# EDGAR Filing Document

**Accession Number:** 0000887028
**File Stem:** 0001628280-26-009531
**Filing Date:** 2026-2
**Character Count:** 3334162
**Document Hash:** 6e07e7c01961012f27730718aa9e9c07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-009531.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001628280-26-009531

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 666

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIO TINTO PLC
- **CENTRAL INDEX KEY:** 0000863064
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10533
- **FILM NUMBER:** 26652137

**BUSINESS ADDRESS:**
- **STREET 1:** 6 ST JAMES'S SQUARE
- **CITY:** LONDON, SW1Y 4AD
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 801-204-8000

**MAIL ADDRESS:**
- **STREET 1:** RIO TINTO SERVICES INC.
- **STREET 2:** 80 STATE STREET
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12207-2543

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RTZ CORPORATION PLC
- **DATE OF NAME CHANGE:** 19950522
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIO TINTO LTD
- **CENTRAL INDEX KEY:** 0000887028
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34121
- **FILM NUMBER:** 26652138

**BUSINESS ADDRESS:**
- **STREET 1:** 43-120 COLLINS STREET
- **STREET 2:** MELBOURNE
- **CITY:** VICTORIA 3000
- **STATE:** C3
- **ZIP:** AUSTRALIA
- **BUSINESS PHONE:** 801-204-2000

**MAIL ADDRESS:**
- **STREET 1:** RIO TINTO SERVICES INC.
- **STREET 2:** 80 STATE STREET
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12207-2543

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CRA LTD
- **DATE OF NAME CHANGE:** 19950725

?xml version='1.0' encoding='ASCII'? rio-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 20-F**

(Mark One)

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

or

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** **For the fiscal year ended: December 31, 2025**

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

or

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**Date of event requiring this shell company report **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** **For the transition period from: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

---

| | |
|:---|:---|
| Commission file number: 001-10533 | Commission file number: 001-34121 |
| **Rio Tinto plc** | **Rio Tinto Limited**<br>**ABN 96 004 458 404** |
| (Exact Name of Registrant as Specified in Its Charter) | (Exact Name of Registrant as Specified in Its Charter) |
| **England and Wales**<br>(Jurisdiction of Incorporation or Organization) | **Victoria,** Australia<br>(Jurisdiction of Incorporation or Organization) |
| **6 St. James's Square**<br>**London, SW1Y 4AD, United Kingdom**<br>(Address of Principal Executive Offices) | **Level 43, 120 Collins Street**<br>**Melbourne, Victoria 3000, Australia**<br>(Address of Principal Executive Offices) |

---

Julie Parent, T: 514-848-8519, E: julie.parent@riotinto.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol</u> | Name of Each Exchange<br>On Which Registered |
| American Depositary Shares\*<br>Ordinary Shares of 10p each\*\*<br>4.375% Notes due 2027<br>4.500% Notes due 2028<br>7.125% Notes due 2028<br>4.875% Notes due 2030<br>5.000% notes due 2032<br>5.000% Notes due 2033<br>5.250% Notes due 2035<br>5.200% Notes due 2040<br>4.750% Notes due 2042<br>4.125% Notes due 2042<br>2.750% Notes due 2051<br>5.125% Notes due 2053<br>5.750% Notes due 2055<br>5.875% Notes due 2065<br>Floating Rate Notes due 2028 | RIO | New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange<br>New York Stock Exchange |

---

\* Evidenced by American Depositary Receipts. Each American Depositary Share Represents one Rio Tinto plc Ordinary Shares of 10p each.

\*\* Not for trading, but only in connection with the listing of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission

Securities registered or to be registered pursuant to Section 12(g) of the Act:

<u>Title of Class</u> <u>Title of Class Shares</u> <br> None None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

<u>Title of Class</u> <u>Title of Class of Shares</u> <br> None None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period

covered by the annual report:

---

| | | | |
|:---|:---|:---|:---|
| <u>Title of each class</u> | <u>Rio Tinto plc - Number</u> | <u>Rio Tinto Limited - Number</u> | <u>Title of each class</u> |
| Ordinary Shares of 10p each | 1,256,010,314 | 371,216,214 | Shares |
| DLC Dividend Share of 10p | 1 | 1 | DLC Dividend Share |
| Special Voting Share of 10p | 1 | 1 | Special Voting Share |

---

Indicate by check mark if the registrants are well-known seasoned issuers, as defined in rule 405 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

If this report is an annual or transition report, indicate by check mark if the registrants are not required to file reports pursuant to

Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such

reports), and (2) have been subject to such filing requirements for the past 90 days:

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrants have submitted electronically every

Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during

the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, or emerging growth companies. See definition

of "large accelerated filer", "accelerated filer" and "emerging growth company" and in Rule 12b-2 of the Exchange Act.:

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ <br> Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark

if the registrants have elected not to use the extended transition period for complying with any new or revised

financial accounting standards\* provided pursuant to Section 13(a) of the Exchange Act. ☐

\*The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrants have filed a report on and attestation to their management's assessment of the

effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.

7262(b)) by the registered public accounting firm that prepared or issued their audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

registrants included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants' executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrants have used to prepare the financial statements included in this filing:

US GAAP ☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the

registrants have elected to follow:

Item 17 ☐&nbsp;&nbsp;&nbsp;&nbsp;Item 18 ☐

If this is an annual report, indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange

Act).

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrants have filed all documents and reports required to be filed by Sections 12, 13 or

15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐ No ☐

---

| | | |
|:---|:---|:---|
| <u>Auditor Name</u> | <u>Auditor Location</u> | <u>Auditor Firm ID</u> |
| KPMG LLP | London, United Kingdom | 1118 |
| KPMG | Perth, Australia | 1020 |

---

![FC-BG-VR4.jpg](rio-20251231_g1.jpg)

Annual Report on Form 20-F **2025**

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | i | riotinto.com |

---

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
| **1** | **Identity of directors, senior management and advisers** | Not applicable  | – |
| **2** | **Offer statistics and expected timetable** | Not applicable | – |
| **3** | **Key information** |  |  |
| **3** | 3.A - [Reserved] | Not applicable | – |
| **3** | 3.B – Capitalisation and indebtedness | Not applicable | – |
| **3** | 3.C – Reasons for the offer and use of proceeds | Not applicable | – |
| **3** | 3.D – Risk factors | Risk factors | [91](#i6e24f352bf2243f482bd1df1b3ce01ce_235)-[99](#i48387d1039ee458599ad5fc21a244df2_23905) |
| **4** | **Information on the company** | **Information on the company** | **Information on the company** |
|  | 4.A – History and development of the company | Contents | Cover |
|  | 4.A – History and development of the company | 2025 at a glance | [1](#i6e24f352bf2243f482bd1df1b3ce01ce_19) |
|  | 4.A – History and development of the company | Chair's statement | [4](#i6e24f352bf2243f482bd1df1b3ce01ce_31) |
|  | 4.A – History and development of the company | From the Chief Executive | [5](#i6e24f352bf2243f482bd1df1b3ce01ce_34) |
|  | 4.A – History and development of the company | Strategic context | [6](#i6e24f352bf2243f482bd1df1b3ce01ce_37)-[7](#i6e24f352bf2243f482bd1df1b3ce01ce_40) |
|  | 4.A – History and development of the company | Our strategic framework | [8](#i6e24f352bf2243f482bd1df1b3ce01ce_43)-[9](#i6e24f352bf2243f482bd1df1b3ce01ce_46) |
|  | 4.A – History and development of the company | The story of our year | [10](#i6e24f352bf2243f482bd1df1b3ce01ce_49)-[11](#i6e24f352bf2243f482bd1df1b3ce01ce_52) |
|  | 4.A – History and development of the company | Key performance indicators | [14](#i6e24f352bf2243f482bd1df1b3ce01ce_61)-[15](#i6e24f352bf2243f482bd1df1b3ce01ce_64) |
|  | 4.A – History and development of the company | Chief Financial Officer's statement | [16](#i6e24f352bf2243f482bd1df1b3ce01ce_67) |
|  | 4.A – History and development of the company | Financial review | [17](#i6e24f352bf2243f482bd1df1b3ce01ce_70)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999) |
|  | 4.A – History and development of the company | Aluminium & Lithium | [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88)-[27](#i6e24f352bf2243f482bd1df1b3ce01ce_91) |
|  | 4.A – History and development of the company | Copper | [28](#i6e24f352bf2243f482bd1df1b3ce01ce_97)-[29](#i6e24f352bf2243f482bd1df1b3ce01ce_103) |
|  | 4.A – History and development of the company | Iron Ore | [30](#i6e24f352bf2243f482bd1df1b3ce01ce_106)-[31](#i6e24f352bf2243f482bd1df1b3ce01ce_112) |
|  | 4.A – History and development of the company | Our approach to sustainability | [32](#i6e24f352bf2243f482bd1df1b3ce01ce_115)-[88](#if3f0890b3877451a9ab67686b146e897_6348) |
|  | 4.A – History and development of the company | Directors' report – Additional statutory disclosure – Operating and financial <br>review<br>| [150](#i2fc1f51a84154af4928766d389ff8f32_27136) |
|  | 4.A – History and development of the company | Financial statements<br>– Note 1 – Financial performance by segment<br>– Note 5 – Acquisitions and disposals<br>| [170](#i6e24f352bf2243f482bd1df1b3ce01ce_481)-[171](#i6e24f352bf2243f482bd1df1b3ce01ce_499)<br>[176](#i6e24f352bf2243f482bd1df1b3ce01ce_535)-[178](#i6e24f352bf2243f482bd1df1b3ce01ce_541)<br>|
|  | 4.A – History and development of the company | Financial information by business unit | [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[269](#i6e24f352bf2243f482bd1df1b3ce01ce_994) |
|  | 4.A – History and development of the company | Shareholder information<br>– Organisational structure<br>– Nomenclature and financial data<br>– History<br>– Dual-listed companies structure<br>| [336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)<br>[336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)<br>[336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)<br>[336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)-[337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7985)<br>|
|  | 4.A – History and development of the company | Additional information – US disclosure – Document on display<br> – Contact details – Registered offices<br>| [345](#i291b3ec3e5264747a1aea1a052059b94_24386)<br>[367](#i6e24f352bf2243f482bd1df1b3ce01ce_1165)<br>|
|  | 4.B – Business overview | 2025 at a glance | [1](#i6e24f352bf2243f482bd1df1b3ce01ce_19) |
|  | 4.B – Business overview | Chair's statement | [4](#i6e24f352bf2243f482bd1df1b3ce01ce_31) |
|  | 4.B – Business overview | From the Chief Executive | [5](#i6e24f352bf2243f482bd1df1b3ce01ce_34) |
|  | 4.B – Business overview | Strategic context | [6](#i6e24f352bf2243f482bd1df1b3ce01ce_37)-[7](#i6e24f352bf2243f482bd1df1b3ce01ce_40) |
|  | 4.B – Business overview | Our strategic framework | [8](#i6e24f352bf2243f482bd1df1b3ce01ce_43)-[9](#i6e24f352bf2243f482bd1df1b3ce01ce_46) |
|  | 4.B – Business overview | The story of our year | [10](#i6e24f352bf2243f482bd1df1b3ce01ce_49)-[11](#i6e24f352bf2243f482bd1df1b3ce01ce_52) |
|  | 4.B – Business overview | Key performance indicators | [14](#i6e24f352bf2243f482bd1df1b3ce01ce_61)-[15](#i6e24f352bf2243f482bd1df1b3ce01ce_64) |
|  | 4.B – Business overview | Chief Financial Officer's statement | [16](#i6e24f352bf2243f482bd1df1b3ce01ce_67) |
|  | 4.B – Business overview | Financial review | [17](#i6e24f352bf2243f482bd1df1b3ce01ce_70)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999) |
|  | 4.B – Business overview | Aluminium & Lithium | [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88)-[27](#i6e24f352bf2243f482bd1df1b3ce01ce_91) |
|  | 4.B – Business overview | Copper | [28](#i6e24f352bf2243f482bd1df1b3ce01ce_97)-[29](#i6e24f352bf2243f482bd1df1b3ce01ce_100) |
|  | 4.B – Business overview | Iron Ore | [30](#i6e24f352bf2243f482bd1df1b3ce01ce_106)-[31](#i6e24f352bf2243f482bd1df1b3ce01ce_112) |
|  | 4.B – Business overview | Our approach to sustainability | [32](#i6e24f352bf2243f482bd1df1b3ce01ce_115)-[88](#if3f0890b3877451a9ab67686b146e897_6348) |
|  | 4.B – Business overview | Directors' report – Additional statutory disclosure<br>– Government regulations<br>– Environmental regulations<br>| [154](#i2fc1f51a84154af4928766d389ff8f32_27131)<br>[154](#i2fc1f51a84154af4928766d389ff8f32_27132)<br>|
|  | 4.B – Business overview | Financial statements Note 6 – Revenue by destination and product | [179](#i6e24f352bf2243f482bd1df1b3ce01ce_547)-[180](#i6e24f352bf2243f482bd1df1b3ce01ce_562) |
|  | 4.B – Business overview | Metals and minerals production | [276](#i6e24f352bf2243f482bd1df1b3ce01ce_1072)-[277](#i5b8802042b494875a6eb21c43443b6b1_115) |
|  | 4.B – Business overview | Mineral Resources and Mineral Reserves | [278](#i6e24f352bf2243f482bd1df1b3ce01ce_1075)-[279](#iaae40dbc4cd6425795c6d00fa4817b63_10153) |
|  | 4.B – Business overview | Qualified Persons | [280](#i6e24f352bf2243f482bd1df1b3ce01ce_1078)-[281](#i6d11cf6f0b5a4599afed2c9ad7ac8e0f_12-0-1-1-5910999) |
|  | 4.B – Business overview | Mineral Reserves | [282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081)-[293](#ia72b05509514435286b0d431a1ca5694_11519) |
|  | 4.B – Business overview | Mineral Resources | [294](#i6e24f352bf2243f482bd1df1b3ce01ce_1084)-[304](#i9df21654ffa54893a0f1835fa8beb169_12494) |
|  | 4.B – Business overview | Mines and production facilities | [305](#i6e24f352bf2243f482bd1df1b3ce01ce_1087)-[325](#i86a7b779e9554f19851cede0551ef0e1_317) |
|  | 4.B – Business overview | Additional information – US disclosure – Disclosure pursuant to Section 13(r) of <br>the Securities Exchange Act of 1934<br>| [342](#i6e24f352bf2243f482bd1df1b3ce01ce_1141)  |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | ii | riotinto.com |

---

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
|  | 4.C Organisational structure | Financial statements<br>– Note 31 – Subsidiaries with material non-controlling interests<br>– Note 32 – Principal joint operations<br>– Note 33 – Entities accounted under the equity method<br>Consolidated entity disclosure statement<br>| [219](#i6e24f352bf2243f482bd1df1b3ce01ce_832)<br>[220](#i6e24f352bf2243f482bd1df1b3ce01ce_841)<br>[221](#i6e24f352bf2243f482bd1df1b3ce01ce_850)-[222](#i6e24f352bf2243f482bd1df1b3ce01ce_865)<br>[230](#i6e24f352bf2243f482bd1df1b3ce01ce_922)-[238](#i6e24f352bf2243f482bd1df1b3ce01ce_940)<br>|
|  | 4.C Organisational structure | Shareholder information<br>– Organisational structure<br>– Dual-listed companies structure<br>| [336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)<br>[336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)-[337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7985)<br>|
|  | 4.D – Property, plants and equipment | Key performance indicators | [14](#i6e24f352bf2243f482bd1df1b3ce01ce_61)-[15](#i6e24f352bf2243f482bd1df1b3ce01ce_64) |
|  | 4.D – Property, plants and equipment | Financial review<br>– Capital projects<br>– Future options<br>| [21](#i6e24f352bf2243f482bd1df1b3ce01ce_82)-[23](#i0d945c24717142f2a5608497eada8e25_37)<br>[24](#i6e24f352bf2243f482bd1df1b3ce01ce_85)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999)<br>|
|  | 4.D – Property, plants and equipment | Aluminium & Lithium | [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88)-[27](#i6e24f352bf2243f482bd1df1b3ce01ce_91) |
|  | 4.D – Property, plants and equipment | Copper | [28](#i6e24f352bf2243f482bd1df1b3ce01ce_97)-[29](#i6e24f352bf2243f482bd1df1b3ce01ce_100) |
|  | 4.D – Property, plants and equipment | Iron Ore | [30](#i6e24f352bf2243f482bd1df1b3ce01ce_106)-[31](#i6e24f352bf2243f482bd1df1b3ce01ce_112) |
|  | 4.D – Property, plants and equipment | Our approach to sustainability | [32](#i6e24f352bf2243f482bd1df1b3ce01ce_115)-[88](#if3f0890b3877451a9ab67686b146e897_6348) |
|  | 4.D – Property, plants and equipment | Directors' report – Additional statutory disclosure<br>– Environmental regulations<br>– Energy efficiency action<br>| [154](#i2fc1f51a84154af4928766d389ff8f32_27132)<br>[154](#i2fc1f51a84154af4928766d389ff8f32_27133)<br>|
|  | 4.D – Property, plants and equipment | Financial statements Note 13 – Property, plant and equipment | [188](#i6e24f352bf2243f482bd1df1b3ce01ce_613)-[191](#i6e24f352bf2243f482bd1df1b3ce01ce_631) |
|  | 4.D – Property, plants and equipment | Metals and minerals production | [276](#i6e24f352bf2243f482bd1df1b3ce01ce_1072)-[277](#i5b8802042b494875a6eb21c43443b6b1_115) |
|  | 4.D – Property, plants and equipment | Mineral Resources and Mineral Reserves | [278](#i6e24f352bf2243f482bd1df1b3ce01ce_1075)-[279](#iaae40dbc4cd6425795c6d00fa4817b63_10153) |
|  | 4.D – Property, plants and equipment | Qualified Persons | [280](#i6e24f352bf2243f482bd1df1b3ce01ce_1078)-[281](#i6d11cf6f0b5a4599afed2c9ad7ac8e0f_12-0-1-1-5910999) |
|  | 4.D – Property, plants and equipment | Mineral Reserves | [282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081)-[293](#ia72b05509514435286b0d431a1ca5694_11519) |
|  | 4.D – Property, plants and equipment | Mineral Resources | [294](#i6e24f352bf2243f482bd1df1b3ce01ce_1084)-[304](#i9df21654ffa54893a0f1835fa8beb169_12494) |
|  | 4.D – Property, plants and equipment | Mines and production facilities | [305](#i6e24f352bf2243f482bd1df1b3ce01ce_1087)-[325](#i86a7b779e9554f19851cede0551ef0e1_317) |
|  | 4.D – Property, plants and equipment | Additional information – US disclosure – Summary disclosure of operations <br>pursuant to Item 1303 of SK-1300 under Securities Act of 1933<br>| [349](#i6e24f352bf2243f482bd1df1b3ce01ce_1147)  |
|  | 4.D – Property, plants and equipment | Additional information – US disclosure – Individual property disclosure <br>pursuant to Item 1304 of SK-1300 under Securities Act of 1933<br>| [349](#i6e24f352bf2243f482bd1df1b3ce01ce_1147)-[365](#i8d937e1daeef426c94b23ee25fd41db1_18568) |
|  | 4.D – Property, plants and equipment | Additional information – US disclosure – Internal controls disclosure pursuant to <br>Item 1305 of SK-1300 under Securities Act of 1933<br>| [365](#i8d937e1daeef426c94b23ee25fd41db1_18568)  |
|  | 4.D – Property, plants and equipment | See Exhibits 96.1-96.2 | – |
| **4A** | **Unresolved staff comments**  |  | – |
| **5** | **Operating and financial review and prospects** | **Operating and financial review and prospects** | **Operating and financial review and prospects** |
|  | 5.A – Operating results | Chair's statement | [4](#i6e24f352bf2243f482bd1df1b3ce01ce_31) |
|  | 5.A – Operating results | Financial review | [17](#i6e24f352bf2243f482bd1df1b3ce01ce_70)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999) |
|  | 5.A – Operating results | Aluminium & Lithium | [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88)-[27](#i6e24f352bf2243f482bd1df1b3ce01ce_91) |
|  | 5.A – Operating results | Copper | [28](#i6e24f352bf2243f482bd1df1b3ce01ce_97)-[29](#i6e24f352bf2243f482bd1df1b3ce01ce_100) |
|  | 5.A – Operating results | Iron Ore | [30](#i6e24f352bf2243f482bd1df1b3ce01ce_106)-[31](#i6e24f352bf2243f482bd1df1b3ce01ce_112) |
|  | 5.A – Operating results | Our approach to sustainability | [32](#i6e24f352bf2243f482bd1df1b3ce01ce_115)-[88](#if3f0890b3877451a9ab67686b146e897_6348) |
|  | 5.A – Operating results | Directors' report – Additional statutory disclosure<br>– Operating and financial review<br>– Government regulations<br>– Environmental regulations<br>| [150](#i6e24f352bf2243f482bd1df1b3ce01ce_352)<br>[154](#i2fc1f51a84154af4928766d389ff8f32_27131)<br>[154](#i2fc1f51a84154af4928766d389ff8f32_27132)<br>|
|  | 5.A – Operating results | Financial statements <br>– h. Climate change<br>– Note 25 – Financial instruments and risk management<br>| [161](#i6e24f352bf2243f482bd1df1b3ce01ce_430)-[164](#i3c06707752cf468884e3d0e7a27d5982_8-1-1-1-5910999)<br>[204](#i6e24f352bf2243f482bd1df1b3ce01ce_739)-[208](#i6a88ae4a5fba4b2fa0e407f9e95776be_1235)<br>|
|  | 5.A – Operating results | Financial information by business unit | [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[269](#i6e24f352bf2243f482bd1df1b3ce01ce_994) |
|  | 5.A – Operating results | Alternative performance measures | [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997)-[274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048) |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | iii | riotinto.com |

---

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
|  | 5.B – Liquidity and capital resources | Financial review<br>– Capital projects<br>– Future options<br>| [21](#i6e24f352bf2243f482bd1df1b3ce01ce_82)-[23](#i0d945c24717142f2a5608497eada8e25_37)<br>[24](#i6e24f352bf2243f482bd1df1b3ce01ce_85)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999)<br>|
|  | 5.B – Liquidity and capital resources | Financial statements<br>– Note 14 – Close-down, restoration and environmental provisions<br>– Note 19 – Other provisions<br>– Our capital and liquidity<br>– Note 20 - Net debt<br>– Note 21 – Borrowings<br>– Note 22 – Leases<br>– Note 23 – Cash and cash equivalents<br>– Note 24 – Other financial assets and liabilities<br>– Note 25 – Financial instruments and risk management<br>– Note 29 – Post-retirement benefits<br>– Note 37 – Contingencies and commitments<br>| [191](#i6e24f352bf2243f482bd1df1b3ce01ce_634)-[195](#i6e24f352bf2243f482bd1df1b3ce01ce_652)<br>[198](#i6e24f352bf2243f482bd1df1b3ce01ce_694)<br>[199](#i6e24f352bf2243f482bd1df1b3ce01ce_700)<br>[200](#i6e24f352bf2243f482bd1df1b3ce01ce_712)<br>[200](#i6e24f352bf2243f482bd1df1b3ce01ce_712)-[201](#ie5b479dec1bc4c228a326ddc984dbe89_55-0-1-1-5910999)<br>[202](#i6e24f352bf2243f482bd1df1b3ce01ce_715)<br>[203](#i6e24f352bf2243f482bd1df1b3ce01ce_736)<br>[203](#i6e24f352bf2243f482bd1df1b3ce01ce_736)-[204](#i9419fe77980141f3844fdb04472633d2_1594)<br>[204](#i6e24f352bf2243f482bd1df1b3ce01ce_739)-[208](#i4d1d024f8e0340b1a53a53832145b42b_2864)<br>[213](#i6e24f352bf2243f482bd1df1b3ce01ce_799)-[218](#i16f3176ff493499d89429bc3a7c88c05_1195)<br>[225](#i6e24f352bf2243f482bd1df1b3ce01ce_898)-[227](#i6e24f352bf2243f482bd1df1b3ce01ce_904)<br>|
|  | 5.C – Research and development, patents and licenses, <br>etc. | Our strategic framework | [8](#i6e24f352bf2243f482bd1df1b3ce01ce_43)-[9](#i6e24f352bf2243f482bd1df1b3ce01ce_46) |
|  | 5.C – Research and development, patents and licenses, <br>etc. | The story of our year | [10](#i6e24f352bf2243f482bd1df1b3ce01ce_49)-[11](#i6e24f352bf2243f482bd1df1b3ce01ce_52) |
|  | 5.C – Research and development, patents and licenses, <br>etc. | Our approach to sustainability - Environmentally committed | [46](#i6e24f352bf2243f482bd1df1b3ce01ce_154)-[52](#iaf0297c214d54bb3aef47aa241d5983b_8866) |
|  | 5.C – Research and development, patents and licenses, <br>etc. | Directors' report – Additional statutory disclosure – Exploration, research and <br>development<br>| [154](#i2fc1f51a84154af4928766d389ff8f32_27134) |
|  | 5.C – Research and development, patents and licenses, <br>etc. | Financial statements <br>– Note 7 – Net operating costs (excluding items disclosed separately)<br>– Note 13 – Property, plant and equipment <br>– Impact of climate change on our business – Useful economic lives of our <br>power generating assets<br>| [180](#i6e24f352bf2243f482bd1df1b3ce01ce_565)<br>[188](#i6e24f352bf2243f482bd1df1b3ce01ce_613)-[191](#i6e24f352bf2243f482bd1df1b3ce01ce_631)<br>[191](#i6e24f352bf2243f482bd1df1b3ce01ce_631)<br>|
|  | 5.D – Trend information | 2025 at a glance | [1](#i6e24f352bf2243f482bd1df1b3ce01ce_19) |
|  | 5.D – Trend information | Chair's statement | [4](#i6e24f352bf2243f482bd1df1b3ce01ce_31) |
|  | 5.D – Trend information | From the Chief Executive | [5](#i6e24f352bf2243f482bd1df1b3ce01ce_34) |
|  | 5.D – Trend information | Strategic context | [6](#i6e24f352bf2243f482bd1df1b3ce01ce_37)-[7](#i6e24f352bf2243f482bd1df1b3ce01ce_40) |
|  | 5.D – Trend information | Our strategic framework | [8](#i6e24f352bf2243f482bd1df1b3ce01ce_43)-[9](#i6e24f352bf2243f482bd1df1b3ce01ce_46) |
|  | 5.D – Trend information | The story of our year | [10](#i6e24f352bf2243f482bd1df1b3ce01ce_49)-[11](#i6e24f352bf2243f482bd1df1b3ce01ce_52) |
|  | 5.D – Trend information | Our continuing path to value creation | [12](#i6e24f352bf2243f482bd1df1b3ce01ce_55)-[13](#i6e24f352bf2243f482bd1df1b3ce01ce_58) |
|  | 5.D – Trend information | Key performance indicators | [14](#i6e24f352bf2243f482bd1df1b3ce01ce_61)-[15](#i6e24f352bf2243f482bd1df1b3ce01ce_64) |
|  | 5.D – Trend information | Chief Financial Officer's statement | [16](#i6e24f352bf2243f482bd1df1b3ce01ce_67) |
|  | 5.D – Trend information | Financial review | [17](#i6e24f352bf2243f482bd1df1b3ce01ce_70)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999) |
|  | 5.D – Trend information | Aluminium & Lithium | [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88)-[27](#i6e24f352bf2243f482bd1df1b3ce01ce_91) |
|  | 5.D – Trend information | Copper | [28](#i6e24f352bf2243f482bd1df1b3ce01ce_97)-[29](#i6e24f352bf2243f482bd1df1b3ce01ce_100) |
|  | 5.D – Trend information | Iron Ore | [30](#i6e24f352bf2243f482bd1df1b3ce01ce_106)-[31](#i6e24f352bf2243f482bd1df1b3ce01ce_112) |
|  | 5.E – Critical accounting estimates | Not Applicable | – |
| **6** | **Directors, senior management and employees** | **Directors, senior management and employees** | **Directors, senior management and employees** |
|  | 6.A – Directors and senior management | Directors' report<br>– Board of Directors<br>– Executive Committee<br>| [104](#i6e24f352bf2243f482bd1df1b3ce01ce_253)-[105](#i6e24f352bf2243f482bd1df1b3ce01ce_256)<br>[106](#i6e24f352bf2243f482bd1df1b3ce01ce_259)<br>|
|  | 6.A – Directors and senior management | Additional statutory disclosure – Directors and executives | [153](#i2fc1f51a84154af4928766d389ff8f32_27142) |
|  | 6.B – Compensation | Directors' report<br>– Remuneration Policy summary<br>– At a glance: 2025 remuneration outcomes <br>– Implementation report<br>– Implementation report tables<br>| [125](#i6e24f352bf2243f482bd1df1b3ce01ce_316)-[126](#i6e24f352bf2243f482bd1df1b3ce01ce_319)<br>[127](#i6e24f352bf2243f482bd1df1b3ce01ce_322)-[128](#i6e24f352bf2243f482bd1df1b3ce01ce_325)<br>[129](#i6e24f352bf2243f482bd1df1b3ce01ce_328)-[144](#i7c04024423194a03919441e1556a4e09_35065)<br>[145](#i6e24f352bf2243f482bd1df1b3ce01ce_340)-[149](#i6e24f352bf2243f482bd1df1b3ce01ce_343)<br>|
|  | 6.B – Compensation | Financial statements<br>– Note 27 – Employment costs and provisions<br>– Note 28 – Share-based payments<br>– Note 29 – Post-retirement benefits<br>| [209](#i6e24f352bf2243f482bd1df1b3ce01ce_775)<br>[210](#i6e24f352bf2243f482bd1df1b3ce01ce_778)-[212](#i6e24f352bf2243f482bd1df1b3ce01ce_793)<br>[213](#i6e24f352bf2243f482bd1df1b3ce01ce_799)-[218](#i16f3176ff493499d89429bc3a7c88c05_1195)<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | iv | riotinto.com |

---

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
|  | 6.C – Board practices | Directors' report | [102](#i6e24f352bf2243f482bd1df1b3ce01ce_244)-[156](#i1d846f4fefe940e2aa0f15a7c676994e_751) |
|  | 6.C – Board practices | Directors' report<br>– Board of Directors<br>– Executive Committee<br>– Audit & Risk Committee report<br>– At a glance: 2025 remuneration outcome<br>– Application of and compliance with governance codes and standards<br>| [104](#i6e24f352bf2243f482bd1df1b3ce01ce_253)-[105](#i6e24f352bf2243f482bd1df1b3ce01ce_256)<br>[106](#i6e24f352bf2243f482bd1df1b3ce01ce_259)<br>[115](#i6e24f352bf2243f482bd1df1b3ce01ce_289)-[119](#i99f69eb0ce144429aee2e7574dd2853a_7199)<br>[127](#i6e24f352bf2243f482bd1df1b3ce01ce_322)-[128](#i6e24f352bf2243f482bd1df1b3ce01ce_325)<br>[155](#i55b7b394b76d4a908067d6c2a00a71cd_3709)-[156](#i1d846f4fefe940e2aa0f15a7c676994e_751)<br>|
|  | 6.C – Board practices | Shareholder information – Directors – Appointment and removal of Directors | [340](#iacc98458133344f4b3fb82cea83d3fec_22557) |
|  | 6.D - Employees | Our approach to sustainability – Talent, respect and inclusion | [38](#i6e24f352bf2243f482bd1df1b3ce01ce_142)-[40](#i14845d12e47f4239b78a84b3f8e8d882_8496) |
|  | 6.D - Employees | Financial statements<br>– Note 26 – Average number of employees<br>– Note 27 – Employment costs and provisions<br>| [209](#i6e24f352bf2243f482bd1df1b3ce01ce_772)<br>[209](#i6e24f352bf2243f482bd1df1b3ce01ce_775)<br>|
|  | 6.D - Employees | Financial information by business unit | [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[269](#i6e24f352bf2243f482bd1df1b3ce01ce_994) |
|  | 6.E – Share ownership | Governance<br>– Implementation report – Executive Directors' shareholding<br>– Non-Executive Directors – Positions held and <br>share ownership <br>– Other share plans<br>| [140](#i7c04024423194a03919441e1556a4e09_35059)<br>[143](#i7c04024423194a03919441e1556a4e09_35064)<br>[144](#i7c04024423194a03919441e1556a4e09_35069)<br>|
|  | 6.E – Share ownership | Financial statements – Note 28 – Share-based payments | [210](#i6e24f352bf2243f482bd1df1b3ce01ce_778)-[212](#i6e24f352bf2243f482bd1df1b3ce01ce_793) |
|  | 6.F – Disclosure of a registrant's action to recover <br>erroneously awarded compensation<br>| Directors' report<br>– Remuneration Policy summary<br>See Exhibit 97.1<br>| [125](#i6e24f352bf2243f482bd1df1b3ce01ce_316)-[126](#i6e24f352bf2243f482bd1df1b3ce01ce_319) |
| **7** | **Major shareholders and related party transactions** | **Major shareholders and related party transactions** | **Major shareholders and related party transactions** |
| **7** | 7.A – Major shareholders | Shareholder information – Share ownership<br>– Substantial shareholders in Rio Tinto plc<br>– Substantial shareholders in Rio Tinto Limited<br>– Analysis of ordinary shareholders<br>– Twenty largest registered shareholders<br>| [337](#iacc98458133344f4b3fb82cea83d3fec_22553)<br>[337](#iacc98458133344f4b3fb82cea83d3fec_22542)<br>[338](#iacc98458133344f4b3fb82cea83d3fec_22554)<br>[338](#iacc98458133344f4b3fb82cea83d3fec_22550)<br>|
| **7** | 7.B – Related party transactions | Financial review | [17](#i6e24f352bf2243f482bd1df1b3ce01ce_70)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999) |
| **7** | 7.B – Related party transactions | Financial statements Note 34 – Related-party transactions | [222](#i6e24f352bf2243f482bd1df1b3ce01ce_871) |
| **7** | 7.C – Interests of experts and counsel | Not applicable | – |
| **8** | **Financial Information** | **Financial Information** | **Financial Information** |
| **8** | 8.A – Consolidated statements and other financial <br>information | Financial review – Shareholder returns | [20](#i9ef009cb0876424495ee0f505fc690ee_1117) |
| **8** | 8.A – Consolidated statements and other financial <br>information | Additional statutory disclosure – Operating and financial review | [150](#i6e24f352bf2243f482bd1df1b3ce01ce_352) |
| **8** | 8.A – Consolidated statements and other financial <br>information | Financial statements Note 37 – Contingencies and commitments | [225](#i6e24f352bf2243f482bd1df1b3ce01ce_898)-[227](#i6e24f352bf2243f482bd1df1b3ce01ce_904) |
| **8** | 8.A – Consolidated statements and other financial <br>information | See Item 18 | – |
|  | 8.B – Significant changes | Financial statements Note 39 – Events after the balance sheet date | [228](#i6e24f352bf2243f482bd1df1b3ce01ce_910) |
| **9** | **The offer and listing** | **The offer and listing** | **The offer and listing** |
| **9** | 9.A – Offer and listing details | Additional statutory disclosure – Operating and financial review | [150](#i6e24f352bf2243f482bd1df1b3ce01ce_352) |
| **9** | 9.A – Offer and listing details | Shareholder information <br>– Organisational structure<br>– Markets<br>| [336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)<br>[337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7986)-[338](#iacc98458133344f4b3fb82cea83d3fec_22550)<br>|
| **9** | 9.B – Plan of distribution | Not applicable | – |
| **9** | 9.C – Markets | Shareholder information – Markets | [337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7986)-[338](#iacc98458133344f4b3fb82cea83d3fec_22550) |
| **9** | 9.C – Markets | See Exhibit 2.1 | – |
| **9** | 9.D – Selling shareholders | Not applicable | – |
| **9** | 9.E – Dilution | Not applicable | – |
| **9** | 9.F – Expenses of the issue | Not applicable | – |

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | v | riotinto.com |

---

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
| **10** | **Additional information** | **Additional information** | **Additional information** |
| **10** | 10.A – Share capital | Not applicable | – |
| **10** | 10.B – Memorandum and articles of association | Financial review – Shareholder returns | [20](#i9ef009cb0876424495ee0f505fc690ee_1117) |
| **10** | 10.B – Memorandum and articles of association | Directors' report – Application of and compliance with governance codes and <br>standards<br>| [155](#i55b7b394b76d4a908067d6c2a00a71cd_3709)-[156](#i1d846f4fefe940e2aa0f15a7c676994e_751) |
| **10** | 10.B – Memorandum and articles of association | Shareholder information<br>– Dual-listed companies structures<br>– Material contracts<br>– Exchange controls and foreign investment<br>– Directors<br>| [336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)-[337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7985)<br>[339](#iacc98458133344f4b3fb82cea83d3fec_22543)-[340](#iacc98458133344f4b3fb82cea83d3fec_22556)<br>[340](#iacc98458133344f4b3fb82cea83d3fec_22547)<br>[340](#iacc98458133344f4b3fb82cea83d3fec_22557)-[341](#iacc98458133344f4b3fb82cea83d3fec_22549)<br>|
| **10** | 10.B – Memorandum and articles of association | See Exhibit 2.1 | – |
| **10** | 10.C – Material contracts | Financial statements – Our capital and liquidity | [199](#i6e24f352bf2243f482bd1df1b3ce01ce_700) |
| **10** | 10.C – Material contracts | Shareholder information – Material contracts | [339](#iacc98458133344f4b3fb82cea83d3fec_22543)-[340](#iacc98458133344f4b3fb82cea83d3fec_22547) |
| **10** | 10.D – Exchange controls | Shareholder information – Exchange controls and foreign investment | [340](#iacc98458133344f4b3fb82cea83d3fec_22547) |
| **10** | 10.E – Taxation | Additional information – US disclosure – Taxation | [342](#i6e24f352bf2243f482bd1df1b3ce01ce_1141)-[344](#i291b3ec3e5264747a1aea1a052059b94_24388) |
| **10** | 10.F – Dividends and paying agents | Not applicable | – |
| **10** | 10.G – Statement by experts | Not applicable | – |
| **10** | 10.H – Documents on display | Additional information – US disclosure – Document on display | [345](#i291b3ec3e5264747a1aea1a052059b94_24386)  |
| **10** | 10.I – Subsidiary information | Not applicable | – |
| **10** | 10.J – Annual report to security holders | Additional information – US disclosure – Document on display | [345](#i291b3ec3e5264747a1aea1a052059b94_24386)  |
| **11** | **Quantitative and qualitative disclosure about market** <br>**risk** | Risk factors | [91](#i6e24f352bf2243f482bd1df1b3ce01ce_235)-[99](#i48387d1039ee458599ad5fc21a244df2_23905) |
| **11** | **Quantitative and qualitative disclosure about market** <br>**risk** | Financial statements Note 25 – Financial instruments and risk management | [204](#i6e24f352bf2243f482bd1df1b3ce01ce_739)-[208](#i4d1d024f8e0340b1a53a53832145b42b_2864) |
| **11** | **Quantitative and qualitative disclosure about market** <br>**risk** | Cautionary statement about forward-looking statements | [368](#i6e24f352bf2243f482bd1df1b3ce01ce_1162) |
| **12** | **Description of securities other than equity securities** | **Description of securities other than equity securities** | **Description of securities other than equity securities** |
| **12** | 12.A – Debt securities | Not applicable | – |
| **12** | 12.B – Warrants and rights | Not applicable | – |
| **12** | 12.C – Other securities | Not applicable | – |
| **12** | 12.D – American depositary shares | Additional information – US disclosure – American Depositary Shares - <br>American depositary receipts (ADRs)<br>| [344](#i291b3ec3e5264747a1aea1a052059b94_24388)-[345](#i291b3ec3e5264747a1aea1a052059b94_24386)  |
| **13** | **Defaults, dividend arrearages and delinquencies** | Not applicable  | – |
| **14** | **Material modifications to the rights of security** <br>**holders and use of proceeds**<br>| Not applicable | – |
| **15** | **Controls and Procedures** | Directors' report – Additional statutory disclosure<br>– Financial reporting<br>| [154](#i6c37c1cbaa314c41b1f36f3bede9839c_7154)-[155](#i55b7b394b76d4a908067d6c2a00a71cd_3709) |
| **15** | **Controls and Procedures** | See Item 18 for the Report of the Independent Registered<br>Public Accounting Firm<br>| – |
| **16** | **[Reserved]** | Not applicable | – |
| **16A** | **Audit committee financial expert** | Directors' report<br>– Audit & Risk Committee report – US listing requirements<br>– Application of and compliance with governance codes and standards<br>| [115](#i6e24f352bf2243f482bd1df1b3ce01ce_289)<br>[155](#i55b7b394b76d4a908067d6c2a00a71cd_3709)-[156](#i1d846f4fefe940e2aa0f15a7c676994e_751)<br>|
| **16B** | **Code of ethics** | Our approach to sustainability – Governance  | [87](#i6e24f352bf2243f482bd1df1b3ce01ce_211)-[88](#if3f0890b3877451a9ab67686b146e897_6348) |
| **16C** | **Principal accountant fees and services** | Directors' report – Audit & Risk Committee report<br>– External auditors<br>| [117](#i95e513fdd04a42658a9b4da1a2735204_8050)-[118](#i6e24f352bf2243f482bd1df1b3ce01ce_301) |
| **16C** | **Principal accountant fees and services** | Financial statements – Note 38 – Auditors' remuneration | [227](#i6e24f352bf2243f482bd1df1b3ce01ce_907) |
| **16D** | **Exemptions from the listing standards for audit** <br>**committees**<br>| Not applicable | – |
| **16E** | **Purchase of equity securities by the issuer and** <br>**affiliated purchasers** | Directors' report – Additional statutory disclosure<br>– Purchases: Rio Tinto plc shares<br>– Purchases: Rio Tinto Limited shares<br>| [152](#i2fc1f51a84154af4928766d389ff8f32_27137)<br>[152](#i2fc1f51a84154af4928766d389ff8f32_27139)<br>|
| **16E** | **Purchase of equity securities by the issuer and** <br>**affiliated purchasers** | Financial statements – Note 35 – Share capital | [223](#i6e24f352bf2243f482bd1df1b3ce01ce_883) |
| **16F** | **Change in registrant's certifying accountant** | Not applicable | – |
| **16G** | **Corporate Governance** | Directors' report – Application of and compliance with governance codes and <br>standards<br>| [155](#i55b7b394b76d4a908067d6c2a00a71cd_3709)-[156](#i1d846f4fefe940e2aa0f15a7c676994e_751) |
| **16H** | **Mine safety disclosure** | See Exhibit 16.1 | – |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | vi | riotinto.com |

---

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
| **16I** | **Disclosure regarding foreign jurisdictions that** <br>**prevent inspections**<br>| Not applicable | – |
| **16J** | **Insider trading policies** | Dealing in Rio Tinto securities<br>See Exhibit 11.1<br>| [154](#i2fc1f51a84154af4928766d389ff8f32_27140)<br>–<br>|
| **16K** | **Cybersecurity** | Our approach to risk management | [89](#i6e24f352bf2243f482bd1df1b3ce01ce_229)-[90](#i6e24f352bf2243f482bd1df1b3ce01ce_232) |
| **16K** | **Cybersecurity** | Risk factors<br>– Managing cyber security<br>| [93](#i48387d1039ee458599ad5fc21a244df2_23904) |
| **16K** | **Cybersecurity** | Additional information – US disclosure – Cyber security | [346](#i6e24f352bf2243f482bd1df1b3ce01ce_1144)-[348](#i0cf3ff902cb64d02b18ee1517ada4431_13749) |
| **17** | **Financial statements** | Not applicable | – |
| **18** | **Financial statements** | About Rio Tinto  | [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394)  |
| **18** | **Financial statements** | About the presentation of our consolidated financial statements | [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394)  |
| **18** | **Financial statements** | Consolidated income statement | [165](#i6e24f352bf2243f482bd1df1b3ce01ce_460) |
| **18** | **Financial statements** | Consolidated statement of comprehensive income | [166](#i6e24f352bf2243f482bd1df1b3ce01ce_463) |
| **18** | **Financial statements** | Consolidated cash flow statement | [167](#i6e24f352bf2243f482bd1df1b3ce01ce_466) |
| **18** | **Financial statements** | Consolidated balance sheet | [168](#i6e24f352bf2243f482bd1df1b3ce01ce_469) |
| **18** | **Financial statements** | Consolidated statement of changes in equity | [169](#i6e24f352bf2243f482bd1df1b3ce01ce_472) |
| **18** | **Financial statements** | Financial statements <br>– Notes 1 to 40<br>| [170](#i6e24f352bf2243f482bd1df1b3ce01ce_481)-[228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) |
| **18** | **Financial statements** | Reports of Independent Registered Public Accounting Firms | [246](#i6e24f352bf2243f482bd1df1b3ce01ce_982)-[248](#i6e24f352bf2243f482bd1df1b3ce01ce_985)  |
| **19** | **Exhibits** | See Exhibit List at the end of this document | – |

---

Other information contained within Rio Tinto's Annual Report on Form 20-F 2025 (Form 20-F) is not included in this Form 20-F unless

specifically identified above and is furnished to the SEC for information only.

![IFC-BG.jpg](rio-20251231_g2.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>1</sub> | riotinto.com |

---

**Many of our operations are located on land and waters** 

**that have belonged to Indigenous and land-connected** 

**Peoples for thousands of years. We respect their ongoing** 

**deep connection to, and their vast knowledge of, the land,** 

**water and environment. We pay our respects to Elders,** 

**both past and present, and acknowledge the important** 

**role Indigenous and land-connected Peoples play within** 

**communities and our business.**

Contents

---

| | |
|:---|:---|
| **Strategic report** |  |
| [2025 at a glance](#i6e24f352bf2243f482bd1df1b3ce01ce_19) | [1](#i6e24f352bf2243f482bd1df1b3ce01ce_19) |
| [Beginning a new chapter](#i6e24f352bf2243f482bd1df1b3ce01ce_22) | [2](#i6e24f352bf2243f482bd1df1b3ce01ce_22) |
| [Why invest in Rio Tinto](#i6e24f352bf2243f482bd1df1b3ce01ce_25) | [2](#i6e24f352bf2243f482bd1df1b3ce01ce_25) |
| [Rio Tinto across the world](#i6e24f352bf2243f482bd1df1b3ce01ce_28) | [3](#i6e24f352bf2243f482bd1df1b3ce01ce_28) |
| [Chair's statement](#i6e24f352bf2243f482bd1df1b3ce01ce_31) | [4](#i6e24f352bf2243f482bd1df1b3ce01ce_31) |
| [From the Chief Executive](#i6e24f352bf2243f482bd1df1b3ce01ce_34) | [5](#i6e24f352bf2243f482bd1df1b3ce01ce_34) |
| [Strategic context](#i6e24f352bf2243f482bd1df1b3ce01ce_37) | [6](#i6e24f352bf2243f482bd1df1b3ce01ce_37) |
| [Our strategic framework](#i6e24f352bf2243f482bd1df1b3ce01ce_43) | [8](#i6e24f352bf2243f482bd1df1b3ce01ce_43) |
| [The story of our year](#i6e24f352bf2243f482bd1df1b3ce01ce_49) | [10](#i6e24f352bf2243f482bd1df1b3ce01ce_49) |
| [Our continuing path to value creation](#i6e24f352bf2243f482bd1df1b3ce01ce_55) | [12](#i6e24f352bf2243f482bd1df1b3ce01ce_55) |
| [Key performance indicators](#i6e24f352bf2243f482bd1df1b3ce01ce_61) | [14](#i6e24f352bf2243f482bd1df1b3ce01ce_61) |
| [Chief Financial Officer's statement](#i6e24f352bf2243f482bd1df1b3ce01ce_67) | [16](#i6e24f352bf2243f482bd1df1b3ce01ce_67) |
| [Financial review](#i6e24f352bf2243f482bd1df1b3ce01ce_70) | [17](#i6e24f352bf2243f482bd1df1b3ce01ce_70) |
| [Aluminium & Lithium](#i6e24f352bf2243f482bd1df1b3ce01ce_88) | [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88) |
| [Copper](#i6e24f352bf2243f482bd1df1b3ce01ce_97) | [28](#i6e24f352bf2243f482bd1df1b3ce01ce_97) |
| [Iron Ore](#i6e24f352bf2243f482bd1df1b3ce01ce_106) | [30](#i6e24f352bf2243f482bd1df1b3ce01ce_106) |
| **[Our approach to sustainability](#i6e24f352bf2243f482bd1df1b3ce01ce_115)** | **[32](#i6e24f352bf2243f482bd1df1b3ce01ce_115)** |
| [Socially connected](#i6e24f352bf2243f482bd1df1b3ce01ce_127) | [36](#i6e24f352bf2243f482bd1df1b3ce01ce_127) |
| [Environmentally committed](#i6e24f352bf2243f482bd1df1b3ce01ce_154) | [46](#i6e24f352bf2243f482bd1df1b3ce01ce_154) |
| [Climate](#i6e24f352bf2243f482bd1df1b3ce01ce_184) | [53](#i6e24f352bf2243f482bd1df1b3ce01ce_184) |
| [Governance](#i6e24f352bf2243f482bd1df1b3ce01ce_211) | [87](#i6e24f352bf2243f482bd1df1b3ce01ce_211) |
| **[Our approach to risk](#i6e24f352bf2243f482bd1df1b3ce01ce_229)**<br>**[management](#i6e24f352bf2243f482bd1df1b3ce01ce_229)**<br>| **[89](#i6e24f352bf2243f482bd1df1b3ce01ce_229)** |
| [Risk factors](#i6e24f352bf2243f482bd1df1b3ce01ce_235) | [91](#i6e24f352bf2243f482bd1df1b3ce01ce_235) |
| **[Five-year review](#i6e24f352bf2243f482bd1df1b3ce01ce_241)** | **[101](#i6e24f352bf2243f482bd1df1b3ce01ce_241)** |

---

---

| | |
|:---|:---|
| **Directors' report** |  |
| [Chair's introduction](#i6e24f352bf2243f482bd1df1b3ce01ce_247) | [102](#i6e24f352bf2243f482bd1df1b3ce01ce_247) |
| [Governance framework](#i6e24f352bf2243f482bd1df1b3ce01ce_250) | [103](#i6e24f352bf2243f482bd1df1b3ce01ce_250) |
| [Board of Directors](#i6e24f352bf2243f482bd1df1b3ce01ce_253) | [104](#i6e24f352bf2243f482bd1df1b3ce01ce_253) |
| [Executive Committee](#i6e24f352bf2243f482bd1df1b3ce01ce_259) | [106](#i6e24f352bf2243f482bd1df1b3ce01ce_259) |
| [Our stakeholders - Section 172(1)](#i6e24f352bf2243f482bd1df1b3ce01ce_262)<br>[statement](#i6e24f352bf2243f482bd1df1b3ce01ce_262)<br>| [107](#i6e24f352bf2243f482bd1df1b3ce01ce_262) |
| [Board activities in 2025](#i6e24f352bf2243f482bd1df1b3ce01ce_271) | [110](#i6e24f352bf2243f482bd1df1b3ce01ce_271) |
| [Evaluating our performance](#i6e24f352bf2243f482bd1df1b3ce01ce_280) | [112](#i6e24f352bf2243f482bd1df1b3ce01ce_280) |
| [Nominations & Governance](#i6e24f352bf2243f482bd1df1b3ce01ce_283)<br>[Committee report](#i6e24f352bf2243f482bd1df1b3ce01ce_283)<br>| [113](#i6e24f352bf2243f482bd1df1b3ce01ce_283) |
| [Audit & Risk Committee report](#i6e24f352bf2243f482bd1df1b3ce01ce_289) | [115](#i6e24f352bf2243f482bd1df1b3ce01ce_289) |
| [Sustainability Committee report](#i6e24f352bf2243f482bd1df1b3ce01ce_304) | [120](#i6e24f352bf2243f482bd1df1b3ce01ce_304) |
| [Remuneration report](#i6e24f352bf2243f482bd1df1b3ce01ce_310) | [122](#i6e24f352bf2243f482bd1df1b3ce01ce_310) |
| **[Additional statutory disclosure](#i6e24f352bf2243f482bd1df1b3ce01ce_352)** | **[150](#i6e24f352bf2243f482bd1df1b3ce01ce_352)** |

---

---

| | |
|:---|:---|
| **2025 Financial statements** |  |
| [About Rio Tinto](#i6e24f352bf2243f482bd1df1b3ce01ce_394) | [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) |
| [About the presentation of our](#i6e24f352bf2243f482bd1df1b3ce01ce_397)<br>[consolidated financial statements](#i6e24f352bf2243f482bd1df1b3ce01ce_397)<br>| [158](#i6e24f352bf2243f482bd1df1b3ce01ce_397) |
| [Consolidated primary statements](#i6e24f352bf2243f482bd1df1b3ce01ce_457) | [165](#i6e24f352bf2243f482bd1df1b3ce01ce_457) |
| [Notes to the consolidated](#i6e24f352bf2243f482bd1df1b3ce01ce_475)<br>[financial statements](#i6e24f352bf2243f482bd1df1b3ce01ce_475)<br>| [170](#i6e24f352bf2243f482bd1df1b3ce01ce_475) |
| **Other information** |  |
| [Consolidated entity disclosure](#i6e24f352bf2243f482bd1df1b3ce01ce_922)<br>[statement](#i6e24f352bf2243f482bd1df1b3ce01ce_922)<br>| [230](#i6e24f352bf2243f482bd1df1b3ce01ce_922) |
| [Report of Independent Registered](#i6e24f352bf2243f482bd1df1b3ce01ce_982)<br>[Public Accounting Firms](#i6e24f352bf2243f482bd1df1b3ce01ce_982)<br>| [246](#i6e24f352bf2243f482bd1df1b3ce01ce_982) |
| **Additional financial information** |  |
| [Financial information by business unit](#i6e24f352bf2243f482bd1df1b3ce01ce_991) | [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991) |
| [Alternative performance measures](#i6e24f352bf2243f482bd1df1b3ce01ce_991) | [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) |
| **[Production, Mineral Reserves,](#i6e24f352bf2243f482bd1df1b3ce01ce_1069)**<br>**[Mineral Resources and](#i6e24f352bf2243f482bd1df1b3ce01ce_1069)**<br>**[operations](#i6e24f352bf2243f482bd1df1b3ce01ce_1069)** | **[Production, Mineral Reserves,](#i6e24f352bf2243f482bd1df1b3ce01ce_1069)**<br>**[Mineral Resources and](#i6e24f352bf2243f482bd1df1b3ce01ce_1069)**<br>**[operations](#i6e24f352bf2243f482bd1df1b3ce01ce_1069)** |
| [Metals and minerals production](#i6e24f352bf2243f482bd1df1b3ce01ce_1072) | [276](#i6e24f352bf2243f482bd1df1b3ce01ce_1072) |
| [Mineral Resources and](#i6e24f352bf2243f482bd1df1b3ce01ce_1075)<br>[Mineral Reserves](#i6e24f352bf2243f482bd1df1b3ce01ce_1075)<br>| [278](#i6e24f352bf2243f482bd1df1b3ce01ce_1075) |
| [Qualified Persons](#i6e24f352bf2243f482bd1df1b3ce01ce_1078) | [280](#i6e24f352bf2243f482bd1df1b3ce01ce_1078) |
| [Mineral Reserves](#i6e24f352bf2243f482bd1df1b3ce01ce_1081) | [282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081) |
| [Mineral Resources](#i6e24f352bf2243f482bd1df1b3ce01ce_1084) | [294](#i6e24f352bf2243f482bd1df1b3ce01ce_1084) |
| [Mines and production facilities](#i6e24f352bf2243f482bd1df1b3ce01ce_1087) | [305](#i6e24f352bf2243f482bd1df1b3ce01ce_1087) |
| **Additional information** |  |
| [Shareholder information](#i6e24f352bf2243f482bd1df1b3ce01ce_1129) | [336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129) |
| [US disclosure](#i6e24f352bf2243f482bd1df1b3ce01ce_1141) | [342](#i6e24f352bf2243f482bd1df1b3ce01ce_1141) |
| [Contact details](#i6e24f352bf2243f482bd1df1b3ce01ce_1165) | [367](#i6e24f352bf2243f482bd1df1b3ce01ce_1165) |
| [Cautionary statement about](#i6e24f352bf2243f482bd1df1b3ce01ce_1162)<br>[forward-looking statements](#i6e24f352bf2243f482bd1df1b3ce01ce_1162)<br>| [368](#i6e24f352bf2243f482bd1df1b3ce01ce_1162) |

---

---

| | |
|:---|:---|
| ![Caption-icon-29-R234-G232-B233.gif](rio-20251231_g3.gif) | **On the cover:** Bauxite stockpiles at <br>Weipa Operations, Australia.<br>|

---

---

| | | |
|:---|:---|:---|
| ![QR-Code.gif](rio-20251231_g4.gif) | **Our 2025 reporting suite** | **Our 2025 reporting suite** |
| ![QR-Code.gif](rio-20251231_g4.gif) |  |  |
| ![QR-Code.gif](rio-20251231_g4.gif) | ![Globe-web-icon-29-White.gif](rio-20251231_g5.gif) | **Scan the QR code** or visit riotinto.com/reports |

---

References to information on websites in the Form 20-F are

included as an aid to their location and such information is not

incorporated in, and does not form part of, this Form 20-F. We have

included any website as an inactive textual reference.

The independent assurance report related to sustainability is not

included within this Form 20-F and therefore any references to

this report are not incorporated in, and do not form part of this

Form 20-F.

![2025 at a glance.jpg](rio-20251231_g6.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>1</sub> | riotinto.com |

---

Strategic report

2025 at a glance

**A stronger, sharper and simpler way of working, to deliver leading returns.** 

The world needs mining, and it needs mining done the right way. Demand for the metals and minerals we produce is rising, driven by

population growth, economic development and the energy transition. At Rio Tinto, we're committed to providing these materials safely,

sustainably, and in a capital disciplined way, and to sharing the value we create with our stakeholders. Now we're sharpening our strategic

focus, so we can seize the opportunities ahead, and become the most valued metals and mining business.

---

| | | |
|:---|:---|:---|
| **Fatalities at managed operations** <br>**1**<br>(2024: 5)<br>| **All-injury frequency rate** <br>**0.37**<br>(2024: 0.37)<br>| **Women in our workforce**<sup>1</sup> <br>**26.2%**<br>(2024: 25.2%)<br>|
| **Employee satisfaction score from our** <br>**Q4 People Survey**<br>**74**<br>(Q4 2024: 74)<br>| **Gross Scope 1 and 2 greenhouse**<br>**gas emissions (adjusted equity basis)**<br>**31.5 Mt CO2e**<br>(2024: 31.7 Mt CO2e)<br>| **Profit after tax attributable** <br>**to owners of Rio Tinto**<sup>2</sup><br>**$10.0bn**<br>(2024: $11.6bn)<br>(net earnings)<br>|
| **Net cash generated from**<br>**operating activities**<br>**$16.8bn**<br>(2024: $15.6bn)<br>| **Underlying EBITDA**<sup>3</sup><br>**$25.4bn**<br>(2024: $23.3bn)<br>| **Total dividend per share**<br>**402 cents**<br>(2024: 402 cents)<br>|

---

**2025 consolidated sales revenue: $57.6bn (2024: $53.7bn)**

**By destination**

![671](rio-20251231_g7.gif)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ●  | Greater China  | ●  | US | ●  | Japan | ●  | Europe | ●  | Other Asia | ●  | South Korea | ●  | Canada | ●  | Australia | ●  | Other |

---

**By reportable segment (%)**

![701](rio-20251231_g8.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ●  | Aluminium & Lithium | ●  | Copper | ●  | Iron Ore |

---

---

| | | | |
|:---|:---|:---|:---|
| **Aluminium & Lithium** | **Aluminium & Lithium** | **Copper** | **Iron Ore** |
| **Underlying EBITDA** <br>$4.6bn<br>(2024: $3.6bn)<sup>4</sup> | **Underlying EBITDA** <br>$4.6bn<br>(2024: $3.6bn)<sup>4</sup> | **Underlying EBITDA** <br>$7.4bn<br>(2024: $3.4bn)<br>| **Underlying EBITDA** <br>$15.2bn<br>(2024: $17.0bn)<sup>4</sup><br>|
| **Aluminium**<br>Rio Tinto share <br>of production<br>3,380 kt<br>(2024: 3,296 kt)<br>| **Bauxite**<br>Rio Tinto share <br>of production <br>62.4 Mt<br>(2024: 58.7 Mt)<br>**Lithium**<br>Rio Tinto share <br>of production<sup>5</sup><br>57 kt<br>(2024: NA)<br>| **Copper**<br>Consolidated basis <br>of production <br>883 kt<br>(2024: 793 kt)<br>| **Pilbara iron ore** <br>100% basis <br>of production<br>327.3 Mt<br>(2024: 328.0 Mt)<br>|

---

1. Based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December of the relevant year. Includes legacy Arcadium Lithium

employees for 2025 only.

2. All financial values in this Form 20-F are presented in US dollars unless otherwise stated.

3. Underlying EBITDA is a non-IFRS (International Financial Reporting Standards) measure. A definition of underlying EBITDA and a reconciliation to its closest IFRS measure is presented

in note 1 (page [171](#i6e24f352bf2243f482bd1df1b3ce01ce_493)).

4. Comparative information has been adjusted to reflect the organisational changes described in note 1 (page [170](#i110f1c8614314fbc9cbda0e184b0a4fa_42)) for details.

5. Q1 2025 lithium carbonate equivalent (LCE) production from Arcadium was 17 kt, of which 6 kt was produced since completion of the acquisition in March. Accordingly, of the 57 kt LCE

production in 2025, 46 kt was attributable to Rio Tinto.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on our product groups' performance, see pages [26](#icee06880a69d47149d30815a01849cba_5547)-[31](#i415b6f741dd648eeaea230833ca1a548_662). |

---

![Beginning a new chapter-BG.jpg](rio-20251231_g10.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>2</sub> | riotinto.com |

---

Strategic report

Beginning a new chapter

2025 marks the start of a new era for Rio Tinto.

We welcomed Simon Trott as Chief Executive,

and outlined our intentions for our next phase:

unlocking significant value from our portfolio,

through operational performance and financial

discipline, and by capitalising on the

energy transition.

We are building on strong foundations, with fresh momentum,

and making fundamental changes to how we operate. With these

improvements, our aim is to move faster, make better decisions and

perform at our best.

We're exploring in 15 countries, and have a rich and diverse pipeline

of options for the future. By concentrating on the most compelling

opportunities, and building a stronger, more streamlined and

efficient business, we can invest in profitable future growth.

Above all, we will do this with safety, and with respect for the

environment, communities, Indigenous Peoples and other

stakeholders as our key priorities. We are building a values-driven

performance culture where our employees feel accountable to

deliver great outcomes, guided by care, courage and curiosity.

We have clear opportunities to do better, and to improve both

our safety and operational performance. So we are making changes

today to ensure we're in the best shape possible to

meet the demands of the future.

Why invest in Rio Tinto

Our mission is to make Rio Tinto the

![](rio-20251231_g11.gif)

**most valued** metals and mining business.

Most valued by our **shareholders**, by our

**employees**, **customers** and **partners**, and

by the **communities** where we operate.

To create a stronger business, we are taking immediate action in

**3 areas** for our shareholders:

• To simplify and sharpen our focus on performance - we have

already announced $650m in annualised productivity benefits,

and we're targeting significantly more

• To deliver and ramp up our major growth projects, with 3%

compound annual growth rate (CAGR) increase in copper

equivalent production from 2024 to 2030

• To release $5-10bn in cash from our asset base.

10-year record

**of paying out 60% of underlying earnings** 

**as dividends**

---

| | |
|:---|:---|
| ![Globe-web-icon-29-White.gif](rio-20251231_g5.gif) | **For more information** see riotinto.com/invest |

---

**Our strengths**

Our world-class assets and increasingly diversified portfolio

drive resilience and position us to adapt to a changing and

opportunity-rich world.

We have an attractive pipeline of growth options in future-facing

commodities, and we're focusing on bringing the best to fruition. Our

project delivery capabilities are industry-leading, and we intend to

realise the most compelling of our growth opportunities, on time and

on budget. Partnerships with customers and other industry

stakeholders are both a strength and an enabler, as we develop and

operate our assets. Our experience at the Simandou iron ore project

in Guinea, for example, has demonstrated the value such

partnerships bring.

We have a strong balance sheet, and we're focusing on improving

our cost discipline further. Our Safe Production System aims to

transform how we operate our assets, manage performance,

and develop and empower our people. With a stronger focus on

safety and reliability, we are driving efficiency across our assets.

**Our commitments and results**

People and safety come first, and we are redoubling our efforts

to eliminate fatalities.

We believe good corporate governance supports high standards of

business conduct and helps ensure the long-term success of our

business – and our Board is structured to uphold this.

We are investing in the future, in accordance with our disciplined

investment approach to organic growth. We are on track for a ~20%

increase in copper equivalent production from 2024 to 2030, with

multiple options to extend our growth into the following decade. In

our Lithium business, for example, our focus is on delivering our in-

flight projects on time and on budget, towards 200 kt lithium

carbonate equivalent capacity by 2028.

We have delivered resilient earnings through cycles, and are

committed to consistent shareholder returns as we grow. Our

policy seeks to return 40% to 60% of our underlying earnings,

on average through the cycle, as dividends.

![Rio Tinto across the world-BG.jpg](rio-20251231_g12.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>3</sub> | riotinto.com |

---

Strategic report

Rio Tinto across the world

We have 61,000<sup>1</sup> employees working across 34<sup>2</sup> countries on 6 continents, and

3 world-class businesses driving our performance and growth: Aluminium & Lithium, Copper

and Iron Ore.

**Aluminium & Lithium** brings together

businesses with extensive mining and

downstream processing capabilities.

It combines aluminium operations in the

Pacific and Atlantic regions with lithium

global operations and growth projects in

Argentina, Canada and Chile.

Our **Copper** group is well positioned to

capitalise on the global energy transition,

with operations in Chile, Mongolia and the

US, and future options including projects

and partnerships in Australia, Chile, Peru

and the US.

**Iron Ore** combines our operations in

Western Australia and Canada, and will

integrate the Simandou project in Guinea

once fully operational, creating a global iron

ore business.

**Our Borates and Iron & Titanium businesses have been placed under strategic review and report into our Chief Commercial** 

**Officer.**

![RIO160-world-map.jpg](rio-20251231_g13.jpg)

**Operations and projects**<sup>3</sup>

---

| | | | |
|:---|:---|:---|:---|
| ![Aluminium-and-Lithium.gif](rio-20251231_g14.gif) | Aluminium | ![Mines.gif](rio-20251231_g15.gif)<br>| Mines |
| ![Lithium.gif](rio-20251231_g16.gif) | Lithium<sup>4</sup> | ![Projects.gif](rio-20251231_g17.gif)<br>| Projects |
| ![Copper.gif](rio-20251231_g18.gif) | Copper  | ![Smelters-etc.gif](rio-20251231_g19.gif) | Smelters, refineries, processing plants, <br>and power and shipping facilities remote from <br>mine |
| ![Iron Ore.gif](rio-20251231_g20.gif) | Iron Ore | ![Smelters-etc.gif](rio-20251231_g19.gif) | Smelters, refineries, processing plants, <br>and power and shipping facilities remote from <br>mine |
| ![Other.gif](rio-20251231_g21.gif) | Other<sup>5</sup> | ![Non-managed operations.gif](rio-20251231_g22.gif)<br>| Non-managed operations |

---

1. This represents the average number of employees for the year, including the Group's share of non-managed operations and

joint ventures, rounded to the nearest thousand. Refer to page [209](#i1b843da358954e6a9268da41fb890378_638) for more information.

2. Includes our mines and production facilities, main exploration activities and countries where we have a significant presence

through activities including research and development, commercial, sales, and corporate functions.

3. The map indicates the location of our global operations and projects, however it does not identify all individual facilities

included in an operation. It does not include our offices, research and development centres, and some processing and

shipping facilities. The dots on the map are indicative and in some locations we have more assets than visually represented

due to the size of the map. For more detail, see the Mines and production facilities section on pages [305](#i42e497cbd3684fa7af460fa194fcbdd9_35)-[325](#i86a7b779e9554f19851cede0551ef0e1_316). Management

responsibility for the Simandou iron ore project in Guinea during the build phase of the project falls under the Chief Safety &

Technical Officer and is outside of reportable segments until completion of the project. On completion, the project will transfer

to the Iron Ore product group.

4. The Lithium projects in Chile are subject to regulatory approval and final execution.

5. Includes the Borates and Iron & Titanium businesses, which were placed under strategic review during 2025,

with the Diamonds business now presented outside of our product group structure as it is managed by the

Chief Commercial Officer.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on our <br>operating model, see page [8](#icc83bb665541484db19c22b1f5c8b01f_1823). <br>For more on our mines and <br>production facilities, Mineral <br>Resources and Mineral Reserves <br>around the world, <br>see pages [282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081) to [304](#i9df21654ffa54893a0f1835fa8beb169_12494).<br>|

---

![Chairs-statement-Letter-BG.jpg](rio-20251231_g23.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>4</sub> | riotinto.com |

---

Strategic report

Chair's statement

I believe that Rio Tinto is well on its way to becoming the most valued

metals and mining business. Over 2025, we executed some of the

most technically challenging mining projects on Earth. We forged

and reinforced extraordinary partnerships and moved decisively into a

decade of delivery and growth.

I begin this report by recognising, with great sadness, the death of a

colleague at the SimFer site in Guinea on 14 February. This tragedy

follows the death of Mohamed Camara in August at the same site, a

loss that was felt deeply across the business. We hold both

teammates' families, friends and colleagues in our thoughts, along

with all those affected. We have taken immediate action to

understand the causes of both tragedies and we will continue to

strengthen our practices to ensure our people's safety.

In a further 12 months characterised by geopolitical volatility and

rapid technological progress, one truth became increasingly clear:

now, more than ever, the world needs mining. The materials we

provide not only fuel modern life but also enable underlying

infrastructure for the technology revolution and energy transition.

And volatility and fragmentation has increased the imperative and

awareness of the need for critical minerals.

In the second half of last year, the Board appointed Simon Trott to

lead Rio Tinto as Chief Executive. He succeeds Jakob Stausholm,

who was instrumental in rebuilding trust with our key stakeholders

and prepared the ground for our future growth, both strategically and

culturally. The Board is deeply grateful to Jakob for his leadership

and service.

**Mining at its best** 

In this next phase for Rio Tinto, the Board and leadership team have

focused on implementing a stronger, sharper and simpler way of

working across the business.

Our strong operating performance over the year shows that we are

building on a firm foundation. And over 2025, I saw first-hand the

strong progress being made at many of our sites as we deliver on

this work.

At Oyu Tolgoi in Mongolia, I witnessed how we are extending the

frontiers of mining technology. Here, we are ramping up copper

production from an orebody more than 1,300 metres underground

and comparable in size to Manhattan.

That same operational excellence was evident at our lithium sites in

Argentina. There, I saw our progress in supplying customers with

high-quality, battery-grade lithium carbonate.

In Canada, I met the teams operating our technologically advanced

aluminium smelters in Quebec. I also spent time with colleagues

who are driving efficiency-boosting innovations in our iron ore

business in Quebec and Labrador.

And across the year, I saw time and again, Rio Tinto's ability to build

strong and meaningful partnerships.

In November, I joined the celebrations to mark first ore at Simandou

in Guinea. This massive achievement was made possible by a

unique partnership, consisting of the Government of Guinea,

Chinalco, Baowu and WCS. Beyond the mine, the project delivers a

major new source of high-grade iron ore to the world, a more than

620-kilometre multi-use railway and world-class port facilities.

Simandou also promises to bring vast potential economic benefits

and could grow Guinea's GDP by up to 55% by 2030.

**Responding to a changing world** 

I said in our *2024 Annual Report* that we are living in uncertain times

and this has proved to be something of an understatement.

I am confident in our ability to navigate geopolitical challenges. Our

agile response to US trade tariff volatility exemplified this capability.

Equally, our diversified portfolio of world class assets, balance sheet

strength and focus on operational excellence and project building

enable us to respond to shifting demand in a more regionalised,

protectionist world.

Climate change is another factor shaping how we operate.

The massive cyclones in the Pilbara at the start of the year

reminded us that extreme weather conditions can materially

affect our operations. Against this backdrop, we believe our

commitment to our decarbonisation targets, which we reaffirmed in

our 2025 Climate Action Plan, is both environmentally responsible

and in our shareholders' long-term interests.

Our operations' benefits must be felt beyond the mine gate and within

the communities who host us. Over 2025, we strengthened our social

licence and relationships with Indigenous Peoples and communities.

In June, we opened the Western Range iron ore mine in Australia,

which we developed with our joint venture partner China Baowu

Group, in close collaboration with the Yinhawangka People.

It showed what can be achieved through meaningful engagement

with Traditional Owners in mine planning and development. We built

on this milestone by updating 3 agreements with Pilbara Traditional

Owners, reflecting modernised partnership expectations. While

these agreements mark significant progress, we know there is still

more to do.

**Moving forward together** 

Our achievements in 2025 would not have been possible without

our people. Across Rio Tinto, we continue to build a positive, values-

driven performance culture, creating the right conditions for success.

Our aim is for our people to feel safe, respected and accountable for

their work, and confident that their voices and ideas are heard.

In turn, our colleagues' dedication is creating a Rio Tinto that is

valued for how it performs, and the way it works with others. We

look to the year ahead with optimism, as we build on our already

strong momentum to deliver industry-leading shareholder returns

and lasting value for our stakeholders.

My thanks, and that of the Board, go to our people, partners,

customers, suppliers, investors, and governments, Indigenous

Peoples and communities for their support throughout 2025.

![Dominic-signature-VR2.gif](rio-20251231_g24.gif)

**Dominic Barton** 

Chair

19 February 2026

---

| | |
|:---|:---|
| ![LinkedIn-icon-black.gif](rio-20251231_g25.gif) | **Follow Dominic on LinkedIn**<br>linkedin.com/in/dominicsbarton<br>|

---

![Chief-Executive-Letter-BG.jpg](rio-20251231_g26.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>5</sub> | riotinto.com |

---

Strategic report

From the Chief Executive

In 2025, we launched a new era for Rio Tinto. This was a year

defined by progress in implementing a stronger, sharper and

simpler way of working, driven by our mission to become the

most valued metals and mining business.

The past months have also reminded us, in the most sobering way,

why safety is, and must always be, the foundation of everything we

do. We were devastated by the death of a colleague at the SimFer

site on 14 February. This loss follows the tragic death of Mohamed

Camara at the site in August. Nothing is more important than the

safety of everyone who works with us. We are determined to learn

from these incidents and to do everything to ensure everyone goes

home safe, every shift.

**Unlocking Rio Tinto's potential**

My 26 years with this business has shown me that when Rio Tinto is

at its best, it is extraordinary.

In my first months as Chief Executive, my focus, with Rio Tinto's

leadership team, has been on unlocking this potential. Our mission

is to move Rio Tinto into a new era of delivery and growth, and

become the most valued metals and mining business.

Our strategy begins with world-class assets in the right markets,

which play to our competitive advantages of expertise, size and

scale. It is enabled by our people, our strong social licence and

partnerships with communities and stakeholders. It rests on the

3 priorities of a great metals and mining businesses: **operational** 

**excellence**, **project execution** and **capital discipline**.

Here are some of the actions we took under each of these priorities

in 2025.

**Clear accountabilities and faster decisions**

Our immediate priority under **operational excellence** was the

need to simplify the business' way of working. We instilled clearer

accountabilities and reduced complexity, improving the pace

and quality of decisions.

We moved from 4 product groups to 3, bringing Aluminium and

Lithium together. We also introduced a new operating model that

places decisions at the point of impact, supported by a smaller

Executive Committee with depth and diversity of experience.

Already these efforts are delivering results. In December, we

announced $650 million in annualised productivity benefits

and savings, and we are targeting significantly more.

Crucially, our drive for operational excellence does not mean

a trade-off between performance and safety, which go hand

in hand. Over 2025, our Safe Production System, now deployed

across all managed sites, continued to drive efficiencies and

productivity, giving rise to some record production results.

**Delivering world-class assets**

In March, we completed the acquisition of Arcadium Lithium,

establishing Rio Tinto as a leader in supplying energy transition

materials, with one of the world's largest lithium resource bases.

In May, we announced plans to begin early works and conduct final

engineering studies to increase production capacity at the Amrun

bauxite mine in Far North Queensland. The Kangwinan project will

involve building a new mine and expanding the existing port to

almost double bauxite production from our Weipa Southern

operations.

In June, in the Pilbara, we delivered Western Range on time and

on budget. We also secured investment in the next tranche of

projects that will sustain our Western Australian iron ore operations

for decades to come.

In Mongolia, Oyu Tolgoi delivered record copper production as the

underground ramp-up advanced. And in November, we marked the

start of operations from Simandou in Guinea, achieved less than 2

years after major construction began. Simandou sets a new

benchmark for how we deliver large projects, demonstrating that

partnership is increasingly a Rio Tinto superpower.

**Performance built on trust and discipline**

The world needs mining, and mining done the right way. Our social

licence is fundamental to our future business. Our plans for delivery

and growth depend on earning our partners' trust.

Throughout 2025, we strengthened our relationships with investors,

customers, governments, Indigenous Peoples and communities.

At Rio Tinto, we believe that when our values are embedded in the

way we operate, our performance strengthens. The co-management

agreement we signed in 2025 with the Puutu Kunti Kurrama and

Pinikura (PKKP) Aboriginal Corporation reflects this approach and

supports a lasting and trusted partnership. The agreement gives the

PKKP People confidence that their heritage will be protected and Rio

Tinto certainty for our operations and development.

Equally, strong performance requires firm financial foundations.

**Capital discipline** is critical to converting our work into long-

term value. That starts with a resilient balance sheet, rigorous

capital allocation, and a clear focus on delivering leading returns to

shareholders. In December, we announced plans to release

$5 to $10 billion of cash from our asset base, as we direct resources

to our most compelling opportunities**.** 

**The most valued metals and mining business**

At our 2025 Capital Markets Day, I was asked what it means to be

the most valued metals and mining business.

To me, this mission is defined by each group we serve: for investors,

most valued means delivering strong returns. For our people,

it means Rio Tinto is the place they most want to work. For our

partners, for our customers, and for communities, most valued

is about delivering on our promises and creating lasting

positive impact.

![Simon Trott_Esignature.gif](rio-20251231_g27.gif)

**Simon Trott** 

Chief Executive

19 February 2026

---

| | |
|:---|:---|
| ![LinkedIn-icon-black.gif](rio-20251231_g25.gif) | **Follow Simon on LinkedIn** <br>linkedin.com/in/simon-trott<br>|

---

![Strategic context-BG.jpg](rio-20251231_g28.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>6</sub> | riotinto.com |

---

Strategic report

Strategic context

We conduct deep analysis of external forces, geopolitical shifts and global trends to create scenarios,

through which we develop and stress test our strategy. These scenarios explore potential futures for

our industry and commodities, and inform our business model, portfolio, financial and operating

decisions across the medium-and long-term horizon.

Our scenario approach

Our scenarios stress test our portfolio and investment decisions under alternative macroeconomic settings, to better

understand opportunities, risks and mitigations. These scenarios are created collaboratively, combining Group-wide expertise

with leading external assessment. We also test our analysis against consensus forecasts, to explore our level of conviction

against the market, and identify emerging opportunities and risks.

---

| | |
|:---|:---|
| Our **Conviction** scenario reflects what we anticipate will <br>happen, rather than our aspiration, and translates our <br>beliefs about the future into macroeconomic and environmental <br>drivers. <br>This scenario envisages a period of increased geopolitical and <br>industry fragmentation, characterised by global competition and <br>frequent government intervention in key markets. Climate action <br>will be non-linear and will fall short of the Paris goals, but the <br>rising frequency of climate events and technological <br>development will eventually galvanise significant progress. <br>We have adjusted scenario inputs and assumptions to reflect <br>lower global growth projections, and delays in the pace of <br>decarbonisation. However, these do not result in significant <br>impacts on our overall business strategy, as we foresee robust <br>traditional growth, energy addition and supply constraints <br>continuing to underpin strong primary demand for our portfolio in <br>the mid to long term.<br>| Additional scenarios provide sensitivity analysis. <br>These include the following scenarios.<br>•Our **Resilience** scenario represents a lower-growth world, <br>where prevailing geopolitical uncertainty, and populist and <br>nationalist movements result in weaker governance, <br>fragmented global trade, slower energy transition and less <br>effective climate action.<br>•Our **Aspirational Leadership** scenario allows us to explore <br>decisions in a world that remains on track to limit the global <br>average temperature rise to 1.5°C (above pre-industrial <br>levels) by 2100. This scenario envisages high economic <br>growth, significant social change and accelerated <br>climate action.<br>|

---

These scenarios allow us to examine the robustness of our investment decisions, identify opportunities for protecting against the downside,

gauge against market conviction, and evaluate areas where we see upside potential beyond our peers.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on our scenario analysis, <br>see the Climate section on page [73](#i325ffd14c2cd44c89370a3a935f69040_77783).<br>|

---

Global trends

Three key global trends inform our long-run price forecasts and portfolio decisions.

---

| | | |
|:---|:---|:---|
| **Global economic development** <br>•There is increasing regionalisation <br>and protectionism, and desire for <br>**supply security**, contributing to: <br>•the rerouting of global trade routes <br>•increasing military expenditure <br>•increasing trade barriers.<br>•**Global economic growth prospects** <br>over the next few decades are <br>softening as the pace of global trade <br>and investment slows.<br>•However, the **traditional growth** <br>**drivers** of metals demand remain <br>robust (ie population growth, <br>industrialisation and urbanisation <br>in emerging markets), with new <br>drivers emerging (eg AI data <br>centres, robotics).<br>| **Energy transition**<br>•**Global electricity demand** continues <br>to grow.<br>•Although timelines to net zero are <br>slipping, **renewables** are an <br>increasing share of energy supply, <br>supported by their improved cost <br>competitiveness relative to <br>hydrocarbons.<br>•The **expansion of new power** <br>generation, transmission, and <br>distribution infrastructure is a <br>significant driver for aluminium, <br>copper and lithium.<br>| **Persistent supply constraints** <br>•**Scrap** has consistently under-<br>performed expectations, with lower <br>demolition rates, longer life cycles <br>and lower scrap recovery, creating <br>additional requirements for <br>primary supply.<br>•**Mine delivery timelines** continue <br>to expand. Discovery rates are <br>declining, and grades worsening. <br>We see increasingly complex <br>approval processes, higher <br>environmental and social standards, <br>and deeper orebodies requiring more <br>complex engineering.<br>•**Supply growth is frequently more** <br>**costly** than previously anticipated – <br>increasing capital intensity is a <br>challenge across the industry.<br>|

---

![Strategic-context-02b.jpg](rio-20251231_g29.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>7</sub> | riotinto.com |

---

Strategic report \| Strategic context

**What these mean for our markets and commodities**

• Continued **strong demand outlook** across our 4 commodities.

• Growth outlook for energy transition-linked metals remains strong.

• Positive upside for metals and mining companies with **diverse** 

**geographical footprints**, or trading capabilities, or both.

• **Price outlook** across our 4 commodities remains strong.

• **Iron ore:** robust **steel demand growth** from the Global South will

compensate (in part or in full) for expected decline in demand

from China. Incremental iron ore supply growth is needed just to

offset depletions.

• **Copper:** has an attractive demand outlook driven by

electrification. There is a significant supply gap due to increased

cost and complexity of new primary supply.

• **Aluminium:** steepening of the **cost curve** with new supply

being added outside of China and rising electricity costs.

This underpins strong long-run pricing.

• **Lithium:** falling battery prices continue to improve the **cost** 

**competitiveness of electric vehicles** versus internal combustion

engine vehicles, and is coupled with increasing demand for

battery energy storage systems.

---

| | | |
|:---|:---|:---|
| **Demand**<sup>1</sup> **growth** | **2025F**<sup>2</sup> | **2035F**<sup>3</sup> |

---

**Aluminium**

Transmission distances grow by **42%** in next decade<sup>4</sup>

**~1.2x**

**103 Mt**

**1.4 Mt**

**Lithium**

Battery energy storage systems (BESS) installations

to **triple** over next decade<sup>5</sup>

**~3.4x**

**Copper**

Electrification of final energy demand increases

from **21% to 30%** in 2035<sup>6</sup>

**~1.3x**

**34 Mt**

**~1.1x**

**Steel**

India and ASEAN construction to grow **~65%** by 2035<sup>6</sup>

**1.8 Bt**

1. Graphic presented at Rio Tinto's Capital Markets Day, December 2025. Semis demand, rounded figure.

2.2025 demand shown as forecast based on data available in December 2025. Actuals are not available at time of publication of the *2025 Annual Report*.

3.2035 demand reflects a growth multiple from 2025F.

4. Represents kilometres of network, BloombergNEF estimate.

5. BloombergNEF estimate.

6. Rio Tinto Economics internal estimate. Source: Rio Tinto Economics Conviction scenario, BloombergNEF.

![Our strategic framework-01-BG.jpg](rio-20251231_g30.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>8</sub> | riotinto.com |

---

Strategic report

Our strategic framework

How we will become the **most** 

**valued** metals and mining business

We are moving at pace to increase

operational excellence, and deliver

our major growth projects, with capital

discipline. There is more to come, as

we focus on delivering industry-leading

returns, with a lasting positive impact.

Our mission is to be the world's most valued metals and

mining business – for shareholders, employees, the

people who work with us, our customers and partners,

and the communities around us.

We will achieve our mission through a strategy

that starts with having the right assets in the right

markets, supported by a well-executed diversified model

and strong balance sheet that delivers market-leading

performance and industry-leading returns through the

commodity cycle.

We have evolved our operating model to work in a

stronger, sharper and simpler way.

Our streamlined operating model

Our new operating model makes us stronger, unlocks more

value through clearer accountability, drives productivity,

and embeds a more disciplined approach to how we allocate

capital. Everything we do is anchored in our commitment

to safety that works in harmony with better outcomes:

a safe operation is a productive and valuable one.

**Operational excellence**

• Unlock the full value of our assets

• Simplified structure with 3 world-class product groups, leaner

central teams, with accountability and decision-making

moved to the assets

• Stronger operational discipline and improved productivity

**Project execution**

• Deliver world-class projects on time, and on budget

• Scale best practices across our project portfolio

• Reduce holding costs for options

**Capital discipline** 

• Investments that deliver industry-leading value-creation

• Maintain strong balance sheet

• Release value from our asset base

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **See how we performed** against our key <br>performance indicators on pages [14](#i02f2d62dac40420f964f7bb9e23bb21a_3778)-[15](#i19f3d1b18ec94b79972717145721773a_3754).<br>|

---

![Our strategic framework-02-BG.jpg](rio-20251231_g31.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>9</sub> | riotinto.com |

---

Strategic report \| Our strategic framework

---

| |
|:---|
| **Our mission** |
| To be the **most valued** metals and mining business |
| **Our purpose** |
| **Finding better ways**<sup>TM</sup> **to provide the materials the world needs** |
| **Our strategy** |
| **A diversified portfolio of world-class assets and projects in the right markets,** <br>**underpinned by a strong balance sheet and social licence**<br>|
| **Our objectives** |

---

---

| | | | |
|:---|:---|:---|:---|
| **People and** <br>**safety first**<br>Eliminating fatalities, <br>keeping our people <br>safe and helping them <br>thrive, in a values-based <br>performance culture.<br>| **Operational** <br>**excellence**<br>Unlocking the full value <br>of our assets, simplifying <br>and driving clear <br>accountability, with <br>financial discipline.<br>| **Excel in** <br>**development**<br>Optimising capital <br>allocation and turning <br>growth opportunities into <br>long-term value.<br>| **Strong sustainability** <br>**and social licence** <br>Driving decarbonisation, <br>being the most valued partner, <br>ensuring guardrails on commercial <br>performance to future-proof <br>reputation, and earning trust with <br>communities, partners <br>and customers.<br>|

---

**Our values**<br>

---

| | | |
|:---|:---|:---|
| **Care**<br>Caring about the safety of ourselves <br>and others, the impact we have on <br>our colleagues, communities, and <br>the environment, and creating an <br>environment of trust.<br>| **Courage**<br>Showing vulnerability, speaking up and <br>challenging when we can do better, <br>and taking ownership of our actions <br>and outcomes to drive performance. <br>| **Curiosity**<br>Learning and growing in our <br>fields of expertise, looking for <br>opportunities to solve problems with <br>everyday innovation, and being open <br>to different perspectives.<br>|

---

Our **business model** delivers the value

that matters most to our stakeholders.

We are committed to being responsible

operators and achieving excellence at every

stage – from discovery to closure. For more

information, see page [12](#i2c44180a254946f793aa83802ef7ecc8_1905).

We ensure effective **corporate governance** 

to manage our performance responsibly

and sustainably. For more information on

how our Board oversees the delivery of our

strategy, and how we manage risk, see our

Directors' report from page [102](#i02dea1250a9e45c2b4019c6c416bc563_5232).

Find out how our **Remuneration Policy** 

supports the delivery of our strategy in

our Remuneration report from page [122](#i43c3c73661d24b9493a2637ef979e25c_5596).

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>10</sub> | riotinto.com |

---

Strategic report

The story of our year

---

| | | | |
|:---|:---|:---|:---|
| Link to objectives | Link to objectives |  |  |
| ●  | **People and safety first** | ●  | **Excel in development** |
| ●  | **Operational** <br>**excellence**<br>| ●  | **Strong sustainability** <br>**and social licence**<br>|

---

In 2025, we've made progress against our strategy,

and responded to challenges, across our global business.

---

| | | |
|:---|:---|:---|
| Safety our priority, <br>as cyclones hit ●● When 4 cyclones hit our iron ore operations <br>in Western Australia in early 2025, our first <br>priority was to keep people safe. Pausing <br>some operations and damage to equipment <br>impacted Q1 production by 13 Mt, but our <br>teams' resilience and efforts to recover from <br>the extreme weather helped us deliver record <br>rates from April onwards and achieve stable <br>full year Pilbara production year on year. | Investing in the next generation of Pilbara mines ●● We secured investments to sustain production from our world-class iron ore operations <br>in Western Australia for decades to come. Following Traditional Owner support, the <br>Brockman Syncline 1, Hope Downs 2 and West Angelas Sustaining projects received <br>all necessary state and federal government approvals. Our strategy to continue <br>investing in Australian iron ore supports jobs, local businesses, and the state and <br>national economies, and we are committed to ensuring the Pilbara remains critical to <br>global steel supply well into the future. <br>**And in June, we opened Western Range, our newest iron ore mine - see page [31](#i415b6f741dd648eeaea230833ca1a548_662).** | Investing in the next generation of Pilbara mines ●● We secured investments to sustain production from our world-class iron ore operations <br>in Western Australia for decades to come. Following Traditional Owner support, the <br>Brockman Syncline 1, Hope Downs 2 and West Angelas Sustaining projects received <br>all necessary state and federal government approvals. Our strategy to continue <br>investing in Australian iron ore supports jobs, local businesses, and the state and <br>national economies, and we are committed to ensuring the Pilbara remains critical to <br>global steel supply well into the future. <br>**And in June, we opened Western Range, our newest iron ore mine - see page [31](#i415b6f741dd648eeaea230833ca1a548_662).** |
| Safety our priority, <br>as cyclones hit ●● When 4 cyclones hit our iron ore operations <br>in Western Australia in early 2025, our first <br>priority was to keep people safe. Pausing <br>some operations and damage to equipment <br>impacted Q1 production by 13 Mt, but our <br>teams' resilience and efforts to recover from <br>the extreme weather helped us deliver record <br>rates from April onwards and achieve stable <br>full year Pilbara production year on year. | Investing in the next generation of Pilbara mines ●● We secured investments to sustain production from our world-class iron ore operations <br>in Western Australia for decades to come. Following Traditional Owner support, the <br>Brockman Syncline 1, Hope Downs 2 and West Angelas Sustaining projects received <br>all necessary state and federal government approvals. Our strategy to continue <br>investing in Australian iron ore supports jobs, local businesses, and the state and <br>national economies, and we are committed to ensuring the Pilbara remains critical to <br>global steel supply well into the future. <br>**And in June, we opened Western Range, our newest iron ore mine - see page [31](#i415b6f741dd648eeaea230833ca1a548_662).** | Investing in the next generation of Pilbara mines ●● We secured investments to sustain production from our world-class iron ore operations <br>in Western Australia for decades to come. Following Traditional Owner support, the <br>Brockman Syncline 1, Hope Downs 2 and West Angelas Sustaining projects received <br>all necessary state and federal government approvals. Our strategy to continue <br>investing in Australian iron ore supports jobs, local businesses, and the state and <br>national economies, and we are committed to ensuring the Pilbara remains critical to <br>global steel supply well into the future. <br>**And in June, we opened Western Range, our newest iron ore mine - see page [31](#i415b6f741dd648eeaea230833ca1a548_662).** |
|  |  | Solar and battery agreement <br>towards BSL repowering ● We continued the process of procuring <br>renewable energy and storage projects to <br>supply power to Boyne Smelters Ltd (BSL), <br>an aluminium smelter in Queensland, <br>Australia, beyond 2029. In February, we <br>signed hybrid services agreements with <br>Edify Energy for the Smoky Creek & <br>Guthrie's Gap Solar Power Stations. <br>Together with wind and solar power <br>purchase agreements announced in 2024, <br>the annual energy generated could meet <br>approximately 80% of Boyne smelter's <br>annual electricity demand, once <br>operational. Currently, all contracted <br>projects remain in project development <br>phases, and we continue to monitor them <br>as they progress towards final investment <br>decisions and financial close.<br>**For more information on BSL** <br>**repowering, see page [59](#i325ffd14c2cd44c89370a3a935f69040_77786).** |
| ![Feinix.jpg](rio-20251231_g32.jpg) | ![Feinix.jpg](rio-20251231_g32.jpg) | Solar and battery agreement <br>towards BSL repowering ● We continued the process of procuring <br>renewable energy and storage projects to <br>supply power to Boyne Smelters Ltd (BSL), <br>an aluminium smelter in Queensland, <br>Australia, beyond 2029. In February, we <br>signed hybrid services agreements with <br>Edify Energy for the Smoky Creek & <br>Guthrie's Gap Solar Power Stations. <br>Together with wind and solar power <br>purchase agreements announced in 2024, <br>the annual energy generated could meet <br>approximately 80% of Boyne smelter's <br>annual electricity demand, once <br>operational. Currently, all contracted <br>projects remain in project development <br>phases, and we continue to monitor them <br>as they progress towards final investment <br>decisions and financial close.<br>**For more information on BSL** <br>**repowering, see page [59](#i325ffd14c2cd44c89370a3a935f69040_77786).** |
| **Image: Fénix lithium brine operation, Argentina.** | **Image: Fénix lithium brine operation, Argentina.** | Solar and battery agreement <br>towards BSL repowering ● We continued the process of procuring <br>renewable energy and storage projects to <br>supply power to Boyne Smelters Ltd (BSL), <br>an aluminium smelter in Queensland, <br>Australia, beyond 2029. In February, we <br>signed hybrid services agreements with <br>Edify Energy for the Smoky Creek & <br>Guthrie's Gap Solar Power Stations. <br>Together with wind and solar power <br>purchase agreements announced in 2024, <br>the annual energy generated could meet <br>approximately 80% of Boyne smelter's <br>annual electricity demand, once <br>operational. Currently, all contracted <br>projects remain in project development <br>phases, and we continue to monitor them <br>as they progress towards final investment <br>decisions and financial close.<br>**For more information on BSL** <br>**repowering, see page [59](#i325ffd14c2cd44c89370a3a935f69040_77786).** |
| Creating a world-class lithium business ● In March, we completed the acquisition of Arcadium Lithium plc, establishing Rio Tinto as <br>a global leader in the supply of energy transition materials, with one of the world's largest <br>lithium resource bases. In December, at an investor site visit to Argentina, we outlined <br>how we are delivering the in-flight projects on time and on budget towards 200 kt lithium <br>carbonate equivalent capacity by 2028. Beyond these committed projects, we will take a <br>disciplined approach with future developments focusing on lowering capital intensity. | Creating a world-class lithium business ● In March, we completed the acquisition of Arcadium Lithium plc, establishing Rio Tinto as <br>a global leader in the supply of energy transition materials, with one of the world's largest <br>lithium resource bases. In December, at an investor site visit to Argentina, we outlined <br>how we are delivering the in-flight projects on time and on budget towards 200 kt lithium <br>carbonate equivalent capacity by 2028. Beyond these committed projects, we will take a <br>disciplined approach with future developments focusing on lowering capital intensity. | Solar and battery agreement <br>towards BSL repowering ● We continued the process of procuring <br>renewable energy and storage projects to <br>supply power to Boyne Smelters Ltd (BSL), <br>an aluminium smelter in Queensland, <br>Australia, beyond 2029. In February, we <br>signed hybrid services agreements with <br>Edify Energy for the Smoky Creek & <br>Guthrie's Gap Solar Power Stations. <br>Together with wind and solar power <br>purchase agreements announced in 2024, <br>the annual energy generated could meet <br>approximately 80% of Boyne smelter's <br>annual electricity demand, once <br>operational. Currently, all contracted <br>projects remain in project development <br>phases, and we continue to monitor them <br>as they progress towards final investment <br>decisions and financial close.<br>**For more information on BSL** <br>**repowering, see page [59](#i325ffd14c2cd44c89370a3a935f69040_77786).** |
| Deepening our <br>culture of respect ● In October, teams across Rio Tinto paused <br>work to take part in Stop for Respect. <br>This annual initiative, founded by Iron Ore, <br>creates space to reflect on how respect <br>shows up in our daily work, and how it <br>connects to physical and psychological <br>safety – strengthening inclusion, trust and <br>our shared commitment to a respectful <br>workplace. We plan to expand participation <br>in 2026 so more teams can join these <br>important conversations.<br>| Critical minerals R&D <br>project milestone ● We extracted the first primary gallium, <br>a critical mineral used in technologies <br>including radars, smartphones and electric <br>cars, as part of a research and <br>development project with our partner <br>Indium Corporation. We aim to extract <br>commercial quantities of gallium present in <br>bauxite processed in our Vaudreuil <br>alumina refinery in Canada.<br>| Advancing the Winu project <br>●● We signed the final joint venture <br>agreements with Sumitomo Metal Mining <br>to deliver the Winu copper-gold project in <br>Western Australia. Our partnership <br>strengthens the Winu project, as we <br>continue to prioritise the strong and <br>enduring partnerships built with the land's <br>Traditional Owners, the Nyangumarta and <br>the Martu.<br>|
| As we enter this new era for Rio Tinto, we've taken some <br>significant steps forward ... We are delivering our major <br>growth projects ... We are focused on capital discipline ... <br>And behind all this progress are our people, our social <br>licence, and our skills at developing partnerships."<br>**Simon Trott, Chief Executive, Capital Markets Day, December 2025** | As we enter this new era for Rio Tinto, we've taken some <br>significant steps forward ... We are delivering our major <br>growth projects ... We are focused on capital discipline ... <br>And behind all this progress are our people, our social <br>licence, and our skills at developing partnerships."<br>**Simon Trott, Chief Executive, Capital Markets Day, December 2025** | Modernising a <br>strategic asset ●● We announced the single largest investment <br>in our hydroelectric assets since the 1950s, <br>with $1.2 billion for the modernisation of the <br>Isle-Maligne power plant in Quebec, which <br>was commissioned in 1926. The project, <br>which will run until 2032, is essential to <br>secure the future of low-carbon aluminium <br>production in Saguenay–Lac-St-Jean, <br>ensuring a more efficient, safe and reliable <br>supply of renewable energy to our facilities.<br>|

---

![Opening-quote-mark.gif](rio-20251231_g33.gif)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>11</sub> | riotinto.com |

---

Strategic report \| The story of our year

---

| | |
|:---|:---|
| Securing Amrun's long-term future ●●● We progressed projects at our Amrun bauxite mine – important steps in securing the long-term future of our operations in Cape York, <br>Queensland, Australia. We began early works and final studies for the Kangwinan project, which will involve building a new mine and <br>expanding the existing port to almost double bauxite production. And we approved $180 million investment on a project that will <br>enable mining of the Norman Creek region, where around half of the declared Amrun Mineral Reserves are held. <br>**Read about the strong performance we delivered at Amrun in 2025 on page [27](#i1968c9ce7bbf40ee99db2cd0f53bd63e_1235).**  | Securing Amrun's long-term future ●●● We progressed projects at our Amrun bauxite mine – important steps in securing the long-term future of our operations in Cape York, <br>Queensland, Australia. We began early works and final studies for the Kangwinan project, which will involve building a new mine and <br>expanding the existing port to almost double bauxite production. And we approved $180 million investment on a project that will <br>enable mining of the Norman Creek region, where around half of the declared Amrun Mineral Reserves are held. <br>**Read about the strong performance we delivered at Amrun in 2025 on page [27](#i1968c9ce7bbf40ee99db2cd0f53bd63e_1235).**  |
| ![A renewed approach to cultural heritage protection-VR2.jpg](rio-20251231_g34.jpg) | A renewed approach to cultural <br>heritage protection ● In 2025, the Puutu Kunti Kurrama and Pinikura (PKKP) <br>Aboriginal Corporation signed a Co-Management Agreement <br>with us, to support a lasting and trusted partnership. The <br>agreement forms the overarching framework for our iron ore <br>operations on PKKP Country, and puts knowledge-sharing and <br>joint design at the centre. It is designed to provide certainty to the <br>PKKP for the protection and management of their heritage, and <br>gives us certainty for our operations and development. |
| **Image L-R: Chief Executive Simon Trott and Pinikura Traditional Owner and** <br>**Chairperson of the PKKP Aboriginal Corporation, Terry Drage.** <br>| A renewed approach to cultural <br>heritage protection ● In 2025, the Puutu Kunti Kurrama and Pinikura (PKKP) <br>Aboriginal Corporation signed a Co-Management Agreement <br>with us, to support a lasting and trusted partnership. The <br>agreement forms the overarching framework for our iron ore <br>operations on PKKP Country, and puts knowledge-sharing and <br>joint design at the centre. It is designed to provide certainty to the <br>PKKP for the protection and management of their heritage, and <br>gives us certainty for our operations and development. |

---

---

| | |
|:---|:---|
| Finding practical, <br>scalable ways to <br>eliminate falling objects ●● In 2025, The Pitch – our global employee <br>innovation program – focused on falling <br>objects, a critical risk that was behind 25% of <br>potential fatal incidents the previous year. We <br>asked our people to focus on defining the <br>challenges we face, and we're now <br>partnering with employees, our assets and <br>external innovators to set out technology <br>requirements, crowdsource solutions, and <br>deploy proofs-of-concept at site. | ![Simandou project, Guinea-VR2.jpg](rio-20251231_g35.jpg) |
| Finding practical, <br>scalable ways to <br>eliminate falling objects ●● In 2025, The Pitch – our global employee <br>innovation program – focused on falling <br>objects, a critical risk that was behind 25% of <br>potential fatal incidents the previous year. We <br>asked our people to focus on defining the <br>challenges we face, and we're now <br>partnering with employees, our assets and <br>external innovators to set out technology <br>requirements, crowdsource solutions, and <br>deploy proofs-of-concept at site. | **Image: Simandou project, Guinea.** |
|  | Simandou starts operations ●● In December, the first shipment of iron ore from Simandou left Guinea bound for international <br>markets. Simandou is the largest integrated mining and related infrastructure project in Africa. It <br>unlocks an exceptional new source of high-grade iron ore that is in demand for low-carbon steel, <br>and complements our world-class portfolio of iron ore mines in the Pilbara and Canada. The <br>project is delivering more than 600 kilometres of new multi-use trans-Guinean rail, together with <br>barge and transhipment vessel port facilities.<br>This milestone was a time to reflect, and remember our colleagues Morlaye Camara, who <br>passed away in 2024, and Mohamed Camara who lost his life in 2025, on the project (see <br>page [36](#ia011f1c6756a42838def99785ed4443f_3146)). We are also deeply saddened by the death of a teammate in February 2026, <br>following an incident at the SimFer mine site. Safety is the foundation of our business and <br>our number one priority. We are committed to learning from these tragic events, so <br>everyone goes home safe, every shift, every day. |
| ![Oyu-Tolgoi-photo.jpg](rio-20251231_g36.jpg) | Simandou starts operations ●● In December, the first shipment of iron ore from Simandou left Guinea bound for international <br>markets. Simandou is the largest integrated mining and related infrastructure project in Africa. It <br>unlocks an exceptional new source of high-grade iron ore that is in demand for low-carbon steel, <br>and complements our world-class portfolio of iron ore mines in the Pilbara and Canada. The <br>project is delivering more than 600 kilometres of new multi-use trans-Guinean rail, together with <br>barge and transhipment vessel port facilities.<br>This milestone was a time to reflect, and remember our colleagues Morlaye Camara, who <br>passed away in 2024, and Mohamed Camara who lost his life in 2025, on the project (see <br>page [36](#ia011f1c6756a42838def99785ed4443f_3146)). We are also deeply saddened by the death of a teammate in February 2026, <br>following an incident at the SimFer mine site. Safety is the foundation of our business and <br>our number one priority. We are committed to learning from these tragic events, so <br>everyone goes home safe, every shift, every day. |
| **Image: Oyu Tolgoi underground mine, Mongolia.**<br>Oyu Tolgoi underground <br>project development <br>complete ●● Ramp-up of the Oyu Tolgoi underground <br>mine in Mongolia made strong progress in <br>2025, with completion of the underground <br>material-handling system and all major <br>infrastructure, and delivering a record <br>copper production increase of 61% year <br>on year. This helped us deliver an 11% <br>increase in total annual copper production <br>year on year. At Oyu Tolgoi, we saw rising <br>contribution from higher-grade <br>underground material, supported by the <br>conveyor to surface, and also benefited <br>from higher-grade mine sequencing in the <br>open pit. <br>**In November, in the US, we produced** <br>**first copper using our Nuton**<sup>®</sup> <br>**Technology - see page [29](#i2520ff321aa8404b8f56dc69893be564_1113).**<br>Progressing diesel <br>alternatives in the Pilbara ● We carried out a successful trial of biofuel <br>across our Western Australian iron ore <br>ports, railways and mines. The trial <br>provided us with a greater understanding <br>of how renewable diesel could be <br>integrated across our Pilbara operations, <br>to help bridge the gap to widespread <br>electrification.<br>Achieving zero exhaust emissions haulage <br>needs involvement across the industry. At <br>the end of the year, in collaboration with <br>BHP and Caterpillar, we welcomed <br>Australia's first Cat<sup>®</sup> 793 XE Early Learner <br>battery-electric haul trucks to BHP's <br>Jimblebar iron ore mine, marking the start <br>of onsite testing.<br>| SPS driving operational <br>excellence ●● The Safe Production System (SPS) is now <br>deployed across all Rio Tinto managed <br>sites, driving operational improvements <br>across the Group. More than 10,000 <br>frontline employees have completed SPS <br>training programs, empowering them to <br>solve problems, simplify processes, and <br>accelerate decision-making to improve <br>performance. These efforts have delivered <br>operational stability and record results, <br>including record bauxite production at <br>Weipa, and Gudai-Darri setting 2 <br>consecutive monthly iron ore output <br>records in 2025.<br>|

---

![Value creation-01-BG.jpg](rio-20251231_g37.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>12</sub> | riotinto.com |

---

Strategic report

Our continuing

path to value

creation

Our simplified structure

and sharper focus equip us

to deliver new standards of

value creation, through

financial discipline,

productivity and growth.

Driven by a clear mission – to be

the most valued metals and mining

business – and by leaning into the

areas where we can carve out a

distinctive competitive advantage,

we will position ourselves to be the

best in our sector.

Throughout our business model, we

deliver value for our key

stakeholders. Our people,

communities, civil society

organisations and governments are

vital partners throughout the project

life cycle, from find to close. We

strive to maximise value for

customers and investors. And we

work closely with suppliers to

support our frontline teams

to deliver.

Our business model

We're committed to safety,

and to working closely with the

communities who host us, at

every stage. We aspire to be

the partner of choice to find,

build and operate businesses.

---

| |
|:---|
| **Find**<br>We use new and advanced <br>technologies to explore, discover and <br>deliver attractive growth opportunities <br>in the materials the world needs.<br>|
| **Build**<br>We focus on the delivery of large and <br>complex projects on time and on <br>budget.<br>|
| **Operate**<br>We own and operate mining and <br>processing assets across the world <br>and across commodities. We're <br>dedicated to operational excellence <br>and to enabling our frontline teams to <br>deliver.<br>|
| **Sell, Move and Buy**<br>We market and deliver the materials <br>our customers need, moving them <br>safely, reliably and efficiently. Our <br>procurement activities support our <br>assets and projects, and strengthen <br>local supply chains.<br>|
| **Close**<br>We work with our stakeholders as <br>we prepare our assets for closure, <br>engaging with them on rehabilitation <br>and social transition planning. We <br>also manage and rehabilitate legacy <br>closure sites.<br>|

---

**How we deliver value** 

We create value through the

work of our talented people,

our deep industry expertise,

our scale, our world-class assets

and our disciplined approach to

capital allocation.

**People**

We are empowering our people to deliver

excellence and contribute to our mission,

with safety as our number one priority.

**Employees**<sup>1</sup>

61,000

(2024: 60,000)

**Portfolio**

We have a strong and diverse portfolio of

operating assets and projects in 34 countries,

and compelling growth opportunities.

**Operating assets**<sup>2</sup>

$77bn

(2024: $61bn)

**Financial strength and discipline**

We continue to invest in profitable growth

while retaining a strong balance sheet.

**Net gearing ratio**<sup>3</sup>

18%

(2024: 9%)

**Capabilities in developing** 

**and operating**

We bring exploration expertise, best-in-

class project execution, and our Safe

Production System that's driving stability,

improvement and performance.

**SPS deployed at** 

100%

of managed sites

(2024: 86%<sup>4</sup>)

1. This represents the average number of employees for the year, including the Group's share of non-managed operations and

joint ventures, rounded to the nearest thousand. Refer to page [209](#i6e24f352bf2243f482bd1df1b3ce01ce_772) for more information.

2. Operating assets is a non-IFRS measure. A reconciliation to the nearest IFRS measure is presented in the Financial

information by business unit (FIBU) on pages [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991) to [269](#i6e24f352bf2243f482bd1df1b3ce01ce_994).

3. Net gearing ratio is a non-IFRS measure. A reconciliation to the nearest IFRS measure is presented in Alternative Performance

Measures on page [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1045).

4.2024 data has been restated to reflect a change in the scope of sites targeted for SPS deployment. 2024 and 2025 data

excludes sites acquired through the acquisition of Arcadium Lithium.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | See page [89](#i6e24f352bf2243f482bd1df1b3ce01ce_229) to learn how we manage our risks. |

---

![Value creation-02-BG.jpg](rio-20251231_g38.jpg)

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>13</sub> | riotinto.com |

---

Strategic report \| Our continuing path to value creation

**Who we create value for**

Here are some of the ways we

engage with our stakeholders,

and how the value we create

translates for them.

**Our people**

Nothing is more important than making

sure our people go home safe. We're

building a values-driven performance

culture, where everyone feels accountable

to deliver great outcomes with care,

courage and curiosity.

**Investors**

It is important we understand our

investors' needs and vision for the

company, and so we communicate

and engage with them extensively

throughout the year.

**Communities**

We listen to, consult and co-design

solutions with communities and

Indigenous Peoples to deliver shared

benefits and respect for people, culture,

land and environment.

**Customers**

Our customers are fundamental to our

success. By building strong, enduring

relationships based on trust, we work to

deliver products that meet their needs today

while supporting their ambitions for a low-

carbon future.

**Civil society organisations**

We regularly engage with civil society

organisations to understand societal

expectations of Rio Tinto. Although our

opinions may differ, we respect diverse

views and are open to constructive,

fact-based feedback and challenge.

**Governments**

Governments regulate our operations,

are among our commercial partners,

and receive revenue from our taxes

and royalties.

**Suppliers**

We work in partnership with suppliers

to deliver solutions that best support

our business. Where possible, we partner

with local and Indigenous businesses.

**What we deliver**

We have a clear focus on delivering leading returns to shareholders,

and lasting positive impact.

**Industry-leading returns**

We are focused on delivering leading returns to shareholders, and are committed

to our returns policy of paying 40% to 60% of underlying earnings as dividends.

We have a clear pathway to increase volumes, reduce costs, further strengthen our

balance sheet, and release cash from our asset base, all of which will drive returns.

---

| | | |
|:---|:---|:---|
| **Total shareholder** <br>**return**<br>66.4%<br>(2024: 79.8%)<br>| **Total dividends** <br>**declared to** <br>**shareholders**<br>$6.5bn<br>(2024: $6.5bn)<br>| **10-year record**<br>**of paying out** <br>60% <br>of underlying <br>earnings <br>as dividends<br>|

---

**Lasting positive impact**

Our operations deliver meaningful benefits to host communities, including the production

of essential materials, job creation, small business growth, tax and royalty contributions,

skills development, and targeted socioeconomic programs. We partner with communities

and other stakeholders to understand their priorities and concerns, and our impact, and

respond in ways that create long-term value.

---

| | | |
|:---|:---|:---|
| **Paid in taxes and** <br>**royalties over the** <br>**past 10 years**<br>$83bn<br>(2024: $77bn)<br>| **Voluntary global** <br>**social investment**<br>$114.3m<br>(2024: $95.9m)<br>| **Spent with** <br>**suppliers globally**<br>$34.4bn<br>(2024: $31.0bn) <br>|
| **Spent with Indigenous** <br>**businesses in Australia**<br>A$1.13bn<br>(2024: A$926m)<br>| **Contestable spend** <br>**sourced from suppliers** <br>**local to our operations** <br>15.4%<br>(2024: 15.1%)<br>|  |

---

**Section 172(1) statement**

This stakeholder section, together with our stakeholder pages in the Governance section (pages [107](#ide4b061e8f3d40a6a39e6fdffcf72b42_501)-[109](#i8fa0054436eb489498562a1cb7f61a67_1-1-2-1-5910999)),

explains how the Board takes account of stakeholder interests. These comprise our "Section 172(1) statement".

---

| | |
|:---|:---|
| Annual Report on Form 20-F 2025<sub>14</sub> | riotinto.com |

---

Strategic report

Key performance indicators

We use a range of financial and non-financial metrics to measure Group performance against

our 4 objectives: people and safety first, operational excellence, excel in development, and

strong sustainability and social licence.

**Link to remuneration**

The People & Remuneration Committee ensures that the remuneration policies, frameworks and practices are aligned with the Group

strategy and objectives. As such, decisions on remuneration take into account a number of our key performance indicators, specifically within

our short-term and long-term incentive plans, and more broadly when considering wider business performance. Please refer to the Directors'

Remuneration Report for more detail on remuneration (see pages [122](#i43c3c73661d24b9493a2637ef979e25c_5596) - [149](#i20525c3fd1f54e27aee62a1bcf3935f5_929)).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Link to objectives** | **Link to objectives** |  |  |  |  |  |  |
| ●  | People and safety first | ●  | Operational excellence | ●  | Excel in development | ●  | Strong sustainability and social licence |

---

**Non-financial measures**

**All-injury frequency rate (AIFR)**

per 200,000 hours worked ●●

![848](rio-20251231_g39.gif)

**Definition**

We define AIFR as the number of injuries per

200,000 hours worked by employees and

contractors at our managed operations. It

includes medical treatment cases, restricted

workday, lost-day injuries and fatal injuries.

**Performance in 2025**

Our all-injury frequency rate (AIFR) for 2025

was 0.37, consistent with our 2024 performance

and better than our Group target of 0.38. While

this reflects our continued focus on reducing

injuries, we tragically experienced one fatality

and one permanent damage injury during the

year. We remain deeply committed to learning

from these events and ensuring that everyone

can go home safe, every shift.

Across our operations, we continue to see

serious incidents where individuals are exposed

to potentially fatal hazards. Our highest number

of potentially fatal incidents are from falling

objects, falls from height, and vehicle and

driving-related events. Addressing these

risks remains a core priority as we work to

strengthen control effectiveness, enhance risk

management and build a learning culture.

**Gross Scope 1 and 2 greenhouse gas** 

**emissions (adjusted equity basis)** ●●●

(Mt CO2e)

![1989](rio-20251231_g40.gif)

**Definition**

We report our Scope 1 and 2 greenhouse gas

emissions using the equity share approach.

It includes the equity share of Scope 1 and 2

emissions from managed and non-managed

operations, expressed in million metric tonnes

of carbon dioxide equivalent.

**Performance in 2025**

Our 2025 gross Scope 1 and 2 greenhouse

gas emissions (adjusted equity basis) were

31.5 Mt CO₂e, a reduction of 0.2 Mt CO₂e from

the previous year. Reductions were driven by

the increased use of renewable diesel at

Kennecott, offset by higher emissions from

increased production, particularly in iron ore

and copper.

As of 2025, our gross adjusted Scope 1 and 2

emissions are 14% below 2018 levels. After

applying high-integrity offsets, our net adjusted

Scope 1 and 2 emissions are 17% below our

baseline. Overall reductions were primarily

achieved through renewable energy contracts,

including the use of unbundled renewable

energy certificates in regions where new

energy is under development.

In 2025, we expect to retire approximately

1.17 million Australian Carbon Credit Units

(ACCUs) to meet our 2025 Safeguard

Mechanism compliance obligations.

For more information, see the Climate section

in this report from page [53](#i6a62c08cbe9141ae9c4796747ea8e452_4884).

**Gender diversity** ●●●

representation of women within our workforce

![3267](rio-20251231_g41.gif)

**Definition**

Includes our total workforce based on

managed operations (excludes the Group's

share of non-managed operations and joint

ventures, and legacy Arcadium Lithium

employees).

**Performance in 2025**

The representation of women at Rio Tinto

increased from 25.2% in 2024 to 26.3% in

2025, which is short of our target of 26.7%. We

saw improvements across all levels of the

organisation, with senior leaders increasing

from 32.0% to 32.8%, and operations and

general support increasing from 18.9% to 20.4%.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 15 | riotinto.com |

---

Strategic report \| Key performance indicators

**Financial measures**

The financial key performance metrics used by the Board to monitor the performance of the Group comprise both IFRS and non-IFRS

measures. Reconciliations to the nearest comparable IFRS measure are set out in Alternative Performance Measures (pages [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997)-[274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048)).

**Total shareholder return (TSR)¹** ●●●●

measured over the preceding 5 years

(using annual average share price)

![386](rio-20251231_g42.gif)

**Definition**

TSR is calculated as share price appreciation

over the preceding 5 years (using annual

average share price) with dividends

being reinvested.

**Performance in 2025**

TSR performance over the 5-year period was

driven principally by movements in commodity

prices and changes in the global macro

environment. Over the 5-year performance

period to 31 December 2025, Rio Tinto's TSR

was 66.4% which was below the TSR of both

the S&P Global Mining Index and the MSCI

World Index.

**Underlying return on capital** 

**employed (ROCE)** ●●

![921](rio-20251231_g43.gif)

**Definition**

Underlying earnings excluding net interest

divided by average capital employed

(operating assets).

**Performance in 2025**

Underlying ROCE decreased 2 percentage

points to 16%, reflecting stable underlying

earnings and higher operating assets as a

result of the Arcadium acquisition.

**Underlying earnings and** 

**underlying EBITDA** ●

$ millions

![1273](rio-20251231_g44.gif)

---

| | |
|:---|:---|
| Underlying earnings  | Underlying EBITDA |

---

**Definition**

Underlying earnings represents net earnings

attributable to the owners of Rio Tinto, adjusted

to exclude items that do not reflect the

underlying performance of the Group's

operations. Underlying EBITDA is a segmental

performance measure (see note 1 of the

financial statements) and represents

underlying earnings adjusted to remove

taxation, net finance items, depreciation

and amortisation.

**Performance in 2025**

Underlying EBITDA increased $2 billion to

$25.4 billion driven by higher sales volumes

and a 5% reduction in operating unit costs

(in 2024 real terms). Underlying earnings of

$10.9 billion was stable, reflecting the same

factors, offset by higher depreciation, finance

items and taxes.

**Net cash generated from** 

**operating activities** ●

$ millions

![2029](rio-20251231_g45.gif)

**Definition**

This IFRS measure refers to cash generated

by our operations after tax and interest,

including dividends received from equity

accounted units and dividends paid to

non-controlling interests in subsidiaries.

**Performance in 2025**

Net cash generated from operating activities

increased 8% to $16.8 billion, driven by higher

sales volumes year on year.

**Free cash flow** ●●

$ millions

![2411](rio-20251231_g46.gif)

**Definition**

Net cash generated from operating activities

minus purchases of property, plant and

equipment, intangibles, and payments of

lease principle, plus proceeds from the

sale of property, plant and equipment,

and intangible assets.

**Performance in 2025**

Free cash flow decreased to $4.0 billion, driven

by increased growth, replacement and

sustaining capital expenditures, partially offset

by higher net cash generated from operating

activities.

**Net (debt)/cash** ●●

$ millions

![2888](rio-20251231_g47.gif)

**Definition**

Total borrowings plus lease liabilities less cash

and cash equivalents and other liquid

investments, adjusted for derivatives related to

net (debt)/cash (see note 20 of the financial

statements).

**Performance in 2025**

Net debt increased to $14.4 billion, reflecting

the completion of the $7.6 billion Arcadium

acquisition and $6.1 billion in dividends paid

during the year, partially offset by $4.0 billion of

free cash flow generated and $1.0 billion net

project funding received from

non-controlling interest shareholders.

1. The TSR calculation for each period is based on the change in the calendar-year average share prices for Rio Tinto plc and Rio Tinto Limited over the preceding 5 years. This is consistent with the

methodology used for calculating the vesting outcomes for Performance Share Awards. The data presented in this chart accounts for the dual corporate structure of Rio Tinto.

![CFO-BG-VR2.jpg](rio-20251231_g48.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 16 | riotinto.com |

---

Strategic report

Chief Financial Officer's statement

We remain committed to our capital framework, including our

shareholder returns policy of paying 40% to 60% of underlying

earnings, noting we now have a 10-year record of paying at the top

of this range.

**Net cash generated from operating activities**

$16.8 billion

(2024: $15.6 billion)

**Profit after tax attributable to owners of Rio Tinto (net earnings)**

$10.0 billion

(2024: $11.6 billion)

**Underlying earnings**

$10.9 billion

(2024: $10.9 billion)

**Stronger, sharper, simpler way of working**

Delivery in 2025 has been strong, as we grew our production by 8%

and sales by 5% on a copper equivalent basis (based on long-term

consensus pricing). This was driven by the ramp-up of the Oyu

Tolgoi underground copper mine in Mongolia, record bauxite

production and our recently acquired world-class lithium business.

We are reporting net cash generated from operating activities of

$16.8 billion, underlying earnings of $10.9 billion and profit after tax

attributable to owners of Rio Tinto of $10.0 billion.

We ended the year with net debt at a comfortable level of

$14.4 billion, following the Arcadium acquisition. We continue not to

have a net debt target, but have a principles-based approach to

anchor the balance sheet around a single A credit rating.

**Consistent and disciplined capital allocation**

The shape of our capital spend remains consistent: in 2025 our

share of capital investment was $11.4 billion, driven by the rapid

development of the Simandou iron ore project in Guinea.

We invested around $4.5 billion for sustaining, $3.6 billion

for replacement projects, $0.2 billion for decarbonisation and $3.2

billion for growth.

We have a pathway to our 2030 target of a 50% reduction in

net Scope 1 and 2 emissions, however this requires the timely

completion of commercial discussions at our Pacific Aluminium

Operations and delivery of the underlying renewable projects, which,

if delayed, may ultimately impact our ability to meet our targets this

decade. Our pathway is estimated to underwrite up to $8.5 billion of

new, private renewable energy investment on competitive

commercial terms. This is in addition to the $1-$2 billion of our own

capital, which we have revised down from $5-$6 billion, due to the

rephasing of spend on new emission reduction technologies as they

continue to be assessed for industrial scale viability.

We have a strong portfolio of development options, particularly

copper and lithium, and will be highly disciplined in allocating capital

to them. Leveraging our industry-leading project delivery capabilities

and lowering capital intensity remains a priority.

Our financial strength means that we can reinvest for growth and

continue to pay attractive dividends through the cycle. For 2025 we

are returning 60% of underlying earnings to shareholders, which

equates to a full-year ordinary dividend of 402 US cents per share,

or $6.5 billion.

**Value through financial discipline, productivity** 

**and growth** 

Our mission is to be the most valued metals and mining company.

As an organisation, we have become leaner and are maintaining a

strong focus on productivity and efficiencies, which is expected to

lower unit costs, increase volumes and further enhance our margins.

We continue to drive efficiencies through our operational excellence

program, the Safe Production System, targeting improvements in

labour productivity, contractor management, raw material sourcing

and reducing central expenditure. We have become sharper with

our investment in digital solutions.

We are strategically reviewing our Borates and Iron & Titanium

businesses and simplified our early stage project portfolio where a

compelling value pathway was not evident. This includes our

decision to place the Jadar project in Serbia into care and

maintenance.

Our operational performance is on an upward trend, and strong

cash flows are being generated by our existing business, which will

be further boosted by the successful delivery of our committed

growth projects.

![Peter Cunningham.gif](rio-20251231_g49.gif)

**Peter Cunningham**

Chief Financial Officer

19 February 2026

---

| | |
|:---|:---|
| ![LinkedIn-icon-black.gif](rio-20251231_g25.gif) | **Follow Peter on LinkedIn** <br>linkedin.com/in/peterlcunningham<br>|

---

![Financial-review-BG.jpg](rio-20251231_g50.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 17 | riotinto.com |

---

Strategic report

Financial review

The Financial review and Business review for the year ended 31 December 2023 can be found on pages 24 to 29 and pages 32 to 39

respectively, of our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on 23 February 2024.

**Key financial highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 31 December** | **2025** | 2024 | Change |
| Net cash generated from operating activities (US$ millions) | **16832** | 15599 | 8% |
| Purchases of property, plant and equipment and intangible assets (US$ millions) | **12335** | 9621 | 28% |
| Free cash flow<sup>1</sup>(US$ millions) | **4025** | 5553 | (28%) |
| Consolidated sales revenue (US$ millions) | **57638** | 53658 | 7% |
| Underlying EBITDA<sup>1</sup> (US$ millions) | **25363** | 23314 | 9% |
| Underlying earnings<sup>1</sup>(US$ millions) | **10868** | 10867 | –% |
| Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions) | **9966** | 11552 | (14%) |
| Underlying earnings per share (EPS)<sup>1</sup> (US cents) | **669.2** | 669.5 | –% |
| Ordinary dividend per share (US cents) | **402** | 402 | –% |
| Underlying return on capital employed (ROCE)<sup>1</sup> | **16%** | 18% |  |
|  | **At 31 December** <br>**2025**<br>| At 31 December <br>2024<br>|  |
| Net debt<sup>1</sup> (US$ millions) | **14362** | 5491 | 162% |

---

1. This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used

internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around

the underlying business performance of the Group's operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled "Alternative

performance measures" (APMs) and the detailed reconciliations on pages [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) to [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048).

**Income Statement** 

**Financial results from our diversifying portfolio**

To provide additional insight into the performance of our business, we

report underlying EBITDA and underlying earnings. Underlying EBITDA

and underlying earnings are non-IFRS measures. For definitions and a

detailed reconciliation of underlying EBITDA and underlying earnings to

the nearest IFRS measures, see pages [171](#i6e24f352bf2243f482bd1df1b3ce01ce_496), and [270](#i6e24f352bf2243f482bd1df1b3ce01ce_1006) to [271](#i6e24f352bf2243f482bd1df1b3ce01ce_1015), respectively.

The principal factors explaining the movements in underlying

EBITDA are set out in this table.

---

| | |
|:---|:---|
|  | US$bn |
| **2024 underlying EBITDA** | **23.3** |
| Prices | – |
| Exchange rates | 0.1 |
| Volumes and mix | 2.4 |
| General inflation | (0.5) |
| Energy  | 0.1 |
| Operating cash unit costs  | 0.3 |
| Exploration and evaluation expenditure (net of profit from <br>disposal of interests in undeveloped projects)<br>| 0.4 |
| Non-cash costs/other | (0.6) |
| **Change in underlying EBITDA** | **2.0** |
| **2025 underlying EBITDA** | **25.4** |

---

Financial figures are rounded to the nearest $100 million, hence small differences may

result in the totals.

• **Underlying EBITDA:** increased by 9% to $25.4 billion, driven by

a 5% uplift in sales volumes (on a copper equivalent, Rio Tinto

share basis), diversifying portfolio and cost discipline. In

conjunction with cost discipline, we achieved a 5% (2024 real

terms) reduction in our operating unit costs.

• **Overall neutral impact of price movements reflects the** 

**growing importance of our diversified model:** the 6% lower

iron ore index price (FOB $/dmt) was offset by higher prices for

bauxite, alumina, aluminium (net of tariff impact), copper and

gold, demonstrating the resilience and value of our diversified

portfolio through the commodity cycle.

• **Exchange rates $0.1 billion benefit:** on average, the US dollar

strengthened by 2% against the Australian and Canadian dollars,

which was partially offset by exchange losses on revaluation of

balance sheet items as the US dollar weakened towards the end

of 2025.

• **Volumes and mix $2.4 billion benefit:** demonstrates our strong

foundation in operational excellence, with a 5% rise in sales

volumes (on a copper equivalent, Rio Tinto share basis).

• **Uplift in volumes $2.9 billion:** driven by a 12% uplift in

consolidated copper shipments underpinned by a 61% increase

in copper production at Oyu Tolgoi and increased gold grades

and volumes, along with higher throughput at Escondida. We

delivered a net 1% increase in Pilbara shipments (Rio Tinto

consolidated basis), demonstrating our operational resilience

following the four cyclones in Q1, the impact of which is

disclosed separately. The volume uplift also reflected

exceptional bauxite production underpinned by the Safe

Production System (SPS).

• **Impact of cyclones in the Pilbara -$0.6 billion:** the total

impact to underlying EBITDA of the cyclones was -$0.7 billion

(-$0.6 billion volume impact and cyclone recovery costs of

-$0.1 billion).

• **Inflation net of energy prices -$0.4 billion impact:** general

inflation on our cost base of $0.5 billion was partly offset by the

easing of diesel prices.

• **Improved operating cash unit costs net $0.3 billion:** sharper

focus on cost discipline.

• **Cash unit cost improvement $0.8 billion:** was underpinned

by enhanced cost efficiencies achieved on delivering higher

copper, bauxite and alumina volumes, whilst maintaining strong

cost discipline.

• **Temporary cash unit cost increases -$0.4 billion:** refined

copper production at Kennecott was 31% lower in 2025, due to the

planned smelter shutdown and limited ore availability from

geotechnical constraints until we gain access to higher grade ore in

Slice 2 in 2027. 2024 was a strong comparative year with more

refined production from the drawdown of inventory, following the

smelter rebuild in 2023. IOC's cash unit costs were impacted by

1% lower production and reflected investment in mine pit health

and operational stability.

• **Higher aluminium raw material prices -$0.1 billion:** reflected

increases in prices for coke and caustic, partially offset by alloys.

• **Cyclone recovery costs in the Pilbara -$0.1 billion:** included

repair and mitigation costs, supporting delivery of recovered

volumes.

• **Exploration and evaluation $0.4 billion benefit:** with Rincon

costs being capitalised from 1 July 2024 and a $0.2 billion gain on

sale of 30% interest in Winu.

• **Non-cash costs/other -$0.6 billion impact:** includes investment

to reflect our growth and diversification ambition, including

operating expenditure at Simandou as operations ramp up,

funding of Nuton programs and Arcadium acquisition and

integration costs. Furthermore, in 2024 we revised the closure

discount rate from 2.0% to 2.5%, increasing underlying EBITDA

by $0.2 billion, which did not recur in 2025.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 18 | riotinto.com |

---

Strategic report \| Financial review

**Net earnings**

The principal factors explaining the movements in underlying earnings and net earnings are set out below.

Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto. The net profit attributable to the owners of Rio

Tinto in 2025 was $10 billion (2024: $11.6 billion).

---

| | |
|:---|:---|
|  | **US$bn** |
| **2024 net earnings** | **11.6** |
| **Changes in underlying EBITDA (see above)** | **2.0** |
| Increase in depreciation and amortisation (pre-tax) in underlying earnings | (0.6) |
| Increase in interest and finance items (pre-tax) in underlying earnings | (0.2) |
| Increase in tax on underlying earnings | (1.0) |
| Increase in underlying earnings attributable to outside interests | (0.2) |
| **Total changes in underlying earnings** | **–** |
| **Changes in items excluded from underlying earnings (see below)** | **(1.6)** |
| Movement in impairment charges net of reversals | 0.3 |
| Movement from consolidation and disposal of interests in businesses | (0.9) |
| Movement in closure estimates (non-operating and fully impaired sites) | (0.1) |
| Movement in exchange differences and gains/losses on derivatives | (0.6) |
| Other | (0.2) |
| **2025 net earnings** | **10.0** |

---

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

• **Increase in depreciation -$0.6 billion:** in line with ramp-up of Oyu Tolgoi and inclusion of Arcadium since March.

• **Higher taxes -$1.0 billion:** increased contribution from Escondida with an associated higher underlying tax rate. Additionally, some

unrecognised deferred tax assets, disallowed costs and adjustments in respect of prior years around the Group, have driven the effective

tax rate on underlying earnings to 31.5% (28.3% in 2024).

• **Higher finance items:** reflecting an $8.9 billion increase in net debt in 2025 following the issuance of $9 billion of bonds to fund the

acquisition of Arcadium and for general corporate purposes.

**Items excluded from underlying earnings**

The differences between underlying and net earnings are set out in this table (all numbers are after tax and exclude amounts attributable to

non-controlling interests).

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Year ended 31 December** | **US$bn** | US$bn |
| **Underlying earnings** | **10.9** | 10.9 |
| **Items excluded from underlying earnings** |  |  |
| Net gains on consolidation and disposal of interests in businesses | **–** | 0.9 |
| Impairment charges net of reversals | **(0.2)** | (0.5) |
| Foreign exchange and derivative gains/(losses) on net debt and intragroup balances and derivatives not qualifying for hedge accounting | **(0.4)** | 0.2 |
| Change in closure estimates (non-operating and fully impaired sites) | **(0.2)** | (0.1) |
| Other | **–** | 0.2 |
| **Total items excluded from underlying earnings** | **(0.9)** | 0.7 |
| **Net earnings** | **10.0** | 11.6 |

---

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

On page [271](#i6e24f352bf2243f482bd1df1b3ce01ce_1015) there is a detailed reconciliation from net earnings to underlying earnings, including pre-tax amounts and additional explanatory

notes. The differences between profit after tax and underlying EBITDA are set out in the table on page [171](#i6e24f352bf2243f482bd1df1b3ce01ce_496).

• In 2025, there were no significant gains on consolidation and disposal of interests in businesses. In 2024, these totalled $0.9 billion,

primarily related to a gain following the increase in ownership of Tiwai Point Smelter (NZAS), New Zealand, the sale of Sweetwater, a former

uranium legacy site in Wyoming, US, and the sale of Dampier Salt's Lake MacLeod operation in Western Australia.

• **Impairment charges net of reversals -$0.2 billion:** mainly related to the tailings storage facility at the Yarwun alumina refinery, which was

expected to reach capacity by 2031. We will curtail production by 40% from October 2026 to allow another four years to explore and

develop technical solutions that could extend the refinery's life, which resulted in an impairment charge in 2025. Refer to note 4 to the

Financial Statements of our 2025 Annual Report for further details. In 2024, we recognised impairment charges net of reversals of $0.5

billion (after tax), mainly related to our alumina refinery Queensland Alumina Limited (QAL) .

• **Foreign exchange and derivative losses -$0.4 billion:** includes post-tax losses on intragroup balances of $0.8 billion (2024: $0.6 billion

gain) offset by post-tax gains on external net debt of $0.3 billion (2024: $0.4 billion loss), primarily as a result of the strengthening of the

Australian dollar in 2025.

Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 19 | riotinto.com |

---

Strategic report \| Financial review

**Underlying EBITDA by product group** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Underlying EBITDA** | **Underlying EBITDA** | **Underlying EBITDA** |
|  | **2025** | 2024 | Change |
| **Year ended 31 December** | **US$bn** | US$bn | % |
| Iron Ore | **15.2** | 17.0 | (11)% |
| Aluminium & Lithium | **4.6** | 3.6 | 29% |
| Copper | **7.4** | 3.4 | 114% |
| **Reportable segments total** | **27.1** | 24.0 | 13% |
| Simandou iron ore project | **(0.1)** | – | 336% |
| Other operations | **0.1** | 0.5 | (90)% |
| Central pension costs, share-based payments, insurance and derivatives | **(0.1)** | 0.2 | (148)% |
| Restructuring, project and one-off costs | **(0.6)** | (0.3) | 139% |
| Other central costs | **(0.8)** | (0.8) | –% |
| Central exploration and evaluation | **(0.2)** | (0.2) | (3)% |
| **Total** | **25.4** | 23.3 | 9% |

---

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals and year-on-year changes. Underlying EBITDA and underlying earnings are non-

IFRS measures used by management to assess the performance of the business and provide additional information which investors may find useful. For more information on our use of

non-IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) to [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048).

Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.

**•Other Operations:** includes Rio Tinto Iron & Titanium, Borates and Diamonds. Underlying EBITDA was lower YoY due to weaker demand

for TiO2 in 2025 and where 2024 included a one-off insurance receipt ($0.2 billion).

• **Central pension costs, share-based payments, insurance and derivatives netted to $0.1 billion:** mainly associated with the premiums paid

by the business to our captive insurers offset by insurance claim settlements and unrealised losses on derivatives (vs gain in 2024).

• **Restructuring, project and one-off costs $0.6 billion:** YoY increase primarily in the first half, associated with the acquisition and integration of

Arcadium. It also includes centrally funded research and development programs (expected to reduce in 2026 following rationalisation), and

continued investment in Group-wide technology and systems to drive further productivity. In the second half, we simplified and streamlined our

operating model, resulting in a leaner Executive Committee (from 11 to 9) and senior management team (reduced roles by 22%). This resulted in

one-off restructuring costs in 2025, with the full benefit expected in 2026.

• **Other central costs $0.8 billion:** central corporate costs were flat YoY, reflecting cost productivity improvements delivered on simplifying

central functions, which offset inflationary pressures.

• **Central exploration and evaluation $0.2 billion:** during 2025, we further prioritised our strong portfolio of exploration projects with

activity in 15 countries across six commodities. This included simplifying the focus through decisions to cease exploration activity in Brazil

and Finland and any lithium exploration projects without remaining commitments. Importantly, we advanced the drill program and early

studies at the Nuevo Cobre project in Chile, in partnership with Codelco.

**Consistently strong cash flow generation with disciplined investment**

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Year ended 31 December** | **US$bn** | US$bn |
| Net cash generated from operating activities | **16.8** | 15.6 |
| Purchases of property, plant and equipment and intangible assets | **(12.3)** | (9.6) |
| Sales of property, plant and equipment and intangible assets | **0.1** | – |
| Lease principal payments | **(0.5)** | (0.5) |
| **Free cash flow¹** | **4.0** | 5.6 |
| Dividends paid to equity shareholders | **(6.1)** | (7.0) |
| Acquisition of Arcadium (including acquired net debt) | **(7.6)** | – |
| Net funding relating to Simandou (outside of free cash flow) | **0.8** | 0.5 |
| Funding received relating to the Nemaska project | **0.2** | – |
| Other | **(0.1)** | (0.3) |
| **Movement in net debt¹** | **(8.9)** | (1.3) |

---

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

• **$16.8 billion of net cash generated from operating activities:** reflecting the higher underlying EBITDA and a 66% underlying EBITDA cash

conversion rate, in line with 2024. There was a modest working capital cash outflow of $0.2 billion, including the impact of higher commodity prices in receivables.

• **$12.3 billion of purchases of property, plant and equipment and intangible assets:** comprised $4.1 billion of growth, $3.6 billion of

replacement, $4.5 billion of sustaining and $0.2 billion of decarbonisation capital (in addition to $0.4 billion of decarbonisation operational

expenditure). Our share of capital investment (see table below) was

$11.4 billion. We continue to fund our capital program in accordance with our disciplined capital allocation framework.

• **$6.1 billion dividends paid:** reflected payment of the 2024 final and the 2025 interim ordinary dividends.

• **$7.6 billion Arcadium acquisition:** includes $6.3 billion paid to Arcadium's shareholders, $0.4 billion paid to their convertible loan note

holders, consolidation of Arcadium's $0.7 billion net debt and $0.2 billion loaned by Rio Tinto to Arcadium prior to completion of the

acquisition. Transaction costs have been expensed and are included in operating expenses and are part of operating cash flows.

• **$0.8 billion net inflow from Simandou funding:** we received $1.3 billion from Chalco Iron Ore Holdings (CIOH) relating to CIOH's share

of Simandou project expenditure. This was partly offset by $0.6 billion funding provided to Winning Consortium Simandou (WCS) rail and

port entities.

• **$14.4 billion net debt**<sup>1</sup> at 31 December 2025: the above movements resulted in an increase in net debt¹ of $8.9 billion in 2025.

1. This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures

(non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented

here to give more clarity around the underlying business performance of the Group's operations. For more information on our use of non-IFRS financial measures in this report, see the

section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) to [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 20 | riotinto.com |

---

Strategic report \| Financial review

---

| | | |
|:---|:---|:---|
| **Year ended 31 December** | **2025**<br>**US$m**<br>| 2024 <br>US$m⁽ᶜ⁾<br>|
| Purchase of property, plant and equipment and intangible assets | **12335** | 9621 |
| Less: Sales of property, plant and equipment and intangible assets | **(50)** | (30) |
| Capital expenditure | **12285** | 9591 |
| Funding provided by the group to EAUs<sup>(a)</sup> | **557** | 965 |
| Less: Equity or shareholder loan financing received/due from non-controlling interests<sup>(b)</sup> | **(1439)** | (1063) |
| **Rio Tinto share of capital investment** | **11403** | 9493 |

---

(a)Funding provided by the group to EAUs relates to funding of WCS Rail and Port Holding Entities (WCS) in relation to the Simandou project, consisting of a direct equity investment in

WCS of US$249 million (2024: US$431 million) and loans provided totalling US$308 million (2024: US$534 million).

(b)We received US$1,321 million (2024: US$1,505 million) from Chalco Iron Ore Holdings Ltd (CIOH) interests of which US$1,160 million (2024: US$1,063 million) relates to CIOH's 47%

share of capital expenditure incurred on the Simandou project and associated funding provided by the Group to EAUs during the current year on an accruals basis. In 2025, we also

received US$236 million from Investissement Québec (IQ) in respect of their 50% share of capital expenditure incurred on the Nemaska lithium development project. The equivalent

amount, on an accruals basis, of US$279 million is included in Rio Tinto share of capital investment.

(c)The 2024 comparative has been recast to include sales of property, plant and equipment and intangible assets which is now part of the definition.

**Retaining a strong balance sheet**

• **Net debt**<sup>1</sup>**:** $14.4 billion at 31 December 2025 increased by $8.9 billion compared to 2024 year end, mainly following completion of the

Arcadium acquisition in March.

• **Net gearing ratio**<sup>1</sup> (net debt to total capital): 18% at 31 December 2025 (31 December 2024: 9%). See page [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1045).

• **Total financing liabilities excluding net debt derivatives:** $23.5 billion at 31 December 2025 following $9 billion bond issuance to fund

the acquisition of Arcadium and for general corporate purposes (31 December 2024: $13.8 billion) and the weighted average maturity was

11 years. At 31 December 2025, 76% of these liabilities were at floating interest rates (81% excluding leases). The maximum amount

within non-current borrowings maturing in any one calendar year is $2.8 billion, which matures in 2028.

