Rio2 updates company-wide exploration program

Vancouver, British Columbia--(Newsfile Corp. - September 22, 2026) - Rio2 Limited (TSX: RIO) (OTCQX: RIOFF) (BVL: RIO) provides a company-wide exploration update for its Condestable Copper Mine, located in Peru, its Fenix Gold Mine, located in Chile and its Kalzas Tungsten Project, located in Canada.

Condestable Mine - Peru

The Company announces the initiation of a first-phase surface drilling program and district-scale exploration activities at the Condestable Mine. These programs follow the completion of a comprehensive geological mapping campaign covering a 3-km by 1.2-km NE-trending corridor between Condestable, Raúl, and Vinchos. The geological mapping has strengthened the correlation between surface geology and underground mine geology and has refined the understanding of the principal controls on Cu-Au-Ag sulphide mineralization.

Mineralization at Condestable occurs within brecciated mantos ranging from 1 to 10 metres in thickness, exhibiting strong lithological controls associated with volcanic breccias parallel to stratification. Vein-hosted mineralization is also present, with widths from centimetres to more than 3 metres. The dominant vein orientation is NW, with a secondary NE-trending set, defining a clear structural control. Drill holes have been designed to intercept both mineralization styles at high angles to maximize geological information and resource conversion potential.

Based on this updated geological model, the Company has established initial 80-metre spacings for drill sections and structured the drilling program into two phases (see Map 1 and Section 1):

Phase 1: Drill holes with existing access and prepared platforms, all within the Company's permitted environmental footprint and surface land position. This phase includes 69 platforms and 85 drill holes, totalling 16,750 metres. Drilling is scheduled to commence during the week commencing September 21.

Phase 2: Drill holes requiring new access, platform construction, and additional environmental authorization. This phase comprises 62 platforms and 72 drill holes, totalling 17,120 metres. Construction requirements include 8,622 metres of access roads and 62 drill platforms. The Company anticipates a permitting timeline of approximately six months prior to commencement of the Phase 2 drilling program.

Map 1: Drill holes location

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1013/315363_9e3f2270a4650948_001full.jpg

Section 1

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1013/315363_9e3f2270a4650948_002full.jpg

Condestable - Geophysical Survey

As part of its broader district-scale exploration strategy, the Company completed a 57,740-hectare GeoMagDrone survey. The survey covered 40,694 hectares of mining properties within the 46,290 hectares of mineral rights controlled by Condestable S.A. Survey lines were spaced 200 metres apart, generating 3,522 line-kilometres of magnetic data.

The analytical signal defines two principal magnetometric domains within the project area. The western sector is characterized by a high magnetic response associated with intrusive rocks of the Coastal Batholith, whereas the eastern sector exhibits a low magnetic response corresponding to sedimentary rock sequences. The eastern domain is dominated by N345-trending structural features and their intersection with trans-Andean N35-trending structures, including the regional Calicantro Fault.

The intersection of these structural trends hosts an isolated, high-intensity magnetic anomaly corresponding to the Condestable-Raul system, which displays a pronounced N-S orientation across the mine area. This anomaly represents a key geophysical feature of interest due to its structural position and magnetic signature.

From an exploration perspective, the intersections of NW-SE and NE-SW structural trends constitute favourable target zones for potential mineralization. These structures exhibit a fractal-type spatial distribution, with approximate spacings of 5 km for NW-trending features and 3 km for NE-trending features. The geometry and periodicity of these structures suggest a recurrent structural framework conducive to fluid flow, deformation, and potential mineral deposition.

Condestable - Exploration Targeting and Follow-Up Work

Preliminary integration of the geophysical results with geological and geochemical datasets identified six priority exploration targets: Cerro Pacay, Cerro Perico, Loma de Vinchos, San Marcos, Condestable 10, and Punta Colorada. Each target will undergo follow-up prospecting and detailed geological assessment (see Map 2).

Map 2: Mag anomaly map and the brownfield exploration targets around Raul-Condestable.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1013/315363_9e3f2270a4650948_003full.jpg

For additional information regarding the Condestable Mine, see the independent technical report dated July 22, 2026, entitled "NI 43-101 Technical Report Condestable Mine, Lima Department, Peru" prepared by SLR Consulting (Canada) Ltd pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects . The Technical Report has an effective date of May 31, 2026. The Technical Report is available on the Company's website at www.rio2.com and on SEDAR+ at www.sedarplus.ca .

Fenix Gold Mine - Chile

The Company advises that drilling at the Fenix Gold Mine has been suspended due to adverse weather conditions, worker safety considerations, and contractor standby costs. The Company plans to resume the remaining drill program in January 2027 to take advantage of Chile's summer season.

The 2026 surface drilling program, originally planned for 21,880 metres, was suspended with 43 drill holes totalling 14,669 metres, comprising 3,905 metres of diamond drilling and 10,764 metres of reverse-circulation (RC) drilling, completed to date. As the objectives of the 2026 campaign focus on testing deeper mineralized zones, drill platforms were strategically positioned along the periphery of known mineralization. To optimize drilling efficiency and reduce overall costs, the first 200-250 metres of each hole will be drilled using RC, with diamond drilling employed for the remainder of the hole.

The program is designed to increase geological confidence in mineral resources located beneath the reserve pit, within the current resource pit shell, and up to 100 metres below the resource shell. Drill-hole design parameters were established using a multivariable probabilistic model generated through artificial intelligence (AI), supporting improved targeting of high-potential zones.

