In short: Peru approved the Modified EIS at Condestable after a 14-month process: permitted throughput to 10,000 tpd from 8,400 (~19%), a dry-stack TSF approved at ~43 Mt with headroom to 170 Mt, and the environmentally approved mine life extended a further decade — "permitted mine life is what a lender discounts." Condestable delivered 9.3m lb of copper in Q2 and "has been carrying the company while Fenix Gold works through a difficult ramp-up" (weather deferred ~5,000 oz and management pulled full-year gold guidance). Consolidated Q2: 13,539 oz Au, 75,437 oz Ag, 9.3m lb Cu, $105.3m revenue, $46.8m net income. Acquired Condestable end-January — "taking an asset from acquisition to expansion FID inside 12 months would be quick work by any standard." Cost basis C$0.55, 50% allocated.
Rio2 owns two mines: a gold mine in Chile (Fenix) that is having a rough start-up, and a copper mine in Peru (Condestable) that is quietly paying for everything. Peru just approved an expansion permit for the copper mine — throughput up 19%, a modern dry-stack tailings facility approved with room to grow four-fold, and the permitted mine life extended by another decade.
Why a permit is worth this much attention: permitted mine life is precisely what a bank discounts when deciding how much to lend against a mine, and wet tailings storage has become the single biggest permitting and community obstacle in Latin American mining. Getting the modern version approved while the filtration plant is already being commissioned means the permit and the equipment arrive together instead of one waiting 18 months on the other.
The bear case is real and he says so: the gold mine's guidance has been pulled after weather deferred production, and permission to expand is not the same as money to expand. But the company acquired this asset in January and is targeting an expansion investment decision within twelve months, which he reads as evidence about the management team as much as the asset.
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In short: "There was no news to report on." Held two-mine gold/copper producer (ticker RIO.V — not Rio Tinto).
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In short: Condestable copper-gold ($710m NPV) and Fenix gold (~$1.3bn NPV) both advancing; two-asset story with deep hidden value at current market cap; Peru sovereign-risk overlay acknowledged; cost basis C$0.55, 50% allocated.
Rio2 is a dual-asset gold company in Peru. The ticker is RIO.V on the TSX Venture Exchange — not to be confused with Rio Tinto (NYSE: RIO), which is a completely different, much larger mining conglomerate. The two assets: Condestable, a producing copper-gold mine with a $710m NPV expansion opportunity, and Fenix, a greenfield gold project with approximately $1.3bn NPV. The Condestable asset provides current cash flow that funds the Fenix development, making this a self-funding two-project story — unusual at this market cap level.
Peru's sovereign risk — taxation policy, community relations, permitting — is the persistent shadow over Rio2 and over every Peru-based miner. Mart holds at C$0.55 cost basis, 50% allocated, knowing that the sovereign overlay is the price you pay for this level of asset value at this price. The gap between the sum-of-the-parts NPV and the current market cap is the thesis; the Peru risk is why the gap exists.
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In short: No company-specific news this issue; held in the Codex portfolio.
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In short: No company-specific news this issue; held in the Codex portfolio.
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