Rio2 Limited providing an update of its activities following the announcement made on July 5, 2022 in respect to the Atacama Regional Evaluation Commission's decision to not approve the Environmental Impact Assessment (EIA) for its Fenix Gold Project in Chile. The Company, along with its Chilean environmental and legal advisors, are currently evaluating options to continue to advance the Project. A key document the Company is waiting for is the Environmental Qualification Resolution (RCA) which is the administrative document with which the Environmental Assessment Service (SEA), outlines the rationale for their decision.

The RCA is expected within the next three weeks and the Company is finalizing its action plan thereafter. Once the EIA action plan is completed, the Company anticipates announcing a revised timeline of its proposed activities and how it intends to execute and finance the plan forward.