Rio2 lands last $50M from Wheaton for Chile gold mine

[Ben Graham]

Canada’s Rio2 (TSX-V: RIO) has received the final $50 million payment from Wheaton Precious Metals to advance construction of its Fenix gold project in Chile, one of the largest undeveloped gold oxide heap leach projects in the Americas.

The payment completes a four-part funding agreement under a precious metals purchase and pre-pay arrangement first announced in 2021. With this latest tranche, Rio2 has now received all committed financing from Wheaton to support Fenix’s development.

The $235-million project, located in Chile’s Atacama region, will operate as a run-of-mine heap leach facility, eliminating the need for crushing or tailings infrastructure to reduce its environmental impact. Construction began in February and is expected to create about 1,200 jobs during the build phase and 550 permanent positions over the mine’s 17-year life.

According to a 2023 feasibility study filed under Canada’s NI 43-101 standards, Fenix hosts measured and indicated resources of 4.8 million ounces of gold.

Two months to first gold

Rio2 said the latest funding from Wheaton will sustain ongoing construction as the company targets first gold production through a staged development plan. As of the end of the third quarter of 2025, construction was 63% complete. The project remains on schedule and within budget for first gold pour in January 2026.

Since November 2024, Rio2 has spent $86.7 million on works completed, closely tracking its $86.6 million budget. These figures exclude corporate overheads and pre-construction costs from 2022.