All drill samples will be submitted to COTECNA Laboratory in Coquimbo, Chile. As of the date of this release, 60% of samples have been assayed, and the Company expects to receive 100% of analytical results within the next two months. Systematic sampling was conducted at 2-metre intervals for both RC and diamond drill holes. Assay protocols include Au-AAS FA 50 g and ICP-OES analysis for 36 elements. In line with Fenix Gold's QA/QC procedures, every 100 samples include four standards, four duplicates, and three blanks.

Once all the assay results have been received for the drilling completed to date, the Company will release the results.

During 2027, the Company plans to expand the scope of drilling to further validate the continuity of mineralization at depth and laterally of the existing resource. The Company expects to deliver an updated mineral resource estimate for the Fenix Gold Mine in December 2027, incorporating all drilling results together with a revised geological model of the deposit.

Map3: Fenix Gold 2026 drill hole locations.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1013/315363_9e3f2270a4650948_004full.jpg

For additional information regarding the Fenix Gold 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, 2023, with an effective date of October 16, 2023, a copy of which document is available under ‎Rio2's SEDAR+ profile at ‎ www.sedarplus.ca .

Kalzas Tungsten Project - Canada

Rio2 Limited controls 100% of the Kalzas Tungsten Project, which is located on the Kalzas Plateau in central Yukon Territory, approximately 70 km southeast of the town of Mayo and 290 km north of the city of Whitehorse.

Kalzas - 2026 Work Program

During 2026, Rio2 advanced the Kalzas Tungsten Project through technical studies, fieldwork, permitting, reclamation planning, and community engagement.

Field Work

Rio2 geologists completed a field visit in May 2026.

An independent NI 43-101 technical report has been completed using available historical data.

Detailed geological mapping at a 1:5,000 scale was completed, which confirms that the Kalzas Project represents an intrusion-related tungsten system developed within a structurally prepared corridor. The mineralization is likely spatially associated with a granitic intrusive body that generated a broad thermal aureole and promoted the formation of quartz-rich vein and stockwork zones. Within these zones, wolframite ((Fe,Mn)WO₄) and scheelite (CaWO₄) have been identified as the principal tungsten minerals, occurring as disseminations and vein-hosted aggregates within quartz stockworks emplaced in quartzite (Pictures 1 and 2).

The distribution, mineralogical assemblage, and structural controls observed to date are consistent with intrusion-related tungsten deposits elsewhere in the Yukon, supporting the current exploration model and guiding next year's scout drilling program.

An airborne magnetic survey has been completed, with results pending.

Permitting, Reclamation, and Engagement

Rio2 obtained a Class 1 permit from the Government of Yukon authorizing exploration activities at the project.

Consultants, Archer Cathro were engaged to carry out a site reclamation program and an initial mapping program which has been successfully completed.

Rio2 continues building a positive relationship with the Selkirk First Nation.

Next Steps

Rio2 plans to carry out an initial 2,000-metre scout core drilling program at the commencement of the summer field season in 2027. The estimated all-inclusive budget for the drill program is US$1.5 million.

Pending results of this initial drilling, additional drilling may be planned before the end of the 2027 field season.

Upon review of the initial drilling results planned for 2027, a decision will be made about the future of the project with regard to whether it remains within Rio2 as a core project or whether it should be potentially spun out into a separate company and source future exploration funding independently of Rio2.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1013/315363_9e3f2270a4650948_005full.jpg

Map 4: Geochemical channel sampling and historical drilling at the Kalzas Project, Yukon.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1013/315363_9e3f2270a4650948_006full.jpg

For additional information regarding the Kalzas Tungsten Project, see the independent technical report entitled "Technical Report for the Kalzas Tungsten Project, Yukon, Canada". The report was independently prepared by Tatiana Alva Jimenez, M.Sc., P.Geo., of RUMI Geoscience Consulting on behalf of the Company in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101"), dated July 10, 2026, with an effective date of June 19, 2026. The Technical Report is available on the Company's website at www.rio2.com and on SEDAR+ at www.sedarplus.ca .

The scientific and technical content of this news release has been reviewed, approved and verified ‎by Enrique Garay, MSc P.Geo/FAIG, who is a QP under NI 43-101 and not independent from the Company.

ABOUT RIO2 LIMITED

Rio2 is a diversified precious metal 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 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 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 development of the Fenix Gold Project and other aspects of Rio2's 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 exploration programs proposed to be conducted on each of the Condestable Copper Mine, the Fenix Gold Mine and the Kalzas Tungsten Project; the potential interpretation of exploration results; the expected timing for the completion of an updated mineral resource estimate for the Fenix Gold Mine; 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; legislative and regulatory environment of Chile, Peru and Canada; anticipated timing and results of capital expenditures; receipt of third party and regulatory approvals; and the availability and cost of labor and services.

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.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 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.sedarplus.ca .

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black Executive Chairman of the Board Email: alex.black@rio2.com Tel: +51 99279 4655

Kathryn Johnson Executive Vice President, CFO & Corporate Secretary Email: Kathryn.johnson@rio2.com Tel: +1 604 762 4720

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315363

TMX Newsfile

September 22, 2026 - 5:00 AM PDT

News by QuoteMedia

www.quotemedia.com