Rio2 Completes US$217 Million Acquisition of Condestable Mine in Peru

Rio2 Limited has completed its acquisition of 99.1% interest in the Condestable Mine in Peru from Southern Peaks Mining L.P., strengthening its position in the Latin American mining sector.

The transaction, completed on January 30, 2026, was valued at US$217 Million and comprised US$80 Million in cash, US$65 Million in vendor debt financing, US$35 Million in Rio2 common shares and US$37 Million in other deferred consideration.

The Condestable Mine represents a significant addition to Rio2's portfolio and expands the company's operating footprint in Peru. The acquisition also demonstrates the continued flow of strategic capital into Latin America's mining sector, particularly for established assets with production and development potential.

Advisory Team:

MCMILLAN LLP

Georges Dube

Andrew Spencer

Alex Ricchetti

Jordan Ghag

Valenteena Samra

Navaneeth Ravichandran

ZiJian Yang

Karan Lall

Anica Villamayor

Johnathon Stamper