• **Cash and cash equivalent plus other short-term highly liquid investments:** $9.2 billion at 31 December 2025 (31 December 2024:

$8.7 billion).

• **Provision for closure costs:** $17.8 billion at 31 December 2025 (31 December 2024: $15.7 billion). The key movements explaining the

increase were:

• +$0.9 billion due to a weakening of the US dollar against local currencies at 31 December 2025

• +$0.8 billion from amortisation of the discount on provisions

• +$1.2 billion from net increases to new provisions

• +$0.3 billion relating to the Arcadium acquisition

• partly offset by -$1.0 billion spend against the provision as we advanced our closure activities at Argyle, ERA (under a Management

Service Agreement), the Gove alumina refinery and other legacy sites, along with progressive closure activity across our operations.

**Shareholder returns**

Ten-year track record of 60% payout ratio on the ordinary dividend

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**US$bn**<br>| 2024<br>US$bn<br>|
| Ordinary dividend |  |  |
| Interim⁽ª⁾ | **2.4** | 2.9 |
| Final⁽ª⁾ | **4.1** | 3.7 |
| Full-year ordinary dividend⁽ª⁾ | **6.5** | 6.5 |
| Payout ratio on ordinary dividend | **60%** | 60% |

---

(a)Based on weighted average number of shares and declared dividends per share for the respective periods and excluding foreign exchange impacts on payment. Financial figures are

rounded to the nearest $100 million, hence small differences may result in the totals.

---

| | | |
|:---|:---|:---|
| **Ordinary dividend per share declared** | **2025**  | 2024  |
| Interim (US cents) | **148** | 177 |
| Final (US cents) | **254** | 225 |
| Full-year (US cents) | **402** | 402 |

---

---

| | |
|:---|:---|
| **Final dividend calendar** | **2026** |
| Ex-dividend date for Rio Tinto plc and Rio Tinto Limited ordinary shares | **5 March** |
| Ex-dividend date for Rio Tinto plc ADRs | **6 March** |
| Record date | **6 March** |
| Final date for Dividend Reinvestment Plan and alternate currency payment elections | **24 March** |
| Currency conversion date | **7 April** |
| Payment date | **16 April** |

---

The 2025 final ordinary dividend to be paid to our Rio Tinto Limited shareholders will be fully franked. The Board expects Rio Tinto Limited to

be in a position to pay fully franked dividends for the foreseeable future.

The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with

the intention of maximising long-term shareholder value while maintaining a strong balance sheet.

The Board expects total cash returns to shareholders over the longer term to be in a range of 40% to 60% of underlying earnings in

aggregate through the cycle. Both Rio Tinto plc and Rio Tinto Limited dividends are declared in US dollars.

1. This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally by

management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business

performance of the Group's operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the

detailed reconciliations on pages [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) to [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 21 | riotinto.com |

---

Strategic report \| Financial review

**Capital projects**

---

| | | |
|:---|:---|:---|
| **Project**<br>**(Rio Tinto 100% owned unless otherwise stated)**<br>| **Total**<br>**capital cost** <br>**(100% unless** <br>**otherwise stated)**<br>| **Status/Milestones** |
| **Iron ore** |  |  |
| Project: Western Range<br>Location: Western Australia (WA), Australia<br>Ownership: Rio Tinto (54%) and China Baowu Steel Group Co. Ltd (46%)<br>Capacity: 25 Mtpa<br>Approval: September 2022<br>First production: March 2025<br>To note: The project includes construction of a primary crusher and an 18-<br>kilometre conveyor connection to the Paraburdoo processing plant.<br>| $1.3bn<br>(Rio Tinto share)<sup>1</sup><br>| •Officially opened on 6 June 2025 on time and on budget. <br>•Planned production ramp-up through 2026. <br>|
| Project: Brockman (Brockman Syncline 1)<br>Location: WA, Australia<br>Ownership: 100%<br>Capacity: 34 Mtpa<br>Approval: March 2025 <br>Planned first production: 2027<br>To note: The project is to extend the life of the Brockman regions in WA.<br>| $1.8bn | •The project received all necessary State and Federal <br>Government approvals in Q1 enabling bulk earthworks to <br>commence in Q2 and mobilisation of key construction <br>contractors in Q3.<br>•First production remains on track for 2027.<br>|
| Project: Hope Downs 2 (incl. Bedded Hilltop)<br>Location: WA, Australia<br>Ownership: Rio Tinto (50%) and Hancock Prospecting (50%)<br>Capacity: 31 Mtpa<br>Approval: June 2025<br>Planned first production: 2027<br>To note: The project is to extend the life of the Hope Downs 1 operation <br>in WA.<br>| $0.8bn <br>(Rio Tinto share)<br>| •Received all necessary State and Federal Government <br>approvals in H1, enabling the commencement of <br>construction activities.<br>•Main construction activities continue to progress in line with <br>plan, including bulk earthworks clearing and installation of <br>tunnel segments over the rail line.<br>•First production remains on track for 2027.<br>|
| Project: West Angelas Sustaining<br>Location: WA, Australia<br>Ownership: Rio Tinto (53%), Mitsui Iron Ore (33%) and Nippon Steel <br>(14%)<br>Capacity: 35 Mtpa<br>Approval: October 2025<br>Planned first production: 2027<br>To note: The project is to extend the life of the West Angelas hub in WA.<br>| $0.4bn <br>(Rio Tinto share)<br>| •State Agreement was received in October 2025 allowing <br>mobilisation and the start of construction activities in <br>November.<br>•First production remains on track for 2027.<br>|
| Project: Simandou<br>Location: Guinea, Africa<br>SimFer mine ownership: SimFer (85%), Government of Guinea (GoG) <br>(15%)<br>SimFer mine capacity: 60 Mtpa<sup>2</sup> <br>(27 Mtpa Rio Tinto share)<br>Approval: July 2024<br>Start date: first shipment in December 2025<br>To note: Investment in the Simandou high-grade iron ore project in <br>Guinea in partnership with CIOH, a Chinalco-led consortium (the SimFer <br>joint venture) and co-development of the rail and port infrastructure with <br>Winning Consortium Simandou<sup>3</sup> (WCS), Baowu and the Republic of <br>Guinea (the partners) for the export of up to 120 Mtpa of iron ore mined <br>by SimFer's and WCS's respective mining concessions.<sup>4</sup> The SimFer <br>joint venture<sup>5</sup> will develop, own and operate a 60 Mtpa<sup>2</sup> mine in blocks 3 <br>& 4. WCS will construct the project's ~536 kilometre shared dual track <br>main line, a 16 kilometre spur connecting its mine to the mainline as well <br>as the WCS barge port, while SimFer will construct the ~70 kilometre <br>spur line, connecting its mining concession to the main rail line, and the <br>transhipment vessel (TSV) port.<br>| $6.2bn<br>(Rio Tinto<br>share)<br>| •We achieved first ore shipment in December. Ore is being <br>railed from the SimFer mine to the main rail line via the <br>SimFer rail spur and shipped through the WCS port while <br>construction of the SimFer port is finalised. This marked the <br>start of commissioning tests of the common rail to port <br>infrastructure. Commissioning of the common rail to port <br>infrastructure will be a complex process, and once <br>complete, around the end of Q1 2026, we expect a 30 <br>month ramp-up to full capacity.<br>•SimFer mine construction progressed to plan, reaching 62% <br>completion by year end, with bulk earthworks and <br>permanent process facilities construction ongoing; ore <br>continues to be crushed and stockpiled via temporary <br>crushers, with first ore through permanent crushing facilities <br>expected in H2 2026. <br>•SimFer rail spur: Mechanically complete and operational. <br>Full rail commissioning targeted for Q1 2026. <br>•SimFer port: Advanced ahead of plan with 66% completed. <br>Fabrication of transhipment vessels (TSV) continuing and <br>the first TSV under-construction successfully launched in <br>December in China. SimFer port commissioning is expected <br>in Q1 2027<br>•Non-managed infrastructure - our partners confirm that <br>construction is progressing well and is on track.<br>|

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 22 | riotinto.com |

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Strategic report \| Financial review

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| | | |
|:---|:---|:---|
| **Project**<br>**(Rio Tinto 100% owned unless otherwise stated)**<br>| **Total**<br>**capital cost** <br>**(100% unless** <br>**otherwise stated)**<br>| **Status/Milestones** |
| **Aluminium** |  |  |
| Project: Low-carbon AP60 aluminium smelter<br>Location: Quebec, Canada<br>Ownership: Rio Tinto (100%)<br>Capacity: Project will add 96 new AP60 pots, increasing AP60 capacity <br>by 160,000 tonnes of primary aluminium per annum<br>Approval: June 2023<br>Planned start date: First hot metal and commissioning is expected by Q1 <br>2026, smelter fully ramped up by end of 2026.<br>To note: The investment includes up to $113 million of financial support <br>from the Quebec government. This new capacity is expected to be in <br>addition to 30,000 tonnes of new recycling capacity at Arvida, which has <br>been rescheduled to open in Q4 2026 (previously Q4 2025).<br>| $1.3bn | •Construction activities progressed to plan, with key <br>milestones achieved in 2025 including completion of pot-to-<br>pot module fabrication and installations, completion of main <br>buildings and energisation of the first substations.<br>•First hot metal and commissioning remains on track to be <br>completed by Q1 2026.<br>|
| **Lithium** |  |  |
| Project: Rincon expansion <br>Location: Salta province, Argentina <br>Ownership: Rio Tinto (100%)<br>Capacity: 60 ktpa (battery grade lithium carbonate)<br>Approval: December 2024<br>Planned first production: 2028 with three-year ramp-up to full capacity<br>To note: Project consists of the 3 ktpa starter plant and 57 ktpa <br>expansion program. The mine is expected to have a 40-year<sup>6</sup> life and <br>operate in the first quartile of the cost curve. <br>| $2.5bn | •Starter plant: commissioning completed and start-up in <br>progress, aiming to reach full capacity by end 2026. <br>•Regulatory approval received in August, enabling <br>commencement of construction for the battery-grade lithium <br>carbonate plant. Construction activities progressed during <br>H2, including camp expansion works and development of <br>site infrastructure.<br>•Expansion project construction of full scale plant remains on <br>track. <br>|
| Project: Fénix expansion (1B)<br>Location: Catamarca province, Argentina<br>Ownership: Rio Tinto (100%)<br>Capacity: 10 ktpa LCE (battery grade lithium carbonate)<br>Planned first production: H2 2026<br>To note: product is carbonate, chloride<br>| $0.7bn | •Project is mechanically complete with commissioning at <br>60%. Mechanical Vapour Recompression plant <br>commissioned to support planned first production. <br>•First production remains on track for H2 2026. <br>|
| Project: Sal de Vida<br>Location: Catamarca province, Argentina<br>Ownership: Rio Tinto (100%)<br>Capacity: 15 ktpa LCE<br>Planned first production: H2 2026<br>To note: product is carbonate<br>| $0.7bn | •Project is mechanically complete with commissioning at <br>40%. <br>•First production remains on track for H2 2026.<br>|
| Project: Nemaska Lithium<br>Location: Quebec, Canada<br>Ownership: Rio Tinto (50%), Investissement Québec (50%)<br>Capacity: 28 ktpa LCE (100%)<br>Planned first production: 2028<br>To note: product is integrated lithium hydroxide. <br>| $1.1bn<br>(Rio Tinto share)<br>| •Project work progresses at Bécancour hydroxide plant in <br>Quebec. Engineering is now complete with construction at <br>60%. Commissioning planned to commence in 2026 ahead of <br>first production in 2028. <br>•Whabouchi and Galaxy mines: we are undertaking a strategic <br>business and capital discipline review with our partners in <br>Canada to decide which of the two mines we will develop. We <br>expect to make a decision in the first half of 2026, to ensure <br>an integrated solution for spodumene supply to Bécancour is <br>available by 2028. <br>|

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 23 | riotinto.com |

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Strategic report \| Financial review

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| | | |
|:---|:---|:---|
| **Project**<br>**(Rio Tinto 100% owned unless otherwise stated)**<br>| **Total**<br>**capital cost** <br>**(100% unless** <br>**otherwise stated)**<br>| **Status/Milestones** |
| **Copper** |  |  |
| Project: Oyu Tolgoi underground mine<br>Location: Mongolia<br>Ownership: Rio Tinto (66%), Government of Mongolia (34%)<br>Capacity: from both the open pit and underground mines, average of <br>~500 kt⁷ per year from 2028 to 2036.<br>Approval: 2016<br>First production: 2024, ramp-up till 2028<br>To note: Oyu Tolgoi is set to become the world's 4th largest copper mine <br>by 2030<br>| $7.06bn | •Primary Crusher #2 construction completed ahead of plan in <br>Q3, with first ore delivered in September.<br>•Underground project development completed during Q4. <br>•Project is now focused on safe handover to operations.<br>|
| Project: Kennecott open pit extension <br>Location: Utah, US <br>Ownership: Rio Tinto (100%)<br>Approval: 2019<br>To note: The project scope includes mine stripping activities and some <br>infrastructure development, including tailings facility expansion. The <br>project will allow mining to continue into a new area of the orebody <br>between 2026 and 2032.<br>| $1.8bn | •Stripping will continue through 2027 with sustainable ore production <br>from the second phase of the pushback expected to be reached in <br>H2 2027.<br>|
| Project: Kennecott North Rim Skarn (NRS) underground development<sup>8</sup><br>Location: Utah, US <br>Ownership: Rio Tinto (100%)<br>Capacity: around 250 kt through to 2033<sup>9</sup><br>Approval: June 2023<br>First production: Q4 2025<br>To note: Original approval for $0.5bn with a further $0.1bn approved in <br>December 2024 for additional infrastructure and geotechnical controls.<br>| $0.6bn | •First production from NRS occurred in December 2025 with <br>ramp-up from main stoping ramp sequence in Q1 2026. <br>|

---

1. Rio Tinto share of the Western Range capital cost includes 100% of funding costs for Paraburdoo plant upgrades.

2. The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine schedule was previously reported in a release to the

Australian Securities Exchange (ASX) dated 6 December 2023 titled "Investor Seminar 2023". Rio Tinto confirms that all material assumptions underpinning that production target

continue to apply and have not materially changed.

3. WCS is the holder of Simandou North Blocks 1 & 2 (with the Government of Guinea holding a 15% interest in the mining vehicle and WCS holding 85%) and associated infrastructure.

WCS was originally held by WCS Holdings, a consortium of Singaporean company, Winning International Group (50%) and Weiqiao Aluminium (part of the China Hongqiao Group)

(50%). On 19 June 2024, Baowu Resources completed the acquisition of a 49% share of WCS mine and infrastructure projects with WCS Holdings holding the remaining 51%. In the

case of the mine, Baowu also has an option to increase to 51% during operations. During construction, SimFer will hold 34% of the shares in the WCS infrastructure entities with WCS

holding the remaining 66%.

4. WCS holds the mining concession for Blocks 1 & 2, while SimFer holds the mining concession for Blocks 3 & 4. SimFer and WCS will independently develop their mines.

5. SimFer Jersey Limited is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore Holdings Ltd (CIOH) (47%), a Chinalco-led joint venture of leading Chinese SOEs

(Chinalco (75%), Baowu (20%), China Rail Construction Corporation (2.5%) and China Harbour Engineering Company (2.5%)). SimFer S.A. is the holder of the mining concession

covering Simandou Blocks 3 & 4, and is owned by the Guinean State (15%) and SimFer Jersey Limited (85%). SimFer Infraco Guinée S.A. will deliver SimFer's scope of the co-

developed rail and port infrastructure, and is co-owned by SimFer Jersey (85%) and the Guinean State (15%). SimFer Jersey will ultimately own 42.5% of La Compagnie du

Transguinéen, which will own and operate the co-developed infrastructure during operations.

6. The production target of approximately 53 kt of battery grade lithium carbonate per year for a period of 40 years was previously reported in a release to the ASX dated 4 December 2024

titled "Rincon Project Mineral Resources and Ore Reserves: Table 1". Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not

materially changed. Plans are in place to build for a capacity of 60 kt of battery grade lithium carbonate per year with debottlenecking and improvement programs scheduled to unlock

this additional throughput. Capacity of 60 ktpa is comprised of 3 ktpa starter plant,

50 ktpa full scale plant and 7 ktpa additional optimisation.

7. The ~500 thousand tonne per year copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously

reported in a release to the Australian Securities Exchange (ASX) dated 11 July 2023 "Investor site visit to Oyu Tolgoi copper mine, Mongolia". All material assumptions underpinning that

production target continue to apply and have not materially changed.

8. The NRS Mineral Resources and Mineral Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Mineral Reserves, form the Underground Skarns Mineral

Resources and Mineral Reserves.

9. The 250 thousand tonne copper production target for the Kennecott underground mines over the years 2023 to 2033 was previously reported in a release to the Australian Securities

Exchange (ASX) dated 20 June 2023 "Rio Tinto invests to strengthen copper supply in US". All material assumptions underpinning that production target continue to apply and have not

materially changed.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 24 | riotinto.com |

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Strategic report \| Financial review

**Future options**

---

| | |
|:---|:---|
| **Project** | **Status** |
| **Iron Ore: Pilbara brownfields** |  |
| Location: WA, Australia<br>Ownership: Rio Tinto (100%)<br>Capacity: over the medium term, our Pilbara system capacity remains <br>between 345 and 360 million tonnes per year. Meeting this range, and the <br>planned product mix, will require the approval and delivery of the next <br>tranche of replacement mines over the next five years.<br>| •Four of the five major replacement mines are currently ramping up or under <br>construction.<br>•The Greater Nammuldi extension project continues to be optimised with a <br>pathway to first ore in 2028.<sup>1</sup><br>|
| **Iron Ore: Rhodes Ridge** |  |
| Location: WA, Australia<br>Ownership: Rio Tinto (50%), Mitsui & Co. (40%), AMB Holdings Pty Ltd <br>(10%)<sup>2</sup><br>Capacity: 40 to 50 Mtpa<br>First ore: end of decade<br>To note: The Rhodes Ridge Joint Venture has approved a feasibility study to <br>progress development of the first phase of the Rhodes Ridge project. The <br>feasibility study will assess development of an operation with initial annual <br>production capacity of 40 to 50 Mtpa, and is scheduled to commence in Q1 <br>2026 and expected to conclude in 2029. The development will use Rio <br>Tinto's rail, port and power infrastructure.<br>Following completion of the pre-feasibility study and with the environmental <br>referral planned, we aim to progress toward reporting an initial Mineral <br>Reserve for Rhodes Ridge in 2026, contingent on continued review of all <br>relevant modifying factors.<br>| •In December 2025, the Rhodes Ridge Joint Venture approved a $191 million <br>(Rio Tinto share $96 million) feasibility study to progress development of the <br>first phase of the project.<br>•The joint venture partners (Rio Tinto 50%, Mitsui 40% and AMB Holdings <br>10%) intend to invest a further $146 million on exploration between 2026 <br>and 2028 as part of ongoing study phases.<br>•The feasibility study is expected to conclude in 2029.<br>|
| **Copper: Resolution** |  |
| Location: Arizona, US<br>Ownership: Rio Tinto (55%), BHP (45%)<br>To note: proposed underground copper mine in the Copper Triangle, in <br>Arizona.<br>| •On 20 June 2025, the United States Forest Service (USFS) republished the <br>Final Environmental Impact Statement (FEIS) and draft Record of Decision <br>(ROD). Absent a Court order, this publication would have enabled <br>completion of the congressionally mandated land exchange between <br>Resolution Copper and the federal government. But, on 18 August 2025, as <br>the land exchange neared completion, the Ninth Circuit Court of Appeals <br>issued an administrative order to enjoin the land exchange. <br>•On 6 October 2025, in separate litigation brought by the Apache Stronghold, <br>a non-profit organisation, the U.S. Supreme Court denied the group's <br>petition for rehearing in its case seeking to prevent the land exchange.<br>•Oral arguments in the Ninth Circuit Court of Appeals were completed on 7 <br>January 2026. A decision is anticipated in 2026.<br>•Resolution continues to seek to demonstrate to the Courts why the land <br>exchange should proceed as directed by Congress. The land exchange will <br>enable further underground mine development and place thousands of <br>acres of ecologically and culturally significant land into permanent <br>conservation.<br>|
| **Copper: Winu** |  |
| Location: WA, Australia<br>Ownership: Rio Tinto (70%), Sumitomo Metal Mining (SMM) (30%) <br>To note: In late 2017, we discovered copper-gold mineralisation at the Winu <br>project (Paterson Province in Western Australia). In 2021, we reported our <br>first Indicated Mineral Resource. The pathway remains subject to regulatory <br>and other required approvals. Project Agreement negotiations with <br>Nyangumarta and the Martu Traditional Owner Groups remain our priority. <br>| •The Joint Venture agreement with SMM was completed on schedule in Q4.<br>•The pre-feasibility study with an initial processing capacity development of <br>up to 10 Mtpa was also completed in Q4. <br>•The project has advanced to a feasibility study, which is currently in <br>progress and scheduled for completion by the end of 2026. <br>•The Environmental Review Document has been submitted to the Western <br>Australian Environmental Protection Authority (EPA) for assessment in <br>collaboration and support with both Traditional Owner Groups.<br>|
| **Copper: La Granja** |  |
| Location: Cajamarca, Peru<br>Ownership: Rio Tinto (45%), First Quantum Minerals (55%)<br>To note: In August 2023, we completed a transaction to form a joint venture <br>with First Quantum Minerals (FQM) that will work to unlock the development <br>of the La Granja project, one of the largest undeveloped copper deposits in <br>the world, with potential to be a large, long-life operation. FQM acquired its <br>stake for $105 million. It will invest up to a further $546 million into the joint <br>venture to sole fund capital and operational costs to take the project through <br>a feasibility study and toward development. <br>| •Evaluation of drill results is underway - results are expected in Q1 2026.<br>•Progressing the feasibility study.<br>|

---

1. All necessary State and Federal Government approvals have been received. The project is still subject to Traditional Owner consultation.

2. Mitsui holds its 40% interest through an entity named SPC Blue Pty Ltd and AMB holds its 10% interest through Rhodes Ridge Mining (No 1) Pty Ltd, a wholly owned subsidiary of

Wright Prospecting Pty Ltd, that is managed and controlled by AMB.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 25 | riotinto.com |

---

Strategic report \| Financial review

---

| | |
|:---|:---|
| **Project** | **Status** |
| **Aluminium: Arctial partnership** |  |
| Location: Finland<br>To note: Partnership agreement with the Swedish investment company <br>Vargas, Mitsubishi Corporation and other international and local industry <br>partners to study a low carbon aluminium greenfield opportunity in Finland. <br>As the strategic industrial partner, Rio Tinto will provide the Arctial <br>partnership with access to its proven industry-leading AP60 technology and <br>assist in what would be the first AP60 deployment in an aluminium smelter <br>outside Quebec, Canada. <br>| •Arctial JV was formally established in Q2 2025 and a pre-feasibility study <br>and environmental impact assessment study were conducted during the <br>remainder of 2025. <br>•The JV partners will review the outcome of those studies and are expected <br>to consider next steps for further development of the project during Q1 <br>2026.<br>|
| **Lithium** |  |
| Location: Argentina | •Developing the blueprint in 2026 for two future hubs, targeting $30/kg capital <br>intensity with a 30-month timeline for development and <$5/kg C1 operating <br>costs. <br>|
| Location: Atacama region, Chile<br>To note:<br>•Binding agreement to form a joint venture (JV) with Codelco to develop <br>and operate the high-grade Salar de Maricunga project.<br>•Binding agreement with ENAMI to form a JV to develop the Salares <br>Altoandinos project.<br>| •Expected agreement closure dates: H1 2026 (for both Maricunga and <br>Altoandinos), subject to receipt of all applicable regulatory approvals and <br>satisfaction of other customary closing conditions.<br>|
| Location: Serbia<br>Ownership: Rio Tinto (100%)<br>To note: Development of the greenfield Jadar lithium-borates project in <br>Serbia to include an underground mine with associated infrastructure and <br>equipment, as well as a beneficiation chemical processing plant.<br>| •Project has been moved to care and maintenance. |

---

![Aluminium & Lithium-BG.jpg](rio-20251231_g51.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 26 | riotinto.com |

---

Strategic report

---

| | |
|:---|:---|
| ![Caption-icon-white.gif](rio-20251231_g52.gif) | **Image: Bauxite s**tockpiles at the reclaimer <br>area, Amrun Operations, Australia.<br>|

---

Aluminium & Lithium

**Aluminium & Lithium now sit in a single product group, reinforcing our portfolio of critical materials essential to the** 

**transport, energy infrastructure and construction sectors. Our Aluminium business is built on a global footprint of** 

**world-class assets, with an integrated bauxite-to-aluminium value chain. We have a diversified offering that includes** 

**low-carbon primary and secondary aluminium, recycled aluminium, and value-added products. In Lithium, we bring** 

**together spodumene and brine mining operations with downstream processing capability to produce high-quality** 

**lithium hydroxide, lithium carbonate and various other lithium products. With premier resource bases in both** 

**businesses globally, and the operational strength and flexibility to adapt to evolving customer needs, we are well** 

**positioned to meet rising demand for the energy transition.**

**Snapshot of the year**

---

| | |
|:---|:---|
| **AIFR**<br>0.54<br>(2024: 0.38)<br>| **Employee numbers**<sup>1</sup><br>19,000<br>(2024: 16,000)<br>|
| **Net cash generated from** <br>**operating activities**<br>$3.8bn<br>(2024: $2.8bn)<br>| **Scope 1 and 2 GHG emissions** <br>**(equity Mt CO2e)**<br>24.3 Mt<br>(2024: 22.9 Mt)<br>|

---

**Safety**

Across Aluminium & Lithium, we prioritise safety by focusing

on preventing fatal and life-changing harm, strengthening risk

management and critical controls, and continuously elevating our

safety culture through leadership, learning and accountability.

For Aluminium, in 2025, we experienced an increase in the all-injury

frequency rate (AIFR) from 0.38 to 0.55, partly reflecting a change in

injury classification. This prompted targeted work to improve injury

performance through site-specific improvement plans. Our Safety

Maturity Model (SMM) continued to progress through structured field

engagements and integration into planning and assurance

processes, supporting our long-term goal of maturing risk

management and building a culture of accountability and care. We

initiated a safety reset in all regions to reverse the increasing trend,

which was successfully implemented in the second half of the year.

We recorded 19 potential fatal incidents (PFIs) in Aluminium, with

critical risks primarily related to contact with electricity, falling

objects, and vehicle collision or rollover. To address these, we

strengthened Critical Risk Management practices and improved the

effectiveness of controls. We also enhanced our incident

investigation process by introducing more rigorous action

effectiveness reviews, ensuring that learnings translate into

meaningful improvements.

For our Lithium business, the AIFR increased slightly from 0.24

to 0.30 in 2025. This includes existing operations, the startup of

2 new lithium extraction-to-carbonate sites - Rincon 3000 starter

plant and Sal de Vida - and the expansion of Fénix in Argentina. We

recorded one PFI in Lithium, with risk linked to vehicle collision and

rollover. Our Lithium business has begun integrating into

Rio Tinto systems, while enhancing operational ownership and

accountability for risk awareness and mitigation.

Moving forward, by prioritising engineering design, strategic capital

investment and ongoing research, we aim to minimise hazards

and remove personnel from high-risk areas as established in our

sustainability roadmap.

**Market insights**

World aluminium semi-fabricated demand rose by approximately 2%

year on year in 2025. The global energy transition (in electric

vehicles and renewables) remained the driver of growth while

demand in building and construction remained weak.

World aluminium primary production rose by around 1.7% in 2025

with lower growth in China as it remained constrained by its self-

imposed aluminium capacity cap. Commissioning of greenfield

smelting capacity in Indonesia and smelter restarts in Europe

(excluding Russia) and Brazil drove growth in production outside

China. Overall, the global aluminium market recorded a small deficit

in 2025, and visible weeks of inventory remain at a low level.

The London Metal Exchange (LME) cash aluminium price recorded

an impressive performance in the 2nd half of 2025. A high investor

net long position in the LME supported by a weak US dollar drove

the rally in the price. The regional market premium in the US hit a

record high by the 4th quarter, following the introduction of a 50%

US import tariff on aluminium from June which led to lower imports

and subsequent destocking of aluminium. The Australian FOB (free

on board) alumina price reached a multi-year low by the 4th quarter

on increased availability of new refinery supply in China and

Indonesia. Guinean bauxite exports to China recorded robust growth

in 2025, despite the revocation of certain Guinean bauxite mining

licences by the government. China CIF (cost, insurance and freight)

bauxite prices softened through the year because of increased

availability of bauxite.

2025 saw another strong year of lithium demand growth of

approximately 25%. Global lithium supply increased 14% year on

year, supported by Chinese investments in Africa and new projects

in South America. After a weak first half of 2025, lithium carbonate

prices surged 80% over the 2nd half to $14,500/t as of

31 December, led by supply concerns in China and growing

optimism on the demand for battery energy storage systems

(BESS). Although prices were soft in the first half, supply cuts have

been limited as producers focused on cost reductions and secured

funding to maintain production. Long-term fundamentals remain

strong, with further investment required to meet growing demand

under supportive EV and BESS policies.

1. This represents the average number of employees for the year, including the

Group's share of non-managed operations and joint ventures, rounded to the nearest

thousand. Refer to page [268](#i91e1a55e7c134219957789cc7a0d9f73_0-8-1-3-5910999) for more information.

![A&L case study-BG.jpg](rio-20251231_g53.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 27 | riotinto.com |

---

Strategic report \| Aluminium & Lithium

**Aluminium & Lithium**

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 31 December** | **2025** | 2024 | Change |
| Bauxite production ('000 tonnes — Rio Tinto share) | **62400** | 58653 | 6% |
| Alumina production ('000 tonnes — Rio Tinto share) | **7593** | 7303 | 4% |
| Aluminium production ('000 tonnes — Rio Tinto share) | **3380** | 3296 | 3% |
| Lithium carbonate equivalent (LCE) production ('000 tonnes — Rio Tinto share)<sup>1</sup> | **57** | NA | NA |
| Segmental revenue (US$ millions)<sup>2</sup> | **17056** | 13650 | 25% |
| Average realised aluminium price (US$ per tonne) | **3318** | 2834 | 17% |
| Underlying EBITDA (US$ millions) | **4574** | 3552 | 29% |
| Net cash generated from operating activities (US$ millions) | **3815** | 2847 | 34% |
| Capital expenditure — excluding EAUs (US$ millions)<sup>3</sup> | **(3346)** | (1848) | 81% |
| Free cash flow (US$ millions) | **416** | 962 | (57%) |
| Aluminium underlying return on capital employed<sup>4</sup> | **13%** | 10% |  |

---

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-year change. Financial information has been recast in

accordance with the organisational restructure announced on 27 August 2025.

1. Q1 2025 LCE production from Arcadium was 17 kt of which 6 kt was produced since completion of the acquisition in March. Accordingly, of the 57 kt LCE production in 2025, 46 kt was

attributable to Rio Tinto.

2.2025 freight revenue for Bauxite business was $493 million (2024: $498 million).

3. Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment; capitalised evaluation costs; and purchases less sales of other intangible assets. It

excludes equity accounted units (EAUs).

4. Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed.

**Financial performance** 

• **Underlying EBITDA:** Overall we delivered a significant uplift in

profitability with a 29% increase in underlying EBITDA to $4.6 billion

primarily driven by the Aluminium business which contributed $4.4

billion and delivered an underlying ROCE of 13%. Our Lithium

business contributed $0.2 billion, including Arcadium following

completion of the acquisition in March. The result reflects strong

bauxite and aluminium prices, improved market premiums alongside

higher volumes, partly offset by approximately $1 billion of gross costs

associated with US tariffs on our primary aluminium exports. From

March 2025, we lost the 10% tariff exemption under Section 232, from

which we benefited since 2018. The US Midwest premium has

adapted to levels fully compensating for the 50% tariff.

• **Capital investment:** YoY increase primarily reflecting continued

investment in growth. This incorporates approximately $1.4 billion capital

expenditure related to Lithium projects, including Rincon, Fénix

expansion (1B), Sal de Vida and Nemaska. Capital expenditure

increased by about $300 million to $2 billion in the Aluminium business,

reflecting the acceleration of the low-carbon AP60 aluminium smelter

project in Quebec, Canada and early works to increase capacity at the

Weipa Southern Operations in Queensland, Australia.

• **Cash flow:** Aluminium business generated $1.9 billion of free cash flow,

a 45% YoY increase, driven by higher underlying EBITDA, and

represents an increase in underlying EBITDA cash conversion

compared to 2024. This was partly offset by a $1.5 billion cash outflow in

the Lithium business mainly on investment in growth capital projects.

• **Pricing:** Our aluminium price comprises the LME price, a market

premium and a value-added product (VAP) premium.

**•Realised price:** 

---

| | | | |
|:---|:---|:---|:---|
| **$/tonne** | **2025** | 2024 | 2025 vs<br> 2024<br>|
| Average LME price | **2632** | 2419 | +9% |
| Average product premiums for VAP sales<sup>1</sup> | **336** | 295 | +14% |

---

1. Our VAP sales were 42% of primary metal sold in 2025 (2024: 46%).

**Review of operations**

• **Bauxite:** Delivered another steady year with production increasing 6%

YoY to a new annual production record of 62.4 Mt. This followed a 7%

increase in the prior year, reflecting sustained operational improvements

from application of the Safe Production System at Amrun.

• **Alumina:** 4% YoY increase in production, driven by improving plant

performance at Yarwun and stable operations across other sites.

At Yarwun, we announced we will reduce production by 40% from

October 2026 to extend the operation's life until 2035 and allow time

to explore further life-extension and modernisation options.

• **Aluminium:** Stable production as the group continued to adapt to

market and supply chain dynamics, maintaining output near historical

highs. The YoY increase in production reflected increased ownership

interests in Boyne Smelters from 59.4% to 71% effective 1 October

and further to 73.5% from 1 November 2024, and Tiwai Point Smelter

from 79.4% to 100% effective 1 November 2024. New Zealand

Aluminium Smelter (NZAS) returned to full production rates in Q4

following the call from Meridian Energy to reduce electricity usage from

early March to 15 June 2025. The Kitimat smelter continued stable

operations despite operating with fewer pots than targeted, as we

adapt to lower reservoir levels.

• **Lithium:** Completed the acquisition of Arcadium in March, formed Rio

Tinto Lithium business together with Rincon. Achieved record Q4

hydroxide production at Bessemer City and record carbonate

production at Fénix and Olaroz, supported by the ramp-up to

nameplate capacity of Fénix 1A and Olaroz stage 1 running at full

capacity as planned, with stage 2 performing in line with expectations.

Mt Cattlin spodumene operation in Western Australia was placed on

care and maintenance by end of March 2025.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our capital projects and future growth <br>options, see pages [21](#i0d945c24717142f2a5608497eada8e25_36)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999).<br>|

---

**Case study**<br>

**Amrun: Unlocking full potential in bauxite** 

Our Amrun bauxite operation in Queensland, Australia continues to deliver strong performance, underpinned by a focused journey toward operational

excellence. Building on the substantial work done in 2024, Amrun produced 25.3 million tonnes in 2025 – an 8.7% uplift that marks a significant step

toward sustained growth.

This increase reflects disciplined execution, empowered teams, and strategic enhancements across the value chain. A standout example is a low-cost

enhancement to the crude ore circuit that improved feed stability and unlocked an additional 900,000 tonnes of production. These results demonstrate

the impact of our Safe Production System in driving flow and reducing variability.

Amrun's transformation has been enabled by clear leadership focus, strong operational ownership at all levels, and a mindset geared toward

innovation and problem solving. With these foundations in place, the site is well positioned to sustain high performance and pursue further productivity

gains. Amrun's success offers a blueprint for scalable excellence across our aluminium portfolio, supporting our commitment to operational efficiency,

resilience and long-term value creation.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/unlockingpotential |

---

![Copper-BG-VR2.jpg](rio-20251231_g55.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 28 | riotinto.com |

---

Strategic report

---

| | |
|:---|:---|
| ![Caption-icon-white.gif](rio-20251231_g52.gif) | **Image:** Copper cathode produced using <br>our Nuton<sup>®</sup> Technology at the Johnson <br>Camp mine, Arizona. Read more in the <br>case study on page [29](#i2520ff321aa8404b8f56dc69893be564_1113).<br>|

---

Copper

**To meet strong structural demand driven by electrification, decarbonisation and technological infrastructure such as** 

**data centres, we are targeting 1 million tonnes of copper annually by 2030. Coupled with operational excellence and** 

**advanced technical capabilities, our focus is on delivering disciplined, resilient and profitable growth from our global** 

**portfolio of operations and projects.**

**Snapshot of the year**

---

| | |
|:---|:---|
| **AIFR**<br>0.25<br>(2024: 0.32)<br>| **Employee numbers**<sup>1</sup><br>9,000<br>(2024: 9,000)<br>|
| **Net cash generated from** <br>**operating activities**<br>$4.7bn<br>(2024: $2.6bn)<br>| **Scope 1 and 2 GHG emissions** <br>**(equity Mt CO2e)**<br>0.9 Mt<br>(2024: 1.0 Mt)<br>|

---

**Safety**

Safety is our first priority. We never lose sight of the responsibility

we carry to ensure our people are removed from harm's way at

every level of our Copper business, every day.

In 2025, we recorded 17 potential fatal incidents (PFIs), down from

24 the previous year. Notable critical risks associated with these

events included falls from height, falling objects and vehicle

incidents. This downward trend reflects our continued focus on

Critical Risk Management and proactive measures to prevent

serious harm.

Our all-injury frequency rate (AIFR) reduced to 0.25, a marked

improvement from 0.32 in 2024. Employee AIFR is 0.14, while

contractor AIFR is 0.31, highlighting the importance of ongoing

efforts to improve monitoring and two-way learning with our

contractor partners.

During the year, we introduced the Copper Fatality Elimination

Forum. This is dedicated to rigorously reviewing potential fatal

events to ensure transferable learnings are converted into

meaningful actions, better hazard identification and stronger control

effectiveness.

Our Safety Maturity Model (SMM) saw improvements through

structured field engagements, while sites embedded SMM principles

into their planning and assurance processes.

Concurrently, we reinforced site-specific health and hygiene risk

management initiatives, including mitigation projects to reduce

exposure to silica at Oyu Tolgoi, and silica and noise at Kennecott.

We also maintained strong focus on psychological safety, delivering

annual mental health and psychosocial training across US assets.

Contractor safety performance at Kennecott saw improvement

through Keep Each Other Safe workshops to reinforce Rio Tinto risk

management practices. These efforts were complemented by

inclusive engagement, ensuring all contracting partners participated

in safety forums and programs.

For 2026, our focus will remain on fatality elimination, strengthened

risk management and compliance, and maintaining our social

licence. These priorities will further mature our approach to risk

management by embedding it into core business decisions and

reinforcing a culture of accountability and operational excellence.

Oyu Tolgoi and Kennecott will continue advancing our assurance

processes, while Resolution will implement risk-based assurance for

material risks. Supported by a high-level Copper integrated plan, we

will monitor progress and control performance more systematically

throughout the year, improving visibility and governance.

**Market insights**

London Metal Exchange (LME) prices finished 2025 at a record high

of $12,504 per tonne (567 US cents per pound) in response to a

succession of supply disruptions at major mines, a softer US dollar,

and low inventory at LME warehouses. Alongside weak supply

growth, copper demand rose by 3% in 2025. This was led by strong

electrification-related demand in China, which more than offset

weakness in other sectors, such as construction. Gold also hit

record highs, breaking past $4,000 per ounce, as rate cuts, dollar

weakness and geopolitical tensions drove investor buying.

The US Government initiated a Section 232 tariff investigation

into copper during the first half of 2025. As a result, the Chicago

Mercantile Exchange (CME) copper price traded significantly above

the LME as markets priced in potential tariffs. On 31 July, the US

Government announced Section 232 tariffs on copper. These did not

cover refined copper. As a result, the CME price fell back towards

the LME price. For the year as a whole, CME copper averaged 30

US cents per pound ($667 per tonne) above the LME price.

The copper concentrate market remains exceptionally tight due

to excess smelting capacity. Spot treatment and refining charges

continue to trade in negative territory as a result. The 2026 annual

benchmark has settled at $0 per tonne, an all-time low.

1. This represents the average number of employees for the year, including the

Group's share of non-managed operations and joint ventures, rounded to the nearest

thousand. Refer to page [268](#i91e1a55e7c134219957789cc7a0d9f73_0-8-1-3-5910999) for more information.

![Copper case study-BG.jpg](rio-20251231_g56.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 29 | riotinto.com |

---

Strategic report \| Copper

**Copper** 

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 31 December** | **2025** | 2024 | Change |
| Copper production ('000 tonnes) (consolidated basis)<sup>1</sup> | **883** | 793 | 11% |
| Gold production - mined ('000 oz - Rio Tinto share) | **464** | 282 | 65% |
| Segmental revenue (US$ millions) | **13729** | 9275 | 48% |
| Average realised copper price (US cents per pound)<sup>2</sup> | **457** | 422 | 8% |
| Underlying EBITDA (US$ millions) | **7369** | 3437 | 114% |
| Net cash generated from operating activities (US$ millions)<sup>3</sup> | **4702** | 2590 | 82% |
| Capital expenditure — excluding EAUs (US$ millions)<sup>4</sup> | **(1872)** | (2055) | (9%) |
| Free cash flow (US$ millions) | **2820** | 526 | 437% |
| Underlying return on capital employed (product group operations)<sup>5</sup> | **14%** | 6% |  |

---

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-year change.

1. Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and Escondida on an equity share basis.

2. Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which positively impacted revenues by $758 million (2024: $92

million negative).

3. Net cash generated from operating activities excludes the operating cash flows of equity accounted units (EAUs) but includes dividends from EAUs (Escondida).

4. Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment; capitalised evaluation costs and purchases less sales of other intangible assets. It

excludes EAUs.

5. Underlying return on capital employed (ROCE) is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed.

**Financial performance**

• **Underlying EBITDA:** Delivered a standout year with underlying

EBITDA up 114% driven by a 9% increase in copper LME price and a

12% increase in consolidated copper sales volumes, further supported

by the strong gold price and higher gold volumes from Oyu Tolgoi. In

addition, a $195 million gain was recognised from the sale of a 30%

interest in the Winu copper project in Australia to Sumitomo Metal

Mining, with the joint venture agreement completed in Q4. The strong

underlying EBITDA supported a 14% return on capital employed,

increasing by 8 percentage points from 2024.

• **Unit costs:** Copper C1 net unit costs, at 67 cents per pound were

lower than the revised guidance provided at the Capital Markets Day

on 4 December 2025 (80 - 100c/lb). This reduced by 53% from 2024

(142 c/lb), driven by higher copper production at Escondida and Oyu

Tolgoi. In addition, higher by-product credits from higher gold volumes

and a rising gold price further reduced net unit costs. This was

partially offset by cost inefficiencies at Kennecott on lower refined

production.

• **Capital investment:** 9% YoY decrease in capital investment as we

completed the Oyu Tolgoi underground project development in Q4.

• **Cash flow:** We generated 82% higher net cash from operating

activities of $4.7 billion, driven by the higher underlying EBITDA, albeit

representing a lower underlying EBITDA cash conversion, mainly due

to lower dividends from Escondida relative to its underlying EBITDA

as the asset moves into an investment phase. Together with a 9%

reduction in capital investment, free cash flow of $2.8 billion was

delivered, a substantial uplift from 2024.

**Review of operations**

• **Production:** 11% increase in copper production YoY, mainly driven by

a 61% YoY increase from Oyu Tolgoi supported by a now fully

operational conveyor to surface combined with higher grade from the

open pit. We also benefited from improving head grade and recovery

rates at Escondida. This was partially offset by lower refined volumes

at Kennecott due to a planned 45-day smelter shutdown and a strong

2024 where we benefited from the drawdown of inventory following

the smelter rebuild in late 2023. Mined production at Kennecott was

stable YoY as we continue to successfully navigate challenging

geotechnical conditions.

• **Oyu Tolgoi:** ramp-up is on track to reach an average of around 500

thousand tonnes of copper per year (100% basis and stated as

recoverable metal) from 2028 to 2036.<sup>1</sup> Continuing engagement with

Government of Mongolia including for the Entrée licence transfer. We

maintain flexibility and options in the mine plan, including bringing

Panel 1 or Panel 2 South into production first, depending on the timing

of the licence transfer.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our capital projects and future growth <br>options, see pages [21](#i0d945c24717142f2a5608497eada8e25_36)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999).<br>|

---

1. The 500 thousand tonne per year copper production target (stated as recoverable metal)

for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was

previously reported in a release to the Australian Securities Exchange (ASX) dated 11

July 2023 "Investor site visit to Oyu Tolgoi copper mine, Mongolia". All material

assumptions underpinning that production target continue to apply and have not

materially changed.

**Case study**<br>

**Nuton**<sup>®</sup> **Technology moves from concept to copper cathode in 18 months**

In December, we announced the production of first copper from our advanced bioleaching technology venture, Nuton, which successfully

commissioned its inaugural industrial-scale demonstration at Johnson Camp Mine in Arizona. The rapid speed of deployment in just 18 months is a

major breakthrough, showcasing that cleaner, faster, and more efficient copper production is possible.

Nuton<sup>®</sup> Technology eliminates the need for conventional refining and smelting by relying on naturally occurring microorganisms to leach copper from

primary sulphide ores. The process requires significantly less energy and water and also eliminates the need for tailings. Primary sulphide ores are

traditionally considered difficult to process despite accounting for up to 70% of the world's untapped copper.

In 2026, Nuton will validate its long-term technical performance at Johnson Camp Mine while looking to other demonstration sites. Its modular brick

system is designed to be rapidly scaled and tailored according to different orebody characteristics.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/nuton |

---

![Iron Ore-BG-VR2.jpg](rio-20251231_g57.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 30 | riotinto.com |

---

Strategic report

---

| | |
|:---|:---|
| ![Caption-icon-white.gif](rio-20251231_g52.gif) | **Image:** Our Western Range iron ore mine <br>in Western Australia, which opened in <br>2025. Read more in the case study <br>on page [31](#i415b6f741dd648eeaea230833ca1a548_662).<br>|

---

Iron Ore

**In 2025, we announced we are bringing together our world-class Pilbara Iron Ore operations in Western Australia, the** 

**Iron Ore Company of Canada (IOC) and – once fully operational – Simandou in Guinea. This unified portfolio will** 

**create a global iron ore business, combining proven performance with future potential, enabling shared safety** 

**practices, cutting-edge technology and operational excellence across our network. It positions us to deliver stronger** 

**outcomes for customers, communities and shareholders.**

**Snapshot of the year**

---

| | |
|:---|:---|
| **AIFR** <br>0.66<br>(2024: 0.65)<br>| **Employee numbers**<sup>1</sup><br>18,000<br>(2024: 19,000)<br>|
| **Net cash generated** <br>**from operating activities**<br>$10.6bn<br>(2024: $12.1bn)<br>| **Scope 1 and 2** <br>**GHG emissions** <br>**(equity Mt CO2e)**<br>3.8 Mt<br>|

---

**Safety**

Nothing is more important than the safety and wellbeing of our

people, and fatality prevention remains our core priority across

all operations. For IOC and our Pilbara Iron Ore operations, we've

seen a sustained reduction in potential fatal incidents (PFIs), down

from 32 in 2022 to 21 in 2025. Most of these incidents continue

to involve falling objects and falls from heights. Our all-injury

frequency rate (AIFR) was 0.66, increasing from 0.65 in 2024.

Across our Pilbara Iron Ore operations, we continued with our

program of work to strengthen critical controls relating to fall from

heights and falling objects risks. For example, we reviewed elevated

work platform standards to verify the stability and suitability of

equipment, updated scaffold and rope access guidance, and we are

working with our industry partners to standardise barricading

controls. We have been focusing on safety and health with our

contractor partners who complete some of the high risk work such

as shutdowns, and saw an improvement in 2025. We will continue to

focus on this area in 2026. To reduce hand injuries, we introduced

a program combining targeted training and tooling redesign, to keep

hands out of harm's way. We also advanced our approach

to psychosocial risk management by deploying our psychosocial

incident investigation process. We delivered targeted awareness

programs on vicarious trauma and suicide prevention, and fatigue

risk roster modelling aligned with industry best practice.

At IOC, we focused significant effort on the mine's vehicle fatality

elimination program through disciplined leadership and the

continued application of the Safety Maturity Model (SMM), which

advanced in maturity in 2025. SMM enables us to move beyond

compliance to proactive, high-performing safety behaviours,

embedding safety as a core consideration in every decision.

Our Courage to Care program reached its 6th year in 2025 and

continued to engage frontline employees by strengthening risk

awareness and fostering personal accountability. Together,

SMM and Courage to Care form the foundation of our safety

transformation, driven by the belief that every individual plays a vital

role in preventing harm and promoting wellbeing.

**Market insights**

In 2025, steel demand continued to be resilient in both China and

other markets. Global crude steel production grew by 1% year on

year in 2025, primarily reflecting China's robust performance as

gains in infrastructure, machinery, and energy transition steel

demand offset the continuing but modest contraction in the property

sector's consumption. China's steel exports (including semis) rose

14% year on year to 134 million tonnes despite an environment of

higher trade barriers. Notably, domestic steel production in the major

importers of Chinese steel (eg ASEAN, the Middle East and India)

also expanded in 2025, demonstrating the resilience of ex-China

steel demand.

On the supply side, global seaborne iron ore shipments rose

by ~2% year on year to 1.6 billion tonnes, as the major producers'

combined exports were effectively unchanged year on year at

~1.25 billion tonnes. The ramp-ups of smaller-scale and typically

higher-cost projects lifted non-major producers' aggregate volume

above 370 million tonnes for the first time in 2025. With around half

of this supply relatively high cost and price elastic, average annual

iron ore prices still exceeded $100/dmt CFR China for the 6th

consecutive year. Iron ore imports in China continued to be stable at

close to or above 1.3 billion tonnes, while shipments to other

markets continued to fluctuate around 400 million tonnes.

1. This represents the average number of employees for the year, including the

Group's share of non-managed operations and joint ventures, rounded to the

nearest thousand. Refer to page [268](#i91e1a55e7c134219957789cc7a0d9f73_0-8-1-3-5910999) for more information.

![Iron Ore case study-BG.jpg](rio-20251231_g58.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 31 | riotinto.com |

---

Strategic report \| Iron Ore

**Iron Ore**

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 31 December** | **2025** | 2024 | Change |
| Pilbara production (million tonnes — 100%) | **327.3** | 328.0 | 0% |
| Pilbara shipments (million tonnes — 100%) | **326.2** | 328.6 | (1)% |
| Salt production (million tonnes — Rio Tinto share)¹ | **4.8** | 5.8 | (18)% |
| IOC pellets and concentrates production (million tonnes — Rio Tinto share)² | **9.3** | 9.4 | (1)% |
| Simandou production (million tonnes — Rio Tinto share) | **1.0** | NA | NA |
| Segmental revenue (US$ millions) | **28989** | 31601 | (8)% |
| Average Pilbara iron ore realised price (US$ per dry metric tonne, FOB basis) | **90.0** | 97.4 | (8)% |
| IOC pellets realised price (US$ per wet metric tonne, FOB basis)<sup>2</sup> | **125.7** | 144.0 | (13)% |
| Underlying EBITDA (US$ millions) | **15194** | 16985 | (11)% |
| Net cash generated from operating activities (US$ millions)  | **10605** | 12132 | (13)% |
| Capital expenditure (US$ millions)³ - excludes Simandou project | **(4422)** | (3303) | 34% |
| Free cash flow (US$ millions)  | **6061** | 8740 | (31)% |
| Underlying return on capital employed⁴ | **39%** | 48% |  |

---

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-year change. Financial information has been recast in

accordance with the organisational restructure announced on 27 August 2025.

1. Dampier Salt is reported within Iron Ore, reflecting management responsibility. The Simandou iron ore project in Guinea reports to the Chief Safety & Technical Officer and financial

information is reported outside the Reportable segments.

2. Iron Ore Company of Canada (IOC) has been moved from the former Minerals product group to the Iron Ore product group.

3. Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment; capitalised evaluation costs; and purchases less sales of other intangible assets.

4. Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed.

**Financial performance** 

• **Pilbara product strategy:** Following a review of our product strategy,

we made some changes to specifications of the Pilbara Blend. These

predominantly combined the previous Pilbara Blend and SP10 products

into a single blend with the average iron content moving to 60.8% Fe

(from 61.6%). Shipments of the new Pilbara Blend commenced in July

2025. As planned, SP10 levels have reduced by around half YoY,

accounting for 10% of Pilbara shipments in H2 2025 (100% basis), from

20% in H2 2024.

• **Underlying EBITDA:** 11% lower than 2024, primarily reflecting lower

realised prices across both Pilbara and IOC ($2.3 billion impact)

alongside inflation. These impacts were partly offset by a 1% increase

in Pilbara shipments (consolidated basis), despite disruption from the

cyclones in Q1, along with a lower proportion of SP10 volumes

following implementation of the Pilbara product strategy.

• **Pilbara unit costs:** Strong Pilbara shipment performance and mining

productivity in the second half drove a reduction in unit costs from $24.3

per tonne in H1 to $23.5 per tonne for the full year, which were $0.5 per

tonne higher than 2024. This was primarily driven by inflation, a higher

work index and $0.1 billion of recovery costs incurred following the

cyclones in Q1, which were partially offset by productivity improvements.

• **Capital investment:** 34% increase YoY reflecting the progress we have

made at our Pilbara projects. Four of the five major replacement mines

are currently ramping up or under construction. We opened Western

Range in June 2025 on time and on budget, and Brockman Syncline 1,

Hope Downs 2 and West Angelas have received all necessary approvals,

enabling commencement of main construction works, laying the

foundation to achieve our mid-term capacity of 345 to 360 Mtpa.

• **Cash flow:** Cash generated from operating activities was 13% lower

than 2024, driven by the same factors as underlying EBITDA and

representing an underlying EBITDA cash conversion comparable to

2024. Net of the increase in capital investment, Iron Ore delivered free

cash flow of $6.1 billion.

• **Pilbara pricing:** 

---

| | | |
|:---|:---|:---|
| **% of total shipments** | **2025** | 2024 |
| Average index for the month | **75%** | 78% |
| Quarterly lag | **10%** | 10% |
| Quarterly average & others | **15%** | 12% |
| FOB pricing | **25%** | 25% |

---

**•Pilbara average prices:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Units | 2025 | 2024 | % change <br>YoY<br>|
| Platts 62% index | FOB, $/dmt | 92.5 | 98.4 | (6)% |
| Pilbara iron ore | FOB, $/wmt | 82.8 | 89.6 | (8)% |
| Pilbara iron ore | FOB, $/dmt | 90.0 | 97.4 | (8)% |

---

• **Freight revenue:** Segmental revenue for our Pilbara operations

included freight revenue of $2.1 billion (2024: $2.3 billion).

**Review of operations**

• **Pilbara iron ore:** Production was flat YoY (100% basis) following a

rebound from the cyclone impacts in Q1 and the achievement of record

mining rates since April. This performance was underpinned by continued

investment in mine health and productivity. While cyclone recovery

constrained the port operations for most of H1, surplus inventories

accumulated at the mines. Enhanced resilience across our rail and port

infrastructure subsequently enabled record shipments in H2.

• **Iron Ore Company of Canada:** 2025 production was 1% lower YoY,

due to pit health and mine equipment reliability challenges which

constrained ore availability and resulted in lower ore feed to the

concentrator. Annual rail haulage set a record at 37.8 Mt driven by

continued operational improvements to meet increasing third party

demand and IOC material.

• **Simandou:** First ore from the SimFer mine commenced train loading in

October, with first shipment from the WCS port in December, landing at the

port in China in January 2026. Stockpiles have continued to build at the

SimFer mine gate. In total, 2.3 Mt of crushed iron ore was produced in 2025

(100% SimFer). Tertiary crushing will be undertaken in China. There is a two

to three month lag between mine gate production and sales.

• **Portside business:** Total iron ore sales in China at our portside were

23.2 Mt (29.9 Mt in 2024), of which 95% were either screened or

blended in Chinese ports. The decrease in sales reflects lower

SP10 shipments.

• **Inventory levels at portside:** 6.4 Mt at year end (7.1 Mt at 31

December 2024), including 3.3 Mt of Pilbara product.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our capital projects and future growth <br>options, see pages [21](#i0d945c24717142f2a5608497eada8e25_36)-[25](#iced4a6b6a6954bc3af96591fda9d285a_17-1-1-1-5910999).<br>|

---

**Case study**<br>

**Western Range: Strengthening the Pilbara's future** 

Together with joint venture partner China Baowu Group, we officially opened Western Range – our newest and 18th iron ore mine in the Pilbara –

alongside Yinhawangka Traditional Owners. The $2 billion project ($1.3 billion Rio Tinto share) was delivered on time and on budget and could sustain

the existing Paraburdoo mining hub for up to 20 years, with a capacity of up to 25 million tonnes per year.

Western Range provides stability for more than 880 residential and fly-in, fly-out employees in Paraburdoo. It also strengthens the Western Australian

and national economies through royalties and taxes.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/westernrange |

---

![Our approach to sustainability-BG.jpg](rio-20251231_g59.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 32 | riotinto.com |

---

Strategic report

Our approach to sustainability

As stewards of the lands where we operate,

we have a responsibility to access and develop

the world's essential materials safely and sustainably,

and make a positive contribution to society.

This responsibility underpins everything we do, and drives our

commitment to embedding sustainability considerations into every

stage of the business, from exploration to closure.

Our sustainability priorities are informed by society's evolving

expectations. Each year we complete a materiality assessment to

understand the sustainability topics that matter most to our

stakeholders and our business.

It's essential we manage priority areas well as we build strong

sustainability performance and social licence. Insights gathered

through this process help us to strengthen our approach, and

contribute to the long-term sustainability and success of our

business for all stakeholders.

Sustainability framework

Our sustainability framework shows the areas where we can have

the greatest impact, by bringing together our existing targets,

standards and commitments. We embed sustainability into how we

plan, make decisions and measure progress across our business.

This isn't always easy. At times, stakeholders have varying needs

and expectations of us, which we take care to understand and

balance. There are also other considerations – many of which reflect

a navigation between short-term gains and long-term resilience –

that form part of our decision making.

---

| | |
|:---|:---|
| ![Caption-icon-white.gif](rio-20251231_g52.gif) | **Image:** A turtle hatchling held by an Amrun <br>Land and Sea Management Program Advisor <br>and as part of the turtle survey program at <br>Amrun Operations, Australia.<br>|

---

In 2025, we refreshed our sustainability framework, to achieve better

alignment with our purpose, strategy and stakeholder expectations.

We developed the framework through engagement with a range of

external stakeholders and internal subject matter experts, to create

a framework that focuses our efforts on the most critical areas.

We've simplified the framework into 2 pillars: socially connected and

environmentally committed, underpinned by our 5 themes of

greatest impact. Under the social pillar, we focus on people and

communities. Under the environmental pillar, we focus on

decarbonisation and nature. Indigenous Peoples is positioned at the

intersection of social and environmental priorities, reflecting their

deep connection to the land and interdependencies between social,

cultural and environmental elements. At the centre of the framework

are 4 enablers – respecting rights, transparency, innovation and

partnership – which underpin how we deliver on our commitments

and embed strong governance into everything we do.

**Environmentally** 

**committed**

**Socially** 

**connected**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **People**<br>Prioritising health, safety <br>and wellbeing, and <br>nurturing talent<br>| **Communities**<br>Building relationships <br>and strengthening <br>engagement to <br>co-create positive outcomes<br>| **Indigenous** <br>**Peoples**<br>Respecting and <br>protecting culture and <br>heritage, and increasing <br>participation<br>| **Nature**<br>Protecting and restoring <br>shared ecosystems, and <br>contributing to a <br>nature-positive future<br>| **Decarbonisation**<br>Reducing our own <br>emissions and <br>partnering across our <br>value chain<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 33 | riotinto.com |

---

Strategic report \| Our approach to sustainability

**The United Nations Sustainable Development** 

**Goals**

Our sustainability framework describes how we manage and report

externally on sustainability topics. We also consider how we can

contribute to the United Nations Sustainable Development Goals

(UN SDGs), which are recognised as the global blueprint for a

sustainable future.

The SDGs are a useful reference point, helping us to prioritise our

efforts to align with society's expectations and deliver meaningful

impact. We focus on goals we feel are most relevant to operating

our business responsibly and where we can make the greatest

difference. Our 2 lead goals are SDG 12 (responsible consumption

and production) and SDG 8 (decent work and economic growth).

These goals guide our decarbonisation, resource stewardship

and creation of safe, inclusive workplaces. We set clear targets

for reducing emissions, advancing nature-positive outcomes,

and strengthening partnerships with Indigenous Peoples and

local communities.

Our operations also support and contribute to 8 supporting SDGs:

SDG 1 (no poverty), SDG 3 (good health and well-being), SDG 4

(quality education), SDG 5 (gender equality), SDG 9 (industry,

innovation and infrastructure), SDG 10 (reduced inequalities), SDG

13 (climate action) and SDG 15 (life on land). SDG 17 (partnerships

for the goals) reflects our approach to sustainability and is

fundamental to the way we run our business.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/sustainabilityapproach |

---

How we report on sustainability

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Social** |  |  | **Environment** |  | **Governance** |
| ![Social.gif](rio-20251231_g60.gif) | ![Social.gif](rio-20251231_g60.gif) | ![Social.gif](rio-20251231_g60.gif) | ![Environment.gif](rio-20251231_g61.gif) | ![Environment.gif](rio-20251231_g61.gif) | ![Governance.gif](rio-20251231_g62.gif) |
| **People** | **Communities** | **Indigenous Peoples** | **Nature** | **Decarbonisation** | **Transparency, partnerships** <br>**and ethical business**<br>|
| Respecting human rights | Community relations | Cultural heritage <br>management<br>| Water management | Climate change | Business integrity and <br>governance<br>|
| Safety, health and <br>wellbeing<br>| Impact of technology |  | Biodiversity and <br>ecosystems<br>| End-to-end materials <br>management<br>| Sustainability <br>transparency and <br>disclosure<br>|
| Respect and inclusion |  |  | Industrial environment <br>impacts<br>| Future-proof assets | Business performance |
| Employment and talent <br>retention<br>|  |  | Tailings and mineral <br>waste management<br>|  | Risk management and <br>cyber security<br>|
| Pandemic response and <br>public health<br>|  |  | Closure, post-mining <br>and land rehabilitation<br>|  | Responsible tax and <br>royalty payments<br>|
| Each topic above appears under either the environment, or the social or governance theme to which it primarily relates. However, there is crossover among <br>sustainability themes, meaning some topics can be relevant to 2 or even all 3 themes. Accordingly, we work with themes and topics holistically, not in silos. | Each topic above appears under either the environment, or the social or governance theme to which it primarily relates. However, there is crossover among <br>sustainability themes, meaning some topics can be relevant to 2 or even all 3 themes. Accordingly, we work with themes and topics holistically, not in silos. | Each topic above appears under either the environment, or the social or governance theme to which it primarily relates. However, there is crossover among <br>sustainability themes, meaning some topics can be relevant to 2 or even all 3 themes. Accordingly, we work with themes and topics holistically, not in silos. | Each topic above appears under either the environment, or the social or governance theme to which it primarily relates. However, there is crossover among <br>sustainability themes, meaning some topics can be relevant to 2 or even all 3 themes. Accordingly, we work with themes and topics holistically, not in silos. | Each topic above appears under either the environment, or the social or governance theme to which it primarily relates. However, there is crossover among <br>sustainability themes, meaning some topics can be relevant to 2 or even all 3 themes. Accordingly, we work with themes and topics holistically, not in silos. | Supply chain <br>transparency<br>|

---

**Key**

**Material Important**

![](rio-20251231_g63.gif)

![](rio-20251231_g64.gif)

**Reporting what matters**

We complete a materiality assessment every year, so we can better

understand what matters the most to our stakeholders and our

business. We gather information on sustainability topics and their

impacts from internal and external stakeholders via interviews,

surveys, and reviews of publicly available information. We ask them

what is significant now, and what they think will be significant in

5 to 10 years. The insights we gather through this process also

guide our approach to how we report externally on sustainability.

**What matters now**

Our internal and external stakeholders are broadly aligned on

the 4 material sustainability topics. Climate change is a key material

topic and includes greenhouse gas emissions reduction, climate

resilience and adaptation, and just transition. Respecting human

rights, cultural heritage management, and health, safety and

wellbeing are the other 3 material topics. For our business,

the safety and wellbeing of our people remains our highest priority. In

addition, biodiversity and ecosystems, business integrity and

governance, ESG transparency and disclosure, respect and

inclusion; community relations, tailings and mineral waste

management, and water management are considered important

sustainability topics for our business, as we strive to find better ways

to produce the materials society needs and continue to

build a sustainable business.

**What will matter in the future**

Our internal and external stakeholders feel that climate change

will only continue to increase in importance over the next decade, as

will biodiversity and ecosystems, the impact of technology,

respecting human rights, business integrity and governance, supply

chain transparency, and end-to-end materials management. Water

management will continue to be an extremely important topic in the

future due to the reliance of local communities, the surrounding

environment and our mining operations on this increasingly scarce

resource. The preservation of nature will

also grow in importance over the next decade due to its circular

relationship (cause and effect) with climate change. Managing all

these sustainability topics well will be integral to building strong

social licence and the success of our business.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 34 | riotinto.com |

---

Strategic report \| Our approach to sustainability

Reporting our performance

Our materiality assessment records the threshold at which an issue

or topic becomes significant enough for us to report on externally.

The significance of a topic is based on the magnitude

of its impacts, threats and opportunities for stakeholders. Our

materiality assessment considers our impacts externally and,

conversely, the effect of external factors on our business.

As an ICMM member, we commit to reporting on our sustainability

performance against the Global Reporting Initiative (GRI) standards

and implementing the ICMM Performance Expectations (PEs). The

ICMM Mining Principles framework focuses on the implementation

of systems and practices related to a broad range of sustainability

areas.

Since 2022, we have been progressing the validations for the ICMM

Performance Expectations according to plan. In 2025, we completed

the remaining 3 validations, concluding the 3-year assurance cycle

for our 28 prioritised operating and refining assets for 2023-2026.

The validation reports demonstrate a high level of alignment

between the self-assessment and validation outcomes, with

identification of relevant areas for improvement. The validation

outcomes are detailed in the ICMM PE Summary tab in the *2025* 

*Sustainability Fact Book*. From 2024, we also introduced the TSM

Summary tab showing the Towards Sustainable Mining (TSM)

outcomes for 3 of our Canadian sites and all of our Pilbara iron ore

sites. This tab has been updated to reflect the 2025 TSM annual

self-assessment outcomes.

We have continued to improve our reporting to meet additional

disclosure requirements, including the ICMM Social and Economic

Reporting Framework (SERF). Since 2024, we have disclosed our

performance against the SERF indicators in the ICMM SERF tab.

The majority of our sustainability reporting is incorporated into this

Form 20-F, and supplemented by our *2025 Sustainability Fact Book*,

which contains current and historical data on topics including health,

safety, environment, climate, communities, human rights, local

sourcing, ICMM PEs and transparency.

**Governance and assurance**

The Sustainability Committee oversees strategies to manage social

and environmental impacts, threats and opportunities, including

management processes and standards. The Committee reviews the

effectiveness of management policies and procedures relating to

safety, health, employment practices (apart from remuneration,

which is the responsibility of the People & Remuneration

Committee), relationships with neighbouring communities,

environment, tailings, security and human rights,

land access, political involvement and sustainable development.

Given its strategic significance, climate change is overseen directly

by the Board.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our Sustainability Committee <br>see pages [120](#i22510dcc15ae4dd8a68e8e8c3905f332_0-0-1-1-5910999)-[121](#ifdc5fe4a91fb42b48f492b716bf023e7_4491).<br>|

---

This year, the Group's external assurance provider was engaged to

provide the Directors of Rio Tinto with assurance on selected

sustainability subject matters. The limited assurance statement

satisfies the requirements of subject matters 1 to 4 of the ICMM

assurance procedure.

**Non-financial and sustainability** 

**information statement**

The sustainability section includes information required by regulation

and stakeholders in relation to:

• environmental and climate matters, including the Task Force

on Climate-Related Financial Disclosures (TCFD) and Australian

Sustainability Reporting Standards (ASRS) disclosures (pages

[46](#ibd3e4556b90e4b84b2e6c772c5179c62_3713)-[86](#ie303af95376c4ed99d66bf4abbef8d9a_0-0-1-7-5910999))

• our employees (pages [36](#ia011f1c6756a42838def99785ed4443f_3146)-[40](#i14845d12e47f4239b78a84b3f8e8d882_8494))

• social matters (pages [40](#i14845d12e47f4239b78a84b3f8e8d882_8494)-[44](#i409fac31d8e040d0a649028dfc6d000d_22495))

• human rights (page [45](#i561a1612a7a04f93aa2af3adf51d2e5e_7132))

• governance and transparency (pages [87](#i70e11a70022a4d5290faf53be8005857_2273)-[88](#if3f0890b3877451a9ab67686b146e897_6351))

Other related information can be found here:

• our business model (page [12](#i2c44180a254946f793aa83802ef7ecc8_1905))

• non-financial key performance indicators (pages [14](#i02f2d62dac40420f964f7bb9e23bb21a_3778) & [35](#ie8b1b3826bed4fbe9b61cd6dd27ce16b_85))

• material risks and how they are managed (pages [91](#i6e24f352bf2243f482bd1df1b3ce01ce_235)-[99](#i48387d1039ee458599ad5fc21a244df2_23905)).

**Notes on data**

The data summarised in this sustainability section relates to

calendar years. Unless stated otherwise, parameters are reported

for all managed operations without adjustment for equity interests.

Where possible, we include data for operations acquired before

1 October of the reporting period. Divested operations are included

in data collection processes up until the transfer of management

control.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see our *2025 Sustainability Fact Book* at <br>riotinto.com/sustainabilityreporting<br>|

---

**Where we report**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annual** <br>**Report**<br>| **Tax** <br>**reports**<sup>1</sup><br>| **Human rights** <br>**statements**<sup>2</sup><br>| **Sustainability** <br>**Fact Book**<br>|
| Linking sustainability to purpose and strategy | ●  |  |  |  |
| Materiality and material topics | ●  |  |  |  |
| Climate change<sup>3</sup> | ●  |  |  | ●  |
| Economic contribution | ●  | ●  |  | ●  |
| Human rights | ●  |  | ●  | ●  |
| Indigenous Peoples | ●  |  |  | ●  |
| Memberships and certifications |  |  |  | ●  |
| Sustainability data and trends |  |  |  | ●  |

---

1. Includes our *Taxes and Royalties Paid Report* and *Country-by-Country Report*.

2. Includes our *Modern Slavery Statemen*t and our *Voluntary Principles on Security and Human Rights* report.

3. Also refer to our *Scope 1, 2 and 3 Emissions Calculation and Climate Methodology - 2025 Addendum*.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 35 | riotinto.com |

---

Strategic report \| Our approach to sustainability

2025 performance against sustainability targets

---

| | |
|:---|:---|
| **Targets** | **2025 performance** |
| Reach zero fatalities and eliminate workplace injuries and <br>catastrophic events.<br>| 1 fatality at managed operations. <br>(2024: 5 fatalities).<br>•All-injury frequency rate (AIFR) at 0.37 (target: 0.38). (2024: 0.37).<br>•2.1 million Critical Risk Management (CRM) verifications. (2024: 1.78 million).<br>|
| Have all of our businesses identify at least one critical <br>health hazard material to their business and demonstrate <br>a year-on-year reduction of exposure to that hazard.<br>| 14 of our assets across Rio Tinto achieved an exposure reduction to known health <br>risks (airborne contaminants and noise). (2024: 6 assets).<br>|
| Reduce the rate of new occupational illnesses each year. | 7.9% decrease in the rate of new occupational illnesses from 2024. (2024: 51.7% <br>increase).<br>|
| Reduce our absolute Scope 1 and 2 greenhouse gas <br>emissions by 15% by 2025 and by 50% by 2030 <br>(when compared to 2018 levels), and achieve net zero <br>emissions from our operations by 2050.<sup>1</sup><br>| The 2025 gross Scope 1 and 2 GHG emissions (adjusted equity basis) are 31.5 Mt <br>CO2e<sup>2</sup>, a reduction of 5.2 Mt CO2e relative to our 2018 base year. As of 2025, our <br>adjusted gross Scope 1 and 2 emissions are 14% below 2018 levels. After <br>applying high-integrity offsets, our net adjusted Scope 1 and 2 emissions are 17% <br>below our baseline.<br>(2024: 14% gross, 17% net)<br>|
| Achieve our global Communities and Social Performance <br>(CSP) targets as follows:<br>•Year-on-year increase in contestable spend sourced <br>from suppliers local to our operations. <br>•All sites to co-manage cultural heritage with communities <br>and knowledge holders by 2027.<br>•70% of total social investment to be made through <br>strategic, outcomes-focused partnerships by 2027. <br>•All employees to complete general human rights training <br>by 2027. <br>•100 Indigenous leaders in Australia (managers and <br>above) by 2026.<br>| •15.44% of contestable spend was sourced from suppliers local to our <br>operations, an increase from 15.08%³ in 2024. Progress for each product group <br>is included in the 2025 Sustainability Fact Book.<br>•26 sites completed a Cultural Heritage Maturity Framework self-assessment, to <br>identify existing gaps and establish actions to progress along the maturity <br>continuum<sup>4</sup>. 12 assets matured in their performance in 2025 (others maintaining <br>their performance from 2024) and all assets assessed themselves as Level 3 <br>(Defined) or above.<br>•Social investment initiatives that were identified as strategic partnerships <br>increased to 51%⁵ when assessed against the Strategic Partnering Principles.<br>•We continued to trial the incorporation of human rights content into Group <br>mandatory Code of Conduct training. In 2025 the training was completed by <br>more than 38,000 employees. <br>•At the end of 2025, we had 54 Indigenous leaders in our business in Australia, <br>down<sup>6</sup> from 61 in 2024. <br>|
| Improve diversity<sup>7</sup> in our business by:<br>•Increasing women in the business (including in senior <br>leadership<sup>8</sup>) each year.<br>•Aiming for 50% women in our graduate intake.<br>•Aiming for 30% of our graduate intake to be from places <br>where we are developing new businesses.<br>| •26.2% of our workforce were women, up 1% from 2024.<br>•33.3% of our executive leaders were women, no change from 2024.<br>•32.5% of senior leadership were women, up 0.5% from 2024.<br>•40% of Board roles were held by women, down 2.8% from 2024.<br>•65% of our graduate intake were women, up 8.5% from 2024.<br>•27% of our graduate intake were from places where we are developing new <br>businesses, up 7% from 2024. <br>|
| Improve our employee engagement and satisfaction. | No change to our employee satisfaction (eSAT<sup>9</sup>) score since 2024 (score <br>remains 74). <br>(2024: no change)<br>|

---

Note: data related to the former Arcadium Lithium business is not included in our 2025 performance calculations, except where indicated in the footnotes below.

1. Refer to the Climate section in this report (pages 53-86) for details on how we are progressing towards our greenhouse gas emissions targets.

2. Data related to the former Arcadium Lithium business is included in our Scope 1 and 2 greenhouse gas emissions calculations.

3.2024 progress has been restated from those originally published to reflect adjustments post disclosure and/or ensure comparability over time.

4. The Cultural Heritage Co-management Maturity Framework sets out a maturity model consisting of 5 levels of maturity – from "learning the practice" to "leading practice". A rating of

Level 3 (Defined) reflects defined and functioning co-management as per our 2027 commitment.

5. A further 21% of initiatives are progressing into developing or emerging strategic partnerships, which will support achievement of the final target due in 2027.

6. The decrease was a result of natural attrition and organisational changes across the business. With the target due in 2026, achieving 100 Indigenous leaders will be challenging.

7. From 2021, the definition used to calculate diversity was changed to include people not available for work, and contractors (those engaged on temporary contracts to provide services

under the direction of Rio Tinto leaders), excluding project contractors. Data related to the former Arcadium Lithium business is included in our gender diversity performance calculations.

8. We define senior leadership as Managing Directors, General Managers, Group Advisers and Chief Advisers.

9. eSAT (Employee Satisfaction) is a measure of "how happy an employee is to work at Rio Tinto". It is calculated by averaging the responses on a 1-7 scale and expressing this out of 100.

![Socially-conntected.jpg](rio-20251231_g65.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 36 | riotinto.com |

---

Strategic report \| Our approach to sustainability

Socially connected

Our values of care, courage and curiosity define who we are. They shape how we behave, how we

operate and how we solve problems. By putting these values into action, we will continue to build trust

with partners, from the inside out.

The safety, health and wellbeing of our employees, contractors and

communities is core to our values, and to what we stand for as a

company. Nothing matters more.

We are on a multi-year journey to build a values-driven culture

where everyone is accountable to deliver great outcomes with care,

courage and curiosity. Long-term, transformational cultural change

is a complex process, and the Everyday Respect Progress Review,

conducted in 2024, confirms that serious challenges remain and

must continue to be addressed. We are focused on continuing to

strengthen our work culture. Everyone deserves to feel physically

and psychologically safe at work, without exception.

We recognise that while the benefits of our business activities are

widespread, many of the adverse impacts are localised. Wherever

we operate, we work with host communities to understand and

mitigate any adverse social, cultural, environmental and human

rights impacts of our activities.

Our operations span the traditional lands and waters of more

than 50 Indigenous groups worldwide. We have a responsibility to

listen, to learn, and to work in genuine partnership with Indigenous

Peoples and communities.

We engage with communities and Indigenous Peoples regularly, in

good faith, and in ways that are transparent, inclusive and culturally

appropriate. Our engagement practices are designed to respect

human rights, hear diverse voices and provide a safe space for

vulnerable and at-risk groups to participate.

Our social investment approach is outcomes-focused to support

meaningful change and maximise the impact and value of our

contributions. By aligning our efforts with the needs and aspirations

of communities, we aim to help build strong, resilient communities

within thriving regional economies.

Living and working with care, courage and curiosity will help us

deliver the future we want for our people, and be the best partner we

can be.

Safety

Tragically, in August 2025, our colleague Mohamed Camara was fatally

injured while changing a heavy mobile equipment tyre at the SimFer

mine site in Guinea. A comprehensive investigation was completed and

several key actions are underway to strengthen fatality prevention

measures, including enhancements to our Critical Risk Management

framework. In addition, critical lessons have been shared with our

leaders globally to drive broader organisational learning. This was a

devastating loss, and we know we can never replace what has been

taken from Mohamed's family, friends and colleagues.

We are also greatly saddened by the recent death of a colleague

following an incident at the SimFer mine site in February 2026. We

are determined to learn from these incidents, improve the

effectiveness of our controls, and to do everything we can to prevent

tragedies like this from happening.

We also share, with deep sadness, that we were informed by our

joint venture partners of 3 fatalities at our non-managed operations

and one fatality on one of the non-managed marine vessels. Every

person connected to our business deserves to return home safe and

healthy every day. These events have been shared across our

business to drive learning and action, and we continue to work

closely with people and partners across our diverse portfolio to

ensure the standards, safeguards, and resources needed to keep

everyone safe are firmly in place.

We care deeply about the safety, health and wellbeing of everyone

involved in our business, and these tragedies highlight the ongoing

need to prioritise these aspects every shift, every day.

We recorded 87 potential fatal incidents (PFIs) during the year. PFIs

provide critical insight into what was unknown about risks and their

control effectiveness, and we are intentional about learning from

them to prevent future harm.

Falling objects, fall from height, and vehicles and driving remain our

most prominent critical safety risks, representing almost 70% of our

PFI profile. Entanglement and crushing has also emerged over 2025

as a critical exposure, with one permanent damage injury (right

hand finger amputation) sustained at Rincon.

Targeted initiatives were implemented this year in response to these

trends, alongside an ongoing focus on building a resilient and agile

system to improve control performance.

**Enhancing our control framework** 

We continue to enhance our safety control framework by defining

and embedding minimum performance requirements for our most

critical controls. These requirements will reduce variability, improve

reliability, and enable consistent execution. Developed through a

risk-based lens, they reflect lessons from significant incidents and

align with industry best practice.

Defining minimum performance requirements has also laid the

foundation for a more effective and meaningful assurance process.

By shifting focus from compliance to control performance, we can

better assess whether critical controls are not only present but

functioning as intended. Early feedback indicates these activities are

well received and driving actionable improvements.

Critical Risk Management (CRM) remains our primary tool for fatality

elimination and the key mechanism for translating performance

requirements to frontline teams. CRM ensures that critical controls

are not only identified but are actively verified to be in place and

effective where they matter most. We continue to evolve our CRM

approach to better reflect our fatal risk profile, deepen frontline

engagement, and strengthen leader ownership.

**Safety Maturity Model** 

Now in its seventh year, the Safety Maturity Model (SMM) remains

our cornerstone framework for safety, and the primary lever for driving

cultural and system maturity across the group. In 2025, safety

maturity improved by over 5%, reaching our target score of 5.7. All 12

criteria recorded enhanced performance. SMM outcomes highlighted

the need to maintain focus on assessing control performance to

support decision-making and drive risk reduction.

While the score provides an overall view of performance, its true value

lies in the detailed, actionable feedback that assets receive and use to

guide safety improvements, along with the enhanced collaboration

across the group that the SMM assessment process fosters.

As safety maturity has continued to strengthen, we saw the need to

evolve our approach to continue driving continuous improvement.

This year, an Integrated Maturity Model was designed and piloted,

aimed at enhancing asset management and Safe Production

System (SPS) elements of SMM, and introducing Communities and

Social Performance (CSP). These improvements reinforce the

critical link between strong safety performance, well-maintained

assets, and operational excellence, bringing them together in one

unified approach, to support frontline leaders to focus on what

matters most.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 37 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

**Operational learning**

We remain committed to becoming a true learning organisation; one

that embraces failure as an opportunity and learns deliberately from

serious events, everyday work and emerging trends. This year we

advanced efforts to maximise the learning value of PFIs across the

business, through an enhanced definition and decision tree, a focus

on high-quality investigations, disciplined action implementation and

governance, and stronger feedback loop with our risk systems.

To strengthen how we learn from events, we introduced a Leading

Practice framework, supported by targeted capability uplift, including

training and live coaching. This approach helps leaders and

investigation teams approach events with openness and a learning

mindset, gain deeper insight into operational work, uncover systemic

factors contributing to events, and enable more informed actions

that sustainably reduce risk and strengthen our control framework.

Our all-injury frequency rate (AIFR) remained at 0.37 in 2025,

consistent with 2024. We continue to see a disparity in safety

performance for employees compared to contractors and remain

focused on supporting contractor safety by further integrating teams

into our safety culture and learning from them.

In 2025, we experienced 5 significant potential process safety

events: 2 at Yarwun in Australia, one at Vaudreuil in Canada, one in

Sorel-Tracy in Canada and one at Grande-Baie in Canada. This

year we have continued to mature our process safety management

system and culture through our process safety improvement plan.

**Safety and health performance**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 | 2022 | 2021 |
| Fatalities at managed operations | **1** | 5 | 0 | 0 | 0 |
| All-injury frequency rate (per 200,000 hours worked) | **0.37** | 0.37 | 0.37 | 0.40 | 0.40 |
| Number of lost-time injuries | **322** | 270 | 236 | 225 | 216 |
| Lost-time injury frequency rate (per 200,000 hours worked) | **0.23** | 0.23 | 0.23 | 0.25 | 0.25 |
| Safety Maturity Model score<sup>1</sup> | **5.7** | 5.4 | 5.2 | 4.7 | 5.7 |
| Rate of new cases of occupational illness (per 10,000 employees)<sup>2</sup> | **28.1** | 30.5 | 20.1 | 17.6 | 15.4 |
| Number of employees<sup>3</sup> | **61000** | 60000 | 57000 | 54000 | 49000 |
| Noise-induced hearing loss<sup>4</sup> | **77** | 82 | 45 | 37 | 20 |
| Musculoskeletal disorders<sup>4</sup> | **52** | 51 | 45 | 32 | 38 |
| Mental stress<sup>4</sup> | **9** | 8 | 7 | 6 | 5 |
| Others<sup>4</sup> | **8** | 13 | 6 | 7 | 2 |
| Fines and prosecutions – safety ($'000)<sup>5</sup> | **1469.4** | 873.0 | 363.8 | 339.0 | 706.3 |
| Fines and prosecutions – health ($'000) | **0.0** | 0.0 | 0.9 | 0.0 | 5.0 |

---

1. Figures in the table represent the Rio Tinto Group average SMM score at the end of each year. Each year, assets are added or removed from the SMM program based on project and

closure cycles. New assets to the program are baselined in the first quarter of each year and added to the Group average at the end of the year.

2. Rate of new cases of occupational illness = number of all new cases of occupational illnesses x 10,000/number of employees (based on average monthly statistics).

3. This is the average number of employees for the year and includes the Group's share of joint ventures and associates (rounded).

4. There can be one or more illness reported for each employee/contractor. Illness sub-categories have been restated across all the years following a review of the data collection process.

5. In 2025, we incurred the listed safety related fines and penalties resulting from regulatory actions across our operations. WorkSafeBC issued two penalties to our Kitimat operations

relating to historical contractor safety incidents and a past combustible dust explosion event. In Australia, Boyne Smelters received an infringement notice for an electrical safety non

compliance. In the United States, our Boron Operations received multiple citations from the Mine Safety and Health Administration (MSHA), and Kennecott Utah Copper received MSHA

fines across its Mine, Concentrator & Tailings, and Underground operations.

Health and wellbeing

**Occupational health** 

We aim to ensure everyone goes home safe and healthy every

day. In 2025, we recorded 196 new occupational health illnesses

(2024: 225). Many occupational illnesses develop over a long and

continuous period, requiring sustained efforts to reduce exposure

over time.

In 2025:

• We focused on strengthening the accuracy and clarity of health

risk profiles across the business. This is underpinned by the

implementation of Group health bowties, which provide a

structured approach to identifying hazards, controls, and

escalation pathways. Complementing this, control verification

guidance helps to review the effectiveness of critical controls and

supports informed decision-making and proactive risk

management.

• We continued to standardise how occupational health and

hygiene data is digitally collected and accessed, transitioning from

manual to more secure and streamlined digital collection

processes that deliver improved risk and trends insights to

support our health management initiatives. Furthermore, we

expanded health and hygiene reporting availability to provide real

time insights and enable targeted risk-reduction focus. We

implemented 22 targeted projects across 14 assets to

successfully reduce exposures to known health risks for our

employees and contractors.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/health |

---

**Mental health and wellbeing**

Psychological health is a core part of our safety and health culture,

with particular attention on creating a psychologically

safe and healthy workplace.

In 2025:

• We enhanced psychosocial risk management through the

introduction of a Group Psychological Harm Bowtie, supporting

effective control of identified risks. This was reinforced by mental

health and wellbeing training completed by 3,948 leaders (61%).

• We embedded principles of good work through people experience

programs that promoted respect and inclusion, fair pay and flexible

work, effective consultation and communication, and career

development and progression opportunities. This included

improvements to talent identification processes and the

implementation of job adjustments across the employee lifecycle.

• We continued to shape the approach to psychological health with

data-driven insights, including results from the twice-yearly

People Survey informing targeted interventions and areas for

improvement.

• We advanced workplace and role design initiatives to enable

psychologically safe and healthy working environments. These

efforts included facility upgrades and actions to strengthen team

and organisational culture, all aimed at reducing or eliminating

psychosocial risks.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 38 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

• We provided employees with tools and skills to support their

psychological health, such as our global Employee Assistance

Program (EAP) and our global Peer Support Program, where

all of our 2129 peer supporters are trained in mental health

support. We also continued to offer domestic violence support

programs to all Rio Tinto employees.

• We delivered awareness initiatives through global campaigns

such as World Mental Health Day and our company-wide Mental

Health month, "Wellness Matters", which featured activities,

wellbeing resources and an external video series.

• We maintained meaningful partnerships with mental health

organisations, including Lifeline Australia, a new 5-year

partnership with Western Australia-based Telethon, and our

continuing support for the Fondation Jeunes en Tête in Quebec

over the last 30 years.

• We made contributions to industry-wide improvements of

psychosocial risk management as an active member of the

Minerals Council of Australia Psychosocial Risk Management

Working Group, and through our active participation in the ICMM

Psychosocial Risk and Worker Wellbeing Management Working

Group, including a significant contribution to the newly released

tools for psychological safety and health.

• We improved our standing in the CCLA Corporate Mental Health

Benchmark Global 100+ ranking to the Top Tier, for the first time

since the benchmark's inception.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on how we're creating an environment where <br>everyone feels safe, respected and empowered, see pages [38](#i14845d12e47f4239b78a84b3f8e8d882_8492)-[39](#i14845d12e47f4239b78a84b3f8e8d882_8495) <br>and [87](#i70e11a70022a4d5290faf53be8005857_2273)-[88](#if3f0890b3877451a9ab67686b146e897_6351).<br>|

---

Rio Tinto is required to disclose mine safety violations or other

regulatory matters in accordance with Sections 1503(a) of the Dodd-

Frank Wall Street Reform and Consumer Protections Act, which are

included in Exhibit 16.1 to this filing.

Talent, respect and inclusion

We're building a values-driven performance culture, where everyone

feels accountable to deliver great outcomes with care, courage and

curiosity.

**Listening to our people** 

In 2025, we ran 2 People Surveys to hear directly from employees

and identify how we can make improvements across the business.

Almost 40,000 employees participated in the Q4 survey, contributing

over 140,000 comments – a 40% increase from Q4 2024 – showing

a strong willingness to share honest feedback. Our employee

satisfaction score (eSAT) was 74 and our Recommend Rio score

was 72, both consistent with prior years. "I feel safe at work"

remained the highest-scoring statement (79, up from 78 in Q4

2024), followed by "I am treated with respect at work" (78 up from 77

in Q4 2024) and "The work we do here is meaningful" (77 up from

76 in Q4 2024). Scores for taking meaningful action (60 up from 58

in Q4 2024) and confidence in Rio Tinto's Executive Committee (62)

were in line with 2024, indicating stability but reinforcing the need for

continued focus.

We empower leaders to turn survey insights into meaningful

conversations that drive progress. With advanced AI sentiment

analysis, leaders gain a clearer view of employee feedback, uncover

deeper insights and better understand what results mean for their

teams.

**Building respect**

Our updated mandatory Code of Conduct training was completed by

21,693 digitally connected employees and in-person by 17,182

digitally disconnected employees. The Respect and Inclusion

module reinforces Rio Tinto's behavioural expectations and our

shared responsibility to act as upstanders. It offers practical

guidance and real examples on safely addressing disrespectful or

harmful behaviour, along with scenarios to help employees apply

these principles in real situations.

This year, we published 19 Purple Banners across the business,

including 2 global banners supporting our commitment to

strengthening respectful transparency, as recommended in the

Everyday Respect Progress Review (2024).

First introduced by our Iron Ore business in 2022 through the

Everyday Respect Review, Purple Banners share real examples of

disrespectful or harmful behaviour to promote open discussion,

learning and prevention. They build shared understanding of

acceptable conduct, support those affected and reinforce that

inclusion and respect are essential to our culture.

**Creating an inclusive workplace** 

We aim to reflect the diversity of our communities and create

a workplace where everyone feels included, respected and able

to thrive.

In 2025, we continued focusing on increasing women's

representation through a Group scorecard target. While we did not

meet our 26.7% goal, we made progress, reaching 26.3%<sup>1</sup>, and

remain committed to a more gender-balanced workforce.

Targeted, business-led actions are strengthening attraction,

retention and inclusion. Accountability is supported through site-level

targets, dashboards and quarterly reviews, and inclusive recruitment

practices are becoming standard. Businesses are expanding entry

pathways through apprenticeships, traineeships and new-to-mining

programs, and improving retention through more welcoming

workplaces and development. Feedback from stay and exit

interviews, listening sessions and People Surveys continues to

guide improvements.

We are making progress in increasing the representation of ethnic

minorities in our Senior Management population (Executive

Committee and their direct reports). In December 2023, and as part

of the Parker Review,<sup>2</sup>we set a target of 18% ethnic minority

representation globally by the end of 2027. In 2024, the Parker

Review refined its scope to focus on Senior Management roles in

the UK. In response, we set a UK-specific target of 17% by

31 December 2027.

As of 31 December 2025, our global representation stands at 16%

and UK representation at 15%, reflecting steady progress towards

these goals.

Inclusive Voices, our global network of Employee Resource Groups

(ERGs), continues to grow as we strengthen inclusion and

representation. In 2025, we introduced 4 new ERGs – DisAbility

Voices, Asian Voices, Latinos' Voices and Afrocentric Voices – each

focused on amplifying diverse perspectives, fostering allyship and

building a stronger sense of belonging worldwide. Our ERGs

continue to drive meaningful change, turning ideas into actions that

advance inclusion.

1. Includes our total workforce based on managed operations (excludes the Group's share of

non-managed operations and joint ventures, and legacy Arcadium Lithium employees). The

percentage of women in our workforce, including legacy Arcadium Lithium employees (and

excluding the Group's share of non-managed operations and joint ventures) was 26.2%, as

of 31 December 2025.

2. A UK business-led and Government-backed review that has established targets relating to

the number of directors, and requires companies to set a target relating to the number of

senior management, who identify as minority ethnic in UK-listed companies.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 39 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Socially connected

**Developing our talent**

We strengthened our Talent Management by introducing a refreshed

talent evaluation approach, including a new potential model to

assess employees' readiness for more complex or senior roles.

Talent evaluations were completed for the majority of people in

leadership or professional roles. In 2026, we will expand evaluations

further across the business and enhance how we develop all

employees, including accelerated development for those showing

potential for more complex and challenging roles.

Career conversations continued to be embraced, and to simplify our

People Practices, we integrated these into the Performance 6

framework for 2026.

Our Graduate and Intern Programs remain key talent pipelines. In

2025, we welcomed 140 graduates from 8 countries, of whom 65%

were women, and 270 interns across 12 countries, of whom 57%

were women. Our graduate program ranked #1 in the Mining,

Oil and Gas sector on Prosple Australia's Top 100 Graduate

Employers list for 2025, and we were recognised as one of

Canada's Top Employers for Young People. We also simplified

processes and communications to improve the experience for

graduates and interns globally.

In 2025, 6,606 new hires joined the business, of whom 1,843 were

contractors becoming permanent employees (2024: 6,084 new hires

of whom 1,821 were contractors).

**Investing in leadership development**

In 2025, 124 of our most senior leaders completed the Voyager

program, bringing overall participation to 91%. The program

strengthens leaders' ability to model psychological safety,

demonstrate empathy and build genuine connection, helping them

lead with confidence in an increasingly complex environment.

We maintained a strong focus on coaching, with 461 leaders

completing the Leader as Coach program – a key enabler of our

Safe Production System rollout.

Leadership Fundamentals, launched last year, continued to grow in

2025. The program builds core leadership skills through modules on

team development and creating safe, inclusive environments. To

date, 351 frontline leaders have participated, supporting consistent

leadership capability across our operations. This year, we also

developed new supervisor and superintendent programs to reinforce

leadership expectations and skills. Piloted in Brisbane, Oyu Tolgoi

and Saguenay with positive feedback, these programs will roll out

globally from 2026.

**Equality through pay equity**

Pay equity remains a core pillar of our values and business strategy,

underpinning our commitment to inclusion and diversity. We

continue to ensure that employees with comparable skills,

knowledge, experience and performance receive equal pay for

equal work. Our approach is guided by 2 key measures that monitor

pay equity across the organisation.

In 2025, our equal pay gap – which measures the extent to which

women and men employed by our company in the same location

and performing work of equal value receive the same pay - was less

than 1.5% in favour of men. Our gender pay gap - which reflects the

difference between the average earnings of women and men across

the Group – was less than 1% in favour of women. Together, these

outcomes reinforce our ongoing commitment to ensuring fair,

equitable pay across our global workforce.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** about our commitment to pay equity see <br>riotinto.com/payequity<br>|

---

**Workforce data by region**<sup>(1)(2)(7)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Region** | Average <br>employee <br>headcount<sup>(3)</sup><br>| Headcount <br>distribution %<br>| Absenteeism<sup>(4)</sup> | Average <br>contractor <br>headcount<sup>(5)</sup><br>| Headcount <br>distribution %<br>|
| Africa | 3469 | 6.2% | 2.6% | 167 | 4.1% |
| Americas | 18333 | 33.0% | 0.7% | 743 | 18.2% |
| Asia | 6953 | 12.5% | 1.8% | 248 | 6.1% |
| Australia/New Zealand | 25541 | 46.0% | 4.6% | 2871 | 70.2% |
| Europe | 1276 | 2.3% | 0.4% | 63 | 1.5% |
| **Total⁶** | **55572** | **100.0%** | **2.8%** | **4092** | **100.0%** |

---

1. Includes our workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December 2025.

2. Rates have been calculated based on average monthly headcount in the year.

3. Employee headcount excludes Non-Executive Directors and contractors.

4. Absenteeism includes unplanned leave (sick leave, disability, parental and other unpaid leave) for populations on global, centralised HR systems. Excludes Non-Executive Directors and contractors.

5. Contractors include those engaged on temporary contracts to provide services under the direction of Rio Tinto leaders.

6. The sum of the categories may be slightly different to the Rio Tinto total shown due to rounding.

7. Rio Tinto acquired Arcadium Lithium during 2025 and they are included in the above calculations.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 40 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

**Workforce data by category and diversity**<sup>(1)(2)(5)</sup>

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Gender<sup>(3)</sup> | Gender<sup>(3)</sup> | Gender<sup>(3)</sup> | Gender<sup>(3)</sup> | Gender<sup>(3)</sup> | Age Group<sup>(4)</sup> | Age Group<sup>(4)</sup> | Age Group<sup>(4)</sup> | Age Group<sup>(4)</sup> | Region<sup>(4)</sup> | Region<sup>(4)</sup> | Region<sup>(4)</sup> | Region<sup>(4)</sup> | Region<sup>(4)</sup> |
| Category | Headcount <br>distribution %<br>| Women <br>(count)<br>| Men <br>(count)<br>| Undeclared <br>(count)<br>| Women %<br>| Men % | Under 30 | 30-39 | 40-49 | Over 50 | Africa | Americas | Asia | Australia<br>/NZ<br>| Europe |
| Senior leaders | 1.1% | 205 | 424 | 2 | 32.5% | 67.2% | —% | 5.5% | 41.2% | 52.8% | 5.1% | 34.7% | 10.3% | 36.3% | 13.2% |
| Managers | 9.2% | 1908 | 3327 | 16 | 36.3% | 63.4% | 0.8% | 24.8% | 45.3% | 28.1% | 5.1% | 35.0% | 11.8% | 41.5% | 5.6% |
| Supervisory and <br>professional<br>| 37.6% | 6691 | 14661 | 41 | 31.3% | 68.5% | 9.9% | 37.0% | 30.7% | 20.7% | 7.1% | 25.0% | 17.9% | 46.5% | 1.9% |
| Operations and <br>general support<br>| 51.5% | 5908 | 23346 | 36 | 20.2% | 79.7% | 18.2% | 28.4% | 25.8% | 25.7% | 5.5% | 36.7% | 8.5% | 45.9% | 1.4% |
| Graduates | 0.6% | 196 | 128 | 1 | 60.3% | 39.4% | 85.5% | 13.5% | 0.9% | –% | 7.1% | 20.9% | 19.1% | 52.9% | —% |
| **Total** | **100.0%** | **14908** | **41886** | **96** | **26.2%** | **73.6%** | **13.6%** | **31.0%** | **29.5%** | **24.2%** | **6.1%** | **32.0%** | **12.4%** | **45.7%** | **2.1%** |

---

1. Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December 2025.

2. Excludes Non-Executive Directors, Executive Committee, contractors and people not available for work 2017-2020. From 2021, the definition used to calculate diversity was changed to include

people not available for work and contractors (those engaged on temporary contracts to provide services under the direction of Rio Tinto leaders) excluding project contractors.

3. In 2025, 96 individuals' gender was undeclared.

4. Representation by Age and Region includes employees only, excludes contractors.

5. Rio Tinto acquired Arcadium Lithium during 2025 and they are included in the above calculations.

**Employee hiring and turnover rates**<sup>(1)(2)(3)(8)</sup>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gender**<sup>(4)</sup> | **Gender**<sup>(4)</sup> | **Gender**<sup>(4)</sup> | Age group | Age group | Age group | Age group | Region | Region | Region | Region | Region |
|  | **Total** | Women | Men | Undeclared | Under 30 | 30-39 | 40-49 | Over 50 | Africa | Americas | Asia | Australia/NZ | Europe |
| Employee hiring rate<sup>(5)(6)</sup> | **11.1%** | 41.1% | 58.6% | 0.3% | 45.1% | 28.9% | 17.3% | 8.7% | 4.5% | 27.6% | 10.1% | 53.7% | 4.2% |
| Employee turnover rate<sup>(7)</sup> | **9.5%** | 10.3% | 9.2% | 12.7% | 9.3% | 7.8% | 7.6% | 13.9% | 5.8% | 10.6% | 5.0% | 10.2% | 14.5% |

---

1. Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December 2025.

2. Excludes Non-Executive Directors and contractors.

3. Rates have been calculated based on average monthly headcount in the year per category.

4. In 2025, 96 individuals' gender was undeclared.

5. Total hiring rate is calculated as total employee hires over average employee headcount for the year.

6. Hiring rate includes total employee hires per category over total hires for the year.

7. Turnover rate excludes temporary workers and the reduction of employees due to business divestment. Turnover rate includes total terminations per category over average monthly

headcount in the year per category.

8. Rio Tinto acquired Arcadium Lithium during 2025 and they are included in the above calculations from March 2025.

Community engagement and social investment

Strong relationships with Indigenous Peoples, communities who

host us, and broader society are essential to our success. Without

their support, we cannot operate effectively or sustainably.

We recognise that mining and processing can disturb the

environment and impact surrounding communities. At the same

time, our operations can bring significant benefits: the production of

essential materials, job creation, small business growth, tax and

royalty contributions, skills development, and targeted

socioeconomic programs.

Our work can have lasting positive impacts, and our aim

is to make a meaningful contribution wherever we operate.

That means helping build strong, thriving communities through

responsible management of our adverse impacts, respectful and

responsive engagement, thoughtful investment, and enduring

partnerships. Delivering meaningful outcomes is a whole-of-

business accountability, requiring collective ownership across our

operational teams and functions, supported by the specialist

guidance of our Communities and Social Performance (CSP) teams.

Through deep listening, meaningful engagement, and values-led

action, these teams help the business foster trusted relationships

and guide the delivery of outcomes that reflect community priorities.

They include archaeologists, anthropologists, social scientists,

economic development experts, human rights specialists and

operational leaders.

The CSP Standard, revised and strengthened in 2022, sets clear

expectations for how our assets manage social risks and impacts. It

provides a consistent framework that supports the delivery of better

social outcomes across our operations.

We aim to build enduring relationships with Indigenous and land-

connected Peoples, respecting their deep cultural connection to

land, waterways and nature, and partnering to unlock opportunities

through our operations and decarbonisation strategy.

**2025 progress**

In 2025, we strengthened social performance capability across the

business. Our CSP practitioners deepened their technical

knowledge through online and face-to-face learning, peer

exchanges, and targeted development programs.

We continued to embed our global community perception monitoring

program, Local Voices, in partnership with Voconiq, a company that

specialises in data-driven community engagement. Listening to, and

acting on, the views of communities who host our operations is

essential. Local Voices helps us better understand community

perceptions, engage more effectively and make informed decisions.

Since its launch in 2023, the program has completed more than

14,000 surveys, providing valuable insights into how communities

experience and perceive our operations. In 2025, Local Voices

expanded its reach with 3 new assets joining for the first time. Many

of our assets have now completed 2 Local Voices surveys, enabling

longitudinal analysis and deeper insight into trust and acceptance

trends across our operations.

**CSP targets**

In 2025, we progressed initiatives towards our CSP targets.

This year, we updated our Human Rights in Action learning program,

which is mandatory for employees in higher-risk human rights roles.

We continued to implement maturity frameworks for cultural heritage

management and strategic social investment partnerships to enable

assets to track progress.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our CSP targets see page [35](#ie8b1b3826bed4fbe9b61cd6dd27ce16b_85) or visit <br>riotinto.com/communities<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 41 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

**Social contribution** 

We work in partnership with host communities to help deliver

outcomes that are positive and lasting. By engaging local services,

employing local people, sourcing local products and supporting

diverse regional economies, we create shared value for communities

and for our business. Our goal for social investment is to contribute to

strong and resilient communities in thriving regional economies. In

2025, our total voluntary global social investment was $114.3 million,

addressing critical community issues across 4 impact themes: human

rights; culture, heritage and place; community capacity and

connections; and economic opportunity and just transition.

By taking a more strategic approach to partnering, we invest in

programs that reflect community needs, priorities and aspirations;

are designed with and for communities; deliver tangible and

measurable outcomes; and build the capacity and capability needed

for lasting impact.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** about our social investment, see riotinto.com/<br>socialperformance and the *2025 Sustainability Fact Book.*<br>|

---

**Country updates**

**QIT Madagascar Minerals (QMM), Madagascar**

In Madagascar's Anôsy region, QIT Madagascar Minerals (QMM) is

committed to responsible mining practices by building strong

partnerships with communities and government, and by fostering

transparency in water management and performance.

Under a 25-year agreement with the Government of Madagascar, QMM

has committed $4 million annually in community development initiatives

designed in consultation with local stakeholders and aligned with

national and regional priorities. Highlights from 2025 include:

• Education: Over 30,000 children received school supplies across 83

primary schools at the start of the school year, while 5,000 students

planted 170,000 trees, combining environmental restoration with

hands-on learning and fostering a culture of sustainability.

• Healthcare: In partnership with the Regional Public Health

Directorate, free mobile clinics delivered medical care to 23,000

people, while the rebuilt Mandromondromotra medical centre

strengthened healthcare infrastructure for 4,600 residents,

expanding access to essential services.

• Livelihoods and clean energy: Income-generating activities

supported thousands of farmers and fisherfolk through training

and equipment. Meanwhile 20,000 solar kits were distributed to

households across 8 communes, improving living standards and

reducing energy poverty.

QMM continues to prioritise direct community engagement. In the past

year, QMM hosted over 500 visitors at its site and met with more than

3,500 community members through its mobile "community kiosks", to

engage, listen and respond to local concerns.

QMM also publishes an annual Water Report, confirming that water

quality monitoring upstream and downstream of its release point

remains comparable.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** on QMM's water management, visit <br>riotinto.com/qmmwater<br>|

---

**Resolution Copper project, Arizona, US**

In 2025, we strengthened our partnerships with Native American

Tribes and local communities through expanded engagement, multi-

Tribe meetings, and the inaugural All-Tribes Conference, which

united 9 Tribal Nations in support of cultural stewardship and

collaborative planning. The U.S. Forest Service's republication of the

Final Environmental Impact Statement (FEIS) marked an important

milestone in the federal permitting process, reflecting years of

extensive environmental and social review. We reinforced regional

support by contributing $1 million from the Rio Tinto disaster relief

fund to assist Globe-Miami communities recovering from severe

flood damage, complemented by the volunteer efforts of our

employees. Operationally, we achieved a major milestone with the

safe completion of the No. 9 Shaft, delivered in partnership with

contractors and skilled workers from surrounding communities

including Superior, Miami, Globe, the San Carlos Apache Tribe,

Hayden, Kearny and Winkleman.

While legal hurdles exist before the land exchange can be finalised,

we remain committed to progressing the project responsibly,

delivering long-term economic and community benefits for rural

Arizona and the Tribes, while honouring the cultural and

environmental integrity of the region.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** visit riotinto.com/resolution  |

---

**Simandou project, Guinea**

We are working together with local community representatives

to build trust-based, enduring relationships that are essential

for sustaining a positive social environment, advancing project

development, and enabling transformative opportunities for all

stakeholders. We continue to strengthen our focus on managing

potential health and safety impacts on communities.

The latest Local Voices survey reaffirms strong community support,

with trust and acceptance scores continuing to improve and tracking

above mining sector benchmarks.

In May 2025, we launched a $14 million Livelihood Restoration Plan

in partnership with Winning Consortium Simandou. This program is

specifically designed to mitigate the impacts of the Morebaya port

project on local fishing communities, while creating sustainable long-

term economic opportunities.

Our commitment to community development is further demonstrated

through the delivery of essential infrastructure, including the

construction of 10 schools, which has enabled more than 2,500

children in the mining area to access education.

All initiatives are developed through consultation and collaboration

with government and other stakeholders, ensuring alignment with

the needs and priorities of beneficiary communities.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** visit riotinto.com/simandou |

---

**Panguna mine, Bougainville, Papua New Guinea**

The Panguna Mine Legacy Impact Assessment (PMLIA) was

published in December 2024 and is a critical step forward in building

understanding of the long-term legacy impacts of the former mine in

Bougainville.

Throughout 2025, we continued to engage with the PMLIA Oversight

Committee and the Autonomous Bougainville Government (ABG) and

Bougainville Copper Limited (BCL) through a Roundtable, to identify

ways forward and key priority actions.

Ongoing efforts by the Roundtable parties to address high and very

high saliency impacts and imminent risks include:

• Works on 4 structural sites that pose severe and imminent risks to

nearby communities.

• Removal of hazardous materials associated with a risk to life from

Loloho Port.

• Works to address the impact of flooding for Kuneka Creek

communities.

• Geotechnical monitoring and hazard awareness campaigns to

ensure local communities and small-scale miners are made

aware of potential risks; and

• Additional investigations to address the most critical impacts

identified in the PMLIA.

We continue to support a water and sanitation project in Central

Bougainville, in cooperation with the ABG, providing drinking water

facilities and youth training to communities.

Rio Tinto previously acknowledged a class action claim filed in Papua

New Guinea's National Court of Justice in 2024, against Rio Tinto and

BCL. In September 2025, the National Court dismissed the case

entirely and an appeal of this decision has been filed in the Supreme

Court of Papua New Guinea. The company will continue to strongly

defend its position in the proceeding.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** on our ongoing commitments, see riotinto.com/<br>panguna<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 42 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

**Lithium operations and projects, Argentina**

Through our operations and growth projects in Argentina, we are

partnering with communities to create lasting benefits.

• Province of Jujuy – Olaroz operation: The Unidades de Producción

de Alimentos Familiares (Family Food Production Units) Greenhouse

Program, implemented in 8 communities, supports 68 families and 6

schools with greenhouse construction and training. It strengthens

food security and self-sufficiency while building skills and delivering

intergenerational benefits. The Sustainable Vicuña Management

Program, implemented in 2 Indigenous communities, benefits 49

families by providing technical assistance, equipment and

materials.

• Province of Salta – Rincon project: Education programs

implemented in 3 communities support 41 families with young

children, 61 primary school students and 6 teachers. The initiative

also helps 9 students and adults complete secondary education

and provides 16 university scholarships through the Catholic

University of Salta (UCASAL) and Fundación Anpuy, expanding

access to higher education and creating pathways to employment

and socioeconomic development.

• Province of Catamarca – Fénix operation and Sal de Vida project:

The Local Suppliers Program boosts business capability and

competitiveness, with over 50 suppliers trained and supported

through 800 hours of assistance and 290 improvement actions,

resulting in a 60% increase in requests for quotations and a 90%

acceptance rate.

Together, these initiatives reflect our commitment to education,

economic opportunity, and community resilience – creating shared

value that lasts well beyond our operations.

Update on our CSP commitments

In this section, we provide an update on our progress on the

commitments we made as part of the Rio Tinto Board Review in

2020 on cultural heritage management. This progress is

summarised under 3 areas: relationships, governance and process,

and leadership and inclusion.

**Relationships**

Over the past 5 years, we've taken meaningful steps to strengthen

our relationships with Indigenous Peoples. This journey has been

grounded in listening, learning and building trust. One of the most

significant shifts has been our move towards co-management of

cultural heritage – sharing information early, engaging deeply, and

making decisions collaboratively. This approach is helping to build

greater confidence among Indigenous Peoples that their cultural

heritage will be respected and protected. These efforts reflect our

broader commitment: to build respectful, enduring partnerships and

to support positive, long-term outcomes for the Indigenous

communities where we operate.

**Strengthening agreements with Pilbara Traditional** 

**Owners in Australia**

In 2025, we strengthened our commitment to respectful partnerships

by updating agreements with several Traditional Owner groups in

the Pilbara, and working with others to establish and update

agreements that embed shared decision-making and cultural

heritage protections.

**Landmark Co-Management Agreement with the PKKP People**

In May, we reached a landmark Co-Management Agreement with

the Puutu Kunti Kurrama and Pinikura (PKKP) People. This

agreement provides certainty that significant places on PKKP

Country will be protected from mining, while giving us clarity earlier

in the mine life cycle about where development can occur. It reflects

four years of listening, learning and working together — placing

knowledge-sharing and joint design at the centre of our operations

so that cultural heritage is preserved and co-managed.

**Updated agreement with the Nyiyaparli People**

In November, we signed an updated agreement with Karlka

Nyiyaparli Aboriginal Corporation (KNAC) to strengthen our

partnership and deliver long-term benefits for the Nyiyaparli People.

The agreement includes enhanced cultural heritage and

environmental protections, supports earlier and ongoing

consultation, and promotes greater transparency in decision-making

for mining activities.

**Strengthening our partnership with the** 

**Yinhawangka People**

In December, we signed an Interim Modernised Agreement with

Yinhawangka Aboriginal Corporation, building on our 2013

Participation Agreement with the Yinhawangka People. The

agreement introduces a co-management approach that reflects

modern expectations for partnership. It ensures Yinhawangka are

involved earlier and more meaningfully in mine planning, with both

parties collaborating on key decisions, including cultural heritage

and environmental protection. This interim agreement lays the

foundation for a full modernised agreement, which we aim to finalise

with Yinhawangka Aboriginal Corporation in 2026.

We also announced a long-term partnership with Yinhawangka

Aboriginal Corporation to deliver meaningful social outcomes for the

Yinhawangka People. Through the Yinhawangka Social Outcomes

Partnering Agreement, we will support programs and initiatives led by

the Yinhawangka Foundation – a community-led organisation created

to strengthen self-determination, elevate cultural authority, and drive

long-term, community-driven outcomes.

**Partnering with purpose in Salta Province**

At the Rincon lithium project in Argentina's Salta Province, we've

continued to build respectful relationships with local Indigenous

communities. In 2025, this commitment led to the signing of

framework agreements with the Kolla Indigenous Community of

Salar de Pocitos and the Atacama Indigenous Community of Catua.

These agreements mark a shared step forward, shaped by dialogue,

trust and mutual respect.

**Managing closure in Canada's Northwest** 

At the Diavik Diamond Mine, we are working in partnership with

Indigenous Governments and Organisations to co-develop a

Traditional Knowledge Monitoring Program (TKMP) – a collaborative

approach to closure shaped by Indigenous perspectives. Building on

more than a decade of Traditional Knowledge work, the TKMP focuses

on monitoring caribou, water, fish, vegetation and wildlife, and reflects

community priorities for closure. These include safe land and water,

support for traditional use, and protection of culturally significant

landscapes. By placing Indigenous knowledge at the centre, we are

helping ensure that closure planning is inclusive, respectful and

aligned with long-term community aspirations.

**Strengthening relationships in Canada**

In British Columbia, we signed a Memorandum of Understanding

with the Nadleh Whut'en, Saik'uz, Stellat'en and Cheslatta Carrier

Nations, reinforcing our commitment to transparent dialogue and

collective action. This MoU covers the pre-feasibility study aiming to

improve the livelihood of communities and the environment, and to

increase operational flexibility to mitigate climate impacts.

**A resilient water supply for the Pilbara,** 

**Western Australia**

Water is a very precious resource, both environmentally and culturally,

for the people who call the Pilbara home. We are committed to

ensuring a secure water supply for all users in the region. To reduce

reliance on climate-dependent water sources, we are building the

Dampier Seawater Desalination Plant, with Stage 1 (4 GL) due to be

operational in 2026 (for more information, see page [68](#i325ffd14c2cd44c89370a3a935f69040_77782)). We have also

reduced our draw on the Bungaroo Coastal Water Supply borefield,

with further reductions expected as the desalination plant ramps up its

capacity. We continue to monitor all water sources under our

environmental approvals and work closely with stakeholders to

manage water responsibly. Our goal is a resilient water system that

supports communities, culture and industry.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 43 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

**Governance and process**

We continue to implement our Communities and Social

Performance Standard, improving systems and processes to help us

meet external expectations and deliver stronger social and human

rights outcomes. In 2025, we continued to enhance our risk

management processes and provided assurance over key social

risks, testing Group level "bowties" (analysis tools for risk

management) and critical controls at selected operations, to ensure

cultural heritage and social impact risks are prevented and mitigated

effectively across our business.

**Australian Advisory Group**

We established the Australian Advisory Group (AAG) in 2022 to

provide independent expert advice to our executives on matters

impacting our relationship with Indigenous Peoples and

communities in Australia. In 2025, conversations centred around the

dynamic balance that the extractives industry must navigate

between western and traditional Indigenous knowledge and value

systems while managing operations and striving for innovation and

improved performance. As part of the AAG's staggered terms of

engagement, inaugural member Professor Peter Yu AM retired as

Chairman, succeeded by June Oscar AO. We also welcomed Nigel

Browne, a descendant of the Larrakia and Wulna Peoples, with a

wealth of experience across both public and private sectors. Nigel is

widely known for his leadership, legal expertise, and long-standing

commitment to empowering Aboriginal communities in the Northern

Territory through economic development and advocacy. His diverse

experience includes advancing Aboriginal land rights, fostering

economic independence, leading strategic development projects,

and holding various senior legal and advisory roles. Other AAG

members are Djawa Yunupingu, Nyadol Nyuon OAM, Cris Parker

and Dr Teagan Shields.

**Cultural heritage management** 

In 2025, we made progress towards our 2027 target of co-managing

cultural heritage with communities and knowledge holders. This was

supported by assets completing self-assessments against our

cultural heritage maturity framework. More assets are beginning to

co-manage heritage by making decisions together with Indigenous

Peoples about how they want their heritage protected.

Another key milestone was the significant progress on actions

arising from the global Independent Cultural Heritage Management

audits conducted in 2021 and 2022. Ongoing consultation with

assets throughout the year enabled us to complete all remaining

actions. In addition, the introduction and growing adoption of the

Cultural Heritage Management Plan template in 2025 has

strengthened cultural heritage management practices across our

operations. These practices are helping to embed a unified and

consistent approach to protecting and managing cultural heritage

across our business.

In September 2025, we hosted a 3-day Agreements and Cultural

Heritage Symposium in Vancouver, bringing together more than 90

internal and external Indigenous leaders, operational teams, subject

matter experts and practitioners. The event provided a space for

open dialogue and shared learning, enabling us to reflect on how we

can build better relationships, co-develop and implement

agreements, and manage cultural heritage across our business.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **Find out more** about our approach to cultural heritage at riotinto.com/<br>culturalheritage<br>|

---

**Leadership, inclusion and partnership**

**Growing Indigenous leadership**

We are committed to increasing Indigenous participation and

leadership, not only by attracting new talent, but also by investing in

the growth and development of our people. Since 2020, our

Indigenous Leadership Program in Australia has focused on creating

meaningful pathways to employment, expanding opportunities and

supporting long-term career development.

At the end of 2025, we had 54 Indigenous leaders across our

Australian business, down from 61 in 2024. The change was a result

of natural attrition and organisational changes across the business.

We remain committed to rebuilding and strengthening Indigenous

leadership capability, recognising the vital role these leaders play in

shaping our strategy, culture and long-term success.

Having Indigenous voices prominent in our business helps us make

more informed decisions and fosters a workplace where leadership

reflects the diversity of the communities in which we operate, and

where all employees feel empowered to grow, contribute and lead.

**RioInspire**

In 2022, we partnered with the Australian Graduate School of

Management at the University of New South Wales to develop and

deliver the RioInspire Indigenous Leadership Program. RioInspire is

a ground-breaking, globally recognised program that focuses on

developing executive-ready Indigenous future leaders. To date,

71 Indigenous leaders have graduated from the program, with 8 of

them continuing to complete graduate certificates and MBAs. Since

launching the program globally in 2024, 5 Indigenous leaders from

Canada and the US have participated.

**Embedding cultural respect into everyday practice**

We are committed to creating culturally safe and inclusive

environments where people of diverse backgrounds feel respected.

This commitment is reflected in initiatives that deepen cultural

understanding and elevate Indigenous voices across our business.

In Quebec, Canada, 90% of our Aluminium workforce (about

4,300 employees) have completed cultural awareness training,

developed with a local Indigenous consultant. At BC Works, all new

employees receive cultural awareness training during onboarding,

ensuring early engagement with the values of respect and inclusion.

Our 2-day Cultural Connection Program in Australia, co-designed

with Indigenous leaders and educators, is reshaping how leaders

engage with Indigenous culture, knowledge and communities. To

date, more than 80% of senior leaders have completed the program.

The impact is clear: 100% of participants say they would speak up

against racism, and positivity towards Aboriginal and Torres Strait

Islander Peoples has risen by 29%.

At New Zealand Aluminium Smelters (NZAS) all employees and

visitors now complete a compulsory cultural induction. Delivered

through an immersive digital experience, it shares the cultural and

historical significance of the Murihiku region from the perspective of

Ngāi Tahu, the local iwi with guardianship responsibilities over the

area. This fosters deeper connection to place and reinforces shared

responsibility to land and sea.

Together, these initiatives are helping build a workplace culture

grounded in respect, accountability and a genuine commitment

to reconciliation.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 44 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

**Combining cultural knowledge and technology**

Through our Living Languages Living Cultures program, we've

partnered with Indigital, an Indigenous-led social enterprise, and the

communities of Weipa, Aurukun, Napranum and Mapoon, to co-

design Caring for Country.

The program places Indigenous voices and expertise at the centre,

while also building digital skills for employment, entrepreneurship

and future industries. In November 2025, the program was

honoured with the "Collaboration of the Year" award at the Aboriginal

Enterprises in Mining, Energy & Exploration Awards for its role in

empowering Indigenous communities through the integration of

traditional knowledge and digital technologies to support cultural

preservation and environmental stewardship.

**Supporting Indigenous businesses**

We support local businesses, employ local people and buy local

products, especially from Indigenous, small and regional

enterprises. In 2025, we spent more than A$1.13 billion with

Indigenous businesses across Australia, marking a 22.6% increase

from the previous year. We're also continuing to grow our

partnerships with local and Indigenous businesses in North America.

In 2025, our spend with Indigenous suppliers in the region reached

$213.9 million.

These partnerships are demonstrations of real economic

development impact in communities. At our Rincon project in

Argentina, we are supporting local contractors and subcontractors,

offering direct assistance, and engaging proactively with

communities. As a result, community-based contractors and

subcontractors – mainly led by women – have grown from 3 in 2023

to 21 in 2025. At the same time, local spending has expanded 25-

fold, rising from ARS 277 million to ARS 7,309 million.

**Truth and reconciliation**

We recognise and celebrate Indigenous events and observance

days across our business. In 2025, we supported NAIDOC Week

and National Reconciliation Week in Australia, Indigenous History

Month in Canada, and the International Day of the World's

Indigenous Peoples through global communications and

engagement campaigns.

By sharing stories, messages and educational materials, we help

our people deepen their understanding of Indigenous history,

cultures and Peoples. This ongoing awareness-building contributes

to a safer, more respectful and inclusive workplace.

**Economic contributions ($ million)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 | 2022 | 2021 |
| Consolidated sales revenue | **57638** | 53658 | 54041 | 55554 | 63495 |
| Net cash generated from operating activities<sup>1</sup> | **16832** | 15599 | 15160 | 16134 | 25345 |
| Profit after tax for the year | **10249** | 11574 | 9953 | 13048 | 22597 |
| Underlying earnings | **10868** | 10867 | 11755 | 13359 | 21401 |
| Underlying earnings per share (US cents) | **669.2** | 669.5 | 725.0 | 824.7 | 1322.4 |
| Net (debt)/cash | **(14362)** | (5491) | (4231) | (4188) | 1576 |
| Purchases of property, plant and equipment and intangible assets | **(12335)** | (9621) | (7086) | (6750) | (7384) |
| Employment costs | **(7605)** | (7055) | (6636) | (6002) | (5513) |
| Payables to governments<sup>2</sup> | **(10229)** | (8214) | (7881) | (9313) | (12789) |
| Amounts paid by Rio Tinto | **N/A**<sup>3</sup> | (8401) | (8524) | (10779) | (13334) |
| Amounts paid by Rio Tinto on behalf of its employees | **N/A**<sup>3</sup> | (1821) | (1755) | (1622) | (1486) |

---

1. Data includes dividends from equity accounted units, and is after payments of interest, taxes and dividends to non-controlling interests in subsidiaries.

2. Payables to governments includes corporate taxes, government royalties and employer payroll taxes.

3. Our Taxes and Royalties Paid Report will be published later this year on riotinto.com.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 | 2022 | 2021 |
| Social investment<sup>1</sup> (discretionary) | **114.3** | 95.9 | 84.0 | 62.6 | 72.1 |
| Mandatory social contributions<sup>2</sup> (non-discretionary) | **34.6** | 23.3 | 17.6 | 18.2 | 19.1 |
| Payment to landowners<sup>3</sup> (non-discretionary) | **222.7** | 221.9 | 231.9 | 299.0 | 222.9 |

---

1. Social investments (previously referred to as community investments) are voluntary financial commitments, including in-kind donations of assets and employee time, made by Rio Tinto

managed operations to third parties to address identified community needs or social risks.

2. Mandated social contributions (previously referred to as development contributions) are defined as non-discretionary financial commitments, including in-kind donations of assets and employee

time, made by Rio Tinto to a third party to deliver social, economic and/or environmental benefits for a community, which Rio Tinto is mandated to make under a legally binding agreement, by a

regulatory authority or otherwise by law.

3. Payment to landowners are non-discretionary compensation payments made by Rio Tinto to third parties under land access, mine development, native title, impact benefit and other

legally binding compensation agreements.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 45 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Socially connected

Human rights

Respecting human rights is core to our values, to maintaining strong

sustainability performance and to our social licence.

**Commitment**

We are committed to treating everyone with dignity and respect –

from our employees, contractors and workers in our value chain, to

the communities we partner with, and others affected by our

activities and business relationships. We know that our activities,

and those of our partners, can have both positive and negative

impacts on human rights. By embedding rights-respecting and

ethical behaviour throughout our business, we are better able to

prevent human rights harm. To do this, we rely on:

• empowering people through an inclusive and supportive business

culture that aligns with our values

• embedding human rights due diligence into business processes

and systems

• engaging with stakeholders to improve how we identify and

address root causes of human rights harm.

Everywhere we operate, people and safety come first. By committing to

implement the UN Guiding Principles on Business and Human Rights

(UNGPs) and other international standards outlined in our Human

Rights Policy, we strengthen our ability to uphold this priority.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see our Human Rights Policy at <br>riotinto.com/humanrights<br>|

---

**2025 progress**

**Governance**

We continue to evolve our human rights performance to help prevent

involvement in adverse human rights impacts. This has included

refining our internal standards, systems and processes to integrate

human rights due diligence, and to promote more responsible and

ethical ways of working. In 2025, we provided the Sustainability

Committee with an update on our human rights performance.

**Salient human rights issues**

These are the priority human rights issues that could severely

impact people through our activities or business relationships. They

consider our operational footprint, value chain and external contexts,

and include:

• land access and use

• Indigenous Peoples' rights

• security

• inclusion and diversity

• community health, safety and wellbeing

• workplace health and safety

• labour rights (including modern slavery)

• climate change and just transition

We continue to monitor how these issues could manifest within our

business and our relationships with others. In 2025, we focused

particular attention on labour rights in the contracted workforce, and

community health, safety and wellbeing.

Assets conduct self-assessments to enable a more complete

understanding of their risk context and to help them prioritise and take

action to prevent human rights harm. A reduced number of assessments

were conducted in 2025 (21 in 2025 compared to 59 in 2024). The

higher number in 2024 was due to 2 regional assessments conducted

that year, which together covered 39 assets across closure and

operating sites. Assessments conducted in 2025 included at Richards

Bay Minerals, Rincon and Oyu Tolgoi.

In 2025, we also published a summary report of an independent Human

Rights Impact Assessment conducted at the SimFer project in Guinea in

2024. In March 2025, we reported on our progress to address identified

human rights risks and impacts at the mine, rail spur and port. Visit

riotinto.com/humanrights to read the reports.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see our *2025 Sustainability Fact Book* at <br>riotinto.com/sustainabilityreporting<br>|

---

**Our business relationships**

Building trust with communities, business partners and other

stakeholders is key to meeting our objectives and advancing respect

for human rights. In 2025, we worked with suppliers and business

partners in Argentina, China, Guinea and other regions where we

operate to share insights and learn from each other. This work

strengthened our collective ability to advance labour rights in diverse

local contexts. We continue to work with joint venture partners to

provide human rights support and monitor human rights

performance, including through Board and Committee roles for non-

managed operations.

**Suppliers**

We expect our suppliers and sub-contractors to respect human rights,

including as outlined in our Supplier Code of Conduct. Using a risk-

based approach through our third-party due diligence process, we pre-

screen potential business partners and complete specialist human rights

reviews. In 2025, we completed 5,860 third party due diligence

assessments, and 174 were escalated to the human rights team for

further review. For higher-risk suppliers, we develop action plans to

mitigate salient human rights risks identified. Our approach focuses

on improving supplier performance through dialogue and partnership,

rather than avoidance or termination of relationships.

We focused our supplier due diligence efforts on renewables

equipment manufacturers and labour hire providers in 2025,

and conducted specialised assessments to support our projects,

including repowering our Gladstone aluminium operations.

In 2025, we engaged independent, certified labour rights auditors to

assess 3 suppliers in Australia and Canada. We also worked

to monitor non-conformances identified in 2024 through our supplier

audit program.

**Grievance and remedy** 

Effective grievance management can enable more trusted relationships

and help prevent human rights harm. Every asset is required to have a

local grievance mechanism. Consistent with the UNGPs, we are

committed to providing for, or cooperating in, remediation when we

identify we have caused or contributed to human rights harm. We may

also play a role in remediation where we are directly linked to harm

through our products, services or operations.

In 2025, our human rights team supported a range of internal

investigations and assessments with a focus on grievance and remedy

processes, including at Oyu Tolgoi, Simandou and Rincon. This work

was reinforced by the launch of our in-house Worker Welfare

Assessment, designed to identify and respond to risks in our workforce.

We also continued to monitor a supplier's ongoing mitigation and

preventative actions regarding hazardous child labour, as reported in

our *2024 Modern Slavery Statement*.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see our *Modern Slavery Statement* at <br>riotinto.com/modernslavery<br>|

---

**Capacity-building on human rights**

Everyone has a role in respecting human rights. In 2025, we refreshed

our Group-wide human rights training program for higher-risk roles by

incorporating more real-world scenarios, equipping these leaders with

practical guidance to take rights-respecting action. We also delivered an

updated Modern Slavery Training module to our Commercial function,

focusing on the specific risks and indicators most relevant to their roles

and responsibilities.

**Collaboration**

Human rights challenges can be systemic, and can require

collaboration with peers, civil society organisations, workers'

organisations, business partners and others. In 2025, we continued

to support ICMM's Social Performance working group, the Human

Rights Resources and Energy Collaborative, and the Mining

Association of Canada's International Social Responsibility

Committee. We participated in the Voluntary Principles Initiative and

with UN Global Compact Network Australia, and attended business

and human rights forums in Australia, the US and Canada. We also

engaged with Australia's Office of the Anti-Slavery Commissioner on

our response to modern slavery. These engagements help us better

identify, mitigate and address the root causes of human rights harm.

![Socially-conntected.jpg](rio-20251231_g65.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 46 | riotinto.com |

---

Strategic report \| Our approach to sustainability

Environmentally committed

We recognise that our operations have an inherent impact on nature, both directly

and indirectly, and we are committed to contributing to the global shift toward a

nature positive future.

Achieving our mission to be the most valued metals and mining

business relies on the responsible stewardship of shared natural

resources. Sustainable success is driven by better decision-making,

fostering collaboration, maintaining transparency, and measuring

performance as we aim to minimise our impact on nature and

society.

**Governance**

Business decisions centred on strong sustainability and social

licence are imperative to creating long-term value. Our Executive

Committee and Board have overall responsibility for, and oversight

of, environmental management and performance through our Risk

Management and Sustainability Committees, including a principal

environment risk that we track at a Group level.

We have shared our support for the ICMM's Nature Position

Statement, to align industry action on the Kunming-Montreal Global

Biodiversity Framework (GBF) and 2030 targets. Our nature

framework outlines the processes and actions that underpin our

contribution to a nature positive future, in line with increasing

societal expectations.

We take a long-term view of our responsibilities, managing the risks

and impacts of our activities from exploration and project inception

through closure and beyond. We are committed to refining our

systems and processes to ensure transparent, accountable

decision-making that strengthens environmental outcomes and

manages nature-related risks responsibly.

As stewards of natural resources, we recognise the trust placed in

us. We manage air, biodiversity, land, and water with care, along

with the material inputs and outputs of our operations and their full

life cycle footprint. This commitment ensures we operate responsibly

while supporting resilient ecosystems and sustainable communities.

**Our nature framework**<br>**Ambition:** To meaningfully contribute to a nature positive future <br>through integrated environmental management practices that <br>support our operational excellence objective.<br>**Commitments:** Deliver on our commitments for nature - including <br>our Standards and the ICMM Nature Position Statement.<br>**Risk:** Enhance our understanding and management of material <br>business risks across our operations and value chain.<br>**Assurance** Increase stakeholder confidence in performance <br>and reporting through internal and external assurance activities <br>for our assets and supply chains.<br>**Targets:** Operational nature targets to focus our efforts on <br>continuous improvement.<br>**Disclosures:** Enhance transparency of environmental <br>performance information and data over time.<br>

**Commitments**

Our commitment to the ICMM Nature Position Statement informs

our actions and accountabilities to deliver the desired

environmental, social and economic outcomes for the business. This

includes the following clear commitments:

• We contribute to the global nature positive goal of "halting and

reversing biodiversity loss by 2030 from a 2020 baseline, with a

full recovery by 2050".

• We do not explore or extract resources within the boundaries of

UNESCO World Heritage sites. All reasonable steps will be taken

to ensure future operations adjacent to World Heritage sites are

not incompatible with the outstanding universal value for which

these sites are listed and do not put the integrity of these sites at

risk.

• We respect legally designated protected areas and ensure any

new operations or changes to existing operations are not

incompatible with the objectives for which the protected areas

were established.

• We do not undertake deep-sea mining, and believe it should not

take place unless comprehensive scientific research refutes

currently held evidence that it will create significant environmental

and socioeconomic implications.

**Performance and targets** 

Our nature target program is a core component of our nature

framework and one of the ways we plan to contribute to a nature

positive future. The program acknowledges the interconnectedness

of the realms of nature – air, land and water - and their ties to

biodiversity, climate and society. The nature targets program

includes a set of locally focused, site improvement plans, initiated in

2025. The program seeks to enhance the transparency of our nature

risks, challenges and performance. Progress on the nature targets

will be reported annually on our website.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 47 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Environmentally committed

Water

Water is essential to life. It is inherently linked to healthy, thriving

ecosystems and communities, and holds spiritual significance to

Indigenous and land-connected Peoples all over the world. It is also

an essential resource for our operations, enabling access to

orebodies and processing of ore to provide the materials the world

needs. As water is a finite shared resource, responsible water

stewardship is critical to our business's success. Protecting water

ensures it remains available and clean for the ecosystems and

communities that depend on it, and for stable and sustainable

operations to continue for generations.

Our commitment to responsible water stewardship is reflected

through our business strategy, standards, policies and member

association commitments.

We have developed a water risk framework that we use to

consistently identify, assess, manage and communicate water risk

across our portfolio. The framework allows us to have relevant

conversations about water threats and opportunities, informing

decisions and strategic plans, for operational and catchment-level

decisions beyond an individual site. It covers four water risk

categories:

1)water resource (issues relating to water withdrawals for

supply purposes)

2)water quality and quantity (issues relating to excess surface

water management, discharges or seepage)

3)dewatering (issues relating to groundwater withdrawals to safely

depressurise and access below water table orebodies)

4)long-term obligations (consideration of items 1-3 over long

timescales, eg post mining).

Our 2025 water risk profile shows how our exposure varies across

the four risk categories. We manage all risks in accordance with our

company standards and applicable local regulations and guidelines.

We have a library of water management controls that promote

consistent operational risk management and assurance by our

frontline asset teams and supporting second-line functions. The

controls guide and organise how we monitor, plan, use infrastructure

and adaptively manage water. Our approach to water is integrated

with our approach to communities, climate change, tailings

management and closure.

**Group water risk profile (percentage of managed operations**<sup>1</sup>**)**

**Examples of ranking**<br>

**Water resource**

Is there enough water available for environment needs, community

needs and our operational use?

![178](rio-20251231_g66.gif)

Our iron ore port operations in the Pilbara, Western Australia, are

supplied with water from the West Pilbara Water Supply Scheme.

The scheme is vulnerable to drought, and Traditional Owner groups

have raised concerns about environmental and cultural impacts. The

water resource risk for these operations is assessed as high. Rio

Tinto is committed to enhancing water security in this region.

**Water quality and quantity**

Does the way we manage water onsite, or discharge excess water,

cause environmental impacts or operational constraints?

![722](rio-20251231_g67.gif)

Our ilmenite mine near Havre-Saint-Pierre (HSP) in Quebec,

Canada is surrounded by ecologically and socially significant lakes

and water features. The quality and quantity risk for HSP mine is

assessed as high and excess water from the mine needs to be

carefully managed. To ensure water is released to the environment

at a suitable quality, we are working on a multi-year water

management improvement project.

**Dewatering**

Does the removal of water from the operational areas of our sites

impact regional aquifers or our mine plans?

![1258](rio-20251231_g68.gif)

Impacts associated with dewatering and water supply activities in

the Pilbara, Western Australia are recognised as a very high risk for

our business. Returning water to the aquifers impacted by our

mining activities in a controlled manner is the focus of a number of

ongoing studies. We are also continuing to work with Traditional

Owners on water management.

**Long-term obligations**

Do our operational activities generate long-term or ongoing

obligations related to water?

![1734](rio-20251231_g69.gif)

We may sometimes generate impacts that we are required to

manage over the long term, such as post-closure pit lakes in the

Pilbara, or potential seepage from our waste rock or tailings facilities

in our aluminium and copper sites. Our systems and standards aim

to ensure that risks are identified early and managed appropriately

and responsibly throughout the asset life cycle, including legacy

issues.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ● Not applicable | ● Low risk | ● Moderate risk | ● High risk | ● Very high risk |

---

1. Due to rounding, the sum may not total 100%. Ratings based on 2025 assessment, excluding projects and recent lithium acquisitions. Refer to *Sustainability Fact Book* for additional

information.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 48 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Environmentally committed

**2025 progress**

**Our water balance**

Our Group water balance outlines where water was withdrawn from,

discharged to, recycled, or reused and consumed at our operations.

The reported categories correlate with the requirements of ICMM

and the Global Reporting Initiative.

We also report on our aggregated water balance for sites in water-

stressed areas. We assess water stress using the World Resources

Institute's Aqueduct Water Risk Atlas mapping tool.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see our *2025 Sustainability Fact Book* at <br>riotinto.com/sustainabilityreporting<br>|

---

**Our water performance**

Our total operational withdrawals for 2025 were 1,147 gigalitres (GL)

(2024: 1,250 GL). Freshwater, or category 1 quality, withdrawals

accounted for 386 GL or 34% of this total (2024: 399 GL).

Freshwater is generally suitable for consumption with minimal

treatment required. Where possible, we aim to minimise our

extractions from water sources of this quality.

Total discharges for 2025 were 626 GL (2024: 641 GL). Total water

recycled or reused for 2025 was 374 GL (2024: 344 GL).

**Our activity**

We progressed several initiatives in 2025 that demonstrate our

ongoing recognition of the importance of respecting rights,

partnerships, innovation and transparency. These include:

• Implementation of the QIT Madagascar Minerals water strategy,

with transparent reporting of water management and performance

data through the *2024 Water Report* and monthly dashboard, in

parallel with community-focused programs.

• Construction of Stage 1 (4 GL) Dampier desalination plant, which will

allow us to reduce our groundwater withdrawals from the Bungaroo

Aquifer in the Pilbara, Western Australia, and establishment of a

Memorandum of Understanding with the Western Australian

Government to assess feasibility for a Stage 2 plant expansion.

• Management or involvement in regional water monitoring and

engagement programs, including initiatives in Gladstone Harbour

(Queensland, Australia), Nechako Valley (British Columbia, Canada),

and Saguenay–Lac-Saint-Jean (Quebec, Canada).

• Piloting technologies for water treatment and metal recovery at

our Kennecott operation in the US, including use of plant-based

methods (phytoremediation).

• Working collaboratively with stakeholders to improve our

understanding of the cultural value of water.

• Entering a partnership with Skarn to develop an innovative water

intensity benchmarking dataset for the lithium sector.

• Updating our Surface Water Allocation Disclosure Dashboard and

continued work on an expansion of the dashboard to include

groundwater information in 2026.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/water |

---

Biodiversity

Biodiversity underpins the ecosystems that sustain life, livelihoods,

and economies. For Rio Tinto, healthy ecosystems are critical – not

only for supporting ecological communities but also for ensuring

operational resilience. Our mining activities often intersect with

areas of high ecological value, and the industry relies on ecosystem

services such as clean water and air, erosion control, and climate

stability.

We recognise the potential impacts of our activities on biodiversity

and are committed to achieving no net loss (NNL) or a net gain (Net

Positive Impact, NPI) to biodiversity, measured against a 2020

baseline, by the end of closure.

Rio Tinto's approach to biodiversity management is embedded in

Environment Standards and aligned with global frameworks,

including the Global Reporting Initiative. We apply the mitigation

hierarchy - avoid, minimise, rehabilitate and offset - to prioritise

avoidance across all stages of the mining lifecycle, including

exploration, project development, operations and closure.

Where impacts cannot be avoided, we implement mitigation and

rehabilitation measures. Where applicable, offsets are initiated early

in the project life cycle and developed in consultation with

stakeholders to address residual impacts. Recent updates to our

exploration procedures have improved the capture and reporting of

avoidance actions as part of tenure management. Additionally,

enhancements to our Studies guidance will strengthen the

integration of mitigation, offsetting and avoidance measures during

project initiation.

We maintain asset-level biodiversity action plans, addressing priority

species – including those listed on the International Union for

Conservation of Nature (IUCN) Red List. These efforts are guided

by site-specific assessments and inclusive engagement with

stakeholders, particularly Indigenous and land-connected

communities.

Globally, one of the central challenges for business is establishing

scalable approaches to assess the condition of nature. We actively

participate in industry and cross-sectoral forums to advance our

methodologies to measure no net loss or net gain to biodiversity

across our operations; this includes the ICMM Nature Working

Group.

Our strategic partnerships with Proteus (UNEP-WCMC) and BirdLife

International continued, allowing us to contribute to, and benefit

from, global biodiversity expertise. We also had the opportunity to

sponsor the Western Australia Biodiversity Conference, and

participate in the UNEP-WCMC Nature Action Dialogues.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 49 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Environmentally committed

**2025 progress**

Through 2025, Rio Tinto continued to strengthen its biodiversity

management approach, translating our nature positive commitments

into tangible actions across our global operations. Guided by the

ICMM Nature Position Statement and aligned with emerging global

frameworks such as the Taskforce on Nature-related Financial

Disclosures (TNFD), we focused on building robust baselines,

piloting measurement methodologies, enhancing transparency and

investing in conservation partnerships that deliver ecological

benefits beyond our operational footprint.

