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.

加拿大不列顛哥倫比亞省温哥華，2026年5月15日（GLOBE NEWSWIRE）——Rio2 Limited（“ Rio2” 或 “ 公司”）；OTCQX:RIOFF；報告截至2026年3月31日的三個月財務業績，重點是 Fenix 金礦（“ Fenix Gold”）的初步生產和早期增產階段，以及自2026年1月30日收購完成以來 Condestable 銅礦（“ Condestable”）的初步貢獻。Rio2 本季度的合併生產總計為 7,849 盎司黃金、49,198 盎司白銀和 6,403,188 磅銅。除非另有説明，本新聞稿中的所有財務信息均以美元報告。

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 的總裁兼首席執行官 Andrew Cox 表示：“2026 年第一季度是 Rio2 的一個里程碑季度，Fenix Gold 首次生產以及 Condestable 的現金流增加。在 Fenix Gold，團隊在解決一些意想不到的啓動挑戰的同時推進了初步增產。儘管增產速度低於預期，但大多數關鍵問題現在已得到解決，我們預計在 2026 年剩餘的三個季度中，生產將穩步增加到預期水平。在智利高海拔地區運營新礦是一項具有挑戰性的任務，管理團隊在解決這些挑戰並保持礦山朝着 2026 年生產超過 60,000 盎司黃金的目標前進方面做得非常出色。同時，在秘魯，Condestable 在我們擁有的前兩個月表現良好，礦山運營團隊與 Rio2 的整合仍在繼續。”

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 的執行董事長 Alex Black 表示：“整個 Rio2 和 Fenix Gold 團隊再次展現了他們的 ‘能做’ 態度和文化，迎接在智利高海拔地區啓動新礦的挑戰。啓動並不容易，但團隊能夠系統地識別、解決並克服挑戰，這增強了我對 Fenix Gold 能夠達到我們期望的業績水平的信心。Condestable 在第一季度繼續按計劃生產，這要歸功於現場管理團隊，以及 Rio2 管理團隊在處理 Condestable 整合方面的努力。”

FIRST QUARTER 2026 HIGHLIGHTS

2026 年第一季度亮點

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 礦的運營和財務業績在本節及本新聞稿的其餘部分中，均以2026年1月30日（收購日期）至2026年3月31日的期間為準。

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 的增產進展順利，關鍵啓動限制因素已被識別並正在解決，同時水運輸、爆破碎裂和浸出回收性能均符合預期。
在 Rio2 擁有的前兩個月，Condestable 表現良好，提供了來自銅、黃金和白銀生產的即時現金流。
礦山運營收入為 2460 萬美元，調整後淨收入為 1210 萬美元，而2025年3月31日的三個月礦山運營收入為 0，調整後淨虧損為 130 萬美元。
維持強勁的流動性，截止2026年3月31日現金及現金等價物為 9310 萬美元，包括自願償還 2000 萬美元債務，而2025年12月31日的現金及現金等價物為 4640 萬美元。
本季度合併黃金生產為 7849 盎司，黃金銷售為 6654 盎司，平均實現價格為 4745 美元/盎司。
2026 年第一季度 Fenix Gold 礦的總現金成本為每盎司黃金 2620 美元。Fenix Gold 礦在本季度生產了 4648 盎司黃金。
本季度銅生產為 6403188 磅，銅銷售為 6204313 磅，平均實現價格為每磅 5.69 美元。
2026 年第一季度 Condestable 的總現金成本為每磅銅 2.01 美元，AISC 為每磅銅 2.84 美元。6403188 磅銅的生產完全來自 Condestable。Condestable 還生產了 3201 盎司黃金和 48671 盎司白銀。
本季度經營活動提供的現金為 2280 萬美元，投資活動使用的現金為 8030 萬美元，融資活動提供的淨現金為 1.035 億美元，而2025年3月31日的比較季度經營活動提供的現金為 1930 萬美元，投資活動使用的現金為 1620 萬美元，融資活動提供的淨現金為 4 萬美元。（1）有關定義和討論，請參見本新聞稿的非國際財務報告準則措施部分。

OPERATIONS

運營

Fenix Gold Mine

Fenix 金礦

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:

礦山生產 - Fenix 金礦在 2026 年第一季度繼續進行初步生產增產。儘管本季度未達到計劃的噸位和品位，但關鍵驅動因素已被及早識別，並已實施或正在進行糾正措施。這些因素包括：

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.

