchanges, and has operated extensively throughout Africa, South America, North America, Europe and the United Kingdom, and Australia.

2026 Robert E. Leckie Award for Excellence in Environmental Stewardship -- Yukon

Rio2 is also proud to announce that it has been awarded the 2026 Robert E. Leckie Award for Excellence in Environmental Stewardship for its outstanding remediation work along the Indian River in Yukon as a prelude to its reactivation of exploration at its Kalzas tungsten project. The Robert E. Leckie awards are given to individual mining operators and mining companies for demonstrated excellence in environmental stewardship, outstanding social responsibility, and leadership and innovation in mining practices. The selection committee includes the government of Yukon, the Yukon Chamber of Mines and the Klondike Placer Miners' Association.

Grant of equity incentive awards

In connection with these appointments, the board of directors of the company has approved the grant of 100,000 restricted share units (RSUs) and 200,000 stock options. The options are issued in accordance with the company's stock option plan, and the RSUs have been issued under the company's share incentive plan and are subject to vesting provisions. The options are exercisable at a price of $2.94 per share, which is based on a 10-per-cent premium over the closing price of $2.67 on Nov. 11, 2026. The options will expire five years from the date of the grant.

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, Rio2 reaffirms its commitment to apply environmental standards beyond those mandated by regulators, seeking to protect and preserve the environment in the territories where the company operates.