We actively participated in the Nature Positive Initiative (NPI) Pilot

Program for our Pilbara Iron Ore and Oyu Tolgoi copper assets,

supported by our piloting partner BirdLife International. This initiative

tested draft global terrestrial biodiversity metrics using site-specific

and public data to assess the current and 2020 baseline state of

nature through real-world case studies. The results will contribute to

NPI's further refinement of recommended metrics and guidance

material in 2026.

Environmental data collection at our assets continues to inform our

understanding of the ecological context within and surrounding our

operational footprint, and it is a critical step toward measuring

progress against no net loss. In alignment with our Environment

Standards, these monitoring activities are shaped by regulatory

requirements and host community engagement. In 2025, we

continued a portfolio-wide program to develop biodiversity baselines

and an NNL prioritisation framework aligned with global best

practice principles and ICMM commitments.

To further support our baselining and state-of-nature measurement

efforts, we conducted a comprehensive review of publicly available

data and tools. Using NNL/NPI calculation methodologies and a

suite of global guidance and reference documents, we derived

insights into the 2020 ecosystem extent, condition and species

presence across key assets in Australia, Asia, Africa and Canada.

This generated a detailed technical understanding of available tools

applicable to a global footprint that encompasses a wide range of

biomes.

Additional Conservation Actions (ACAs) play a complementary role

in strengthening our biodiversity management approach, particularly

where opportunities remain to uplift ecological outcomes after

applying mitigation processes. ACAs help deliver broader ecological

benefits beyond our operational footprint, be that supporting species

recovery, enhancing ecosystem resilience or enhancing

understanding of our natural environment. In 2025, we initiated and

continued several key projects, such as our Pilbara Conservation

Project, Founders Factory Start-up Partnerships for Sustainability

and the North Queensland Land and Sea Program. Visit our website

for more information.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/biodiversity |

---

Land

Effective land management is essential to minimising environmental

impacts and supporting sustainable mining operations. Key activities

include planning and managing land use to reduce disturbance,

implementing progressive rehabilitation during the life of mine, and

restoring ecosystems post-closure. We focus on soil conservation,

erosion control, and revegetation practices, while engaging with

stakeholders to align land use with community and environmental

values. These efforts ensure responsible stewardship of land

resources and contribute to long-term environmental resilience.

In 2025, we rehabilitated 26 km<sup>2</sup>of land, mostly at our Argyle

diamond mine in Australia, Simandou project in Guinea and iron ore

mines and exploration areas in the Pilbara.

In Mongolia, we rehabilitated another 6 km² of abandoned mine

workings outside our operational footprint, near the Tsagaan Zur

river in the Selenge province. This effort supports Oyu Tolgoi's

commitment to the Government of Mongolia's national initiative to

plant one billion trees by 2030. We established and handed over

another 3 tree nurseries in the South Gobi to the local community,

with a combined capacity to produce an additional one million

saplings annually. We planted 1.6 million trees and awarded 5 more

scholarships to students pursuing forestry studies.

Throughout the last year, we continued to transform commitments

into action. We developed a number of site improvement plans

focused on land stewardship for priority operations as part of the

implementation of our nature targets program.

At the end of the year, our land footprint – total disturbed area – was

1,818 km<sup>2</sup>, an increase of 56 km<sup>2</sup> from 2024. This includes all

disturbances at our operating assets and activities, such as

exploration activities, smelters, mines and supporting infrastructure.

The majority of disturbance occurred at Weipa and Simandou as a

result of the establishment of new mining areas.

Our rehabilitation and closure teams continue to partner with

research centres to refine our approaches and improve outcomes.

At our bauxite mines and refineries, we have progressed trials

focusing on transforming stored tailings material into soils that will

support plant growth. To strengthen monitoring of rehabilitated

areas, we advanced trials of digital tools designed to complement

traditional on-ground data collection.

In addition, 14 of our operations completed rehabilitation

trials aimed at improving seed germination, reducing erosion

and enhancing topsoil quality – critical factors for

rehabilitation success.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our closure work see page [51](#iaf0297c214d54bb3aef47aa241d5983b_8865). |

---

Waste

As the global population continues to grow and industrialise,

effective management of waste materials is expected to become

increasingly important for people and nature. Rio Tinto produces

materials that play an important role in the economy while managing

mineral and non-mineral materials responsibly. We strive to enhance

our approach to materials management practices by designing out

waste where possible, keeping resources in use longer, and safely

and responsibly disposing of wastes across our business and value

chain.

Our mineral waste generation and disposal volumes have remained

similar over the past 5 years, however there is more annual

variability in non-mineral waste volumes and disposals, which is

largely driven by mine development and closure activities. Looking

ahead, we aim to maximise resource efficiency while eliminating

waste and recovering valuable materials. We will continue to explore

circular solutions and innovative ways to manage materials.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about tailings see page [51](#i12f49a511d964a1c9957eecc8c171112_3000). |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 50 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Environmentally committed

Air quality

Clean air is essential for the health of ecosystems and host

communities that surround our operations. Emissions such as

particulates and gases have the potential to impact air quality and

the atmosphere, so we have a responsibility to ensure they are

managed in line with regulations and stakeholder expectations.

Some emissions can be hazardous and require careful monitoring

and management. The potentially hazardous emissions we monitor

at operations are:

• sulphur oxides (SOx), mainly at our aluminium and copper smelters

• nitrogen oxides (NOx), mainly from burning fossil fuels

• gaseous fluoride emissions from aluminium smelters

• respirable particulate emissions (PM10 and PM2.5) - very fine particles

from mining and processing operations and from burning fossil fuels.

We apply the mitigation hierarchy across all phases of the mining

life cycle to keep air emissions within acceptable limits. Our first

priority is to avoid generating emissions wherever possible.

Progress on decarbonisation initiatives has supported reductions in

air pollutants, including the installation of solar power, heat recovery

systems, and the use of renewable fuels.

Many of our hazardous emission levels have remained relatively

stable over the past 5 years (NOx, SOx, fluoride), though we have

seen a slight increase in PM10 values over the past 3 years. We aim

to reduce point source emissions by upgrading equipment with best-

available technologies and incorporating control technology

evaluations into capital projects. Proper operation and maintenance

of assets is critical to minimising emissions, though some inevitably

leave our sites. We implement and expand air monitoring networks

inside and outside our site boundaries.

Operational environment overview

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 | 2022 | 2021 |
| Significant environmental incidents<sup>1</sup> | **0** | 0 | 1 | 1 | 2 |
| Fines and prosecutions – environment ($'000)<sup>2</sup> | **1639.3** | 604.8 | 987.0 | 109.8 | 7.4 |
| Land footprint – disturbed (cumulative square kilometres)<sup>3</sup> | **1818** | 1762 | 1813 | 1775 | 1700 |
| Land footprint – rehabilitated (cumulative square kilometres) | **610** | 587 | 552 | 522 | 494 |
| Mineral waste disposed or stored (million tonnes) | **924** | 980 | 983 | 978 | 1005 |
| Non-mineral waste disposed or stored (million tonnes) | **0.77** | 0.66 | 0.73 | 0.75 | 0.65 |
| SOx emissions (thousand tonnes) | **75.2** | 73.7 | 72.8 | 66.2 | 70.2 |
| NOx emissions (thousand tonnes) | **58.7** | 55.3 | 67.2 | 64.6 | 62.3 |
| Fluoride emissions (thousand tonnes) | **2.23** | 2.40 | 2.61 | 2.36 | 2.36 |
| Particulate (PM10) emissions (thousand tonnes) | **176.2** | 168.2 | 169.5 | 146.3 | 142.3 |

---

1. Significant environmental incident is an incident with an actual consequence rating of high or very high. We measure and rate incidents according to their actual environmental and

compliance impacts using 5 severity categories: very low, low, moderate, high and very high. Very high and high environmental incidents are usually reported to the relevant product

group head and the Rio Tinto Chief Executive as soon as possible.

2. In 2025, we received environmental fines and administrative penalties relating to contaminant releases, permitting non compliances, discharge exceedances and failures to meet

regulatory requirements across several operations. At Yarwun in Australia, regulators issued two penalty infringement notices for contaminant releases involving saline effluent from a

pipeline and the discharge of bauxite washwater slurry from a wharf. In Canada, the Vaudreuil plant received non compliances under the Environmental Quality Act and hazardous

materials regulations, the Roberval/Port Alfred site was cited for delayed incident reporting, and the Arvida plant exceeded discharge criteria for toxicity and hydrocarbons and received a

non compliance relating to environmental operating conditions. Further administrative penalties were issued at Havre Saint Pierre and Lac Tio for inadequate project construction

authorisations and containment infrastructure maintenance practices, delayed reporting of permit exceedances, and unauthorized disposal of residual materials, along with federal

penalties related to 2023 effluent exceedances and sampling errors during an unauthorized discharge. In the United States, enforcement actions continued under the Wilmington

operations consent decree. Following extensive investigations at Kennecott Copper, historical permitting non-compliances related to water containment failures and upset conditions was

resolved through a monetary penalty, with no detectable contamination identified. Separately, at Rotterdam operations in Europe, a transporter was fined for non compliant hazardous

goods labelling under EU ADR regulations during shipment of product in France.

3. A reduction in cumulative disturbance from 2023-2024 is a result of the sale of Dampier Salt Limited's Lake MacLeod operation.

Note: The numbers may change year to year and retrospectively due to reconciliations of data.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 51 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Environmentally committed

Tailings

We engage with stakeholders throughout the life cycle of our tailings

storage facilities (TSFs), from design to closure. We also collaborate

closely with external bodies to improve the way tailings are

managed across our industry.

We operate 111 TSFs across our global assets. Of the 111 TSFs, 40

are active, 24 are inactive and 47 are closed.

We work through technical committees and joint venture

relationships to support leading practice in tailings management.

Our full tailings disclosure is available on our website. We

periodically update the list of TSFs to reflect operational and

ownership changes. These include changes due to the transition to

closure or remediation obligations for legacy assets, and

reclassification of facilities.

Our facilities are regulated and permitted and have been managed

for many years to comply with local laws, regulations, permits,

licences and other requirements. Tailings management has been

included in the Group risk register since 2010, and our Group safety

standard for tailings and water storage facilities has been in place

since 2015. Our internal assurance processes verify that our

managed TSFs operate in accordance with this standard, which we

updated in 2021.

Our TSFs have emergency response plans – tested through training

exercises in collaboration with stakeholders such as local

emergency services – and follow strict business resilience and

communication protocols.

**2025 progress**

We have continued to progress our implementation of the Global

Industry Standard on Tailings Management (GISTM). This focuses

on preventing tailings facility failures, reducing the social and

environmental impacts of tailings facilities, and improving

engagement and transparency on tailings with local communities.

We have also assessed our progress on implementation through

self-assessment and independent audits, using ICMM's GISTM

Conformance Protocols.

In 2025, we achieved full GISTM conformance for the "Very High"

and "Extreme" consequence classification tailings facilities, and for

the majority of the "Low", "Significant" and "High" consequence

facilities.

Our product group and Closure teams will continue to work towards

full conformance and we will report our performance yearly in

accordance with the GISTM requirements.

In August 2025, in accordance with Principle 15 of the GISTM, we

updated our public tailings disclosures for the 14 "Very High" and

"Extreme" TSFs we operate and published new information on a

further 84 tailings facilities rated "Low", "High" or "Significant".

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** see riotinto.com/tailings |

---

In 2025:

• We continued to regularly convene the Tailings Management

Committee with our designated Accountable Executives. This

provides coordinated governance of tailings management

practices across the Group.

• We continued to play an active role in the ICMM tailings working

group, which provides guidance to support the safe, responsible

management of tailings with the goal of eliminating fatalities and

catastrophic events.

Closure

We are committed to being responsible operators throughout the

entire life of our assets, delivering value at every stage – from

discovery to closure.

Today, we plan for the end right from the beginning, incorporating

closure in each stage of the asset life cycle in the way we design,

build and operate.

We work with communities, governments and other stakeholders to

complete closure activities and repurpose and renew sites for their

next use.

At the end of 2025, closure provisions on our balance sheet totalled

$17.8 billion (2024: $15.7 billion).

**2025 progress**

In 2025, we continued to advance delivery of our major closure projects

in Australia and management of our global legacy portfolio.

**Argyle diamond mine**

We continue rehabilitating the former Argyle diamond mine on

Miriwoong and Gija country in Western Australia. We have made

significant progress on reprofiling the former processing plant area,

and waste rock dumps, and capping the tailings storage facility. We

have now passed beyond 85% overall project completion, and the

removal of the Argyle mine accommodation facilities, utilities

infrastructure and airport is nearly complete.

We are continuing to review our contracting strategy to focus on

work awarded to Traditional Owner businesses, spending

A$47.1 million in 2025 (2024: A$44.9 million).

**Gove refinery and residue disposal areas**

While bauxite mining operations continue until the end of the

decade, we are progressing demolition of the Gove alumina refinery

and rehabilitation work on the former bauxite residue disposal areas

(BRDA), a type of tailings storage facility, on the lands of the Yolŋu

peoples in the Northern Territory of Australia.

In 2025, we completed demolition of the remaining large structures

of the refinery. Working with Traditional Owners, and through careful

planning, we took measures to ensure the protection of an important

cultural heritage site during demolition activity, understanding its

importance to the Yolŋu. We have processed around 127,000

tonnes of scrap steel for recycling since 2023. We continue to

advance soil remediation of the refinery site as we work towards

final landform and revegetating the area.

We are progressing rehabilitation work of the former BRDAs,

completing civil works on Pond 5 to prepare for monitoring and

maintenance, and starting work on Pond 6 South, working with a

Traditional Owner business on enabling works.

We launched a pilot housing demolition program for properties

unsuitable to be retained, to create opportunities for local builders to

develop new and diverse housing on vacant, serviced lots. Work to

upgrade services such as sewer lines, power and water

is also underway.

We are developing programs that build local capability and

resilience, including partnering with schools to offer virtual work

experience opportunities for young people.

We continue to be an active member of the Gove Peninsula Future

Reference Group along with Traditional Owners, Northern Territory

and Commonwealth governments, and the Northern Land Council,

to support planning for the region's future and helping transition to a

post-mining future.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 52 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Environmentally committed

**Ranger Rehabilitation Project**

We continue to operate under the Management Services Agreement

(MSA) with Energy Resources of Australia Ltd. (ERA) to manage the

Ranger Rehabilitation Project with oversight from the ERA board.

The former Ranger uranium mine is located on the traditional lands

of the Mirarr People in the Northern Territory. The MSA builds on

ERA's existing rehabilitation efforts and enables us to share our

technical expertise in the design, planning and execution of closure

projects, including managing stakeholder engagement and delivery

partner relationships.

Rio Tinto holds approximately 98.43% of ERA's shares and in April

2025, we began the compulsory acquisition process to acquire the

remaining shares in ERA. In May 2025, objections were lodged

during the objection period by the holders of at least 10% of the ERA

shares subject to the acquisition notice. We have applied for court

approval of the proposed compulsory acquisition of the remaining

shares in ERA, and the matter remains before the court.

In 2025, we progressed Pit 3 dry capping, installing geotextile

and beginning the initial dry capping layers. We continue to

face challenges in drying the tailings surface and are assessing

engineering options and solutions to continue the capping

works in 2026. Other aspects of the project are making good

progress including environmental management, regulatory

approvals, stakeholder engagement, land tenure negotiations

and technical studies.

We remain committed to the rehabilitation of the Ranger Project

Area to a standard that will establish an environment similar to the

adjacent Kakadu National Park, a World Heritage site. We continue

to work with all key stakeholders, including the Mirarr People, to

complete this important rehabilitation project.

**Legacy assets**

We manage over 90 legacy assets in 9 countries and 30 tailings

storage facilities (TSF) across our portfolio.

We have achieved safe closure status at Argyle TSFs ATD 1, ATD 2

and ATD 3 at the former Argyle Diamond Mine in Western Australia

and the Kelian in-pit TSF at Kelian in Indonesia. At Holden and

Ridgeway in the US, Kelian Namuk in Indonesia, and Segoussac in

France, TSF risks are considered as low as reasonably practicable,

demonstrating improvement in risk management.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on tailings management, see page [51](#i12f49a511d964a1c9957eecc8c171112_3000). |

---

We continue to progress execution and enabling work across the

global legacy portfolio to meet our commitments. In 2025:

• We started phase 2 of our rehabilitation work at Dammarie-lès-

Lys in France. Work includes removal of contaminated soil,

enabling the site for repurposing. To reduce impacts due to dust,

noise and traffic to the nearby community, work will be completed

under a tent.

• We restarted rehabilitation work at Salindres in France. Work

includes land shaping, reinforcement of a dyke, capping and

improved water management.

• We progressed regulatory approval for our remediation plan at

Beatson, a series of former copper mines in Alaska, US, which

enables us to prepare for execution.

• We continued to review our portfolio for commercial opportunities,

completing the surrender of the lease of land at the Anglesey site

in Wales, UK. This site is a former aluminium smelter

decommissioned in 2013, with voluntary remediation works

completed from 2018 to 2024, enabling the area for

redevelopment.

**Our approach**

Where relevant, all of our operating sites have closure plans, and

we are developing closure plans for assets that have an indefinite

life, such as some port facilities. We review these plans regularly to

align with stakeholder expectations and to incorporate lessons

learned from other closure projects. At operations with joint

ownership structures, we endeavour to work in partnership with

other asset owners to ensure we consider closure through asset

design, planning and operations. Further review and update of

closure planning at Arcadium assets will be carried out to ensure

they are consistent with Rio Tinto requirements.

While planning for closure currently starts when we first design a

mine, we start more detailed planning at least a decade before we

expect an operation will close.

In 2025, we met our guidance provided to the market in 2024,

spending ~$1 billion on closure activities as we progressively

rehabilitate our operations and progress work at Argyle, Ranger, the

Gove alumina refinery and legacy sites.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our closure risks see page [96](#i17e516b0a63e4823a0702eef50a2b314_0-0-1-1-5915244), and for <br>more on closure provisions and financial statements, see page [163](#i6f3b63d0dbf945bc8ec90500c96572e5_7566).<br>|

---

**Partnering for the future**

We work to solve the challenges of the future to reduce our liabilities

and create better outcomes.

We continued partnering with research and academic organisations,

start-ups and technology solutions providers to

find better ways to close and repurpose our assets. These include

opportunities to reprocess mineral and industrial residues,

selectively recover minerals from mine-influenced waters, augment

our knowledge base for closure, and improve execution and

monitoring of rehabilitation and revegetation.

• We continued our partnership with SiTration, a Massachusetts

Institute of Technology mining start-up, to remediate and unlock

value from mine-influenced waters.

• We have been collaborating with the Australian National

University to develop an advanced filtration system, inspired by

nature, that can recover critical resources such as copper and

lithium from mining wastewater, while simultaneously turning dirty

water into clean water.

• We have been working with university partners in Europe to

recover critical minerals and remediate alkaline seepage from

bauxite residue deposit areas.

• We have been trialling AI-driven workflows and remotely operated

platforms to help us track our progress and predict trajectories

towards rehabilitation and closure completion criteria on mine

sites, combining in situ and remote sensing.

![Climate-divider.jpg](rio-20251231_g70.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 53 | riotinto.com |

---

Strategic report \| Our approach to sustainability

Climate

The commodities we produce are essential to the global energy transition. As demand for these

materials grows, so too does the importance of ensuring that climate-related risks and opportunities

are appropriately addressed across our business.

2025 at a glance

---

| | |
|:---|:---|
| **Gross Scope 1 and 2 GHG** <br>**emissions (adjusted equity basis)**<br>31.5 Mt CO2e<br>(2024: 31.7 Mt CO2e)<br>| **Scope 3 GHG emissions**<br>575.7 Mt CO2e<br>(2024: 569.8 Mt CO2e)<br>|
| **Electricity from** <br>**renewable sources**<br>77%<br>(2024: 78%)<br>| **Total decarbonisation** <br>**spend**<br>$612m<br>(2024: $589m)<br>|

---

Delivering on our climate commitments is central to strengthening

resilience and economic performance as we work to become the

most valued metals and mining company. Our Climate Action Plan

(CAP) remains at the heart of this mission, guiding our strategy to

grow production of materials essential for the energy transition,

decarbonise our operations, and support our partners in reducing

value chain emissions. It also reflects our commitment to a just

transition for the communities where we work and to grow

responsibly in a changing world.

Our updated 2025 CAP provides an overview of our climate change

strategy, commitments, targets, and forward-looking plans. It builds

on our 2022 CAP and reflects our commitment to transparency,

disciplined investment and long-term value creation. The 2025 CAP

was approved by shareholders at our 2025 AGM and is integrated

into our *2024 Annual Report*. It is also available online at

riotinto.com/climatereporting.

This section of the Form 20-F provides an update on our progress

against the 2025 CAP. It outlines the actions we have taken across our

operations and value chains, the emissions reductions achieved, and

the abatement projects we have committed to.

The climate change targets and commitments published in our 2025

CAP are unchanged. Our ambition is to grow total production by

~3% per year on a copper equivalent basis<sup>1</sup>, while targeting a 50%

reduction in our net Scope 1 and 2 emissions by 2030 (relative to

2018 levels) and reaching net zero by 2050.

We have updated our capital expenditure guidance to principally

reflect the slower pace of commercially viable technology

development that we, our industry, and the world has experienced in

hard-to-abate sectors. Pre-2030 abatement is therefore expected to

be predominantly delivered through low-capital solutions and proven

technologies.

Our pathway to a 50% reduction in our Scope 1 and 2 emissions by

2030 primarily relies on commercially available solutions such as

renewable energy contracts and is contingent on advancing viable

solutions for our Pacific Aluminium smelters (BSL and Tomago),

where discussions are progressing but are finely balanced.

To support this, we are actively working with the federal and state

Australian governments to secure a long-term, low-carbon future for

the aluminium industry, with discussions ongoing. Any delay in

concluding these discussions or delivering these projects may

impact our ability to meet our 2030 target within this decade.

At the same time, we are collaborating with industry and

government partners on pilot and demonstration technologies

expected to deliver significant emissions reductions beyond 2030,

including ELYSIS<sup>TM</sup>, hydrogen calcination, battery electric haul

trucks and double digestion. These projects are progressing and we

hope they are able to meaningfully contribute to long-term

decarbonisation, though the pace of global technology development

and the need for commercial viability remain essential

considerations. Further details on our abatement pathways and our

full CAP progress report can be found on pages [58](#i84667edf2ecf45fb90ce1fb4ee0172ce_5901)-[72](#i325ffd14c2cd44c89370a3a935f69040_77787).

Looking ahead, we will continue working with partners and

governments to advance and deploy transformational technologies

and solutions. Our approach will remain disciplined, balancing

innovation with commercial feasibility, and we will support these

efforts through capital and operational expenditure.

Addressing climate risks and opportunities is critical to maintaining

resilience, creating value, and meeting the expectations of our

stakeholders. We will continue to work towards delivering our 2030

and 2050 emissions targets through commercially viable solutions,

while supporting regional development, a just and orderly transition,

and the production of materials vital for the global energy transition.

**Our reporting framework**

Under Chapter 2M of the Australian *Corporations Act 2001*, our

climate reporting complies with the Australian Accounting Standards

Board (AASB)'s S2 Climate-related Disclosures, which is the

mandatory Australian Sustainability Reporting Standard (ASRS). It

also meets UK Listing Rule 6.6.6R and the Climate-related Financial

Disclosure (CFD) Regulations 2022. It is consistent with all 11 Task

Force on Climate-related Financial Disclosures (TCFD)

recommendations and all 8 CFD requirements.

Our reporting is also guided by the Transition Plan Taskforce (TPT)

Framework and the CA100+ Net Zero Company Benchmark and

their Standard for Diversified Mining.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | Our full Directors' declaration on climate can be found on page [71](#i325ffd14c2cd44c89370a3a935f69040_77785). |

---

1. Ambition for compound annual growth rate (CAGR) for copper equivalent production is

from 2024 to 2030F.

![Climate-divider-diagram.jpg](rio-20251231_g71.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 54 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Preparing for the impact of climate change

Our portfolio is built around the materials essential for a low-carbon

future. Copper, lithium, aluminium and iron ore are fundamental to

renewable energy infrastructure, electric vehicles, and energy

storage solutions. The energy transition will drive significant demand

for these critical minerals and our ambition remains to grow their

production.

Although climate change presents clear growth opportunities for our

commodities, it also presents physical and transition risks to our

portfolio. The transition to a low-carbon economy impacts the

commodities we produce and how they are processed in our value

chains – particularly for carbon-intensive steel and aluminium.

Carbon pricing mechanisms currently apply to parts of our

operations and to some of our customers. If climate policy ambition

increases globally, this may affect our operational costs, market

dynamics and technology development.

Physical risks such as extreme weather events, rising sea levels and

temperature fluctuations can disrupt our supply chains, damage

infrastructure and impact the availability and cost of raw materials.

We use scenarios to identify and assess risks and opportunities,

including those related to climate change, that may affect our

business in the short, medium and long term. The impact of climate

change is recognised as a material risk within our Group risk

management framework and underpins our overall strategy.

Our CAP is structured to address these risks alongside other

material climate change-related physical and transition risks that

contribute to our material risk. A summary of the material climate

change-related risks and opportunities (CROs) relevant to our

business is set out below.

Effectively managing these CROs is essential to safeguarding our

operational resilience, sustaining stakeholder trust, and positioning

ourselves for long-term success in a low-carbon economy.

Coordinated global action, supported by enabling policy frameworks,

clean energy infrastructure, and technological innovation, is required

to achieve a net zero future. Our climate transition plan is grounded

in a clear understanding of the associated challenges and

opportunities.

While business plays a critical role in managing climate risks,

government support is required to accelerate progress through

targeted policies, streamlined regulations, and incentives that

support early movers and industrial transformation. Measures such

as tax credits, efficient permitting systems, and public-private

research and development partnerships are essential to unlock low-

emissions technologies, particularly in hard-to-abate sectors.

---

| | |
|:---|:---|
| **Climate-related risks and opportunities** | **Actions underway** |

---

---

| | | |
|:---|:---|:---|
| **Energy** <br>**transition** <br>**commodity** <br>**demand**<br>| Customer interest in materials required for the energy transition <br>is accelerating demand for critical minerals such as copper, <br>aluminium and lithium. This presents an opportunity to <br>strengthen our portfolio and capture growth in markets <br>prioritising decarbonisation.<br>| •Grow in production of materials essential for <br>the energy transition<br>|
| **Global** <br>**technology** <br>**development**<br>| Low-emissions technologies will support emissions abatement, <br>improve efficiency, and enhance competitiveness. However, <br>uncertainty in deploying breakthrough technologies at scale <br>creates risk, as hard-to-abate emissions could remain exposed <br>to carbon pricing for an extended period. Solutions such as <br>ELYSIS™ and hydrogen-based processing offer potential to <br>address these emissions, but scaling at pace in a cost <br>competitive manner is critical to meet long-term goals.<br>| •Develop low-emissions technologies for <br>minerals and metals processing, refining <br>and smelting<br>•Transition to low-emissions mining vehicles <br>or fuel supply<br>|
| **Climate policy** <br>**and regulation**<br>| Increasingly stringent and uneven climate change-related <br>policies are driving higher compliance costs and impacting <br>competitiveness, particularly in jurisdictions where carbon <br>pricing mechanisms are in place. Our reliance on fossil fuels <br>exposes us to rising liabilities and operational costs as <br>emissions frameworks tighten.<br>| •Reduce emissions from our own operations<br>•Partner to decarbonise our value chains<br>•Actively engage on climate change and <br>energy policy aligned with net zero ambition<br>•Increase renewable power<br>•Invest in a portfolio of high-integrity voluntary <br>and compliance carbon credits<br>|
| **Social licence** <br>**and ability to** <br>**access ore** <br>**bodies**<br>| Decarbonisation, and meeting stakeholder expectations for a <br>just transition, are increasingly becoming a prerequisite for <br>securing approvals and maintaining stakeholder trust. Failure to <br>act could result in project delays, increased costs and reduced <br>access to resources as expectations for environmental and <br>social performance intensify. <br>| •Community engagement and social <br>investment<br>•Embed just transition principles in our <br>decarbonisation strategy<br>|
| **Acute and** <br>**chronic** <br>**physical risks**<br>| Extreme heat: rising temperatures and frequent heatwaves <br>impact worker safety, reduce productivity, increase cooling costs <br>and accelerate infrastructure wear.<br>Extreme rainfall, flooding, sea level rise and cyclones: severe <br>weather events and coastal flooding damage infrastructure, disrupt <br>operations and supply chains and impact closure planning due to <br>erosion, instability and asset inundation.<br>Water scarcity, drought and wildfire: dry conditions reduce water <br>availability for operations, increase competition for resources, <br>raise wildfire risks to infrastructure and safety and impact <br>closure planning.<br>| •Enhance our physical resilience to a <br>changing climate, supporting the viability of <br>our assets, our people and communities<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 55 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Scope 1 and 2 emissions: Reduce emissions from our own operations

We aim to reduce our net Scope 1 and 2 emissions by 50% by 2030 (relative to 2018 levels), and to

reach net zero by 2050.

**Our approach to emissions reduction**

We are committed to reducing our operational greenhouse gas

emissions in line with the principles of the mitigation hierarchy,

which prioritises direct abatement of emissions over the use

of offsets and other non-direct abatement tools.

We aim to reduce our net Scope 1 and 2 emissions by 50% by 2030,

relative to a 2018 baseline, and limit the contribution of carbon credits to

10% of that baseline. To ensure comparability over time and reflect

genuine progress, we adjust our 2018 baseline to exclude emissions

reductions resulting from divestments and to incorporate emissions

associated with acquisitions.

Our decarbonisation efforts are focused on reducing operational

emissions from electricity use by deploying renewable electricity

solutions, fuel consumption by transitioning mining operations away

from diesel, and reducing process heat emissions in smelting and

refining through energy efficiency improvements and emerging

technologies.

While our asset portfolio has evolved as we shift towards transition

materials, the emissions profile by commodity has remained

relatively stable. Approximately 77% of our Scope 1 and 2 emissions

originate from our Aluminium & Lithium business which is highly

energy-intensive.

**Reduction progress and challenges** 

Our 2025 gross Scope 1 and 2 greenhouse gas emissions (adjusted

equity basis) were 31.5 Mt CO₂e, a reduction of 0.2 Mt CO₂e from

the previous year. Reductions were driven by the increased use of

renewable diesel at Kennecott offset by higher emissions from

increased production, particularly in iron ore and copper.

As of 2025, our gross adjusted Scope 1 and 2 emissions are

14% below 2018 levels. After applying high-integrity offsets,

our net adjusted Scope 1 and 2 emissions are 17% below our

baseline. Overall reductions were primarily achieved through

renewable energy contracts including the use of unbundled

renewable energy certificates in regions where new energy is under

development.

We retired approximately 1.01 million Australian Carbon Credit Units

(ACCUs) to meet our 2024 Safeguard Mechanism compliance

obligations, compared to the anticipated 1.1 million ACCUs.

Final safeguard liability and surrendered ACCUs for financial years

2024-2025 were less than the planned reported values, therefore

the net emissions number and carbon credits have been restated.

For 2025, we expect to retire approximately 1.17 million ACCUs to

meet our compliance obligations. ACCUs retired under the

Safeguard Mechanism are counted toward our net emissions

number after passing our due diligence assessment, including

meeting our high-integrity criteria. This information is available at

riotinto.com/naturesolutions.

Delivering reductions in absolute emissions requires additional

abatement to cover organic growth from production growth and

increasing work indexes. Production growth can come through

brownfield expansions such as in the Pilbara or greenfield

developments like Simandou.

Work index growth, a measure of productivity that is typical for the

mining sector, is a result of our existing mining operations facing longer

haul distances and declining ore grades, requiring additional energy to

achieve the same level of production output.

Delays may arise from engineering and construction challenges, the

pace of technology development, and the need to balance

decarbonisation with community and stakeholder expectations as

well as disciplined capital allocation.

Despite this, we are making measurable progress towards achieving

our targets and investing towards future abatement.

**Looking ahead**

We recognise that abatement progress will not be linear. The

biggest driver of this is the repowering of the Pacific Aluminium

operations, our largest source of emissions, and planned for the end

of the decade. The schedule is contingent on finalising full

competitive solutions for the smelters. Discussions with state and

federal governments and energy contracting partners are ongoing.

In response to these challenges, we continue to work closely with

partners, governments, and other stakeholders to advance

abatement opportunities.

Our strategy also includes advocating for climate action-aligned

policy, enhancing resilience to physical climate change risks, and

embedding just transition principles in our engagement with

communities and host countries.

See our roadmap to 2030 and 2050 on pages [56](#i5384bd6913c54547af9d3e20749fb8ec_2148) and [57](#i8f14999d7f304baabc8464323b7e662f_4433) for

more detail.

**2025 gross Scope 1 & 2 GHG emissions**

(31.5 Mt CO2e, adjusted equity basis)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Electricity generation**<br>**and purchase**<br>40%<br>| **Anode**<br>**reductants**<br>21%<br>| **Stationary heat**<br>**and steam**<br>23%<br>| **Mobile and** <br>**transport fuels**<br>13%<br>| **Other** <br>**emissions** <br>3%<br>|

---

![4718](rio-20251231_g72.gif)

![4719](rio-20251231_g73.gif)

![4720](rio-20251231_g74.gif)

![4721](rio-20251231_g75.gif)

![4722](rio-20251231_g76.gif)

● Aluminium & Lithium

● Copper

● Iron Ore

● Other

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 56 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Our roadmap to 2030

Between now and 2030, the most significant opportunities to reduce

our Scope 1 and 2 emissions are to switch the electricity we

generate and purchase to renewables and to address process heat

emissions from our alumina refineries.

Our 2030 pathway prioritises proven, cost-effective solutions such

as power purchase agreements (PPAs) and other structural

abatement measures, while using unbundled renewable energy

certificates (RECs) as a transitional option in the short term.

Our single largest lever to meet our 2030 target of a 50% reduction

is repowering our Boyne and Tomago aluminium smelters in our

Pacific Aluminium Operations portfolio, which together account for

one quarter of our emissions and are critical to our decarbonisation

pathway.

Beyond smelter repowering, we are progressing other key projects

in our pipeline, including renewable electricity contracts, and

processing heat reduction initiatives such as Queensland Alumina

Limited's double digestion project, and the use of biocarbon. These

efforts are essential to meeting our 2030 target while

accommodating organic growth, which represents around 1.5 Mt

CO2e against our baseline.

We also expect to use high-quality carbon credits from nature-based

solutions towards our 2030 Scope 1 and 2 net emissions target,

limiting their contribution to 10% of our 2018 baseline emissions.

Our emissions reporting will continue to transparently distinguish

between our gross operational emissions and net emissions for the

Group, and disclose the volume and type of carbon credits retired, in

line with transparency standards.

Further required details on our methodology and approach are set

out in the Climate-related metrics and data section on pages [81](#i6e24f352bf2243f482bd1df1b3ce01ce_208)-[86](#ie303af95376c4ed99d66bf4abbef8d9a_0-0-1-7-5910999).

Additional supporting material is available in the *Scope 1, 2 and 3* 

*Emissions Calculation and Climate Methodology - 2025 Addendum*,

available at riotinto.com/climatereporting (pages 1–3).

**Repowering Pacific Aluminium Operations**<br>The repowering of Boyne Smelter (BSL) is an opportunity to <br>showcase how a large-scale industrial asset can transition to a <br>renewable energy solution. We have already contracted 2.7 GW <br>of renewable generation and 540 MW of battery storage through <br>power purchase agreements (PPAs), demonstrating our <br>commitment to Boyne Smelter's future. Currently, all contracted <br>projects remain in project development phases, and we continue <br>to monitor them as they progress towards final investment <br>decisions. Once operational, the contracted projects could <br>supply approximately 80% of BSL's annual average electricity <br>demand, enabling a projected 70% reduction in the smelter's <br>Scope 1 and 2 emissions.<br>Securing an economically viable future for BSL still requires <br>contracting additional energy and storage, as well as support <br>from state and federal governments. We are continuing to <br>actively engage with both state and federal governments. <br>Earlier this year, we announced that Tomago faced the risk of <br>closure before 2030 due to challenges in securing a competitive <br>energy solution after its current electricity contract expires. <br>Following constructive engagement, Tomago Aluminium has <br>welcomed a joint announcement by the federal and New South <br>Wales Governments to explore a new pathway for reliable, long-<br>term, and competitively-priced energy beyond 2028, <br>underscoring a shared commitment to maintaining local <br>manufacturing capability in Australia.<br>Repowering is not a simple task. Whilst we are working hard to <br>secure our pathway to repower both smelters before 2030, <br>delivering the solutions successfully requires significant <br>transmission infrastructure, supportive policy frameworks and a <br>competitive renewable energy investment environment. Each of <br>these factors have associated risks which, if realised, may <br>impact our ability to implement the repowering solution, <br>potentially leading to delays in emissions reduction.<br>

**Pathway to 2030 target**

(Mt CO2e, adjusted equity basis)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ●  | Pacific Aluminium <br>Operations repowering<br>| ●  | Renewable Energy | ●  | Diesel Transition | ●  | Minerals Processing  | ●  | Alumina Processing  | ●  | Aluminum Anodes | ●  | Nature-based <br>solutions<br>|

---

![RIO160_Pathway-to-2030-target-VR2.jpg](rio-20251231_g77.jpg)

Note: The pathway to 2030 is contingent on individual project investment decisions as well as obtaining necessary government and regulatory approvals.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 57 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Our roadmap to 2050

We have a roadmap to achieve net zero operational emissions

by 2050. This is a significant challenge for Rio Tinto, our industry

and the world, reflecting the need to replace long-established

industrial processes with new technologies that are not yet proven

or available at industrial scale. Addressing this challenge will require

collaboration and supportive policy settings to enable the

development and future deployment of low-emissions technologies.

This next phase of decarbonisation is expected to rely on more

capital-intensive technologies with higher marginal abatement costs.

These initiatives are focused on our most challenging sources of

operational emissions, and while outcomes remain uncertain, we

continue to support their development through targeted investment

and collaboration. Many of these technologies remain at pilot or

demonstration stage and are not yet ready for deployment at

industrial scale. As these solutions develop, we will continue to

consider their commercial viability ahead of any future adoption.

We are progressing a range of pilot and demonstration projects,

working in partnership with original equipment manufacturers

(OEMs), governments and research organisations. In aluminium, we

are advancing ELYSIS™, a breakthrough technology designed to

eliminate all direct greenhouse gas emissions from the smelting

process. In alumina refining, we are piloting hydrogen-based

process heat through the Yarwun Hydrogen Calcination Pilot in

Queensland. If successful, this could replace natural gas with green

hydrogen. We are also undertaking fleet electrification trials across

parts of our operations.

Our capital allocation and guidance for decarbonisation has been

revised to reflect the technical maturity, feasibility, and progress of

projects to date. Investment continues to prioritise options with a

credible pathway to scale, while supporting targeted pilot and

demonstration activities to develop future abatement solutions.

However, these breakthroughs may not all turn out to be scalable

and competitively deployable. Given the uncertain timing of suitable,

proven and commercial-scale technology, our roadmap to 2050

allows for future opportunities to be defined post-2040.

**Group decarbonisation pathway**<sup>1, 2</sup>

(Mt CO2e, adjusted equity basis)

![RIO160_2025-Net-Zero-Chart.jpg](rio-20251231_g78.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ●  | Electricity | ●  | Diesel | ●  | Processing | ●  | Land management  | ●  | Nature-based solutions | ●  | Organic growth without decarbonisation<sup>3</sup> |

---

1. Totals shown represent 2018 baseline emissions, adjusted in 2025 to reflect QAL participation changes due to tolling arrangements (80% to 100%), as well as other equity share

changes and acquisitions.

2. The net zero Pathway is contingent on individual project investment decisions as well as obtaining necessary government and regulatory approvals.

3. Baseline emissions extended post-2040 using assumed asset life extensions.

4. Represents net emissions reduction vs 2018 baseline.

**Carbon removals**

By 2050, small sources of hard-to-abate emissions may remain, and

we will therefore rely on some carbon removals to achieve net zero.

This may be through natural or technological removals and storage.

In the short to medium term, we are investing in high-integrity

nature-based solutions in the regions where we operate, and will

voluntarily retire carbon credits to complement other decarbonisation

investments. In the medium to long term, technological removals

may offer a more permanent solution to any remaining emissions

from fossil fuel consumption. We are also exploring the potential

of carbon capture and mineralisation technologies.

In early 2025, we signed a partnership agreement with Hydro

(Norway) to identify and evaluate carbon capture technologies

for future implementation in the aluminium smelting process.

Separately, in partnership with Carbfix, we are exploring a pilot

project to capture carbon dioxide (CO₂) from the atmosphere

and convert it to solid minerals before storing it underground at our

ISAL smelter using their technology. The project is in its early stages

and would involve binding up to 200 tonnes of CO₂ over

a 12-month period, with system delivery targeted for early 2027.

If successful, the project could pave the way for further trials to

capture and store emissions from the aluminium plant itself. Carbfix's

process converts CO₂ into solid minerals in volcanic rock, providing a

safe and permanent storage solution.

This initiative represents an important step toward developing

innovative approaches to reduce emissions and support long-term

climate goals.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 58 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Capital allocation and investment framework

**Group capital allocation**

In the medium term, we will invest up to $10 billion (in real terms)

annually in sustaining, replacement and growth capital to ensure the

continued supply of materials, including those that are essential to

the energy transition. This investment underpins our commitment to

meeting growing demand for critical resources while maintaining

operational resilience and long-term value creation.

**Decarbonisation capital allocation**

Our decarbonisation investment is derived from the Group's capital

allocation framework and aligned to our 2030 Scope 1 and 2

emissions targets.

Decarbonisation investment decisions are made under a dedicated

evaluation framework which considers the impact of the investment

on shareholder value, asset cost base, level of emissions

abatement, maturity of technology and delivery risk, competitiveness

of the investment as per the marginal abatement cost curve

(MACC), external benchmarks, policy context, and alternative

options on the pathway to net zero. Projects are also assessed

against our approach to a just transition, with the impact on

employees, local communities and industry considered. Governance

of decarbonisation investments depends on the nature and size of

the project and is consistent with our broader investment decision-

making approach.

We expect pre-2030 abatement projects predominantly to be

delivered through low-capital solutions and proven technologies,

while post-2030 abatement projects are generally characterised as

high-cost, capital-intensive projects that require technological

breakthroughs.

Our total decarbonisation spend<sup>1</sup> for 2025 was $612 million (2024:

$589 million). This included capital expenditure, investments and

carbon credits of $182 million (2024: $283 million), and operational

expenditure of $430 million (2024: $306 million).

**Capital and operational expenses: Scope 1 and 2 project** 

**spend and carbon credits**

$ million

![1973](rio-20251231_g79.gif)

● Processing minerals and metals

● Renewable electricity

● Diesel transition

● Nature-based solutions and carbon credits

● Other

Note: The above does not represent total decarbonisation spend, as it reflects only costs

related to Scope 1 and 2 project spend and carbon credits. Team costs, investments and

Scope 3 expenditures are excluded. Additionally, 2024 decarbonisation spend, as

presented in the graph above, has been revised to include additional relevant

decarbonisation-related costs.

**2030 decarbonisation spend and capital guidance**

We have a pathway to deliver on our 2030 decarbonisation targets,

supported by low-capital solutions. Our current pipeline indicates

that <10% of our required abatement to 2030 will require capital

expenditure.

Our updated capital expenditure forecast is now $1-2 billion to 2030,

a reduction from the previously issued range of $5–6 billion. This

includes $0.6 billion in the period 2025-2027. The guidance includes

voluntary carbon credits and investment in nature-based solutions

projects but excludes the cost of carbon credits purchased for

compliance purposes.

In addition to leveraging commercially available solutions, the

reduction reflects the slower pace of commercially viable technology

development in the hard-to-abate sector, with low-emissions

technologies globally taking longer to mature than anticipated.

Before large-scale deployment, these solutions must demonstrate

both technical performance and commercial viability. While we have

made progress through trials and development such as

BlueSmelting™, hydrogen calcination, ELYSIS™, Évolys™, and

battery electric haul trucks, current efforts remain focused on

proving feasibility ahead of progressing industrial-scale

implementation.

We will invest wisely when technology is available to support the scale of

our business. As a result, major capital investment initially expected by

2030 for ELYSIS™, alumina process heat electrification, and self-

generated renewable diesel expansion initiatives will be considered

post-2030 when technology is available and can be commercially

deployed. We remain committed to long-term emissions reductions and

supporting solutions which can deliver large-scale, industrial investment

and deployment.

This refined approach supports our near-term targets while

preserving optionality for longer-term technological breakthroughs. It

also aligns with our Group strategy of focused capital deployment –

balancing stakeholder expectations, emissions reduction, capital

efficiency, and commercial viability.

**Path to 2030 and beyond**

While the feasibility of converting pilot projects in hard-to-abate

sectors to full-scale implementation will need to be considered and

aligned to the strategic needs of the Group, we recognise the

importance of transformational projects and their contribution to

decarbonising our operations. Although certain projects are

generally expected to contribute to post-2030 abatement, research

and development spend continues to be factored into our capital

guidance and we will continue to assess the viability and possibility

of low-emissions technologies.

Our strategy remains focused on delivering a net zero pathway that

manages exposure to volatile fossil fuel prices, supports

long-term energy security, maintains optionality and mitigates the

cost impact of current and potential future carbon pricing.

**Decarbonisation through partnerships**<br>While our capital allocation framework underpins the <br>decarbonisation of our portfolio, direct capital expenditure does <br>not necessarily correlate with emissions abatement. <br>Our strategy leverages partnerships with energy developers, <br>enabling a low-capex pathway through long-term PPAs. These <br>commitments are expected to underwrite up to $8.5 billion in <br>competitive greenfield energy projects, subject to final <br>approvals and successful delivery.<br>Delivering on our decarbonisation ambitions requires more than <br>investment; it requires collaboration with governments, industry <br>bodies and policy makers to ensure enabling pathways are <br>available.<br>A key example is repowering our Pacific Aluminium Operations, <br>where securing a commercially viable future for BSL still <br>requires support from state and federal governments. We are <br>continuing to actively engage with both, including on initiatives <br>such as the A$2 billion Green Aluminium Production Credit <br>scheme announced in January 2025.<br>

1. Decarbonisation spend refers to the total cost of delivering our global decarbonisation

projects, nature-based solutions, and select Scope 3 activities. Expenditure must be incurred

for decarbonisation purposes and can be either capital or operating in nature, based on

financial accounting principles (whereas capital expenditure guidance relates to capital

investment only). It includes costs related to the purchase of offsets, renewable energy

certificates, decarbonisation team costs and external decarbonisation investments.

Decarbonisation spend forms a key component of our strategy for managing climate change-

related transition risks and opportunities.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 59 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

2025 Climate Action Plan update

We continue to implement our CAP, progressing toward our 2030 target

and 2050 net-zero ambition across our operations.

This section provides an overview of 3 key areas: our achievements to

date, the challenges we face, and our path forward as we continue to

accelerate decarbonisation across our portfolio.

Our Global Decarbonisation Programs (GDPs) target all sources of

carbon emissions in our business.

These programs are complemented by investment in nature-based

solutions and the purchase of high-quality carbon credits.

We recognise that technical challenges, infrastructure constraints,

and the need to balance ambition with transitioning in a fair and

equitable way may cause delays. Success also depends on

supportive policy and regulatory frameworks that accelerate

progress toward shared net zero goals. Trials of low-emissions

technologies are complex and costly, and scaling them requires

incentives, streamlined systems, and collaboration with

governments, technology partners and OEMs.

While the journey presents challenges, each step provides valuable

lessons that strengthen our approach. We continue to apply these

learnings across our portfolio and remain focused on reducing

emissions, creating value, and delivering regional benefits –

ensuring our transition supports strong, resilient communities.

**2025 performance and key achievements**![](rio-20251231_g80.gif)

**Jinbi PPA:** An agreement to secure energy from a 75 MW solar

farm, being developed by Yindjibarndi Energy Corporation, through

the Jinbi PPA, has now been finalised. With first power expected in

2028, this project represents a new way of working for our Pilbara

grid and is a landmark partnership with Traditional Owners. Located

on a greenfield site within Yindjibarndi Native Title Determination

Areas, the project includes a 75 MW solar array with the potential to

incorporate battery energy storage systems (BESS). Subject to state

agreement and joint venture partner approvals, Jinbi will connect

directly to our existing transmission infrastructure, providing

renewable power to support our operations. This is an important

step toward integrating large-scale renewables into our network and

strengthening relationships with communities.

![](rio-20251231_g81.gif)

**BSL repowering:** We have continued the progress of procuring

renewable energy and storage projects to supply power to BSL

beyond 2029. Finalisation of the repowering solution requires further

renewable energy and storage procurement, agreement with BSL

joint venture participants as to the future operating arrangements,

and conclusion of support arrangements with the Queensland and

Australian Governments.

In February 2025, we executed 2 hybrid services agreements with Edify

Energy for the Smoky Creek and Guthrie's Gap Solar Power Stations.

Together, these will form a 600 MW solar farm paired with a 2,400 MWh

BESS. Under the agreements, we will purchase 90% of the electricity

and battery storage capacity generated by the projects over a 20-year

term. Combined with the 2.2 GW of renewable energy PPAs announced

in 2024, we have contracted a total of 2.7 GW of future renewable

energy capacity in Queensland. Currently, all contracted projects remain

in project feasibility study phases, and we continue to monitor them as

they progress towards final investment decisions and financial close.

There are risks to project schedule for some projects in the renewables

portfolio, which could have implications for our ability to achieve our

repowering objectives ahead of 2030. Once operational, the contracted

projects could supply approximately 80% of BSL's annual average

electricity demand, enabling a projected 70% reduction in BSL's Scope

1 and 2 emissions.

Following the announcement of initial support arrangements with the

Queensland Government in 2024, and the Australian Government's

announcement of the Green Aluminium Production Credit scheme,

we have continued to work collaboratively with the Queensland and

Australian Governments to realise and conclude these support

arrangements, where discussions are progressing but are finely

balanced.

![](rio-20251231_g81.gif)

![](rio-20251231_g81.gif)

**Tomago repowering**: In December 2025 we announced that Tomago

was engaging with the federal and New South Wales governments to

support the provision of an internationally competitive energy supply for

the smelter. The details of these arrangements remain under

consideration and will be finalised if and when binding agreements are

executed. The ultimate implications for the smelter, including the timing

of any transition, its future emissions profile and the ability to achieve our

PacOps repowering objectives ahead of 2030 remain subject to these

discussions.

**Oyu Tolgoi battery swap:** We started our first trial of battery swap

electric haul trucks in surface mining at the Oyu Tolgoi copper mine

in Mongolia, in partnership with China's State Power Investment

Corporation (SPIC) Qiyuan. The trial includes eight 91-tonne trucks

supported by 13 high-capacity 800 kWh batteries, a battery

swapping station, static charger and charging infrastructure.

Following successful Factory Acceptance Testing and

commissioning in October, the trucks will now be used for tailings

storage facility construction and topsoil transportation tasks,

providing us with hands-on experience operating and maintaining a

complete battery electric truck and swap charging system. This

marks a significant step in enabling a reduction in emissions from

haulage, one of Rio Tinto's largest sources of Scope 1 and 2

emissions, while gaining operational insights into battery electric

systems. The swap technology enables battery replacement in

under 7 minutes, minimising downtime and enhancing efficiency.

The trial will run through 2026 and inform broader adoption across

our global fleet, particularly among the 100 small- to medium-class

haul trucks (100-200 tonne payload).

![CAP-001.jpg](rio-20251231_g82.jpg)

**Évolys™:** We completed the construction and commissioning of

Évolys™, our joint venture with Aymium to produce biocarbon from

biomass residues. The project will assist in reducing emissions in

ilmenite smelting by replacing anthracite with a sustainable

alternative. Operational readiness activities are in progress and the

site is now prepared for full-scale production. Évolys™ strengthens

our ability to decarbonise critical minerals processing and

demonstrates how innovation and partnerships can deliver low-

carbon solutions for hard-to-abate processes. The focus is now on

diversifying biocarbon customers to unlock potential development

for expansion.

![](rio-20251231_g83.gif)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 60 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Yarwun Hydrogen Calcination:** Construction and

commissioning of the Yarwun Hydrogen Calcination

Pilot have now commenced, marking an important

milestone in our efforts to decarbonise alumina

refining. Through our partnership with Sumitomo

Corporation and the Australian Government

(through the Australian Renewable Energy Agency

(ARENA), and Central Queensland Hydrogen hub),

we have constructed a 2.5 MW electrolyser and

have retrofitted one of Yarwun's 4 calciners to

operate with a hydrogen burner. The pilot is

demonstrating the viability of using hydrogen in the

calcination process and is an important step toward

reducing emissions in one of the most energy-

intensive stages of alumina production. Commercial

deployment at scale will depend on the availability

of low-cost renewable hydrogen. If successful, this

project could pave the way for broader global

adoption of hydrogen-based calcination technology.

![CAP-002.jpg](rio-20251231_g84.jpg)

![](rio-20251231_g85.gif)

**Continued progress towards our 2030 targets**![](rio-20251231_g81.gif)

**Renewables:** Meaningful progress was achieved across our

renewable energy portfolio in 2025. At Richards Bay Minerals

(RBM), construction commenced in July on the 230 MW Overberg

wind project. The 130 MW Bolobedu solar project was completed in

October and is now pending grid connection. In the US, commercial

operations were achieved in October for the 78.5 MW Monte Cristo

wind project, alongside the execution of an additional 179 MW wind

PPA. At Kennecott, the second phase of solar development, adding

25 MW of capacity, was completed, with commercial operations

commencing in December.

We continue to advance structural solutions for long-term emissions

reduction at other key sites. At Simandou, we are evaluating PPA

and financing options as alternatives to direct capital investment,

![](rio-20251231_g81.gif)

which will apply to solar installations at multiple scales, including

rooftop systems, mine-site arrays, and a larger port-based facility.

At Winu, wind resource monitoring is underway following the

installation of a meteorological mast in September, supporting the

development of one of Australia's largest off-grid hybrid renewable

power solutions. The development remains subject to full Winu

project approval (project currently in feasibility stage). Preparations

for a PPA are progressing to support the Kangwinan mine expansion

![](rio-20251231_g81.gif)

at Amrun, currently in feasibility stage. At Oyu Tolgoi, a 20-year PPA

for a 150 MW wind farm and a 100 MWh BESS is advancing, with

the project working through permitting and approval of the

construction licence in late 2025.

![](rio-20251231_g81.gif)

**Anodes:** ELYSIS™ is a breakthrough aluminium smelting

technology that eliminates carbon anodes and removes direct

greenhouse gas emissions from the smelting process. While scaling

this innovation presents typical challenges for major technology

changes, we continue to make progress with our partners.

The ELYSIS™ joint venture (JV) achieved a key milestone with

more than one year of inert anode life in testing at the 100 kA cell in

Arvida, which included production of aluminium at P1020 standards

and validating its industrial performance. In late 2025, the ELYSIS™

JV started up the first industrial-scale 450 kA cell at Alma,

representing a major milestone in the company's transition from

research and development to full-scale commercialisation.

In parallel, we are progressing the implementation of the first

ELYSIS™ demonstration plant by deploying an initial 7 new 100 kA

cells in a separate site under construction at Arvida. First hot metal

is expected in 2027.

We are also working with ELYSIS™ and Alcoa on different options

and partnerships to de-risk the electrode supply chain and support

the deployment of inert anode solutions in the future.

While progress on the ELYSIS™ demonstration plant continues to

be made, the commercial viability of the project will still need to be

assessed prior to deploying the technology at industrial scale.

**Yarwun TES:** Work continues on our Thermal Energy Storage (TES)

project at Yarwun which remains on schedule. The pre-feasibility study

(PFS) for the industrial demonstration project to produce electric steam

was completed in 2025 and the project is progressing towards

feasibility study (FS) in 2026. This initiative will enable us to store

excess renewable energy as heat and reduce reliance on coal,

lowering emissions and improving energy resilience at Yarwun.

Following successful initial site trials with biopellets and a request-

for-proposals market process, we are progressing several

partnership opportunities for biopellet offtake agreements for both

Yarwun and QAL.

**QAL double digestion:** The feasibility study is now well underway

and progressing to schedule. A trial utilising a new heat exchanger

has seen promising initial results. Innovative design options to

simplify and optimise the flowsheet have also been identified. The

order of magnitude study, to recover waste heat from the process, is

in progress and options are being explored to upgrade this.

The project is expected to commence pre-feasibility in 2026.

**Nature-based solutions:** A vital part of our climate strategy, nature-

based solutions complement structural abatement while delivering

benefits for people, nature and climate. These projects help protect

and restore ecosystems, support sustainable livelihoods and

generate high-quality carbon credits, reinforcing our commitment to

a just and inclusive transition.

In 2025, we made strong progress on nature-based solutions,

having enabled more than 500,000 hectares of high-integrity

projects. Key achievements include surpassing cookstove

distribution targets in Madagascar, advancing clean cooking and

reforestation initiatives in Guinea, and progressing grasslands

management scale-up in Argentina and a sustainable landscapes

project in South Africa. We also expanded our environmental

planting (EP) ACCU pipeline with support for new projects in

Western Australia and a foundation offtaker role in the new Meldora

platform in Central Queensland. The Cooplacurripa EP project in

New South Wales, developed by the Silva Carbon Origination Fund

in which we are a foundation investor, was registered as the first

ever project under Australia's Nature Repair Market.

In Q4, we launched a review of our portfolio to reflect our changing

operating context and the Rio Tinto Iron & Titanium strategic review,

which encompasses operations in Madagascar and South Africa. The

outcome of the strategic review will be a determining factor in our future

investment decisions in these regions. We continue to apply our due

diligence process to all projects. For more information see

riotinto.com/naturesolutions

![](rio-20251231_g83.gif)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 61 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

![](rio-20251231_g83.gif)

**Challenges faced and lessons learnt**

**BlueSmelting™:** The BlueSmelting™ demonstration plant was developed to test the viability of pre-reduction technology aimed at reducing carbon

emissions from ilmenite processing. The project forms part of our broader efforts to explore lower-carbon pathways for titanium dioxide production.

The trial program continued into 2025 and is scheduled to phase out by mid-2026, subsequent to a final iron metallisation assessment. The program

provided valuable technical insights, confirming the compatibility with existing industrial processes and delivering improvements in furnace

productivity, efficiency and operational flexibility. The trial has shown that industrial-scale deployment would require significant capital investment that

is not yet commercially viable. We will continue monitoring conditions that could support broader deployment over time.

![](rio-20251231_g86.gif)

**Battery electric haul truck (BEHT) trials:** We began a BEHT trial in

2025 in collaboration with BHP, working with haul truck manufacturer

Caterpillar, and a similar trial is anticipated with Komatsu, in the

Pilbara region.

The trials are focused on collecting data on battery performance,

charging systems, and overall productivity in Pilbara conditions.

The BEHT and associated equipment trials are a technically complex

program, involving site integration and ensuring safety and compliance

with regulatory requirements for battery electric equipment in Australia.

Caterpillar and Komatsu are continuing to adapt their designs to ensure

they are technically, commercially and operationally mature, and the

strong collaboration on technology development and learning continues.

Safe, reliable, and adaptable charging infrastructure is also critical to the

success of this work and is being progressed in parallel.

Caterpillar BEHT trials began in 2025, while Komatsu's program has

almost reached design maturity and is targeting trial commencement

from 2029. The updated timeframe for trial of Komatsu's BEHT

reflects the importance of technology readiness and Rio Tinto's

increasing threshold for appropriate readiness and testing ahead of

investment approvals.

**Pilbara renewables:** We continue to pursue solar energy projects to

reduce gas consumption. However, deploying value-accretive

renewables at scale presents significant and complex challenges,

resulting in a slower deployment schedule than expected.

The Gudai Darri Solar PV farm is operating at nameplate capacity,

with the Jinbi Solar Farm expected to start construction in 2026 and

achieve its commercial operating date (COD) in 2028. Karratha solar

farm studies are continuing, some schedule delays have been

experienced as geotechnical and other project factors are evaluated.

These projects represent important steps forward, but the broader

pathway will require careful sequencing and leveraging technology

improvements to enhance value, reduce capital intensity, and ensure a

reliable and safe grid integration. Specifically, grid connection and

commissioning in the Pilbara has become more complex under the

newer staged access/compliance regime, requiring deeper independent

ISO/regulatory scrutiny and multi-party technical due diligence. The

permitting and approvals process requires a rigorous, collaborative and

in-depth engagement, translating into an appropriate timeline to engage

with Traditional Owners and partners to ensure developments are

delivered responsibly.

Our approach prioritises flexibility and risk management while

maintaining the ability to accelerate deployment as conditions evolve.

**Self-generated renewable diesel:** We have invested in establishing the foundations for our own biofuel supply, beginning with the

early development of our Pongamia program. The pilot project has purchased approximately 2,500 ha of land and completed the first

100,000 plantings of Pongamia across properties in the Burdekin region of Queensland. This marks a key milestone in our research and

development efforts to stimulate Australia's low-carbon liquid fuel industry. The initiative aims to support a pathway to cost-competitive

production of sustainable fuels.

Future expansion beyond the 2,500 ha remains uncertain due to high commercial costs, the need for strategic partnerships to reduce capital

requirements, and unclear policy settings in Australia. Government support, industry alignment, and shared investment will be critical to

enable any potential scale-up to meet our requirements. This may include value chain partnerships, targeted supply-side incentives,

infrastructure investment and sustainability frameworks.

**Action to reduce our emissions**

The 3 main areas of our abatement work are: developing renewable electricity solutions at our Pacific Aluminium Operations and other

assets that rely on gas or coal-based power; transitioning away from diesel in trucks, trains and mobile equipment; and tackling hard-to-abate

emissions from processing minerals and metals. Additionally, we are developing and investing in nature-based solutions projects.

---

| | |
|:---|:---|
| **Progress in 2025** | **Action in 2026** |
| **Renewable electricity** |  |
| **Repowering Pacific Aluminium Operations**<br>•Executed agreements with Edify Energy for Smoky Creek and Guthrie's Gap Solar Power <br>Stations (600 MW solar, 2,400 MWh BESS with 90% Rio Tinto offtake).<br>•Progressed further procurement of renewable energy and storage projects.<br>•Progressed engagement with state and federal governments to secure support agreements <br>for BSL.<br>•Announcement from state and federal governments to explore energy pathway for <br>Tomago beyond 2028.<br>| •Complete remaining renewable energy sourcing, <br>support energy projects progression to financial <br>close, and develop market operations capability to <br>support operationalisation at BSL. Finalise support <br>arrangements with State and Federal governments.<br>•Progress QAL options review to repower existing load <br>with renewable energy.<br>•Continue Tomago discussions.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 62 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

---

| | |
|:---|:---|
| **Progress in 2025** | **Action in 2026** |
| **Other renewable electricity developments**<br>•Commissioning was successfully completed at Gove (10 MW) in November, while Amrun <br>(22 MW) has experienced some delays and will now achieve commercial operations in 2026. <br>•Construction completed and commercial operations achieved at Kennecott solar phase 2 (25 <br>MW) in December 2025. <br>•Construction completed at QIT Madagascar Minerals (QMM) wind facility (16 MW) with <br>commercial operations expected in 2026.<br>•Construction commenced at Richards Bay Minerals (RBM) Overberg wind PPA (230 MW).<br>•Completed construction at the RBM Bolobedu solar project (130 MW), grid connection now pending. <br>•Executed the Jinbi solar (75 MW) agreement with Yindjibarndi Energy Corporation.<br>•Karratha solar (80 MW) approval deferred to 2026.<br>•Commercial operations achieved for the Monte Cristo VPPA (78.5 MW) wind project with an <br>additional 179 MW wind PPA executed. <br>•Secured 100 MW of renewable energy at Resolution Copper through a Green Tariff agreement <br>with local utility Salt River Project. Delivery scheduled to begin in mid-2028.<br>| •Begin feasibility study to support the construction of a <br>10 MW onsite solar farm at Simandou. <br>•Execute the 150 MW Oyu Tolgoi wind PPA and a BESS.<br>•Commercial operations set to begin at the 140 MW <br>RBM Khangela wind farm. <br>•Commercial operations set to begin at <br>RBM Bolobedu.<br>•Received notice to proceed for the 56 MW Winu <br>hybrid PPA. <br>•Begin construction on a 179 MW wind VPPA. <br>•Begin construction on the 75 MW Jinbi Solar farm.<br>|
| **Diesel transition** |  |
| •BEHT: In the Pilbara, Caterpillar trials started at Jimblebar.<br>•Oyu Tolgoi: Battery swap truck trial initiated with full system commissioning on site.<br>•Pongamia: Development progressed in Queensland, with the first 100,000 plantings.<br>| •BEHT: Progress Caterpillar trial at Jimblebar (two <br>CAT 793 BEHT), finalise Komatsu BEHT design, <br>validation and commercialisation planning, and <br>collaborate on the broader program activities required <br>to support a pilot commencing from 2029.<br>•Oyu Tolgoi: Full battery equipment and system testing <br>and validation of 8 battery electric trucks, battery <br>swapping station, static charger and associated <br>infrastructure.<br>•Pongamia: Continue initial farm operations, including <br>research and development, and planting across the <br>2,500 ha properties.<br>|
| **Processing minerals and metals** |  |
| **Aluminium anodes**<br>•Arvida: Achieved record-breaking longevity for a 100 kA ELYSIS™ cell, while advancing site <br>works, infrastructure and construction for the additional 10 ELYSIS™ cells.<br>•Alma: Launched the industrial-scale (450 kA) ELYSIS™ cell #1.<br>| •Arvida: Continue to operate 100 kA cell.<br>•Arvida: Finalise the implementation of the first 7 cells <br>and begin commissioning and start-up with first hot <br>metal expected in 2027.<br>•Alma: Launch the industrial-scale (450 kA) cell #2 <br>and cell #3.<br>|
| **Alumina processing**<br>•QAL (double digestion): Feasibility study progressing, heater trial progressing and transport study <br>underway.<br>•Yarwun (hydrogen calcination): Commissioning activities have commenced and will continue <br>through early 2026 with hydrogen calcination trials expected to commence at the start of 2026.<br>•Vaudreuil (electric boiler): Site preparation work has begun.<br>•Vaudreuil (electric calcination): Pilot commissioning and pre-tests are underway.<br>| •QAL (double digestion): Complete feasibility study <br>and commence detailed engineering plan.<br>•Yarwun (hydrogen calcination): Execute trial program.<br>•Yarwun (TES): Complete feasibility study.<br>•Gladstone biofuels: Finalise initial supply contract for <br>supply to begin in 2027/28.<br>•Vaudreuil (electric boiler): Construction will continue <br>through 2026 with commissioning planned for 2027.<br>•Vaudreuil (electric calcination): Preparatory work for <br>the industrial-scale demonstration, following piloting <br>results, is scheduled to begin.<br>|
| **Minerals processing**<br>•Évolys™: Completed construction and commissioning, with readiness activities in progress.<br>•BlueSmelting™: Conversion of the plant to enable iron metallisation is complete, with <br>commissioning activities well advanced.<br>•Iron Ore Company of Canada (IOC) electric boiler: Installation and commissioning complete; <br>40 MW unit now operational.<br>| •Évolys™: Industrial ramp-up to maximise biocarbon <br>replacement at Rio Tinto Iron and Titanium Quebec <br>Operations/RBM and developing alternate customers.<br>•Évolys™: Develop phase 2 business case to lower <br>production costs and expand the product portfolio.<br>•BlueSmelting™: Complete the final iron metallisation <br>assessment and prepare the phase-out of <br>BlueSmelting™.<br>|
| **Nature-based solutions** |  |
| •Clean cooking pilots listed on registries: 120,000 cookstoves distributed in Madagascar. User <br>Acceptance Testing completed in Guinea.<br>•Reforestation pilots: initiated investment in 2 Guinea projects. Pilot in Madagascar completed.<br>•Guinea agroforestry project: feasibility study completed.<br>•Verified Emissions Reduction Purchase Agreement (VERPA) signed for Makira Natural Park <br>REDD+<sup>1</sup> Project in Madagascar.<br>•South Africa feasibility study completed. Project Design Document finalised for KwaZulu-Natal <br>(KZN) Sustainable Landscapes Program. Enabled stakeholder engagement for expanded World <br>Heritage site in KZN. Funded initiation of co-management agreement between Ezemvelo KZN <br>Wildlife and Peace Parks Foundation.<br>•Argentina sustainable grasslands project: offtake agreement secured, complementing 2025 <br>investment in conservation and soil carbon research.<br>•Australia environmental planting ACCU pipeline: market review completed and new offtake <br>agreements secured.<br>| •Conclusion of Madagascar clean cooking pilot<sup>2</sup>.<br>•Distribute cookstoves for Guinea clean cooking pilot.<br>•Progress Guinea blue carbon mangrove protection <br>and restoration project.<br>•Progress Guinea community reforestation project.<br>•Scale-up Australia environmental planting projects.<br>|

---

1. United Nations Climate Change: 'REDD' stands for 'Reducing emissions from deforestation and forest degradation in developing countries. The '+' stands for additional forest-related activities that

protect the climate, namely sustainable management of forests and the conservation and enhancement of forest carbon stocks.

2. Further investment decision subject to outcome of RTIT strategic review.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 63 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

**Operational decarbonisation project tracker**

![Operational decarbonisation project-BG.jpg](rio-20251231_g87.jpg)

Milestones post-2025 are indicative, based on current goals and plans, subject to investment decisions and so they may change. There is increasing uncertainty further into the future.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 64 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Scope 3 emissions: Partner to decarbonise our value chains

In 2025, our Scope 3 emissions were 575.7 Mt CO2e (equity basis),

approximately 18 times higher than our Scope 1 and 2 emissions.

This is higher by 5.9 Mt CO2e compared to a restated 2024 number

of 569.8 Mt CO2e (equity basis).

The majority of these emissions (95%) stem from our customers

processing our products, particularly iron ore (69%) and bauxite and

alumina (23%).

Emissions related to iron ore processing were 398.5 Mt CO2e in

2025, compared to 395.9 Mt CO2e in 2024. Emissions related to

bauxite and alumina processing increased from 134 Mt CO2e in

2024 to 135.2 Mt CO2e in 2025 due to increases in bauxite and

alumina sales.

Many of our customers have set public targets for their Scope 1 and

2 emissions (our Scope 3). About 54%<sup>1</sup> of our steel-producing

customers by direct iron ore sales volume have set public targets to

reach net zero or carbon neutrality by 2050. Meanwhile, nearly

40%<sup>1</sup> of our bauxite sales are to customers with net zero emissions

targets, though only 22% of customers are aiming for net zero

by 2050.

As things stand today, our analysis of our customers' targets and

their governments' commitments to reduce their emissions shows a

trajectory for those processing emissions to approach net zero or

carbon neutrality by around 2060. This is driven in large part by

China (80% of Scope 3 emissions), which has pledged to be carbon

neutral by 2060. Approximately 20% of our emissions come from

countries such as South Korea and Japan, which have pledged to

be net zero by 2050.

We are committed to partnering with customers and suppliers to

help them achieve their targets earlier, reaching net zero by 2050.

We have not set an overall Scope 3 emissions target due to the

limited direct influence we have on the decarbonisation activities of

our customers, required maturation of technology adoption and grid

decarbonisation in customers' host countries.

Instead, we are holding ourselves accountable on real and

measurable commitments in the near term, which will ensure

technologies are available to accelerate the longer-term transition.

We have set near-term, action-oriented, and measurable targets in

the areas where we believe we have agency and can support

meaningful change. We take accountability and track our progress

on individual projects and partnerships, and stay deeply connected

across the value chain, ensuring we are up to date on developments

and maintaining ambitious decarbonisation goals.

1. This figure is dependent on our sales mix, so is not comparable year-on-year.

**2025 Scope 3 emissions**

**575.7 Mt CO2e**

(2024: 569.8 Mt CO2e)

---

| |
|:---|
| 0.4% – DRI |
| 7% – Coke production |
| 9% – Steel converter |
| 20% – Sinter plant |
| 63% – Blast furnace |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **398.5** | **135.2** | **12.** **2**<sub>10</sub> | **19.1** | **0.7** |

---

![21496](rio-20251231_g88.gif)

![21497](rio-20251231_g89.gif)

![21498](rio-20251231_g90.gif)

![21499](rio-20251231_g91.gif)

![21500](rio-20251231_g92.gif)

![21501](rio-20251231_g93.gif)

---

| | | |
|:---|:---|:---|
| Other customer processing | 57% – Chartered vessels |  |
| Other customer processing | 57% – Chartered vessels |  |
| Other customer processing | 57% – Chartered vessels |  |
| Other customer processing | 57% – Chartered vessels |  |
| Other customer processing | 57% – Chartered vessels |  |
| Other customer processing | 57% – Chartered vessels |  |
| Other customer processing |  | 44% – Raw materials / <br>high emission goods |
| Other customer processing |  | 44% – Raw materials / <br>high emission goods |
| Other customer processing |  | 44% – Raw materials / <br>high emission goods |
| Other customer processing |  | 44% – Raw materials / <br>high emission goods |

---

---

| |
|:---|
| 67% – Smelting electricity |
| 2% – Refining electricity |
| 18% – Smelting anodes & other |
| 13% – Refining process heat |

---

---

| | |
|:---|:---|
| Iron Ore | Bauxite & Alumina processing |
|  | Other customer processing |
|  | Marine & logistics |
|  | Procurement |
| Business travel & waste | Business travel & waste |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 65 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Scope 3 progress**

We continue advancing our climate commitments by working closely

with customers, suppliers and partners to decarbonise the steel,

aluminium, shipping and procurement value chains. While

challenges remain, we are making tangible progress and building

the foundations for long-term transformation.

**Steel value chain**

**Steel decarbonisation targets**<br>•Support our customers' ambitions to reduce their carbon <br>emissions from blast furnace–basic oxygen furnace (BF-<br>BOF) process by 20–30% by 2035.¹<br>•Reduce our net Scope 3 emissions from IOC high-grade ores <br>by 50% by 2035, relative to 2022.²<br>•Commission a shaft furnace – direct reduced iron (DRI) + <br>electric smelting furnace (ESF) pilot plant by 2028 (revised <br>from 2026), in partnership with a steelmaker.<br>•Finalise study on a beneficiation pilot plant in the Pilbara by 2026.<br>

The steel industry overall accounts for approximately 8% of global

carbon emissions. As one of the world's largest iron ore producers,

we have a key role to play in decarbonising the steel value chain. In

2025, we spent $65m on steel decarbonisation initiatives.

Our approach is defined by 3 pathways:

**1. Existing pathways (blast furnace optimisation):** We're working

with our customers to help reduce their carbon emissions from the

current blast furnace. Examples of our initiatives include optimising

blast furnace burden (eg using more pellets and lump), and carbon

capture, utilisation and storage.

**2. Emerging pathways:** We're supporting early development of

emerging low-carbon DRI projects that use high-grade iron ores,

such as those we produce from IOC and Simandou.

**3. Future pathways:** While low-carbon DRI technology is established

for high grade ores, there is currently no economic low-carbon iron and

steelmaking technology for low- and medium-grade ores, such as those

from the Pilbara. We are supporting the development of technology for

these ores, with a focus on:

• beneficiating our ores to remove impurities before ironmaking

• pelletising our ores to improve their suitability to proven shaft

furnace technology

• developing fines-based fluid bed technology, which may be a

suitable process for our fines products, removing the need to

pelletise or sinter

• developing ESF technology, which is required for all pathways for

low-medium grade ores as a second stage of ironmaking.

In 2025, the NeoSmelt<sup>TM</sup> ESF pilot entered feasibility stage, supported by

~A$19.8 million in federal funding from the Australian Government.

The NeoSmelt joint venture, which was initially a partnership between

Rio Tinto, BlueScope and BHP, was also joined by Woodside and Mitsui

Iron Ore Development. Given the research and development nature of

the project, the exact timeline is uncertain, however, commissioning of

the shaft furnace and ESF is expected to begin in 2028.

The BioIron<sup>TM</sup> pilot plant work, and associated commissioning target,

has been paused due to technical and design challenges often

associated with early-stage innovation. We remain committed to the

long-term potential of BioIron<sup>TM</sup> technology, with research and

development continuing in partnership with the University of Nottingham

and sustainable technology company, Metso. Significant progress has

been made in understanding how materials perform under high

temperatures in the BioIron<sup>TM</sup> microwave furnace. However, the current

furnace design requires additional development to minimise technical

risks and optimise performance. This pause will allow the team to

address these challenges and refine our approach.

1. The support will be in the form of direct technical support and co-developing technology

solutions.

2. Subject to funding approval and technical feasibility.

**Steel decarbonisation projects tracker**

![Steel decarbonisation projects tracker-VR3.jpg](rio-20251231_g94.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 66 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

**Aluminium value chain**

**Alumina decarbonisation targets**<br>•In 2025, partner with at least 2 bauxite customers with the goal of <br>improving energy efficiency and reducing emissions, focusing on <br>digestion improvement technology; controlling or removing <br>organic compounds from the refining process; and technical <br>options to reduce moisture content in our bauxite.<br>

Energy efficiency is a key priority for our customers due to its direct

impact on emissions. In the alumina refining process, steam is used

to heat the bauxite slurry in the digestion unit to high temperatures,

dissolving the alumina content. This digestion process is a crucial

aspect in determining the overall energy efficiency of the refinery.

Organic control is equally important, particularly when processing

Australian bauxites. Effective management supports consistent

production rates and ensures the delivery of alumina quality aligned

with customer requirements.

Across the aluminium value chain, over 85% of our 135.2 Mt CO₂e

Scope 3 emissions originate from the electricity- and emissions-

intensive smelting process. Most of our product is processed in

China, where coal-fired refining and smelting are prevalent and

our ability to influence the energy mix in these regions is limited.

Additionally, some bauxite sales are made through intermediaries,

which restricts our direct engagement with end customers and limits

our influence on decarbonisation initiatives at those refineries.

Despite these challenges, we maintain regular dialogue with our

customers to understand their sustainability priorities and explore

collaborative opportunities that align with our capabilities. In the

short to medium term, our focus is on supporting improvements in

the alumina refining process, enhancing energy efficiency and

optimising the use of our bauxite.¹

In 2025, we met our partnership targets and strengthened our

partnerships with bauxite customers to drive refining efficiency and

reduce emissions. A milestone was the signing of a Memorandum of

Understanding with a strategic partner, establishing a platform for

regular technical exchanges and collaboration across the aluminium

sector. Through this partnership, we aim to optimise bauxite

processing and explore decarbonisation technologies and bauxite

residue reuse options.

We also supported several customer refineries in the design,

construction, and commissioning of processing technologies. This

included the delivery of a new low temperature digestion unit at one

operation and the advancement of sweetening concept at another

site scheduled for commissioning in 2026. In parallel, multiple

refineries are transitioning to a co-precipitation technology with our

technical support, a step change that improves the product quality

and organic management.

Together, these initiatives are enabling more efficient processing of our

bauxite, lowering energy intensity, and supporting our customers'

decarbonisation pathways across the alumina refining process.

**Shipping**

**Shipping decarbonisation targets**<br>•Reach net zero shipping by 2050 across our shipping footprint.<br>•Fulfil First Movers Coalition (FMC) pledge of 10% of time-<br>chartered fleet to be running on low-carbon fuels<sup>2</sup> by 2030 <br>and progressing to 100% of time-chartered fleet by 2040<sup>3</sup>.<br>•Reduce emissions intensity by 40% by 2025 (5 years ahead of <br>the target set by the International Maritime Organization (IMO)), <br>and deliver 50% intensity reduction by 2030.<sup>4</sup> Our Scope 3 emissions from shipping and logistics are 10 Mt CO2e.

Of this, 5.7 Mt CO2e (57%) is generated by our chartered fleet, and

around 2.6 Mt CO2e (26%) comes from shipping our products,

where freight has been arranged by the purchaser.

The remaining 1.7 Mt CO2e (17%) comprises other logistics

elements such as truck, rail, container movement and other logistics

related emissions. An additional 0.4 Mt CO2e of Scope 1 shipping-

related emissions is attributed to the vessels we own.

To reduce the emissions intensity of our shipping activities, we focus

on energy efficiency improvements and switching to lower-carbon

fuels. Against the IMO's 2008 baseline year for emissions intensity,

our 2025 performance showed a 39% improvement. This result falls

1% short of our ambition to deliver a 40% reduction by 2025, largely

due to weather impacts in the Pilbara region. We continue to

progress towards our 2030 target of a 50% reduction in emissions

intensity.

We continue to implement energy efficiency measures, such as the

incorporation of larger vessels, technical and design modifications,

and speed and route optimisation. Energy-saving device

installations have progressed on our chartered vessels, building on

the energy efficiency program on our owned vessels.

We also continue to progress the business case for lower-carbon

fuels, including through industry initiatives such as the Western

Australia-East Asia Green Corridor, which in 2025 saw the launch of

the Pilbara Clean Fuel Bunkering Hub. Regulatory frameworks

remain a critical enabler for economic fuel switching pathways, and

we continue to monitor the IMO's efforts to create an equitable

decarbonisation pathway at a global level.

**Procurement**

**Procurement decarbonisation targets**<br>•Engage with 50 of our highest-emitting suppliers on <br>emissions reduction, focused on driving supplier <br>accountability for setting and delivering against their <br>decarbonisation targets.<br>•Implement decarbonisation evaluation criteria for new <br>sourcing in high-emitting categories<sup>5</sup>.<br>

Upstream Scope 3 emissions from procurement were 19.1 Mt CO₂e

(excluding business travel) in 2025, split between purchased fuels,

goods and services. The goods and services are further divided

between emissions related to operational expenditure purchases

(such as caustic, explosives, coke, pitch) of 12.8 Mt CO₂e, and

capital expenditure purchases (such as machinery, electrical

equipment) of 1.8 Mt CO₂e. Due to the nature of our businesses,

many of our purchased inputs are from hard-to-abate sectors, such

as caustic, coke, pitch and steel.

We work with more than 20,000 suppliers across complex

multi-layered supply chains. To address upstream emissions,

we are taking a systematic approach, prioritising engagement with

50 of our highest-emitting suppliers. The prioritisation of suppliers

and categories followed the assessment of the sources of emissions

across the Global Procurement portfolio and available abatement

pathways.

In 2025, we advanced supplier engagement. Decarbonisation

criteria are embedded in our evaluation processes for new sourcing

in high-emission categories, ensuring climate considerations are

present in procurement decisions. This systematic approach is

helping to drive accountability and align our supply chain with our

net zero ambitions.

1. This is mostly via sweetening and improved digestion. In the longer term, this will be

mostly through using renewable energy for the heat source, via hydrogen calcination

and electric boilers.

2. Although the FMC currently employs the terminology "zero-emission" rather than "low-

carbon", with a guiding principle of delivering a well-to-wake greenhouse gas emission

reduction of 80% or more compared to fuel oil, we have updated our terminology to

reflect that these fuels are unlikely to be fully net zero emissions on

a life cycle basis over the coming years. While we endeavour to achieve the guiding

principle proposed by the FMC, we may initially consider fuel pathways with a lesser

emission reduction with consideration to factors such as supply, availability of

technology and regulatory developments from the IMO.

3. Subject to the availability of technology, supply, safety standards and a reasonable price

premium.

4. Relative to IMO's 2008 baseline.

5. High emitting categories: Raw materials, explosives, global equipment.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 67 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

---

| | |
|:---|:---|
| **Progress in 2025** | **Action in 2026** |
| **Scope 3 emissions goals and customer engagement** <br>We are committed to partnering with customers and suppliers to help achieve their targets earlier, reaching net zero by 2050.  | **Scope 3 emissions goals and customer engagement** <br>We are committed to partnering with customers and suppliers to help achieve their targets earlier, reaching net zero by 2050.  |
| **Steel value chain** |  |
| **Existing pathways** |  |
| •Produced up to 50% Pilbara blend fines based pellets and completed successful industrial scale <br>blast furnace trials with customers.<br>•Completed construction of a large-scale (3,000 m<sup>3</sup>/hr) blast furnace carbon capture and utilisation <br>(CCU) facility with Shougang.<br>| •Continue Rio Tinto iron ore pelletising trials with <br>additional steelmaking customers.<br>•Commission the large-scale CCU facility with <br>Shougang.<br>•Finalise lump usage guidelines for broader <br>industry sharing. <br>•Continue test work with universities and steel <br>mills to reduce carbon emission through <br>optimising blast furnace burden structure.<br>•Conduct research and development on the <br>carbon hydrogen recycle furnace process.<br>|
| **Emerging pathways** |  |
| •Commenced early-stage customer engagement for GravitHy's 2 million tonnes per year ultra-<br>low carbon hot briquetted iron (HBI).<br>| •Continue support for GravitHy feasibility study, <br>with target to operationalise by 2029.<br>|
| **Future pathways** |  |
| •Completed beneficiation pilot plant trials, successfully producing >30 kt of high-grade material <br>using Pilbara ores.<br>•Conducted Baowu shaft furnace direct reduction trials using Pilbara ore-based pellets. <br>•Paused construction of the BioIron<sup>TM</sup> pilot plant, due to technical and design challenges.<br>•Entered Joint Development Agreement with Calix to support construction of Calix's Zero <br>Emissions Steel Technology (Zesty<sup>TM</sup>) demonstration plant in WA which could enable Pilbara <br>iron ores to be used in producing steel with lower emissions.<br>•Entered consortium with Primetals and voestalpine to develop an industrial-scale prototype <br>plant of Hy4Smelt, integrating fines-based fluid bed technology (HyFOR<sup>TM</sup>) with an electric <br>smelting furnace (ESF). <br>•Completed NeoSmelt<sup>TM</sup> pre-feasibility study and commenced feasibility study with support <br>from the federal government.<br>| •Finalise desktop study on a beneficiation pilot <br>plant in the Pilbara.<br>•Conduct further shaft furnace trials with <br>Rio Tinto Iron Ore, including pellets and lump.<br>•Continue BioIron<sup>TM</sup> technology development to <br>minimise technical risks and optimise <br>performance.<br>•Continue support for Calix's demonstration plant <br>towards FID.<br>•Continue Hy4Smelt construction with target to <br>operationalise by 2027.<br>•Complete ESF trials for PBF based DRI with <br>Baowu.<br>•Complete NeoSmelt<sup>TM</sup>feasibility study and <br>target FID.<br>|
| **Aluminium value chain** |  |
| •Planning continues for digestion technology upgrades, with cost estimates underway for key <br>equipment.<br>•Commissioned a new low temperature digestion unit.<br>•Work is progressing with customers on precipitation system upgrades, with commissioning <br>expected by 2026.<br>•The bauxite moisture reduction project was discontinued due to resource and capital <br>constraints.<br>| •QAL double digestion process to advance to <br>detailed engineering phase. <br>•Sweetening process to be commissioned for 2 <br>customer refineries.<br>•Co-precipitation upgrade to be commissioned at <br>2 sites.<br>|
| **Shipping** |  |
| •Energy-saving devices have been installed on some of our chartered vessels, extending <br>beyond our owned fleet. <br>•Progressed the business case for lower-carbon fuels, including through industry initiatives <br>such as the Western Australia-East Asia Green Corridor, which in 2025 saw the launch of the <br>Pilbara Clean Fuel Bunkering Hub.<br>| •Advance energy efficiency program, particularly <br>on chartered vessels. <br>•Sustain engagement in industry initiatives to <br>explore opportunities for deployment of low-<br>carbon fuel while monitoring regulatory <br>developments.<br>|
| **Procurement** |  |
| •High-emissions categories are progressing to complete supplier engagements with 50 of the <br>highest-emitting suppliers.<br>•Decarbonisation criteria are embedded in sourcing processes for high-emissions categories.<br>| •Ensure decarbonisation criteria and engagements <br>remain embedded within standard procurement <br>processes for high-emissions suppliers and <br>categories.<br>|

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 68 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Physical climate risk and resilience

Understanding and managing physical climate risk is essential to the

resilience and long-term performance of our business. As climate-

related hazards, such as extreme weather, flooding, and

temperature variability, become more frequent and severe, they

pose direct risks to our operations, infrastructure, workforce and

surrounding communities. These risks can disrupt production,

damage assets, affect supply chains, and impact the health and

safety of our people.

To address this, we have embedded climate risk management

across the asset lifecycle, from project initiation to closure planning,

ensuring our operations remain robust, adaptive, and responsive to

a changing climate.

Our climate risk management approach is built around 4 pillars,

supported by operational standards, resilience frameworks, and

specialised programs:

**1. Weather/climate analytics and insights**

We apply advanced weather and climate data to support operational

planning, emergency response, and long-term resilience:

• Short-term and severe weather forecasts inform day-to-day

operations.

• Climate outlooks guide mine planning, particularly around rainfall

and cyclone patterns.

• Catastrophe modelling estimates financial impacts of

extreme events.

• Long-term climate projections (CMIP5 and CMIP6) support risk

assessments and planning.

Climate projections are available for all assets, including

non-managed sites, covering over 60 variables and multiple

emissions scenarios. Flood risk modelling has been completed

for 100% of assets across present-day, medium, and

long-term horizons.

**2. Physical risk identification and assessment** 

All sites within our portfolio are exposed to varying degrees of

physical climate risk. As climate conditions continue to evolve, these

exposures may shift over time, potentially impacting asset resilience

and overall performance.

Our approach to quantifying and assessing physical risk covers

individual assets (bottom-up) and Group level (top-down). We first

identify climate risks and opportunities across varying time horizons

and emission scenarios. Next, we evaluate their potential financial

and non-financial consequences and likelihood. Then we prioritise

these risks by materiality for effective risk management and

appropriate resource allocation. This process is integrated within the

Rio Tinto Risk Management Information System.

The scope of our assessments includes our operations and the

environments in which we operate, our people, the communities

who host us and our supply chain.

See pages [78](#i8f169602b8d844b798e785067fc3e9c5_8696)-[80](#i8f169602b8d844b798e785067fc3e9c5_8698) for further details on our approach to physical

climate risk and resilience, as well as our modelling of financial

exposure to physical climate risk.

**3. Resilience planning and adaptation** 

Our resilience planning identifies the most appropriate measures to

manage climate risks and adapt to them. We comprehensively

evaluate an investment decision before funding is approved. This

includes prioritising projects and engaging key stakeholders to seek

alignment on the investment and implementation of adaptation

measures.

**4. Monitoring and evaluation** 

We actively and regularly monitor risks, with clearly defined roles

and responsibilities. We continually evaluate the latest generation of

climate change data and emerging technologies to assess the risk

profile of our assets and infrastructure over time. Assessment

processes are revisited where we have identified a material change

to the economic, social, environmental or physical context of the

risk.

**From risk to resilience: applying our framework in** 

**practice**

Our most material physical risks have been identified at a Group

level and are described in detail on page [78](#i8f169602b8d844b798e785067fc3e9c5_8696) along with the specific

actions we are taking to build resilience and reduce exposure.

These actions include infrastructure improvements, operational

adaptations, and enhanced contingency planning.

Investments to support asset resilience to physical climate risks are

considered in both sustaining and development expenditure. When

undertaken during the initial design and development phases of an

asset or site, these investments are classified as development capital.

Similarly, expenditure aimed at preserving the original capacity and

functionality of existing assets is treated as sustaining capital, and forms

part of our standard operating activities.

Building on our physical resilience approach, we implemented a

number of measures to strengthen our resilience to physical climate

risks during the year.

---

| |
|:---|
| **Case study: Pilbara rail**<br>Pilbara Rail demonstrates how climate resilience is actively <br>designed into major infrastructure projects and operational systems. <br>The network is engineered to remain functional during extreme <br>weather events, with integrated systems that monitor track <br>conditions – such as temperature spikes and structural anomalies – <br>to support early intervention and maintain safety and performance. <br>Autonomous locomotive operations play a key role in maintaining <br>productivity during extreme heat events. <br>Resilience planning is embedded from the outset, not only in day-<br>to-day operations but also in the design of new developments and <br>significant renewal programs. <br>|
| **Case study: Dampier seawater desalination plant** <br>The West Pilbara Water Supply Scheme supports several towns <br>and industrial sites in Western Australia. Declining rainfall and <br>reduced streamflow have led to lower aquifer recharge. In <br>response, we are developing a seawater desalination plant in <br>Dampier to provide a climate-resilient water source for its Pilbara <br>operations and the communities it supplies. Stage 1 will deliver <br>4 gigalitres annually by 2026, with potential expansion to <br>8 gigalitres, reducing reliance on stressed groundwater sources like <br>Bungaroo and Millstream.<br>The plant is designed to minimise environmental impact, using <br>reclaimed land and existing infrastructure. Climate resilience <br>features include elevated siting to protect against future storm <br>surges. Developed in consultation with Traditional Owners and <br>supported by the Western Australian Government and Water <br>Corporation, the project aligns with our broader sustainability and <br>climate adaptation goals, helping secure long-term water supply for <br>coastal operations and West Pilbara communities.<br>|
| **Case study: Simandou mine and rail**<br>Guinea is exposed to climate extremes that include increasing <br>rainfall intensity, flooding, erosion and heat. Physical climate <br>change resilience has been embedded into the design and <br>operation of the Simandou iron ore mine following a structured <br>climate resilience assessment. A key feature is ongoing monitoring <br>of climate-sensitive performance thresholds, including rainfall, <br>performance of water management systems and slope stability, <br>to support adaptive management and emergency response <br>preparedness. At the mine, resilience measures include landform <br>designs accounting for more intense precipitation, mine water <br>management controls addressing flooding, erosion and water <br>quality risks, and emergency response planning for foreseeable <br>extreme weather events. Along the rail corridor, climate change <br>projections have informed drainage, flood protection and <br>embankment stability and erosion controls. Rail resilience is further <br>supported by emergency power generation, enabling continued <br>operation during disruptions.<br>|

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 69 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

Just transition

Our just transition strategy recognises that we have a role to play in

optimising the socio-economic opportunities associated with

decarbonising our assets, while safeguarding the rights of workers

and communities. We remain committed to ensuring that the

transition to a low-carbon future is inclusive, equitable and

responsive to the needs of workers, communities and Indigenous

Peoples. Our just transition strategy focuses on the areas most

within our control, with a strong emphasis on stakeholder and

community engagement, impact assessment and transparent

communication.

**Principles and progress** 

In 2025, we strengthened our approach to integrating just transition

principles into project planning and decision making. We have

sought to embed the following global just transition principles into

our decarbonisation strategy to minimise impacts and optimise

socio-economic opportunities.

**Principle 1: We will take a place-based approach to planning** 

**for a just transition, and focus on those regions where our** 

**emissions are greatest and our decarbonisation activities** 

**have a significant interface with communities**

We mapped our emissions profile and decarbonisation projects this

year to understand which communities could face the most

significant transition changes. We have evolved our tools and

processes to understand the specific needs and expectations of

these communities. For example, through our Local Voices

community sentiment survey.

This survey now includes questions on climate change and energy

transition awareness, providing insights into community

understanding and concerns at a local and regional level.

**Principle 2: We will work collaboratively with communities,** 

**government and industry to enhance regional economic** 

**diversification and skills development**

We remain committed to early, inclusive, and transparent

engagement with employees and unions, and have created a

working group on the subject with our global Industrial Relations

Steering Committee.

We are investing in infrastructure, education, and innovation hubs to

help mining regions thrive beyond extraction. For example,

we have committed $150 million to create a Centre for Future

Materials led by Imperial College London to find innovative ways to

provide the materials the world needs for the energy transition. The

"Rio Tinto Centre for Future Materials" will fund research programs

to transform the way vital materials are produced, used and

recycled, and make them more environmentally, economically and

socially sustainable.

We are actively participating in industry and investor working groups

to help shape emerging guidance and policy on just transition.

**Principle 3: We will build just transition considerations into** 

**relevant scopes of work so that the impacts of decarbonisation** 

**activities are well considered and embedded in our** 

**decision making**

Our decarbonisation and nature-based solutions projects are

typically delivered in partnership with other organisations. We have

developed due diligence and project evaluation processes that

assess alignment with just transition principles, including partner

capability to uphold these standards.

As part of our due diligence or project planning process, we

undertake a robust analysis of workforce, social, political and

cultural risk ahead of project development to build just transition

considerations into planning.

We are embedding just transition considerations into the scope of

Social and Human Rights Impact Assessments, ensuring that the

social dimensions of decarbonisation are well understood and

inform decision-making.

**Principle 4: We will proactively engage with Indigenous** 

**Peoples, host communities, government, civil society** 

**organisations and industry to share the information we have** 

**about climate change and our plans to decarbonise**

We engage with our communities on climate change projections and

decarbonisation activities in priority regions, so that they can make

informed decisions and feel prepared for the energy transition. In

2025, we collated key data from different parts of the business to

prepare for meaningful, two-way engagement.

As part of this engagement we will bring key stakeholders together

to take shared accountability for adapting to the impacts of climate

change and decarbonisation.

Our engagement forums with host communities, civil society

organisations and the local workforce continue to be key platforms

for facilitating transparency and listening to stakeholder concerns.

Climate policy and advocacy

While business has a vital role in managing the risks and

uncertainties of climate change, governments are essential to

support the challenge by providing enabling frameworks, including

policies and programs, which enable change and create the right

frameworks for change and increase momentum to shared net zero

goals.

We actively engage on climate and energy policy with governments,

industry, investors and civil society in the countries where we

operate to shape policies, regulations and frameworks that help

meet our decarbonisation goals and support global goals, including

those of the Paris Agreement.

In 2025, we continued to advocate for policies that enable

decarbonisation of our operations and support the production of

transition materials. Our engagements align with the goals of the

Paris Agreement, including efforts to limit global warming to 1.5°C,

and we encouraged alignment across industry associations.

We participated in direct policy consultations with governments,

contributed to policy development through industry bodies, and

published all our standalone submissions to public consultation

processes on climate-related policy.

We also completed and disclosed our annual review of industry

association climate advocacy.

We remain committed to transparency in our advocacy activities and

to supporting policy frameworks that accelerate the transition to net

zero.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** on our climate position and advocacy, see <br>riotinto.com/climateposition<br>|

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 70 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

---

| | |
|:---|:---|
| **Climate policy and regulation** | **2025 Activities** |
| **Development of carbon pricing schemes to** <br>**support the transition**<br>In the absence of global carbon prices, country-level <br>carbon pricing or emissions reductions schemes <br>must balance shared net zero emissions with the <br>competitiveness of our operations and risks of <br>carbon leakage.<br>| •In Australia, we provided feedback via our industry associations into the Climate Change <br>Authority's review of the *Carbon Credits (Carbon Farming Initiative) Act 2011*, with a focus <br>on delivering high integrity methods to support abatement. <br>•We provided feedback directly and through industry associations to the European Commission <br>on several Carbon Border Adjustment Mechanism (CBAM) implementing acts. We support the <br>inclusion of indirect emissions and a fair treatment of scrap content. <br>•In Canada, we provided feedback directly and through industry associations to the <br>provincial government on the development of their assessment of the operating <br>parameters of the Quebec Cap-and-Trade System. We support the use of high-quality <br>offsets and the continued protection of the competitiveness of our industry.<br>•In 2026, we will engage in the scheduled review of the Australian Safeguard Mechanism. <br>We support the scheme's ongoing role in incentivising the private sector to make <br>low-emissions investments.<br>|
| **Climate-related financial reporting** <br>We support the development of frameworks that <br>encourage transparency and provide the key <br>disclosures required for investors and other external <br>stakeholders to compare progress against climate <br>ambitions, enhance competitiveness in global <br>markets, attract investment and accelerate the <br>transition of economies.<br>| •We provided feedback directly to the European Financial Reporting Advisory Group <br>(EFRAG) and through our European industry associations on the proposed revisions to <br>the European Sustainability Reporting Standards under the Corporate Sustainability <br>Reporting Directive, supporting alignment with international standards to promote <br>transparency, consistency and comparability of sustainability disclosures, including <br>climate-related information.<br>•In Australia, we provided input into updates to the National Greenhouse and Energy <br>Reporting Scheme to support enhancements to market-based reporting, in line with the <br>GHG Protocol.<br>|
| **Energy transition and commodity demand** | **2025 Activities** |
| **Growing demand for low carbon products** <br>Policy is necessary to transform the metals <br>sector including by supporting research and <br>development, and driving deployment of <br>pre-commercial technology.<br>| •We engaged in the development of the Australian Guarantee of Origin Scheme for the <br>certification of renewable electricity and low carbon products and note its potential to <br>support the development of markets and international trade of low emissions products and <br>renewable electricity.<br>|
| **Decarbonising energy systems**<br>Government's sectoral decarbonisation plans and <br>policies should support investment certainty and <br>drive an orderly transition of energy systems while <br>supporting operational decarbonisation through the <br>delivery of a sufficient supply of competitively priced, <br>reliable, low-carbon energy.<br>| •In Australia, we responded to the Productivity Commission's interim report on "Investing in <br>cheaper, cleaner energy and the net zero transformation" to reiterate our advocacy for <br>competitively-priced, firmed, renewable electricity at scale as the critical enabler for <br>decarbonisation, and the role of policy and regulation to support the energy transition.<br>|
| **Progressing decarbonisation plans for the** <br>**aluminium industry**<br>| •In Australia, we participated in the design process for the Green Aluminium Production <br>Credit, advocating for the scheme to focus on increasing renewable electricity use at <br>smelter facilities.<br>|
| **Global technology development** | **2025 Activities** |
| Decarbonisation of hard-to-abate energy intensive <br>processing activities requires significant investment <br>in technology development and deployment, and <br>support which ensures global competitiveness of <br>these sectors through the transition in the absence <br>of a global carbon price.<br>| •We engaged with ARENA across our portfolio to explore partnership options and advocate <br>for Government support for technology development and deployment.<br>|
| **Development of a sustainable low-carbon** <br>**liquid fuels industry** <br>Displacing diesel use requires a range of options, <br>including fleet electrification and the use of <br>renewable diesel. Government policies are required <br>to support the development of a competitive and <br>sustainable low-carbon liquid fuels market.<br>| •In Australia, we continued to advocate for government's role in scaling up a domestic <br>biofuels industry by focusing on the supply of sustainable feedstocks. Our advocacy <br>included responding to the public consultation on developing a National Bioenergy <br>Feedstocks strategy. <br>|

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 71 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

Climate-related governance

**Directors' declaration in relation to the** 

**consolidated Sustainability Report of Rio Tinto**

As required by the Australian *Corporations Act 2001* (Cth) as

modified by ASIC Instrument 26-0081 (Corporations Act), and in

accordance with Australian sustainability standards and other

emerging standards, Rio Tinto has prepared the climate-related

disclosures included in this Form 20-F in the section titled "Climate",

in other sections cross-referenced from that section, and in the *2024* 

*Scope 1, 2 and 3 Emissions Calculation and Climate Methodology* 

and the 2025 Addendum (riotinto.com/climatereporting), (the

Sustainability Report), in respect of Rio Tinto plc, Rio Tinto Limited

and their respective subsidiaries (the Rio Tinto Group). Other

sustainability-related information included elsewhere in this Form

20-F, or published on our website (unless specifically referred to by

document and page number), is not part of the Sustainability Report

and has not been prepared pursuant to the Corporations Act,

Australian sustainability standards or related ASIC instruments.

Under the Corporations Act, the Directors must provide a declaration

in respect of the Sustainability Report. Each of the current Directors,

whose names and function are listed on pages [104](#i6e24f352bf2243f482bd1df1b3ce01ce_253) and [105](#i6e24f352bf2243f482bd1df1b3ce01ce_256) in the

Directors' Report, declare that, in their opinion, Rio Tinto Limited has

taken reasonable steps to ensure that the substantive provisions of

the Sustainability Report are in accordance with the Corporations

Act, including:

• complying with applicable sustainability standards

• complying with section 296D of the Corporations Act (climate

statement disclosures).

The ASIC relief referred to above permits the Sustainability Report to

relate to the Rio Tinto Group as a whole, rather than to only Rio Tinto

Limited and its subsidiaries. For the purposes of sections 342(C)(4) and

(5) of the Corporations Act, the Directors intend that subsection 342C(6)

of the Corporations Act apply to the Sustainability Report.

This declaration is made in accordance with a resolution of the Board.

![Dominic-signature-thin.gif](rio-20251231_g95.gif)

**Dominic Barton** 

Chair

19 February 2026

**The Board**

The Board has ultimate responsibility for our overall approach to

climate change. This includes the oversight of climate-related risks,

opportunities, strategy, projects, partnerships, physical resilience,

engagement, reporting, and advocacy as per the Schedule of

Matters. Climate change and the low-carbon transition present

material risks and opportunities for our business, forming a key part

of our strategy and sustainability and social licence objectives. The

Board approves our overall strategy, policy positions, and climate

disclosures within this report, delegating specific responsibilities to

committees and the Chief Executive. These factors are considered in

strategy discussions, risk management, financial reporting,

investment decisions, and executive remuneration.

The Board receives regular updates on climate-related matters

through the Monthly Performance Review scorecard, which

includes KPIs and a detailed decarbonisation scorecard covering

operational emissions, offsets, abatement projects and Scope 3

emissions. During the year, climate is also addressed through

other agenda items. For example, the Board and the Audit &

Risk Committee considered climate-related risks and

opportunities as part of their review of the Group's material risks

and uncertainties. See further required details in "Our risk

management governance structure" on page [89](#i6e24f352bf2243f482bd1df1b3ce01ce_229), and "Risk

factors" on pages [91](#i6e24f352bf2243f482bd1df1b3ce01ce_235) and [97](#i9c8ea7a08c3241a2bf17b2c7b4e9ad76_0-0-1-1-5915834).

In the past 12 months, the Board agendas have included climate-

related items, such as discussions on repowering options for our

Pacific Aluminium Operations. This has included oversight of the

Group's emissions reduction pathway and its reliance on securing

commercially viable renewable energy contracts for the Boyne and

Tomago smelters. The Board balances environmental goals with

social and financial considerations and continues to oversee these

discussions to ensure decisions reflect both strategic priorities and

stakeholder impacts.

In 2022, our shareholders supported our first CAP put forward to them

by the Board, in a non-binding advisory vote on our ambitions,

emissions targets and actions to achieve them.

The Board further committed to repeating this vote every 3 years, at a

minimum, unless there were significant changes in the interim, in which

case the CAP would be returned to the next immediate AGM. The 2025

CAP was approved by shareholders at our 2025 AGM.

When considering Board composition, an external consultant is used

to support the appointment of new directors. No new non-executive

directors were appointed in 2025. This year we undertook an internal

review of Board performance and considered the skills of Directors,

including those relating to climate and renewable energy. These skills

are reflected in a matrix approved by the Nominations & Governance

Committee. We expect our Directors to remain informed and up to

date on relevant matters.

To support the Board's oversight of climate-related matters, this year

the Audit & Risk Committee, joined by members of the Sustainability

Committee, received an externally facilitated session on climate

governance and considerations for boards in preparing for mandatory

climate reporting, including new Australian disclosure obligations. In

addition, the Chief Decarbonisation Officer presented on our

approach to climate reporting, the organisational model in place to

oversee climate-related risks and opportunities, and our approach to

mandatory assurance requirements. These sessions complement

ongoing updates on strategic priorities and decarbonisation initiatives

and form part of our commitment to strengthening Board capability in

managing climate-related matters.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For additional information** see our Strategic context and Strategic <br>framework on pages [6](#i6e24f352bf2243f482bd1df1b3ce01ce_37)-[9](#i6e24f352bf2243f482bd1df1b3ce01ce_46).<br>|

---

**Summary of 2025 Board activities:**<br>•Approved the Group's strategy and scenarios, including the <br>use of climate scenarios and the impact and opportunities <br>arising from the energy transition.<br>•Approved the *2025 Climate Action Plan* (CAP) and <br>climate-related disclosures in the *2024 Annual Report,* including <br>the notes to the financial statements.<br>•Engaged with investors and civil society organisations <br>following the publication of our 2025 CAP.<br>•Approved various projects that support the growth in <br>production of transition materials and our internal <br>decarbonisation objectives.<br>•Oversaw adoption and implementation of the Australian <br>climate reporting standards (AASB S2). <br>•Updated the Group's operational decarbonisation pathway and <br>associated expenditure.<br>

**Sustainability Committee**

The Sustainability Committee is responsible for the oversight of key

sustainability issues including social and environmental matters that are

impacted by climate change, particularly those relating to water and

biodiversity. In 2025, the Terms of Reference were updated to reflect

these responsibilities including oversight of physical resilience to climate

change, which the Committee discusses on a periodic basis.

The committee works with the Audit & Risk Committee to ensure the

effectiveness of the risk management framework, and to oversee

engagement with the external auditors who conduct sustainability

assurance, including assurance in relation to GHG emissions.

For more information see pages [120](#i6e24f352bf2243f482bd1df1b3ce01ce_304)-[121](#i6e24f352bf2243f482bd1df1b3ce01ce_307).

**Audit & Risk Committee**

The Audit & Risk Committee is responsible for risk management

systems and internal controls, financial reporting processes and the

relationship with the external auditors as noted in its committee terms of

reference. This involves the oversight of significant areas of judgement

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 72 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

relating to the financial statements including those relating to climate,

consideration of climate policies, and stress testing our strategy against

selected scenarios. It ensures the effectiveness of the risk management

framework and also endorses the appointment and fees of the external

auditors who assure GHG emissions.

The Committee's terms of reference were revised in February 2026 to

formalise the oversight of the non-financial reporting process (supported

by the Sustainability Committee) including those disclosures relating to

climate.

**People & Remuneration Committee**

The role of the People & Remuneration Committee includes the

oversight of the Group's remuneration structure, including the use of

short- and long-term incentive plans for the Executive Directors, as

reflected in its charter.

This includes performance against strategic measures linked to

decarbonisation. In 2025, 10% of the short-term incentive plan

(STIP) and 20% of the long-term incentive plan (LTIP) were

weighted towards decarbonisation, including the progress of our

carbon abatement projects. See pages [122](#i43c3c73661d24b9493a2637ef979e25c_5596)-[139](#i7c04024423194a03919441e1556a4e09_35058) for our 2025

remuneration outcomes and the incorporation of climate-related

measures in the STIP and LTIP.

**Management** 

**Investment Committee**

The Investment Committee reviews and approves the Group's

capital allocation in relation to high-cost projects and climate change

research and development.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on our Capital allocation and investment <br>framework, see page [58](#i6e24f352bf2243f482bd1df1b3ce01ce_199).<br>|

---

**Chief Executive and Executive Committee**

The Chief Executive is responsible for delivering the CAP, as

approved by the Board, with the Executive Committee supporting

this role. The Executive Committee receives a quarterly

decarbonisation progress report which includes updates on

abatement projects and other areas of our CAP.

Risk management, portfolio reviews, capital investments, annual

financial planning and our approach to government engagement are

integrated into our approach to climate change and emissions

targets. The annual financial planning process focuses on the short

term (up to 2 years). The new growth and decarbonisation strategy

is part of the medium-term planning process.

**Remuneration:** Our Chief Executive's performance objectives in the

STIP include delivery of the Group's strategy on climate change.

These are cascaded down into the annual objectives of relevant

members of the Executive Committee, including the Chief Safety &

Technical Officer, and other members of senior management.

Decarbonisation is also included as a performance measure in the

STIP and LTIP as described above. See pages [131](#i7c04024423194a03919441e1556a4e09_35062)-[139](#i7c04024423194a03919441e1556a4e09_35058) for our

2025 remuneration outcomes and the incorporation of climate-

related measures in the STIP and LTIP.

**Energy and Climate team**

Since 2022, we have managed delivery of our CAP through a central

team, Rio Tinto Energy & Climate (RTEC). This team, led by the Chief

Decarbonisation Officer who reports to the Chief Safety & Technical

Officer, has been accountable for all aspects of the CAP.

The RTEC team has been structured around the main areas of our

abatement work that drive decarbonisation across our operations,

including a dedicated Nature-based Solutions team. A Decarbonisation

Office (DO) supports this work by monitoring and forecasting GHG

emissions, tracking investment decisions, coordinating our approach to

physical climate risks, and engaging on climate-related policies, regulation

and reporting. It also prepares the quarterly decarbonisation progress

report for the Executive Committee.

As part of the evolution of our strategy and operating model,

we are transitioning delivery of decarbonisation projects to our

product groups and assets. This shift reflects a move to embed

delivery more directly within our operational structure. Central

oversight will continue for emissions reductions tracking and

investment strategy review, ensuring alignment with our overall

climate objectives. The current model, with delivery led centrally by

the RTEC team, has remained in place throughout 2025.

Rio Tinto Commercial continues to lead our approach to Scope 3

emissions, given its responsibility for procurement, shipping and

customer engagement. Updates on Scope 3 emissions abatement

projects are included in the quarterly decarbonisation report

prepared by the DO.

**Management of climate-related risks** 

**and opportunities**

The Board approves our risk appetite and oversees our material risks.

The Board is supported in monitoring a range of material financial and

non-financial current and emerging risks by the Audit & Risk and

Sustainability committees. Climate-related risks<sup>1</sup> and opportunities are

integrated in our enterprise-wide risk management framework. These

are identified by product groups and supporting functions, then

included in the appropriate risk register. These will be assigned a risk

owner and evaluated on the maximum reasonable consequence (non-

financial and financial) and likelihood of the risk. Consequences may

include the impact on Group free cash flow or business value, or

reputation and licence to operate. These risks are escalated to the

appropriate level of management for oversight and action. Processes

remain unchanged from the prior year. See further required details in

"Our risk management governance structure" on page [89](#i3e31872354a046ca92d76d85379559e2_5170); "Emerging

risks" on page [90](#i152c8314f5d649a38a01c62ec2a4cd01_3622) and "Our approach to risk management" on page [89](#i6e24f352bf2243f482bd1df1b3ce01ce_229)

for more detail on our risk management process, emerging risks and

our current assessment of risk factors.

Under our 3 lines of defence model, all employees are empowered to

own and manage the risks that arise within their area of responsibility.

Our Enterprise functions are our 2nd line of defence, providing deep

subject matter expertise and objective challenge. Our Internal Audit

function provides independent assurance. Where required by law, or

where deemed appropriate, we also engage third parties to provide

independent assurance. Where risks are material to the Group, they

are escalated to the Risk Management Committee and, as

appropriate, to the Board or its committees.

We actively monitor and assess the potential impact of climate risks

and opportunities on our operations and business through scenario

planning. See pages [73](#i325ffd14c2cd44c89370a3a935f69040_77783) and [79](#i8f169602b8d844b798e785067fc3e9c5_8699) for more detail on how we use

scenarios to identify climate-related transition and physical risks, and

portfolio opportunities. Additionally, climate-related opportunities are

prioritised by considering factors such as shareholder value, asset cost

base, emissions abatement potential, and competitiveness against the

marginal abatement cost curve, as outlined in our "Capital allocation

and investment framework" section on page [58](#i6e24f352bf2243f482bd1df1b3ce01ce_199).

Climate change and the low-carbon transition remain critical

emerging risks, with potential to have a significant impact on our

business and the communities where we operate. Emerging risks

that could materially impact strategic objectives are incorporated

within our material risks and, where possible, we develop responses

to mitigate threats and create opportunities for the Group.

In 2025, climate change has been elevated to a standalone material

risk to reflect its increasing relevance and potential to materially

impact our business. "Preparing our business for climate change"

includes both physical risks (such as extreme weather events and

long-term environmental changes) and transition risks and

opportunities (arising from shifts in policy, technology, and market

expectations as the global economy decarbonises). See further

information on "Preparing our business for climate change" including

opportunities, threats, key exposures and key management

responses on page [97](#i9c8ea7a08c3241a2bf17b2c7b4e9ad76_0-0-1-1-5915834).

Recognising climate change as a material risk reflects the growing

complexity and interconnection of climate-related risks and

opportunities across our business. It also supports continued

integration of climate-related considerations into strategic planning and

risk management across the Group. All Group material risks and

uncertainties are reviewed on a quarterly basis by the Enterprise Risk

function and the Risk Management Committee (RMC).

1. Our Group Risk Management framework refers to "risks" in the context of both threats

and opportunities. For purposes of disclosure in this section, we refer to climate risks

and opportunities separately.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 73 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Scenario analysis

We use scenario analysis to identify and assess material risks and

opportunities, including those related to climate change, that may

affect our Group in the medium and long term. All material Group

operations are included in our analysis.

Transition risks and opportunities are assessed using short-term

market analysis and our Group Conviction, Resilience and

Aspirational Leadership scenarios for the medium and long term.

These scenarios are macroeconomic in nature and reflect an

integrated assessment of climate change, geopolitics, policy

developments and broader economic conditions. As these factors

are closely interrelated, we assess transition impacts through our

Group scenarios rather than through discrete climate models.

The temperature outcomes of these scenarios are informed by

detailed economic modelling, combining internal and external

sector-focused insights.

Physical climate risks are assessed separately using bottom-up,

asset-level analysis aligned to discrete climate model-based emissions

scenarios, including intermediate and high-emissions pathways.

Our process for identifying material transition risks considers whether

climate-related factors, such as regulatory and policy changes,

technology developments, community expectations, and physical

climate impacts, could have a material impact on our business model,

strategy, or financial statements. Climate risks and opportunities are

considered material when they could reasonably affect our ability to

deliver on strategic objectives, maintain financial resilience, or require

changes to operations or investment priorities.

While specific thresholds vary by risk type and scenario, we

consider indicators such as potential for sustained cost increases,

prolonged operational disruption, impact on shareholder value or

reputational impacts that could influence long-term value.

Examples include:

• regulatory or policy changes that increase costs or delay projects

• technology shifts that alter competitiveness or investment

priorities

• community or stakeholder actions that affect access to resources

or require major changes in approach.

Rather than applying a single threshold, we use structured analysis

to identify risks that could have a meaningful effect on our business

performance or strategic objectives. These risks are escalated for

management oversight and actioned as appropriate.

**Additional information on scenario analysis** 

We review our scenario approach every year as part of our Group

strategy engagement with the Board. For planning purposes, we

define short term as up to 2 years, medium term as 2 to 10 years

and long term as beyond 10 years.

Our short-term timeframe aligns with our annual planning process

and is informed by market analysis, allowing us to respond swiftly to

immediate market conditions and trends, and remain agile and

competitive in the near term.

The medium-term timeframe aligns with extended planning horizons

for our growth and emissions abatement projects, while the

long-term timeframe considers the full lifespan of our mining assets

and infrastructure, as well as the continued impact climate risks and

opportunities are expected to have on the business.

Scenarios are used primarily over the medium and long term to

identify and evaluate transition risks that can affect our business

model, financial performance and market positioning, assess

opportunities such as low-carbon technologies and the transition to

renewable energy, and inform strategic planning and investment

decisions, recognising that uncertainty in assumptions and

projections inevitably increases further into the future.

We do not undertake climate modelling ourselves, but rather determine

the approximate temperature outcomes by comparing the emissions

pathways to 2100 in each of our scenarios with the Shared Socio-

economic Pathways (SSP) set out in the Intergovernmental Panel on

Climate Change (IPCC) Sixth Assessment Report. We also consider the

carbon budgets associated with different temperature outcomes which

are inevitably uncertain. In 2024, we updated the scenario framework

used to assess the resilience of our business under different transition-

related scenarios. This year, the Conviction scenario was rerun to reflect

updated assumptions and temperature outcomes, while the Resilience

and Aspirational scenarios were not rerun as no material changes were

made to their underlying assumptions or inputs.

Alongside commodity, energy, currency and other macroeconomic

assumptions, carbon pricing is also factored into our scenario

analysis and used to evaluate investment decisions. Our short-term

carbon pricing assumptions align with consensus price forecasts in

each region, accounting for transitional assistance, such as free

allocation, where appropriate. Medium- to long-term carbon prices

are determined by national climate targets, and our understanding of

the marginal abatement costs and objectives for each scheme.

Dependent on location and time horizon, our internally applied

carbon prices range from $0/t CO2e to $250/t CO₂e.

The temperature outcomes of scenarios and sensitivities are based

on detailed economic modelling using various tools and analyses,

combining internal and external insights focused on sectors relevant

to our commodities. The emissions pathways in Conviction and

Resilience limit temperature rises to around 2.1 – 2.3°C (previously

2.1°C), and around 2.5°C by 2100 respectively. This roughly aligns

with the IPCC's intermediate emissions scenario (SSP2-4.5). We

also use the SSP2-4.5 (intermediate emissions) and SSP5-8.5

(highest emissions) scenarios in our bottom-up asset-level physical

risk and resilience assessments. See page [79](#i8f169602b8d844b798e785067fc3e9c5_8699) for more information.

There are no portfolio adjustments made to the Group's medium- to

long-term plan under the various scenarios. As good practice on

scenario analysis and climate modelling evolves, we will continue to

evaluate the robustness of our assessments of climate-related risks

and opportunities, drawing on more recently published studies and

analysis.

**Scenario analysis temperature pathways (to 2100)**

![RIO160_Scenario analysis temperature pathways.jpg](rio-20251231_g96.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 74 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Our core scenarios**

**Conviction**

This is our "central case" scenario and underlies strategic planning

and portfolio investment decisions across the Group. Consequently,

we limit disclosure of our detailed assumptions. In this scenario,

countries are expected to electrify and decarbonise at a moderate

pace, with increasing awareness of climate-related physical risks

prompting more progressive policy action over time. Climate policies

in Conviction remain more ambitious than in Resilience, although

overall climate ambition has moderated compared to prior

expectations. This results in an estimated temperature rise of

approximately 2.1°C to 2.3°C by 2100, where the lower end

assumes developing countries achieve stated net zero targets

post-2050 and the upper end assumes a delay of one to 2 decades.

Developed economy targets are nearer term and introduce less

uncertainty. The uncertainty reflects the highly unpredictable

decarbonisation pathways of non-OECD countries beyond 2050 and

does not materially affect group value.

Real gross domestic product (GDP) grows at 2.2% between

2023–2050, but energy intensity of GDP reduces approximately

2.1% per year due to sectoral shifts and greater efficiency. For the next

decade, greenhouse gas (GHG) emissions are slightly higher than those

in the Resilience scenario due to a higher GDP, but emissions then

decline, although not as quickly as previously anticipated, as low-carbon

electrification expands to supply over half of final energy by 2050. The

impact on corporate balance sheets will be mixed – overall, although

carbon pricing varies by region, it will increase costs. GDP growth and

the global energy transition are expected to increase demand for

copper, lithium and aluminium through to 2050. Steel demand is

expected to grow more modestly, and incentives to recycle scrap

increase. Lower quality iron ore products are expected to receive greater

discounts. Additionally, near-term costs for low-carbon technologies in

developed economies may be higher due to technology maturity and

investment conditions, while lower carbon prices could slow adoption.

Updates to inputs and assumptions this year reflect changes in

global growth and climate ambition outlook and do not result in a

significant impact on our overall business strategy.

**Resilience**

Weaker governance, declining global trade, and lower economic

growth lead to less effective climate action. Real GDP growth only

averages 1.6% between 2023 and 2050. Lower economic growth

and a slower energy transition lead to lower commodity demand and

prices across all time periods compared to Conviction. Lower policy

ambition and the inability of the international community to tackle

carbon leakage without resorting to protectionism leads to climate

policies advancing sporadically and in an uncoordinated way.

Slower global climate action and lower commodity prices delay the

development and deployment of low-carbon technologies,

potentially pushing progress on hard-to-abate emissions back by a

decade or more. In regions where we operate emissions-intensive

assets, this could hinder our ability to meet decarbonisation targets

and reduce long-term competitiveness. Overall, there is still a 38%

reduction (relative to 2025) in global GHG emissions by 2050. The

result is a temperature rise of around 2.5°C by 2100. Consequently,

climate-related weather events and natural disasters become more

frequent and severe in this scenario but are met by fragmented and

variable policy responses.

**Aspirational Leadership scenario 1.5°C** 

This scenario reflects our view of a world of high economic growth,

significant social change and accelerated climate action that

achieves net zero emissions by mid-century. While GDP growth is

similar to that in our Conviction scenario, significantly more

ambitious climate policy limits warming to 1.5°C (aligning with

SSP1-1.9). Stronger climate ambition is expected to be

accompanied by more supportive policy frameworks that

accelerate the development and adoption of low-carbon

technologies. This scenario affects our balance sheet in different

ways and is subject to great uncertainty. Overall, in Aspirational

Leadership the Group's economic performance would fall between

Conviction and Resilience. While higher scrap use reduces the

medium-term demand for Pilbara products, increased carbon

pricing and penalties boost long-term demand for high-grade iron

ore. Aluminium demand growth is limited in the short term, but

increases in the longer term. Copper demand grows due to

increasing electrification, strong GDP growth, and accelerated

electric vehicle (EV) penetration. These trends also support

minerals projects.

Despite global agreements reached in Glasgow and Dubai, emissions

today continue to rise, making the 1.5°C goal of the Paris Agreement

unlikely to be achieved. Overall, based on the Aspirational Leadership

scenario pricing outcomes, and with all other assumptions remaining

consistent with those applied to our 2025 financial statements, we do

not currently envisage a material adverse impact of the 1.5°C Paris-

aligned sensitivity on asset carrying values, remaining useful life, or

closure and rehabilitation provisions for the Group. It is possible that

other factors may arise in the future, which are not known today, that

may impact this assessment.

**Additional scenario parameters**

The next table shows some of the key data derived from our internal macroeconomic and energy models that form the basis for all our long-

term commodity analysis. Changes in scenario inputs reflect revised methodologies and calculations. We now assume higher energy

consumption through to 2050, with differences becoming more pronounced beyond 2050. This results in a wider temperature range in our

conviction scenario, now 2.1–2.3°C. Carbon prices are slightly lower than previous assumptions, but this does not directly translate into

higher emissions, as other policies continue to influence outcomes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Key scenario metrics** | **Base year** | **Conviction** | **Conviction** | **Resilience** | **Resilience** |
| **Key scenario metrics** | 2023 | 2030 | 2023–2050 <br>CAGR<br>| 2030 | 2023–2050 <br>CAGR<br>|
| Average exposed carbon price, (2025 $/t CO2e)<sup>1</sup> | 37 | 70 | 6.3% | 69 | 5% |
| Global GHG emissions, (Gt CO2e) | 55 | 57 | -1.6% | 51 | -1.8% |
| Global CO2 combustion emissions, (Gt CO2<sup>2)</sup> | 34 | 34 | -2.8% | 31 | -2.7% |
| Global final energy demand, exajoule (EJ) | 445 | 481 | 0.5% | 455 | 0.1% |
| Electricity share of final energy | 21% | 25% | 3.6%<sup>3</sup> | 24% | 2.2%<sup>3</sup> |
| Non-fossil share of electricity generation | 46% | 58% | 6.2%<sup>3</sup> | 60% | 4.2%<sup>3</sup> |

---

1. Simple unweighted average across Australian, European and North American national carbon schemes. This is a simplified representation of regional, and in some cases sub regional,

level analysis.

2. While total GHG emissions is the primary metric for estimating global warming, CO2 combustion emissions give a clearer picture of the energy transition in the power and industrial sectors.

3. Indicates annual % growth of total electricity generation and non-fossil electricity generation.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 75 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Portfolio resilience**

Our CAP is designed to address material climate-related risks and

opportunities identified across a range of scenarios and time

horizons. It integrates actions to mitigate transition risks such as

stricter carbon regulations, uneven climate policies and social

licence to operate, and to capture opportunities from the growing

demand for materials essential to the global energy transition.

We have assessed the resilience of our portfolio under multiple

transition scenarios aligned with 1.5°C, 2.1–2.3°C, and 2.5°C

outcomes. These assessments consider factors such as emission

intensity relative to industry peers, regional exposure to climate

regulations, and product suitability for downstream decarbonisation.

Our economic performance is stronger in Conviction than in

Resilience, where there is higher GDP growth and a faster low-

carbon transition. In Aspirational Leadership, higher carbon

penalties and potential impacts on demand for mid- and lower-grade

iron ore result in mixed performance for iron ore, but stronger

demand for other metals than in Conviction.

Key elements of the plan include reducing operational emissions

through renewable electricity deployment, transitioning mining

operations away from diesel, and lowering process emissions in

smelting and refining. These measures strengthen resilience under

all scenarios considered and support delivery of our 2030 and 2050

emissions targets, while enabling a just and orderly transition. See

pages [55](#i0787ada803c841b6b98e14632ae0804a_4726)–[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for more information on our CAP, including

decarbonisation strategy, Scope 3 approach, and transition-related

spend.

**Financial resources and flexibility**

Financial resources remain available to support our decarbonisation

strategy (see page [58](#i6e24f352bf2243f482bd1df1b3ce01ce_199)). Our Group capital allocation framework

guides investment decisions that support both growth and climate-

related initiatives. We maintain flexibility to respond to emerging

risks and opportunities, as demonstrated by our ability to fund major

growth projects such as copper at Oyu Tolgoi, high-grade iron ore at

Simandou, and lithium at Rincon. In addition, our recent acquisitions

show the availability of funds to pursue inorganic growth

opportunities aligned with our strategy.

**Asset redeployment and portfolio flexibility**

We regularly review our portfolio to ensure alignment with strategic

priorities and climate objectives. This includes divesting assets that

do not meet return criteria or strategic priorities, as evidenced by the

currently ongoing strategic review of businesses from our former

Minerals product group. Our approach ensures continued disciplined

investment in organic growth and flexibility to repurpose or upgrade

existing assets to support climate resilience.

**Current and planned investments**

Our planned investments in decarbonisation and growth are

embedded in our operations and capital plans (see page [58](#i6e24f352bf2243f482bd1df1b3ce01ce_199)). These

include renewable electricity deployment, electrification of mining

fleets, and process innovation in smelting and refining. Our ambition

remains to grow production of transition materials by approximately

3%, supported by capital allocation and major projects across our

global portfolio.

Through disciplined capital allocation, operational decarbonisation,

and portfolio flexibility, we are resilient to identified climate-related

risks and well-positioned to capture opportunities arising from the

global energy transition.

**Determining the financial impact of climate-related** 

**risks and opportunities**

Climate-related risks and opportunities (CROs) can affect our

financial position, financial performance and cash flows in the

current reporting period (current financial effects) and in future

periods (anticipated financial effects).

Information on the current impacts of climate change and the

execution of our climate change strategy on our financial statements

is available on pages [161](#i6e24f352bf2243f482bd1df1b3ce01ce_430)-[164](#i3c06707752cf468884e3d0e7a27d5982_0-0-1-1-5910999), and has also been referenced

alongside each relevant CRO on page [76](#i6e24f352bf2243f482bd1df1b3ce01ce_205).

Based on information to date, and where separately identifiable,

none of the identified climate-related risks or opportunities are

expected to result in a material adjustment to the carrying amounts

of assets and liabilities disclosed in the financial statements within

the next annual reporting period.

Anticipated portfolio impacts derived from scenario analysis are

subject to inherent uncertainty due to multiple interdependent

estimates and assumptions. Our macroeconomic modelling

incorporates a range of variables and, as a result, isolating and

measuring the anticipated impact of specific CROs can be

challenging. Due to these circumstances, it is not currently possible

to disclose quantitative financial impacts for certain CROs. Instead,

to disclose the potential impacts of these on Group performance, we

have provided qualitative narrative on each CRO's impact, how

outcomes may differ under our Resilience and Aspirational

scenarios, a link to identified current impacts on the financial

statements, and a relative impact range<sup>1</sup> across our portfolio over

the short, medium and long term.

Quantitative financial impacts have not been disclosed for the

following CROs.

**Energy transition commodity demand:** Demand for our materials

is influenced by a range of factors, including the energy transition,

broader macroeconomic conditions, supply availability and

commodity prices. As these drivers are interrelated, it is not possible

to separately identify or quantify the financial impact of demand

attributable to the energy transition from general market demand, as

commodity prices and volumes reflect the combined effect of

multiple factors operating simultaneously. While not separately

identifiable, see page [76](#i6e24f352bf2243f482bd1df1b3ce01ce_205) for our analysis of the anticipated increase

in overall commodity demand.

**Global technology development (opportunity):** Our technology

development opportunity is primarily focused on enhancing

competitiveness over the medium to long term. While these

technologies are already informing strategic positioning, most

remain in development or pilot stages. Their short-term impact on

competitiveness is still emerging and being shaped by ongoing

technology development and broader macroeconomic factors. While

not yet quantified, we expect decarbonisation technologies to

improve asset competitiveness by potentially increasing revenue

through demand for low-carbon products, reducing carbon costs,

and strengthening cash flows. Anticipated carbon costs have been

provided on page [76](#i6e24f352bf2243f482bd1df1b3ce01ce_205).

**Social licence to operate and access orebodies:** Our social

licence is critical to our operations and is embedded across our

business. The impact of these risks, and the climate-related

influence on licensing, is difficult to isolate. They are inherently

qualitative and depend on factors such as stakeholder trust,

community relationships and permitting processes, all of which

cannot be consistently expressed in monetary or numerical terms.

**Physical risks:** All of our inventory and PPE ($91.6 billion), which

together account for 72% of our total assets, are exposed to some

degree of unmitigated physical climate-related risk. Given the

variability of physical hazards, modelling approaches and inherent

uncertainty in outcomes, we are unable to produce precise

quantitative estimates of anticipated financial impacts under each

scenario<sup>2</sup>. Instead, we assess potential exposure and impact using

our Value at Risk (VaR) analysis, as outlined on page [80](#i8f169602b8d844b798e785067fc3e9c5_8698), and

supplement this with qualitative assessments on page [78](#i8f169602b8d844b798e785067fc3e9c5_8696).

Any material current physical climate-related impacts are disclosed

in our financial statements as, among other line items, physical

damage or disruption could primarily affect asset carrying values

and cash flows. No such instances were noted in FY2025.

Separately, costs to enhance asset resilience are embedded within

our operational and capital expenditure processes and therefore

cannot be separately identified.

1. The relative impact disclosed has been assessed under our Conviction scenario,

considering the potential portfolio effect each individual CRO may have compared to

other CROs identified. These potential impacts carry inherent uncertainty due to their

dependence on multiple forward-looking assumptions.

2. See "Considerations and limitations" on page [79](#i8f169602b8d844b798e785067fc3e9c5_8699).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 76 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

---

| | | | |
|:---|:---|:---|:---|
| Key: | **L** = Low | **M** = Medium | **H** = High |

---

Climate-related risks and opportunities

**Portfolio risks and opportunities in the low-carbon transition** 

We address climate-related risks and opportunities through our CAP, which sets out current and planned actions to mitigate identified risks

and capture opportunities. These actions include changes to strategy and resource allocation, process improvements, renewable energy

deployment, and collaboration across our value chain. The table below summarises the impact of material climate-related risks under our

scenarios and the actions within our CAP to mitigate them.

---

| | | | |
|:---|:---|:---|:---|
| **Risk**<br>**Opportunity** | **Relative impact over time (Conviction)** | **Relative impact over time (Conviction)** | **Relative impact over time (Conviction)** |
| **Risk**<br>**Opportunity** | Short-term | Medium-term | Long-term |
| **Energy transition commodity demand** | **M** | **M** | **H** |
| Customer interest in materials required for the energy transition is growing and may increasingly influence future pricing and <br>demand, primarily leading to an increase in revenue. We see an opportunity in the short term to strengthen our role as a key <br>supplier of these materials, while positioning for medium- and long-term growth as demand for copper, aluminium, lithium, and <br>high-grade iron ore is expected to grow, particularly in markets prioritising decarbonisation. <br>Underlying EBITDA<sup>1</sup> is projected to increase by around 40–50% from the 2024 baseline to 2030 (based on long-run consensus <br>prices, consolidated volume growth, and unit cost reductions) as a result of volume growth supported by the diversification of our <br>portfolio. Demand growth across key commodities underpins this outlook. Aluminium is forecast to grow by ~1.2x by 2035, <br>lithium by ~3.4x, copper by ~1.3x, and steel by ~1.1x, driven by electrification, energy storage, and infrastructure expansion in <br>markets prioritising decarbonisation. These trends highlight the potential to capture value through portfolio diversification and <br>supply growth as global energy systems transition. Our production outlook on a CuEq basis shows a 3% CAGR to 2030, <br>supported by the addition of Simandou and our lithium assets at Arcadium and Rincon.<br>The pace of the transition in the value chain, such as the grade and quality of these commodities, influences portfolio <br>composition, capital allocation, and technology investment decisions over the medium to long term. By partnering with <br>technology providers to develop low-carbon pathways and adapt to evolving product specifications, we can better meet <br>customer expectations, support portfolio growth, and capture value in a shifting market landscape. This includes potential upside <br>from emerging green premiums for low-carbon products.<br>| Financial statement impact:<br>•Transition materials metrics: <br>consolidated sales revenue, <br>capital expenditure, operating <br>assets, page [83](#ic123913eeacd4287bb03b64171b06dc4_16886).<br>•Estimation of asset lives, <br>page [188](#i86a9de3515ab44cba41955b8f1c57975_0-0-1-2-5910999). | Financial statement impact:<br>•Transition materials metrics: <br>consolidated sales revenue, <br>capital expenditure, operating <br>assets, page [83](#ic123913eeacd4287bb03b64171b06dc4_16886).<br>•Estimation of asset lives, <br>page [188](#i86a9de3515ab44cba41955b8f1c57975_0-0-1-2-5910999). | Financial statement impact:<br>•Transition materials metrics: <br>consolidated sales revenue, <br>capital expenditure, operating <br>assets, page [83](#ic123913eeacd4287bb03b64171b06dc4_16886).<br>•Estimation of asset lives, <br>page [188](#i86a9de3515ab44cba41955b8f1c57975_0-0-1-2-5910999). |
| **Global technology development** | **L** | **M** | **M to H** |
| Low-carbon technologies such as ELYSIS™, Évolys™ and hydrogen-based processing are expected to reduce hard-to-<br>abate emissions and enhance competitiveness over the medium to long term. These technologies offer potential to <br>reshape legacy operations and support strategic differentiation across key parts of our value chain.<br>While work on low-emission technologies continues, some breakthroughs are likely to take longer to achieve than initially <br>anticipated, creating uncertainty around their availability at scale. This means that residual emissions from hard-to-abate <br>areas for us, our industry, and more broadly the world, may remain elevated and exposed to carbon pricing for an <br>extended period, impacting our ability to achieve net zero in 2050 or beyond. <br>Post-2030 abatement projects are typically high-cost and capital-intensive, relying on industry-wide technological <br>breakthroughs to transform decades- to centuries-old industrial processes. These factors are shaping our strategic <br>planning and portfolio decisions, with potential financial impacts such as higher capital requirements, alongside slower <br>progress in achieving long-term emissions reduction targets.<br>Currently, 59% of our Scope 1 and 2 emissions (18.5 Mt CO2e) are classified as hard-to-abate<sup>2</sup>, with $0.56 billion spent/<br>committed co-investment in industrial scale R&D to support solutions for hard-to-abate emissions.<br>Our total decarbonisation spend for 2025 was $612 million (2024: $589 million) and our updated capital expenditure <br>forecast is $1-2 billion to 2030. Further details on our decarbonisation capital allocation can be found on page [58](#i6e24f352bf2243f482bd1df1b3ce01ce_199).<br>| Financial statement impact:<br>•Decarbonisation spend, <br>page [163](#i6e24f352bf2243f482bd1df1b3ce01ce_448) and [180](#id87d0a4957f14b86af61a66890625969_1365).<br>•Decarbonisation capital <br>commitments, page [226](#ie6ea5fa60c8e4ed693faaa763c1fba2a_1-0-1-2-5910999). <br>•Carbon abatement spend on <br>procurement of carbon units and <br>renewable energy certificates, <br>page [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138).<br>•Additions to property, plant and <br>equipment with a primary <br>purpose of reducing carbon <br>emissions, page [190](#i715ce720df2445ac8c0d4e1c55496cd8_2361). | Financial statement impact:<br>•Decarbonisation spend, <br>page [163](#i6e24f352bf2243f482bd1df1b3ce01ce_448) and [180](#id87d0a4957f14b86af61a66890625969_1365).<br>•Decarbonisation capital <br>commitments, page [226](#ie6ea5fa60c8e4ed693faaa763c1fba2a_1-0-1-2-5910999). <br>•Carbon abatement spend on <br>procurement of carbon units and <br>renewable energy certificates, <br>page [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138).<br>•Additions to property, plant and <br>equipment with a primary <br>purpose of reducing carbon <br>emissions, page [190](#i715ce720df2445ac8c0d4e1c55496cd8_2361). | Financial statement impact:<br>•Decarbonisation spend, <br>page [163](#i6e24f352bf2243f482bd1df1b3ce01ce_448) and [180](#id87d0a4957f14b86af61a66890625969_1365).<br>•Decarbonisation capital <br>commitments, page [226](#ie6ea5fa60c8e4ed693faaa763c1fba2a_1-0-1-2-5910999). <br>•Carbon abatement spend on <br>procurement of carbon units and <br>renewable energy certificates, <br>page [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138).<br>•Additions to property, plant and <br>equipment with a primary <br>purpose of reducing carbon <br>emissions, page [190](#i715ce720df2445ac8c0d4e1c55496cd8_2361). |
| **Climate policy and regulation** | **L** | **M** | **H** |
| Increasing regulatory costs, uneven climate policies and border tariffs are impacting asset competitiveness and risk <br>fragmenting markets if not implemented appropriately. Our operations are facing growing exposure to climate-related <br>regulations, particularly carbon pricing in Australia, Canada and the European Union. As transitional support measures <br>phase out, assets in these regions risk losing cost competitiveness compared to peers in lower-carbon jurisdictions.<br>Currently, 82% of our global Scope 1 GHG emissions (19.6 Mt CO2e) are covered by emissions-limiting frameworks, <br>exposing a substantial portion of our portfolio to rising compliance costs. Currently, carbon costs<sup>3</sup> are <$0.1 billion, with <br>annual penalties potentially reaching $0.3 billion by 2030 and $2.6 billion by 2040 without further emissions reductions.<br>Our continued, but declining, reliance on fossil fuels also increases exposure to both carbon costs and energy price <br>volatility, with ~7% of our operating costs (~$3.1 billion) attributable to fossil fuels.<sup>4</sup> <br>| Financial statement impact:<br>•Carbon tax sensitivity on <br>impairment charge, page [175](#i6e24f352bf2243f482bd1df1b3ce01ce_526).<br>•Carbon abatement spend on <br>procurement of carbon units and <br>renewable energy certificates, <br>page [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138).<br>•Useful economic lives of power <br>generating assets, page [191](#i6e24f352bf2243f482bd1df1b3ce01ce_628).<br>•Renewable PPAs accounted for <br>as derivatives, page [206](#ie4cc232608af4740ae84e9a5805a15a8_0-0-1-1-5910999). | Financial statement impact:<br>•Carbon tax sensitivity on <br>impairment charge, page [175](#i6e24f352bf2243f482bd1df1b3ce01ce_526).<br>•Carbon abatement spend on <br>procurement of carbon units and <br>renewable energy certificates, <br>page [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138).<br>•Useful economic lives of power <br>generating assets, page [191](#i6e24f352bf2243f482bd1df1b3ce01ce_628).<br>•Renewable PPAs accounted for <br>as derivatives, page [206](#ie4cc232608af4740ae84e9a5805a15a8_0-0-1-1-5910999). | Financial statement impact:<br>•Carbon tax sensitivity on <br>impairment charge, page [175](#i6e24f352bf2243f482bd1df1b3ce01ce_526).<br>•Carbon abatement spend on <br>procurement of carbon units and <br>renewable energy certificates, <br>page [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138).<br>•Useful economic lives of power <br>generating assets, page [191](#i6e24f352bf2243f482bd1df1b3ce01ce_628).<br>•Renewable PPAs accounted for <br>as derivatives, page [206](#ie4cc232608af4740ae84e9a5805a15a8_0-0-1-1-5910999). |
| **Social licence and ability to access orebodies** | **M** | **H** | **H** |
| Varying by jurisdiction, climate action and support for a just transition are becoming increasingly critical for securing a <br>social licence to operate and for supporting the competitiveness of both new greenfield developments and existing <br>operations. This is driven by rising stakeholder expectations, as well as statutory requirements and national emissions <br>targets in key jurisdictions.<br>This is relevant for projects in the Pilbara and Simandou, where community and investor scrutiny is high. Meeting <br>decarbonisation and sustainability expectations is important, as delays or restrictions could lead to increased project <br>costs (both operating and capital expenditure), slower delivery of growth volumes, or – in extreme cases – project <br>cancellation.<br>While decarbonisation is the primary focus of this risk, broader environmental factors such as biodiversity, water use, and <br>land impacts also play a role and may influence project outcomes. Additional detail on biodiversity and our water <br>management risks and responses is on pages [47](#i6e24f352bf2243f482bd1df1b3ce01ce_157)-[48](#i6e24f352bf2243f482bd1df1b3ce01ce_163).<br>| Financial statement impact:<br>•Close-down, restoration and <br>environmental cost, page [194](#i567453ddbb6a48c18af035eac08a8ddc_1-0-1-2-5910999). | Financial statement impact:<br>•Close-down, restoration and <br>environmental cost, page [194](#i567453ddbb6a48c18af035eac08a8ddc_1-0-1-2-5910999). | Financial statement impact:<br>•Close-down, restoration and <br>environmental cost, page [194](#i567453ddbb6a48c18af035eac08a8ddc_1-0-1-2-5910999). |

---

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1. Forward looking view of underlying EBITDA is not a profit forecast. This consolidated measure, presented in nominal terms, is calculated using long-run consensus prices, volume

growth (on a consolidated basis) and unit cost decreases presented, using 2024 as a baseline.

