Rio2 Limited (TSX-V: RIO) (OTCQX: RIOFF) (BVL: RIO) announces that it has entered into a binding agreement to sell a package of Chilean royalty interests to Osisko Gold Royalties Ltd. for aggregate consideration of US$5,000,000. The Royalty Sale provides for the sale of Rio2’s 1.5% royalty on the Anocarire Project and its 1.25% royalty on the Horizonte Project, both located in Chile.

Rio2 is currently in an administrative appeal process with the Chilean Government with respect to the rejection of the Environmental Impact Assessment for the development of its Fenix Gold Project, as previously outlined in a press release dated September 7, 2022.

Alex Black, President & CEO of Rio2 Limited, stated, “We are sincerely thankful to Osisko Gold Royalties for their support during this time of challenging market conditions. The monetization of these non-core royalty interests provides Rio2 with a welcome boost to its balance sheet and working capital.”

The Royalty Sale is subject to customary conditions precedent and is expected to close in the coming days.

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. Rio2 and its wholly owned subsidiary, Fenix Gold Limitada, are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three axes (Social, Environment, Economics) of sustainable development. As related companies, we reaffirm our commitment to apply environmental standards beyond those mandated by regulators, seeking to protect and preserve the environment of the territorieswe operate in.