Rio2 - Transitioning to a Multi-Asset Gold & Copper Producer
In this company introduction, Alex Black, Executive Chairman of Rio2 (TSX:RIO | OTCQX:RIOFF), discusses the company’s transition from developer to producer.
Rio2 is nearing first gold production at its Fenix Gold Project in Chile, while simultaneously acquiring the Condestable Copper Mine in Peru to provide immediate cash flow.
Project Highlights
- Fenix Gold Project (Chile):
- First Production: Construction is nearly complete; first gold pour is scheduled for January 2026.
- Initial Scale: Phase 1 targets 100,000 oz/year via run-of-mine heap leaching.
- Growth: A massive 5-million-ounce resource supports expansion to 300,000 oz/year by 2030.
- Condestable Copper Mine (Peru):
- Strategic Acquisition: Rio2 is acquiring this producing mine for $241M USD, returning to the jurisdiction where the team previously built and sold Rio Alto Mining for $1.2B.
- Financial Strength: Projected to generate $145M USD annual EBITDA at spot prices, funding gold expansions with minimal dilution.
- Stability: Features over 10 years of reserves and a 45,000-hectare underexplored land package.
Key Financials & Team
- Fully Funded: Closed an upsized C$191 million bought deal in December 2025 to fund the copper acquisition and general growth.
- Proven Team: Led by Alex Black and President and CEO Andrew Cox, a management group with a history of successful multi-billion dollar exits in Latin America.
If you have any follow up questions for Ian or want more information on any of the projects please email me at Fleck@kereport.com.
Click here to visit the Rio2 website - https://www.rio2.com/
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