2. Hard-to-abate emissions are those requiring technological advancement to enable viable long-term abatement solutions. In our context, this includes emissions associated with anodes

and alumina processing, as well as diesel-related emissions that will need to be addressed through electrification.

3. Real terms (2025 prices).

4. This includes operating costs associated with fuel, natural gas, diesel, coal and non-renewable power (including grid electricity and other non-renewable energy sources as defined in

the Energy table on page [82](#ic123913eeacd4287bb03b64171b06dc4_16887)).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 77 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

---

| | |
|:---|:---|
| **Impacts under alternate scenarios** | **Current and anticipated direct and indirect mitigation actions**  |
| Resilience - Slower economic growth and a delayed energy transition <br>reduce demand and pricing for key transition materials, such as copper, <br>lithium, and aluminium, across all timeframes. These materials are central <br>to our growth strategy, and evolving customer expectations and uncertainty <br>in processing technologies pose risks to competitiveness and revenue. <br>Demand for high-grade iron ore also remains subdued in the medium to <br>long term compared to more ambitious scenarios.<br>Aspirational Leadership - Strong long-term demand for transition materials <br>helps offset slightly lower demand for lower-grade iron ore. Annual demand <br>for low-carbon aluminium and copper is expected to exceed levels seen in <br>the Conviction scenario. Lithium continues to show robust growth, <br>supporting portfolio expansion in transition materials. | We are scaling up production of transition materials to meet rising demand and <br>evolving customer expectations. Our goal is to grow total output by <br>approximately 3% per year (copper equivalent basis), supported by targeted <br>investments in lithium growth through the Rincon project in Argentina and <br>acquisition of Arcadium Lithium, copper expansions at Kennecott (US), and the <br>development of high-grade iron ore capacity at Simandou (Guinea).<br>We are also partnering with technology providers to develop low-carbon <br>solutions suited to a broader range of ore grades. These efforts are embedded in <br>our capital planning and portfolio decisions, helping to maintain market <br>competitiveness over the long term.<br>See page [6](#i6e24f352bf2243f482bd1df1b3ce01ce_37) for further details on our Group strategic context. |
| Resilience - Slower global climate action and lower commodity prices delay <br>the development and deployment of low-carbon technologies, potentially <br>pushing progress on hard-to-abate emissions back by a decade or more. In <br>regions like Australia, where we operate emissions-intensive assets, this <br>could hinder our ability to meet decarbonisation targets and reduce long-<br>term competitiveness.<br>Aspirational Leadership - Stronger climate ambition is expected to be <br>accompanied by more supportive policy frameworks to accelerate the <br>development and adoption of low-carbon technologies. In the short to <br>medium term, this enables meaningful progress in reducing hard-to-abate <br>emissions across key operations. Over the long term, successful <br>deployment of these technologies can lower production costs and enhance <br>competitiveness in a low-carbon economy. | We are advancing the development and adoption of low-carbon technologies as a core <br>pillar of our decarbonisation strategy – aimed at reducing emissions, lowering production <br>costs, and strengthening long-term competitiveness.<br>Beyond 2030, abatement will increasingly depend on capital-intensive technologies <br>that require further innovation, industry collaboration, and supportive policy <br>frameworks to become commercially viable. We continue to collaborate with industry <br>partners and engage with governments to support technology development, <br>deployment and enabling policy settings. <br>In aluminium, we are progressing ELYSIS™ and are also piloting hydrogen-based <br>process heat through the Yarwun Hydrogen Calcination Pilot in Queensland. However, <br>we have also experienced delays in deploying hard-to-abate technologies, including <br>BEHT trials, due to technical complexity and low readiness, and uncertainty around <br>renewable diesel expansion given high costs and unclear policy settings.<br>For more detail on the low-carbon technologies we are piloting to address hard-to-abate <br>emissions, refer to our 2025 CAP update on pages [59](#i6e24f352bf2243f482bd1df1b3ce01ce_202)–[61](#i325ffd14c2cd44c89370a3a935f69040_77791). |
| Resilience – Climate policies remain uneven. Carbon pricing stays low in regions <br>like Guinea, while countries such as Australia see moderate cost increases. Weak <br>global coordination limits near-term pressure but adds long-term uncertainty and <br>dampens low-carbon investment. Slow energy transition prolongs fossil fuel <br>reliance, heightening exposure to price swings and future policy shifts.<br>Aspirational Leadership – Policies become ambitious and aligned, with large <br>carbon price increases in key jurisdictions like Australia, Canada and Europe, <br>increasing short-term costs. High-grade, low-emission iron ore assets (eg <br>Simandou, IOC) gain advantage as demand shifts to greener materials. Faster <br>decarbonisation expands renewable access, enabling asset repowering, <br>reducing fossil volatility, and improving long-term cost stability. These <br>developments could also significantly shape the competitiveness of Aluminium, <br>depending on how regional energy and policy trends unfold. | We are reducing exposure to carbon pricing and regulation by decarbonising <br>operations. Our CAP targets a 50% reduction in Scope 1 and 2 emissions by <br>2030 (vs 2018) and net zero by 2050. A key focus is shifting from fossil fuels to <br>low-emissions energy. We already source 77% of our electricity from renewables, <br>and are aiming to increase this to around 90% by 2030 through strategic <br>investments and supply agreements to secure renewable power and reduce our <br>emissions. We apply an internal carbon price to help understand the impact of <br>potential future carbon policies and inform investment decisions. See our 2025 <br>CAP update (pages [59](#i6e24f352bf2243f482bd1df1b3ce01ce_202)–[61](#i325ffd14c2cd44c89370a3a935f69040_77791)) for details. |
| Resilience – Slower global climate action means stakeholder expectations <br>around decarbonisation evolve more gradually, easing short-term pressure. <br>However, in jurisdictions such as Australia and Canada, expectations from <br>regulators, investors, and communities will still rise over time. If not addressed, <br>this could create medium- to long-term challenges in securing approvals for <br>new projects and maintaining support for existing operations.<br>Aspirational Leadership – Coordinated and ambitious climate action drives <br>consistently high stakeholder expectations across all time horizons. Meeting <br>these expectations is essential to maintain access to capital, secure project <br>approvals, and sustain our licence to operate. | Stakeholder expectations around climate change and decarbonisation are <br>increasingly tied to our ability to maintain a social licence to operate. Our CAP <br>provides a strategic framework that guides investment decisions and project <br>development across the business, shaping how projects are assessed and <br>approved, and integrating just transition principles into planning and <br>decision-making.<br>Our CAP helps to inform site-level planning and approvals. Climate-related risks <br>and opportunities are evaluated through environmental impact assessments and <br>life cycle emissions analyses, alongside just transition-focused impact <br>assessments, enabling site teams to assess long-term climate and social impacts, <br>support stakeholder and community engagement, and ensure alignment with <br>regulatory requirements and stakeholder expectations. We also have a portfolio of <br>nature-based solutions projects, co-designed with communities and local partners <br>to deliver positive outcomes for people, nature and climate. This helps minimise <br>adverse impacts and optimise socio-economic opportunities, supporting our social <br>licence to operate.<br>See page [69](#i325ffd14c2cd44c89370a3a935f69040_77789) for further detail on our just transition approach. |

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 78 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

**Physical climate risk**

We have assessed the current and anticipated impacts of physical climate risks on our business across short- (0 to 2 years), medium- (2 to 10 years), and

long-term (>10 years) horizons, outlining our ongoing and planned adaptation actions. Our approach integrates continuous measures to enhance resilience,

applying advanced weather and climate data for operational planning, emergency response, and long-term risk management, ranging from short-term severe

weather forecasts to long-term climate projections and flood modelling, as described in more detail below.

---

| | |
|:---|:---|
| **Risk description** | **Direct and indirect actions to adapt to risk** |
| **Acute** |  |
| **Damage to infrastructure from extreme weather events, resulting in operational and supply chain disruption** | **Damage to infrastructure from extreme weather events, resulting in operational and supply chain disruption** |
| **Coastal infrastructure** <br>Coastal sites are exposed to hazards including cyclones, storm surge, and <br>inundation, which can damage critical assets such as shipping berths, ship loaders, <br>stackers/reclaimers, and conveyors. This results in short-term emergency repairs and <br>delays in goods movement. Over time, financial impacts may escalate due to rising <br>maintenance costs, reduced asset life, and increased logistics complexity. Tailings <br>storage facilities (TSFs) at coastal locations may also face erosion or containment <br>risks. <br>In both the intermediate and high emissions scenarios, by 2050, eastern Australia and <br>New Zealand are currently classified as high risk with over a four-fold increase in <br>annualised damage over this period. This is principally due to the potential effects of <br>coastal inundation, surface water flooding and cyclonic winds. Other notable increases <br>in risk are in Western Australia (an approximate 110% increase). The damages in the <br>Pilbara are significant for the ports, but the mines and inland sites which represent the <br>majority of asset values are relatively safe from climate damage. <br>| Coastal infrastructure is designed in line with local engineering standards to <br>withstand cyclones, storm surges and inundation. Where upgrades are not <br>feasible, site-specific emergency plans are implemented, including evacuation <br>protocols and procedures to protect personnel and maintain operational <br>continuity. To reduce supply chain disruption, real-time hazard analytics are in <br>use across a significant amount of tier 1-3 suppliers. Risk screening has been <br>conducted to assess potential business interruption across interconnected <br>operations, and planning is underway to address climate impacts on supply <br>chains by identifying critical components, assessing vulnerabilities and <br>developing contingency measures. Additionally, following the cyclones <br>experienced in Western Australia during 2025, we undertook targeted upgrades <br>to barriers and pumping infrastructure as part of our ongoing resilience program. <br>Insights from associated reviews contribute to annual Pilbara-wide <br>flood-preparedness studies.<br>|
| **Mining infrastructure**<br>Inland operations face heightened flood risk and geotechnical instability due to more <br>intense and variable rainfall and storms. Infrastructure such as rail lines, production <br>equipment, and electrical systems (motors, generators, substations, transformers) <br>are vulnerable to inundation, wash-outs, and lightning damage. Short-term impacts <br>include emergency response activation and asset downtime. Medium- to longer-term <br>consequences include increased maintenance needs, asset degradation, and <br>potential production losses. TSFs are also at risk of containment breaches. <br>Annualised damage risk is currently relatively low across several inland regions, <br>with both eastern and western Canada projected to experience approximately a <br>60% increase by 2050. Riverine flooding is expected to see the largest increase <br>in site exposure under a high emissions scenario.<br>| Inland mining infrastructure is exposed to flood risk, geotechnical instability <br>and storm damage. Flood modelling is conducted across managed and <br>non-managed sites using future climate projections to inform planning. <br>Emergency response procedures, including safe exit routes and evacuation <br>protocols, are regularly reviewed and updated to reflect evolving risks and <br>lessons learned.<br>Across both coastal and inland operations, TSFs are managed under Group-level <br>safety and engineering standards. Global Industry Standard on Tailings <br>Management (GISTM) assessments have been completed, including performance <br>testing under extreme rainfall scenarios, and regular internal and external assurance <br>checks are conducted. These risks are considered throughout the asset life cycle, <br>from feasibility and design through to maintenance and renewal.<br>|
| **Health and safety risk to the workforce, and damage to mining infrastructure from extreme heat stress** | **Health and safety risk to the workforce, and damage to mining infrastructure from extreme heat stress** |
| Rising maximum temperatures and more frequent heatwaves are increasing health <br>and safety risks for our workforce, including dehydration and reduced productivity. <br>Intense heat also affects the reliability of rail, mining and electrical infrastructure, with <br>short-term impacts such as equipment outages and medium- to long-term effects <br>including accelerated wear and increased maintenance costs. <br>Productivity loss is expected to intensify in eastern Australia, New Zealand and <br>eastern Canada by over 100% through to 2050 under a high emissions scenario, <br>driven by increasing coastal and riverine flooding risks. Heat-related risks <br>predominantly affect Western Australia, but remain consistently low in all regions <br>under future emissions scenarios.<br>| Workforce protocols are regularly updated to reflect climate projections, <br>including acclimatisation, hydration, shaded rest areas and self-paced <br>workloads. Electrical infrastructure is designed to meet local engineering <br>standards and internal safety requirements, with climate resilience <br>integrated into asset design. This includes planning for future maintenance <br>and renewal programs to ensure continued performance under changing <br>climate conditions. These measures are embedded across workforce <br>planning, project design, and asset life cycle management, supporting long-<br>term operational resilience.<br>|
| **Chronic** |  |
| **Water shortages and seasonal variability affecting operations and energy supply**  | **Water shortages and seasonal variability affecting operations and energy supply**  |
| Medium- to long-term changes in rainfall patterns and drought conditions are increasing <br>the risk of water shortages across our operations. These shortages affect production, <br>water treatment, dust control, environmental compliance and community relations. <br>Seasonal changes to hydropower inflows are also impacting electricity generation and <br>aluminium smelter operations. Financial impacts include increased operating costs and <br>potential production losses if water availability is constrained.<br>Drought risk has not been incorporated into the current Value at Risk (VaR) assessment, <br>however, the existing pressures on water supply are expected to intensify as climate <br>change drives more frequent and severe periods of water scarcity. Please see pages <br>[47](#i6e24f352bf2243f482bd1df1b3ce01ce_157)-[48](#i1021d67ddd414a6485b9f6bde13f1b18_4812) for further detail on our water management risks and responses.<br>See page [186](#iad9e94b30b3c46d99b31c9e822a7a4bb_0-0-1-1-5910999) for the impact of water rights on our financial statements.<br>| We manage water scarcity through a comprehensive water risk framework that <br>guides the identification, assessment, and reduction of water-related risks <br>across its operations. This framework ensures sufficient water availability for <br>both operational needs and broader catchment stakeholders, even under <br>conditions of seasonal variability and long-term climate change. Group-wide <br>standards for water quality and management are applied consistently, supported <br>by a centralised control library and asset-specific climate risk and resilience <br>assessments. These measures are embedded in catchment-level planning, <br>project design, and asset life cycle reviews, enabling proactive responses to <br>drought conditions and shifting rainfall patterns. The approach also includes <br>monitoring systems, forecasting tools, and adaptive infrastructure planning to <br>support long-term water resilience.<br>|
| **Higher average temperatures and changing rainfall patterns impacting forest fire management and closure planning** | **Higher average temperatures and changing rainfall patterns impacting forest fire management and closure planning** |
| Over the medium to long term, there is an increased risk of wildfires due to <br>prolonged heat and dry conditions, posing threats to workforce safety, <br>operational infrastructure, and surrounding ecosystems. Closure objectives in <br>terms of landform resilience and environmental management will also be <br>impacted by these long-term climate shifts. Financial impacts include increased <br>emergency response costs, asset damage, and long-term maintenance <br>requirements to meet environmental obligations.<br>Forest fires are expected to drive annualised damage risk in eastern Australia <br>and South Africa through to 2050 under all future emissions scenarios.<br>| Fire risks are addressed through site-specific emergency plans, fire prevention <br>protocols, and collaboration with local authorities and Indigenous landholders. <br>These are integrated into climate resilience planning and inform infrastructure <br>design and maintenance to support fire-safe operations. Teams are trained in fire <br>response, with regular drills to ensure readiness as fire-related risks increase <br>under more extreme climate conditions.<br>Closure planning includes climate change considerations to anticipate future <br>conditions and guide adaptive strategies for landform design, water management, <br>and vegetation selection. A more robust methodology is being developed to <br>address seasonal extremes, identifying thresholds for interventions like erosion <br>control and supplemental watering. Ongoing monitoring and periodic reviews <br>ensure long-term resilience under changing climate conditions.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 79 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Modelling financial exposure to physical climate risk**

We have continued to progress our Value at Risk (VaR) analysis by

advancing physical climate change risk assessments through

financial modelling at the product group level. In 2025, we

completed assessments for our Aluminium & Lithium, Copper and

Iron Ore product groups. These assessments consider the potential

financial impacts of physical climate risks, including asset damage

and expected annual downtime, providing a view on business

interruption losses, thereby supporting a more robust understanding

of risk exposure across key parts of our portfolio.

Our climate physical risk modelling analysis, undertaken in

collaboration with an external consultant, estimated expected

financial losses from damage to individual assets, across various

time horizons and emission scenarios caused by physical climate

hazards. This modelling process and methodology considers

the following:

**1) Asset portfolio:** Includes a significant breadth of assets,

including mining assets and critical infrastructure components

integral to our operations. Only active industrial and mining facilities

were modelled, including non-managed operations. Corporate

offices and remote operation centres have been modelled but are

not presented in this analysis. Assets in our closure portfolio have

not been modelled, but are considered in bottom-up physical risk

and resilience assessments.

Each asset was assigned an asset archetype to represent its

vulnerability to different physical climate hazards. Archetypes reflect

typical construction types and operational characteristics and are

used to estimate how climate hazards may affect different

components of an asset. These archetypes form the basis for

calculating expected damage and productivity loss for each climate

scenario and hazard.

**2) Climate scenarios, time horizons and hazards:** Multiple future

time horizons are modelled, including 2030, 2040 and 2050.

Long-term climate projections, including CMIP5 and CMIP6

datasets, were used to support hazard projections across all time

horizons. Nine climate hazards are modelled in this analysis,

including flooding (riverine and surface water), coastal inundation,

including sea level rise, extreme heat, cyclonic wind, extreme wind,

soil subsidence, forest fire and freeze-thaw.

---

| | |
|:---|:---|
| **Emission scenario** | **Description and outcome** |
| Intermediate emissions <br>scenario <br>IPCC Representative <br>Concentration Pathway 4.5 <br>(RCP4.5) \| SSP2-4.5<sup>1</sup><br>| Emissions peak around 2040 and then <br>decline, reflecting moderate global <br>mitigation efforts. Relative to the 1986-2005 <br>period, global mean surface temperature <br>changes are likely to be 1.1°C-2.6°C higher <br>by 2100, resulting in moderately increased <br>physical climate impacts.<br>|
| High emissions scenario<br>IPCC Representative <br>Concentration Pathway 8.5 <br>(RCP8.5) \| SSP5-8.5<sup>1</sup><br>| Emissions continue to rise throughout the <br>21st century under limited global mitigation, <br>and is considered a worst-case climate <br>change scenario. Relative to the 1986-2005 <br>period, global mean surface temperature <br>changes are likely to be 2.6°C-4.8°C higher <br>by 2100, leading to substantially more <br>severe physical climate impacts.<br>|

---

1. In the near term, RCP and SSP projections closely align and therefore can be

considered as comparable.

The intermediate scenario (RCP4.5) assumes global action begins

quickly and escalates steadily, capping temperatures around 2°C

through a faster transition and immediate climate action. The high-

emissions scenario assumes climate action is not achieved, with

emissions continuing to rise throughout the century and limited

action by governments and businesses.

These scenarios enable the Group to assess the resilience of its

strategy and operations by stress-testing performance under varying

temperature and emissions trajectories, identifying potential

vulnerabilities, and informing adaptation measures across the short-,

medium-, and long-term horizons discussed on page [78](#i8f169602b8d844b798e785067fc3e9c5_8696).

**3) Annualised damage (AD):** The output of the modelling is

calculated for each asset under various climate scenarios, time

horizons and hazards. Asset-specific outputs have been aggregated

to the site, region and Group level. Site-level risk was calculated by

combining hazard results with asset replacement values, using

weighted averages where available. Where individual asset

valuations were not available, site level impacts were assessed on a

simple average basis. These results were then aggregated to

regional level by weighting each site's results by its replacement

value, providing a consolidated view of physical climate risk across

broader operating areas.

AD, expressed as a percentage, represents the expected average

annual damage to an asset attributable to climate-related hazards

relative to a fixed value (e.g. $1 million). As such, an AD of 0.5%

would mean that for every $1 million of exposure, $5,000 could be

damaged, on average, in any given year.

Asset-specific outputs have been aggregated to the site, region and

Group level. Risk categorisation is based on the AD values, with

thresholds set at <0.2% for low AD risk, 0.2-1% for medium AD risk,

and >1% for high AD risk.

**4) Productivity loss (PL):** Each asset is evaluated under each

climate scenario, time horizon and hazard. PL, expressed as a

percentage, is the average proportion of the year an asset is

inoperable due to a climate-related hazard. For example, a PL of

0.5% translates to an asset losing 1.8 days of operation in a given

year due to climate conditions.

Estimates consider a stationary "do nothing" approach for our

operating assets and do not consider present or future controls, or

adaptation or resilience projects that will likely materially impact AD

or PL costs.

Due to the complexity of our value chain and the increased subjectivity of

loss attribution at present, losses associated with business interruption or

productivity loss are disclosed on a qualitative basis only.

**Considerations and limitations** <br>Our climate physical risk modelling acknowledges limitations <br>and uncertainties due to the dynamic nature of the earth's <br>climate and unpredictable future GHG emissions. These <br>models represent plausible futures, not predictions, and are <br>useful for assessing risks and informing strategic decisions. <br>The accuracy of our analysis depends on the quality of asset <br>data and assumes no changes in operations or design <br>standards. Each asset is assigned an archetype, which may not <br>fully capture its unique characteristic, affecting the risk profile, <br>and site-level results may be less representative where detailed <br>inputs were unavailable. The modelling reflects only <br>climate-related physical hazards and current asset <br>configurations, and does not include network effects or wider <br>supply-chain impacts. This analysis is iterative, evolving with <br>new insights and projections. We plan to update it regularly to <br>reflect changes in our asset base, guiding our physical <br>resilience program.<br>

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** on physical risk and resilience, <br>see riotinto.com/climaterisk<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 80 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Annualised damage risk \| Group and regional**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Intermediate emissions scenario** | **Intermediate emissions scenario** | **Intermediate emissions scenario** | **High emissions scenario** | **High emissions scenario** | **High emissions scenario** |  |
|  | Present | 2030 | 2040 | 2050 | 2030 | 2040 | 2050 | **Dominant perils** |
| **Rio Tinto Group** |  |  |  |  |  |  |  |  |
| Africa |  |  |  |  |  |  |  | Soil movement |
| Asia |  |  |  |  |  |  |  | Freeze thaw |
| Australia East and New Zealand |  |  |  |  |  |  |  | Coastal inundation |
| Australia West |  |  |  |  |  |  |  | Coastal inundation |
| Canada East |  |  |  |  |  |  |  | Surface water flooding |
| Canada West |  |  |  |  |  |  |  | Riverine flooding |
| Europe and Middle East |  |  |  |  |  |  |  | Coastal inundation |
| South America |  |  |  |  |  |  |  | Soil movement |
| US |  |  |  |  |  |  |  | Riverine flooding |

---

---

| | | |
|:---|:---|:---|
| Low risk (<0.2%) | Medium risk (0.2-1%) | High risk (>1%) |

---

**Productivity loss results**

The table above describes the risk to the portfolio as a result

of annualised damage, exclusive of business interruption or

productivity loss impacts. Initial analysis indicates that assets in

Western Australia are most likely to be impacted by productivity

losses as a result of climate change. The number of assets at risk of

significant disruption is forecast to more than double under a high

emissions scenario, driven by a significant rise in coastal inundation

risk. Assets in Europe are not at risk of significant PL disruption in

the short term, however from 2040 onwards the risk from coastal

inundation increases. Sites in other regions are lower risk, with less

than 1% of assets facing significant disruption from climate change,

even by 2050.

Overall, RCPs used follow broadly the same trajectory to 2040

before diverging, largely owing to carbon emissions already

embedded within the climate system. Therefore, physical risk

impacts out to 2040 will likely remain similar across all scenarios

assessed, with the level of physical risk post-2040 differentiating

more strongly under each climate scenario.

Where specific impacts have been identified through our Climate

Change Resilience Assessments, they have been noted accordingly.

Our adaptation actions remain consistent across all scenarios,

supported by investments in sustaining and development capital to

embed resilience into both asset design and ongoing operations.

We remain resilient to identified physical climate risks due to our

robust adaptation and resilience measures.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 81 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

Climate-related metrics and data

We disclose the quantitative climate-related targets we have set, supported by key metrics that help us track progress against our

decarbonisation objectives and manage our climate-related risks and opportunities. We have also disclosed other sustainability-related KPIs,

metrics and targets aligned with our objective of maintaining strong sustainability and social licence credentials, summarised on page [35](#i6e24f352bf2243f482bd1df1b3ce01ce_124) and

detailed within the "Our approach to sustainability" section of this Form 20-F. The table below presents the metrics used to assess

performance against our climate-related targets.

---

| | |
|:---|:---|
| **Climate-related target**<sup>1, 2</sup> | **Climate related metric** |
| Reduce emissions from our own operations 50% by 2030, net zero by 2050 | –Scope 1 and 2 emissions from our operations |
| Steel value chain targets | – See Scope 3 emissions: Partner to decarbonise our value chains table below. |
| Alumina decarbonisation targets | – See Scope 3 emissions: Partner to decarbonise our value chains table below. |
| Shipping decarbonisation targets | – See Scope 3 emissions: Partner to decarbonise our value chains table below. |
| Procurement decarbonisation targets | – See Scope 3 emissions: Partner to decarbonise our value chains table below. |
| **Cross-industry metrics** | **Reference** |
| Amount and percentage of assets/business activities vulnerable to climate-<br>related transition risks<br>| –% and amount of Scope 1 GHG emissions covered under an emissions-limiting <br>regulation, see table below<br>–% and amount of hard-to-abate emissions, page [76](#i6e24f352bf2243f482bd1df1b3ce01ce_205)<br>–% and amount of operating costs exposed to fossil fuels, page [76](#i6e24f352bf2243f482bd1df1b3ce01ce_205)<br>|
| Amount and percentage of business activities vulnerable to climate-related <br>physical risks<br>| –% and amount of assets exposed to unmitigated physical risks, see page [75](#i325ffd14c2cd44c89370a3a935f69040_77784), <br>supplemented by annualised damage risk score, page [80](#i8f169602b8d844b798e785067fc3e9c5_8698)<br>|
| Amount and percentage of business activities aligned with climate-related <br>opportunities<br>| –Transition materials metrics: KTM and OTM production<sup>3</sup>, page [83](#ic123913eeacd4287bb03b64171b06dc4_16886)<br>–% and amount of hard-to-abate emissions, page [76](#i6e24f352bf2243f482bd1df1b3ce01ce_205)<br>|
| Capital expenditure, financing or investment deployed towards climate-<br>related risks and opportunities<br>| –Decarbonisation spend, page [58](#i6e24f352bf2243f482bd1df1b3ce01ce_199)<br>–Transition materials metrics: capital expenditure, page [83](#ic123913eeacd4287bb03b64171b06dc4_16886)<br>|
| Internal carbon price | –See page [73](#i325ffd14c2cd44c89370a3a935f69040_77783) for our internal carbon price range and scenario parameters used <br>to inform consensus price forecasts.<br>|
| Percentage of executive management remuneration linked to climate-<br>related considerations<br>| –See pages [122](#i43c3c73661d24b9493a2637ef979e25c_5596)-[139](#i7c04024423194a03919441e1556a4e09_35058) for our 2025 remuneration outcomes and the incorporation <br>of climate-related measures in the STIP and LTIP.<br>|

---

1. For the purposes of this disclosure, a climate-related target is a specific, measurable objective that includes a defined metric, baseline, and timeframe to track progress toward reducing

greenhouse gas emissions or achieving other climate outcomes. Any other goal or objective that does not include these measurable elements is referred to as a climate-related

commitment, which reflects a strategic aspiration rather than a formal target, and thus is not included in this table. Although these are not classified as formal climate-related targets for

purposes of this disclosure, they still represent formal commitments and are intended to hold us accountable for progress toward our stated climate objectives.

2. The targets and commitments presented relate solely to those identified and adopted by Rio Tinto. In addition to these, we seek to comply with all applicable climate-related laws,

regulations and policy frameworks that contribute to national or regional climate objectives, including mechanisms such as Nationally Determined Contributions (NDCs) and the

Australian Safeguard Mechanism. While these frameworks establish requirements or objectives at a jurisdictional level, they are externally defined and are therefore not presented as Rio

Tinto targets.

3. We define climate-related opportunities as production and capital expenditure on key transition materials and other transition materials, as identified by the CA100+ Net Zero Standard for

Diversified Mining. The global energy transition, including growth in electric vehicles and renewable energy, is driving significant demand for aluminium, copper and lithium, creating an

opportunity for us to be a leading supplier of these materials.

---

| | | | |
|:---|:---|:---|:---|
| **2025 Disaggregation of total gross Scope 1 and Scope 2 (location-based) GHG emissions (equity basis)** | **Scope 1** | **Scope 2** | **Total** |
| Consolidated accounting group | 14.4 | 2.7 | 17.1 |
| Other investee (e.g. investment in associate and joint venture) | 9.6 | 5.8 | 15.4 |
| **Total**  | **24.0** | **8.5** | **32.5** |

---

This table is the disaggregation of Scope 1 and Scope 2 GHG emissions between the consolidated accounting group and other investees. The grouping is determined by the financial

definitions, but the emissions are calculated using the equity share method and percentages of emissions per site aligned with the carbon accounting protocol. Scope 2 GHG emissions are

location-based.

---

| | |
|:---|:---|
| **Scope 1 GHG emissions covered under an emissions-limiting regulation (Mt CO2e) (equity basis)** | **2025** |
| Total gross global Scope 1 GHG emissions covered under emissions-limiting regulations (Mt CO2e) | 19.6 |
| Total gross global Scope 1 GHG (Mt CO2e) | 24 |
| % Global Scope 1 GHG emissions covered under an emissions-limiting regulation | 82% |

---

Emissions-limiting regulations applicable to Rio Tinto are listed in the *Scope 1, 2 and 3 Emissions Calculation and Climate Methodology - 2025 Addendum*,

available at riotinto.com/climatereporting (page 3).

**Carbon credits retired towards net emissions, actual equity basis**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project description** | **Carbon credit** <br>**type**<br>| **Project type** | **Mitigation** <br>**activity type**<br>| **Certification** <br>**scheme**<br>| **Location** | **Vintage** | **2025 Quantity** <br>**retired for** <br>**compliance**<br>| **Quantity held for planned** <br>**2026 compliance** <br>**(retired in 2026)**<sup>1</sup><br>|
| Savanna fire management with <br>Traditional Owner co-benefits<br>| ACCU | Nature-<br>based<br>| Avoidance | Clean Energy <br>Regulator<br>| Australia | VY21-25 | 112583 | 230000 |
| Human-induced regeneration | ACCU | Nature-<br>based<br>| Removal | Clean Energy <br>Regulator<br>| Australia | VY21-25 | 424920 | 401576 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **537503** | **631576** |
| **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** | **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** | **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** | **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** | **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** | **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** | **Total credits counted towards net emission for the current reporting period (year ended 31 December 2025)** |  | **1169079** |

---

1. This is estimated based on our Scope 1 emissions for the period 1 July - 31 December 2025. See further required detail in our *2025 Sustainability Fact Book* (available at riotinto.com/

sustainabilityreporting, tab "carbon credits"); and our 2025 *Scope 1, 2 and 3 Emissions Calculation and Climate Methodology - 2025 Addendum* (available at riotinto.com/

climatereporting, page 3).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 82 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

**Scope 1, 2 and 3 GHG emissions – actual equity basis** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equity greenhouse gas emissions (Mt CO2e)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Scope 1 emissions | **24.0** | 23.0 | 23.3 | 22.8 | 22.8 |
| Scope 2: Market-based emissions<sup>1, 2</sup> | **7.5** | 6.9 | 9.3 | 9.6 | 10.1 |
| **Total gross Scope 1 and Scope 2 (market-based) GHG emissions (equity basis)** | **31.5** | 29.9 | 32.7 | 32.3 | 32.9 |
| Carbon credits<sup>3</sup> | **1.2** | 1.0 |  |  |  |
| **Total net Scope 1 and Scope 2 GHG emissions (equity basis) (with carbon credits retired)** | **30.3** | 28.8 | 32.7 | 32.3 | 32.9 |
| Scope 2: Location-based emissions<sup>4</sup> | **8.5** | 7.8 | 7.8 | 8.2 | 8.5 |
| Scope 3 emissions | **575.7** | 569.8 | 572.5 | 572.3 | 558.3 |
| Operational emissions intensity (t CO2e/t Cu-eq)(equity)<sup>5</sup> | **6.1** | 6.3 | 7.0 | 7.1 | 7.3 |
| Direct CO2 emissions from biologically sequestered carbon (eg CO2 from burning biofuels/biomass)<sup>6</sup> | **0.8** | 0.5 |  |  |  |

---

Queensland Alumina Limited (QAL) is a tolling company and is 80% owned by Rio Tinto and 20% owned by Rusal. However, as a result of the Australian Government's sanction measures,

QAL is currently prevented from tolling for Rusal and Rio Tinto is currently utilising 100% of the tolling capacity at QAL. Our 2025 equity emissions and our 2018 baseline have been

updated this year to include QAL emissions on the basis of Rio Tinto's 100% offtake of production.

1. Scope 2: market-based emission purchases reported as zero include Oyu Tolgoi, ISAL aluminium, Resolution Copper, Weipa, Richards Bay Minerals and Kennecott Copper with surrendered

Renewable Energy Certificates (RECs). Escondida and QMM have contracts with energy attributes (EACs).

2. Scope 2: Market-based method counts commercial decisions to purchase the unique rights to renewable energy as zero emissions and applies a residual mix factor (or similar) to the remaining

MWh purchased. The residual mix factor is typically equivalent to the grid intensity with renewable attributes that have been sold removed from the factor. Scope 2 emission factors are consistent

with the Australian National Greenhouse and Energy Reporting Measurement Determination 2008 for Australian operations location-based reporting. For non-Australian operations, where possible,

factors are sourced from public grid level data or electricity retailers. For market-based reporting, Scope 2 includes the use of RECs and all contracts where we have the exclusive rights to the

renewable energy attributes. .

3. Carbon credits used towards our 2025 net emissions calculation include Australian Carbon Credit Units (ACCUs) that were retired for compliance for the period 1 January to 30 June

2025 plus a projection of the number of ACCUs we expect to retire for the period 1 July to 31 December 2025. This projection is based on our Scope 1 emissions for the period 1 July -

31 December 2025. For details, refer to the "Carbon credits" tab in our *2025 Sustainability Fact Book* (available at riotinto.com/sustainabilityreporting).

4. Location-based method reflects the emissions grid intensity of the location which the operation is located and includes the percentage of renewables that make up the total unadjusted

grid intensity. Total gross Scope 1 and Scope 2 (location-based) GHG emissions (equity basis): 32.5 Mt CO2e.

5. Historical information for copper equivalent intensity has been restated in line with the 2025 review of commodity pricing to allow comparability over time.

6. GHG Protocol Corporate Accounting and Reporting Standard recommends disclosure of CO2 emissions from biologically sequestered carbon for transparency. These are from biofuel

use and are not classified as our Scope 1 emissions.

**Energy - equity basis**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 2025 Total energy use breakdown by product group | Aluminium & <br>Lithium<br>| Iron ore | Copper | Other | Energy use <br>(PJ)<br>| Electricity generation <br>and use (GWh)<br>|
| Total energy consumed (PJ) | 379.1 | 32.3 | 59.4 | 46.0 | 516.8 | 65104.0 |
| % of renewable electricity used |  |  |  |  |  | 77% |

---

Energy consumption includes energy from all sources, including energy purchased from external sources and energy produced (self-generated). Energy reported excludes exports of

energy to third parties.

Proposed updates to the IFRS S2 Climate-related Disclosures guidance includes energy purchased under power purchase agreements (PPAs) supported by renewable energy certificates

(RECs) or guarantees of origin (GOs), direct contractual arrangements for renewable electricity supply, renewable electricity from self-generation, and renewable energy consumed from

biomass-based fuels. Although these revisions have not yet been formally adopted, we have updated our reporting to reflect this definition, as it provides clearer alignment with the GHG

Protocol Scope 2 Guidance on what is considered renewable energy under a market-based method, as well as with our existing methodologies.

In 2025, changes were announced in relation to Minerals portfolio and alternative product group naming and structure. Lithium is added in with the renamed "Aluminium and Lithium" PG,

Iron ore of Canada moved into Iron Ore, Rio Tinto Iron and Titanium, Borates and Diamonds are reported in the table above under "Other".

For a more detailed breakdown of 2025 total energy use and electricity by Product Group, see the "Energy" tab in our *2025 Sustainability Fact Book* (available at riotinto.com/sustainabilityreporting).

**Scope 3 GHG emissions – equity basis**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources of Scope 3 equity GHG emissions (Mt CO2e)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Upstream emissions** |  |  |  |  |  |
| 1. Purchased goods and services | 12.8 | 12 | 15.2 | 16.7 | 19.5 |
| 2. Capital goods | 1.8 | 1.7 | 2.2 | 1.8 | 1.9 |
| 3. Fuel and energy-related activities  | 4.5 | 4.2 | 4.4 | 4.5 | 4.5 |
| 4. Upstream transportation and distribution | 7.1 | 6.5 | 6.8 | 6.5 | 5.9 |
| 5. Waste generated in operations | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| 6. & 7. Business travel and employee commuting | 0.6 | 0.5 | 0.8 | 0.5 | 0.4 |
| **Downstream emissions** |  |  |  |  |  |
| 9. Downstream transportation and distribution | 2.9 | 2.1 | 2.4 | 2.3 | 2.7 |
| 10. Processing of sold products |  |  |  |  |  |
| –Iron ore | 398.5 | 395.9 | 399.9 | 386.6 | 364.6 |
| –Bauxite and alumina  | 135.2 | 134.0 | 127.1 | 138.2 | 144.5 |
| –Titanium dioxide feedstock  | 4.7 | 4.5 | 4.9 | 5.9 | 4.9 |
| –Copper concentrate  | 1.1 | 0.7 | 0.5 | 0.5 | 0.5 |
| –Salt | 5.6 | 6.6 | 7.0 | 7.1 | 7.2 |
| –Other | 0.8 | 1.0 | 1.2 | 1.6 | 1.6 |
| **Total** | **575.7** | **569.8** | **572.5** | **572.3** | **558.3** |

---

Note: The sum of the categories may be slightly different to the Rio Tinto total due to rounding.

The following categories are excluded for the reasons provided:

Category 11 (Use of sold products): Not applicable since Rio Tinto does not produce fossil fuels or manufacture products applicable to this category.

Category 8 (Upstream leased assets); Category 12 (End-of-life treatment of sold products); Category 13 (Downstream leased assets); Category 14 (Franchises) - Not applicable since Rio

Tinto does not lease significant upstream and downstream assets or have franchised operations. In relation to end-of-life treatment, our products, and end use materials from our products,

are predominantly recycled.

Category 15 (Investments) -This category is for reporting emissions from company investments not already reported in Scope 1 and 2. Rio Tinto reports using the equity share approach, so all Scope

1 and 2 emissions from managed and non-managed investments are included in Scope 1 and 2 reporting and Scope 3 emissions within other applicable categories of Scope 3 reporting.

In 2025, Scope 3 emissions from acquired Arcadium Lithium assets were included as well as 100% of QAL.

For spend-based emissions, the currency and country-specific inflation factors have been refreshed, along with the full alignment to EXIOBASE dataset. Restatements to 2024 values are

reflective of these changes.

Simandou produced first ore in 2025, emissions from produced iron ore in Simandou are not yet included in Cat 10 and Cat 4/9. This is because the production quantities used in the

calculations are based on 2025 Fourth Quarter Operations Review Iron Ore Shipments.

For further details on Scope 3 reporting refer to the Scope 1, 2, and 3 Emissions Calculation and Climate Methodology 2025 Addendum (available at riotinto.com/climatereporting,

pages 4-6).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 83 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

**Transition materials metrics**

Our products are classified as key transition materials (KTM) and other transition materials (OTM), aligning with the CA100+ Net Zero

Standard for Diversified Mining Companies. Iron ore and gold are classified as transition neutral materials (TNM). Of the consolidated sales

revenue disclosed below, KTMs accounted for US$7,608 million (13%) in 2025 and US$4,728 million (9%) in 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commodity** | **Classification** | **Year ended** <br>**31 December**<br>| **Emissions** <br>**Mt CO2e**<sup>5,6</sup><br>| **Production**<sup>1</sup> | **Consolidated** <br>**sales revenue**<sup>2</sup><br>**$ millions**<br>| **Capital** <br>**expenditure**<sup>3</sup><br>**$ millions**<br>| **Operating** <br>**assets**<sup>4</sup><br>**$ millions**<br>| **2026 guidance Rio Tinto** <br>**production share, unless** <br>**otherwise stated**<br>|
| Lithium<sup>7</sup><br>('000 tonnes) | KTM | **2025** | 0.2 | **46** | **944** | **1365** | **9783** | 61 to 64 LCE kt |
| Lithium<sup>7</sup><br>('000 tonnes) | KTM | 2024 | – | N/A | – | 155 | 1088 | 61 to 64 LCE kt |
| Copper<sup>8</sup> (mined)<br>('000 tonnes) | KTM | **2025** | 2025: 0.9<br>2024: 1.0 | **735** | **2025: 6,664** <br>2024: 4,728 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Copper (consolidated basis): <br>800 to 870kt  |
| Copper<sup>8</sup> (mined)<br>('000 tonnes) | KTM | 2024 | 2025: 0.9<br>2024: 1.0 | 624 | **2025: 6,664** <br>2024: 4,728 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Copper (consolidated basis): <br>800 to 870kt  |
| Copper<sup>8</sup> (refined)<br>('000 tonnes) | KTM | **2025** | 2025: 0.9<br>2024: 1.0 | **190** | **2025: 6,664** <br>2024: 4,728 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Copper (consolidated basis): <br>800 to 870kt  |
| Copper<sup>8</sup> (refined)<br>('000 tonnes) | KTM | 2024 | 2025: 0.9<br>2024: 1.0 | 248 | **2025: 6,664** <br>2024: 4,728 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Copper (consolidated basis): <br>800 to 870kt  |
| Silver (mined)<br>('000 ounces) | OTM | **2025** | 2025: 0.9<br>2024: 1.0 | **5516** | **2025: 158**<br>2024: 98 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Silver (mined)<br>('000 ounces) | OTM | 2024 | 2025: 0.9<br>2024: 1.0 | 4236 | **2025: 158**<br>2024: 98 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Silver (refined)<br>('000 ounces) | OTM | **2025** | 2025: 0.9<br>2024: 1.0 | **1838** | **2025: 158**<br>2024: 98 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Silver (refined)<br>('000 ounces) | OTM | 2024 | 2025: 0.9<br>2024: 1.0 | 2314 | **2025: 158**<br>2024: 98 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Molybdenum<br>('000 tonnes) | OTM | **2025** | 2025: 0.9<br>2024: 1.0 | **5** | **2025: 263**<br>2024: 159 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Molybdenum<br>('000 tonnes) | OTM | 2024 | 2025: 0.9<br>2024: 1.0 | 3 | **2025: 263**<br>2024: 159 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Gold (mined)<br>('000 ounces) | TNM | **2025** | 2025: 0.9<br>2024: 1.0 | **464** | **2025: 1,922** <br>2024: 797 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Gold (mined)<br>('000 ounces) | TNM | 2024 | 2025: 0.9<br>2024: 1.0 | 282 | **2025: 1,922** <br>2024: 797 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Gold (refined)<br>('000 ounces) | TNM | **2025** | 2025: 0.9<br>2024: 1.0 | **117** | **2025: 1,922** <br>2024: 797 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Gold (refined)<br>('000 ounces) | TNM | 2024 | 2025: 0.9<br>2024: 1.0 | 144 | **2025: 1,922** <br>2024: 797 | **2025: 1,872** <br>2024: 2,055 | **2025: 22,992** <br>2024: 22,124 | Guidance not provided |
| Aluminium<sup>9</sup><br>('000 tonnes) | OTM | **2025** | **16.7** | **3380** | **11275** | **1461** | **13039** | 3.3 to 3.5Mt |
| Aluminium<sup>9</sup><br>('000 tonnes) | OTM | 2024 | 16 | 3296 | 9363 | 1256 | 12017 | 3.3 to 3.5Mt |
| Alumina<sup>9</sup><br>('000 tonnes) | OTM | **2025** | **6.4** | **7593** | **1272** | **289** | **689** | 7.6 to 8Mt |
| Alumina<sup>9</sup><br>('000 tonnes) | OTM | 2024 | 5.7 | 7303 | 1522 | 279 | 804 | 7.6 to 8Mt |
| Bauxite<sup>9</sup><br>('000 tonnes) | OTM | **2025** | **0.9** | **62400** | **2848** | **231** | **2105** | 58 to 61Mt |
| Bauxite<sup>9</sup><br>('000 tonnes) | OTM | 2024 | 1 | 58653 | 2110 | 159 | 2289 | 58 to 61Mt |
| Minerals<sup>10</sup><br>('000 tonnes/carats) | OTM/TNM | **2025** | **1.8** | See footnote <br>12 | **2702** | **349** | **3693** | See footnote 13 |
| Minerals<sup>10</sup><br>('000 tonnes/carats) | OTM/TNM | 2024 | 1.7 | See footnote <br>12 | 2954 | 379 | 3662 | See footnote 13 |
| Iron ore<sup>11</sup><br>('000 tonnes) | TNM | **2025** | **3.7** | **290639** | **28376** | **6612** | **26678** | Total iron ore sales guidance: <br>343 to 366Mt<sup>14</sup> |
| Iron ore<sup>11</sup><br>('000 tonnes) | TNM | 2024 | 3.7 | 287676 | 30804 | 5108 | 20903 | Total iron ore sales guidance: <br>343 to 366Mt<sup>14</sup> |
| Thermal and <br>metallurgical coal | Not <br>applicable | **2025** | – | – | – | – | – | – |
| Thermal and <br>metallurgical coal | Not <br>applicable | 2024 | – | – | – | – | – | – |

---

1. Production figures are measured according to Rio Tinto's ownership % share of each site. For further details on the % share, see pages [276](#i6e24f352bf2243f482bd1df1b3ce01ce_1072)-[277](#i5b8802042b494875a6eb21c43443b6b1_117) where these have been highlighted.

2. Consolidated sales revenue by product, as defined within Consolidated sales revenue by product on page [180](#i6e24f352bf2243f482bd1df1b3ce01ce_559), include 100% of subsidiaries' consolidated sales revenue and Rio Tinto's

share of the consolidated sales revenue of joint operations but exclude equity accounted units. The product analysis above does not include certain other products and freight services

disclosed in note 6 on page [180](#i6e24f352bf2243f482bd1df1b3ce01ce_559), which are not considered material.

3. Capital expenditure by product is the net cash outflow on purchases less sales of property, plant and equipment, capitalised evaluation costs and purchases less sales of other intangible

assets as derived from the Consolidated Cash Flow Statement. The details provided include 100% of subsidiaries' capital expenditure and Rio Tinto's share of the capital expenditure of

joint operations but exclude equity accounted units. The product analysis above excludes amounts that are not directly attributable to individual commodities.

4. Operating assets by product recorded above are the net assets of subsidiaries, joint operations and the Group's share relating to equity accounted units adjusted for net (debt)/cash and

post-retirement assets and liabilities, net of tax, after the deduction of non-controlling interests. The product analysis above excludes amounts that are not directly attributable to

individual commodities.

5. Scope 1 and 2 emissions are measured on an equity basis and align to the Rio Tinto ownership % share used to record production values. For additional information on our emissions

methodology, see our *2025 Sustainability Fact Book*.

6. The emissions in this table are Scope 1 and 2 GHG emissions (market-based) for the operating sites producing the commodity listed. The total differs from the full Group share reported

numbers as these exclude development, closure sites, marine shipping, aluminium recycling and corporate emissions.

7. Figures exclude Jadar following the November 2025 announcement that the project will be placed under care and maintenance.

8. Copper production from Oyu Tolgoi, Kennecott and Escondida has been certified under the Copper Mark system. The Copper Mark certification for Escondida has been obtained via

BHP which is the majority partner.

9. For a list of assets certified under the Aluminium Stewardship Initiative, see our *2025 Sustainability Fact Book.*

10. Minerals comprise titanium dioxide slag (OTM), borates (TNM), salt (TNM) and diamonds (TNM).

11. Iron ore production refers to saleable production, after crushing, screening and beneficiation processes. For purposes of this disclosure, Simandou's 2025 production has been included,

which represents crushed ore at the mine gate.

12.2025 mineral production is as follows:

(a)Titanium dioxide slag, ('000 tonnes): 975 (2024: 990)

(b)Borates ('000 tonnes): 502 (2024: 504)

(c)Salt ('000 tonnes): 4,750 (2024: 5,823)

(d)Diamonds ('000 carats): 4,429 (2024: 2,759)

13. Our strategic reviews are advancing as planned, with the next phase focused on identifying the best path to unlock value. As such, we will no longer provide production guidance for Iron

and Titanium, and Borates, while this process is underway.

14. Wet metric tonne basis.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 84 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

**GHG emissions methodology**

Our emissions reporting complies with the World Resources Institute

(WRI) and World Business Council for Sustainable Development

(WBCSD)'s Greenhouse Gas (GHG) Protocol: A Corporate

Accounting and Reporting Standard (Revised Edition) (2015), GHG

Protocol Corporate Value Chain (Scope 3) Accounting and

Reporting Standard (2013) and the Technical Guidance for

Calculating Scope 3 Emissions (version 1.0).

Emissions are reported using the equity share approach, which

attributes GHG emissions according to the company's economic interest

in each asset. Where ownership changes occur during the reporting

year, emissions are apportioned to reflect the actual equity share over

time. For consistency in tracking progress against targets, we report

baseline emissions on an adjusted equity basis. This method applies our

current economic interest (equity share) to all operational emissions,

standardised to current corporate and asset ownership back through to

the 2018 base year (adjusted equity).

Adjustments are made for acquisitions and divestments; expansions

or closures do not result in changes.

Scope 1 emissions are direct GHG emissions from facilities we own or

control, including fuel use, onsite electricity generation, anode and

reductant use, process emissions, land management and livestock.

Emission factors are sourced from applicable national or regional

reporting schemes, or from the Intergovernmental Panel on Climate

Change (IPCC) Guidelines for National Greenhouse Gas Inventories,

where local factors are unavailable.

Scope 2 emissions arise from purchased electricity, heat or steam.

From 2023, we report Scope 2 using both the location-based

method, which reflects grid emissions intensity, and the market-

based method, which accounts for contractual instruments such as

renewable energy certificates and exclusive energy attribute

contracts. Emission factors are sourced from the National

Greenhouse and Energy Reporting (Measurement) Determination

2008 for Australian operations, and from public grid data or

electricity retailers for non-Australian operations.

Scope 2 emissions are reported on both an equity share and 100%

managed basis (where indicated).

Scope 3 emissions are indirect GHG emissions generated as a result of

activities undertaken across the value chain, either upstream or

downstream of our operations. These are calculated in accordance with

the GHG Protocol Corporate Value Chain (Scope 3) Accounting and

Reporting Standard (2013) and supporting technical guidance. Scope 3

emissions are reported on an equity share basis and include the most

material categories: processing of sold products (including iron ore,

bauxite and alumina), purchased goods and services, and upstream

transportation and distribution.

Total GHG emissions are calculated as Scope 1 plus Scope 2

emissions, minus carbon credits retired from recognised sources.

For further detail on calculation methodologies, key assumptions

and emission factors, see our *2024 Scope 1, 2 and 3 Emissions* 

*Calculation and Climate Methodology* report and the 2025

Addendum (available at riotinto.com/climatereporting).

---

| | |
|:---|:---|
| **Scope 1 and 2 emissions: Reduce emissions from our own operations** | **Scope 1 and 2 emissions: Reduce emissions from our own operations** |
| **Target details** | 2025 target: Reduce our net Scope 1 and 2 emissions by 15% by 2025 (relative to 2018 levels<sup>1</sup>) |
| **Target details** | 2030 target: Reduce our net Scope 1 and 2 emissions by 50% by 2030 (relative to 2018 levels<sup>1</sup>) |
| **Target details** | 2050 target: Net zero by 2050 (relative to 2018 levels) |
| **Target setting** | **Target setting** |
| Metric: | Operational emissions: Scope 1 and 2 GHG emissions, adjusted<sup>1</sup> equity basis |
| Objective: | Mitigation of Scope 1 and 2 GHG emissions |
| Scope: | Applies to our economic interest (equity share) of all operational emissions, standardised to current corporate and asset <br>ownership in the 2018 base year (adjusted equity). Our targets cover more than 95% of our operational emissions. Scope 2 <br>emissions are calculated using the market-based method.<br>|
| Base year period: | 2018 |
| Target type: | Percentage (2030), Absolute (2050) |
| Influence of international <br>climate agreements:<br>| Targets support the Paris Agreement objectives |
| **Approach to target management** | **Approach to target management** |
| Third-party validation: | In 2021, an external assurance provider, provided limited assurance over the alignment of our targets with efforts to limit warming to <br>1.5°C. Scope 1 and 2 GHG emissions are audited to reasonable assurance annually by the third-party auditors which validates Rio <br>Tinto's performance against target.<br>In 2025, an external assurance provider, provided limited assurance over our 2025 progress reporting against our CAP in addition to its <br>reasonable assurance of our Scope 1 and 2 emissions, and limited assurance of Scope 3 emissions.<br>|
| Review process: | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall <br>decarbonisation roadmap and abatement portfolio. This includes any future changes to our targets or commitments should they <br>be necessary.<br>|
| Revisions to the target: | Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the <br>target in the current period.<br>|
| **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** |
| GHGs covered by the target: | CO2, CH4, N2O, HFCs, PFCs, SF6. (NF3 is not applicable) |
| Gross vs. net emissions target: | Net emissions target: 50%, Gross emissions target: 40% |
| Sectoral decarbonisation <br>approach:<br>| While there is no universal standard for determining the alignment of targets with the Paris Agreement goals, we concluded that our <br>Scope 1 and 2 target for 2030 was aligned with efforts to limit warming to 1.5°C when we set it in 2021. Our targets were not set using <br>a sectoral decarbonisation approach as there was no sector-specific methodology then. This remains the case today.<br>|
| Planned use of carbon credits: | The use of carbon credits towards our target will be limited to 10% of our 2018 baseline. In 2025, our net emissions include the use of <br>Australian Carbon Credit Units (ACCUs) by our Australian assets to comply with the Safeguard Mechanism in the calendar year 2025.<br>|
| **Performance against targets** | **Performance against targets** |
| Progress achieved<br>Scope 1 and 2 GHG emissions <br>(adjusted equity basis) (Mt CO2e)<sup>1</sup><br>| Gross: 2025: 31.5 \| 2024: 31.7 \| 2018: 36.7<br>Net: 2025: 30.4 \| 2024: 30.7 \| 2018: 36.7<br>See page [55](#i6e24f352bf2243f482bd1df1b3ce01ce_190) for additional details on progress against our Scope 1 and 2 targets.<br>|

---

1. We adjust our baseline to exclude reductions achieved by divesting assets and to account for acquisitions. Changes to our 2018 baseline include: Acquisition of Arcadium Lithium portfolio of

sites, change in equity to Winu from 100% to 70% due to the new joint venture with Sumitomo Metal Mining Co. Due to the adjusted economic interest relating to offtake of production in

Queensland Alumina (utilising 100% of tolling capacity), the baseline has been updated to reflect 100% instead of 80% share.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 85 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Climate

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| | | | | |
|:---|:---|:---|:---|:---|
| **Scope 3 emissions: Partner to decarbonise our value chains** | **Scope 3 emissions: Partner to decarbonise our value chains** | **Scope 3 emissions: Partner to decarbonise our value chains** | **Scope 3 emissions: Partner to decarbonise our value chains** | **Scope 3 emissions: Partner to decarbonise our value chains** |
| **Target details** | **Steel decarbonisation** | **Steel decarbonisation** | **Steel decarbonisation** | **Steel decarbonisation** |
| **Target details** | Support our customers' ambitions <br>to reduce their carbon emissions <br>from blast furnace-basic oxygen <br>furnace (BF-BOF) process by <br>20-30% by 2035.<br>| Reduce our net Scope 3 <br>emissions from IOC high-<br>grade ores by 50% by 2035 <br>relative to 2022.<br>| Commission a shaft furnace <br>(DRI) + Electric Smelting Furnace <br>(ESF) pilot plant by 2028, in <br>partnership with a steelmaker.<br>| Finalise study on a beneficiation <br>pilot plant in the Pilbara by 2026.<br>|
| **Target setting** | **Target setting** | **Target setting** | **Target setting** | **Target setting** |
| Metric: | % reduction in carbon emissions <br>from BF-BOF process<br>| Net Scope 3 emissions <br>from IOC high grade ores<br>| Commissioning status of DRI + <br>ESF pilot plant<br>| Completion status of <br>beneficiation pilot study<br>|
| Objective: | To partner with customers and suppliers to decarbonise the steel value chain by supporting their emissions reduction ambitions and <br>accelerating the development and adoption of low-emissions technologies, thereby reducing our Scope 3 emissions. | To partner with customers and suppliers to decarbonise the steel value chain by supporting their emissions reduction ambitions and <br>accelerating the development and adoption of low-emissions technologies, thereby reducing our Scope 3 emissions. | To partner with customers and suppliers to decarbonise the steel value chain by supporting their emissions reduction ambitions and <br>accelerating the development and adoption of low-emissions technologies, thereby reducing our Scope 3 emissions. | To partner with customers and suppliers to decarbonise the steel value chain by supporting their emissions reduction ambitions and <br>accelerating the development and adoption of low-emissions technologies, thereby reducing our Scope 3 emissions. |
| Scope: | Customer operations (Scope 1 <br>and 2 for steelmakers using BF-<br>BOF process)<br>| Processing emissions from <br>Rio Tinto IOC high-grade <br>iron ore<br>| Shaft furnace DRI + ESF pilot <br>plant<br>| Beneficiation pilot plant in the <br>Pilbara<br>|
| Base year period: | Customer specific baseline year | 2022 | Target date is 2028, base year <br>does not apply<br>| Target date is 2026, base year <br>does not apply<br>|
| Target type: | Percentage | Percentage | Action-based (engagement and process improvement, not <br>expressed as absolute or percentage emissions reduction) | Action-based (engagement and process improvement, not <br>expressed as absolute or percentage emissions reduction) |
| Influence of international <br>climate agreements:<br>| Our Scope 3 steel decarbonisation targets and commitments have not been influenced by international agreements. | Our Scope 3 steel decarbonisation targets and commitments have not been influenced by international agreements. | Our Scope 3 steel decarbonisation targets and commitments have not been influenced by international agreements. | Our Scope 3 steel decarbonisation targets and commitments have not been influenced by international agreements. |
| **Approach to target management** | **Approach to target management** | **Approach to target management** | **Approach to target management** | **Approach to target management** |
| Third-party validation: | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement.<br>Scope 3 emissions reduction targets and methodologies have not been independently validated, however, they have undergone our internal <br>review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement.<br>Scope 3 emissions reduction targets and methodologies have not been independently validated, however, they have undergone our internal <br>review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement.<br>Scope 3 emissions reduction targets and methodologies have not been independently validated, however, they have undergone our internal <br>review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement.<br>Scope 3 emissions reduction targets and methodologies have not been independently validated, however, they have undergone our internal <br>review and validation processes and are subject to regular review to ensure continued relevance. See review process below. |
| Review process: | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation <br>roadmap and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation <br>roadmap and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation <br>roadmap and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation <br>roadmap and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. |
| Revisions to the target: | The following targets have been revised in the year:<br>–Commission a shaft furnace – direct reduced iron (DRI) + electric smelting furnace (ESF) pilot plant by 2028 (revised from 2026), <br>in partnership with a steelmaker.<br>–The BioIron<sup>TM</sup> pilot plant work, and associated commissioning target, has been paused. <br>See page [65](#i325ffd14c2cd44c89370a3a935f69040_77788) for further detail. | The following targets have been revised in the year:<br>–Commission a shaft furnace – direct reduced iron (DRI) + electric smelting furnace (ESF) pilot plant by 2028 (revised from 2026), <br>in partnership with a steelmaker.<br>–The BioIron<sup>TM</sup> pilot plant work, and associated commissioning target, has been paused. <br>See page [65](#i325ffd14c2cd44c89370a3a935f69040_77788) for further detail. | The following targets have been revised in the year:<br>–Commission a shaft furnace – direct reduced iron (DRI) + electric smelting furnace (ESF) pilot plant by 2028 (revised from 2026), <br>in partnership with a steelmaker.<br>–The BioIron<sup>TM</sup> pilot plant work, and associated commissioning target, has been paused. <br>See page [65](#i325ffd14c2cd44c89370a3a935f69040_77788) for further detail. | The following targets have been revised in the year:<br>–Commission a shaft furnace – direct reduced iron (DRI) + electric smelting furnace (ESF) pilot plant by 2028 (revised from 2026), <br>in partnership with a steelmaker.<br>–The BioIron<sup>TM</sup> pilot plant work, and associated commissioning target, has been paused. <br>See page [65](#i325ffd14c2cd44c89370a3a935f69040_77788) for further detail. |
| **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** |
| GHGs covered by <br>the target:<br>| CO2, CH4, N2O | CO2, CH4, N2O | CO2, CH4, N2O | CO2, CH4, N2O |
| Gross vs. net emissions <br>target:<br>| Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets are set on a gross basis, as we do not <br>currently plan to use or retire carbon credits to achieve these targets. | Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets are set on a gross basis, as we do not <br>currently plan to use or retire carbon credits to achieve these targets. | Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets are set on a gross basis, as we do not <br>currently plan to use or retire carbon credits to achieve these targets. | Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets are set on a gross basis, as we do not <br>currently plan to use or retire carbon credits to achieve these targets. |
| Sectoral decarbonisation <br>approach:<br>| Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets have not been derived using a sectoral <br>decarbonisation approach. Instead, we have set these targets based on what we can achieve practically and effectively under each <br>category. | Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets have not been derived using a sectoral <br>decarbonisation approach. Instead, we have set these targets based on what we can achieve practically and effectively under each <br>category. | Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets have not been derived using a sectoral <br>decarbonisation approach. Instead, we have set these targets based on what we can achieve practically and effectively under each <br>category. | Not applicable to action-based targets. All other steel decarbonisation Scope 3 targets have not been derived using a sectoral <br>decarbonisation approach. Instead, we have set these targets based on what we can achieve practically and effectively under each <br>category. |
| Planned use of carbon <br>credits:<br>| Not planned. | Not planned. | Not planned. | Not planned. |
| **Performance against targets** | **Performance against targets** | **Performance against targets** | **Performance against targets** | **Performance against targets** |
| Progress achieved as at <br>year-end:<br>| See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 86 | riotinto.com |

---

Strategic report \| Our approach to sustainability \| Climate

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Scope 3 emissions: Partner to decarbonise our value chains (continued)** | **Scope 3 emissions: Partner to decarbonise our value chains (continued)** | **Scope 3 emissions: Partner to decarbonise our value chains (continued)** | **Scope 3 emissions: Partner to decarbonise our value chains (continued)** | **Scope 3 emissions: Partner to decarbonise our value chains (continued)** | **Scope 3 emissions: Partner to decarbonise our value chains (continued)** | **Scope 3 emissions: Partner to decarbonise our value chains (continued)** |
| **Target details** | **Shipping decarbonisation** | **Shipping decarbonisation** | **Shipping decarbonisation** | **Alumina** | **Procurement** | **Procurement** |
| **Target details** | Reach net zero <br>shipping by 2050 <br>across our shipping <br>footprint<br>| 10% of time-chartered <br>fleet to be running on <br>low-carbon fuels by <br>2030 and <br>progressing to 100% <br>of time-chartered <br>fleet by 2040<br>| Reduce emissions <br>intensity by 40% by <br>2025 and deliver <br>50% intensity <br>reduction by 2030<br>| In 2025, partner with <br>at least 2 bauxite <br>customers with the <br>goal of improving <br>energy efficiency and <br>reducing emissions<br>| Engage with 50 of <br>our highest-emitting <br>suppliers on <br>emissions reduction<br>| Implement <br>decarbonisation <br>evaluation criteria for <br>new sourcing in high-<br>emitting categories<br>|
| **Target setting** |  |  |  |  |  |  |
| Metric: | Net shipping <br>emissions (Mt CO₂e)<br>| % of time-chartered <br>fleet operating on <br>low-carbon fuels<br>| Shipping emissions <br>intensity<br>| Number of partnerships  | Number of suppliers <br>engaged<br>| Decarbonisation <br>evaluation criteria for <br>new sourcing in high-<br>emitting categories<br>|
| Objective: | To decarbonise our shipping footprint by improving energy efficiency, <br>transitioning to low-carbon fuels, and partnering with industry <br>stakeholders to achieve net zero shipping by 2050. | To decarbonise our shipping footprint by improving energy efficiency, <br>transitioning to low-carbon fuels, and partnering with industry <br>stakeholders to achieve net zero shipping by 2050. | To decarbonise our shipping footprint by improving energy efficiency, <br>transitioning to low-carbon fuels, and partnering with industry <br>stakeholders to achieve net zero shipping by 2050. | Improve energy <br>efficiency and reduce <br>emissions in alumina <br>refining through <br>technical solutions <br>| Reduce upstream Scope 3 emissions by <br>driving supplier accountability and integrating <br>decarbonisation into procurement decisions | Reduce upstream Scope 3 emissions by <br>driving supplier accountability and integrating <br>decarbonisation into procurement decisions |
| Scope: | Emissions from the <br>shipping of our <br>products<br>| Time-chartered fleet <br>only; applies to use <br>of low-carbon fuels<br>| Emissions from <br>Rio Tinto-managed <br>bulk marine shipping<br>| Emissions from <br>alumina refining at <br>customer operations <br>processing Rio Tinto <br>bauxite<br>| Upstream emissions <br>from goods and <br>services procurement<br>| Upstream emissions <br>from procurement in <br>high-emitting <br>categories<br>|
| Base year <br>period:<br>| No base year | No base year | 2008 (IMO's baseline <br>year)<br>| No base year | No base year | No base year, <br>ongoing<br>|
| Target type: | Absolute | Percentage | Intensity | Action-based target (engagement and process improvement, not <br>expressed as absolute or percentage emissions reduction) | Action-based target (engagement and process improvement, not <br>expressed as absolute or percentage emissions reduction) | Action-based target (engagement and process improvement, not <br>expressed as absolute or percentage emissions reduction) |
| Influence of <br>international <br>climate <br>agreements:<br>| Our Scope 3 targets and commitments have not been influenced by international agreements. | Our Scope 3 targets and commitments have not been influenced by international agreements. | Our Scope 3 targets and commitments have not been influenced by international agreements. | Our Scope 3 targets and commitments have not been influenced by international agreements. | Our Scope 3 targets and commitments have not been influenced by international agreements. | Our Scope 3 targets and commitments have not been influenced by international agreements. |
| **Approach to target management** | **Approach to target management** | **Approach to target management** | **Approach to target management** | **Approach to target management** | **Approach to target management** | **Approach to target management** |
| Third-party <br>validation:<br>| We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement. Our <br>emissions intensity reduction target and methodology was independently reviewed and validated by DNV Maritime Advisory Services and an <br>external assurance provider in 2023.<br>Other shipping decarbonisation targets and methodologies have not been independently validated, however, they have undergone our <br>internal review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement. Our <br>emissions intensity reduction target and methodology was independently reviewed and validated by DNV Maritime Advisory Services and an <br>external assurance provider in 2023.<br>Other shipping decarbonisation targets and methodologies have not been independently validated, however, they have undergone our <br>internal review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement. Our <br>emissions intensity reduction target and methodology was independently reviewed and validated by DNV Maritime Advisory Services and an <br>external assurance provider in 2023.<br>Other shipping decarbonisation targets and methodologies have not been independently validated, however, they have undergone our <br>internal review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement. Our <br>emissions intensity reduction target and methodology was independently reviewed and validated by DNV Maritime Advisory Services and an <br>external assurance provider in 2023.<br>Other shipping decarbonisation targets and methodologies have not been independently validated, however, they have undergone our <br>internal review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement. Our <br>emissions intensity reduction target and methodology was independently reviewed and validated by DNV Maritime Advisory Services and an <br>external assurance provider in 2023.<br>Other shipping decarbonisation targets and methodologies have not been independently validated, however, they have undergone our <br>internal review and validation processes and are subject to regular review to ensure continued relevance. See review process below. | We engage an external assurance provider to provide limited assurance on our Scope 3 emissions calculations and progress made in <br>relation to the 4 most significant categories of our Scope 3 footprint: steel and aluminium value chains, shipping and procurement. Our <br>emissions intensity reduction target and methodology was independently reviewed and validated by DNV Maritime Advisory Services and an <br>external assurance provider in 2023.<br>Other shipping decarbonisation targets and methodologies have not been independently validated, however, they have undergone our <br>internal review and validation processes and are subject to regular review to ensure continued relevance. See review process below. |
| Review process:  | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap <br>and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap <br>and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap <br>and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap <br>and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap <br>and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. | Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap <br>and abatement portfolio. This includes any future changes to our targets or commitments should they be necessary. |
| Revisions to the <br>target:<br>| Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the <br>current period. | Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the <br>current period. | Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the <br>current period. | Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the <br>current period. | Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the <br>current period. | Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the <br>current period. |
| **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** | **Greenhouse gas emissions targets** |
| GHGs covered <br>by the target:<br>| CO2, CH4, N2O | CO2, CH4, N2O | CO2, CH4, N2O | CO2, CH4, N2O | CO₂, CH₄, N₂O, SF₆, HFCs, and PFCs. | CO₂, CH₄, N₂O, SF₆, HFCs, and PFCs. |
| Gross vs. net <br>emissions target:<br>| All Scope 3 targets are set on a gross basis, as we do not currently plan to use or retire carbon credits to achieve these targets. | All Scope 3 targets are set on a gross basis, as we do not currently plan to use or retire carbon credits to achieve these targets. | All Scope 3 targets are set on a gross basis, as we do not currently plan to use or retire carbon credits to achieve these targets. | All Scope 3 targets are set on a gross basis, as we do not currently plan to use or retire carbon credits to achieve these targets. | All Scope 3 targets are set on a gross basis, as we do not currently plan to use or retire carbon credits to achieve these targets. | All Scope 3 targets are set on a gross basis, as we do not currently plan to use or retire carbon credits to achieve these targets. |
| Sectoral <br>decarbonisation <br>approach:<br>| Our shipping targets have been informed by sectoral <br>decarbonisation pathways, including those established by the <br>International Maritime Organization and industry initiatives such as <br>the First Movers Coalition, which guided the timing and ambition of <br>our emissions intensity reductions and fuel transition commitments. | Our shipping targets have been informed by sectoral <br>decarbonisation pathways, including those established by the <br>International Maritime Organization and industry initiatives such as <br>the First Movers Coalition, which guided the timing and ambition of <br>our emissions intensity reductions and fuel transition commitments. | Our shipping targets have been informed by sectoral <br>decarbonisation pathways, including those established by the <br>International Maritime Organization and industry initiatives such as <br>the First Movers Coalition, which guided the timing and ambition of <br>our emissions intensity reductions and fuel transition commitments. | Alumina and procurement Scope 3 targets have not been derived <br>using a sectoral decarbonisation approach. Instead, we have set <br>these targets based on what we can achieve practically and <br>effectively under each category. | Alumina and procurement Scope 3 targets have not been derived <br>using a sectoral decarbonisation approach. Instead, we have set <br>these targets based on what we can achieve practically and <br>effectively under each category. | Alumina and procurement Scope 3 targets have not been derived <br>using a sectoral decarbonisation approach. Instead, we have set <br>these targets based on what we can achieve practically and <br>effectively under each category. |
| Planned use of <br>carbon credits:<br>| Not planned. | Not planned. | Not planned. | Not planned. | Not planned. | Not planned. |
| **Performance Against Targets** | **Performance Against Targets** | **Performance Against Targets** | **Performance Against Targets** | **Performance Against Targets** | **Performance Against Targets** | **Performance Against Targets** |
| Progress <br>achieved as at <br>year-end:<br>| See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. | See pages [65](#i325ffd14c2cd44c89370a3a935f69040_77788)-[67](#i7e5edc20f522450c80f0a680c9f5abe9_1-0-1-2-5910999) for detail on how we are progressing against our Scope 3 targets. |

---

![Socially-conntected.jpg](rio-20251231_g65.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 87 | riotinto.com |

---

Strategic report \| Our approach to sustainability

Governance

Our reputation as a business that operates with high levels of integrity depends on the actions we take

and decisions we make each day. We expect our people to uphold the highest standard of integrity,

act ethically, and do the right thing for each other, for our partners and for the communities where we

operate.

Transparent, values-driven

performance culture

We empower our people to seek guidance when faced with ethical

or business dilemmas – both to prevent incidents from occurring,

and to protect them and others from harm. The way we treat our

people, our partners, the environment and the communities where

we work, and how we conduct business, is what makes us a

responsible partner of choice.

**Code of Conduct and annual training**

*The Way We Work* is our Code of Conduct ("the Code"). It sets the

foundation for doing business the right way and reflects our

significant ambitions for a safe and sustainable future. Our Code

applies to everyone who works for Rio Tinto, including our Board,

Executive Committee, employees and third parties working under

the direction of Rio Tinto.

Our employees are required to complete annual mandatory training

on the Code. In 2025, we tailored the training to employee needs

through adaptive learning. This training sets the foundation for how

we work, guiding ethical decision making and reflecting the safe and

respectful environment we want to achieve for our people. The

annual training incorporates topics across all areas of the Code and

is designed to help employees and contractors understand what's

expected of them, providing guidance for making decisions

consistent with our values of care, courage and curiosity.

The 2025 annual online training was released in September and has

been completed by 21,693 employees. The offline version has been

completed by 17,182 employees. Our Executive Committee

attended an immersive face-to-face session on the Code.

In addition to annual mandatory Code training, the Ethics and

Compliance team delivered additional risk-based face-to-face

training on anti-bribery and corruption, data privacy, anti-trust and

trade sanctions. A total of 7,519 employees received this training in

2025. We also provided business integrity training to our third

parties on a risk basis.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For information** on our Code of Conduct, see riotinto.com/ethics |

---

**Ethics & Compliance program developments** 

We have continued to enhance our ethics and compliance program

to align with our risk profile and to changes in the regulatory

landscape across the countries where we operate. During the year,

we undertook a maturity assessment of our program, which

concluded our program has a higher level of maturity than

benchmarked peers.

In 2025, we:

• Continued to enhance our compliance monitoring framework and

are in the process of implementing an analytics-driven compliance

monitoring solution to complement our existing program.

• Undertook ethical perception assessments across selected sites

to better understand the ethical culture and inform compliance

priorities.

• Further embedded our Compliance Champions program,

developing and leveraging a site-level network of employees to

promote an ethical culture.

• Simplified our Data Privacy Compliance Program. This included

integrating our Privacy Threshold Assessment and Privacy Impact

Assessment into a single Privacy Risk Review, while continuing to

ensure compliance with new and changing privacy legislation

across the jurisdictions where we operate.

• Integrated Data Governance (previously within Information

Systems & Technology) with Data Privacy, focusing on a

business-oriented operating model and framework.

• Launched our new Third Party Risk Management (TPRM) system

that introduces automated review and clearance of low-risk third

parties, allowing analysts to spend more time assessing higher-

risk third parties. For more information, see our

*2025 Sustainability Fact Book*.

• Issued a new Sanctions & Trade Controls Standard and continued

to strengthen our Sanctions Compliance Program through

enhanced third-party sanctions screening processes, deep dive

reviews across parts of the business with higher sanctions

exposure, and increased employee training.

• Issued a new myVoice Standard covering Rio Tinto's

whistleblower and confidential reporting program.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For further information** on the ethics and compliance program, <br>see riotinto.com/ethics <br>|

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 88 | riotinto.com |

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Strategic report \| Our approach to sustainability \| Governance

**myVoice, our confidential reporting program**

A respectful and inclusive workplace, with a strong ethical

culture that reflects our values, must include a safe space where

individuals can speak up with confidence and without fear of

retaliation. A strong culture of speaking up enables us to identify and

address potential issues swiftly, respond appropriately, minimise

risk, and ensure care for our people and the communities where

we operate.

The myVoice program enables confidential and anonymous

reporting, including protected whistleblower disclosures. myVoice is

operated by the Ethics & Compliance function, with regular reporting

to the Board Audit and Risk Committee and the Group Ethics &

Compliance Committee (a sub-committee of the Executive

Committee).

The number of reports received to myVoice<sup>1</sup> continues to increase

yearly, with 1,942<sup>2</sup> reports in 2025 (2024: 1,920). The reporting rate

per 100 headcount rose to 3.41 in 2025 from 3.38 in 2024, with 51%

(2024: 54%) of reporters willing to reveal their identity. The

percentage of anonymous reporters has increased each year since

2022. Of the 608 reports investigated, the substantiation rate was

43% (2024: 44% of 642).<sup>3</sup>

**myVoice by case class (and % of substantiated reports)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 |
| **Case rate (number of reports per** <br>**100 headcount)**<br>| **3.41** | **3.41** | 3.38 | 3.38 | 2.91 | 2.91 | 2.81 | 2.81 | 2.57 | 2.57 |
| **Reports received**<sup>1</sup> | **1942**<sup>2</sup> | **1942**<sup>2</sup> | 1920 | 1920 | 1614 | 1614 | 1459 | 1459 | 1246 | 1246 |
|  | **Reports** <br>**received**<br>| **Reports** <br>**substantiated**<sup>3</sup><br>| Reports <br>received<br>| Reports <br>substantiated³<br>| Reports <br>received<br>| Reports <br>substantiated<br>| Reports <br>received<br>| Reports <br>substantiated<br>| Reports <br>received<br>| Reports <br>substantiated<br>|
| Business integrity | **298** | **37%** | 307 | 42% | 249 | 52% | 210 | 52% | 154 | 36% |
| Personnel | **1341** | **48%** | 1340 | 46% | 1201 | 55% | 1034 | 65% | 819 | 57% |
| Health, safety, environment | **156** | **75%** | 139 | 52% | 107 | 61% | 120 | 47% | 186 | 22% |
| Communities | **13** | **8%** | 8 | 0% | 5 | 0% | 10 | 0% | 6 | 0% |
| Information security | **53** | **30%** | 55 | 40% | 22 | 0% | 17 | 67% | 18 | 36% |
| Finance | **6** | **0%** | 7 | 25% | 3 | 50% | 1 | 0% | 0 | 0% |
| Other | **75** | **0%** | 64 | 40% | 27 | 0% | 67 | 33% | 63 | 14% |

---

1. Each myVoice report may include multiple allegations. Where figures in this table slightly differ from previous reported periods, this can be due to factors including reopening of reports,

case class reclassification, internal reviews and quality assurance processes.

2. Includes 86 reports related to the former Arcadium Lithium business, 27 received directly to myVoice platform following re-branding and formal launch of the Code of Conduct on 30

September 2025.

3. The number of reports substantiated as a percentage of total reports investigated by Ethics & Compliance. A report is substantiated if one or more of the allegations contained in the

report is substantiated. Can include reports received in previous year.

**Care Hub**

In 2025 we continued to embed the Care Hub, which is a

confidential service to access support, and explore non-investigative

resolution options. Care Hub helps manage psychosocial risks,

address systemic hazards and prevent harm.

The service is available to anyone directly or indirectly impacted by

disrespectful or harmful workplace behaviours, such as bullying,

harassment, sexual harm, racism and discrimination.

Care Hub supported 702 individuals in 2025 (up from 568 in 2024).

208 non-investigative resolutions were facilitated during the year, an

increase from 167 in 2024.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information and periodic updates** on the results of the <br>myVoice program, visit riotinto.com/ethics<br>|

---

**Transparency** 

We believe greater transparency and accountability are key to

earning and building trust with partners, encouraging sustainable

business practices, and translating taxes and royalties into

beneficial outcomes for communities who host our operations.

Being transparent about our tax payments, mineral development

contracts, beneficial ownership, and our stance on a range of other

sustainability issues – such as climate change – allows us to enter

into open, fact-based conversations with our stakeholders. This

leads to a better understanding of everyone's roles and

responsibilities.

We are a founding member of the Extractive Industries

Transparency Initiative (EITI), and a signatory to The B Team

Responsible Tax Principles. We report in full the requirements of the

"Tax" standard (GRI 207) of the Global Sustainability Standards

Board of the Global Reporting Initiative, including full country-by-

country reporting.

**Political integrity**

We do not favour any political party, group or individual, or involve

ourselves in party political matters. We prohibit the use of company

funds to support political candidates or parties. Our business

integrity procedure includes strict guidelines for dealing with current

and former government officials and politicians. They cannot be

appointed to senior employee positions or engaged as consultants

without the approval of executive management and our Chief Ethics

and Compliance Officer. We regularly engage with governments and

share information and our experiences on issues that affect our

operations and our industry.

We join industry associations where membership provides value to

our business, investors and other stakeholders. We outline the

principles that guide our participation and the way we engage, and a

list of the top 5 associations by membership fees paid, in our *2025* 

*Industry Association Disclosure*. We also track and disclose how we

engage on climate policy issues, disclosing when the policies and

advocacy positions adopted by industry associations differ materially

from ours. We continue to strengthen our approach and disclosures

on industry associations.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information,** see riotinto.com/industryassociations |

---

**Voluntary commitments, accreditations** 

**and memberships** 

We take part in global, national and regional organisations and

initiatives that inform our sustainability approach and standards,

helping us better manage our risks. These independent

organisations and initiatives assess and recognise our performance,

and we participate in industry accreditation programs for some of

our products.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** about our voluntary commitments, accreditations <br>and memberships see riotinto.com/sustainabilityapproach<br>|

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![Risk-management-BG-VR2.jpg](rio-20251231_g104.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 89 | riotinto.com |

---

Strategic report

Our approach to risk management

To deliver our strategy, in a way that creates value for

our customers, shareholders, employees and partners,

it is essential that we take risks responsibly.

---

| | |
|:---|:---|
| ![Caption-icon-black.gif](rio-20251231_g105.gif) | **Image:** The Safe Production <br>System team at the Laterrière <br>plant, Canada.<br>|

---

Our risk culture fosters awareness, transparency, and informed decision-making. It reflects our values, is consistent with our Code of

Conduct, *The Way We Work*, and is implemented through our risk management framework. Our risk management framework includes our

risk appetite, which outlines the level of uncertainty we are willing to accept to achieve our strategic objectives. It is developed with input from

our leadership, approved by the Board, and is used throughout our risk management process.

This integration ensures we are effectively managing threats and opportunities to our business and host communities, as well as protecting

the environments where we operate.

**Our risk management process**

---

| | | | |
|:---|:---|:---|:---|
| **Plan** | **Do** | **Check** | **Act** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Define risk appetite**<br>Define the types and <br>amount of risk we are <br>seeking to take to <br>deliver our strategy.<br>| **Perform risk** <br>**assessment**<br>Identify, <br>analyse, and <br>evaluate risks <br>to strategy and <br>objectives.<br>| **Perform risk** <br>**management**<br>Implement controls <br>and actions to <br>manage risks within <br>appetite.<br>| **Perform risk assurance**<br>Verify controls are <br>designed and operating <br>effectively to manage <br>risks within appetite. <br>Undertake improvement <br>actions where required. <br>| **Derive risk insights**<br>Derive insights <br>from risk <br>information to <br>inform strategic and <br>operational <br>decisions.<br>| **Improve and embed**<br>Build risk capability <br>and culture so active <br>risk management is <br>embedded in how <br>we operate.<br>|

---

Our risk management process follows international standards and

operates as a Plan-Do-Check-Act cycle. This provides a systematic yet

flexible approach to respond to the dynamic business environment we

operate in. When identifying and assessing risk, we take into account

both financial and non-financial impacts on our business and people, the

environment and communities where we operate. We assess the

materiality of each risk, enabling us to escalate when necessary and

prioritise resources where they are most needed. We actively monitor

how well we manage risks that are material to our objectives by verifying

that the design of our response (actions and controls) remains resilient

to changing conditions, and by checking the implementation of the

response against our actual performance. We enhance the check step

by applying the 3 lines of defence approach, which remains a core part

of our risk management framework. We look to continually improve

and strengthen our risk culture and framework through enhancing

processes, tools and training.

We use an enterprise-wide risk management information system

with integrated tools and applications to capture, manage and

communicate material business risks. These tools support decision-

making and prioritisation through transparent, up-to-date data.

**Our risk management governance structure**

Our risk management framework is structured to assign

accountability for risks to leaders who are in the best position to

address them, while offering support via specialist capabilities and

expertise along with independent review and oversight.

The Board approves our risk appetite and oversees our material risks.

The Board is supported in monitoring a range of material financial and

non-financial current and emerging risks by the Audit & Risk and

Sustainability committees. The Audit & Risk Committee also monitors

the overall effectiveness of our risk management and internal control

frameworks, our material risks and assurance activities. We are on

schedule to meet the additional requirements that come into effect in

2026 under Provision 29 of the UK Corporate Governance Code (2024)

with respect to assessing the effectiveness of material controls. To

identify and assess our material controls, we adopted a top-down, risk-

led methodology anchored to the Group's material risks and our risk

appetite. Dry run design and operating effectiveness testing of material

controls was performed during 2025. We have also established a

methodology for assessing any future deficiencies should they be

identified. Regular updates have been provided to the Audit & Risk

Committee, with the Board maintaining visibility throughout the process.

In 2026, we will transition into business-as-usual, with continuous testing

and monitoring. For more information see the Audit & Risk Committee

report on page [115](#i394a4e5c971e408cbdc2671f0b075a1c_0-0-1-1-5910999).

Pages [115](#i394a4e5c971e408cbdc2671f0b075a1c_0-0-1-1-5910999)-[121](#ifdc5fe4a91fb42b48f492b716bf023e7_4492) details the Audit & Risk and Sustainability

committees' activities in 2025. The Board's extensive range of skills,

experience, and knowledge contributes to a well-rounded

perspective on risk management.

The Board has delegated responsibility for day-to-day management of

the business to the Chief Executive, and through him, to other members

of the Executive Committee under a Group delegation of authority

framework. Our product groups and functions, along with risk-oversight-

focused executive and operational committees, support the Chief

Executive in the effective management of our material risks. Our

Enterprise Risk function is responsible for defining and maintaining the

Group's risk framework and methodology globally, supporting risk

assessments and delivering timely insights to executives and the Board.

Under our 3 lines of defence model, all employees are empowered to

own and manage the risks that arise within their area of responsibility.

Our Enterprise functions are our 2nd line of defence, providing deep

subject matter expertise and objective challenge. Our Internal Audit

function provides independent assurance. Where required by law, or

where deemed appropriate, we also engage third parties to provide

independent assurance. Where risks are material to the Group, they

are escalated to the Risk Management Committee and, as

appropriate, to the Board or its committees.

![risk-management-divider-02.jpg](rio-20251231_g106.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 90 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Our risk management governance structure – *continued***

**Stakeholders**

**Board and Board sub-committees**

Audit & Risk

Committee

Sustainability

Committee

People &

Remuneration

Committee

Delegations of authority

**Chief Executive**

**Executive Management Committee**

Aluminium &

Lithium product

group

Copper product

group

**People and safety first, Operational excellence, Excel in development,** 

**Strong sustainability and social licence**

**Risk appetite, risk culture, values**

**Executive steering committees**

**Risk Management Committee**

Financial risks

Operational

risks

**Enterprise Risk Management**

**Enterprise functions with specialist capabilities and expertise**

**Group Internal Audit**

**Third party assurance**

**Emerging risks** 

We operate in an industry where the risk environment is increasingly

complex and interconnected. Our diverse portfolio and geographical

footprint add to this complexity. Where sufficient information is available,

we capture material risks that can impact our production, reputation and

long-term prospects. These risks are outlined in the following Risk

factors section. The Board reviews these risks periodically.

Emerging risks are new or evolving risks that are highly uncertain by

their nature and have the potential to significantly impact the Group.

These emerging risks are typically driven by external forces, are

less predictable and lack precedents, making them challenging to

assess. We monitor these risks closely for changes in the external

factors and reassess them as they evolve and new information is

discovered.

Geopolitical risks remain a dominant global concern. They create

uncertainty through geoeconomic confrontations, tensions between

major economies, regional conflicts, and sanctions which could disrupt

supply chains and market access. We continue to monitor global

developments closely and stress-test the resilience of our business

model, including our supply chains, through scenario planning to identify,

and implement where possible, potential management responses. See

material risk 3 for more details.

Climate change and the low-carbon transition remain critical

emerging risks, with the potential to have a significant impact on our

business and the communities where we operate. Physical risks

such as extreme weather events, water scarcity, and shifting

temperature patterns have the potential to disrupt production, impact

supply chains, damage infrastructure and reduce workforce

productivity. Transition risks continue to arise as governments and

regulatory bodies implement emissions regulations and carbon

pricing mechanisms, alongside growing investor and societal

expectations for sustainability.

Nominations &

Governance

Committee

Chair's

Committee

**1**<sup>st</sup>

**line of** 

**defence**

Iron Ore product

group

Group functions

**2**<sup>nd</sup>

**line of** 

**defence**

Compliance and

reporting risks

Portfolio and

investment risks

**3**<sup>rd</sup>

**line of** 

**defence**

These can influence market access, asset valuations and capital

allocation strategies. We actively monitor and assess the potential

impact of these on our operations and business through scenario

planning. Where appropriate, we take a proactive approach to

responding to the uncertainty. This includes committing to

decarbonisation targets and associated capital expenditure,

optimising our portfolio for future demand, and developing deeper

understanding of exposures across the business using the latest-

generation climate analytics. See material risk 11, and our climate

disclosures on page [53](#i6a62c08cbe9141ae9c4796747ea8e452_4884) for further details on our Climate Action

Plan.

Artificial intelligence (AI) and advancing technologies continue

to unlock transformative opportunities for businesses, driving

efficiency, data-driven insights, and accelerating innovation.

They also have the potential to introduce complex and evolving

risks, including data privacy breaches, intellectual property

challenges, misinformation and cybersecurity vulnerabilities.

Emerging concerns include regulatory uncertainty and

implementation of AI systems, which could impact compliance

obligations or result in loss of sensitive information. Generative AI is

a fast-moving and evolving technology where vendors often

prioritise feature release over security. As a result, increased use of

AI also comes with incremental cyber security risk. In response, our

approach prioritises robust monitoring and internal upskilling to

understand this evolution, supported by strong governance

processes to support its use. See material risk 13 for more details.

![Principal risks and uncertainties.jpg](rio-20251231_g107.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 91 | riotinto.com |

---

Strategic report \| Our approach to risk management

Risk factors

The risk factors outlined in this section could materially affect our ability to meet our strategic objectives. They could

materialise from a combination of external or internal factors and manifest or escalate from

any part of the business as an opportunity or threat.

To ensure we can prioritise our efforts and resources, we regularly

assess the materiality of our material risks in terms of potential

consequence and likelihood. This allows us to implement responses

that reduce negative impacts and realise the benefits of

opportunities. These assessments, and the effectiveness of our

associated responses, reflect management's current expectations,

forecasts and assumptions. They involve judgement and can be

affected by unexpected changes in our external environment. While

we endeavour to reduce negative impacts to our business, some

inherent risks remain. However, we closely monitor these threats

and have developed business resilience plans.

The risk factors mapped below are based on our managed

operations. We are also exposed to risks associated with our

non-managed joint ventures which, if they arise, may have

consequences on our reputation and finances. We seek to bring an

equal level of rigour and discipline to our managed and

non-managed joint ventures as we do to our wholly-owned assets,

where possible through engagement with partners, embedded

representatives and influence, in line with applicable laws and

shareholder agreements.

The timeframe of our risk factors is within 5 years, unless explicitly

stated otherwise. We frame our risk factors in the context of our

overarching strategic objectives: People and safety first; Operational

excellence; Excel in development; and Strong sustainability and

social licence. These are summarised in the table below in order of

consequence and likelihood.

**Current assessment of risk factors** 

As of February 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Material risks**  | **Material risks**  |  | **Objective** | **Oversight** |
| **1** | Keeping our people safe <br>and healthy<br>| ●  | People and safety first | Sustainability <br>Committee<br>|
| **2** | Maintaining the integrity and <br>operating performance of our <br>assets<br>| ●  | Operational excellence | Sustainability <br>Committee<br>|
| **3** | Maintaining our resilience <br>to geopolitical events<br>| ●  ● | Operational excellence<br>Excel in development<br>| Board |
| **4** | Meeting our evolving <br>customer requirements<br>| ●  ● | Strong sustainability <br>and social licence <br>Operational excellence<br>| Audit & Risk <br>Committee<br>|
| **5** | Maintaining the trust of <br>Indigenous Peoples and <br>communities<br>| ●  | Strong sustainability <br>and social licence<br>| Sustainability <br>Committee<br>|
| **6** | Managing our impact on the <br>environment - water, <br>biodiversity and nature<br>| ●  | Strong sustainability <br>and social licence <br>| Sustainability <br>Committee<br>|
| **7** | Exercising responsible <br>mineral asset stewardship<br>| ●  | Operational excellence | Audit & Risk <br>Committee<br>|
| **8** | Maintaining effective <br>relationships with <br>governments and <br>civil society <br>| ●  | Strong sustainability <br>and social licence <br>| Board |
| **9** | Managing closure costs and <br>outcomes responsibly<br>| ●  ● | Operational excellence<br>Strong sustainability <br>and social licence <br>| Sustainability <br>Committee<br>|
| **10** | Delivering value from growth | ●  | Excel in development | Board |
| **11** | Preparing our business for <br>climate change<br>| ●  | Strong sustainability <br>and social licence<br>| Board |
| **12** | Operating with integrity, <br>and meeting legal and <br>regulatory requirements<br>| ●  | Strong sustainability <br>and social licence<br>| Audit & Risk <br>Committee<br>|
| **13** | Managing cyber security | ●  | Operational excellence | Audit & Risk <br>Committee<br>|
| **14** | Demonstrating sound <br>financial stewardship<br>| ●  ● | Operational excellence<br>Excel in development<br>| Audit & Risk <br>Committee<br>|
| **15** | Building an adaptive and <br>resilient workforce in line <br>with our culture and values <br>| ●  ●  ● | People and safety first<br>Operational excellence<br>Strong sustainability <br>and social licence <br>| People & <br>Remuneration <br>Committee<br>|

---

![Rio Tintos Principal Risks Map.jpg](rio-20251231_g108.jpg)

1. Free cash flow or business value (net present value).

2. Considering effectiveness of existing controls.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 92 | riotinto.com |

---

Strategic report \| Our approach to risk management

Risk to People and safety first objective

**Keeping our people safe and healthy** <br>Nothing is more important than the safety, health and wellbeing of <br>our employees and contract partners. Caring for each other is one <br>of our values. It's part of who we are and the way we work. We are <br>dedicated to working together to create a physically and <br>psychologically safe and healthy workplace for everyone. <br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Sustainability Committee | ● People and safety first  |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Our mining, processing and logistics activities are inherently

hazardous. Our employees and contract partners are exposed to

safety and health risks which may have previously caused, and

have the potential in the future to result in, debilitating injuries, single

or multiple fatalities, or chronic health conditions. For example:

• Mass transportation events: land (rail and road), air and marine

transportation events (such as aircraft crashes, vessel collisions

or groundings, train derailments and road accidents) can occur

while transporting people and products across our value chain.

• Workplace exposures: such as working with and around heavy

equipment, at height, with high voltage or pressurised equipment,

or with exposure to hazardous chemicals or carcinogens can

expose people to potentially serious injuries, fatalities or chronic

health conditions.

In addition to impacting the health and wellbeing of our people,

these risks can erode stakeholder confidence, expose us to legal

and regulatory claims, and ultimately impact our social licence.

These risks may be further heightened as we expand into more

complex operating environments, work with business partners and

contractors, or in response to evolving regulatory changes.

**Key exposures** 

Mass transport (aviation and buses) at Oyu Tolgoi, Simandou,

Rincon. Fall from height, falling objects, vehicles and driving and

contact with electricity, which are prevalent across most of our

operations. Workplace exposures to physical and chemical hazards,

including carcinogens at aluminium smelters (Kitimat, Bell Bay, New

Zealand, Tomago and Boyne), Oyu Tolgoi, Iron Ore Company

of Canada.

Risk to Operational excellence objective

**Maintaining the integrity and operating performance of** <br>**our assets**<br>Managing major hazard risks is essential to ensuring safe and <br>reliable operations, preventing significant production impacts and <br>delivering on production plans. Effective asset management <br>supports our drive for operational excellence by managing risks <br>and enabling consistent operational outcomes.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Sustainability Committee | ● Operational excellence |
| **Change vs 2024** | Increasing |

---

**Risks (threats)**

We engage in mining, processing and logistics activities that have

the potential to trigger major hazards that can cause significant

harm, including the loss of lives and livelihoods, damage to personal

property and sites of cultural or community significance, and

irreparable damage to the environment. A major hazard event could

cause significant damage to our assets, decrease mineral reserves,

and disrupt our operations and value chain for a prolonged period.

This would impact our financial performance and financial position,

exposing us to litigation, legal action, government investigations,

additional regulations or restrictions, fines and penalties, and

damaging our licence to operate and reputation.

We are exposed to major hazards such as:

• process safety – eg explosions or fires

• functional safety – eg loss of control of underground hoisting

devices or autonomously operated vehicles

• underground operations – eg failure in underground excavations

• slope geotechnical stability – eg slope failure in our surface mines

• tailings and water storage facilities - eg a catastrophic failure of

a facility.

We rely on an expansive portfolio of complex infrastructure and

assets to mine, process and transport our products. A failure to

adequately maintain and operate the assets could contribute to a

major hazard event, result in fatalities or damage to areas of

community or cultural significance, negatively impact the

environment, disrupt critical infrastructure (including shared ports,

rail and roads), undermine the delivery of operational plans or

reduce efficiencies. A systemic underperformance of our fleet of

assets can negatively impact financial performance and

organisational value.

**Key exposures**

Underground operations at Oyu Tolgoi, Kennecott and Diavik. Slope

geotechnical risks across our surface mining operations, such as at

Kennecott and our Iron Ore business in Western Australia and on

the Kitimat-Kemano power line. Tailings and water storage facilities

across our Aluminium, Iron Ore, Copper and Closure assets.

Process safety related to operating smelters and refineries in

Copper, Aluminium & Lithium and across assets in our former

Minerals product group (currently under strategic review) such as

Sorel-Tracy. Functional safety at our underground shaft operations

in Oyu Tolgoi and Resolution, and autonomous train and haulage

operations across our Iron Ore assets. Critical ports, such as

Dampier in Western Australia.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 93 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Exercising responsible mineral asset stewardship**<br>Our ability to convert mineral asset into Mineral Reserves in an <br>efficient and timely manner impacts our competitive advantage <br>and licence to operate. Optimising the recovery of the underlying <br>mineral asset and delivering the planned production underpins our <br>business plans and ultimately our strategic objectives. Orebody <br>knowledge and mine planning are among the most significant <br>drivers to extracting maximum value from our mineral assets for all <br>our stakeholders.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Audit & Risk Committee | ● Operational excellence |
| **Change vs 2024** | New risk |

---

**Risks (threats)**

Failure to optimise our portfolio through effective and efficient

stewardship of mineral assets may adversely impact our financial

performance, jeopardise our competitive advantage and impact

shareholder returns. This may arise from:

• limited orebody knowledge may lead to poor mine planning and

capital allocation, leaving value unextracted

• inconsistent Mineral Resource to Mineral Reserve conversion can

reduce project returns

• inadequate planning processes may increase operational

variability.

• poor operational discipline results in deviation from optimal mining

sequences and long-term value

• low orebody utilisation may impact social licence and government

support amid growing resource scarcity

• delayed access and approvals could hinder orebody data

collection and timely reserve conversion.

**Managing cyber security**<br>The cyber threat landscape is evolving, with new and increasingly <br>sophisticated threats emerging continuously. Effective <br>management of cyber security risk enables us to adapt to new <br>threats, protect our systems and people, comply with data privacy <br>requirements and sustain operational resilience.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Audit & Risk Committee | ● Operational excellence |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Cyber threats are evolving and becoming more advanced, including

through the use of artificial intelligence to bypass security controls.

Cyber incidents can occur due to malicious external or internal

attacks, either directly or through third-party business partners. They

may also arise from inadvertent human error.

A successful cyber attack has the potential to disrupt critical systems

at one or more of our assets, which may reduce operational

productivity and cause workforce disruption, adversely impact the

safety and health of our people, result in environmental damage or

expose sensitive personal or commercial information related to

customers, contractors, employees or suppliers. Such disruptions,

or unauthorised publication of exfiltrated data following a data

breach, may adversely affect our financial performance and expose

us to fines, penalties, litigation, regulatory or government action and

attract negative media attention impacting our reputation.

The rise of digitisation has driven greater convergence and

connectivity between traditional information technology (IT) and

industrial and operational technology (I&OT) environments. This

increases our attack surface and introduces new vulnerabilities,

particularly as we adopt emerging, autonomous or disruptive

technologies, which may include artificial intelligence, to automate

and inform our decision-making and operating environment.

For more information see US disclosure, Cyber security on

pages [346](#i6e24f352bf2243f482bd1df1b3ce01ce_1144)-[348](#i0cf3ff902cb64d02b18ee1517ada4431_13749).

**Key exposures**

Our greatest exposures continue to be through our global

ecosystem of third-party suppliers, and the rapid development of

new projects, with an increasing reliance on technology.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 94 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Demonstrating sound financial stewardship**<br>We are committed to maintaining financial flexibility to ensure <br>resilience as we operate through the cycle, absorb market volatility <br>and withstand economic shocks, while delivering <br>long-term value and executing our strategy. This is achieved <br>through disciplined financial management, a strong balance sheet, <br>and prudent capital allocation, underpinned by our focus on <br>unlocking the full potential of our portfolio of assets and <br>growth options.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Audit & Risk Committee | ● Operational excellence<br>● Excel in development<br>|
| **Change vs 2024** | Stable |

---

**Risks (threats)** 

A deteriorating economic or political environment could arise from or be

compounded by events such as:

• falling commodity prices (reduced cash flows and profitability)

• trade actions (increased tariffs, retaliations, input costs inflation

and sanctions)

• creeping expropriation and liquidity constraints (restricts access to

funding, increases cost of capital).

These may impact our financial performance and operating resilience.

Operational and capital project plans are approved based on

assumptions, including price and economic assumptions, Resource and

Reserve estimates, and stripping, waste volume and productivity

estimates. Actual performance may differ significantly as a result of a

range of factors, including weather or natural disaster-related

disruptions, workforce or community action, supply chain disruptions,

operational incidents and asset failures. Significant underperformance to

plan may negatively impact financial performance, the financial returns

on investments and ultimately shareholder returns.

Failing to prevent breaches of international standards, regulations or

governance obligations, such as external misstatements, inaccurate

financial or operational reporting, or a breach of our continuous

disclosure obligations, could impair investor confidence and our

reputation, and attract fines, penalties, litigation and regulatory action.

Risk to Strong Sustainability and

social licence objective

**Meeting our evolving customer requirements** <br>We are focused on delivering the materials the world needs both <br>now, and for the future. Our customers' requirements are evolving <br>rapidly, primarily driven by decarbonisation imperatives and <br>shifting geopolitical and global trade dynamics, and security of <br>supply requirements. We see a need for low-carbon solutions <br>across iron ore, aluminium, copper and lithium - materials that are <br>also critical to the energy transition. Responding to evolving <br>market and customer requirements is essential if we are to remain <br>a partner of choice, retain stakeholder trust, and position our <br>portfolio for long-term success in a low-carbon economy.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Audit & Risk Committee  | ● Strong sustainability and social licence <br>● Operational excellence<br>|
| **Change vs 2024** | Stable |

---

**Risks (threats)** 

Commodity prices have historically been and may continue to be

subject to significant volatility. Long-term price volatility with

sustained low prices or increases in costs may negatively impact our

financial performance through lower revenues and compressed

margins. Failure to maintain strong relationships with customers and

respond to their evolving requirements may exacerbate the impact

of commodity markets by reducing our market share. Factors that

may contribute to this include:

• geopolitical fragmentation and rising resource nationalism could

disrupt trade flows and increase compliance complexity, while the

persistence of reconfigured supply chains may remain uncertain.

• adverse macroeconomic conditions could exacerbate the impact

of geopolitical tensions by reducing demand for our products.

• uncertainty around the pace of transition across the steel value

chain, and the implications for the quality of iron ore products

required to support future low-carbon technologies, may decrease

the demand for some of our products or increase our operating

costs.

• our aluminium customers are also seeking low-carbon and

circular solutions, while increased recovery and recycling may

reduce demand for our products.

**Key exposures** 

Pilbara low-mid grade ores. Low-carbon aluminium products

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 95 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Maintaining the trust of Indigenous Peoples** <br>**and communities**<br>Strong trust-based relationships with Indigenous Peoples and local <br>communities are a cornerstone of the way we do business. A <br>breakdown in these relationships poses a significant threat to our <br>projects and operations, reputation, and long-term viability. <br>Recognising that our success is interdependent with the wellbeing <br>and support of host communities, we prioritise building respectful <br>partnerships that deliver tangible benefits, support community <br>aspirations, and build the mutual trust required to achieve our <br>strategic objectives.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Sustainability Committee | ● Strong sustainability and social licence  |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Access to land and resources may be impacted if we are not

considered a trusted partner that respects Indigenous and human

rights, and sustainably improves social and economic outcomes in

host communities.

Other potential company impacts include operational disruption,

security incidents, expropriation, increased government regulation

and delays in approvals, which may threaten the growth and

development pipeline, investment proposition, title, carrying value of

assets, and successful closure outcomes.

Business activities may also strain relationships with Indigenous

Peoples, where actual or perceived damage of lands and waters or

significant cultural values (cumulative or acute) occurs without

consultation and consent. This may result in loss of trust with

Indigenous Peoples.

**Key exposures**

Communities surrounding the Simandou project, Pilbara operations,

Richards Bay Minerals, QIT Madagascar Minerals and Oyu Tolgoi

and closure sites including Argyle, Ranger and Gove. Indigenous

Peoples across our assets in Australia, Canada, Argentina and US.

**Managing our impact on the environment - water,** <br>**biodiversity and nature** <br>Producing the materials the world needs means we have an <br>impact on the environment. We are dependent on nature to run a <br>successful business, with many of our projects and operations in <br>remote locations and sensitive environments. Our activities have <br>the potential to cause harm through disturbance, emissions and <br>water use. Our operations and projects require proactive <br>management to minimise and restore potential impacts to water, <br>biodiversity, land and air across the mining lifecycle and <br>value chain. <br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Sustainability Committee | ● Strong sustainability and social licence  |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Mining transforms landscapes, with impacts to habitats and

ecosystems across soil, flora and fauna. Several of our operations

and future development opportunities exist within, or close to,

sensitive biodiverse regions. Building and maintaining our

social licence requires us to demonstrate our capability to

manage the operational and cumulative impacts of our activities and

protect ecosystems, through reliable practices and technological

solutions.

Our business portfolio is changing against a backdrop of

increasingly complex regulatory and stakeholder expectations,

and an expanding operational footprint. Inadequate management of

environmental risks may adversely affect our ability to

obtain development approvals, permits or licences, expose us to

litigation, erode our social licence and negatively impact our

financial performance.

Water is fundamental to our business continuity and a significant

ongoing interest for host communities, Indigenous Peoples,

regulators and investors. Complexities for managing water across

our operations and projects include water resources (operational

needs, shared supply, scarcity), dewatering (access to ore, aquifer

impacts), and wastewater management (quality, quantity).

**Key exposures**

Our operations in the Pilbara region, Guinea, QIT Madagascar

Minerals, South America, and the Saguenay–Lac-Saint-Jean region.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 96 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Maintaining effective relationships with governments** <br>**and civil society** <br>We rely on the support of, and partnerships with, governments <br>across all aspects of our business. Governments are our partners <br>(equity) in key projects and determine our operating and <br>investment environment through political support, financing, <br>licences and permits, regulation and trade policy. Civil society at <br>local, national and international levels can influence public, policy, <br>and investor perspectives on both the industry as a whole and Rio <br>Tinto. Proactive relationship-building and engagement with <br>government representatives, and influential civil society actors, <br>across Rio Tinto's footprint is therefore vital to maintain our social <br>licence.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Board | ● Strong sustainability and social licence  |
| **Change vs 2024** | New risk |

---

**Risks (threats)**

Weak relationships with governments could put key partnerships,

projects and operations at risk and make Rio Tinto less able to

navigate the complex geopolitical dynamics, country-specific risks,

resource nationalism, and regulatory landscapes that govern how

and where we operate now and in the future. This may hinder our

growth agenda and negatively impact financial performance,

investment returns and our financial position.

Weak relationships with civil society can lead to mistrust and

opposition, influencing governments, regulators, and other

stakeholders. This may reduce our access to growth opportunities,

delay or derail projects, and increase costs through withdrawn

support or legal action.

Our activities across multiple jurisdictions can expose us to

reputational and political contagion. Our actions, relationships, or

policy positions in one jurisdiction may influence perceptions and

responses from governments, regulators, and civil society in other

jurisdictions.

**Managing closure costs and outcomes responsibly**<br>We are committed to being responsible operators throughout the <br>entire life of our assets, from discovery to closure. We maintain a <br>sustainable business strategy by ensuring decisions that impact <br>closure are informed by effective strategic planning and <br>governance over the life of the asset. We continue to plan and <br>execute closure in partnership with our internal and external <br>stakeholders, such as host communities, Indigenous Peoples, <br>regulators and joint venture partners, embedding closure <br>considerations throughout the entire lifespan of our assets.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Sustainability Committee | ● Operational excellence <br>● Strong sustainability and social licence<br>|
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Closure costs may increase over time due to changes in the Group's

portfolio, stakeholders' and community expectations, regulations,

standards, technical understanding and techniques.

**Key exposures**

Pilbara mines near-term closures (including Channar and Eastern

Range), Gove, Argyle, Energy Resources of Australia (ERA),

Mange-Garri, Diavik, as well as legacy sites.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 97 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Preparing our business for climate change**<br>Climate-related risks, both physical and transition, pose significant <br>opportunities and challenges to achieving our strategic objectives. <br>Transition risks arise from the shift to a low-carbon economy, such <br>as regulatory changes, evolving stakeholder expectations, energy <br>market volatility, and the pace of technological innovation in our <br>industry, suppliers and our customers. Physical risks are direct <br>impacts of climate change and increasingly affect our assets, <br>infrastructure, communities and value chains.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Board | ● Strong sustainability and social licence  |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Societal, political, business and investor expectations on the

performance and pace of companies' ability to deliver climate

actions is rapidly evolving. This may result in changes or opposing

positions in the laws, regulations, and policies across the different

jurisdictions where we operate. A misalignment between these

expectations, laws, regulations and policies, and our performance in

delivering our targets may give rise to adverse regulatory or legal

responses and impair government support for our investment

ambitions, impair investor confidence and the associated pricing of

our securities, cause financial institutions to limit or withhold

financing or impact customers' or suppliers' willingness to do

business with us. This could adversely affect our financial

performance and ability to deliver our growth agenda. We could also

be exposed to climate-related litigation.

The carbon transition relies on new technologies, some of which do

not yet exist, or which cannot economically operate at the required

scale. Delays (from the failure of suppliers to deliver products, or the

inability of governments or other external parties to deliver electrical

grid upgrades with sufficient decarbonised power, or supply chain

disruptions, or skilled labour shortages) or quality issues in securing

the required renewable energy projects could hinder our progress in

achieving our 2030 and beyond decarbonisation targets.

Carbon compliance costs are rising due to existing climate policies

and may increase as emissions regulations tighten, and carbon

pricing expands.

Acute hazards (eg heat stress) threaten safety, communities, and

operational continuity, while chronic changes (eg sea level rise)

strain infrastructure and workforce resilience. Recent events have

exceeded climate change projections, highlighting the sensitivity of

current risk analysis and the need for adaptive planning using

conservative assumptions.

**Key exposures**

Physical climate risks across several priority assets, including

Pilbara Ports, New Zealand Aluminium Smelter and hydropower at

BC Works. Achieving our 2030 target is contingent on successful

outcomes at our Boyne Smelters Limited (BSL) and Tomago

Aluminium operations.

**Operating with integrity, and meeting legal and** <br>**regulatory requirements**<br>Our determination to deliver operational excellence and maintain <br>strong sustainability and social licence credentials is underpinned <br>by our commitment to act with integrity and comply with applicable <br>legal and regulatory requirements. These expectations are <br>outlined in our Code of Conduct (The Way We Work) and our <br>Group policies, standards and procedures, published on our <br>website at riotinto.com/policies.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Audit & Risk Committee | ● Strong sustainability and social licence  |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

A serious breach in our operations, or in our value chain, of

anti-corruption legislation or sanctions, data privacy, human rights,

anti-trust rules, or inappropriate business conduct, could result in

serious harm to our people or contractors, and significant legal,

reputational and financial damage.

**Key exposures**

Argentina (lithium assets), Guinea (Simandou), and Mongolia

(Oyu Tolgoi)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 98 | riotinto.com |

---

Strategic report \| Our approach to risk management

Risk to Excel in development objective

**Delivering value from growth** <br>Delivering our growth strategy depends on our ability to develop <br>resources faster and more competitively than others, while <br>maintaining our social licence. Success also relies on strategic <br>acquisitions, partnerships and effective exploration (greenfield and <br>brownfield). Delivering value from growth requires active portfolio <br>management directing capital toward the most value-accretive <br>organic and inorganic growth options. Project development <br>requires complex multi-year planning and execution and carries <br>significant delivery risk.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Board | ● Excel in development |
| **Change vs 2024** | Stable |

---

**Risks (threats)**

A failure to optimise our portfolio for the commodities needed by

society now and into the future could compromise our competitive

advantage, adversely impacting our financial performance and

shareholder returns. Factors that may contribute to this include:

• High-quality deposits are increasingly scarce, and those that

are known require advances in processing technology, significant

capital investment or may negatively impact our sustainability

credentials.

• As studies and projects progress, they are susceptible to changes

in: approvals, societal expectations, or underlying commercial or

economic assumptions, which could impact economic viability.

Project portfolios may be disproportionately exposed to increasing

capital intensity driven by escalation and inflation.

• Acquisition-driven growth carries inherent risks, particularly in

selecting the right targets, accurately assessing synergy potential,

and unlocking long-term value. Misjudgements in strategic fit,

cultural alignment, or integration complexity can erode expected

returns. Assumptions underpinning value creation, such as cost

synergies or operational improvements, may not materialise as

planned.

• Partnering with other companies, business partners and

contractors may accelerate growth opportunities. They may also

introduce the potential for financial, reputational and legal risks if

their actions are misaligned with our values and standards,

particularly if we do not operate or have a controlling interest in

the venture.

**Key exposures**

Simandou, increasing approval timeframes in the Pilbara, lithium

market downturn post Arcadium acquisition, Oyu Tolgoi underground

expansion, Rincon and Resolution.

Risk to Operational excellence and

Excel in development objectives

**Maintaining our resilience to geopolitical events**<br>Geopolitical tensions are creating increased volatility, <br>characterised by conflicts, trade restrictions, protectionism and <br>geopolitical fragmentation. Escalation of these tensions has the <br>potential to reorganise global alliances, commodity demand and <br>trade flows, impacting our strategic and business objectives, <br>particularly if we fail to anticipate changes in the geopolitical <br>environment in a timely manner. These events have the potential <br>to disrupt key markets, operations, supply chains and investments, <br>as well as our ability to enter new markets, and to trade freely <br>across borders.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| Board | ● Operational excellence<br>● Excel in development<br>|
| **Change vs 2024** | Increasing |

---

**Risks (threats)**

Further deterioration of the global political and economic order can

lead to additional trade barriers (economic sanctions, tariffs, or other

trade restrictions imposed by or on countries where we operate, or

into which we sell or deliver our products, or from where we procure

key supplies), increased resource nationalism (royalties, taxes,

direct ownership), and competition for resources. This may lead to

higher costs or other limitations on our ability to conduct business

freely and openly. Trade wars could lead to a drop in global gross

domestic product and make it more difficult to sell our products in

key markets, adversely impacting the price we obtain or the volumes

we can sell for our products.

Geopolitical actions (trade policy or armed conflict) may also result

in physical disruptions of shipping routes or the closure or blocking

of ports or land (road and rail) logistics. This can materially disrupt

our ability to sell our products or import key supplies, adversely

affecting our results of operations and financial position.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 99 | riotinto.com |

---

Strategic report \| Our approach to risk management

Risk to People and safety first, Operational

excellence and Strong sustainability and

social licence objectives

**Building an adaptive and resilient workforce in line** <br>**with our culture and values**<br>Delivering our strategy relies on a skilled, engaged and inclusive <br>workforce that operates safely, collaboratively and in alignment <br>with our values. Our ability to attract, develop and retain the right <br>people, foster respect and inclusion, maintain constructive labour <br>relations, and support workforce health and wellbeing – including <br>psychological safety and adaptability to change – underpins our <br>operational performance, safety outcomes and social licence to <br>operate.<br>

---

| | |
|:---|:---|
| **Risk oversight** | **Strategic objectives** |
| People & Remuneration <br>Committee<br>| ● People and safety first <br>● Operational excellence<br>● Strong sustainability and social licence <br>|
| **Change vs 2024** | Stable |

---

**Risks (threats)**

Failing to attract and retain critical talent can erode our capabilities

and culture, and hinder our ability to achieve our strategic

objectives. Tight labour markets and competition for core and

differentiating capabilities, particularly in regions with limited local

talent pools or lower brand recognition, may lead to elevated

turnover, role vacancies and greater reliance on contractors,

impacting productivity, safety performance and cost efficiency.

Failing to respond to evolving societal expectations around

inclusion, wellbeing and purpose may lead to lower engagement,

reduce discretionary effort and adversely impact our reputation.

An evolving industrial relations landscape across our operating

regions presents continued challenges in sustaining constructive

engagement and compliance. Legislative changes, workforce

activism and divergent union expectations may lead to disputes,

operational disruption and reputational impacts. This could

negatively impact our financial performance and the anticipated

financial returns on investments.

**Key exposures**

Availability of critical capabilities and industrial relations volatility.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 100 | riotinto.com |

---

Strategic report \| Our approach to risk management

**Longer-term viability statement**

**Context** 

Our business model forms the foundation for delivering our strategic

objectives, as outlined on page [12](#i2c44180a254946f793aa83802ef7ecc8_1905). Our planning process

incorporates detailed modelling of macro-economic scenarios and

applies a range of assumptions that reflect both internal dynamics

and external market factors. Within our risk management

framework, we actively monitor and evaluate risks to ensure the

resilience of our business plan and underlying model.

**Viability assessment process and key assumptions**

The assumptions underpinning our business plan and macro-

economic forecasts are most reliable over the initial 3-year period.

Our longer-term viability assessment extends to the first 5 years

(2026–2030) of the plan, enabling a detailed evaluation of risks that

could materialise early on and allowing us to stress test the plan for

potential challenges emerging later in the period, albeit with a lower

degree of certainty.

The Risk factors section outlines risks that could materially affect

our performance, prospects, or reputation. For the viability

assessment, we focused on those risks with the potential to

significantly impact the Group's liquidity and solvency, while also

considering non-financial implications.

We estimate the financial impact of each risk using internal

macro-economic and business analysis, supported by

benchmarking against comparable internal and external data.

Where appropriate, a probabilistic approach was applied to quantify

risk exposure and potential outcomes.

The first 5 years of the Group's business plan were stress tested

against these risks to evaluate their effect on long-term viability,

including the potential need for additional financing facilities. Beyond

liquidity and solvency, the assessment also considered other key

financial metrics, such as dividend capacity, all of which were

subjected to robust stress testing.

**Results of assessment**

The Group's balance sheet strength and liquidity are able to absorb

the financial impact of each of the scenarios modelled in the stress

and sensitivity analysis.

We have a suite of management actions available to preserve

resilience through the period of assessment, including accessing

lines of credit, reducing organic and inorganic growth capital

expenditure and raising capital. The viability of the Group under all

the scenarios tested remained sound.

The resilience of the Group's business model is largely underpinned

by 4 factors:

• the competitive position and diversification of our commodities

portfolio

• our disciplined capital allocation framework and commitment to

prudent financial policy

• the payout shareholder return policy being based off underlying

earnings

• the focus on sustainability and strengthening our social licence,

which allows for growth and maintaining access to debt capital

and bank loan markets.

Therefore, considering the Group's current position and the robust

assessment of our emerging and material risks, the Directors have

assessed the prospects of the Group over the next 5 years (until 31

December 2030) and have a reasonable expectation that we will be

able to continue to operate and meet our liabilities as they fall due

over that period.

In the long term, there are 5 material risks with long-dated

consequences that could have a material impact on our viability:

• meeting our evolving customer requirements

• managing our impact on the environment - water, biodiversity and

nature

• exercising responsible mineral asset stewardship

• managing closure costs and outcomes responsibly

• delivering value from growth

The Risk factors section provides further details including current

management responses.

---

| | | |
|:---|:---|:---|
| **Longer-term viability assessment scenario description** | **Longer-term viability assessment scenario description** | **Longer-term viability assessment scenario description** |
| **Scenario 1**<br>The occurrence of independent and <br>correlated global risks resulting in a major <br>protracted macroeconomic crisis within <br>the next 5 years.<br>| **Scenario 2 (cluster event)** <br>A catastrophic event occurs, resulting from <br>a major operational incident such as a <br>tailings and water storage facility failure, <br>extreme weather event, underground or <br>geotechnical event or a cyber event that <br>impacts operational systems. It assumes <br>multiple fatalities, disruption to operations <br>and significant financial impacts. We have <br>assumed 3 such events occur within the <br>assessment period, each with significant <br>but varied impacts.<br>| **Scenario 3**<br>A risk driven by evolving societal <br>expectations and changing laws affecting <br>the timelines for delivering sustaining or <br>growth projects. We have assumed an <br>impact on our near-term key projects and <br>considered available alternatives. The <br>financial impact assumed here is in <br>addition to any non-financial impact, such <br>as reputational harm.<br>|
| **Related material risks** |  |  |
| **3:** Maintaining our resilience to <br>geopolitical events<br>| **2:** Maintaining the integrity and operating <br>performance of our assets <br>| **5:** Maintaining the trust of Indigenous <br>Peoples and communities <br>|
| **14:** Demonstrating sound <br>financial stewardship<br>| **13:** Managing cyber security | **8:** Maintaining effective relationships with <br>governments and civil society <br>|
|  |  | **10:** Delivering value from growth |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 101 | riotinto.com |

---

Strategic report

Five-year review

Selected financial data

The selected consolidated financial information below has been derived from the historical audited consolidated financial statements of the

Rio Tinto Group. The selected consolidated financial data should be read in conjunction with, and qualified in their entirety by reference to,

the 2025 financial statements and notes thereto. The financial statements as included on pages [157](#i6e24f352bf2243f482bd1df1b3ce01ce_388)-[228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) have been prepared in accordance

with International Financial Reporting Standard (IFRS) as defined in "The basis of preparation" section to the financial statements on

page [158](#i6e24f352bf2243f482bd1df1b3ce01ce_403).

**Rio Tinto Group**

**Income statement data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the years ending 31 December**<br>**Amounts**<br>| **2025**<br>**$m**<br>| 2024<br>$m<br>| 2023<br>$m<br>| 2022<br>$m<br>| 2021<br>$m<br>|
| Consolidated sales revenue | 57638 | 53658 | 54041 | 55554 | 63495 |
| Group operating profit<sup>1</sup> | 14936 | 15653 | 14823 | 19933 | 29817 |
| Profit after tax for the year | 10249 | 11574 | 9953 | 13048 | 22597 |
| Basic earnings for the year per share (US cents) | 613.7 | 711.7 | 620.3 | 765.0 | 1304.7 |
| Diluted earnings for the year per share (US cents) | 608.4 | 707.2 | 616.5 | 760.4 | 1296.3 |
| **Dividends per share** |  |  |  |  |  |
| Dividends declared during the year |  |  |  |  |  |
| US cents |  |  |  |  |  |
| –interim | 148.0 | 177.0 | 177.0 | 267.0 | 376.0 |
| –interim special | – | – | – | – | 185.0 |
| –final  | 254.0 | 225.0 | 258.0 | 225.0 | 417.0 |
| –special | – | – | – | – | 62.0 |
| Dividends paid during the year (US cents) |  |  |  |  |  |
| –ordinary  | 373.0 | 435.0 | 402.0 | 684.0 | 685.0 |
| –special  | – | – | – | 62.0 | 278.0 |
| Weighted average number of shares basic (millions) | 1624.0 | 1623.1 | 1621.4 | 1619.8 | 1618.4 |
| Weighted average number of shares diluted (millions) | 1638.0 | 1633.4 | 1631.5 | 1629.6 | 1628.9 |
| **Cash flow statement data** |  |  |  |  |  |
| Net cash generated from operating activities | 16832 | 15599 | 15160 | 16134 | 25345 |
| **Balance sheet data** |  |  |  |  |  |
| Total assets | 128102 | 102786 | 103549 | 96744 | 102896 |
| Share capital/premium | 7834 | 7593 | 7908 | 7859 | 8097 |
| Total equity/net assets | 67024 | 57965 | 56341 | 52741 | 57113 |
| Equity attributable to owners of Rio Tinto | 62203 | 55246 | 54586 | 50634 | 51947 |

---

1. Group operating profit includes the effects of charges and reversals resulting from impairments (other than impairments of equity accounted units) and profit and loss on consolidation and

disposal of interests in businesses. Group operating profit amounts shown above exclude equity accounted operations, finance items, tax and discontinued operations.

**Directors' approval statement**

This Strategic report is delivered in accordance with a resolution of the Board, and has been signed on behalf of the Board by:

![Dominic-signature.gif](rio-20251231_g95.gif)

**Dominic Barton**

Chair

19 February 2026

![DR-BG-VR2.jpg](rio-20251231_g109.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 102 | riotinto.com |

---

Directors' report

---

| | |
|:---|:---|
| [Chair's introduction](#i6e24f352bf2243f482bd1df1b3ce01ce_247) | [102](#i02dea1250a9e45c2b4019c6c416bc563_5232) |
| [Governance framework](#i6e24f352bf2243f482bd1df1b3ce01ce_250) | [103](#id5156371ba264997854bdda827d1b7cf_2004) |
| [Board of Directors](#i6e24f352bf2243f482bd1df1b3ce01ce_253) | [104](#i87a072127d904383ad08c6f2da4e5f3a_204) |
| [Executive Committee](#i6e24f352bf2243f482bd1df1b3ce01ce_259) | [106](#i6bfb8c3618664955b222325aa693c114_4758) |
| [Our stakeholders – Section 172(1) statement](#i6e24f352bf2243f482bd1df1b3ce01ce_262) | [107](#ide4b061e8f3d40a6a39e6fdffcf72b42_501) |
| [Board activities in 2025](#i6e24f352bf2243f482bd1df1b3ce01ce_271) | [110](#i31807468341448de8b337967bb34963e_759) |
| [Evaluating our performance](#i6e24f352bf2243f482bd1df1b3ce01ce_280) | [112](#i0b4ed48079824d21844c6e8253f7ae56_4527) |
| [Nominations & Governance Committee report](#i6e24f352bf2243f482bd1df1b3ce01ce_283) | [113](#i6e24f352bf2243f482bd1df1b3ce01ce_283) |
| [Audit & Risk Committee report](#i6e24f352bf2243f482bd1df1b3ce01ce_289) | [115](#i6e24f352bf2243f482bd1df1b3ce01ce_289) |
| [Sustainability Committee report](#i6e24f352bf2243f482bd1df1b3ce01ce_304) | [120](#i6e24f352bf2243f482bd1df1b3ce01ce_304) |

---

---

| | |
|:---|:---|
| **Remuneration report** |  |
| [Annual statement by the People &](#i6e24f352bf2243f482bd1df1b3ce01ce_310)<br>[Remuneration Committee Chair](#i6e24f352bf2243f482bd1df1b3ce01ce_310)<br>| [122](#i6e24f352bf2243f482bd1df1b3ce01ce_310) |
| [Implementation report](#i6e24f352bf2243f482bd1df1b3ce01ce_328) | [129](#i9d73f6bbf1454d9ba52957f5fc007f67_2222) |
| **[Additional statutory disclosure](#i6e24f352bf2243f482bd1df1b3ce01ce_352)** | **[150](#i8e8f65a6b35e455a8504677c5d425f82_1458)** |

---

---

| | |
|:---|:---|
| ![Caption-icon-white.gif](rio-20251231_g52.gif) | **Image:** West Angelas iron ore mine, Australia. |

---

Chair's introduction

Over 2025, as a Board, we spent much of our time considering how Rio Tinto can unlock its full

potential, as it moves into a new chapter of delivery and growth.

Our focus was on ensuring the business was equipped to respond

to rising demand in an increasingly uncertain and complex world –

with the right portfolio of assets and commodities, strong social

licence and an engaged workforce.

In this report we set out the Board's activities over the past year. We

also describe the structures and processes that underpin effective

oversight and strengthen decision-making. Together, they ensure

the Board focuses on the right issues, at the right time, informed by

the right people and insights.

Our Board members have depth and diversity of experience and come

from a variety of professional backgrounds. This breadth of perspective is

particularly important as we move into a new phase for Rio Tinto, with a

mission of becoming the most valued metals and mining business.

This year reminded us that safety needs to remain central to

everything we do.

Following the tragic death of Mohamed Camara at Simandou, the

Board and Sustainability Committee reflected deeply on the need to

eliminate fatalities and ensure every colleague goes home safe

every shift, every day. Our thoughts are with all those affected by

this tragedy and by the devastating death of a colleague at the

SimFer mine site on 14 February 2026.

In the first half of the year, the Board worked closely with the Executive

Committee to complete the Arcadium transaction. This has resulted in

Rio Tinto holding a world-class portfolio of lithium assets, at a time when

demand continues to grow rapidly. The Board saw the impact of this

work first hand during our visit to Argentina at the end of the year.

Another significant area of focus in 2025 was identifying Jakob

Stausholm's successor.

Jakob made a significant contribution to Rio Tinto at a critical time in

its evolution and the Board is thankful for his leadership.

Simon Trott's appointment at our July Board followed a rigorous

search process led by the Nominations & Governance Committee.

Its objective was to identify a successor with the right attributes to

lead Rio Tinto into its next phase. This process built on routine

succession planning work undertaken over the previous 3 years and

included potential internal and external candidates.

At the July meeting we also approved changes to Rio Tinto's operating

model and executive team and set out our goal of creating a stronger,

sharper, simpler way of working across the business.

Central to this work are our people, who are critical to Rio Tinto's

success. Throughout 2025, the Board maintained close oversight of

efforts to build a more engaged and diverse workforce and to

continue strengthening our culture. More detail on the actions we

have taken in this respect can be found in the report on page [111](#i3cdb94562ece4b2bb3482c17016e1fcb_334).

The Board's oversight of organisational culture was reinforced through

regular, direct engagement. Over 2025, Board members connected with

colleagues via town halls and Q&A sessions. I also had the opportunity to

meet many colleagues on my 18 visits to Rio Tinto sites and offices

around the world. Those conversations were a valuable opportunity to

connect with colleagues and hear their thoughts and concerns.

Our engagement also extended beyond our organisation.

In 2025, Board members also carried out meetings with customers,

suppliers, investors and other stakeholders – including in China,

Australia, Canada, Guinea, Mongolia, South Africa, the US and, as

previously mentioned, Argentina. The new perspectives that Board

members bring to our discussions following these meetings play an

important role in shaping decision-making.

Good governance is a critical factor in any organisation's success –

all the more so in a fast-changing world.

Over the year, we have again evolved our governance arrangements as

part of our commitment to continuous improvement.

The updated *UK Corporate Governance Code*, which sets expectations

for trust, accountability and transparency on a comply-or-explain basis,

has further sharpened our focus on internal controls. More detail on our

approach is set out in the Audit & Risk Committee report.

As I said a year ago, the size of the Board peaked at 14 Directors in

2024 as we retained the expertise of longer-serving Directors during

a period of transition.

That transition concluded in 2025 with Sam Laidlaw, Kaisa Hietala,

Simon Henry and Martina Merz stepping down from the Board.

I would like to thank each of them for their contributions to the Board and

to Rio Tinto. It is never easy saying farewell to colleagues of such high

quality. However, now with a Board comprising 10 Directors, we are well

aligned with Simon Trott's drive to create a stronger, sharper, simpler

way of working across the business.

Looking ahead, the Board will continue to approach its role with

discipline and care, supporting the executive team as Rio Tinto

moves into its next phase of growth.

I am very grateful to my fellow Board members for the hard work, energy

and commitment they have demonstrated throughout the year.

![Dominic-signature-thin.gif](rio-20251231_g95.gif)

**Dominic Barton**

Chair

19 February 2026

![Governance framework.jpg](rio-20251231_g110.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 103 | riotinto.com |

---

Directors' report

Governance framework

Our Board is structured to support good governance, which means considering the right things, at the

right time, with the right people and insights. Our framework also helps the Board support the

executive team, and strengthen our strategic focus.

Board of Directors<br>We believe good corporate governance supports high standards of business conduct and helps ensure the long-term success <br>of our business - and our Board is structured to uphold this.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Audit & Risk** <br>**Committee**<br>Helps the Board <br>monitor decisions <br>and processes <br>designed to ensure <br>the integrity of <br>financial reporting, <br>the independence <br>and effectiveness of <br>the external auditors, <br>and robust systems <br>of internal control and <br>risk management.<br>| **Nominations &** <br>**Governance** <br>**Committee**<br>Helps the Board <br>determine Board and <br>committee <br>composition to <br>ensure the right <br>balance of skills, <br>experience, and <br>background, and <br>oversees <br>succession, director <br>development, and <br>governance <br>arrangements and <br>disclosures.<br>| **People &** <br>**Remuneration** <br>**Committee**<br>Helps the Board <br>ensure the <br>Remuneration Policy <br>and practices reward <br>employees and <br>executives fairly and <br>responsibly, with a <br>clear link to <br>corporate and <br>individual <br>performance, and <br>focuses on people <br>and culture.<br>| **Sustainability** <br>**Committee**<br>Helps the Board <br>oversee the Group's <br>integrated approach <br>to sustainability and <br>strategies designed <br>to manage safety <br>and health, and <br>social and <br>environmental risks, <br>including <br>management <br>processes and <br>standards.<br>| **Chair's Committee**<br>Supports the <br>functioning of the <br>Board and will <br>consider urgent <br>matters between <br>Board meetings.<br>| **Chief Executive**<br>Has delegated <br>responsibility for <br>the executive <br>management of <br>Rio Tinto, consistent <br>with the Group's <br>purpose and <br>strategy, and subject <br>to matters reserved <br>for the Board, as set <br>out in the Schedule <br>of Matters Reserved <br>for the Board and in <br>accordance with the <br>Group's delegation of <br>authority framework.<br>|
| See page [115](#i394a4e5c971e408cbdc2671f0b075a1c_0-0-1-1-5910999) | See page [113](#i81434321dfae418e9e0004539162a855_0-0-1-1-5910999) | See page [122](#i43c3c73661d24b9493a2637ef979e25c_5596) | See page [120](#i22510dcc15ae4dd8a68e8e8c3905f332_0-0-1-1-5910999) |  |  |

---

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** and to view the Board Charter - outlining the Board's role and delegation to management - the schedule of matters reserved for the <br>Board, and committee terms of reference see riotinto.com/corporategovernance<br>|

---

**Executive Committee**

The Executive Committee supports the Chief Executive in delivering

strategy, annual plans and commercial objectives, and in managing

the financial and operational performance of the Group.

A number of executive level committees support the Chief Executive

in the performance of his duties. The key committees are as follows:

**Investment Committee**

Reviews proposals on investments, acquisitions and disposals.

Approves capital decisions within delegated authority limits, and

otherwise recommends matters for approval to the Board, where

appropriate.

**Capital Committee**

Reviews proposals for investments that are not strategically

complex. Focused on capital approvals supporting the continuity,

asset health, decarbonisation and closure programs of existing

businesses and approved growth projects.

**Risk Management Committee**

Oversees the management and mitigation of the material risks that

could materially impact the Group's business objectives and exceed

its risk tolerances.

**Ore Reserves Steering Committee**

Responsible for standards and control procedures in the Mineral

Resources and Ore Reserves estimation and disclosure process.

Ensures that they are effective in meeting internal objectives and

regulatory requirements.

**Closure Steering Committee**

Oversees the process and controls designed to manage the material

risks related to rehabilitation, closure and legacy operations.

**Disclosure Committee**

Reviews and approves the release of all significant public

disclosures on behalf of the Group. Oversees the Group's

compliance with its disclosure obligations in accordance with all

relevant legal and regulatory requirements, including processes to

ensure such disclosures are accurate and timely.

![BOD-Divider-01-BG.jpg](rio-20251231_g111.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 104 | riotinto.com |

---

Directors' report

Board of Directors

Rio Tinto plc and Rio Tinto Limited have a common Board of Directors. The Directors are collectively

responsible for the stewardship and long-term sustainable success of the Group.

![Nominations-Committee-Chair.gif](rio-20251231_g112.gif)

![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)

![Sustainability-Committee.gif](rio-20251231_g114.gif)

**Dominic Barton BBM**

Chair

*BA (Hons), MPhil. Age 63. Appointed April 2022;* 

*Chair from May 2022.*

**Skills and experience**

Dominic spent over 30 years at McKinsey &

Company, including 9 years as the Global

Managing Partner, and has also held a broad

range of public sector leadership positions. He

has served as Canada's Ambassador to China,

Chair of Canada's Advisory Council for Economic

Growth, and Chair of the International Advisory

Committee to the President of South Korea on

National Future and Vision. Dominic brings a

wealth of global business experience, including

deep insight of geopolitics, corporate sustainability

and governance. His business acumen and public

sector experience position him to provide

balanced guidance to Rio Tinto.

**Current external appointments**

Chair of LeapFrog Investments and Asia House.

**Simon Trott**

Chief Executive

*BSc (Agric) with Honours. Age 51. Appointed* 

*August 2025.*

**Skills and experience**

Simon has more than 25 years' experience in

operating, commercial and business development

roles across a range of commodities and

geographies at Rio Tinto.

Since joining, Simon has led businesses including

Salt, Uranium, Borates and Diamonds. He has

been an Executive Committee member since

2018, most recently as Chief Executive, Iron Ore,

and previously as Rio Tinto's first Chief

Commercial Officer.

Simon is focused on building a performance

culture grounded in clear values. His priorities are

delivering new standards of safety and operational

excellence, investment discipline and creating

long-term value by working closely with

customers, partners and communities.

**Current external appointments** 

None.

**Peter Cunningham** 

Chief Financial Officer

*BA (Hons), Chartered Accountant (England and* 

*Wales). Age 59. Appointed June 2021.*

**Skills and experience**

As Chief Financial Officer, Peter brings

extensive commercial expertise from working

across the Group in various geographies. He is

strongly focused on the decarbonisation of our

assets, investing in the commodities essential

for the energy transition, and delivering attractive

returns to shareholders while maintaining financial

discipline. Peter has been with Rio Tinto for over

30 years, during which he has held a number of

senior leadership roles, including Group

Controller, Chief Financial Officer – Organisational

Resources, Global Head of Health, Safety,

Environment & Communities, Head of Energy and

Climate Strategy, and Head of Investor Relations.

**Current external appointments** 

None.

![Nominations-Committee.gif](rio-20251231_g115.gif)

![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)

![Sustainability-Committee-Chair.gif](rio-20251231_g116.gif)

![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)

![Sustainability-Committee.gif](rio-20251231_g114.gif)

![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif)

![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)

**Dean Dalla Valle**

Independent Non-Executive Director

*MBA. Age 66. Appointed June 2023.*

**Skills and experience**

Dean brings over 4 decades of operational and

project management experience in the resources

and infrastructure sectors. He draws on 40 years'

experience at BHP where he was Chief

Commercial Officer, President of Coal and

Uranium, President and Chief Operating Officer

Olympic Dam, President Cannington, Vice

President Ports Iron Ore and General Manager

Illawarra Coal. He has had direct operating

responsibility in 11 countries, working across

major mining commodities and brings a wealth of

experience in engaging with a broad range of

stakeholders globally, including governments,

investors and communities. Dean was Chief

Executive Officer of Pacific National (2017–21).

**Current external appointments**

Chair of Hysata.

**Susan Lloyd-Hurwitz**

Independent Non-Executive Director

*BA (Hons), MBA (Dist). Age 58. Appointed* 

*June 2023.*

**Skills and experience**

Susan brings significant experience in the built

environment sector with a global career spanning

over 30 years. Most recently Susan was Chief

Executive Officer and Managing Director of Mirvac

Group for over a decade. Prior to this, she was

Managing Director at LaSalle Investment

Management, and held senior executive positions

at MGPA, Macquarie Group and Lendlease

Corporation.

**Current external appointments** 

Chair of both the Australian National Housing

Supply & Affordability Council and the Australian

Centre for Gender Equality and Inclusion @ Work

Advisory Board, Non-Executive Director of

Macquarie Group, Member of the Sydney Opera

House Trust, Global Board member at INSEAD

and Fellow of the University of Sydney Senate

including Chair of the Senate Building and Estates

Committee.

**Jennifer Nason**

Independent Non-Executive Director

*BA, BCom (Hons). Age 65. Appointed* 

*March 2020.*

**Skills and experience**

Jennifer has 39 years' experience in corporate

finance and capital markets. She was the Global

Chair of Investment Banking at JP Morgan, based

in the US until she retired in February 2025. At JP

Morgan, she led the Technology, Media and

Telecommunications global client practice for 20

years. She also worked in the metals and mining

sector team in Australia, co-founded and chaired

the Investment Banking Women's Network, and

sat on the Executive Committee for the

Investment Bank.

**Current external appointments**

Co-Chair of the American Australian Business

Council, Non-Executive Director at Accenture,

Trustee of Dodge and Cox, Member of the Board

of GoopKitchen.

![BOD-Divider-02-BG.jpg](rio-20251231_g118.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 105 | riotinto.com |

---

Directors' report \| Board of Directors

![](rio-20251231_g119.gif)

![](rio-20251231_g119.gif)

**Board changes**<br>The following directors stepped down during the year: Sam Laidlaw <br>and Kaisa Hietala on 1 May 2025; Simon Henry and Martina Merz <br>on 23 October 2025.<br>

**Past external appointments over the last 3 years**<br>For details of each Director's previous directorships of other listed <br>companies see the Directors' report on page [153](#i2fc1f51a84154af4928766d389ff8f32_27138).<br>

![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif)

![Sustainability-Committee.gif](rio-20251231_g114.gif)

![Audit-&-Risk-Committee-Chair.gif](rio-20251231_g120.gif)

![Nominations-Committee.gif](rio-20251231_g115.gif)

![Nominations-Committee.gif](rio-20251231_g115.gif)

![Sustainability-Committee.gif](rio-20251231_g114.gif)

**Joc O'Rourke**

Independent Non-Executive Director

*BSc, EMBA. Age 65. Appointed October 2023.*

**Skills and experience**

Joc has over 35 years' experience across the

mining and minerals industry. He was the Chief

Executive Officer of The Mosaic Company, the

world's leading integrated producer and marketer

of concentrated phosphate and potash, from

August 2015 to December 2023. He also served

as President of Mosaic until recently and

previously held roles there including Executive

Vice President of Operations and Chief Operating

Officer. Prior to this, he was President of Australia

Pacific at Barrick Gold Corporation, leading gold

and copper mines in Australia and Papua New

Guinea. Joc is known for his deep knowledge of

the mining industry, and passion for improving

safety and operational performance.

