Sponsored Content for Alex Black

Rio2 Ltd has poured first commercial gold at its 100 per cent-owned Fenix gold mine in Chile, marking its transition to producer status. The initial pour delivered 897 ounces of gold, with production now ramping towards 20,000 tonnes per day and a 2026 gold output target of 60,000 to 70,000 ounces.

Rio2 Limited is acquiring the Condestable copper-producing mine in Peru for a total of US$217 million (A$327M), instantly transforming the company from a single-asset Chilean gold developer into a diversified Latin American precious-and-base-metals producer with immediate cash flow. Under the deal signed with private owner Southern Peaks Mining, Rio2 will pay an initial sum of US$180 million (A$271M) on closing, with a further US$37 million (A$56M) in deferred payments between 2027 and 2030.

Toronto-listed Royal Road Minerals has welcomed Rio2 Limited onto its register after the Chile-focused developer picked up a 15 per cent stake in Royal Road in an on-market trade worth C$4.6 million (A$5 million). The deal propels Rio2 into substantial-holder territory and locks in boardroom rights, setting the stage for a heavyweight partnership between two hungry gold players both gearing up for serious growth on multiple fronts.

Rio2 Ltd has upgraded its share listing to the Toronto Stock Exchange, where its stock will begin trading on Wednesday. The exchange has the world's tenth-largest market capitalisation. The company is developing the Fenix Gold Project in Chile's Atacama region using a heap leach process to extract up to 4.8 million ounces of gold, to reach a projected annual production of 91,000 ounces of over the first 12 years.

Rio2 Limited's Fenix Gold Project in Chile's Atacama region is 41 per cent complete, with $56.4 million spent against a $57.8 million budget. A US$50 million third prepayment from Wheaton Precious Metals continues to support construction and development. Hosting 4.8 million ounces of gold, the project aims to pour first gold in January 2026, creating jobs and boosting the region's economy.

Canadian-listed Rio2 Limited has secured a US$25m prepayment from a US-based precious metals investment firm, Wheaton Precious Metals International, under a precious metals purchase agreement with Rio2's Fenix Gold project in Chile's Maricunga belt. Rio2 views the funding as a strong endorsement of its development strategy and a key milestone in its push to bring the mine into production by year's end.