Rio2 Limited Provides Update of Fenix Gold Environmental Assessment Process

VANCOUVER, June 23, 2022 - Rio2 Limited (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) through its Chilean subsidiary, Fenix Gold Limitada (“Fenix Gold”) is currently engaged in an Environmental Impact Assessment (“EIA”) process for its Fenix Gold Project (“the Project”) in Chile, a process which began in April 2020.

The Fenix Gold Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations have been consulted on and designed in from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company and will generate employment for approximately 1,200 people during the construction phase and 550 people during the 17 years operations phase.

The mine being contemplated at the Project 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. From a social perspective, support from all six indigenous groups directly impacted by the project is in place. The Indigenous Consultation Process for the EIA process has been successfully completed with the signing of the final agreement in April 2022.

Rio2 notes the Environmental Assessment Service (SEA) published last night the “Informe Consolidado de Evaluación” (Consolidated Evaluation Report) with the recommendation to reject the EIA for the Fenix Gold Project. There are two key considerations to note in the report:

- The Project fulfills all the applicable environmental regulations and meets the environmental requirements for the granting of applicable sectorial environmental permits

- It has been alleged that Fenix Gold has not provided enough information during the evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and vicuña

The Consolidated Evaluation Report will be presented to the Comision de Evaluacion Regional which includes 11 governmental institutions with environmental competencies. These institutions will vote to approve or disapprove the EIA.

Fenix Gold has been working diligently throughout the environmental assessment process to provide all the required information. Fenix Gold remains committed to continue working with the SEA and other governmental institutions to resolve and mitigate any potential impacts that need further consideration to secure approval for the project.

A decision on the Fenix Gold Project’s EIA is expected within the next two weeks and Rio2 will host a conference call the day that the decision of the vote is made public. This will provide shareholders the opportunity to speak to management and ask questions related to the Fenix Gold Project environmental assessment process.


ABOUT RIO2 LIMITED

Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.


Forward-Looking Statements

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 planned development of its Fenix Gold Project and other aspects of Rio2’s anticipated 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 timing of environmental review and permitting process with the SEA; the potential development of a mine at the Fenix Gold Project; development and operating plans; the expected rate of production at the Fenix Gold Project 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 which may prove to be incorrect, including but not limited to: expectations concerning the environmental review and permitting process with the SEA; expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; 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 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 disclosure documents on the SEDAR website at www.sedar.com. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the completion of the financings as described herein, and management’s ability to anticipate and manage the factors and risks referred to herein. 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.

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


ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black, President, CEO & Director
Email: info@rio2.com
Tel: 604 260-2696



Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.