Rio2 secures final $50M from Wheaton for Fenix Gold Project in Chile

Rio2 receives the final US$50M from Wheaton Precious Metals for the Fenix gold project in Chile, keeping construction on schedule for first gold in January 2026 at one of the largest oxide heap leach gold developments in the Americas.

Canada-based Rio2 Limited (TSX-V: RIO) has received the final US$50 million payment from Wheaton Precious Metals, completing a multi-tranche financing package to advance construction of the Fenix Gold Project in Chile’s Atacama Desert — one of the largest undeveloped gold oxide heap leach projects in the Americas.

The payment marks the conclusion of a precious metals purchase and pre-pay agreement first announced in 2021, with Wheaton now delivering its full committed funding to support development.

A low-impact, run-of-mine gold operation

The US$235-million Fenix project is designed as a run-of-mine heap leach operation, eliminating crushing and tailings facilities to minimize environmental impact and reduce water and energy consumption.

Located in Chile’s Atacama region, the mine is expected to:

• Create ~1,200 jobs during construction
• Provide ~550 permanent jobs during operations
• Operate for 17 years

Fenix hosts 4.8 million ounces of measured and indicated gold resources, according to a 2023 NI 43-101 feasibility study.

Project 63% complete — first gold in January 2026

Rio2 confirmed the Wheaton funding will sustain ongoing works as construction continues to advance on schedule.

As of the end of Q3 2025:

• Construction progress: 63% complete
• Capital spending since Nov. 2024: US$86.7M
• Budget to date: US$86.6M (excluding overhead and pre-construction costs)

The company expects first gold production in January 2026 through a staged development approach.

Rio2 emphasized that Fenix remains “on schedule and within budget,” marking a major milestone for Chile’s next emerging gold producer.