Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026.</li>
<li>Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning.</li>
<li>With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows.</li>
</ul>


Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026.
Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning.
With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows.


RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26

<ul>
<li>Rio2 announced two MOUs for the potential supply of desalinated water to the Fenix Gold Mine.</li>
<li>The two studies will evaluate the potential expansion of the two companies’ desalination facilities through operating plants and constructing a pipeline from their distribution facilities.</li>
<li>This would allow Fenix to move forward with its expansion plan, where annual production scales from 82Koz per year to over 300Koz.</li>
</ul>


Rio2 announced two MOUs for the potential supply of desalinated water to the Fenix Gold Mine.
The two studies will evaluate the potential expansion of the two companies’ desalination facilities through operating plants and constructing a pipeline from their distribution facilities.
This would allow Fenix to move forward with its expansion plan, where annual production scales from 82Koz per year to over 300Koz.


RIO: Desalinated Water Update Setting Up Expansion Plans

<ul>
<li>Rio2 provided an update on the construction progress at the Fenix Gold Project.</li>
<li>As of the end of Q2, construction is 41% complete and remains on track and on budget for first gold in Q1/26.</li>
<li>With Q2 behind us, RIO approaches an inflection point of becoming a gold producer and taking advantage of the elevated gold price.</li>
</ul>


Rio2 provided an update on the construction progress at the Fenix Gold Project.
As of the end of Q2, construction is 41% complete and remains on track and on budget for first gold in Q1/26.
With Q2 behind us, RIO approaches an inflection point of becoming a gold producer and taking advantage of the elevated gold price.


RIO: Increasing Target Price on Construction Progress

<ul>
<li>Rio2 provided an update on the construction progress at the Fenix Gold Project near Copiapó, Chile.</li>
<li>As of the end of Q1, construction is 19% complete and remains on track and on budget for first gold in Q1/26.</li>
<li>As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas.</li>
</ul>


Rio2 provided an update on the construction progress at the Fenix Gold Project near Copiapó, Chile.
As of the end of Q1, construction is 19% complete and remains on track and on budget for first gold in Q1/26.
As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas.


RIO: Construction Update for the Fenix Gold Project

<ul><li>What you need to know: • We visited Rio2’s Fenix Gold Project near Copiapó, Chile on March 25th.</li><li> • The visit was valuable in better understanding the layout of the project, progress on construction, the scale of the asset, and team behind it.</li><li>• As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas.</li></ul>

What you need to know: • We visited Rio2’s Fenix Gold Project near Copiapó, Chile on March 25th. • The visit was valuable in better understanding the layout of the project, progress on construction, the scale of the asset, and team behind it.• As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas.

RIO: Highlights from Our Site Visit to the Fenix Gold Project

Canada

Rio2 Limited operates as a mine development company. The Company focuses on acquisition, exploitation, and development of gold reserves. Rio2 serves customers in Canada and Peru.

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Rio2 (RIO CN)

RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26

Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in...

Atrium Research

RIO: Desalinated Water Update Setting Up Expansion Plans

The two studies will evaluate the potential expansion of the two companies’ desalination facilities through operating plants and constructing a...

Atrium Research

RIO: Increasing Target Price on Construction Progress

Rio2 provided an update on the construction progress at the Fenix Gold Project.As of the end of Q2, construction is 41% complete and remains on...

Atrium Research

RIO: Construction Update for the Fenix Gold Project

Rio2 provided an update on the construction progress at the Fenix Gold Project near Copiapó, Chile. As of the end of Q1, construction is 19%...

Atrium Research

RIO: Highlights from Our Site Visit to the Fenix Gold Project

What you need to know: • We visited Rio2’s Fenix Gold Project near Copiapó, Chile on March 25th. • The visit was valuable in better...

Atrium Research

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