Rio2 Limited

Notable vs. Peers

• All-in sustaining cost of $2,873/oz is 48% higher than the peer producer average of $1,945/oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Fenix Gold was fully permitted ahead of construction; exact grant date not confirmed in sources checked this pass. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Board approved construction following the Sep 2023 Feasibility Study; exact FID date not confirmed in sources checked this pass. · Source
3. Construction start

   Reached — date not disclosed · Critical-path construction of the US$235 million Fenix Gold project was completed on time and on budget ahead of first gold pour; exact construction-start date not confirmed in sources checked this pass. · Source
4. First pour / production

   Jan 2026 · First official gold pour at Fenix Gold, 23 Jan 2026 (~897oz), making Rio2 Chile's newest gold producer. · Source
5. Commercial production

   Reached — date not disclosed · SPECIAL CASE, real judgment call: Rio2's flagship Fenix Gold project (Chile) has NOT yet reached commercial production -- the company's own Q2 2026 results (released 2026-08-13) describe Fenix Gold as still ramping up, on track for a commercial-production declaration targeted Q4 2026. Writing a Fenix Gold-dated milestone now would fabricate an unreached event. However, Miner.stage=PRODUCTION is independently and correctly justified: Rio2 completed the acquisition of a 99.1% interest in the Condestable copper-gold-silver mine in Peru on 2026-01-30 (announced 2025-12-08), a mature underground operation with over 60 years of continuous production predating Rio2's ownership by decades, ~8,400 t/d, forecasting ~27,000 t/y copper-equivalent (~80,000 oz gold-equivalent). This row is anchored to Condestable's genuine, long-standing production (achievedDate left null, no single Rio2-era date exists for a 60-year multi-owner operation), not to Fenix Gold. Note: Miner.country reads Chile (Fenix Gold's location), but the currently-producing asset is in Peru -- flagged for a future multi-country review, not altered here since this is a milestone-only write. This row was missing entirely prior to 2026-08-21 -- a genuine data gap in the sense that Condestable's status was never captured, though a naive read of Fenix Gold alone would incorrectly suggest no milestone exists at all yet. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.