**Current external appointments**

Independent Non-Executive Director at The Toro

Company and The Weyerhaeuser Company.

**Sharon Thorne** 

Independent Non-Executive Director

*BA (Hons), FCA. Age 60. Appointed July 2024.* 

**Skills and experience**

Sharon has extensive experience of auditing and

advising clients across a broad range of sectors.

She had a 36-year career with Deloitte, becoming

an audit partner in 1998. During her time at

Deloitte, she held numerous Executive and Board

roles before becoming Deputy CEO Deloitte

North-West Europe in 2017 and Global Chair from

2019, before retiring at the end of 2023. With a

wealth of strategic, transformational and

governance experience, Sharon is also an

advocate for collective action on environmental

sustainability and climate change and is a strong

believer in the need for greater diversity, equity,

and inclusion in business and civil society. She

has long championed greater diversity in senior

leadership roles.

**Current external appointments**

Director, Chapter Zero Alliance, Governor, London

Business School, Trustee, Royal United Services

Institute, Advisory Board Member, Common Goal.

**Ngaire Woods CBE**

Independent Non-Executive Director

*BA/LLB, DPhil. Age 63. Appointed* 

*September 2020.*

**Skills and experience**

Ngaire is the founding Dean of the Blavatnik

School of Government, Professor of Global

Economic Governance and the Founder of the

Global Economic Governance Programme at

Oxford University. As a recognised expert in public

policy, international development and governance,

she has served as an adviser to the African

Development Bank, the Asian Infrastructure

Investment Bank, the Center for Global

Development, the International Monetary Fund,

and the European Union.

**Current external appointments**

Trustee of the Stephen A. Schwarzman Education

Foundation, Member of the Conseil

d'administration of L'Institut national du service

public, the Board of Directors of the Berggruen

Institute, and the Mo Ibrahim Foundation Council.

![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif)

![Nominations-Committee.gif](rio-20251231_g115.gif)

![People-&-Remuneration-Chair.gif](rio-20251231_g121.gif)

**Ben Wyatt**

Independent Non-Executive Director

*LLB, MSc. Age 50. Appointed September 2021.*

**Skills and experience**

Ben had a prolific career in the Western Australian

Parliament before retiring in 2021. He held a

number of ministerial positions and became the

first Indigenous treasurer of an Australian

parliament. His extensive knowledge

of public policy, finance, international trade and

Indigenous affairs brings valuable insight and adds

to the depth of knowledge on the Board. Ben was

previously an officer in the Australian Army

Reserves and went on to have a career in the legal

profession as a barrister and solicitor.

**Current external appointments**

Non-Executive Director of Woodside Energy Group

Ltd and Non-Executive Director of West Coast

Eagles, member of the Advisory Committee of

Australian Capital Equity. Non-Executive Director

(Chair) of Crown Resorts Perth.

**Andy Hodges**

Group Company Secretary

*ACG, MBA. Age 58. Appointed August 2023.*

**Skills and experience**

Andy joined Rio Tinto in 2018 and was appointed

Group Company Secretary in 2023. He has nearly

20 years' experience in senior company

secretarial and governance roles across large,

complex organisations. Prior to joining Rio Tinto,

Andy held senior positions including Deputy

Company Secretary at Anglo American and

Assistant Company Secretary at Aviva, where he

supported boards and executive leadership on

governance, compliance, and regulatory matters.

**Current external appointments**

None.

**Tim Paine**

Company Secretary, Rio Tinto Limited

*BEc, LLB, FGIA, FCIS. Age 62. Appointed* 

*January 2013.*

**Skills and experience**

Tim joined Rio Tinto in 2012 and became Joint

Company Secretary of Rio Tinto Limited in

January 2013. He has over 30 years of

experience in corporate counsel and company

secretary roles, including as General Counsel and

Company Secretary at Mayne Group, Symbion

Health and Skilled Group. Tim also spent 12 years

at ANZ Bank, including as Acting General Counsel

and Company Secretary.

**Current external appointments**

Member of the ASX Advisory Group on Corporate

Governance, Joint Company Secretary for the

Australia-Japan Innovation Fund and member of

the Governance Institute of Australia's Legislation

Review Committee.

![](rio-20251231_g122.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** |
| ![Committee-Chair.gif](rio-20251231_g123.gif) | Committee Chair | ![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif) | Audit & Risk Committee | ![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif) | People & Remuneration Committee |
|  | Committee Chair | ![Nominations-Committee.gif](rio-20251231_g115.gif) | Nominations & Governance Committee | ![Sustainability-Committee.gif](rio-20251231_g114.gif) | Sustainability Committee |

---

![ExCo-images-VR3.jpg](rio-20251231_g124.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 106 | riotinto.com |

---

Directors' report

Executive Committee

Day-to-day management of the business is delegated by the Board to the Chief Executive and, through

him, to other members of the Executive Committee and to certain management committees.

**Simon Trott** 

Chief Executive

**Peter Cunningham**

Chief Financial Officer

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | Biographies can be found <br>on page [104](#i87a072127d904383ad08c6f2da4e5f3a_204).<br>|

---

**Bold Baatar** 

Chief Commercial Officer

Bold was appointed Chief

Commercial Officer in September

2024, with responsibility for sales

and marketing, procurement,

marine, logistics, and business

development. Since joining Rio Tinto

in 2013, he has held senior

leadership roles across operations,

Marine, Iron Ore Sales & Marketing,

and Copper. A member of the

Executive Committee since 2016,

Bold previously served as Chief

Executive of Energy & Minerals and

Copper, and led the commercial

development of the Simandou

project in Guinea, which

commenced operations in

November 2025.

**Georgie Bezette**

Chief People Officer

Georgie was appointed Chief People

Officer in January 2025 with nearly

30 years' experience as a global

leader. Since joining Rio Tinto in

2008, Georgie has held diverse HR

leadership roles in various product

groups and at the Group level. Prior

to this, she served as Chief

Operating Officer, People, leading

the function's transformation

agenda. Georgie is committed to

unlocking the full potential of our

people and strengthening a culture

where safety, respect and inclusion

underpin performance and

sustainable growth.

**Mark Davies** 

Chief Safety & Technical Officer

Mark was appointed to the

Executive Committee in 2020

and leads Safety, Development

& Technical.

As Chief Safety & Technical Officer,

Mark is accountable for Group-wide

standards and assurance, covering

safety, technical, and communities

and social performance. In this role,

Mark is also accountable for

exploration, major capital projects,

and managing closure legacy sites.

Mark joined Rio Tinto in 1995 as a

Senior Mechanical Engineer and

has worked in operational and

functional leadership roles, including

Iron and Titanium, Group Risk and

Global Procurement.

**Isabelle Deschamps**

Chief Legal, Governance &

Corporate Affairs Officer

Isabelle joined Rio Tinto in

November 2021 and brings

extensive international legal and

leadership experience. She is

admitted to practise law in England

and Wales and in Quebec, Canada.

Prior to joining Rio Tinto, Isabelle

was General Counsel of the

AkzoNobel Group and a member

of its Executive Committee, and

previously held senior roles at

Unilever. At Rio Tinto, she leads the

global Legal, Communications and

Government Relations teams, and

oversees governance functions

including Company Secretariat and

Ethics & Compliance. Isabelle is a

pragmatic and transparent leader

committed to integrity, inclusion and

continuous learning.

**Katie Jackson**

Chief Executive, Copper

Katie was appointed Chief Executive,

Copper in September 2024. Prior to

this, she was President of National

Grid Ventures, where she led the

development, financing and operation

of large-scale energy infrastructure

assets. With a career spanning 3

continents, including senior roles at

Shell, UBS, Anadarko, Equinor and

BG Group, Katie brings deep

operational, commercial and strategic

experience. She is passionate about

solving complex technical, operational

and financial challenges to deliver

value from large, global projects and to

support the growth of Rio Tinto's

Copper business.

**Matthew Holcz**

Chief Executive, Iron Ore

Matthew was appointed Chief

Executive, Iron Ore in August 2025.

He joined Rio Tinto in 2007 and

brings more than 20 years' mining

industry experience across

operations, major projects, business

development and commercial roles.

Matthew has worked across iron

ore, copper and nickel operations in

Australia, South America and the

United Kingdom. Prior to his current

role, he was Managing Director,

Pilbara Mines, where he led Rio

Tinto's 18 iron ore operations in

Western Australia. Matthew is

known for delivering strong

performance through systems

thinking, talent development and an

empowered, collaborative culture.

**Jérôme Pécresse** 

Chief Executive, Aluminium

& Lithium

Jérôme was appointed Chief

Executive, Aluminium & Lithium in

August 2025, having joined Rio Tinto

as Chief Executive, Aluminium in

2023. Previously, he served as

President and CEO of GE Renewable

Energy, where he helped define and

implement strategy supporting the

energy sector's decarbonisation.

Jérôme brings extensive global

experience across energy, mining,

business development and strategy

from roles at GE, Alstom and Imerys.

He is focused on decarbonising

operations, growing future-facing

materials businesses, building a strong

culture of diversity and

entrepreneurship, and forging

partnerships with Indigenous peoples,

communities and governments.

![](rio-20251231_g125.gif)

**Former Executive members:** Kellie Parker and Sinead Kaufman stepped down as Chief Executive, Australia and Chief Executive, Minerals respectively on 1 November 2025.

![Our stakeholders-01-BG.jpg](rio-20251231_g126.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 107 | riotinto.com |

---

Directors' report

Our stakeholders

**This stakeholder section, together with the information on pages [12](#i2c44180a254946f793aa83802ef7ecc8_1905)-[13](#i1d6a568480774034843170227cc50bbb_2631), constitutes our** 

**Section 172(1) statement.**

The Board is required by the UK *Companies Act 2006* to promote the success of the company for the

benefit of our shareholders, and in doing so, take into account the interests of our wider stakeholders.

Our key stakeholders are our people, our investors, the communities where we operate, our customers,

governments, civil society organisations, and our suppliers.

---

| | |
|:---|:---|
| Our people<br>**Engaged people are key to our success.**<br>**How our Board engages**<br>•Susan Lloyd-Hurwitz, our designated Non-Executive Director for <br>workforce engagement, oversees our program of workforce <br>engagement events.<br>•In-person and virtual town halls with the Board and Executive <br>Committee members.<br>•The Board engaged with our workforce while visiting several sites <br>and offices throughout the year, including in Perth, Argentina, <br>Mongolia, China, Japan and Singapore. These engagements <br>have included town halls and meetings with smaller groups of <br>employees to exchange insights and reflections about the <br>business. <br>•Employees are informed of the Group's production and financial <br>results, and in the event of any significant events, Group-wide <br>communications are made through a number of channels. |  |
| Our people<br>**Engaged people are key to our success.**<br>**How our Board engages**<br>•Susan Lloyd-Hurwitz, our designated Non-Executive Director for <br>workforce engagement, oversees our program of workforce <br>engagement events.<br>•In-person and virtual town halls with the Board and Executive <br>Committee members.<br>•The Board engaged with our workforce while visiting several sites <br>and offices throughout the year, including in Perth, Argentina, <br>Mongolia, China, Japan and Singapore. These engagements <br>have included town halls and meetings with smaller groups of <br>employees to exchange insights and reflections about the <br>business. <br>•Employees are informed of the Group's production and financial <br>results, and in the event of any significant events, Group-wide <br>communications are made through a number of channels. | **How the Board has taken account of these interests**<br>•An engaged and diverse workforce is imperative to the success of <br>the business. As part of the regular program, the Board reviews <br>the results of the twice-yearly people surveys and oversees <br>myVoice, our confidential whistleblowing program.<br>•The safety, health and wellbeing of our people is a key priority for <br>the Board. The Board considers this in all decisions to ensure we <br>continually evolve our assets' safety maturity and aim to create a <br>physically and psychologically safe workplace.<br>•During the year, the Board received updates from Georgie <br>Bezette, our Chief People Officer, on our operating model, talent <br>and culture agendas. <br>•The Board considers our workforce, among a number of factors, <br>when making decisions on new ventures, projects and other <br>growth opportunities, and aims to support job opportunities and <br>fair work. <br>|

---

**What was important in 2025**

• ensuring that our policies, practices and expected

behaviours are well understood, and our values guide the

way we make decisions.

• driving consistent implementation of the

recommendations from the Everyday Respect report

across the business.

• business growth, operational performance

• societal issues.

---

| | |
|:---|:---|
| Investors<br>**Our strategy and long-term success depend on** <br>**the support of our investors.** <br>**How our Board engages**<br>•Institutional and retail investors engaged directly with the Board <br>and management at our annual general meetings, giving them the <br>opportunity to ask questions on matters relating to the operations <br>of the company. <br>•In 2025, our Chair, Dominic Barton, met with investors <br>predominately from the UK, EU, US and Australia to convey how <br>our strategy integrates into our business, including our portfolio, <br>capital investment decisions and business planning. <br>•Regular calls, one-on-one meetings and group events, roadshows, <br>presentations and attendance at investor conferences. <br>•Our corporate reporting suite and regular updates on our website <br>and social media. <br>•In December 2025, our Chief Executive and Chief Financial <br>Officer led a Capital Markets Day in London updating investors on <br>our strategy. We also hosted around 30 investors and analysts at <br>the Rincon project and Fénix operation in Argentina.<br>•As part of its commitment to ongoing shareholder engagement, <br>Rio Tinto commissioned an independently conducted investor <br>perception study covering a broad range of topics. The overall <br>picture was very positive on the strategy presented at the Capital <br>Markets Day, with confidence in management's ability to execute <br>to deliver shareholder value. |  |
| Investors<br>**Our strategy and long-term success depend on** <br>**the support of our investors.** <br>**How our Board engages**<br>•Institutional and retail investors engaged directly with the Board <br>and management at our annual general meetings, giving them the <br>opportunity to ask questions on matters relating to the operations <br>of the company. <br>•In 2025, our Chair, Dominic Barton, met with investors <br>predominately from the UK, EU, US and Australia to convey how <br>our strategy integrates into our business, including our portfolio, <br>capital investment decisions and business planning. <br>•Regular calls, one-on-one meetings and group events, roadshows, <br>presentations and attendance at investor conferences. <br>•Our corporate reporting suite and regular updates on our website <br>and social media. <br>•In December 2025, our Chief Executive and Chief Financial <br>Officer led a Capital Markets Day in London updating investors on <br>our strategy. We also hosted around 30 investors and analysts at <br>the Rincon project and Fénix operation in Argentina.<br>•As part of its commitment to ongoing shareholder engagement, <br>Rio Tinto commissioned an independently conducted investor <br>perception study covering a broad range of topics. The overall <br>picture was very positive on the strategy presented at the Capital <br>Markets Day, with confidence in management's ability to execute <br>to deliver shareholder value. | **How the Board has taken account of these interests**<br>•With regard to capital allocation and shareholder returns, the Board is <br>committed to maintaining an appropriate balance between cash <br>returns to shareholders and investment in the business, with the <br>intention of maximising long-term shareholder value. <br>•Given investor interest in ESG issues, including climate change <br>and our work with communities around the world, the Board <br>considers these issues during its yearly strategy sessions when <br>assessing our portfolio positions. <br>•The Board's engagement in civil society organisation roundtables and <br>some investor events provides a sounding board as we implement our <br>strategy, respond to shareholder requisitioned resolutions and develop <br>our reporting. <br>•During the year, the Board received updates on investors' feedback <br>and key areas of concerns.<br>|

---

**What was important in 2025**

• financial and operational performance

• Chief Executive succession

• our ESG performance, including the impact of climate change

and how we are decarbonising our business

• compliance with laws and regulations

• remuneration policy

![Our stakeholders-02-BG.jpg](rio-20251231_g127.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 108 | riotinto.com |

---

Directors' report \| Our stakeholders

---

| | |
|:---|:---|
| Communities<br>**The strength of our relationships with host** <br>**communities, and broader society, is** <br>**fundamental to our business. Without their** <br>**support we cannot operate successfully.** <br>**How our Board engages**<br>•We continue to strengthen our social performance capability to be <br>better operators and partners. We have increased engagement <br>between Indigenous Peoples and our senior operational leaders <br>and teams, as well as our Board.<br>•In May 2025, Board members met with Pilbara Traditional Owner <br>group representatives.<br>•In 2025, we continued to implement our global Community <br>Perception Monitoring program, Local Voices, together with <br>Voconiq, a third-party engagement science research company. <br>The program is helping us to more effectively engage and better <br>understand communities' perceptions, leading to improved data-<br>driven social performance. Progress and insights of the program <br>are overseen by the Sustainability Committee. |  |
| Communities<br>**The strength of our relationships with host** <br>**communities, and broader society, is** <br>**fundamental to our business. Without their** <br>**support we cannot operate successfully.** <br>**How our Board engages**<br>•We continue to strengthen our social performance capability to be <br>better operators and partners. We have increased engagement <br>between Indigenous Peoples and our senior operational leaders <br>and teams, as well as our Board.<br>•In May 2025, Board members met with Pilbara Traditional Owner <br>group representatives.<br>•In 2025, we continued to implement our global Community <br>Perception Monitoring program, Local Voices, together with <br>Voconiq, a third-party engagement science research company. <br>The program is helping us to more effectively engage and better <br>understand communities' perceptions, leading to improved data-<br>driven social performance. Progress and insights of the program <br>are overseen by the Sustainability Committee. | **How the Board has taken account of these interests**<br>•The Board oversees and receives regular updates on many <br> projects and the impact they have, or will have, on communities. <br>Supporting economic opportunities for host communities and <br>regions is a key priority for us and, in addition to our strategic <br>outcome-focused social investment programs, we strive to employ <br>local people and engage local services. <br>•The Australian Advisory Group guides us on current and emerging <br>issues, which helps us better manage policies and positions <br>important to Australian communities and our broader business.<br>|

---

**What was important in 2025**

• job creation and procurement opportunities

• land access

• socioeconomic development projects

• environmental management, tailings storage facilities,

operational impacts and potential site closures

• security

---

| | |
|:---|:---|
| Customers<br>**The needs of our customers are central to our** <br>**operational decision-making.**<br>**How our Board engages**<br>•In 2025, Simon Trott, Ben Wyatt, and Peter Cunningham engaged <br>with several of our key customers in China, Japan and Korea, <br>meeting senior leaders from key markets.<br>•Our Chair, Dominic Barton, met with senior leaders from our Joint <br>Venture partners in Simandou, facilitating strategic discussions and <br>reinforcing the Group's commitment to partnership and innovation.<br>•In October 2025, Simon Trott engaged with customers at <br>appreciation dinners in China and Japan. These engagements <br>focused on strengthening partnerships, supporting supply chain <br>resilience, and advancing decarbonisation initiatives. <br>•Ongoing dialogue and stakeholder sessions. |  |
| Customers<br>**The needs of our customers are central to our** <br>**operational decision-making.**<br>**How our Board engages**<br>•In 2025, Simon Trott, Ben Wyatt, and Peter Cunningham engaged <br>with several of our key customers in China, Japan and Korea, <br>meeting senior leaders from key markets.<br>•Our Chair, Dominic Barton, met with senior leaders from our Joint <br>Venture partners in Simandou, facilitating strategic discussions and <br>reinforcing the Group's commitment to partnership and innovation.<br>•In October 2025, Simon Trott engaged with customers at <br>appreciation dinners in China and Japan. These engagements <br>focused on strengthening partnerships, supporting supply chain <br>resilience, and advancing decarbonisation initiatives. <br>•Ongoing dialogue and stakeholder sessions. | **How the Board has taken account of these interests**<br>•The Board receives updates on Commercial priorities, market <br>development, and customer engagement initiatives, ensuring customer <br>interests are reflected in Group strategy and operational priorities. <br>•The Board receives regular updates from customer interactions <br>and business forums. In 2025, insights and feedback were drawn <br>from ongoing dialogue and stakeholder sessions.<br>|

---

**What was important in 2025**

• product quality

• product delivery management

• innovation for decarbonisation solutions

• strategic partnerships

• access to ESG traceability data

• supply security

• responsible sourcing and supply

---

| | |
|:---|:---|
| Governments<br>**Governments – national, state and provincial, and** <br>**local – are important stakeholders for our** <br>**business. They provide the legal and policy** <br>**framework that supports our businesses, and** <br>**ensures that our communities and people** <br>**are protected.**<br>**How our Board engages**<br>•We participate in multi-stakeholder organisations, initiatives and <br>roundtables, such as the Extractive Industry Transparency <br>Initiative, and ICMM. <br>•We have innovative partnerships with governments, such as <br>ELYSIS<sup>TM</sup> with the Governments of Canada and Quebec. We also <br>partner with governments on projects, such as with the <br>Government of Guinea on the Simandou iron ore deposit. <br>•Government representatives regularly visit our sites. <br>•In Australia, we engage with governments on issues such as <br>project approvals and cultural heritage protection. <br>•In the US, we advocate on public policy related to the North <br>American supply chain and alignment on climate change, critical <br>minerals and materials, renewable energy and trade. <br>•In China, we partner and engage with a range of government and <br>state-owned entities on issues related to climate change, <br>innovation, training, procurement and product supply.<br>•We contribute to UK and EU public policy development. |  |
| Governments<br>**Governments – national, state and provincial, and** <br>**local – are important stakeholders for our** <br>**business. They provide the legal and policy** <br>**framework that supports our businesses, and** <br>**ensures that our communities and people** <br>**are protected.**<br>**How our Board engages**<br>•We participate in multi-stakeholder organisations, initiatives and <br>roundtables, such as the Extractive Industry Transparency <br>Initiative, and ICMM. <br>•We have innovative partnerships with governments, such as <br>ELYSIS<sup>TM</sup> with the Governments of Canada and Quebec. We also <br>partner with governments on projects, such as with the <br>Government of Guinea on the Simandou iron ore deposit. <br>•Government representatives regularly visit our sites. <br>•In Australia, we engage with governments on issues such as <br>project approvals and cultural heritage protection. <br>•In the US, we advocate on public policy related to the North <br>American supply chain and alignment on climate change, critical <br>minerals and materials, renewable energy and trade. <br>•In China, we partner and engage with a range of government and <br>state-owned entities on issues related to climate change, <br>innovation, training, procurement and product supply.<br>•We contribute to UK and EU public policy development. | **How the Board has taken account of these interests**<br>•We engage with government officials to understand their <br>expectations, concerns and policies. This helps us align our <br>activities with government interests. The Board receives regular <br>updates regarding all our projects and, in doing so, oversees our <br>engagement with governments.<br>•The Board oversees our financial management to ensure we <br>comply with tax obligations and make a fair contribution to our <br>host country's revenue. We comply with regulations and contribute <br>positively to the economic and social development of the regions <br>where we operate. <br>|

---

**What was important in 2025**

• tax and royalty payments

• compliance with laws and regulations

• local employment, procurement, safety and health

• ESG issues, decarbonisation opportunities and socioeconomic

development projects

• operational environmental management

• transparency and human rights

• industrial policy

• new technology and innovation

• security

![Our stakeholders-03-BG.jpg](rio-20251231_g128.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 109 | riotinto.com |

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Directors' report \| Our stakeholders

---

| | |
|:---|:---|
| Civil society organisations <br>**Civil society organisations (CSOs) play an important** <br>**role in society. They hold us to account and help** <br>**us understand societal expectations across** <br>**environmental, social and governance (ESG) issues,** <br>**and identify risks and opportunities to collaborate.**<br>**How our Board engages**<br>•We engage regularly with a wide range of CSOs to understand and <br>respond to areas of interest and concern, communicate progress, <br>share challenges and advance common goals. In 2025, we <br>expanded our outreach to CSOs in Europe, Argentina and Chile. <br>We also organised civil society dialogues on the Panguna Legacy <br>Impact Assessment and decarbonisation, as well as field visits for <br>CSOs to Resolution Copper and Simandou.<br>•We engage locally, nationally and globally on specific issues <br>related to an operation. For example, through civil society <br>roundtables in Guinea, Chile and the US.<br>•We attend industry and multi-stakeholder forums such as the <br>Executive Industry Transparency Initiative, where CSOs are <br>present to understand the latest trends and expectations of civil <br>society on ESG issues. <br>•Since 2018, we have held annual roundtables with CSO leaders and <br>members of the Board and Executive Committee. The roundtables <br>provide a dedicated forum for our most senior leaders to engage <br>directly with CSOs and discuss issues of mutual concern. Twelve <br>CSOs took part in our 2025 roundtables in London and Buenos Aires. |  |
| Civil society organisations <br>**Civil society organisations (CSOs) play an important** <br>**role in society. They hold us to account and help** <br>**us understand societal expectations across** <br>**environmental, social and governance (ESG) issues,** <br>**and identify risks and opportunities to collaborate.**<br>**How our Board engages**<br>•We engage regularly with a wide range of CSOs to understand and <br>respond to areas of interest and concern, communicate progress, <br>share challenges and advance common goals. In 2025, we <br>expanded our outreach to CSOs in Europe, Argentina and Chile. <br>We also organised civil society dialogues on the Panguna Legacy <br>Impact Assessment and decarbonisation, as well as field visits for <br>CSOs to Resolution Copper and Simandou.<br>•We engage locally, nationally and globally on specific issues <br>related to an operation. For example, through civil society <br>roundtables in Guinea, Chile and the US.<br>•We attend industry and multi-stakeholder forums such as the <br>Executive Industry Transparency Initiative, where CSOs are <br>present to understand the latest trends and expectations of civil <br>society on ESG issues. <br>•Since 2018, we have held annual roundtables with CSO leaders and <br>members of the Board and Executive Committee. The roundtables <br>provide a dedicated forum for our most senior leaders to engage <br>directly with CSOs and discuss issues of mutual concern. Twelve <br>CSOs took part in our 2025 roundtables in London and Buenos Aires. | **How the Board has taken account of these interests**<br>•The Board and its committees consider issues raised by CSOs <br>throughout the year, particularly through the Sustainability <br>Committee. The Board is represented at the CSO roundtables <br>through the Chair and other Directors. <br>•The Board considers ESG issues and our social licence to <br>operate when making decisions on new ventures, projects and <br>other growth opportunities. <br>•The Chair and executives engaged with investors on these areas, <br>reflecting civil society's emphasis.<br>|

---

**What was important in 2025**

• water management, biodiversity protection and nature targets

• decarbonisation, carbon offsets and Scope 3 emissions

• the Panguna Mine Legacy Impact Assessment

• Australia's nature-positive plan and nature reforms

• Indigenous Peoples' rights in the energy transition

• the Simandou project

• lithium projects in Argentina and Chile

• civic space and human rights defenders

---

| | |
|:---|:---|
| Suppliers<br>**Our suppliers are critical to our ability to run** <br>**efficient and safe global operations.**<br>**How our Board engages**<br>•In 2025, Peter Cunningham engaged with suppliers through <br>meetings and collaborative initiatives in China, Korea and Japan. <br>In addition, Peter met with Accenture and SAP on the Modern <br>Enterprise Resource Platform program, a strategic initiative to <br>operational excellence.<br>•In October 2025, Simon Trott engaged with suppliers and service <br>providers at appreciation dinners in China and Japan. These <br>engagements reinforced relationships and addressed challenges <br>in sustainable supply, responsible and resilient supply chains, <br>electrification trends, and the evolving role of suppliers in meeting <br>global demand for critical minerals. <br>•Ongoing dialogue and supplier forums.  |  |
| Suppliers<br>**Our suppliers are critical to our ability to run** <br>**efficient and safe global operations.**<br>**How our Board engages**<br>•In 2025, Peter Cunningham engaged with suppliers through <br>meetings and collaborative initiatives in China, Korea and Japan. <br>In addition, Peter met with Accenture and SAP on the Modern <br>Enterprise Resource Platform program, a strategic initiative to <br>operational excellence.<br>•In October 2025, Simon Trott engaged with suppliers and service <br>providers at appreciation dinners in China and Japan. These <br>engagements reinforced relationships and addressed challenges <br>in sustainable supply, responsible and resilient supply chains, <br>electrification trends, and the evolving role of suppliers in meeting <br>global demand for critical minerals. <br>•Ongoing dialogue and supplier forums.  | **How the Board has taken account of these interests**<br>•The Board receives updates on suppliers' activities, including <br>metrics regarding Group's support for Indigenous-owned suppliers <br>and reviews of supply chain competitiveness, technology <br>leadership and sustainability standards. <br>•In 2025, we developed our first battery-swap electric haul truck <br>trial fleet, jointly developed with SPIC-Qiyuan and Tonly at the Oyu <br>Tolgoi site, a significant step towards decarbonising <br>mining operations. <br>|

---

**What was important in 2025**

• payment terms and processes

• partnership and collaboration

• contract terms and conditions

• sustainability and ethical practices

• efficiency and simplification

• support and engagement

• innovations and improvement

• responsible and resilient supply chains

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 110 | riotinto.com |

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Directors' report

Board activities in 2025

At every Board meeting, the Chief Executive and Chief Financial Officer report on the safety,

operating, and business performance of the Group, the Committee Chairs report on proceedings of the

committees, and the Board consider and reflect on safety issues.

In 2025, the Board reviewed its forward agenda of matters to be discussed, considered its constitution, composition and performance, and

reviewed any new or amended Group policies. The Board has ultimate oversight of sustainability matters, but has delegated responsibility for

certain matters to the Sustainability Committee. The Board had 7 scheduled meetings in 2025.

**Set out below are some of the specific matters that the Board considered during the year.**

![photo-01.jpg](rio-20251231_g129.jpg)

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| |
|:---|
| **In February, the Board:**<br>•Carefully considered the shareholder requisitioned resolution <br>related to the dual-listed companies unification, unanimously <br>concluded that it was not in the best interests of the Group, and <br>approved the statement included in the notices of meeting. <br>•Reviewed and approved the resolutions to be put to the Annual <br>General Meetings. <br>•Reviewed and approved the Group's 2024 full-year results and <br>final shareholder returns, which had been considered by the <br>Audit & Risk Committee.<br>•Reviewed the findings of the annual Board evaluation. <br>•Approved the Group's 2025 Funding Plan.<br>•Received updates on compliance: program developments, <br>effectiveness, risks, litigation and business integrity <br>myVoice insights. <br>|
| **In April, the Board:**<br>•Considered Board succession planning. <br>•Reviewed and discussed an update on the Lithium portfolio and <br>the integration of Arcadium Lithium. <br>•Approved the *2024 Modern Slavery Statement.* <br>In late April the Board met in Perth and held a two-day strategy <br>session, during which they discussed the following: <br>•The global strategic context, including the geopolitical landscape <br>and macro-economic environment. <br>•The Group's recycling strategy, the energy transition and its <br>implications, global socio-economic trends, and a review of <br>reserves and resources. <br>•Implications of these topics for the Group's strategy and <br>core projects.<br>|

---

---

| |
|:---|
| **In July, the Board:**<br>•Approved the appointment of Simon Trott as Chief Executive. <br>•Approved changes to the operating model and executive team. <br>•Approved funding to progress the first phase of data collection <br>for the Resolution Copper project in Arizona. <br>•Approved funding to develop the West Angelas Sustaining <br>Project with Robe River Joint Venture. <br>•Approved the Group's 2025 half-year results statement and <br>interim shareholder returns, which had been considered by the <br>Audit & Risk Committee. <br>•Approved the mid-year confirmation of material risks. <br>|
| **In September, the Board:**<br>•Reviewed an update from the Chief People Officer covering <br>organisational change, culture, talent, People Survey results and <br>progress with the Everyday Respect report recommendations. <br>•Discussed an update on Tomago Aluminium. <br>|
| **In October, the Board:**<br>•Approved a funding request to progress the Winu 10 Mtpa <br>Project into Feasibility Study phase. <br>•Received and considered an update on the Group's tax policy. <br>The Board also held a 2-day strategy session covering the following:<br>•The Group's long-term financial plan, capital allocation and <br>financial resilience. <br>•Industry structure and the Group's strategies for copper, <br>aluminium, lithium and iron ore. <br>•Our competitive landscape, competitive advantages and <br>our position. <br>•Constraints on the business and how to mitigate them.<br>|

---

![photo-02.jpg](rio-20251231_g130.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 111 | riotinto.com |

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Directors' report \| Board activities in 2025

**In December, the Board:**

• Visited Argentina for government, and other stakeholder,

engagement, and visited operations at the Rincon Lithium Project

and our Fénix facility.

• Reviewed and considered an update on the Panguna Mine.

• Approved the Group's 2026 Annual Plan.

• Discussed an update from the Chief People Officer regarding

People and culture matters.

• Discussed initial results from the annual Board evaluation.

![photo-03.jpg](rio-20251231_g131.jpg)

**How the Board monitors culture**

The Board is responsible for establishing the company's purpose, strategy and values. Our people are critical to Rio Tinto's success, and

throughout 2025, the Board maintained close oversight of efforts to build a more engaged and diverse workforce, and to continue

strengthening our culture.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on our people, see page [107](#ide4b061e8f3d40a6a39e6fdffcf72b42_501). |

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| | |
|:---|:---|
| The Board monitors culture in a number of different ways – <br>seeking to ensure alignment with our strategy and values. This <br>includes making sure that our policies, practices and expected <br>behaviours are well understood, and our values guide the way <br>we make decisions.<br>In 2025, we reaffirmed our commitment to creating a safer, more <br>respectful and inclusive workplace, that fosters diverse <br>perspectives and better outcomes. <br>We continue to drive the consistent implementation of the <br>recommendations from the Everyday Respect report across the <br>business. This work reflects the ongoing need to ensure that our <br>purpose, strategy and values are aligned with the culture <br>colleagues experience every day. <br>The Board receives regular updates about our people from the <br>Chief People Officer and management. This, together with data <br>from the myVoice confidential whistleblower program, the People <br>Survey (our employee engagement survey), and key metrics <br>such as data on retention, provides the Board with a <br>comprehensive overview of culture.<br>This provides a clear and grounded view of where we are making <br>progress, and where further focus and action are required. <br>Colleague feedback from the People Survey confirms that while <br>momentum is building, there is more to do. <br>| The Board's oversight of organisational culture was reinforced <br>through regular, direct engagement. During 2025, Board <br>members connected with colleagues at round tables and visits to <br>sites and offices around the world. This is important in facilitating <br>two-way dialogue between the Board and wider workforce, and <br>gives a different perspective for the Board on culture. Board <br>members find these opportunities to hear colleagues' <br>perspectives and concerns invaluable – helping to ensure our <br>focus remains firmly on people, culture and continuous <br>improvement. Susan Lloyd-Hurwitz is our designated Non-<br>Executive Director for engagement with the workforce. <br>In 2025, the Non-Executive Directors visited a large number of <br>projects, sites and offices. In May, the Board meeting was held in <br>Perth which gave the Board the opportunity to meet with <br>leadership and employees through briefings and more informal <br>engagements. Following this, the Board visited Hope Downs 1 in <br>the Pilbara and met with the local management team. <br>Non-Executive Directors also took the opportunity to visit our <br>operations. This included Canada, Guinea, Mongolia, Singapore <br>and the US. <br>The Board visited Argentina in December. During their time in <br>Argentina, the Board met with the local workforce. This <br>supported the Board's understanding of the ongoing integration <br>of Arcadium Lithium. The insights we bring back to the <br>Boardroom play an important role in shaping our discussions and <br>decision-making. <br>|

---

![Evaluating our performance.jpg](rio-20251231_g132.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 112 | riotinto.com |

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Directors' report

Evaluating our performance

This year, the Board's annual performance evaluation was led internally. This aligns with the corporate

governance principles for both the UK and Australia.

**How the 2025 evaluation worked** 

In 2025, we completed a review of the Board and Committees using

an online questionnaire platform that emphasised the following

objectives:

1)Capturing areas of strength and areas for improvement at the

start of the new Chief Executive's tenure.

2)Benchmarking (where useful) against the 2024 internal survey

and external data.

3)Undertaking a deeper dive into Committees.

**What the evaluation found**

The evaluation concluded that the Board and its Committees

continued to demonstrate strong and constructive governance

throughout the year, underpinned by effective working relationships,

high ethical standards and a culture that supports open, respectful

and well-balanced debate. Well-structured agendas, improving

paper quality and strong leadership from the Chair enabled

thoughtful discussion and sound decision-making, while the broad

mix of experience across the Board contributed to robust and

informed oversight.

Overall performance was found to be very effective, though some

areas for further improvement were identified.

These include clearer communication of strategic priorities,

strengthening the alignment between long-term objectives,

performance measures and incentives, and how the Board oversees

operational performance, organisational change and talent

development. These focus areas reflect both the organisation's

evolving context and the Board's commitment to continuous

improvement.

Encouragingly, the review reflects a governance system operating

from a strong foundation in support of the effective delivery of the

Group's long-term ambitions.

The Non-Executive Directors, led by the Senior Independent

Director, are responsible for the performance evaluation of the

Chair. They met in May 2025 to review this and the Senior

Independent Director (Sam Laidlaw at that time) met with the Chair

to feedback the outcome of that evaluation. The Chair met with each

non-executive director regularly throughout the year to discuss,

among other things, board effectiveness and individual director

performance. It was concluded that the performance of individual

directors continued to be effective.

Every 3 years, in accordance with the UK Corporate Governance

Code, we engage a professional external adviser to undertake an

independent evaluation of the Board's effectiveness. In 2026, we will

conduct an external review.

**Directors' attendance at scheduled Board and Committee meetings during 2025**<sup>1</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Committee** <br>**Appointments**<br>| **Board** | **Audit & Risk** | **Nominations &** <br>**Governance**<br>| **People &** <br>**Remuneration**<br>| **Sustainability** |
| **Chair and Executive Directors** |  |  |  |  |  |  |
| Dominic Barton | ![Nominations-Committee-Chair.gif](rio-20251231_g112.gif)<br>![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)<br>![Sustainability-Committee.gif](rio-20251231_g114.gif)<br>| 7/7 |  | 4/4 | 5/5 | 4/4 |
| Jakob Stausholm<sup>2</sup> |  | 4/4 |  |  |  |  |
| Simon Trott<sup>3</sup> |  | 3/3 |  |  |  |  |
| Peter Cunningham  |  | 7/7 |  |  |  |  |
| **Non-Executive Directors** |  |  |  |  |  |  |
| Dean Dalla Valle | ![Nominations-Committee.gif](rio-20251231_g115.gif)<br>![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)<br>![Sustainability-Committee-Chair.gif](rio-20251231_g116.gif)<br>| 7/7 |  | 4/4 | 5/5 | 4/4 |
| Simon Henry - retired 23 October 2025<sup>4&5</sup> |  | 6/6 | 6/6 | 3/3 |  |  |
| Kaisa Hietala - retired 1 May 2025<sup>6</sup> |  | 2/3 | 2/2 |  |  | 2/2 |
| Sam Laidlaw - retired 1 May 2025<sup>7</sup> |  | 3/3 |  | 3/3 | 2/2 | 2/2 |
| Susan Lloyd-Hurwitz<sup>8</sup> | ![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)<br>![Sustainability-Committee.gif](rio-20251231_g114.gif)<br>| 7/7 |  |  | 5/5 | 1/1 |
| Martina Merz - retired 23 October 2025<sup>9</sup> |  | 5/6 |  |  |  | 2/3 |
| Jennifer Nason<sup>10</sup> | ![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif)<br>![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif)<br>| 7/7 | 6/6 |  | 5/5 |  |
| Joc O'Rourke<sup>11</sup> | ![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif)<br>![Sustainability-Committee.gif](rio-20251231_g114.gif)<br>| 6/7 | 7/7 |  |  | 1/2 |
| Sharon Thorne<sup>12&13</sup> | ![Audit-&-Risk-Committee-Chair.gif](rio-20251231_g120.gif)<br>![Nominations-Committee.gif](rio-20251231_g115.gif)<br>| 7/7 | 7/7 | 1/1 |  |  |
| Ngaire Woods | ![Nominations-Committee.gif](rio-20251231_g115.gif)<br>![Sustainability-Committee.gif](rio-20251231_g114.gif)<br>| 7/7 |  | 3/4 |  | 3/4 |
| Ben Wyatt<sup>14</sup> | ![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif)<br>![Nominations-Committee.gif](rio-20251231_g115.gif)<br>![People-&-Remuneration-Chair.gif](rio-20251231_g121.gif)<br>| 7/7 | 7/7 | 1/1 | 5/5 |  |

---

1. In addition to the scheduled meetings of the Board and Committees for 2025, in order to attend to urgent matters, additional ad hoc meetings of the Board and Committees were

convened. Other than as expressly noted below, these meetings were attended by each member of those Committees.

2. Jakob Stausholm stepped down from the Board with effect from 24 August 2025.

3. Simon Trott became Chief Executive with effect from 25 August 2025.

4. Simon Henry stepped down as Chair of the Audit & Risk Committee with effect from 9 June 2025.

5. Simon Henry stepped down from the Board with effect from 23 October 2025. Simon was a member of the Audit & Risk and Nominations & Governance Committees.

6. Kaisa Hietala stepped down from the Board with effect from 1 May 2025. Kaisa was a member of the Audit & Risk and Sustainability Committees.

7. Sam Laidlaw stepped down from the Board with effect from 1 May 2025. Sam was Chair of the People & Remuneration Committee, member of the Nominations & Governance and

Sustainability Committees and Senior Independent Director of Rio Tinto plc.

8. Susan Lloyd-Hurwitz became a member of the Sustainability Committee with effect from 23 October 2025.

9. Martina Merz stepped down from the Board with effect from 23 October 2025. Martina was a member of the Sustainability Committee.

10. Jennifer Nason became a member of the Audit & Risk Committee with effect from 17 February 2025.

11. Joc O'Rourke became a member of the Sustainability Committee on 1 May 2025.

12. Sharon Thorne became Senior Independent Director of Rio Tinto plc and a member of the Nominations & Governance Committee with effect from 1 May 2025.

13. Sharon Thorne became Chair of the Audit & Risk Committee with effect from 9 June 2025.

14. Ben Wyatt became Chair of the People & Remuneration Committee with effect from 1 May 2025 and Senior Independent Director of Rio Tinto Limited with effect from 23 October 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** | **Board Committee membership key** |
| ![Committee-Chair.gif](rio-20251231_g123.gif) | Committee Chair | ![Audit-&-Risk-Committee.gif](rio-20251231_g117.gif) | Audit & Risk Committee | ![People-&-Remuneration-Committee.gif](rio-20251231_g113.gif) | People & Remuneration Committee |
|  | Committee Chair | ![Nominations-Committee.gif](rio-20251231_g115.gif) | Nominations & Governance Committee | ![Sustainability-Committee.gif](rio-20251231_g114.gif) | Sustainability Committee |

---

![](rio-20251231_g133.gif)

![Nom&GovComm report-BG.jpg](rio-20251231_g134.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 113 | riotinto.com |

---

Directors' report

Nominations & Governance Committee report

**The Nominations & Governance Committee ensures appointments** 

**to the Board are subject to a formal, rigorous and transparent** 

**procedure, oversees succession planning for the Board and** 

**senior management, and develops the Group's governance** 

**arrangements on behalf of the Board.**

---

| |
|:---|
| **Nominations & Governance Committee members**<sup>1,2</sup> |
| Dominic Barton (Chair) |
| Dean Dalla Valle |
| Sharon Thorne |
| Ngaire Woods |
| Ben Wyatt |

---

1. Sam Laidlaw was a member of the Committee until his retirement from the Board on

1 May 2025.

2. Simon Henry was a member of the Committee until his retirement from the Board on 23

October 2025.

2025 was a busy year for the Committee and I would like to extend

my thanks to the Committee members for their support during this

period. We decided in 2025 to expand the remit of our Nomination

Committee, now renamed our Nominations & Governance

Committee effective 1 January 2026, to include responsibility for

developing and overseeing the Group's governance arrangements

on behalf of the Board.

The Committee's priorities this year have been Chief Executive

succession and continuing to right-size the Board to ensure the right

balance of skills and experience in the boardroom to help deliver

implementation of the Group's strategy and objectives.

As we have previously reported, the size of the Board peaked at 14

Directors during a transitional period in which we retained the

expertise and experience of longer-serving Directors as newer

Directors familiarised themselves with the Group.

Sam Laidlaw and Kaisa Hietala stepped down from the Board at the

conclusion of the 2025 AGMs, and on 23 October 2025, Simon

Henry stepped down as Director. Sam and Simon completed a

comprehensive handover to Ben Wyatt and Sharon Thorne, who

have succeeded them respectively as Chairs of the People &

Remuneration and Audit & Risk Committees. During the year,

Sharon was also appointed Senior Independent Director of Rio Tinto

plc , and Ben was appointed Senior Independent Director of Rio

Tinto Limited.

Martina Merz stepped down as a Director on 23 October 2025, concluding

this phase of Board right-sizing. Martina has been a valuable addition to

the Board since her appointment in February 2024.

I would like to express my sincere thanks to Simon and Martina, on

behalf of the Board, for their outstanding contribution to Rio Tinto.

The Committee spent a significant amount of time in 2025 overseeing

the Chief Executive succession. Upon conclusion of the process, I am

delighted that the Board approved the appointment of Simon Trott as

Chief Executive, who stepped into the role on 25 August 2025.

Simon has been on the Executive Committee since 2018, most

recently as Chief Executive, Iron Ore, and before that as Rio Tinto's

first Chief Commercial Officer.

Simon is an outstanding leader with a deep understanding of mining

and a track record of delivering operational excellence and creating

value across our business – attributes Simon is now bringing to Rio

Tinto at scale.

![Dominic-signature-VR2.gif](rio-20251231_g24.gif)

**Dominic Barton**

Nominations & Governance Committee Chair

19 February 2026

**Chief Executive Succession**

In May 2025, Jakob Stausholm confirmed he intended to step down

from the Board as a Director and Chief Executive and the

Committee oversaw a comprehensive selection process that built

upon extensive existing succession planning.

The Committee appointed executive search agency Spencer Stuart

to support the process, working with the Senior Independent

Directors, and led by the Chief People Officer, Georgie Bezette.

By considering the key challenges and opportunities facing the

business over the next 5 to 10 years, the Committee identified the

leaderships skills, experience and expertise required, and agreed a

detailed candidate profile and role specification.

These were then used to identify an initial longlist of internal and

external potential candidates. After an assessment process and

interviews, the Committee recommended a final shortlist to be

interviewed by the Board.

Upon conclusion of the interviews, the Board agreed that Simon

Trott was the right leader for Rio Tinto.

Following the Board's approval, the appointment was announced

and a formal induction process commenced, including an extensive

handover from Jakob Stausholm.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** about our Non-Executive Directors, see the <br>Board biographies on pages [104](#i87a072127d904383ad08c6f2da4e5f3a_204)-[105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999).<br>|

---

**Length of tenure of Non-Executive Directors**

![3891](rio-20251231_g135.gif)

● 0-3 years: 4

● +3-6 years: 4

● +6-9 years: 0

![Committee-BG.jpg](rio-20251231_g136.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 114 | riotinto.com |

---

Directors' report \| Nominations & Governance Committee report

**Our key responsibilities**

The purpose of the Nominations & Governance Committee is to

review the composition of the Board and develop and oversee the

Group's governance arrangements on behalf of the Board.

The Committee leads the process for appointments, making

recommendations to the Board as part of succession planning for

Non-Executive Directors. It also approves proposals for

appointments to the Executive Committee.

**Membership of the Committee**

The members of the Committee are all independent Non-Executive

Directors, and their biographies can be found on pages [104](#i87a072127d904383ad08c6f2da4e5f3a_204)-[105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999).

The Chief Executive and the Chief People Officer are invited to

attend all or part of meetings, as appropriate. The Committee is

chaired by the Chair of the Board, unless the matter under

consideration relates to the role of the Chair.

The Committee had 4 scheduled meetings in 2025 and met

regularly during the Chief Executive succession process.

Attendance at the formal meetings is included in the table

on page [112](#i0b4ed48079824d21844c6e8253f7ae56_4527).

**Appointments to the Board – our policy**

We base our appointments to the Board on merit, and on objective

selection criteria, with the aim of bringing a range of skills,

knowledge and experience to Rio Tinto. This involves a formal and

rigorous process to source strong candidates from diverse

backgrounds, and conducting appropriate background and

reference checks on the shortlisted candidates. We aim to appoint

people who will help us address the operational and strategic

challenges and opportunities facing the company and ensure that

our Board is diverse in terms of experience, gender, nationality,

social background and cognitive style. As such, we engage only

recruitment agencies that are signed up to the Voluntary Code of

Conduct on diversity best practice.

We believe that an effective Board combines a range of

perspectives with strong oversight, combining the experience of

Directors who have developed a deep understanding of our

business over several years with the fresh insights of newer

appointees. We aim for the Board's composition to reflect the global

nature of our business - we currently have 5 different nationalities

(including dual nationalities) on a Board of 10.

The Committee engaged Spencer Stuart to support the search for

our new Chief Executive. The Committee is satisfied that Spencer

Stuart does not have any connections with the company or

individual Directors that may impair their independence.

When recruiting government or former government officials to join

the Rio Tinto Board, we comply with any restrictions and obligations

existing pursuant to relevant laws and regulations, including with

respect to confidentiality, lobbying and conflicts of interest.

The key skills and experience of our Board are set out on this page

of the report.

**Diversity**

The Board recognises that it has a critical role to play in creating an

environment in which all contributions are valued, different

perspectives are embraced, and biases are acknowledged and

overcome. The Board shares ownership with the Executive

Committee of the Group's Respect, Inclusion and Diversity Policy,

which can be found at riotinto.com/policies.

The proportion of women on the Board is currently 40% (4 women

and 6 men). Sharon Thorne was appointed Senior Independent

Director on 1 May 2025, satisfying the UK Listing Rule target.

The Group has continued to set measurable gender diversity

objectives for the composition of senior leadership and graduate

intake and achievement of these targets contributes to the variable

remuneration of senior executives. Progress on diversity is shown in

the Our approach to Sustainability section on page [35](#ie8b1b3826bed4fbe9b61cd6dd27ce16b_85), where we

show a breakdown by seniority.

The number of Directors who identify themselves as being from an

ethnic background is one (Ben Wyatt), aligned to the objectives of

The Parker Review in the UK.

For further information on the gender and ethnic diversity of the

Board and Executive Committee please see page [151](#i2fc1f51a84154af4928766d389ff8f32_27130) of the

Additional statutory disclosure section.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **Progress on diversity is shown in the Talent, respect and** <br>**inclusion section** on pages [38](#i14845d12e47f4239b78a84b3f8e8d882_8492)-[39](#i14845d12e47f4239b78a84b3f8e8d882_8493).<br>|

---

**Skills and experience of the Chair and Non-Executive Directors**

---

| | | | |
|:---|:---|:---|:---|
| Skills and experience | Some <br>experience<br>| Extensive <br>experience<br>| **Total** |
| **Chief Executive experience:** Chief Executive-level experience of a major corporation | 1 | 4 | **5** |
| **Chief Financial Officer and audit experience:** Experience in financial accounting and reporting, corporate finance, internal <br>controls, treasury and associated risk management<br>| 1 | 2 | **3** |
| **Mining and broader industrial operations:** Senior executive experience in a large, global mining or industrial organisation |  | 2 | **2** |
| **Major projects:** Experience in developing large-scale, long-cycle capital projects | 2 | 3 | **5** |
| **Corporate governance:** Experience on the board of a major quoted corporation subject to rigorous corporate governance <br>standards<br>| 1 | 5 | **6** |
| **Global experience, including multinational and geopolitical experience:** Experience working in multiple global locations, <br>exposed to a range of cultural, business, regulatory and political environments and/or in-depth understanding of public policy <br>and government relations<br>| 1 | 6 | **7** |
| **Relevant country/regional expertise:** Knowledge of countries or regions of strategic relevance to the Group | 3 | 1 | **4** |
| **Downstream customer markets:** Understanding of value chain development, including consumers, customers and <br>marketing demand drivers<br>| 3 | 1 | **4** |
| **ESG:** Experience of issues associated with environmental and social responsibility, including communities and social <br>performance, government relations, workplace health and safety and stakeholder engagement<br>| 4 | 4 | **8** |
| **Energy transition:** Knowledge and experience of managing climate-related threats and opportunities including climate <br>science, the low-carbon transition and public policy<br>| 5 |  | **5** |
| **Industrial technology and innovation:** Experience of nurturing and harnessing research, development and innovation, <br>including digital technology and cyber security<br>| 5 |  | **5** |
| **Mergers and acquisitions and private equity/investing:** Experience of mergers, acquisitions, disposals, joint ventures, <br>private equity and investing <br>| 3 | 1 | **4** |

---

![Audit-&-Risk-Committee-report-BG.jpg](rio-20251231_g137.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 115 | riotinto.com |

---

Directors' report

Audit & Risk Committee report

**The Committee supports the Board in discharging its governance** 

**responsibilities and oversees the integrity of the Group's financial** 

**reporting and associated narrative statements.**

---

| |
|:---|
| **Audit & Risk Committee members**<sup>1,2,3</sup> |
| Sharon Thorne (Chair)  |
| Jennifer Nason |
| Joc O'Rourke |
| Ben Wyatt |

---

1. Simon Henry stepped down from the Board on 23 October 2025.

2. Kaisa Hietala stepped down from the Board on 1 May 2025.

3. Jennifer Nason joined the Committee on 17 February 2025.

I was appointed Chair of the Audit & Risk Committee in June 2025 and

am grateful to the Board and my fellow Committee members for their

support as I completed my handover from Simon Henry. On behalf of

the Committee, I would like to thank Simon for his strong leadership and

stewardship during the 6 years he was Chair of the Committee. His

experience provided continuity and discipline, and I valued his support

during the transition.

2025 saw a number of changes to the Group. This included the

acquisition and integration of Arcadium Lithium, the appointment of

a new Chief Executive and the subsequent evolution of the

operating model. Against this backdrop, the Committee's work

reflected the importance of maintaining strong oversight of risk,

control and assurance during a time of transition. When considering

the work of Group Internal Audit, we have paid particular attention to

how the delivery of the audit program will support the delivery of the

new operating model.

An area of focus was the continued evolution of the Group's risk

management framework. This included review of updates to the Risk

factors, which are reflected in the disclosures in this Form 20-F, and

revisions to risk appetite statements. The Committee also received

updates on the implementation of the refreshed Three Lines of Defence

model, with discussion focusing on governance, clarity of roles and

responsibilities, and how accountability for risk and control will operate

under the evolving operating model. Independent benchmarking of

aspects of the Group's risk maturity was also considered, alongside

insights from management and Group Internal Audit, to inform the

Committee's oversight of risk management arrangements. Working with

the Head of Risk, the Committee has developed a program of work for

the Committee that reflects the increased time needed to oversee risk

matters, including the use of deep dives on specific risks.

Internal control and assurance were considered in the context of

evolving governance and regulatory expectations in the UK and

Australia. The Committee considered the Group's approach to

internal control and assurance, and how we are addressing

governance requirements across the 3 jurisdictions, including

Provision 29 of the *2024 UK Corporate Governance Code.* Cyber

security and technology risk also featured during the year. The

Committee received updates on cyber risk governance, including

independent assessments and the importance of cyber resilience

within the Group's overall risk management framework.

The Committee maintained close engagement with the external

auditor throughout the year, including consideration of audit quality,

independence and inspection outcomes, and matters relevant to

audit planning and partner rotation.

During the year, the Committee worked alongside the Sustainability

Committee on matters of shared responsibility, including oversight of

assurance arrangements supporting sustainability and climate-related

disclosures. This included consideration of mandatory climate

reporting requirements and the proposed approach to assurance in

advance of inclusion in the Form 20-F.

![Sharon Thorne.gif](rio-20251231_g138.gif)

**Sharon Thorne**

Audit & Risk Committee Chair

19 February 2026

**Membership**

The members of the Committee are all independent Non-Executive

Directors, and their biographies can be found on pages [104](#i87a072127d904383ad08c6f2da4e5f3a_204)-[105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999).

The Chair of the Board is not a member of the Committee.

As Rio Tinto's securities are listed in Australia, the UK and the US,

we follow the regulatory requirements and best practice governance

recommendations for audit committees in each of these markets.

**Australian listing requirements**

In Australia, the members, and the Committee as a whole, meet the

independence requirements of the *Australian Securities Exchange* –

*ASX Corporate Governance Council's Corporate Governance* 

*Principles and Recommendations (4th edition)* (the ASX Principles).

Specifically, the Committee members between them have the

accounting and financial expertise, and a sufficient understanding of

the industry in which the company operates, to be able to discharge

the Committee's mandate effectively.

**UK listing requirements**

In the UK, the members meet the requirements of the *Financial* 

*Conduct Authority's (FCA) Disclosure Guidance and Transparency* 

*Rules*, and the provisions of the *UK Corporate Governance Code* 

relating to audit committee composition. Sharon Thorne, the Chair of

the Committee, is considered by the Board to have recent and

relevant financial experience.

Joc O'Rourke has extensive experience in the natural resources

sector and Ben Wyatt, Jennifer Nason and Sharon Thorne have

gained experience in the mining sector by serving on the Board and

through regular site visits, reports and presentations. The

Committee as a whole has competence relevant to the sector in

which the company operates. The Committee complies with the

Audit Committees and the External Audit: Minimum Standard.

**US listing requirements**

In the US, the requirements for the Committee's composition and

role are set out in the Securities and Exchange Commission (SEC)

and New York Stock Exchange (NYSE) rules. The members of the

Committee meet the independence requirements set out under Rule

10A-3 of the *US Exchange Act* and under Section 303A of the *NYSE* 

*Listed Company Manual*. The Board has designated Sharon Thorne

as an "audit committee financial expert". The Board also believes

that the other members of the Committee are financially literate by

virtue of their wide business experience.

![Committee-BG.jpg](rio-20251231_g136.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 116 | riotinto.com |

---

Directors' report \| Audit & Risk Committee report

**Committee remit**

The Committee's objectives and responsibilities are set out in our

Terms of Reference (see riotinto.com/corporategovernance).

These follow the relevant best practice recommendations in

Australia, the UK and the US.

**Our main duties**

• **Financial reporting:** We review the key judgements needed to

apply accounting standards and to prepare the Group's financial

statements. We also review the narrative reporting that goes with

them, with the aim of maintaining integrity in the Group's financial

reporting. And we monitor items excluded in deriving alternative

performance measures such as underlying earnings.

• **External audit:** We oversee the relationship with the external

auditors and review all the non-audit services they provide and

their fees, to safeguard the auditors' independence and

objectivity. We also assess the effectiveness of the external audit

and, when necessary, carry out a formal tender process to select

new auditors.

• **Framework for internal control and risk management:** We

monitor the effectiveness of the Group's internal controls,

including those over financial reporting. We also oversee and

carry out a review of the Group's risk management framework.

• **Group Internal Audit (GIA):** We oversee the work of GIA and its

head, who reports functionally to the Committee Chair.

• **Mineral Resources and Ore Reserves:** We oversee the reporting

and assurance of Mineral Resources and Ore Reserves, and

consider the impact on financial reporting.

• **Distributable reserves:** We provide assurance to the Board that

distributable reserves are sufficient, and in the correct corporate

entities, to support any dividend proposals.

These duties feed into an annual work plan that ensures we

consider issues on a timely basis. The Committee has authority to

investigate any matters within its remit. We have the power to use

any Group resources we may reasonably require, and we have

direct access to the external auditors. We can also obtain

independent professional advice at the Group's expense, where we

deem necessary. No such advice was required during 2025.

The Committee Chair reports to the Board after each meeting on the

main items discussed, and the minutes of Committee meetings are

circulated to the Board.

We had 7 Committee meetings in 2025. Attendance at these

meetings is included in the table on page [112](#i0b4ed48079824d21844c6e8253f7ae56_4528). The Committee has

met twice to date in 2026.

The Chair of the Board, the Chief Financial Officer, the Group

Financial Controller and the heads of GIA and Risk regularly attend

Committee meetings, as does the Chief Legal, Governance &

Corporate Affairs Officer. Other senior executives and subject-matter

experts are invited as needed.

The external auditors were present at all of the Committee meetings

during the year. The auditors review all materials on accounting or

tax matters in advance of each meeting, and their comments are

included in the papers circulated to Committee members. The audit

partners also meet with the Committee Chair ahead of each meeting

to discuss key issues and raise any concerns.

The Committee meets regularly in private sessions. We also hold

regular private discussions with the external auditors. Management

does not attend these sessions. The Committee Chair also has

regular contact and discussions with these stakeholders outside the

formal meetings.

**Use of Committee meeting time in 2025**

![3376](rio-20251231_g139.gif)

● Financial reporting: 40%

● Internal control and risk management: 25%

● External audit: 15%

● Internal audit: 15%

● Governance: 5%

**Other focus areas in 2025**

In addition to the main duties, the Committee also:

• Considered updates to the Group's Risk factors and risk appetite,

including underlying risk evaluations, changes to risk disclosures,

and refinements of risk appetite statements. Considered the

assurance framework and the linkage between material risks,

material controls and assurance across the lines of defence.

Oversaw the effectiveness of the risk framework and considered

improvement plans and performance against those plans.

• Reviewed the analysis underpinning the longer-term viability

statement, including severe but plausible scenarios and reverse

stress testing, and confirmed the Group's resilience to operate

and discharge its liabilities as they come due over the

assessed period.

• Considered the Group's arrangements for internal control and

assurance in the context of the UK *Corporate Governance Code*,

including the requirements of Provision 29. This included

oversight of the governance, roles and responsibilities supporting

the program to adopt Provision 29, key design decisions and

progress against plan.

• Received updates on the Group's approach to managing cyber

risk and technology resilience, including the governance, policies

and controls in place to support the protection of information and

operational technology. This included consideration of the cyber

threat environment, incident response arrangements, and

escalation processes. The Committee considered cyber risk as

part of its broader oversight of the Group's risk management and

internal control framework.

• Received updates on the Group's approach to managing its risks

associated with mineral assets stewardship. This included

consideration of the strategic, operational and regulatory

compliance dimensions of the risk across the discovery-to-closure

lifecycle and the controls and governance in place. The

Committee considered mineral assets stewardship as part of its

broader oversight of the Group's risk management and internal

control framework.

• Oversaw the effectiveness of the Group's ethics and compliance

framework, including the policies, systems and processes in place

to support compliance with legal and regulatory requirements and

to promote ethical conduct across the Group. This included

oversight of whistleblowing arrangements and reporting

mechanisms, and consideration of how responsibilities and

controls operated under the operating model.

• After a robust process, in early 2026, recommended to the Board

that the draft *2025 Annual Report* should be taken as a whole, to

be fair, balanced and understandable.

• Reviewed the quality and effectiveness of the Group's internal

control and risk management framework. This review included the

effectiveness of the Group's internal controls over financial

reporting, and the Group's disclosure controls and procedures in

accordance with sections 404 and 302 of the US *Sarbanes-Oxley* 

*Act 2002*. The Committee also considered reports from GIA and

KPMG on their work in reviewing and auditing the control

environment.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 117 | riotinto.com |

---

Directors' report \| Audit & Risk Committee report

**Significant issues relating to financial statements**

There were 4 significant issues considered by the Committee in relation to the financial statements.

---

| | |
|:---|:---|
| **Matters considered** | **Conclusion** |
| Review Arcadium Lithium <br>purchase price allocation <br>and goodwill carrying <br>value<br>| The Committee discussed management's allocation of purchase consideration for Arcadium Lithium plc to identifiable assets and <br>liabilities and the goodwill arising of $2.1 billion. Subsequent to the finalisation of this exercise, the Committee considered <br>management's annual impairment test of goodwill with a particular focus on forecast prices, discount rate and the associated <br>disclosures.<br>|
| Review of carrying value <br>of cash-generating units <br>and impairment charges/<br>reversals<br>| The Committee assessed management's determination of cash-generating units, review of impairment triggers, and consideration <br>of potential impairment charges and reversals over the course of the year. The key assets discussed included Rio Tinto Iron and <br>Titanium where a transformation to respond to challenging market conditions was identified as an impairment trigger, and at Yarwun <br>where a second tailings storage facility was determined not to be economically feasible and resulted in a curtailment of alumina <br>operations to provide more time to identify technical solutions that could extend the life of the refinery.<br>|
| Application of the policy <br>for items excluded from <br>underlying earnings and <br>underlying EBITDA<br>| The Committee reviewed the Group's policy for exclusion of certain items from underlying earnings and confirmed the consistent <br>application of this policy year on year. The post-tax Rio Tinto share of items excluded from underlying earnings comprised charges of <br>$949 million and income of $47 million. A reconciliation of net earnings to underlying earnings is presented in the Alternative <br>Performance Measures section.<br>|
| Estimate for provision for <br>closure, restoration and <br>environmental obligations<br>| The Committee reviewed the significant changes in the estimated provision for closure, restoration and environmental obligations by <br>product group and Rio Tinto Closure. The Committee received updates on the closure studies completed in the period and reviewed <br>economic assumptions assessed by management, including consideration of the discount rate.<br>|

---

**Climate change-related financial reporting**

The Directors have considered the impact of climate-related risks

and opportunities when preparing and signing off the Company's

accounts. The narrative reporting on climate-related matters is

consistent with the accounting assumptions and judgements made

in this report. The Audit & Risk Committee reviews and approves all

material accounting estimates and judgements relating to financial

reporting, including those relating to climate. The Committee also

works closely with the Sustainability Committee to oversee

engagement with the auditors who conduct assurance over climate-

related disclosures. Oversight of climate-related matters is

embedded within the Group's governance and risk management

processes.

We use scenarios to identify risks and opportunities, including those

related to climate change, and to assess the resilience of our

business under different transition scenarios. The Conviction

scenario is our central case. It underlies strategic planning across

the Group, is used in commodity price forecasts, valuation models,

reserves and resources determination, and in determining estimates

for assets and liabilities in our financial statements, including

impairment testing, estimating remaining economic life, and

discounting closure and rehabilitation provisions. The Resilience

scenario is our sensitivity analysis designed to test our annual plan

and investment proposals.

Neither the Conviction nor the Resilience scenarios above are

consistent with climate policies required to accelerate the global

transition to meet the stretch goal of the Paris Agreement. Despite

global agreements on climate change reached in Glasgow, Dubai

and Belem, emissions today continue to rise, making the 1.5°C goal

of the Paris Agreement unlikely to be achieved. In 2022, we

developed a Paris-aligned scenario, referred to as the Aspirational

Leadership scenario, which helps us better understand the

pathways to meet the Paris Agreement goal, and what this could

mean for our business.

Overall, the economic performance of our portfolio would be

stronger in scenarios with higher GDP growth and proactive climate

action, and is resilient under pricing scenarios aligned with 1.5°C,

2.1-2.3°C and 2.5°C outcomes, respectively.

We also use scenarios in our bottom-up asset-level physical risk

and resilience assessments. During the year, the assessment

performed under the physical resilience approach, together with our

ongoing review processes, including impairment assessments, did

not identify any material accounting impacts as a consequence of

the physical risks associated with climate change.

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **For more information** on climate change impact on our Group, see <br>pages [53](#i6a62c08cbe9141ae9c4796747ea8e452_4884)-[86](#ie303af95376c4ed99d66bf4abbef8d9a_0-0-1-7-5910999) and [161](#iee73f0d88ee741c28d0a1125224ac976_3116)-[164](#i0a1222a83c7342abaaad5ad85697209f_905) in this report.<br>|

---

**Contact with financial regulators during 2025**

During the year, the Independent Consultant retained as part of the

2023 court-approved settlement with the SEC concerning the 2012

Rio Tinto Coal Mozambique impairment, delivered their report to the

SEC. Their recommendations largely relate to training,

documentation and information sharing. Rio Tinto expects to have

completed its remediation activities by half-year 2026.

**External auditors**

**Engagement of the external auditors** 

For the 2025 financial year, KPMG served as our auditors. Their

appointment was approved by shareholders at our AGMs in 2025.

The UK entity of KPMG audits Rio Tinto plc, and the Australian

entity audits Rio Tinto Limited. The UK audit engagement partner,

Jonathan Downer, was appointed in 2021 and the Australian partner,

Graham Hogg, was appointed in 2025. Jonathan Downer will rotate

off the audit at the conclusion of the 2025 audit and Simon Haydn-

Jones has been selected as the UK audit engagement partner. This

is a planned partner rotation, in line with the requirements of the

Financial Reporting Council's (FRC) Ethical Standards and SEC

requirements.

We agreed on the scope of the auditors' review of the half-year

accounts, and of their audit of the full-year accounts, taking into

consideration the key risks and areas of material judgement for the

Group. We also approved the fees for this work and the

engagement letters for the auditors.

The Group has fully complied with the Statutory Audit

Services Order.

**Safeguarding independence and objectivity, and maintaining** 

**effectiveness** 

In our relationship with the external auditors, we need to ensure that

they retain their independence and objectivity, and are effective in

performing the external audit.

**Use of the external auditors for non-audit services** 

The external auditors have significant knowledge of our business

and of how we apply our accounting policies. That means it is

sometimes cost-efficient for them to provide non-audit services.

There may also be confidentiality reasons that make the external

auditors the preferred choice for a particular task.

However, safeguarding the external auditors' objectivity and

independence is an overriding priority. For this reason, and in line

with the FRC's Ethical Standard and the SEC independence rules,

the Committee ensures that the external auditors do not perform any

functions of management, undertake any work that they may later

need to audit or rely upon in the audit, or serve in an advocacy role

for the Group.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 118 | riotinto.com |

---

Directors' report \| Audit & Risk Committee report

We have a policy governing the use of the auditors to provide non-

audit services. The cap on the total fees that may be paid to the

external auditors for non-audit services in any given year is 70% of

the average of the audit fees for the preceding 3 years. This is in

line with the FRC's Ethical Standard. Non-audit assignments fall into

2 broad categories:

• Audit, audit-related or other "pre-approved" services where we

believe there is no threat to auditors' independence and

objectivity, other than through the fees payable.

• Other services approved under delegated authority.

We apply different approval regimes to these areas of work.

Approval of "pre-approved" services is as follows:

• Up to $50,000: subject to prior notification to management, this

work can be awarded.

• From $50,001 to $100,000: requires the Chief Financial Officer's

approval.

• Over $100,000 and with a tender process: if the external auditors

are successful in the tender, the appointment requires the Chief

Financial Officer's approval.

• From $100,001 to $250,000 without a tender process: requires

the Chief Financial Officer's approval.

• Over $250,000 without a tender process: requires the

Committee's or Committee Chair's approval.

In each case, the nature of the assignment and the fees payable are

reported to the Committee.

The Chief Financial Officer can approve permitted services that are

not "pre-approved" up to the value of $50,000 and an aggregate

value of no more than $100,000. Fees exceeding $100,000 in

aggregate require approval from the Committee or the

Committee Chair.

At the half-year and year-ends, the Chief Financial Officer and the

external auditors report to the Committee on non-audit services

performed and the fees payable. Individual services are also

reported to the Committee at each meeting that have either been

approved since the previous meeting, or that require approval for

commencement following the meeting.

Non-audit services provided by KPMG in 2025 were either within the

predetermined approval levels or approved by the Committee and

were compatible with the general standard of independence for

auditors and the other requirements of the relevant regulations in

Australia, the UK and the US.

**Fees for audit and non-audit services**

The amounts payable to the external auditors, in each of the past

2 years, were:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**$m**<br>| 2024<br>$m<br>|
| **Audit fees**  | **29.1** | 28.1 |
| **Non-audit service fees:**  |  |  |
| Assurance services  | **5.3** | 5.2 |
| All other fees  | **0.2** | 0.2 |
| Total non-audit service fees  | **5.5** | 5.4 |
| Non-audit: audit fees (in-year)  | **19%** | 19% |

---

For further analysis of these fees, please see note 38 on page [227](#i6e24f352bf2243f482bd1df1b3ce01ce_907).

None of the individual non-audit assignments was significant in

terms of either the work done or the fees payable. We have

reviewed the non-audit work in aggregate. We are satisfied that

neither the work done, nor the fees payable, compromised the

independence or objectivity of KPMG as our external auditors.

No person who served as an officer of Rio Tinto during 2025 was a

Director or partner of KPMG at a time when they conducted an audit

of the Group.

**Effectiveness of the external auditors** 

We review the effectiveness of the external auditors annually.

We consider the results of a survey containing questions on the

auditors' objectivity, quality and efficiency. The survey, conducted in

the 2nd quarter of 2025, was completed by a range of operational

and corporate executives across the business, and by Committee

members.

We are satisfied with the quality and objectivity of KPMG's 2024 audit.

**Appointment of the auditors** 

The Committee has reviewed the independence, objectivity and

effectiveness of KPMG as external auditors in 2025 and in the year

to date. We have recommended to the Board that KPMG should be

retained in this role for 2026, which the Board supports.

KPMG have indicated that they are willing to continue as auditors of

Rio Tinto. A resolution to reappoint them as auditors of Rio Tinto plc

will be proposed as a joint resolution at the 2026 AGMs, together

with a separate resolution seeking authority for the Committee to

determine the external auditors' remuneration.

Subject to the approval of the above resolution, KPMG will continue

in office as auditors of Rio Tinto Limited.

**Risk management and internal controls** 

We review Rio Tinto's internal control and risk management framework.

We also monitor the risks and material controls falling within our remit,

including financial, operational, reporting and compliance controls. A

summary of the business's internal control and risk management

framework, and of the risk factors we face, is available in the Strategic

report on pages [91](#i6e24f352bf2243f482bd1df1b3ce01ce_235)-[99](#i48387d1039ee458599ad5fc21a244df2_23905).

Our risk management framework is structured to assign

accountability for risks to leaders who are in the best position to

address them, while offering support via specialist capabilities and

expertise along with independent review and oversight. Leaders of

our businesses and functions are required to maintain adequate

internal controls, to verify that these are operating effectively and

are designed to identify any failings and weaknesses that may exist,

and that any required actions are taken promptly.

The Audit & Risk Committee also regularly monitors our risk

management and internal control framework (including internal

financial controls). We aim to have appropriate policies, standards

and procedures in place, and ensure that they operate effectively.

As part of considering the risk management framework, the

Committee receives regular reports from the Group Financial

Controller, the Chief Legal, Governance & Corporate Affairs Officer,

the Head of Risk, the Head of Group Internal Audit and the Head of

Tax on material developments including with respect to the legal,

regulatory and fiscal landscape in which the Group operates.

The Board, supported by the Audit & Risk Committee, has

completed its annual review of the effectiveness of our risk

management and internal control framework. This review included

consideration of our material financial, operational, reporting

and compliance controls along with improvements made to the

framework during the year. During the year, management identified

a material weakness in internal control over financial reporting

for the purposes of compliance with the Sarbanes-Oxley Act. No

corrected or uncorrected misstatement arose as a consequence of

this material weakness. Having considered this matter in the context

of the Group's broader risk management and internal control

framework, the Board concluded that the Group has an effective risk

management and internal control framework. See page [119](#if06992b3167a47b9add1d2abf9255555_1-1-1-1-5910999) for more

information on how we will meet the requirements of Provision 29 of

the *2024 UK Corporate Governance Code.* 

**Internal control over financial reporting** 

The main features of our internal control and risk management

framework in relation to financial reporting are explained on

page [155](#i6c37c1cbaa314c41b1f36f3bede9839c_7156).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 119 | riotinto.com |

---

Directors' report \| Audit & Risk Committee report

**Internal audit program structure** 

GIA provides independent and objective assurance of the adequacy

and effectiveness of risk management and internal control

framework. It may also recommend improvements.

While the Head of GIA reports administratively to the Chief Financial

Officer, appointment to, or removal from, this role requires the

consent of the Audit & Risk Committee Chair. The Head of GIA is

accountable to the Chairs of the Audit & Risk and the Sustainability

Committees, and communicates regularly with both. The Head of

GIA meets regularly with the Chair of the Audit & Risk Committee.

Our GIA team therefore operates independently of management. Its

mandate is set out in a written charter, approved by the Audit & Risk

Committee. GIA uses a formal internal audit methodology that is

consistent with the Institute of Internal Auditors' (IIA) internationally

recognised standards.

GIA utilise an external service provider to support delivery of the

program of work whose appointment is approved by the Audit & Risk

Committee. There is a clear policy to address any conflicts of

interest, which complies with the IIA's standards on independence.

This policy identifies a list of services that need prior approval from

the Head of GIA.

**Governance of the annual plan** 

Each year's internal audit plan is approved by the Audit & Risk

Committee and the Sustainability Committee. The plan is focused

on higher-risk areas and any specific areas or processes chosen by

the committees. It is also aligned with any risks identified by the

external auditors. Both committees are given regular updates on

progress, including any material findings, and can refine the plans

as needed. The Head of GIA also provides a thematic review of

previous audit findings for discussion with the Audit & Risk

Committee to identify any areas of future focus.

**Effectiveness of the internal audit program** 

The Audit & Risk Committee monitors the effectiveness of the GIA

function throughout the year at its meetings.

We are satisfied that the quality, experience and expertise of GIA

are appropriate for the business and that GIA was objective and

performed its role effectively. We are satisfied that GIA is

appropriately resourced. We also monitored management's

response to internal audits during the year. We are satisfied that

improvements are being implemented promptly in response to GIA

findings, and believe that management supports the effective

working of the GIA function. Initiatives such as the Guest Auditor

Program, where select Rio Tinto employees take the opportunity to

step into the role of an internal auditor, allow for a broader

understanding of the role of GIA and the development of valuable

new skills.

**Committee effectiveness** 

The Committee reviews its effectiveness annually. In 2025, this was

accomplished through an internally-facilitated evaluation, with a

deeper dive taking place for the committees.

The performance of the Committee continued to be highly rated,

with no areas of concern raised and no significant changes

recommended. There was acknowledgement of the breadth of the

remit of the Committee and the continued need to ensure papers

focus on the key issues.

Rio Tinto is on schedule to meet the updated governance <br>requirements introduced by Provision 29 of the *2024 UK* <br>*Corporate Governance Code*. <br>**Identification of material controls** <br>We have developed and implemented the Material Controls <br>Assurance Program (MCAP) to identify and assess Rio Tinto's <br>material financial reporting, operational, compliance, and non-<br>financial reporting controls. <br>The MCAP adopts a top-down, risk-led methodology. The risk <br>taxonomy for MCAP begins with the Group's material risks and <br>the financial reporting risk, followed by the most significant <br>underlying risks (including price sensitive disclosure and <br>reporting risks) that underpin them. The material controls were <br>identified to align and mitigate the significant underlying risks. <br>The existing Sarbanes-Oxley Act program is the basis for <br>addressing financial reporting risk while our broader Three <br>Lines of Defence model provides bottom-up risk-based <br>assurance coverage for operational, compliance and non-<br>financial reporting controls. All MCAP controls have been <br>identified through collaboration between management, the risk <br>owners and the control operators. These controls have been <br>documented, along with their associated design and operating <br>effectiveness attributes. We have established a methodology <br>for assessing the severity of any deficiency identified. A <br>monitoring process is in place to ensure the control population <br>remains accurate and complete as the organisation's <br>operations and risk profile evolve. The MCAP is appropriately <br>resourced and the implementation process was governed <br>through a dedicated Steering Committee. <br>**Assurance and testing** <br>A formal assurance plan has been developed to support internal <br>evaluation of control effectiveness. Dry run design and operating <br>effectiveness testing of material controls was performed during <br>2025. This assurance plan was completed using cross-function <br>inputs into control design, assurance scope and the articulation of <br>risk appetite. Testing outcomes performed by the accountable <br>control owners and the second line testing team were documented. <br>Where enhancement opportunities were identified, these have <br>been implemented. No external assurance has been sought over <br>material controls. <br>**Governance** <br>Regular updates on the methodology, timeline and controls are <br>provided to the Board's Audit & Risk Committee, with the Board <br>maintaining visibility and support throughout the process. <br>**Looking ahead** <br>The 2025 program has been treated as a "dry run" year. <br>In 2026, the MCAP activities will transition into business-as-<br>usual, with continuous testing and monitoring.<br>

![Sustainability Committee report-BG.jpg](rio-20251231_g140.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 120 | riotinto.com |

---

Directors' report

Sustainability Committee report

**The Sustainability Committee oversees our business's sustainable** 

**development activities and the integrity of our sustainability reporting.** 

**The Committee supports the Board in ensuring that Rio Tinto** 

**continues to supply the materials the world needs in a way that** 

**prioritises the safety and wellbeing of our people and of the** 

**communities who host us, protects the environment, and contributes** 

**positively to the societies in which we operate.**

---

| |
|:---|
| **Sustainability Committee members**<sup>1, 2</sup> |
| Dean Dalla Valle (Chair) |
| Dominic Barton |
| Susan Lloyd-Hurwitz<sup>3</sup> |
| Joc O'Rourke<sup>4</sup> |
| Ngaire Woods |

---

1. Sam Laidlaw and Kaisa Hietala ceased to be members of the Committee when they

stepped down from the Board on 1 May 2025.

2. Martina Merz ceased to be a member of the Committee when she stepped down from

the Board on 23 October 2025.

3. Susan Lloyd-Hurwitz became a member of the Committee on 23 October 2025.

4. Joc O'Rourke became a member of the Committee on 1 June 2025.

The Committee's priority is the safety, health and wellbeing of our

people and host communities. We were devastated by the tragic

death of our colleague Mohamed Camara, who suffered a fatal

injury while changing a haul truck tyre at the Simandou mine in

Guinea on 22 August 2025. We acknowledge the grief suffered by

his family, friends and coworkers, and will strive to ensure that the

critical lessons learned as a result of the detailed investigation

prevent such an event occurring again.

We are also greatly saddened by the death of a colleague following

an incident at the SimFer mine site on 14 February 2026. Our

deepest condolences are with the family, friends and colleagues of

our teammate who lost their life. We are determined to understand

and learn the lessons from this tragedy.

These, and other potential fatal incidents, illustrate that we must continue

to focus relentlessly on our fatality prevention measures, maintenance

procedures and safety culture. Following January 2024's fatal plane

crash at Fort Smith involving Diavik employees, we have completed an

aviation review in which we benchmarked our aviation activities against

industry standards, closed identified gaps, and sought to embed a

proactive approach to the management of aviation risks.

With every fatal incident in the wider industry, including 3 fatalities at

our non-managed operations and one fatality on one of the non-

managed marine vessels, we take the time to reflect, learn critical

lessons, and implement change so that we can work towards every

colleague going home safe, every day. We continue to believe that

all fatalities are preventable, and the job of keeping people safe

rests with all of us.

The Committee has sought to re-emphasise this collective

responsibility in the past 12 months by:

• Overseeing the performance of the Group's Safety Maturity

Model, our blueprint for safety, which enhances cultural and

system maturity. Insights from the SMM complement trends

identified through safety performance data.

• Focusing on PFIs involving energy transfer, including falling

objects and vehicle interactions.

• Reviewing our classification of work-associated injuries, ensuring

adherence to industry best practice.

In 2025, the Committee maintained its approach of dedicating

a meeting to each of the key themes in its scope: Health and Safety;

Environment and Closure; and Communities and Social

Performance (CSP). A 4th meeting included presentations

from each of our product group Chief Executives as well as the

Chief Commercial Officer and Chief Safety & Technical Officer, and

provided detailed insights into material sustainability and major

hazard risks and controls across each Product Group, our major

projects, exploration activities and our marine operations.

The Committee continues to oversee the Group's progress towards

conformance with GISTM across all tailings storage facilities.

Updates to the Committee from accountable executives confirmed

substantial progress towards completion of verification activities and

closing of outstanding actions for several facilities.

Over the course of 2025, the Committee has also reviewed:

• the Group's model for **Closure** and legacy management

• a renewed **Nature Strategy** and approach to **Biodiversity** 

**Management,** which integrates nature-based risk assessment

into decision-making

• the work underway to manage the Group's permanent impact on

**water resources**

• our relationships with **Indigenous and land-connected Peoples** 

• progress on our **Human Rights** program and related disclosures

including the *Modern Slavery Statement*

• outcome-based measurement of our **community investment** 

• ongoing **Security** initiatives, including continued adherence to the

Voluntary Principles on Security and Human Rights.

On community engagement and transparency, we are proud of the

Local Voices program which provides on-the-ground data and insights

into how communities experience and perceive our presence and

activities. Over time, these insights can enhance asset decision-making

and contribute to building and maintaining local trust and acceptance.

Since our Group-wide roll out in Q4 2023, more than 14,000 surveys

have been completed, with the program currently spanning 7 countries.

The Group Internal Audit function continued to provide assurance

across the Committee's scope, including reviews of safety,

environment (including biodiversity), CSP management systems and

human rights. The Committee also reviewed and approved the scope

of the 2025 Sustainable Development External Assurance Plan.

Meeting the site teams and our local stakeholders is always

valuable for the Committee to further understand the context, their

challenges, and how the policies and practices are managed day to

day. Committee members were able to visit a number of sites in

2025, including in Canada, Mongolia, Argentina, Australia and

Guinea, to see progress on critical risk controls, environmental

management and social engagement.

The Committee will continue its focus in 2026 on preventing

fatalities, improving safety culture, embedding environmental

resilience, strengthening community partnerships and overseeing

human rights performance.

![Dean Dalla Valle-VR2.gif](rio-20251231_g141.gif)

**Dean Dalla Valle**

Sustainability Committee Chair

19 February 2026

![Committee-BG.jpg](rio-20251231_g136.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 121 | riotinto.com |

---

Directors' report \| Sustainability Committee report

**The role of the Committee**

The Committee's scope and responsibilities are set out in its Terms of

Reference, which can be found at riotinto.com/corporategovernance.

**Activities in 2025**

The Committee met 4 times in 2025. During these meetings, the

Committee:

• received presentations from each of the product group Chief

Executives, our Chief Commercial Officer, and our Chief Safety &

Technical Officer on the key sustainability and social licence, and

operational risks and trends for their respective product group or

function.

**Safety and health**

• Reviewed the learnings from the tragic incident at the Simandou

project in August 2025 that resulted in the death of Mr Mohamed

Camara, and received a briefing on the improvements that had

been shared across the Group as a result of these learnings.

• Received regular updates on the Group's performance across key

safety and health metrics.

• Conducted regular reviews of PFIs occurring across the Group.

• Received regular updates on Major Hazard incidents across

the Group.

• Received an update on Aviation Safety, one year on from the Fort

Smith incident, which looked at key internal learnings, work

completed to address identified gaps, the initiatives taken to build

knowledge and capability across the Group, and the planned

initiatives to further strengthen and embed a proactive approach

to the management of aviation risks across the Group.

• Received a presentation on the improvements to processes across

the Group that had been adopted as a result of the learnings from the

fatality in October 2024 at the SimFer port project.

• Conducted deep dives into key safety risks and controls, including

process safety (focusing on the Sorel-Tracy furnace explosions in

June and July 2023).

**Environment**

• Conducted regular reviews of the Group's performance across

key environmental metrics.

• Reviewed our biodiversity management strategies at the

Simandou project, including an outline of the critical biodiversity

risks across the project.

• Received updates on the Group's implementation of GISTM,

and engaged with Accountable Executives in line with the

Standard's requirements.

• Received an update on nature strategy and biodiversity

management which provided an update on Rio Tinto's approach

to nature and the 2025 deliverables, and the short-, mid- and

long-term nature target program.

**Communities and social performance**

• Received progress updates on the Group's CSP strategy.

• Received presentations from each of the product group Chief

Executives, our Chief Commercial Officer, and our Chief Safety &

Technical Officer on their key CSP risks.

• Oversaw regular updates on the work being done to mitigate the

economic and social risks as a result of the imminent

demobilisation of the Simandou construction workforce.

• Received a report from the Chair of the Australian Advisory

Group, an advisory forum, on implications for our Australian

business from emerging developments, policies or initiatives.

• Reviewed progress on development of the Group's *2024 Modern* 

*Slavery Statement* and our embedded human rights due diligence

program.

**Assurance, risk management and global sustainability trends**

• Received a report from KPMG on their sustainability external

assurance program for 2024.

• Approved the external assurance plan for the Group's

sustainability reporting, and for the performance data supporting

the safety and ESG performance outcomes under the short-term

incentive plan.

• Received reports from GIA on their audits relating to matters

within the Committee's scope.

• Reviewed recommendations for the Group's 2026 sustainable

development internal assurance plan.

**Governance and disclosure**

• Reviewed various sustainability disclosure materials.

• Reviewed an assessment of the Group's most material sustainability

topics to be reported on in the *2025 Annual Report*.

**Other (including closure and security)**

• Received an update on the Group's closure strategy

implementation following the Executive Committee's recent

endorsement of a change to the closure operating model.

• Received regular updates on security issues across the Group

and key insights on risk assessments and controls.

• Members of the Committee provided observations from recent

site visits they had attended.

**The chart below represents the allocation of the Committee's** 

**meeting time during 2025:**

![4301](rio-20251231_g142.gif)

● Safety and health: 28%

● Communities and social performance (including cultural heritage and human rights): 28%

● Environment, including tailings management, water and biodiversity: 24%

● Assurance, risk management and global sustainability trends: 11%

● Governance and disclosure: 7%

● Other (including closure and remediation, and security): 2% 

The Committee Chair reports to the Board after each meeting and

our minutes are tabled before the Board. All Directors have access

to the Committee's papers.

**Sustainability disclosures**

---

| | |
|:---|:---|
| ![Book-page-icon-black.gif](rio-20251231_g9.gif) | **Our sustainability framework and performance** is described in detail <br>on pages [32](#i5a60a97e9dac4e7faa6c4f124981da83_2532)-[88](#if3f0890b3877451a9ab67686b146e897_6350).<br>|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information and to access our *2025 Sustainability Fact*** <br>***Book*** see riotinto.com/sustainabilityreporting<br>|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **Our *2024 Modern Slavery Statement*** can be found at riotinto.com/<br>modernslavery<br>|

---

![Remuneration report-BG.jpg](rio-20251231_g143.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 122 | riotinto.com |

---

Directors' report

Remuneration report

**Annual statement by the People & Remuneration Committee Chair**

**The Committee's overarching purpose is to ensure the people, culture and** 

**remuneration policies, frameworks and practices are aligned with the Group's** 

**strategy, objectives and values.**

Dear Shareholders,

On behalf of the Board, I am pleased to introduce my first Directors'

Remuneration report since being appointed the Chair of the People

& Remuneration Committee. I want to begin by acknowledging the 7

years my predecessor, Sam Laidlaw, served as Committee Chair.

While there is a change in Committee Chair, I want to emphasise

that the Committee will continue to be mindful of its responsibilities

in overseeing executive pay and alignment with your interests. To

that end, we will maintain our engagement with shareholders in a

transparent and collaborative manner.

Nothing is more important than the safety, health and wellbeing of

our people.

Reflecting on the past year, I was greatly saddened that our

colleague Mohamed Camara died following a work-related incident

at the SimFer mine site in Guinea. This has been taken into

consideration in determining the 2025 STIP outcome.

I also feel a deep sense of loss after the death of the employee of a

contracting company following an incident at the SimFer mine site

on 14 February 2026.

Any death is devastating. Lessons have been, and continue to be,

learnt, with changes being made to enable the return of a fatality-

free company. Among them are changes to our remuneration,

outlined in this letter to you and further detailed on page [136](#i7c04024423194a03919441e1556a4e09_35045).

**Executive changes** 

In 2025, Jakob Stausholm, Chief Executive since 2021, stepped

down from his role. I want to extend my sincere gratitude to Jakob

for his service to Rio Tinto since joining as Chief Financial Officer in

2018. Under Jakob's leadership, we made significant progress in

rebuilding relationships and our reputation following the events at

Juukan Gorge in 2020. Under his tenure as Chief Executive, we

returned over $40 billion to shareholders and advanced key

projects, namely at Simandou and Oyu Tolgoi, that will support long-

term shareholder value and create opportunities and prosperity for

local communities. Details of Jakob's exit arrangements are included

on page [140](#i7c04024423194a03919441e1556a4e09_35067).

Simon Trott, formerly Chief Executive, Iron Ore and prior to that our

Chief Commercial Officer, was appointed as Jakob's successor in

August. As Chief Executive, Simon brought his wealth of commercial

and operational experience accumulated in his decades with Rio

Tinto to implement a stronger, sharper, simpler way of working which

contributed to our 2025 results. Simon was appointed on terms

consistent with our Remuneration Policy (Policy) and details are

included on page [125](#i120877dc689f49c999b869ddd502c08c_6607).

The organisational changes, announced following Simon's

appointment, have been to simplify our structure, allowing us to

focus on core assets to maximise value and shareholder returns.

As part of these changes, Matthew Holcz was appointed Chief

Executive, Iron Ore and Sinead Kaufman, Chief Executive, Minerals

and Kellie Parker, Chief Executive, Australia stepped down from

their roles in 2025. Both Sinead and Kellie have made significant

and valuable contributions to Rio Tinto over their combined 52 years

of service. They leave with the best wishes from the Board and their

colleagues at Rio Tinto.

**Operational performance**

Operational performance in 2025 showed solid improvements on

2024, allowing $6.5 billion to be returned to shareholders as

dividends. During 2025, we achieved 2 significant milestones that

have strengthened our portfolio and have the potential to generate

significant value. In March, we completed the acquisition of

Arcadium Lithium plc which provided us with the platform to develop

a world-class lithium business and deliver a critical material the

world needs as it shifts towards electrification. In December, the first

shipment of iron ore from Simandou left Guinea bound for

international markets. This is one of the biggest and most complex

mining projects in the world and after many years of developing our

infrastructure we have unlocked an exceptional new source of high-

grade iron ore that complements our world-class portfolio

of iron ore mines in Australia and Canada.

Our performance in 2025 was underpinned by the continuing

progress of our Safe Production System (SPS) which is now in

place at all our operating sites. Since its launch in 2021, we have

steadily integrated this across our assets and are seeing operational

improvements flowing through to our financial performance.

We continued to progress against our ambitious decarbonisation

goals to halve our emissions by 2030. In 2025, we delivered modest

reductions in emissions, despite underlying growth increases in

CuEq production. Whilst our progress towards our 2030 ambition

will not be linear, we are seeing the benefit of our focus and

innovation in this area translate into tangible emission reductions

year on year.

With decarbonisation-related targets incorporated in both our short-

term incentive plan (STIP) and long-term incentive plan (LTIP), we

have incentives for building the pipeline of opportunities over the

short term, and executing and delivering tangible environmental and

commercial benefits over the longer term.

**Overview of pay and performance in 2025**

Looking at pay in the broader context, we give significant focus

to fair and equitable pay as evidenced by our gender pay metrics.

Further details on our equal pay gap and gender pay gap, along with

a wider discussion on talent, workplace culture, respect and

inclusion, are provided in the sustainability section of this report on

pages [38](#i14845d12e47f4239b78a84b3f8e8d882_8492)-[39](#i14845d12e47f4239b78a84b3f8e8d882_8495).

We are also proud to be accredited members of the Fair Wage

Network as a Living Wage Employer, which reinforces our pay

principles of fairness and equity, as well as competitiveness.

![Committee-BG.jpg](rio-20251231_g136.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 123 | riotinto.com |

---

Directors' report \| Remuneration report

**Short-term incentive plan**

For 2025, our STIP scorecard remained unchanged with half

assessed against financial targets and half measured against

annual strategic measures. The financial measures include

underlying EBITDA and STIP free cash flow, assessed on a flexed

and unflexed basis. The other half of the scorecard is linked to

our performance around safety, carbon reduction, people and

culture, and progress on our objectives to excel in development and

strengthen our licence to operate. Overlaying the scorecard is a

fatality deduction as well as an individual performance multiplier.

**STIP fatality deduction**

A work-related incident at SimFer in 2025 resulted in a colleague's

tragic loss of life. The Committee treats any workplace fatality with

the utmost gravity and, accordingly, it was determined that the STIP

fatality deduction should be applied for 2025 which reduced the final

STIP result by 10% of the overall scorecard outcome for all eligible

employees.

 **STIP scorecard performance**

The Group's financial performance in 2025 was underpinned by

strong operational performance with an 8% uplift in CuEq

production, cost discipline, along with our diversifying portfolio. After

applying the fatality deduction, the Committee's assessment of the

Group's performance against the STIP scorecard determined an

overall scorecard outcome of 59.5% of maximum. Further details of

the specific measures and targets and the calculation of the 2025

scorecard outcome are included on page [131](#i7c04024423194a03919441e1556a4e09_35062) .

The outcome of the financial component of the STIP scorecard was

at 64.4% of maximum, with adjusted STIP results for underlying

EBITDA of $25.9 billion and STIP free cash flow of $13.2 billion.

Further details can be found on page [131](#i7c04024423194a03919441e1556a4e09_35062).

The strategic component of the STIP scorecard is underpinned by 4

strategic priorities - Impeccable ESG, Excel in Development, People

& Culture and Social Licence. Overall outcome against the strategic

scorecard was assessed by the Committee as 67.5% of maximum

which comprised a range of performance outcomes as explained

below.

Our Impeccable ESG measure was above target for the year, driven

by strong delivery of decarbonisation projects with multiple projects

continuing through the various approval stage-gates over the year.

Performance against the Excel in Development element, which

measures our progress in exploration, studies and project execution,

was assessed as above target for the year, reflecting further strong

delivery across a number of opportunities at different stages of

development.

Our People & Culture measure assesses the effectiveness of our

leadership, talent and engagement practices, including indicators

such as workforce representation and employee engagement

survey results. While we continue to make progress, the overall

outcome was assessed as below target with gender representation

meeting threshold performance and culture change progress

meeting target performance.

The Social Licence measure assesses changes in how we are

perceived by the general public using RepTrak, and by communities

that are local to operations through Voconiq's Local Voices program.

Overall outcome for 2025 was above target.

Under the STIP operated since 2023, an individual multiplier can be

applied to reflect exceptional performance. This structure applies to

all participants in the plan and is used sparingly. The Committee

considered the individual performance of each Executive Committee

member, including the Executive Directors during 2025 and

determined that it would be applied to Simon Trott and Jérôme

Pécresse for their exceptional contributions over the financial year.

Further details on the individual performance and STIP outcomes

can be found on pages [131](#i7c04024423194a03919441e1556a4e09_35062) to [135](#i7c04024423194a03919441e1556a4e09_35044) and page [142](#i7c04024423194a03919441e1556a4e09_35052). In light of the

strong financial and operating performance, progress on various

strategic initiatives, and the substantial value returned to

shareholders, the Committee considered the overall outcomes to be

a fair reflection of performance during the year.

**Long-term incentive plan**

The performance period for the 2021 Performance Share Award

(PSA) concluded in December 2025. Despite a strong Total

Shareholder Return (TSR) of 66.4% over the 5-year performance

period, this fell below the TSR of the S&P Global Mining Index

(91.2%). While this index includes a number of our key sector peers,

many of which we outperformed over this period, there was

recognition that the performance of certain peers was driven by

commodity prices, in particular with gold prices reaching record

highs.

The outcome was also below the TSR of the MSCI World Index

(93.2%). The Committee noted that despite our TSR being higher

than the majority of constituents of the MSCI, the performance of

this index has been driven by some exceptionally high performing

technology stocks rather than outperformance of the market as a

whole. Despite this, the Company has again delivered substantial

returns for our shareholders over the last 5 years, while also making

substantial investment in future growth opportunities.

In addition to reviewing the formulaic TSR outcomes which resulted

in a nil vesting result, the underlying business performance and the

consequence management framework were also considered by the

Committee and no changes to the formulaic outcomes were deemed

appropriate or necessary. In line with the new *UK Corporate* 

*Governance Code* requirements, the Committee also confirms that

there was no application of malus or clawback provisions in the

reporting period.

**2026 remuneration decisions**

I met with a number of our major shareholders towards the end of

2025 to begin early dialogue on our Policy (due for renewal in 2027)

and how this may evolve given the fast pace at which the executive

pay landscape is changing across sector peers and the broader

market. In addition, the Committee believes our next Policy should

sharpen management's focus on safe and efficient production,

strengthen mid-term value creation by outperforming peers on TSR,

support continued abatement of carbon emissions, and reinforce

long-term decision-making that secures a strong legacy for the next

generation of leadership. In this context, recent market examples of

global companies seeking to structure long-term incentives as a

combination of performance shares and time-vested stock

potentially provide a balance between a performance focus and

longer-term stewardship.

![Committee-BG.jpg](rio-20251231_g136.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 124 | riotinto.com |

---

Directors' report \| Remuneration report

The Committee has decided against seeking an early shareholder

vote on our next Policy, and will present this for approval at the

usual triennial date in 2027, but it remains mindful that despite

changes made as part of our 2024 Policy, our relative market

positioning on pay has further weakened over time. Despite this, the

Committee will continue with the current approach to pay as I

engage with major shareholders during 2026 on our next Policy

proposal to ensure we have an executive pay framework that

attracts, retains and incentivises the best calibre of executive talent

with shareholder support.

The Chief Executive's 2026 salary will remain below that of his

predecessor's salary even though he will receive a 5% increase to

reflect the assessment of how well he has transitioned into the role.

For the 2026 STIP, the weighting of the safety metric within the

scorecard will increase from 10% to 15%, with a corresponding

reduction in the decarbonisation metric from 10% to 5%. This

adjustment reflects the Board's deep concern following two

consecutive years in which the Group experienced workplace

fatalities. Strengthening the weighting of safety reinforces the

Group's unwavering commitment to ensuring that every employee

returns home safe and further elevates safety as a priority within the

STIP scorecard.

For LTIP awards to be granted in 2026, the Committee identified the

importance of aligning part of the incentive outcome to delivery

against the strategic priorities of operational excellence, project

execution and capital discipline, announced at our Capital Markets

Day in December 2025. The emphasis will be accommodated within

the LTIP strategic scorecard that has been used initially to focus on

decarbonisation. These new strategic priority measures will apply to

10% of the 2026 LTIP, with 10% assessed against decarbonisation

measures. TSR measures will continue to be emphasised and will

apply to 80% of the 2026 LTIP. Further details are provided on page

[139](#i7c04024423194a03919441e1556a4e09_35058).

The adjustments to the decarbonisation components of the STIP

and LTIP do not represent a reduction in the Group's commitment to

its 2030 decarbonisation goals. Our climate strategy remains

unchanged. The refinements for 2026 are intended to ensure that

the Group's incentive arrangements remain fully aligned with the

overall strategic priorities and that they continue to support a

balanced, long-term performance framework while placing

enhanced focus on safety as our foremost priority.

I want to thank those investors whom I met and consulted with in

2025 and look forward to continued dialogue on these topics

in 2026.

I also want to reiterate our approach of engaging with shareholders

in a transparent and collaborative manner and of course welcome

shareholder feedback and comments on our 2025 Directors'

Remuneration report.

Yours sincerely,

![Ben Wyatt-signature.gif](rio-20251231_g144.gif)

**Ben Wyatt**

People & Remuneration Committee Chair

19 February 2026

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 125 | riotinto.com |

---

Directors' report \| Remuneration report

Remuneration Policy summary

Our Remuneration Policy applies to our Executive and Non-Executive Directors and to the Chair. In accordance with Australian law, it also

sets out the Remuneration Policy principles that apply to key management personnel (KMP) who are not directors. Our Remuneration Policy,

as approved at our 2024 annual general meetings (AGMs), can be found on our website. When developing the Remuneration Policy, the

Committee considered the pay arrangements from the perspective of clarity, simplicity, risk, predictability, proportionality and alignment to

culture. Further detail is set out on pages 119-126 of the 2023 Annual Report. The Remuneration Policy applicable to our executives and its

implementation in 2025 and 2026 is summarised below.

**Fixed pay**

**Base salary**

• Base salaries are set to reflect broad alignment with comparable roles

in the global external market and the executive's qualifications,

responsibilities and experience.

• Base salaries are reviewed annually by the Committee. Any increase

is normally aligned with the wider workforce, with no cap on individual

salary increases to better align with market practice and to provide

sufficient flexibility where appropriate.

• Above average increases may be made in specific circumstances, such

as promotion, increased responsibilities or market competitiveness.

**Pension or superannuation**

• Rio Tinto may choose to offer participation in a pension plan,

superannuation fund, or a cash allowance in lieu.

• The maximum annual benefit is set to reflect the pension

arrangements for the wider employee population and is currently

capped at 14% of base salary.

**Other benefits**

• Executives are eligible to receive benefits which may include private

healthcare cover, life and accident insurances, professional advice and

other minor benefits.

• Secondment, relocation and localisation benefits may also be made

to, and on behalf of, executives living outside their home country.

**STIP** 

• Measures and weightings for the scorecard are selected by the

Committee for each financial year. At least 50% of the measures will

relate to financial performance, and a significant component will relate

to safety. Other strategic, environmental, social and governance (ESG)

and individual business outcomes may be included.

• Underlying EBITDA and STIP free cash flow are used for the financial

measures, half of which are adjusted for commodity prices.

• For financial performance, threshold performance results in a nil

award (25% of award pays out for threshold performance for

non-financial measures) and outstanding performance results in

maximum payout. The payout for specific metrics may be varied

to reflect the stretch of the underlying target.

• Maximum opportunity is capped at 200% of base salary for

each executive.

• An individual performance multiplier may be applied to the STIP

outcome, but the final payout may not exceed 200% of salary.

• Normally, 50% of the STIP is delivered in cash and the balance is

delivered in shares that are deferred for 3 years as a Bonus Deferral

Award (BDA).

• Dividends (or equivalents) may accrue in respect of any BDA

that vest.

• The Committee retains the right to exercise discretion to ensure that

the level of award payable is appropriate.

• Malus, clawback and suspension provisions apply to the STIP

and BDA.

**LTIP**

• 80% of the award is subject to performance measured against Total

Shareholder Return (TSR) relative to the constituents of the S&P

Global Mining Index and the MSCI World Index, and 20% is assessed

against a strategic scorecard (for Performance Share Award (PSA)

grants made from 2024).

• The Committee will set performance conditions aligned with the

Group's long-term strategic objectives for each PSA grant. Relative

TSR has been chosen as the predominant measure of long-term

performance. The Committee retains the discretion to adjust the

performance measures and weightings as appropriate.

• Awards have a maximum face value of 500% of base salary.

Threshold vesting is 22.5% of face value. Target is 50% of face value.

• Dividends (or equivalents) may accrue in respect of any PSA

that vest.

• The Committee retains the right to exercise discretion and seeks

to ensure that outcomes are fair and reflective of the overall

performance of the company during the performance period.

• Performance period of 3 years, followed by a holding period of 2 years

(for PSA grants made from 2024).

• Malus, clawback and suspension provisions apply to LTIP awards

(noting clawback provisions comply with SEC requirements).

**Shareholding requirements**

• Over a 5-year period, executives should reach a share ownership in

Rio Tinto shares (expressed as a fixed number of shares and subject

to review every 2 years). The shareholding requirement for 2026 is:

• Chief Executive: 120,000 Rio Tinto plc shares or 105,000 Rio Tinto

Limited shares, or combination thereof

• Chief Financial Officer: 60,000 Rio Tinto plc shares

• Other executives (requirement varies by individual): 48,000-

54,000 Rio Tinto plc shares or 40,000-46,000 Rio Tinto Limited

shares.

• Longer periods may be accepted for new appointments.

• Executive Directors are required to retain a holding for 2 years after

leaving the Group, in line with the shareholding requirements.

**Recruitment policy**

• No form of "golden hello" will be provided upon recruitment. In

the case of internal appointments, existing commitments will be

honoured.

• Our approach concerning "buy-outs" is to determine a reasonable

level of award, on a like-for-like basis, consisting primarily of share-

based awards, but also potentially cash, taking into consideration the

quantum of forfeited awards, their performance conditions and their

vesting schedules.

• Other elements of remuneration are to be consistent with the Policy

applicable to other executives.

**Termination policy**

• An Executive Director's notice period is normally 12 months, during

which they will receive their base salary and other benefits.

• Ineligible leavers forfeit their unvested LTIP and STIP entitlements.

• An eligible leaver may receive the following:

• A discretionary STIP award on a pro-rata basis, payable on the

normal STIP payment date in cash.

• Any unvested BDA from prior year awards will normally vest on the

scheduled vesting date.

• Unvested LTIPs will normally be retained and vest on the scheduled

vesting date, subject to performance conditions where applicable.

• PSA and Management Share Awards (MSA), where applicable, will be

reduced if the executive leaves within 36 months of grant.

• STIP and LTIP awards are subject to malus, clawback and suspension

following termination.

![Remuneration Policy summary-01-BG.jpg](rio-20251231_g145.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 126 | riotinto.com |

---

Directors' report \| Remuneration report

**Consequence management framework**

• Under both the malus and clawback provisions, where the Committee

determines that an exceptional circumstance has occurred, it may, at

its discretion, reduce the number of shares to be received on vesting

of an award, or, for a period of 2 years after the vesting, the end of

any holding period or payment of a share or cash award, the

Committee can claw back value from a participant. This period is

deemed appropriate in light of the risk profile of the business and

standard market practice.

• The Committee will apply the consequence management framework,

and the circumstances under which the Committee exercises such

discretion may include, inter alia:

• fraud, misconduct or an exceptional event which has had, or may

have, a material effect on the value, reputation, or social licence of

any member of the Group

• an error in the Group's financial statements which requires a material

downward restatement

• personal performance and leadership behaviour of a participant, of

their product group, or of the Group, which does not justify vesting; or

where the participant's conduct or performance has been in breach

of their employment contract, any laws, rules or codes of conduct

applicable to them; or the standards or demeanour reasonably

expected of a person in their position

• misstatement or misrepresentation of performance

• where any team, business area, member of the Group or profit

centre in which the participant works (or worked) has been: found

guilty in connection with any regulatory investigation; or has been in

breach of any laws, rules or codes of conduct applicable to it; or the

standards, leadership behaviour or demeanour reasonably

expected of it

• where the Committee determines that there has been material

damage to the Group's social licence to operate

• a catastrophic safety or environmental event.

• Under the suspension provisions, the Committee may suspend the

vesting of an award for up to 5 years until the outcome of any internal or

external investigation is concluded, and may then reduce or lapse the

participant's award based on the outcome of that investigation. Where

suspension applies, the 2 year clawback period will not extend beyond the

period commencing from the original vesting date, or the end of any

holding period.

• Remuneration delivered under the Policy is subject to SEC-compliant

clawback policies for up to 3 financial years, requiring the clawback of

erroneously awarded incentives as a result of material misstatements.

**Discretion**

• The Committee reserves the right to review all remuneration

outcomes arising from mechanistic application of performance

conditions, and to exercise discretion to make adjustments where

such outcomes do not properly reflect underlying performance or

• the experience of shareholders or other stakeholders.

• The Committee may at its discretion adjust, or change performance

measures, or both, if events occur which cause the Committee to

determine that the measures are no longer appropriate or in the best

interests of shareholders or other stakeholders, and that amendment

is required so that the measures, as far as possible, achieve their

original purpose. Such discretion will be exercised judiciously and

clearly disclosed and explained in the Implementation report.

**When remuneration is delivered**

The following chart provides a timeline of when remuneration is delivered, using 2025 as an example.

**Performance year**

**2025**

**+1**

**2026**

**+2**

**2027**

**+3**

**2028**

**+4**

**2029**

**+5**

**2030**

Salary

**Base**

e.g. Health insurance,

Pension

**Benefits**

Performance period

**STIP**

**LTIP**

3-year performance period

JAN

MAR

MAR

**How are performance** 

**metrics for incentives** 

**aligned with our strategy?**

Approximately 27,000 employees

participate in the STIP through a single

Group scorecard. The metrics in the

STIP design remain aligned with the

implementation of our strategy and are

linked to our areas of strategic focus.

The PSA is targeted at our most senior

leaders, with consistent metrics applied for

all participants. The award is intended to

capture how we create sustainable value

for our shareholders over the longer term.

LTIP awards are based on relative TSR

performance plus a scorecard linked to the

Group's long-term decarbonisation

ambitions and other strategic priorities.

50% deferred shares (BDA)

2-year holding period

DEC

DEC

DEC

---

| | | |
|:---|:---|:---|
| **Strategic priorities** | **Incentive** | **Reflection in scorecard** |
| People and Safety | **STIP** | Focuses on how we do things as well as what we achieve, as a critical <br>lever of accelerating our culture change and building an inclusive <br>workplace environment. Safety in all its aspects remains a key priority.<br>|
| Excel in Development | **STIP** | Measures progress in relation to exploration, studies and project execution. |
| Sustainability and <br>Social Licence | **STIP**<br>**LTIP**<br>| Progressing the work on our decarbonisation pathways towards achieving our <br>2030 ambition.<br>The strategic scorecard in the LTIP includes measures linked to our <br>multi-year and ambitious decarbonisation strategy, with a focus on a <br>combination of offensive and defensive metrics to incentivise long-term <br>competitive advantage.<br>|
| Sustainability and <br>Social Licence | **STIP** | Measures our progress in building trust and meaningful relationships with our <br>community of stakeholders.<br>|
| Operational excellence | **STIP** | Focuses on achievement of financial plan commitments with financial <br>measures that are assessed on both a flexed and unflexed basis.<br>|
| Total Shareholder Return | **LTIP** | Measures relative share price and shareholder return performance. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 127 | riotinto.com |

---

Directors' report \| Remuneration report

At a glance: 2025 remuneration outcomes

**Executive Director remuneration (£'000)**

The charts below set out the actual, threshold and maximum executive remuneration, as calculated under the UK regulations. As explained on

page [129](#i9d73f6bbf1454d9ba52957f5fc007f67_2222), there are differences in both the reporting of remuneration and the methodology for measuring remuneration under the

Australian regulations. Percentages shown in the charts below represent percentage of maximum.

**Chief Executive (from 25 August 2025)**

Simon Trott

2025 Actual remuneration

![](rio-20251231_g146.gif)

---

| | | |
|:---|:---|:---|
| 100% | 74.4% | 0% |

---

![522](rio-20251231_g147.gif)

2025 Threshold remuneration

![](rio-20251231_g146.gif)

---

| | | |
|:---|:---|:---|
| 100% | 25% | 22.5% |

---

![555](rio-20251231_g148.gif)

![](rio-20251231_g149.gif)

£237

2025 Maximum remuneration

100%<br>

![585](rio-20251231_g150.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ●  | Fixed | ●  | STIP | ●  | LTIP |

---

**Chief Executive (to 24 August 2025)**

Jakob Stausholm

2025 Actual remuneration

---

| | | |
|:---|:---|:---|
| 100% | 59.5% | 0% |

---

![](rio-20251231_g146.gif)

![669](rio-20251231_g151.gif)

2025 Threshold remuneration

![](rio-20251231_g146.gif)

---

| | | |
|:---|:---|:---|
| 100% | 25% | 22.5% |

---

![702](rio-20251231_g152.gif)

![](rio-20251231_g149.gif)

£456

2025 Maximum remuneration

![](rio-20251231_g153.gif)

100%<br>

![](rio-20251231_g146.gif)

![732](rio-20251231_g154.gif)

**Chief Financial Officer**

Peter Cunningham

2025 Actual remuneration

![](rio-20251231_g146.gif)

---

| | | |
|:---|:---|:---|
| 100% | 59.5% | 0% |

---

![803](rio-20251231_g155.gif)

2025 Threshold remuneration

![](rio-20251231_g146.gif)

---

| | | |
|:---|:---|:---|
| 100% | 25% | 22.5% |

---

![836](rio-20251231_g156.gif)

![](rio-20251231_g157.gif)

£158

2025 Maximum remuneration

100%<br>

![866](rio-20251231_g158.gif)

![](rio-20251231_g159.gif)

£1,125

**2025 short-term incentive plan**

![901](rio-20251231_g160.gif)

---

| | | |
|:---|:---|:---|
| **Group financial scorecard** | **Group financial scorecard** | **Group financial scorecard** |
| ●  | Weighting | 50% |
| ●  | Weighted performance | 32.2% |
| **Group strategic scorecard** | **Group strategic scorecard** | **Group strategic scorecard** |
| ●  | Weighting | 50% |
| ●  | Weighted performance | 33.8% |

---

![45](rio-20251231_g161.gif)

**Group financial scorecard performance**

In 2025, the Group financial STIP outcome was above target at

64.4% of maximum.

**Underlying EBITDA target range (threshold to outstanding) – $bn**

![](rio-20251231_g162.gif)

---

| | |
|:---|:---|
| Target: 21.9 | Actual: 25.94 |

---

![](rio-20251231_g163.gif)

30.1<br>

![1088](rio-20251231_g164.gif)

Unflexed<br>

Target: 25.1<br>

![](rio-20251231_g165.gif)

34.5<br>

![1092](rio-20251231_g166.gif)

Flexed<br>

**STIP free cash flow target range (threshold to outstanding) – $bn**

---

| | |
|:---|:---|
| Target: 11.0 | Actual: 13.23 |

---

![](rio-20251231_g167.gif)

![](rio-20251231_g168.gif)

![1162](rio-20251231_g169.gif)

15.5<br>

Unflexed<br>

![](rio-20251231_g170.gif)

Target:12.9<br>

18.0<br>

![1166](rio-20251231_g171.gif)

Flexed<br>

**Group strategic scorecard performance**

---

| | |
|:---|:---|
| 2024 shareholding | 136% |

---

In 2025, the Group strategic scorecard outcome was above target at

67.5% of maximum.

---

| | |
|:---|:---|
| 2025 shareholding | 146% |

---

---

| |
|:---|
| Impeccable ESG (20%) |
| Excel in Development (10%) |
| People and Culture (10%) |
| Social Licence (10%) |

---

![1291](rio-20251231_g172.gif)

![1293](rio-20251231_g173.gif)

![1295](rio-20251231_g174.gif)

![1297](rio-20251231_g175.gif)

The STIP scorecard outcome post fatality deduction was 59.5%

of maximum.

**2021–2025 long-term incentive plan**![1407](rio-20251231_g176.gif)

---

| | | |
|:---|:---|:---|
| **TSR relative to EMIX/S&P Global Mining Index** | **TSR relative to EMIX/S&P Global Mining Index** | **TSR relative to EMIX/S&P Global Mining Index** |
| ●  | Weighting | 50% |
| ●  | Weighted performance | 0% |
| **TSR relative to MSCI World Index** | **TSR relative to MSCI World Index** | **TSR relative to MSCI World Index** |
| ●  | Weighting | 50% |
| ●  | Weighted performance | 0% |

---

![179](rio-20251231_g177.gif)

**LTIP**

Our TSR over the 5-year performance period was 66.4%, which was

below both the EMIX/S&P Global Mining Index and the MSCI World

Index, resulting in nil vesting of the 2021 PSA.

**Share ownership requirements**

The shareholding requirement for Executive Directors is expressed

as a fixed number of Rio Tinto plc or Rio Tinto Limited shares, or a

combination thereof. Simon Trott has only recently been appointed

as Chief Executive and will continue to build up his shareholding

towards his requirement over time.

**Simon Trott**

**Appointed August 2025**![1958](rio-20251231_g178.gif)

---

| | |
|:---|:---|
| 2025 shareholding | 43% |

---

![1960](rio-20251231_g179.gif)

---

| | | |
|:---|:---|:---|
| Requirement | 120,000 plc / 105,000 Limited | 100% |

---

**Peter Cunningham**

**Appointed June 2021**![2001](rio-20251231_g180.gif)

![2003](rio-20251231_g181.gif)

![2005](rio-20251231_g182.gif)

---

| | | |
|:---|:---|:---|
| Requirement | 60,000 plc | 100% |

---

![At a glance-BG.jpg](rio-20251231_g183.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 128 | riotinto.com |

---

Directors' report \| Remuneration report

**Wider employee remuneration**

**How is the Remuneration Policy applied to the wider employee population?**

Our remuneration framework as it applies to the wider employee population is firmly anchored to our Remuneration Policy principles and

directly informs how competitiveness, performance linkage, fairness, and cultural alignment are operationalised throughout our programs

across the organisation. This ensures our reward philosophy and principles remain consistently embedded in all aspects of our remuneration

design and decision-making.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fairness**  | **Competitiveness** | **Performance**  | **Potential**  | **Retention** | **Wellbeing** |

---

**Consistency**<br>

• We set pay through a globally consistent, principles-driven

framework for all employees not covered by collective bargaining

or local legislative requirements.

• Our STIP design uses one scorecard for around 27,000

employees, including executives. This consistent approach

supports the delivery of our strategy, and a mindset shift in

how we win collectively.

**Equity**<br>

• We are committed to providing fair and equitable pay for

equivalent roles and contribution. We review and monitor pay

equity through multiple lenses, including gender, as part of our

annual remuneration review process.

• We annually review employee remuneration against living wage

benchmarks, and achieved accreditation as a Living Wage

Employer from the Fair Wage Network in 2024.

• Minimum global standards, which we implement across all

countries to ensure the foundations of our reward offerings, meet

levels determined by the Group irrespective of local market

practices. Examples include global standards for parental leave

and life assurance.

**Ownership**<br>

• We promote material participation in our all-employee share plan

(myShare) to create stewardship and provide employees with

access to help build to longer-term financial security.

• As at 31 December 2025, approximately 37,000 (2024: 36,000) of

our employees across more than 30 countries were shareholders

in the company.

• Employees invest approximately $27 million (2024: $26 million) in

Rio Tinto shares every quarter through myShare.

• Employees eligible for LTIP awards receive these as either MSA,

vesting over 3 years and not subject to performance conditions, or

PSA which are performance-tested over 3 years.

**Recognition**<br>

• RockStars is our global recognition and service milestones

program, reaching over 50,000 employees.

• Recognition moments are aligned with our company values,

promoting the behaviours we want to see at Rio Tinto.

• The program is complemented by our annual RockStars of the

Year Awards, where we recognise individuals who show above-

and-beyond care, courage and curiosity, and teams driving high-

impact collaboration against our strategic objectives.

**Wellbeing**<br>

• We provide industry and market leading benefit programs that focus on holistic and integrated support for physical, mental and financial

wellbeing.

• The benefits we offer can be tailored to suit different needs and life stages, including: employee assistance; minimum standards for life,

accident and disability insurances; medical plans and virtual care, health screening and prevention; and subsidised health and

wellbeing services.

---

| | | | |
|:---|:---|:---|:---|
| **Numbers at a glance**  | **<1.5%**<br>**Equal pay gap in favour of men**<br>(2024: <1.5%)<br>| **37,000**<br>**Employee shareholders**<br>(2024: 36,000)<br>| **27,000**<br>**STIP participants**<br>(2024: 27,000) <br>|
| **Numbers at a glance**  | **<1%**<br>**Gender pay gap in favour** <br>**of women**<br>(2024: <1%)<br>| **201,000**<br>**Recognition and service** <br>**milestone moments**<br>(2024: 195,000)<br>| **2,300**<br>**LTIP participants**<br>(2024: 2,200)<br>|

---

![Implementation-report.jpg](rio-20251231_g184.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 129 | riotinto.com |

---

Directors' report \| Remuneration report

Implementation report

**This Implementation report is presented to shareholders for approval at our AGMs. It outlines how our** 

**Remuneration Policy was implemented in 2025, and the intended operation in 2026.**

**About our reporting**

As our shares are listed on both the Australian Securities Exchange

and the London Stock Exchange, the information provided within our

Remuneration report must comply with the reporting requirements of

both countries.

Our regulatory responsibilities impact the volume of information we

provide, as well as the complexity. In Australia, we need to report on

a wider group of executives, as described in the following

paragraph. In addition, as set out in the summary table below, the 2

reporting regimes follow different methodologies

for calculating remuneration.

In the UK, disclosure is required for the Board, including the

Executive Directors. The Australian legislation requires disclosures

in respect of key management personnel (KMP), being those

persons having authority and responsibility for planning, directing

and controlling the activities of the Group. In 2025, our KMP

comprise the Board, and all product group Chief Executives.

Executive KMP are listed on pages [140](#i7c04024423194a03919441e1556a4e09_35054) and [141](#i7c04024423194a03919441e1556a4e09_35061), with details of

the positions held during the year and dates of appointment to

those roles.

The single total figure of remuneration table on page [131](#i7c04024423194a03919441e1556a4e09_35070) shows

remuneration for our Executive Directors, gross of tax and in the

relevant currency of award or payment.

In table 1a on page [145](#i25d98a8ff6ef4d71acf8188cfc60750a_8249), we report information regarding executives in

accordance with Australian statutory disclosure requirements. The

information is shown gross of tax and in US dollars. The remuneration

details in table 1a include accounting values relating to various parts of

the remuneration package, most notably LTIP awards, and require a

different methodology for calculating the pension value. The figures in

the single total figure of remuneration table are therefore not directly

comparable with those in table 1a. Where applicable, amounts have

been converted using the relevant average exchange rates included in

the notes to table 1a.

In table 1b on page [146](#i25d98a8ff6ef4d71acf8188cfc60750a_8250), we report the remuneration of the Chair

and the Non-Executive Directors.

**Shareholder voting**

As required under UK legislation, the current Remuneration Policy

was subject to a binding vote and approved at our 2024 AGMs. The

Implementation report, together with the annual statement by the

People & Remuneration Committee Chair, is subject to an advisory

vote each year as required by UK legislation. Under Australian

legislation, the Remuneration report as a whole is subject to an

advisory vote. All remuneration-related resolutions will be voted on

at the AGMs as Joint Decision Matters by Rio Tinto plc and

Rio Tinto Limited shareholders.

**The differing approaches explained**

As well as the difference in methodology for measuring

remuneration, there are key differences in how remuneration is

reported in the UK and Australia.

**UK**

• For reporting purposes, remuneration is divided into fixed and

variable elements.

• We report remuneration in the currency it is paid. For example,

where a UK executive is paid in pounds sterling, remuneration is

reported in pounds sterling.

**Australia**

• For reporting purposes, remuneration is divided into short- and

long-term elements.

• All remuneration is reported in US dollars, so using the previous

example, the UK executives' remuneration would be converted to

US dollars using the average exchange rate for the financial year

(except STIP, which is converted at the year-end exchange rate).

The table below summarises the elements of each component of

remuneration, as well as the significant differences in the

approaches to measurement.

---

| |
|:---|
| **UK** |
| **Fixed**<br>Base salary<br>|
| Benefits |
| **Pension**<br>The value of the pension contribution and payment in lieu <br>of pension paid during the year<br>|
| **Variable**<br>STIP – cash element<br>|
| STIP – deferred share element |
| **LTIP**<br>Valued at point of vesting<br>|
| **Total remuneration** |

---

![IR-plus.gif](rio-20251231_g185.gif)

![IR-plus.gif](rio-20251231_g185.gif)

![IR-equals.gif](rio-20251231_g186.gif)

---

| |
|:---|
| **Australia** |
| **Short-term**<br>Base salary<br>|
| STIP – cash element  |
| Cash benefits |
| Non-monetary benefits |
| **Long-term**<br>STIP – deferred share element <br>Based on the amortised IFRS fair value of deferred shares at the <br>time of grant<br>|
| **LTIP** <br>Based on the amortised IFRS fair value of <br>the award at time of grant<br>|
| Pension and superannuation valued on an accounting basis |
| **Total remuneration** |

---

![IR-plus.gif](rio-20251231_g185.gif)

![IR-plus.gif](rio-20251231_g185.gif)

![IR-equals.gif](rio-20251231_g186.gif)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 130 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**People & Remuneration Committee** 

**Responsibilities**

The Committee's responsibilities are set out in our Terms of

Reference, which is reviewed annually, and published at

riotinto.com/corporategovernance.

Our responsibilities include:

**People**

• reviewing strategic workforce planning, including talent,

succession and development planning within the Group

• developing leaders' skills

• overseeing and implementing the Board's workforce engagement

plan and implementation.

**Culture**

• progressing implementation of the 2022 *Everyday Respect Report* 

recommendations and the monitoring of broader cultural change

• developing strategies, initiatives and performance measures

around organisational culture and desired behaviours

• assessing the effectiveness of respect and inclusion policies.

**Remuneration**

• determining the Group's remuneration strategy, policy

and framework

• determining the remuneration of the Chair, Executive Directors

and other members of the Executive Committee

• determining the mix and operation of the Group's STIP and LTIP,

ensuring alignment with the company's strategic objectives

• overseeing the operation of the Group's STIP and LTIP for

executives, including approving awards, setting performance

criteria, and determining any outcomes or vesting, and, where

necessary, applying the consequence management framework to

current and prior awards

• determining contractual notice periods and termination

commitments, and setting retention and termination arrangements

for executives

• overseeing awards under the Group's all-employee share plans

• the annual Directors' Remuneration report, shareholder

engagement on the Remuneration Policy, including its

implementation, and other related matters including gender pay

• reviewing workforce remuneration and related policies, and the

alignment of incentives and rewards with culture and taking these

into account when setting the Policy for Executive Director

remuneration

• engaging independent external remuneration advisers.

We consider the level of pay and conditions for all employees

across the Group when determining executive remuneration.

**Committee membership**

The members of the Committee during the year and to the date of

this report were:

---

| | |
|:---|:---|
| Ben Wyatt (Committee Chair <br>from 2 May 2025)<br>| Sam Laidlaw (member and <br>Committee Chair to 1 May 2025)<br>|
| Dominic Barton | Susan Lloyd-Hurwitz |
| Dean Dalla Valle | Jennifer Nason |

---

**How we work**

The Group Company Secretary (or their delegate) attends meetings

as secretary to the Committee. The Chief Executive, Chief People

Officer, Head of Reward and Head of Talent attend appropriate parts

of the meetings at the invitation of the Committee Chair. No

individual is in attendance during discussions about their own

remuneration.

---

| | |
|:---|:---|
| **How the Committee spent its time in 2025** |  |
| During 2025, the Committee met 7 times. We fulfilled our <br>responsibilities as set out in our Terms of Reference.<br>Our work in 2025 included:<br>•reviewing culture maturity metrics<br>•reviewing people development and talent management<br>•determining any base salary adjustments and LTIP grants <br>for executives<br>•reviewing performance against the 2024 STIP and 2020 PSA <br>targets, including assessing applicable outcomes<br>•determining targets for the 2025 STIP and 2025 PSA<br>•reviewing the strategy and report on the Group's global <br>benefit plans<br>| •consulting with shareholders and proxy advisers on executive pay <br>matters<br>•finalising terms for the departures of Jakob Stausholm, Chief <br>Executive, Sinead Kaufman, Chief Executive, Minerals and Kellie <br>Parker, Chief Executive, Australia<br>•setting terms of appointment of Simon Trott, Chief Executive and <br>Matthew Holcz, Chief Executive, Iron Ore<br>•reviewing executives' progress towards the Group's share <br>ownership requirements<br>•reviewing performance of the accountable executives for Global <br>Industry Standard on Tailings Management (GISTM) implementation.<br>|

---

**Independent advisers**

The Committee has a protocol for engaging and working with

remuneration consultants to ensure that "remuneration

recommendations" (being advice relating to the elements of

remuneration for KMP, as defined under the Australian *Corporations Act* 

*2001*) are made free from undue influence by KMP to whom they may

relate. We monitored compliance with these requirements throughout

2025. Deloitte, the appointed independent advisers to the Committee,

gave declarations to the effect that any remuneration recommendations

were made free from undue influence by KMP to whom they related.

The Board has received assurance from the Committee and is satisfied

that this was the case.

Deloitte are members of the Remuneration Consultants' Group, and

voluntarily operate under its Code of Conduct (the Code) in relation to

executive remuneration consulting in the UK. The Code is based

upon principles of transparency, integrity, objectivity, competence,

due care and confidentiality. Deloitte has confirmed that they

adhered to the Code throughout 2025 for all remuneration services

provided to Rio Tinto. The Code is available online at

remunerationconsultantsgroup.com.

The Committee is satisfied that the Deloitte team is independent. During

2025, Deloitte's services also included attending Committee meetings,

providing support on executive changes in the year and giving advice in

relation to management proposals and shareholder consultations.

Deloitte was paid $520,856 for these services. Fees were charged on

the basis of time and expenses incurred. We received other services

and publications relating to remuneration data from a range of sources.

During the year, Deloitte also provided internal audit, tax compliance and

other non-audit advisory services. These services were provided under

separate engagement terms and the Committee is satisfied that there

were no conflicts of interest.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 131 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Executive Directors**

**Single total figure of remuneration - Realised pay (£'000)**

The single total figure of remuneration reflects the value of remuneration actually realised in respect of the 2025 financial year. As described on page

[129](#i9d73f6bbf1454d9ba52957f5fc007f67_2222), this may differ from the statutory values shown in table 1a. Realised pay can vary significantly from both statutory and target remuneration

because a substantial proportion of executive pay is performance based and influenced by share price movements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Incentive - <br>STIP payment | Incentive - <br>STIP payment | Value of LTIP awards <br>vesting<sup>3</sup> | Value of LTIP awards <br>vesting<sup>3</sup> |  |  |
| **Executive Director** | Year | Base <br>salary<br>| Benefits | Pension | **Total** <br>**fixed**<br>| Cash | Deferred <br>shares<br>| Face <br>value<br>| Share price <br>appreciation<br>| **Total** <br>**variable**<br>| **Single** <br>**total figure**<br>|
| Simon Trott (Chief Executive)<sup>1</sup> | 2025 | 472 | 636 | 66 | **1174** | 352 | 352 | – | – | **704** | **1878** |
| Jakob Stausholm (former Chief Executive)<sup>2</sup> | 2025 | 891 | 109 | 125 | **1125** | 1085 | – | – | – | **1085** | **2210** |
| Jakob Stausholm (former Chief Executive) | 2024 | 1277 | 168 | 179 | **1624** | 636 | 636 | 449 | 229 | **1950** | **3574** |
| Peter Cunningham (Chief Financial Officer) | 2025 | 780 | 30 | 109 | **919** | 466 | 466 | – | – | **932** | **1851** |
| Peter Cunningham (Chief Financial Officer) | 2024 | 756 | 44 | 106 | **906** | 376 | 377 | 45 | 23 | **821** | **1727** |

---

1. Values in the table and sections supporting the table reflect remuneration from appointment as Executive Director and Chief Executive on 25 August 2025.

2. Values in the table reflect remuneration to 24 August 2025 when he stepped down as Chief Executive and includes an apportionment of the 2025 STIP award for the period served as an

Executive Director. The STIP award for the full performance year is £1,678,733.

3. Dividend equivalent shares are applied on the vesting of the LTIP awards and, for the purposes of this table, are valued at the share price when the LTIP was awarded and included in

the face-value figure. The impact of share price change for LTIP awards vesting is included under the heading "Share price appreciation". The value of the LTIP awards reported in 2024

has been restated to reflect the actual vested value.

The 2021 PSA, which had a performance period that ended on 31 December 2025, vested at nil. No value is therefore shown under LTIP

face value or share price appreciation for 2025.

**Fixed remuneration**

**Base salary** 

The Chief Executive's salary on appointment in August 2025 was set below that of his predecessor with the intention to make higher increases as he

develops in the role. The Committee has assessed his performance and development since commencing as Chief Executive and feel it is appropriate

to award him a salary increase of 5%, slightly above the average UK employee rate. The Chief Financial Officer's 2026 base salary increase is in line

with that to be awarded to the wider UK employee population of 2.7%. Base salaries are reviewed with a 1 March effective date.

---

| | | | |
|:---|:---|:---|:---|
| **Executive Director** | Annual base salary 1 March <br>2025 £'000<br>| Annual base salary 1 March <br>2026 £'000<br>| % change |
| Simon Trott | 1340<sup>1</sup> | 1407 | 5% |
| Jakob Stausholm | 1411 | – | –% |
| Peter Cunningham | 784 | 805 | 2.7% |

---

1.£1,340,000 represents his salary on appointment on 25 August 2025.

**Benefits (2025)** 

Include healthcare, allowance for professional tax compliance services, occasional spouse travel in support of the business which is deemed

to be taxable to the individual, and non-performance based awards under the all-employee share plans.

The benefits value for Simon Trott includes relocation benefits of circa £610,000 in connection with his transfer from Australia to the UK

on becoming Chief Executive and in line with our international transfer policy that applies to executives across the business.

**Pension (2025)**

Pension benefits can be paid either as contributions to Rio Tinto's company pension fund, as a cash allowance, or both.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Executive Director** | Pension contributions paid to<br>the Rio Tinto pension fund <br>£'000<br>| Cash in lieu of pension <br>contributions paid £'000<br>| Total £'000 | **Pension provision** <br>**(% of base salary)**<br>|
| Simon Trott | 10 | 56 | 66 | 14% |
| Jakob Stausholm | 7 | 118 | 125 | 14% |
| Peter Cunningham | 10 | 99 | 109 | 14% |

---

**Short-term incentive plan (2025)**

**2025 outcome** 

For an executive's STIP outcome, the weighted STIP financial and strategic scorecard results are added to determine the total result.

For executives remaining in role, the resulting STIP is delivered equally in cash and deferred shares.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive Director** | Weighted result (out of 100%) | Weighted result (out of 100%) | Weighted result (out of 100%) | Fatality <br>deduction | Final <br>scorecard <br>result (%) | Individual <br>performance <br>multiplier | STIP <br>outcome <br>£'000 | Delivered in | Delivered in | Percentage of | Percentage of | Percentage of |
| **Executive Director** | Financial <br>(50%)<sup>1</sup><br>| Strategic<br>(50%)<sup>2</sup><br>| Group <br>scorecard <br>result<br>| Fatality <br>deduction | Final <br>scorecard <br>result (%) | Individual <br>performance <br>multiplier | STIP <br>outcome <br>£'000 | Cash <br>£'000<br>| Deferred <br>shares <br>£'000<br>| Max <br>awarded<br>| Max <br>forfeited<br>| Target <br>awarded<br>|
| Simon Trott | 32.2% | 33.8% | 66% | (10%) | 59.5% | 125% | 704 | 352 | 352 | 74.4% | 25.6% | 149% |
| Jakob Stausholm | 32.2% | 33.8% | 66% | (10%) | 59.5% | 100% | 1085 | 1085 | – | 59.5% | 40.5% | 119% |
| Peter Cunningham | 32.2% | 33.8% | 66% | (10%) | 59.5% | 100% | 932 | 466 | 466 | 59.5% | 40.5% | 119% |

---

1. The financial scorecard includes flexed financials (underlying EBITDA and STIP free cash flow), focusing on the achievement of financial plan commitments and unflexed financials

(underlying EBITDA and STIP free cash flow) aligned to market conditions for our commodities.

2. The strategic scorecard includes Excel in Development (exploration progression, studies progression and project execution metrics), Impeccable ESG (safety and decarbonisation

metrics), People and Culture (gender diversity and culture change progress metrics) and Social Licence (reputation and Local Voices metric).

Maximum STIP award is capped at 200% of base salary. Target performance represents 50% of maximum, and outstanding performance

represents 100% of maximum. The cash component of the STIP award will be paid in March 2026, and the remainder will be delivered in

deferred shares as a BDA, vesting in December 2028. On cessation of employment, any unvested deferred shares will lapse unless the

Committee decides the executive is an eligible leaver.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 132 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

Under the STIP, an individual multiplier can be applied to reflect exceptional performance. This structure applies to all participants in the plan and is

used sparingly. A multiplier was applied to reflect Simon Trott's exceptional performance in the year to significantly advance our operational

excellence, as summarised in the 2025 outcome table. In particular the Committee noted that in his previous role, the Iron Ore product group

delivered exceptional performance including recovery from the impacts of cyclones in Q1 followed by record rates of production. There were notable

uplifts in operational improvements allowing him to hand over a business that is in its best operational shape in many years. Since being appointed as

Chief Executive, Simon Trott has led and facilitated the Group's most impactful transformation for many years. His revamped strategy was well

received by investors and is already reaping rewards with exceptional production performance in which production guidance was met or exceeded on

most commodities. The outcome following the application of the multiplier to his 2025 STIP is set out in the table on page [131](#i7c04024423194a03919441e1556a4e09_35062) and on page [142](#i7c04024423194a03919441e1556a4e09_35052).

**Calculation of 2025 short-term incentive plan award**

The following table summarises the calculation of the 2025 STIP award against the Group scorecard applicable to all STIP participants.

**Group scorecard outcome**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Weighting**<br>**(out of 100%)**<br>| **2025 performance**<sup>1</sup> | **2025 performance**<sup>1</sup> | **2025 performance**<sup>1</sup> | **Outcome** | **Result (% of** <br>**maximum)**<br>| **Weighted result**<br>**(out of 100%)**<br>|
| | |  | **Threshold** | **Target** | **Maximum** |  |  |  |
| **Underlying** <br>**EBITDA** | Unflexed | 12.5% | $16.2 billion | $21.9 billion | $30.1 billion | $25.9 billion | 75% | 9.3% |
| **Underlying** <br>**EBITDA** | Flexed | 12.5% | $18.6 billion | $25.1 billion | $34.5 billion | $25.9 billion | 55% | 6.8% |
| **STIP free** <br>**cash flow**  | Unflexed | 12.5% | $8.3 billion | $11.0 billion | $15.5 billion | $13.2 billion | 75% | 9.4% |
| **STIP free** <br>**cash flow**  | Flexed | 12.5% | $9.7 billion | $12.9 billion | $18.0 billion | $13.2 billion | 54% | 6.7% |
| **Total Financial** | **Total Financial** | **50%** |  |  |  |  | **64.4%** | **32.2%** |
| **Impeccable** <br>**ESG** | AIFR<sup>2</sup> | 2% | 0.44 | 0.38 | 0.3 | 0.37 | 50% | 1.0% |
| **Impeccable** <br>**ESG** | SMM<sup>3</sup> | 8% | 5.2 | 5.7 | 6.7 | 5.7 | 50% | 4.0% |
| **Impeccable** <br>**ESG** | Decarbonisation<sup>4</sup> | 10% | 2.1 Mt CO2e | 3 Mt CO2e | 4 Mt CO2e | 3.37 Mt CO2e | 69% | 6.9% |
| **Excel in** <br>**Development** | Exploration progression<sup>5</sup> | 2.5% | 1 credit | 2 credits | 3 credits | 2.5 credits | 75% | 1.9% |
| **Excel in** <br>**Development** | Studies progression | 2.5% | 3 studies | 4 studies | 6 studies | 7 studies | 100% | 2.5% |
| **Excel in** <br>**Development** | Project execution | 5% | 25% of projects | 50% of projects | 75% of projects | 85% | 100% | 5.0% |
| **People and** <br>**Culture** | Gender diversity | 5% | 26.2% | 26.7% | 27.2% | 26.3% | 30% | 1.5% |
| **People and** <br>**Culture** | Culture change | 5% | 70 | 71 | 72 | 71 | 50% | 2.5% |
| **Social Licence** | Reputation | 7% | 57.8 or below | 58.8 to 60.8 | 62.8 or above | 64.1 | 100% | 7.0% |
| **Social Licence** | Local Voices | 3% | 80% in 6 months | 80% in 4 months | 90% in 4 months | 80% in 4 months | 50% | 1.5% |
| **Total Strategic**  | **Total Strategic**  | **50%** |  |  |  |  | **67.5%** | **33.8%** |
| **Total Group** | **Total Group** | **100%** |  |  |  |  |  | **66.0%** |
| **Fatality deduction** | **Fatality deduction** |  |  |  |  | **10% reduction to STIP outcome** | **10% reduction to STIP outcome** | **10% reduction to STIP outcome** |
| **Adjusted Group scorecard outcome** | **Adjusted Group scorecard outcome** |  |  |  |  |  |  | **59.5%** |

---

1. No payout below threshold. Threshold payout is nil for financial measures and Social Licence and 25% of maximum for the other strategic measures. Payout for achieving target

corresponds to 50% of maximum, going up in a straight line to outstanding, which represents 100% of maximum.

