Rio2 Ltd Celebrates Milestone Gold Pour at Chilean Fenix Mine
After nearly a decade of dedicated effort, Canadian-listed Rio2 Ltd has successfully transitioned from developer to producer, achieving its first official commercial gold pour at the fully owned Fenix gold mine in Chile. This significant milestone occurred on Friday, January 23, 2026, with approximately 897 ounces of freshly smelted gold produced, officially welcoming Rio2 into the ranks of operating gold miners.
From Commissioning to Commercial Production
The milestone pour followed an earlier commissioning run in December 2025, which yielded about 358 ounces of gold. Combined, these initial production phases have delivered over 1,250 ounces of gold and around 131 ounces of silver, setting a strong foundation for the mine's operational future.
For Rio2, listed on both the Vancouver and Toronto exchanges, this achievement represents far more than just the first bar of bullion. It marks the culmination of a long and often challenging journey that began with the company's merger with Atacama Pacific Gold Corporation in 2018. With this milestone, construction risk has been eliminated, and the mine is now poised to generate cash flows.
A Notable Achievement in Global Mining
Importantly, all critical path construction activities at the Fenix mine were completed on time and within budget. This is a notable accomplishment in an industry where cost overruns and delays have become increasingly common. The mine's successful delivery underscores the discipline and execution capability of the Rio2 team.
Executive chairman Alex Black, a former Western Australia resident, expressed pride in the achievement. "This milestone moment is the culmination of a long and somewhat challenging eight-year journey since our 2018 merger with Atacama Pacific Gold Corporation. It speaks to the discipline, execution capability and determination of our team," he said. Black congratulated Andrew Cox and the combined Rio2 and Fenix Gold team for delivering the project on budget and in record time.
Ramping Up Production and Economic Impact
The focus now shifts to ramp-up, with ore placement rates being progressively increased. Management is targeting steady-state operations of 20,000 tonnes per day as the year progresses. Based on current schedules, the company expects gold production of between 60,000 and 70,000 ounces in 2026, positioning Fenix to become a meaningful contributor to Chile's gold output.
Located high in Chile's legendary Maricunga gold belt at an elevation of 4,500 metres, the Fenix project is a low-sulphidation epithermal deposit spanning 2,000 hectares. It hosts a staggering 389 million tonnes of ore grading 0.38 grams per tonne gold, totaling 4.8 million measured and indicated ounces. The project is designed as a run-of-mine heap leach operation, which minimises environmental impact by eliminating the need for crushing or tailings facilities.
Long-Term Projections and Economic Benefits
Looking ahead, Fenix is projected to produce about 91,000 ounces of gold annually on average over its first 12 years, at a grade of 0.54 grams per tonne. Across its full 17-year mine life, it is expected to average 82,000 ounces per year at 0.48 grams per tonne.
A 2023 feasibility study valued the project at US$210 million after tax, based on a conservative gold price of US$1,750 per ounce and a payback period of 3.5 years. With current gold prices significantly higher than these assumptions, the company stands to generate stronger cash flows, faster payback, and improved project economics as operations ramp up.
The project will employ 1,200 local people during construction and 800 during its anticipated 17-year mine life, providing significant economic benefits to the Atacama region, where the sparse population relies heavily on mining for steady incomes.
Strategic Growth and Future Outlook
Management has identified the Fenix mine as Rio2's cornerstone asset, which will fund the company's expansion of its Latin American footprint. This includes bedding down the newly acquired Condestable copper mine in Peru, as Rio2 builds a diversified, multi-commodity production platform.
With first gold poured, construction risk removed, and a clear production ramp-up plan in motion, Rio2 enters 2026 with strong momentum. As tonnes stack on the heap leach pad and gold continues to flow, the company's long-awaited transition to producer status is complete, setting the stage for an exciting new chapter in its growth story.
