Rio2 at Mining Forum Americas 2026: growth plan meets weather setbacks
On Tuesday, 29 September 2026, Rio2 Limited presented an ambitious update at Mining Forum Americas 2026, transitioning from developer to producer with two mines now operational. Despite operational headwinds, including severe snowfall at Chilean Fenix Gold and permitting demands, the stock has delivered a strong 50% return over the past year.
Management outlined a growth plan built around higher output at Fenix Gold, a potential expansion at Condestable, and a future decision on a Canadian tungsten asset. Fenix Gold in Chile experienced a 40,000 ounce production cut due to weather disruptions, while Condestable in Peru produces steadily and could expand to 10,000 tons a day.
A desalinated water pipeline for Fenix Gold could support major expansion. The company plans to spin off or sell its Yukon tungsten project. Rio2's market value stands at CAD 3.65 a share, or nearly $1.5 billion, with $50 million in cash at the end of Q2 2024. Trading at a P/E ratio of 12.68, the company maintains a conservative balance sheet.
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