2. AIFR assesses the number of injuries per 200,000 hours worked by employees and contractors at managed operations. It includes medical treatment cases, restricted workday and lost-

day injuries. Outcome has been capped at target due to a permanent damage injury occurring in 2025.

3. The Safety Maturity Model (SMM) result is the average of the SMM scores achieved by the individual assets included in the safety maturity program.

4. For Decarbonisation, the progress of carbon abatement projects against incremental stages of development is calculated as the expected 2030 carbon reduction, measured in tonnes of

CO2e, contributed by each abatement project that passes a stage-gate during the calendar year. The scope is restricted to direct abatement initiatives under the Global Decarbonisation

Programs, including approved renewable energy, abatement and energy efficiency projects. Nature-based solution (NbS) offset projects are not in scope.

5. One Conceptual Study (CS) project was completed in 2025 and assigned a value of 1 credit. One project advanced to CS and is assigned a value of 0.5 credits. Also, 4 projects

progressed from Target Testing to Project of Merit and each is assigned a value of 0.25 credits.

**2025 STIP financial measures and Group scorecard commentary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial** | **Financial** | **Financial** | **Financial** | **Financial** |
| For 2025, the financial measures were underlying EBITDA and STIP free cash flow. The first, underlying EBITDA, gives insight to cost management, <br>production, performance efficiency and the market environment. This is further described on page [171](#icee986973d7a4c5ebb7a6a17b0417662_250) along with a reconciliation of Profit after Tax for <br>the year to underlying EBITDA. STIP free cash flow demonstrates our efficiency in converting EBITDA and underlying earnings to cash and provides <br>further insight into our working capital and sustaining capital efficiency. STIP free cash flow comprises free cash flow (as reported on page [273](#ifef36ba91f204a75a21c03fa7fcca503_492)), adjusted <br>to exclude dividends paid to holders of non-controlling interests in subsidiaries (of $0.3 billion) and development capital expenditure (of $7.8 billion), <br>including development capital expenditure associated with decarbonisation. This adjusted metric excludes the impact of those components of free cash <br>flow that are not directly related to performance in the year and therefore better represents underlying business performance. | For 2025, the financial measures were underlying EBITDA and STIP free cash flow. The first, underlying EBITDA, gives insight to cost management, <br>production, performance efficiency and the market environment. This is further described on page [171](#icee986973d7a4c5ebb7a6a17b0417662_250) along with a reconciliation of Profit after Tax for <br>the year to underlying EBITDA. STIP free cash flow demonstrates our efficiency in converting EBITDA and underlying earnings to cash and provides <br>further insight into our working capital and sustaining capital efficiency. STIP free cash flow comprises free cash flow (as reported on page [273](#ifef36ba91f204a75a21c03fa7fcca503_492)), adjusted <br>to exclude dividends paid to holders of non-controlling interests in subsidiaries (of $0.3 billion) and development capital expenditure (of $7.8 billion), <br>including development capital expenditure associated with decarbonisation. This adjusted metric excludes the impact of those components of free cash <br>flow that are not directly related to performance in the year and therefore better represents underlying business performance. | For 2025, the financial measures were underlying EBITDA and STIP free cash flow. The first, underlying EBITDA, gives insight to cost management, <br>production, performance efficiency and the market environment. This is further described on page [171](#icee986973d7a4c5ebb7a6a17b0417662_250) along with a reconciliation of Profit after Tax for <br>the year to underlying EBITDA. STIP free cash flow demonstrates our efficiency in converting EBITDA and underlying earnings to cash and provides <br>further insight into our working capital and sustaining capital efficiency. STIP free cash flow comprises free cash flow (as reported on page [273](#ifef36ba91f204a75a21c03fa7fcca503_492)), adjusted <br>to exclude dividends paid to holders of non-controlling interests in subsidiaries (of $0.3 billion) and development capital expenditure (of $7.8 billion), <br>including development capital expenditure associated with decarbonisation. This adjusted metric excludes the impact of those components of free cash <br>flow that are not directly related to performance in the year and therefore better represents underlying business performance. | For 2025, the financial measures were underlying EBITDA and STIP free cash flow. The first, underlying EBITDA, gives insight to cost management, <br>production, performance efficiency and the market environment. This is further described on page [171](#icee986973d7a4c5ebb7a6a17b0417662_250) along with a reconciliation of Profit after Tax for <br>the year to underlying EBITDA. STIP free cash flow demonstrates our efficiency in converting EBITDA and underlying earnings to cash and provides <br>further insight into our working capital and sustaining capital efficiency. STIP free cash flow comprises free cash flow (as reported on page [273](#ifef36ba91f204a75a21c03fa7fcca503_492)), adjusted <br>to exclude dividends paid to holders of non-controlling interests in subsidiaries (of $0.3 billion) and development capital expenditure (of $7.8 billion), <br>including development capital expenditure associated with decarbonisation. This adjusted metric excludes the impact of those components of free cash <br>flow that are not directly related to performance in the year and therefore better represents underlying business performance. | For 2025, the financial measures were underlying EBITDA and STIP free cash flow. The first, underlying EBITDA, gives insight to cost management, <br>production, performance efficiency and the market environment. This is further described on page [171](#icee986973d7a4c5ebb7a6a17b0417662_250) along with a reconciliation of Profit after Tax for <br>the year to underlying EBITDA. STIP free cash flow demonstrates our efficiency in converting EBITDA and underlying earnings to cash and provides <br>further insight into our working capital and sustaining capital efficiency. STIP free cash flow comprises free cash flow (as reported on page [273](#ifef36ba91f204a75a21c03fa7fcca503_492)), adjusted <br>to exclude dividends paid to holders of non-controlling interests in subsidiaries (of $0.3 billion) and development capital expenditure (of $7.8 billion), <br>including development capital expenditure associated with decarbonisation. This adjusted metric excludes the impact of those components of free cash <br>flow that are not directly related to performance in the year and therefore better represents underlying business performance. |
| **Weighting 50%** | **Outcome** | ![Financials-Outcome.gif](rio-20251231_g187.gif) | **Above target** (at 64.4% of maximum) | **Above target** (at 64.4% of maximum) |
| **Unflexed performance** was underpinned by tailwinds from higher than <br>target prices and the stronger US dollar, and reflected delivery of target <br>volumes with cost and working capital discipline. There was operational <br>improvement delivered across our operations, underpinning the 8% <br>increase in CuEq production from 2024. Notably, the ramp-up of the <br>Oyu Tolgoi underground and our bauxite operations performed better <br>than target. <br>These factors contributed to above target unflexed outcomes for <br>EBITDA of 75% and STIP free cash flow of 75%.<br>**Flexed performance** to remove the impact of commodity prices and foreign <br>exchange rates gives us an indication of underlying business performance.  | **Unflexed performance** was underpinned by tailwinds from higher than <br>target prices and the stronger US dollar, and reflected delivery of target <br>volumes with cost and working capital discipline. There was operational <br>improvement delivered across our operations, underpinning the 8% <br>increase in CuEq production from 2024. Notably, the ramp-up of the <br>Oyu Tolgoi underground and our bauxite operations performed better <br>than target. <br>These factors contributed to above target unflexed outcomes for <br>EBITDA of 75% and STIP free cash flow of 75%.<br>**Flexed performance** to remove the impact of commodity prices and foreign <br>exchange rates gives us an indication of underlying business performance.  | **Unflexed performance** was underpinned by tailwinds from higher than <br>target prices and the stronger US dollar, and reflected delivery of target <br>volumes with cost and working capital discipline. There was operational <br>improvement delivered across our operations, underpinning the 8% <br>increase in CuEq production from 2024. Notably, the ramp-up of the <br>Oyu Tolgoi underground and our bauxite operations performed better <br>than target. <br>These factors contributed to above target unflexed outcomes for <br>EBITDA of 75% and STIP free cash flow of 75%.<br>**Flexed performance** to remove the impact of commodity prices and foreign <br>exchange rates gives us an indication of underlying business performance.  | **Unflexed performance** was underpinned by tailwinds from higher than <br>target prices and the stronger US dollar, and reflected delivery of target <br>volumes with cost and working capital discipline. There was operational <br>improvement delivered across our operations, underpinning the 8% <br>increase in CuEq production from 2024. Notably, the ramp-up of the <br>Oyu Tolgoi underground and our bauxite operations performed better <br>than target. <br>These factors contributed to above target unflexed outcomes for <br>EBITDA of 75% and STIP free cash flow of 75%.<br>**Flexed performance** to remove the impact of commodity prices and foreign <br>exchange rates gives us an indication of underlying business performance.  | On removing the impact of prices and the stronger US dollar, the flexed <br>component is above target for EBITDA at 55% and STIP free cash flow at <br>54%.<br>Financial outcomes were normalised to align to the basis on which the <br>original targets were set and to ensure the outcomes fairly reflect <br>underlying business performance in the period. In line with our <br>standard STIP principles, adjustments were made to exclude the <br>impact of the acquisition of Arcadium (which was not in the Group's <br>target; including acquisition and integration costs), the impact of <br>legislative changes and tax matters, along with the impact of <br>exceptional weather events (cyclones) on our Pilbara operations in Q1 <br>2025.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 133 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

---

| | | | |
|:---|:---|:---|:---|
| **Commentary on strategic measures** | **Commentary on strategic measures** | **Commentary on strategic measures** | **Commentary on strategic measures** |
| **Impeccable ESG** | **Impeccable ESG** | **Impeccable ESG** | **Impeccable ESG** |
| Impeccable ESG aims to promote safety in all its aspects and progress decarbonisation efforts as we work towards achieving our ambitious Scope <br>1 and 2 emissions reduction targets by 2030.<br>Safety measures a combination of our Safety Maturity Model (SMM) and all-injury frequency rate (AIFR). The safety outcome is underpinned by an <br>assessment of conformance with the GISTM for "high" and "very high" classification tailings facilities. <br>Decarbonisation measures progress of carbon abatement projects against incremental stages of development. | Impeccable ESG aims to promote safety in all its aspects and progress decarbonisation efforts as we work towards achieving our ambitious Scope <br>1 and 2 emissions reduction targets by 2030.<br>Safety measures a combination of our Safety Maturity Model (SMM) and all-injury frequency rate (AIFR). The safety outcome is underpinned by an <br>assessment of conformance with the GISTM for "high" and "very high" classification tailings facilities. <br>Decarbonisation measures progress of carbon abatement projects against incremental stages of development. | Impeccable ESG aims to promote safety in all its aspects and progress decarbonisation efforts as we work towards achieving our ambitious Scope <br>1 and 2 emissions reduction targets by 2030.<br>Safety measures a combination of our Safety Maturity Model (SMM) and all-injury frequency rate (AIFR). The safety outcome is underpinned by an <br>assessment of conformance with the GISTM for "high" and "very high" classification tailings facilities. <br>Decarbonisation measures progress of carbon abatement projects against incremental stages of development. | Impeccable ESG aims to promote safety in all its aspects and progress decarbonisation efforts as we work towards achieving our ambitious Scope <br>1 and 2 emissions reduction targets by 2030.<br>Safety measures a combination of our Safety Maturity Model (SMM) and all-injury frequency rate (AIFR). The safety outcome is underpinned by an <br>assessment of conformance with the GISTM for "high" and "very high" classification tailings facilities. <br>Decarbonisation measures progress of carbon abatement projects against incremental stages of development. |
| **Weighting 20%** | ![Impeccable-ESG-Outcome.gif](rio-20251231_g188.gif) | **Above target** (at 59.3% of maximum) | **Above target** (at 59.3% of maximum) |
| **Safety** is our number one priority, and we are immensely saddened to <br>have tragically lost a colleague during the year. In 2025, our AIFR <br>performance was 0.37, exceeding the annual target of 0.38. However, <br>we had a permanent damage injury in 2025 and as such AIFR <br>performance is capped at target.<br>As part of our continual improvement, we have also seen an uplift of <br>0.5 in our SMM assessments score, aligned to target improvement of <br>0.5, resulting in a SMM global score of 5.7. <br>The Safety underpin relating to GISTM implementation plans for all <br>classifications of tailings facilities was met in 2025. We have had no <br>significant incidents with tailings releases at any of our facilities.  | **Safety** is our number one priority, and we are immensely saddened to <br>have tragically lost a colleague during the year. In 2025, our AIFR <br>performance was 0.37, exceeding the annual target of 0.38. However, <br>we had a permanent damage injury in 2025 and as such AIFR <br>performance is capped at target.<br>As part of our continual improvement, we have also seen an uplift of <br>0.5 in our SMM assessments score, aligned to target improvement of <br>0.5, resulting in a SMM global score of 5.7. <br>The Safety underpin relating to GISTM implementation plans for all <br>classifications of tailings facilities was met in 2025. We have had no <br>significant incidents with tailings releases at any of our facilities.  | **Safety** is our number one priority, and we are immensely saddened to <br>have tragically lost a colleague during the year. In 2025, our AIFR <br>performance was 0.37, exceeding the annual target of 0.38. However, <br>we had a permanent damage injury in 2025 and as such AIFR <br>performance is capped at target.<br>As part of our continual improvement, we have also seen an uplift of <br>0.5 in our SMM assessments score, aligned to target improvement of <br>0.5, resulting in a SMM global score of 5.7. <br>The Safety underpin relating to GISTM implementation plans for all <br>classifications of tailings facilities was met in 2025. We have had no <br>significant incidents with tailings releases at any of our facilities.  | **Decarbonisation** measures the progress of carbon abatement projects <br>against incremental stages of development. Climate change and the <br>low-carbon transition is at the heart of our strategy. We have set <br>ambitious commitments to reduce carbon emissions (CO2e) from our <br>business by 50% relative to 2018 levels by 2030, and achieve net zero <br>Scope 1 and 2 emissions by 2050. <br>Progress continued in 2025 with adjusted Scope 1 and 2 emissions <br>reducing by 0.2 Mt CO2e during the year. A total of 21 projects representing <br>3.37 Mt CO2e of carbon abatement progressed through a development <br>stage during the year, resulting in an outcome above the target of 3 Mt <br>CO2e.<br>|
| **Excel in Development** | **Excel in Development** | **Excel in Development** | **Excel in Development** |
| Excel in Development aims to incentivise a growth mindset by focusing on exploring new opportunities, prospecting new sites, technology, and <br>innovation. It measures performance in exploration, studies and project execution.<br>Exploration progress focuses on the opportunities coming out of the exploration pipeline and moving into formal studies. Studies progression <br>assesses the number of studies approved to progress through stage-gates. Project execution measures our execution progress in creating growth <br>opportunities and closure projects across the Rio Tinto portfolio. | Excel in Development aims to incentivise a growth mindset by focusing on exploring new opportunities, prospecting new sites, technology, and <br>innovation. It measures performance in exploration, studies and project execution.<br>Exploration progress focuses on the opportunities coming out of the exploration pipeline and moving into formal studies. Studies progression <br>assesses the number of studies approved to progress through stage-gates. Project execution measures our execution progress in creating growth <br>opportunities and closure projects across the Rio Tinto portfolio. | Excel in Development aims to incentivise a growth mindset by focusing on exploring new opportunities, prospecting new sites, technology, and <br>innovation. It measures performance in exploration, studies and project execution.<br>Exploration progress focuses on the opportunities coming out of the exploration pipeline and moving into formal studies. Studies progression <br>assesses the number of studies approved to progress through stage-gates. Project execution measures our execution progress in creating growth <br>opportunities and closure projects across the Rio Tinto portfolio. | Excel in Development aims to incentivise a growth mindset by focusing on exploring new opportunities, prospecting new sites, technology, and <br>innovation. It measures performance in exploration, studies and project execution.<br>Exploration progress focuses on the opportunities coming out of the exploration pipeline and moving into formal studies. Studies progression <br>assesses the number of studies approved to progress through stage-gates. Project execution measures our execution progress in creating growth <br>opportunities and closure projects across the Rio Tinto portfolio. |
| **Weighting 10%** | ![Excel-in-Development-Outcome.gif](rio-20251231_g189.gif) | **Above target** (at 94% of maximum) | **Above target** (at 94% of maximum) |
| **Exploration progression** develops a dynamic portfolio of projects <br>that are rigorously prioritised and rapidly tested. Exploration <br>progression focuses on the opportunities coming out of the <br>exploration pipeline and moving into formal studies, including <br>conceptual studies completed with a decision to hold, divest or <br>advance to Order of Magnitude (OoM), studies advancing from <br>Projects of Merit (PoM) to Conceptual Studies (CS) phase, and <br>studies advancing from Target Testing (TT) to PoM. <br>One CS project was completed this year, one project advanced to CS <br>and 4 projects progressed from TT to PoM, resulting in an above <br>target weighted score of 2.5. | **Exploration progression** develops a dynamic portfolio of projects <br>that are rigorously prioritised and rapidly tested. Exploration <br>progression focuses on the opportunities coming out of the <br>exploration pipeline and moving into formal studies, including <br>conceptual studies completed with a decision to hold, divest or <br>advance to Order of Magnitude (OoM), studies advancing from <br>Projects of Merit (PoM) to Conceptual Studies (CS) phase, and <br>studies advancing from Target Testing (TT) to PoM. <br>One CS project was completed this year, one project advanced to CS <br>and 4 projects progressed from TT to PoM, resulting in an above <br>target weighted score of 2.5. | **Exploration progression** develops a dynamic portfolio of projects <br>that are rigorously prioritised and rapidly tested. Exploration <br>progression focuses on the opportunities coming out of the <br>exploration pipeline and moving into formal studies, including <br>conceptual studies completed with a decision to hold, divest or <br>advance to Order of Magnitude (OoM), studies advancing from <br>Projects of Merit (PoM) to Conceptual Studies (CS) phase, and <br>studies advancing from Target Testing (TT) to PoM. <br>One CS project was completed this year, one project advanced to CS <br>and 4 projects progressed from TT to PoM, resulting in an above <br>target weighted score of 2.5. | **Studies progression** of 7 studies in 2025, with 2 studies obtaining Notice <br>to Proceed, feasibility studies completed for 4 projects and pre-feasibility <br>studies completed for another. This result achieved maximum performance. <br>**Project execution** refers to the percentage of in-flight and completed projects <br>on track against the Investment Committee plan. Throughout 2025, we made <br>strong progress on a range of projects with 11 out of 13 projects (85%) <br>remaining on track with the approved Investment Committee plans achieving <br>maximum performance. <br>A significant milestone was also achieved with the start of operations at <br>Simandou and first ore through Primary Crusher 2 at Oyu Tolgoi.<br>|
| **People and Culture** | **People and Culture** | **People and Culture** | **People and Culture** |
| People and Culture aims to improve diversity, and create an inclusive work environment in which people can thrive, accelerate our culture change and reinforce <br>our values. It encompasses gender diversity and culture change metrics. Gender diversity measures the year-on-year increase in representation of women in our <br>organisation. Culture progress reflects the change in organisational culture as indicated by our employee engagement survey. | People and Culture aims to improve diversity, and create an inclusive work environment in which people can thrive, accelerate our culture change and reinforce <br>our values. It encompasses gender diversity and culture change metrics. Gender diversity measures the year-on-year increase in representation of women in our <br>organisation. Culture progress reflects the change in organisational culture as indicated by our employee engagement survey. | People and Culture aims to improve diversity, and create an inclusive work environment in which people can thrive, accelerate our culture change and reinforce <br>our values. It encompasses gender diversity and culture change metrics. Gender diversity measures the year-on-year increase in representation of women in our <br>organisation. Culture progress reflects the change in organisational culture as indicated by our employee engagement survey. | People and Culture aims to improve diversity, and create an inclusive work environment in which people can thrive, accelerate our culture change and reinforce <br>our values. It encompasses gender diversity and culture change metrics. Gender diversity measures the year-on-year increase in representation of women in our <br>organisation. Culture progress reflects the change in organisational culture as indicated by our employee engagement survey. |
| **Weighting 10%** | ![People-&-Culture-Outcomes.gif](rio-20251231_g190.gif) | **Above threshold** (at 40% of maximum) | **Above threshold** (at 40% of maximum) |
| **Gender diversity** in 2025 was focused on increasing the number of <br>women across our business. While progress was made in 2025, there is <br>further opportunity for improvement in 2026. We were able to increase the <br>representation of women in 2025 from 25.2% to 26.3%, slightly above <br>threshold of 26.2%.  | **Gender diversity** in 2025 was focused on increasing the number of <br>women across our business. While progress was made in 2025, there is <br>further opportunity for improvement in 2026. We were able to increase the <br>representation of women in 2025 from 25.2% to 26.3%, slightly above <br>threshold of 26.2%.  | **Gender diversity** in 2025 was focused on increasing the number of <br>women across our business. While progress was made in 2025, there is <br>further opportunity for improvement in 2026. We were able to increase the <br>representation of women in 2025 from 25.2% to 26.3%, slightly above <br>threshold of 26.2%.  | **Culture** is measured using results from our biannual, externally <br>benchmarked employee engagement survey. The result from the <br>second of our biannual employee engagement surveys at the end of <br>2025 was 71, which represented target performance. <br>|
| **Social Licence** | **Social Licence** | **Social Licence** | **Social Licence** |
| Social Licence is included as an indicator of our ability to build trust and acceptance with external stakeholders. This measure assesses changes in <br>general public perceptions using RepTrak, and community perceptions local to operations through Voconiq's Local Voices program.  | Social Licence is included as an indicator of our ability to build trust and acceptance with external stakeholders. This measure assesses changes in <br>general public perceptions using RepTrak, and community perceptions local to operations through Voconiq's Local Voices program.  | Social Licence is included as an indicator of our ability to build trust and acceptance with external stakeholders. This measure assesses changes in <br>general public perceptions using RepTrak, and community perceptions local to operations through Voconiq's Local Voices program.  | Social Licence is included as an indicator of our ability to build trust and acceptance with external stakeholders. This measure assesses changes in <br>general public perceptions using RepTrak, and community perceptions local to operations through Voconiq's Local Voices program.  |
| **Weighting 10%** | ![Social-Licence-Outcomes.gif](rio-20251231_g191.gif) | **Above target** (at 85% of maximum) | **Above target** (at 85% of maximum) |
| **Reputation** provides an indication of Rio Tinto's social licence within <br>the communities where we operate. The general public perception in <br>selected countries is reflected by a reputation score measured by <br>RepTrak. The 2025 result was 64.1, above the maximum range of <br>62.8 and a significant improvement on the score of 60.9 in the prior <br>year. This score is a weighted, global aggregate made up of results <br>from Australia, Canada, Mongolia, New Zealand, South Africa, the UK <br>and the US.  | **Reputation** provides an indication of Rio Tinto's social licence within <br>the communities where we operate. The general public perception in <br>selected countries is reflected by a reputation score measured by <br>RepTrak. The 2025 result was 64.1, above the maximum range of <br>62.8 and a significant improvement on the score of 60.9 in the prior <br>year. This score is a weighted, global aggregate made up of results <br>from Australia, Canada, Mongolia, New Zealand, South Africa, the UK <br>and the US.  | **Reputation** provides an indication of Rio Tinto's social licence within <br>the communities where we operate. The general public perception in <br>selected countries is reflected by a reputation score measured by <br>RepTrak. The 2025 result was 64.1, above the maximum range of <br>62.8 and a significant improvement on the score of 60.9 in the prior <br>year. This score is a weighted, global aggregate made up of results <br>from Australia, Canada, Mongolia, New Zealand, South Africa, the UK <br>and the US.  | **Local Voices** was introduced as a standalone measure in the <br>scorecard in 2025, representing a significant step forward in how we <br>evaluate and strengthen our social licence. The program provides asset <br>teams with valuable insights to build trust-based relationships with <br>communities by listening to their priorities and concerns and <br>responding in meaningful ways. In 2025, 80% of assets deploying Local <br>Voices shared community summaries within 4 months of <br>survey completion, resulting in target performance. <br>|
| **Fatality deduction** | **Fatality deduction** | **Fatality deduction** | **Fatality deduction** |
| A 10% deduction was applied to the overall STIP scorecard result, covering all components of the STIP scorecard, to reflect the tragic work-related <br>fatality in 2025.  | A 10% deduction was applied to the overall STIP scorecard result, covering all components of the STIP scorecard, to reflect the tragic work-related <br>fatality in 2025.  | A 10% deduction was applied to the overall STIP scorecard result, covering all components of the STIP scorecard, to reflect the tragic work-related <br>fatality in 2025.  | A 10% deduction was applied to the overall STIP scorecard result, covering all components of the STIP scorecard, to reflect the tragic work-related <br>fatality in 2025.  |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 134 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Performance review process for executives**

The Committee conducts annual performance reviews for all executives. The key objectives for the performance review process are to:

• improve organisational effectiveness by creating alignment between the executive's objectives, Rio Tinto's strategy, the individual's

leadership behaviours and the company's values

• provide a consistent, transparent and balanced approach to measure, recognise and reward executive performance.

The Chief Executive conducts the review for members of the Executive Committee and recommends the performance outcomes to the Committee.

The Chief Executive's performance is assessed by the Chair of the Board and is discussed and considered with the Committee and the Board.

Performance reviews for all executives took place in 2025 and early 2026.

**Commentary on individual performance** 

**Simon Trott**

Individual STIP multiplier outcome: +25% multiplier applied.

---

| | |
|:---|:---|
| **Strategic objectives** | **Performance assessment** |
| **Best Operator**<br>Strong financial performance <br>and prioritisation of Best <br>Operator to enhance <br>competitiveness<br>(Outcome: Above target)<br>| •Rolled out a transformative operating model and restructured the executive team to drive the company's next chapter of growth.<br>•Simplified the product group structure to 3 world class businesses: Aluminium & Lithium, Copper and Iron Ore.<br>•Achieved record production in the Pilbara in the second half of 2025, demonstrating exceptional operational recovery and <br>resilience following the significant disruptions from the cyclones in Q1.<br>•Copper production achieved strong full-year results, supported by a robust second-half performance.<br>•Exceeded full-year targets for bauxite production, driven by sustained performance above nameplate capacity at Amrun.<br>|
| **Impeccable ESG**<br>Maintain relentless focus on <br>safety, and advance our <br>decarbonisation strategy<br>(Outcome: Above target)<br>| •Progressed the pathway for achieving a 50% reduction in Scope 1 and 2 emissions by 2030 with strong progress in advancing <br>viable solutions for our Pacific Aluminium smelters (Boyne Smelters Limited and Tomago), which will be critical for achieving <br>our ambitions.<br>•Launched trial of battery swap electric haul truck technology at Oyu Tolgoi in Mongolia with China's State Power Investment <br>Corporation.<br>•Successful start-up of ELYSIS<sup>TM</sup> 450 kiloampere designed inert anode cell, a defining moment in the transition toward large-<br>scale, low-carbon aluminium production.<br>•First copper produced at Johnson Camp Mine in Arizona using Nuton technology, Rio Tinto's proprietary bioleaching <br>technology.<br>|
| **Excel in Development**<br>Grow and diversify our portfolio<br>(Outcome: Above target)<br>| •All necessary state and federal government approvals received to develop the West Angelas Sustaining Project.<br>•Implementation of Iron Ore product strategy.<br>•Feasibility study commenced at Rhodes Ridge, one of the world's best undeveloped iron ore deposits.<br>•Integration of Rio Tinto Lithium progressed as planned.<br>•First ore shipped from Simandou operations in Guinea, Africa's largest greenfield integrated mine and infrastructure project.<br>|
| **Social Licence**<br>Improve our social licence to <br>operate by strengthening <br>engagement with key <br>stakeholders<br>(Outcome: Above target)<br>| •Comprehensive external stakeholder engagement program undertaken in key jurisdictions.<br>•Maintained commitments to local communities, strong sustainability and social licence, including Indigenous and local <br>procurement spend.<br>•First modernised Traditional Owner agreement signed with Karlka Nyiyaparli Aboriginal Corporation.<br>•Interim modernised agreement signed with Yinhawangka Aboriginal Corporation.<br>•Extensive collaboration with local stakeholders on futures of Tomago and Boyne Smelters in Australia.<br>|

---

**Jakob Stausholm**

Individual STIP multiplier outcome: Not applied

---

| | |
|:---|:---|
| **Strategic objectives** | **Performance assessment** |
| **Best Operator**<br>Strong financial performance <br>and prioritisation of Best <br>Operator to enhance <br>competitiveness<br>(Outcome: At target)<br>| •Delivered progress towards stable operating performance in line with long-term strategy to deliver profitable growth and build a <br>stronger, more diversified business.<br>•Achieved H1 record performance in bauxite production and from our Oyu Tolgoi copper mine in Mongolia.<br>•Officially opened Western Range in the year, enabling work to continue to progress at Brockman Syncline 1 and <br>commencement of construction works at Hope Downs 2.<br>•Key contribution in enabling a seamless transition, providing thoughtful guidance and unwavering support which was <br>instrumental in maintaining momentum through Q4.<br>|
| **Impeccable ESG**<br>Maintain relentless focus on <br>safety, and advance our <br>decarbonisation strategy<br>(Outcome: At target)<br>| •Delivered a 0.2 Mt CO₂e reduction in adjusted Scope 1 and 2 emissions in 2025, despite higher underlying emissions arising <br>from increased production.<br>•Delivered 3rd tranche of our Gladstone operations energy solution, signing 2 new agreements on provision of solar and battery <br>storage capacity.<br>|
| **Excel in Development**<br>Grow and diversify our portfolio<br>(Outcome: Above target)<br>| •Completed acquisition of Arcadium Lithium plc.<br>•Signed binding agreements with Codelco to form a joint venture to develop and operate a lithium project in Salar de Maricunga.<br>•Signed a binding agreement with Empresa Nacional de Minería to form a joint venture to develop the Salares Altoandinos <br>Lithium project in Chile.<br>|
| **Social Licence**<br>Improve our social licence to <br>operate by strengthening <br>engagement with key <br>stakeholders<br>(Outcome: At target)<br>| •Signed a Co-Management Agreement with the Puutu Kunti Kurrama and Pinikura (PKKP) Aboriginal Corporation to support a <br>lasting and trusted partnership, and the overarching framework for Rio Tinto's iron ore operations on PKKP Country.<br>•Supported targeted stakeholder engagement in the final quarter of the year, including with the US Business Council and the <br>European Roundtable.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 135 | riotinto.com |

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Directors' report \| Remuneration report \| Implementation report

**Peter Cunningham**

Individual STIP multiplier outcome: Not applied

---

| | |
|:---|:---|
| **Strategic objectives** | **Performance assessment** |
| **Best Operator**<br>Strong financial performance <br>and prioritisation of Best <br>Operator to enhance <br>competitiveness<br>(Outcome: Above target)<br>| •Led a detailed review of the Group's financial performance to identify opportunities to materially improve financials. <br>•Successfully integrated the business improvement agenda into the planning process.<br>•Restructured parts of the Finance organisation to support improved performance. <br>•Led improvement work around the Group's risk management framework and preparations for enhanced external risk <br>management reporting. <br>•Ensured capital discipline around the Group's overall level of capital expenditure. <br>|
| **Impeccable ESG**<br>Maintain relentless focus on <br>safety, and advance our <br>decarbonisation strategy<br>(Outcome: At target)<br>| •Financially strengthened the decarbonisation pathway by leveraging third-party investment without compromising on achieving <br>the 2030 target for 50% reduction. <br>•Projects progressed, including phase 3 of repowering Boyne Smelter; progress towards execution of power purchase <br>agreements (PPAs) in the Pilbara, Richards Bay Minerals and Kennecott; and commencement of execution at several major <br>projects.<br>|
| **Excel in Development**<br>Grow and diversify our portfolio<br>(Outcome: At target)<br>| •Led a successful strategy review in 2025 and the development of the subsequent communications to the market at the Capital <br>Markets Day. <br>•Oversaw the financial evaluation and execution of the Arcadium Lithium plc acquisition, ensuring disciplined valuation and <br>executing funding for the transaction.<br>•Played a key role in critical capital allocation decisions. <br>•Supported the Board's response to the resolution at the 2025 AGMs with respect to an independent review of the Group's dual-<br>listed structure.<br>|
| **Social Licence**<br>Improve our social licence to <br>operate by strengthening <br>engagement with key <br>stakeholders<br>(Outcome: At target)<br>| •Enhanced enterprise-wide risk review systems to integrate social licence considerations into capital allocation and <br>project planning. <br>•Active participation in CFO Roundtable events fostering dialogue with government representatives, financial institutions and <br>local business owners on sustainable business practice and local economic development.<br>•Engagement with external government and regulatory leaders to uphold sustainable business practices and address complex <br>financial matters.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 136 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**2026 short-term incentive plan**

This section outlines the operation of the 2026 STIP. For 2026, the STIP scorecard has increased the weight of the safety measure and

retained focus on key short-term decarbonisation elements.

**2026 short-term incentive plan measures and weightings**

---

| | | | |
|:---|:---|:---|:---|
| **Financial scorecard dimension** | **Weighting** | **What does it measure?** | **Commentary** |
| **Underlying EBITDA**<br>**Unflexed**<br>| 12.5% | Underlying EBITDA is an alternative <br>performance measure and represents profit <br>before tax, net finance items, depreciation and <br>amortisation.<br>| Underlying EBITDA is the prominent financial measure of underlying <br>business performance on an income statement basis. The core <br>objectives of robust operational performance and disciplined cost <br>management are well reflected in underlying EBITDA. The <br>underlying EBITDA target for STIP purposes is based on the <br>Group's annual plan, calibrated to reflect production guidance <br>communicated at the start of the year.<br>|
| **Underlying EBITDA**<br>**Flexed**<br>| 12.5% | Underlying EBITDA, adjusted for the impact of <br>commodity prices and foreign exchange rates.<br>| Removing the impact of commodity prices and foreign exchange <br>rates gives us a stronger indication of the underlying EBITDA <br>outcome of our underlying business performance, aligned to the <br>core objective of operational excellence. <br>|
| **STIP free cash flow**<br>**Unflexed**<br>| 12.5% | STIP free cash flow comprises free cash flow <br>adjusted to exclude dividends paid to holders <br>of non-controlling interests in subsidiaries and <br>development capital expenditure (including <br>development capital expenditure on <br>decarbonisation projects).<br>| STIP free cash flow demonstrates how we convert underlying <br>EBITDA to cash and provides further insight into how we are <br>managing efficiency and productivity, including working capital and <br>sustaining capital. The STIP free cash flow target is based on the <br>Group's annual plan, calibrated to reflect production guidance <br>communicated at the start of the year.<br>|
| **STIP free cash flow**<br>**Flexed**<br>| 12.5% | STIP free cash flow, adjusted for the impact of <br>commodity prices and foreign exchange rates.<br>| Removing the impact of commodity prices and foreign exchange <br>rates gives us a stronger indication of the free cash flow outcome of <br>our underlying business performance, aligned to the core objective <br>of operational excellence.<br>|
| **Total weighting** | **50%** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Strategic scorecard dimension** | **Weighting** | **What does it measure?** | **Commentary** |
| **People and Safety (25%)** |  |  |  |
| **Gender representation** | 5% | Strengthening inclusive leadership and talent <br>practices, as reflected in improved gender <br>representation outcomes at Rio Tinto.<br>| These remain an important contributor to advancing our culture-<br>change agenda. Using trends in responses and scores from our <br>engagement survey, we also demonstrate to what extent our <br>culture is changing. Both of these are important factors as we <br>continue to transform our culture*.* |
| **Culture change** | 5% | Measuring progress in our culture-change <br>journey.<br>| These remain an important contributor to advancing our culture-<br>change agenda. Using trends in responses and scores from our <br>engagement survey, we also demonstrate to what extent our <br>culture is changing. Both of these are important factors as we <br>continue to transform our culture*.* |
| **Safety index** | 15% | AIFR as a lag indicator and a Safety Maturity <br>extract from the Integrated Maturity Model <br>which was introduced to reinforce the link <br>between strong safety performance, <br>well-maintained assets and operational <br>excellence. Conformance to GISTM is set <br>as an underpin.<br>| Safety is at the heart of everything we do. The safety index <br>provides focus on the importance of continuing to embed and <br>strengthen our safety culture.<br>|
| **Excel in Development (10%)** | **Excel in Development (10%)** |  |  |
| **Exploration, studies and** <br>**project execution**<br>| 10% | Performance in exploration, studies and <br>project delivery.<br>| Exploration, studies and project execution identifies <br>opportunities for growth and enhancing orebody reserves across <br>our portfolio, while keeping focus on the importance of executing <br>to time and budget.<br>|
| **Sustainability and Social** <br>**Licence (15%)**<br>|  |  |  |
| **Decarbonisation** | 5% | Progress of moving carbon abatement <br>projects through the various stages of <br>development all the way to execution to <br>meet our decarbonisation ambition.<br>| Provides focus on progressing at pace and optimising the <br>resource deployment of decarbonisation projects. <br>|
| **Reputation** | 5% | Indicators of Rio Tinto's social licence across a <br>broad set of stakeholders, including, but not <br>only, communities, governments, customers, <br>suppliers and civil society. <br>| General public perception through a reputation score and local <br>community perception, measured through the Voconiq Local <br>Voices program. These social licence measures continue to <br>form a key part of our strategy to build trust and meaningful <br>relationships with our external stakeholders and communities <br>neighbouring our operations. |
| **Meaningful Engagement -** <br>**Local Voices**<br>| 5% | Community perception of meaningful <br>engagement - how communities perceive our <br>decision-making processes, including whether <br>they are respectful, transparent, inclusive and <br>responsive to local values.<br>| General public perception through a reputation score and local <br>community perception, measured through the Voconiq Local <br>Voices program. These social licence measures continue to <br>form a key part of our strategy to build trust and meaningful <br>relationships with our external stakeholders and communities <br>neighbouring our operations. |
| **Total weighting** | **50%** |  |  |

---

A fatality deduction of at least 10% will be applied in the event of work-related fatalities. This deduction, combined with the higher 15%

weighting of the safety index, ensures the prominence of safety in the STIP structure. The specific targets for the 2026 STIP are considered

by the Board to be commercially sensitive and will be disclosed alongside the outturn retrospectively in the 2026 Implementation report.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 137 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Long-term incentive plan**

PSA granted in 2021 were based on 2 performance conditions, both measured over a 5-year performance period:

• TSR relative to the EMIX Global Mining Index – 50%

• TSR relative to the MSCI World Index – 50%

**Calculation of 2021 PSA vesting**

The dual TSR measures recognise that the company competes in the global market for investors as well as within the mining sector, and

rewards executives for returns over the long term that outperform both the broader market and the mining sector. Over the 5-year

performance period to 31 December 2025, Rio Tinto's TSR was 66.4%, which was below the TSR of both indices, resulting in a below

threshold outcome and nil vesting.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index** | **Threshold**<br>**(22.5% of maximum)**<br>| **Maximum**<br>**(100% of maximum)**<br>| **Actual TSR**<br>**performance**<br>| **Weighting** | **Vesting**<br>**outcome**<br>|
| S&P Global Mining Index<sup>1</sup> | Equal to Index | Above index by 6% p.a. | Below index by 5.5% p.a. | 50% | 0% |
| MSCI World Index | Equal to Index | Above index by 6% p.a. | Below index by 6.0% p.a. | 50% | 0% |

---

1. The EMIX Global Mining Index was decommissioned on 31 July 2023 and therefore it was necessary to identify a replacement index for the remainder of the performance period. The

Committee considered a range of alternative indices and determined that S&P's replacement index (the S&P Global Mining Index) was the most suitable, given the overlap in

constituents and close correlation in performance. TSR performance was calculated by our independent remuneration consultants tracking the EMIX Global Mining Index to 31 July 2023

and the S&P Global Mining Index thereafter. This methodology will apply to all relevant outstanding PSA.

For reference, the 2020 PSA vested at 12.75% on 20 February 2025 at Rio Tinto plc and Rio Tinto Limited share prices of £50.76 and

A$119.66 respectively (closing share price on the day prior to vesting). Dividend equivalents for the Executive Directors were equal to 40% of

the vested awards.

**Long-term incentive plan awards granted in 2025**

These awards are subject to TSR performance relative to the constituents of the S&P Global Mining Index (53.3%) and MSCI World Index

(26.7%), and a decarbonisation scorecard (20%) as set out in the Performance measures section below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive Director** | **Type of** <br>**award**<br>| **Grant date** | **Face value**<br>**of award**<br>**(% of base** <br>**salary)**<br>| **Face value** <br>**of award**<br>**('000)**<br>| **% of vesting**<br>**at threshold**<br>**performance**<br>| **Grant** <br>**price**<sup>1</sup><br>| **Conditional**<br>**shares**<br>**awarded**<br>| **End of the period**<br>**over which the**<br>**performance**<br>**conditions have to**<br>**be fulfilled**<br>| **End of holding** <br>**period**<br>|
| Simon Trott | PSA | 19 March 2025 | 500% | A$7,040 | 22.5% | A$121.69 | 57851 | 31 December 2027 | February 2030 |
| Jakob Stausholm | PSA | 19 March 2025 | 500% | £7,054 | 22.5% | £51.35 | 137361 | 31 December 2027 | February 2030 |
| Peter Cunningham | PSA | 19 March 2025 | 500% | £3,918 | 22.5% | £51.35 | 76299 | 31 December 2027 | February 2030 |

---

1. In line with the Policy, the grant price for PSA is determined by reference to the average share price for the financial year prior to the year of grant. The grant price of £51.35 and

A$121.69 represents the Rio Tinto plc and Rio Tinto Limited average share prices for 2024.

**Long-term incentive plan awards due to be granted in 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive Director** | **Type of** <br>**award**<br>| **Face value**<br>**of award**<br>**(% of base** <br>**salary)**<br>| **Face value**<br>**of award**<br>**('000)**<br>| **% of vesting**<br>**at threshold**<br>**performance**<br>| **Grant** <br>**price**<sup>1</sup><br>| **Conditional**<br>**shares to be**<br>**awarded**<br>| **End of the period**<br>**over which the** <br>**performance**<br>**conditions have to**<br>**be fulfilled**<br>| **End of holding** <br>**period**<br>|
| Simon Trott | PSA | 500% | £7,035 | 22.5% | £48.18 | 146011 | 31 December 2028 | February 2031 |
| Peter Cunningham | PSA | 500% | £4,024 | 22.5% | £48.18 | 83518 | 31 December 2028 | February 2031 |

---

1. In line with Policy, and as we have done since 1998, awards are calculated using the average share price over the previous financial year to mitigate the impact of short-term volatility in

the share price. The PSA granted in 2026 will therefore be calculated using the average share price for Rio Tinto plc over 2025, which was £48.18.

**Performance measures**

For PSA granted in 2025 and 2026, 80% of the award is based on relative TSR measured on a weighted ranked basis, with two-thirds of the

TSR element measured relative to sector peers (constituents of the S&P Global Mining Index) and one-third measured against a broader

market reference point (constituents of the MSCI World Index). The remaining 20% of the awards will be based on strategic measures,

which, for PSA granted in 2025, are linked to decarbonisation and, for PSA to be granted in 2026, will be assessed against both

decarbonisation progress and achievement against broader strategic objectives.

---

| | | | |
|:---|:---|:---|:---|
| **Performance measures** | **Threshold**<br>**(22.5% of maximum)**<br>| **Maximum**<br>**(100% of maximum)**<br>| **Weighting for 2025 and** <br>**2026 awards**<br>|
| Relative TSR vs constituents of the S&P Global Mining Index | Median | Upper quartile | 53.3% |
| Relative TSR vs constituents of the MSCI World Index | Median | Upper quartile | 26.7% |
| Strategic scorecard | see page [139](#i7c04024423194a03919441e1556a4e09_35058) | see page [139](#i7c04024423194a03919441e1556a4e09_35058) | 20.0% |

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 138 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Decarbonisation (LTIP awards granted in 2024 and 2025)**

Given the scale and complexity of our emissions portfolio, our decarbonisation ambitions, and the multi-year nature of this transition,

performance and progress will be assessed through a balanced scorecard approach. This scorecard incorporates a combination of metrics

designed to capture both opportunities and risks associated with the energy transition, with the aim of incentivising long-term competitive

advantage. The balanced scorecard comprises equally weighted elements assessed over a 3-year performance period.

Measures and targets for the 2024 and 2025 awards, including an update on performance tracking, are summarised below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Residual emissions** | **Residual emissions** | **Residual emissions** |  | **5% weighting** |
| **Measure and targets** | **Measure and targets** | **Measure and targets** | **Progress** |  |
| Assesses reduction in Scope 1 and 2 emissions. Targets are aligned to the Group's 2030 ambition of <br>delivering a 50% reduction relative to our 2018 baseline, with the maximum outcome consistent with the <br>linear trajectory required to meet this goal. When assessing performance, the relative contribution of <br>nature-based offsets will be capped at 10% of the reduction. Any contribution from offsets will be <br>disregarded for outcomes that exceed target. | Assesses reduction in Scope 1 and 2 emissions. Targets are aligned to the Group's 2030 ambition of <br>delivering a 50% reduction relative to our 2018 baseline, with the maximum outcome consistent with the <br>linear trajectory required to meet this goal. When assessing performance, the relative contribution of <br>nature-based offsets will be capped at 10% of the reduction. Any contribution from offsets will be <br>disregarded for outcomes that exceed target. | Assesses reduction in Scope 1 and 2 emissions. Targets are aligned to the Group's 2030 ambition of <br>delivering a 50% reduction relative to our 2018 baseline, with the maximum outcome consistent with the <br>linear trajectory required to meet this goal. When assessing performance, the relative contribution of <br>nature-based offsets will be capped at 10% of the reduction. Any contribution from offsets will be <br>disregarded for outcomes that exceed target. | **2024-2026 - tracking around threshold**<br>Projected net reduction of 4.1 Mt over the <br>performance period, including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade.<br>**2025-2027 - tracking below threshold**<br>Projected net reduction of 1.8 Mt over the <br>performance period including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade. | **2024-2026 - tracking around threshold**<br>Projected net reduction of 4.1 Mt over the <br>performance period, including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade.<br>**2025-2027 - tracking below threshold**<br>Projected net reduction of 1.8 Mt over the <br>performance period including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade. |
| **Threshold**<br>**(22.5% of maximum)**<br>| **Target**<br>**(50% of maximum)**<br>| **Maximum**<br>**(100% of maximum)**<br>| **2024-2026 - tracking around threshold**<br>Projected net reduction of 4.1 Mt over the <br>performance period, including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade.<br>**2025-2027 - tracking below threshold**<br>Projected net reduction of 1.8 Mt over the <br>performance period including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade. | **2024-2026 - tracking around threshold**<br>Projected net reduction of 4.1 Mt over the <br>performance period, including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade.<br>**2025-2027 - tracking below threshold**<br>Projected net reduction of 1.8 Mt over the <br>performance period including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade. |
| 3.95 Mt CO2e | 5.52 Mt CO2e | 7.1 Mt CO2e | **2024-2026 - tracking around threshold**<br>Projected net reduction of 4.1 Mt over the <br>performance period, including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade.<br>**2025-2027 - tracking below threshold**<br>Projected net reduction of 1.8 Mt over the <br>performance period including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade. | **2024-2026 - tracking around threshold**<br>Projected net reduction of 4.1 Mt over the <br>performance period, including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade.<br>**2025-2027 - tracking below threshold**<br>Projected net reduction of 1.8 Mt over the <br>performance period including nature-based <br>offsets. Projected emissions reductions to <br>2030 are expected to be weighted to the end of <br>the decade. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Project delivery** | **Project delivery** | **Project delivery** |  | **5% weighting** |
| **Measure and targets** | **Measure and targets** | **Measure and targets** | **Progress** |  |
| Successful delivery of abatement projects that are fundamental to achieving our decarbonisation <br>objectives. Each year capex-funded priority decarbonisation projects will be identified for which <br>investment approval has or will be granted. At the end of the 3-year performance period, each project will <br>be evaluated for conformance to its approved plan in terms of both spend and schedule. A score out of 10 <br>will be assigned to each project based on a predetermined framework. | Successful delivery of abatement projects that are fundamental to achieving our decarbonisation <br>objectives. Each year capex-funded priority decarbonisation projects will be identified for which <br>investment approval has or will be granted. At the end of the 3-year performance period, each project will <br>be evaluated for conformance to its approved plan in terms of both spend and schedule. A score out of 10 <br>will be assigned to each project based on a predetermined framework. | Successful delivery of abatement projects that are fundamental to achieving our decarbonisation <br>objectives. Each year capex-funded priority decarbonisation projects will be identified for which <br>investment approval has or will be granted. At the end of the 3-year performance period, each project will <br>be evaluated for conformance to its approved plan in terms of both spend and schedule. A score out of 10 <br>will be assigned to each project based on a predetermined framework. | **2024-2026 - tracking around threshold**<br>4 projects have been included in the assessment of <br>this metric and 3 of these remain largely on track for <br>both cost and schedule, noting one project has been <br>paused to resolve technical and design challenges. <br>**2025-2027 - tracking at maximum**<br>One project is included in the assessment of this <br>metric which is on track from a budget and schedule <br>perspective. | **2024-2026 - tracking around threshold**<br>4 projects have been included in the assessment of <br>this metric and 3 of these remain largely on track for <br>both cost and schedule, noting one project has been <br>paused to resolve technical and design challenges. <br>**2025-2027 - tracking at maximum**<br>One project is included in the assessment of this <br>metric which is on track from a budget and schedule <br>perspective. |
| **Threshold**<br>**(22.5% of maximum)**<br>| **Target**<br>**(50% of maximum)**<br>| **Maximum**<br>**(100% of maximum)**<br>| **2024-2026 - tracking around threshold**<br>4 projects have been included in the assessment of <br>this metric and 3 of these remain largely on track for <br>both cost and schedule, noting one project has been <br>paused to resolve technical and design challenges. <br>**2025-2027 - tracking at maximum**<br>One project is included in the assessment of this <br>metric which is on track from a budget and schedule <br>perspective. | **2024-2026 - tracking around threshold**<br>4 projects have been included in the assessment of <br>this metric and 3 of these remain largely on track for <br>both cost and schedule, noting one project has been <br>paused to resolve technical and design challenges. <br>**2025-2027 - tracking at maximum**<br>One project is included in the assessment of this <br>metric which is on track from a budget and schedule <br>perspective. |
| Average score of at least 6 out of <br>10 being less than 25% deviation <br>from planned cost and schedule<br>| Average score of at least 8 out of <br>10 being less than 15% deviation <br>from planned cost and schedule<br>| Average score of at least 9 out of <br>10 being less than 10% deviation <br>from planned cost and schedule<br>| **2024-2026 - tracking around threshold**<br>4 projects have been included in the assessment of <br>this metric and 3 of these remain largely on track for <br>both cost and schedule, noting one project has been <br>paused to resolve technical and design challenges. <br>**2025-2027 - tracking at maximum**<br>One project is included in the assessment of this <br>metric which is on track from a budget and schedule <br>perspective. | **2024-2026 - tracking around threshold**<br>4 projects have been included in the assessment of <br>this metric and 3 of these remain largely on track for <br>both cost and schedule, noting one project has been <br>paused to resolve technical and design challenges. <br>**2025-2027 - tracking at maximum**<br>One project is included in the assessment of this <br>metric which is on track from a budget and schedule <br>perspective. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Technology development** | **Technology development** | **Technology development** |  | **5% weighting** |
| **Measure and targets** | **Measure and targets** | **Measure and targets** | **Progress** |  |
| Assessing technology advancement and research and development breakthroughs by measuring Group <br>research and development spend, and the successful implementation of projects that have a meaningful <br>impact on the abatement of emissions (including spend associated with reducing Scope 3 emissions). | Assessing technology advancement and research and development breakthroughs by measuring Group <br>research and development spend, and the successful implementation of projects that have a meaningful <br>impact on the abatement of emissions (including spend associated with reducing Scope 3 emissions). | Assessing technology advancement and research and development breakthroughs by measuring Group <br>research and development spend, and the successful implementation of projects that have a meaningful <br>impact on the abatement of emissions (including spend associated with reducing Scope 3 emissions). | **2024-2026 - tracking at target**<br>Spend on research and development is tracking <br>within target range, with projects expected to <br>proceed into implementation later in the <br>performance period delivering annual abatement <br>over 500 kt.<br>**2025-2027 - tracking at threshold**<br>Projects expected to proceed into implementation <br>later in the performance period are delivering <br>annual abatement over 500 kt, however spend on <br>research and development is tracking below <br>target. | **2024-2026 - tracking at target**<br>Spend on research and development is tracking <br>within target range, with projects expected to <br>proceed into implementation later in the <br>performance period delivering annual abatement <br>over 500 kt.<br>**2025-2027 - tracking at threshold**<br>Projects expected to proceed into implementation <br>later in the performance period are delivering <br>annual abatement over 500 kt, however spend on <br>research and development is tracking below <br>target. |
| **Threshold**<br>**(22.5% of maximum)**<br>| **Target**<br>**(50% of maximum)**<br>| **Maximum**<br>**(100% of maximum)**<br>| **2024-2026 - tracking at target**<br>Spend on research and development is tracking <br>within target range, with projects expected to <br>proceed into implementation later in the <br>performance period delivering annual abatement <br>over 500 kt.<br>**2025-2027 - tracking at threshold**<br>Projects expected to proceed into implementation <br>later in the performance period are delivering <br>annual abatement over 500 kt, however spend on <br>research and development is tracking below <br>target. | **2024-2026 - tracking at target**<br>Spend on research and development is tracking <br>within target range, with projects expected to <br>proceed into implementation later in the <br>performance period delivering annual abatement <br>over 500 kt.<br>**2025-2027 - tracking at threshold**<br>Projects expected to proceed into implementation <br>later in the performance period are delivering <br>annual abatement over 500 kt, however spend on <br>research and development is tracking below <br>target. |
| 0.2% of Group revenue on <br>decarbonisation research and <br>development spend. At least 1 <br>project into implementation totalling <br>250 kt annual abatement<br>| 0.4% of Group revenue on <br>decarbonisation research and <br>development spend. At least 1 <br>project into implementation totalling <br>500 kt annual abatement<br>| 0.5% of Group revenue on <br>decarbonisation research and <br>development spend. At least 2 <br>projects into implementation <br>totalling 750 kt annual abatement<br>| **2024-2026 - tracking at target**<br>Spend on research and development is tracking <br>within target range, with projects expected to <br>proceed into implementation later in the <br>performance period delivering annual abatement <br>over 500 kt.<br>**2025-2027 - tracking at threshold**<br>Projects expected to proceed into implementation <br>later in the performance period are delivering <br>annual abatement over 500 kt, however spend on <br>research and development is tracking below <br>target. | **2024-2026 - tracking at target**<br>Spend on research and development is tracking <br>within target range, with projects expected to <br>proceed into implementation later in the <br>performance period delivering annual abatement <br>over 500 kt.<br>**2025-2027 - tracking at threshold**<br>Projects expected to proceed into implementation <br>later in the performance period are delivering <br>annual abatement over 500 kt, however spend on <br>research and development is tracking below <br>target. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Transition strategy** | **Transition strategy** | **Transition strategy** |  | **5% weighting** |
| **Measure and targets** | **Measure and targets** | **Measure and targets** | **Progress** |  |
| This measure aligns decarbonisation activity with our value creation strategy, focusing on building new <br>capabilities and commitments towards future growth assets. During the 2024-2026 performance period, the <br>focus areas include Pacific Operations (PacOps) decarbonisation, aluminium recycling and ELYSIS<sup>TM</sup> <br>implementation. For 2025-2027, the measures cover PacOps decarbonisation, aluminium recycling and lithium <br>growth. Any initiative retained on the scorecard across multiple years will be assessed solely on performance <br>achieved within the relevant performance period. | This measure aligns decarbonisation activity with our value creation strategy, focusing on building new <br>capabilities and commitments towards future growth assets. During the 2024-2026 performance period, the <br>focus areas include Pacific Operations (PacOps) decarbonisation, aluminium recycling and ELYSIS<sup>TM</sup> <br>implementation. For 2025-2027, the measures cover PacOps decarbonisation, aluminium recycling and lithium <br>growth. Any initiative retained on the scorecard across multiple years will be assessed solely on performance <br>achieved within the relevant performance period. | This measure aligns decarbonisation activity with our value creation strategy, focusing on building new <br>capabilities and commitments towards future growth assets. During the 2024-2026 performance period, the <br>focus areas include Pacific Operations (PacOps) decarbonisation, aluminium recycling and ELYSIS<sup>TM</sup> <br>implementation. For 2025-2027, the measures cover PacOps decarbonisation, aluminium recycling and lithium <br>growth. Any initiative retained on the scorecard across multiple years will be assessed solely on performance <br>achieved within the relevant performance period. | **2024-2026 - tracking above threshold**<br>Progress has been made on the PacOps repowering <br>strategy, with new power purchase agreements <br>signed in the year. Discussions on both Tomago and <br>BSL repowering solutions are continuing. <br>For ELYSIS™ implementation, our Arvida smelter in <br>Canada remains on track to achieve capacity to <br>produce up to 2,500 tonnes of commercial quality <br>aluminium without direct greenhouse gas emissions <br>from 2027. We are seeing lower recycling volumes <br>at Matalco, primarily due to external market factors.<br>**2025-2027 - tracking around target**<br>Progress for PacOps remains broadly aligned with <br>the 2024-2026 period. Matalco volumes remain <br>lower than plan. For Lithium growth, based on the <br>2025 volumes and assuming similar performance <br>trends, outcomes are expected to be at plan. | **2024-2026 - tracking above threshold**<br>Progress has been made on the PacOps repowering <br>strategy, with new power purchase agreements <br>signed in the year. Discussions on both Tomago and <br>BSL repowering solutions are continuing. <br>For ELYSIS™ implementation, our Arvida smelter in <br>Canada remains on track to achieve capacity to <br>produce up to 2,500 tonnes of commercial quality <br>aluminium without direct greenhouse gas emissions <br>from 2027. We are seeing lower recycling volumes <br>at Matalco, primarily due to external market factors.<br>**2025-2027 - tracking around target**<br>Progress for PacOps remains broadly aligned with <br>the 2024-2026 period. Matalco volumes remain <br>lower than plan. For Lithium growth, based on the <br>2025 volumes and assuming similar performance <br>trends, outcomes are expected to be at plan. |
| **Threshold**<br>**(22.5% of maximum)**<br>| **Target**<br>**(50% of maximum)**<br>| **Maximum**<br>**(100% of maximum)**<br>| **2024-2026 - tracking above threshold**<br>Progress has been made on the PacOps repowering <br>strategy, with new power purchase agreements <br>signed in the year. Discussions on both Tomago and <br>BSL repowering solutions are continuing. <br>For ELYSIS™ implementation, our Arvida smelter in <br>Canada remains on track to achieve capacity to <br>produce up to 2,500 tonnes of commercial quality <br>aluminium without direct greenhouse gas emissions <br>from 2027. We are seeing lower recycling volumes <br>at Matalco, primarily due to external market factors.<br>**2025-2027 - tracking around target**<br>Progress for PacOps remains broadly aligned with <br>the 2024-2026 period. Matalco volumes remain <br>lower than plan. For Lithium growth, based on the <br>2025 volumes and assuming similar performance <br>trends, outcomes are expected to be at plan. | **2024-2026 - tracking above threshold**<br>Progress has been made on the PacOps repowering <br>strategy, with new power purchase agreements <br>signed in the year. Discussions on both Tomago and <br>BSL repowering solutions are continuing. <br>For ELYSIS™ implementation, our Arvida smelter in <br>Canada remains on track to achieve capacity to <br>produce up to 2,500 tonnes of commercial quality <br>aluminium without direct greenhouse gas emissions <br>from 2027. We are seeing lower recycling volumes <br>at Matalco, primarily due to external market factors.<br>**2025-2027 - tracking around target**<br>Progress for PacOps remains broadly aligned with <br>the 2024-2026 period. Matalco volumes remain <br>lower than plan. For Lithium growth, based on the <br>2025 volumes and assuming similar performance <br>trends, outcomes are expected to be at plan. |
| Average score of at least 6 out of <br>10, representing more limited <br>progress<br>| Average score of at least 8 out of 10, <br>representing good progress towards <br>strategic goals, some areas of <br>outperformance, substantially <br>achieved or on track to deliver major <br>objectives, or progress with no major <br>failures or impacts on broader <br>performance of the Group<br>| Average score of at least 9 out of <br>10, representing significant <br>outperformance of expectations, <br>implementation achieved or a <br>major new advancement with <br>scope for material benefits<br>| **2024-2026 - tracking above threshold**<br>Progress has been made on the PacOps repowering <br>strategy, with new power purchase agreements <br>signed in the year. Discussions on both Tomago and <br>BSL repowering solutions are continuing. <br>For ELYSIS™ implementation, our Arvida smelter in <br>Canada remains on track to achieve capacity to <br>produce up to 2,500 tonnes of commercial quality <br>aluminium without direct greenhouse gas emissions <br>from 2027. We are seeing lower recycling volumes <br>at Matalco, primarily due to external market factors.<br>**2025-2027 - tracking around target**<br>Progress for PacOps remains broadly aligned with <br>the 2024-2026 period. Matalco volumes remain <br>lower than plan. For Lithium growth, based on the <br>2025 volumes and assuming similar performance <br>trends, outcomes are expected to be at plan. | **2024-2026 - tracking above threshold**<br>Progress has been made on the PacOps repowering <br>strategy, with new power purchase agreements <br>signed in the year. Discussions on both Tomago and <br>BSL repowering solutions are continuing. <br>For ELYSIS™ implementation, our Arvida smelter in <br>Canada remains on track to achieve capacity to <br>produce up to 2,500 tonnes of commercial quality <br>aluminium without direct greenhouse gas emissions <br>from 2027. We are seeing lower recycling volumes <br>at Matalco, primarily due to external market factors.<br>**2025-2027 - tracking around target**<br>Progress for PacOps remains broadly aligned with <br>the 2024-2026 period. Matalco volumes remain <br>lower than plan. For Lithium growth, based on the <br>2025 volumes and assuming similar performance <br>trends, outcomes are expected to be at plan. |

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The Committee will retain discretion in determining vesting outcomes and where required will adjust targets or baselines in relation to any

material changes to the portfolio, such as following acquisitions, divestments or closure.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 139 | riotinto.com |

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Directors' report \| Remuneration report \| Implementation report

**Strategic scorecard (LTIP awards granted in 2026)** 

The December 2025 Capital Markets Day unveiled a refreshed strategy with the aim of delivering industry-leading returns by implementing a

stronger, sharper and simpler way of working. The refreshed strategy has 3 strategic priorities focused on driving step change in

performance and returns for shareholders. These priorities place strategic focus around operational excellence, project execution and capital

discipline, with our ambitious decarbonisation goal of 50% emissions reductions remaining a key priority. For 2026, changes to the LTIP

strategic scorecard will be made to incentivise for progress against the 3 strategic priorities, while retaining the most critical and relevant

decarbonisation linked metrics.

The scorecard and scoring matrix that will apply to 20% of the 2026 LTIP awards and which will be assessed over a 3-year performance

period is set out below. The remaining 80% of the 2026 LTIP awards will continue to be subject to TSR measures.

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| | |
|:---|:---|
| **Strategic scorecard (20%)** | **Commentary** |
| **Decarbonisation -** <br>**Residual emissions (5%)**<br>| This provides a measure of actual reduction in Scope 1 and 2 emissions with targets set taking into account the Group's <br>stated ambition of a 50% reduction by 2030 (relative to our 2018 baseline). Achieving the maximum outcome would be <br>consistent with the linear trajectory required to meet this goal. <br>The Committee will take into account the relative contribution of nature-based offsets when assessing performance. <br>The contribution will be capped at 10% of the reduction. Any contribution from offsets will be disregarded for outcomes that <br>exceed target. <br>|
| **Decarbonisation -** <br>**Transition strategy (5%)**<br>| This measure aligns decarbonisation activity with our value creation strategy, specifically in building new capabilities or <br>commitments towards new growth assets. <br>For the 2026-2028 performance period, transition strategy outcomes that are significant to Group value were selected, with <br>PacOps decarbonisation, aluminium recycling and lithium growth chosen. As these initiatives have been retained on the <br>scorecard from prior years, they will be assessed solely on performance achieved within the relevant performance period. <br>At the end of the 3-year performance period, each transition strategy will be assigned a score out of 10 using a predetermined <br>framework and vesting will be determined based on the average score of the transition objectives. <br>|
| **Delivering Industry** <br>**Leading Value (10%)**<br>| This measure is directly linked to the objectives set out at the December 2025 Capital Markets Day. It will be based on goals <br>linked to Operational Excellence, Project Execution and Capital Discipline. The targets are linked to 3-year goals which <br>support delivery of long-term competitive advantage and shareholder value. <br>Operational Excellence objectives will be focused on achievement of enhanced production at lower cost. The specific factors <br>taken into account in the assessment would include delivery of cost reductions (both absolute and on average unit cost basis) <br>and delivery of consistent and sustained delivery of production volumes across each of our product groups. The Committee <br>would also consider more detailed aspects of performance, including relevant market context to capture the underlying <br>improvement in competitive positioning relative to the market. <br>The Project Execution and Capital Discipline aspects of the strategy will be captured via production improvements at key <br>growth initiatives (Oyu Tolgoi, Simandou and Rincon) that are critical to long-term growth, increases in return on capital <br>employed and improvements in working capital ratio and sustaining capital intensity. <br>At the end of the 3-year performance period, progress under the various elements will be given a score out of 10 using a <br>predetermined framework and vesting will be determined based on the overall score under this element. Although the detailed <br>objectives under this element are commercially sensitive, the Committee intends to provide enhanced disclosure regarding the <br>basis of vesting at the end of the performance period. <br>|

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| | | | |
|:---|:---|:---|:---|
|  | **Threshold** | **Target** | **Maximum** |
| **Decarbonisation - Residual emissions** <br>**(5%)**<br>Reduction in residual emissions relative to <br>2018 baseline <br>| 3.95 Mt CO2e | 5.52 Mt CO2e | 7.1 Mt CO2e |
| **Decarbonisation – Transition strategy** <br>**(5%)**<br>Alignment of decarbonisation activity with <br>value creation<br>| Average score – 6 out of 10 <br>•Good performance but with <br>more limited progress  | Average score – 8 out of 10 <br>•Good progress towards <br>strategic goals <br>•Some areas of outperformance <br>•Substantially achieved or on <br>track to deliver major objectives <br>•Progress with no major failures or <br>impacts on broader performance <br>of the Group  | Average score – at least 9 out <br>of 10<br>•Implementation achieved or a <br>major new advancement with <br>scope for material benefits <br>•Significant outperformance of <br>expectations |
| **Delivering Industry Leading Value (10%)**<br>Operational Excellence elements - enhanced <br>production at lower cost<br>Project Execution and Capital Discipline – <br>disciplined capex to invest in growth and <br>return opportunities <br>| Average score – 6 out of 10 <br>•Good performance but with <br>more limited progress  | Average score – 8 out of 10 <br>•Good progress towards <br>strategic goals <br>•Some areas of outperformance <br>•Substantially achieved or on <br>track to deliver major objectives <br>•Progress with no major failures or <br>impacts on broader performance <br>of the Group  | Average score – at least 9 out <br>of 10<br>•Implementation achieved or a <br>major new advancement with <br>scope for material benefits <br>•Significant outperformance of <br>expectations |

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 140 | riotinto.com |

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Directors' report \| Remuneration report \| Implementation report

**Executive Directors' shareholding**

In line with our share ownership policy, Executive Directors' shareholdings are set based on owning a fixed number of Rio Tinto shares,

which can be met through a holding of Rio Tinto plc shares, Rio Tinto Limited shares or a combination thereof.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive Director** | Year <br>requirement<br>to be met | **Effective holding of Rio Tinto plc ordinary shares** | **Effective holding of Rio Tinto plc ordinary shares** | **Effective holding of Rio Tinto plc ordinary shares** | **Effective holding of Rio Tinto Limited ordinary shares** | **Effective holding of Rio Tinto Limited ordinary shares** | **Effective holding of Rio Tinto Limited ordinary shares** | **% of** <br>**requirement** <br>**held** |
| **Executive Director** | Year <br>requirement<br>to be met | **Requirement** | **31 December 2025** | **31 December 2024** | **Requirement** | **31 December 2025** | **31 December 2024** | **% of** <br>**requirement** <br>**held** |
| Simon Trott | 2030 | **120000** | **7671** | **441** | **105000** | **38735** | **35354** | **43%** |
| Jakob Stausholm | 2025 | **120000** | **218410** | **193740** | **105000** | **–** | **–** | **182%** |
| Peter Cunningham | 2027 | **60000** | **87373** | **81601** | **50000** | **–** | **–** | **146%** |

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The shareholdings shown above include 50% of the number of unvested BDA held by each executive. We operate a post-employment

shareholding requirement for Executive Directors and Jakob Stausholm will be subject to this requirement for 2 years following his

termination of employment.

**Service contracts**

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| | | | |
|:---|:---|:---|:---|
| **Executive Director** | **Position held during 2025** | **Date of appointment to position** | **Notice period** |
| Simon Trott | Chief Executive | 25 August 2025 | 12 months |
| Jakob Stausholm | Chief Executive | 1 January 2021 | 12 months |
| Peter Cunningham | Chief Financial Officer | 17 June 2021 | 12 months |

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Either party can terminate their contract with notice in writing, or immediately in the case of the company by paying the base salary only in lieu of any

unexpired notice.

**Executives' external and other appointments**

None of the Executive Directors currently has an external directorship.

**Loss of office payments**

Jakob Stausholm stepped down from his role as an Executive Director and Chief Executive on 24 August 2025. His employment will cease at

the end of his 12 month notice period on 23 May 2026, and he will continue to receive his base salary and contractual benefits up to his

termination date, participating in the STIP for the 2025 performance period but not for 2026. He will also receive payment for any accrued

and unused annual leave in line with relevant legislation and policy. Outstanding LTIP and all-employee share awards will be treated in

accordance with eligible leaver provisions of each plan and in accordance with our Policy, with pro-rating for service where applicable. All

LTIP awards will vest on their normal vesting dates with the PSA remaining subject to achievement of applicable performance conditions. He

will remain subject to a 2-year post-employment shareholding requirement.

**Past director payments**

There were no payments to past directors in excess of the de minimis threshold of £15,000.

**Chief Executive's remuneration over time**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Chief Executive** | **Single total figure**<br>**of remuneration**<br>**('000)**<br>| **Annual STIP**<br>**award against**<br>**maximum opportunity**<br>| **Long-term incentive**<br>**vesting against maximum**<br>**opportunity (PSA)**<br>|
| 2016 | Sam Walsh<sup>1</sup> | A$5,772 | 68.2% | 50.5% |
| 2016 | Jean-Sébastien Jacques | £3,116 | 82.4% | 50.5% |
| 2017 | Jean-Sébastien Jacques | £3,821 | 73.4% | 66.7% |
| 2018 | Jean-Sébastien Jacques | £4,551 | 70.1% | 43.0% |
| 2019 | Jean-Sébastien Jacques | £5,999 | 74.8% | 76.0% |
| 2020 | Jean-Sébastien Jacques | £8,670 | 0.0% | 66.7% |
| 2021 | Jakob Stausholm<sup>2</sup> | £2,788 | 61.3% | 0.0% |
| 2022 | Jakob Stausholm | £5,010 | 48.7% | 100.0% |
| 2023 | Jakob Stausholm | £8,311 | 56.0% | 94.1% |
| 2024 | Jakob Stausholm<sup>3</sup> | £3,574 | 49.5% | 12.75% |
| 2025 | Jakob Stausholm<sup>4</sup> | £2,210 | 59.5% | 0.0% |
| 2025 | Simon Trott<sup>4</sup> | £1,878 | 74.4% | 0.0% |

---

1. STIP award and PSA vesting percentages restated following release from the deed of deferral as described in prior Directors' Remuneration reports.

2. Jakob Stausholm joined Rio Tinto in September 2018 and became Chief Executive on 1 January 2021. Therefore, he did not participate in the 2017 LTIP which vested at 66.7% of maximum.

3. The 2024 single total figure of remuneration for Jakob Stausholm reported in the 2024 Directors' Remuneration report was £3.564 million, based on the estimated value of the 2020 PSA

which vested at 12.75%. The single total figure of remuneration for 2024 shown above is restated and based on the actual vesting share price of £50.76.

4. Jakob Stausholm stepped down as Chief Executive on 24 August 2025 and Simon Trott became Chief Executive on 25 August 2025

The effect of performance on the value of shareholdings, as measured by TSR delivered over the past 5 years, based on the sum of

dividends paid and share price movements during each calendar year, is detailed in the table below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | Underlying <br>earnings<br>| Underlying <br>EBITDA<br>| Dividends paid <br>per share<br>| Share price –<br>Rio Tinto plc pence | Share price –<br>Rio Tinto plc pence | Share price –<br>Rio Tinto Limited A$ | Share price –<br>Rio Tinto Limited A$ | TSR |
| **Year** | $ millions | $ millions | $ cents | 1 Jan | 31 Dec | 1 Jan | 31 Dec | Group % |
| 2021 | 21401 | 37720 | 963 | 5470 | 4892 | 113.8 | 100.1 | (3.8)% |
| 2022 | 13359 | 26272 | 746 | 4892 | 5798 | 100.1 | 116.4 | 18.3% |
| 2023 | 11755 | 23892 | 402 | 5798 | 5842 | 116.4 | 135.7 | 15.8% |
| 2024 | 10867 | 23314 | 435 | 5842 | 4723 | 135.7 | 117.5 | (15.4)% |
| 2025 | 10868 | 25363 | 373 | 4723 | 5994 | 117.5 | 146.8 | 43.7% |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 141 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

The data presented in this table reflects the dual corporate structure of Rio Tinto. We weight the 2 Rio Tinto listings to produce a Group TSR

figure in line with the weighting methodology used for the 2021 PSA. The TSR figure has been calculated using spot Return Index data from

DataStream as at the last trading day for the year, which is a different methodology than used to calculate the PSA outcome.

**Total shareholder return**

The vesting of the PSA granted in 2021 was subject to a relative

TSR measure against the S&P Global Mining Index (transitioned

from the EMIX Global Mining Index following its decommissioning in

July 2023) and the MSCI World Index.

The graph below shows Rio Tinto's TSR performance for the 2021

PSA using the same methodology as that used to calculate the

vesting for the PSA granted in 2021, with a performance period that

ended on 31 December 2025.

**Total shareholder return - 5 year**

![22388](rio-20251231_g192.gif)

1. TSR for the MSCI and EMIX/S&P indices has been calculated using 12-month average

Return Index data for the year sourced from DataStream.

2. Rio Tinto's Group TSR has been calculated using a weighted average for Rio Tinto plc

and Rio Tinto Limited. The weighting is based on the free-float market capitalisation of

each entity as at the start of the period.

The following graph illustrates the TSR performance of the Group

against the S&P Global Mining Index (and for periods to 31 July

2023 against the EMIX Global Mining Index) and the MSCI World

Index over the 10 years to the end of 2025.

The graph meets the requirements of Schedule 8 of the *UK Large* 

*and Medium-sized Companies and Groups (Accounts and Reports)* 

*Regulations 2008* (as amended) and is not an indication of the

vesting of PSA granted in 2021.

**Total shareholder return - 10 year**

![23233](rio-20251231_g193.gif)

1. TSR has been calculated using spot Return Index data as at the last trading day for the

year sourced from DataStream.

2. Rio Tinto's Group TSR has been calculated using a weighted average for Rio Tinto plc

and Rio Tinto Limited. The weighting is based on the free-float market capitalisation of

each entity as at the start of the period.

**Other executive key management personnel**

This section sets out remuneration information pertaining to

executive key management personnel (KMP) excluding the Chief

Executive and the Chief Financial Officer. The Policy applicable to

the Executive Directors is also applicable to the other executive

KMP with variances specified in this section.

The remuneration mix for other executive KMP under this Policy is

set out in the chart below.

2025 remuneration mix

**Maximum**

![24039](rio-20251231_g194.gif)

**Target**

![24048](rio-20251231_g195.gif)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ●  | Fixed pay | ●  | STIP – Cash | ●  | STIP – BDA | ●  | LTIP |

---

**2025 assumptions**

Fixed pay includes base salary, pension and benefits. The value of

benefits is estimated at 7% of base salary.

---

| | |
|:---|:---|
| **Performance-related (at risk)** | **Performance-related (at risk)** |
| Target STIP and LTIP <br>performance<br>| •STIP award of 50% of the maximum <br>award (equates to 100% of base salary)<br>•PSA expected value of 50% of face <br>value, calculated as 250% of base salary<br>|
| Maximum STIP and LTIP <br>performance<br>| •Maximum STIP award of 200% of base <br>salary<br>•Maximum PSA face value of 500% of <br>base salary<br>|

---

No assumption has been made for growth in share price and

payment of dividend equivalents.

The table below outlines the positions held by the other executive KMP and their respective dates of appointment:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Position(s) held during 2025** | **Date of appointment** | **Date of appointment** |  |  |  |  |
|  |  |  | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Matthew Holcz** | Chief Executive, Iron Ore | **27 August 2025** |  |  |  |  |  |
| **Katie Jackson** | Chief Executive, Copper | **1 September 2024** |  |  |  |  |  |
| **Sinead Kaufman**<sup>1</sup> | Chief Executive, Minerals | **1 March 2021** |  |  |  |  |  |
| **Jérôme Pécresse** | Chief Executive, Aluminium | **23 October 2023** |  |  |  |  |  |
| **Simon Trott**<sup>2</sup> | Chief Executive, Iron Ore | **1 March 2021** |  |  |  |  |  |
| 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. | 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. | 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. | 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. | 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. | 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. | 1.Sinead Kaufman was a KMP until 26 August 2025.<br>2.Simon Trott was appointed Chief Executive from 25 August 2025. |  |

---

![](rio-20251231_g196.gif)

![](rio-20251231_g197.gif)

![](rio-20251231_g196.gif)

![](rio-20251231_g197.gif)

![](rio-20251231_g196.gif)

![](rio-20251231_g198.gif)

![](rio-20251231_g199.gif)

![](rio-20251231_g197.gif)

![](rio-20251231_g196.gif)

![](rio-20251231_g200.gif)

![](rio-20251231_g197.gif)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 142 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Base salary**

Base salaries for executive KMP members are reviewed annually by the Committee, with increases generally aligned with the wider

employee population in the relevant jurisdiction. Variations may occur in instances in which an individual has changed position, or the

position's duties and responsibilities have been enlarged, for example as a result of a reorganisation or acquisition, or where an individual's

remuneration has fallen below comparable positions in the market.

**Short-term incentive plan**

**Overview of 2025 short-term incentive plan weightings and measures**

The measures and weightings used to determine STIP awards for executives in 2025 are set out on page [131](#i7c04024423194a03919441e1556a4e09_35062).

The 2025 STIP awards are detailed in the table below. The amounts reflect the application of a 10% fatality deduction to the overall

STIP outcome.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Percentage of:** | **Percentage of:** | **Percentage of:** |
|  | **2025 STIP award** <br>**('000)**<br>| **Maximum STIP**<br>**awarded**<br>| **Maximum STIP**<br>**forfeited**<br>| **Target STIP** <br>**awarded**<br>|
| Matthew Holcz<sup>1</sup> | A$555 | 59.5% | 40.5% | 119% |
| Katie Jackson | £750 | 59.5% | 40.5% | 119% |
| Sinead Kaufman<sup>2</sup> | A$956 | 59.5% | 40.5% | 119% |
| Jérôme Pécresse | C$2,135 | 74.4% | 25.6% | 149% |
| Simon Trott<sup>3</sup> | A$1,354 | 74.4% | 25.6% | 149% |

---

1. For the period from 27 August 2025 when Matthew Holcz became KMP.

2. For the period to 26 August 2025 during which Sinead Kaufman was KMP.

3. For the period to 24 August 2025 during which Simon Trott was Chief Executive, Iron Ore.

**Share ownership**

The following table shows the share ownership level for other

executive KMP as a percentage of their overall requirement. Share

ownership levels are set for each individual based on a fixed

number of shares and range between 48,000 to 54,000 Rio Tinto plc

shares or 40,000 to 46,000 Rio Tinto Limited shares.

Each executive KMP listed below is relatively new in role and will

continue to build up to their requirement over time.

---

| | |
|:---|:---|
|  | **Share ownership level at**<br>**31 December 2025 as a** <br>**percentage of requirement**<br>|
| Matthew Holcz | 16% |
| Katie Jackson | 21% |
| Jérôme Pécresse | 19% |

---

**Service contracts**

KMP service contracts can be terminated by the company or

executive with 12 months' notice in writing, or immediately by the

company by paying base salary only in lieu of any unexpired notice.

**Other KMP appointments**

All newly appointed executives have received a remuneration

package that is aligned with our Policy and comprises: base salary

in line with market benchmarks; target STIP opportunity of 100% of

base salary (with maximum opportunity of 200% of base salary);

LTIP awards of up to 500% of base salary; company pension

contributions of 14% of base salary; and other benefits such as

company-provided healthcare coverage, and continued eligibility to

participate in the all-employee share plans. A minimum shareholding

requirement applies on appointment to be built up over

subsequent years.

**Executive departures**

Sinead Kaufman ceased to be a KMP on 26 August 2025 and will

leave the Group in 2026. She will continue to receive base salary,

pension contributions and contractual benefits up until the cessation

of her employment. Should her employment cease before the end of

her 12 month notice period, she will be paid base salary in lieu of

any remaining notice period. She will also receive payment for any

accrued but unused annual leave and long service leave on

cessation of employment in line with relevant legislation and policy.

She will be treated as an eligible leaver for the purposes of STIP,

LTIP and all-employee share awards.

**Broader employee disclosures**

**Chief Executive pay ratio**

The ratio of the single total figure of remuneration for the

Chief Executive to the lower quartile, median and upper quartile of

the Rio Tinto UK employee population for 2025 is set out in the table

below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Lower quartile** | **Median** | **Upper quartile** |
| 2025<sup>1</sup> A | 31:1 | 23:1 | 15:1 |
| 2024<sup>2</sup> A | 30:1 | 21:1 | 14:1 |

---

1. The 2025 data is based on a consolidation of the remuneration data of both Chief

Executives who served in 2025.

2. The 2024 pay ratio data has been restated based on actual pay outcomes for the Chief

Executive in 2024.

The ratios have been calculated using the option 'A' methodology for

UK employees at 31 December 2025. The median Chief Executive

pay ratio of 23:1 is slightly higher than the prior year, primarily due to

the benefits provided in relation to the relocation of the new Chief

Executive from Australia to the UK. The Committee continues to be

mindful of the relationship between executive remuneration and that

of our broader workforce, and the Committee's decision-making will

continue to be supported by regular and detailed reporting on these

matters.

**Relative spend on remuneration** 

The table below shows our relative spend on remuneration across

our global employee population and distributions to shareholders in

the year. We have also shown other significant disbursements of the

company's funds for comparison.

---

| | | | |
|:---|:---|:---|:---|
| Stated in $m | **2025** | **2024** | Difference<br>in spend<br>|
| Remuneration paid<sup>1</sup> | **7605** | **7055** | 550 |
| Distributions to shareholders<sup>2</sup> | **6145** | **7025** | (880) |
| Purchase of property, plant <br>and equipment, and <br>intangible assets<sup>3</sup><br>| **12335** | **9621** | 2714 |
| Corporate income tax paid<sup>3</sup> | **4215** | **4165** | 50 |

---

1. Total employment costs for the financial year as per note 7 to the financial statements.

2. Distributions to shareholders include equity dividends paid to owners of Rio Tinto shares

as per the consolidated cash flow statement.

3. Purchase of property, plant and equipment, and intangible assets, and corporate income

tax paid during the financial year are as per the consolidated cash flow statement.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 143 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Change in Director and employee pay**

In the table below, we compare the annual changes in salary and annual incentives of the Directors for the past 5 years, to that of the

Australian employee population. Column "a" represents the percentage change in salary and fees; values in column "b" represent the

percentage change in annual incentive outcomes for performance periods in respect of each financial year.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2020 to 2021** | **2020 to 2021** | **2021 to 2022** | **2021 to 2022** | **2022 to 2023** | **2022 to 2023** | **2023 to 2024** | **2023 to 2024** | **2024 to 2025** | **2024 to 2025** |
| | **a**<sup>1</sup> | **b** | **a**<sup>1</sup> | **b** | **a**<sup>1</sup> | **b** | **a**<sup>1</sup> | **b** | **a**<sup>1</sup> | **b**<sup>2</sup> |
| **Executive Directors** |  |  |  |  |  |  |  |  |  |  |
| Simon Trott<sup>3</sup> | – | – | – | – | – | – | – | – | **–** | **–** |
| Jakob Stausholm | 46% | 25% | 2% | (18)% | 4% | 20% | 4% | (8)% | **9%** | **32%** |
| Peter Cunningham | – | – | – | 47% | 4% | 28% | 4% | (8)% | **3%** | **24%** |
| **Non-Executive Directors** |  |  |  |  |  |  |  |  |  |  |
| Dominic Barton | – | – | – | – | 50% | – | 8% | – | **1%** | **–** |
| Simon Henry | – | – | (6)% | – | (7)% | – | 18% | – | **(4)%** | **–** |
| Sam Laidlaw | – | – | – | – | – | – | 15% | – | **3%** | **–** |
| Jennifer Nason | – | – | (6)% | – | (8)% | – | 14% | – | **20%** | **–** |
| Ngaire Woods | – | – | – | – | – | – | 8% | – | **(3)%** | **–** |
| Ben Wyatt | – | – | 12% | – | – | – | 21% | – | **30%** | **–** |
| Dean Dalla Valle | – | – | – | – | – | – | 34% | – | **9%** | **–** |
| Kaisa Hietala | – | – | – | – | – | – | 28% | – | **9%** | **–** |
| Susan Lloyd-Hurwitz | – | – | – | – | – | – | 9% | – | **9%** | **–** |
| Joc O'Rourke | – | – | – | – | – | – | 39% | – | **14%** | **–** |
| Martina Merz | – | – | – | – | – | – | – | – | **0%** | **–** |
| Sharon Thorne | – | – | – | – | – | – | – | – | **32%** | **–** |
| **Australian workforce**<sup>4</sup> | **4%** | **(18)%** | **7%** | **15%** | **8%** | **16%** | **6%** | **(19)%** | **7%** | **22%** |

---

1. Change in salary and fees compared on an annualised basis to smooth the impact of part-year appointments or departures.

2. The percentage change in annual incentive compares the incentive outcomes for the 2024 performance year to those for the 2025 performance year.

3. No prior year data as appointed as an Executive Director in 2025.

4. Since Rio Tinto plc, the statutory entity for which this disclosure is required, does not have any employees, we have included voluntary disclosure of the change in employee salary and

incentives for our Australian employees who make up more than 40% of our employee population. The disclosure does not include benefits as there have been no changes in the benefit

entitlements.

"–" in the table signifies no reported change as a result of the absence of comparable data.

Non-Executive Directors

**Annual fees payable**

The table below shows the annual fee structure as at 1 March 2025

and 1 March 2026 for the Chair and Non-Executive Directors. This

reflects an increase to the fees for Nominations & Governance

Committee members effective 1 January 2026 in recognition of the

increased scope of the Committee for governance.

---

| | | |
|:---|:---|:---|
|  | **2026** | 2025 |
| **Director fees** |  |  |
| Chair's fee | **£800,000** | £800,000 |
| Non-Executive Director base  | **£115,000** | £115,000 |
| Senior Independent Director | **£45,000** | £45,000 |
| **Committee fees** |  |  |
| Audit & Risk Committee Chair | **£50,000** | £50,000 |
| Audit & Risk Committee member | **£30,000** | £30,000 |
| People & Remuneration Committee Chair | **£45,000** | £45,000 |
| People & Remuneration Committee member | **£25,000** | £25,000 |
| Sustainability Committee Chair | **£45,000** | £45,000 |
| Sustainability Committee member | **£25,000** | £25,000 |
| Nominations & Governance Committee member | **£17,500** | £8,000 |
| **Meeting allowances** |  |  |
| Long distance (flights over 10 hours per journey) | **£10,000** | £10,000 |
| Medium distance (flights of 5-10 hours per journey) | **£5,000** | £5,000 |

---

**Service contracts**

The Chair and Non-Executive Directors' letters of appointment from

the company stipulate their terms of appointment, including their

duties and responsibilities as Directors. Each Non-Executive

Director is appointed subject to their election and annual

re-election by shareholders.

The Chair's appointment may be terminated by either party giving

12 months' notice, and Non-Executive Directors' appointments may

be terminated by either party giving 3 months' notice.

**Positions held and share ownership**

Rio Tinto has a policy that encourages Non-Executive Directors to

build up a Rio Tinto shareholding. The shareholding target in 2025 is

1,800 Rio Tinto Limited shares or 2,200 Rio Tinto plc shares or

2,100 Rio Tinto ADRs (or a combination thereof), and will be

reviewed every 2 years. A higher target of 12,700 Rio Tinto Limited

shares applies to the Chair. Details of Non-Executive Directors'

shareholdings in the Group, are set out in table 2 on page [146](#i25d98a8ff6ef4d71acf8188cfc60750a_8245).

We list in the table below the Non-Executive Directors who held

office during 2025 and their shareholdings as a percentage of their

2025 requirement. Each held office for the whole of 2025 unless

otherwise indicated. Their years of appointment are reported in

"Board of Directors" on pages [104](#i87a072127d904383ad08c6f2da4e5f3a_204)-[105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999).

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shareholding vs requirement** | **Shareholding vs requirement** |
| Director | Title | **31 December** <br>**2025**<br>| 31 December <br>2024<br>|
| Dominic Barton | Chair | **100%** | 94% |
| Dean Dalla Valle | Non-Executive Director | **105%** | 32% |
| Simon Henry | Non-Executive Director | **100%** | 100% |
| Kaisa Hietala | Non-Executive Director | **45%** | 45% |
| Sam Laidlaw | Non-Executive Director | **341%** | 341% |
| Susan Lloyd-Hurwitz | Non-Executive Director | **137%** | 79% |
| Martina Merz | Non-Executive Director | **80%** | –% |
| Jennifer Nason | Non-Executive Director | **100%** | 89% |
| Joc O'Rourke | Non-Executive Director | **136%** | –% |
| Sharon Thorne | Non-Executive Director | **118%** | 118% |
| Ngaire Woods | Non-Executive Director | **100%** | 67% |
| Ben Wyatt | Non-Executive Director | **50%** | 22% |

---

1. Sam Laidlaw and Kaisa Hietala stepped down from the Board at the conclusion of the

2025 AGM on 1 May 2025.

2. Simon Henry and Martina Merz stepped down from the Board on 23 October 2025.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 144 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

We set out details of each element of remuneration, and the

single total figure of remuneration, paid to the Chair and Non-

Executive Directors during 2025 and 2024, in US dollars in table 1b

on page [146](#i25d98a8ff6ef4d71acf8188cfc60750a_8250). No termination or share-based payments were made

in the year. Statutory minimum superannuation contributions for

Non-Executive Directors are deducted from the Director's overall fee

entitlements when these are required by Australian superannuation

law.

The total fee and allowance payments made to the Chair and

Non-Executive Directors in 2025 were within the maximum

aggregate annual amount of £4 million set out in the Group's

constitutional documents, approved by shareholders at the

2024 AGMs.

Other statutory disclosures

**Other share plans**

**All-employee share plans**

The Committee believes that all employees should be given the

opportunity to become shareholders in our business, and that share

plans help engage, retain and motivate employees over the long

term. Rio Tinto's share plans are therefore part of its standard

remuneration practice to encourage employee share ownership and

create alignment with the shareholder experience. Executives may

participate in broad-based share plans that are available to

employees generally and to which performance conditions do not

apply.

A global employee share purchase plan is normally offered to all

eligible employees unless there are local jurisdictional restrictions.

Under the plan, employees may acquire shares up to the value of

$5,250 (or equivalent in other currencies) per year or capped at 15%

of their base salary, if lower. Each share purchased will be matched

by the company, providing the participant holds the shares, and is

still employed, at the end of the 3-year vesting period.

Approximately 37,000 of our employees (70% of those eligible) are

shareholders as a result of participating in these plans. In the UK,

these arrangements are partially delivered through the UK Share

Plan which is a UK tax-approved arrangement. Under this plan,

eligible participants may also receive an annual award of Free

Shares up to the limits prescribed under UK tax legislation.

**Management Share Awards**

Management Share Awards (MSA) are designed to help the Group

attract the best employees in a competitive labour market, and to

retain key individuals as we deliver our long-term strategy. MSA are

conditional share awards that are not subject to a performance

condition. They typically vest at the end of 3 years, subject to

continued employment. Shares to satisfy the awards are bought in

the market, issued or reissued from Treasury.

**Shareholder voting**

In the table below, we set out the results of the remuneration-related

resolutions voted on at the Group's 2025 AGMs including the most

recent voting outcomes of the Remuneration Policy.

---

| | | | |
|:---|:---|:---|:---|
| **Resolution** | **Votes**<br>**for**<br>| **Votes**<br>**against**<br>| **Votes**<br>**withheld**<sup>1</sup><br>|
| Approval of the Directors' <br>Remuneration report: <br>Implementation report<br>| 98% | 2% | 26622923 |
| Approval of the Remuneration <br>Policy (2024)<br>| 97% | 3% | 3469190 |
| Approval of the Directors' <br>Remuneration report<br>| 97% | 3% | 26246816 |

---

1. A vote "withheld" is not a vote in law and is not counted in the calculation of the

proportion of votes for and against the resolution.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 145 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Table 1a – Executive KMP remuneration**

The table below reports remuneration in line with Australian statutory requirements. See page [129](#i9d73f6bbf1454d9ba52957f5fc007f67_2222) for a description of how disclosure in this

table differs from realised pay.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Stated in US$'000**<sup>1</sup> | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** |
| **Stated in US$'000**<sup>1</sup> |  | **Base salary** | **Cash bonus**<sup>2</sup> | **Other cash-**<br>**based**<br>**benefits**<sup>3</sup><br>| **Non-monetary**<br>**benefits**<sup>4</sup><br>| **Total**<br>**short-term** <br>**benefits**<br>|
| **Executive Directors** |  |  |  |  |  |  |
| Simon Trott<sup>5</sup> | **2025** | **1205** | **929** | **1088** | **142** | **3364** |
|  | 2024 | 833 | 419 | 98 | 89 | 1439 |
| Jakob Stausholm<sup>6</sup> | **2025** | **1175** | **1463** | **156** | **138** | **2932** |
|  | 2024 | 1632 | 796 | 215 | 207 | 2850 |
| Peter Cunningham | **2025** | **1028** | **628** | **131** | **35** | **1822** |
|  | 2024 | 966 | 471 | 122 | 49 | 1608 |
| **Other executives** |  |  |  |  |  |  |
| Matthew Holcz<sup>6</sup> | **2025** | **298** | **186** | **37** | **36** | **557** |
| Katie Jackson | **2025** | **831** | **505** | **101** | **58** | **1495** |
|  | 2024 | 268 | 130 | 222 | 50 | 670 |
| Sinead Kaufman<sup>6</sup> | **2025** | **512** | **640** | **57** | **29** | **1238** |
|  | 2024 | 753 | 356 | 86 | 113 | 1308 |
| Jérôme Pécresse | **2025** | **948** | **780** | **179** | **87** | **1994** |
|  | 2024 | 876 | 516 | 167 | 63 | 1622 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stated in US$'000**<sup>1</sup> |  | **Long-term benefits: Value of share-based awards**<sup>7</sup> | **Long-term benefits: Value of share-based awards**<sup>7</sup> | **Long-term benefits: Value of share-based awards**<sup>7</sup> | **Long-term benefits: Value of share-based awards**<sup>7</sup> | **Post-employment benefits**<sup>10</sup> | **Post-employment benefits**<sup>10</sup> |  |  |  |
| **Stated in US$'000**<sup>1</sup> |  | **BDA**<sup>8</sup> | **PSA** | **MSA** | **Others**<sup>9</sup> | **Pension and** <br>**superannuation**<br>| **Other post-**<br>**employment** <br>**benefits**<br>| **Termination** <br>**benefits**<br>| **Total** <br>**remuneration**<sup>11</sup><br>| **Currency of** <br>**actual** <br>**payment**<br>|
| **Executive Directors** |  |  |  |  |  |  |  |  |  |  |
| Simon Trott<sup>5</sup> | **2025** | **558** | **2413** | **–** | **–** | **27** | **–** | **–** | **6362** | **A$ & £** |
|  | 2024 | 442 | 1721 | – | – | 19 | – | – | 3621 | A$ |
| Jakob Stausholm<sup>6</sup> | **2025** | **547** | **4122** | **–** | **8** | **9** | **–** | **–** | **7618** | **£** |
|  | 2024 | 843 | 3281 | – | 8 | 13 | – | – | 6995 | £ |
| Peter Cunningham | **2025** | **519** | **2363** | **–** | **7** | **13** | **–** | **–** | **4724** | **£** |
|  | 2024 | 445 | 1315 | 19 | 7 | 13 | – | – | 3407 | £ |
| **Other executives** |  |  |  |  |  |  |  |  |  |  |
| Matthew Holcz<sup>6</sup> | **2025** | **42** | **248** | **122** | **–** | **5** | **–** | **–** | **974** | **A$** |
| Katie Jackson | **2025** | **150** | **734** | **532** | **1** | **16** | **–** | **–** | **2928** | **£** |
|  | 2024 | 31 | 69 | 333 | – | 7 | – | – | 1110 | £ |
| Sinead Kaufman<sup>6</sup> | **2025** | **181** | **1400** | **–** | **2** | **15** |  | **–** | **2836** | **A$** |
|  | 2024 | 364 | 1378 | – | 3 | 19 |  | – | 3072 | A$ |
| Jérôme Pécresse | **2025** | **339** | **1400** | **–** | **1** | **24** | **–** | **–** | **3758** | **C$** |
|  | 2024 | 151 | 480 | – | – | 24 | – | – | 2277 | C$ |

---

Notes to table 1a – Executives' remuneration

1."Table 1a – Executives KMP remuneration" is reported in US$ using A$1 = US$0.64492; £1 = US$1.31854; C$1 = US$0.71574 which are average rates for 2025, except for the cash

element of the STIP which use 31 December 2025 year-end rates of A$1 = US$0.67005; £1 = US$1.3474; C$1 = US$0.73086.

2."Cash bonus" relates to the cash portion of the 2025 STIP award to be paid in March 2026.

3."Other cash-based benefits" typically include cash in lieu of company pension or superannuation contributions. For Simon Trott this also includes benefits related to his relocation from

Australia to the UK following his appointment as Chief Executive, in line with the company's international transfer policy.

4."Non-monetary benefits" for executives typically include healthcare coverage, professional tax compliance services/advice, flexible perquisites and, where applicable, leave accruals and

mobility-related benefits. For Simon Trott this also includes benefits related to his relocation from Australia to the UK.

5. The figures for Simon Trott reflect his remuneration for the full financial year covering both roles served in the year of Chief Executive, Iron Ore and Group Chief Executive.

6. The figures for Jakob Stausholm reflect his remuneration up until he ceased to be a KMP on 24 August 2025. His total remuneration up until 31 December 2025 was $9.17 million. The

figures for Matthew Holcz reflect his remuneration from the date he commenced being a KMP on 27 August 2025. His total remuneration for the year ended 31 December 2025 was

$1.72 million. The figures for Sinead Kaufman reflect her remuneration up until she ceased to be a KMP on 26 August 2025. Her total remuneration up until 31 December 2025 was

$3.38 million.

7. The "Value of share-based awards" has been determined in accordance with the recognition and measurement requirements of IFRS 2 "Share-based Payment". The fair value of awards

granted as BDA, PSA and MSA have been calculated at their dates of grant using valuation models provided by external consultants, Lane Clark and Peacock LLP, including an

independent Monte Carlo valuation model, which take into account the constraints on vesting attached to these awards. Further details of the valuation methods and assumptions used

for these awards are included in note 28 (Share-based Payments) in the financial statements. The fair value of other share-based awards is measured at the purchase cost of the shares

from the market. The share-based values disclosed in this table do not reflect amounts actually paid in 2025 or the value of shares that will ultimately vest.

8."BDA" represents the portion of the 2022–2025 STIP awards deferred into Rio Tinto shares.

9."Others" includes the Global Employee Share Plan (myShare) and the UK Share Plan.

10. Any costs related to defined benefit pension plans and post-retirement medical benefits are the service costs attributable to the individual, calculated in accordance with IAS 19. The cost

for defined contribution pension plans is the amount contributed in the year by the company.

11."Total remuneration" represents the disclosure of total emoluments and compensation required under the Australian Corporations Act 2001 and applicable accounting standards.

Further details in relation to aggregate remuneration for executives, including Directors, are included in note 30 (Directors' and key

management remuneration).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 146 | riotinto.com |

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Directors' report \| Remuneration report \| Implementation report

**Table 1b – Non-Executive Directors' remuneration**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Stated in US$'000**<sup>1</sup> |  | **Fees and** <br>**allowances**<sup>2</sup><br>| **Non-monetary** <br>**benefits**<sup>3</sup><br>| **Post-**<br>**employment** <br>**benefits**<sup>4</sup><br>| **Single total** <br>**figure of** <br>**remuneration**<sup>5</sup><br>| **Currency** <br>**of actual** <br>**payment**<br>|
| **Chair** |  |  |  |  |  |  |
| Dominic Barton | **2025** | **1055** | **44** | **–** | **1099** | **£** |
|  | 2024 | 1008 | 94 | – | 1102 | £ |
| **Non-Executive Directors** | **Non-Executive Directors** |  |  |  |  |  |
| Dean Dalla Valle | **2025** | **315** | **51** | **19** | **385** | **A$** |
|  | 2024 | 285 | 13 | 19 | 317 | A$ |
| Simon Henry<sup>6</sup> | **2025** | **194** | **13** | **–** | **207** | **£** |
|  | 2024 | 253 | 8 | – | 261 | £ |
| Kaisa Hietala<sup>7</sup> | **2025** | **82** | **14** | **–** | **96** | **£** |
|  | 2024 | 226 | 8 | – | 234 | £ |
| Sam Laidlaw<sup>8</sup> | **2025** | **156** | **13** | **–** | **169** | **£** |
|  | 2024 | 335 | 5 | – | 340 | £ |
| Susan Lloyd-Hurwitz | **2025** | **238** | **48** | **6** | **292** | **A$** |
|  | 2024 | 225 | 8 | 5 | 238 | A$ |
| Martina Merz<sup>6</sup> | **2025** | **169** | **21** | **–** | **190** | **£** |
|  | 2024 | 164 | 8 | – | 172 | £ |
| Jennifer Nason | **2025** | **259** | **47** | **–** | **306** | **£** |
|  | 2024 | 235 | 13 | – | 248 | £ |
| Joc O'Rourke | **2025** | **253** | **13** | **–** | **266** | **£** |
|  | 2024 | 239 | 5 | – | 244 | £ |
| Sharon Thorne | **2025** | **306** | **5** | **–** | **311** | **£** |
|  | 2024 | 105 | 7 | – | 112 | £ |
| Ngaire Woods | **2025** | **228** | **23** | **–** | **251** | **£** |
|  | 2024 | 234 | 7 | – | 241 | £ |
| Ben Wyatt | **2025** | **339** | **66** | **–** | **405** | **A$** |
|  | 2024 | 268 | 12 | – | 280 | A$ |

---

1. Remuneration is reported in US$. The amounts have been

converted using the 2025 annual average exchange rates

of £1 = US$1.31854 and A$1 = US$0.64492.

2."Fees and allowances" comprises the total fees for the

Chair and all Non-Executive Directors (NED), and travel

allowances for the NED.

3."Non-monetary benefits" include, as in previous years,

amounts that are deemed by the UK tax authorities to be

benefits in kind relating largely to the costs of Directors'

expenses in attending Board meetings held at the

company's UK-registered office (including associated

accommodation and subsistence expenses) and

professional tax compliance services/advice. Given these

expenses are incurred by Directors in the fulfilment of their

duties, the company pays the tax on them.

4. The statutory minimum superannuation contributions

required by the Australian superannuation law and paid for

the Australia-based NEDs are included in "Post-

employment benefits".

5. Represents disclosure of the single total figure of

remuneration under Schedule 8 of the Large- and

Medium-sized Companies and Groups (Accounts and

Reports) Regulations 2008 (as amended) and total

remuneration under the Australian Corporations Act

2001 and applicable accounting standards.

6. The amounts reported for Simon Henry and Martina

Merz reflect the period of active Board membership from

1 January 2025 to 23 October 2025.

7. The amounts reported for Kaisa Hietala reflect

the period of active Board membership from

1 January 2025 to 1 May 2025.

8. The amounts reported for Sam Laidlaw reflect

the period of active Board membership from

1 January 2025 to 1 May 2025, as well as consulting fees

paid for the period from 2 May 2025 to 12 June 2025.

---

| | |
|:---|:---|
| ![Book-page-references.gif](rio-20251231_g9.gif) | **For more information,** further details in <br>relation to aggregate remuneration for <br>executives, including Directors, are included <br>in note 30 (Directors' and key <br>management remuneration).<br>|

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**Table 2 – Directors' and executives' beneficial interests in Rio Tinto shares**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Rio Tinto plc**<sup>1</sup> | **Rio Tinto plc**<sup>1</sup> | **Rio Tinto plc**<sup>1</sup> | **Rio Tinto Limited** | **Rio Tinto Limited** | **Rio Tinto Limited** | **Movements** | **Movements** |
| | **1 Jan**<br>**2025**<sup>2</sup><br>| **31 Dec**<br>**2025**<sup>3</sup><br>| **5 Feb**<br>**2026**<sup>4</sup><br>| **1 Jan**<br>**2025**<sup>2</sup><br>| **31 Dec**<br>**2025**<sup>3</sup><br>| **5 Feb**<br>**2026**<sup>4</sup><br>| **Compensation**<sup>5</sup> | **Other**<sup>6</sup> |
| **Directors** |  |  |  |  |  |  |  |  |
| Dominic Barton | – | – | – | 11900 | 12700 | 12700 | – | 800 |
| Peter Cunningham | 74480 | 79211 | 79217 | – | – | – | 8089 | (3352) |
| Dean Dalla Valle | – | – | – | 579 | 1885 | 1885 | – | 1306 |
| Simon Henry<sup>7</sup> | 2200 | 2200 | – | – | – | – | – | – |
| Kaisa Hietala<sup>7</sup> | 1000 | 1000 | – | – | – | – | – | – |
| Sam Laidlaw<sup>7</sup> | 7500 | 7500 | – | – | – | – | – | – |
| Susan Lloyd-Hurwitz | – | – | – | 1421 | 2458 | 2458 | – | 1037 |
| Martina Merz<sup>7</sup> | – | 1750 | – | – | – | – | – | 1750 |
| Jennifer Nason | 1877 | 2100 | 2100 | – | – | – | – | 223 |
| Joc O'Rourke | – | 3000 | 3000 | – | – | – | – | 3000 |
| Jakob Stausholm<sup>7</sup> | 181391 | 195924 | – | – | – | – | 13508 | 1025 |
| Sharon Thorne | 2593 | 2593 | 2593 | – | – | – | – | – |
| Simon Trott | 441 | 7671 | 7671 | 29499 | 32351 | 32351 | 14679 | (4597) |
| Ngaire Woods | 1482 | 2199 | 2199 | – | – | – | – | 717 |
| Ben Wyatt | – | – | – | 400 | 900 | 900 | – | 500 |
| **Executives** |  |  |  |  |  |  |  |  |
| Katie Jackson | 1044 | 9136 | 9156 | – | – | – | 14978 | (6866) |
| Sinead Kaufman<sup>7</sup> | – | – | – | 36564 | 37436 | 37436 | 1480 | (608) |
| Jérôme Pécresse | 5043 | 5109 | 5121 | – | – | – | – | 78 |
| Matthew Holcz<sup>7</sup> | 642 | 656 | 656 | 6807 | 6930 | 6930 | – | 137 |

---

1. Rio Tinto plc ordinary shares or American Depositary Receipts.

2. Or date of appointment, if later.

3. Or date of retirement/date stepped down from the Board or Executive Committee, if earlier.

4. Latest practicable date prior to the publication of the *2025 Annual Report*, in accordance with LR 9.8.6A.

5. Shares obtained through awards under the Rio Tinto UK Share Plan, the Global Employee Share Plan and/or vesting of the PSA, MSA and BDA granted under the Group's LTIP arrangements.

6. Share movements due to the sale or purchase of shares, or shares received under dividend reinvestment plans.

7. Simon Henry and Martina Merz retired as Non-Executive Directors on 23 October 2025. Kaisa Hietala and Sam Laidlaw retired as Non-Executive Directors on 1 May 2025. Jakob

Stausholm stepped down from the Executive Committee on 24 August 2025. Matthew Holcz was appointed to the Executive Committee from 27 August 2025. Sinead Kaufman stepped

down from the Executive Committee on 26 August 2025.

Interests in outstanding BDA, MSA and PSA, the UK Share Plan and the Global Employee Share Plan are set out in table 3 and 3a on pages

[147](#i25d98a8ff6ef4d71acf8188cfc60750a_8247)-[149](#i20525c3fd1f54e27aee62a1bcf3935f5_928).

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 147 | riotinto.com |

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Directors' report \| Remuneration report \| Implementation report

**Table 3 – Plan interests (awards of shares under long-term incentive plans)**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Award/grant** <br>**date**<br>| **Market** <br>**price at** <br>**award**<sup>1,2</sup><br>| **1 January** <br>**2025**<br>| **Awarded** | **Lapsed/** <br>**cancelled**<br>| **Dividend** <br>**units**<br>| **Vested** | **31** <br>**December** <br>**2025**<br>| **5** <br>**February** <br>**2026**<br>| **Performance** <br>**period** <br>**concludes/**<br>**vesting date**<br>| **Date of** <br>**release**<br>| **Market** <br>**price on** <br>**release**<br>| **Monetary** <br>**value of** <br>**award at** <br>**release** <br>**US$**<sup>3</sup><br>|
| **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** | **Peter Cunningham** |
| Bonus <br>Deferral <br>Award | 22 Mar 2023 | £53.19 | 5827 | – | – | 820 | (6647) | – | – | 1 Dec 2025 | 1 Dec 2025 | £54.64 | 478886 |
| Bonus <br>Deferral <br>Award | 20 Mar 2024 | £49.41 | 8415 | – | – | – | – | 8415 | 8415 | 1 Dec 2026 | – | – | – |
| Bonus <br>Deferral <br>Award | 19 Mar 2025 | £49.07 | – | 7907 | – | – | – | 7907 | 7907 | 1 Dec 2027 | – | – | – |
| Performance <br>Share Award | 16 Mar 2020 | £33.58 | 7426 | – | (6480) | 382 | (1328) | – | – | 31 Dec 2024 | 20 Feb 2025 | £50.76 | 88882 |
| Performance <br>Share Award | 18 Mar 2021 | £55.58 | 9564 | – | – | – | – | 9564 | 9564 | 31 Dec 2025 | – | – | – |
| Performance <br>Share Award | 23 Mar 2022 | £58.00 | 50405 | – | – | – | – | 50405 | 50405 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 22 Mar 2023 | £53.19 | 55134 | – | – | – | – | 55134 | 55134 | 31 Dec 2027 | – | – | – |
| Performance <br>Share Award | 9 May 2024 | £55.84 | 71195 | – | – | – | – | 71195 | 71195 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | £49.07 | – | 76299 | – | – | – | 76299 | 76299 | 31 Dec 2027 | – | – | – |
| **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> | **Matthew Holcz**<sup>4</sup> |
| Management <br>Share Award | 22 Mar 2023 | A$115.45 | 3772 | – | – | – | – | 3772 | 3772 | 20 Feb 2026 | – | – | – |
| Management <br>Share Award | 19 Mar 2025 | A$118.70 | – | 2131 | – | – | – | 2131 | 2131 | 1 Mar 2026 | – | – | – |
| Management <br>Share Award | 19 Mar 2025 | A$118.70 | – | 2131 | – | – | – | 2131 | 2131 | 1 Mar 2027 | – | – | – |
| Management <br>Share Award | 19 Mar 2025 | A$118.70 | – | 2131 | – | – | – | 2131 | 2131 | 1 Mar 2028 | – | – | – |
| Performance <br>Share Award | 18 Mar 2021 | A$110.80 | 4991 | – | – | – | – | 4991 | 4991 | 31 Dec 2025 | – | – | – |
| Performance <br>Share Award | 23 Mar 2022 | A$113.68 | 5457 | – | – | – | – | 5457 | 5457 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 22 Mar 2023 | A$115.45 | 7544 | – | – | – | – | 7544 | 7544 | 31 Dec 2027 | – | – | – |
| Performance <br>Share Award | 9 May 2024 | A$130.23 | 20787 | – | – | – | – | 20787 | 20787 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | A$118.70 | – | 23442 | – | – | – | 23442 | 23442 | 31 Dec 2027 | – | – | – |
| **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** | **Katie Jackson** |
| Bonus <br>Deferral <br>Award<br>| 19 Mar 2025 | £49.07 | – | 2182 | – | – | – | 2182 | 2182 | 1 Dec 2027 | – | – | – |
| Management <br>Share Award | 5 Sept 2024 | £45.91 | 3547 | – | – | – | (3547) | – | – | 1 Mar 2025 | 3 Mar 2025 | £48.70 | 227765 |
| Management <br>Share Award | 5 Sept 2024 | £45.91 | 10954 | – | – | 418 | (11372) | – | – | 1 Sept 2025 | 1 Sept 2025 | £45.78 | 686449 |
| Performance <br>Share Award | 5 Sept 2024 | £45.91 | 18883 | – | – | – | – | 18883 | 18883 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | £49.07 | – | 61343 | – | – | – | 61343 | 61343 | 31 Dec 2027 | – | – | – |
| **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> | **Sinead Kaufman**<sup>5</sup> |
| Bonus <br>Deferral <br>Award | 22 Mar 2023 | A$115.45 | 4278 | – | – | 488 | (4766) | – | – | 1 Dec 2025 | 1 Dec 2025 | A$132.87 | 408401 |
| Bonus <br>Deferral <br>Award | 20 Mar 2024 | A$121.30 | 5060 | – | – | – | – | 5060 | 5060 | 1 Dec 2026 | – | – | – |
| Bonus <br>Deferral <br>Award | 19 Mar 2025 | A$118.70 | – | 4879 | – | – | – | 4879 | 4879 | 1 Dec 2027 | – | – | – |
| Performance <br>Share Award | 16 Mar 2020 | A$77.65 | 8579 | – | (7486) | 341 | (1434) | – | – | 31 Dec 2024 | 20 Feb 2025 | A$119.66 | 110663 |
| Performance <br>Share Award | 18 Mar 2021 | A$110.80 | 41207 | – | – | – | – | 41207 | 41207 | 31 Dec 2025 | – | – | – |
| Performance <br>Share Award | 23 Mar 2022 | A$113.68 | 36042 | – | – | – | – | 36042 | 36042 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 22 Mar 2023 | A$115.45 | 40045 | – | – | – | – | 40045 | 40045 | 31 Dec 2027 | – | – | – |
| Performance <br>Share Award | 9 May 2024 | A$130.23 | 49145 | – | – | – | – | 49145 | 49145 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | A$118.70 | – | 50599 | – | – | – | 50599 | 50599 | 31 Dec 2027 | – | – | – |

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 148 | riotinto.com |

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Directors' report \| Remuneration report \| Implementation report

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Award/grant** <br>**date**<br>| **Market** <br>**price at** <br>**award**<sup>1,2</sup><br>| **1** <br>**January** <br>**2025**<br>| **Awarded** | **Lapsed/** <br>**cancelled**<br>| **Dividend** <br>**units**<br>| **Vested** | **31** <br>**December** <br>**2025**<br>| **5** <br>**February** <br>**2026**<br>| **Performance** <br>**period** <br>**concludes/**<br>**vesting date**<br>| **Date of** <br>**release**<br>| **Market** <br>**price on** <br>**release**<br>| **Monetary** <br>**value of** <br>**award at** <br>**release** <br>**US$**<sup>3</sup><br>|
| **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** | **Jérôme Pécresse** |
| Bonus <br>Deferral <br>Award | 20 Mar 2024 | £49.41 | 1533 | – | – | – | – | 1533 | 1533 | 1 Dec 2026 | – | – | – |
| Bonus <br>Deferral <br>Award | 19 Mar 2025 | £49.07 | – | 8384 | – | – | – | 8384 | 8384 | 1 Dec 2027 | – | – | – |
| Performance <br>Share Award | 9 May 2024 | £55.84 | 66928 | – | – | – | – | 66928 | 66928 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | £49.07 | – | 71780 | – | – | – | 71780 | 71780 | 31 Dec 2027 | – | – | – |
| **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** | **Jakob Stausholm** |
| Bonus <br>Deferral <br>Award | 22 Mar 2023 | £53.19 | 10488 | – | – | 1476 | (11964) | – | – | 1 Dec 2025 | 1 Dec 2025 | £54.71 | 863056 |
| Bonus <br>Deferral <br>Award | 20 Mar 2024 | £49.41 | 14211 | – | – | – | – | 14211 | 14211 | 1 Dec 2026 | – | – | – |
| Bonus <br>Deferral <br>Award | 19 Mar 2025 | £49.07 | – | 13354 | – | – | – | 13354 | 13354 | 1 Dec 2027 | – | – | – |
| Performance <br>Share Award | 16 Mar 2020 | £33.58 | 74711 | – | (65186) | 3854 | (13379) | – | – | 31 Dec 2024 | 20 Feb 2025 | £50.76 | 895450 |
| Performance <br>Share Award | 18 Mar 2021 | £55.58 | 103510 | – | – | – | – | 103510 | 103510 | 31 Dec 2025 | – | – | – |
| Performance <br>Share Award | 23 Mar 2022 | £58.00 | 85126 | – | – | – | – | 85126 | 85126 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 22 Mar 2023 | £53.19 | 93114 | – | – | – | – | 93114 | 93114 | 31 Dec 2027 | – | – | – |
| Performance <br>Share Award | 9 May 2024 | £55.84 | 120232 | – | – | – | – | 120232 | 120232 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | £49.07 | – | 137361 | – | – | – | 137361 | 137361 | 31 Dec 2027 | – | – | – |
| **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** | **Simon Trott** |
| Bonus <br>Deferral <br>Award | 22 Mar 2023 | A$115.45 | 4683 | – | – | 534 | (5217) | – | – | 1 Dec 2025 | 1 Dec 2025 | A$132.87 | 447047 |
| Bonus <br>Deferral <br>Award | 20 Mar 2024 | A$121.30 | 7027 | – | – | – | – | 7027 | 7027 | 1 Dec 2026 | – | – | – |
| Bonus <br>Deferral <br>Award | 19 Mar 2025 | A$118.70 | – | 5741 | – | – | – | 5741 | 5741 | 1 Dec 2027 | – | – | – |
| Performance <br>Share Award | 16 Mar 2020 | £33.58 | 52838 | – | (46102) | 2726 | (9462) | – | – | 31 Dec 2024 | 20 Feb 2025 | £50.76 | 633287 |
| Performance <br>Share Award | 18 Mar 2021 | £55.58 | 49571 | – | – | – | – | 49571 | 49571 | 31 Dec 2025 | – | – | – |
| Performance <br>Share Award | 23 Mar 2022 | £113.68 | 38204 | – | – | – | – | 38204 | 38204 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 22 Mar 2023 | A$115.45 | 44488 | – | – | – | – | 44488 | 44488 | 31 Dec 2027 | – | – | – |
| Performance <br>Share Award | 9 May 2024 | A$130.23 | 52091 | – | – | – | – | 52091 | 52091 | 31 Dec 2026 | – | – | – |
| Performance <br>Share Award | 19 Mar 2025 | A$118.70 | – | 57851 | – | – | – | 57851 | 57851 | 31 Dec 2027 | – | – | – |

---

1. Awards denominated in pounds sterling were for Rio Tinto plc ordinary shares of 10 pence each and awards denominated in Australian dollars were for Rio Tinto Limited shares.

All awards are granted over ordinary shares.

2. The weighted fair value per share of Bonus Deferral Awards and Management Share Awards granted in March 2025 was £49.07 for Rio Tinto plc and A$119.53 for Rio Tinto Limited. For

Performance Share Awards granted in March 2025, the values were £30.45 for Rio Tinto plc and A$74.02 for Rio Tinto Limited. Conditional awards are awarded at no cost to the

recipient and no amount remains unpaid on any shares awarded.

3. The amount in US dollars has been converted at the rate of US$1.32 = £1 and US$0.64 = A$1, being the average exchange rates for 2025.

4. Matthew Holcz was appointed as KMP on 27 August 2025.

5. Sinead Kaufman and Jakob Stausholm stepped down from the Executive Committee on 26 August 2025 and 24 August 2025 respectively.

6. For the Performance Share Awards granted on 18 March 2021 with a performance period that concluded on 31 December 2025, 0% of the award vested.

7. The closing price at 31 December 2025 was £59.94 for Rio Tinto plc ordinary shares and was A$146.82 for Rio Tinto Limited ordinary shares. The high and low prices during 2025 of Rio

Tinto plc and Rio Tinto Limited shares were £60.47 and £40.25 and A$148.80 and A$100.75 respectively.

8. As of 5 February 2026, the above members of the Executive Committee held 1,631,196 shares awarded and not vested under long-term incentive plans. No Executive Committee

member held any options.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 149 | riotinto.com |

---

Directors' report \| Remuneration report \| Implementation report

**Table 3a – Plan interests (award of shares under all-employee share arrangements)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | **myShare** | **myShare** | **UK Share Plan** | **UK Share Plan** | **UK Share Plan** | **UK Share Plan** | **Total activity in 2025** | **Total activity in 2025** |  |
| | **Plan** <br>**interests at** <br>**1 January** <br>**2025**<sup>1</sup> <br>| **Value of** <br>**Matching** <br>**shares** <br>**awarded in** <br>**year**<sup>2</sup> **('000)**<br>| **Value of** <br>**Matching** <br>**shares** <br>**vested in** <br>**year**<sup>3</sup> **('000)**<br>| **Value of** <br>**Matching** <br>**shares** <br>**awarded in** <br>**year**<sup>2</sup> **('000)**<br>| **Value of** <br>**Matching** <br>**shares** <br>**vested in** <br>**year**<sup>3</sup> **('000)**<br>| **Value of** <br>**Free shares** <br>**awarded in** <br>**year**<sup>4</sup> **('000)**<br>| **Value of** <br>**Free shares** <br>**vested in** <br>**year**<sup>4</sup> **('000)**<br>| **Grants in** <br>**year ('000)**<br>| **Vesting in** <br>**year ('000)**<br>| **Plan** <br>**interests at** <br>**31 December** <br>**2025**<sup>1</sup><br>|
| Peter Cunningham | 284 | 2 | 1 | 0 | 0 | 5 | 4 | 7 | 5 | 303 |
| Katie Jackson | 0 | 2 | 0 | 2 | 0 | 2 | 0 | 6 | 0 | 81 |
| Sinead Kaufman | 147 | 4 | 3 | 0 | 0 | 0 | 0 | 4 | 3 | 143 |
| Jérôme Pécresse | 42 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 104 |
| Jakob Stausholm | 370 | 2 | 1 | 2 | 1 | 5 | 4 | 9 | 6 | 391 |

---

1. All shares shown are Rio Tinto plc shares except in the case of Sinead Kaufman which are Rio Tinto Limited shares.

2. myShare and UK Share Plan Matching share awards are granted on a quarterly basis (January, April, July and October) throughout the year.

3. The vesting of a Matching share is dependent on continued employment with Rio Tinto and the retention of the associated Investment share purchased by the participant for

3 years.

4. UK Share Plan Free shares vest after 3 years.

5. UK Share Plan awards shown above and the vested Matching shares under myShare are included, where relevant, in the executive's share interests in table 2.

6. All currency figures are shown in USD and rounded.

7. Both Matthew Holcz and Simon Trott hold no unvested awards across myShare and/or UK Share Plan and also have not received or had awards vest during 2025.

**Directors' approval statement**

This Directors' Remuneration report is delivered in accordance

with a resolution of the Board, and has been signed on behalf of

the Board by:

![Ben Wyatt-signature.gif](rio-20251231_g144.gif)

**Ben Wyatt**

People & Remuneration Committee Chair

19 February 2026

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 150 | riotinto.com |

---

Directors' report

Additional statutory disclosure

The Directors present their report and audited consolidated financial statements for the year ended 31

December 2025.

**Scope of this report**

For the purposes of UK company law and the Australian

*Corporations Act 2001*:

• The additional disclosures under the heading "Shareholder

information" on pages [336](#i6e24f352bf2243f482bd1df1b3ce01ce_1129)-[341](#iacc98458133344f4b3fb82cea83d3fec_22551) are hereby incorporated by

reference to, and form part of, this Directors' report.

• The Strategic report on pages [1](#i6e24f352bf2243f482bd1df1b3ce01ce_19)-[101](#i6e24f352bf2243f482bd1df1b3ce01ce_241) provides a comprehensive

review of Rio Tinto's operations, its financial position and its

business strategies and prospects, and is incorporated by

reference into, and forms part of, this Directors' report.

• Certain items that would ordinarily need to be included in this

Directors' report (including an indication of likely future

developments in the business of the company and the Group)

have, as permitted, instead been discussed in the Strategic

report, while details of the Group's policy on addressing financial

risks and details about financial instruments are shown in note 25

to the consolidated financial statements.

• Taken together, the Strategic report and this Directors' report are

intended to provide a fair, balanced and understandable

assessment of the development and performance of the Group's

business during the year and its position at the end of the year, its

strategy, likely developments, and any principal or emerging risks

and uncertainties associated with the Group's business.

For the purposes of compliance with DTR 4.1.5R(2) and DTR

4.1.8R, the required content of the "Management report" can be

found in the Strategic report or this Directors' report, including the

material incorporated by reference.

A full report on Director and executive remuneration and

shareholdings can be found in the Remuneration report on pages

[122](#i6e24f352bf2243f482bd1df1b3ce01ce_310)-[149](#i6e24f352bf2243f482bd1df1b3ce01ce_349), which, for the purposes of the Australian *Corporations Act* 

*2001*, forms part of this Directors' report.

**Dual-listed structure and constitutional documents**

The dual-listed companies (DLC) structure of Rio Tinto plc and

Rio Tinto Limited, and their constitutional provisions and voting

arrangements – including restrictions that may apply to the shares of

either company under specified circumstances – are described on

pages [336](#icbb103c3aa0b446a9c70caee29f30837_727)-[337](#iacc98458133344f4b3fb82cea83d3fec_22545).

**Operating and financial review**

Rio Tinto's principal activities during 2025 were mining minerals and

metals throughout the lifecycle from exploration, development,

mining and processing, to marketing, and repurposing and renewing

our assets to create a positive legacy.

Subsidiaries with material non-controlling interests, joint operations

and associated undertakings, principally affecting the profits or net

assets of the Group in the year, are listed in notes 31-33 to the

financial statements. For a full listing of related undertakings, refer to

the Consolidated Entity Disclosure Statement on page [230](#i6e24f352bf2243f482bd1df1b3ce01ce_922).

The following significant changes and events affected the Group

during 2025 and up to the date of this report:

• In February 2025, we announced that Sam Laidlaw would step down

as a Non-Executive Director at the conclusion of the Rio Tinto

Limited annual general meeting on 1 May 2025.

• In February 2025, we announced that Kaisa Hietala would step

down as a Non-Executive Director at the conclusion of the

Rio Tinto Limited annual general meeting on 1 May 2025.

• In February 2025, we announced that Simon Henry would step down

as a Non-Executive Director in the second half of 2025.

• In March 2025, we announced investment of approximately

$1.8 billion to develop the Brockman Syncline 1 mine project

extending the life of the Brockman region in the West Pilbara of

Western Australia and sustaining production from the company's

world class iron ore operation.

• In March 2025, we announced that we had completed the

acquisition of Arcadium Lithium plc for total consideration

of $6.7 billion, following the sanctioning of the Scheme of

Arrangement by the Royal Court of Jersey. The acquisition added a

portfolio of lithium assets located primarily in Argentina and

Australia, increasing the Group's exposure to battery materials.

• In March 2025, we announced that we priced US$9.0 billion of fixed

and floating rate SEC-registered debt securities. The bonds would

be issued by Rio Tinto Finance (USA) plc and would be fully and

unconditionally guaranteed by Rio Tinto plc and Rio Tinto Limited.

• In May 2025, we announced that we had entered into an

agreement with Codelco to progress lithium development in Chile.

The partnership relates to the Salar de Maricunga, one of Chile's

highest-grade lithium resources, and establishes a framework for

the joint development of lithium assets.

• In May 2025, we announced that Jakob Stausholm would step

down as Chief Executive following a transition period.

• In June 2025, we announced that Rio Tinto and Hancock

Prospecting would invest $1.6 billion (Rio Tinto share $0.8 billion)

to develop the Hope Downs 2 iron ore project in Western

Australia's Pilbara region.

• In July 2025, we announced the appointment of Simon Trott to

succeed Jakob Stausholm as Chief Executive, with effect from 25

August 2025.

• In August 2025, we announced a new operating model and

executive leadership team to simplify and streamline the

organisation. The product group structure was reorganised into three

core businesses — Iron Ore, led by Matthew Holcz; Aluminium &

Lithium, led by Jérôme Pécresse; and Copper, led by Katie Jackson

— with the Borates and Iron & Titanium businesses moved to the

Chief Commercial Officer's portfolio. It was announced that Kellie

Parker would step down as Chief Executive, Australia after

transitional arrangements and Sinead Kaufman would step down as

Chief Executive, Minerals at the end of October 2025.

• In October 2025, we announced that Rio Tinto, Mitsui and Nippon

Steel will invest $733 million (Rio Tinto share $389 million) to

develop the West Angelas Sustaining Project, part of the Robe

River Joint Venture in Western Australia's Pilbara region.

• In October 2025, we announced that Martina Merz would step down

as a Non-Executive Director, effective 23 October 2025.

• In December 2025, we released our strategy to deliver industry

leading returns at our Capital Markets Day.

• In December 2025, we hosted an investor site visit to Argentina to

highlight its world-class integrated lithium business and growth

pipeline.

• In January 2026, we announced that we had been engaging in

preliminary discussions with Glencore plc about a possible

combination with some, or all, of their business.

• In February 2026, we announced that we were no longer

considering a possible merger, or other business combination,

with Glencore plc, as Rio Tinto had determined that it could not

reach an agreement that would deliver value to its shareholders.

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **For more information** visit riotinto.com/invest |

---

In 2025 and 2024, the Group did not receive any public takeover

offers from third parties in respect of Rio Tinto plc shares or

Rio Tinto Limited shares.

Details of events that took place after the balance sheet date are

further described in note 39 to the financial statements.

**Risk identification, assessment and management**

The Group's material risks and uncertainties are listed on pages

[91](#i6e24f352bf2243f482bd1df1b3ce01ce_235)-[99](#i48387d1039ee458599ad5fc21a244df2_23905). The Group's approach to risk management is discussed on

pages [89](#i6e24f352bf2243f482bd1df1b3ce01ce_229)-[90](#i6e24f352bf2243f482bd1df1b3ce01ce_232).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 151 | riotinto.com |

---

Directors' report \| Additional statutory disclosure

**Financial instruments**

Details of the Group's financial risk management objectives and

policies, and exposure to risk, are described in note 25 to the

financial statements.

**Share capital**

Details of the Group's share capital as at 31 December 2025 are

described in note 35 to the financial statements. Details of the rights

and obligations attached to each class of shares are covered on

page [336](#icbb103c3aa0b446a9c70caee29f30837_727), under the heading "Voting arrangements".

Details of certain restrictions on holding shares in Rio Tinto and

certain consequences triggered by a change of control are

described on page [337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7984) under the heading "Limitations on ownership

of shares and merger obligations". There are no other restrictions on

the transfer of ordinary Rio Tinto shares, save for:

• Restrictions that may from time to time be imposed by laws,

regulations or Rio Tinto policy (for example, relating to

market abuse, insider dealing, share trading or an Australian

foreign investment).

• Restrictions on the transfer of shares that may be imposed following a

failure to supply information required to be disclosed, or where

registration of the transfer may breach a court order or a law, or in

relation to unmarketable parcels of shares.

• Restrictions on the transfer of certain shares awarded under

an employee share plan in accordance with the terms of

those awards.

At the AGMs held in 2025, shareholders authorised:

• The on-market purchase by Rio Tinto plc or Rio Tinto Limited

or its subsidiaries of up to 125,141,768 Rio Tinto plc shares

(representing approximately 10% of Rio Tinto plc's issued

share capital, excluding Rio Tinto plc shares held in Treasury

at that time).

• The off-market purchase by Rio Tinto plc of up to 125,141,768

Rio Tinto plc shares acquired by Rio Tinto Limited or its subsidiaries

under the above authority.

• The on-market buy-back by Rio Tinto Limited of up to 55.6 million

Rio Tinto Limited shares (representing approximately 15% of

Rio Tinto Limited's issued share capital at that time).

**Substantial shareholders**

Details of substantial shareholders are included on page [337](#iacc98458133344f4b3fb82cea83d3fec_22541).

**Dividends**

Details of dividends paid and declared for payment, together with

the company's shareholder returns policy, can be found on page [20](#i9ef009cb0876424495ee0f505fc690ee_1118).

**Waived dividends**

The number of shares on which Rio Tinto plc dividends are based

excludes those held as treasury shares and those held by employee

share trusts that waived the right to dividends. Employee share

trusts waived dividends on 721,783 Rio Tinto plc ordinary shares

and 21,968 American Depositary Receipts (ADRs) for the 2024 final

dividend, and on 625,738 Rio Tinto plc ordinary shares and 29,954

ADRs for the 2025 interim dividend. (2024: on 81,491 Rio Tinto plc

ordinary shares and 35,066 ADRs for the 2023 final dividend, and

on 151,144 Rio Tinto plc ordinary shares and 30,888 ADRs for the

2023 interim dividend; 2023: on 99,016 Rio Tinto plc ordinary shares

and 35,132 ADRs for the 2022 final dividend, and on 110,774 Rio

Tinto plc ordinary shares and 31,831 ADRs for the 2023 interim

dividend). In 2025, 2024 and 2023, no Rio Tinto Limited shares were

held by Rio Tinto plc.

The number of shares on which Rio Tinto Limited dividends are

based excludes those held by shareholders who have waived the

rights to dividends. Employee share trusts waived dividends on

35,382 Rio Tinto Limited ordinary shares for the 2024 final dividend

and on 34,426 shares for the 2025 interim dividend (2024: on

32,540 shares for the 2023 final dividend and on 35,713 shares for

the 2024 interim dividend; 2023: on 35,010 shares for the 2022 final

dividend and on 34,607 shares for the 2023 interim dividend).

Our disclosure on Board and executive management diversity in line with UK Listing Rules (UKLR 22.2.30R(2)) is set out below.

**Gender reporting categories as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Gender | Number of <br>Board members<br>| % of <br>Board<br>| Number of senior positions <br>on the board (eg CEO/CFO, <br>SID & Chair)<br>| Number in <br>executive <br>management<br>| % of executive <br>management<br>|
| Men | 6 | 60% | 4 | 4 | 57% |
| Women | 4 | 40% | 1 | 3 | 43%¹ |
| Not specified/prefer not to say | – | – | – | – | – |

---

1. Sinead Kaufman stepped down as Chief Executive Officer, Minerals at the end of October 2025. Kellie Parker will leave Rio Tinto at the conclusion of her role – Chief Executive Officer,

Australia. She has remained during a transition period to ensure transfer of her responsibilities.

**Ethnicity reporting categories as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ONS ethnicity category | Number of <br>Board members<br>| % of <br>Board<br>| Number of senior positions <br>on the board (eg CEO/CFO, <br>SID & Chair)<br>| Number in <br>executive <br>management<br>| % of executive <br>management<br>|
| White British or other White (including minority-white groups) | 9 | 90% | 4 | 2 | 22% |
| Mixed/Multiple Ethnic Groups | – | – | – | 1 | 11% |
| Asian/Asian British | – | – | – | 1 | 11% |
| Black/African/Caribbean/Black British | – | – | – | – | – |
| Other Ethnic Group | 1 | 10% | – |  | – |
| Not specified/prefer not to say | – | – | – | 5 | 56% |

---

For the Executive Committee, gender data was collected via self disclosure in the HR system; data on ethnicity reporting categories was collected via a voluntary self identification survey

and self disclosure in the HR system. For the Board, gender and ethnicity reporting categories were collected via a voluntary self identification survey.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 152 | riotinto.com |

---

Directors' report \| Additional statutory disclosure

**Purchases: Rio Tinto plc shares**

Shares of 10p each and Rio Tinto plc American Depositary Receipts (ADRs)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Total number of <br>shares purchased<sup>1</sup><br>| Average price per<br>share $<sup>2</sup><br>| Total number of shares <br>purchased to satisfy <br>company dividend <br>reinvestment plans <br>| Total number of shares <br>purchased to satisfy <br>employee share plans <br>| Total number of shares <br>purchased as part of <br>publicly announced plans <br>or programs<sup>3</sup><br>| Maximum number of <br>shares that may be <br>purchased under plans or <br>programs<br>|
| **2025** |  |  |  |  |  |  |
| 1 to 31 Jan | – | – | – | – | – | 125141768<sup>5</sup>  |
| 1 to 28 Feb | – | – | – | – | – | 125141768<sup>5</sup>  |
| 1 to 31 Mar | 374568 | 63.51 | – | 374568 | – | 125141768<sup>5</sup>  |
| 1 to 30 Apr | 2148041 | 60.15 | 2092446 | 55595 | – | 125305168<sup>6</sup> |
| 1 to 31 May | – | – | – | – | – | 125305168<sup>6</sup> |
| 1 to 30 Jun  | – | – | – | – | – | 125305168<sup>6</sup> |
| 1 to 31 Jul | – | – | – | – | – | 125305168<sup>6</sup> |
| 1 to 31 Aug | – | – | – | – | – | 125305168<sup>6</sup> |
| 1 to 30 Sep | 37780 | 63.33 | – | 37780 | – | 125305168<sup>6</sup> |
| 1 to 31 Oct | 1339413 | 65.45 | 1339413 | – | – | 125305168<sup>6</sup> |
| 1 to 30 Nov | – | – | – | – | – | 125305168<sup>6</sup> |
| 1 to 31 Dec | – | – | – | – | – | 125305168<sup>6</sup> |
| **Total**  | 3899802<sup>4</sup> | 62.33 | 3431859 | 467943 | – | – |
| **2026** |  |  |  |  |  |  |
| 1 to 31 Jan | – | – | – | – | – | 125305168<sup>6</sup> |
| 1 to 05 Feb  | – | – | – | – | – | 125305168<sup>6</sup> |

---

**Purchases: Rio Tinto Limited shares** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Total number of <br>shares purchased<sup>1</sup><br>| Average price per<br>share $<sup>2</sup><br>| Total number of shares <br>purchased to satisfy <br>company dividend <br>reinvestment plans <br>| Total number of shares <br>purchased to satisfy <br>employee share plans<sup>7</sup> <br>| Total number of shares <br>purchased as part of <br>publicly announced plans <br>or programs<sup>3</sup><br>| Maximum number of <br>shares that may be <br>purchased under plans or <br>programs<br>|
| **2025** |  |  |  |  |  |  |
| 1 to 31 Jan | – | – | – | – | – | 55600000<sup>8</sup> |
| 1 to 28 Feb | – | – | – | – | – | 55600000<sup>8</sup> |
| 1 to 31 Mar | – | – | – | – | – | 55600000<sup>8</sup> |
| 1 to 30 Apr | 983139 | 70.78 | 733086 | 250053 | – | 55600000<sup>8</sup> |
| 1 to 31 May | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 30 Jun  | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 31 Jul | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 31 Aug | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 30 Sep | 542101 | 78.97 | 363166 | 178935 | – | 55600000<sup>9</sup> |
| 1 to 31 Oct | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 30 Nov | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 31 Dec | – | – | – | – | – | 55600000<sup>9</sup> |
| **Total**  | 1525240 | 73.69 | 1096252 | 428988 | – | – |
| **2026** |  |  |  |  |  |  |
| 1 to 31 Jan | – | – | – | – | – | 55600000<sup>9</sup> |
| 1 to 05 Feb  | – | – | – | – | – | 55600000<sup>9</sup> |

---

1. Monthly totals of purchases are based on the settlement date.

2. The shares were purchased in the currency of the stock exchange on which the purchases took place and the sale price has been converted into US dollars at the exchange rate on the

date of settlement.

3. Shares purchased in connection with the dividend reinvestment plans and employee share plans are not deemed to form any part of any publicly announced plan or program.

4. This figure represents 0.31% of Rio Tinto plc issued share capital at 31 December 2025.

5. At the Rio Tinto plc AGM held in 2024, shareholders authorised the on-market purchase by Rio Tinto plc, and Rio Tinto Limited and its subsidiaries of up to 125,141,768 Rio Tinto plc

shares. This authorisation expired at the end of the Rio Tinto plc 2025 AGM.

6. At the Rio Tinto plc AGM held in 2025, shareholders authorised the on-market purchase by Rio Tinto plc, and Rio Tinto Limited and its subsidiaries of up to 125,305,168 Rio Tinto plc

shares. This authorisation will expire at the end of the Rio Tinto plc 2026 AGM or, if earlier, at the close of business on 30 June 2026.

7. The average price of shares purchased on-market by the trustee of Rio Tinto Limited's employee share trust during 2025 was $72.00

8. At the Rio Tinto Limited AGM held in 2024, shareholders authorised the on-market buy-back of up to 55.6 million Rio Tinto Limited shares.

9. At the Rio Tinto Limited AGM held in 2025, shareholders authorised the on-market buy-back of up to 55.6 million Rio Tinto Limited shares.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 153 | riotinto.com |

---

Directors' report \| Additional statutory disclosure

**AGM Disclosures** 

At Rio Tinto plc's AGM on 3 April 2025, Resolution 22 ("Authority to

purchase Rio Tinto plc shares") was passed with less than 80% of

votes in favour, and Shining Prospect (a subsidiary of the Aluminium

Corporation of China (Chinalco)) voted against. Chinalco has not

sold any Rio Tinto plc shares and now has a holding of over 14%,

given its non-participation in Rio Tinto's significant share buy-back

programs. This places Chinalco close to the 14.99% holding

threshold agreed with the Australian Government at the time of

Chinalco's original investment in 2008.

**Directors and executives**

The names of Directors and their periods of appointment are listed on

pages [104](#i87a072127d904383ad08c6f2da4e5f3a_204)-[105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999), together with details of each Director's qualifications,

experience and responsibilities, and current directorships.

There are no family relationships between any of our Directors or

executives. None of our Directors or Executive Committee members are

elected or appointed under any arrangement or understanding with any

major shareholder, customer, supplier or otherwise.

A table of Directors' attendance at Board and committee meetings

during 2025 is on page [112](#i0b4ed48079824d21844c6e8253f7ae56_4528).

**Directors' experience and independence**

The Chair was considered independent upon his appointment and,

in the Board's view, he continues to satisfy the tests for

independence under the ASX Principles and NYSE Standards.

The Board is satisfied that all of its Non-Executive Directors are

independent in character and judgement, and are free from any

relationships (material or otherwise) or circumstances that could

create a conflict of interest.

On joining Rio Tinto, all Directors receive a full, formal induction

program. It is delivered over a number of months, and tailored to

their specific requirements, taking into account their respective

committee responsibilities.

All Directors are expected to commit to continuing their development

during their tenure. This is supported through a combination of site

visits, teach-ins, deep dives, and internal business and operational

briefings provided in or around scheduled Board and committee

meetings.

The notice of AGM provides all material information in Rio Tinto's

possession relevant to decisions on election and re-election of

Directors, including a statement from the Board that it considers all

Directors continue to perform effectively and demonstrate

appropriate levels of commitment. It also provides reasons why

each Director is recommended for re-election, highlighting their

relevant skills and experience. Further information on the skills and

experience of each Director is set out on pages [104](#i87a072127d904383ad08c6f2da4e5f3a_204)-[105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999).

