Rio2 Limited
RIO2Rio2 Limited engages in the exploration, development, and mining of mineral properties in Canada, Peru, and Chile. Its flagship project is the Fenix Gold Project covering an area of approximately 16,050 hectares located in Chile. The company was incorporated in 1990 and is headquartered in Vancouver, Canada.
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P/E ÷ growth
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Key Information
Legal Entity
Rio2 Limited
Sector
Precious Metal
Founded
August 8, 1996
Employees
185
Reporting Currency
CAD
Contact Phone
604 260 2696
Website
www.rio2.comHeadquarters Address
The Marine Building , Vancouver , BC V6C 2G8 , CA
Identifiers
CIK
0001852714ISIN
CA7672171021Commodity Portfolio
Stock Exchanges
Organization
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Videos
Rio2: Condestable Expansion Approved, Fenix on Track for 100koz in 2027
Key Highlights
detailed- The guest argues Phoenix Gold is on track for ~100,000 oz per year in 2027 at a 20,000 t/d steady-state run rate, with first gold poured at the start of 2026 on a roughly $150M build
- Acquired the Condestable copper-gold mine in Peru at the start of 2026 to de-risk a single-asset junior profile; expansion decision targeted for H2 2026 with capex under $50M, first expanded tonnes in H1 2028
- AISC target is ~$2,000/oz versus $1,250 in the 2023 feasibility study; recovery is expected around 75%, with a $45M vendor promissory note on Condestable plus a 95,000 oz Wheaton gold prepay over ~7 years (8,000 oz due this year)
- Long-term Phoenix expansion into 2030/31 depends on desal water, and the guest says Rio2 is working closely with Kinross as the only other operator in the area needing it
- Market cap sits near $1.8B to $2B; the guest sees three operating mines as optimal, is open to more LATAM M&A, and frames Rio2 as a long-term build aimed at becoming an attractive takeover target
Super El Nino disrupted Fenix Gold first-year heap-leach ramp-up, prompting Rio2 to pull 2026 gold guidance rather than chase unattainable numbers. Wheaton gold prepay (95,000 oz over 7 years) is Rio2 main balance-sheet drag - they plan to retire it via senior debt once AISC hits ~$2,000/oz. Condestable copper mine (EIA-approved expansion to 10,000 tpd, FID targeted H2 2026, sub-$50M capex) adds a steady-state cash engine to a one-asset junior. Fenix targets 20,000 tpd throughput and ~100,000 oz by 2027 at AISC ~$2,000/oz - the spread against todays gold price drives meaningful free cash flow. Alex Black long-term vision is a lean, three-mine LatAm gold-copper producer - small Lima team and no Canadian HQ make Rio2 an attractive eventual takeover target.
#102 Digging for Dollars #30 Talking our Portfolio and Top Picks
Key Highlights
brief- Used as the comparable for the Galantas producer story; the guest thinks Rio2 itself is worth about a billion and a half.
Early private-market entries into juniors re-rated hard when they listed, beating flat TSX Venture and GDXJ benchmarks at mid-year. Sterling Metals' Batchawana Copper Belt consolidation shows why the hosts buy whole districts early instead of waiting for neighbors to prove up. Galantas Gold's $100 million raise shows how a large, well-supported financing lets a near-term producer reach cash flow without repeated dilution. With no senior tungsten producers, Allied Critical Metals' year-end pilot plant in Portugal offers juniors-only exposure to a quintupled price. Stagnant juniors with strong treasuries and intact teams remain the buys — own value before promotion arrives and prices move.
GMG - THERMAL-XR Global Commercial Expansion, Scaling Graphene Production, Key Executive Addition
GMG secures major commercial deals for THERMAL-XR in Australian luxury towers and global oil & gas distribution via Curran International partnership. Company advances automated Gen2 production facility construction with long-term scaling plans for Gen2.1 to meet growing graphene product demand. Strategic executive hire from Rio Tinto as Chief Production Growth Officer signals operational readiness for global production expansion and scaling.
Fox Tungsten - High-Grade Tungsten In BC, ~20k Meter Drill Program This Summer To Grow The Resource
Fox Tungsten is fully funded with $15 million cash to execute a massive 20,000-meter drill campaign this summer. The company aims to double historical drilling, expanding a high-grade 1% tungsten resource in British Columbia. Investors should watch for a resource update and Preliminary Economic Assessment (PEA) targeted for early 2027.
GMG - Battery Innovations & Performance Milestones, G® LUBRICANT US Patent, Your Questions Answered
GMG achieves record-breaking battery energy density, claiming the world's fastest-charging battery with a new 3.2V aluminum-ion design. The company secures a key U.S. patent for its G® LUBRICANT, advancing towards EPA approval and commercialization. Strategic partnerships with Rio Tinto and Tickford Racing provide crucial industrial validation for GMG's graphene products.
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