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BUILDING CHILE’S NEXT GOLD MINE September2025
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Reader AdvisoryForward-lookingStatementsThispresentationcontainsforward-lookingstatementsandforward-lookinginformation(collectively“forward-lookingstatements”)withinthemeaningofapplicablesecuritieslaws.Often,butnotalways,forward-lookingstatementscanbeidentifiedbytheuseofwordssuchas“plans”,“expects”,“continues”,“scheduled”,“guided”,“estimates”,“forecasts”,“intends”,“potential”,“belief”orsimilarexpressions.Theseforward-lookingstatementsrelateto,amongotherthings:theeconomicpotentialofRio2’s100%ownedFenixGoldProject(“FenixGold”),theestimationofmineralresourcesandmineralreservesandrealizationofsuchmineralresourcesandmineralreserves,thepriceofgold,guidanceonestimatedannualproductionandcashcosts,futureperformance,pre-feasibilityestimatesandoptimization,availabilityofwatersupplies,timingforcompletionofstudies,resultsofexploration,stepstodevelopmentandtiming,thebenefitsofacquisitions,productiondecisionsandtiming,explorationupside,finalizationofdefinitivetermsfortheFenixGoldconstructionfinancingpackage,andpermitting,includingthetimingandexpectationtoreceiveanEnvironmentalImpactAssessment(“EIA”)approvalatFenixGold.Forward-lookingstatementsarebasedonnumerousassumptionsregardingpresentandfuturebusinessstrategiesandtheenvironmentinwhichRio2willoperateinthefuture,includingreceiptofrequiredpermits,thepriceofgold,anticipatedcostsandabilitytoachievegoals.Theforward-lookingstatementsandinformationarebasedontheopinions,assumptionsandestimatesthatmanagementofRio2consideredreasonableatthedatethestatementsaremade,andareinherentlysubjecttoavarietyofrisksanduncertaintiesandotherknownandunknownfactorsthatcouldcausetheactualresults,performanceorachievementsofRio2tobemateriallydifferentfromanyfutureresults,performanceorachievementsexpressedorimpliedbytheforward-lookinginformation,includingthefluctuatingpriceofgold;theriskthatRio2’sbusinesscontinuitystrategies,plansandprotocolsmayprovetobeinadequate;risksanduncertaintiesinherentinthepreparationofestimatesandstudies,drillresultsandtheestimationofmineralresourcesandmineralreserves;delaysinobtainingorfailuretoobtainaccesstolandsorrequiredenvironmentalpermitsorminelicenses,minepermitsandregulatoryapprovalsornon-compliancewithsuchpermits;risksthatexplorationdatamaybeincompleteandconsiderableadditionalworkmayberequiredtocompletetheevaluation;risksinherentinmining;risksthattheproposedFenixGoldconstructionfinancingpackagemaybedelayedornotfinalizedaspresentlycontemplatedoratall;risksofchangesinnationalandlocalgovernmentlegislationinChile,and/orpoliticaloreconomicdevelopmentsinChile,aswellasthosefactorsdisclosedinRio2’spubliclyfileddocumentsavailableatwww.sedarplus.comincludingthosesetoutinRio2’smostrecentannualinformationform,annualandinterimfinancialstatementsandannualandinterimmanagement’sdiscussionandanalysis.AlthoughRio2hasattemptedtoidentifyimportantfactorsthatcouldcauseactualactions,eventsorresultstodiffermateriallyfromthosedescribedinforward-lookinginformation,theremaybeotherfactorsthatcauseactions,eventsorresultsnottobeasanticipatedorestimated.Actualresults,performanceorachievementcoulddiffermateriallyfromthoseexpressedin,orimpliedby,theseforward-lookingstatementsand,accordingly,noassurancecanbegiventhatanyoftheeventsanticipatedbytheforward-lookingstatementswilltranspireoroccur,orifanyofthemdoso,whatbenefitsmaybederivedtherefrom.Rio2doesnotundertaketoupdateanyforward-lookinginformation,exceptas,andtotheextentrequiredby,applicablesecuritieslaws.Forward-lookingstatementsaremadeasofthedatehereof,andaccordingly,aresubjecttochangeaftersuchdate.NI43-101DisclosureAlltechnicalandscientificinformationwithrespecttoFenixGoldcontainedinthispresentationhasbeentakenfromaFeasibilityStudy(the“FS”)datedOctober16,2023thatupdatesthetechnicalreportentitled"AmendedandRestatedPre-FeasibilityStudyfortheFenixGoldProject"(the“PFS”)effectiveAugust15,2019anddatedAugust3,2021.ThemainhighlightsoftheFSwereannouncedbyRio2inanewsreleasedatedSeptember5,2023,andthecomplete43-101FSwasfiledbytheCompanyinQ42023.AcopyoftheFSisavailableonRio2’sSEDAR+profileatwww.sedarplus.ca.Theinformationcontainedhereinissubjecttoalloftheassumptions,qualificationsandproceduressetoutinthePFSandreferenceshouldbemadetothePFS.Thescientificandtechnicalcontentofthispresentationhasbeenreviewed,approvedandverifiedbyIanGreyer,aQualifiedPersonasdefinedbyNationalInstrument43-101–StandardsforDisclosureforMineralProjectsandaconsultanttoRio2.Thispresentationalsodisclosesmineralresources.Mineralresourcesthatarenotmineralreservesdonothavedemonstratedeconomicviability. 2
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3 “The largest permitted and fully financed gold heap leach Project in the Americas”4.8M oz Au M&I resources @ $1,800 Au
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Why Rio2? 4 Fenix Gold Permitted and Financed to Construction Staged Development Approach Stage 1: 20,000tpd Stage 2: 80,000tpd Proven Management Team – ex Rio Alto Mining (2009 - 2015) Fenix Gold – One of the Largest Gold Oxide Resources in the World
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Leadership Team 5 Board of Directors Executive Management Management Executive ChairmanCFOPresident & CEO HR Administration Controller Mining Geology Environment Construction Corp Gov. IT Communications Legal & Social SVP Corp. Com. SVP Geology Finance
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Capital Structure 6 As ofSeptember2, 2025Share Price (TSXV) CAD1.83Basic Shares OutstandingM429.3Fully Diluted SharesM450.5Basic Market CapitalizationM785.7Working Capital * Cash as ofJune 30/25 (Unaudited)USDM13.23EV per M&I resource ounceUSD 117EIA Rejection EIA ApprovalMinisterial Appeal Construction Financing TOP SHAREHOLDERS*•Power Corporation of Canada8.90•Eric Sprott 7.27•Konwave AG 4.46•Alex Black 4.26•SSI Asset Management AG 3.20•Albrecht Schneider 2.90•IG Investments 1.87•Acker Finley 1.38•Franklin Templeton Investments1.19 Share Price Graph *COMPANY ESTIMATE
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MaricungaGold Belt 7 Fenix Gold is a uniqueProject in the MaricungaGold BeltüLocated close to International HighwayüThe only 100% oxide gold Project in the MaricungaGold BeltüMost advanced gold development Project in the areaüSimple Project characteristicsüSignificant exploration upside Mineral Endowment: +80M oz Au
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Massive Outcropping Oxide Orebody 8
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Large Undeveloped Oxide Gold Deposit 9 Note: Resources are inclusive of reserves •Strike length –2.4 km; Width up to 400 m•Currently drilled to depth of 600 m -open at depth and along strike•Finely disseminated gold hosted in volcanic breccias•100% oxides -negligible copper > US$ 1,800> US$ 1,650 RESERVESRESOURCES
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Resource Growth Potential 10 Utilizing the power of AI combined with geological knowledge•Big data analysis.•Powerful algorithms (machine learning and deep learning)•Combine technology with the mine site’s technical team expertise and knowledge•3D exploration probabilistic model•Exploration target ranking •Objective: Optimize drill targeting