**Previous listed directorships** 

Details of each Director's previous directorships of other listed

companies (where relevant) held in the past 3 years are set out below:

Martina Merz: thyssenkrupp AG (February 2019 - June 2023);

Siemens AG (February 2023 - February 2024)

Ben Wyatt: APM Human Services International Limited (September

2022 - October 2024)

**Directors' and executives' beneficial interests**

A table of Directors' and executives' beneficial interests in Rio Tinto

shares is on page [146](#i25d98a8ff6ef4d71acf8188cfc60750a_8248).

**Directors' service contracts**

The company has written agreements setting out the terms of

appointment for each Director and senior executive. Non-Executive

Directors are appointed by letters of appointment. Executive Directors

and other senior executives are employed through employment service

contracts. Further information is set out on pages [140](#i7c04024423194a03919441e1556a4e09_35060), [142](#i7c04024423194a03919441e1556a4e09_35068) and [143](#i7c04024423194a03919441e1556a4e09_35063) in

the Remuneration report.

**Secretaries**

The Group Company Secretary is accountable to the Board and

advises the Chair, and through the Chair the Board, on all

governance matters. The appointment and removal of the Group

Company Secretary is a matter reserved for the Board. Andy

Hodges is Group Company Secretary and Company Secretary of

Rio Tinto plc. Tim Paine is the Company Secretary of Rio Tinto

Limited. Andy and Tim's qualifications and experience are described

on page [105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999).

**Indemnities and insurance**

The Articles of Association of Rio Tinto plc and the Constitution of

Rio Tinto Limited provide for them to indemnify, to the extent

permitted by law, Directors and officers of the companies, including

officers of certain subsidiaries, against liabilities arising from the

conduct of the Group's business. The Directors, Group Company

Secretary and Company Secretary of Rio Tinto Limited, together

with employees serving as Directors of eligible subsidiaries at the

Group's request, have also received similar direct indemnities.

Former Directors also received indemnities for the period in which

they were Directors. These are qualifying third-party indemnity

provisions for the purposes of the UK *Companies Act 2006*, in force

during the financial year ended 31 December 2025 and up to the

date of this report. During 2025, Rio Tinto paid legal costs under the

terms of those indemnities for certain former Directors and officers

totalling $96,059.

Qualifying pension scheme indemnity provisions as defined by section

236 of the UK *Companies Act 2006* and other applicable legal

jurisdictions were in force during the course of the financial year ended

31 December 2025 and up to the date of this Directors' report, for the

benefit of trustees of the Rio Tinto Group pension and superannuation

funds across various jurisdictions. No amount has been paid under any

of these indemnities during the year.

The Group has agreed to pay a premium for Directors' and officers'

insurance. Disclosure of the nature of the liability covered by the

insurance and premium paid is subject to confidentiality

requirements under the contract of insurance.

**Oversight of whistleblowing procedures**

Our whistleblowing process is overseen by the Board. Every

member of the workforce has access to the whistleblowing program

(myVoice); details of the program are on page [88](#if3f0890b3877451a9ab67686b146e897_6349).

**Labour and engagement policies** 

**Labour relations** 

We also work together with our employees and their unions, and we

seek constructive dialogue and fair solutions while maintaining the

competitiveness of our managed operations. In 2025, we had a

limited disruption due to industrial action in one of our RTIT Sorel

facilities. It did not impact production and customer delivery.

**Employment of people with a disability**

We acknowledge the systemic barriers facing people with disabilities

in attaining meaningful employment. We further acknowledge the

efforts necessary to fully support people with disabilities and we

seek to implement the accommodations they need to fulfil their role,

or an alternative role if required.

Our Respect, Inclusion and Diversity Policy sets out our

expectations around the behaviours needed for an inclusive and

diverse workplace, where we embrace different perspectives,

valuing diversity as a strength.

Our Employment Policy outlines how we are committed to

preventing discrimination and that we employ on the basis of job

requirements and do not discriminate on grounds of disability or any

other protected characteristic. It also explains how we ensure our

people are trained to perform their roles. More information can be

found at riotinto.com/policies.

We remain a member of the IncludeAbility Employer Network, which

was set up by the Australian Human Rights Commission and aims to

increase access to meaningful employment opportunities for people

with a disability. We will continue to seek ways to improve how we

provide meaningful opportunities for people with a disability and are

also working to reduce these barriers as part of our response to the

recommendations in the *Everyday Respect Report* and subsequent

*Progress Review*.

**Engagement with UK employees**

Our statement on engagement with UK employees is on page [107](#ide4b061e8f3d40a6a39e6fdffcf72b42_501).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 154 | riotinto.com |

---

Directors' report \| Additional statutory disclosure

**Engagement with suppliers, customers and others in a** 

**business relationship with the company**

Our statement on engagement with suppliers, customers and others in

a business relationship with the company is on pages [108](#i42308f130e454cf2bc2693c8914a5f1e_1-1-2-1-5910999)-[109](#i8fa0054436eb489498562a1cb7f61a67_1-1-2-1-5910999).

**Political donations**

Rio Tinto prohibits the use of its funds to support political candidates or

parties. No donations were made by the Group to parties or political

candidates during the year. At Rio Tinto, we respect every country's

political process and do not get involved in political matters, nor do we

make any type of payments to political parties or political candidates.

In the US, in accordance with the *Federal Election Campaign Act*, we

provide administrative support for the Rio Tinto America Political Action

Committee (PAC), which was created in 1990 and encourages voluntary

employee participation in the political process. All Rio Tinto America PAC

employee contributions are reviewed for compliance with federal and

state laws and are publicly reported in accordance with US election laws.

The PAC is controlled by neither Rio Tinto nor any of its subsidiaries, but

instead by a governing board of 3 employee members on a voluntary

basis. In 2025, contributions to Rio Tinto America PAC by 11 employees

amounted to $13,313.26 and Rio Tinto America PAC donated $20,000 in

political contributions in 2025.

**Government regulations**

Our operations around the world are subject to extensive laws and

regulations imposed by local, state, provincial and federal

governments. In addition to these laws, several of our operations

are governed by specific agreements made with governments, some

of which are enshrined in legislation.

The geographic and product diversity of our operations reduces the

likelihood of any single law or government regulation having a

material effect on the Group's business as a whole.

**Environmental regulations**

Rio Tinto is subject to various environmental laws and regulations in

the countries where it has operations. We measure our performance

against environmental regulation by tracking and rating incidents

according to their actual environmental and compliance impacts using

5 severity categories (very low, low, moderate, high or very high).

Incidents with a consequence rating of high or very high are of a

severity that requires notification to the relevant product group head

and the Rio Tinto Chief Executive immediately after the incident

occurring. In 2025, there were no environmental incidents at managed

operations with a high impact.

During 2025, 9 managed operations incurred fines amounting to

$1,639,274 (2024: $604,845). Details of these fines are reported in

the Our approach to sustainability section on page [50](#id6216917806c42698a47490a1f697331_267).

Australian corporations that exceed specific greenhouse gas (GHG)

emissions or energy use thresholds have obligations under the

Australian *The National Greenhouse and Energy Reporting Act 2007* 

(NGER). All Rio Tinto entities covered under this Act have submitted

their annual NGER reports by the required 31 October 2025 deadline.

Further information on the Group's environmental performance is

included in the Our approach to sustainability section on pages

[32](#i5a60a97e9dac4e7faa6c4f124981da83_2533)-[88](#if3f0890b3877451a9ab67686b146e897_6348), and at riotinto.com/sustainabilityreporting.

**Energy efficiency action**

Details of the measures taken to increase the company's energy

efficiency are reported on pages [32](#i5a60a97e9dac4e7faa6c4f124981da83_2533)-[86](#ie303af95376c4ed99d66bf4abbef8d9a_0-0-1-7-5910999).

**Energy consumption (equity basis)**<sup>1, 2, 3</sup>

---

| | | |
|:---|:---|:---|
| **Energy consumption in PJ** | **2025** | 2024<sup>5</sup> |
| From activities including the combustion of fuel and the <br>operation of facilities<br>| **386** | 369 |
| From the net purchase of electricity, heat, steam or cooling<sup>4</sup> | **131** | 123 |
| **Total energy consumed** | **517** | 492 |

---

1. Rio Tinto does not report on the proportion of energy consumption associated with the

UK and offshore area since it has no producing assets in the UK, only offices, and

consequently falls below Rio Tinto's threshold level of reporting.

2. Our approach and methodology used for the determination of measuring energy

consumption is available at riotinto.com/sustainabilityreporting.

3. Data reported is equity basis, and includes total energy less export to others.

4. Rio Tinto exports electricity and steam to others and exports are netted from our purchases.

5. Numbers restated from those originally published to ensure comparability over time.

**Greenhouse gas (GHG) emissions (in million tonnes CO2e)**<sup>6, 7, 8</sup>

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024<sup>5</sup> |
| Scope 1<sup>9</sup> | **24.0** | 23.0 |
| Scope 2<sup>10</sup> | **7.5** | 6.9 |
| Total gross Scope 1 and Scope 2 (market-based) <br>GHG emissions (equity basis)<br>| **31.5** | 29.9 |
| Carbon credits<sup>11</sup> | **1.2** | 1.0 |
| Total net Scope 1 and 2 emissions (with credits)<sup>12</sup> | **30.3** | 28.8 |
| Operational emissions intensity (t CO2e/t Cu-eq)(equity)<sup>13</sup> | **6.1** | 6.3 |
| Scope 2 (location based) | **8.5** | 7.8 |

---

6. Rio Tinto's GHG emissions for our operations (RT share: actual equity basis) are

reported in accordance with the requirements under Part 7 of the UK *Companies Act* 

*2006* (Strategic report and Directors' report) Regulations 2013. This GHG data

represents Scope 1 and market-based Scope 2 data on equity basis. Our approach and

methodology used for the determination of these emissions are available at riotinto.com/

sustainabilityreporting.

7. Rio Tinto's GHG emissions inventory is based on definitions provided by The World

Resource Institute/World Business Council for Sustainable Development Greenhouse

Gas Protocol: A Carbon Reporting and Accounting Standard (Revised Edition) (2015).

8. Rio Tinto does not report on the proportion of CO2 emissions associated with the UK

and offshore area since it has no producing assets in the UK, only offices, and

consequently falls below Rio Tinto's threshold level of reporting.

9. Scope 1 GHG emissions are direct GHG emissions from facilities fully or partially owned

or controlled by Rio Tinto (equity share basis). They include fuel use,

on-site electricity generation, anode and reductant use, process emissions, land

management and livestock.

10. Scope 2 emissions are presented on equity share basis, for market based reporting

Scope 2 includes the use of Energy Attribution Certificates. Our approach and

methodology used for the determination of these emissions are available at riotinto.com/

sustainabilityreporting.

11. Carbon credits used towards our 2025 net emissions calculations include Australian Carbon

Credit Units (ACCUs) that were retired for compliance for the period 1 January to 30 June

2025 plus a projection of the number of ACCUs we expect to retire for the period 1 July to 31

December 2025. This projection is based on our Scope 1 emissions for the period 1 July - 31

December 2025. For details, refer to the table "Carbon credits retired towards net emissions

(equity basis)" in the Rio Tinto *Sustainability Fact Book*.

12. Total emissions are the sum of Scope 1 and scope 2 emissions. Total emissions include

scope 1 emissions resulting from production of electricity exported to third parties.

These emissions exclude indirect emissions associated with transportation and use of our

products reported under Scope 3 emissions at riotinto.com/sustainabilityreporting.

13. Historical information for copper equivalent intensity has been restated inline with the

2025 review of commodity pricing to allow comparability over time.

**Exploration, research and development**

The Group carries out exploration, research and development as

described in the product group on pages [26](#i6e24f352bf2243f482bd1df1b3ce01ce_88)-[31](#i6e24f352bf2243f482bd1df1b3ce01ce_112). Exploration and

evaluation costs, net of any gains and losses on disposal, generated a

net loss before tax of $577 million (2024: $936 million). Research and

development costs were $524 million (2024: $398 million).

**Dealing in Rio Tinto securities**

Rio Tinto securities dealing policy restricts dealing in Rio Tinto

securities by Directors and employees who may be in possession of

inside information. These individuals must seek clearance before

any proposed dealing takes place.

Our policy also prohibits such persons from engaging in hedging or

other arrangements that limit the economic risk in connection to

Rio Tinto securities issued, or otherwise allocated, as remuneration that

are either unvested, or that have vested but remain subject to a holding

period. We also impose restrictions on a broader group of employees,

requiring them to seek clearance before engaging in similar

arrangements over any Rio Tinto securities.

**Financial reporting**

**Disclosure controls and procedures**

We have a thorough and rigorous review process in place to ensure

integrity of the periodic reports we release to the market. We

communicate with the market through accurate, clear, concise and

effective reporting, and contents of periodic reports are verified by

the subject matter experts and reviewed by the relevant Group

functions. Such reports are then reviewed and considered by the

Group Disclosure Committee for release to the market.

To ensure that trading in our securities takes place in an informed

and orderly market, we have established a Disclosure Committee to

oversee compliance with our continuous disclosure obligations. The

Group Disclosure and Communications Policy, and the terms of

reference of our Disclosure Committee, together with our adopted

procedures in relation to disclosure and management of relevant

information, support compliance with our disclosure obligations.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 155 | riotinto.com |

---

Directors' report \| Additional statutory disclosure

A copy of the Group Disclosure and Communications Policy is

available on the website.

The members of the Committee are the Chief Executive; the

Chief Financial Officer; the Group Company Secretary; the Chief

Legal, Governance & Corporate Affairs Officer; and the Head of

Investor Relations.

Consistent with the Group's disclosure protocols, the Board is

provided with copies of all material market announcements promptly

after they are released to the market.

The Group maintains disclosure controls and procedures, as defined in

US *Securities Exchange Act of 1934* (US Exchange Act) Rule

13a-15(e). Management, with the participation of the Chief Executive

and Chief Financial Officer, has evaluated the effectiveness of the

Group's disclosure controls and procedures in relation to US Exchange

Act Rule 13a-15(b), as of the end of the period covered by this report,

and has concluded that the Group's disclosure controls and procedures

were ineffective at a reasonable assurance level because a material

weakness in our internal control over financial reporting existed as

described below.

**Management's report on internal control over financial** 

**reporting**

Management is responsible for establishing and maintaining

adequate internal control over financial reporting. These controls,

designed under the supervision of the Chief Executive and Chief

Financial Officer, provide reasonable assurance regarding the

reliability of the Group's financial reporting and the preparation and

presentation of financial statements for external reporting purposes,

in accordance with International Financial Reporting Standards

(IFRS) as defined on page [158](#i6e24f352bf2243f482bd1df1b3ce01ce_403).

The Group's internal control over financial reporting include policies

and procedures designed to ensure the maintenance of records

that:

• accurately and fairly reflect transactions and dispositions

of assets;

• provide reasonable assurances that transactions are recorded as

necessary, enabling the preparation of financial statements in

accordance with IFRS, and that receipts and expenditures are

made with the authorisation of management and Directors of each

of the companies; and

• provide reasonable assurance regarding the prevention or timely

detection of unauthorised acquisition, use or disposition of the

Group's assets that could have a material effect on its

financial statements.

Management, under the supervision of the Chief Executive and

Chief Financial Officer, conducted an assessment of the

effectiveness of the company's internal control over financial

reporting was based on criteria established in the Internal Control-

Integrated Framework (2013), issued by the Committee of

Sponsoring Organizations of the Treadway Commission. Based on

its assessment, management has determined that the Group's

internal control over financial reporting is ineffective as at 31

December 2025 due to the existence of the material weakness

described below.

Management's assessment and conclusion on the effectiveness of

internal control over financial reporting excludes Arcadium Lithium

plc, since this entity was acquired on 6th March 2025. This entity is

included in our 2025 consolidated financial statements, and

constituted 9% of our total assets as at 31 December 2025 and 2%

of consolidated sales revenue for the year ended 31 December

2025. Due to inherent limitations, internal control over financial reporting

cannot provide absolute assurance. Similarly, these controls may not

prevent or detect all misstatements, whether caused by error or fraud,

within the Group.

A material weakness is defined as "a deficiency, or a combination of

deficiencies in internal control over financial reporting, such that

there is a reasonable possibility that a material misstatement of the

Company's annual financial statements will not be prevented or

detected on a timely basis."

Management identified a material weakness in its internal control

over financial reporting. This related specifically to inadequate risk

assessment over certain information and assumptions, used in the

calculation of fair value of a newly acquired business used in the

purchase price allocation exercise and subsequent test of

associated goodwill for impairment, resulting in ineffective design

and operation of certain related controls. No corrected or

uncorrected misstatement arose as a consequence of this

material weakness.

**Attestation report of Independent Registered Public** 

**Accounting Firms**

KPMG, the Group's auditors, has audited the company's internal

control over financial reporting as at 31 December 2025 and has

issued an adverse report on the effectiveness of the internal control

over financial reporting, as stated in their report of Independent

Registered Public Accounting Firms which is included in this

Form 20-F.

**Changes to internal control over financial reporting** 

Other than the material weakness described above, there were no

changes to our internal control over financial reporting during the

relevant period that have materially affected, or are reasonably likely

to materially affect, the internal control over financial reporting of the

Group.

In light of this material weakness, we performed additional analyses

and other procedures to ensure that the Group's financial reporting

and the preparation and presentation of financial statements for

external reporting purposes, is in accordance with IFRS.

Notwithstanding the existence of the material weakness in internal

control over financial reporting, we believe that the consolidated

financial statements fairly present, in all material respects, the

Group's financial condition, results of operations and cash flows for

the periods presented in this Form 20-F conformity with IFRS.

**Remediation plan** 

Under the supervision and with the participation of management,

including the Chief Executive and Chief Financial Officer,

management is committed to remediating the material weakness

in a timely fashion, with appropriate oversight from the Audit & Risk

Committee. Management has started to build a remediation plan to

address the root cause of the material weakness, including

enhanced risk assessment and design of controls. Progress against

these remediation actions will be monitored through 2026.

**Application of and compliance with governance codes** 

**and standards** 

Our shares are listed on both the Australian Securities Exchange

(ASX) and the London Stock Exchange (LSE), We comply with the:

London Stock Exchange – *UK Corporate Governance Code* 

(2024 version) (the UK Code) and the ASX Principles.

In addition, as a foreign private issuer (FPI) with American

Depositary Receipts (ADRs) listed on the New York Stock Exchange

(NYSE), we report any significant corporate governance differences

from the NYSE listing standards (NYSE Standards) followed by US

companies.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 156 | riotinto.com |

---

Directors' report \| Additional statutory disclosure

**Statement of compliance with the UK Code and ASX Principles**

Throughout 2025, and as at the date of this report, the Group has

complied with all the Principles of the UK Code and the ASX

Principles, and all the relevant provisions, as currently in force.

For the purposes of ASX Listing Rule 4.10.3 and the ASX Principles,

pages [102](#i02dea1250a9e45c2b4019c6c416bc563_5232)-[121](#ifdc5fe4a91fb42b48f492b716bf023e7_4491) and [150](#i8e8f65a6b35e455a8504677c5d425f82_1458)-[156](#i1d846f4fefe940e2aa0f15a7c676994e_752) of this report form our "Corporate

Governance Statement". This statement is current as at 5 February

2026, unless otherwise indicated, and has been approved by

the Board. Further information on our corporate governance

framework and practices is available at riotinto.com/

corporategovernance.

In accordance with UK Listing Rule 6.6.6 R(5), details of how we

have complied with the Principles set out in the UK Code can be

found by reference to the table below.

---

| | |
|:---|:---|
| Principle | Page reference |
| **Section 1 – Board leadership and company purpose** |  |
| A.Role of the Board | [103](#id5156371ba264997854bdda827d1b7cf_2004) - [105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999) |
| B.Purpose, strategy and culture | [6](#ie91c47d165b14bf6b7a31273fb29f896_1174) - [9](#i9b6080db3b2e4dbfb19f2c5c5add8496_0-0-1-1-5910999), [111](#i3cdb94562ece4b2bb3482c17016e1fcb_335) |
| C.Board decisions and outcomes | [110](#i31807468341448de8b337967bb34963e_759) - [111](#i3cdb94562ece4b2bb3482c17016e1fcb_336) |
| D.Stakeholder engagement | [107](#ide4b061e8f3d40a6a39e6fdffcf72b42_501) - [109](#i8fa0054436eb489498562a1cb7f61a67_1-1-2-1-5910999) |
| E.Workforce policies | [87](#i70e11a70022a4d5290faf53be8005857_2273) - [88](#if3f0890b3877451a9ab67686b146e897_6349), [107](#ide4b061e8f3d40a6a39e6fdffcf72b42_501), <br>[153](#i2fc1f51a84154af4928766d389ff8f32_27143)<br>|
| **Section 2 – Division of responsibilities** |  |
| F.Role of the Chair | [102](#i02dea1250a9e45c2b4019c6c416bc563_5232), [103](#id5156371ba264997854bdda827d1b7cf_2004) |
| G.Composition of the Board | [103](#id5156371ba264997854bdda827d1b7cf_2004) - [105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999), [114](#i356b3450b62243c7bfbc12b2d318a261_4089) |
| H.Role of the Non-Executive Directors | [104](#i87a072127d904383ad08c6f2da4e5f3a_204) - [105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999) |
| I.Board effectiveness | [103](#id5156371ba264997854bdda827d1b7cf_2004), [112](#i0b4ed48079824d21844c6e8253f7ae56_4527) |
| **Section 3 – Composition, succession and evaluation** |  |
| J.Board appointments and succession planning | [113](#i81434321dfae418e9e0004539162a855_0-0-1-1-5910999) - [114](#i356b3450b62243c7bfbc12b2d318a261_4089) |
| K.Board skills, experience and knowledge | [104](#i87a072127d904383ad08c6f2da4e5f3a_204) - [105](#i4a730400feea413a86d3a2ec183f516a_1-1-1-1-5910999), <br>[114](#i356b3450b62243c7bfbc12b2d318a261_4089), [153](#i2fc1f51a84154af4928766d389ff8f32_27144)<br>|
| L.Board evaluation | [112](#i0b4ed48079824d21844c6e8253f7ae56_4527) |
| **Section 4 – Audit, risk and internal control** |  |
| M.Effectiveness of internal and external audit | [115](#i394a4e5c971e408cbdc2671f0b075a1c_0-0-1-1-5910999)- [119](#i99f69eb0ce144429aee2e7574dd2853a_7199) |
| N.Fair, balanced and understandable assessment | [154](#i6e24f352bf2243f482bd1df1b3ce01ce_367) - [155](#i6c37c1cbaa314c41b1f36f3bede9839c_7155) |
| O.Risk management and internal control | [89](#i6e24f352bf2243f482bd1df1b3ce01ce_229) - 100, [118](#i99f69eb0ce144429aee2e7574dd2853a_7198) |
| **Section 5 – Remuneration** |  |
| P.Remuneration policies and practices to support strategy | [125](#i120877dc689f49c999b869ddd502c08c_6608) - [126](#i766f8e3276fb42ebb849531fdb9c050b_4095) |
| Q.Executive remuneration policy | [125](#i120877dc689f49c999b869ddd502c08c_6608) - [126](#i766f8e3276fb42ebb849531fdb9c050b_4095) |
| R.Remuneration outcomes and independent judgement | [127](#i645b855cd72d40f9a6c7c1f43d7e63f3_2007) - [149](#i14c190e20c594b928d39e4d63741c19f_245) |

---

**Difference from NYSE Standards**

We consider that our practices are broadly consistent with the NYSE

Standards, There are the following exceptions where the literal

requirements of the NYSE Standards are not met due to differences

in corporate governance between the US, UK and Australia:

• The NYSE Standards state that US companies must have a

nominating/corporate governance committee which, in addition to

identifying individuals qualified to become board members,

develops and recommends to the Board a set of corporate

governance principles applicable to the company. Previously, the

Board itself developed the corporate governance principles.

Following a refresh of the responsibilities of the Nominations &

Governance Committee, the terms of reference were updated

with effect 1 January 2026. The Nominating & Governance

Committee oversees and monitors the corporate governance

framework and makes recommendations to the Board for

approval of the corporate governance practices.

• Under US securities law and the NYSE Standards, the company

is required to have an audit committee that is directly responsible

for the appointment, compensation, retention and oversight of the

work of external auditors. While our Audit & Risk Committee

makes recommendations to the Board on these matters, and is

subject to legal and regulatory requirements on oversight of audit

tenders, the ultimate responsibility for the appointment and

retention of the external auditors of Rio Tinto rests with

the shareholders.

• Under US securities law and the NYSE Standards, an audit

committee is required to establish procedures for the receipt,

retention and treatment of complaints regarding accounting,

internal accounting controls and audit matters. The whistleblowing

program (myVoice) enables employees to raise any concerns

confidentially or anonymously. The Board has responsibility to

ensure that the program is in place and to review the reports

arising from its operations.

• The NYSE Standards require that shareholders must be given the

opportunity to vote on all equity-compensation plans and material

revisions to those plans. We comply with the UK requirements,

which are similar to the NYSE Standards. However, the Board

does not explicitly take into consideration the NYSE's detailed

definition of what are considered 'material revisions.'

**Non-audit services and auditor independence**

Details of the non-audit services and a statement of independence

regarding the provision of non-audit services undertaken by our

external auditor, including the amounts paid for non-audit services,

are set out on page [118](#i95e513fdd04a42658a9b4da1a2735204_8053) of the Directors' report.

**Going concern**

The Directors, having made appropriate enquiries, have satisfied

themselves that it is appropriate to adopt the going concern basis of

accounting in preparing the financial statements. Additionally, the

Directors have considered longer-term viability, as described in their

statement on page [100](#i48387d1039ee458599ad5fc21a244df2_23906).

**2026 annual general meetings**

The 2026 Rio Tinto plc AGM will be held in parallel with, and at the

same time as, the Rio Tinto Limited AGM on 6 May 2026 in London,

UK and in Perth, Australia respectively. Notices of the 2026 AGMs

will be issued to shareholders of each company ahead of the

meetings.

**Directors' approval statement**

The Directors' report is delivered in accordance with a resolution of

the Board.

![Dominic-signature-thin.gif](rio-20251231_g95.gif)

**Dominic Barton**

Chair

19 February 2026

![FS-BG-VR4.jpg](rio-20251231_g201.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 157 | riotinto.com |

---

2025 Financial statements

---

| | |
|:---|:---|
| **About Rio Tinto** | **[158](#i6e24f352bf2243f482bd1df1b3ce01ce_394)** |
| **About the presentation of our consolidated financial statements** | **[158](#i6e24f352bf2243f482bd1df1b3ce01ce_397)** |
| **Consolidated primary statements** |  |
| Consolidated income statement | [165](#i6e24f352bf2243f482bd1df1b3ce01ce_460) |
| Consolidated statement of comprehensive income | [166](#i6e24f352bf2243f482bd1df1b3ce01ce_463) |
| Consolidated cash flow statement | [167](#i6e24f352bf2243f482bd1df1b3ce01ce_466) |
| Consolidated balance sheet | [168](#i6e24f352bf2243f482bd1df1b3ce01ce_469) |
| Consolidated statement of changes in equity | [169](#i6e24f352bf2243f482bd1df1b3ce01ce_472) |
| **Notes to the consolidated financial statements** | **Notes to the consolidated financial statements** |
| **Our financial performance** |  |
| Note 1 Financial performance by segment | [170](#i6e24f352bf2243f482bd1df1b3ce01ce_481) |
| Note 2 Earnings per ordinary share | [172](#i6e24f352bf2243f482bd1df1b3ce01ce_502) |
| Note 3 Dividends | [172](#i6e24f352bf2243f482bd1df1b3ce01ce_505) |
| Note 4 Impairment charges net of reversals | [173](#i6e24f352bf2243f482bd1df1b3ce01ce_511) |
| Note 5 Acquisitions and disposals | [176](#i6e24f352bf2243f482bd1df1b3ce01ce_535) |
| Note 6 Revenue by destination and product | [179](#i6e24f352bf2243f482bd1df1b3ce01ce_547) |
| Note 7 Net operating costs (excluding items disclosed separately) | [180](#i6e24f352bf2243f482bd1df1b3ce01ce_565) |
| Note 8 Exploration and evaluation expenditure | [181](#i6e24f352bf2243f482bd1df1b3ce01ce_568) |
| Note 9 Finance income and finance costs | [181](#i6e24f352bf2243f482bd1df1b3ce01ce_577) |
| Note 10 Taxation | [182](#i6e24f352bf2243f482bd1df1b3ce01ce_580) |
| **Our operating assets** |  |
| Note 11 Goodwill | [184](#i6e24f352bf2243f482bd1df1b3ce01ce_598) |
| Note 12 Intangible assets | [185](#i6e24f352bf2243f482bd1df1b3ce01ce_604) |
| Note 13 Property, plant and equipment | [188](#i6e24f352bf2243f482bd1df1b3ce01ce_613) |
| Note 14 Close-down, restoration and environmental provisions | [191](#i6e24f352bf2243f482bd1df1b3ce01ce_634) |
| Note 15 Deferred taxation | [195](#i6e24f352bf2243f482bd1df1b3ce01ce_655) |
| Note 16 Inventories | [196](#i6e24f352bf2243f482bd1df1b3ce01ce_676) |
| Note 17 Receivables and other assets | [197](#i6e24f352bf2243f482bd1df1b3ce01ce_685) |
| Note 18 Trade and other payables | [198](#i6e24f352bf2243f482bd1df1b3ce01ce_688) |
| Note 19 Other provisions | [198](#i6e24f352bf2243f482bd1df1b3ce01ce_694) |
| **Our capital and liquidity** |  |
| Note 20 Net debt | [200](#i6e24f352bf2243f482bd1df1b3ce01ce_709) |
| Note 21 Borrowings  | [200](#i6e24f352bf2243f482bd1df1b3ce01ce_712) |
| Note 22 Leases | [202](#i6e24f352bf2243f482bd1df1b3ce01ce_715) |
| Note 23 Cash and cash equivalents | [203](#i6e24f352bf2243f482bd1df1b3ce01ce_727) |
| Note 24 Other financial assets and liabilities | [203](#i6e24f352bf2243f482bd1df1b3ce01ce_736) |
| Note 25 Financial instruments and risk management | [204](#i6e24f352bf2243f482bd1df1b3ce01ce_739) |

---

---

| | |
|:---|:---|
| **Our people** |  |
| Note 26 Average number of employees | [209](#i6e24f352bf2243f482bd1df1b3ce01ce_772) |
| Note 27 Employment costs and provisions | [209](#i6e24f352bf2243f482bd1df1b3ce01ce_775) |
| Note 28 Share-based payments | [210](#i6e24f352bf2243f482bd1df1b3ce01ce_778) |
| Note 29 Post-retirement benefits | [213](#i6e24f352bf2243f482bd1df1b3ce01ce_799) |
| Note 30 Directors' and key management personnel remuneration | [218](#i6e24f352bf2243f482bd1df1b3ce01ce_814) |
| **Our Group structure** |  |
| Note 31 Subsidiaries with material non-controlling interests | [219](#i6e24f352bf2243f482bd1df1b3ce01ce_832) |
| Note 32 Principal joint operations | [220](#i6e24f352bf2243f482bd1df1b3ce01ce_841) |
| Note 33 Entities accounted under the equity method | [221](#i6e24f352bf2243f482bd1df1b3ce01ce_850) |
| Note 34 Related-party transactions | [222](#i6e24f352bf2243f482bd1df1b3ce01ce_871) |
| **Our equity** |  |
| Note 35 Share capital  | [223](#i6e24f352bf2243f482bd1df1b3ce01ce_883) |
| Note 36 Other reserves and retained earnings | [224](#i6e24f352bf2243f482bd1df1b3ce01ce_892) |
| **Other notes** |  |
| Note 37 Contingencies and commitments | [225](#i6e24f352bf2243f482bd1df1b3ce01ce_898) |
| Note 38 Auditors' remuneration | [227](#i6e24f352bf2243f482bd1df1b3ce01ce_907) |
| Note 39 Events after the balance sheet date | [228](#i6e24f352bf2243f482bd1df1b3ce01ce_910) |
| Note 40 New standards issued but not yet effective | [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) |
| **Other information** |  |
| Consolidated entity disclosure statement | [230](#i6e24f352bf2243f482bd1df1b3ce01ce_922) |
| **[Report of Independent Registered Public Accounting Firms](#i6e24f352bf2243f482bd1df1b3ce01ce_982)** | [246](#i6e24f352bf2243f482bd1df1b3ce01ce_982) |
| **Additional financial information** |  |
| Financial information by business unit | [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991) |
| Alternative performance measures | [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) |

---

---

| | |
|:---|:---|
| ![Caption-icon-black.gif](rio-20251231_g105.gif) | **Image:** Ports Dampier, Australia. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 158 | riotinto.com |

---

2025 Financial statements

About Rio Tinto

In 1995, Rio Tinto plc, incorporated in the UK and listed on the London

and New York stock exchanges, and Rio Tinto Limited, incorporated in

Australia and listed on the Australian Securities Exchange, formed a

dual-listed companies structure (DLC). Under the DLC, Rio Tinto plc and

Rio Tinto Limited are viewed as a single economic enterprise, with

common Boards of Directors, and the shareholders of both companies

have a common economic interest in the DLC. International Financial

Reporting Standards-compliant consolidated financial statements of the

Rio Tinto Group are prepared on this basis, with the interests of

shareholders of both companies presented as the equity interests of

shareholders in the Rio Tinto Group. This is in accordance with the

principles and requirements of International Financial Reporting

Standards (IFRS Accounting Standards).

Rio Tinto's business is finding, mining, and processing mineral

resources. Major products includes iron ore, aluminium, copper and

lithium. Activities span the world and are strongly represented in

Australia and North America, with significant businesses in Asia,

Europe, Africa and South America.

Rio Tinto plc's registered office is at 6 St James's Square, London

SW1Y 4AD, UK. Rio Tinto Limited's registered office is at Level 43,

120 Collins Street, Melbourne VIC 3000, Australia.

About the presentation of our consolidated

financial statements

All financial statement values are presented in US dollars (USD) and

rounded to the nearest million (US$m), unless otherwise stated. Where

applicable, comparatives have been adjusted to measure or present

them on the same basis as current-year figures.

Our financial statements for the year ended 31 December 2025

were authorised for issue in accordance with a Directors' resolution

on 19 February 2026.

**a.The basis of preparation**

The financial information included in the financial statements for the

year ended 31 December 2025, and for the related comparative

periods, has been prepared:

• under the historical cost convention, as modified by the

revaluation of certain financial instruments, the impact of fair

value hedge accounting on the hedged items and the accounting

for post-employment assets and obligations

• on a going concern basis, management has prepared detailed

cash flow forecasts for at least 12 months and has updated

life-of-mine plan models with longer-term cash flow projections,

which demonstrate that we will have sufficient cash, other liquid

resources and undrawn credit facilities to enable us to meet our

obligations as they fall due

• to meet IFRS Accounting Standards as issued by the International

Accounting Standards Board (IASB) and interpretations issued from

time to time by the IFRS Interpretations Committee (IFRS IC), which

are mandatory at 31 December 2025.

The above accounting standards and interpretations are collectively

referred to as "IFRS" in this report and contain the principles we use to

create our accounting policies. Where necessary, adjustments are made

to the locally reported assets, liabilities and results of subsidiaries, joint

arrangements and associates to align their accounting policies with ours

for consistent reporting.

**b.The basis of consolidation**

The financial statements consolidate the accounts of Rio Tinto plc and

Rio Tinto Limited (together "the Companies") and their respective

subsidiaries (together "the Rio Tinto Group", "the Group", "we", "our")

and include the Group's share of joint arrangements and associates.

We consolidate subsidiaries where either of the companies controls the

entity. Control exists where either of the companies has: power over the

entities, that is, existing rights that give it the current ability to direct the

relevant activities of the entities (those that significantly affect the

companies' returns); exposure, or rights, to variable returns from its

involvement with the entities; and the ability to use its power to affect

those returns.

A joint arrangement is an arrangement in which 2 or more parties

have joint control. Joint control is the contractually agreed sharing of

control such that decisions about the relevant activities of the

arrangement (those that significantly affect the companies' returns)

require the unanimous consent of the parties sharing control. We

have 2 types of joint arrangements: joint operations (JOs) and joint

ventures (JVs). A JO is a joint arrangement in which the parties that

share joint control have rights to the assets and obligations for the

liabilities relating to the arrangement. This includes situations where

the parties benefit from the joint activity through a share of the

output, rather than by receiving a share of the results of trading. For

our JOs, we recognise: our share of assets and liabilities; revenue

from the sale of our share of the output and our share of any

revenue generated from the sale of the output by the JO; and its

share of expenses. All such amounts are measured in accordance

with the terms of the arrangement, which is usually in proportion to

our interest in the JO. These amounts are recorded in our financial

statements on the appropriate lines. Our principal JOs are shown in

note 32. A JV is a joint arrangement in which the parties that share

joint control have rights to the net assets of the arrangement. JVs

are accounted for using the equity accounting method.

An associate is an entity over which we have significant influence.

Significant influence is presumed to exist where there is neither

control nor joint control and the Group has over 20% of the voting

rights, unless it can be clearly demonstrated that this is not the case.

Significant influence can arise where we hold less than 20% of the

voting rights if we have the power to participate in the financial and

operating policy decisions affecting the entity. It also includes

situations of collective control.

We use the term "equity accounted units" (EAUs) to refer to

associates and JVs collectively. Under the equity accounting

method, the investment is recorded initially at cost to the Group,

including any goodwill on acquisition. In subsequent periods, the

carrying amount of the investment is adjusted to reflect the Group's

share of the EAUs' retained post-acquisition profit or loss and other

comprehensive income. Our principal JVs and associates are shown

in note 33.

In some cases, we participate in unincorporated arrangements and have

rights to our share of the assets and obligations for our share of the

liabilities of the arrangement rather than a right to a net return, but we do

not share joint control. In such cases, we account for these

arrangements in the same way as our joint operations, with all such

amounts measured in accordance with the terms of the arrangement,

which is usually in proportion to our interest in the arrangement.

All intragroup transactions and balances are eliminated

on consolidation.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 159 | riotinto.com |

---

2025 Financial statements

**c.Materiality**

Our Directors consider information to be material if correcting a misstatement, omission or obscuring could, in the light of surrounding

circumstances, reasonably be expected to change the judgement of a reasonable person relying on the financial statements. The Group

considers both quantitative and qualitative factors in determining whether information is material. The concept of materiality is therefore not

driven purely by numerical values.

When considering the potential materiality of information, management makes an initial quantitative assessment using thresholds based on

estimates of profit before taxation; for the year ended 31 December 2025 the quantitative threshold was US$700 million. However, other

considerations can result in a determination that lower values are material or, occasionally, that higher values are immaterial. These

considerations include whether a misstatement, omission or obscuring: masks a change or trend in key performance indicators; causes

reported key metrics to change from a positive to a negative value or vice versa; affects compliance with regulatory requirements or other

contractual requirements; could result in an increase to management's compensation; or might conceal an unlawful transaction.

In assessing materiality, management also applies judgement based on its understanding of the business and its internal and external

financial statement users. The assessment will consider user expectations of numerical and narrative reporting. Sources used in making this

assessment would include, for example: published analyst consensus measures, experience gained in formal and informal dialogue with

users (including regulatory correspondence), and peer group benchmarking.

**d.Summary of key judgements or other relevant judgements made in applying the accounting policies** 

The preparation of the financial statements requires management to use judgement in applying accounting policies and in making critical

accounting estimates.

These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to

previous experience, but actual results may differ materially from the amounts included in the financial statements. Areas of judgement in the

application of accounting policies that have the most significant effect on the amounts recognised in the financial statements, and key

sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year, are noted below. Further information is contained in the notes to the financial statements.

Summarised below are the key judgements that we have taken in the application of the Group's accounting policies for 2025 and how they

compare to the prior year. Taking a different judgement over these matters could lead to a material impact on the 2025 financial statements.

More detail on the judgement can be found in the respective notes.

---

| | | | |
|:---|:---|:---|:---|
| **Key judgements** | 2025 | 2024 | Context |
| **Indicators of impairment** <br>**and impairment reversals** <br>**(note 4)**<br>| ✔ | ✔ | Various cash-generating units of the Group that have been impaired or tested for <br>impairment in previous years, are at higher risk of impairment charge or reversal in the <br>future due to carrying value and recoverable amounts being similar. While we monitor all <br>assets for impairment, these assets, the largest being Oyu Tolgoi, are monitored more <br>closely for indicators of further impairment or impairment reversal as such adjustments <br>would likely be material to our results.<br>|
| **Purchase price allocation** <br>**from business combination** <br>**(note 5)**<br>| ✔ | 🗕 | The allocation of purchase consideration to the identifiable assets and liabilities of <br>Arcadium Lithium plc is a significant judgement. The fair value of assets has been <br>determined based on discounted future cash flows. These are inherently uncertain as <br>selling prices are relatively volatile and the majority of the value is attributable to mines <br>either under construction or still at the evaluation stage of study. Alternative modelling <br>assumptions would have resulted in a different allocation of value between intangible <br>assets, and property, plant and equipment, and, consequently, deferred tax liabilities and <br>goodwill.<br>|
| **Deferral of stripping costs** <br>**(note 13)**<br>| ✔ | ✔ | The deferral of stripping costs is a key judgement in open-pit mining operations as it <br>impacts the amortisation base for these costs, calculated on a units of production basis; <br>this involves determining whether multiple pits are considered separate or integrated <br>operations, which in turn influences the classification of stripping activities as pre-production or <br>production phase. This judgement relies on various factors that are based on the unique <br>characteristics and circumstances of each mine.<br>|
| **Estimation of asset lives** <br>**(note 13)**<br>| ✔ | ✔ | The useful lives of major assets are often linked to the life of the orebody they relate to, <br>which is in turn based on the life-of-mine plan. Where the major assets are not dependent <br>on the life of a related orebody, management applies judgement in estimating the <br>remaining service potential of long-lived assets. The accuracy of estimating these useful <br>lives is essential for determining the appropriate allocation of costs over time, reflecting the <br>consumption of the asset's economic benefits. <br>|
| **Close-down, restoration** <br>**and environmental** <br>**obligations (note 14)**<br>| ✔ | ✔ | Significant judgement is required to assess the possible extent of closure rehabilitation <br>work needed to fulfil the Group's legal, statutory, and constructive obligations, along with <br>other commitments to stakeholders. This involves leveraging our experience in evaluating <br>available options and techniques to meet these obligations, associated costs and their <br>likely timing and, crucially, determining when that estimate is sufficiently reliable to make or <br>adjust a closure provision.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 160 | riotinto.com |

---

2025 Financial statements

**e.Key sources of estimation uncertainty**

We define key sources of estimation uncertainty as accounting estimates that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year. We summarise below the most significant items and the rationale for

their identification. Relevant sensitivities are included within the indicated financial statement notes.

---

| | | | |
|:---|:---|:---|:---|
| **Key accounting estimates** | 2025 | 2024 | Context |
| **Impairment test of goodwill** <br>**(note 11)**<br>| ✔ | 🗕 | The acquisition of Arcadium Lithium plc in March 2025 resulted in the recognition of goodwill which means <br>the associated cash-generating units need to be tested annually for impairment. The recoverable amount is <br>determined based on discounted cash-flows using future-oriented estimates, including forward pricing, <br>operating costs, construction and production profiles that are inherently uncertain.<br>|
| **Estimation of the** <br>**close-down, restoration** <br>**and environmental cost** <br>**obligations (note 14)**<br>| ✔ | ✔ | Close-down, restoration and environmental obligations are based on cash flow projections derived from <br>studies that incorporate planned rehabilitation activities, cost estimates and discounting for the time <br>value. Closure studies are performed to a rolling schedule with increased frequency and engineering <br>accuracy for sites approaching end of life. Information from these studies can result in a material change <br>to the associated provisions. During the year, the most significant closure provision updates related to a <br>number of sites across the Pilbara. The provisions are based on reforecast cash flows; these are subject <br>to further study which could result in material adjustment in the near term.<br>|
| **Power related commodity** <br>**derivatives (note 25)**<br>| ✔ | ✔ | A discounted cash flow methodology is used to determine the fair value of the derivatives. Key inputs into <br>the renewable energy valuation models include forward electricity price curves, which are used to forecast <br>future floating cash flows, estimated electricity generation and credit-adjusted discount rates. Long-term <br>forward electricity prices are a source of a significant estimation uncertainty as they are not readily available <br>and may be impacted by renewable market developments, which are presently unknown.<br>|
| **Estimation of obligations** <br>**for post-employment** <br>**costs (note 29)**<br>| ✔ | ✔ | The value of the Group's obligations for post-employment benefits is dependent on the amount of <br>benefits that are expected to be paid out, discounted to the balance sheet date. There is significant <br>estimation uncertainty pertaining to the most significant assumptions used in accounting for pension <br>plans, namely the discount rate, the long-term inflation rate and mortality rates.<br>|

---

**f.Currency**

---

| | |
|:---|:---|
| **Other relevant judgements**  | Identification of functional currency |
| We present our financial statements in USD, as that presentation currency most reliably reflects the global business performance of the <br>Group as a whole. <br>The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the <br>primary economic environment in which it operates. For businesses that reside in developed economies, the functional currency is <br>generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an <br>emerging economy, the USD is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods <br>and services, are agreed and paid in USD, in common with other international investors. Determination of functional currency involves <br>judgement, and other companies may make different judgements based on similar facts. <br>The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the <br>depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income <br>statement and in equity. We also apply judgement in determining whether settlement of certain intragroup loans is neither planned nor likely in the <br>foreseeable future and, therefore, whether the associated exchange gains and losses can be taken to equity. During 2025, A$16,265 million (2024: <br>A$15,717 million) of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. | We present our financial statements in USD, as that presentation currency most reliably reflects the global business performance of the <br>Group as a whole. <br>The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the <br>primary economic environment in which it operates. For businesses that reside in developed economies, the functional currency is <br>generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an <br>emerging economy, the USD is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods <br>and services, are agreed and paid in USD, in common with other international investors. Determination of functional currency involves <br>judgement, and other companies may make different judgements based on similar facts. <br>The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the <br>depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income <br>statement and in equity. We also apply judgement in determining whether settlement of certain intragroup loans is neither planned nor likely in the <br>foreseeable future and, therefore, whether the associated exchange gains and losses can be taken to equity. During 2025, A$16,265 million (2024: <br>A$15,717 million) of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. |

---

On consolidation, income statement items for each entity are translated from the functional currency into USD at the full-year average rate of

exchange, except for material one-off transactions, which are translated at the rate prevailing on the transaction date. Balance sheet items

are translated into USD at period-end exchange rates.

Exchange differences arising on the translation of the net assets of entities with functional currencies other than USD are recognised directly

in the currency translation reserve. These translation differences are shown in the statement of comprehensive income, with the exception of

the translation adjustment relating to Rio Tinto Limited's share capital, which is shown in the statement of changes in equity.

Where an intragroup balance is, in substance, part of the Group's net investment in an entity, exchange gains and losses on that balance are

taken to the currency translation reserve.

Except as noted above, or where exchange differences are deferred as part of a cash flow hedge, all other differences are charged or

credited to the income statement in the year in which they arise.

The principal exchange rates used in the preparation of the financial statements were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Full-year average** | **Full-year average** | **Full-year average** | **Year-end** | **Year-end** | **Year-end** |
| **One unit of local currency buys the following number of USD** | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 |
| Pound sterling | **1.32** | 1.28 | 1.24 | **1.35** | 1.25 | 1.28 |
| Australian dollar | **0.64** | 0.66 | 0.66 | **0.67** | 0.62 | 0.69 |
| Canadian dollar | **0.72** | 0.73 | 0.74 | **0.73** | 0.70 | 0.76 |
| Euro | **1.13** | 1.08 | 1.08 | **1.18** | 1.04 | 1.11 |
| South African rand | **0.056** | 0.055 | 0.054 | **0.060** | 0.053 | 0.054 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 161 | riotinto.com |

---

2025 Financial statements

**g.Ore Reserves and Mineral Resources** 

A Mineral Resource is a concentration or occurrence of solid

material of economic interest in or on the Earth's crust in such form,

grade (or quality), and quantity that there are reasonable prospects

for eventual economic extraction. An Ore Reserve is the

economically mineable part of a measured or indicated Mineral

Resource.

The estimation of Ore Reserves and Mineral Resources requires

judgement to interpret available geological data and subsequently to

select an appropriate mining method and then to establish an

extraction schedule. At least annually, the Competent Persons of the

Group (according to the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves (the

"JORC Code")), estimate Ore Reserves and Mineral Resources

using assumptions such as:

• available geological data

• expected future commodity prices and demand

• exchange rates

• production costs

• transport costs

• close-down and restoration costs

• recovery rates

• discount rates

• renewal of mining licences.

With regard to our future commodity price assumptions, to calculate

our Mineral Reserves and Mineral Resources for our filing on the

Australian Securities Exchange and London Stock Exchange, we

use prices generated by our Strategy and Economics team..For this

Form 20-F, we use consensus price or historical pricing and comply

with subpart 1300 of Regulation S-K (SK-1300), instead of with the

JORC Code.

We use judgement as to when to include Mineral Resources in

accounting estimates, for example, the use of Mineral Resources in

our depreciation policy as described in note 13 and in the

determination of the date of closure as described in note 14.

There are many uncertainties in the estimation process and

assumptions that are valid at the time of estimation may change

significantly when new information becomes available. New

geological or economic data or unforeseen operational issues may

change estimates of Ore Reserves and Mineral Resources. This

could cause material adjustments in our financial statements to:

• depreciation and amortisation rates

• carrying values of intangible assets and property, plant and

equipment

• deferred stripping costs

• provisions for close-down and restoration costs

• recovery of deferred tax assets.

**h.Climate change** 

The impacts on our financial statements from climate change and

the execution of our climate change strategy are discussed below.

Global decarbonisation and the world's energy transition continue to

evolve, with the potential to materially impact our future financial

results as our significant accounting judgements and key estimates

are updated to reflect prevailing circumstances. The impacts from

climate change, our current strategy and approach to decarbonise

our operations are considered in our significant judgements and key

estimates reflected in these financial statements.

**Strategy and approach to climate change**

Our Climate Action Plan continues to guide our strategy to

decarbonise our operations, grow responsibly producing

commodities the world needs for the global energy transition,

manage climate-related risks and opportunities, and support our

partners in reducing value chain emissions.

We remain committed to delivering a 50% reduction in our Scope 1

and 2 emissions by 2030, and to reach net zero emissions by 2050

(relative to 2018 levels). These targets were set in 2020 and were

consistent at the time with the Paris Agreement goals to limit

warming to 1.5°C. This pathway relies on commercially available

solutions, such as renewable energy contracts, and is contingent on

advancing repowering solutions for our Pacific Aluminium smelters.

Nature-based solutions (NbS) and carbon credits complement our

decarbonisation activities. We have now reduced gross operational

emissions by 14% below our 2018 baseline; and have a pipeline of

projects and committed investments that support our 2030 target.

Our gross emissions reductions are expected to be at least 40% by

2030, and the use of carbon credits towards our target will be limited

to 10% of our 2018 baseline. Although the climate change targets

published in our *2025 Climate Action Plan* remain unchanged, we

have updated our capital expenditure guidance to principally reflect

the slower pace of commercially viable technology development in

hard-to-abate sectors and our commitment to financially disciplined

capital allocation. Consequently, our updated decarbonisation

capital expenditure forecast is US$1 billion to US$2 billion to 2030,

revised from the prior year estimate of between US$5 billion to

US$6 billion.

Our approach to addressing Scope 3 emissions is to engage with

our customers on climate change and work with them to develop

and scale up the technologies to decarbonise steel and aluminium

production.

**Progressing our strategy to grow in materials needed for the** 

**low-carbon transition** 

Our forecast growth capital expenditure continues to capture new

growth opportunities with a focus on materials that are expected to

see strong demand growth from the low-carbon transition. This

includes the recent acquisition of Arcadium Lithium plc completed in

2025 (note 5) and developing Rincon, Simandou and Kennecott

Integrated Skarns. Our budget for central greenfield exploration

mainly focuses on copper and lithium projects. These projects follow

our existing accounting policies on undeveloped properties and cost

capitalisation.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 162 | riotinto.com |

---

2025 Financial statements

**h. Climate change *continued***

**Scenarios used to identify and assess climate risks and** 

**opportunities** 

We use scenarios to identify and assess risks and opportunities,

including climate, that may affect our business in the medium to long

term. To assess transition risk, we use market analysis for our short-

term outlook, and our Conviction and Resilience scenarios for our

medium- to long-term assessment. For physical risks, we use an

intermediate and high emissions scenario. We review our scenarios

every year as part of our Group strategy engagement with the

Board.

Our Conviction scenario continues to be our central case. It

underlies strategic planning and portfolio investment decisions

across the Group, is used in commodity price forecasts, valuation

models, reserves and resources determination, and in determining

estimates for assets and liabilities in our financial statements. In this

scenario, countries will decarbonise at a moderate pace, real gross

domestic product (GDP) will grow at 2.2% between 2023 and 2050,

climate policies will become more ambitious and effective over time

resulting in a temperature rise of between 2.1°C to 2.3°C (previously

2.1°C) by 2100.

Resilience scenario, which limits temperature rises to around 2.5°C by

2100, is a sensitivity analysis that is designed to test our annual plan

and investment proposals. Weaker governance, declining global trade,

and lower economic growth will lead to less effective climate action. Real

GDP growth will only average 1.6% between 2023 and 2050.

Neither of the Conviction or Resilience scenarios above are

consistent with the expectation of climate policies required to

accelerate the global transition to meet the stretch goal of the Paris

Agreement. Despite agreements on climate change reached

globally in recent years in Glasgow, Dubai and Belem, emissions

today continue to rise, making the 1.5°C goal of the Paris

Agreement unlikely to be achieved. In 2022, we developed a Paris-

aligned scenario, referred to as the Aspirational Leadership

scenario. The Aspirational Leadership scenario reflects a world of

high growth, significant social change and accelerated climate

action. The Aspirational Leadership scenario is a commodity sales

price and carbon cost sensitivity, with all other inputs remaining

equal to our central case. It is built by design to reach net zero

emissions globally by 2050 and helps us better understand the

pathways to meet the Paris Agreement goal, and what this could

mean for our business. We do not use the Aspirational Leadership

scenario in our broader strategic or investment decision-making.

Importantly, none of the above scenarios are considered a definitive

representation for our assessment of the future impact of climate

change on the Group. Scenario modelling has inherent limitations

and, by its nature, allows a range of possible outcomes to be

considered where it is impossible to predict which outcome is likely.

In addition, as our macro-economic modelling involves a range of

variables, isolating and measuring the impact of specific climate

risks and opportunities is challenging. We do not publish the

commodity price forecasts associated with these scenarios, as to do

so would weaken our position in commercial negotiations and might

give rise to concerns from other market participants.

**Low-carbon transition risks and opportunities,** 

**financial resilience of our portfolio** 

With higher GDP growth and a faster low-carbon transition, our

economic performance is stronger in Conviction than in Resilience.

In Aspirational Leadership, higher carbon penalties and the potential

impact on demand for mid- and lower-grade iron ore result in mixed

economic performance for iron ore, but stronger demand for other

metals than in Conviction. Overall, the economic performance of our

portfolio would be stronger in scenarios with higher GDP growth and

proactive climate action, and is resilient under scenarios aligned

with 1.5°C, 2.1°C-2.3°C and 2.5°C outcomes, respectively.

We carefully monitor and manage transition risks linked to our

operational Scope 1 and 2 emissions and value-chain Scope 3

emissions. In particular, we expect the decarbonisation of our assets

to benefit from the implementation of new technologies. The pace of

technological development is uncertain, which could delay or

increase the cost of our decarbonisation efforts.

**Physical risk impacts**

Physical risks such as extreme weather events, rising sea levels

and temperature fluctuations can disrupt production, affect supply

chains, damage assets and infrastructure and impact the health and

safety of our people. Our approach to addressing physical risks

integrates continued measures to enhance resilience, applying

advanced weather and climate data for operational planning,

emergency response and long-term risk management. Climate risk

management is embedded across the asset life cycle, from project

initiation to closure planning.

We have continued to progress our Value at Risk analysis by

advancing physical climate change risk assessments through

financial modelling top down at the product group level. This year,

we completed assessments for our Aluminium & Lithium, Copper

and Iron Ore product groups. These assessments, as well as our

ongoing review processes, including impairment assessments, have

not identified any material accounting impacts to date.

Building on our physical resilience approach, we implemented a

number of measures to strengthen our resilience to physical climate

risk. This includes the development of a seawater desalination plant

in Dampier to provide a climate-resilient water source for our Pilbara

operations and the communities it supplies, in collaboration with

Water Corporation.

In addition, we do not foresee the renewal of our contractual water

rights in Canada that have been classified as indefinite-lived

intangible assets to be at risk from climate change (note 12).

Further, closure planning considers future climate change

projections at each step of the process to support safe and

appropriate final landform design.

**NbS and carbon credits**

While prioritising emissions reductions at our operations, we are

also investing in high-integrity NbS that can bring benefits to people,

nature and climate in the regions where we operate. We will

voluntarily retire associated carbon credits to complement other

decarbonisation investments, but, as discussed above, will limit the

use of voluntary and compliance offsets towards our 2030 climate

target to up to 10% of our 2018 baseline emissions. We source

carbon credits in 3 ways: we develop new projects, invest in and

scale up existing projects, and source high-quality carbon credits

through spot carbon credit purchases and long-term offtake

agreements. This complements our abatement project portfolio and

supports our compliance with carbon pricing regulation such as the

Safeguard Mechanism in Australia. In 2025, we made progress on

NbS, including advancing voluntary clean cooking, reforestation,

grasslands management and sustainable landscape projects, and

expanding our environmental planting ACCU pipeline in Australia.

In 2025, we purchased US$57 million (2024: US$50 million) of

carbon credits. They have been acquired for our own use and are

accounted for as intangible assets (note 12).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 163 | riotinto.com |

---

2025 Financial statements

**h. Climate change *continued***

**Decarbonisation expenditure** 

As part of our decarbonisation programs, we invested

US$182 million (2024: US$283 million) comprising capital projects,

investments and carbon credits referred to above, capitalised on the

balance sheet. Our operating expenditure on Scope 1, 2 and 3

energy efficient initiatives and research and development (R&D)

costs, inclusive of our equity share of R&D related to ELYSIS<sup>TM</sup>, was

US$430 million (2024: US$306 million), recognised in the income

statement (note 7). Our capital commitments at the end of 2025

relating to decarbonisation totalled US$142 million (2024:

US$114 million) and included Jinbi and Amrun renewable power

purchase agreements (PPAs), both classified as leases not yet

commenced (note 37).

We invested US$7 million (2024: US$89 million) in entities

specialising in decarbonisation and related technology, accounted

for as financial assets at fair value.

Given advancements we are making to abate our carbon emissions,

we have considered the potential for asset obsolescence, with a

particular focus on our Pilbara operations where we are building our

own renewable assets and are prioritising investment in renewables

to switch away from natural gas power generation. No material

changes to useful economic lives have been identified in the current

year as the assets are expected to be required for the transition

(note 13). As the renewable projects progress, it is possible that

such adjustments may be identified in the future.

Large-scale renewable PPAs require judgement to determine the

appropriate accounting treatment and may result in a lease, a

derivative or an executory contract depending on contractual terms

(refer to note 22 for further information on significant judgements in

lease assessment). The renewable solar and wind PPAs at Richards

Bay Minerals (RBM) are accounted for on an accrual basis as

energy is produced. The renewable offtake arrangements at QIT

Madagascar Minerals (QMM) and Amrun are leases, while our own

built renewable solar farms, Gudai-Darri and Karratha, follow usual

policies on capitalisation of construction cost and depreciation when

ready to use.

As part of the program to develop renewable energy solutions for

our Queensland aluminium assets, we entered into a hybrid solar

and battery arrangement with Edify Energy in 2025 and 2 long-term

renewable 2.2 GW PPAs: the Upper Calliope solar farm and the

Bungaban wind farm, in prior years, to buy renewable electricity and

associated green products to be generated in the future. These

PPAs are in the final feasibility stage and development remains

subject to achieving financial close. In 2024, our New Zealand

Aluminium Smelters signed long-term PPAs with electricity

generators for a total of 572 MW of hydroelectricity. We have also

signed 2 renewable PPAs in the US to date. These contracts are

recorded as level 3 financial derivatives (note 25 (iv)) and require

complex measurement over the contract's term, with inputs such as

unobservable long-term energy prices being key sources of

estimation of uncertainty (note e).

No adjustments to useful lives of the existing mining fleet have been

identified to date as a result of planned electrification in the Pilbara. The

solutions are still in development or pilot stages and the gradual fleet

replacement is intended to be part of the normal life cycle renewal of

trucks. Depending on technological development, which is highly

uncertain, this could lead to accelerated depreciation in the future.

Similarly, our target to have net zero vessels in our portfolio by 2030 has

not given rise to accounting adjustments to date, as the replacement is

planned as part of the life cycle renewal. The expenditure on our own

carbon abatement projects and technology advancements follows

existing accounting policies on cost capitalisation, and research and

development costs.

**Use of Paris-aligned accounting**

Forecast commodity prices, including carbon prices, incorporated

into our Conviction scenario are used to inform critical accounting

estimates included as inputs to impairment testing, estimation of

remaining economic life for units of production depreciation, and

discounting closure and rehabilitation provisions. These prices

represent our best estimate of actual market outcomes based on the

range of future economic conditions regarding matters largely

outside our control, as required by IFRS. As the Conviction scenario

does not represent the Group's view of the goals of the Paris

Agreement, our commodity price assumptions used in accounting

estimates are not consistent with the expectation of climate policies

required to accelerate the global transition to meet the goals of the

Paris Agreement.

**Impairment** 

In our impairment review process, we consider the risks and

sensitivities associated with climate change.

In 2025, we recognised an impairment charge at Rio Tinto Iron and

Titanium Quebec Operations and QIT Madagascar Minerals due to

challenging market conditions. To illustrate the sensitivity of the

impairment outcome to the cost of carbon, the post-tax net present

value of the cash generating unit would be US$250 million lower if

the carbon tax per tonne was increased by 25% from 2040 with all

other valuations input remaining the same (note 4).

The Gladstone alumina refineries are responsible for more than half

of our Scope 1 carbon dioxide emissions in Australia and therefore

have been a key focus as we evaluate options to decarbonise our

assets. In prior years, we recorded an impairment of the Yarwun

alumina refinery and of the Queensland Alumina Limited (QAL)

refinery and provided carbon cost sensitivities. We continue to

progress lower-emission power solutions for the Boyne smelter that

could extend its life to at least 2040.

Under the Aspirational Leadership scenario, which is not used in the

preparation of these financial statements, nor for budgeting

purposes, the economic performance of copper and aluminium is

expected to be stronger under supply and demand forward-pricing

curves, which we believe will be consistent with the Paris

Agreement. It is possible therefore, under certain conditions, that

historical impairments associated with copper and aluminium assets

could reverse.

In the Aspirational Leadership scenario, the prices for lower-grade

iron ore are lower in the medium term due to higher recycling and

lower value-in-use relative to high grade ores. In the longer term, we

assume the pricing for lower-grade iron ore to be weaker than in our

Conviction scenario and will depend on the development of low-

carbon steel technology, the pace of which is uncertain, but is

expected to be partially offset by higher prices for higher-grade iron

ore. As was the case in the prior year, this is very unlikely to give

rise to impairment triggers in the short to medium term, due to the

high returns on capital employed in the Pilbara and the slow

deployment of low-carbon steel technology.

**Closure provisions**

Closure dates and cost of closure are also sensitive to climate

assumptions, including precipitation rates, but no material changes

have been identified in the year specific to climate change that

would require a material revision to the provisions in 2025. For those

commodities with higher forward price curves under the Aspirational

Leadership scenario, it may be economical to mine lower mineral

grades, which could result in the conversion of additional Mineral

Resources to Ore Reserves and therefore longer dated closure.

Additional commentary on the impact of climate change on our

business is included in the following notes:

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 164 | riotinto.com |

---

2025 Financial statements

**h. Climate change *continued***

---

| | |
|:---|:---|
| **Financial reporting considerations and sensitivities related to climate change**  | Page |
| Carbon tax sensitivity on impairment charge (note 4) | [175](#i6e24f352bf2243f482bd1df1b3ce01ce_526) |
| Operating expenditure spend on decarbonisation (note 7 - footnote (f)) | [180](#id87d0a4957f14b86af61a66890625969_1365) |
| Water rights - climate impact on indefinite life (note 12) | [186](#iad9e94b30b3c46d99b31c9e822a7a4bb_0-0-1-1-5910999) |
| Carbon abatement spend on procurement of carbon units and renewable energy certificates (note 12 - footnote (a)) | [187](#i4d7797ff573b4f529ecd0fff95c9a9c0_138) |
| Estimation of asset lives (note 13) | [188](#i86a9de3515ab44cba41955b8f1c57975_0-0-1-2-5910999) |
| Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) | [190](#i715ce720df2445ac8c0d4e1c55496cd8_2361) |
| Useful economic lives of power generating assets (note 13) | [191](#i6e24f352bf2243f482bd1df1b3ce01ce_628) |
| Close-down, restoration and environmental cost (note 14) | [194](#i567453ddbb6a48c18af035eac08a8ddc_1-0-1-2-5910999) |
| Renewable PPAs accounted for as derivatives (note 25 (iv))  | [206](#ie4cc232608af4740ae84e9a5805a15a8_0-0-1-1-5910999) |
| Decarbonisation capital commitments (note 37) | [226](#ie6ea5fa60c8e4ed693faaa763c1fba2a_1-0-1-2-5910999) |

---

**i.New standards issued and effective in the current year**

Our financial statements have been prepared on the basis of accounting policies consistent with those applied in the financial statements for

the year ended 31 December 2024, except for the accounting requirements set out below, effective as at 1 January 2025.

**Lack of Exchangeability (Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates")** 

We adopted amendment to IAS 21 which requires an entity to apply a consistent approach in assessing whether a currency is exchangeable

into another currency and, when it is not, to determine the exchange rate to use. The amendment also requires disclosure of information that

helps the users to understand the nature and financial impact of the lack of exchangeability, as well as the methods and assumptions used in

estimating the exchange rate. The amendment does not have a material impact on the Group.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 165 | riotinto.com |

---

2025 Financial statements \| Consolidated primary statements

Consolidated income statement

Years ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Consolidated operations** |  |  |  |  |
| **Consolidated sales revenue** | 1, 6 | **57638** | 53658 | 54041 |
| Net operating costs (excluding items disclosed separately) | 7 | **(41784)** | (37745) | (37052) |
| Net impairment charges | 4 | **(341)** | (538) | (936) |
| Gains on consolidation and disposal of interests in businesses | 5 | **–** | 1214 | – |
| Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) | 8 | **(577)** | (936) | (1230) |
| **Operating profit** |  | **14936** | 15653 | 14823 |
| Share of profit after tax of equity accounted units | 33 | **1478** | 838 | 675 |
| **Profit before finance items and taxation** |  | **16414** | 16491 | 15498 |
| **Finance items** |  |  |  |  |
| Net exchange (losses)/gains on external net debt and intragroup balances |  | **(493)** | 322 | (251) |
| Gains/(losses) on derivatives not qualifying for hedge accounting |  | **22** | (92) | (54) |
| Finance income | 9 | **465** | 514 | 536 |
| Finance costs | 9 | **(1062)** | (763) | (967) |
| Amortisation of discount on provisions | 14, 19 | **(778)** | (857) | (977) |
|  |  | **(1846)** | (876) | (1713) |
| **Profit before taxation** |  | **14568** | 15615 | 13785 |
| **Taxation** | 10 | **(4319)** | (4041) | (3832) |
| **Profit after tax for the year** |  | **10249** | 11574 | 9953 |
| – attributable to owners of Rio Tinto (net earnings) |  | **9966** | 11552 | 10058 |
| – attributable to non-controlling interests |  | **283** | 22 | (105) |
| **Basic earnings per share** | 2 | **613.7c** | 711.7c | 620.3c |
| **Diluted earnings per share** | 2 | **608.4c** | 707.2c | 616.5c |

---

The notes on pages [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) to [164](#i6e24f352bf2243f482bd1df1b3ce01ce_451) and pages [170](#i6e24f352bf2243f482bd1df1b3ce01ce_475) to [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) are an integral part of these consolidated financial statements.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 166 | riotinto.com |

---

2025 Financial statements \| Consolidated primary statements

Consolidated statement of comprehensive income

Years ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025**<br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Profit after tax for the year** |  | **10249** | 11574 | 9953 |
| **Other comprehensive income/(loss)** |  |  |  |  |
| **Items that will not be reclassified to the income statement:** |  |  |  |  |
| Remeasurement gains/(losses) on pension and post-retirement healthcare plans | 29 | **165** | 83 | (461) |
| Changes in the fair value of equity investments held at fair value through other comprehensive income (FVOCI) |  | **(34)** | – | (24) |
| Tax relating to these components of other comprehensive income | 10 | **(41)** | (22) | 152 |
| Share of other comprehensive gains/(losses) of equity accounted units, net of tax |  | **1** | 4 | (3) |
|  |  | **91** | 65 | (336) |
| **Items that have been/may be subsequently reclassified to the income statement:** |  |  |  |  |
| Currency translation adjustment<sup>(a)</sup> |  | **2846** | (3391) | 644 |
| Currency translation on operations disposed of, transferred to the income statement |  | **–** | (27) | – |
| Fair value movements: |  |  |  |  |
| – Cash flow hedge gains |  | **57** | 13 | 30 |
| – Cash flow hedge (gains)/losses transferred to the income statement |  | **(164)** | 17 | (39) |
| Net change in costs of hedging reserve | 36 | **3** | 4 | 5 |
| Tax relating to these components of other comprehensive income | 10 | **29** | (10) | 1 |
| Share of other comprehensive income/(loss) of equity accounted units, net of tax |  | **34** | (45) | 14 |
|  |  | **2805** | (3439) | 655 |
| **Total other comprehensive income/(loss) for the year, net of tax** |  | **2896** | (3374) | 319 |
| **Total comprehensive income for the year** |  | **13145** | 8200 | 10272 |
| – attributable to owners of Rio Tinto |  | **12706** | 8375 | 10335 |
| – attributable to non-controlling interests |  | **439** | (175) | (63) |

---

(a)Excludes a currency translation gain of US$238 million (2024: charge of US$317 million; 2023: gain of US$47 million) arising on Rio Tinto Limited's share capital for the year ended 31

December 2025, which is recognised in the consolidated statement of changes in equity. Refer to the consolidated statement of changes in equity on page [169](#i670ca1a0313342a79a5d2a0f62d774bc_5-0-1-1-5910999).

The notes on pages [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) to [164](#i6e24f352bf2243f482bd1df1b3ce01ce_451) and pages [170](#i6e24f352bf2243f482bd1df1b3ce01ce_475) to [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) are an integral part of these consolidated financial statements.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 167 | riotinto.com |

---

2025 Financial statements \| Consolidated primary statements

Consolidated cash flow statement

Years ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025**<br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Cash flows from consolidated operations**<sup>(a)</sup> |  | **21153** | 19859 | 20251 |
| Dividends from equity accounted units |  | **1070** | 1067 | 610 |
| **Cash flows from operations** |  | **22223** | 20926 | 20861 |
| Net interest paid |  | **(862)** | (685) | (612) |
| Dividends paid to holders of non-controlling interests in subsidiaries |  | **(314)** | (477) | (462) |
| Tax paid |  | **(4215)** | (4165) | (4627) |
| **Net cash generated from operating activities** |  | **16832** | 15599 | 15160 |
| **Cash flows from investing activities** |  |  |  |  |
| Purchases of property, plant and equipment and intangible assets<sup>(b)</sup> | 1 | **(12335)** | (9621) | (7086) |
| Sales of property, plant and equipment and intangible assets |  | **50** | 30 | 9 |
| Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired | 5 | **(6022)** | (346) | (834) |
| Disposals of subsidiaries, joint ventures, joint operations and associates | 5 | **–** | 427 | – |
| Purchases of financial assets |  | **(385)** | (113) | (39) |
| Sales of financial assets<sup>(c)</sup> |  | **223** | 677 | 1220 |
| Net funding of equity accounted units<sup>(b)</sup> |  | **(669)** | (784) | (144) |
| Other investing cash flows |  | **(197)** | 136 | (88) |
| **Net cash used in investing activities** |  | **(19335)** | (9594) | (6962) |
| **Cash flows before financing activities** |  | **(2503)** | 6005 | 8198 |
| **Cash flows from financing activities** |  |  |  |  |
| Equity dividends paid to owners of Rio Tinto | 3 | **(6145)** | (7025) | (6470) |
| Proceeds from additional borrowings, net of issue costs | 20, 21 | **16019** | 261 | 1833 |
| Repayment of borrowings and associated derivatives | 20, 21 | **(8189)** | (860) | (310) |
| Lease principal payments | 20, 22 | **(522)** | (455) | (426) |
| Proceeds from issue of equity to non-controlling interests<sup>(b)</sup> |  | **1628** | 1574 | 127 |
| Purchase of non-controlling interest |  | **–** | (591) | (33) |
| Other financing cash flows |  | **(2)** | 2 | 2 |
| **Net cash from/(used in) financing activities** |  | **2789** | (7094) | (5277) |
| Effects of exchange rates on cash and cash equivalents |  | **95** | (99) | (23) |
| **Net increase/(decrease) in cash and cash equivalents** |  | **381** | (1188) | 2898 |
| Opening cash and cash equivalents less overdrafts |  | **8484** | 9672 | 6774 |
| Closing cash and cash equivalents less overdrafts | 23 | **8865** | 8484 | 9672 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a) Cash flows from consolidated operations** | Note | **2025**<br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Profit after tax for the year |  | **10249** | 11574 | 9953 |
| Adjustments for: |  |  |  |  |
| – Taxation |  | **4319** | 4041 | 3832 |
| – Finance items |  | **1846** | 876 | 1713 |
| – Share of profit after tax of equity accounted units |  | **(1478)** | (838) | (675) |
| – Gains on consolidation and disposal of interests in businesses | 5 | **–** | (1214) | – |
| – Net impairment charges | 4 | **341** | 538 | 936 |
| – Depreciation and amortisation |  | **6577** | 5918 | 5334 |
| – Provisions (including exchange differences on provisions) |  | **998** | 398 | 1470 |
| Utilisation of other provisions  | 19 | **(402)** | (94) | (104) |
| Utilisation of provisions for close-down and restoration | 14 | **(1049)** | (1142) | (777) |
| Utilisation of provisions for post-retirement benefits and other employment costs | 27 | **(183)** | (133) | (277) |
| Change in inventories |  | **(377)** | 205 | (422) |
| Change in receivables and other assets |  | **(460)** | (202) | (418) |
| Change in trade and other payables |  | **593** | 54 | (86) |
| Other items<sup>(d)</sup> |  | **179** | (122) | (228) |
|  |  | **21153** | 19859 | 20251 |

---

(b) In 2025, our net cash outflow in relation to the Simandou iron ore project, excluding cash generated from operating activities, was US$1,455 million (2024: US$1,292 million). This includes cash outflows of US$2,219 million (2024: US$1,832 million) for purchases of property, plant and equipment, and US$557 million as net funding of equity accounted units for the funding of shared infrastructure in the WCS Rail and Port Holding Entities (2024: US$652 million, in addition to an initial US$313 million for the acquisition of the WCS Rail and Port Holding Entities). We received related cash inflows of US$1,321 million from Chalco Iron Ore Holdings Ltd (CIOH) for cash calls by SimFer Jersey Limited (2024: US$1,505 million, of which US$411 million related to CIOH's share of expenditure incurred up until the end of December 2023 to progress critical works).

(c) In 2025, we received net proceeds of US$218 million (2024: US$675 million and 2023: US$1,157 million) from our sales and purchases of investments within a separately managed portfolio of fixed income instruments. Refer to note 20 for details. Purchases and sales of these securities are reported on a net cash flow basis within "Sales of financial assets" or "Purchases of financial assets" depending on the overall net position at each reporting date. 

(d) In 2025, other items includes the recognition of realised gains of US$22 million on currency forwards not designated as hedges (2024: realised losses US$88 million, 2023: realised losses US$57 million). 

The notes on pages [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) to [164](#i6e24f352bf2243f482bd1df1b3ce01ce_451) and pages [170](#i6e24f352bf2243f482bd1df1b3ce01ce_475) to [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) are an integral part of these consolidated financial statements.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 168 | riotinto.com |

---

2025 Financial statements \| Consolidated primary statements

Consolidated balance sheet

At 31 December

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **2025**<br>**US$m**<br>| 2024<br>US$m<br>|
| **Non-current assets** |  |  |  |
| Goodwill | 11 | **2949** | 727 |
| Intangible assets | 12 | **5227** | 2804 |
| Property, plant and equipment | 13 | **84310** | 68573 |
| Investments in equity accounted units | 33 | **5881** | 4837 |
| Inventories | 16 | **338** | 222 |
| Deferred tax assets | 15 | **4288** | 4016 |
| Receivables and other assets | 17 | **1841** | 1397 |
| Other financial assets | 24 | **1699** | 1090 |
|  |  | **106533** | 83666 |
| **Current assets** |  |  |  |
| Inventories | 16 | **6968** | 5860 |
| Receivables and other assets | 17 | **4996** | 4241 |
| Tax recoverable |  | **159** | 105 |
| Other financial assets | 24 | **574** | 419 |
| Cash and cash equivalents | 23 | **8872** | 8495 |
|  |  | **21569** | 19120 |
| **Total assets** |  | **128102** | 102786 |
| **Current liabilities** |  |  |  |
| Borrowings | 21 | **(733)** | (180) |
| Leases | 22 | **(524)** | (354) |
| Other financial liabilities | 24 | **(249)** | (112) |
| Trade and other payables | 18 | **(10133)** | (8178) |
| Tax payable |  | **(587)** | (585) |
| Close-down, restoration and environmental provisions | 14 | **(1128)** | (1183) |
| Provisions for post-retirement benefits and other employment costs | 27 | **(473)** | (359) |
| Other provisions | 19 | **(1103)** | (792) |
|  |  | **(14930)** | (11743) |
| **Non-current liabilities** |  |  |  |
| Borrowings | 21 | **(21198)** | (12262) |
| Leases | 22 | **(1062)** | (1059) |
| Other financial liabilities | 24 | **(555)** | (591) |
| Trade and other payables | 18 | **(982)** | (543) |
| Tax payable |  | **(39)** | (28) |
| Deferred tax liabilities | 15 | **(4094)** | (2635) |
| Close-down, restoration and environmental provisions | 14 | **(16703)** | (14548) |
| Provisions for post-retirement benefits and other employment costs | 27 | **(1142)** | (1097) |
| Other provisions | 19 | **(373)** | (315) |
|  |  | **(46148)** | (33078) |
| **Total liabilities** |  | **(61078)** | (44821) |
| **Net assets** |  | **67024** | 57965 |
| **Capital and reserves** |  |  |  |
| Share capital |  |  |  |
| – Rio Tinto plc | 35 | **207** | 207 |
| – Rio Tinto Limited  | 35 | **3298** | 3060 |
| Share premium account |  | **4329** | 4326 |
| Other reserves | 36 | **7788** | 5114 |
| Retained earnings | 36 | **46581** | 42539 |
| **Equity attributable to owners of Rio Tinto**  |  | **62203** | 55246 |
| Attributable to non-controlling interests |  | **4821** | 2719 |
| **Total equity** |  | **67024** | 57965 |

---

The notes on pages [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) to [164](#i6e24f352bf2243f482bd1df1b3ce01ce_451) and pages [170](#i6e24f352bf2243f482bd1df1b3ce01ce_475) to [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) are an integral part of these consolidated financial statements.

The financial statements on pages [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) to [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) were approved by the Directors on 19 February 2026 and signed on their behalf by

---

| | | |
|:---|:---|:---|
| ![Dominic-signature-VR2.gif](rio-20251231_g24.gif) | ![Simon Trott_Esignature.gif](rio-20251231_g27.gif) | ![Peter Cunningham.gif](rio-20251231_g49.gif) |
| **Dominic Barton**<br>Chair <br>| **Simon Trott**<br>Chief Executive <br>| **Peter Cunningham**<br>Chief Financial Officer <br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 169 | riotinto.com |

---

2025 Financial statements \| Consolidated primary statements

Consolidated statement of changes in equity

Years ended 31 December

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 31 December 2025** | **Attributable to owners of Rio Tinto** | **Attributable to owners of Rio Tinto** | **Attributable to owners of Rio Tinto** | **Attributable to owners of Rio Tinto** | **Attributable to owners of Rio Tinto** |  |  |
| **Year ended 31 December 2025** | **Share** <br>**capital**<br>**(note 35)**<br>**US$m**<br>| **Share** <br>**premium**<br>**account**<br>**US$m**<br>| **Other** <br>**reserves**<br>**(note 36)**<br>**US$m**<br>| **Retained** <br>**earnings**<br>**(note 36)** <br>**US$m**<br>| **Total**<br>**US$m**<br>| **Non-**<br>**controlling**<br>**interests**<br>**US$m**<br>| **Total**<br>**equity**<br>**US$m**<br>|
| Opening balance | **3267** | **4326** | **5114** | **42539** | **55246** | **2719** | **57965** |
| Total comprehensive income for the year<sup>(a)</sup> | **–** | **–** | **2617** | **10089** | **12706** | **439** | **13145** |
| Currency translation arising on Rio Tinto Limited's share capital | **238** | **–** | **–** | **–** | **238** | **–** | **238** |
| Dividends (note 3) | **–** | **–** | **–** | **(6145)** | **(6145)** | **(265)** | **(6410)** |
| Newly consolidated operations (note 5) | **–** | **–** | **–** | **–** | **–** | **298** | **298** |
| Own shares purchased from Rio Tinto shareholders to satisfy share <br>awards to employees<sup>(b)</sup><br>| **–** | **–** | **(57)** | **(30)** | **(87)** | **–** | **(87)** |
| Change in equity interest held by Rio Tinto | **–** | **–** | **–** | **(7)** | **(7)** | **2** | **(5)** |
| Treasury shares reissued and other movements | **–** | **3** | **–** | **–** | **3** | **–** | **3** |
| Equity issued to holders of non-controlling interests<sup>(c)</sup> | **–** | **–** | **–** | **–** | **–** | **1628** | **1628** |
| Employee share awards charged to the income statement | **–** | **–** | **114** | **135** | **249** | **–** | **249** |
| **Closing balance** | **3505** | **4329** | **7788** | **46581** | **62203** | **4821** | **67024** |
| Year ended 31 December 2024 | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto |  |  |
| Year ended 31 December 2024 | Share <br>capital<br>(note 35)<br>US$m<br>| Share <br>premium<br>account<br>US$m<br>| Other <br>reserves<br>(note 36)<br>US$m<br>| Retained <br>earnings<br>(note 36) <br>US$m<br>| Total<br>US$m<br>| Non-<br>controlling<br>interests<br>US$m<br>| Total<br>equity<br>US$m<br>|
| Opening balance | 3584 | 4324 | 8328 | 38350 | 54586 | 1755 | 56341 |
| Total comprehensive income for the year<sup>(a)</sup> | – | – | (3242) | 11617 | 8375 | (175) | 8200 |
| Currency translation arising on Rio Tinto Limited's share capital | (317) | – | – | – | (317) | – | (317) |
| Dividends (note 3) | – | – | – | (7025) | (7025) | (528) | (7553) |
| Newly consolidated operations (note 5) | – | – | – | – | – | 5 | 5 |
| Own shares purchased from Rio Tinto shareholders to satisfy share <br>awards to employees<sup>(b)</sup><br>| – | – | (44) | (13) | (57) | – | (57) |
| Change in equity interest held by Rio Tinto | – | – | – | (468) | (468) | 88 | (380) |
| Treasury shares reissued and other movements | – | 2 | – | – | 2 | – | 2 |
| Equity issued to holders of non-controlling interests<sup>(c)</sup> | – | – | – | – | – | 1574 | 1574 |
| Employee share awards charged to the income statement | – | – | 72 | 78 | 150 | – | 150 |
| **Closing balance** | **3267** | **4326** | **5114** | **42539** | **55246** | **2719** | **57965** |
| Year ended 31 December 2023 | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto |  |  |
| Year ended 31 December 2023 | Share <br>capital<br>(note 35)<br>US$m<br>| Share <br>premium<br>account<br>US$m<br>| Other <br>reserves<br>(note 36)<br>US$m<br>| Retained <br>earnings<br>(note 36) <br>US$m<br>| Total<br>US$m<br>| Non-<br>controlling<br>interests<br>US$m<br>| Total<br>equity<br>US$m<br>|
| Opening balance | 3537 | 4322 | 7755 | 35020 | 50634 | 2107 | 52741 |
| Total comprehensive income for the year<sup>(a)</sup> | – | – | 585 | 9750 | 10335 | (63) | 10272 |
| Currency translation arising on Rio Tinto Limited's share capital | 47 | – | – | – | 47 | – | 47 |
| Dividends (note 3) | – | – | – | (6466) | (6466) | (462) | (6928) |
| Newly consolidated operations | – | – | – | – | – | 33 | 33 |
| Own shares purchased from Rio Tinto shareholders to satisfy share <br>awards to employees<sup>(b)</sup><br>| – | – | (78) | (17) | (95) | – | (95) |
| Change in equity interest held by Rio Tinto | – | – | – | (13) | (13) | 13 | – |
| Treasury shares reissued and other movements | – | 2 | – | – | 2 | – | 2 |
| Equity issued to holders of non-controlling interests | – | – | – | – | – | 127 | 127 |
| Employee share awards charged to the income statement | – | – | 66 | 76 | 142 | – | 142 |
| **Closing balance** | **3584** | **4324** | **8328** | **38350** | **54586** | **1755** | **56341** |

---

(a)Refer to the consolidated statement of comprehensive income for further details. Adjustments to other reserves include currency translation attributable to owners of Rio Tinto, other than

that arising on Rio Tinto Limited's share capital.

(b)Net of contributions received from employees for share awards.

(c)Refer to the consolidated cash flow statement for further details.

The notes on pages [158](#i6e24f352bf2243f482bd1df1b3ce01ce_394) to [164](#i6e24f352bf2243f482bd1df1b3ce01ce_451) and pages [170](#i6e24f352bf2243f482bd1df1b3ce01ce_475) to [228](#i6e24f352bf2243f482bd1df1b3ce01ce_913) are an integral part of these consolidated financial statements.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 170 | riotinto.com |

---

2025 Financial statements

Notes to the consolidated financial statements

Our financial performance

We use a number of measures, including segmental revenue, underlying EBITDA, and capital expenditure to provide us with a greater

understanding of our operations' underlying business performance, including revenue generation, productivity and cost management, on a

comparable basis between reporting years.

**1Financial performance by segment** 

Our reportable segmental structure is principally based on product groups (PG) - which we have determined to be our operating segments - whose

leaders, together with global support functions leaders, make up the Executive Committee. The Executive Committee members each report directly

to our Chief Executive who is the chief operating decision maker (CODM) and is responsible for allocating resources and assessing performance of

the operating segments. The CODM's primary measure of performance is underlying EBITDA (as defined on page [171](#i6e24f352bf2243f482bd1df1b3ce01ce_493)).

Our reportable segments are as follows.

---

| | |
|:---|:---|
| **Reportable segment** | **Principal activities** |
| Aluminium & Lithium | Bauxite mining; alumina refining; aluminium smelting and recycling; mining and processing of lithium. |
| Copper | Mining and refining of copper, gold, silver, molybdenum, other by-products and exploration activities. |
| Iron Ore | Iron ore mining and salt and gypsum production in Western Australia; iron concentrate and pellets from the Iron Ore Company of Canada. |

---

The Group's reportable segments have been updated to reflect the organisational restructure announced on 27 August 2025 which simplified

our product group structure to 3 businesses: Aluminium & Lithium, Copper and Iron Ore. The unified Iron Ore portfolio integrates Rio Tinto's

Western Australian Iron Ore operations with the Iron Ore Company of Canada and will include the Simandou project in Guinea upon its

completion. Management responsibility during the build phase of the Simandou iron ore project remains under the Chief Safety & Technical

Officer. While this sits outside of reportable segments until completion of the project, we continue to show this separately due to the

significance of funding and spend on the project. Accordingly comparative information has been restated.

During the year, we acquired Arcadium Lithium plc, and its results are included in the new Aluminium & Lithium reportable segment from 6

March 2025. Rio Tinto's Lithium business, comprising Arcadium and Rincon (previously included within the Minerals product group), has

been combined with the previous Aluminium product group to form the Aluminium & Lithium product group.

The Borates and Iron & Titanium businesses were placed under strategic review during the year and have moved to the Chief Commercial

Officer's portfolio. Along with Diamonds, which is pending mine closure, these businesses are now presented below reportable segments, as

part of "Other Operations".

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Segmental revenue**<br>**US$m** | **Segmental revenue**<br>**US$m** | **Segmental revenue**<br>**US$m** | **Underlying EBITDA**<br>**US$m** | **Underlying EBITDA**<br>**US$m** | **Underlying EBITDA**<br>**US$m** | **Capital expenditure**<sup>(b)</sup><br>**US$m** | **Capital expenditure**<sup>(b)</sup><br>**US$m** | **Capital expenditure**<sup>(b)</sup><br>**US$m** |
|  | **2025** | **2024**<br>**Restated**<sup>(a)</sup><br>| **2023**<br>**Restated**<sup>(a)</sup><br>| **2025** | **2024**<br>**Restated**<sup>(a)</sup><br>| **2023**<br>**Restated**<sup>(a)</sup><br>| **2025** | **2024**<br>**Restated**<sup>(a)</sup><br>| **2023**<br>**Restated**<sup>(a)</sup><br>|
| Aluminium & Lithium | **17056** | 13650 | 12285 | **4574** | 3552 | 2136 | **3346** | 1848 | 1357 |
| Copper | **13729** | 9275 | 6678 | **7369** | 3437 | 1960 | **1872** | 2055 | 1976 |
| Iron Ore | **28989** | 31601 | 34539 | **15194** | 16985 | 20915 | **4422** | 3303 | 2952 |
| **Reportable segments total** | **59774** | 54526 | 53502 | **27137** | 23974 | 25011 | **9640** | 7206 | 6285 |
| Simandou iron ore project | **–** | – | – | **(96)** | (22) | (539) | **2219** | 1832 | 266 |
| Other operations | **3114** | 3201 | 3576 | **50** | 517 | 532 | **334** | 419 | 413 |
| Inter-segment transactions | **(13)** | (21) | (21) | **–** | – | – |  |  |  |
| Share of equity accounted units<sup>(c)</sup> | **(5237)** | (4048) | (3016) |  |  |  |  |  |  |
| Central pension costs, share-based payments, <br>insurance and derivatives<br>|  |  |  | **(74)** | 153 | 168 |  |  |  |
| Restructuring, project and one-off costs  |  |  |  | **(606)** | (254) | (190) |  |  |  |
| Central costs |  |  |  | **(818)** | (816) | (990) |  |  |  |
| Central exploration and evaluation expenditures |  |  |  | **(230)** | (238) | (100) |  |  |  |
| Proceeds from disposal of property, plant and equipment |  |  |  |  |  |  | **50** | 30 | 9 |
| Other items |  |  |  |  |  |  | **92** | 134 | 113 |
| **Consolidated sales revenue** | **57638** | 53658 | 54041 |  |  |  |  |  |  |
| **Purchases of property, plant and equipment and** <br>**intangible assets**<br>|  |  |  |  |  |  | **12335** | 9621 | 7086 |
| **Underlying EBITDA**<sup>(d)</sup> |  |  |  | **25363** | 23314 | 23892 |  |  |  |

---

(a) During the year, we simplified our product group structure to 3 product groups: Iron Ore, Aluminium & Lithium and Copper. Accordingly, prior year amounts have been restated for comparability.

(b) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries' capital expenditure and Rio Tinto's share of the capital expenditure of joint operations.

(c) Consolidated sales revenue includes subsidiary sales of US$311 million (2024: US$213 million; 2023: US$20 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group's proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$5,548 million (2024: US$4,261 million; 2023: US$3,036 million) which are not included in consolidated sales revenue.

(d) Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2025 was US$795 million (2024: US$935 million; 2023: US$855 million - excluding Simandou). Approximately 40% of the spend was by copper, 32% by central exploration, 19% by Iron Ore (which includes Iron Ore Company of Canada), 8% by other operations and 1% by Aluminium & Lithium. All qualifying expenditure relating to Simandou has been capitalised since October 2023, while qualifying expenditure on the Rincon lithium project has been capitalised since 1 July 2024.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 171 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**1Financial performance by segment** *continued*

**Segmental revenue** 

Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units (EAUs) in proportion to

our equity interest (after adjusting for sales to/from subsidiaries).

Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric.

**Other segmental reporting**

For further information relating to Revenue by destination and product and Non-operating assets by geography, refer to note 6 on page [180](#i13d80b6fa1b54a1cbf51de8b1a589ede_350)

and Our operating assets section on page [184](#id5bee6d813144020908c304e107f063b_590), respectively.

**Underlying EBITDA**

Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA

impact of items which do not reflect the underlying performance of our reportable segments.

---

| | |
|:---|:---|
| **Other relevant judgements** | **Exclusions from underlying EBITDA** |
| Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size <br>to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from <br>profit after tax in arriving at underlying EBITDA in each year irrespective of materiality:<br>•all depreciation and amortisation in subsidiaries and the corresponding share of profit in EAUs<br>•all taxation and finance items in subsidiaries and the corresponding share of profit in EAUs<br>•unrealised gains and losses on embedded derivatives not qualifying for hedge accounting (including foreign exchange)<br>•net gains and losses on consolidation or disposal of interests in businesses <br>•impairment charges net of reversals including corresponding amounts in share of profit in EAUs<br>•the underlying EBITDA of discontinued operations<br>•adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the <br>disturbance or environmental contamination relates to the pre-acquisition period.<br>In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in <br>aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business <br>performance. In 2025 and 2024, there were no items in this category. In 2023, this included all re-estimates of the closure provisions for <br>fully impaired sites identified in the second half of the year due to the materiality of the adjustment in aggregate. | Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size <br>to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from <br>profit after tax in arriving at underlying EBITDA in each year irrespective of materiality:<br>•all depreciation and amortisation in subsidiaries and the corresponding share of profit in EAUs<br>•all taxation and finance items in subsidiaries and the corresponding share of profit in EAUs<br>•unrealised gains and losses on embedded derivatives not qualifying for hedge accounting (including foreign exchange)<br>•net gains and losses on consolidation or disposal of interests in businesses <br>•impairment charges net of reversals including corresponding amounts in share of profit in EAUs<br>•the underlying EBITDA of discontinued operations<br>•adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the <br>disturbance or environmental contamination relates to the pre-acquisition period.<br>In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in <br>aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business <br>performance. In 2025 and 2024, there were no items in this category. In 2023, this included all re-estimates of the closure provisions for <br>fully impaired sites identified in the second half of the year due to the materiality of the adjustment in aggregate. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| **2024** <br>**US$m**<br>| **2023**<br>**US$m**<br>|
| Profit after tax for the year | **10249** | 11574 | 9953 |
| Taxation  | **4319** | 4041 | 3832 |
| Profit before taxation | **14568** | 15615 | 13785 |
| Depreciation and amortisation in subsidiaries, excluding capitalised depreciation<sup>(a)</sup> | **6271** | 5744 | 4976 |
| Depreciation and amortisation in equity accounted units | **594** | 559 | 484 |
| Finance items in subsidiaries | **1846** | 876 | 1713 |
| Taxation and finance items in equity accounted units | **1514** | 1002 | 741 |
| Unrealised (gains)/losses on embedded commodity and currency derivatives not qualifying for hedge accounting <br>(including foreign exchange)<br>| **(64)** | 73 | (15) |
| Gains on consolidation and disposal of interests in businesses<sup>(b)</sup> | **–** | (1214) | – |
| Impairment charges net of reversals (note 4) | **341** | 573 | 936 |
| Change in closure estimates (non-operating and fully impaired sites)<sup>(c)</sup> | **293** | 86 | 1272 |
| Underlying EBITDA | **25363** | 23314 | 23892 |

---

(a)Depreciation and amortisation in subsidiaries for the year ended 31 December is net of capitalised depreciation of US$306 million (2024: US$174 million; 2023: US$358 million).

(b)In 2024, gains on consolidation of businesses include the revaluation of our previously held interest in the NZAS joint operation as we acquired the remaining shares during the year and

this became a subsidiary. Disposals include the sale of Wyoming Uranium and Lake MacLeod, as described in note 5.

(c)In 2025, the change in closure estimate charge includes US$233 million related to the Yarwun alumina refinery, due to an acceleration of its forecast closure date as studies had not

identified an economically viable solution for the construction of a second tailings storage facility. This qualified under our accounting policy for exclusion from underlying earnings as it

also resulted in an impairment charge during the year (refer to note 4 for further details). In 2024, the charge to the income statement related to the change in estimates of underlying

closure cash flows, net of the impact of a change in discount rate, expressed in real-terms, from 2.0% to 2.5% as applied to provisions for close-down, restoration and environmental

liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto. In 2023, the charge includes US$873 million related to the closure provision update

announced by Energy Resources of Australia (ERA) on 12 December 2023, together with the update included in their half year results for the period ended 30 June 2023, published in

August 2023. This update was considered material and therefore it was aggregated with other closure study updates which were similar in nature and have been excluded from

underlying EBITDA.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 172 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**2 Earnings per ordinary share**

**Basic earnings per share**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Net earnings attributable to owners of Rio Tinto (US$ million) | **9966** | 11552 | 10058 |
| Weighted average number of shares (millions)<sup>(a)</sup> | **1624.0** | 1623.1 | 1621.4 |
| **Basic earnings per ordinary share (cents)** | **613.7** | 711.7 | 620.3 |

---

**Diluted earnings per share**

For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 14.0 million shares in 2025 (2024: 10.3 million;

2023: 10.1 million) is added to the weighted average number of shares described in footnote (a) below. This effect is calculated under the

treasury stock method, in accordance with IAS 33 "Earnings per Share". Our only potential dilutive ordinary shares are share awards for

which terms and conditions are described in note 28.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Net earnings attributable to owners of Rio Tinto (US$ million) | **9966** | 11552 | 10058 |
| Weighted average number of shares (millions)<sup>(a)</sup> | **1638.0** | 1633.4 | 1631.5 |
| **Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents)** | **608.4** | 707.2 | 616.5 |

---

(a)The weighted average number of shares is calculated as the average number of Rio Tinto plc shares outstanding not held as treasury shares of 1,253.0 million (2024: 1,252.1 million;

2023: 1,250.5 million) plus the average number of Rio Tinto Limited shares outstanding of 371.0 million (2024: 371.0 million; 2023: 370.9 million) over the relevant period. There were no

cross holdings of shares between Rio Tinto Limited and Rio Tinto plc at 31 December 2025 (2024: nil; 2023: nil).

**3Dividends** 

Our Directors have announced a final dividend of 254.0 cents per share on 19 February 2026. This is expected to result in payments of

US$4,125 million. The dividend will be paid on 16 April 2026 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of

business on 6 March 2026. Dividends per share announced for the year ended 31 December are as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US cents**<br>| 2024<br>US cents<br>| 2023<br>US cents<br>|
| **Ordinary dividends per share: announced with the results for the year** | **254.0** | 225.0 | 258.0 |

---

**Total dividends per share paid in the year**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US cents**<br>| 2024<br>US cents<br>| 2023<br>US cents<br>|
| Previous year final - paid during the year | **225.0** | 258.0 | 225.0 |
| Interim - paid during the year | **148.0** | 177.0 | 177.0 |
| **Total paid during the year** | **373.0** | 435.0 | 402.0 |

---

The franking credits available to the Group as at 31 December 2025, after allowing for Australian tax payable in respect of the current and

prior reporting period's profit, are estimated to be US$10,297 million (2024: US$9,177 million; 2023: US$8,734 million).

The proposed Rio Tinto Limited dividend will be fully franked based on a tax rate of 30%, and reduce the franking account balance by

US$405 million.

**Reconciliation of dividend declared to dividend paid**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Rio Tinto plc previous year final dividend payable | **2885** | 3185 | 2875 |
| Rio Tinto plc interim dividend payable | **1839** | 2238 | 2147 |
| Rio Tinto Limited previous year final dividend payable | **878** | 936 | 815 |
| Rio Tinto Limited interim dividend payable | **543** | 666 | 629 |
| Dividends payable during the year | **6145** | 7025 | 6466 |
| Net movement of unclaimed dividends in the year | **–** | – | 4 |
| Dividends paid during the year | **6145** | 7025 | 6470 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 173 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**4Impairment charges net of reversals** 

**Recognition and measurement**

Impairment charges and reversals are assessed at the level of cash-generating units (CGUs) which, in accordance with IAS 36 "Impairment

of Assets", are identified as the smallest identifiable asset or group of assets that generate cash inflows, which are largely independent of the

cash inflows from other assets. Separate CGUs are identified where an active market exists for intermediate products, even if the majority of

those products are further processed internally. In some cases, individual business units consist of several operations with independent

cash-generating streams which constitute separate CGUs.

Goodwill acquired through business combinations is allocated to the CGU or groups of CGUs that are expected to benefit from the related

business combination, and tested for impairment at the lowest level within the Group at which goodwill is monitored for internal management

purposes.

---

| | |
|:---|:---|
| **Other relevant judgements** | Determination of CGUs |
| Judgement is applied to identify the Group's CGUs, particularly when assets belong to integrated operations, and changes in CGUs could <br>impact impairment charges and reversals. The most relevant judgement for grouping continues to relate to the grouping of Rio Tinto Iron <br>and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated <br>operations and there is no active market for QMM's ilmenite.<br>The most relevant judgement for disaggregation continues to relate to our bauxite and alumina refining operations in Australia, whereby we <br>treat the Weipa bauxite mine as a separate CGU from the downstream assets at Gladstone. Currently, Weipa sells the majority of its <br>bauxite to third-party customers, whereas the alumina refineries are supplied with all of their bauxite internally.  | Judgement is applied to identify the Group's CGUs, particularly when assets belong to integrated operations, and changes in CGUs could <br>impact impairment charges and reversals. The most relevant judgement for grouping continues to relate to the grouping of Rio Tinto Iron <br>and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated <br>operations and there is no active market for QMM's ilmenite.<br>The most relevant judgement for disaggregation continues to relate to our bauxite and alumina refining operations in Australia, whereby we <br>treat the Weipa bauxite mine as a separate CGU from the downstream assets at Gladstone. Currently, Weipa sells the majority of its <br>bauxite to third-party customers, whereas the alumina refineries are supplied with all of their bauxite internally.  |

---

Property, plant and equipment, including right-of-use assets and intangible assets with finite lives, are reviewed for impairment annually or

more frequently if there is an indication that the carrying amount may not be recoverable. This review starts with an appraisal of the perimeter

of cash-generating units to consider changes in the business or strategic direction. Following this, an assessment of internal and external

indicators is performed. Internal sources of information considered include assessment of the financial performance of the CGU and changes

in mine plans. External sources of information include changes in forecast commodity prices, costs and other market factors.

Non-current assets (excluding goodwill) that have suffered impairment are reviewed using the same basis for valuation as explained below

whenever events or changes in circumstances indicate that the impairment loss may no longer exist, or may have decreased. If appropriate,

an impairment reversal will be recognised. The carrying amount of the CGU after reversal must be the lower of (a) the recoverable amount,

as calculated above, and (b) the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment

loss been recognised for the CGU in prior periods.

---

| | |
|:---|:---|
| **Key judgement**  | Indicators of impairment and impairment reversals |
| Our mining operations require large upfront investment with long periods of construction and management of geotechnical stability risks <br>from large-scale excavation of open pits or underground tunnelling. During operation and towards the end of mine life, the economic <br>performance of assets is subject to greater influence by short-term market dynamics, which can impact the economic feasibility of <br>operations and life extension options. Together these represent our most significant sources of uncertainty relating to the identification of <br>indicators of impairment and impairment reversal.<br>The underground expansion of our Oyu Tolgoi copper and gold mine in Mongolia is closely monitored for indicators of impairment and <br>impairment reversal, as it was previously impaired, meaning that carrying value and fair value were equal at that date. During 2025, <br>development of infrastructure to support the underground mine was completed, however the production ramp up still requires several years <br>of construction. The complexity and inherent uncertainty of ramping up block caving means we have not identified an indicator for <br>impairment reversal. | Our mining operations require large upfront investment with long periods of construction and management of geotechnical stability risks <br>from large-scale excavation of open pits or underground tunnelling. During operation and towards the end of mine life, the economic <br>performance of assets is subject to greater influence by short-term market dynamics, which can impact the economic feasibility of <br>operations and life extension options. Together these represent our most significant sources of uncertainty relating to the identification of <br>indicators of impairment and impairment reversal.<br>The underground expansion of our Oyu Tolgoi copper and gold mine in Mongolia is closely monitored for indicators of impairment and <br>impairment reversal, as it was previously impaired, meaning that carrying value and fair value were equal at that date. During 2025, <br>development of infrastructure to support the underground mine was completed, however the production ramp up still requires several years <br>of construction. The complexity and inherent uncertainty of ramping up block caving means we have not identified an indicator for <br>impairment reversal. |

---

Where indication of impairment or impairment reversal exists, an impairment review is undertaken. The recoverable amount is assessed by

reference to the higher of value in use (being the net present value of expected future cash flows of the relevant CGU in its current condition)

and fair value less costs of disposal (FVLCD). When the recoverable amount of the CGU is measured by reference to FVLCD, this amount is

further classified in accordance with the fair value hierarchy for observable market data that is consistent with the unit of account for the CGU

being tested. FVLCD is based on the best information available to reflect the amount the Group could receive for the CGU in an orderly

transaction between market participants at the measurement date. This is often estimated using discounted cash flow techniques and is

classified as level 3 in the fair value hierarchy. The resulting estimates are based on detailed life-of-mine and long-term production plans;

these may include anticipated expansions which are at the evaluation stage of study. This differs from value in use which requires future cash

flows to be estimated for the asset in its current condition and therefore does not include future cash flows associated with improving or

enhancing an asset's performance. Anticipated enhancements to assets may be included in FVLCD calculations and, therefore, generally

result in a higher value.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 174 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**4Impairment charges net of reversals** *continued*

Where the recoverable amount of a CGU is dependent on the life of its associated orebody, expected future cash flows reflect the current

life-of-mine and long-term production plans; these are based on detailed research, analysis and iterative modelling to optimise the level of

return from investment, output and sequence of extraction. The mine plan takes account of all relevant characteristics of the orebody,

including waste-to-ore ratios, ore grades, haul distances, chemical and metallurgical properties of the ore impacting process recoveries, and

capacities of processing equipment that can be used. The life-of-mine plan and long-term production plans are, therefore, the basis for

forecasting production output and production costs in each future year.

Forecast cash flows for Ore Reserve estimation for JORC purposes are generally based on Rio Tinto's commodity price forecasts, which

assume short-term market prices will revert to the Group's assessment of the long-term price, generally over a period of 3 to 5 years. For

most commodities, these forecast commodity prices are derived from a combination of analyses of the marginal costs of the producers and

the incentive price of these commodities. These assessments often differ from current price levels and are updated periodically. The Group

does not believe that published medium- and long-term forward prices necessarily provide a good indication of future levels because they

tend to be strongly influenced by spot prices. The price forecasts used for Ore Reserve estimation are generally consistent with those used

for impairment testing, unless management deems that in certain economic environments a market participant would not assume Rio Tinto's

view on prices. In which case, in preparing FVLCD impairment calculations, management estimates the assumptions that a market

participant would be expected to use.

Forecast future cash flows of a CGU take into account the sales prices under existing sales contracts, where appropriate.

The discount rates applied to the future cash flow forecasts represent an estimate of the rate the market participant would apply having

regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The

Group's weighted average cost of capital is generally used as a starting point for determining the discount rates, with appropriate

adjustments for the risk profile of the countries in which the individual CGUs operate. For final feasibility studies and Ore Reserve estimation,

internal hurdle rates, which are generally higher than the Group's weighted average cost of capital, are used. For developments funded with

project finance, the debt component of the weighted average cost of capital may be calculated by reference to the specific interest rate of the

project finance and anticipated leverage of the project.

For operations with a functional currency other than the US dollar, the impairment review is undertaken in the relevant functional currency. In

estimating FVLCD, internal forecasts of exchange rates take into account spot exchange rates, historical data and external forecasts, and

are kept constant in real terms after 5 years. The great majority of the Group's sales are based on prices denominated in US dollars. To the

extent that the currencies of countries in which the Group produces commodities strengthen against the US dollar without an increase in

commodity prices, cash flows and, therefore, net present values, are reduced. Management considers that, over the long term, there is a

tendency for movements in commodity prices to compensate to some extent for movements in the value of the US dollar, particularly against

the Australian dollar and Canadian dollar, and vice versa. However, such compensating changes are not synchronised and do not fully offset

each other. In estimating value in use, the present value of future cash flows in foreign currencies is translated at the spot exchange rate on

the testing date.

Generally, discounted cash flow models are used to determine the recoverable amount of CGUs. In this case, significant judgement is

required to determine the appropriate estimates and assumptions used, and there is significant estimation uncertainty. In particular, for fair

value less costs of disposal valuations, judgement is required to determine the estimates a market participant would use. The discounted

cash flow models are most sensitive to the following estimates: the timing of project expansions; the cost to complete assets under

construction; long-term commodity prices; production timing and recovery rates; exchange rates; operating costs; reserve and resource

estimates; closure costs; discount rates; allocation of long-term contract revenues between CGUs; and, in some instances, the renewal of

mining licences. Some of these variables are unique to an individual CGU. Future changes in these variables may differ from management's

expectations and may materially alter the recoverable amounts of the CGUs.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 175 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**4Impairment charges net of reversals** *continued*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | 2024 | 2023 |
|  | Note | **Pre-tax**<br>**amount**<br>**US$m**<br>| **Taxation**<br>**US$m**<br>| **Non-**<br>**controlling**<br>**interests**<br>**US$m**<br>| **Net** <br>**amount**<br>**US$m**<br>| Pre-tax<br>amount<br>US$m<br>| Pre-tax<br>amount<br>US$m<br>|
| Other operations - RTITQO |  | **(122)** | **36** | **–** | **(86)** | – | – |
| Aluminium & Lithium - Alumina refineries |  | **(219)** | **64** | **–** | **(155)** | (461) | (1175) |
| Aluminium & Lithium - Tiwai Point |  | **–** | **–** | **–** | **–** | 41 | – |
| Aluminium & Lithium - MRN |  | **–** | **–** | **–** | **–** | (23) | – |
| Other operations - Diavik |  | **–** | **–** | **–** | **–** | (118) | – |
| Other operations - Simandou |  | **–** | **–** | **–** | **–** | – | 239 |
| **Net impairment charges** |  | **(341)** | **100** | **–** | **(241)** | (561) | (936) |
| **Allocated as:** |  |  |  |  |  |  |  |
| Intangible assets | 12 | **–** |  |  |  | – | 231 |
| Property, plant and equipment | 13 | **(341)** |  |  |  | (538) | (1167) |
| Share of profit after tax in EAUs |  | **–** |  |  |  | (23) | – |
| **Net impairment charges** |  | **(341)** |  |  |  | (561) | (936) |
| **Comprising:** |  |  |  |  |  |  |  |
| Impairment charges of consolidated balances |  |  |  |  | **(341)** | (538) | (936) |
| Impairment charges related to EAUs (pre-tax) |  |  |  |  | **–** | (35) | – |
| **Net impairment charges** |  |  |  |  | **(341)** | (573) | (936) |
| Taxation (including related to EAUs) |  |  |  |  | **100** | 39 | 499 |
| Non-controlling interests |  |  |  |  | **–** | – | (215) |
| **Net impairment charges in the income statement** |  |  |  |  | **(241)** | (534) | (652) |

---

**2025**

**Other operations - Rio Tinto Iron and Titanium Quebec Operations (RTITQO) and QIT Madagascar Minerals (QMM)**

We progressed a business transformation at RTITQO during the period in response to challenging market conditions for our products

at the Sorel site, including TiO2 and metallics. This transformation, which includes the adjustment of the business footprint to projected

demand, is underway and is expected to take up to 24 months to complete its core components. During the 6 months ended 30 June 2025,

we identified these conditions as an impairment trigger and have therefore performed an impairment test for the cash-generating unit which

comprises the mines and processing facilities at RTITQO (in Canada) and QMM (in Madagascar).

We expect the transformation program to result in significant improvements in operating costs, including opportunities to reduce carbon emissions

and therefore carbon costs. However, for the purposes of this test, a risk adjustment has been applied to reduce the forecast cash flows to reflect a

market participant perspective that the value of the projected initiatives may not fully deliver the expected benefit.

Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at an effective rate of 7.6% we have

determined the recoverable amount to be US$1,780 million. This has resulted in a pre-tax impairment charge of US$122 million (post-tax

US$86 million) and has been allocated to property, plant and equipment in Canada.

During the second half of 2025, market conditions remained challenging, albeit within the parameters assumed for the impairment test at 30

June 2025 and therefore no subsequent impairment trigger was identified.

---

| | |
|:---|:---|
| **Impact of climate change on our business** | Carbon tax sensitivity on RTITQO impairment charge |
| To further illustrate the sensitivity of the impairment outcome to the cost of carbon, which we consider the most judgmental input, the post-<br>tax net present value of the cash-generating unit would be US$250 million lower if the carbon tax per tonne was increased by 25% from <br>2040 with all other valuation inputs remaining unchanged. To mitigate this risk, management has identified programs which we expect to <br>reduce the carbon emissions of these operations and therefore reduce the forecast carbon cost to the RTITQO business. | To further illustrate the sensitivity of the impairment outcome to the cost of carbon, which we consider the most judgmental input, the post-<br>tax net present value of the cash-generating unit would be US$250 million lower if the carbon tax per tonne was increased by 25% from <br>2040 with all other valuation inputs remaining unchanged. To mitigate this risk, management has identified programs which we expect to <br>reduce the carbon emissions of these operations and therefore reduce the forecast carbon cost to the RTITQO business. |

---

**Aluminium & Lithium - Alumina refineries, Australia**

On 18 November 2025, we announced that our capital studies for a second tailings facility at Yarwun had not identified an economically

viable solution in the current market conditions. At current production rates, the existing tailings storage facility was expected to reach

capacity by 2031 and therefore we will curtail production of alumina by 40% from October 2026 to allow another 4 years to explore and

develop technical solutions that could extend the refinery's life. These circumstances have been identified as an indicator of impairment and

therefore we have assessed the recoverability of the carrying value of the cash-generating unit.

Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at an effective rate of 6.6%, we have recognised

a pre-tax impairment charge of US$219 million (post-tax US$155 million). This represents a full impairment of the property, plant and equipment at

the Yarwun alumina refinery, being the capital invested since the previous impairment in 2023, see below.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 176 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**4Impairment charges net of reversals** *continued*

**2024 and 2023**

**Copper - Rio Tinto Kennecott, US**

In 2024, further studies on the geotechnical risks relating to a zone of pit wall geotechnical instability were completed, indicating the need to

change our mine plan to stabilise pit wall movement and mitigate the risk of a significant geotechnical failure. This was expected to restrict

ore deliveries from the primary ore face in 2025 and 2026, with the new information representing a material deviation from the previous mine

plan and was therefore identified as an impairment indicator. An impairment test was performed using a fair value less cost of disposal

methodology, based on our Conviction price series, with real-terms post-tax cash flows discounted over the expected life of mine at 6.3%. The

calculated recoverable amount exceeded the US$2.2 billion carrying value of the CGU by US$0.5 billion and, therefore, no impairment charge was

recorded.

**Aluminium & Lithium - Alumina refineries, Australia**

In 2023, we recognised a pre-tax impairment charge of US$1,175 million (post-tax US$828 million). This represented a full impairment of the

property, plant and equipment at the Yarwun alumina refinery (US$948 million) and an impairment of US$227 million for the property, plant

and equipment of QAL.

In 2024, we further recognised a pre-tax impairment charge of US$461 million (post-tax US$503 million). This charge was all allocated

against the property, plant and equipment of QAL leaving them with a residual carrying value of US$151 million. The post-tax impairment

charge also included a consequential adjustment to deferred tax asset recognition within the same tax group.

**Other operations - Simandou, Guinea**

The Simandou project in Guinea was fully impaired in 2015 as uncertainty over infrastructure ownership and funding had resulted in further

spend on exploration and evaluation being neither budgeted nor planned. In 2023, following the conclusion of key agreements on the

development of the Simandou project, we recognised a pre-tax impairment reversal of US$239 million, which was allocated as

US$231 million to intangible assets (exploration and evaluation) and US$8 million to property, plant and equipment. A deferred tax asset of

US$152 million was recorded to account for the difference between the asset values included in the Group accounts and the carrying value

of in-country depreciable assets. All spend on the Simandou project between the impairment in 2015 and 30 September 2023 was expensed

as incurred. From 1 October 2023, qualifying spend has been capitalised.

**5Acquisitions and disposals**

**Acquisitions** 

**Recognition and measurement**

In determining whether a particular set of activities is a business, an acquired arrangement has to have an input and substantive process,

which together significantly contribute to the ability to create outputs. Where an acquisition does not meet the definition of a business as

defined by IFRS 3 "Business Combinations", each asset is recognised on the balance sheet at fair value. In the consolidated cash flow

statement we assess, based on the substance of the transaction, whether to allocate the cash consideration for these transactions either to

"Purchases of property, plant and equipment, and intangible assets" or to "Acquisitions of subsidiaries, joint ventures and associates",

depending on the type of assets purchased.

For undeveloped mining projects that have arisen through acquisition, the allocation of the purchase price consideration may result in

undeveloped properties being recognised at an earlier stage of project evaluation compared with projects arising from the Group's

exploration and evaluation program. Subsequent expenditure on acquired undeveloped projects is only capitalised if it meets the high degree

of confidence threshold discussed in note 12.

Where we increase our ownership interest in a subsidiary, the difference between the purchase price and the carrying value of the share of

net assets acquired is recorded in equity. The cash cost of such purchases is included within "financing activities" in the cash flow statement.

**2025**

**Acquisition of Arcadium Lithium**

On 9 October 2024, Rio Tinto and Arcadium Lithium plc (Arcadium Lithium) announced a definitive agreement under which Rio Tinto would

acquire 100% of Arcadium Lithium in an all-cash transaction for $5.85 per share (the "transaction"). On 6 March 2025, the transaction was

completed following the sanctioning of the Scheme of Arrangement by the Royal Court of Jersey and receipt of final regulatory approvals. On

completion, the acquisition established Rio Tinto as a leader in supplying energy transition materials, with one of the world's largest lithium

resource bases.

The transaction has been accounted for as business combination under IFRS 3 "Business Combinations" using the acquisition method

of accounting.

For the 10 months post-acquisition, Arcadium Lithium contributed US$944 million of revenue and US$94 million (loss) to profit before tax,

inclusive of a US$147 million amortisation charge for favourably priced customer contracts. Had the acquisition taken place at the beginning

of the 2025 financial year, the revenue and profit before tax would not be materially different to a proportionate increment of an additional 2

months.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 177 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**5Acquisitions and disposals** *continued*

**Acquisitions (continued)**

During the year, we finalised the analysis to allocate the purchase price to the fair value of acquired assets and liabilities, which were

provisionally reported at 30 June 2025. The following table summarises the final purchase price allocation for the Arcadium transaction:

---

| | |
|:---|:---|
| **Fair value of identifiable assets acquired and liabilities assumed** | **Final fair** <br>**value at** <br>**6 March** <br>**2025**<br>**US$m**<br>|
| Intangible assets | **2301** |
| Property, plant and equipment | **4814** |
| Cash and cash equivalents | **293** |
| Borrowings<sup>(a)</sup> | **(1599)** |
| Close-down, restoration and environmental provisions | **(319)** |
| Other provisions | **(375)** |
| Other assets and liabilities | **155** |
| Deferred tax liabilities (net of deferred tax assets) | **(817)** |
| Net assets | **4453** |
| Non-controlling interests (NCI)<sup>(b)</sup> | **(298)** |
| Goodwill (refer note 11) | **2146** |
| **Net attributable assets (including Goodwill)** | **6301** |

---

(a)Borrowings includes a US$200 million loan advanced by Rio Tinto to Arcadium Lithium in January 2025, prior to the transaction completing.

(b)NCI relates to the Olaroz lithium carbonate mine in Argentina and the Nemaska Lithium development project in Canada, of which Arcadium Lithium holds interests of 66.5% and 50%,

respectively. It has been valued at the pro rata share of the net identifiable assets.

---

| | |
|:---|:---|
| **Presentation in cash flow statement** | **2025**<br>**US$m**<br>|
| Cash payment in consideration of equity to shareholders of Arcadium Lithium plc | **6301** |
| less: cash and cash equivalents balance acquired | **(293)** |
| **Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired** | **6008** |

---

Total cash paid on 6 March 2025 was US$6,701 million, including US$6,301 million paid in consideration of equity to the shareholders of

Arcadium Lithium plc and US$400 million paid to holders of convertible loan notes. As a result of the acquisition, the Group's net debt

increased by US$7,607 million. This comprises US$7,407 million change in net debt on acquisition plus US$200 million advanced to

Arcadium Lithium prior to acquisition.

---

| | |
|:---|:---|
| **Impact of the acquisition on net debt** | **2025**<br>**US$m**<br>|
| Borrowings of Arcadium Lithium | **1599** |
| less: convertible loan notes settled on change of control | **(400)** |
| less: cash and cash equivalents acquired | **(293)** |
| less: loan advanced to Arcadium prior to acquisition | **(200)** |
| **Acquired net debt** | **706** |
| Cash payment in consideration of equity to shareholders of Arcadium Lithium plc | **6301** |
| Cash payment to settle convertible loan notes | **400** |
| **Change in net debt on acquisition** | **7407** |

---

Transaction costs of US$77 million have been expensed and are included in operating expenses in the statement of profit or loss and are

part of operating cash flows in the statement of cash flows.

---

| | |
|:---|:---|
| **Key judgement**  | Purchase price allocation from business combination |
| The allocation of the US$6,301 million purchase consideration to the identifiable assets and liabilities of Arcadium Lithium plc is a significant <br>judgement as the majority of the acquired business value is dependent on the development of mines and processing facilities and the <br>profitable extraction and sale of lithium products. The fair value of assets acquired has been determined based on discounted forecast <br>future cash-flows, adjusted for a country risk premium depending on the location of the assets. At 6 March 2025, this resulted in a weighted <br>post-tax real-terms discount rate of 8.3%.<br>The forecast future cash flows have been estimated using a long-run lithium carbonate price towards the upper end of a consensus range <br>outlook at 6 March 2025, applied to projected production and cost data from reserves and resource life of mine plan modelling. Alternative <br>inputs to the discounted cash flow models would have resulted in a different weighting of the purchase price allocation principally between <br>intangible assets, property, plant and equipment and, consequently, deferred tax liabilities and goodwill. | The allocation of the US$6,301 million purchase consideration to the identifiable assets and liabilities of Arcadium Lithium plc is a significant <br>judgement as the majority of the acquired business value is dependent on the development of mines and processing facilities and the <br>profitable extraction and sale of lithium products. The fair value of assets acquired has been determined based on discounted forecast <br>future cash-flows, adjusted for a country risk premium depending on the location of the assets. At 6 March 2025, this resulted in a weighted <br>post-tax real-terms discount rate of 8.3%.<br>The forecast future cash flows have been estimated using a long-run lithium carbonate price towards the upper end of a consensus range <br>outlook at 6 March 2025, applied to projected production and cost data from reserves and resource life of mine plan modelling. Alternative <br>inputs to the discounted cash flow models would have resulted in a different weighting of the purchase price allocation principally between <br>intangible assets, property, plant and equipment and, consequently, deferred tax liabilities and goodwill. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 178 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**5Acquisitions and disposals** *continued*

**Acquisitions (continued)**

**Proposed acquisition of Salar de Maricunga SpA**

On 19 May 2025, Rio Tinto and Corporación Nacional Del Cobre de

Chile (Codelco) signed binding agreements to form a joint venture to

develop and operate a high-grade lithium project in the Salar de

Maricunga SpA (the "Company") in Chile.

Under the agreement, Rio Tinto will acquire a 49.99% interest in Salar

de Maricunga SpA, through which Codelco (with its 50.01% interest)

holds its licences and mining concessions in the Salar de Maricunga.

Rio Tinto will initially fund US$350 million towards additional studies and

resource analysis to progress the project through to a final investment

decision. A further US$500 million will be invested once a decision is made

to proceed with the project, towards construction costs, and an additional

US$50 million if the joint venture achieves its aim of delivering first lithium

by the end of 2030. The partners will fund further capital requirements in

line with their share of ownership of the joint venture.

The transaction is expected to close in the first half of 2026, subject to

receipt of all applicable regulatory approvals and the satisfaction of other

customary closing conditions.

**2024 and 2023**

**Boyne Smelters Limited (BSL)**

In 2024, we increased our total interest in BSL, which owns and

operates the Boyne Island aluminium smelter in Gladstone Australia,

to 73.5% following our acquisition of Mitsubishi Corporation's 11.65%

interest in BSL, and Sumitomo Chemical Company Limited's (SCC)

2.46% interest in BSL.

**New Zealand Aluminium Smelters Limited (NZAS)** 

In 2024, NZAS, which owns and operates the Tiwai Point aluminium

smelter in New Zealand, become a wholly owned subsidiary after we

acquired SCC's 20.64% interest in NZAS. A gain of US$638 million

(post-tax US$467 million) was recorded within "Gains/(losses) on

consolidation and disposal of interests in businesses" in the

consolidated income statement. This also resulted in an increase to

the carrying value of property, plant and equipment of

US$650 million and deferred tax liabilities of US$171 million.

**WCS Rail and Port Holding Entities**

In 2024, we acquired a 34% equity interest in Winning Consortium

Simandou Railway Pte. Ltd and Winning Consortium Simandou Ports

Pte. Ltd (together referred to as "WCS Rail and Port Holding Entities"),

through our partially owned subsidiary SimFer Jersey, for

US$313 million. The Rio Tinto share of this consideration was

US$166 million and US$147 million was funded by Chalco Iron Ore

Holdings Ltd (CIOH). Further shareholder loan funding to the WCS Rail

and Port Holding Entities was also made directly by Rio Tinto and CIOH,

in proportion to their respective 53% and 47% ownership interest of

SimFer Jersey, to these equity accounted units.

**Matalco**

In 2023, Rio Tinto and Giampaolo Group completed a transaction to

form the Matalco joint venture. We acquired a 50% equity interest in

Matalco Canada Inc. which owns one Canadian aluminium recycling

facility, and a 50% equity interest in Matalco USA LLC which owns 6

aluminium recycling facilities in the US, for combined consideration

of US$738 million, inclusive of accrued transaction costs and

working capital adjustments.

**Disposals**

**Recognition and measurement**

If a group of assets and liabilities (disposal group) is sold, the

carrying value of the disposal group is de-recognised with the

difference between the carrying amount and the consideration

received recognised in the income statement. Certain amounts

previously recognised in other comprehensive income in respect of

the entity disposed of may be recycled to the income statement. The

cash proceeds of disposals are included within "Investing activities"

in the cash flow statement.

**2025**

**Divestment of 30% of Winu copper-gold project**

On 8 May 2025, Rio Tinto entered into a binding joint venture

agreement with Sumitomo Metal Mining Co (SMM) to deliver the

Winu copper-gold project (Winu), located in the Great Sandy Desert

region of Western Australia. Under the agreements, Rio Tinto will

continue to develop and operate Winu, and SMM

will pay Rio Tinto up to US$430 million for a 30% share of the

project's assets and liabilities. On 31 October 2025, we completed

the sale, forming the Winu Joint Venture, and received an initial

US$195 million in cash consideration. As Winu is an undeveloped

property, the consideration received has, therefore, been recorded in

the cash flow statement within "net cash generated from operating

activities". We recognised a pre-tax gain of US$196 million in

the income statement. A further US$235 million in deferred

consideration to be received is contingent on future milestones;

as at 31 December 2025, we have not recognised any additional

consideration and this will be reassessed at each reporting period.

Rio Tinto Winu Pty Limited (RT Winu) is the legal entity that

owns the Group's 70% interest in the Winu Joint Venture, an

unincorporated arrangement. From 1 November 2025, the Group

recognises its share of assets, revenue, and expenses relating to

this arrangement. The Group also recognises its share of all

liabilities, except for employment provisions which are recognised

according to RT Winu's contactual obligations, with a corresponding

30% receivable representing SMM's share where applicable.

**2024 and 2023**

**Wyoming Uranium**

In 2024, we completed our sale of the Sweetwater uranium mill facility

together with mining projects (collectively known as "Wyoming

Uranium") to Uranium Energy Corp. (UEC) for cash consideration

of US$175 million.

**Lake MacLeod**

In 2024, we completed our sale of Dampier Salt Limited's Lake

MacLeod salt and gypsum operation in Carnarvon to Leichhardt

Industrials Group (Leichhardt) for cash consideration of

US$247 million.

**La Granja**

In 2023, we completed the sale of a 55% interest in the undeveloped La

Granja project in Peru for US$105 million to First Quantum Minerals

(FQM). As a result of the sale, our retained interest in La Granja

represents a 45% owned associate (equity accounted) over which

RioTinto has significant influence during the evaluation phase. In total,

we recognised a pre-tax gain of US$154 million in the income

statement, primarily representing the consideration transferred by

First Quantum, plus the fair value of the retained interest in the

project.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 179 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**6Revenue by destination and product**

**Recognition and measurement** 

We recognise sales revenue related to the transfer of promised

goods or services when control of the goods or services passes to

the customer. The amount of revenue recognised reflects the

consideration to which the Group is, or expects to be, entitled in

exchange for those goods or services.

Sales revenue is recognised on individual sales when control

transfers to the customer. In most instances, control passes and

sales revenue is recognised when the product is delivered to the

vessel or vehicle on which it will be transported once loaded, the

destination port or the customer's premises. There may be

circumstances when judgement is required based on the 5

indicators of control below:

• The customer has the significant risks and rewards of ownership

and has the ability to direct the use of, and obtain substantially all

of the remaining benefits from, the good or service.

• The customer has a present obligation to pay in accordance with

the terms of the sales contract. For shipments under the

Incoterms cost, insurance and freight (CIF)/carriage paid to

(CPT)/cost and freight (CFR), this is generally when the ship is

loaded, at which time the obligation for payment is for both

product and freight.

• The customer has accepted the asset. Sales revenue may be

subject to adjustment if the product specification does not

conform to the terms specified in the sales contract but this does

not impact the passing of control. Assay and specification

adjustments have historically been immaterial.

• The customer has legal title to the asset. The Group usually retains

legal title until payment is received for credit risk purposes only.

• The customer has physical possession of the asset. This indicator

may be less important as the customer may obtain control of an

asset prior to obtaining physical possession, which may be the

case for goods in transit.

Revenue is principally derived from sale of commodities. We sell the

majority of our products on CFR or CIF Incoterms. This means that

the Group is responsible (acts as principal) for providing shipping

services and, in some instances, insurance after the date at which

control of goods passes to the customer at the loading port. The

Group, therefore, has separate performance obligations for freight

and insurance services that are provided solely to facilitate the sale

of the products it produces. Other Incoterms commonly used by the

Group are free on board (FOB), where the Group has no

responsibility for freight or insurance once control of the goods has

passed at the loading port, and delivered at place (DAP), where

control of the goods passes when the product is delivered to the

agreed destination. For these Incoterms, there is only one

performance obligation, being the provision of product at the point

where control passes.

Within each sales contract, each unit of product shipped is a

separate performance obligation. Revenue is generally recognised

at the contracted price as this reflects the standalone selling price.

Sales revenue excludes any applicable sales taxes. Sales of copper

concentrate are stated net of the treatment and refining charges

which will be required to convert it to an end product.

The Group's products are sold to customers under contracts that

vary in tenure and pricing mechanisms, including some volumes

sold on the spot market. Pricing for iron ore is on a range of terms,

the majority being either monthly or quarterly average pricing

mechanisms, with a smaller proportion of iron ore volumes being

sold on the spot market.

Certain of the Group's products may be provisionally priced at the

date revenue is recognised and a provisional invoice issued;

however, substantially all iron ore and aluminium sales are reflected

at final prices in the results for the period. Provisionally priced

receivables are subsequently measured at fair value through the

income statement under IFRS 9 "Financial Instruments" as

described in note 25. The final selling price for all provisionally

priced products is based on the price for the quotational period

stipulated in the contract. Final prices for copper concentrate are

normally determined between 30 and 120 days after delivery to the

customer. The change in value of the provisionally priced receivable

is based on relevant forward market prices and is included in sales

revenue. Refer to "Other revenue" within the sales by product

disclosure below.

Revenues from the sale of significant by-products, such as gold, are

included in sales revenue. Third-party commodity swap arrangements

principally for delivery and receipt of smelter-grade alumina are offset

within operating costs. The sale and purchase of third-party production

for own use or to mitigate shortfalls in our production are accounted for

on a gross basis with sales presented within revenue from contracts with

customers. Other operating income includes revenue incidental to the

main revenue-generating activities of the operations and is treated as a

credit to operating costs.

Typically, the Group has a right to payment before or at the point

that control of the goods passes, including a right, where applicable,

to payment for provisionally priced products and unperformed freight

and insurance services. Cash received before control passes is

recognised as a contract liability. The amount of consideration does

not contain a significant financing component as payment terms are

less than one year. We have a number of long-term contracts to

supply products to customers in future periods. Generally, revenue

is recognised on an invoice basis, as each unit sold is a separate

performance obligation and therefore the right to consideration from

a customer corresponds directly with our performance completed to

date.

We do not disclose sales revenue from freight and insurance

services separately as we do not consider that this is necessary in

order to understand the impact of economic factors on the Group.

Our Chief Executive, the CODM as defined under IFRS 8 "Operating

Segments", does not review information specifically relating to these

sources of revenue in order to evaluate the performance of business

segments and Group information on these sources of revenue is not

provided externally.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 180 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**6Revenue by destination and product** *continued*

**Consolidated sales revenue by destination**<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025%**<br>| 2024%<br>| 2023%<br>| **2025**<br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Greater China | **57.3** | 57.4 | 59.6 | **33038** | 30814 | 32193 |
| US | **16.7** | 16.8 | 13.9 | **9657** | 9007 | 7516 |
| Japan | **5.7** | 6.5 | 6.9 | **3266** | 3470 | 3727 |
| Europe (excluding UK) | **5.8** | 4.8 | 5.3 | **3364** | 2580 | 2859 |
| South Korea | **3.4** | 3.6 | 4.3 | **1958** | 1940 | 2300 |
| Asia (excluding Greater China, Japan and South Korea) | **3.5** | 3.3 | 2.9 | **2007** | 1778 | 1581 |
| Canada | **3.0** | 2.9 | 2.9 | **1722** | 1562 | 1588 |
| Australia  | **1.6** | 2.0 | 1.7 | **909** | 1076 | 923 |
| UK | **0.2** | 0.3 | 0.1 | **92** | 143 | 81 |
| Other countries | **2.8** | 2.4 | 2.4 | **1625** | 1288 | 1273 |
| **Consolidated sales revenue** | **100** | 100 | 100 | **57638** | 53658 | 54041 |

---

(a)Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have

defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia.

**Consolidated sales revenue by product** 

We have sold the following products to external customers during the year:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  | **Revenue from**<br>**contracts with** <br>**customers**<br>**US$m**<br>| **Other** <br>**revenue**<sup>(a)</sup><br>**US$m**<br>| **Consolidated**<br>**sales** <br>**revenue**<br>**US$m**<br>| Revenue from <br>contracts with <br>customers<br>US$m<br>| Other <br>revenue<sup>(a)</sup><br>US$m<br>| Consolidated <br>sales revenue <br>US$m<br>| Revenue from <br>contracts with <br>customers <br>US$m<br>| Other <br>revenue<sup>(a)</sup><br>US$m<br>| Consolidated <br>sales revenue<br>US$m<br>|
| Iron ore | **28529** | **(153)** | **28376** | 31334 | (530) | 30804 | 33383 | 389 | 33772 |
| Aluminium, alumina and bauxite | **15245** | **150** | **15395** | 12947 | 48 | 12995 | 12039 | (63) | 11976 |
| Copper | **6303** | **361** | **6664** | 4791 | (63) | 4728 | 3219 | (1) | 3218 |
| Industrial minerals (comprising titanium <br>dioxide slag, borates and salt)<br>| **2373** | **(3)** | **2370** | 2678 | (3) | 2675 | 2806 | (8) | 2798 |
| Gold | **1883** | **39** | **1922** | 788 | 9 | 797 | 470 | 6 | 476 |
| Lithium | **944** | **–** | **944** | – | – | – | – | – | – |
| Other products and freight services<sup>(b)</sup> | **1963** | **4** | **1967** | 1664 | (5) | 1659 | 1804 | (3) | 1801 |
| **Consolidated sales revenue** | **57240** | **398** | **57638** | 54202 | (544) | 53658 | 53721 | 320 | 54041 |

---

(a)Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15 "Revenue from Contracts with Customers", and subsequent movements

in provisionally priced receivables, accounted for under IFRS 9, and included in "Other revenue" above.

(b)"Other products and freight services" includes metallic co-products, diamonds, molybdenum, silver and other commodities.

**7Net operating costs (excluding items disclosed separately)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Raw materials, consumables, repairs and maintenance  |  | **13201** | 12115 | 12019 |
| Amortisation of intangible assets | 12 | **312** | 138 | 124 |
| Depreciation of property, plant and equipment | 13 | **6265** | 5780 | 5210 |
| Employment costs  | 27 | **7605** | 7055 | 6636 |
| Shipping and other freight costs |  | **2751** | 2942 | 2781 |
| Decrease in finished goods and work in progress<sup>(a)</sup> |  | **1807** | 2407 | 1152 |
| Royalties  |  | **2952** | 2938 | 3135 |
| Amounts charged by equity accounted units<sup>(b)</sup> |  | **1029** | 875 | 1163 |
| Net foreign exchange losses/(gains) |  | **171** | (193) | (47) |
| Provisions (including exchange differences on provisions) |  | **998** | 398 | 1491 |
| Research and development |  | **524** | 398 | 245 |
| Other external costs<sup>(c)</sup> |  | **6441** | 5037 | 5295 |
| Costs included above capitalised or shown on a separate line item<sup>(d)</sup> |  | **(1312)** | (1203) | (1331) |
| Other operating income<sup>(e)</sup> |  | **(960)** | (942) | (821) |
| **Net operating costs (excluding items disclosed separately)**<sup>(f)</sup> |  | **41784** | 37745 | 37052 |

---

(a)Includes purchases of third-party material to satisfy sales contracts.

(b)Amounts charged by equity accounted units relate to toll processing fees and also include purchases from equity accounted units of bauxite, aluminium and copper concentrate which

are then processed by the product group or sold to third parties.

(c)In 2025, other external costs includes US$1,059 million (2024: nil) of costs due to the impact of tariffs imposed on sales to the US, US$269 million (2024: US$217 million, 2023: US$269 million) of short-

term lease costs and US$84 million (2024: US$46 million, 2023: US$40 million) of variable lease costs recognised in the income statement in accordance with IFRS 16 "Leases". Refer to note 22.

(d)In 2025, US$1,036 million (2024: US$923 million; 2023: US$1,007 million) of operating costs were capitalised, US$192 million (2024: US$220 million; 2023: US$247 million) of costs

were shown separately within "Exploration and evaluation costs" in the consolidated income statement, and US$84 million (2024: US$60 million; 2023: US$77 million) of costs were

shown within operating costs as "Research and development".

(e)Other operating income includes sundry revenue incidental to the main revenue-generating activities of the operations.

(f)Operating decarbonisation spend ofUS$430 million (2024: US$306 million; 2023: US$234 million) is allocated as US$374 million (2024: US$253 million; 2023: US$182 million) within

"Net operating costs (excluding items disclosed separately)", with the remainder included in our share of profit or loss of equity accounted units.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 181 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**8 Exploration and evaluation expenditure** 

Exploration and evaluation expenditure includes costs that are directly attributable to:

• researching and analysing existing exploration data

• conducting geological studies, exploratory drilling and sampling

• examining and testing extraction and treatment methods

• compiling various studies (order of magnitude, pre-feasibility and feasibility) and/or

• early works at mine sites prior to full notice to proceed.

Exploration expenditure relates to the initial search for deposits with economic potential. Expenditure on exploration activity undertaken by

the Group is not capitalised.

Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been

identified as having economic potential. These costs are also expensed until the business case for the project is sufficiently advanced. For

greenfield projects, expensing typically continues to a later phase of study compared with brownfield expansions.

The charge for the year and the net amount of intangible assets capitalised during the year are as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Expenditure in the year (inclusive of net cash proceeds of US$213 million (2024: nil; 2023: US$88 million) on <br>disposal of undeveloped projects)<sup>(a)</sup><br>| **(698)** | (1337) | (1684) |
| Non-cash movements and non-cash proceeds on disposal of undeveloped projects | **(20)** | (15) | (17) |
| Amount capitalised during the year | **141** | 416 | 471 |
| **Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped** <br>**projects) per income statement**<br>| **(577)** | (936) | (1230) |
| Comprising: |  |  |  |
| –exploration and evaluation expenditures | **(795)** | (935) | (1384) |
| –profit/(loss) from disposal of interests in undeveloped projects<sup>(a)</sup> | **218** | (1) | 154 |

---

(a)In 2025, net cash proceeds of US$213 million includes US$195 million received in relation to the sale of a 30% interest in the Winu copper-gold project in Western Australia, for which

we recognised a gain on disposal of US$196 million. This profit is recorded within underlying EBITDA as it represents recovery of past exploration and evaluation expenditures that were

also included within underlying EBITDA. Refer to note 5 for details of the transaction. In 2023, net cash proceeds of US$88 million were received in relation to the sale of a 55% interest

in the undeveloped La Granja project in Peru, for which we recognised a gain on disposal of US$154 million.

**9Finance income and finance costs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Finance income from loans to equity accounted units |  | **72** | 24 | 4 |
| Other finance income (including bank deposits, net investment in leases, and other <br>financial assets)<br>|  | **393** | 490 | 532 |
| **Total finance income** |  | **465** | 514 | 536 |
| Interest on: |  |  |  |  |
| –financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives |  | **(1388)** | (1126) | (1209) |
| –lease liabilities |  | **(74)** | (70) | (50) |
| Fair value movements: |  |  |  |  |
| –bonds designated as hedged items in fair value hedges<sup>(a)</sup> |  | **(234)** | (9) | (190) |
| –derivatives designated as hedging instruments in fair value hedges<sup>(a)</sup> |  | **223** | 18 | 203 |
| Amounts capitalised<sup>(b)</sup> | 13 | **411** | 424 | 279 |
| **Total finance costs** |  | **(1062)** | (763) | (967) |

---

(a)The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and

changes in the credit risk of parties to the hedging relationships.

(b)We capitalise interest based on the Group or relevant subsidiary's cost of borrowing (refer to note 13) or at the rate of project-specific debt (where applicable).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 182 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**10Taxation** 

**Recognition and measurement** 

The taxation charge contains both current and deferred tax.

Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes

adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is

uncertain, we establish provisions based on either: the Group's judgement of the most likely amount of the liability or recovery; or, when there

is a wide range of possible outcomes, a probability weighted average approach.

Deferred tax is calculated in accordance with IAS 12, at the rate expected to apply when the asset is realised or liability settled, according to rates that

have been enacted or substantively enacted at the balance sheet date. Deferred tax is generally recognised in respect of differences between the

carrying values of assets and liabilities in the financial statements and their tax bases. Deferred tax assets are recognised to the extent it is probable

that taxable profit will be available against which the deductible temporary difference can be utilised.

Deferred tax is not recognised on the initial recognition of goodwill or of assets and liabilities, other than in a business combination, that at

the time of the transaction impact neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable

and deductible temporary differences. Deferred tax is not recognised in respect of investments in subsidiaries and associates and jointly

controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable they will not

reverse in the foreseeable future.

