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• Rio2 provided an update on the construction progress at the Fenix Gold Project near Copiapó, Chile. As of the end of Q1, construction is 19% complete and remains on track and on budget for first gold in Q1/26.
• As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas. The management team comes from Rio Alto, which was highly successful prior to its merger with Taho Resources in a C$1.3B transaction.
• We recently initiated coverage on RIO, read the report here.
• We recently conducted an interview with CEO Andrew Cox, watch it here.
On April 29th, Rio2 (RIO:TSXV, RIOFF:OTC) announced an update on the construction progress at its permitted and fully financed Fenix Gold Project in Chile. The update states that at the end of Q1/25, construction was 19% complete and remains on track and on budget for first gold in January 2026. The Company provided an overview of the construction highlights for the five-month period (November 1st, 2024, to March 31st, 2025). We are maintaining our BUY rating and C$1.40/share target price on Rio2.
• Health & Safety – A total of 657,048 person-hours have been worked with one Lost Time Incident for a finger injury, equating to a Lost Time incident Rate of 1.52. The Total Incident Frequency Rate as of March 31st, 2025, was 8.19.
• Budget – Since October 2024, the total project spend is under budget ($30.1M vs. budget of $30.5M). These costs do not include corporate overheads and pre-construction costs incurred in 2022.
• Schedule – Construction is currently 19% complete (as of March 31st) with production expected in January 2026. All long lead items have been secured.
• Construction Progress – Work has initiated on key items such as access road upgrades, the ADR plant, leach pad phase 1 and the PLS pond. Read our site visit research note published April 11th (here) where we provide a detailed breakdown of construction, photos, and our take on the operation.
• Human Resources – the workforce at the project, including contractors, totals 1,240 personnel. 94% of which are Chilean, with 41% from the Atacama Region, and 11% female.
• Exploration – Grade control drilling activities have commenced with a focus on pit areas that cover the first three years of production.
RIO: Construction Update for the Fenix Gold Project
What you need to know:• Rio2 provided an update on the construction progress at the Fenix Gold Project near Copiapó, Chile. As of the end of Q1, construction is 19% complete and remains on track and on budget for first gold in Q1/26.
• As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas. The management team comes from Rio Alto, which was highly successful prior to its merger with Taho Resources in a C$1.3B transaction.
• We recently initiated coverage on RIO, read the report here.
• We recently conducted an interview with CEO Andrew Cox, watch it here.
On April 29th, Rio2 (RIO:TSXV, RIOFF:OTC) announced an update on the construction progress at its permitted and fully financed Fenix Gold Project in Chile. The update states that at the end of Q1/25, construction was 19% complete and remains on track and on budget for first gold in January 2026. The Company provided an overview of the construction highlights for the five-month period (November 1st, 2024, to March 31st, 2025). We are maintaining our BUY rating and C$1.40/share target price on Rio2.
• Health & Safety – A total of 657,048 person-hours have been worked with one Lost Time Incident for a finger injury, equating to a Lost Time incident Rate of 1.52. The Total Incident Frequency Rate as of March 31st, 2025, was 8.19.
• Budget – Since October 2024, the total project spend is under budget ($30.1M vs. budget of $30.5M). These costs do not include corporate overheads and pre-construction costs incurred in 2022.
• Schedule – Construction is currently 19% complete (as of March 31st) with production expected in January 2026. All long lead items have been secured.
• Construction Progress – Work has initiated on key items such as access road upgrades, the ADR plant, leach pad phase 1 and the PLS pond. Read our site visit research note published April 11th (here) where we provide a detailed breakdown of construction, photos, and our take on the operation.
• Human Resources – the workforce at the project, including contractors, totals 1,240 personnel. 94% of which are Chilean, with 41% from the Atacama Region, and 11% female.
• Exploration – Grade control drilling activities have commenced with a focus on pit areas that cover the first three years of production.
Underlying
Rio Tinto PLC CEDEAR
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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