VANCOUVER, British Columbia, May 15, 2026 (GLOBE NEWSWIRE) -- Rio2 Limited (“ Rio2” or “ the Company”) ; OTCQX:RIOFF; reports financial results for the three months ended March 31, 2026, highlighted by initial production and the early stages of ramp-up at the Fenix Gold Mine (“ Fenix Gold”) and initial contribution from the Condestable Copper Mine (“ Condestable”) since closing of the acquisition on January 30, 2026. Rio2’s consolidated production for the quarter totaled 7,849 ounces of gold, 49,198 ounces of silver, and 6,403,188 pounds of copper. All financial information in this press release is reported in U.S. dollar unless otherwise indicated.

加拿大不列颠哥伦比亚省温哥华，2026年5月15日（GLOBE NEWSWIRE）——Rio2 Limited（“ Rio2” 或 “ 公司”）；OTCQX:RIOFF；报告截至2026年3月31日的三个月财务业绩，重点是 Fenix 金矿（“ Fenix Gold”）的初步生产和早期增产阶段，以及自2026年1月30日收购完成以来 Condestable 铜矿（“ Condestable”）的初步贡献。Rio2 本季度的合并生产总计为 7,849 盎司黄金、49,198 盎司白银和 6,403,188 磅铜。除非另有说明，本新闻稿中的所有财务信息均以美元报告。

Andrew Cox, President and Chief Executive Officer of Rio2, stated: “Q1 2026 was a milestone quarter for Rio2, with first production from Fenix Gold and the addition of cash flows from Condestable. At Fenix Gold, the team advanced through the initial ramp-up while addressing some unforeseen start-up challenges. Although the ramp-up was slower than anticipated, most critical issues have now been addressed and rectified, and we are expecting production to steadily increase to projected levels over the remaining three quarters of 2026. Operating a new mine at high altitude in Chile is a challenging undertaking and the management team has done a great job in resolving those challenges and keeping the mine on its path to producing more than 60,000 ounces of gold during 2026. Meanwhile, in Peru, Condestable has performed well and to our expectations during our first two months of ownership as integration of the mine’s operating team with Rio2 continues.”

Rio2 的总裁兼首席执行官 Andrew Cox 表示：“2026 年第一季度是 Rio2 的一个里程碑季度，Fenix Gold 首次生产以及 Condestable 的现金流增加。在 Fenix Gold，团队在解决一些意想不到的启动挑战的同时推进了初步增产。尽管增产速度低于预期，但大多数关键问题现在已得到解决，我们预计在 2026 年剩余的三个季度中，生产将稳步增加到预期水平。在智利高海拔地区运营新矿是一项具有挑战性的任务，管理团队在解决这些挑战并保持矿山朝着 2026 年生产超过 60,000 盎司黄金的目标前进方面做得非常出色。同时，在秘鲁，Condestable 在我们拥有的前两个月表现良好，矿山运营团队与 Rio2 的整合仍在继续。”

Alex Black, Executive Chairman of Rio2, stated: “The entire Rio2 and Fenix Gold team has once again demonstrated its ‘can do’ attitude and culture to take on the challenge of starting up a new mine at high altitude in Chile. Start-up has not been easy, but the team’s ability to methodically identify, resolve and move past challenges reinforces my confidence that Fenix Gold is on track to reach the performance level we expect. Condestable has continued to produce to plan in Q1, a credit to the onsite management team, as well as to the Rio2 management team in handling the Condestable integration.”

Rio2 的执行董事长 Alex Black 表示：“整个 Rio2 和 Fenix Gold 团队再次展现了他们的 ‘能做’ 态度和文化，迎接在智利高海拔地区启动新矿的挑战。启动并不容易，但团队能够系统地识别、解决并克服挑战，这增强了我对 Fenix Gold 能够达到我们期望的业绩水平的信心。Condestable 在第一季度继续按计划生产，这要归功于现场管理团队，以及 Rio2 管理团队在处理 Condestable 整合方面的努力。”

FIRST QUARTER 2026 HIGHLIGHTS

2026 年第一季度亮点

Operational and financial results for the Condestable Mine in this section, and throughout the remainder of this press release, are presented for the period January 30, 2026 (acquisition date) to March 31, 2026.

Condestable 矿的运营和财务业绩在本节及本新闻稿的其余部分中，均以2026年1月30日（收购日期）至2026年3月31日的期间为准。

Advanced Fenix Gold ramp-up with key start-up constraints identified and being addressed, while water transport, blasting fragmentation and leach recovery performance tracked in line with expectations.
Condestable performed well during Rio2’s first two months of ownership, providing immediate cash flows from copper, gold and silver production.
Income from mine operations of $24.6 million and adjusted net income1 of $12.1 million, compared to Income from mine operations of $0 and adjusted net loss1 of $1.3 million for the three months ended March 31, 2025.
Maintained a strong liquidity position, ending March 31, 2026 with cash and cash equivalents of $93.1 million, including the voluntary repayment of $20 million of debt, compared to cash and cash equivalents of $46.4 million as at December 31, 2025.
Quarterly consolidated gold production of 7,849 ounces and gold sales of 6,654 ounces at an average realized price1 of $4,745/oz.
Q1 2026 total cash costs of $2,620 per ounce of gold sold1 at the Fenix Gold Mine. Fenix Gold Mine produced 4,648 ounces of gold during the quarter.
Quarterly copper production of 6,403,188 pounds and copper sales of 6,204,313 pounds at an average realized price of $5.69 per pound.
Q1 2026 total cash costs of $2.01 per pound of copper produced1 and AISC1 of $2.84 per pound of copper produced at Condestable. The 6,403,188 pounds of copper produced was entirely at Condestable. Condestable also produced 3,201 ounces of gold and 48,671 ounces of silver.
Cash provided by operating activities in the quarter was $22.8 million, cash used in investing activities of $80.3 million, and net cash provided from financing activities of $103.5 million, compared to cash flow from operating activities in the comparative quarter ended March 31, 2025 was $19.3 million, cash used in investing activities of $16.2 million, and net cash provided from financing activities of $0.04 million. (1) See Non-IFRS Measures section of this press release for definitions and discussion.

Fenix Gold 的增产进展顺利，关键启动限制因素已被识别并正在解决，同时水运输、爆破碎裂和浸出回收性能均符合预期。
在 Rio2 拥有的前两个月，Condestable 表现良好，提供了来自铜、黄金和白银生产的即时现金流。
矿山运营收入为 2460 万美元，调整后净收入为 1210 万美元，而2025年3月31日的三个月矿山运营收入为 0，调整后净亏损为 130 万美元。
维持强劲的流动性，截止2026年3月31日现金及现金等价物为 9310 万美元，包括自愿偿还 2000 万美元债务，而2025年12月31日的现金及现金等价物为 4640 万美元。
本季度合并黄金生产为 7849 盎司，黄金销售为 6654 盎司，平均实现价格为 4745 美元/盎司。
2026 年第一季度 Fenix Gold 矿的总现金成本为每盎司黄金 2620 美元。Fenix Gold 矿在本季度生产了 4648 盎司黄金。
本季度铜生产为 6403188 磅，铜销售为 6204313 磅，平均实现价格为每磅 5.69 美元。
2026 年第一季度 Condestable 的总现金成本为每磅铜 2.01 美元，AISC 为每磅铜 2.84 美元。6403188 磅铜的生产完全来自 Condestable。Condestable 还生产了 3201 盎司黄金和 48671 盎司白银。
本季度经营活动提供的现金为 2280 万美元，投资活动使用的现金为 8030 万美元，融资活动提供的净现金为 1.035 亿美元，而2025年3月31日的比较季度经营活动提供的现金为 1930 万美元，投资活动使用的现金为 1620 万美元，融资活动提供的净现金为 4 万美元。（1）有关定义和讨论，请参见本新闻稿的非国际财务报告准则措施部分。

OPERATIONS

运营

Fenix Gold Mine

Fenix 金矿

Mine Production - the Fenix Gold Mine continued through its initial production ramp-up during Q1 2026. While planned tonnes and grade were not achieved during the quarter, the key drivers were identified early and corrective actions have been implemented or are underway. Those factors include:

矿山生产 - Fenix 金矿在 2026 年第一季度继续进行初步生产增产。尽管本季度未达到计划的吨位和品位，但关键驱动因素已被及早识别，并已实施或正在进行纠正措施。这些因素包括：

Blasting permit delay – the blasting permit was expected to be issued by mid-November 2025 and was received in late-December 2025, effectively setting the mine plan for 2026 back by 6 weeks.
Opening up Fenix South – initial mining at the peak of Fenix South required careful sequencing between drilling, blasting and mining activities in a constrained area. Operating space has now been created, which is expected to support more efficient mining going forward. Fenix South is a newer area within the Fenix Gold mine plan which began contributing ore to the leach pad during Q1, 2026.
Operator availability - A tight labor market in Chile with high metal prices and increased mining activity, created challenges for our contractor STRACON in retaining personnel, particularly truck drivers willing to work at a high altitude mine such as Fenix Gold. STRACON And Rio2 have been actively addressing the turnover and absenteeism that impacted trucking during Q1. By the end of March, the operator and truck availability were improving, and it is expected that these issues will be satisfactorily resolved in Q2 2026.
Truck fleet transition - the initial mine truck fleet consisted of rented 35-tonne capacity trucks from local providers, originally mobilized during construction of the plant and pad facilities and not optimized for steady-state mine operations. These trucks are being phased out and replaced by a new fleet of 42-tonne capacity trucks that have been purchased by STRACON specifically for mine operations. This fleet of new trucks will start arriving in May 2026 and will be maintained on site by STRACON’s maintenance team.

