Rio2 Limited (TSE:RIO)
TSX:RIO
Top Page
Rio2
(TSX:RIO)
Select Model
Select Model
Rating:46Neutral
Price Target:
C$2.50
▼(-8.09% Downside)
Action:ReiteratedDate:03/14/26
The score is held back primarily by the lack of revenue and renewed loss expansion in 2025, alongside volatile/free-cash-flow weakness. Technical indicators also point to a bearish trend, despite oversold readings. The main offset is a strong, low-debt balance sheet and improved 2025 operating cash flow.
Positive Factors
Low leverage and growing equity
A very low debt load and materially higher equity and assets provide durable financial flexibility for capital-intensive mine development. This balance-sheet strength reduces bankruptcy and refinancing risk, supports permitting and studies, and improves options for project financing over months.
Negative Factors
No revenue and widening operating losses
Persistent zero revenue and materially larger operating losses confirm Rio2 remains pre‑revenue and reliant on external capital. Without near-term production, sustained losses erode capital, increase financing dependency, and lengthen the timeline to self-funded operations, raising execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and growing equity
A very low debt load and materially higher equity and assets provide durable financial flexibility for capital-intensive mine development. This balance-sheet strength reduces bankruptcy and refinancing risk, supports permitting and studies, and improves options for project financing over months.
Read all positive factors
Rio2 (RIO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.17B
Dividend YieldN/A
Average Volume (3M)559.14K
Price to Earnings (P/E)―
Beta (1Y)2.12
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees185
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)N/A
Shares Outstanding429,873,780
10 Day Avg. Volume672,684
30 Day Avg. Volume559,138
Financial Highlights & Ratios
PEG Ratio-11.09
Price to Book (P/B)11.85
Price to Sales (P/S)0.00
P/FCF Ratio-575.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.85Price Target Upside78.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Rio2 Business Overview & Revenue Model
Company Description
Rio2 Limited engages in the exploration, development, and mining of mineral properties in Canada, Peru, and Chile. Its flagship project is the Fenix Gold Project covering an area of approximately 16,050 hectares located in Chile. The company was i...
How the Company Makes Money
If Rio2 is operating a mine, it would make money primarily by selling produced gold (and any by-product metals such as silver) into the commodities market at prevailing prices, generating revenue equal to ounces sold multiplied by realized metal p...
Rio2 Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -669.52K | -96.28K | -2.32M | -2.28M | -76.17K |
| EBITDA | -13.57M | 2.61M | -8.83M | -11.23M | -12.96M |
| Net Income | -13.88M | -21.00K | -12.33M | -2.30M | -10.53M |
Balance Sheet | |||||
| Total Assets | 467.96M | 173.80M | 108.42M | 115.06M | 95.70M |
| Cash, Cash Equivalents and Short-Term Investments | 46.72M | 45.01M | 4.60M | 4.73M | 21.39M |
| Total Debt | 152.72K | 289.00K | 465.33K | 713.40K | 485.31K |
| Total Liabilities | 345.10M | 48.69M | 35.21M | 33.23M | 7.33M |
| Stockholders Equity | 122.85M | 125.11M | 73.21M | 81.83M | 88.36M |
Cash Flow | |||||
| Free Cash Flow | -2.53M | -16.49M | -2.28M | -35.47M | -15.20M |
| Operating Cash Flow | 89.28M | -12.03M | 1.99M | -3.87M | -9.33M |
| Investing Cash Flow | -97.48M | -8.97M | -1.95M | -31.60M | -2.13M |
| Financing Cash Flow | 9.65M | 61.89M | -181.00K | 25.88M | 30.97M |
Rio2 Technical Analysis
Neutral
2.72
Price Trends
3.17
Negative
3.00
Negative
2.37
Positive
Market Momentum
-0.16
Negative
45.38
Neutral
75.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RIO, the sentiment is Neutral. The current price of 2.72 is below the 20-day moving average (MA) of 2.74, below the 50-day MA of 3.17, and above the 200-day MA of 2.37, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 45.38 is Neutral, neither overbought nor oversold. The STOCH value of 75.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:RIO.
Rio2 Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | C$2.18B | ― | -89.81% | ― | ― | ― | |
52 Neutral | C$1.55B | -157.23 | -3.51% | ― | ― | ― | |
46 Neutral | C$1.17B | -104.90 | -12.24% | ― | ― | ― | |
46 Neutral | C$1.94B | -6.94 | -48.77% | ― | 70.93% | 37.37% | |
45 Neutral | C$1.40B | -4.90 | -30.09% | ― | -1.73% | 37.26% | |
45 Neutral | C$925.17M | ― | -28.39% | ― | ― | 28.06% |
* Basic Materials Sector Average
TSE:RIO
Rio2
2.72
1.97
262.67%
TSE:RUP
Rupert Resources
6.59
2.36
55.79%
TSE:ODV
Osisko Development
4.58
2.55
125.62%
TSE:NFG
New Found Gold
2.68
1.28
91.43%
TSE:IAU
i-80 Gold Corp
2.32
1.57
209.33%
TSE:CNL
Collective Mining
25.30
13.28
110.48%
Rio2 Corporate Events
Business Operations and Strategy
Rio2 to Highlight Growth Plans at BMO Mining Conference and PDAC
Positive
Feb 20, 2026
Rio2’s leadership team, led by Executive Chairman Alex Black and President and CEO Andrew Cox, will present the company’s growth plans for its Fenix Gold Mine and newly acquired Condestable Mine at BMO’s 35th Global Metals, Minin...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Rio2 Closes Acquisition of Peru’s Condestable Mine and Unlocks C$191 Million Financing
Positive
Jan 30, 2026
Rio2 Limited has completed the acquisition of a 99.1% interest in the Condestable copper mine in Peru from Southern Peaks Mining, marking a major step in its strategy to become a diversified and highly profitable Latin American miner. Management h...
Business Operations and StrategyM&A Transactions
Rio2 Pours First Gold at Newest Mine in Chile, Targets Up to 70,000 Ounces in 2026
Positive
Jan 26, 2026
Rio2 Limited has achieved the first official gold pour at its 100%-owned Fenix Gold Mine in Chile, marking the start of commercial production at what is now the country’s newest gold mine. The initial pour produced about 897 ounces of gold, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.