RIO2 Limited
2023  ESG Report
Published on  July 30, 2024
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.
Disclaimer and Forward Looking Statements
Company Profile
Organizational Profile
Name RIO2 Limited
Describe nature of activities, brands, products and services Rio2 is a Canadian listed Junior mining
company with a focus on the acquisition and
development of mining projects into operations
in Latin-America.

Rio2 is currently focused on taking its
greenfields Fenix Gold Project in Chile to
construction and production in the shortest
possible timeframe based on a staged
development strategy, starting the project as a
medium sized mine to generate cashflow, then
expanding the project to an optimal size
incorporating improvements in technology and
climate change.

Rio2 and its wholly owned subsidiary in Chile,
Fenix Gold Limitada, are companies that
believe in high environmental standards and
environmental and social responsibility, with
the firm conviction that it is possible to develop
mining projects aligned with the three axes
(Social, Environment, and Economics) of
sustainable development, to the benefit of all
stakeholders.

As related companies, we reaffirm our
commitment to apply environmental standards
over and above those that are mandated by
regulators, complying with modern best
practice and operating in an environmentally
and socially responsible manner in the
territories where we operate.
Link to Corporate Website https://www.rio2.com/
Industry Classification NAICS:
21222 Gold and silver ore mining
Market Capitalization $0-$100Million USD
Type of Operations Exclusively non-producing operations
Company Headquarters Vancouver, Canada
ESG Accountability
Role and Name of highest authority within company for Environment, Social and Governance strategy, programs and performance Alex Black, Executive Chairman of the Board
GRI Reporting Requirements
Choose the statement as to how the organization has aligned their reporting utilizing GRI Standards The organization has reported with reference
to the GRI Standards for the period defined
below
ESG Reporting Period
Unless otherwise noted, all data contained in this report covers the following period
From 2023-01-01
To 2023-12-31
External Assurance
Describe your company's policy and practice for seeking external assurance, including whether and how the highest governance body and senior executives are involved The Company has no active operations and
hence has not obtained external assurance.
Has the report been externally assured No
Financial Reporting Period
Does the financial reporting period align with the sustainability reporting period (eg. calendar vs fiscal) Yes
Geographic Scope of Report
Unless otherwise noted, the data in this report covers sustainability matters related to the following locations of operations Chile
Identify notable exclusions of the geographical and/or business scope of the report, and reference of any existing or planned reports that do or will address these (e.g., assets recently divested or acquired, non-managed joint ventures, specific exploration activities, recently closed sites, etc.) There are no geographic or operational
exclusions in this report.
Reporting Practice
Provide the full contact details (name, title, address, email and/or phone number) for an individual responsible to address questions regarding the report or its contents Andrew Cox, President & CEO
Alejandra Gomez, Corporate Communications
Consultant.

All questions regarding this report can be sent
to the following email address, info@rio2.com.
Currency
Unless otherwise noted, all financial figures referenced in this report are in the following currency USD
Membership of Associations
List of the industry associations, other membership associations, and national or international advocacy organizations in which the organisation participates in a significant role, as well as any economic, environmental, and social charters, principles, or other programmes that the organisation subscribes to or supports, such as the United Nations Global Compact (UNGC), etc. Fenix ​​Gold, a subsidiary of Rio2,  is an
associate of the National Mining Society of
Chile (SONAMI), an institution that brings
together and represents large, medium and
small-scale metallic and non-metallic mining
activity in Chile, and of the  Corporation for the
Development of Atacama (CORPROA), a non-
profit private institution made up of regional
companies and entrepreneurs whose purpose is
to design, promote, execute and support
sustainable regional development strategies
that raise the quality of life of the population in
the Atacama Region.
Scale of the Organization
Describe how the organization defines its "Operation" For the purpose of this report, the "Operation"
is defined as the Fenix Gold development
project.
Report the total number of operations 1
Report the quantity of products or services provided during the reporting period and provide description (e.g. number of units produced, amount of primary commodity produced, number of services provided, etc.) Not Applicable.
Fragile and Conflict-Affected Situations
Identify all of the entity's countries of operations that align with the World Bank's list of "Fragile and Conflict-Affected Situations" None
Mineral Resource Types in Scope
Which of the following mineral resource types are covered by this report
   •  Inferred
   •  Indicated
   •  Measured
Mineral Reserve Types in Scope
Which of the following mineral reserve types are covered by this report
   •  Proven
   •  Probable
Strategy
Link to company's statements of: Purpose, Vision, Mission and Values; Sustainability/ESG strategy (URL) https://www.rio2.com/responsibility
Provide a statement from the highest governance body or most senior executive of the organization (i.e., CEO, chair, or equivalent senior position) about the relevance of sustainable development to the organization and its strategy for contributing to sustainable development. (CEO's message for this report) We are focused on carrying out mining
activities responsibly and respectfully. We have
made our commitment to the environment and
community engagement an integral part of our
strategy.
Message from the CEO
Material Topics
Governance of Material Topics
Describe the process followed to determine the organization's material topics Material topics were determined through the
four phases described below.