爆破許可證延遲 - 爆破許可證原定於 2025 年 11 月中旬發放，實際收到時間為 2025 年 12 月底，導致 2026 年的礦山計劃推遲了 6 周。
開採 Fenix South - Fenix South 的初步開採需要在有限的區域內仔細安排鑽探、爆破和採礦活動。現在已經創造了操作空間，預計將支持未來更高效的採礦。Fenix South 是 Fenix Gold 礦計劃中的一個新區域，預計將在 2026 年第一季度開始向浸出墊提供礦石。
操作人員可用性 - 智利的勞動力市場緊張，金屬價格高企，採礦活動增加，給我們的承包商 STRACON 在留住人員方面帶來了挑戰，特別是願意在高海拔礦山（如 Fenix Gold）工作的卡車司機。STRACON 和 Rio2 一直在積極解決影響第一季度運輸的人員流動和缺勤問題。到 3 月底，操作人員和卡車的可用性有所改善，預計這些問題將在 2026 年第二季度得到滿意解決。
卡車車隊過渡 - 初始礦山卡車車隊由當地供應商租賃的 35 噸卡車組成，這些卡車最初是在工廠和墊設施建設期間動員的，並未針對穩定的礦山運營進行優化。這些卡車正在逐步淘汰，取而代之的是 STRACON 專門為礦山運營購買的新 42 噸卡車。這批新卡車預計將在 2026 年 5 月開始到達，並將由 STRACON 的維護團隊在現場進行維護。

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.

移動噸數減少導致礦石可用性下降，並影響了送往工廠的頭礦品位，導致較低品位的礦石被送往墊上。管理層決定在達到計劃生產率之前不進行高品位採礦。預計在 2026 年下半年將恢復開採高品位材料（大於 0.4 克/噸），屆時較低品位材料將被送往堆場。為了進一步提高礦山生產靈活性，管理層還決定提前開始在 Fenix Central 的採礦工作，現定於 2026 年第二季度開始。

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.

處理廠在啓動初期遇到了一些問題，洗脱液泵故障三次，導致脱附過程延遲。替換泵於 3 月份到達，目前該問題已得到解決。

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.

水運輸的提升非常成功，卡車持續每天運送超過 1,000 立方米，偶爾可達 1,500 立方米。礦山沒有受到水源限制，截至 3 月底，礦山水儲存量超過庫存，總現場水量為 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.

礦化材料的爆破碎裂效果也達到了預期，本季度實現了 P80 為 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.

對墊上材料浸出與處理廠中金被碳吸附的分析表明，預計在 90 天浸出時金的回收率為 75% 已得到實現。

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

基於當前的提升進展，Rio2 預計將在 2026 年第四季度實現 Fenix Gold 的商業生產。

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 年的黃金生產指導為 60,000 - 65,000 盎司，管理層正在努力在 2026 年第二季度將採礦生產率提升至每天 20,000 噸，並在剩餘時間內恢復 2026 年第一季度經歷的噸數和盎司生產的減少。

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

2026 年第一季度 Fenix Gold 礦的關鍵績效數據總結如下：


		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)
總採礦噸數	噸	901,264	噸	不適用
開採礦石	噸	807,590	噸	不適用
堆放在墊上的礦石	噸	657,112	噸	不適用
頭礦品位 (克/噸 Au)	克/噸	0.452	克/噸	不適用
墊上含金盎司	盎司	9,554	盎司	不適用
生產的黃金盎司	盎司	4,648	盎司	不適用
銷售的黃金盎司	盎司	3,934	盎司	不適用
每售出黃金盎司的現金成本 (1)	$/盎司	2,620	$/盎司	不適用
每售出黃金盎司的全面維持成本 (1)	$/盎司	3,131	$/盎司	不適用
每售出黃金盎司的全面成本 (1)	$/盎司	3,151	$/盎司	不適用
生產的銀盎司	$/盎司	527	$/盎司	不適用
銷售的銀盎司	$/盎司	514	$/盎司	不適用
每售出黃金盎司的平均實現價格 (1)	$/盎司	4,750	$/盎司	不適用
每售出銀盎司的平均實現價格 (1)	$/盎司	83.77	$/盎司	不適用

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

(1) 請參見本新聞稿的非國際財務報告準則措施部分以獲取定義和討論。

(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) 該信息在 2025 年第一季度不可用（“不適用”），或由於公司的唯一資產是 Fenix Gold 礦，且在 2025 年第一季度沒有生產或銷售。

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.

人力資源 - 目前在 Fenix Gold 的礦山運營、建設和勘探中共僱傭了 1,401 名員工（包括承包商），其中 94% 的員工為智利人，42% 來自阿塔卡馬地區，12% 為女性。

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.

健康與安全 - 2026 年第一季度礦山共工作了 650,424 人小時，發生了一起因扭傷腳踝導致的 LTI，發生在 2026 年 3 月，LTIFR 率為 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 年以來，Fenix Gold 首次開始勘探鑽探。總共將進行 9,250 米的反循環鑽探和 13,940 米的鑽石鑽探，總計 23,190 米。該鑽探項目的預算為 950 萬美元。2026 年鑽探項目的目標是將礦產資源的分類從推測級別提升至指示級別和/或測量級別，並增加儲備坑下方和當前資源坑下方 100 米的礦產資源。鑽機已於 3 月份動員，計劃在第二季度進行鑽探。

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.

