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Rio2 LimitedTSX:RIO

Gold producer, with a project stated to be in Chile.

NoneChile — as stated on the recordings

producer gold NoneChile
Dec 2025 → Feb 2026Covered
6 of 10Topics on record
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 2 interviews with the company · 4 independent recordings
Stage
Producer
Primary commodity
Gold
Jurisdiction
Chile
Latest appearance
16 Feb 2026
On record
2 interviews · 14 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
1.7 million ounces
Management-stated Alex Black Dec 2025
Capital needed
about 150 $160 million
Management-stated Alex Black Dec 2025
What happens next
January
Management-stated Alex Black Dec 2025
The main open question
Management's 75% recovery rate and 2,100 tons per day water trucking at 20,000 tons production are unproven at scale.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
3 independent voices on record — 2 constructive, 2 neutral
Jim McDonald, Paul Lock, Garrett Goggin
Outside voices

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Rio2 Limited's own claims across 2 interviews — most-covered theme first.

What outside voices pick up on

3 independent voices — people who do not speak for the company — across 4 mentions.

2 constructive 2 neutral
  • Jim McDonald “Named as the Peru case-study company; the discussion is jurisdiction-focused rather than a company valuation call.”
  • Paul Lock “Used as the development analogue for Isidora; Fenix project's dump-leach model and US$117M capex are the benchmark Paul references…”
  • Garrett Goggin “Developer with ~$400M market cap and ~$2B NAV; Phoenix project in Chile; production expected next year; ~80% upside to NAV”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says Phoenix will produce 20,000 tons a day by Q3 next year at only $150–160M capex, reaching 100,000 ounces annually by 2027, with a 5–7 million ounce resource base expected by end-2027 that could support a 4x expansion.

What it rests on
▶
▶
▶
Evidence: 3 moments from 1 interview
Read the full case

Management says Phoenix will produce 20,000 tons a day by Q3 next year at only $150–160M capex, reaching 100,000 ounces annually by 2027, with a 5–7 million ounce resource base expected by end-2027 that could support a 4x expansion. An outside investor noted the project alone could be worth $1 billion at nameplate capacity, with the company trading at only ~$200M market cap — buying dollars of value for 20 cents.

▼ Bear case

Management's 75% recovery rate and 2,100 tons per day water trucking at 20,000 tons production are unproven at scale.

What it rests on
▶
▶
Evidence: 2 moments from 1 interview
Read the full case

Management's 75% recovery rate and 2,100 tons per day water trucking at 20,000 tons production are unproven at scale. No feasibility study on the expansion exists until end-2027, and the 5–7 million ounce resource is only expected by then. Capex benchmark from the Fenix project dump-leach analogue was $117M; the stated $150–160M leaves little margin, and dilution from the December Peru acquisition (Condestablish) is not disclosed.

◆ Watch next

First gold production at Phoenix in January; ramp to 60–70,000 ounces in the first full production year (2026); and achievement of 20,000 tons a day in Q3 next year.

What it rests on
▶
▶
▶
Evidence: 3 moments from 1 interview
Read the full case

First gold production at Phoenix in January; ramp to 60–70,000 ounces in the first full production year (2026); and achievement of 20,000 tons a day in Q3 next year. Feasibility study on the expansion and the 5–7 million ounce resource definition by end-2027 will test whether the 4x scale case holds.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 6 statements

The deposit 3

Key takeaway. Management reports the deposit currently contains a resource of 5 million ounces and a reserve of 1.7 million ounces (December 2025).

Read the full summary

The company also expects exploration upside to bring the resource to between 5 and 7 million ounces by the end of 2027.

What was actually said
exploration upside
5 to 7 million ounces resource expected by end of 2027
“somewhere between five seven I don't know million ounces or so uh in a resource uh going into stage two”
Alex Black· 30 Dec 2025·
reserve size
1.7 million ounces
“the subject of uh our starter project is is is actually 1.7 million ounces of that 5 million ounce resource.”
Alex Black· 30 Dec 2025·
resource size
5 million ounces
“They did all the drilling between 2010 and 2014. They outlined 5 million ounces.”
Alex Black· 30 Dec 2025·

Jurisdiction 1

What was actually said
country
Chile
“Phoenix Gold project in Chile for first gold production in January.”
Alex Black· 30 Dec 2025·

Technical risk 2

Key takeaway. Management reports a 75% recovery rate as of December 2025, and notes a key assumption of 2,100 tons of water per day at 20,000 tons per day of production.

