On October 23, 2024, Rio2 Limited successfully completed a public offering of 84,615,400 common shares at C$0.65 per share, raising gross proceeds of up to C$55 million. The offering, conducted on a best-efforts basis, was led by Raymond James Ltd. and Eight Capital, with Paradigm Capital Inc. and Pollitt & Co. Inc. also participating as agents. The net proceeds, estimated at C$51.7 million after fees and expenses, will support the development and construction of the Fenix Gold Project in Chile, covering costs related to mine infrastructure, processing facilities, and other contingencies.

The agents also hold an option to purchase up to an additional 12,692,310 shares, potentially raising the total proceeds to C$63.25 million. Raymond James Ltd., Eight Capital, Paradigm Capital Inc., and Pollitt & Co. Inc. acted as agents in this transaction.

Legal advisors for the transaction included DLA Piper (Canada) LLP for Rio2, and Blake, Cassels & Graydon LLP for the agents. The raised capital will be crucial in advancing the Fenix Gold Project, targeting first gold production by late 2025.