爆破许可证延迟 - 爆破许可证原定于 2025 年 11 月中旬发放，实际收到时间为 2025 年 12 月底，导致 2026 年的矿山计划推迟了 6 周。
开采 Fenix South - Fenix South 的初步开采需要在有限的区域内仔细安排钻探、爆破和采矿活动。现在已经创造了操作空间，预计将支持未来更高效的采矿。Fenix South 是 Fenix Gold 矿计划中的一个新区域，预计将在 2026 年第一季度开始向浸出垫提供矿石。
操作人员可用性 - 智利的劳动力市场紧张，金属价格高企，采矿活动增加，给我们的承包商 STRACON 在留住人员方面带来了挑战，特别是愿意在高海拔矿山（如 Fenix Gold）工作的卡车司机。STRACON 和 Rio2 一直在积极解决影响第一季度运输的人员流动和缺勤问题。到 3 月底，操作人员和卡车的可用性有所改善，预计这些问题将在 2026 年第二季度得到满意解决。
卡车车队过渡 - 初始矿山卡车车队由当地供应商租赁的 35 吨卡车组成，这些卡车最初是在工厂和垫设施建设期间动员的，并未针对稳定的矿山运营进行优化。这些卡车正在逐步淘汰，取而代之的是 STRACON 专门为矿山运营购买的新 42 吨卡车。这批新卡车预计将在 2026 年 5 月开始到达，并将由 STRACON 的维护团队在现场进行维护。

Lower tonnes moved reduced ore availability and affected head grade to the plant, resulting in lower grade ore being sent to the pad. Management took the decision not to high-grade mining until planned production rates can be achieved. Mining of higher-grade material (greater than 0.4g/t) is expected to resume during H2 2026, at which time lower grade material will be sent to stockpile. To further increase mine production flexibility, management has also decided to bring forward the commencement of mining at Fenix Central which will now start in Q2, 2026.

移动吨数减少导致矿石可用性下降，并影响了送往工厂的头矿品位，导致较低品位的矿石被送往垫上。管理层决定在达到计划生产率之前不进行高品位采矿。预计在 2026 年下半年将恢复开采高品位材料（大于 0.4 克/吨），届时较低品位材料将被送往堆场。为了进一步提高矿山生产灵活性，管理层还决定提前开始在 Fenix Central 的采矿工作，现定于 2026 年第二季度开始。

The processing plant experienced initial start-up issues with the elution solution pump failing three times causing delays in the desorption process. A replacement pump arrived in March, and this issue has now been resolved.

处理厂在启动初期遇到了一些问题，洗脱液泵故障三次，导致脱附过程延迟。替换泵于 3 月份到达，目前该问题已得到解决。

Water transport ramp-up has been very successful with trucking consistently delivering over 1,000 m3 per day, and up to 1,500 m3 on occasions. The mine has not been water constrained and at the end of March the mine water storage was overstocked for a total on-site water inventory of 45,000 m3.

水运输的提升非常成功，卡车持续每天运送超过 1,000 立方米，偶尔可达 1,500 立方米。矿山没有受到水源限制，截至 3 月底，矿山水储存量超过库存，总现场水量为 45,000 立方米。

Blasting fragmentation of mineralized material has also performed to expectation with a P80 of 4 inches being achieved for the quarter.

矿化材料的爆破碎裂效果也达到了预期，本季度实现了 P80 为 4 英寸。

Analysis of the leaching of material on the pad versus the gold being absorbed in carbon in the processing plant indicates that the projected gold recovery of 75% at 90 days leaching is being achieved.

对垫上材料浸出与处理厂中金被碳吸附的分析表明，预计在 90 天浸出时金的回收率为 75% 已得到实现。

Based on current ramp-up progress, Rio2 anticipates achieving commercial production at Fenix Gold in Q4 2026.

基于当前的提升进展，Rio2 预计将在 2026 年第四季度实现 Fenix Gold 的商业生产。

Gold production guidance for 2026 is 60,000 – 65,000 gold ounces, with efforts being made to bring forward the mining production rate to 20,000 tonnes per day in Q2 2026 and for the remainder of the year, to recover the reduced tonnes and ounces production experienced during Q1 2026.

2026 年的黄金生产指导为 60,000 - 65,000 盎司，管理层正在努力在 2026 年第二季度将采矿生产率提升至每天 20,000 吨，并在剩余时间内恢复 2026 年第一季度经历的吨数和盎司生产的减少。

Key performance data for the Fenix Gold Mine for Q1 2026 is summarized as follows:

2026 年第一季度 Fenix Gold 矿的关键绩效数据总结如下：


		Q1 2026		Q1 2025(2)
Total tonnes mined	tonne	901,264	tonne	N/A
Ore mined	tonne	807,590	tonne	N/A
Ore stacked in pad	tonne	657,112	tonne	N/A
Head Grade (g/t Au)	g/t	0.452	g/t	N/A
Contained ounces in pad	oz	9,554	oz	N/A
Gold ounces produced	oz	4,648	oz	N/A
Gold ounces sold	oz	3,934	oz	N/A
Cash cost per gold ounce sold (1)	$/oz	2,620	$/oz	N/A
All-in Sustaining cost per gold ounce sold (1)	$/oz	3,131	$/oz	N/A
All-in Cost per gold ounce sold (1)	$/oz	3,151	$/oz	N/A
Silver ounces produced	$/oz	527	$/oz	N/A
Silver ounces sold	$/oz	514	$/oz	N/A
Average realized price per gold ounce (1)	$/oz	4,750	$/oz	N/A
Average realized price per silver ounce (1)	$/oz	83.77	$/oz	N/A


		2026 年第一季度		2025 年第一季度(2)
总采矿吨数	吨	901,264	吨	不适用
开采矿石	吨	807,590	吨	不适用
堆放在垫上的矿石	吨	657,112	吨	不适用
头矿品位 (克/吨 Au)	克/吨	0.452	克/吨	不适用
垫上含金盎司	盎司	9,554	盎司	不适用
生产的黄金盎司	盎司	4,648	盎司	不适用
销售的黄金盎司	盎司	3,934	盎司	不适用
每售出黄金盎司的现金成本 (1)	$/盎司	2,620	$/盎司	不适用
每售出黄金盎司的全面维持成本 (1)	$/盎司	3,131	$/盎司	不适用
每售出黄金盎司的全面成本 (1)	$/盎司	3,151	$/盎司	不适用
生产的银盎司	$/盎司	527	$/盎司	不适用
销售的银盎司	$/盎司	514	$/盎司	不适用
每售出黄金盎司的平均实现价格 (1)	$/盎司	4,750	$/盎司	不适用
每售出银盎司的平均实现价格 (1)	$/盎司	83.77	$/盎司	不适用

(1) See Non-IFRS Measures section of this press release for definitions and discussion.

(1) 请参见本新闻稿的非国际财务报告准则措施部分以获取定义和讨论。

(2) This information was not available (“N/A”) for Q1 2025 or not applicable as the Company’s only asset was the Fenix Gold Mine and it did not have production or sales during Q1 2025.

(2) 该信息在 2025 年第一季度不可用（“不适用”），或由于公司的唯一资产是 Fenix Gold 矿，且在 2025 年第一季度没有生产或销售。

Human Resources – A total of 1,401 personnel (including contractors) are currently employed at Fenix Gold in mine operations, construction and exploration. 94% of the workforce is comprised of Chileans, with 42% from the Atacama Region, and 12% are female.