燃料對沖 – 由於伊朗戰爭的影響，2026 年第一季度智利的柴油價格上漲了多達 60%。隨着 Fenix Gold 從建設階段過渡到全面運營，礦山車隊和基礎設施的柴油消耗將仍然是一個重要的運營開支。在 2026 年 3 月初，Rio2 獲得了一組 9 個商品看漲期權（對沖），用於鎖定價格以保護礦山免受燃料成本上漲的風險。這些對沖合同覆蓋了從 2026 年 4 月到 12 月的九個月，涵蓋總量為 1,575,000 加侖。受保護的月度量隨着時間的推移而增加，春季起始為 150,000 加侖，夏季增加到 175,000 加侖，並在年底達到每月 200,000 加侖。為確保這九個頭寸支付的前期溢價為 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，它們的總市場價值為 770,000 美元，包括未實現收益 148,000 美元。截至2026年4月30日的估值日期，它們的總市場價值已上升至 1,037,000 美元，總收益為 415,000 美元，其中包括 2026 年 4 月實現的收益 131,000 美元，以及剩餘未平倉合同的未實現市值收益 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.

礦山擴展研究 – 關於海水淡化水替代方案的工作仍在繼續，已選擇兩家潛在供應商提供 Fenix Gold 項目連接 Copiapó海水淡化水的資本和運營成本初步估算及時間表。預計這兩家供應商的結果將在 6 月交付。選擇其中一家供應商為 Fenix Gold 提供海水淡化水將使擴展案例的可行性研究得以完成，以將生產率提高到每天 80,000 噸。該研究的發佈時機預計在 2026 年第三季度。為了準備這項研究，Fenix Gold 的許可團隊已開始進行擴展礦區環境影響評估的基線研究，包括擴展 Fenix 北部、中央和南部現有礦坑以形成一個綜合礦坑，擴展吸附、脱附和回收工廠（“ADR 工廠”）、管道供水、擴展浸出墊面積、擴展廢料堆放區、額外水池、接入電網、為大型設備車隊建設卡車維修車間及其他支持基礎設施。

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.

建設活動 – 在 2025 年，Rio2 投入了必要的關鍵資本，使 Fenix Gold 進入黃金生產階段，開始產生現金流。2026 年的計劃是完成推遲的資本支出，以便礦山在 2027 年以每天 20,000 噸的穩定生產率進入。2026 年第一季度，推遲的資本支出包括完成 ADR 工廠周圍的項目和重新啓動浸出墊擴建的建設。

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

計劃在 2026 年支出的剩餘資本將從現金儲備和現金流中籌集，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


	總計
	美元
建設	32,499,385
進場道路	240,927
ADR 工廠	4,354,926
浸出墊建設	11,330,033
石灰廠	1,178,177
發電	2,071,877
電力分配	1,287,022
通信基礎設施	137,252
試劑首次填充	342,172
現場實驗室	1,710,000
卡車維修車間	9,847,000
持續建設	1,369,732
初步工作	-
營地基礎設施	20,000
浸出墊擴建	1,349,732
總計美元	33,869,117

Condestable Mine

Condestable 礦山

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.

礦山生產 – Condestable 在 2 月和 3 月表現出色，處理了超過 470,000 噸礦石，平均銅品位為 0.70%，黃金品位為 0.24 克/噸，銀品位為 4.10 克/噸。儘管銅品位部分低於計劃，但通過更高的黃金產量和回收率得到了補償。單位生產成本為 38.90 美元/噸，優於預期，原因是從礦山上層提取的礦石比例較高，以及匯率比最初估計的更為有利。儘管由於缺乏卡車操作員和大型運輸設備的挑戰，管理礦石和廢料運輸車隊面臨一些困難，但仍取得了這一成績。

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.

整體加工廠的表現強勁。由於礦山某些近表層區域的氧化物材料較高，銅的回收率略低於預期，而黃金和白銀的回收率則顯著好於預算。Condestable 在 2 月和 3 月生產了 6,403,188 磅銅、3,201 盎司黃金和 48,671 盎司白銀，均以濃縮物形式計。

