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Rio2
(TSX:RIO)
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Rating:68Neutral
Price Target:
C$4.00
▲(10.19% Upside)
Action:Reiterated
Date:08/18/26
The score is primarily driven by improved financial performance (strong TTM revenue and margins, reasonable leverage) but tempered by weak free-cash-flow conversion and modest FCF. Technicals add support with an uptrend and healthy momentum, while valuation is only moderate (P/E ~22.9 and no dividend).
Positive Factors
Revenue and profitability inflection
The move from prior periods of no revenue and consistent losses to meaningful sales and strong margins demonstrates improved operating performance. If this profile persists, it can provide internal funding for development, strengthen financial resilience, and support a more durable earnings base over the next several quarters.
Negative Factors
Weak free-cash-flow conversion
Low conversion of earnings into free cash limits the cash available for discretionary investment, debt reduction, or shareholder returns. The gap suggests that reinvestment, capital spending, or working-capital needs are absorbing much of operating performance and could remain a constraint on financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profitability inflection
The move from prior periods of no revenue and consistent losses to meaningful sales and strong margins demonstrates improved operating performance. If this profile persists, it can provide internal funding for development, strengthen financial resilience, and support a more durable earnings base over the next several quarters.
Read all positive factors
Rio2 (RIO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.98B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)26.9
Beta (1Y)2.48
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees185
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.10
Shares Outstanding548,935,240
10 Day Avg. Volume924,565
30 Day Avg. Volume1,078,490
Financial Highlights & Ratios
PEG Ratio>-0.01
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$5.93Price Target Upside63.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.21
Revenue Forecast (FY)C$462.65M
Rio2 Business Overview & Revenue Model
Company Description
Established in 1990 and based in Vancouver, Canada, Rio2 Limited is a mineral company dedicated to exploring, developing, and extracting mineral resources. The company maintains operations across Canada, Peru, and Chile, with its primary asset bei...
How the Company Makes Money
Rio2’s ability to generate revenue depends on whether it has producing mining operations. If the Fenix Gold Project (or any other project) is in production, the company would primarily make money by selling produced gold (e.g., doré) to refineries...
Rio2 Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 167.33M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 61.31M | -669.52K | ― | -2.32M | -2.90M | -568.17K |
| EBITDA | 62.46M | -13.57M | 2.83M | -7.19M | 2.42M | -10.22M |
| Net Income | 56.58M | -13.88M | -21.00K | -12.33M | -2.30M | -10.53M |
Balance Sheet | ||||||
| Total Assets | 1.22B | 467.96M | 173.80M | 108.42M | 115.06M | 95.70M |
| Cash, Cash Equivalents and Short-Term Investments | 49.60M | 46.72M | 45.01M | 4.60M | 4.73M | 21.39M |
| Total Debt | 94.24M | 152.72K | 289.00K | 465.33K | 719.87K | 481.27K |
| Total Liabilities | 834.09M | 345.10M | 48.69M | 35.21M | 33.23M | 7.33M |
| Stockholders Equity | 379.58M | 122.85M | 125.11M | 73.21M | 81.83M | 88.36M |
Cash Flow | ||||||
| Free Cash Flow | 13.93M | -2.53M | -16.49M | 44.00K | -35.47M | -15.20M |
| Operating Cash Flow | 119.08M | 89.28M | -12.03M | 1.99M | -3.87M | -9.33M |
| Investing Cash Flow | -151.37M | -97.48M | -8.97M | -1.95M | -31.60M | -2.13M |
| Financing Cash Flow | 77.56M | 9.65M | 61.89M | -181.00K | 25.88M | 30.97M |
Rio2 Technical Analysis
Positive
3.63
Price Trends
3.04
Positive
2.94
Positive
2.99
Positive
Market Momentum
0.16
Negative
63.76
Neutral
76.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RIO, the sentiment is Positive. The current price of 3.63 is above the 20-day moving average (MA) of 3.41, above the 50-day MA of 3.04, and above the 200-day MA of 2.99, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 63.76 is Neutral, neither overbought nor oversold. The STOCH value of 76.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:RIO.
Rio2 Peers Comparison
UnderperformOutperform
Sector (61)
TSE:RIO
Rio2
3.70
1.94
110.23%
TSE:IAU
i-80 Gold Corp
2.46
1.20
95.24%
TSE:CNL
Collective Mining
20.79
1.91
10.12%
Rio2 Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Rio2 Wins Key Environmental Approval to Expand Peru’s Condestable Mine
Positive
Aug 25, 2026
Rio2 has secured regulatory approval for a modified Environmental Impact Study for its Condestable underground copper mine in Peru, a key step that formalizes environmental clearance for mine expansion. The decision follows a 14‑month proces...
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.