人力资源 - 目前在 Fenix Gold 的矿山运营、建设和勘探中共雇佣了 1,401 名员工（包括承包商），其中 94% 的员工为智利人，42% 来自阿塔卡马地区，12% 为女性。

Health & Safety – A total of 650,424 person-hours has been worked at the mine in Q1 2026, with one LTI from a twisted ankle which occurred in March 2026 for an LTIFR rate of 0.6.

健康与安全 - 2026 年第一季度矿山共工作了 650,424 人小时，发生了一起因扭伤脚踝导致的 LTI，发生在 2026 年 3 月，LTIFR 率为 0.6。

Exploration – For the first time since 2014, exploration drilling has commenced at Fenix Gold. In total, 9,250 m of reverse circulation drilling and 13,940 m of diamond drilling will be carried out, for a total of 23,190 m. The budget for this drilling program is $9.5 million. The objectives of the 2026 drilling program are to upgrade the classification of mineral resources from inferred to indicated and/or measured, and to increase mineral resources below the reserve pit and to 100 m below the current resource pit. Drill rigs were mobilized during March for drilling in Q2.

勘探 - 自 2014 年以来，Fenix Gold 首次开始勘探钻探。总共将进行 9,250 米的反循环钻探和 13,940 米的钻石钻探，总计 23,190 米。该钻探项目的预算为 950 万美元。2026 年钻探项目的目标是将矿产资源的分类从推测级别提升至指示级别和/或测量级别，并增加储备坑下方和当前资源坑下方 100 米的矿产资源。钻机已于 3 月份动员，计划在第二季度进行钻探。

Fuel Hedging – As a consequence of the Iran War, diesel prices in Chile during Q1 2026 have increased by up to 60%. As the transition from construction to full operations at Fenix Gold progresses, diesel consumption for the mining fleet and infrastructure will remain an important operating expense. In early March 2026, Rio2 secured a portfolio of 9 commodity call options (hedges) used to lock in prices to protect against the risk of rising fuel costs at the mine. These hedge contracts span a nine-month period from April through December 2026, covering a total volume of 1,575,000 gallons. The protected monthly volume scales up over time, starting at 150,000 gallons in the spring, increasing to 175,000 in the summer, and peaking at 200,000 gallons per month through the end of the year. The upfront premium paid to secure these nine positions was $622,000.

燃料对冲 – 由于伊朗战争的影响，2026 年第一季度智利的柴油价格上涨了多达 60%。随着 Fenix Gold 从建设阶段过渡到全面运营，矿山车队和基础设施的柴油消耗将仍然是一个重要的运营开支。在 2026 年 3 月初，Rio2 获得了一组 9 个商品看涨期权（对冲），用于锁定价格以保护矿山免受燃料成本上涨的风险。这些对冲合同覆盖了从 2026 年 4 月到 12 月的九个月，涵盖总量为 1,575,000 加仑。受保护的月度量随着时间的推移而增加，春季起始为 150,000 加仑，夏季增加到 175,000 加仑，并在年底达到每月 200,000 加仑。为确保这九个头寸支付的前期溢价为 622,000 美元。

As of March 31, 2026 valuation date, their combined market value was $770,000, including an unrealized gain of $148,000. As of April 30, 2026 valuation date, their combined market value has risen to $1,037,000 for a total gain of $415,000 which included a realized gain of $131,000 in April 2026 plus an unrealized mark-to-market gain of $284,000 on the remaining open contracts.

截至2026年3月31日的估值日期，它们的总市场价值为 770,000 美元，包括未实现收益 148,000 美元。截至2026年4月30日的估值日期，它们的总市场价值已上升至 1,037,000 美元，总收益为 415,000 美元，其中包括 2026 年 4 月实现的收益 131,000 美元，以及剩余未平仓合同的未实现市值收益 284,000 美元。

Mine Expansion Study – Work on desalinated water alternatives continues with two potential providers selected to provide initial estimates for capital and operating costs, and timelines for connecting Fenix Gold project to desalinated water from Copiapó. Results from both providers are now expected to be delivered by June. The selection of one of these providers to supply desalinated water to Fenix Gold will then enable the prefeasibility study for the expansion case to increase the production rate to 80,000 tonnes per day to be completed. Timing for the release of that study is now expected to be Q3 2026. In anticipation of this study, the Fenix Gold permitting team have started work on the baseline study for the expanded mine site EIA, which includes expansion to the existing pits at Fenix north, central and south to form one combined pit, the expansion of the adsorption, desorption and recovery plant (“ADR plant”), piped water supply, the expanded leach pad footprint, the expanded waste dump footprint, additional water ponds, grid power connection, a truck shop for a large equipment fleet, and other support infrastructure.

矿山扩展研究 – 关于海水淡化水替代方案的工作仍在继续，已选择两家潜在供应商提供 Fenix Gold 项目连接 Copiapó海水淡化水的资本和运营成本初步估算及时间表。预计这两家供应商的结果将在 6 月交付。选择其中一家供应商为 Fenix Gold 提供海水淡化水将使扩展案例的可行性研究得以完成，以将生产率提高到每天 80,000 吨。该研究的发布时机预计在 2026 年第三季度。为了准备这项研究，Fenix Gold 的许可团队已开始进行扩展矿区环境影响评估的基线研究，包括扩展 Fenix 北部、中央和南部现有矿坑以形成一个综合矿坑，扩展吸附、脱附和回收工厂（“ADR 工厂”）、管道供水、扩展浸出垫面积、扩展废料堆放区、额外水池、接入电网、为大型设备车队建设卡车维修车间及其他支持基础设施。

Construction Activities – In 2025, Rio2 expended the critical capital necessary to bring Fenix Gold into gold production to begin generating cash flow. For 2026, the plan is to complete the deferred capital expenditures required for the mine to enter 2027 at a consistent production rate of 20,000 tonnes per day of ore to pad. During Q1 2026, deferred capital expenditures included completing items around the ADR plant and restarting leach pad construction for pad expansion.

建设活动 – 在 2025 年，Rio2 投入了必要的关键资本，使 Fenix Gold 进入黄金生产阶段，开始产生现金流。2026 年的计划是完成推迟的资本支出，以便矿山在 2027 年以每天 20,000 吨的稳定生产率进入。2026 年第一季度，推迟的资本支出包括完成 ADR 工厂周围的项目和重新启动浸出垫扩建的建设。

The remaining capital planned to be expended in 2026 which will be funded out of cash reserves and cashflow is summarized as follows:

计划在 2026 年支出的剩余资本将从现金储备和现金流中筹集，概述如下：


	TOTAL
	USD
Construction	32,499,385
Access roads	240,927
ADR Plant	4,354,926
Leach Pad Construction	11,330,033
Lime Plant	1,178,177
Power Generation	2,071,877
Electric Power distribution	1,287,022
Communications infrastructure	137,252
Reagents first fill	342,172
Onsite laboratory	1,710,000
Truck Work Shop	9,847,000
Sustaining Construction	1,369,732
Preliminary Works	-
Camp Infrastructure	20,000
Leach Pad expansion	1,349,732
Total USD	33,869,117


	总计
	美元
建设	32,499,385
进场道路	240,927
ADR 工厂	4,354,926
浸出垫建设	11,330,033
石灰厂	1,178,177
发电	2,071,877
电力分配	1,287,022
通信基础设施	137,252
试剂首次填充	342,172
现场实验室	1,710,000
卡车维修车间	9,847,000
持续建设	1,369,732
初步工作	-
营地基础设施	20,000
浸出垫扩建	1,349,732
总计美元	33,869,117

Condestable Mine

Condestable 矿山

Mine Production- Condestable delivered solid operating performance in February and March, processing over 470,000 tonnes of ore at an average copper grade of 0.70%, 0.24 g/t gold and 4.10 g/t silver. Although copper grades were partly below planned grades, this was compensated by higher gold production through higher grades and recoveries. Unit production costs were better than expected at $38.90/t due to a higher mix of ore being extracted from upper levels of the mine and exchange rates being more favorable than initially estimated. This was achieved despite some difficulties in managing the ore and waste haulage fleet due to a lack of truck operators and larger capacity haulage equipment challenges.