Phase 1: Understanding the organization’s
context. Standards, guides, and all relevant
documentation applicable to the national and
international mining sectors were reviewed and
analyzed.
Phase 2: Identification of actual and potential
impacts. A review and evaluation of the actual
and potential project risks was completed,
resulting from substantial dialogue with
stakeholders and technical, environmental, and
economic analyses.
Phase 3: Stakeholder Engagement. Stakeholder
concerns and expectations were taken into
account, and a consultation process was carried
out with communities, government authorities,
and other relevant actors.
Stage 4: Prioritization of Material Issues. The
most significant and relevant issues reported
were identified by the Company’s
Communications, Environmental, and Social
teams.
How did the organization identify the material topics
   •  Environmental impact assessment
   •  Social impact assessment
   •  Civil society organizations
How did the organization prioritize the impacts based on their significance Materiality was determined by the Company's
management's experience in mine project
development and information obtained from
various external consultancy firms at the
Company's request while producing the
Environmental Impact Study for the Fenix Gold
Project. The Company also used public
information as a reference.
Specify the stakeholders and experts whose views have informed the process of determining its material topics and provide details
   •  Civil society organizations
   •  Governments
   •  Local communities
   •  Shareholders and other capital providers
List the organization's material topics
   •  Environmental Assessment
   •  Other, please specify
In 2023 Rio2 was focused on filing and awaiting
the Regional Evaluation Commission's decision
on the  EIA (Environmental Impact Assessment)
for the Fenix Gold Project and did not
undertake a formal assessment of its material
topics. The Company will undertake such an
assessment when reasonable in relation to its
stage of development.
Report changes to the list of material topics compared to the previous reporting period There have been no changes to the material
topics compared to the previous reporting
period.
Supply Chain
Provide a description of the organization’s supply chain, including the types of suppliers (e.g., equipment, consumables, logistics, brokers, contractors, wholesalers, etc.) During the reporting period, the Fenix Gold
Project focused on the EIA claim process. A
supply chain will be established during the
construction and operation stages of the
project.
Environment
Climate Change - Stewardship
Strategy
Have climate-related risks and opportunities influenced your organization’s strategy and/or financial planning Yes
The Company engaged an external
independent party to advise and evaluate the
Impact of Climate Change on the Project. This
report was prepared using TCFD and EP4
standard guidance.  Financial planning and
details will be provided once the Project enters
the production phase.
Does your organization have a process for identifying, assessing, and responding to climate-related risks and opportunities Yes
Risk Assessments
Have you identified any inherent climate-related risks with the potential to have a substantive financial or strategic impact on your business Yes
Risk 1 - Provide details of the most material (financial or strategic) climate-related risks to your operations:
Where in the value chain does the risk driver occur Direct operations
Risk classification Acute Physical - Increased severity and
frequency of extreme weather events, such as
storms, cyclones and floods
Time horizon of risk Medium-term
Likelihood of impact More likely than not
Magnitude of impact Medium-low
The financial implications of the risk before action is taken (currency, Millions)
Financial implications will depend on the length
of time required to reestablish Project access
due to road damage from severe weather
events.
Explain your financial estimates of impact It does not apply to the reporting period as the
Project is not in the production stage.
Primary potential financial impact Increased indirect (operating) costs
The methods used to manage the risk Not Applicable
The costs of actions taken to manage the risk (currency, Millions) 0
If the reporting organization does not have a system in place to calculate the financial implications or costs, or to make revenue projections, please report its plans and timeline to develop the necessary systems to do so It does not apply to the reporting period.
For the construction and operation phases of
the Project, financial implications will be
calculated and projected.
Risk 2 - Provide details of the most material (financial or strategic) climate-related risks to your operations:
Where in the value chain does the risk driver occur Direct operations
Risk classification Availability of water
Time horizon of risk Medium-term
Likelihood of impact Unlikely
Magnitude of impact Medium-low
The financial implications of the risk before action is taken (currency, Millions)
Currently undefined as the Project is not in
operation.
Explain your financial estimates of impact For the construction and operation phases of
the Project, financial implications will be
calculated and projected.
Primary potential financial impact Increased direct costs
The methods used to manage the risk Not Applicable
The costs of actions taken to manage the risk (currency, Millions) 0
If the reporting organization does not have a system in place to calculate the financial implications or costs, or to make revenue projections, please report its plans and timeline to develop the necessary systems to do so Financial implications and cost will be
calculated for the construction and operation
phases of the Project.
Opportunity Assessments
Have you identified any climate-related opportunities with the potential to have a substantive financial or strategic impact on your business Yes
Opportunity 1 - Provide details of the most material (financial or strategic) climate-related opportunities to your operations:
Where in the value chain does the opportunity driver occur Direct operations
Opportunity type and classification Energy source: Other, please specify
There is an opportunity to connect to the
national energy grid (Carrera Pinto substation).
Opportunity time horizon Medium-term
Opportunity likelihood About as likely as not
Magnitude of impact Medium-high
The financial implications of the opportunity before action is taken (currency, Millions) 0
Currently undefined as it requires a trade-off
study, cost-benefit, and return on investment
timeframe. It is considered an improvement to
the Project once it is in operation.
Explain your financial estimates of impact Financial implications and cost will be
calculated for the construction and operation
phases of the Project.
Primary potential financial impact driver Reduced direct costs
The methods used to manage the opportunity Use of renewable and lower carbon footprint
energy
The costs of actions taken to manage the opportunity (currency, Millions) 0
Currently unknown.
Opportunity 2 - Provide details of the most material (financial or strategic) climate-related opportunities to your operations:
Where in the value chain does the opportunity driver occur Direct operations
Opportunity type and classification Resource efficiency: Use of more efficient
modes of transport
Opportunity time horizon Medium-to-long term
Opportunity likelihood More likely than not
Magnitude of impact Medium-low
The financial implications of the opportunity before action is taken (currency, Millions)
Currently unknown.
Explain your financial estimates of impact Replace diesel-powered vehicles with electric
powered vehicles for some stages of the
operation.
Primary potential financial impact driver Reduced direct costs
The methods used to manage the opportunity Use of renewable and lower carbon footprint
energy
The costs of actions taken to manage the opportunity (currency, Millions)
Currently unknown.
Greenhouse Gas Emissions
Scope 1
Disclose the entity's absolute gross greenhouse gas (GHGs) emissions generated during the reporting period, expressed as metric tonnes of CO2 equivalent (tonne CO₂-e)
Fuel related (CH₄) (tonne) 0.001
Fuel related (N₂O) (tonne) 0.000
Carbon dioxide (CO₂) (tonne CO₂-e) 35.248
Methane (CH₄) (tonne CO₂-e) 0.025
Nitrous oxide (N₂O) (tonne CO₂-e) 0.000
Hydrofluorocarbon-23 (CHF₃) (tonne CO₂-e) 0.000
Hydrofluorocarbon-32 (CH₂F₂) (tonne CO₂-e) 0.000
Sulphur hexafluoride (SF₆) (tonne CO₂-e) 0.000
Nitrogen trifluoride (NF₃) (tonne CO₂-e) 0.000
Perfluoro methane (CF₄) (tonne CO₂-e) 0.000
Perfluoro ethane (C₂F₆) (tonne CO₂-e) 0.000
Perfluoro butane (C₄F₁₀) (tonne CO₂-e) 0.000
Perfluoro hexane (C₆F₁₄) (tonne CO₂-e) 0.000
The total amount of gross global Scope 1 GHG emissions (CO₂-e) (tonne) 35.273
GHG emissions for the 2023 ESG Scorecard are
calculated based on estimated fuel and energy
consumption. EPA conversion factors were
utilized to calculate Scope 1 GHG emissions
(CO₂-e) (tonne).
The percentage of its gross global Scope 1 GHG emissions that are covered under an emissions-limiting regulation or program that is intended to directly limit or reduce emissions, such as cap-and-trade schemes, carbon tax/fee systems, and other emissions control (e.g., command-and-control approach) and permit-based mechanisms 0.0000%
In 2023, Chile did not implement an emissions-
limiting regulation or program.
Discuss any change in its Scope 1 emissions from the previous reporting period, including whether the change was due to emissions reductions, divestment, acquisition, mergers, changes in output, and/or changes in calculation methodology (i.e. any changes the entity made to the measurement approach, inputs and assumptions during the reporting period and the reasons for those changes, if any) Due to the Rejection of the EIA by the Chilean
authority in late 2022, there was a decreased
level of activity at the Project site.
Consequently, there was a reduction in the
emission levels.
In the case that current reporting of GHG emissions to the CDP or other entity (e.g., a national regulatory disclosure program) differs in terms of the scope and consolidation approach used, describe the differences and provide those reported emissions. It does not apply to the Project during the
reporting period.
The entity may discuss the calculation methodology for its emissions disclosure, such as if data are from continuous emissions monitoring systems (CEMS), engineering calculations, or mass balance calculations Mass balance calculations were used for Scope
1 emissions disclosure.
Source of the emission factors and the global warming potential (GWP) rates used, or a reference to the GWP source GHG emissions calculations for this ESG report
are based on US EPA conversion factors
recommended by the GHG Protocol.     
Scope 2
If company specific calculations are not available, disclose the gross location-based energy indirect (Scope 2) global greenhouse gas (GHG) emissions to the atmosphere (tonne CO₂-e):
Does the company purchase externally supplied energy (grid electricity) Yes
Report the total electricity purchased from external suppliers for the reporting year in gigajoules (GJ) 474.048
In what jurisdiction is the source of energy (utility) located Chile
Conversion factor (see Guidance): 0.250
Source: Ministerio de Energía de Chile, 2023.
Available at:  http://energiaabierta.
cl/visualizaciones/factor-de-emision-sic-sing/
(only in Spanish).
Total amount of Scope 2 GHG emissions from purchased electricity (CO₂-e) (tonne) 32.920
Does the company purchase externally supplied heat No
Does the company purchase externally supplied steam No
Does the company purchase externally supplied cooling No
The total amount of gross global Scope 2 GHG emissions (CO₂-e) (tonne) 32.920
Air Emissions
Report emissions of air pollutants that are released into the atmosphere
Emissions of carbon monoxide, reported as CO (tonne) 0.000
Rio2 Limited will begin its air emissions
monitoring program after the approval of its
Environmental Impact Assessment by
government authorities as it enters the
construction phase of the Fenix Project.
Emissions of oxides of nitrogen (NOx), reported as NOx (tonne) 0.000
Emissions of oxides of sulphur (SOx), reported as SOx (tonne) 0.000
Emissions of Particulate Matter 10 micrometres or less in diameter (PM₁₀), reported as PM₁₀ (tonne) 0.000
Emissions of lead and lead compounds, reported as Pb (tonne) 0.000
Emissions of mercury and mercury compounds, reported as Hg (tonne) 0.000
Emissions of non-methane Volatile Organic Compounds (VOCs) (tonne) 0.000
Energy
Energy Consumption
Total energy consumption within the organization (gigajoules, GJ) 979.538
Report the energy owned and controlled by the organization consumed in gigajoules for the following 979.538
Electricity purchased/generated for consumption (gigajoules, GJ) 474.048
Heating purchased/generated for consumption (gigajoules, GJ) 0.000
Cooling purchased/generated for consumption (gigajoules, GJ) 0.000
Steam purchased/generated for consumption (gigajoules, GJ) 0.000
Non-renewable fuel consumed (gigajoules, GJ) 505.490
Renewable fuel consumed (gigajoules, GJ) 0.000
Energy Management
Total energy consumed in aggregate, in gigajoules (GJ) (hydrocarbons and electricity) including the fuel types used (e.g., biomass, hydro-electric power or bioenergy) 979.538
Percentage energy consumed that was supplied by grid electricity 48.3951%
Percentage of energy consumed that is renewable energy (does not include purchased grid-mix) 0.0000%
Water Management - Stewardship
Quality and Quantity Dependency
Rate the importance (current and future) of freshwater quality and quantity to the success of your business
Direct use importance rating Neutral
The Fenix Gold Project will use retreated
industrial water from Copiapó.
Indirect use importance rating Important
Rate the importance (current and future) of sufficient quantity of recycled, brackish and/or produced water for the success of your business
Direct use importance rating Vital
The Fenix Gold Project will use retreated
industrial water from Copiapó.
Indirect use importance rating Important
Risk Assessments
Does your organization undertake a water-related risk assessment Yes, water-related risks are assessed
Have you identified any inherent water-related risks with the potential to have a substantive financial or strategic impact on operations Yes, only within our direct operations
The Company has identified the two potential
risks below.

