Rio2 Limited
Rio2 Limited operates two mines: the 100%-owned Fenix Gold run-of-mine heap-leach project in Chile's Atacama/Maricunga gold belt (first gold poured 23 Jan 2026, ~897oz initial pour, targeting 60,000-70,000oz in 2026 ramping toward a 300,000oz/yr potential), and the 99.1%-owned Condestable underground copper-gold-silver mine near Lima, Peru, acquired from Southern Peaks Mining on 30 Jan 2026 (~US$241M transaction, including ~US$24M assumed debt) and already delivering free cash flow. Alex Black is Executive Chairman; Andrew Cox is President & CEO; Kathryn Johnson is EVP & CFO.
Notable vs. Peers
- All-in sustaining cost of $2,873/oz is 60% higher than the peer producer average of $1,793/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jan 2026 · Source
- Reached — date not disclosed · 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.
Not in place: tailings facility, grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 28.5%Fenix Gold
- 17 yrsFenix Gold
- 14 yrsCondestable
Shown as separate totals, not summed together: these projects' studies used different discount rates, so a single combined NPV would not be a real number.
Jurisdiction (40%)8/10
A two-country operator: Chile (Fenix Gold, Atacama region) is a well-established, tier-1-adjacent Latin American mining jurisdiction; Peru (Condestable, near Lima) is also an established, long-producing mining jurisdiction with its own real permitting/community/tax framework. This single-country field reflects Chile, the primary/first-producing asset -- see the Projects for country-specific detail.
Infrastructure (40%)5.7/10
A confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Fenix Gold.
Nearby producing mine (20%)10/10
La Coipa (Kinross Gold Corporation) is 20 km away -- within shared-mill trucking range.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8/10
Nearest producing mine: La Coipa (Kinross Gold Corporation), 20 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:8/10
Chile: jurisdiction score 8/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Rio2 Limited, based in Lima, Peru. 28 years of global mining operations experience. Career: Operations Manager (La Arena mine, 2011-2014) then acting Operations Manager (Shahuindo gold project, 2015), Rio Alto Mining Limited, through its completed acquisition by Tahoe Resources Inc. (C$1.2B); later COO & SVP Operations at Rio2 before his CEO appointment.
Executive Chairman and founder of Rio2 Limited, founded the company in 2016. 40+ years in mining. Founder & CEO, Rio Alto Mining Limited, building it from a C$12 million company (incl. the 2014 Sulliden Gold acquisition, C$300M) to a completed C$1.2 billion acquisition by Tahoe Resources Inc. in 2015.
Executive Vice President, Chief Financial Officer and Corporate Secretary of Rio2 Limited since 2017. 20+ years of Latin American mining-finance experience, based in Vancouver. Career: VP Corporate Reporting/Corporate Controller then CFO, Rio Alto Mining Limited (2011-2015), through its completed sale to Tahoe Resources Inc. (C$1.2B); Director of Finance, Tahoe Resources Inc. (2015-2017); earlier CFO roles, Golden Predator Mining Corp. and Panoro Minerals Ltd.; Financial Reporting Contractor, Goldcorp Inc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
We checked and found little. The one specialist holder is Konwave AG, a Swiss manager that has run gold-mining equity funds since 1999, at 3.9% through its Gold 2000 fund -- a real vote, but a small one. The rest of the register is small generalist positions (IG Investment Management 2.43%, Mackenzie 2.3%, Franklin Resources 1.85%, BMO 1.3%) plus BlackRock at 3.47%, and no mining company holds a stake. Insider activity points the wrong way: the CEO bought about C$45,000 of stock in January 2025, and the Executive Chairman sold C$741,000 of it in April 2026. A 1 means checked-and-little-found, not that anything is wrong with the company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Rio2 operates two mines: the 100%-owned Fenix Gold run-of-mine heap-leach operation in Chile's Maricunga gold belt, which poured first gold on 23 January 2026, and the 99.1%-owned Condestable underground copper-gold-silver mine near Lima, Peru, acquired from Southern Peaks Mining on 30 January 2026 for about US$241M including assumed debt. Its gold resource is Fenix Gold's alone: 4,757,000 oz in measured and indicated resources (1,671,000 oz measured, 3,086,000 oz indicated) plus 959,000 oz inferred, from an estimate effective 1 April 2023, with an update on track for the end of 2026. Fenix Gold's September 2023 feasibility study shows an after-tax NPV5% of US$210.3M and a 28.5% IRR at US$1,750/oz gold over a 17-year life, with initial capital of US$117M. Fenix is guided to produce 60,000-70,000 oz in 2026, and its all-in sustaining cost in Q2 2026 was US$2,873/oz. Condestable's updated technical report (June 2026) supports a 14-year mine life to 2039 and an NPV8% of US$710M.