On January 30, 2026, Rio2 Limited completed its acquisition of a 99.1 percent interest in the Condestable Mine located in Peru from Southern Peaks Mining L.P. As consideration for the acquisition, Rio2 paid US$217 million, comprised of US$80 million in cash, US$65 million from a vendor debt financing, US$35 million in common shares of Rio2 and other deferred consideration of US$37 million.

Rio2 arranged approximately US$165 million (C$231 million) in financing, including the vendor debt and approximately US$100 million (C$140 million) from a bought deal equity financing underwritten by Raymond James Ltd., Stifel Nicolaus Canada Inc., and BMO Capital Markets. Edgehill Advisory Ltd. is serving as financial advisor to Rio2, with McMillan LLP and Dentons (Peru) acting as legal counsel on the transaction and DLA Piper (Canada) LLP on the financing. BMO Capital Markets is advising Southern Peaks, with legal counsel from Stikeman Elliott LLP, Echecopar, and Maples and Calder. Blake, Cassels & Graydon LLP is representing the underwriters.