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

2026 年的生產指導（2 月至 12 月）為 21,500 – 23,500 噸可支付銅當量。

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

Condestable 礦山 2026 年第一季度的關鍵績效數據總結如下：


		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)
勘探鑽探	米	541	米	不適用
生產鑽探	米	6,690	米	不適用
深化作業	米	656	米	不適用
開採礦石	噸	486,188	噸	不適用
處理礦石	噸	474,341	噸	不適用
銅品位	%	0.70	%	不適用
金品位	克/噸	0.24	克/噸	不適用
銀品位	克/噸	4.10	克/噸	不適用
銅回收率	%	89.55	%	不適用
金回收率	%	81.94	%	不適用
銀回收率	%	83.20	%	不適用
銅產量	磅	6,403,188	磅	不適用
金產量	盎司	3,201	盎司	不適用
銀產量	盎司	48,671	盎司	不適用
銅銷售量	磅	6,204,313	磅	不適用
金銷售量	盎司	2,720	盎司	不適用
銀銷售量	盎司	46,588	盎司	不適用
每磅銅的現金成本 (1)	美元/磅	2.01	美元/磅	不適用
每磅銅的全面維持成本 (AISC) (1)	美元/磅	2.84	美元/磅	不適用
每磅銅的全面成本 (1)	美元/磅	3.25	美元/磅	不適用
每磅銅的平均實現價格 (1)	美元/磅	5.69	美元/磅	不適用
每盎司金的平均實現價格 (1)	美元/盎司	4,736	美元/磅	不適用
每盎司銀的平均實現價格 (1)	美元/盎司	75.29	美元/磅	不適用

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

(1) 請參見本新聞稿的非國際財務報告準則指標部分以獲取定義和討論。

(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) 該信息在 2025 年第一季度不可用（“不適用”），或由於公司唯一資產為 Fenix 金礦，且在 2025 年第一季度沒有生產或銷售。

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.

人力資源 – 目前 Condestable 在礦山運營、建設活動和勘探方面共僱傭 1,984 名員工（包括承包商）。99% 的員工為秘魯人，女性佔 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.

健康與安全 – 在 2026 年第一季度，礦山共工作了 1,002,501 人小時，發生了四起失時傷害（LTI），失時傷害頻率（LTIFR）為 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 已啓動 2026 年的三部分勘探計劃。在第一季度，開始了一項 45,000 米的地下鑽探計劃，主要目標是替代和增加礦產資源，並進行填充鑽探以生成短期儲量模型。這是礦山的年度活動。第二個目標是增加和劃定 Condestable 和 Raúl 地區近地表的礦產資源。計劃生成可以通過露天開採方法開採的銅 - 金-銀礦產資源。近地表鑽探計劃將在第二季度進行定義和成本估算，執行將在下半年進行。第三個目標是對 46,000 公頃的礦業特許權進行 1:25,000 比例的地質/結構製圖。此外，將使用無人機在整個礦區進行磁測地球物理調查。2026 年生成的新信息將與現有的多元素表面地球化學數據整合，旨在生成新的區域勘探項目。這將是首次在整個 Condestable 土地包上進行此類勘探計劃。

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.

資源/儲量更新 – Rio2 已聘請 SLR Consulting 完成 Condestable 的更新礦產資源/儲量估算（“MRE”），以更新當前的技術報告《Condestable 礦山的 NI 43-101 技術報告，秘魯利馬省，日期為2024年4月12日，生效日期為2022年12月31日》，該報告由 SLR Consulting（加拿大）有限公司根據國家儀器 43-101 編制，並在公司的資料中提交至 SEDAR+。Rio2 預計更新的 MRE 將在 2026 年第二季度公佈並提交。

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.

品位提升與礦山擴展規劃- 在 2026 年 3 月和 4 月，Condestable 與第三方礦石分選設備供應商進行了實驗室規模的測試。測試集中在低品位堆料和歷史廢料堆上，結果顯示銅品位提高了 1.4 – 1.6 倍，拒絕的材料佔 30% - 45%，顯示出顯著的品位提升潛力。基於這些有利結果，Condestable 團隊現在計劃啓動為期 12 個月的每日 1,000 - 1,500 噸（tpd）試點工廠項目。試點階段將評估從現場各種堆料來源中分選高品位礦石與低品位材料的經濟和技術可行性。礦石分選試點項目是 Condestable 擴展計劃的潛在組成部分之一，此外還包括地下礦山的擴展和歷史資源的重新評估。公司預計將在 2026 年第三季度獲得礦山環境影響評估的修改批准，包括增加處理能力至 10ktpd 的批准。同時，公司的項目團隊目前正在完成工廠擴展的基礎工程、資本成本估算和時間表，完成後將予以公佈。

EARNINGS AND CASH FLOW

收益與現金流

Select Quarter Financial Information

選擇季度財務信息


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


財務結果：（以千為單位，除每股金額外）		2026 年第一季度		2025 年第一季度(2)
銅銷售	$	32,512			不適用
金銷售	$	30,689			不適用
銀銷售	$	3,855			不適用
精礦銷售價格調整	$	(1,198	)		不適用
合併收入	$	65,858			不適用

淨收入 (4)	$	22,291		$	(1,598	)
每股稀釋後淨收入	$	0.04		$	0.00
調整後淨收入（損失）(1)	$	12,135		$	(1,349	)
每股稀釋後調整後淨收入（損失）(1)	$	0.02			(0.00	)
EBITDA (1)	$	40,974			(1,532	)
調整後 EBITDA (1)	$	30,818			(1,283	)
總債務 (3)	$	112,563		$	254
運營結果：
銅產量	lbs	6,403,188			不適用
金產量	oz	7,849			不適用
銀產量	oz	49,198			不適用

銅銷售量	lbs	6,204,313			不適用
金銷售量	oz	6,654			不適用
銀銷售量	oz	47,102			不適用

每磅銅的平均實現價格	$/lb	5.69			不適用
每盎司金的平均實現價格	$/oz	4,745			不適用
每盎司銀的平均實現價格	$/oz	75.38			不適用

(1) See Non-IFRS Measures.