1.Regulations becoming more restrictive.
2. Increased costs for the supply of water.
Provide details of identified risk in your direct operations with material financial or strategic impacts: Risk 1
Type of risk Regulatory
Primary risk driver Physical - Increased water stress
Primary potential impact Increased production costs
Risk timeframe More than 6 years
Magnitude of potential impact Medium
Likelihood of potential impact About as likely as not
Potential impact financial figure and explanation Increased water costs, and the need to use
desalinated water.
Primary response Secure alternative water supply
Cost of response and description of response There is desalinated water available in Copiapo.
The cost of desalinated water is estimated to be
three times the cost of the current water
supply.
Provide details of identified risk in your direct operations with material financial or strategic impacts: Risk 2
Type of risk Other, please specify
Opposition to the use of water supplied by
Nueva Atacama.
Primary risk driver Physical - Increased water scarcity
Primary potential impact Increased operating costs
Risk timeframe More than 6 years
Magnitude of potential impact Medium
Likelihood of potential impact About as likely as not
Potential impact financial figure and explanation Increased water costs, and the need to use
desalinated water.
Primary response Secure alternative water supply
Cost of response and description of response Unknown
Opportunity Assessments
Have you identified any water-related opportunities with the potential to have a substantive financial or strategic impact on your business Yes, we have identified opportunities but are
unable to realize them
Responsibility
Provide the highest management-level position(s) or committee(s) with responsibility for water-related issues Chief Executive Officer (CEO)
Policy
Does your organization have a documented water policy No
Reporting
Frequency of reporting to the board on water-related issues As important matters arise
Incentives
Do you provide incentives to C-suite employees or board members for the management of water-related issues No, and we do not plan to introduce them in the
next two years
Strategy
Are water-related issues integrated into any aspects of your long-term strategic business plan Yes, water-related issues are integrated
If water-related issues are integrated into any aspects of your long-term strategic business plan, please describe further We are currently identifying alternative water
sources to enable Project expansion,
environmentally approved continental water,
or access to desalinated water via pipelines.
If water-related issues are integrated into any aspects of your long-term strategic business plan, identify the associated long-term time horizon 5-10 years
Water
Water Management
Disclose the amount of water that was withdrawn from freshwater sources (in thousands of cubic meters) 0.286
Disclose the amount of freshwater water that was consumed in its operations (in thousands of cubic meters) 0.286
The amount of water consumed in the project
was 0.286 megaliters approximately extracted
from the Can Can well (natural source)
Analyse and list all operations for water risks and identify activities that withdraw and consume water in locations with High (40–80%) or Extremely High (>80%) Baseline Water Stress as classified by the World Resources Institute’s (WRI) Water Risk Atlas tool, Aqueduct Although the Fenix Gold project is located in a
high-risk area according to the Atlas of Water
Risks' classification, the water for the
operations will be industrially treated
wastewater from the city of Copiapó, and the
Project's plant design contemplates a 100%
reuse of process water.

The physical water quantity risk associated
with the year-on-year variation was classified
as high risk.

It's important to note that the physical,
reputational, and regulatory water risks for the
Fenix Gold project are all rated as low risk.
Disclose the freshwater withdrawn in locations with High or Extremely High Baseline Water Stress as a percentage of the total water withdrawn 100.0000%
In previous reports, Rio2 reported based on
national Chilean standards. In 2023, the
Company is reporting based on WRI and SASB
guidelines.
Disclose water withdrawn in locations with High or Extremely High Baseline Water Stress (in thousands of cubic meters) 0.286
Disclose freshwater consumed in locations with High or Extremely High Baseline Water Stress as a percentage of the total water consumed 100.0000%
Total water consumed in locations with high or extremely high baseline water stress (in thousands of cubic meters) 0.286
Was your organization subject to any fines, enforcement orders, and/or other penalties for water-related regulatory violations No
Total number of incidents of non-compliance associated with water quality permits, standards, and regulations, including violations of a technology-based standard and exceedances of quality-based standards (note: only those that resulted in a formal enforcement action(s)) 0
Violations - continuous discharges, limitations, standards, and prohibitions that are generally expressed as maximum daily, weekly average, and monthly average (regardless of their measurement methodology or frequency) 0
Violations - non-continuous discharges and limitations that are generally expressed in terms of frequency, total mass, maximum rate of discharge, and mass or concentration of specified pollutants (regardless of their measurement methodology or frequency) 0
Violations - other, please specify 0
Water and Effluents
Water Consumption
Report the total water consumption from all areas in megalitres 0.286
Report the total water consumption from all areas with water stress in megalitres 0.286
Waste Management
Tailings Storage Facilities Management
Does your company manage Tailings Storage Facilities No
The Fenix Gold Project will not generate
tailings.
Innovation
Spending on Research, Development, and Technologies for waste management compliance and improvement ($Millions) 0
Biodiversity
Management Plan
Describe the environmental and biodiversity management plan(s) implemented at active sites Rio2's biodiversity management plans are
disclosed in Fenix Gold's EIA file, which was
approved in December 2023. Rio2 will
implement biodiversity plans and programs
during construction, which is expected to occur
in Q4 2024.
1.1 Lifecycle stages to which the plan(s) apply
   •  Exploration and appraisal
   •  Site development
   •  Production
   •  During closure
   •  Decommissioning
1.3 The underlying references for its plan(s), including whether they are codes, guidelines, standards, or regulations; whether they were developed by the entity, an industry organization, a third-party organization (e.g., a non-governmental organization, a governmental agency, or some combination of these groups) The Biodiversity Plan included in the EIA was
developed by specialized consultants. The plan
and its information have been prepared in
compliance with current regulations, national
guidelines, and international standards.
Furthermore, we have proposed voluntary
commitments that are intricately aligned with
the Project design and our corporate
guidelines.
Impacts
Does access to the site involve traversing a protected area No
This disclosure includes all relevant national
categories and designations as well as
internationally recognized protected areas, i.e.
areas designated under the World
Conservation Union (IUCN) designation I-IV,
UNESCO Natural World Heritage Sites,
UNESCO Man, and the Biosphere Reserves,
and wetlands designated under the Convention
on Wetlands of International Importance (the
Ramsar Convention).
Do any of the entities concessions share a watershed with a protected area Yes
Provide context and description of site access involving traversing protected areas, and/or watersheds shared with a protected area. Include reference to measures in place to assure access, any proactive programs to support the biodiversity of the protected area, and any formal complaints or compliance issues and related steps to resolve Neither the Fenix Gold Project nor any of its
facilities cross a protected area.

