Rio2 Secures Environmental Approval for Fenix Gold Project

VANCOUVER, Dec. 20, 2023 - Rio2 Ltd. ("Rio2" or the "Company") (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) reports that its wholly owned Chilean subsidiary, Fenix Gold Limitada, has been successful in being granted approval of its Environmental Impact Assessment ("EIA") for the construction and operation of its Fenix Gold Project ("Fenix Gold" or "the Project") located in the Atacama region of Chile.

Rio2 welcomes the decision in Chile by the Committee of Ministers to approve the EIA for the Fenix Gold Project, which now allows the Company to advance the Project through statutory permitting, financing, and the currently planned recommencement of construction activities during 2024.

Alex Black, Executive Chairman, stated: "Finally, after many months of patiently waiting, we welcome the decision of the Committee of Ministers to support our advancement of the Fenix Gold Project. We have designed Fenix Gold as an example of the very best of modern mining bringing not only significant investment and jobs to the Atacama region, but also extensive protection of the environment with a particular focus on flora and fauna in the area we will be operating. I sincerely thank our shareholders for the patience and support they have shown over the past 18 months during this difficult process, and I particularly would like to thank the first-class management team at Rio2 and Fenix Gold for never giving up on our mission to vindicate the work completed for the Fenix Gold EIA."

FENIX GOLD PROJECT

The Fenix Gold project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects, "NI 43-101") of 4.8 million ounces of gold which the Company believes will make a positive contribution to the Atacama Region and Chile. The Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations has been consulted on and designed in from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately US$235M of initial and sustaining capital and will generate employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated at the Project will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the Project.

The scientific and technical content of this news release has been reviewed, approved and verified ?by Ian Dreyer, B.App.Sc. MAIG, a consultant to Rio2 Ltd., who is a QP under NI 43-101. For additional information regarding the Project, including key parameters, assumptions ?and risks associated with its development, see the independent technical report entitled ??"NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project" (the "Technical Report") pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The Technical Report is dated October 16, 2023, with an effective date of October 16, 2023, a copy of which document is available under ?Rio2's SEDAR+ profile at ?www.sedarplus.ca.

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 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 that are mandated by regulators, seeking to ?protect and preserve the environment of the territories that we operate in.?

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively ???"forward-looking information") within the meaning of applicable securities laws relating to Rio2's planned ?development of the Project and other aspects of Rio2's anticipated future ?operations and ?plans. In addition, without limiting the generality of the foregoing, this news release ?contains forward-?looking information pertaining to the following: the potential development of a mine at the Project and the expected capital investment required for such mine; the advancement of the Project through financing and the recommencement of construction activities; estimated indicated and measured gold resources; expected mine life; development and operating plans; future permitting processes; certain anticipated economic benefits of a mine at the Project to the local region and other matters ancillary or incidental to the foregoing. ?

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by Rio2's management which may prove to be incorrect, including but not limited to: expectations regarding the availability of financing; expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labor and services; and Rio2's ability to access capital on satisfactory terms.

Rio2 believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rio2's disclosure documents on the SEDAR+ website at www.sedarplus.ca. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the completion of the financings as described herein, and management's ability to anticipate and manage the factors and risks referred to herein. Forward-looking statements included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date after the date of this news release. Rio2 has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

To learn more about Rio2 Limited, please visit www.rio2.com or Rio2's SEDAR+ profile at ?www.sedarplus.com. ?

ON BEHALF OF THE BOARD OF Rio2 Ltd.

Alex Black
Executive Chairman
Email: alex.black@rio2.com ?
Tel: +51 99279 4655?

Kathryn Johnson
Executive Vice President, CFO & Corporate Secretary
Email: kathryn.johnson@rio2.com ?
Tel: +1 604 762 4720?

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ?policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of ?this release. ?