RIO2 LIMITED PROVIDES AN UPDATE REGARDING COVID-19

Rio2 Limited (“

Rio2” or the “Company

”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) recognizes that the Coronavirus (COVID-19) pandemic is a great concern for everyone and their families.

At this time Rio2 wants everyone to know that the well-being of our employees, business partners and stakeholders is of the deepest concern to us. With this in mind we have already and will continue to take measures to protect all parties we are in contact with.

In that regard, the Company wishes to advise that all of its personnel are working from home and continuing to manage the affairs of our business via the company’s virtual business platform.

We are continuously monitoring events closely and following guidance from local, provincial and governmental health authorities, in Canada, Peru and Chile, to ensure that our business practices are aligned with the latest recommendations. As always, we will keep our lines of communication open with all our stakeholders to inform you of the latest company developments during this unprecedented time.

ABOUT RIO2 LIMITED

Rio2 is a mine development company with a team that has proven technical skills in the development and operations of mines 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. With the Fenix Gold Project in development in Chile, Rio2 Limited will continue 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 focused in the Americas.

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]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.