(1) 請參見非國際財務報告準則（Non-IFRS）指標。

(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) 由於 2025 年第一季度公司唯一的礦山是 Fenix 金礦，且沒有生產或銷售，因此某些可比信息不適用（“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) 總債務是一個補充財務指標，在國際財務報告準則下沒有標準化的含義。公司將總債務計算為應付貸款、遞延對價和租賃負債的總和，包括當前和非當前部分。

(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) 淨收入是指歸屬於 Rio2 Limited 股東的淨收入。來自公司在 Compañía Minera Condestable S.A.的權益所產生的非控制性權益部分已被排除。

NON-IFRS MEASURES

非國際財務報告準則指標

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”.

本新聞稿提及某些財務指標，例如全面持續成本，這些指標不是國際財務報告準則認可的指標，並且沒有國際財務報告準則規定的標準化含義。這些指標可能與其他公司所做的不同，因此可能無法與其他公司的報告結果進行比較。這些指標是從公司的財務報表中得出的，因為公司認為它們有助於理解運營結果及其財務狀況。有關這些特定財務指標的某些附加披露已通過引用納入，並可在公司的 2026 年第一季度 MD&A 中找到，網址為 www.sedarplus.ca ，標題為 “非國際財務報告準則指標”。

ADJUSTED NET INCOME

調整後淨收入

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:

管理層使用調整後淨收入來評估公司的運營表現，並規劃和預測其運營。公司認為使用調整後淨收入反映了我們核心礦業業務的基本運營表現，並允許投資者和分析師將公司的結果與其他礦業公司的類似結果進行比較。管理層對調整後淨收入組成部分的確定定期進行評估，部分基於對礦業行業分析師使用的非國際財務報告準則財務指標的審查。調整的税務影響基於法定税率和公司的税務屬性，包括通過公司的估值準備的影響。由於管轄區的税務屬性和相關的估值準備影響，調整的綜合有效税率可能與法定税率或公司的有效税率不一致，這可能會最小化某些調整的税務影響，並且可能不平等地適用於收益和損失。調整後淨收入在下表中與淨收入進行對賬：


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


以千為單位，除每股金額外		2026 年第一季度			2025 年第一季度
淨收入（損失）	$	22,291		$	(1,598	)
加回：
收購相關交易成本	$	4,119		$	0
重組成本	$	1,941		$	0
基於股份的補償	$	1,015		$	249
流動義務公允價值收益	$	(17,231	)	$	0
調整後淨收入（損失）	$	12,135		$	(1,349	)

每股調整後淨收入（損失），基本	$	0.02		$	0.00
每股調整後淨收入（損失），稀釋	$	0.02		$	0.00

EBITDA AND ADJUSTED EBITDA

EBITDA 和調整後 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:

管理層使用息税折舊攤銷前利潤（“EBITDA”）來評估公司的運營表現，規劃和預測其運營，並評估槓桿水平和流動性指標。公司認為使用 EBITDA 反映了我們核心礦業業務的基本運營表現，並允許投資者和分析師將公司的結果與其他礦業公司的類似結果進行比較。EBITDA 和調整後 EBITDA 並不代表，也不應被視為國際財務報告準則下確定的淨收入（損失）或經營現金流的替代品。其他公司可能以不同方式計算調整後 EBITDA，這些計算可能無法與我們的呈現進行比較。調整後 EBITDA 在下表中與淨收入（損失）進行對賬：


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	)


單位：千美元		2026 年第一季度			2025 年第一季度
淨收入（虧損）	$	22,291		$	(1,598	)
加回：
財務費用（淨額）	$	1,905		$	64
所得税費用	$	4,781		$	0
消耗、折舊和攤銷	$	11,997		$	2
息税折舊攤銷前利潤（EBITDA）	$	40,974		$	(1,532	)

收購相關交易費用	$	4,119		$	0
重組費用	$	1,941		$	0
基於股份的薪酬	$	1,015		$	249
流動義務公允價值收益	$	(17,231	)	$	0
調整後 EBITDA		30,818			(1,283	)

Cash cost per gold ounce sold

每盎司黃金銷售現金成本

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.