矿山生产 – Condestable 在 2 月和 3 月表现出色，处理了超过 470,000 吨矿石，平均铜品位为 0.70%，黄金品位为 0.24 克/吨，银品位为 4.10 克/吨。尽管铜品位部分低于计划，但通过更高的黄金产量和回收率得到了补偿。单位生产成本为 38.90 美元/吨，优于预期，原因是从矿山上层提取的矿石比例较高，以及汇率比最初估计的更为有利。尽管由于缺乏卡车操作员和大型运输设备的挑战，管理矿石和废料运输车队面临一些困难，但仍取得了这一成绩。

Overall processing plant performance was strong. Copper recoveries were marginally below expectations due to higher oxide material in certain near surface sections of the mine, while gold and silver recoveries were materially better than budgeted. Condestable produced 6,403,188 pounds of copper, 3,201 ounces of gold and 48,671 ounces silver during February and March, contained in concentrate.

整体加工厂的表现强劲。由于矿山某些近表层区域的氧化物材料较高，铜的回收率略低于预期，而黄金和白银的回收率则显著好于预算。Condestable 在 2 月和 3 月生产了 6,403,188 磅铜、3,201 盎司黄金和 48,671 盎司白银，均以浓缩物形式计。

Production guidance for 2026 (February to December) is 21,500 – 23,500 tonnes of payable copper equivalent.

2026 年的生产指导（2 月至 12 月）为 21,500 – 23,500 吨可支付铜当量。

Key performance data for the Condestable Mine for Q1 2026 is summarized as follows:

Condestable 矿山 2026 年第一季度的关键绩效数据总结如下：


		Q1 2026		Q1 2025(2)
Exploration drilling	m	541	m	N/A
Production drilling	m	6,690	m	N/A
Deepening works	M	656	m	N/A
Ore mined	tonne	486,188	tonne	N/A
Ore treated	tonne	474,341	tonne	N/A
Cu headgrade	%	0.70	%	N/A
Au headgrade	g/t	0.24	g/t	N/A
Ag headgrade	g/t	4.10	g/t	N/A
Cu recovery rate	%	89.55	%	N/A
Au recovery rate	%	81.94	%	N/A
Ag recovery rate	%	83.20	%	N/A
Copper produced	lb	6,403,188	lb	N/A
Gold produced	oz	3,201	oz	N/A
Silver produced	oz	48,671	oz	N/A
Copper sold	lb	6,204,313	lb	N/A
Gold sold	oz	2,720	oz	N/A
Silver sold	oz	46,588	oz	N/A
Cash cost per copper pound produced (1)	US$/lb	2.01	US$/lb	N/A
All In Sustaining Cost (AISC) per copper pound (1)	US$/lb	2.84	US$/lb	N/A
All In Cost per copper pound (1)	US$/lb	3.25	US$/lb	N/A
Average realized price per copper pound (1)	US$/lb	5.69	US$/lb	N/A
Average realized price per gold ounce (1)	US$/oz	4,736	US$/lb	N/A
Average realized price per silver ounce (1)	US$/oz	75.29	US$/lb	N/A


		2026 年第一季度		2025 年第一季度(2)
勘探钻探	米	541	米	不适用
生产钻探	米	6,690	米	不适用
深化作业	米	656	米	不适用
开采矿石	吨	486,188	吨	不适用
处理矿石	吨	474,341	吨	不适用
铜品位	%	0.70	%	不适用
金品位	克/吨	0.24	克/吨	不适用
银品位	克/吨	4.10	克/吨	不适用
铜回收率	%	89.55	%	不适用
金回收率	%	81.94	%	不适用
银回收率	%	83.20	%	不适用
铜产量	磅	6,403,188	磅	不适用
金产量	盎司	3,201	盎司	不适用
银产量	盎司	48,671	盎司	不适用
铜销售量	磅	6,204,313	磅	不适用
金销售量	盎司	2,720	盎司	不适用
银销售量	盎司	46,588	盎司	不适用
每磅铜的现金成本 (1)	美元/磅	2.01	美元/磅	不适用
每磅铜的全面维持成本 (AISC) (1)	美元/磅	2.84	美元/磅	不适用
每磅铜的全面成本 (1)	美元/磅	3.25	美元/磅	不适用
每磅铜的平均实现价格 (1)	美元/磅	5.69	美元/磅	不适用
每盎司金的平均实现价格 (1)	美元/盎司	4,736	美元/磅	不适用
每盎司银的平均实现价格 (1)	美元/盎司	75.29	美元/磅	不适用

(1) See Non-IFRS Measures section of this press release for definitions and discussion.

(1) 请参见本新闻稿的非国际财务报告准则指标部分以获取定义和讨论。

(2)This information was not available (“N/A”) for Q1 2025 or not applicable as the Company’s only asset was the Fenix Gold Mine and it did not have production or sales during Q1 2025.

(2) 该信息在 2025 年第一季度不可用（“不适用”），或由于公司唯一资产为 Fenix 金矿，且在 2025 年第一季度没有生产或销售。

Human Resources – A total of 1,984 personnel (including contractors) are currently employed at Condestable in mine operations, construction activities and exploration. 99% of the workforce is comprised of Peruvians and 7.6% are female.

人力资源 – 目前 Condestable 在矿山运营、建设活动和勘探方面共雇佣 1,984 名员工（包括承包商）。99% 的员工为秘鲁人，女性占 7.6%。

Health & Safety – A total of 1,002,501 person-hours has been worked at the mine in Q1 2026, with four LTI for an LTIFR rate of 3.99.

健康与安全 – 在 2026 年第一季度，矿山共工作了 1,002,501 人小时，发生了四起失时伤害（LTI），失时伤害频率（LTIFR）为 3.99。

Exploration – Condestable has launched a three-part exploration program for 2026. In Q1, a 45,000 m underground diamond drilling program commenced with the main objective of replacing and increasing mineral resources, and infill drilling to generate short-term reserve models. This is an annual activity at the mine. The second objective consists of increasing and delineating mineral resources close to surface in the Condestable and Raúl areas. The plan is to generate a Cu-Au-Ag mineral resource that can potentially be mined by open-pit methods. The near-surface drilling program will be defined and costed during Q2 , and its execution will take place during H2. The third objective consists of conducting a 1:25,000 scale geological/structural mapping of the 46,000 hectares of mining concessions. Additionally, magnetometry geophysical surveys will be carried out using drones across the entire mining property. This new information, generated during 2026, will be integrated with the existing multi-element surface geochemistry in the current database, with the aim of generating new regional exploration projects. This will be the first time that an exploration program of this kind will have been undertaken over the entire Condestable land package.

勘探 – Condestable 已启动 2026 年的三部分勘探计划。在第一季度，开始了一项 45,000 米的地下钻探计划，主要目标是替代和增加矿产资源，并进行填充钻探以生成短期储量模型。这是矿山的年度活动。第二个目标是增加和划定 Condestable 和 Raúl 地区近地表的矿产资源。计划生成可以通过露天开采方法开采的铜 - 金-银矿产资源。近地表钻探计划将在第二季度进行定义和成本估算，执行将在下半年进行。第三个目标是对 46,000 公顷的矿业特许权进行 1:25,000 比例的地质/结构制图。此外，将使用无人机在整个矿区进行磁测地球物理调查。2026 年生成的新信息将与现有的多元素表面地球化学数据整合，旨在生成新的区域勘探项目。这将是首次在整个 Condestable 土地包上进行此类勘探计划。

Resource/Reserve Update – Rio2 has engaged SLR Consulting to complete an updated mineral resource/reserve estimate (“MRE”) for Condestable, to update the current technical report entitled “NI 43-101 Technical Report on the Condestable Mine, Lima Department, Peru, dated April 12, 2024, effective date December 31, 2022”, prepared by SLR Consulting (Canada) Ltd. in accordance with National Instrument 43-101 filed on SEDAR+ under the Company’s profile. Rio2 anticipates that the updated MRE will be announced and filed during Q2 2026.

资源/储量更新 – Rio2 已聘请 SLR Consulting 完成 Condestable 的更新矿产资源/储量估算（“MRE”），以更新当前的技术报告《Condestable 矿山的 NI 43-101 技术报告，秘鲁利马省，日期为2024年4月12日，生效日期为2022年12月31日》，该报告由 SLR Consulting（加拿大）有限公司根据国家仪器 43-101 编制，并在公司的资料中提交至 SEDAR+。Rio2 预计更新的 MRE 将在 2026 年第二季度公布并提交。

Grade Enhancement and Mine Expansion Planning- During March and April 2026, Condestable performed laboratory scale tests with a third-party ore sorting equipment supplier. The tests focused on low grade stockpiles and historical waste dump material which yielded an increase in copper grade of 1.4 – 1.6x, with rejected material of 30% - 45%, demonstrating significant potential for grade enhancement. Based on these favorable results, Condestable’s team is now aiming to initiate a 12-month 1,000 - 1,500 tonne per day (tpd) pilot plant program. The pilot phase will evaluate the economic and technical viability of sorting high grade ore from low-grade material from various stockpiled sources on site. The ore sorting pilot program is one of the potential components of the expansion plan at Condestable, together with the expansion of the underground mine and revaluation of historical resources. The Company expects to receive approval for the modification of the mine EIA during Q3 2026, including an approval for increased processing throughput to 10ktpd. In parallel, the Company’s projects team is currently completing the basic engineering, capital cost estimations and timeline for the plant expansion, which will be announced when completed.

