Rio2 Limited (RIO:TSX)

  • Rio2 achieved first gold at its 100%-owned Fenix Gold Mine in January, delivering construction on time and on budget and marking a major derisking event as the Company moves into steady-state operations.

  • Fenix is ramping toward 20Ktpd with 60-70Koz of gold production targeted this year, providing clear visibility into near-term operating performance and supporting a re-rating as production scales.

  • The acquisition of the Condestable underground copper mine in Peru materially transforms Rio2 into a multi-asset producer, adding immediate EBITDA, extending mine life visibility, and reducing single-asset risk at an attractive ~2x EBITDA entry valuation.

Investment Summary

Company Description

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.

A landscape of desert mountains with winding dirt roads and a blue sky with clouds.

Research

Aerial view of rugged mountains with winding dirt roads across the terrain under a blue sky with wispy clouds.
Aerial view of rugged mountains with winding dirt roads across the terrain under a blue sky with wispy clouds.
Aerial view of rugged mountains with winding dirt roads across the terrain under a blue sky with wispy clouds.
Aerial view of rugged mountains with winding dirt roads across the terrain under a blue sky with wispy clouds.
Aerial view of rugged mountains with winding dirt roads across the terrain under a blue sky with wispy clouds.
Aerial view of rugged mountains with winding dirt roads across the terrain under a blue sky with wispy clouds.
A landscape of desert mountains with winding dirt roads and a blue sky with clouds.
Aerial view of barren, rugged mountains with winding dirt roads and trails in a desert landscape under a partly cloudy sky.
Aerial view of a mountainous desert landscape with winding dirt roads on the slopes of the hills and mountains in the distance under a partly cloudy sky.