Rio2 Announces Receipt of US$50 Million from Wheaton Precious Metals

Rio2 Announces Receipt of US$50 Million from Wheaton Precious Metals

Benzinga
July 29, 2025

VANCOUVER, British Columbia, July 29, 2025 (GLOBE NEWSWIRE) -- Rio2 Limited ("Rio2" or "the Company") (TSXV:RIO, OTCQX:RIOFF, BVL: RIO)) announces that, further to its news releases dated November 16, 2021, March 29, 2022, October 21, 2024, and March 24, 2025, it has received a third deposit payment of US$50,000,000 (the "Third Deposit") from Wheaton Precious Metals International Ltd. ("WPMI") in connection with the previously announced amended and restated precious metals purchase agreement and flexible pre-pay arrangement relating to Rio2's Fenix Gold Project in Chile ("Fenix Gold"). The Third Deposit will be used by Rio2 to continue to advance construction at Fenix Gold.

FENIX GOLD PROJECT

The Fenix Gold Project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects, "NI 43-101") of 4.8 million ounces of gold which the Company believes will make a positive contribution to the Atacama Region and Chile. The Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations has been consulted and designed from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately US$235M of initial and sustaining capital, generating employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the Project.

For additional information regarding the Project, including key parameters, assumptions ‎and risks associated with its development, see the independent technical report entitled ‎‎"NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project" (the "Feasibility Study") pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The Feasibility Study is dated October 16, ...

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