品位提升与矿山扩展规划- 在 2026 年 3 月和 4 月，Condestable 与第三方矿石分选设备供应商进行了实验室规模的测试。测试集中在低品位堆料和历史废料堆上，结果显示铜品位提高了 1.4 – 1.6 倍，拒绝的材料占 30% - 45%，显示出显著的品位提升潜力。基于这些有利结果，Condestable 团队现在计划启动为期 12 个月的每日 1,000 - 1,500 吨（tpd）试点工厂项目。试点阶段将评估从现场各种堆料来源中分选高品位矿石与低品位材料的经济和技术可行性。矿石分选试点项目是 Condestable 扩展计划的潜在组成部分之一，此外还包括地下矿山的扩展和历史资源的重新评估。公司预计将在 2026 年第三季度获得矿山环境影响评估的修改批准，包括增加处理能力至 10ktpd 的批准。同时，公司的项目团队目前正在完成工厂扩展的基础工程、资本成本估算和时间表，完成后将予以公布。

EARNINGS AND CASH FLOW

收益与现金流

Select Quarter Financial Information

选择季度财务信息


Financial Results: (in thousands, except per share amounts)		Q1 2026		Q1 2025(2)
Copper sales	$	32,512			N/A
Gold sales	$	30,689			N/A
Silver sales	$	3,855			N/A
Pricing adjustments on concentrate sales	$	(1,198	)		N/A
Consolidated revenue	$	65,858			N/A

Net income (4)	$	22,291		$	(1,598	)
Net income per share, diluted	$	0.04		$	0.00
Adjusted net income (loss) (1)	$	12,135		$	(1,349	)
Adjusted net income (loss) per share, diluted (1)	$	0.02			(0.00	)
EBITDA (1)	$	40,974			(1,532	)
Adjusted EBITDA (1)	$	30,818			(1,283	)
Total debt (3)	$	112,563		$	254
Operating Results:
Copper pounds produced	lbs	6,403,188			N/A
Gold ounces produced	oz	7,849			N/A
Silver ounces produced	oz	49,198			N/A

Copper pounds sold	lbs	6,204,313			N/A
Gold ounces sold	oz	6,654			N/A
Silver ounces sold	oz	47,102			N/A

Average realized price per copper pound	$/lb	5.69			N/A
Average realized price per gold ounce	$/oz	4,745			N/A
Average realized price per silver ounce	$/oz	75.38			N/A


财务结果：（以千为单位，除每股金额外）		2026 年第一季度		2025 年第一季度(2)
铜销售	$	32,512			不适用
金销售	$	30,689			不适用
银销售	$	3,855			不适用
精矿销售价格调整	$	(1,198	)		不适用
合并收入	$	65,858			不适用

净收入 (4)	$	22,291		$	(1,598	)
每股稀释后净收入	$	0.04		$	0.00
调整后净收入（损失）(1)	$	12,135		$	(1,349	)
每股稀释后调整后净收入（损失）(1)	$	0.02			(0.00	)
EBITDA (1)	$	40,974			(1,532	)
调整后 EBITDA (1)	$	30,818			(1,283	)
总债务 (3)	$	112,563		$	254
运营结果：
铜产量	lbs	6,403,188			不适用
金产量	oz	7,849			不适用
银产量	oz	49,198			不适用

铜销售量	lbs	6,204,313			不适用
金销售量	oz	6,654			不适用
银销售量	oz	47,102			不适用

每磅铜的平均实现价格	$/lb	5.69			不适用
每盎司金的平均实现价格	$/oz	4,745			不适用
每盎司银的平均实现价格	$/oz	75.38			不适用

(1) See Non-IFRS Measures.

(1) 请参见非国际财务报告准则（Non-IFRS）指标。

(2) Certain comparable information was not applicable (“N/A”) for Q1 2025 as the Company’s only mine was the Fenix Gold Mine during Q1 2025 and it did not have any production or sales.

(2) 由于 2025 年第一季度公司唯一的矿山是 Fenix 金矿，且没有生产或销售，因此某些可比信息不适用（“N/A”）。

(3) Total Debt is a supplementary financial measure that does not have a standardized meaning under IFRS. The Company calculates Total Debt as the sum of loans payable, deferred consideration, and lease liabilities, including current and non-current portions.

(3) 总债务是一个补充财务指标，在国际财务报告准则下没有标准化的含义。公司将总债务计算为应付贷款、递延对价和租赁负债的总和，包括当前和非当前部分。

(4) Net income refers to net income attributable to the shareholders of Rio2 Limited. The portion attributable to non-controlling interests arising from the Company's interest in Compañía Minera Condestable S.A. has been excluded.

(4) 净收入是指归属于 Rio2 Limited 股东的净收入。来自公司在 Compañía Minera Condestable S.A.的权益所产生的非控制性权益部分已被排除。

NON-IFRS MEASURES

非国际财务报告准则指标

This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for Q1 2026, available on SEDAR+ at www.sedarplus.ca under the heading “Non-IFRS Measures”.

本新闻稿提及某些财务指标，例如全面持续成本，这些指标不是国际财务报告准则认可的指标，并且没有国际财务报告准则规定的标准化含义。这些指标可能与其他公司所做的不同，因此可能无法与其他公司的报告结果进行比较。这些指标是从公司的财务报表中得出的，因为公司认为它们有助于理解运营结果及其财务状况。有关这些特定财务指标的某些附加披露已通过引用纳入，并可在公司的 2026 年第一季度 MD&A 中找到，网址为 www.sedarplus.ca ，标题为 “非国际财务报告准则指标”。

ADJUSTED NET INCOME

调整后净收入

Management uses Adjusted net income to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income is evaluated periodically and is based, in part, on a review of non-IFRS financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income is reconciled to Net income in the following table:

管理层使用调整后净收入来评估公司的运营表现，并规划和预测其运营。公司认为使用调整后净收入反映了我们核心矿业业务的基本运营表现，并允许投资者和分析师将公司的结果与其他矿业公司的类似结果进行比较。管理层对调整后净收入组成部分的确定定期进行评估，部分基于对矿业行业分析师使用的非国际财务报告准则财务指标的审查。调整的税务影响基于法定税率和公司的税务属性，包括通过公司的估值准备的影响。由于管辖区的税务属性和相关的估值准备影响，调整的综合有效税率可能与法定税率或公司的有效税率不一致，这可能会最小化某些调整的税务影响，并且可能不平等地适用于收益和损失。调整后净收入在下表中与净收入进行对账：


In thousands except per share amounts		Q1 2026			Q1 2025
Net income (loss)	$	22,291		$	(1,598	)
Add back:
Acquisition related transaction costs	$	4,119		$	0
Restructuring costs	$	1,941		$	0
Share-based compensation	$	1,015		$	249
Fair value gain on Stream Obligation	$	(17,231	)	$	0
Adjusted net income (loss)	$	12,135		$	(1,349	)

Adjusted net income (loss) per share, Basic	$	0.02		$	0.00
Adjusted net income (loss) per share, Diluted	$	0.02		$	0.00


以千为单位，除每股金额外		2026 年第一季度			2025 年第一季度
净收入（损失）	$	22,291		$	(1,598	)
加回：
收购相关交易成本	$	4,119		$	0
重组成本	$	1,941		$	0
基于股份的补偿	$	1,015		$	249
流动义务公允价值收益	$	(17,231	)	$	0
调整后净收入（损失）	$	12,135		$	(1,349	)

每股调整后净收入（损失），基本	$	0.02		$	0.00
每股调整后净收入（损失），稀释	$	0.02		$	0.00

EBITDA AND ADJUSTED EBITDA

EBITDA 和调整后 EBITDA

Management uses Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under IFRS. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the following table:

