Rio2
Rio2 Limited is a TSX-listed precious metals and copper producer operating the Fenix Gold heap leach mine in Chile and the Condestable underground copper-gold-silver mine in Peru, selling doré and concentrate to global commodity markets under streaming and offtake agreements.
- Company typePublic
- Founded2016
- HeadquartersVancouver, Canada
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Rio2 does
Rio2 Limited is a publicly traded precious metals and copper producer (TSX: RIO, OTCQX: RIOFF, BVL: RIO) headquartered in Vancouver, Canada, that operates two mines across Latin America: the Fenix Gold heap leach mine in Chile's Maricunga Gold Belt (Atacama Region, ~3,200m altitude) and the Condestable underground copper-gold-silver mine in Peru (acquired January 2026). The company transitioned in early 2026 from a single-asset gold developer into a dual-commodity producer with two producing assets, supported by 3,385+ personnel (including contractors) as of Q1 2026 and ~C$1.34-1.8 billion in market capitalization.
At Fenix Gold, Rio2 employs single-stage crushing to P80 of 4 inches with heap leach processing and an ADR plant delivering 75% life-of-mine gold recovery and over 50% recovery in the first 45 days, producing gold doré bars. Measured and indicated resources stand at 4.8Moz (5.0Moz total). At Condestable, the company mines copper/gold/silver ore underground, selling concentrate to international smelters under offtake agreements; NI 43-101 reserves total 36.5Mt proven and probable with mine life extending to 2039, an NPV of US$710M, and projected cumulative free cash flow of US$1,147M. Ore sorting pilot testing at Condestable yielded 1.4-1.6x copper grade uplift, with a 12-month pilot plant program (1,000-1,500 tpd) planned. Rio2 also implemented SAP Cloud ERP across Canada, Chile, and Peru operations in 2026 via Syntax.
Rio2 generates revenue by selling gold doré at market spot prices (with 6-3.5% of Fenix production committed to Wheaton Precious Metals at 18-22% of spot under a US$100M streaming facility) and selling copper/gold/silver concentrate from Condestable to smelters under offtake. Q1 2026 revenue was $65.9M with $22.3M net income and $30.8M adjusted EBITDA, the first quarter of consolidated production. Management is led by Executive Chairman Alexander Black and CEO Andrew Cox, both formerly of Rio Alto Mining which they sold to Tahoe Resources for $1.2 billion in 2015. The company is pursuing expansion to 420,000 oz gold equivalent per annum by 2030-2031.
Rio2 firmographics
Firmographics- Name
- Rio2
- Legal name
- Rio2 Limited
- Website
- https://rio2.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Rio2 Limited is a TSX-listed precious metals and copper producer operating the Fenix Gold heap leach mine in Chile and the Condestable underground copper-gold-silver mine in Peru, selling doré and concentrate to global commodity markets under streaming and offtake agreements.
- Ownership category
- akta.pro rank
Rio2 industry classification
Industry- Product category
- Precious Metals and Copper Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230), Primary Metal Manufacturing (331)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industries
- Copper Concentrate Trading & Marketing (IMAKADAI), Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Precious Metals Smelting & Refining (IMAKAEAE)
Keywords
Where Rio2 is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Rio2 business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D
Revenue model
- Gold Production and Sales: Rio2 produces gold doré bars at its Fenix Gold heap leach mine in Chile. Gold is sold at market prices. The company also has a gold streaming agreement with Wheaton Precious Metals whereby Wheaton purchases 6% of gold production until 90,000 oz delivered, then 4% until 140,000 oz delivered, then 3.5% for life of mine, at 18-22% of spot gold price.
- Copper/Gold/Silver Concentrate Sales: Condestable Mine produces copper/gold/silver concentrate which is sold to smelters. The mine produced 6.4 million pounds of copper, 3,201 ounces of gold and 48,671 ounces of silver in Q1 2026 (Feb-March period).