The Fenix Gold Project is located 3.6 km from
the boundary of the Nevado Tres Cruces
National Park and the Laguna Santa Rosa
Ramsar Site. (See map attached.)
A small area (0.82 km2) of the upper part of the
Fenix Project is located in the pit sub-basin,
which is a contributor basin to the Maricunga
National Park and Salar. However, according to
the modeling and environmental impact
assessment, the potential effects on the
protected area are not significant. This
negligible impact is associated with the possible
decrease in recharge due to specific Project
works. The possible reduction in recharge is
estimated at 0.20 L/s, corresponding to 2.11%
of the total recharge in the sub-basin (9.5 L/s).
At the basin level, the Rajos sub-basin belongs
to the Salar de Maricunga basin, in which water
balances have been carried out by various
sources, estimating the recharge of the Salar de
Maricunga between approximately 1,200 L/s
and 1,600 L/s, for which the possible decrease
in recharge due to the Project works located in
the Rajos sub-basin represents between
0.013% and 0.017%, at the basin level.
Therefore, no risk of reduced water levels is
expected, which qualifies as a non-significant
impact.
Fenix Gold Pit Sub-Basin Catchment
Percentage of proved reserves in sites with protected conservation status or in areas of endangered species habitat 0.0000%
Percentage of probable reserves in sites with protected conservation status or in areas of endangered species habitat 0.0000%
Social
Scale of the Organization
Direct Employee Information
Total number of full-time employees 24
Full-time - Male 15
Full-time - Female 9
Full-time - Non-binary 0
Total number of part-time employees 10
Part-time - Male 0
Part-time - Female 0
Part-time - Non-binary 0
Total number of permanent employees (full-time & part-time) 24
Permanent employees - Male 15
Permanent employees - Female 9
Permanent employees -Non-binary 0
Total number of temporary employees 6
Temporary employees - Male 5
Temporary employees - Female 1
Temporary employees - Non-binary 0
Total number of direct employees (includes full-time, part-time, temporary; exclude workers who are not employees) 30
Direct employees - Male 20
Direct employees - Female 10
Direct employees - Non-binary 0
Employees have chosen not to provide this
information.
Out of the total direct employees, what is the number of non-guaranteed hours direct employees 0
Non-guaranteed hours - Male 0
Non-guaranteed hours - Female 0
Non-guaranteed hours - Non-binary 0
Non-guaranteed hours - Gender not disclosed 0
Describe the methodologies and assumptions used to compile the data The data was compiled using information from
the monthly updated Workforce Reports that
are provided by both affiliated and contracted
companies.
Are the numbers reported in head count, full-time equivalent (FTE), or using another methodology The numbers are reported in headcount for
full-time & part-time employees.
Are the numbers reported at the end of the reporting period, as an average across the reporting period, or using another methodology The numbers are disclosed at the end of the
reporting period.
Provide contextual information necessary to understand the direct employment information provided  We had a reduction in personnel as Fenix Gold
obtained the necessary permits to carry out
construction activities on the project.
Describe significant fluctuations, if any, in the number of direct employees during the reporting period and between reporting periods  In the second semester of the reporting year,
there was a progressive decrease in personnel
due to the reasons disclosed above.
Workers Who are Not Employees
Total number of workers who are not employees - Male (full-time, part-time) 10
Full-time - Male 6
Part-time - Male 4
Total number of workers who are not employees - Female (full-time, part-time) 1
Full-time - Female 0
Part-time - Female 1
Total number of workers who are not employees - Non-Binary (full-time, part-time) 0
Employees have chosen not to provide this
information.
Full-time - Non-binary 0
Part-time - Non-binary 0
Total number of workers who are not employees - Gender not disclosed (full-time, part-time) Confidentiality Constraints
Employees have chosen not to provide this
information.
Total number of workers who are not employees and whose work is controlled by the organization (e.g., suppliers, customers, or other business partners, such as in joint ventures) 11
Describe the most common types of workers who are not employees and their contractual relationship with the organization Full-time, permanent employment is generally
the most common type of employment.
The type of work they perform Consultants responsible for obtaining permits
to begin construction on the project are the
most common type of worker.
Describe the methodologies and assumptions used to compile the information about workers who are not employees.
Is the number of workers who are not employees reported in head count, full-time equivalent (FTE), or using another methodology The Company has included part-time
consultants in the headcount.
Is the number of workers who are not employees reported at the end of the reporting period, as an average across the reporting period, or using another methodology All workers have been reported at the end of
the reporting period.
Describe significant fluctuations, if any, in the number of workers who are not employees during the reporting period and between reporting periods As of the year's second half, there was a
progressive decrease in the number of
personnel due to the rejection of the
Environmental Impact Assessment (“EIA”) for
the Fenix Gold Project in Chile.
Total Workforce
Total workforce (includes direct employees and workers who are not employees) 41
Total female workforce 11
Female workforce as percentage of total employed workforce 26.8293%
Total male workforce 30
Male workforce as percentage of total employed workforce 73.1707%
Total non-binary workforce 0
Non-binary workforce as percentage of total employed workforce 0.0000%
Workers who are not employees (contractors) as percentage of total employed workforce 26.8293%
Employment
Turnover & Gender Breakdown
Female direct employees 
Total number of turnover (the number of females that left during the period) 0
Rate of turnover, females 0.0000%
Male direct employees
Total number of turnover (the number of males that left during the period) 0
Rate of turnover, males 0.0000%
Non-binary direct employees
Total number of turnover (the number non-binary that left during the period) 0
Rate of turnover, non-binary Does Not Apply
Report the total number and rate of turnover for all Direct Employees 
Total number of turnover (the number that left during the period) 0
Rate of turnover - direct employees 0.0000%
Turnover & Age Breakdown
Direct Employees aged 30 years old and under 
Total number of turnover (the number that left during the period) 0
As percent of total direct employees 0.0000%
Rate of turnover Does Not Apply
Direct Employees aged between 30 and 50 years old 
Total number of turnover (the number that left during the period) 0
As percent of total direct employees 56.6667%
Rate of turnover 0.0000%
Direct Employees over 50 years old
Total number of turnover (the number that left during the period) 0
As percent of total direct employees 43.3333%
Rate of turnover 0.0000%
Identify types of employees captured in the turnover rate calculations
   •  Direct-hire temporary workers (temporary
workers who are on the company payroll)
   •  All employees on the payroll
Average age of direct employees 47
Diversity and Equal Opportunity
Diversity of Governance Bodies
Report the percentage of the diversity categories for the highest governance body and the total workforce per employee type
Board of Directors
Total Board of Directors 7
Percent Male 100.0000%
Percent Female 0.0000%
Percent Non-Binary 0.0000%
Percent under 30 years of age 0.0000%
Percent between 30 and 50 years of age 0.0000%
Percent over 50 years of age 100.0000%
Percent minority or vulnerable group individuals in the "Board of Directors" category 0.0000%
Diversity of Direct Employees
Senior Management
Total Senior Managers 3
Percent Male 66.6667%
Percent Female 33.3333%
Percent Non-Binary 0.0000%
Percent under 30 years of age 0.0000%
Percent between 30 and 50 years of age 33.3333%
Percent over 50 years of age 66.6667%
Percent of minority or vulnerable group individuals in the "Senior Management Employee" category 0.0000%
Salaried (excluding Senior Management)
Total Salaried (excluding Senior Management) 27
Percent Male 70.3704%
Percent Female 29.6296%
Percent Non-Binary 0.0000%
Percent under 30 years of age 0.0000%
Percent between 30 and 50 years of age 59.2593%
Percent over 50 years of age 40.7407%
Percent of minority or vulnerable group individuals in the "Salaried Employee" category 0.0000%
Diversity of Workers Who Are Not Employees
Workers who are not employees 11
Number of Males 10
Number of Females 1
Number of Non-Binary 0
Labour Relations
Collective Bargaining Agreements
Percentage of total direct employees covered by collective bargaining agreements (%) 0.0000%
Rio2 Limited does not have Collective
Bargaining Agreements.
For direct employees not covered by collective bargaining agreements, report whether the organization determines their working conditions and terms of employment based on collective bargaining agreements that cover its other employees or based on collective bargaining agreements from other organizations The organization determines the working
conditions and terms of employment for all
workers, as there is no collective bargaining
agreement.
Notice Periods
Minimum number of weeks’ notice typically provided to direct employees in the active workforce and their representatives prior to the implementation of significant operational changes that could substantially affect them 6 weeks
Occupational Health and Safety
Work-related Injuries
Injuries - For the total workforce
Number of fatalities as a result of work-related injury 0
Rate of fatalities resulting from work-related injury. Note: calculating per 200,000 hours worked 0.000
Number of high-consequence work-related injuries (excluding fatalities) 0
Rate of high-consequence work-related injuries (excluding fatalities) 0.000
Number of recordable work-related injuries 0
Rate of recordable work-related injuries 0.000
Main types of work-related injury, e.g., confined space, trips, falls, etc No work-related injuries were recorded for the
2023 calendar year. This applies to employees
only.
Number of hours worked 65,047
Lost Time Injuries (LTIs) 0
Lost Time Injury Rate (LTIR) 0.000
In 2023, Rio2 Limited had a 0.00 fatality rate,
0.00 work-related incident rate, and a 0.00 Lost
Time Incident rate.
Injuries - workers who are not employees, but whose work and/or workplace is controlled by the organization
Number of fatalities as a result of work-related injury 0
Rate of fatalities resulting from work-related injury. Note: calculating per 200,000 hours worked 0.000
Number of high-consequence work-related injuries (excluding fatalities) 0
Rate of high-consequence work-related injuries (excluding fatalities) 0.000
Number of recordable work-related injuries 0
Rate of recordable work-related injuries 0.000
Main types of work-related injury, e.g., confined space, trips, falls, etc No work-related injuries were recorded for the
2023 calendar year. This applies to contractors
only.
Number of hours worked 16,166
Lost Time Injuries (LTIs) 0
Lost Time Injury Rate (LTIR) 0.000
In 2023, Rio2 Limited had a 0.00 fatality rate,
0.00 work-related incident rate, and a 0.00 Lost
Time Incident rate.
Combined (Employees and non-employees, but controlled by the organization):
Total Hours Worked 81,213
Total number of all work-related injuries 0
Rate of work-related injuries 0.000
Total Lost Time Injuries (LTIs) 0
Lost Time Injury Rate (LTIR) 0.000
Report the work-related hazards that pose a risk of high-consequence injury, including Work-related hazards that pose a risk of high-
consequence injury include those identified
below.

