Rio2 Limited (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) has announced the receipt of a second deposit of $25 million from Wheaton Precious Metals International Ltd. This payment is part of a previously established precious metals purchase agreement, supporting the development of Rio2’s flagship Fenix Gold Project in Chile. The funding forms a key component of the broader financing package designed to fully fund the project through to production.
The Fenix Gold Project, located in Chile’s Atacama region along the Maricunga Gold Belt, is one of the largest undeveloped gold oxide, heap leach projects in the Americas. With a measured and indicated mineral resource of 4.8 million ounces of gold, the project represents a significant investment in modern gold mining. The mine will operate using a run-of-mine heap leach process, eliminating the need for crushing or tailings storage facilities and thereby minimizing its environmental footprint.
The total investment required for Fenix is estimated at $235 million, including initial and sustaining capital expenditures. Construction is expected to generate 1,200 jobs, while operations over the mine’s 17-year lifespan will employ an additional 550 people. First gold production is anticipated by January 2026, following the completion of construction in late 2025.
The $25 million deposit is part of a $50 million agreement with Wheaton Precious Metals, which also includes access to an additional $20 million standby loan. This funding complements other financing sources secured by Rio2, including equity and debt arrangements finalized in late 2024. The financial package ensures Rio2 is positioned to execute its development plans efficiently.
Rio2 emphasizes its commitment to responsible mining practices, integrating social, environmental, and economic considerations into the project’s design. The company aims to exceed regulatory requirements while fostering sustainable development in partnership with local communities.
The Fenix Gold Project underscores Rio2’s ambition to establish itself as a significant player in the gold mining sector. By leveraging innovative mining techniques and prioritizing environmental stewardship, Rio2 aims to contribute positively to Chile’s Atacama region while delivering value to its stakeholders. With this latest funding milestone achieved, Rio2 continues its progress toward bringing one of the Americas’ most promising undeveloped gold projects into production.
