Rio2 (RIO) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic overview and asset portfolio

• Operating two long-life mines: Fenix Gold in Chile (gold) and Condestable in Peru (copper, gold, silver).

• Fenix Gold began production in January; Condestable acquired recently with a 10-year reserve life and expansion potential.

• Team has a proven track record, having previously built and sold a major mining company for $1.2 billion.

• Company is Lima-based, with leadership residing in Peru and no Canadian office presence.

• Largest institutional and high-net-worth shareholders include Mackenzie and Eric Sprott.

Financial performance and growth plans

• Achieved a market valuation of $1.8 billion, outperforming sector benchmarks over the past two years.

• Raised $200 million in financing to acquire Condestable, with strong investor demand.

• Combined EBITDA from both mines projected at $400–500 million annually, with significant leverage to metal prices.

• Fenix Gold and Condestable expected to self-fund future expansion phases.

• Gold equivalent production to reach 400,000+ ounces annually after Fenix expansion.

Operational updates and expansion initiatives

• Fenix Gold ramping up to 20,000 tons/day, targeting 60,000–70,000 ounces in 2024 and 100,000 ounces annually for at least four years.

• Plans to expand Fenix to 80,000 tons/day by 2030–2031, producing 300,000 ounces per year.

• Condestable expansion to 12,000 tons/day expected by end of 2027, reaching 120,000 ounces gold equivalent.

• Combined expanded output projected at 420,000 ounces gold equivalent per year.

• Water supply for Fenix currently via trucking, with future desalination pipeline under consideration.