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Develops the Fenix Gold heap-leach project in the Atacama region of Chile.
Develops the Fenix Gold heap-leach project in the Atacama region of Chile.
Has no mine yet, so it earns no gold sales and funds its work by selling shares and arranging project financing. Heap leaching, where ore is piled up and sprayed with a solution that dissolves the gold, is cheaper to build than a conventional mill.
Moat: narrow (installed base, regulatory licence). Permitted, construction-ready heap-leach gold project in a stable, established mining jurisdiction.
Headquarters: Toronto, Canada · Employees: 1,434
Size RIO2 (RIO.TO) is a Canada Materials company (Precious Metals) with a market value of $1.08B, the 241st largest of 420 Canada companies the cockpit tracks. Shares closed at C$2.76 on 6 Nov 2026.
Performance Over six months the shares fell 6.4%, against -8.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 19 in its peer set.
Growth The operating margin is 19.9% (peer median 1.7%).
Valuation It trades at 6.1× forward earnings against a peer median of 12.2× (2nd cheapest of 8).
Capital Return on invested capital runs 8.0 points below its cost of capital (13.6% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$236M | C$0 | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | C$86.5M | -C$919,416 | -C$632,922 | -C$3.08M | -C$3.90M |
| EBITDA | C$88.4M | -C$18.6M | -C$11.6M | -C$7.65M | -C$14.2M |
| Net income | C$80.3M | -C$19.1M | -C$28,769 | -C$16.7M | -C$3.00M |
| Free cash flow | C$9.65M | -C$3.48M | -C$22.6M | -C$1.43M | -C$40.4M |
| Capital expenditure | C$132M | C$126M | C$6.12M | C$2.63M | C$41.1M |
| Total debt | C$134M | C$209,725 | C$415,640 | C$613,587 | C$966,623 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RIO2 RIO.TO | $1.08B | -6% | n/a | 20% | 6.1× | 36.3% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
| Barrick Mining ABX.TO | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RIO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.7% | -7.8% | 5th lowest of 21 |
| 6-month return | -6.4% | -8.7% | 9th highest of 19 |
| Distance from 52-week high | -32.5% | -41.2% | 6th highest of 21 |
| Operating margin | 19.9% | 1.7% | 3rd highest of 11 |
| Forward P/E | 6.1× | 12.2× | 2nd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | 36.3% | 6.4% | 2nd most demanding of 5 |
| ROIC minus cost of capital | -8.0 pp | -17.6 pp | 6th highest of 19 |
| EV / EBITDA | 17.9× | 14.7× | 3rd most expensive of 6 |
| Net debt / EBITDA | 0.7× | 0.2× | 2nd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RIO2 RIO.TO | Canada | $1.08B | -6% | n/a | 20% | 6.1× | 36.3% | n/a |
| Gogold Resources GGD.TO | Canada | $1.08B | +19% | +64% | 47% | 29.0× | 13.3% | +13.8% |
| Hemlo Mining HMMC.TO | Canada | $1.09B | -9% | n/a | n/a | 10.8× | n/a | n/a |
| New Pacific Metals NUAG.TO | Canada | $1.05B | 0% | n/a | n/a | n/a | n/a | n/a |
| Benz Mining BZ.V | Canada | $1.15B | +120% | n/a | n/a | n/a | n/a | n/a |
| EQ Resources EQR.AX | Australia | $1.01B | +6% | +150% | 11% | 4.3× | n/a | n/a |
| Vizsla Silver VZLA.TO | Canada | $1.18B | -1% | n/a | n/a | n/a | n/a | n/a |
| Yunding Technology 000409.SZ | China | $960M | -18% | +6% | 6% | 69.8× | n/a | n/a |
| McEwen MUX.TO | Canada | $954M | -31% | +54% | -3% | 31.8× | 59.7% | +15.2% |
| EACON 7687.HK | Hong Kong | $1.23B | n/a | +46% | -22% | n/a | n/a | n/a |
| i-80 Gold IAU.TO | Canada | $1.24B | -2% | +38% | -103% | n/a | n/a | n/a |
| Minerals 260 MI6.AX | Australia | $1.29B | +1% | n/a | n/a | n/a | n/a | n/a |
| Highlander Silver HSLV.TO | Canada | $906M | -23% | n/a | -60% | n/a | n/a | n/a |
| AbraSilver Resource ABRA.TO | Canada | $1.30B | -37% | n/a | n/a | n/a | n/a | n/a |
| Perenti PRN.AX | Australia | $1.31B | -8% | -4% | 9% | 10.3× | -9.8% | +9.8% |
| Omai Gold Mines OMG.V | Canada | $879M | -23% | n/a | n/a | n/a | n/a | n/a |
| Critical Metals CRML | United States | $864M | -58% | n/a | n/a | n/a | n/a | n/a |
| Pantoro Gold PNR.AX | Australia | $826M | -9% | +35% | 34% | 12.2× | -0.5% | +40.5% |
| Liberty Gold LGD.TO | Canada | $819M | +50% | n/a | n/a | n/a | n/a | n/a |
| Cadillac Mines CADY.TO | Canada | $815M | n/a | n/a | n/a | n/a | n/a | n/a |
| Osisko Gold OGG.V | Canada | $814M | -18% | +805% | -51% | n/a | n/a | n/a |