Rio2 Limited reported consolidated production of 13,539 ounces of gold, 75,437 ounces of silver, and 9,296,883 pounds of copper for the second quarter ended June 30, 2026, generating $76.2 million in EBITDA and $46.5 million in adjusted EBITDA.

Consolidated gold production increased from 7,849 ounces in the first quarter of 2026. Rio2 acquired the Condestable Copper Mine on January 30, 2026, adding copper output alongside its Fenix Gold Mine in Chile, which achieved its first official gold pour on January 23, 2026.

During the quarter, the Fenix Gold Mine produced 9,088 ounces of gold at total cash costs of $2,701 per ounce sold. Operations were disrupted late in the period by unusually cold temperatures and heavy snowfall linked to El Niño, deferring approximately 265,000 tonnes of ore mining and around 5,000 ounces of gold production. As a result, Rio2 deferred its 2026 annual production guidance of 60,000 to 65,000 gold ounces, though the company maintains a target to achieve commercial production at Fenix Gold in the fourth quarter.

Q2 2026 was the second quarter of ramp-up for Rio2 at Fenix Gold, supported by steady production and cash flows from Condestable. At Fenix Gold, operational performance continued to improve during the quarter with more work areas opened, more people employed and the arrival of the principal mining contractor’s mining equipment, all of which we anticipate will make a meaningful impact to productivities and costs during Q3.

— Andrew Cox, President and Chief Executive Officer

Peru and Chile are currently in the midst of one of the strongest El Niños ever recorded. This weather event began to impact gold production at the Fenix Gold mine late in Q2 with significant localized snowstorms accompanied by extremely low temperatures, which continued into July and August. Our priority during these storms has been the safety of our people.

— Alex Black, Executive Chairman

The Condestable Mine accounted for all quarterly copper output, producing 9,296,883 pounds of copper at a C1 cash cost of $2.34 per pound produced and an all-in sustaining cost of $3.10 per pound produced. The operation also yielded 4,451 ounces of gold and 74,374 ounces of silver.

Exploration drilling at Fenix Gold is 50% complete and scheduled to finish in late August, with an updated mineral resource and reserve estimate expected at year-end 2026.

Read the full announcement: Rio2 Reports Q2 2026 Financial and Operating Results and Webinar