On December 10, 2025, Rio2 Limited announced an upsized bought deal equity financing of subscription receipts to fund its acquisition of the Condestable Mine in Peru, which closed on December 15, 2025. The company issued 86,094,750 subscription receipts at C$2.22 each for gross proceeds of C$191,130,345. The offering was originally launched for 74,865,000 subscription receipts for gross proceeds of C$166,200,300, with the underwriters receiving a 6.0% fee of C$9,972,018 and net proceeds of C$156,228,282.

The subscription receipts, underwritten by Raymond James Ltd., Stifel Canada and BMO (BMO Nesbitt Burns Inc./BMO Capital Markets), will be held in escrow pending satisfaction or waiver of the conditions to closing of the acquisition by the March 31, 2026 outside date. If the acquisition closes, each subscription receipt converts into one Rio2 common share; if a termination event occurs, holders receive a cash payment equal to the offer price plus their pro rata share of interest on the escrowed funds.

Rio2 is acquiring 99.10% of Compañía Minera Condestable S.A., operator of the underground Condestable copper mine in Peru, through the purchase of Ariana Management Corporation S.A.C., Southern Peaks Mining Peru S.A.C. and SPM Finance Limited under a December 8, 2025 share purchase agreement. DLA Piper (Canada) LLP advises Rio2, while Blake, Cassels & Graydon LLP advises the underwriters.