現金成本是黃金礦業中常見的財務績效指標；然而，根據國際財務報告準則（IFRS），它沒有標準含義。對於 Fenix 金礦，公司按每盎司銷售黃金的現金成本進行報告。公司認為，除了根據 IFRS 編制的常規指標外，某些投資者使用此信息來評估公司的績效及其從礦業運營中產生經營收入和現金流的能力。現金成本的計算為礦區運營成本，扣除不反映公司基本運營績效的非經常性項目，並扣除銀收入。現金成本除以銷售盎司以得出每盎司銷售的現金成本。在計算現金成本時，公司扣除銀收入，因為它認為生產黃金的成本因與黃金生產過程相關的副產品銷售而降低，從而使管理層和其他利益相關者能夠評估黃金生產的淨成本。該指標不一定反映根據 IFRS 的經營現金流或根據 IFRS 呈現的運營成本。

Cash cost per payable copper pound produced

每磅可支付銅的現金成本

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.

現金成本是礦業行業中常見的財務績效指標；然而，它沒有標準含義根據 IFRS。對於 Condestable，公司按每磅可支付銅的現金成本進行報告。公司認為，除了根據 IFRS 編制的常規指標外，某些投資者使用此信息來評估公司的績效及其從礦業運營中產生經營收入和現金流的能力。現金成本的計算為礦區運營成本，扣除不反映公司基本運營績效的非經常性項目，並扣除黃金和銀收入。現金成本除以生產的可支付銅磅數以得出每磅的現金成本。在計算現金成本時，公司扣除黃金和銀收入，因為它認為生產銅的成本因與銅生產過程相關的副產品銷售而降低，從而使管理層和其他利益相關者能夠評估可支付銅生產的淨成本。該指標不一定反映根據 IFRS 的經營現金流或根據 IFRS 呈現的運營成本。

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

全面維持成本（"AISC"）及每盎司黃金銷售和每磅可支付銅生產的 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 指標，基於世界黃金協會（WGC）提供的指導進行計算。其他礦業公司可能會因所適用的基本會計原則和政策的差異，以及維持與開發資本支出的定義的差異而有所不同。

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.

包括現金成本（如上所定義）、維持資本支出、恢復和其他關閉成本的增值和攤銷及租賃支付（現金基礎）。由於該指標旨在反映當前運營的全部生產成本，因此擴張性資本和某些勘探成本被排除，因為這些成本通常用於延長礦山壽命或大幅提高現有資產的生產能力，或用於新運營。Rio2 Limited 的企業一般和行政費用也被排除，因為將這些費用歸因於運營地點並不一定反映直接歸因於該地點管理的成本。然而，分配給 Condestable 運營的現場管理費用被包括在內，因為它們直接支持 Condestable 銅礦的運營。某些其他現金支出，包括税款、融資費用（包括資本化利息）以及與業務合併、資產收購和資產處置相關的費用也被排除。

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 指標，計算方式為 AISC 加上擴張性資本支出和擴張性勘探費用。

AISC per gold ounce sold and copper pound produced

每盎司黃金銷售和每磅銅生產的 AISC

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

該比率通過將 AISC 除以主要金屬生產的生產量（黃金或銅）來計算。


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
現場採礦和加工成本（按銷售計算）	$	10,069		$	不適用
與當前運營相關的社區成本	$	231		$	不適用
第三方冶煉、精煉和運輸成本	$	52		$	不適用
副產品和共產品信用	$	(43	)	$	不適用
現金成本⁽¹⁾	$	10,309		$	不適用
企業/區域一般和行政費用，包括基於股份的薪酬（維持性）	$	450		$	不適用
恢復與修復 — 增值與攤銷（運營地點）	$	160		$	不適用
資本勘探（維持性）	$	772		$	不適用
維持性資本支出	$	629		$	不適用
全面維持成本（AISC）⁽¹⁾	$	12,320		$	不適用
資本勘探（非維持性）	$	77		$	不適用
全面成本（AIC）⁽¹⁾	$	12,397		$	不適用
每盎司黃金銷售：⁽³⁾
每盎司黃金銷售的現金成本	US$/盎司	2,620		US$/盎司	不適用
每盎司黃金銷售的 AISC	US$/盎司	3,131		US$/盎司	不適用
每盎司黃金銷售的 AIC	US$/盎司	3,151		US$/盎司	不適用
⁽¹⁾ 請參見非國際財務報告準則措施部分以獲取定義。
⁽²⁾ 2025 年第一季度的數字不可用（“不適用”），因為公司的唯一資產是 Fenix Gold 礦，且在 2025 年第一季度沒有生產或銷售。
⁽³⁾ 每單位度量使用銷售的黃金盎司作為分母。


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
總生產成本	$	19,477		$	不適用
處理和精煉費用及商業費用	$	1,477		$	不適用
副產品信用，扣除流影響（3）	$	(8,701	)	$	不適用
現金成本（包括流影響）⁽¹⁾⁽³⁾	$	12,253		$	不適用

維持性資本支出	$	4,040		$	不適用
其他間接和管理費用	$	1,053		$	不適用
全面維持成本（AISC，包括流影響）⁽¹⁾⁽³⁾	$	17,346		$	不適用

