Foundation Director of Rio2 Passes Away

It is with deep sadness that Rio2 Limited (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) announces the passing of one of the Company’s Foundation Directors, David Thomas. Mr. Thomas passed away unexpectedly at his home in Park City, Utah on Monday, November 1, 2021. He was 77 years of age.

Mr. Thomas, an internationally experienced mining engineer, was an independent non-executive Director of the Company since April 21, 2017. He was chairman of the Health, Safety, Environment and Community Committee and a member of the Audit Committee and the Corporate Governance & Compensation Committee of the Board of Rio2.

Alex Black, President & CEO of Rio2 commented, “I first met Dave in 2006 when he was on the technical team developing the Toromocho Copper Project in Peru. We became good friends and I invited him to be a director of the board of the private Rio Alto Mining Limited during the time we bid for the La Arena Gold Project in Peru. Dave’s technical knowledge and enthusiasm were of the highest level and his willingness to impart his advice and knowledge was appreciated by everyone who worked with him both at Rio Alto Mining and at Rio2. Apart from our professional relationship, myself and those who knew Dave, considered him to be a genuinely great guy and fun person to be around and he will be sadly missed by all.”

The Board and management team at Rio2 are appreciative and thankful for the invaluable contribution Mr. Thomas made to the Company during his tenure of service and we express our sincere condolences to his wife Geri and family during this difficult time.

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. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2’s SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex BlackPresident, CEO & DirectorEmail: [e-mail]: 1 [phone]

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