Rio2 Celebrates First Gold Pour at Fenix Gold Mine in Chile
VANCOUVER, British Columbia – Rio2 Limited has officially announced a significant achievement in its mining operations. The company confirmed that the first official gold pour at its wholly owned Fenix Gold Mine in Chile took place on Friday, January 23, 2026. This event marks a pivotal moment for Rio2, as the Fenix Gold Mine now stands as the newest gold mine in Chile, following a disciplined and determined effort by the team.
Construction and Initial Production Details
The construction of critical path items at the Fenix Gold Mine has been completed both on time and within the previously guided budget. The initial gold pour yielded approximately 897 ounces of gold. This production is in addition to the roughly 358 ounces of gold that were generated in December as part of the plant commissioning process. Combined, these two pours also produced about 131 ounces of silver, showcasing the mine's early output capabilities.
Future Plans and Production Targets
With this milestone achieved, Rio2 is now shifting its focus to ramping up operations at the Fenix Gold Mine. The company aims to increase ore processing to 20,000 tonnes per day over the remainder of the year. Based on the current ramp-up plan, Rio2 has set a target for gold production in 2026, aiming for between 60,000 and 70,000 ounces. This ambitious goal underscores the company's commitment to expanding its mining activities and maximizing value for stakeholders.
Leadership Comments on the Achievement
Alex Black, Executive Chairman of Rio2, expressed his pride in reaching this milestone. He highlighted that it represents the culmination of an eight-year journey since the 2018 merger with Atacama Pacific Gold Corporation. Black commended the team's discipline, execution capability, and determination, noting that the Fenix Gold Mine was delivered on budget and in record time. He emphasized that this asset is a cornerstone for creating value and looks forward to future expansions, including the Condestable Copper Mine acquisition announced in December.
Andrew Cox, President and Chief Executive Officer of Rio2, also shared his enthusiasm. He praised the team for achieving this exceptional accomplishment after a short 14-month construction period, while maintaining a strong safety record. Cox reiterated the company's focus on safely and efficiently ramping up operations to meet the 2026 production targets.
Technical Verification and Further Updates
The scientific and technical content of this announcement has been reviewed and approved by Enrique Garay, MSc P.Geo/FAIG, who is a Qualified Person under NI 43-101 standards. Rio2 intends to provide ongoing project updates and guidance as mining and gold production progress throughout 2026. Additionally, the company plans to share information related to the Phase 2 expansion of the Fenix Gold Mine, which is expected to drive further growth for Rio2 in the coming years.
