11:04 AM EDT, 10/02/2024 (MT Newswires) -- Rio2 ( RIOFF ) was at last look up 8% and had hit fresh 52 week highs on Wednesday after saying that its Chilean subsidiary, Fenix Gold, has received the sectorial permits required to begin construction at its Fenix Gold Project in Chile.

A statement noted these sectorial permits represent the last governmental authorization required to start the construction phase and subsequent operation of the mine.

Andrew Cox, President & CEO, said these permits will allow the company to complete its debt and equity financing for the construction phase of the mine.

Rio2 ( RIOFF ) added it has been working with its financial advisor to develop the "optimum" financing solution for the project. The company has received several financing proposals which are being considered by management and the Board. Due diligence is progressing with some of the financing sources.

Price: 0.67, Change: +0.05, Percent Change: +8.06