RIOFF - Rio2: High-Quality Gold Developer Still Has Upside From These Levels
- Rio2 is a gold developer advancing the 5 million ounce Fenix heap leach project in Chile towards production in 2022.
- The stock has done well this year as the market recognized how cheaply it was trading compared to peers.
- Despite a strong move in the share price, the company still trades at only $20 per ounce and has more room to run if management can execute on their plan.
- Fenix has been reimagined as a smaller, more feasible mine that could realistically be put into production by the current management team.
- CEO Alex Black has done this before, selling the original Rio in a $1.2 billion deal, and looks set to repeat his playbook at Rio2.
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Rio2: High-Quality Gold Developer Still Has Upside From These Levels