Rio2 Announces Upsize of Previously Announced Bought Deal Financing to C$166 Million

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VANCOUVER, British Columbia, Dec. 08, 2025 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSX: RIO; OTCQX: RIOFF; BVL: RIO) is pleased to announce that due to strong investor demand, the Company, Raymond James Ltd., (“Raymond James”), Stifel Nicolaus Canada Inc. (“Stifel”), and BMO Nesbitt Burns Inc. (“BMO”), the co-lead underwriters and joint bookrunners (collectively, the “Underwriters”) have upsized the previously announced “bought deal” financing from C$140 million to approximately C$166 million, or approximately US$120 million (the “Equity Financing”). Under the Equity Financing, the Underwriters have agreed to purchase, on a “bought deal” basis, 74,865,000 Subscription Receipts of the Company (“Subscription Receipts”) at a price of $2.22 per Subscription Receipts (the “Issue Price”) for gross proceeds of C$166,200,300.

The Company has granted the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part, at any time, and from time to time, for a period of 30 days following the Closing Date, to purchase at the Issue Price up to such number of additional Subscription Receipts as is equal to 15% of the number of Subscription Receipts sold pursuant to the Offering. The Underwriters can elect to exercise the Over-Allotment Option to cover over-allotments, if any, and for market stabilization purposes.

Other than the increase in the size of the Equity Financing, all other terms remain unchanged following the Amendment.

The Equity Financing is expected to close on or about December 15, 2025, subject to certain customary closing conditions, including the receipt of all necessary approvals from the TSX.

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 a 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 pillars (Social, Environment, Economics) of responsible 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.