Name of the Project
Fenix gold project.

Location
The Maricunga mineral belt of the Atacama region, in Chile.

Project Owner/s
Rio2.

Project Description
Fenix is one of the largest undeveloped gold oxide, heap-leach projects in the Americas.

The project proposes the development of an openpit mine, which will be developed using conventional drill-and-blast techniques, with a truck-and-excavator configuration. No crushing or tailings storage facilities are required, thereby minimising the overall impact and footprint of the project.

The mineral processing rate is estimated at 20 000 t/d run-of-mine ore to a? heap-leach pad.

Gold production over the 17-year life-of-mine (LoM) is estimated at 1.32-million ounces of gold – an average of 91 000 oz/y during the initial 12 years and an average of 54 000 oz/y during final five years.

Potential Job Creation
At least 1 200 people will be employed during the construction phase and 550 people during the 17-year operations phase.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $210.3-million and an internal rate of return of 28.5% at a gold price of 1 750/oz, with a payback from the start of production of 2.8 years.

Capital Expenditure
Initial capital costs are estimated at $235-million.

Planned Start/End Date
The project has a construction timeline of about 14 months from receipt of relevant permits and contractor mobilisation.

Latest Developments
Rio2 has received a final $50-million deposit from Wheaton Precious Metals to advance construction of the project.

The payment marks the fourth and final tranche under a precious metals purchase agreement and flexible prepay arrangement originally announced in 2021.

Key Contracts, Suppliers and Consultants
Mining Plus (feasibility study).

Contact Details for Project Information
Rio2, tel +1604260 2696 or email info@rio2.com.