Rio2 Virtual AGM Reminder and Inaugural ESG Report

VANCOUVER, Dec. 12, 2022 - Rio2 Ltd. ("Rio2" or the "Company") (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) wishes to remind its shareholders that its forthcoming Annual General and Special Meeting of shareholders (the "Meeting") will be held on December 14, 2022, at 2 p.m. EST. This will be an entirely virtual Meeting to be conducted via live webcast where all shareholders, regardless of geographic location, will have an equal opportunity to participate online. Shareholders will not be able to attend the Meeting in person.

The timing and process for voting are described in detail in the Notice of Availability of Proxy Materials mailed to shareholders and meeting materials available on SEDAR at www.sedar.com and the company's website at www.rio2.com/investors.

VOTING DEADLINE

The voting deadline is 5:00 p.m. (EST) on Monday, December 12, 2022.

PARTICIPATION AT THE MEETING

Registered Shareholders and duly appointed proxyholders can participate in the Meeting in real-time online at https://meetnow.global/MKKFVPU by clicking "Shareholder" and entering the 15-digit Control Number located on the form of proxy. Duly appointed proxyholders can participate in the Meeting by entering an invitation code provided by Computershare before the start of the Meeting.

Voting at the Meeting will only be available for Registered Shareholders and duly appointed proxyholders. Non-Registered Shareholders who have not appointed themselves may attend the Meeting by clicking "Guest" and completing the online form.

Rio2 recommends shareholders log into the webcast at least 10 minutes in advance of the virtual meeting start time to ensure connectivity.

The Company wishes to advise Andrew Cox was appointed as a director after the publication of the Meeting materials and that, as such, the Meeting materials did not contemplate his nomination for election as a director at the Meeting. The Board of Directors, as then constituted, plans to appoint Andrew as a director following the Annual General and Special Meeting on December 14, 2022.

Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by telephone at (604) 762-8918 or by email at info@rio2.com.

Your vote is important. Whether or not you plan to virtually attend the AGM, please vote as soon as possible by one of the methods described in the proxy materials for the AGM to ensure that your shares are represented and voted at the AGM.

RIO2 2021 INAUGURAL ESG REPORT

Rio2 also announces the publication of its 2021 Inaugural ESG Report. Rio2 is committed to the principles of responsible mining and best practices in corporate governance. This report represents a comprehensive review of the Company's Environmental, Social, and Governance factors related to Rio2's development activities at its Fenix Gold Project in Chile for 2021.

The complete report is available at: https://onyen.com/published/RIO_2021_Annual_636.html

ABOUT RIO2 LIMITED

Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as 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. Rio2 and its wholly owned subsidiary, Fenix Gold Limitada, are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three axes (Social, Environment, Economics) of sustainable development. As related companies, we reaffirm our commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that we operate in.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively ???"forward-looking information") within the meaning of applicable securities laws relating to Rio2's planned ?development of the Fenix Gold Project and other aspects of Rio2's anticipated future ?operations and ?plans.

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by Rio2's management which may prove to be incorrect, including but not limited to: expectations concerning Rio2's appeal and the timeline of such process; expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labor and services; and Rio2's ability to access capital on satisfactory terms.

Rio2 believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rio2's disclosure documents on the SEDAR website at www.sedar.com. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the completion of the financings as described herein, and management's ability to anticipate and manage the factors and risks referred to herein. Forward-looking statements included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date after the date of this news release. Rio2 has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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 Ltd.

Alex Black
Executive Chairman
Email: alex.black@rio2.com
Tel: +51 99279 4655

Kathryn Johnson
Executive Vice President, CFO
Email: kathryn.johnson@rio2.com
Tel: +1 604 762 4720

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.