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Bullboard - Stock Discussion Forum Rio2 Ltd. V.RIO

Alternate Symbol(s):  RIOFF

Metals & Mining Gold
Rio2 Limited is a Canada-based mining company with a focus on development and mining operations. The Company is focused on its Fenix Gold Project in Chile. The Fenix Gold Project, 16,050 hectares, is located in Atacama Region, in the Copiapo Province, Chile, specifically in the Maricunga Mineral Belt, approximately 160 kilometers northeast of Copiapo by International Road CH-31. It is an... see more

TSXV:RIO - Post Discussion

Rio2 Ltd. > Secures Environmental Approval (EIA) for Fenix gold project
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Post by sdhaka on Jan 09, 2024 4:41pm

Secures Environmental Approval (EIA) for Fenix gold project

Rio2 Limited/ TSXV: RIO
 
PR Title
Secures Environmental Approval (EIA) for Fenix gold project, Chile
 
FRC Opinion
 
Positive – RIO has secured EIA approval for the construction and operation of its Fenix project, which hosts a large open-pittable gold project. This marks a major achievement for RIO, given the rejection of its previous EIA in March 2022, which led to shares plummeting from $0.74 to $0.13/share. Despite a 138% MoM increase to $0.38/share, the stock is still 49% below pre-rejection levels. A 2019 PFS had estimated an AT-NPV5% of US$300M, using US$1,600/oz gold. RIO is trading at 23% of the AT-NPV5%. Management is aiming to recommence construction activities in 2024.
 
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