- Gold Streaming - Wheaton Precious Metals: Upfront deposit of US$50 million received from Wheaton Precious Metals International Ltd. Ongoing payments for gold ounces delivered equal to 18% of spot gold price until upfront consideration recovered, then 22% of spot gold price for life of mine.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Rio2 product offering
Product offeringCore offering
Rio2 is a diversified precious metals and copper producer operating two producing mines: the Fenix Gold heap leach mine in Chile's Maricunga Gold Belt (gold doré bars) and the Condestable underground mine in Peru (copper/gold/silver concentrate). The company generates revenue from the sale of physical metal commodities into global commodity markets, with a gold streaming arrangement with Wheaton Precious Metals covering part of Fenix Gold production and concentrate offtake agreements with smelters covering Condestable output.
Product overview
Rio2 Limited is a diversified precious metals and copper producer operating two mines in Latin America: the Fenix Gold heap leach mine in Chile (at approximately 4,300m altitude in the Maricunga Gold Belt) and the Condestable underground mine in Peru (acquired January 2026). The company transitioned from a single-asset developer to a dual-commodity producer in early 2026, generating revenue from gold, copper, and silver production. Rio2 utilizes an SAP Cloud ERP system for enterprise-wide financial and operational management.
Differentiator
Problem solved
Functional benefit
Products and services
- Fenix Gold Mine A heap leach gold mine located in the Maricunga Gold Belt of the Atacama Region, Chile, at approximately 4,300m altitude. One of the largest undeveloped gold oxide heap leach projects in the Americas with measured and indicated resources of approximately 4.8-5 million ounces of gold. Uses single-stage crushing to P80 of 4 inches and heap leach processing achieving 75% life-of-mine gold recovery with no tailings generation. Production guidance of 60,000-65,000 oz in 2026, expanding toward 300,000 oz/year by 2030. Produces gold doré bars sold at spot market prices, with portion committed to Wheaton Precious Metals under a gold streaming agreement.
- Condestable Mine An underground copper/gold/silver mine located in Peru's Lima region, acquired by Rio2 in January 2026 for approximately US$241 million enterprise value. Has 82.1 million tonnes of measured and indicated resources and 36.5 million tonnes of proven and probable reserves, with production expected to continue until 2039. Produces copper/gold/silver concentrate sold to international smelters under offtake agreements, with Q1 2026 production of 6.4 million pounds of copper, 3,201 ounces of gold, and 48,671 ounces of silver. 2026 production guidance of 21,500-23,500 tonnes payable copper equivalent. Pilot ore sorting tests indicate potential 1.4-1.6x copper grade enhancement.
Quantifiable outcome
- Q1 2026: $65.9M revenue, $22.3M net income, $30.8M adjusted EBITDA
- +3 more outcomes
Companies that use Rio2
Customer profileSegments2 records
Ideal customer profiles3 records
Rio2 technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature5 records
Rio2 partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Southern Peaks Mining L.P.coreRio2 acquired 99.1% of Southern Peaks Mining's Condestable copper mine in Peru for approximately US$241 million enterprise value. The deal was structured with C$191.1M equity financing, US$55M secured promissory note and US$10M subordinated mezzanine note. This acquisition transformed Rio2 into a dual-commodity producer.
- Desalinated Water Providers (Desaladora de Atacama Norte / Aguas de Hung向我)minorRio2 signed MOUs with two desalinated water supply companies in Copiapó, Chile to study the potential for supplying desalinated water to the Fenix Gold Mine. The project involves piping water from the coast to the high-altitude mine site as part of the mine expansion strategy targeting 300,000 oz/year production.
- STRACON S.A.coreSTRACON designated as lead mining services contractor for the Fenix Gold Project under an alliancing-style commercial framework. Scope includes mining at 20,000 tpd, drilling, blasting, hauling, water transportation, and fleet maintenance. The alliance approach involves shared risk/opportunity, open-book cost transparency, and KPI-based performance rewards.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
Rio2 competitors and assessment
Company assessmentDirect peers
- SSR Mining: Mid-tier gold/silver/copper producer with a similar dual-commodity profile and comparable market capitalization. Operates producing assets across the Americas and uses streaming/royalty financing — directly comparable to Rio2's Wheaton stream and Latin American footprint.