- Driving
- Blows to the hand
- Blows from objects causing head injuries
- Falls from different levels
- Same level falls
-Cuts with sharp and cutting objects
- Particles projection
- Noise exposure
- Exposure to dusts, gases, metallic fumes and
vapors
- Blows with tools
- Entrapment by machinery
- Back pain associated with handling of manual
loads
- Personnel transportation
- Mobile equipment operations
- Falling from suspended loads, mobile cranes,
and overhead cranes
- Fires
- Handling of hazardous substances
- Electrical hazards
How have these hazards been determined Rio2 utilizes the ISO 45001 methodology to
identify high-potential hazards.

For this purpose, Rio2 applies the Iper matrix
(HIRA, Hazard Identification, and Risk
Assessment in English). This matrix is a
management tool that can be used to identify
hazards and assess risks associated with the
processes of any organization.

This methodology includes:
•     On-site registration
•     Induction training
•     Monitoring and evaluation
Which of these hazards have caused or contributed to high-consequence injuries during the reporting period In this reporting period, Rio2 did not suffer any
high-consequence injuries.
Actions taken or underway to eliminate these hazards and minimize risks using the hierarchy of controls For 2023 the actions taken according to the
Hierarchy of Controls were:

-Implementation of Administrative controls
-Delivery of Personal Protection Equipment
-Safe Driving in High Mountains Training; and
-Emergency Preparedness Training.
Report on actions taken or underway to eliminate other work-related hazards and minimize risks using the hierarchy of controls In order to eliminate hazards and minimize
risks during 2023, Rio2 complied with Chilean
Occupational Health and Safety Standards and
Regulations (Chile's Occupational Safety and
Health Law No. 16744 regulates workplace
accidents and occupational diseases). The
Company also implemented plans, and
programs as shown in the attached table. There
were no changes in programs implemented
between 2022 and 2023.
Fenix Gold 2023 Elimination of Work-related Hazards -Safety Regulations, Programs, Standards
Have rates been calculated based on 200,000 or 1,000,000 hours worked 200,000
Whether and, if so, why any workers have been excluded from this disclosure, including the types of worker excluded, e.g., short-term contractors No worker has been excluded from this
disclosure.
Disclose any contextual information necessary to understand how the data have been compiled, i.e., any standards, methodologies, and assumptions used Rio2 identifies and develops Health and Safety
procedures and protocols based on the
following:

a) Host government regulations on safety
b) Occupational health and risk prevention, and
c) The adequacy of safety standards in
accordance with our operations.

In addition, we hold daily mandatory safety
meetings with all personnel and contractors to
identify risks as operations and activities
change to meet project demands.

When necessary, we hire external consulting
services specialized in risk prevention.
Safety Training
Describe any occupational health and safety training provided to workers, including generic training, as well as training on specific work-related hazards, hazardous activities, or hazardous situations Occupational health and safety training
provided to workers, including generic training,
as well as training on specific work-related
hazards, hazardous activities, or hazardous
situations include the following.

- General safety induction and re-induction of
personnel.
- Dissemination of safety, occupational health,
environmental, and social management policies.
- Hazard identification and occupational risk
assessment.
- Dissemination of safety events in other
companies: lessons learned.
- Use and handling of fire extinguishers.
- Information on occupational insurance.
- Use of the Pre-use checklist and other
management tools.
- Limits and speed control in vehicles.
- Thunderstorms: evacuation procedure.
- Emergency communications.
- Emergency response booklet.
- Altitude sickness.
- Covid-19 emergency response booklet.
- Code of Conduct.
- Internal Work Regulations.
- Internal Safety Regulations.
Disclose the average number of training hours provided to its workforce for health, safety, and emergency management training
Average hours of health, safety, and emergency response training for (a) full-time/direct employees 20
In  2023, the Company trained workers who
started work but left within the same reporting
year period. The average hours of training in
health, safety, and emergency response for
contract employees is high because several
workers entered after the start and before the
end of the period.
Average hours of health, safety, and emergency response training for (b) workers who are not employees (contractors) 16
Security, Human Rights and Rights of Indigenous People
Describe the nature of any social risks, for all operating countries, that could have a material impact on the operations Please see the attached document for a
description of the social risks related to the
Fenix Gold Project.
Rio2 - 2023 Social Risks Report
Percentage of proved reserves that are located in or near areas of active conflict 0.0000%
Percentage of probable reserves that are located in or near areas of active conflict 0.0000%
Percentage of proved reserves that are located in or near areas that are considered to be indigenous peoples’ land 0.0000%
There are no percentage of proved reserves
that are located in or near areas that are
considered to be Indigenous peoples’ land.
Percentage of probable reserves that are located in or near areas that are considered to be indigenous peoples’ land 0.0000%
No percentage of probable reserves are located
in or near areas that are considered to be
Indigenous peoples’ land.
Which indigenous rights of communities in which the entity operates or intends to operate are respected, provide a description of the entity's due diligence practices and procedures in the details. Please see attached disclosure.
Colla Communities Transhumance Routes
Rio2's DD Practices Procedures Indigenous Communities
Which human rights procedures the entity's due diligence practices include, provide description in the details
   •  Implementation of Voluntary Principles on
Security and Human Rights
   •  Other, please specify
Please see attached description of human
rights procedures applied by the Company .
Rio2 Human Rights Procedures
Discuss the practices and procedures while operating in areas of conflict, describing the approach according to the Five-Step Framework outlined in the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas Rio2 does not operate in areas of conflict.
Community Relations
Artisanal and Small-Scale Mining
Number of company operating sites where artisanal and small-scale mining (ASM) takes place on, or adjacent to, the site (not controlled by company/unauthorized) 0
There are no operating sites where artisanal
and small-scale mining (ASM) takes place on, or
adjacent to, the Fenix Gold Project.
Discuss the processes, procedures, and practices to manage risks and opportunities associated with the rights and interests of communities in areas where it conducts business Rio2 has processes, procedures, and practices
to manage risks and opportunities associated
with the rights and interests of the
communities in the areas where we do business
including:

