RIO2 LTD NEW

Rio2 says operations improved in Q2 versus Q1, driven by steady performance at Condestable and initial ramp-up successes at Phoenix Gold, although heavy snowstorms interrupted production. Phoenix Gold briefly reached over 20,000 tonnes per day but has a recovery rate of 47% and experienced production losses due to extreme weather; water consumption is about 25% below plan. Inflation in diesel and labour costs is pushing AISC higher; Condestable reports an AISC of USD 3.10/oz (including stream) and USD 1.81/oz (excluding). Management expects operations to normalize and cost estimates to become clearer by September/October, and plans equipment and sorting projects as well as exploration drilling. » More on de.investing.com

Rio2 has acquired 99.1% of the Condestable copper mine in Peru from Southern Peaks; the purchase is based on a share purchase agreement dated 8 December 2025 and is subject to final approval by the Toronto Stock Exchange. To finance the deal, Rio2 converted 86,094,750 subscription rights at C$2.22 each, raising about C$191.1 million, and additionally issued a secured note of US$55 million and a subordinated mezzanine note of US$10 million with a six‑year term. Integration of the mine is expected to take about six months, and Rio2 targets annual production of roughly 27,000 tonnes of copper equivalent. Rio2 already operates the heap‑leach Fenix Gold mine in Chile and will operate Condestable as an underground mine in Peru going forward. » More on de.investing.com

Rio2 purchased 4,166,667 common shares of Royal Road Minerals at $0.18 each in a non‑brokered private placement, investing $750,000. After the transaction Rio2 holds 44,021,667 shares, representing approximately 15% of the issued and outstanding shares on an undiluted basis. The transaction was made pursuant to an investor rights agreement; Rio2 bought the shares for investment purposes and may acquire or dispose of additional shares in the future; an early warning report was filed. » More on de.investing.com