擴張性資本支出（主要是尾礦過濾廠）	$	2,472		$	不適用
全面成本（AIC，包括流影響）⁽¹⁾⁽³⁾	$	19,818		$	不適用

每磅可支付銅的生產成本（包括流影響）：⁽⁴⁾
現金成本（包括流影響）	US$/磅	2.01		US$/磅	不適用
AISC（包括流影響）	US$/磅	2.84		US$/磅	不適用
AIC（包括流影響）	US$/磅	3.25		US$/磅	不適用

⁽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⁾ 請參見非國際財務報告準則措施部分以獲取定義。
⁽²⁾ 2025 年第一季度的數字不可用（“不適用”），因為公司的唯一資產是 Fenix Gold 礦，且在 2025 年第一季度沒有生產或銷售。
⁽³⁾ 流交付反映 Franco Nevada 流。第一次流交付發生在 2026 年 4 月。
⁽⁴⁾ 每單位度量使用可支付的銅磅作為分母。

Most directly comparable IFRS measure

最直接可比的國際財務報告準則衡量指標

Production costs from continuing operations.

持續運營的生產成本。

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

管理層為何使用該指標以及其對投資者的潛在價值

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.

公司認為該指標代表了從當前運營中生產銅和黃金的總可持續成本，併為公司及其他利益相關者提供了公司運營表現和產生現金流能力的額外信息。

Sustaining capital expenditures and expansionary capital expenditures

維持性資本支出和擴張性資本支出

Sustaining capital expenditures

維持性資本支出

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

該補充財務指標定義為維持現有運營和生產水平的現金基礎支出。

Expansionary capital expenditures

擴張性資本支出

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.

該非國際財務報告準則指標定義為增加當前或未來生產能力、現金流或收益潛力的現金基礎支出，並報告時不包括資本化利息。當支出同時維持和擴展當前運營時，分類將基於支出所做的主要決策。

Most directly comparable IFRS measure

最直接可比的國際財務報告準則衡量指標

Investment in mineral properties, plant and equipment

對礦產資源、工廠和設備的投資

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

管理層為何使用該指標以及其對投資者的潛在價值

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.

維持性資本支出提供了維持現有生產水平所需成本的理解。擴張性資本支出提供了現有或新資產未來增長所需成本的信息。

Realized price per pound and realized price per ounce

每磅實現價格和每盎司實現價格

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.

定義為金屬銷售（銅和黃金）收入，加上處理和精煉費用、黃金流的現金影響、從分配預付款流收益中確認的遞延收入，除以報告期內銷售的金屬量。

Most directly comparable IFRS measure

最直接可比的國際財務報告準則衡量指標

Revenue from continuing operations.

持續運營的收入。

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

管理層為何使用該指標以及其對投資者的潛在價值

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

這些指標提供了對每個報告期金屬銷售實現價格的理解。

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

息税折舊攤銷前利潤（"EBITDA"）和調整後的 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 是一種非國際財務報告準則（IFRS）指標，代表公司在不考慮管理層的融資決策和資本資產消耗成本的情況下，持續產生現金流的能力，這些成本因設備技術和管理層對其使用壽命的估計而異。調整後的 EBITDA 計算為營業收入加上折舊、攤銷、礦山關閉準備金、工人利潤分享、存貨減值和應收賬款的核銷。調整後的 EBITDA 已包含在本文件中。根據 IFRS，實體必須在薪酬費用中反映基於股份支付的成本。

Most directly comparable IFRS measure

最直接可比的 IFRS 指標

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

來自持續經營和終止經營的淨收益（損失）

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

管理層為何使用該指標以及其對投資者的實用性

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.

公司認為這些指標被投資者和其他財務報表用户使用，並對評估公司的運營和現金表現非常有用，因為它們允許在分析財務結果時不考慮特殊的、非現金的和其他非核心項目，這些項目在不同公司和不同期間之間可能會有顯著差異。

TECHNICAL INFORMATION

技術信息

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.

本新聞稿的科學和技術內容已由 Enrique Garay, MSc P.Geo/FAIG 審核、批准和驗證，他是 NI 43-101 下的合格人員。有關 Fenix Gold 的更多信息，請參閲獨立技術報告《Fenix Gold 項目的可行性研究 NI 43-101 技術報告》，日期為2023年10月16日，生效日期為2023年10月16日。有關 Condestable 的更多信息，請參閲獨立技術報告《Condestable 礦，秘魯利馬省的 NI 43-101 技術報告》，日期為2024年4月12日，生效日期為2022年12月31日。這些技術報告的副本可在 Rio2 的 SEDAR+ 資料下獲取，網址為 www.sedarplus.ca。

ABOUT RIO2 LIMITED

關於 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 是一家多元化的貴金屬和銅生產商，專注於建設和運營礦山，管理團隊具備經過驗證的技術技能以及成功的資本市場記錄。公司目前在智利的 Fenix Gold 堆浸礦生產黃金，並在秘魯最近收購的 Condestable 地下礦生產銅/黃金/白銀。Rio2 及其全資子公司 Fenix Gold Limitada 和 Compañía Minera Condestable S.A. 是在最高環境標準和責任下運營的公司，堅信可以開發尊重負責任發展三大支柱（社會、環境、經濟）的礦業項目。作為相關公司，我們重申我們的承諾，應用超出監管機構要求的環境標準，努力保護和維護我們運營地區的環境。

Forward-Looking Statements

前瞻性 聲明

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.