管理层使用息税折旧摊销前利润（“EBITDA”）来评估公司的运营表现，规划和预测其运营，并评估杠杆水平和流动性指标。公司认为使用 EBITDA 反映了我们核心矿业业务的基本运营表现，并允许投资者和分析师将公司的结果与其他矿业公司的类似结果进行比较。EBITDA 和调整后 EBITDA 并不代表，也不应被视为国际财务报告准则下确定的净收入（损失）或经营现金流的替代品。其他公司可能以不同方式计算调整后 EBITDA，这些计算可能无法与我们的呈现进行比较。调整后 EBITDA 在下表中与净收入（损失）进行对账：


In thousands		Q1 2026			Q1 2025
Net income (loss)	$	22,291		$	(1,598	)
Add back:
Finance costs, net	$	1,905		$	64
Income tax expense	$	4,781		$	0
Depletion, Depreciation and Amortization	$	11,997		$	2
EBITDA	$	40,974		$	(1,532	)

Acquisition related transaction costs	$	4,119		$	0
Restructuring Costs	$	1,941		$	0
Share-based Compensation	$	1,015		$	249
Fair value gain on Stream Obligation	$	(17,231	)	$	0
Adjusted EBITDA		30,818			(1,283	)


单位：千美元		2026 年第一季度			2025 年第一季度
净收入（亏损）	$	22,291		$	(1,598	)
加回：
财务费用（净额）	$	1,905		$	64
所得税费用	$	4,781		$	0
消耗、折旧和摊销	$	11,997		$	2
息税折旧摊销前利润（EBITDA）	$	40,974		$	(1,532	)

收购相关交易费用	$	4,119		$	0
重组费用	$	1,941		$	0
基于股份的薪酬	$	1,015		$	249
流动义务公允价值收益	$	(17,231	)	$	0
调整后 EBITDA		30,818			(1,283	)

Cash cost per gold ounce sold

每盎司黄金销售现金成本

Cash cost is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. For the Fenix Gold Mine, the Company reports cash costs on a per gold ounce sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs, net of non-recurring items that are not reflective of the underlying operating performance of the Company and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts silver revenue as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

现金成本是黄金矿业中常见的财务绩效指标；然而，根据国际财务报告准则（IFRS），它没有标准含义。对于 Fenix 金矿，公司按每盎司销售黄金的现金成本进行报告。公司认为，除了根据 IFRS 编制的常规指标外，某些投资者使用此信息来评估公司的绩效及其从矿业运营中产生经营收入和现金流的能力。现金成本的计算为矿区运营成本，扣除不反映公司基本运营绩效的非经常性项目，并扣除银收入。现金成本除以销售盎司以得出每盎司销售的现金成本。在计算现金成本时，公司扣除银收入，因为它认为生产黄金的成本因与黄金生产过程相关的副产品销售而降低，从而使管理层和其他利益相关者能够评估黄金生产的净成本。该指标不一定反映根据 IFRS 的经营现金流或根据 IFRS 呈现的运营成本。

Cash cost per payable copper pound produced

每磅可支付铜的现金成本

Cash cost is a common financial performance measure in the mining industry; however, it has no standard meaning under IFRS. For Condestable, the Company reports copper cash costs on a per payable copper pound produced basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs, net of non-recurring items that are not reflective of the underlying operating performance of the Company and are net of gold and silver revenue. Cash costs are divided by payable copper pounds produced to arrive at cash costs per pound. In calculating cash costs, the Company deducts gold and silver revenue as it considers the cost to produce the copper is reduced as a result of the by-product sales incidental to the copper production process, thereby allowing management and other stakeholders to assess the net costs of payable copper production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

现金成本是矿业行业中常见的财务绩效指标；然而，它没有标准含义根据 IFRS。对于 Condestable，公司按每磅可支付铜的现金成本进行报告。公司认为，除了根据 IFRS 编制的常规指标外，某些投资者使用此信息来评估公司的绩效及其从矿业运营中产生经营收入和现金流的能力。现金成本的计算为矿区运营成本，扣除不反映公司基本运营绩效的非经常性项目，并扣除黄金和银收入。现金成本除以生产的可支付铜磅数以得出每磅的现金成本。在计算现金成本时，公司扣除黄金和银收入，因为它认为生产铜的成本因与铜生产过程相关的副产品销售而降低，从而使管理层和其他利益相关者能够评估可支付铜生产的净成本。该指标不一定反映根据 IFRS 的经营现金流或根据 IFRS 呈现的运营成本。

All-in sustaining cost ("AISC") and AISC per gold ounce sold and per payable copper pound produced and All-in cost (“AIC”)

全面维持成本（"AISC"）及每盎司黄金销售和每磅可支付铜生产的 AISC 和全面成本（"AIC"）

AISC and AIC

AISC 和 AIC

AISC is a non‐IFRS measure and was calculated based on guidance provided by the World Gold Council (WGC). Other mining companies may calculate differently as a result of differences in underlying accounting principles and policies applied, as well as differences in definitions of sustaining versus development capital expenditures.

AISC 是非 IFRS 指标，基于世界黄金协会（WGC）提供的指导进行计算。其他矿业公司可能会因所适用的基本会计原则和政策的差异，以及维持与开发资本支出的定义的差异而有所不同。

Includes cash cost (as defined above), sustaining capital expenditures, reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses of Rio2 Limited have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. However, site level administration costs allocable to Condestable operations are included as they directly support the operating Condestable copper mine. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded.

包括现金成本（如上所定义）、维持资本支出、恢复和其他关闭成本的增值和摊销及租赁支付（现金基础）。由于该指标旨在反映当前运营的全部生产成本，因此扩张性资本和某些勘探成本被排除，因为这些成本通常用于延长矿山寿命或大幅提高现有资产的生产能力，或用于新运营。Rio2 Limited 的企业一般和行政费用也被排除，因为将这些费用归因于运营地点并不一定反映直接归因于该地点管理的成本。然而，分配给 Condestable 运营的现场管理费用被包括在内，因为它们直接支持 Condestable 铜矿的运营。某些其他现金支出，包括税款、融资费用（包括资本化利息）以及与业务合并、资产收购和资产处置相关的费用也被排除。

All-in Costs is a non-IFRS measure and is calculated as AISC plus expansionary capital expenditures and expansionary exploration.

全面成本是非 IFRS 指标，计算方式为 AISC 加上扩张性资本支出和扩张性勘探费用。

AISC per gold ounce sold and copper pound produced

每盎司黄金销售和每磅铜生产的 AISC

This ratio is calculated by dividing AISC by the production volume of the primary metal produced (gold or copper).

该比率通过将 AISC 除以主要金属生产的生产量（黄金或铜）来计算。


Fenix Gold		Q1 2026		Q1 2025
On-site mining and processing costs (on a sales basis)	$	10,069		$	N/A
Community costs related to current operations	$	231		$	N/A
3rd party smelting, refining and transport costs	$	52		$	N/A
By-product and co-product credits	$	(43	)	$	N/A
Cash Cost⁽¹⁾	$	10,309		$	N/A
Corporate/regional G&A, incl. share-based remuneration (sustaining)	$	450		$	N/A
Reclamation & remediation — accretion & amortization (operating sites)	$	160		$	N/A
Capital exploration (sustaining)	$	772		$	N/A
Sustaining capital expenditure	$	629		$	N/A
All-in Sustaining Cost (AISC)⁽¹⁾	$	12,320		$	N/A
Capital exploration (non-sustaining)	$	77		$	N/A
All-in Cost (AIC)⁽¹⁾	$	12,397		$	N/A
Per gold ounce sold:⁽³⁾
Cash cost per gold ounce sold	US$/oz	2,620		US$/oz	N/A
AISC per gold ounce sold	US$/oz	3,131		US$/oz	N/A
AIC per gold ounce sold	US$/oz	3,151		US$/oz	N/A
⁽¹⁾ See Non-IFRS Measures section for definitions.
⁽²⁾ Q1 2025 figures are not available ("N/A") as the Company's only asset was the Fenix Gold Mine and it did not have production or sales during Q1 2025.
⁽³⁾ Per-unit measures use gold ounces sold as the denominator.