What was actually said
key assumption
2,100 tons of water a day at 20,000 tons a day production
“when we get to 20,000 tons a day, it's going to be 2,100 tons of of water a day that we need to truck up the road.”
Alex Black· 30 Dec 2025·
recovery rate
75%
“we're still relatively confident we're going to achieve 75% from run mine”
Alex Black· 30 Dec 2025·

Economics 2 statements

Economics 1

What was actually said
capex
about 150 $160 million
“it's only about 150 $160 million, right?”
Alex Black· 30 Dec 2025·

Financing 1

What was actually said
capital needed
Condestablish acquisition in early December
“we did a tuck in acquisition of a underground copper mine in Peru called Condestablish which which occurred uh in early December.”
Alex Black· 30 Dec 2025·

Timeline 6 statements

Timeline 6

Key takeaway. Management outlined several milestones during a December 2025 interview.

Read the full summary

First production is expected in January, with 20,000 tons a day production probably in Q3 of next year. The company projects a ramp-up year of 60,000 to 70,000 ounces, reaching 100,000 ounces per full year at 20,000 tons a day in 2027. A feasibility study on a further expansion is targeted by the end of 2027, with that expansion planned for 2030.

What was actually said
first production
January
“in the process of commissioning our um, uh, Phoenix Gold project in Chile for first gold production in January.”
Alex Black· 30 Dec 2025·
milestone
60 to 70,000 ounces ramp up year
“we're going to produce somewhere between 60 and 70,000 ounces. That's our guess right now.”
Alex Black· 30 Dec 2025·
milestone
100,000 ounces full year at 20,000 tons a day in 2027
“once we get into 2027 for a full year at 20,000 tons a day, we'll do about 100,000 ounces.”
Alex Black· 30 Dec 2025·
Show the other 3 statements
milestone
feasibility study on expansion by end of 2027
“probably 2027 uh as we're predicting by the end of 2027 we do a feasibility study on the expansion”
Alex Black· 30 Dec 2025·
milestone
expansion planned for 2030
“then we'll do that all the way through to the um to the expansion which is which is planned for 2030.”
Alex Black· 30 Dec 2025·
milestone
20,000 tons a day production probably Q3 of next year
“we'll get to 20,000 tons a day probably Q3 of next year.”
Alex Black· 30 Dec 2025·

Outside views 4 mentions

4 mentions by people who do not speak for the company — 2 constructive, 0 cautious, 2 neutral. These are their views, not the company's.

Jim McDonald
neutral
Named as the Peru case-study company; the discussion is jurisdiction-focused rather than a company valuation call.
Resource Talks· 17 Jul 2026·
Paul Lock
neutral
Used as the development analogue for Isidora; Fenix project's dump-leach model and US$117M capex are the benchmark Paul references.
Crux Investor· 13 Jul 2026·
Garrett Goggin
bullish
Developer with ~$400M market cap and ~$2B NAV; Phoenix project in Chile; production expected next year; ~80% upside to NAV
ITM TRADING, INC.· 13 Aug 2025·
Garrett Goggin
bullish
Phoenix project worth $1 billion at 20,000 tons/day could scale 4x to 80,000 tons/day; market cap only ~$200 million — buying dollars of value for 20 cents.
Investing News· 09 Mar 2025·

Sources 2 interviews

Every interview 2

DateChannelInterviewStatements
16 Feb 2026 Crux Investor Growth Stories: Winning Teams That Know How to Find Gold & Get It Out of the Ground No claims identified
30 Dec 2025 Crux Investor Rio2 Limited (TSX:RIO)- Dual-Asset Strategy Delivers Gold Production and Immediate Cash Flow 14

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

condestable copper mine 2
phoenix gold project 2
g mining 1
g mining ventures 1
gold 1
kinross 1
phoenix gold 1
red lake 1

Questions people ask

What is Rio2 Limited's project and where is it?

Rio2 Limited is a producer gold company, with a project stated to be in Chile. Everything here is drawn from its executives' own interviews.

Which interviews mention Rio2 Limited?

We track 2 interviews mentioning Rio2 Limited, across 1 channel (Crux Investor).

What are investors saying about Rio2 Limited?

4 independent voices — people who do not speak for the company — are on record discussing it (2 bullish, 2 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Rio2 Limited cover?

The most-discussed topics on record are timeline, the deposit, technical risk, economics — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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