Condestable Mine Receives Approval of Modified EIA Paving the Path Forward for Expansion

Vancouver, British Columbia–(Newsfile Corp. – August 25, 2026) – Rio2 Limited (TSX: RIO) (OTCQX: RIOFF) (BVL: RIO) (“Rio2″ or the “Company“) announces that it received regulatory approval for the Modification of the Environmental Impact Study (Modificación del Estudio de Impacto Ambiental or “MEIA“) on August 21^st, 2026, for the expansion of its Condestable underground copper mine in Peru, concluding a successful 14-month process involving environmental regulators, local communities and other key stakeholders.

“The approval of the MEIA is a significant regulatory milestone for Rio2 and Minera Condestable and allows for several significant operational milestones,” stated Andrew Cox, President, CEO and a director of Rio2. “This decision extends our operating horizon, confirms our environmental approach with dry-stack tailings, and opens the regulatory path to expand operations to 10,000 tpd and beyond. With detailed engineering well underway, ore sorting trials scheduled for later this year, and continuous exploration across our concessions, we remain dedicated to maximizing the asset’s full potential.”

The approved MEIA includes environmental authorization for a dry-stack tailings facility (Tailings Storage Facility #6), which, together with the ongoing commissioning of the tailings filtration plant at Condestable, reinforces the Company’s commitment to modern, low-risk tailings management. Initial permitted capacity for Tailings Storage Facility #6 is approximately 43 million tonnes, with the design allowing for staged expansions up to 170 million tonnes to support future mine life extensions.

The MEIA also permits an expansion of throughput capacity to 10,000 tonnes per day (“tpd”) from the current capacity of 8,400 tpd. Next steps with respect to the planned expansion include completing engineering studies for both the processing plant and the mine, which are currently underway with third-party consultants. Rio2 is advancing its technical and economic evaluation with the goal of making a final investment decision during H2 2026, less than a year after its acquisition of Condestable.

While the recently updated mineral reserves and resources at Condestable, and the consistent history of reserve and resource replacement, provide a solid foundation for an expanded operation, Rio2 continues to evaluate other potential sources of ore. The ore sorting pilot program targeting existing low-grade stockpiles and waste dumps is scheduled to commence during Q4 2026. In addition, systematic exploration campaigns continue, both from underground and surface, to expand resources and replace reserves. A full surface geophysical survey of the entire Condestable land package was recently completed, and results analysis is underway.

Finally, the MEIA officially extends Condestable’s environmentally approved mine life for a further decade.

Qualified Person

The scientific and technical content of this press release has been reviewed, approved and verified ‎by Enrique Garay, MSc P.Geo/FAIG, SVP Geology, Rio2 Limited, who is a QP under NI 43-101.

For additional information regarding Condestable, see the independent technical report entitled “NI 43-101 Technical Report Condestable Mine, Lima Department, Peru” (the “Technical Report“) pursuant to National Instrument 43-101. The Technical Report is dated July 22, 2026, with an effective date of May 31, 2026, a copy of which document is available under Rio2’s SEDAR+ profile at www.sedarplus.ca.

ABOUT 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.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to Rio2’s Kalzas Project and other aspects of Rio2’s future operations and plans. In addition, without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the potential to increase the production rate at Condestable; the anticipated steps of the planned expansion at Condestable; the expected timing of Rio2’s investment decision in respect of the expansion at Condestable; the expected timing of the ore sorting pilot program at Condestable; the potential of exploration campaigns at Condestable; and other matters ancillary or incidental to the foregoing.

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 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; the availability and cost of financing, labor and services; and Rio2’s ability to access capital on satisfactory terms.

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 press 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, risks that required third party and regulatory approvals are not obtained on satisfactory terms or at all, and management’s ability to anticipate and manage the factors and risks referred to herein.

Forward-looking statements included in this press release are made as of the date of this press release and such information should not be relied upon as representing its views as of any date subsequent to the date of this press 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.

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

Source: https://www.newsfilecorp.com/release/311380/Condestable-Mine-Receives-Approval-of-Modified-EIA-Paving-the-Path-Forward-for-Expansion