Fenix Gold		2026 年第一季度		2025 年第一季度
现场采矿和加工成本（按销售计算）	$	10,069		$	不适用
与当前运营相关的社区成本	$	231		$	不适用
第三方冶炼、精炼和运输成本	$	52		$	不适用
副产品和共产品信用	$	(43	)	$	不适用
现金成本⁽¹⁾	$	10,309		$	不适用
企业/区域一般和行政费用，包括基于股份的薪酬（维持性）	$	450		$	不适用
恢复与修复 — 增值与摊销（运营地点）	$	160		$	不适用
资本勘探（维持性）	$	772		$	不适用
维持性资本支出	$	629		$	不适用
全面维持成本（AISC）⁽¹⁾	$	12,320		$	不适用
资本勘探（非维持性）	$	77		$	不适用
全面成本（AIC）⁽¹⁾	$	12,397		$	不适用
每盎司黄金销售：⁽³⁾
每盎司黄金销售的现金成本	US$/盎司	2,620		US$/盎司	不适用
每盎司黄金销售的 AISC	US$/盎司	3,131		US$/盎司	不适用
每盎司黄金销售的 AIC	US$/盎司	3,151		US$/盎司	不适用
⁽¹⁾ 请参见非国际财务报告准则措施部分以获取定义。
⁽²⁾ 2025 年第一季度的数字不可用（“不适用”），因为公司的唯一资产是 Fenix Gold 矿，且在 2025 年第一季度没有生产或销售。
⁽³⁾ 每单位度量使用销售的黄金盎司作为分母。


Condestable		Q1 2026			Q1 2025
Total production costs	$	19,477		$	N/A
Treatment and refining charges and commercial expenses	$	1,477		$	N/A
By-product credits, net of stream impact (3)	$	(8,701	)	$	N/A
Cash Cost (including stream impact)⁽¹⁾⁽³⁾	$	12,253		$	N/A

Sustaining capital expenditures	$	4,040		$	N/A
Other indirect and administrative costs	$	1,053		$	N/A
All-in Sustaining Cost (AISC, including stream impact)⁽¹⁾⁽³⁾	$	17,346		$	N/A

Expansionary capital expenditures (mainly tailings filter plant)	$	2,472		$	N/A
All-in Cost (AIC, including stream impact)⁽¹⁾⁽³⁾	$	19,818		$	N/A

Per payable copper pound produced (including stream effect):⁽⁴⁾
Cash cost (incl. stream effect)	US$/lb	2.01		US$/lb	N/A
AISC (incl. stream effect)	US$/lb	2.84		US$/lb	N/A
AIC (incl. stream effect)	US$/lb	3.25		US$/lb	N/A


Condestable		2026 年第一季度			2025 年第一季度
总生产成本	$	19,477		$	不适用
处理和精炼费用及商业费用	$	1,477		$	不适用
副产品信用，扣除流影响（3）	$	(8,701	)	$	不适用
现金成本（包括流影响）⁽¹⁾⁽³⁾	$	12,253		$	不适用

维持性资本支出	$	4,040		$	不适用
其他间接和管理费用	$	1,053		$	不适用
全面维持成本（AISC，包括流影响）⁽¹⁾⁽³⁾	$	17,346		$	不适用

扩张性资本支出（主要是尾矿过滤厂）	$	2,472		$	不适用
全面成本（AIC，包括流影响）⁽¹⁾⁽³⁾	$	19,818		$	不适用

每磅可支付铜的生产成本（包括流影响）：⁽⁴⁾
现金成本（包括流影响）	US$/磅	2.01		US$/磅	不适用
AISC（包括流影响）	US$/磅	2.84		US$/磅	不适用
AIC（包括流影响）	US$/磅	3.25		US$/磅	不适用

⁽¹⁾ See Non-IFRS Measures section for definitions.
⁽²⁾ Q1 2025 figures are not available ("N/A") as the Company's only asset was the Fenix Gold Mine and it did not have production or sales during Q1 2025.
⁽³⁾ Stream deliveries reflect the Franco Nevada stream. First stream delivery occurs in April 2026.
⁽⁴⁾ Per-unit measures use copper payable pounds produced as the denominator.

⁽¹⁾ 请参见非国际财务报告准则措施部分以获取定义。
⁽²⁾ 2025 年第一季度的数字不可用（“不适用”），因为公司的唯一资产是 Fenix Gold 矿，且在 2025 年第一季度没有生产或销售。
⁽³⁾ 流交付反映 Franco Nevada 流。第一次流交付发生在 2026 年 4 月。
⁽⁴⁾ 每单位度量使用可支付的铜磅作为分母。

Most directly comparable IFRS measure

最直接可比的国际财务报告准则衡量指标

Production costs from continuing operations.

持续运营的生产成本。

Why management uses the measure and why it may be useful to investors

管理层为何使用该指标以及其对投资者的潜在价值

The Company believes that this measure represents the total sustainable costs of producing copper and gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company’s operational performance and ability to generate cash flows.

公司认为该指标代表了从当前运营中生产铜和黄金的总可持续成本，并为公司及其他利益相关者提供了公司运营表现和产生现金流能力的额外信息。

Sustaining capital expenditures and expansionary capital expenditures

维持性资本支出和扩张性资本支出

Sustaining capital expenditures

维持性资本支出

This supplementary financial measure is defined as cash basis expenditures which maintain existing operations and sustain production levels.

该补充财务指标定义为维持现有运营和生产水平的现金基础支出。

Expansionary capital expenditures

扩张性资本支出

This non-IFRS measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made.

该非国际财务报告准则指标定义为增加当前或未来生产能力、现金流或收益潜力的现金基础支出，并报告时不包括资本化利息。当支出同时维持和扩展当前运营时，分类将基于支出所做的主要决策。

Most directly comparable IFRS measure

最直接可比的国际财务报告准则衡量指标

Investment in mineral properties, plant and equipment

对矿产资源、工厂和设备的投资

Why management uses the measure and why it may be useful to investors

管理层为何使用该指标以及其对投资者的潜在价值

Sustaining capital expenditures provide an understanding of costs required to maintain existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets.

维持性资本支出提供了维持现有生产水平所需成本的理解。扩张性资本支出提供了现有或新资产未来增长所需成本的信息。

Realized price per pound and realized price per ounce

每磅实现价格和每盎司实现价格

Defined as revenue from metal sales (copper and gold) adding back treatment and refining charges, cash effects of gold streams, recognition of deferred revenue from the allocation of upfront streaming proceeds, divided by the volume of metal sold in the period.

定义为金属销售（铜和黄金）收入，加上处理和精炼费用、黄金流的现金影响、从分配预付款流收益中确认的递延收入，除以报告期内销售的金属量。

Most directly comparable IFRS measure

最直接可比的国际财务报告准则衡量指标

Revenue from continuing operations.

持续运营的收入。

Why management uses the measure and why it is useful to investors

管理层为何使用该指标以及其对投资者的潜在价值

These measures provide an understanding of the price realized in each reporting period for metal sales.

这些指标提供了对每个报告期金属销售实现价格的理解。

Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA

息税折旧摊销前利润（"EBITDA"）和调整后的 EBITDA

EBITDA is a non-IFRS measure that represents an indication of the Company’s continuing capacity to generate cash from operations before taking into account management’s financing decisions and costs of consuming capital assets, which vary according to their equipment technology and management’s estimate of their useful life. Adjusted EBITDA is calculated as Operating Income plus depreciation, amortization, mine closure provision, workers’ profit sharing, devaluation of inventory and write-off of receivables. Adjusted EBITDA has been included in this document. Under IFRS, entities must reflect in compensation expense the cost of share-based payments.

EBITDA 是一种非国际财务报告准则（IFRS）指标，代表公司在不考虑管理层的融资决策和资本资产消耗成本的情况下，持续产生现金流的能力，这些成本因设备技术和管理层对其使用寿命的估计而异。调整后的 EBITDA 计算为营业收入加上折旧、摊销、矿山关闭准备金、工人利润分享、存货减值和应收账款的核销。调整后的 EBITDA 已包含在本文件中。根据 IFRS，实体必须在薪酬费用中反映基于股份支付的成本。

Most directly comparable IFRS measure

最直接可比的 IFRS 指标

Net earnings (loss) from continuing operations and from discontinued operations

来自持续经营和终止经营的净收益（损失）

Why management uses the measure and why it is useful to investors

管理层为何使用该指标以及其对投资者的实用性

The Company believes that these measures are used by and are useful to investors and other users of the Company’s financial statements in evaluating the Company’s operating and cash performance because they allow for analysis of its financial results without regard to special, non-cash and other non-core items, which can vary substantially from company to company and over different periods.

