RIO Rio2 Limited New

Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that it has made two key appointments to its Fenix Gold Project management team as the project progresses through the Environmental Impact Assessment review and approval process and prepares for construction, currently guided for Q4 2021.

The appointees are Mr. Flavio Fuentes Olivares as Manager, Legal and Permitting and Mr. Edgardo Briones Landauro as Construction Manager.

Flavio is a lawyer with more than 20 years of mining experience in the areas of operation, construction and exploration. Flavio has extensive experience in the fields of legal advice, permitting, sustainability and compliance for a number of Chilean and international companies including Minera Pampa Camarones, Minera Santo Domingo, Kinross Gold Corporation, Compañía Minera Casale, Compañía Minera Collahuasi, Barrick Gold Corporation, Compañía Minera Zaldivar, Compañía Minera Aldebarán (Cerro Casale) and Compañía Minera Mantos de Oro. He has participated in the development of environmental impact assessment studies, permitting for the mining sector, as well as environmental management and environmental impact control of industrial, mining and energy projects and processes. In the mining sector, Flavio has led legal and permitting teams in the environmental assessment processes, responsible for planning and coordinating with law firms. He has also participated in the preparation of community relations plans and led the evaluation process for obtaining permits required for the construction and operation of mining projects in Chile. Flavio holds a law degree from the Pontifical Catholic University of Chile, a Master in Mining Law from the University of Atacama, and a Master (C) in Environmental Law from the University of the Basque Country.

Edgardo is a civil engineer with more than 20 years of mining experience in the engineering and construction of both greenfield and brownfield projects, and has undertaken roles such as construction manager, construction superintendent and project manager for numerous companies including Shahuindo SAC, Minsur SA, Compañía de Minas Buenaventura SA, Compañía Minera San Simón, Buenaventura Ingenieros SA, and Heap Leaching Consulting SA. He was also the head of civil works at Sigdo Koppers SA for Yanacocha SA. During his career, Edgardo has been a key contributor to the construction of numerous gold oxide heap leach projects including Shahuindo, La Zanja, Breapampa, Tantahutay and La Virgen. Edgardo has led teams during the engineering and construction stage of these gold projects and also been a representative at dialogue tables with the communities and local authorities during the construction phase. Edgardo holds a degree in civil engineering from the Antenor Orrego Private University and a Master in Management of Construction Companies and Real Estate from the Pontifical Catholic University of Peru.

Alex Black, President & CEO stated, "Since inception, Rio2 has focused on bringing together the best multi-disciplined mining management team in Latin America to advance our business in the region and the addition of Flavio and Edgardo will provide the cornerstone for our activities in Chile as we move the Fenix Gold Project through the EIA evaluation and construction phases. Over the next 12 to 18 months, Rio2 will continue to expand the team in Chile and strengthen its platform in the country. The team we are building will conform to the culture, values and operational mindset of Rio2 and form the basis for the success of our business in the country.”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 a 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. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company focused in the Americas.

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, including the expansion of its management team, the strengthening of its business capabilities and the planned development of its Fenix Gold Project. 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. 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. 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 subsequent to 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 LIMITED

Alex BlackPresident, CEO & DirectorEmail: info@rio2.comTel: 1 (604) 260-2696

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.