• Evaluation of Actors related to the Project
(EIA )
• Program of Attention to Observations
• Principles of Community Relations and Social
Management
• Policy of Contribution to the Communities
• Procedure for Contracting Suppliers of
Indigenous Communities
• Register of Contributions to Communities
• Register of meetings with institutions
• Social Management Plan
• Gender Inclusion Plan
• Vulnerable People Inclusion Plan
Programs
Report on community relations programs, objectives and achievements in the past 3 years See attached disclosure.
In 2023 we continued our engagement process
with diverse stakeholders of the Fenix Gold
Project with the following objectives:

1. To build collaboration ties and generate the
appropriate social conditions and social license
to guarantee the project's continuity.
2. Strengthen the image and reputation of the
company with stakeholder groups in the
project's area of influence.
3. Ensure the proper implementation of social
guidelines in accordance with the company's
strategy and maintain the project's social and
sustainability viability.
Rio2 Community Rel Programs 3 Year
Risks and Opportunities
Disclose the total number of site shutdowns or project delays due to non-technical factors 0
Disclose the total aggregate duration (in days) of site shutdowns or project delays due to non-technical factors 0
Governance
Governance structure and composition
Describe the governance structure, including committees of the highest governance body (e.g. the Board of Directors, the Executives, the Board Environment Committee, Board Safety Committee, the Advisory Committee, etc.) Rio2’s Board of directors is responsible for the
strategic supervision and direction of
Management of Rio2 Limited. The Board is
composed of seven directors, each with a
specific and strategic level of expertise
beneficial to the business of the Company.

The CEO is appointed by the Board and tasked
with achieving the strategic objectives of the
Company and its operational priorities.
Identify and list the committees of the highest governance body that are responsible for decision making and overseeing the management of the organization’s impacts on the economy, environment and people including the oversight of sustainability-related risks and opportunities (e.g. Board level Environment Committee, Safety Committee, ESG Committee, Advisory Committee, etc.) The committees responsible for decision-
making on economic, environmental, and social
topics including the Corporate Governance and
Compensation Committee, the Audit
Committee, and the Health, Safety, and
Community Committee.

Please see the links below for the Health,
Safety, and Community Charter, and the Audit
Committee Charter.
Health Safety and Community Charter

Audit Committee Charter
Delegation of responsibility for managing impacts
Describe whether the highest governance body has appointed any senior executives with responsibility for the management of organization’s impacts on the economy, environment and people (e.g., is it part of the Governance structure of the company, CEO's role, CFO's role, Sustanability Executive, etc.) Yes, the Health, Safety, Environment, and Social
Responsibility Committee of the Board of
Directors is the highest governance body
charged with overseeing the company's
performance on ESG issues.
Describe whether the highest governance body has delegated responsibility for the management of impacts to other employees The Company's Board of Directors has
delegated responsibility for managing ESG
issues to the CEO.
Climate-related disclosures
Management's role
Provide the highest management-level position(s) or committee(s) with responsibility for climate-related policies, strategies and issues Chief Executive Officer (CEO)
Nature of primary responsibility Both assessing and managing climate-related
risks and opportunities
Policy commitments
Provide a description of the organization’s policy commitments for responsible business conduct Rio2 Limited and its subsidiaries are committed
to conducting business with integrity in
accordance with the highest ethical and moral
standards and in compliance with all applicable
laws, rules, and regulations.
The Company has issued a Code of Business
Conduct and Ethics to promote: honest and
ethical conduct, including the ethical handling
of actual or apparent conflicts of interest
between personal and professional
relationships; avoidance of conflicts of interest,
including disclosure to an appropriate person of
any material transaction or relationship that
reasonably could be expected to give rise to
such a conflict; confidentiality of corporate
information; protection and proper use of
corporate assets and opportunities; compliance
with applicable governmental laws, rules, and
regulations; the prompt internal reporting of
any violations of this Code to an appropriate
person or person identified in this Code; and
accountability for adherence to this Code.
Rio2 Limited Code of Business Conduct and
Ethics
What are (if any) the authoritative intergovernmental instruments that the commitments reference Rio2's Code of Business Conduct and Ethics
does not rest on any instruments in particular.
Still, it states that all employees, directors, and
consultants of the Corporation must adhere to
the applicable laws and regulations of the areas
in which it operates.
Do the commitments stipulate conducting due diligence Rio2's Code of Business Conduct and Ethics has
a Concern Reporting, Investigation, and
Resolution section supported by the
Company's Whistleblower Policy.
Rio2's Code of Business Conduct and Ethics
Do the commitments stipulate applying the Precautionary Principle or Approach (see instructions). No
Do the commitments stipulate respecting human rights Yes
Describe the specific policy commitment to respect human rights The Code states that Rio2's employment
decisions will be based on reasons related to
our business, such as job performance,
individual skills and talents, and other business-
related factors. The Corporation policy
requires adherence to all national, provincial, or
local employment laws. In addition to any other
requirements of applicable laws in a particular
jurisdiction, the Company's Code prohibits
discrimination in any aspect of employment
based on race, color, religion, sex, sexual
orientation, national origin, disability, or age
within the meaning of applicable laws. It also
prohibits abusive or harassing conduct by our
employees and officers toward others, such as
unwelcome sexual advances, comments based
on ethnicity, religion, or race, or other non-
business, personal remarks or conducts that
make others uncomfortable in their
employment with us. We encourage and expect
employees and associates to report harassment
or other inappropriate conduct as soon as it
occurs.
What are (if any) the internationally recognized human rights that the commitment covers Internationally recognized human rights
covered by the Code include:

* Right to life and personal integrity
* Right to work, to  fair work conditions,
prohibition of slavery and Social Security
* Same right to use the law, equality  before the
law, and the right to be treated fair by the court
*  Equality and no discrimination
* Right to freedom of thought, conscience, and
religion
*  Right to participate in political and public life
* Freedom of opinion, expression, and access
at the information
* Right to private life and privacy
* Right to a healthy environment
What are the categories of stakeholders, including at-risk or vulnerable groups, that the organization gives particular attention to in the commitment Rio2 wishes to play an active role in promoting
and exemplifying respect for human rights. This
goal applies to the interests, cultures, customs,
and values ​​of our employees and the
communities we interact with daily.
Provide links to the policy commitments, if publicly available, or, if the policy commitments are not publicly available, explain the reason for this Please see the attached Corporate policies for
more details.
Disclosure and Confidentiality Policy General Privacy Policy
Report the level at which each policy commitment was approved within the organization, including whether this is the most senior level All Company Codes and Policies have been
approved by Rio2's Board of Directors.
To what extent the policy commitments apply to the organization’s activities and to its business relationships Code and policy commitments have been
adopted by our Board of Directors to
summarize the standards of business conduct
that must guide the actions of all of the
directors, officers, and employees of the
Corporation. This Code and associated policies
apply to all Corporation directors, officers, and
employees. This Code also applies to certain
contractors. Contractors, including consultants
and advisors are expected to conduct
themselves in accordance with this Code (or
the equivalent of) when dealing with or acting
as a representative of the Corporation.
Describe how the policy commitments are communicated to employees, business partners, and other relevant parties Policy commitments are communicated to
employees and communities via our website,
on-site and online training, annual policy review
and commitment sign-off. All concerns related
to human rights or governance are handled
through the company Whistleblower or
grievance mechanisms.

There is no policy communication for business
partners or other relevant parties.
Embedding policy commitments
Describe how the organization embeds each of its policy commitments for responsible business conduct throughout its activities and business relationships Rio2s Board of Directors, the CEO, and the
CFO are in charge of overseeing the fulfillment
of  Rio2's Code of Business and Ethics and
associated politics.
How are responsibilities allocated in order to implement the commitments across different levels within the organization The HR department communicates with all
Department leaders on the responsibility
vested in their different roles as in policy
compliance from their assigned teams.
In turn, the CEO reports all concerns and
developments to the HSE Committee of the
Board.