公司认为这些指标被投资者和其他财务报表用户使用，并对评估公司的运营和现金表现非常有用，因为它们允许在分析财务结果时不考虑特殊的、非现金的和其他非核心项目，这些项目在不同公司和不同期间之间可能会有显著差异。

TECHNICAL INFORMATION

技术信息

The scientific and technical content of this news release has been reviewed, approved and verified ‎by Enrique Garay, MSc P.Geo/FAIG, who is a QP under NI 43-101. For additional information regarding Fenix Gold, see the independent technical report entitled ‎‎“NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project” dated October 16, 2023, with an effective date of October 16, 2023. For additional information regarding Condestable, see the independent technical report entitled “NI 43-101 Technical Report on the Condestable Mine, Lima Department, Peru, dated April 12, 2024, effective date December 31, 2022”. Copies of these Technical Reports are available under ‎Rio2’s SEDAR+ profile at ‎www.sedarplus.ca.

本新闻稿的科学和技术内容已由 Enrique Garay, MSc P.Geo/FAIG 审核、批准和验证，他是 NI 43-101 下的合格人员。有关 Fenix Gold 的更多信息，请参阅独立技术报告《Fenix Gold 项目的可行性研究 NI 43-101 技术报告》，日期为2023年10月16日，生效日期为2023年10月16日。有关 Condestable 的更多信息，请参阅独立技术报告《Condestable 矿，秘鲁利马省的 NI 43-101 技术报告》，日期为2024年4月12日，生效日期为2022年12月31日。这些技术报告的副本可在 Rio2 的 SEDAR+ 资料下获取，网址为 www.sedarplus.ca。

ABOUT RIO2 LIMITED

关于 RIO2 LIMITED

Rio2 is a diversified precious metals and copper producer focused on building and operating mines with a management team that has proven technical skills as well as a successful capital markets track record. The Company is currently producing gold at its Fenix Gold heap leach mine in Chile and copper/gold/silver at its recently acquired Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Limitada and Compañía Minera Condestable S.A., are companies that operate with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three pillars (Social, Environment, Economics) of responsible development. As related companies, we reaffirm our commitment to apply environmental standards beyond those mandated by regulators, seeking to protect and preserve the environment in the territories where we operate.

Rio2 是一家多元化的贵金属和铜生产商，专注于建设和运营矿山，管理团队具备经过验证的技术技能以及成功的资本市场记录。公司目前在智利的 Fenix Gold 堆浸矿生产黄金，并在秘鲁最近收购的 Condestable 地下矿生产铜/黄金/白银。Rio2 及其全资子公司 Fenix Gold Limitada 和 Compañía Minera Condestable S.A. 是在最高环境标准和责任下运营的公司，坚信可以开发尊重负责任发展三大支柱（社会、环境、经济）的矿业项目。作为相关公司，我们重申我们的承诺，应用超出监管机构要求的环境标准，努力保护和维护我们运营地区的环境。

Forward-Looking Statements

前瞻性 声明

This news release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to Rio2’s development of the Fenix Gold Mine and other aspects of Rio2’s future operations and plans. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the anticipated mining and production rates for the remainder of 2026; anticipated production for 2026 and 2027 at Fenix Gold and Condestable, and guidance for same; details of drilling at both the Fenix Gold and Condestable mine, including costs and objectives of the drilling program and timing for commercial production (in respect of Fenix Gold); impact of the new truck fleet at the Fenix Gold mine and resolution of operator and truck availability issues; timing for, and impact of, high grading at the Fenix Gold mine; impact of equipment purchases on operations; commencement of mining at Fenix Central; projected gold recovery levels; results of Rio2’s efforts to hedge against rising fuel costs; timing and outcome of the desalinated water studies for Fenix Gold; capital expenditures at Fenix Gold through 2026; activities relating to the near-surface drilling program at Condestable, geological/structural mapping activities, and the magnetometry geophysical survey at Condestable, and the impacts and outcome of same; timing and anticipated outcome of pilot program at Condestable, including timing for related approvals; timing for an updated MRE report on Condestable; and other matters ancillary or incidental to the foregoing.

本新闻稿包含前瞻性声明和前瞻性信息（统称为 “前瞻性信息”），根据适用的证券法与 Rio2 的 Fenix Gold 矿的开发及 Rio2 未来运营和计划的其他方面相关。此外，在不限制前述内容的普遍性情况下，本新闻稿包含与以下内容相关的前瞻性信息：2026 年剩余时间的预期采矿和生产率；2026 年和 2027 年在 Fenix Gold 和 Condestable 的预期生产及相关指导；Fenix Gold 和 Condestable 矿的钻探细节，包括钻探计划的成本和目标以及商业生产的时间（关于 Fenix Gold）；新卡车车队在 Fenix Gold 矿的影响及操作员和卡车可用性问题的解决；Fenix Gold 矿高品位开采的时间及影响；设备采购对运营的影响；Fenix Central 的采矿开始；预计的黄金回收水平；Rio2 对抗燃料成本上升的对冲努力的结果；Fenix Gold 的淡化水研究的时间和结果；2026 年 Fenix Gold 的资本支出；与 Condestable 的近表面钻探计划、地质/结构测绘活动以及 Condestable 的磁测地球物理调查相关的活动及其影响和结果；Condestable 试点项目的时间和预期结果，包括相关批准的时间；Condestable 的更新 MRE 报告的时间；以及与前述内容相关或附带的其他事项。

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by Rio2’s management, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile and Peru; future mining and production rates and estimates of capital and operating costs; expectations regarding the availability of financing when needed; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; results of operations; performance; the anticipated timing and results of expansion studies and related approvals; the availability and cost of financing, labor and services; and Rio2’s ability to access capital on satisfactory terms.

本声明中包含的所有陈述，除历史事实陈述外，可能是前瞻性信息，这些信息涉及各种风险和不确定性。前瞻性信息通常但不总是通过使用 “寻求”、“预期”、“计划”、“继续”、“估计”、“期望”、“可能”、“将”、“项目”、“预测”、“潜在”、“目标”、“打算”、“可以”、“可能”、“应该”、“相信” 和类似表达来识别。前瞻性信息基于 Rio2 管理层做出的某些关键期望和假设，包括但不限于：对现行商品价格、汇率、利率、适用的特许权使用费率和税法的期望；资本效率；智利和秘鲁的立法和监管环境；未来的采矿和生产率及资本和运营成本的估计；对融资可用性的期望；储量和资源的估计；资本支出的预期时间和结果；在执行计划活动时资本支出的充足性；运营结果；表现；扩展研究及相关批准的预期时间和结果；融资、劳动力和服务的可用性和成本；以及 Rio2 在满意条款下获取资本的能力。

Rio2 believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rio2's most recent annual information form on the SEDAR+ website at www.sedarplus.ca. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to market conditions, risks associated with our operations, and management’s ability to anticipate and manage the factors and risks referred to herein.

Rio2 相信这些前瞻性声明中反映的期望是合理的，但不能保证这些期望会被证明是正确的，因此本新闻稿中的前瞻性声明不应被过度依赖。有关用于开发此类前瞻性信息的假设的描述以及可能导致实际结果与前瞻性信息存在重大差异的风险因素的描述，可以在 Rio2 最近的年度信息表中找到，网址为 www.sedarplus.ca。这些风险和不确定性包括但不限于：与市场条件相关的风险、与我们运营相关的风险，以及管理层预测和管理上述因素和风险的能力。

Forward-looking statements included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date subsequent to the date of this news release. Rio2 has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

本新闻稿中包含的前瞻性声明是在本新闻稿日期作出的，且该信息不应被视为代表其在本新闻稿日期之后的任何日期的观点。Rio2 已尝试识别可能导致实际结果、表现或成就与当前期望或前瞻性信息所表达或暗示的估计有所不同的重要因素。然而，可能还有其他因素导致结果、表现或成就未如预期或估计，并可能导致实际结果、表现或成就与当前期望存在重大差异。Rio2 不承担更新或修订任何前瞻性声明的意图或义务，无论是由于新信息、未来事件还是其他原因，除非适用的证券立法明确要求。

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2's SEDAR+ profile at www.sedarplus.ca.

要了解更多关于 Rio2 Limited 的信息，请访问：www.rio2.com 或 Rio2 的 SEDAR+ 资料页面：www.sedarplus.ca。

ON BEHALF OF THE BOARD OF RIO2 LIMITED

代表 RIO2 LIMITED 董事会

Alex Black

Executive Chairman of the Board

董事会执行主席

Email: alex.black@rio2.com

电子邮件：alex.black@rio2.com

Tel: +51 99279 4655

电话：+51 99279 4655

Kathryn Johnson

Executive Vice President, CFO & Corporate Secretary

执行副总裁、首席财务官及公司秘书

Email: kathryn.johnson@rio2.com

电子邮件：kathryn.johnson@rio2.com

Tel: +1 604 762 4720

电话：+1 604 762 4720

Rio2 公布 2026 年第一季度财务业绩及运营更新