Rio2 Limited (TSX: RIO) (OTCQX: RIOFF) (BVL: RIO) announces that it has finalized an updated National Instrument 43-101 Technical Report for its recently acquired Condestable copper mine, located in the Department of Lima, Peru. The updated technical report, prepared by leading global mining consulting firm SLR Consulting (Canada) Ltd., confirms an increase in the operational mine life, expanded Mineral Resources and Mineral Reserves, and robust economics for the underground operation. The Report will be filed within 45 days on SEDAR+ under the Company’s profile at www.sedarplus.ca and will be available on the Company’s website at www.rio2.com.

Rio2 completed the acquisition of a 99.1% interest in Condestable from Southern Peaks Mining L.P. on January 30, 2026. Since closing the acquisition, Condestable has delivered strong operating performance, in line with expectations, and has provided immediate free cash flows from copper, gold and silver production.

Andrew Cox, President and Chief Executive Officer of Rio2, stated: “To complement Rio2’s growth strategy, the Company will be conducting studies to expand production at Condestable. The Company expects to receive approval for the modification of the mine EIA during Q3, 2026, which will permit an increase in production from 8,400 tonnes per day to 10,000 tonnes per day, and will continue to assess opportunities to expand production further. Condestable has shown great promise to remain as a long-life component of Rio2’s operating platform in Latin America.”

KEY OPERATIONAL & FINANCIAL HIGHLIGHTS:

• Confirms Strong Future Production Profile: Forecasted average annual production of approximately 18,000 tonnes of contained copper in concentrate, including an average of 12,900 oz of gold and 304,800 oz of silver per year at the current throughput rate of 8,400 tonnes per day. Average mill feed per year is projected to be 2.9 million tonnes, grading on average 0.73% copper, 0.15 g/t gold¹, and 4.28 g/t silver through LOM.
• Low-Cost Structure: Industry-competitive life-of-mine copper C1 cash costs² are estimated at US$1.00/lb Cu after by-product credits. Life-of-mine All-In Sustaining Costs are projected at US$1.46/lb Cu.³
• Extended Life of Mine: 14-year life of mine confirmed through 2039, highlighting continued resource and reserve replacement at Condestable.
• Robust Economics: After tax net present value at an 8% discount rate is US$710 million. Total LOM undiscounted after-tax free cash flow⁴ is projected at US$1,147 million, based on an average realized copper price⁵ of US$4.99 per pound, a realized gold price⁶ of US$3,884 per ounce, and a realized silver price⁷ of US$55.19/oz.

Updated Mineral Resource Statement

The updated global Mineral Resource Estimate (inclusive of Mineral Reserves) has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards with an effective date of May 31, 2026.

• Total Measured & Indicated: 82.1 million tonnes grading 0.69% Cu, 0.13 g/t Au¹, and 4.12 g/t Ag. Containing 565,000 tonnes of copper, 355,000 ounces of gold, and 10.87 million ounces of silver (+2.2%, +2.6% and +9.7% compared to the previous figures published in the 2022 Technical Report).
• Total Inferred Resources: 22.2 million tonnes grading 0.76% Cu, 0.09 g/t Au¹, and 2.78 g/t Ag. Containing 169,000 tonnes Cu, 66,000 ounces of gold, and 1.99 million ounces of silver (+41.8%, +51.9% and +52.4% compared to the previous figures published in the 2022 Technical Report).

Table 1: Mineral Resource Estimate: Raúl and Condestable Mining Areas – May 31, 2026

Cautionary Note Regarding Mineral Resources

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all or any part of the Inferred Mineral Resources will be converted into Measured or Indicated Mineral Resources or Mineral Reserves.

Updated Mineral Reserve Statement

The updated Proven and Probable Mineral Reserves for the combined underground complex have an effective date of May 31, 2026.

• Total Proven & Probable Reserves: 36.5 million tonnes grading 0.73% Cu, 0.15 g/t Au⁴, and 4.28 g/t Ag. Total contained metal within the reserve plan stands at 267,450 tonnes of copper, 176,890 ounces of gold, and 5.02 million ounces of silver.

Table 2: Mineral Reserves for Raúl and Condestable Mining Areas – May 31, 2026

Operating & Capital Costs and Economics

The economic analysis is assessed at a LOM average realized copper price⁵ of US$4.99 per pound, a realized gold price⁶ of US$3,884 per ounce, and a realized silver price⁷ of US$55.19/oz. Total LOM sustaining capital costs are estimated at US$154 million. The pre-tax net present value (NPV) ⁸ at an 8% discount rate is approximately US$1,158 million, and the after-tax NPV⁹ at an 8% discount rate is approximately US$710 million.