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GeologyStructural ModelGeochemistry (rock and soil)DrillingBlock ModelResource ClassificationResistivityMagnetic Gradient 3D PROBABILISTIC MODEL •3D PROBABILISTIC MODEL•RANKING OF DRILLING TARGET X1X2X3X4INPUT:Resource Growth Potential
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Resource Growth Potential 12 CONCEPTUAL DRILLING TARGETS
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13 STATUSSUPPLIER LOGISTICS Industrial water supply secured to fully support LOM Production Truck water from Nueva Atacama (Copiapó) to the project site Agreement in place with Nueva Atacama•Water is industrial (re-treated effluent) suitable for heap leaching process•Full-Service Water Utility Company, part of a leading infrastructure platform in Chile and global conglomerate COPIAPÓ FENIX GOLD 160 KM Water Supply –Phase 1 (20,000 tpd)
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14 Water Supply –Phase 2 (80,000 tpd) The future water source for the expansion of the Fenix Gold mine will be DESALwww.aguasnuevas.clThisisaChileanutilitycompanywhichisprivatelyownedandcontrolledbyMarubeniGroupfromJapan.ThecompanyexclusivelyprovidesdrinkingwatertothetownofCopiapoandretreatsthesewerageforthetown.TheyownadesalplantwithexcesswatercapacityandcansellthisexcesswatertocompanieslikeFenixGold.WehaveanestablishedbusinessrelationshipwithAguasNuevasandarebuyingtheindustrialwaterfromsewerageretreatmenttotrucktoFenixGoldforthefirstphase(20,000tpd)mineoperations.www.cap.clOwnedbytheCAPGroupwhichisaminingandinfrastructurecompany,theirdesalfacilitiessupplywatertotheCerroNegrominesiteandotherminersintheCopiapoarea.Thedesalplantcurrentlyhasaproductioncapacityof600litrespersecondandhasexcesscapacitytosupplydesalwatertoFenixGold.www.solaer.co.il/enENAPAC:AjointventurebetweenanIsraelidesalspecialist(Solaer)andaSpanishsolarpowerspecialist,currentlyintheEIAapprovalprocessfortheeasternline,whichcanprovidewatertoFenixGold.InthecaseofENAPAC,theyhaveEIAapprovalforthedesalplant,solarenergyfacilities,andnorthernline,buttheywillnotcommittostartingthebuildinguntiltheyhaveEIAapprovalfortheeasternline.
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Economic Sensitivities 16 Incorporating only Proven and Probable Mineral Reserves of 1,772,000 oz of gold –USD 1,650 Gold Price Capital Costs-10%$205M10%NPV (5% after tax)$223M$210M$197MIRR (after tax)32.5% 28.5% 25.3% Operating Costs-10%$1,545M10%NPV (5% after tax)$288M$210M$133MIRR (after tax)35.8% 28.5% 20.5% Capital Cost SensitivitiesOperating Cost Sensitivities 20,000 tonne per day mining rate –FS 2023 0%20%40%60%80%100%120% 0200400600800100012001400 $ 1 ,5 0 0 $ 1 ,7 5 0 $ 2 ,0 0 0 $ 2 ,2 5 0 $ 2 ,5 0 0 $ 2 ,7 5 0 $ 3 ,0 0 0 $ 3 ,2 5 0 $ 3 ,5 0 0 After Tax -IRR After Tax -NPV (M$) Gold Price NPV/IRR Sensitivities NPV (5% A fter Tax) - M$IRR (Af ter Tax)
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17 LINCE CAMP
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18 LEACHING FACILITIES
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19 ADR PROCESSING PLANT
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20 GRADE CONTROL DRILLING - FENIX SOUTH
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Environmental Impact Study Filed Geotechnical, Condemnatio n Drilling, Engineering ROM Trial Leach Tests Path Forward 21 Permitting Activities In Progress Project Financing Mine Construction EIA Approval Feasibility Study Mine Expansion StudyMine Expansion EIA Desal Water Strategy In Progress In Progress In Progress
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22 TSXV : RIO OTCQX : RIOFF BVL : RIO www.rio2.com