On December 8, 2025, Rio2 Limited has entered into a definitive agreement with Southern Peaks Mining L.P. to acquire its 99.1% interest in the Condestable copper mine in Peru for total consideration of US$217 million (C$303.8 million), implying an enterprise value of approximately US$241 million (C$337.4 million) including the assumption of approximately US$24 million (C$33.6 million) of net debt as at September 30, 2025. Southern Peaks will receive upfront consideration of US$180 million (C$252 million), comprising US$80 million (C$112 million) in cash, US$65 million (C$91 million) in vendor debt financing, and approximately US$35 million (C$49 million) in Rio2 common shares. Deferred consideration totaling US$37 million (C$51.8 million) will be paid between 2027 and 2030. The transaction has been approved by Rio2's board and is expected to close in January 2026, subject to customary closing conditions and receipt of a Peruvian tax certificate.

Rio2 has 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.