Table 3: After-Tax Cash Flow Summary

SLR applied a production-based gold credit to the LOM average gold gross revenue in the after-tax cash flow model. The credit increases gold production by 29% and total gross revenue by approximately 4%. In the QP’s opinion, this is a reasonable approach to assigning credit to CMC’s precious metal by-products given that certain areas of the mine lack assay support (and are therefore penalized in Mineral Resource and Mineral Reserve estimation), but are known to contain gold, as demonstrated by production.

These cash flow results include a full year of production for 2026, for consistency with an annual model, while Mineral Resources and Mineral Reserves have been depleted to May 31, 2026.

As an indication of sensitivity to current spot metal prices, at a LOM average realized copper price of US$6.00 per lb, a realized gold price of US$4,200 per oz, and a realized silver price of US$65 /oz, the pre-tax net present value ¹⁰ at an 8% discount rate is approximately US$1,496 million, and the after-tax NPV¹¹ at an 8% discount rate is approximately US$904 million.

Exploration and Recent Drilling

The exploration program at Condestable is centred around three complementary objectives.

I. Near-mine resource growth and reserve definition
Condestable has a planned 46,480 m diamond drilling program for 2026 (approved at the end of 2025), designed to both replace and expand mineral resources, as well as to complete the infill drilling required for short‑term reserve modeling. This program is classified as near‑mine exploration.
As of May 30, 2026, a total of 17,200 m of diamond drilling had been completed, representing 37% progress toward the annual drilling target. Based on current execution rates, we remain confident that the program will be fully achieved within this calendar year.

II. Near-surface resource expansion for potential open-pit development
The second program focuses on increasing near-surface mineral resources in the Condestable and Raúl areas, with the objective of defining near-surface Cu-Au-Ag mineralization potentially amenable to open-pit mining. Before initiating drilling, a detailed 1:2,000-scale geological mapping campaign has begun, as well as a reinterpretation of the TITAN24 electromagnetic geophysical survey completed in 2012. Based on these datasets, a near-surface drilling program will be defined during the first half of 2026, with execution planned for the second half of the year.

Figure 1: Longitudinal Section Raúl and Condestable Mining Areas

III. District-scale geological understanding and generation of brownfield targets
The third exploration initiative consists of conducting 1:25,000-scale geological and structural mapping across the 46,000 hectares of mining concessions. In parallel, a drone-based magnetometry survey will be completed over the entire property. The new information generated in 2026 will be integrated with the existing multi-element surface geochemistry database to identify and prioritize new brownfield exploration opportunities.
Given the availability of geological, structural, geochemical, and geophysical datasets, the plan is to integrate all existing mine-scale information using artificial intelligence and machine-learning technologies to generate exploration targets.
With the aim of implementing a systematic exploration program, a team of four geologists with extensive experience in mineral exploration has been recruited. This team is responsible for executing surface exploration and drilling programs, as well as generating new exploration targets in the vicinity of the Condestable mine.

Qualified Persons and Technical Information

The scientific and technical content of this press release has been reviewed, approved and verified ‎by Enrique Garay, MSc P.Geo/FAIG, who is a QP under NI 43-101. Enrique Garay is SVP Geology at Rio2 Limited and not independent of the Company. The Report was prepared by SLR Consulting (Canada) Ltd., with contributions from a team of QPs as defined under NI 43-101.

The Mineral Resource estimate summarized in this news release was prepared by Rio2 and reviewed by SLR. Rosmery J. Cárdenas Barzola, P.Eng., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate for the purposes of NI 43-101 and has reviewed and approved the information relating to the Mineral Resource estimate contained in this news release.

The Mineral Reserve estimate summarized in this news release was prepared by Rio2 and reviewed by SLR. Jeff Sepp, P.Eng., Consultant Mining Engineer with SLR, is the independent Qualified Person responsible for the Mineral Reserve estimate for the purposes of NI 43-101 and has reviewed and approved the information relating to the Mineral Reserve estimate contained in this news release.

All other scientific and technical information contained in this news release has been reviewed and approved by the appropriate independent Qualified Person responsible for the relevant portions of the Technical Report, including Jason J. Cox, P.Eng., Global Technical Director, Varun Bhundhoo, Ing., Consultant Mining Engineer, Logan Behuniak, P.Geo., Consultant Resource Geologist, Brenna J.Y. Scholey, P.Eng., Principal Metallurgist, and Luis Vasquez, P. Eng., Principal Environmental Consultant with SLR, each of whom is independent of the Company. The Report will be filed under Rio2’s profile on SEDAR+ within 45 days and will be available on the Company’s website at www.rio2.com. For readers to fully understand the information in this news release, they should read the Report in its entirety when it is available, including all qualifications, assumptions, exclusions, and risks that relate to the operation. The Report is intended to be read as a whole and sections should not be read or relied upon out of context.

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.

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