本新聞稿包含前瞻性聲明和前瞻性信息（統稱為 “前瞻性信息”），根據適用的證券法與 Rio2 的 Fenix Gold 礦的開發及 Rio2 未來運營和計劃的其他方面相關。此外，在不限制前述內容的普遍性情況下，本新聞稿包含與以下內容相關的前瞻性信息：2026 年剩餘時間的預期採礦和生產率；2026 年和 2027 年在 Fenix Gold 和 Condestable 的預期生產及相關指導；Fenix Gold 和 Condestable 礦的鑽探細節，包括鑽探計劃的成本和目標以及商業生產的時間（關於 Fenix Gold）；新卡車車隊在 Fenix Gold 礦的影響及操作員和卡車可用性問題的解決；Fenix Gold 礦高品位開採的時間及影響；設備採購對運營的影響；Fenix Central 的採礦開始；預計的黃金回收水平；Rio2 對抗燃料成本上升的對沖努力的結果；Fenix Gold 的淡化水研究的時間和結果；2026 年 Fenix Gold 的資本支出；與 Condestable 的近表面鑽探計劃、地質/結構測繪活動以及 Condestable 的磁測地球物理調查相關的活動及其影響和結果；Condestable 試點項目的時間和預期結果，包括相關批准的時間；Condestable 的更新 MRE 報告的時間；以及與前述內容相關或附帶的其他事項。

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.

本聲明中包含的所有陳述，除歷史事實陳述外，可能是前瞻性信息，這些信息涉及各種風險和不確定性。前瞻性信息通常但不總是通過使用 “尋求”、“預期”、“計劃”、“繼續”、“估計”、“期望”、“可能”、“將”、“項目”、“預測”、“潛在”、“目標”、“打算”、“可以”、“可能”、“應該”、“相信” 和類似表達來識別。前瞻性信息基於 Rio2 管理層做出的某些關鍵期望和假設，包括但不限於：對現行商品價格、匯率、利率、適用的特許權使用費率和税法的期望；資本效率；智利和秘魯的立法和監管環境；未來的採礦和生產率及資本和運營成本的估計；對融資可用性的期望；儲量和資源的估計；資本支出的預期時間和結果；在執行計劃活動時資本支出的充足性；運營結果；表現；擴展研究及相關批准的預期時間和結果；融資、勞動力和服務的可用性和成本；以及 Rio2 在滿意條款下獲取資本的能力。

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 相信這些前瞻性聲明中反映的期望是合理的，但不能保證這些期望會被證明是正確的，因此本新聞稿中的前瞻性聲明不應被過度依賴。有關用於開發此類前瞻性信息的假設的描述以及可能導致實際結果與前瞻性信息存在重大差異的風險因素的描述，可以在 Rio2 最近的年度信息表中找到，網址為 www.sedarplus.ca。這些風險和不確定性包括但不限於：與市場條件相關的風險、與我們運營相關的風險，以及管理層預測和管理上述因素和風險的能力。

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.

本新聞稿中包含的前瞻性聲明是在本新聞稿日期作出的，且該信息不應被視為代表其在本新聞稿日期之後的任何日期的觀點。Rio2 已嘗試識別可能導致實際結果、表現或成就與當前期望或前瞻性信息所表達或暗示的估計有所不同的重要因素。然而，可能還有其他因素導致結果、表現或成就未如預期或估計，並可能導致實際結果、表現或成就與當前期望存在重大差異。Rio2 不承擔更新或修訂任何前瞻性聲明的意圖或義務，無論是由於新信息、未來事件還是其他原因，除非適用的證券立法明確要求。

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

要了解更多關於 Rio2 Limited 的信息，請訪問：www.rio2.com 或 Rio2 的 SEDAR+ 資料頁面：www.sedarplus.ca。

ON BEHALF OF THE BOARD OF RIO2 LIMITED

代表 RIO2 LIMITED 董事會

Alex Black

Executive Chairman of the Board

董事會執行主席

Email: alex.black@rio2.com

電子郵件：alex.black@rio2.com

Tel: +51 99279 4655

電話：+51 99279 4655

Kathryn Johnson

Executive Vice President, CFO & Corporate Secretary

執行副總裁、首席財務官及公司秘書

Email: kathryn.johnson@rio2.com

電子郵件：kathryn.johnson@rio2.com

Tel: +1 604 762 4720

電話：+1 604 762 4720

Rio2 公佈 2026 年第一季度財務業績及運營更新