Accountability is continuously communicated
as a response to a failure to comply with the
Company policies.
How are the commitments integrated into organizational strategies, operational policies, and operational procedures The Company holds mandatory meetings
where the policies are communicated.

It is expected for all employees to take these
policies into consideration when planning or
executing their work-related tasks.
How does the organization implement its commitments with and through its business relationships Contractors are given feedback sessions on
how to behave and how to expect their teams
to behave.
What implementation training does the organization provide The Company provides annual in-person and
online training.
Governance structure and composition
Describe the composition of the highest governance body and its committees by:
Number of executive members (non-independent) 2
Number of non-executive members (non-independent) 0
Number of independent members 5
The total number of governance body members 7
Percentage of independent board members 71.4286%
Less than 3 years of tenure of members on the governance body 1
3-6 years of tenure of members on the governance body 6
6-9 years of tenure of members on the governance body 0
More than 10 years of tenure of members on the governance body 0
Number of other significant positions and commitments held by each member, and the nature of the commitments Two of our board directors hold significant
positions and commitments to other
organizations as follows:

Lead Director Klaus Zeitler (Chairman of the
Board of Rio2 Limited in 2021) is also the
Executive Chairman of Amerigo Resources Ltd.
and Director of Western Copper and Gold
Corporation.

The Chairman of Rio2's Audit Committee Ram
Ramachandran is also the CFO of Purepoint
Uranium Group Inc.
Number of Male governance body members 7
Number of Female governance body members 0
Number of Non-Binary governance body members 0
Number of members from under-represented social groups 0
Description of competencies relating to economic, environmental, and social topics Please see attached disclosure.
2023 Rio2 Board Composition 2023 Rio2 Board Competencies
Description of stakeholder representation, including employees and other workers Rio2 is a Canadian exploration and
development company. Its stakeholder
representation consists of employees and
workers who are not employees, trade union
service suppliers, local community suppliers
and services, and our shareholders and
providers of capital. For a description of our
ownership structure, please see the attached
file.
Rio2 Ownership Structure
Highest Governance Body
Describe the nomination and selection processes for the highest governance body and its committees Shareholders of the Company vote on the
appointment of candidates to the Board
proposed by Rio2 at the annual general
meeting of shareholders.
Do you have a diversity policy and if so, provide details, link to the policy or attach the file Currently, Rio2 does not have a Board
Diversity Policy.
Report the criteria used for nominating and selecting highest governance body members
Discuss whether and how diversity is considered The Board thoroughly considers any new
director nominees, including an evaluation of
the skills and experience of the current
directors, determining the gaps in skills and
experience that exist and finding potential
candidates to fill those gaps and round out the
skills and experience of the Board as a whole.
Diversity (including the representation of
women on the Board and in executive officer
positions) is a factor considered in determining
the optimum composition of the Board. The
final recommendation for nomination or
appointment to the Board has been based on
the best combination of skills and experience
for the position, with due regard for the
benefits of diversity on the Board.
Discuss whether and how independence is considered The Board is currently comprised of five
independent directors and two directors who
are not considered to be independent. NI 58-
101 recommends that the Board of a public
company should be constituted with a majority
of individuals who qualify as “independent”
directors. An “independent” director is a
director who has no direct or indirect material
relationship with the Company. A material
relationship is a relationship that could, in the
view of the Board, reasonably interfere with
the exercise of a director’s independent
judgment. The Board is responsible for
assessing director independence. The Board
has assessed the independence of each director
in accordance with National Instrument 58-101
and NI 52-110. Following this assessment, the
Board of Directors concluded that Klaus
Zeitler, Sidney Robinson, Ram Ramachandran,
Albrecht Schneider, and Drago Kisic are all
independent directors under NI 58-101. Alex
Black, the Executive Chairman of the Board,
and Andrew Cox, the President and Chief
Executive Officer of the Company, are
members of management and as a result, they
are not independent directors.
Discuss whether and how competencies relevant to the impacts of the organization are considered In considering Board composition and to
encourage an objective nomination process, the
Board periodically assesses the size, structure
and composition of the Board, taking into
consideration current strengths, skills and
experience of the Board, proposed retirements
and the requirements and strategic direction of
the Company.
Chair of the highest governance body
Is the chair of the highest governance body also a senior executive in the organization (non-independent) Yes
Mr. Klaus Zeitler was the Non-Executive
Chairman of the Board of Directors of Rio2
Limited until November 2022.  On November
28, 2022, Alex Black became the Executive
Chairman of the Board.
If the chair is also a senior executive, explain their function within the organization’s management, the reasons for this arrangement, and how conflicts of interest are prevented and mitigated Alex Black, is the Executive  Chairman of the
Board of Directors of Rio2 Limited; as such he is
deemed not to be an independent director. As
explained above, all board committee chairs are
independent and the board is comprised of a
majority of independent directors.
Conflicts of Interest
Describe the processes for the highest governance body to ensure that conflicts of interest are prevented and mitigated All Rio2 officers and managers maintain an
"open door" policy regarding questions of
business conduct regarding our Business
Conduct and Ethics Code and its applicability.
Employees are encouraged to be alert to any
work-related activities that could be construed
as a violation of this Code. They have an
obligation to promptly report potential
violations orally, in writing, or, if preferred,
anonymously.  Rio2 has finalized the design of
an intranet platform that provides employees
with an additional channel for reporting of
violations to the Company's Code of Business
Conduct and Ethics once the Company starts
operations.
Are conflicts of interest disclosed to stakeholders Yes
Are there conflicts of interest related to: cross-board membership Yes
Are there conflicts of interest related to: cross-shareholding with suppliers and other stakeholders Yes
Are there conflicts of interest related to: existence of controlling shareholder Yes
Are there conflicts of interest related to: related parties, their relationships, transactions, and outstanding balances Yes
Collective knowledge of highest governance body
Report measures taken to advance the collective knowledge, skills and experience of the highest governance body on sustainable development. (e.g. board training) The Board did not receive training in 2023.
Transparency
Describe the role of the highest governance body and of senior executives in developing, approving and updating the organization’s purpose, value or mission statements, strategies, policies and goals related to sustainable development In 2023 the Board met with Management four
times to discuss strategy and goals for the
development of the Fenix Gold Project.
Financial, social, and environmental topics were
discussed.
Describe the role of the highest governance body in overseeing the organization’s due diligence and other processes to identify and manage the organization’s impacts on the economy, environment and people HSE impacts are assessed and managed by the
HSC Board Committee as mandated by its
charter and the Company's Safety,
Occupational Health, Environment, and Social
Responsibility Policy.
Describe whether and how the highest governance body engages with stakeholders to support these processes Yes. The Company's Executive Chairman, CEO
and senior officers speak with stakeholders
frequently and report on any feedback
regarding economic, environmental, and social
matters to the Board regularly.
Describe how the highest governance body considers the outcomes of these processes All issues requiring actions are identified,
addressed, and reported regularly to the Board
by the HSC Committee.
Ethics
Ethics and Integrity
Describe how individuals can seek advice on implementing the organization’s policies and practices for responsible business conduct The Company encourages employees to
express their concerns through an open-door
policy, where everyone can access and
communicate with those responsible for
addressing the concerns, claims, and complaints
of employees.
Describe the mechanisms for individuals to raise concerns about the organization’s business conduct Procedures are in place in the business units to
address claims, concerns, and complaints,
including telephone communication channels,
e-mails from those responsible for handling
such claims, and the intranet.
Compliance with laws and regulations
Report the total number of significant instances of non-compliance with laws and regulations that occurred during the reporting period and a breakdown of this total by 0
Number of instances for which fines were incurred 0
Number of instances for which non-monetary sanctions were incurred 0
Report the total number of fines for instances of non-compliance with laws and regulations that were paid during the reporting period 0
Report the monetary value of fines for instances of noncompliance with laws and regulations that were paid during the reporting period ($) 0
Total number of fines paid for instances of non-compliance with laws and regulations that occurred in the current reporting period 0
Total monetary value of fines for instances of non-compliance with laws and regulations that occurred in the current reporting period ($) 0
Total number of fines paid for instances of non-compliance with laws and regulations that occurred in previous reporting periods 0
Total monetary value of fines for instances of non-compliance with laws and regulations that occurred in previous reporting periods ($Million) 0
Describe the significant instances of non-compliance Rio2 is in compliance with all environmental
laws and regulations pertaining to the Fenix
Gold Project in Chile.
Describe the management system and due diligence procedures for assessing and managing corruption and bribery risks internally and associated with business partners in its value chain Rio2 has zero tolerance for bribery and
corruption in all business dealings and
relationships, in all jurisdictions in which it
operates. Implementing and enforcing effective
systems to prevent bribery and corruption is
central to this approach. For this reason, Rio2
has adopted an Anti-Bribery and Anti-
Corruption Policy to avoid and prevent bribery
and corruption in all business dealings of, and
transactions undertaken by, the Corporation.