- Torex Gold Resources: Mid-tier heap leach gold producer (Media Luna/ELG in Mexico) at a similar scale to Rio2. Torex's single-asset gold focus with on-site processing plant and expansion pipeline (Media Luna) closely mirrors Fenix Gold's profile and operational economics.
- Argonaut Gold: Mid-tier gold producer with heap leach operations in Mexico and a Nevada construction project. Comparable to Rio2 in scale, mining method (heap leach), and multi-jurisdiction North/South American asset base.
- Equinox Gold: Multi-asset gold producer with operations across the Americas (Mexico, Brazil, California, Washington). Comparable to Rio2's multi-jurisdiction precious metals strategy and its focus on building scale through both organic growth and M&A.
- Hochschild Mining: Peru-focused precious metals (gold and silver) producer with underground mining operations. Highly relevant as a Peru-operating comparable for Rio2's Condestable asset and shares the same political/community-relations risk corridor.
- Capstone Copper: Mid-tier copper producer focused on the Americas (Mexico, Chile, Arizona) with operations comparable in scale to Rio2's Condestable underground copper mine. Useful benchmark for copper concentrate offtake economics and Latin American copper project NPVs.
- New Gold: Mid-tier gold/copper producer with producing assets in Canada (Rainy River) and Chile (Cerro San Pedro/Mescalero legacy). Comparable to Rio2 in scale and in having both development and producing assets in Latin America.
Broad incumbents
- IAMGOLD: Larger gold producer with major Latin American assets (Côté Lake, Essakane, Westwood) and a Brazilian operation. Provides a relevant comparable for Latin American jurisdictional exposure and mid-tier gold producer economics, though at a larger scale than Rio2.
- Buenaventura: One of Peru's largest precious and base metals producers with gold, silver, and copper operations. Provides a direct Peru-listing and Peru-operating benchmark for Rio2's Condestable copper/gold/silver concentrate and the same BVL/SEC reporting profile.
- Pan American Silver: Major silver/gold producer with significant Latin American operations (Peru, Mexico, Bolivia, Argentina). Provides a relevant benchmark for Peruvian precious-metals operating exposure (comparable to Condestable) and Latin American jurisdictional risk.
Market position
Strengths1 record
Weaknesses1 record
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Rio2 social profiles
Digital presenceRio2 compliance and trust
Trust signalCompliance3 records
Rio2 financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rio2 leadership team
Management profileNumber of profiles
Profiles5 records
Rio2 subsidiaries and ownership
Company hierarchySubsidiaries3 records
Rio2 funding detail
Funding detailFunding overview
Funding rounds7 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rio2 M&A and investment
M&A and investmentM&A1 record
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rio2
What does Rio2 do?
Rio2 is a diversified precious metals and copper producer operating two producing mines: the Fenix Gold heap leach mine in Chile's Maricunga Gold Belt (gold doré bars) and the Condestable underground mine in Peru (copper/gold/silver concentrate). The company generates revenue from the sale of physical metal commodities into global commodity markets, with a gold streaming arrangement with Wheaton Precious Metals covering part of Fenix Gold production and concentrate offtake agreements with smelters covering Condestable output.
Is Rio2 a public or private company?
Rio2 is a public company. It is classified as public and is currently operating.
When was Rio2 founded?
Rio2 was founded in 2016. It employs 51 to 100 people.
Where is Rio2 based?
Rio2 is headquartered in Vancouver, Canada, in the North America region.
How does Rio2 make money?
Three revenue lines are on record. Gold Production and Sales are the primary driver. The others are copper/Gold/Silver Concentrate Sales and gold Streaming - Wheaton Precious Metals.
Who are Rio2's main competitors?
Direct peers on record are SSR Mining, Torex Gold Resources, Argonaut Gold, Equinox Gold, Hochschild Mining, Capstone Copper and New Gold. Broad incumbents are IAMGOLD, Buenaventura and Pan American Silver.
Does Rio2 have an API?
No public API is recorded for Rio2.
What industry is Rio2 in?
Rio2's product category is Precious Metals and Copper Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKADAI, Copper Concentrate Trading & Marketing. Its NAICS code is 212220 and its SIC code is 1040.