Rio2 Limited Announces Grant of Incentive Stock Options

VANCOUVER, British Columbia, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Rio2 Limited ("Rio2" or the "Company") (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) announces that today it granted 7,500,000 incentive stock options (the "Stock Options") to purchase Rio2 common shares to directors, officers, employees and consultants pursuant to the Rio2's Stock Option Plan.

These Stock Options have an expiry date of January 11, 2028, and will vest 1/3 thereof on each of the first, second and third anniversaries of grant. Each Stock Option entitles the holder to purchase one Rio2 common share at a price of Can$0.30 for a period of five years from the date of grant.

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, ?and 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

Certain information contained in this press release constitutes "forward-looking information" within the ?meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the ?use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not ?anticipate", or "believes", or variations of such words and phrases or state that certain actions, events ?or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential ?to." Forward-looking statements contained in this press release may include statements regarding the ?timing and pricing of the common share issuances. Actual results and outcomes may differ materially from what is ?expressed or forecasted in these forward-looking statements. Such statements are qualified in their ?entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors ?which could cause actual results to differ materially are the following: regulatory approvals, obtaining the requisite disinterested shareholder approval, market conditions and other risk factors ?listed from time to time in our reports filed with Canadian securities regulators on SEDAR at ?www.sedar.com. The forward-looking statements included in this press release are made as of the ?date of this press release and the Company 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 Black
Executive Chairman
Email: [email protected] ?
Tel: +51 99279 4655?

Kathryn Johnson
Executive Vice President, CFO & Corporate Secretary
Email: [email protected] ?
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.?