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• Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026.
• Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning.
• With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows.
• On Sept 29th, RIO acquired a 15% stake in Royal Road Minerals. (RYR:TSXV).
This morning, Rio2 (RIO:TSX, RIOFF:OTC) reported significant progress at its 100%-owned Fenix Gold Project in Chile’s Atacama Region, with construction 63% complete as of September 30th, 2025. This comes at a increase from the 41% completion reported as of June 30th, 2025, highlighting the rapid pace of advancement as RIO approaches the commissioning phase. The project remains on time and on budget, with the first gold pour targeted for January 2026. We are maintaining our BUY rating and increasing our Target Price to C$3.30/share (prev. C$2.40/share) on Rio2.
Construction Updates
• Budget – Total spending since November 2024 amounts to $86.7M for completed works, very much in line with the stated budget of $86.6M
This figure excludes corporate overheads and pre-construction expenditure.
• Schedule – The project is currently 63% complete as of October 29th (vs. 41% as of July 31st). All long-term leads have been secured.
• Construction Updates
o 12.7ha of geosynthetics installed, 10ha more due by year-end.
o 22,000m3 of overliner placed over 8.5ha ready for ore.
o 87Kt of ore at 0.45 g/t Au (~1,260oz) stacked; PLS pond completed and filling by mid-November.
o ADR plant nearing completion with key systems in place; haul roads are largely complete, connecting Fenix South to the leach pad.
• Exploration – Grade control drilling at Fenix South was completed in late July, with internal reconciliation of the MRE to be finalized later this month. Preliminary results indicate strong reconciliation of the grade control model to the reserve model in terms of both tonnes and grade.
Timeline and Next Steps
• Ongoing – Filling PLS Pond with Water
• November 2025 – Leach Process Commissioning
• December 2025/January 2026 – Plant Commissioning
• January 2026 – First Gold Pour
• Q1/26 – Completion of Mine Expansion Pre-Feasibility Study
RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26
What you need to know:• Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026.
• Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning.
• With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows.
• On Sept 29th, RIO acquired a 15% stake in Royal Road Minerals. (RYR:TSXV).
This morning, Rio2 (RIO:TSX, RIOFF:OTC) reported significant progress at its 100%-owned Fenix Gold Project in Chile’s Atacama Region, with construction 63% complete as of September 30th, 2025. This comes at a increase from the 41% completion reported as of June 30th, 2025, highlighting the rapid pace of advancement as RIO approaches the commissioning phase. The project remains on time and on budget, with the first gold pour targeted for January 2026. We are maintaining our BUY rating and increasing our Target Price to C$3.30/share (prev. C$2.40/share) on Rio2.
Construction Updates
• Budget – Total spending since November 2024 amounts to $86.7M for completed works, very much in line with the stated budget of $86.6M
This figure excludes corporate overheads and pre-construction expenditure.
• Schedule – The project is currently 63% complete as of October 29th (vs. 41% as of July 31st). All long-term leads have been secured.
• Construction Updates
o 12.7ha of geosynthetics installed, 10ha more due by year-end.
o 22,000m3 of overliner placed over 8.5ha ready for ore.
o 87Kt of ore at 0.45 g/t Au (~1,260oz) stacked; PLS pond completed and filling by mid-November.
o ADR plant nearing completion with key systems in place; haul roads are largely complete, connecting Fenix South to the leach pad.
• Exploration – Grade control drilling at Fenix South was completed in late July, with internal reconciliation of the MRE to be finalized later this month. Preliminary results indicate strong reconciliation of the grade control model to the reserve model in terms of both tonnes and grade.
Timeline and Next Steps
• Ongoing – Filling PLS Pond with Water
• November 2025 – Leach Process Commissioning
• December 2025/January 2026 – Plant Commissioning
• January 2026 – First Gold Pour
• Q1/26 – Completion of Mine Expansion Pre-Feasibility Study
Underlying
Rio2 Limited
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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