08:37 AM EST, 11/03/2025 (MT Newswires) -- Rio2 ( RIOFF ) said Monday that it received a fourth and final deposit payment of US$50 million from Wheaton Precious Metals ( WPM ) in connection with the previously announced amended and restated precious metals purchase agreement and flexible pre-pay arrangement over the Fenix gold project in Chile.

Rio2 ( RIOFF ) said it will use the proceeds to advance construction at Fenix.

The project is contemplated to be a run-of-mine heap leach operation. No crushing or tailings storage facilities are required, thereby minimizing its overall impact and footprint, Rio2 ( RIOFF ) said.

The company outlined $235 million of initial and sustaining capital for the project.

Rio2's ( RIOFF ) share price gained 2.6% on Friday to C$2.35 on the Toronto Stock Exchange.