This Policy provides information and guidance
on how to recognize and deal with bribery and
corruption issues and provides guidelines and
establishes procedures to ensure that all those
working for, on behalf of, and with the
Corporation have a clear and consistent
understanding of how to avoid and prevent
bribery and corruption. This Policy applies to all
employees and consultants of Rio2 and its
subsidiaries.

Please refer to the link below to access Rio2's
Anti-Bribery and Anti-Corruption Policy.
Rio2 Anti-Bribery and Anti-Corruption Policy
If applicable, discuss operations that are located in countries with low rankings in the index but present low business ethics risks; the entity may provide similar discussion for operations located in countries that do not have one of the 20 lowest rankings in the index but that present unique or high business ethics risks Not Applicable.
Anti-Corruption
Confirmed Incidents and Response
Total number and nature of confirmed incidents of corruption 0
Total number of Bribery cases 0
Total number of Lobbying cases 0
Total number of Extortion cases 0
Total number of Cronyism cases 0
Total number of Nepotism cases 0
Total number of Parochialism cases 0
Total number of Patronage cases 0
Total number of Influence peddling cases 0
Total number of Graft cases 0
Total number of Embezzlement cases 0
Total number of confirmed incidents in which employees were dismissed or disciplined for corruption 0
Total number of contracts terminated or not renewed with business partners due to corruption related violations 0
Number of public legal cases brought against the organization or its employees during the reporting period related to corruption and the outcomes of such cases 0
Communication and Training
Total number of governance body members that the organization's anti-corruption policies and procedures have been communicated to 7
Total percentage of governance body members that have been communicated to on anti-corruption 100.0000%
Anti-corruption policies and procedures communication to direct employees by type:
Total percentage of the direct employees that have been communicated to on anti-corruption 100.0000%
Percentage of senior management employees that have been communicated to on anti-corruption 100.0000%
Percentage of middle management employees that have been communicated to on anti-corruption 100.0000%
Percentage of administrative employees that have been communicated to on anti-corruption 100.0000%
Total number of governance body members that have received training on anti-corruption 7
Total percentage of governance body members that have received training on anti-corruption, broken down by region 100.0000%
Total number and percentage of direct employees that has received training on anti-corruption, broken down by employee category and region 26
Total number of direct employees 30
Total percentage of direct employees that received training on anti-corruption 100.0000%
Total number of senior management employees 3
Total number of middle management employees 23
Total number of technical employees 0
Total number of production employees 0
Total number of administrative employees 0
Communication of critical concerns
Describe whether and how critical concerns are communicated to the highest governance body It is possible for concerns and complaints to be
communicated to the highest governance body
through the communication mechanism
established in the company's code of conduct,
as well as in corporate policies.
Report the number of critical concerns that were communicated to the highest governance body during the reporting period 0
Remuneration
Report which of the following remuneration policies apply to the highest governance body and senior executives:
Fixed pay Yes
Senior executives have signed employment
agreements with a fixed salary. Directors are
compensated with a fixed retainer and meeting
fees.
Variable pay No
Performance-based pay Yes
The Company reserves the ability to award
performance-based bonuses. In 2023 the
performance bonus was set at zero.
Equity-based pay Yes
During the reporting year, Rio2 paid
compensation for directors and some officers
with the issuance of common shares as
approved by disinterested shareholders in
special meeting.
Bonuses Yes
As disclosed above.
Deferred and vested shares Yes
Sign-on bonuses No
Recruitment incentive payments No
Termination payments Yes
Clawbacks No
Retirement benefits, including the difference between benefit schemes and contribution rates for the highest governance body, senior executives and all other employees No
Describe how the remuneration policies for members of the highest governance body and senior executives relate to their objectives and performance in relation to the management of the organization’s impacts on the economy, environment and people The Compensation Committee reviews the
achievement of project specific goals included
in the Company’s plans such as: identifying
mineral prospects; executing successful drill
programs; advancing or completing scoping,
pre-feasibility, or feasibility studies; building
and maintaining social license through
community relationships and initiatives;
acquiring necessary permits, and successfully
advancing projects and/or initiatives that
accomplish the Company’s goals.

In addition, the Committee considers
management’s performance in unplanned
situations and their ability to manage projects
through complex political and social situations.

Finally, corporate objectives such as successful
capital raising (if applicable), peer
benchmarking and market performance are
considered.
Do you provide incentives for the management of climate-related issues, including the attainment of targets No, not currently but we plan to introduce
them in the next two years
Describe the process for designing its remuneration policies and for determining remuneration The Company has a compensation structure
defined based on three key criteria:

1.- Internal Equity: which constitutes the
relative value of their position (in terms of
functions and responsibilities) within the
organization, which includes:
a) Know How: this is valued in relation to the
experience that each person has in each
position held, as well as in relation to the
previous knowledge they possesses for the
performance of their functions and
consequently the achievement of the
objectives.
b) Problem solving: the ability to make
decisions autonomously within the Company in
order to solve and successfully face the
challenges that exist in their area of
responsibility.
c) Responsibility for results: measured in the
impact of costs and budget for which you are in
charge and have responsibility for their
approval and execution in relation to other
positions within the Company.

2.- External competitiveness: this has allowed
us to establish a real comparison between what
the national sectorial labor market pays
(comparable to your functions and
responsibilities) and what Fenix Gold has
defined to be able to compensate its workers
economically in a competitive way, taking into
consideration companies similar to Fenix Gold
(mining project under development).

3.- Meritocracy: which helps us to compensate
for good performance, which allows us to
manage compensation variably.
Are independent members of the highest governance body or an independent remuneration committee overseeing the remuneration process No
How the views of stakeholders (including shareholders) regarding remuneration are sought and taken into consideration Company shareholders do not vote on
executive compensation at this time.
Describe whether remuneration consultants are involved in determining remuneration and, if so, whether they are independent of the organization, its highest governance body and senior executives Non-independent consultants
Stakeholder Engagement
Report the organization’s approach to stakeholder engagement, including frequency of engagement by type Please refer to the attachment Stakeholder
Engagement report below.
Provide a list of stakeholder groups engaged by the organization
   •  Permanent or Full-time Employees
   •  Temporary Employees (daily wage
workers)
   •  Investors
   •  Financial Institution
   •  Local communities
   •  Local government bodies
   •  National government bodies
   •  Regulatory authorities
   •  Suppliers and contractors
   •  Consultants (professional services)
Report the basis for identifying and selecting stakeholders with whom to engage Rio2 defines a stakeholder as any individual or
group with an interest in our business
operations, projects, and achievements. Our
stakeholders are deeply invested in Rio2's
success, as their interests closely align with our
business activities. We believe that our growth
and success are intrinsically connected to the
engagement and support of our stakeholders.
Report the purpose of the stakeholder engagement Please see attached disclosure.
Rio2 2023 Stakeholder Engagement Report
Tax
Describe the approach to stakeholder engagement and management of stakeholder concerns related to tax, including
The approach to engagement with tax authorities Rio2 retains third-party experts to advise on
tax related issues and ensure full compliance
with tax obligations.
The approach to public policy advocacy on tax Rio2 does not engage in public policy advocacy
on tax-related issues.
The processes for collecting and considering the views and concerns of stakeholders, including external stakeholders Rio2 does not engage in public policy advocacy
on tax-related issues.
This document was prepared using
, Planet Earth's complete ESG reporting solution.