The mandatory exception to recognising and disclosing information related to deferred tax assets and liabilities related to Pillar Two income

taxes has been applied since 1 January 2024, as required by IAS 12.

Current and deferred tax assets and liabilities are offset when the balances are related to taxes levied by the same taxing authority, there is a

legally enforceable right to offset, and it is intended that they be settled on a net basis or realised simultaneously.

---

| | |
|:---|:---|
| **Other relevant judgements** | Uncertain tax positions |
| The Group operates across a large number of jurisdictions and is subject to review and challenge by local tax authorities on a range of tax <br>matters. Where the amount of tax payable or recoverable is uncertain, whether due to local tax authority challenge or due to uncertainty <br>regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. In <br>accordance with IFRIC 23 "Uncertainty over Income Tax Treatments", if it is not probable that the treatment will be accepted, the Group <br>accounts for uncertain tax provisions for all matters worldwide based on the Group's judgement of the most likely amount of the liability or <br>recovery, or, where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions <br>include any related interest and penalties. <br>The Mongolian Tax Authority has issued a number of tax assessments dating back to 2013, which are inconsistent with the Oyu Tolgoi <br>Investment Agreement and Mongolian legislation. As required by Mongolian law, we have paid all amounts due in respect of the <br>assessments, totalling US$438 million (2024: US$438 million), pending resolution of the disputes through arbitration. The assessments also <br>seek to disallow tax deductions, including future tax deductions in respect of amounts accrued and payable in the future.<br>The International Arbitration hearings were held in September 2025. The parties are now awaiting the arbitration Tribunal to provide a final <br>decision.<br>Management regularly re-evaluates the likely outcomes from the dispute based on the progress of the arbitration proceedings, legal advice, <br>and discussions with the Government of Mongolia. In 2024, a provision of US$295 million for uncertain tax positions was recorded, which <br>continues to reflect our best estimate of the likely outcome from the dispute. It is possible that the outcome of these proceedings could <br>result in a change in our estimated exposure in respect of the matters under dispute.<br>Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the recovery of certain <br>deferred tax assets, further details of which are provided in note 15. | The Group operates across a large number of jurisdictions and is subject to review and challenge by local tax authorities on a range of tax <br>matters. Where the amount of tax payable or recoverable is uncertain, whether due to local tax authority challenge or due to uncertainty <br>regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. In <br>accordance with IFRIC 23 "Uncertainty over Income Tax Treatments", if it is not probable that the treatment will be accepted, the Group <br>accounts for uncertain tax provisions for all matters worldwide based on the Group's judgement of the most likely amount of the liability or <br>recovery, or, where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions <br>include any related interest and penalties. <br>The Mongolian Tax Authority has issued a number of tax assessments dating back to 2013, which are inconsistent with the Oyu Tolgoi <br>Investment Agreement and Mongolian legislation. As required by Mongolian law, we have paid all amounts due in respect of the <br>assessments, totalling US$438 million (2024: US$438 million), pending resolution of the disputes through arbitration. The assessments also <br>seek to disallow tax deductions, including future tax deductions in respect of amounts accrued and payable in the future.<br>The International Arbitration hearings were held in September 2025. The parties are now awaiting the arbitration Tribunal to provide a final <br>decision.<br>Management regularly re-evaluates the likely outcomes from the dispute based on the progress of the arbitration proceedings, legal advice, <br>and discussions with the Government of Mongolia. In 2024, a provision of US$295 million for uncertain tax positions was recorded, which <br>continues to reflect our best estimate of the likely outcome from the dispute. It is possible that the outcome of these proceedings could <br>result in a change in our estimated exposure in respect of the matters under dispute.<br>Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the recovery of certain <br>deferred tax assets, further details of which are provided in note 15. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 183 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**10Taxation** *continued*

**Taxation charge** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| –Current |  | **4017** | 4434 | 5092 |
| –Deferred | 15 | **302** | (393) | (1260) |
| **Total taxation charge** |  | **4319** | 4041 | 3832 |

---

**Prima facie tax reconciliation** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Profit before taxation<sup>(a)</sup> | **14568** | 15615 | 13785 |
| Prima facie tax payable at UK rate of 25.0% (2024: 25.0%; 2023: 23.5%)<sup>(b)</sup> | **3642** | 3904 | 3239 |
| Higher rate of taxation of 30% on Australian earnings<sup>(b)</sup> | **566** | 613 | 835 |
| Other tax rates applicable outside the UK and Australia | **(164)** | (303) | (2) |
| Tax effect of profit from equity accounted units, related impairments and expenses<sup>(a)</sup> | **(370)** | (210) | (159) |
| Impact of changes in tax rates | **21** | (15) | (173) |
| Resource depletion allowances | **(10)** | (10) | (11) |
| Recognition of previously unrecognised deferred tax assets<sup>(c)</sup> | **(284)** | (640) | (157) |
| Write-down of previously recognised deferred tax assets | **175** | 203 | – |
| Utilisation of previously unrecognised deferred tax assets | **(91)** | (42) | (10) |
| Current year unrecognised deferred tax assets<sup>(d)</sup> | **346** | 185 | 567 |
| Uncertain tax provision<sup>(e)</sup> | **–** | 295 | – |
| Deferred tax arising on internal sale of assets in Canadian operations<sup>(f)</sup> | **–** | – | (364) |
| Adjustments in respect of prior periods | **93** | (13) | 31 |
| Other items<sup>(g)</sup> | **395** | 74 | 36 |
| **Total taxation charge** | **4319** | 4041 | 3832 |

---

(a)The Group profit before tax includes profit after tax of equity accounted units. Consequently, the tax effect on the profit from equity accounted units is included as a separate reconciling

item in this prima facie tax reconciliation.

(b)As a UK headquartered and listed Group, the reconciliation of expected tax on accounting profit to tax charge uses the UK corporate tax rate to calculate the prima facie tax payable. Rio

Tinto is also listed in Australia, and the reconciliation includes the impact of the higher tax rate in Australia where a significant proportion of the Group's profits are currently earned. The

impact of other tax rates applicable outside the UK and Australia is also included. The weighted average statutory corporate tax rate on profit before tax is approximately 30% (2024:

29%; 2023: 31%).

(c)The recognition of previously unrecognised deferred tax assets in 2025 includes re-recognition in Australia following announcements in December 2025 relating to the Tomago

Aluminium smelter, supporting an operating life extension beyond 2028, and in the US following amended US Treasury guidance on Corporate Alternative Minimum Tax regulations. In

2024, this includes US$443 million in respect of Energy Resources of Australia (ERA) and relates to rehabilitation provisions which are tax deductible when paid in the future. In

November 2024, our interest in ERA increased from 86.3% to 98.43% and in 2025 we commenced the process to compulsorily acquire the remaining shares. This proposed acquisition

remains subject to court approval. Tax deductions for rehabilitation payments made after completion of the compulsory acquisition process will be applied against taxable profits from

other Australian operations, including our iron ore business. In 2023, this relates primarily to Oyu Tolgoi where reaching sustainable underground production reduced the risk of tax

losses expiring if not recovered against taxable profits within 8 years.

(d)Current-year unrecognised deferred tax assets include operating losses and other costs incurred by the Group for which no tax benefit is currently recognised due to uncertainty

regarding the availability of suitable taxable profits in future periods.

(e)The uncertain tax provision of US$295 million in 2024 represents amounts provided in relation to disputes with the Mongolian Tax Authority for which the timing of resolution and

potential economic outflow are uncertain. Further information is included above, in the "Other relevant judgements - uncertain tax positions" section of this note.

(f)In 2023, the Canadian aluminium business completed an internal sale of assets which resulted in the utilisation of previously unrecognised capital losses and an uplift in the tax

depreciable value of assets on which a deferred tax asset of US$364 million was recognised.

(g)Other items includes less than US$1 million (2024: US$1 million) current tax expense related to Pillar Two measures; the global minimum tax of 15% formulated by the Organisation for

Economic Co-operation and Development (OECD).

**Tax related to components of other comprehensive income**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Tax credit/(charge) on fair value movements | **29** | (10) | 1 |
| Tax (charge)/credit on remeasurement gains/(losses) on pension and post-retirement healthcare plans | **(41)** | (22) | 152 |
| Deferred tax relating to components of other comprehensive income for the year (note 15) | **(12)** | (32) | 153 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 184 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

Our operating assets

We are a diversified mining operation with the majority of our assets being located in OECD countries.

**Non-current assets other than excluded items** 

The total of non-current assets other than excluded items is shown by location below<sup>(a)</sup>.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Australia  | **33560** | 29177 |
| Canada | **18890** | 14444 |
| Mongolia | **15485** | 15244 |
| US | **7557** | 7111 |
| Africa | **8996** | 5597 |
| South America | **10024** | 3704 |
| Europe (excluding UK) | **291** | 216 |
| UK | **142** | 109 |
| Other countries<sup>(b)</sup> | **3953** | 1739 |
| **Total non-current assets other than excluded items** | **98898** | 77341 |
| **Non-current assets excluded from analysis above:** |  |  |
| Deferred tax assets | **4288** | 4016 |
| Other financial assets | **1699** | 1090 |
| Quasi-equity loans to equity accounted units<sup>(a)</sup> | **5** | 5 |
| Receivables and other assets | **1643** | 1214 |
| **Total non-current assets per balance sheet** | **106533** | 83666 |

---

(a)Allocation of non-current assets by country is based on the location of the business units holding the assets. It includes investments in equity accounted units totalling US$5,876 million

(2024: US$4,832 million) which represents the Group's share of net assets excluding quasi-equity loans shown separately above.

(b)This includes US$2,146 million of goodwill relating to the acquisition of Arcadium Lithium plc which is not geographically allocated. Refer to note 5 for further details.

**11Goodwill** 

**Recognition and measurement** 

Goodwill is not amortised; it is tested annually as at 30 September for impairment, regardless of whether there has been an impairment

trigger, or more frequently if events or changes in circumstances indicate a potential impairment. Refer to note 4 for further information.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| **Net book value** |  |  |
| At 1 January | **727** | 797 |
| Adjustment on currency translation | **76** | (45) |
| Company no longer consolidated | **–** | (25) |
| Newly consolidated operations<sup>(a)</sup> | **2146** | – |
| **At 31 December** | **2949** | 727 |
| –cost | **17930** | 14959 |
| –accumulated impairment | **(14981)** | (14232) |
| **At 1 January** |  |  |
| –cost | **14959** | 16237 |
| –accumulated impairment | **(14232)** | (15440) |

---

At 31 December, goodwill has been allocated as follows.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| **Net book value** |  |  |
| Lithium<sup>(a)</sup> | **2146** | – |
| Richards Bay Minerals | **412** | 364 |
| Pilbara | **334** | 310 |
| Dampier Salt | **57** | 53 |
| **Total** | **2949** | 727 |

---

(a)Goodwill relates to the acquisition of Arcadium Lithium plc and has been allocated to the acquired business and our Rincon operation in Argentina. Refer to note 5 for further details.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 185 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**11Goodwill** *continued* 

**Impairment tests for goodwill** 

**Lithium**

We acquired Arcadium Lithium plc on 6 March 2025. The purchase price allocation was completed during the final quarter of 2025, resulting

in the recognition of goodwill of US$2.1 billion which has therefore been tested for impairment as at 31 December 2025. Goodwill has been

allocated to the Lithium cash-generating units (including Rincon) which have a combined carrying value of US$10.3 billion including goodwill.

The goodwill balance principally relates to deferred tax liabilities on non-tax deductible fair value adjustments and also represents synergies

from complementary technologies and geographies, and Rio Tinto's financial strength and project development experience that can

accelerate volume growth when supported by markets and returns.

---

| | |
|:---|:---|
| **Key accounting estimate** | Impairment test of goodwill |
| The recoverable amount has been assessed by reference to the FVLCD methodology described in note 4, utilising post-tax cash flows <br>expressed in real terms discounted at a weighted discount rate of 8.3% and classified as level 3 in the fair value hierarchy. The underlying <br>cash flows are based on operating assumptions that focus on delivering the committed projects to reach capacity of 200 ktpa by 2028, <br>accounting for 82% of the recoverable amount. Further expansions that bring our total capacity to 370 ktpa by 2035 represent 18% of the <br>recoverable amount, with expansions having been risk adjusted for project specific factors, including in Argentina for the benefit of the <br>Regime for Large Investments ("RIGI") potentially not being available.<br>The recoverable amount exceeds the carrying value by US$1.3 billion and accordingly no impairment has been recorded. The key <br>assumption to which the determination is most sensitive is the long-run price for lithium carbonate. At 31 December 2025, market <br>commentators used in our determination of consensus pricing have published forecast prices (adjusted to 2025 real-terms) in range $13.3/<br>kg lithium carbonate equivalent (LCE) to $22.0/kg LCE. For our impairment test we have used a long-run lithium carbonate price in the <br>upper half of that range in recognition of positive market sentiment at the balance sheet date. With all other modelling inputs remaining <br>constant, a reduction in the long-run price for lithium carbonate by 4.5% would reduce the net present value of cash-flows to equal the <br>carrying value. To further illustrate the sensitivity of the recoverable amount, with all other inputs remaining constant, an increase in the <br>weighted average discount rate to 9% would also result in the recoverable amount and carrying value being equal. | The recoverable amount has been assessed by reference to the FVLCD methodology described in note 4, utilising post-tax cash flows <br>expressed in real terms discounted at a weighted discount rate of 8.3% and classified as level 3 in the fair value hierarchy. The underlying <br>cash flows are based on operating assumptions that focus on delivering the committed projects to reach capacity of 200 ktpa by 2028, <br>accounting for 82% of the recoverable amount. Further expansions that bring our total capacity to 370 ktpa by 2035 represent 18% of the <br>recoverable amount, with expansions having been risk adjusted for project specific factors, including in Argentina for the benefit of the <br>Regime for Large Investments ("RIGI") potentially not being available.<br>The recoverable amount exceeds the carrying value by US$1.3 billion and accordingly no impairment has been recorded. The key <br>assumption to which the determination is most sensitive is the long-run price for lithium carbonate. At 31 December 2025, market <br>commentators used in our determination of consensus pricing have published forecast prices (adjusted to 2025 real-terms) in range $13.3/<br>kg lithium carbonate equivalent (LCE) to $22.0/kg LCE. For our impairment test we have used a long-run lithium carbonate price in the <br>upper half of that range in recognition of positive market sentiment at the balance sheet date. With all other modelling inputs remaining <br>constant, a reduction in the long-run price for lithium carbonate by 4.5% would reduce the net present value of cash-flows to equal the <br>carrying value. To further illustrate the sensitivity of the recoverable amount, with all other inputs remaining constant, an increase in the <br>weighted average discount rate to 9% would also result in the recoverable amount and carrying value being equal. |

---

**Richards Bay Minerals** 

Richards Bay Minerals' annual impairment review resulted in no impairment charge for 2025 (2024: no impairment charge). The recoverable amount

has been assessed by reference to the CGU's FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy.

FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-

tax discount rate of 8.6% (2024: 8.6%) has been applied to the post-tax cash flows expressed in real terms.

The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in

FVLCD are set out below:

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| 5% increase in the titanium slag price | **164** | 144 |
| 1% increase in the discount rate applied to post-tax cash flows | **(147)** | (135) |
| 10% strengthening of the South African rand | **201** | 232 |

---

Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the CGU

exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant.

**12Intangible assets** 

**Recognition and measurement**

Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a

straight line or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that

are not yet ready for use are not amortised; they are reviewed annually as at 30 September for impairment, regardless of whether there has

been an impairment trigger, or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our

intangible assets relate to capitalised exploration and evaluation spend on undeveloped properties and contract-based water rights.

The carrying values for undeveloped properties are reviewed at each reporting date in accordance with IFRS 6 "Exploration for and

Evaluation of Mineral Resources". The indicators of impairment differ from the tests in accordance with IAS 36 in recognition of the

subjectivity of estimating future cash flows for mineral interests under evaluation. Potential indicators of impairment include: expiry of the right

to explore, substantive expenditure is no longer planned, commercially viable quantities of Mineral Resources have not been discovered and

exploration activities will be discontinued, or sufficient data exists to indicate a future development would be unlikely to recover the carrying

amount in full. When such impairment indicators have been identified, the recoverable amount and impairment charge are measured under

IAS 36. Impairment reversals for undeveloped properties are not subject to special conditions within IFRS 6 and are therefore subject to the

same monitoring for indicators of impairment reversal as other CGUs.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 186 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**12Intangible assets** *continued*

**Exploration and evaluation**

Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been

identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that

the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived

risks and, therefore, it is considered probable that future economic benefits will flow to the Group. The Group's view is that a high degree of

confidence is greater than "more likely than not" (that is, greater than 50% certainty) and less than "virtually certain" (that is, less than 90%

certainty).

Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially

viable requires judgement and consideration of all relevant factors such as: the nature and objective of the project, the project's current

stage, project timeline, current estimates of the project's net present value (including sensitivity analyses for the key assumptions), and the

main risks of the project. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation,

being a high degree of confidence that the Group will ultimately determine that a project is commercially viable.

In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is

the case, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing

smelters or refineries are closed. Ore Reserves may be declared for an undeveloped mining project before its commercial viability has been

fully determined. Evaluation costs may continue to be capitalised in between declaration of Ore Reserves and approval to mine as further

work is undertaken in order to refine the development case to maximise the project's returns.

**Carbon credits and Renewable Energy Certificates**

Carbon credits and Renewable Energy Certificates (RECs) acquired for our own use are accounted for as intangible assets (included within

"Other intangible assets"), initially recorded at cost. They are amortised through the income statement when surrendered.

**Contract-based intangible assets**

The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region, which were acquired

with Alcan. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity

from hydropower stations.

---

| | |
|:---|:---|
| **Other relevant judgements** | Assessment of indefinite-lived water rights in Quebec, Canada |
| We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the <br>efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are <br>tested annually for impairment. We have no other indefinite-lived assets. <br>As at 31 December 2025, the remaining carrying value of the water rights (included in contract-based assets) of US$1,711 million <br>(2024: US$1,631 million) relates wholly to the Quebec smelters CGU. The Quebec smelters CGU was tested for impairment by reference <br>to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value <br>hierarchy. In arriving at its FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic <br>lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2024: 6.6%).<br>The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in <br>key assumptions that would cause the remaining water rights to be impaired. | We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the <br>efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are <br>tested annually for impairment. We have no other indefinite-lived assets. <br>As at 31 December 2025, the remaining carrying value of the water rights (included in contract-based assets) of US$1,711 million <br>(2024: US$1,631 million) relates wholly to the Quebec smelters CGU. The Quebec smelters CGU was tested for impairment by reference <br>to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value <br>hierarchy. In arriving at its FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic <br>lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2024: 6.6%).<br>The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in <br>key assumptions that would cause the remaining water rights to be impaired. |

---

---

| | |
|:---|:---|
| **Impact of climate change on our business** | Water rights |
| To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather <br>scenarios on a daily basis. We monitor the water resource available to us along with the impact that our operation is having on the water <br>quality and quantity, and on the environment when we return the water following use. Based on our analysis to date, we do not consider the <br>renewal of our contractual water rights to be at risk from climate change for the foreseeable future. | To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather <br>scenarios on a daily basis. We monitor the water resource available to us along with the impact that our operation is having on the water <br>quality and quantity, and on the environment when we return the water following use. Based on our analysis to date, we do not consider the <br>renewal of our contractual water rights to be at risk from climate change for the foreseeable future. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 187 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**12 Intangible assets** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Exploration** <br>**and** <br>**evaluation**<br>**US$m**<br>| **Contract-based** <br>**intangible** <br>**assets** <br>**US$m**<br>| **Other** <br>**intangible** <br>**assets**<sup>(a)</sup><br>**US$m**<br>| **Total**<br>**US$m**<br>|
| **Net book value** |  |  |  |  |
| At 1 January 2025 | **562** | **1787** | **455** | **2804** |
| Adjustment on currency translation | **39** | **92** | **32** | **163** |
| Additions<sup>(a)</sup> | **141** | **–** | **98** | **239** |
| Amortisation for the year | **–** | **(153)** | **(159)** | **(312)** |
| Newly consolidated operations<sup>(b)</sup> | **2054** | **183** | **64** | **2301** |
| Transfers and other movements<sup>(c)</sup> | **(71)** | **–** | **103** | **32** |
| **At 31 December 2025** | **2725** | **1909** | **593** | **5227** |
| –cost | **2727** | **3078** | **2547** | **8352** |
| –accumulated amortisation and impairment | **(2)** | **(1169)** | **(1954)** | **(3125)** |
| **Total** | **2725** | **1909** | **593** | **5227** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 |
|  | Exploration <br>and <br>evaluation <br>US$m<br>| Contract-based <br>intangible <br>assets<br>US$m<br>| Other<br>intangible <br>assets<sup>(a)</sup><br>US$m<br>| Total<br>US$m<br>|
| **Net book value** |  |  |  |  |
| At 1 January 2024 | 1979 | 1953 | 457 | 4389 |
| Adjustment on currency translation | (44) | (159) | (40) | (243) |
| Additions<sup>(a)</sup> | 416 | – | 116 | 532 |
| Amortisation for the year | – | (7) | (131) | (138) |
| Transfers and other movements<sup>(c)</sup> | (1789) | – | 53 | (1736) |
| **At 31 December 2024** | 562 | 1787 | 455 | 2804 |
| –cost | 564 | 2758 | 2129 | 5451 |
| –accumulated amortisation and impairment | (2) | (971) | (1674) | (2647) |
| **Total** | 562 | 1787 | 455 | 2804 |

---

(a) Additions to Other intangible assets include US$57 million (2024: US$50 million) of carbon abatement spend. This relates to procurement of carbon units and RECs, from which we will generate future economic benefit. At 31 December 2025, the balance of carbon units and RECs was US$84 million (2024: US$73 million) 

(b) Newly consolidated operations principally relate to undeveloped projects acquired through Arcadium Lithium plc and classified as exploration and evaluation, together with other identifiable intangible assets including favourably priced customer contracts. Refer to note 5 for details.

(c) Transfers and other movements includes reclassification between categories. In 2024, following approvals by the Board of notice to proceed, exploration and evaluation assets relating to Simandou (US$732 million) and Rincon (US$1,013 million) were transferred in full to Property, plant and equipment after being assessed for indicators of impairment.

Where amortisation is calculated on a straight line basis, the following useful lives have been determined:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Contract-based intangible assets | Contract-based intangible assets | Other intangible assets | Other intangible assets | Other intangible assets | Other intangible assets |
| **Type of intangible** | Power contracts/<br>water rights<br>| Other purchase and <br>customer contracts<br>| Internally generated <br>intangible assets and <br>computer software<br>| Other intangible assets | Patented and <br>non-patented <br>technology<br>| Trademarks |
| **Amortisation profile** | 2 to 45 years  | 5 to 15 years | 2 to 5 years | 2 to 20 years | 10 to 20 years | 14 to 20 years |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 188 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**13Property, plant and equipment** 

**Recognition and measurement**

Property, plant and equipment is stated at cost, as defined in IAS 16 "Property, Plant and Equipment", less accumulated depreciation and

accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and

restoration costs associated with the asset.

Property, plant and equipment includes right-of-use assets arising from leasing arrangements, shown separately from owned and leasehold assets.

Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, further expenditure is

capitalised under "capital works in progress" together with any amount transferred from "Exploration and evaluation". Once the project enters into an

operation phase, the amounts capitalised in capital work in progress are reclassified to their respective asset categories.

Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are

capitalised unless associated with pre-production revenue. Development costs incurred after the commencement of production are capitalised to the

extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is

capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary's cost of borrowing if not. This is performed until the

point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a

subsidiary's cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary.

**Depreciation of non-current assets** 

Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and

there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use.

**Straight line basis** 

Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life

shorter than the related mine are depreciated on a straight line basis as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Property, plant and equipment** | Land and buildings | Land and buildings | Plant and equipment | Plant and equipment |
| **Type of Property, plant and equipment** | Land | Buildings | Power-generating assets | Other plant and equipment |
| **Depreciation profile** | Not depreciated | 5 to 50 years | See Power note below on page [191](#i6e24f352bf2243f482bd1df1b3ce01ce_628) | 3 to 50 years |

---

The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively.

**Units of production basis** 

For mining properties and leases and certain mining equipment, consumption of the economic benefits of the asset is linked to production.

Except as noted below, these assets are depreciated on the units of production basis.

In applying the units of production method, depreciation is normally calculated based on production in the period as a percentage of total expected

production in current and future periods based on Ore Reserves and, for some mines, other Mineral Resources. Other Mineral Resources may be

included in the calculations of total expected production in limited circumstances where there are very large areas of contiguous mineralisation, for

which the economic viability is not sensitive to likely variations in grade, as may be the case for certain iron ore, bauxite and industrial mineral

deposits, and where there is a high degree of confidence that the other Mineral Resources can be extracted economically. This would be the case

when the other Mineral Resources do not yet have the status of Ore Reserves merely because the necessary detailed evaluation work has not yet

been performed and the responsible technical personnel agree that inclusion of a proportion of Measured and Indicated Resources in the calculation

of total expected production is appropriate based on historical reserve conversion rates.

The required level of confidence is unlikely to exist for minerals that are typically found in low-grade ore (as compared with the above), such as copper or

gold. In these cases, specific areas of mineralisation have to be evaluated in detail before their economic status can be predicted with confidence.

Sometimes the calculation of depreciation for infrastructure assets, primarily rail and port, considers Measured and Indicated Resources. This is

because the asset can benefit current and future mines. The measured and indicated resource may relate to mines which are currently in production

or to mines where there is a high degree of confidence that they will be brought into production in the future. The quantum of Mineral Resources is

determined taking into account future capital costs as required by the JORC Code. The depreciation calculation, however, applies to current mines

only and does not take into account future development costs for mines which are not yet in production.

---

| | |
|:---|:---|
| **Key judgement** | Estimation of asset lives |
| The useful lives of the major assets of a CGU are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of <br>mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life <br>of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a CGU are not dependent <br>on the life of a related orebody, management applies judgement in estimating the remaining service potential of long-lived assets. Factors affecting <br>the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced <br>from the Group, or in some cases from local governments permitting electricity generation from hydropower stations.  | The useful lives of the major assets of a CGU are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of <br>mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life <br>of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a CGU are not dependent <br>on the life of a related orebody, management applies judgement in estimating the remaining service potential of long-lived assets. Factors affecting <br>the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced <br>from the Group, or in some cases from local governments permitting electricity generation from hydropower stations.  |

---

---

| | |
|:---|:---|
| **Impact of climate change on our business** | Estimation of asset lives |
| We expect there to be a higher demand for copper, aluminium, lithium and high-grade iron ore in order to meet demand for the minerals required to <br>transition to a low-carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed <br>new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut-off grade for our Ore Reserves <br>is expected to be lower; in effect we would mine a greater volume of material before the mines are depleted. We cannot quantify the difference this <br>would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would <br>reduce the depreciation charge during any given period for assets that use the "Units of production" depreciation basis. | We expect there to be a higher demand for copper, aluminium, lithium and high-grade iron ore in order to meet demand for the minerals required to <br>transition to a low-carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed <br>new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut-off grade for our Ore Reserves <br>is expected to be lower; in effect we would mine a greater volume of material before the mines are depleted. We cannot quantify the difference this <br>would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would <br>reduce the depreciation charge during any given period for assets that use the "Units of production" depreciation basis. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 189 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**13Property, plant and equipment** *continued* 

**Deferred stripping** 

In open pit mining operations, overburden and other waste materials must be removed to access ore from which minerals can be extracted

economically. The process of removing overburden and other waste materials is referred to as stripping. During the development of a mine (or,

in some instances, pit; see below), before production commences, stripping costs related to a "component" of an orebody are capitalised as part

of the cost of construction of the mine (or pit). A "component" is a specific section of the orebody that is made more accessible by the stripping

activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback).

These are then amortised over the life of the mine (or pit) on a units of production basis.

Where a mine operates several open pits that are regarded as separate operations for the purpose of mine planning, initial stripping costs

are accounted for separately by reference to the ore from each separate pit. If, however, the pits are highly integrated for the purpose of mine

planning, the second and subsequent pits are regarded as extensions of the first pit in accounting for stripping costs. In such cases, the initial

stripping of the second and subsequent pits is considered to be production phase stripping (see below).

---

| | |
|:---|:---|
| **Key judgement** | Deferral of stripping costs |
| We apply judgement as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the <br>stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those <br>costs. The analysis depends on each mine's specific circumstances and requires judgement: another mining company could make a <br>different judgement even when the fact pattern appears to be similar. <br>In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, 3 criteria must be met: <br>•it must be probable that there will be an economic benefit in a future accounting period because the stripping activity has improved <br>access to the orebody <br>•it must be possible to identify the "component" of the orebody for which access has been improved <br>•it must be possible to reliably measure the costs that relate to the stripping activity.  | We apply judgement as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the <br>stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those <br>costs. The analysis depends on each mine's specific circumstances and requires judgement: another mining company could make a <br>different judgement even when the fact pattern appears to be similar. <br>In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, 3 criteria must be met: <br>•it must be probable that there will be an economic benefit in a future accounting period because the stripping activity has improved <br>access to the orebody <br>•it must be possible to identify the "component" of the orebody for which access has been improved <br>•it must be possible to reliably measure the costs that relate to the stripping activity.  |

---

**Recognition and measurement of deferred stripping**

---

| | | | |
|:---|:---|:---|:---|
| **Phase** | **Development phase** | **Production phase** | **Production phase** |
| **Stripping activity**  | Overburden and other waste <br>removal during the development <br>of a mine before production <br>commences.<br>| Production phase stripping can give access to 2 benefits: the extraction of ore in the current period <br>and improved access to ore which will be extracted in future periods. | Production phase stripping can give access to 2 benefits: the extraction of ore in the current period <br>and improved access to ore which will be extracted in future periods. |
| **Period of benefit** | After commissioning of the mine. | Future periods after first phase is complete. | Current and future benefit are <br>indistinguishable.<br>|
| **Capitalised to** <br>**mining properties** <br>**and leases in** <br>**property, plant** <br>**and equipment**<br>| During the development of a <br>mine, stripping costs relating to a <br>component of an orebody are <br>capitalised as part of the cost of <br>construction of the mine.<br>| It may be the case that subsequent phases of stripping will <br>access additional ore and that these subsequent phases are only <br>possible after the first phase has taken place. Where applicable, <br>the Group considers this on a mine-by-mine basis. Generally, the <br>only ore attributed to the stripping activity asset for the purposes <br>of calculating the life-of-component ratio is the ore to be extracted <br>from the originally identified component.<br>| Stripping costs for the component <br>are deferred to the extent that the <br>current period ratio exceeds the <br>life-of-component ratio.<br>|
| **Allocation to** <br>**inventory**<br>| Not applicable | Not applicable | Stripping costs are allocated to <br>inventory based on a relevant <br>production measure using a life-<br>of-component strip ratio.<br>|
| **Life-of-component** <br>**ratio**<br>| The life-of-component ratios are based on the Ore Reserves of the mine (and for some mines, other Mineral Resources) and the annual mine <br>plan. They are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other <br>technical or economic parameters that impact the Ore Reserves (and for some mines, other Mineral Resources) may also have an impact on <br>the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. | The life-of-component ratios are based on the Ore Reserves of the mine (and for some mines, other Mineral Resources) and the annual mine <br>plan. They are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other <br>technical or economic parameters that impact the Ore Reserves (and for some mines, other Mineral Resources) may also have an impact on <br>the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. | The life-of-component ratios are based on the Ore Reserves of the mine (and for some mines, other Mineral Resources) and the annual mine <br>plan. They are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other <br>technical or economic parameters that impact the Ore Reserves (and for some mines, other Mineral Resources) may also have an impact on <br>the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. |
| **Depreciation basis** | Depreciated on a "units of production" basis based on expected production of either ore or minerals contained in the ore over the life of <br>the component unless another method is more appropriate. | Depreciated on a "units of production" basis based on expected production of either ore or minerals contained in the ore over the life of <br>the component unless another method is more appropriate. | Depreciated on a "units of production" basis based on expected production of either ore or minerals contained in the ore over the life of <br>the component unless another method is more appropriate. |

---

**Property, plant and equipment - owned and leased assets** 

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Property, plant and equipment – owned | **82889** | 67345 |
| Right-of-use assets – leased | **1421** | 1228 |
| **Net book value** | **84310** | 68573 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 190 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**13Property, plant and equipment** *continued* 

**Property, plant and equipment – owned** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | Note | **Mining properties** <br>**and leases**<sup>(a)</sup><br>**US$m**<br>| **Land and**<br>**buildings**<br>**US$m**<br>| **Plant and**<br>**equipment**<br>**US$m**<br>| **Capital works** <br>**in progress**<br>**US$m**<br>| **Total**<br>**US$m**<br>|
| **Net book value** |  |  |  |  |  |  |
| At 1 January 2025 |  | **14196** | **8220** | **34373** | **10556** | **67345** |
| Adjustment on currency translation<sup>(b)</sup> |  | **491** | **362** | **1851** | **362** | **3066** |
| Adjustments to capitalised closure costs | 14 | **811** | **–** | **–** | **–** | **811** |
| Interest capitalised<sup>(c)</sup> | 9 | **–** | **–** | **–** | **411** | **411** |
| Additions<sup>(d)</sup> |  | **627** | **133** | **1749** | **10415** | **12924** |
| Depreciation for the year<sup>(a)</sup> |  | **(1294)** | **(608)** | **(3853)** | **–** | **(5755)** |
| Impairment charges net of reversals<sup>(e)</sup> |  | **–** | **(35)** | **(233)** | **(69)** | **(337)** |
| Disposals |  | **–** | **(4)** | **(54)** | **(139)** | **(197)** |
| Newly consolidated operations<sup>(f)</sup> |  | **352** | **1808** | **659** | **1947** | **4766** |
| Transfers and other movements<sup>(g)</sup> |  | **1956** | **66** | **4662** | **(6829)** | **(145)** |
| **At 31 December 2025** |  | **17139** | **9942** | **39154** | **16654** | **82889** |
| Comprising: |  |  |  |  |  |  |
| – cost |  | **35329** | **17521** | **89037** | **16764** | **158651** |
| – accumulated depreciation and impairment |  | **(18190)** | **(7579)** | **(49883)** | **(110)** | **(75762)** |
| **Total** |  | **17139** | **9942** | **39154** | **16654** | **82889** |
| Non-current assets pledged as security<sup>(h)</sup> |  | **5509** | **2248** | **9304** | **2070** | **19131** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2024 | 2024 | 2024 | 2024 | 2024 |
|  | Note | Mining properties<br>and leases<sup>(a)</sup><br>US$m<br>| Land and<br>buildings<br>US$m<br>| Plant and<br>equipment<br>US$m<br>| Capital works <br>in progress<br>US$m<br>| Total<br>US$m<br>|
| **Net book value** |  |  |  |  |  |  |
| At 1 January 2024 |  | 13555 | 8022 | 36345 | 7368 | 65290 |
| Adjustment on currency translation<sup>(b)</sup> |  | (500) | (548) | (2634) | (396) | (4078) |
| Adjustments to capitalised closure costs | 14 | 64 | – | – | – | 64 |
| Interest capitalised<sup>(c)</sup> | 9 | – | – | – | 424 | 424 |
| Additions<sup>(d)</sup> |  | 350 | 246 | 1226 | 7551 | 9373 |
| Depreciation for the year<sup>(a)</sup> |  | (1217) | (531) | (3554) | – | (5302) |
| Impairment charges net of reversals<sup>(e)</sup> |  | (38) | (39) | (457) | (9) | (543) |
| Disposals |  | (1) | (5) | (75) | (17) | (98) |
| Newly consolidated operations<sup>(f)</sup> |  | 150 | 64 | 429 | 7 | 650 |
| Operations divested |  | – | (2) | (34) | – | (36) |
| Transfers and other movements<sup>(g)</sup> |  | 1833 | 1013 | 3127 | (4372) | 1601 |
| **At 31 December 2024** |  | 14196 | 8220 | 34373 | 10556 | 67345 |
| Comprising |  |  |  |  |  |  |
| –cost |  | 30762 | 14822 | 78295 | 10925 | 134804 |
| –accumulated depreciation and impairment |  | (16566) | (6602) | (43922) | (369) | (67459) |
| Total |  | 14196 | 8220 | 34373 | 10556 | 67345 |
| Non-current assets pledged as security<sup>(h)</sup> |  | 5676 | 2257 | 7058 | 3397 | 18388 |

---

(a)At 31 December 2025, the net book value of capitalised production phase stripping costs totalled US$2,506 million, with US$2,057 million within "Property, plant and equipment" and a

further US$449 million within "Investments in equity accounted units" (2024: total of US$2,326 million, with US$1,947 million in "Property, plant and equipment" and a further US$379

million within "Investments in equity accounted units"). During the year, capitalisation of US$622 million was offset by depreciation of US$460 million, inclusive of amounts recorded

within equity accounted units (2024: US$423 million offset by depreciation of US$580 million). Depreciation of deferred stripping costs in respect of subsidiaries of US$303 million (2024:

US$411 million; 2023: US$216 million) is included within "Depreciation for the year".

(b)Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar, recognised

directly in the currency translation reserve. The adjustment in 2025 arose primarily from the strengthening of the Australian and Canadian dollars against the US dollar.

(c)Our average borrowing rate, excluding any project finance, used for capitalisation of interest is 5.40% (2024: 7.20%).

(d)Additions to "Property, plant and equipment" includes US$116 million of spend on carbon abatement (2024: US$144 million).

(e)Refer to note 4 for details.

(f)In 2025, newly consolidated operations primarily relates to the acquisition of Arcadium Lithium plc. Refer to note 5 for details. In 2024, this primarily related to the acquisition of the

remaining 20.64% interest in New Zealand Aluminium Smelters (NZAS), including fair value adjustments for contributed assets.

(g)"Transfers and other movements" includes reclassification between categories. In 2025, this primarily related to amounts reclassed from Capital works in progress to other property, plant

and equipment categories for assets at Oyu Tolgoi and Pilbara. In 2024, this included amounts reclassified from Intangible Assets relating to exploration and evaluation at Simandou

(US$732 million) and Rincon (US$1,013 million) following Board approval of "notice to proceed" in February 2024 and December 2024, respectively.

(h)Excludes assets held under capitalised lease arrangements. Non-current assets pledged as security represent amounts pledged as collateral against US$3,794 million (2024: US$4,011

million) of loans, which are included in note 21.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 191 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**13Property, plant and equipment** *continued* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Impact of climate change on our business** | Useful economic lives of our power generating assets | Useful economic lives of our power generating assets | Useful economic lives of our power generating assets | Useful economic lives of our power generating assets | Useful economic lives of our power generating assets |
| The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving <br>net zero emission across our operations by 2050. We expect to invest US$1 billion to US$2 billion on carbon abatement projects between <br>2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to <br>achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful <br>economic life of plant and equipment for fossil fuel-based power generating assets is 8 years (2024: 10 years). Given the technical <br>limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we <br>expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and <br>development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel <br>power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the <br>requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates <br>is required.  | The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving <br>net zero emission across our operations by 2050. We expect to invest US$1 billion to US$2 billion on carbon abatement projects between <br>2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to <br>achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful <br>economic life of plant and equipment for fossil fuel-based power generating assets is 8 years (2024: 10 years). Given the technical <br>limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we <br>expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and <br>development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel <br>power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the <br>requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates <br>is required.  | The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving <br>net zero emission across our operations by 2050. We expect to invest US$1 billion to US$2 billion on carbon abatement projects between <br>2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to <br>achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful <br>economic life of plant and equipment for fossil fuel-based power generating assets is 8 years (2024: 10 years). Given the technical <br>limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we <br>expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and <br>development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel <br>power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the <br>requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates <br>is required.  | The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving <br>net zero emission across our operations by 2050. We expect to invest US$1 billion to US$2 billion on carbon abatement projects between <br>2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to <br>achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful <br>economic life of plant and equipment for fossil fuel-based power generating assets is 8 years (2024: 10 years). Given the technical <br>limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we <br>expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and <br>development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel <br>power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the <br>requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates <br>is required.  | The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving <br>net zero emission across our operations by 2050. We expect to invest US$1 billion to US$2 billion on carbon abatement projects between <br>2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to <br>achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful <br>economic life of plant and equipment for fossil fuel-based power generating assets is 8 years (2024: 10 years). Given the technical <br>limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we <br>expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and <br>development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel <br>power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the <br>requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates <br>is required.  | The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving <br>net zero emission across our operations by 2050. We expect to invest US$1 billion to US$2 billion on carbon abatement projects between <br>2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to <br>achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful <br>economic life of plant and equipment for fossil fuel-based power generating assets is 8 years (2024: 10 years). Given the technical <br>limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we <br>expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and <br>development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel <br>power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the <br>requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates <br>is required.  |
|  |  | **2025** | **2025** | 2024 | 2024 |

| –Fossil fuels |  | **100** | **809** | 59 | 840 |
| –Renewables |  | **190** | **2518** | 177 | 2375 |

---

**Right-of-use assets – leased** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Land and buildings**<br>**US$m**<br>| **Plant and equipment**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Land and buildings<br>US$m<br>| Plant and equipment<br>US$m<br>| Total<br>US$m<br>|
| **Net book value** |  |  |  |  |  |  |
| At 1 January  | **524** | **704** | **1228** | 543 | 635 | 1178 |
| Adjustment on currency translation | **28** | **21** | **49** | (37) | (24) | (61) |
| Additions | **61** | **576** | **637** | 150 | 420 | 570 |
| Depreciation for the year | **(110)** | **(400)** | **(510)** | (125) | (353) | (478) |
| Net impairment (charges)/reversals<sup>(a)</sup> | **–** | **(4)** | **(4)** | – | 5 | 5 |
| Newly consolidated operations | **–** | **48** | **48** | – | – | – |
| Disposals | **(10)** | **(3)** | **(13)** | – | – | – |
| Transfers and other movements | **(24)** | **10** | **(14)** | (7) | 21 | 14 |
| **At 31 December** | **469** | **952** | **1421** | 524 | 704 | 1228 |

---

(a)Refer to note 4 for details.

The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are

marine vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right-of-use assets are

depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be exercised.

**14 Close-down, restoration and environmental provisions** 

**Recognition and measurement**

The Group has provisions for close-down and restoration costs, which include the dismantling and demolition of infrastructure, the removal of

residual materials, and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may arise during

development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other

commitments made to stakeholders. The provision excludes the impact of future disturbance that is planned to occur during the life of mine,

so that it represents only existing disturbance as at the balance sheet date.

Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably

estimated; instead a contingent liability is disclosed. Refer to note 37 for details. This applies primarily to certain Canadian smelters that have

indefinite-lived water rights from local governments permitting electricity generation from hydropower stations and are not tied to a specific

orebody.

Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration

expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain,

the Group's businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are

estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known

developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals.

The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions, which

involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using

probability weighting of the different remediation and closure scenarios.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 192 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**14 Close-down, restoration and environmental provisions** *continued* 

The initial close-down and restoration provision is capitalised within "Property, plant and equipment". Subsequent movements in the close-

down and restoration provisions for ongoing operations are treated as an adjustment to cost within "Property, plant and equipment". This

includes those resulting from new disturbances related to expansions or other activities qualifying for capitalisation; updated cost estimates;

changes to the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates.

Changes in closure provisions relating to closed and fully impaired operations are charged/(credited) to "Net operating costs" in the income

statement.

Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the

estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement.

The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are

discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus

risks and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the

reporting date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 2.5% (2024: 2.5%) which is

applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities

coordinated by the Group's central closure team.

To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices

and, together with the real-terms discount rate, unwind the discount through the line "Amortisation of discount on provisions", shown within

"Finance items" in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each

half-year and applied systematically for 6 months. At the end of each half year we update the underlying cash flows for the latest estimate of

experienced inflation, if it differs materially from our forecast, for the current financial year and record this as "changes to existing provisions".

For operating sites this adjustment usually results in a corresponding adjustment to property, plant and equipment, and for closed and fully

impaired sites the adjustment is charged or credited to the income statement.

In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning

costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the

fund have the effect of passing the closure obligation to the trust.

Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation,

compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are

charged to "Net operating costs", except for the unwinding of the discount which is shown within "Amortisation of discount on provisions".

Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become

known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used.

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| At 1 January |  | **15731** | 17150 |
| Adjustment on currency translation |  | **907** | (1128) |
| Adjustments to mining properties/right-of-use assets: | 13 |  |  |
| –increases to existing and new provisions |  | **811** | 851 |
| –change in discount rate |  | **–** | (787) |
| Charged/(credited) to profit: |  |  |  |
| –increases to existing and new provisions |  | **518** | 435 |
| –change in discount rate |  | **–** | (235) |
| –unused amounts reversed |  | **(126)** | (88) |
| –exchange (gains)/losses on provisions |  | **(48)** | 26 |
| –amortisation of discount |  | **768** | 843 |
| Utilised in year |  | **(1049)** | (1142) |
| Newly consolidated operations<sup>(a)</sup> |  | **319** | 61 |
| Transfers and other movements |  | **—** | (255) |
| **At 31 December**<sup>(b)</sup> |  | **17831** | 15731 |
| **Balance sheet analysis:** |  |  |  |
| Current |  | **1128** | 1183 |
| Non-current |  | **16703** | 14548 |
| **Total** |  | **17831** | 15731 |

---

(a)In 2025, this relates to our acquisition of Arcadium Lithium plc. Refer to note 5 for details. In 2024, this relates to our acquisition of an additional 20.64% interest in NZAS.

(b)Close-down, restoration and environmental provisions at 31 December 2025 have not been adjusted for closure-related receivables amounting to US$394 million (2024: US$350 million)

due from the ERA trust fund and other financial assets held for the purposes of meeting closure obligations. These are included within "Receivables and other assets" on the balance

sheet.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 193 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**14 Close-down, restoration and environmental provisions** *continued*

---

| | |
|:---|:---|
| **Key judgement** | Close-down, restoration and environmental obligations |
| We use our judgement and experience to determine the potential scope of closure rehabilitation work required to meet the Group's legal, statutory <br>and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations <br>in order to estimate the associated costs and the likely timing of those costs. Significant judgement is also required to then determine both the costs <br>associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where <br>appropriate, but there remains significant estimation uncertainty. <br>The key judgement in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure <br>provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable <br>estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group's Closure Steering <br>Committee before the provision is updated.<br>Cost provisions are updated throughout the life of the operation with conceptual study estimates reviewed every 5 years. Within 10 years from the <br>expected closure date, closure cost estimates must comply with the Group's Capital Project Framework. This means, for example, that where an Order <br>of Magnitude (OoM) study is required for closure, it must be of the same standard as an OoM study for a new mine, smelter or refinery.<br>In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, <br>groundwater treatment. In these cases, the underlying cash flows for the provision may be restricted to a period for which the costs can be <br>reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be <br>predicted with confidence, this period may be shorter. | We use our judgement and experience to determine the potential scope of closure rehabilitation work required to meet the Group's legal, statutory <br>and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations <br>in order to estimate the associated costs and the likely timing of those costs. Significant judgement is also required to then determine both the costs <br>associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where <br>appropriate, but there remains significant estimation uncertainty. <br>The key judgement in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure <br>provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable <br>estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group's Closure Steering <br>Committee before the provision is updated.<br>Cost provisions are updated throughout the life of the operation with conceptual study estimates reviewed every 5 years. Within 10 years from the <br>expected closure date, closure cost estimates must comply with the Group's Capital Project Framework. This means, for example, that where an Order <br>of Magnitude (OoM) study is required for closure, it must be of the same standard as an OoM study for a new mine, smelter or refinery.<br>In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, <br>groundwater treatment. In these cases, the underlying cash flows for the provision may be restricted to a period for which the costs can be <br>reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be <br>predicted with confidence, this period may be shorter. |

---

**Analysis of close-down, restoration and environmental provisions**

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Undiscounted close-down, restoration and environmental obligations | **25900** | 23038 |
| Impact of discounting | **(8069)** | (7307) |
| **Present value of close-down, restoration and environmental provisions** | **17831** | 15731 |
| **Attributable to:** |  |  |
| Operating sites | **13710** | 11715 |
| Non-operating sites | **4121** | 4016 |
| **Total close-down, restoration and environmental provisions** | **17831** | 15731 |

---

---

| | | |
|:---|:---|:---|
| **Closure cost composition as at 31 December** | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Decommissioning, decontamination and demolition | **3675** | 3065 |
| Closure and rehabilitation earthworks<sup>(a)</sup> | **5330** | 4628 |
| Long-term water management costs<sup>(b)</sup> | **1440** | 1316 |
| Post-closure monitoring and maintenance | **1668** | 1581 |
| Indirect costs, owners' costs and contingency<sup>(c)</sup> | **5718** | 5141 |
| **Total** | **17831** | 15731 |

---

(a)A key component of earthworks rehabilitation involves re-landscaping the area disturbed by mining activities utilising largely diesel-powered heavy mobile equipment. In developing low-

carbon solutions for our mobile fleet, this may include electrification of the vehicles during the mine life. The forecast cash flows for the heavy mobile equipment in the closure cost

(b)Long-term water management relates to the post-closure treatment of water due to acid rock drainage and other environmental commitments and is an area of research and

development focus for our Closure team. The cost of this water processing can continue for many years after the bulk earthworks and demolition activities have completed and are

therefore exposed to long-term climate change. This could materially affect rates of precipitation and therefore change the volume of water requiring processing. It is not currently

possible to forecast accurately the impact this could have on the closure provision as some of our locations could experience drier conditions whereas others could experience greater

rainfall. A further consideration relates to the alternative commercial use for the processed water, which could support ultimate transfer of these costs to a third party.

(c)Indirect costs, owners' costs and contingency include adjustments to the underlying cash flows to align the closure provision with a central-case estimate. This excludes allowances for

quantitative estimation uncertainties, which are allocated to the underlying cost driver and presented within the respective cost categories above.

---

| | | |
|:---|:---|:---|
| **Geographic composition as at 31 December** | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Australia | **10056** | 8546 |
| US | **4581** | 4419 |
| Canada | **1558** | 1517 |
| Other countries | **1636** | 1249 |
| **Total** | **17831** | 15731 |

---

The geographic composition of the closure provision shows that our closure obligations are largely in countries with established levels of

regulation in respect of mine and site closure.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 194 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**14 Close-down, restoration and environmental provisions** *continued* 

**Projected cash flows (undiscounted) for close-down, restoration and environmental provisions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<1 year**<br>**US$m**<br>| **1-3 years**<br>**US$m**<br>| **3-5 years**<br>**US$m**<br>| **>5 years**<br>**US$m**<br>| **Total**<br>**US$m**<br>|
| **At 31 December 2025** | **1128** | **2821** | **2138** | **19813** | **25900** |
| At 31 December 2024 | 1183 | 2497 | 1880 | 17478 | 23038 |

---

Remaining lives of operations and infrastructure range from 1 to over 50 years with an average for all sites, weighted by undiscounted

present closure obligation, of around 15 years. Although the ultimate cost to be incurred is uncertain, the Group's businesses estimate their

respective costs based on current restoration standards, techniques and expected climate conditions.

---

| | |
|:---|:---|
| **Key accounting estimate** | Close-down, restoration and environmental obligations |
| The most significant assumptions and estimates used in calculating the provision are:<br>•Closure timeframes. The weighted average remaining lives of operations is shown above. Some expenditure may be incurred before <br>closure while the operation as a whole is in production.<br>•The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative <br>commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental <br>remediation provision includes an allowance for ongoing monitoring and remediation costs, including groundwater treatment, of <br>approximately US$0.7 billion.<br>•The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) <br>relating to infrastructure, and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. <br>The assignment of probabilities to this scenario reduces the closure provision by US$0.5 billion.<br>•Appropriate sources on which to base the calculation of the discount rate. The discount rate, by nature, is subjective and therefore <br>sensitivities are shown below for how the provision balance would change if discounted at alternative discount rates. <br>There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many <br>factors including:<br>•changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders<br>•review of remediation and relinquishment options<br>•additional remediation requirements identified during the rehabilitation<br>•the emergence of new restoration techniques<br>•precipitation rates and climate change<br>•change in foreign exchange rates<br>•change in the expected closure date<br>•change in the discount rate.<br>Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the <br>restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and <br>historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates.<br>The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to Ore <br>Reserves and Mineral Resources, production rates, renewal of operating licences or economic conditions. <br>Changes in closure cost estimates at the Group's ongoing operations could result in a material adjustment to assets and liabilities in the <br>next 12 months and would also impact the depreciation and the unwinding of discount in future years.<br>Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a <br>material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates <br>for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may <br>require a material provision but cannot be predicted. <br>Project-specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that <br>the obligation is fulfilled by the Group. These cash flows are then discounted, as mentioned above, using a consistent discount rate applied <br>to all locations.  | The most significant assumptions and estimates used in calculating the provision are:<br>•Closure timeframes. The weighted average remaining lives of operations is shown above. Some expenditure may be incurred before <br>closure while the operation as a whole is in production.<br>•The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative <br>commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental <br>remediation provision includes an allowance for ongoing monitoring and remediation costs, including groundwater treatment, of <br>approximately US$0.7 billion.<br>•The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) <br>relating to infrastructure, and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. <br>The assignment of probabilities to this scenario reduces the closure provision by US$0.5 billion.<br>•Appropriate sources on which to base the calculation of the discount rate. The discount rate, by nature, is subjective and therefore <br>sensitivities are shown below for how the provision balance would change if discounted at alternative discount rates. <br>There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many <br>factors including:<br>•changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders<br>•review of remediation and relinquishment options<br>•additional remediation requirements identified during the rehabilitation<br>•the emergence of new restoration techniques<br>•precipitation rates and climate change<br>•change in foreign exchange rates<br>•change in the expected closure date<br>•change in the discount rate.<br>Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the <br>restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and <br>historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates.<br>The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to Ore <br>Reserves and Mineral Resources, production rates, renewal of operating licences or economic conditions. <br>Changes in closure cost estimates at the Group's ongoing operations could result in a material adjustment to assets and liabilities in the <br>next 12 months and would also impact the depreciation and the unwinding of discount in future years.<br>Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a <br>material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates <br>for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may <br>require a material provision but cannot be predicted. <br>Project-specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that <br>the obligation is fulfilled by the Group. These cash flows are then discounted, as mentioned above, using a consistent discount rate applied <br>to all locations.  |

---

---

| | |
|:---|:---|
| **Impact of climate change on our business** | Close-down, restoration and environmental costs |
| The underlying costs for closure have been estimated with varying degrees of precision based on a function of the age of the underlying <br>asset and proximity to closure. For assets within 10 years of closure, closure plans and cost estimates are supported by detailed studies <br>which are refined as the closure date approaches. These closure studies consider climate change and plan for resilience to expected <br>climate conditions with a particular focus on precipitation rates. For new developments, consideration of climate change and ultimate <br>closure conditions are an important part of the approval process. For longer-lived assets, closure provisions are typically based on <br>conceptual level studies that are refreshed at least every 5 years; these are evolving to incorporate greater consideration of forecast <br>climate conditions at closure. | The underlying costs for closure have been estimated with varying degrees of precision based on a function of the age of the underlying <br>asset and proximity to closure. For assets within 10 years of closure, closure plans and cost estimates are supported by detailed studies <br>which are refined as the closure date approaches. These closure studies consider climate change and plan for resilience to expected <br>climate conditions with a particular focus on precipitation rates. For new developments, consideration of climate change and ultimate <br>closure conditions are an important part of the approval process. For longer-lived assets, closure provisions are typically based on <br>conceptual level studies that are refreshed at least every 5 years; these are evolving to incorporate greater consideration of forecast <br>climate conditions at closure. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 195 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**14 Close-down, restoration and environmental provisions** *continued* 

**Sensitivity analysis**

Close-down, restoration and environmental provisions are based on risk-adjusted cash flows expressed in real terms. On 30 June 2024, we

revised the closure discount rate from 2.0% to 2.5%, applied prospectively from that date. We reassessed the closure discount rate in the

current year and continue to consider the real rate of 2.5% is the most appropriate rate to use.

The impact of discounting on the provision is illustrated below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At 31 December 2025**  | **At 31 December 2025**  | **At 31 December 2025**  | At 31 December 2024 | At 31 December 2024 | At 31 December 2024 |
|  | **Capitalised within** <br>**"Property, plant and** <br>**equipment"** <br>**US$m**<br>| **Charged/(credited)** <br>**to the income** <br>**statement**<br>**US$m**<br>| **Total increase/**<br>**(decrease) in** <br>**provision**<br>**US$m**<br>| Capitalised within <br>"Property, plant and <br>equipment"<br>US$m<br>| Charged/(credited) to <br>the income <br>statement<br>US$m<br>| Total increase/<br>(decrease) in <br>provision<br>US$m<br>|
| Discount rate decreased to 1.0% | **3700** | **400** | **4100** | 3300 | 400 | 3700 |
| Discount rate increased to 3.0% | **(1000)** | **(100)** | **(1100)** | (900) | (100) | (1000) |

---

**15Deferred taxation** 

**Recognition and measurement**

The Group's accounting policy in relation to deferred taxation is outlined within note 10.

**Analysis of deferred tax** 

The movement in deferred tax (liabilities)/assets during the year is as follows.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| **At 1 January** | **1381** | 1040 |
| Adjustment on currency translation | **1** | (10) |
| (Charged)/credited to the income statement | **(302)** | 393 |
| (Charged) to the statement of comprehensive income<sup>(a)</sup> | **(12)** | (32) |
| Newly consolidated operations<sup>(b)</sup> | **(817)** | – |
| Other movements<sup>(c)</sup> | **(57)** | (10) |
| **At 31 December** | **194** | 1381 |
| Comprising: |  |  |
| – deferred tax assets<sup>(d)(e)</sup> | **4288** | 4016 |
| – deferred tax liabilities<sup>(f)</sup> | **(4094)** | (2635) |

---

Deferred tax balances for which there is a right of offset within the same tax jurisdiction are presented net on the face of the balance sheet as

required by IAS 12. The closing deferred tax assets and liabilities, prior to this offsetting of balances, are shown below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Deferred tax assets** | **Deferred tax assets** | **Deferred tax liabilities** | **Deferred tax liabilities** | **Credited/(charged) to the income** <br>**statement** | **Credited/(charged) to the income** <br>**statement** |
|  | **2025**<br>**US$m**<br>| 2024<br>US$m<br>| **2025**<br>**US$m**<br>| 2024<br>US$m<br>| **2025**<br>**US$m**<br>| 2024<br>US$m<br>|
| Tax losses<sup>(d)</sup> | **1290** | 1461 | **–** | – | **(220)** | 98 |
| Tax credits<sup>(d)</sup> | **627** | 540 | **–** | – | **87** | (43) |
| Provisions and other liabilities | **5562** | 4710 | **–** | – | **542** | 785 |
| Capital allowances | **1084** | 1024 | **(7106)** | (5378) | **(364)** | (323) |
| Post-retirement benefits | **191** | 187 | **(49)** | (50) | **46** | 28 |
| Unrealised exchange losses | **170** | 157 | **(22)** | (13) | **(9)** | (11) |
| Unremitted earnings<sup>(f)</sup> | **–** | – | **(471)** | (391) | **(6)** | – |
| Capitalised and accrued interest | **–** | – | **(1013)** | (766) | **(225)** | (217) |
| Other temporary differences | **604** | 371 | **(673)** | (471) | **(153)** | 76 |
| **Total** | **9528** | 8450 | **(9334)** | (7069) | **(302)** | 393 |

---

(a)The amounts (charged) directly to the statement of comprehensive income include provisions for tax on cash flow hedges and on remeasurement gains/(losses) on pension schemes

and on post-retirement healthcare plans.

(b)Newly consolidated operations relates to the acquisition of Arcadium Lithium plc. Refer to note 5 for details.

(c)Other movements includes deferred tax relating to unremitted earnings of equity accounted units.

(d)Recognised deferred tax assets of US$1,133 million (2024: US$1,293 million) are subject to expiry if not recovered within certain time limits as specified in local tax legislation and

investment agreements. Of those recognised assets, US$16 million (2024: US$66 million) would expire within one year if not used, US$285 million (2024: US$93 million) would expire

within one to 5 years, and US$832 million (2024: US$1,134 million) would expire in more than 5 years.

(e)Recognised and unrecognised deferred tax assets are shown in the table on page [196](#i6e24f352bf2243f482bd1df1b3ce01ce_673) and totalled US$11,271 million at 31 December 2025 (2024: US$9,994 million). Of this total,

US$4,288 million has been recognised as deferred tax assets (2024: US$4,016 million), leaving US$6,983 million (2024: US$5,978 million) unrecognised, as recovery is not considered

probable.

(f)Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,790 million (2024: US$2,152 million) where the Group is able to control the

timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$146 million (2024: US$99 million) would be payable.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 196 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**15Deferred taxation** *continued* 

---

| | |
|:---|:---|
| **Other relevant judgements** | Recoverability of deferred tax assets |
| In considering the recoverability of deferred tax assets, judgement is required regarding the extent to which certain risk factors are likely to affect the <br>recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such <br>as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider <br>whether taxable profits will be available against which deferred tax assets may be utilised. <br>The Mongolian Tax Authority has issued a number of tax assessments dating back to 2013, which are inconsistent with the Oyu Tolgoi <br>Investment Agreement and Mongolian legislation. The matters under dispute have been referred to international arbitration. Differences in <br>interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and/or recovery of <br>recognised deferred tax items, including those in respect of amounts accrued and payable in the future. The issuance of the arbitration <br>award on matters of this complexity can typically take longer than 12 months to conclude following the International Arbitration hearings, <br>which occurred in September 2025. | In considering the recoverability of deferred tax assets, judgement is required regarding the extent to which certain risk factors are likely to affect the <br>recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such <br>as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider <br>whether taxable profits will be available against which deferred tax assets may be utilised. <br>The Mongolian Tax Authority has issued a number of tax assessments dating back to 2013, which are inconsistent with the Oyu Tolgoi <br>Investment Agreement and Mongolian legislation. The matters under dispute have been referred to international arbitration. Differences in <br>interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and/or recovery of <br>recognised deferred tax items, including those in respect of amounts accrued and payable in the future. The issuance of the arbitration <br>award on matters of this complexity can typically take longer than 12 months to conclude following the International Arbitration hearings, <br>which occurred in September 2025. |

---

**Analysis of deferred tax assets**

The recognised amounts in the table below do not include deferred tax assets that have been netted off against deferred tax liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recognised** | **Recognised** | **Unrecognised** | **Unrecognised** |
| **At 31 December** | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Australia | **1416** | 1132 | **505** | 563 |
| Mongolia<sup>(a)</sup> | **1366** | 1780 | **255** | 68 |
| Canada  | **519** | 331 | **764** | 511 |
| US<sup>(b)</sup> | **377** | 262 | **841** | 926 |
| UK | **34** | 66 | **2907** | 2343 |
| France | **–** | – | **1408** | 1233 |
| Other countries | **576** | 445 | **303** | 334 |
| **Total**<sup>(c)(d)</sup> | **4288** | 4016 | **6983** | 5978 |

---

(a)Deferred tax assets recognised in Mongolia are in relation to anticipated future deductions and, in 2024, also included US$419 million from tax losses that expire if not recovered against taxable

profits within 8 years. Deferred tax assets have been calculated in accordance with the Oyu Tolgoi Investment Agreement and Mongolian legislation. The interpretation of the Investment Agreement

by the Mongolian Tax Authority is under dispute and has been referred to international arbitration. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a

material impact on the amount and/or period of recovery of deferred tax assets.

(b)Although our US Group companies expect to generate sufficient taxable profits to utilise existing Federal deferred tax assets, the application of the new Corporate Alternative Minimum

Tax (CAMT) rules has resulted in a position where the future tax benefit derived from utilisation of Federal deferred tax assets is limited and consequently these deferred tax assets are

included as "unrecognised" in this table.

(c)US$2,892 million (2024: US$2,561 million) of the unrecognised assets relate to realised or unrealised capital losses, the recovery of which depends on the existence of capital gains in

future years. There are time limits, the shortest of which is one year, for the recovery of US$375 million of the unrecognised assets (2024: US$249 million).

(d)In addition to the unrecognised deferred tax assets in this table, the Group has accumulated UK foreign tax credits of US$1.5 billion (2024: US$1.4 billion). The credits are not refundable

but would be available, if needed, to shelter any UK tax in respect of profits arising in the Escondida business.

**16 Inventories** 

**Recognition and measurement**

Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production

purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 "Inventories" is valued on the same basis, jointly with

our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in

opening inventory.

The cost of raw materials and purchased components, and consumable stores, is the purchase price. The cost of work in progress, and

finished goods and goods for resale, is generally the cost of production, including directly attributable labour costs, materials and contractor

expenses, the depreciation of assets used in production and production overheads.

Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is

available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore

is expensed as mined. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets

and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys

and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data,

and are periodically reassessed, taking into account technical analysis and historical performance.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 197 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**16 Inventories** *continued*

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Raw materials and purchased components | **959** | 971 |
| Consumable stores | **1776** | 1560 |
| Work in progress | **2506** | 1931 |
| Finished goods and goods for resale | **2065** | 1620 |
| **Total inventories** | **7306** | 6082 |
| Comprising: |  |  |
| Expected to be used within one year | **6968** | 5860 |
| Expected to be used after more than one year | **338** | 222 |
| **Total inventories** | **7306** | 6082 |

---

During 2025, the Group recognised a net inventory write-off of US$28 million (2024: US$49 million write-off). This included inventory write-

offs of US$82 million (2024: US$77 million) partly offset by a write-back of previously written down inventory due to an increase in realisable

values amounting to US$54 million (2024: US$28 million).

At 31 December 2025, US$1,072 million (2024: US$947 million) of inventories were pledged as security for liabilities.

**17Receivables and other assets** 

**Recognition and measurement** 

Financial assets (except provisionally priced receivables) which are held under a hold to collect business model and have cash flows that

meet the "solely payments of principal and interest" (SPPI) criteria are recognised at amortised cost. Provisionally priced receivables are

measured at fair value through profit or loss with subsequent fair value gains or losses taken to the income statement.

As a part of our working capital management, we offer receivables factoring and letter of credit programs for our customers/receivables. For our

receivables under letter of credit programs, the business model of "hold to collect" has not changed and these continue to be recognised at amortised

cost, as the sale of the letter of credit is made close to maturity of receivables and discounting costs are immaterial. The receivables under our global

factoring program do not meet the "hold to collect" model and therefore are recognised at fair value through profit or loss and continue to be classified

as trade receivables within operating cash flows. US$697 million of receivables (2024: US$588 million) are subject to our factoring program and

US$965 million (2024: US$510 million) of receivables subject to a letter of credit discounting program have been transferred to the participating banks

and derecognised at the reporting date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Non-current**<br>**US$m**<br>| **Current** <br>**US$m**<br>| **Total** <br>**US$m**<br>| Non-current<br>US$m<br>| Current<br>US$m<br>| Total<br>US$m<br>|
| Trade receivables<sup>(a)</sup> | **–** | **2658** | **2658** | – | 2344 | 2344 |
| Other financial receivables<sup>(a)</sup> | **526** | **729** | **1255** | 355 | 643 | 998 |
| Other receivables<sup>(b)</sup> | **601** | **718** | **1319** | 380 | 429 | 809 |
| Prepayment of tolling charges to jointly controlled entities<sup>(c)</sup> | **71** | **–** | **71** | 94 | – | 94 |
| Pension surpluses (note 29) | **505** | **–** | **505** | 405 | – | 405 |
| Other prepayments  | **138** | **891** | **1029** | 163 | 825 | 988 |
| **Total**<sup>(d)</sup> | **1841** | **4996** | **6837** | 1397 | 4241 | 5638 |

---

(a)At 31 December 2025, trade receivables and other financial receivables are stated net of allowances for expected credit losses of US$73 million (2024: US$72 million). We apply the

"simplified approach" to trade receivables and receivables relating to net investment in finance leases and a "general approach" to all other financial assets.

(b)At 31 December 2025, other receivables include US$376 million (2024: US$333 million) related to Energy Resources of Australia Ltd's (ERA) deposit held in a trust fund which is controlled by the

Government of Australia. ERA are entitled to reimbursement from the fund once specific phases of rehabilitation relating to the Ranger Project are completed. The fund is outside the scope of IFRS 9.

(c)These prepayments will be charged to Group operating costs as tolling services are rendered and product processing occurs.

(d)There is no material element of receivables and other assets that is interest-bearing or financing in nature. The fair value of current trade and other receivables and the majority of

amounts classified as non-current trade and other receivables approximates to their carrying value.

**Credit risk related to receivables** 

Our Commercial team manages customer credit risk by reference to our established policy, procedures and controls. The team establishes credit limits

for all of our customers. Where customers are rated by an independent credit rating agency, these ratings are used as a guide to set credit limits. Where

there are no independent credit ratings available, we assess the credit quality of the customer through a credit rating model and assign appropriate credit

limits. The Commercial team monitors outstanding customer receivables regularly and highlights any credit concerns to senior management.

Receivables to high-risk customers are often secured by letters of credit or other forms of credit enhancement.

The expected credit loss on our trade receivable portfolio is insignificant.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 198 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**18Trade and other payables** 

**Recognition and measurement** 

Trade payables are measured at amortised cost, with the exception of provisionally priced contracts which are held at fair value as per IFRS 9.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Non-current** <br>**US$m**<br>| **Current**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Non-current<br>US$m<br>| Current<br>US$m<br>| Total<br>US$m<br>|
| Trade payables | **–** | **3596** | **3596** | – | 3196 | 3196 |
| Other financial payables | **177** | **1261** | **1438** | 188 | 1192 | 1380 |
| Other payables | **84** | **145** | **229** | 42 | 143 | 185 |
| Deferred income<sup>(a)</sup> | **428** | **493** | **921** | 118 | 338 | 456 |
| Accruals | **53** | **2773** | **2826** | – | 1751 | 1751 |
| Employee entitlements | **–** | **1136** | **1136** | – | 920 | 920 |
| Royalties and mining taxes | **3** | **713** | **716** | 2 | 622 | 624 |
| Amounts owed to equity accounted units | **237** | **16** | **253** | 193 | 16 | 209 |
| **Total** | **982** | **10133** | **11115** | 543 | 8178 | 8721 |

---

(a)Deferred income includes contract liabilities of US$414 million (2024: US$358 million).

The fair value of trade payables and financial instruments within other financial payables approximates their carrying value.

**Supplier finance arrangements**

The Group participates in supplier finance arrangements with designated banks whereby suppliers may elect to receive early payment of their invoice from

a third-party bank by factoring their receivable from Rio Tinto. These arrangements do not modify the terms of the original liability with respect to either

counterparty terms, settlement date or amount due. Although they are open to a wide range of suppliers, we typically see a take-up for suppliers with

payment terms ranging from 60 to 105 days, similar to the prior year. For comparable trade payables that are not part of supplier finance arrangements, the

range of payment terms are similar. Use of the early settlement facility is voluntary and at the suppliers' discretion on an invoice-by-invoice basis. Financial

liabilities subject to supplier finance arrangements, therefore, continue to be classified as trade payables with cash outflows showing within operating cash

flows. There were no significant non-cash changes in the carrying amount of the trade payables included in the Group's supplier finance arrangements.

As at 31 December 2025, the carrying value of the financial liabilities that are part of supplier finance arrangements presented within trade

payables amounts to US$622 million (2024: US$714 million), of which US$574 million (2024: US$603 million) relates to amounts that

suppliers have already received as payment from the banks on the reporting date.

**19Other provisions** 

**Recognition and measurement**

Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure

because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the

balance sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and

new legislation) we reflect this in the amounts recognised. Other provisions includes provision for legal claims, onerous contracts and claims

for past royalties.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Opening balance at 1 January | **1107** | 1371 |
| Adjustment on currency translation | **54** | (69) |
| Adjustments to mining properties/right-of-use assets: |  |  |
| – increases to existing and new provisions | **24** | 17 |
| – change in discount rate | **–** | (2) |
| Charged/(credited) to profit: |  |  |
| – increases to existing and new provisions | **418** | 184 |
| – change in discount rate | **–** | (7) |
| – unused amounts reversed | **(45)** | (104) |
| – exchange gain on provisions | **(6)** | – |
| – amortisation of discount | **10** | 14 |
| Utilised in year | **(402)** | (94) |
| Newly consolidated operations<sup>(a)</sup> | **375** |  |
| Transfers and other movements | **(59)** | (203) |
| **Closing balance at 31 December** | **1476** | 1107 |
| Balance sheet analysis: |  |  |
| Current | **1103** | 792 |
| Non-current | **373** | 315 |
| **Total** | **1476** | 1107 |

---

(a)Newly consolidated operations relates to the acquisition of Arcadium Lithium plc. Refer to note 5 for details.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 199 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

Our capital and liquidity

Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent and

disciplined manner. Essential capital expenditure remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets,

high-returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns policy. We

then test investment in compelling growth projects against debt management and additional cash returns to shareholders.

Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the

economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total cash

returns to shareholders over the longer term to be in a range of 40–60% of underlying earnings in aggregate through the cycle.

We consider various financial metrics when managing our capital structure and liquidity risk, including total capital, net debt, gearing, the

overall level of borrowings and their maturity profile, liquidity levels, future cash flows, underlying EBITDA and interest cover ratios.

Our total capital as at 31 December is shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Equity attributable to owners of Rio Tinto (see consolidated balance sheet) |  | **62203** | 55246 |
| Equity attributable to non-controlling interests (see consolidated balance sheet) |  | **4821** | 2719 |
| Net debt | 20 | **14362** | 5491 |
| **Total capital** |  | **81386** | 63456 |

---

We have access to various forms of financing including corporate bonds issued in debt capital markets through our US Shelf and Euro

Medium Term Note Programmes, commercial paper, project finance, bank loans and credit facilities.

On 6 March 2025, we drew the US$7 billion bridge loan facility to fund the acquisition of Arcadium Lithium plc. Refer to note 5 for further details. The

facility was subsequently repaid on 19 March 2025 following our US$9 billion bond issuance of fixed and floating rate SEC-registered debt securities

on 14 March 2025. The Group also has an existing US$7.5 billion multi-currency revolving credit facility which matures in November 2028. This

facility remained undrawn throughout the year. At 31 December 2025, the Group's subsidiaries had aggregate committed borrowing facilities of

US$742 million (2024: US$738 million) available. These amounts are available for use by the respective holders of each facility only and are not

available for use across the Group.

Our credit ratings as at 31 December, as provided by Standard & Poor's, Fitch Ratings Limited<sup>(a)</sup> and Moody's Investor Services, were:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Long-term rating | **A/A/A1** | A/NR/A1 |
| Short-term rating | **A-1/F1/P-1** | A-1/NR/P-1 |
| Outlook | **Stable/Stable/Stable** | Stable/NR/Stable |

---

(a)The Group did not have a solicited credit rating (NR) from Fitch Ratings Limited as at 31 December 2024.

Our unified credit status is maintained through cross guarantees, which means the contractual obligations of each of Rio Tinto plc and Rio

Tinto Limited are automatically guaranteed by the other.

Financial liability analysis

In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted

payments as at 31 December. When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions

existing at the end of the reporting period. This will, therefore, not necessarily agree with the amounts disclosed as the carrying value.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 |
| **(Outflows)/Inflows** | **Within 1** <br>**year or on** <br>**demand** <br>**US$m**<br>| **Between** <br>**1 and 2** <br>**years** <br>**US$m**<br>| **Between** <br>**2 and 5** <br>**years** <br>**US$m**<br>| **After** <br>**5 years** <br>**US$m**<br>| **Total** <br>**US$m**<br>| Within 1 <br>year or on <br>demand <br>US$m<br>| Between <br>1 and 2 <br>years <br>US$m<br>| Between <br>2 and 5 <br>years<br>US$m<br>| After <br>5 years <br>US$m<br>| Total <br>US$m<br>|
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |  |  |
| Trade and other financial payables<sup>(a)</sup> | **(7374)** | **(82)** | **(31)** | **(354)** | **(7841)** | (6032) | (30) | (43) | (307) | (6412) |
| Expected lease liability payments | **(581)** | **(376)** | **(489)** | **(428)** | **(1874)** | (398) | (306) | (488) | (551) | (1743) |
| Borrowings before swaps | **(738)** | **(1158)** | **(6298)** | **(13906)** | **(22100)** | (185) | (630) | (3007) | (8854) | (12676) |
| Expected future interest payments<sup>(a)</sup> | **(1182)** | **(1188)** | **(2911)** | **(8256)** | **(13537)** | (748) | (729) | (1873) | (4260) | (7610) |
| Other financial liabilities | **(66)** | **–** | **–** | **–** | **(66)** | – | – | – | – | – |
| **Derivative financial liabilities**<sup>(b)</sup> |  |  |  |  |  |  |  |  |  |  |
| Derivatives related to net debt – net settled | **(34)** | **(34)** | **(35)** | **1** | **(102)** | (78) | (50) | (86) | (17) | (231) |
| Derivatives related to net debt – gross settled<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |  |
| –gross inflows | **27** | **27** | **728** | **–** | **782** | 13 | 25 | 701 | – | 739 |
| –gross outflows | **(34)** | **(34)** | **(875)** | **–** | **(943)** | (34) | (34) | (909) | – | (977) |
| Derivatives not related to net debt – net settled | **(176)** | **(105)** | **(219)** | **(59)** | **(559)** | (81) | (33) | (117) | (149) | (380) |
| Derivatives not related to net debt – gross settled |  |  |  |  |  |  |  |  |  |  |
| –gross inflows | **136** | **–** | **–** | **–** | **136** | 240 | – | – | – | 240 |
| –gross outflows | **(137)** | **–** | **–** | **–** | **(137)** | (240) | – | – | – | (240) |
| **Total** | **(10159)** | **(2950)** | **(10130)** | **(23002)** | **(46241)** | (7543) | (1787) | (5822) | (14138) | (29290) |

---

(a)The interest payable at the year end is removed from trade and other financial payables and shown within expected future interest payments and derivatives related to net debt. Interest

payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are

subject to change in line with market rates.

(b)The maturity grouping is based on the earliest payment date.

Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2024: 11 years).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 200 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**20Net debt**

**Analysis of changes in net debt**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | | |  |
|  | **Borrowings** <br>**excluding overdrafts** <br>**(note 21)**<sup>(a)</sup><br>**US$m**<br>| **Lease liabilities** <br>**(note 22)**<sup>(b)</sup><br>**US$m**<br>| **Derivatives related** <br>**to net debt**<br>**(note 24)**<sup>(c)</sup><br>**US$m**<br>| **Cash and cash** <br>**equivalents** <br>**including overdrafts** <br>**(note 23)**<sup>(a)</sup><br>**US$m**<br>| **Other** <br>**investments**<br>**(note 24)**<sup>(d)</sup><br>**US$m**<br>| **Net debt**<br>**US$m**<br>|
| **At 1 January** | **(12431)** | **(1413)** | **(343)** | **8484** | **212** | **(5491)** |
| Foreign exchange adjustment | **(53)** | **(60)** | **46** | **95** | **14** | **42** |
| Net cash movements excluding exchange <br>movements<br>| **(7816)** | **522** | **(14)** | **(7)** | **131** | **(7184)** |
| Newly consolidated operations<sup>(e)</sup> | **(1553)** | **(46)** | **–** | **293** | **–** | **(1306)** |
| Other non-cash movements  | **(71)** | **(589)** | **231** | **–** | **6** | **(423)** |
| **At 31 December** | **(21924)** | **(1586)** | **(80)** | **8865** | **363** | **(14362)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| | Financial liabilities | Financial liabilities | Financial liabilities | Other assets | Other assets |  |
| | Borrowings<br>excluding overdrafts <br>(note 21)<sup>(a)</sup><br>US$m<br>| Lease liabilities <br>(note 22)<sup>(b)</sup><br>US$m<br>| Derivatives related <br>to net debt<br>(note 24)<sup>(c)</sup><br>US$m<br>| Cash and cash <br>equivalents including <br>overdrafts <br>(note 23)<sup>(a)</sup><br>US$m<br>| Other investments<br>(note 24)<sup>(d)</sup><br>US$m<br>| Net debt<br>US$m<br>|
| At 1 January | (13000) | (1351) | (429) | 9672 | 877 | (4231) |
| Foreign exchange adjustment | 57 | 69 | (30) | (99) | (1) | (4) |
| Cash movements excluding exchange movements | 494 | 455 | 104 | (1089) | (675) | (711) |
| Other non-cash movements | 18 | (586) | 12 | – | 11 | (545) |
| At 31 December | (12431) | (1413) | (343) | 8484 | 212 | (5491) |

---

(a)Borrowings excluding overdrafts of US$21,924 million (2024:US$12,431 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$7 million

(2024: US$11 million) which has been included in cash and cash equivalents for the net debt reconciliation.

(b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the year.

(c)Included within derivatives related to net debt are interest rate and cross-currency interest rate swaps that are in hedge relationships with the Group's debt.

(d)Other investments includes US$363 million of term deposits with a maturity greater than 3 months. In 2024, the entire balance of US$212 million comprised highly liquid financial assets held in a

separately managed portfolio of fixed income instruments, classified as held for trading.

(e)This relates to our acquisition of Arcadium Lithium plc. Refer to note 5 for details.

The table below summarises, by currency, our net debt, after taking into account relevant cross-currency interest rate swaps and foreign

exchange contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | 2024 |
| **Net debt by currency** | **Borrowings**<br>**excluding**<br>**overdrafts**<br>**US$m**<br>| **Lease liabilities**<br>**US$m**<br>| **Derivatives**<br>**related to net**<br>**debt**<br>**US$m**<br>| **Cash and**<br>**cash**<br>**equivalents**<br>**US$m**<br>| **Other**<br>**investments**<br>**US$m**<br>| **Net debt**<br>**US$m**<br>| Net debt<br>US$m<br>|
| US dollar | **(21674)** | **(707)** | **(80)** | **7921** | **–** | **(14540)** | (5743) |
| Australian dollar | **(64)** | **(495)** | **–** | **310** | **363** | **114** | 128 |
| Canadian dollar | **(186)** | **(167)** | **–** | **97** | **–** | **(256)** | (235) |
| South African rand | **–** | **(2)** | **–** | **147** | **–** | **145** | 165 |
| Other | **–** | **(215)** | **–** | **390** | **–** | **175** | 194 |
| **Total** | **(21924)** | **(1586)** | **(80)** | **8865** | **363** | **(14362)** | (5491) |

---

**21Borrowings**

**Recognition and measurement**

Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost.

Our policy is to predominantly borrow in US dollars (USD) at floating interest rates, either directly or through the use of derivatives, as:

• the majority of our sales are in USD

• historically a lower cost of borrowing has been observed from maintaining a floating rate exposure

• historically there has been a correlation between interest rates and commodity prices.

For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate

swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate

swaps mature, new medium-dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain

a proportion of fixed-rate funding after considering market conditions, the cost and form of funding, and other related factors.

We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective debt.

Where we borrow non-US denominated debt, we generally enter into cross-currency interest rate swaps to convert the principal and fixed

interest coupon to a USD nominal with a USD interest coupon.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 201 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**21Borrowings** *continued*

**Borrowings**

The characteristics and carrying value of the Group's borrowings at 31 December are summarised below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying** <br>**value**<br>**2025**<br>**US$m**<br>| Carrying <br>value<br>2024<br>US$m<br>| **Nominal** <br>**value of** <br>**hedged item** <br>**2025**<br>**US$m**<br>| Nominal <br>value of <br>hedged item <br>2024<br>US$m<br>| Weighted average <br>interest rate <br>after swaps (where<br>applicable)<br>| Swap maturity <br>(where <br>applicable)<br>|
| Rio Tinto Finance (USA) plc Bonds 4.375% due 2027<sup>(a)</sup><sup>(b)</sup> | **499** | – | **–** | – |  |  |
| Rio Tinto Finance (USA) plc Bonds SOFR plus 0.84% due 2028<sup>(a)</sup><sup>(b)</sup> | **500** | – | **–** | – |  |  |
| Rio Tinto Finance (USA) plc Bonds 4.5% due 2028<sup>(a)</sup><sup>(b)</sup> | **748** | – | **–** | – |  |  |
| Rio Tinto Finance (USA) Limited Bonds 7.125% due 2028<sup>(a)</sup> | **786** | 780 | **750** | 750 | 3 month SOFR +3.54% | 2028 |
| Alcan Inc. Debentures 7.25% due 2028<sup>(a)</sup> | **102** | 101 | **100** | 100 | 6 month SOFR +3.33% | 2028 |
| Rio Tinto Finance plc Sterling Bonds 4.0% due 2029<sup>(a)</sup><sup>(c)</sup> | **672** | 624 | **–** | – |  |  |
| Rio Tinto Finance (USA) plc Bonds 4.875% due 2030<sup>(a)</sup><sup>(b)</sup> | **1754** | – | **1250** | – | 6 month SOFR + 1.30% | 2030 |
| Alcan Inc. Debentures 7.25% due 2031<sup>(a)</sup> | **415** | 402 | **400** | 400 | 6 month SOFR +3.46% | 2031 |
| Rio Tinto Finance (USA) plc Bonds 5.0% due 2032<sup>(a)</sup><sup>(b)</sup> | **1258** | – | **1250** | – | 6 month SOFR + 1.18% | 2032 |
| Rio Tinto Finance (USA) plc Bonds 5.0% due 2033<sup>(a)</sup> | **658** | 646 | **650** | 650 | 6 month SOFR + 0.96% | 2026/2033 |
| Alcan Inc. Global Notes 6.125% due 2033<sup>(a)</sup> | **754** | 731 | **750** | 750 | 6 month SOFR +2.26% | 2033 |
| Alcan Inc. Global Notes 5.75% due 2035<sup>(a)</sup> | **296** | 287 | **300** | 300 | 6 month SOFR +1.83% | 2035 |
| Rio Tinto Finance (USA) plc Bonds 5.25% due 2035<sup>(a)</sup><sup>(b)</sup> | **1737** | – | **1750** | – | 6 month SOFR + 1.48% | 2035 |
| Rio Tinto Finance (USA) Limited Bonds 5.2% due 2040<sup>(a)</sup> | **1174** | 1142 | **1150** | 1150 | 6 month SOFR +1.18% | 2033 |
| Rio Tinto Finance (USA) plc Bonds 4.75% due 2042<sup>(a)</sup> | **494** | 492 | **500** | 500 | 6 month SOFR + 0.65% | 2026 |
| Rio Tinto Finance (USA) plc Bonds 4.125% due 2042 | **732** | 732 | **–** | – |  |  |
| Rio Tinto Finance (USA) Limited Bonds 2.75% due 2051<sup>(a)</sup> | **1157** | 1103 | **1250** | 1250 | 6 month SOFR +1.57% | 2028 |
| Rio Tinto Finance (USA) plc Bonds 5.125% due 2053<sup>(a)</sup> | **1127** | 1097 | **1100** | 1100 | 6 month SOFR +0.76% | 2033 |
| Rio Tinto Finance (USA) plc Bonds 5.75% due 2055<sup>(a)</sup><sup>(b)</sup> | **1729** | – | **1750** | – | 6 month SOFR + 1.95% | 2034 |
| Rio Tinto Finance (USA) plc Bonds 5.875% due 2065<sup>(a)</sup><sup>(b)</sup> | **744** | – | **750** | – | 6 month SOFR + 2.07% | 2035 |
| **Listed bonds**<sup>(d)</sup> | **17336** | 8137 |  |  |  |  |
| Oyu Tolgoi LLC MIGA Insured Loan SOFR plus 2.65% due 2032<sup>(e)</sup><sup>(f)</sup> | **588** | 603 |  |  |  |  |
| Oyu Tolgoi LLC Commercial Banks "B Loan" SOFR plus 3.4% due 2032<sup>(e)</sup><sup>(f)</sup> | **1355** | 1392 |  |  |  |  |
| Oyu Tolgoi LLC Export Credit Agencies Loan 4.72% due 2033<sup>(e)</sup><sup>(f)</sup> | **244** | 249 |  |  |  |  |
| Oyu Tolgoi LLC Export Credit Agencies Loan SOFR plus 3.65% due 2034<sup>(e)</sup><sup>(f)</sup> | **796** | 816 |  |  |  |  |
| Oyu Tolgoi LLC International Financial Institutions "A Loan" SOFR plus <br>3.78% due 2035<sup>(e)</sup><sup>(f)</sup><br>| **772** | 792 |  |  |  |  |
| **Oyu Tolgoi project finance**<sup>(d)</sup> | **3755** | 3852 |  |  |  |  |
| Other secured loans | **39** | 93 |  |  |  |  |
| Other unsecured loans | **794** | 349 |  |  |  |  |
| Bank overdrafts | **7** | 11 |  |  |  |  |
| **Other borrowings**<sup>(d)</sup> | **840** | 453 |  |  |  |  |
| **Total borrowings**<sup>(g)</sup> | **21931** | 12442 |  |  |  |  |
| Comprising: |  |  |  |  |  |  |
| Current borrowings | **733** | 180 |  |  |  |  |
| Non-current borrowings | **21198** | 12262 |  |  |  |  |
| **Total borrowings**<sup>(g)</sup> | **21931** | 12442 |  |  |  |  |

---

(a) The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are included in note 9.

(b) On 14 March 2025, we issued US$9 billion of fixed and floating rate SEC-registered debt securities. The proceeds from the bond issuance, net of issuance costs and discount, were partly used to repay our US$7 billion bridge loan facility which was drawn on 6 March 2025 to fund the acquisition of Arcadium Lithium plc. Refer to note 5 for further details.

(c) Rio Tinto has a US$10 billion (2024: US$10 billion) Euro Medium Term Note Programme against which the cumulative amount utilised was US$674 million equivalent at 31 December 2025 (2024: US$626 million). The carrying value of these bonds after hedge accounting adjustments amounted to US$672 million (2024: US$624 million) in aggregate. 

(d) Our listed bonds have a fair value of US$17,148 million (2024: US$7,702 million) and are categorised as level 1 in the fair value hierarchy, while those relating to project finance drawn down by Oyu Tolgoi (fair value of US$3,990 million 2024: US$4,103 million) use a number of level 3 valuation inputs. Our remaining borrowings have a fair value of US$795 million (2024: US$416 million), and are categorised as level 2 in the fair value hierarchy. The fair values of some of our financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 

(e) These borrowings relate to the Oyu Tolgoi LLC project finance facility and the due dates stated represent the final repayment date. The interest rates stated are pre-completion and will increase by 1.2% post-completion, which is expected to take place in 2029, subject to meeting certain conditions.

(f) Our bank borrowings in Oyu Tolgoi (OT) are subject to financial covenants which require that OT maintains a certain level of debt-equity ratio and a debt service coverage ratio. These covenants are tested at the end of each month. Based on our forecasting, we consider this risk of non-compliance with these covenants to be remote.

(g) The Group's borrowings of US$21,931 million (2024: US$12,442 million) include US$3,795 million (2024: US$3,945 million) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2025 and are expected to be in compliance within 12 months after the reporting date. The non-compliance with these covenants, if not remediated, could permit the lender to immediately call the loan and borrowings.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 202 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**22Leases** 

**Recognition and measurement**

IFRS 16 applies to the recognition, measurement, presentation and disclosure of leases. Certain leases are exempt from the standard, including

leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. We apply the scope exemptions in paragraphs 3(e) and

4 of IFRS 16 and do not apply the standard to leases of any assets which would otherwise fall within the scope of IAS 38 "Intangible Assets".

A significant proportion of our lease arrangements relate to dry bulk vessels and office properties. Other leases include land and non-mining

rights, warehouses, ports, equipment and vehicles.

We recognise all lease liabilities and corresponding right-of-use assets on the balance sheet, with the exception of short-term (12 months or fewer)

and low-value leases, where payments are expensed as incurred. Lease liabilities are recorded at the present value of fixed payments; variable lease

payments that depend on an index or rate; amounts payable under residual value guarantees; and extension options expected to be exercised.

Where a lease contains an extension option that we can exercise without negotiation, lease payments for the extension period are included in the

liability if we are reasonably certain that we will exercise the option. Variable lease payments not dependent on an index or rate are excluded from the

calculation of lease liabilities at initial recognition. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate

implicit in the lease can be readily determined. For lease agreements relating to vessels, ports and properties, non-lease components are excluded

from the future lease payments and recorded separately within operating costs as services are being provided. The lease liability is measured at

amortised cost using the effective interest method. The right-of-use asset arising from a lease arrangement at initial recognition reflects the lease

liability, initial direct costs, lease payments made before the commencement date of the lease, and capitalised provision for dismantling and

restoration of the underlying asset, less any lease incentives.

We recognise depreciation on right-of-use assets and interest on lease liabilities in the income statement over the lease term. Repayments of

lease liabilities are separated into a principal portion (presented within financing activities) and an interest portion (which the Group presents

in operating activities) in the cash flow statement. Payments made before the commencement date are included within financing activities

unless they in substance represent investing cash flows, for example where pre-commencement cash flows are significant relative to

aggregate cash flows of the leasing arrangement.

---

| | |
|:---|:---|
| **Other relevant judgements** | Accounting for renewable power purchase agreements |
| We have to apply judgement for certain contractual arrangements, such as renewable energy power purchase agreements (PPAs), in <br>evaluating whether we have the right to obtain substantially all of the economic benefits from the use of the renewable energy assets, <br>including the right to obtain physical energy these assets generate. Based on our evaluation, we determine whether an arrangement is a <br>lease, an executory contract or a derivative. An immaterial amount was recognised as a lease at both 31 December 2025 and <br>31 December 2024 for a fixed component of the QMM renewable PPA. The Amrun and Jinbi renewable PPAs are leases which have not <br>yet commenced, and are included in our decarbonisation capital commitments (note 37). | We have to apply judgement for certain contractual arrangements, such as renewable energy power purchase agreements (PPAs), in <br>evaluating whether we have the right to obtain substantially all of the economic benefits from the use of the renewable energy assets, <br>including the right to obtain physical energy these assets generate. Based on our evaluation, we determine whether an arrangement is a <br>lease, an executory contract or a derivative. An immaterial amount was recognised as a lease at both 31 December 2025 and <br>31 December 2024 for a fixed component of the QMM renewable PPA. The Amrun and Jinbi renewable PPAs are leases which have not <br>yet commenced, and are included in our decarbonisation capital commitments (note 37). |

---

**Lessee arrangements**

We have made the following payments during the year associated with leases:

---

| | | | |
|:---|:---|:---|:---|
| Description of payment | Included within | **2025**<br>**US$m**<br>| 2024<br>US$m<br>|
| Principal lease payments | Cash flows from financing activities | **522** | 455 |
| Interest payments on leases | Cash flows from operating activities | **67** | 67 |
| Short life leases | Net operating costs | **269** | 217 |
| Variable lease components | Net operating costs | **84** | 46 |
| Low value leases (>12 months in duration) | Net operating costs | **3** | 3 |
| **Total lease payments** |  | **945** | 788 |

---

**Lease liabilities** 

The maturity profile of lease liabilities recognised at 31 December is:

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| **Lease liabilities** |  |  |
| Due within 1 year | **581** | 398 |
| Between 1 and 3 years | **614** | 513 |
| Between 3 and 5 years | **251** | 281 |
| More than 5 years | **428** | 551 |
| **Total undiscounted cash payments expected to be made** | **1874** | 1743 |
| Effect of discounting | **(288)** | (330) |
| **Present value of minimum lease payments** | **1586** | 1413 |
| Comprising: |  |  |
| Current lease liabilities per the balance sheet | **524** | 354 |
| Non-current lease liabilities per the balance sheet | **1062** | 1059 |
| **Total lease liabilities** | **1586** | 1413 |

---

At 31 December 2025, commitments for leases not yet commenced were US$785 million (2024: US$405 million) and commitments relating

to short-term leases which had already commenced were US$217 million (2024: US$182 million). These commitments are not included in

the maturity profile table above.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 203 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**23Cash and cash equivalents**

**Recognition and measurement**

For the purpose of the balance sheet, cash and cash equivalents covers cash on hand, deposits held with banks for less than 3 months, and

short-term, highly liquid investments (mainly money market funds and reverse repurchase agreements) that are readily convertible into

known amounts of cash and which are subject to insignificant risk of changes in value. Bank overdrafts are shown as current liabilities on the

balance sheet. For the purposes of the cash flow statement, cash and cash equivalents are shown net of overdrafts.

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Cash at bank and in hand |  | **2546** | 2330 |
| Money market funds, reverse repurchase agreements and other cash equivalents |  | **6326** | 6165 |
| **Total cash and cash equivalents per consolidated balance sheet** |  | **8872** | 8495 |
| Bank overdrafts repayable on demand (unsecured) | 21 | **(7)** | (11) |
| **Total cash and cash equivalents per consolidated cash flow statement** |  | **8865** | 8484 |

---

**Restricted cash and cash equivalent analysis** 

Cash and cash equivalents of US$515 million (2024: US$515 million) are held in countries where there are restrictions on remittances. Of

this balance, US$70 million (2024: US$194 million) could be used to repay subsidiaries' third-party borrowings.

There are also restrictions on a further US$1,453 million (2024: US$1,150 million) of cash and cash equivalents, the majority of which is held

by partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of

this balance, US$969 million (2024: US$157 million) could be used to repay these subsidiaries' third-party borrowings.

**Credit risk related to cash and cash equivalents** 

Our Treasury team manages credit risk from our investing activities in accordance with a credit risk framework which sets the risk appetite. We make

investments of surplus funds only with approved investment grade (BBB+ and above) counterparties who have been assigned specific credit limits. The

limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through counterparty failure.

At 31 December 2025, we held US$1,114 million (2024: nil) of reverse repurchase agreements, measured at amortised cost and reported

within cash and cash equivalents as they are highly liquid products maturing within 3 months. As at 31 December 2025, we accepted

collateral of investment-grade quality in respect of these reverse repurchase agreements, with a fair value of US$1,165 million (2024: nil).

Collateral is not recognised on our balance sheet and if the counterparty were to default we would be able to sell it.

**24Other financial assets and liabilities**

**Recognition and measurement**

Derivatives are measured at fair value through profit or loss unless they are designated as hedging instruments. For details about our

hedging strategy and risks, refer to note 25. The Group has made an irrevocable choice to measure investments in equity shares at fair value

through other comprehensive income (FVOCI) except for those held for trading purposes.

**Other financial assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Non-current**<br>**US$m**<br>| **Current**<br>**US$m**<br>| **Total** <br>**US$m**<br>| Non-current<br>US$m<br>| Current<br>US$m<br>| Total<br>US$m<br>|
| Derivatives not related to net debt | **148** | **23** | **171** | 39 | 49 | 88 |
| Derivatives related to net debt | **148** | **3** | **151** | 24 | – | 24 |
| Equity shares and quoted funds | **317** | **1** | **318** | 255 | 24 | 279 |
| Other investments, including loans<sup>(a)</sup> | **286** | **547** | **833** | 263 | 346 | 609 |
| Loans to equity accounted units<sup>(b)</sup> | **800** | **–** | **800** | 509 | – | 509 |
| **Total other financial assets** | **1699** | **574** | **2273** | 1090 | 419 | 1509 |

---

(a)Current "Other investments, including loans" include US$363 million of term deposits with a maturity greater than 3 months. In 2024, this balance included US$212 million of highly liquid

financial assets held in a separately managed portfolio of fixed income instruments, classified as held for trading. Both of these investments are included within our net debt definition.

(b)This relates to loans of US$842 million due from WCS Rail and Port Holding Entities, net of expected credit loss.

**Credit risk related to other financial assets**

Our Treasury team manages credit risk in relation to applicable other financial assets in accordance with our counterparty credit framework (which is

reviewed biannually) to minimise our counterparty risk and mitigate financial loss through counterparty failure. Derivatives and investments with any

given counterparty are required to be within the credit limit (based on a quantitative credit risk model) for that counterparty as approved by the

Group's Financial Risk Management Committee. Our investments are dictated by the Group's investment policy which sets out a number of criteria

for eligible investments, including credit quality, duration, maturity and concentration limits.

**Other financial liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Non-current** <br>**US$m**<br>| **Current** <br>**US$m**<br>| **Total** <br>**US$m**<br>| Non-current<br>US$m<br>| Current<br>US$m<br>| Total<br>US$m<br>|
| Derivatives not related to net debt | **324** | **183** | **507** | 252 | 84 | 336 |
| Derivatives related to net debt | **231** | **–** | **231** | 339 | 28 | 367 |
| Other financial liabilities | **–** | **66** | **66** | – | – | – |
| **Total other financial liabilities** | **555** | **249** | **804** | 591 | 112 | 703 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 204 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**24Other financial assets and liabilities** *continued*

**Offsetting and enforceable master netting agreements** 

When we have a legally enforceable right to set-off our financial assets and liabilities and an intention to settle on a net basis, or realise the asset and

settle the liability simultaneously, we report the net amount in the consolidated balance sheet. Agreements with derivative counterparties are based

on the International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related

amounts to be set-off in certain circumstances. During the year, there were no material amounts offset in the balance sheet.

**25Financial instruments and risk management** 

**Recognition and measurement**

We classify our financial assets into those held at amortised cost and those to be measured at fair value either through the profit and loss

(FVTPL) or through other comprehensive income (FVOCI) based on the business model for managing the financial assets and the

contractual terms of the cash flows.

---

| | | | |
|:---|:---|:---|:---|
| **Classification of** <br>**financial asset**<br>| **Amortised cost** | **Fair value through profit** <br>**and loss**<br>| **Fair value through other comprehensive income** |
| Recognition and <br>initial <br>measurement<br>| At initial recognition, trade receivables that do <br>not have a significant financing component are <br>recognised at their transaction price. Other <br>financial assets are initially recognised at fair <br>value plus related transaction costs.<br>| The asset is initially <br>recognised at fair value <br>with transaction costs <br>immediately expensed to <br>the income statement. <br>| The asset is initially recognised at fair value.  |
| Subsequent <br>measurement<br>| Amortised cost using the effective interest <br>method. <br>| Fair value movements are <br>recognised in the income <br>statement.<br>| Fair value gains or losses on revaluation of such equity <br>investments, including any foreign exchange component, <br>are recognised in other comprehensive income. Dividends <br>are recognised in the income statement when the right to <br>receive payment is established. <br>|
| Derecognition | Any gain or loss on derecognition or modification of <br>a financial asset held at amortised cost is <br>recognised in the income statement.<br>| Not applicable. | When the equity investment is derecognised, there is no <br>recycling of fair value gains or losses previously recognised in <br>other comprehensive income to the income statement.<br>|

---

Borrowings and other financial liabilities (including trade payables but excluding derivative liabilities) are recognised initially at fair value, net

of transaction costs incurred, and are subsequently measured at amortised cost.

**Financial risk management objectives**

Our financial risk management objectives are:

• to have in place a robust capital structure to manage the organisation through the cycle

• to allow our financial exposures, mainly commodity price, foreign exchange and interest rates to, in general, float with the market.

Our Treasury and Commercial teams manage the following key economic risks generated from our operations:

• capital and liquidity risk

• credit risk

• interest rate risk

• commodity price risk

• foreign exchange risk.

These teams operate under a strong control environment, within approved limits.

**(i) Capital and liquidity risk**

Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to our

capital and liquidity section on page [199](#if194631259f2485d99bc45dd8e9d453b_30).

As disclosed in note 18, under the supplier finance arrangements, the Group makes payments to participating banks on the same date as

stated on the vendor's invoice, and as such these arrangements do not give rise to additional liquidity risk.

**(ii) Credit risk** 

Credit risk is the risk that our customers, or institutions that we hold investments with, are unable to meet their contractual obligations. We

are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include

government securities (primarily US Government), corporate and asset-backed securities, reverse repurchase agreements, money market

funds, and balances with banks and financial institutions. Refer to note 17, note 23 and note 24 for an understanding of the size of, and the

credit risk related to, each balance.

**(iii) Interest rate risk**

Our interest rate management policy is generally to borrow and invest at floating interest rates. However, we may elect to maintain a

proportion of fixed-rate funding after considering market conditions, the cost and form of funding, and other related factors. After the impact of

hedging, 76% (2024: 76%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk, refer

to note 21.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 205 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**25Financial instruments and risk management** *continued*

**Sensitivity to interest rate changes** 

Based on our floating rate financial instruments outstanding at 31 December 2025, the effect on our net earnings of a 100 basis point

increase in US dollar Secured Overnight Financing Rate (SOFR) interest rates, with all other variables held constant, would be an expense

of US$72 million (2024: US$23 million). This reflects the net debt position in 2025 and 2024.

We are also exposed to interest rate volatility within shareholders' equity. This is because we have designated some cross-currency interest

rate swaps to be in a cash flow hedge relationship with our 2029 British pound sterling (GBP) bond. As we receive fixed GBP interest and

pay fixed USD interest, any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative

within shareholders' equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in

isolation would impact equity, before tax, by a charge of US$24 million (2024: US$27 million) for GBP and a credit of US$29 million (2024:

US$35 million) for USD. A 100 basis point decrease would have broadly the same impact in the opposite direction.

**(iv) Commodity price risk** 

Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing

market prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to

achieve the prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity

prices would provide a long-term benefit to our shareholders.

Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls.

Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate,

however, are normally determined between 30 and 180 days after delivery to our customer.

At 31 December 2025, we had 200 million pounds of copper sales (31 December 2024: 186 million pounds) which were provisionally priced

at US 566 cents per pound (2024: US 397 cents per pound). The final price of these sales will be determined during the first half of 2026. A

10% change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or reduce

net earnings by US$63 million (2024: US$46 million).

Power costs represent a significant portion of costs in our aluminium business and, therefore, we are exposed to fluctuations in power prices.

To mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of power purchase

contracts that are directly linked to the daily official LME cash ask price for high-grade aluminium (LME price) and to the US Midwest

Transaction Premium (Midwest premium). We have also entered into renewable power purchase agreements (PPAs), which are contract for

differences (CfD) and are accounted for as derivatives.

In accordance with IFRS 9, we apply hedge accounting to embedded derivatives (forward contract and options) within some of our power

contracts and renewable power purchase agreements. The following table summarises these hedging relationships.

---

| | | |
|:---|:---|:---|
|  | **Embedded derivatives separated from aluminium power contracts** | **Renewable power purchase agreements** |
| **Hedging instrument** | Nominal aluminium forward sales | Power purchase agreement |
| **Hedged item** | Highly probably forecast aluminium sales priced using LME price <br>and Midwest premium<br>| Highly probable future energy purchases at spot electricity prices |
| **Hedging ratio** | 1:1 | 1:1 |
| **Accounting** <br>**treatment of** <br>**ineffective portion** <br>**and source of** <br>**ineffectiveness**  | Differences in the timing of the cash flows between the hedged <br>item and the hedging instrument, non-zero initial fair value of the <br>hedging instrument, the existence of a cap on the Midwest <br>premium in the hedging instrument and counterparty credit risk.<br>| Credit risk of supplier/Rio Tinto, unexpected escalation in CPI/<br>aluminium prices.<br>|
| **Accounting** <br>**treatment of** <br>**ineffective portion** <br>**and source of** <br>**ineffectiveness**  | Hedge ineffectiveness is included in "net operating costs" (within "other external costs" - refer to note 7) in the income statement. | Hedge ineffectiveness is included in "net operating costs" (within "other external costs" - refer to note 7) in the income statement. |
| **Accounting** <br>**treatment of** <br>**effective portion** | The effective portion of the change in the fair value of the hedging instrument is included in other comprehensive income, and is <br>accumulated in the cash flow hedge reserve.<br>The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the <br>hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms.  | The effective portion of the change in the fair value of the hedging instrument is included in other comprehensive income, and is <br>accumulated in the cash flow hedge reserve.<br>The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the <br>hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms.  |
| **Accounting** <br>**treatment of** <br>**effective portion** | On realisation of the hedges, realised amounts are reclassified from <br>reserves to consolidated sales revenue in the income statement.<br>| On realisation of the hedges, realised amounts are reclassified from <br>reserves to power cost in the income statement.<br>|

---

We held the following nominal volumes in embedded derivatives in aluminium power contracts and renewable power purchase agreements

as at 31 December:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 |
| **Nominal aluminium forward sales embedded in** <br>**power contracts**<br>| **Within 1** <br>**year**<br>| **Between 1** <br>**and 5** <br>**years**<br>| **Between 5** <br>**and 10** <br>**years**<br>| **After 10** <br>**years**<br>| **Total** | Within 1 <br>year<br>| Between 1 <br>and 5 <br>years<br>| Between 5 <br>and 10 <br>years<br>| After 10 <br>years<br>| Total |
| Nominal amount (tonnes) | **71509** | **208208** | **–** | **–** | **279717** | 73117 | 286455 | – | – | 359572 |
| Nominal amount (US$m) | **174** | **524** | **–** | **–** | **698** | 174 | 716 | – | – | 890 |
| **Nominal future energy purchase in power** <br>**purchase agreements**<br>|  |  |  |  |  |  |  |  |  |  |
| Nominal amount (GW) | **5** | **20** | **25** | **44** | **94** | 5 | 20 | 25 | 49 | 99 |
| Nominal amount (US$m) | **197** | **818** | **1134** | **2294** | **4443** | 191 | 774 | 1045 | 2422 | 4432 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 206 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**25Financial instruments and risk management** *continued*

The impact on our financial statements of these hedging instruments and hedging items are:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Hedging instrument** | **Hedging instrument** | **Hedging instrument** | **Hedged item** | **Hedged item** | **Hedged item** | **Hedged item** | **Hedged item** |
|  | **Nominal**<br>**US$m**<br>| **Carrying** <br>**amount**<sup>(a)</sup><br>**US$m**<br>| **Change in fair** <br>**value in the** <br>**period**<br>**US$m**<br>| **Cash flow** <br>**hedge** <br>**reserve**<sup>(b)</sup><br>**US$m**<br>| **Change in fair** <br>**value in**<br>**the period**<br>**US$m**<br>| **Total hedging gains/**<br>**(losses) recognised** <br>**in reserves** <br>**US$m**<br>| **Hedge** <br>**ineffectiveness in** <br>**the period gains**<br>**US$m**<br>| **(Gains)/losses** <br>**reclassified from reserves** <br>**to income statement**<br>**US$m**<br>|
|  | **Nominal aluminium forward sales** | **Nominal aluminium forward sales** | **Nominal aluminium forward sales** | **Highly probable forecast aluminium sales** | **Highly probable forecast aluminium sales** | **Highly probable forecast aluminium sales** | **Highly probable forecast aluminium sales** | **Highly probable forecast aluminium sales** |
| **2025** | **698** | **(216)** | **(135)** | **(159)** | **406** | **(135)** | **–** | **20** |
| 2024 | 890 | (113) | 42 | (39) | (26) | 42 | – | 5 |
|  | **Power purchase agreements** | **Power purchase agreements** | **Power purchase agreements** | **Highly probable future energy purchases** | **Highly probable future energy purchases** | **Highly probable future energy purchases** | **Highly probable future energy purchases** | **Highly probable future energy purchases** |
| **2025** | **4443** | **(2)** | **39** | **(2)** | **5** | **139** | **93** | **(133)** |
| 2024 | 4432 | (41) | (41) | (7) | (7) | (7) | 36 | – |

---

(a) The carrying amount of US$218 million (2024: US$154 million) is shown within "Other financial assets and liabilities".

(b)The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 36) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section).

There was no cost of hedging recognised in 2025 (2024: no cost) relating to this hedging relationship.

---

| | |
|:---|:---|
| **Key accounting estimate** | Power related commodity derivatives |

---

The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts

embedded in power supply agreements, and changes in forward electricity price curves have on renewable PPAs outstanding at

31 December 2025. Any change in price will result in an offsetting change in our future earnings.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Embedded derivatives in** <br>**aluminium power contracts** | **Embedded derivatives in** <br>**aluminium power contracts** | **Renewable power purchase** <br>**agreements** | **Renewable power purchase** <br>**agreements** |
|  | Change in<br>market prices<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Effect on net earnings | **+10%** | **(42)** | (42) | **–** | 42 |
| Effect on net earnings | **(10)%** | **31** | 69 | **(87)** | 11 |
| Effect on equity | **+10%** | **(64)** | (68) | **262** | 205 |
| Effect on equity | **(10)%** | **65** | 42 | **(175)** | (258) |

---

We exclude our "own use contracts" from this sensitivity analysis as they are outside the scope of IFRS 9. Our business units continue to

hold these types of contracts to satisfy their expected purchase, sale or usage requirements.

---

| | |
|:---|:---|
| **Impact of climate change on our business** | Renewable power purchase agreements |
| As part of the program to develop renewable energy solutions for our Queensland aluminium assets, we entered into long-term renewable 2.2 GW <br>PPAs to buy renewable electricity and associated carbon credits to be generated in the future from the Upper Calliope solar farm and the Bungaban <br>wind farm. In 2025, we entered into 2 long term hybrid services agreements with Edify Energy for a total combined capacity of 574 MW solar farm <br>paired with battery energy storage systems. In 2024, our New Zealand Aluminium Smelters signed long term PPAs with electricity generators for a <br>total of 572 MW of a diversified mix of renewable electricity. We also signed PPAs with the Monte Cristo and Monarch Creek wind farm in the US. <br>Renewable power purchase agreements are recorded as derivatives, with net fair value of US$29 million (asset) recognised in the current year <br>(2024: US$111 million (liability)) and require complex derivative measurement over the contract's term categorised under level 3 with significant <br>unobservable inputs related to future energy prices. | As part of the program to develop renewable energy solutions for our Queensland aluminium assets, we entered into long-term renewable 2.2 GW <br>PPAs to buy renewable electricity and associated carbon credits to be generated in the future from the Upper Calliope solar farm and the Bungaban <br>wind farm. In 2025, we entered into 2 long term hybrid services agreements with Edify Energy for a total combined capacity of 574 MW solar farm <br>paired with battery energy storage systems. In 2024, our New Zealand Aluminium Smelters signed long term PPAs with electricity generators for a <br>total of 572 MW of a diversified mix of renewable electricity. We also signed PPAs with the Monte Cristo and Monarch Creek wind farm in the US. <br>Renewable power purchase agreements are recorded as derivatives, with net fair value of US$29 million (asset) recognised in the current year <br>(2024: US$111 million (liability)) and require complex derivative measurement over the contract's term categorised under level 3 with significant <br>unobservable inputs related to future energy prices. |

---

**(v) Foreign exchange risk** 

The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders' equity are influenced by a

wide variety of currencies. The majority of our sales are denominated in USD.

Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those

currencies in which we buy imported equipment and services. The USD, the Australian dollar (AUD) and the Canadian dollar (CAD) are the

most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial

results. A strengthening of the USD against the currencies in which our costs are partly denominated has a positive effect on our net

earnings. However, a strengthening of the USD reduces the value of non-USD denominated net assets, and therefore total equity.

In most cases, our debt and other financial assets and liabilities, including intragroup balances, are held in the functional currency of the relevant

subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means

we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into

the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on USD net debt and

intragroup balances. On consolidation, these balances are retranslated to our USD presentational currency and there is a corresponding and

offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity.

Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to

shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency

protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as

acquisitions, disposals, tax and dividend cash flows may be economically hedged.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 207 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**25Financial instruments and risk management** *continued*

**Sensitivity analysis** 

The table below shows the estimated retranslation effect on financial assets and financial liabilities at 31 December, including intragroup

balances, of a 10% strengthening in the closing exchange rate of the USD against significant currencies. We deem 10% to be the annual

exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and

therefore an appropriate representation for the sensitivity analysis.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| **Currency exposure** | **Closing exchange** <br>**rate**<br>**US cents**<br>| **Effect on net**<br>**earnings**<br>**US$m**<br>| **Impact directly on** <br>**equity**<br>**US$m**<br>| Closing exchange <br>rate<br>US cents<br>| Effect on net <br>earnings<br>US$m<br>| Impact directly on <br>equity<br>US$m<br>|
| Australian dollar | **67** | **376** | **(1090)** | 62 | 391 | (977) |
| Canadian dollar | **73** | **(487)** | **–** | 70 | (362) | – |

---

We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings

into USD at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a

particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore

generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is

expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based

on financial assets and financial liabilities held at 31 December, where balances are not denominated in the functional currency of the

subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain

constant throughout 2026 and, therefore, this illustrative information should be used with caution.

**Valuation hierarchy of financial instruments carried at fair value on a recurring basis**

The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 "Fair Value

Measurement" at 31 December.

All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 |
|  |  | **Held at fair value** | **Held at fair value** | **Held at fair value** | **Held at** <br>**amortised** <br>**cost**<br>**US$m** | **Total**<br>**US$m** | Held at fair value | Held at fair value | Held at fair value | Held at <br>amortised <br>cost<br>US$m | Total<br>US$m |
|  | Note | **Level 1**<sup>(a)</sup><br>**US$m**<br>| **Level 2**<sup>(b)</sup><br>**US$m**<br>| **Level 3**<sup>(c)</sup><br>**US$m**<br>| **Held at** <br>**amortised** <br>**cost**<br>**US$m** | **Total**<br>**US$m** | Level 1<sup>(a)</sup><br>US$m<br>| Level 2<sup>(b)</sup><br>US$m<br>| Level 3<sup>(c)</sup><br>US$m<br>| Held at <br>amortised <br>cost<br>US$m | Total<br>US$m |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents<sup>(d)</sup> | 23 | **3725** | **–** | **–** | **5147** | **8872** | 4893 | – | – | 3602 | 8495 |
| Investments in equity shares and funds<sup>(e)</sup> | 24 | **179** | **–** | **139** | **–** | **318** | 96 | – | 183 | – | 279 |
| Other investments, including loans<sup>(f)</sup> | 24 | **25** | **3** | **324** | **481** | **833** | 230 | – | 275 | 104 | 609 |
| Trade and other financial receivables<sup>(g)</sup> | 17 | **4** | **1440** | **–** | **2469** | **3913** | 15 | 1379 | – | 1948 | 3342 |
| Loans to equity accounted units | 24 | **–** | **–** | **–** | **800** | **800** | – | – | – | 509 | 509 |
| Forward, option and embedded derivative <br>contracts: designated as hedges<sup>(h)</sup><br>| 24 | **–** | **–** | **59** | **–** | **59** | – | – | 27 | – | 27 |
| Forward, option and embedded derivative <br>contracts, not designated as hedges<sup>(h)</sup><br>| 24 | **–** | **23** | **89** | **–** | **112** | – | 42 | 19 | – | 61 |
| Derivatives related to net debt<sup>(i)</sup> | 24 | **–** | **151** | **–** | **–** | **151** | – | 24 | – | – | 24 |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |
| Trade and other financial payables<sup>(j)</sup> | 18 | **–** | **(190)** | **–** | **(7923)** | **(8113)** | – | (144) | – | (6392) | (6536) |
| Forward, option and embedded derivatives <br>contracts, designated as hedges<sup>(h)</sup><br>| 24 | **–** | **–** | **(277)** | **–** | **(277)** | – | – | (180) | – | (180) |
| Forward, option and embedded derivatives <br>contracts, not designated as hedges<sup>(h)</sup><br>| 24 | **–** | **(68)** | **(162)** | **–** | **(230)** | – | (48) | (108) | – | (156) |
| Derivatives related to net debt<sup>(i)</sup> | 24 | **–** | **(231)** | **–** | **–** | **(231)** | – | (367) | – | – | (367) |
| Other financial liabilities | 24 | **–** | **–** | **–** | **(66)** | **(66)** | – | – | – | – | – |

---

(a)Valuation is based on unadjusted quoted prices in active markets for identical financial instruments.

(b)Valuation is based on inputs that are observable for the financial instruments, which include market quoted FX rates, credit default spread, quoted prices for similar instruments or

identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data. Valuation techniques include discounted

cash flows or closely related listed product, as appropriate.

(c)Valuation is based on inputs that cannot be observed using market data (unobservable inputs), including forward electricity or commodity prices, energy volume or mine production, using valuation

techniques such as discounted cash flows or option pricing models, as appropriate. The change in valuation of our level 3 instruments for the year to 31 December is as follows.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 208 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**25Financial instruments and risk management** *continued*

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Level 3 financial assets and liabilities** | **US$m** | US$m |
| Opening balance | **216** | 147 |
| Currency translation adjustments | **16** | (12) |
| Total realised gains/(losses) included in: |  |  |
| –net operating costs | **31** | (32) |
| Total unrealised gains included in: |  |  |
| –net operating costs | **136** | 22 |
| Total unrealised (losses)/gains transferred into other comprehensive income through cash flow hedges | **(105)** | 34 |
| Additions/acquisition of financial assets | **85** | 88 |
| Disposals/maturity of financial instruments | **(207)** | (31) |
| Closing balance | **172** | 216 |
| Net gains included in the income statement for assets and liabilities held at year end | **113** | 3 |

---

(d)Our Cash and cash equivalents of US$8,872 million (2024: US$8,495 million) includes US$3,725 million (2024: US$4,893 million) relating to money market funds which are treated as

FVTPL under IFRS 9 with the fair value movements reported as finance income.

(e)Investments in equity shares and funds include US$240 million (2024: US$221 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value

gains and losses on revaluation in other comprehensive income. The election is made at an individual investment level.

(f)Other investments, including loans, covers cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. Royalty receivables include

amounts arising from our previously divested coal businesses with a fair value of US$275 million (2024: US$252 million).

(g)Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with

changes between the provisional price and the final price recorded separately within "Other revenue". The selling price can be measured reliably for the Group's products, as it operates

in active and freely traded commodity markets. At 31 December 2025, US$1,431 million (2024: US$1,374 million) of provisionally priced receivables were recognised.

(h)Level 3 derivatives mainly consist of derivatives embedded in electricity purchase contracts linked to the LME, Midwest premium and billet premium with terms expiring between 2026

and 2036 (2024: 2025 and 2036). Derivatives related to renewable power purchase agreements are linked to forward electricity prices with terms expiring between 2026 and 2054

(31 December 2024: 2026 and 2054).

(i)Net debt derivatives include interest rate swaps and cross-currency swaps.

(j)Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18.

There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the current or prior year.

**Sensitivity analysis in respect of level 3 financial instruments**

For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been

calculated using a movement that we deem to be reasonably probable.

Net derivative assets related to our renewable power purchase agreements have a fair value of US$29 million at 31 December 2025 (2024:

net liabilities of US$111 million). The fair value is calculated as the present value of the future contracted cash flows using risk-adjusted

forecast prices including credit adjustments. A 10% increase in forecast electricity prices over the remaining term of the contracts would

result in a US$520 million (2024: US$499 million) increase in fair value, and a 10% decrease in forecast electricity prices would result in a

US$521 million (2024: US$500 million) decrease in fair value.

To value long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond

observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value

significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a

net liability of US$320 million at 31 December 2025 (2024: US$132 million).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 209 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

Our people

Summarised below are the key financial metrics relating to our people.

**26Average number of employees** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Subsidiaries and joint operations** | **Subsidiaries and joint operations** | **Subsidiaries and joint operations** | **Equity accounted units**<br>**(Rio Tinto share)** | **Equity accounted units**<br>**(Rio Tinto share)** | **Equity accounted units**<br>**(Rio Tinto share)** |
|  | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 |
| **Principal locations of employment:** |  |  |  |  |  |  |
| Australia and New Zealand | **24857** | 25098 | 25045 | **929** | 858 | 725 |
| Canada | **13899** | 14157 | 13864 | **148** | 50 | 5 |
| UK | **417** | 366 | 323 | **–** | – | – |
| Europe (excluding UK) | **896** | 875 | 912 | **24** | 24 | 25 |
| Africa | **3531** | 3567 | 3180 | **1369** | 1293 | 1176 |
| US | **4137** | 4113 | 3973 | **273** | 311 | 58 |
| Mongolia | **5128** | 4962 | 4700 | **–** | – | – |
| Argentina | **1715** | 226 | 171 | **18** |  | – |
| South America (excluding Argentina) | **240** | 223 | 218 | **1574** | 1497 | 1414 |
| India | **1181** | 1183 | 611 | **–** | – | – |
| Singapore | **488** | 486 | 469 | **–** | – | – |
| Other countries<sup>(a)</sup> | **376** | 305 | 305 | **30** | – | – |
| **Total** | **56865** | 55561 | 53771 | **4365** | 4033 | 3403 |

---

(a)"Other countries" primarily includes employees in the Middle East (excluding Oman, which is included in Africa), and other countries in Asia which are not shown separately in the table above.

Employee numbers, which represent the average for the year, include 100% of employees of subsidiary companies. Employee numbers for

joint operations and equity accounted units are proportional to the Group's interest under contractual agreements. Average employee

numbers include a part-year effect for companies acquired or disposed of during the year.

Part-time employees are included on a full-time-equivalent basis. Temporary employees are included in employee numbers.

People employed by contractors are not included.

**27Employment costs and provisions**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Employment costs**  |  |  |  |  |
| – Wages and salaries |  | **6549** | 6004 | 5625 |
| – Social security costs |  | **480** | 461 | 470 |
| – Net post-retirement charge | 29 | **626** | 605 | 449 |
| – Share-based payment charge | 28 | **237** | 172 | 144 |
|  |  | **7892** | 7242 | 6688 |
| Less: charged within movement in provisions (see below) |  | **(287)** | (187) | (52) |
| **Total employment costs** | 7 | **7605** | 7055 | 6636 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 |
| **Employment provisions** | **Pensions**<br>**and** <br>**post-retirement**<br>**healthcare**<sup>(a)</sup><br>**US$m**<br>| **Other** <br>**employee**<br>**entitlements**<sup>(b)</sup><br>**US$m**<br>| **Total**<br>**US$m**<br>| Total<br>US$m<br>|
| At 1 January | **1063** | **393** | **1456** | 1558 |
| Adjustment on currency translation | **37** | **31** | **68** | (83) |
| Charged/(credited) to profit: |  |  |  |  |
| –increases to existing and new provisions | **96** | **213** | **309** | 199 |
| –unused amounts reversed | **–** | **(22)** | **(22)** | (12) |
| Utilised in year | **(75)** | **(108)** | **(183)** | (133) |
| Remeasurement gains recognised in other comprehensive income | **(65)** | **–** | **(65)** | (94) |
| Newly consolidated operations<sup>(c)</sup> | **–** | **23** | **23** | – |
| Transfers and other movements | **–** | **29** | **29** | 21 |
| **At 31 December** | **1056** | **559** | **1615** | 1456 |
| Balance sheet analysis: |  |  |  |  |
| Current | **66** | **407** | **473** | 359 |
| Non-current | **990** | **152** | **1142** | 1097 |
| **Total employment provisions** | **1056** | **559** | **1615** | 1456 |

---

(a)The main assumptions used to determine the provision for pensions and post-retirement healthcare, and other information, including the expected level of future funding payments in

respect of those arrangements, are given in note 29.

(b)The provision for other employee entitlements includes a provision for long-service leave of US$376 million (2024: US$313 million), based on the relevant entitlements in certain Group

operations, and includes US$82 million (2024: US$24 million) of provision for redundancy and severance payments.

(c)Newly consolidated operations relates to the acquisition of Arcadium Lithium plc. Refer to note 5 for details.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 210 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**28Share-based payments** 

The Rio Tinto plc and Rio Tinto Limited share-based incentive plans are as follows.

**UK Share Plan** 

The fair values of Matching and Free share awards are the market value of the shares on the date of award. The awards are settled in equity.

**Equity Incentive Plan** 

Since 2018, all long-term incentive awards have been granted under the 2018 Equity Incentive Plans which allow for awards in the form of

Performance Share Awards (PSA), Management Share Awards (MSA) and Bonus Deferral Awards (BDA) to be granted. In general, these

awards will be settled in equity, including the dividends accumulated from date of award to vesting and therefore the awards are accounted

for in accordance with the requirements applying to equity-settled share-based payment transactions.

**Performance Share Awards** 

The vesting of these awards is dependent on service conditions being met; performance conditions apply.

Awards granted in previous years (since 2018) are subject to a Total Shareholder Return (TSR) performance condition. Awards granted since

2024 are subject to both a TSR performance condition (80% weighting), and a decarbonisation measure (20% weighting). The fair value of

the awards subject to a TSR performance condition is calculated using a Monte Carlo simulation model. For the part of the awards subject to

a decarbonisation target, as this is a non-market related performance condition, the number of awards assumed to vest is reviewed at each

accounting date, based on the prevailing projected outcome. Forfeitures prior to vesting are assumed at 5% per annum of outstanding

awards (2024: 5% per annum).

**Management Share Awards** 

The vesting of these awards is dependent on service conditions being met; no performance conditions apply.

The fair value of each award on the day of grant is based on the share price on the day of grant. Forfeitures prior to vesting are assumed at

7% per annum of outstanding awards (2024: 7% per annum).

**Bonus Deferral Awards**

Bonus Deferral Awards represent the deferral of 50% of the Short Term Incentive Plan (STIP) award for Executive Directors and Executive

Committee members.

The vesting of these awards is dependent only on service conditions being met. The fair value of each award is based on the share price on

the day of grant. Forfeitures prior to vesting are assumed at 3% per annum of outstanding awards (2024: 3% per annum).

**Global Employee Share Plans** 

The Global Employee Share Plans were re-approved by shareholders in 2021. Under these plans, the companies provide a Matching share

award for each Investment share purchased by a participant. The vesting of Matching awards is dependent on service conditions being met

and the continued holding of Investment shares by the participant until vesting. These awards are settled in equity including the dividends

accumulated from date of award to vesting. The fair value of each Matching share on the day of grant is equal to the share price on the date

of purchase less a deduction of 15% (5% per annum) for estimated cancellations (caused by employees withdrawing their Investment shares

prior to vesting). In addition, the number of awards expected to vest includes a deduction for expected forfeitures prior to vesting which are

assumed at 5% per annum of outstanding awards (2024: 5% per annum).

**Legacy Arcadium share plans**

Under the terms of the acquisition of Arcadium Lithium plc in March 2025, there was a rollover of share awards under the Arcadium Lithium

plc Omnibus Incentive Plan and the Livent Corporation Incentive Compensation and Stock Plan (the Arcadium Plans) into Rio Tinto plc

denominated awards.

The Arcadium Plans provided for the grant of a variety of cash and equity awards, including share options, restricted share units and

restricted share rights.

Unvested and unexercised share awards were rolled over into Rio Tinto plc denominated share awards using the conversion ratio set out in

the Arcadium transaction agreement.

Share options vest on the first, second and third anniversaries of the original date of grant, subject to continued employment and the exercise

price may not be less than the fair market value of the share at the original date of grant. Options expire no later than 10 years from the

original grant date.

Awards of restricted share units and restricted share rights typically vest equally on the first, second and third anniversaries of the grant date,

subject to continued employment.

The cost for share options, restricted share units and restricted share rights is recognised over the vesting period since the acquisition less

any charge previously recognised by Arcadium Lithium plc. Share options are valued using a Black-Scholes valuation model, restricted share

units and restricted share rights are valued using the market price of the shares on the acquisition date.

All Arcadium awards will be settled with Rio Tinto plc shares.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 211 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**28Share-based payments** *continued*

**Recognition and measurement**

These plans are accounted for in accordance with the fair value recognition provisions of IFRS 2.

The fair value of the Group's share plans is recognised as an expense over the expected vesting period with an offset to retained earnings

for Rio Tinto plc plans and to other reserves for Rio Tinto Limited plans.

The Group uses fair values provided by independent actuaries calculated using a Monte Carlo simulation model and Black-Scholes valuation

option model where required.

The terms of each plan are considered at the balance sheet date to determine whether the plan should be accounted for as equity-settled or

cash-settled. The Group does not operate any material plans as cash-settled although certain awards can be settled in cash at the discretion

of the Directors or where settling awards in equity is challenging or prohibited by local laws and regulations. The value of these awards is

immaterial.

The Group's equity-settled share plans are settled by the issuance of shares by the relevant parent company, the purchase of shares on

market, or the use of shares held in treasury. If the cost of shares acquired to satisfy the plans differs from the expense charged, the

difference is taken to retained earnings or other reserves, as appropriate.

The charge that has been recognised in the income statement for Rio Tinto's share-based incentive plans, and the related liability (for cash-

settled awards), is set out in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Charge recognised for the year** | **Charge recognised for the year** | **Charge recognised for the year** | **Liability at the end of the year** | **Liability at the end of the year** |
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Equity-settled awards | **232** | 170 | 140 | **–** | – |
| Cash-settled awards | **5** | 2 | 4 | **7** | 5 |
| **Total** | **237** | 172 | 144 | **7** | 5 |

---

**Performance Share Awards (granted under the Equity Incentive Plans)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Rio Tinto plc awards** | **Rio Tinto plc awards** | **Rio Tinto plc awards** | **Rio Tinto plc awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** |
|  | **2025**<br>**number**<br>| **Weighted**<br>**average fair**<br>**value at grant**<br>**date**<br>**2025**<br>**£**<br>| 2024<br>number<br>| Weighted<br>average fair<br>value at grant<br>date<br>2024<br>£<br>| **2025**<br>**number**<br>| **Weighted**<br>**average fair**<br>**value at grant**<br>**date**<br>**2025**<br>**A$**<br>| 2024<br>number<br>| Weighted<br>average fair<br>value at grant<br>date<br>2024<br>A$|
| Unvested awards at 1 January | **2756594** | **25.71** | 2596811 | 24.34 | **1368779** | **59.97** | 1011192 | 54.74 |
| Awarded | **1837822** | **27.77** | 1077110 | 28.22 | **1202284** | **68.09** | 579982 | 67.34 |
| Forfeited | **(229880)** | **28.27** | (77417) | 27.33 | **(89521)** | **69.81** | (35737) | 60.05 |
| Failed performance conditions | **(395425)** | **13.55** | (38101) | 24.68 | **(88804)** | **33.56** | (11058) | 54.55 |
| Vested | **(193418)** | **23.86** | (801809) | 24.52 | **(12958)** | **33.56** | (175600) | 54.55 |
| Unvested awards at 31 December | **3775693** | **27.93** | 2756594 | 25.71 | **2379780** | **64.83** | 1368779 | 59.97 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Rio Tinto plc awards** | **Rio Tinto plc awards** | **Rio Tinto plc awards** | **Rio Tinto plc awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** |
|  | **2025**<br>**number**<br>| **Weighted**<br>**average** <br>**share price at** <br>**vesting**<br>**2025**<br>**£**<br>| 2024<br>number<br>| Weighted<br>average share <br>price at <br>vesting<br>2024<br>£<br>| **2025**<br>**number**<br>| **Weighted**<br>**average** <br>**share price at** <br>**vesting**<br>**2025**<br>**A$**<br>| 2024<br>number<br>| Weighted<br>average share <br>price at <br>vesting<br>2024<br>A$|
| Vested awards settled in shares during the <br>year (including dividend shares applied <br>on vesting)<br>| **83477** | **50.76** | 924836 | 51.12 | **13321** | **119.66** | 143996 | 124.24 |
| Vested awards settled in cash during the <br>year (including dividend shares applied <br>on vesting)<br>| **7168** | **50.62** | 111446 | 51.70 | **3672** | **120.09** | 83388 | 124.36 |

---

In addition to the equity-settled awards shown above, there were 117,416 Rio Tinto plc and 14,855 Rio Tinto Limited cash-settled awards

outstanding at 31 December 2025 (2024: 41,164 Rio Tinto plc and 25,792 Rio Tinto Limited cash-settled awards outstanding). The total

liability for these awards at 31 December 2025 was US$3 million (2024: US$1 million).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 212 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**28Share-based payments** *continued*

**Management Share Awards, Bonus Deferral Awards (granted under the Equity Incentive Plans), Global** 

**Employee Share Plans, UK Share Plan and Arcadium Plans (combined)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** |
|  | **2025**<br>**number**<br>| **Weighted**<br>**average fair**<br>**value at** <br>**grant date**<br>**2025**<br>**£**<br>| 2024<br>number<br>| Weighted<br>average fair<br>value at grant <br>date<br>2024<br>£<br>| **2025**<br>**number**<br>| **Weighted**<br>**average fair**<br>**value at** <br>**grant date**<br>**2025**<br>**A$**<br>| 2024<br>number<br>| Weighted<br>average fair<br>value at grant <br>date<br>2024<br>A$|
| Unvested awards at 1 January<sup>(b)</sup> | **3050734** | **48.43** | 2810128 | 50.36 | **2780478** | **105.64** | 2580993 | 103.11 |
| Awarded | **1909950** | **45.03** | 1360676 | 46.54 | **1063340** | **105.25** | 1189754 | 110.96 |
| Forfeited | **(139906)** | **44.00** | (115973) | 47.67 | **(142690)** | **108.76** | (152069) | 106.75 |
| Cancelled | **(122571)** | **41.69** | (94111) | 44.97 | **(86496)** | **99.81** | (70514) | 98.85 |
| Vested | **(1161286)** | **50.63** | (909986) | 52.00 | **(869181)** | **97.82** | (767686) | 105.79 |
| Unvested awards at 31 December<sup>(b)</sup> | **3536921** | **46.28** | 3050734 | 48.43 | **2745451** | **107.98** | 2780478 | 105.64 |
| Comprising: |  |  |  |  |  |  |  |  |
| –Management Share Awards | **1148442** | **50.27** | 1337860 | 52.10 | **1033442** | **117.33** | 1228291 | 115.71 |
| –Bonus Deferral Awards | **84650** | **49.21** | 74844 | 50.75 | **45181** | **119.97** | 39652 | 117.82 |
| –Global Employee Share Plan | **1748910** | **42.62** | 1593851 | 45.11 | **1666828** | **101.87** | 1512535 | 97.14 |
| –UK Share Plan | **52940** | **49.67** | 44179 | 53.25 | **–** | **–** | – | – |
| – Arcadium Plans (Restricted Share Rights) | **14922** | **49.04** | – | – | **–** | **–** | – | – |
| – Arcadium Plans (Restricted Share Units) | **487057** | **49.04** | – | – | **–** | **–** | – | – |
| Unvested awards at 31 December<sup>(b)</sup> | **3536921** | **46.28** | 3050734 | 48.43 | **2745451** | **107.98** | 2780478 | 105.64 |

---

(a)Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables.

(b)These numbers are presented and calculated in accordance with IFRS 2 and represent awards for which an IFRS 2 charge continues to be accrued for.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto plc awards**<sup>(a)</sup> | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** | **Rio Tinto Limited awards** |
|  | **2025**<br>**number**<br>| **Weighted**<br>**average** <br>**share price** <br>**at vesting**<br>**2025**<br>**£**<br>| 2024<br>number<br>| Weighted<br>average <br>share price at <br>vesting<br>2024<br>£<br>| **2025**<br>**number**<br>| **Weighted**<br>**average** <br>**share price** <br>**at vesting**<br>**2025**<br>**A$**<br>| 2024<br>number<br>| Weighted<br>average <br>share price at <br>vesting<br>2024<br>A$|
| Vested awards settled in shares during the year <br>(including dividend shares applied on vesting):<br>|  |  |  |  |  |  |  |  |
| –Management Share Awards | **507657** | **49.80** | 569907 | 51.97 | **459133** | **119.77** | 458429 | 123.92 |
| –Bonus Deferral Awards | **40067** | **54.70** | 90422 | 50.18 | **18570** | **132.87** | 44477 | 119.53 |
| –Global Employee Share Plan | **592326** | **48.12** | 431973 | 51.59 | **513754** | **118.22** | 401915 | 120.73 |
| –UK Share Plan | **11771** | **48.32** | 7403 | 51.56 | **–** | **–** | – | – |
| – Arcadium Plans (Restricted Share Rights) | **2038** | **44.17** | – | – | **–** | **–** | – | – |
| – Arcadium Plans (Restricted Share Units) | **81336** | **47.47** | – | – | **–** | **–** | – | – |
| Vested awards settled in cash during the year <br>(including dividend shares applied on vesting):<br>|  |  |  |  |  |  |  |  |
| –Bonus Deferral Awards | **–** | **–** | – | – | **–** | **–** | – | – |

---

(a)Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables.

In addition to the equity-settled awards shown above, there were 76,737 Rio Tinto plc and 1,837 Rio Tinto Limited cash-settled awards

outstanding at 31 December 2025 (2024: 88,637 Rio Tinto plc and 5,232 Rio Tinto Limited cash-settled awards outstanding). The total

liability for these awards at 31 December 2025 was US$4 million (2024: US$4 million).

**Summary of options outstanding**

A summary of the status of the Companies' equity-settled share option plans at 31 December 2025 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Outstanding unvested options** | **Number** | **Weighted**<br>**average exercise** <br>**price per option** <br>**£**<br>| **Weighted**<br>**average remaining** <br>**contractual life** <br>**Years**<br>| **Aggregate** <br>**intrinsic value** <br>**£m**<br>**2025**<br>|
| Arcadium Plans (Options) (exercise price £22.89 - £81.92) | **206778** | **46.61** | **0.68** | **3** |

---

As at 31 December 2024, there were no unvested options. Following the acquisition of Arcadium Lithium plc in March 2025, there was a

rollover of options under the Arcadium Plans into Rio Tinto plc denominated awards.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Outstanding vested options** | **Number** | **Weighted**<br>**average exercise** <br>**price per option** <br>**£**<br>| **Weighted**<br>**average remaining** <br>**contractual life** <br>**Years**<br>| **Aggregate** <br>**intrinsic value** <br>**£m**<br>**2025**<br>|
| Arcadium Plans (Options) (exercise price £22.89 - £81.92) | **373753** | **58.93** | **–** | **2** |

---

As at 31 December 2024, there were no vested options. Following the acquisition of Arcadium Lithium plc in March 2025, there was a

rollover of options under the Arcadium Plans into Rio Tinto plc denominated awards.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 213 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**29Post-retirement benefits**

**Description of plans** 

The Group operates a number of pension and post-retirement healthcare plans which provide lump sums, pensions, medical benefits and life

insurance to retirees. Some of these plans are defined contribution and some are defined benefit, with assets held in separate trusts,

foundations and similar entities.

Defined benefit pension and post-retirement healthcare plans expose the Group to a number of risks.

---

| | |
|:---|:---|
| **Uncertainty in** <br>**benefit payments**<br>| The value of the Group's liabilities for post-retirement benefits will ultimately depend on the amount of benefits paid out.<br>This, in turn, will depend on the level of future pay increases, the level of inflation (for those benefits that are subject to some form <br>of inflation protection) and how long individuals live.<br>|
| **Volatility in asset values** | The Group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments. |
| **Uncertainty in** <br>**cash funding**<br>| Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, <br>although changes in the level of cash required can often be spread over a number of years. In some countries, control over the rate of <br>cash funding or over the investment policy for pension assets might rest to some extent with a trustee body or other body that is not under <br>the Group's direct control. In addition, the Group is also exposed to adverse changes in pension regulation.<br>|

---

For these reasons, the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution

arrangements. The defined benefit pension plans for non-unionised employees are closed to new entrants in all countries. For unionised

employees, some plans remain open.

The Group does not usually participate in multi-employer plans in which the risks are shared with other companies using those plans.

The Group's participation in such plans is immaterial and therefore no detailed disclosures are provided in this note.

**Pension plans** 

The majority of the Group's defined benefit pension obligations are in Canada, the UK, the US and Switzerland. In Australia, the main

arrangements are principally defined contribution in nature, but there are sections providing defined benefits linked to final pay. The features

of the Group's defined benefit pension obligations are summarised as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **Calculation of benefit** | **Regulatory requirements** | **Governing body** |
| **Canada** | Linked to final average pay for non-unionised <br>employees. For unionised employees, linked to <br>final average pay or to a flat monetary amount <br>per year of service.<br>| Regulatory requirements in the <br>relevant provinces and territories <br>(predominantly Quebec).<br>| Pension committee, a number of members are appointed <br>by the sponsor and a number appointed by plan <br>participants. In some cases, independent committee <br>members are also appointed.<br>|
| **UK** | Linked to final pay, subject to an earnings cap. | Regulatory requirements that <br>apply to UK pension plans.<br>| Trustee board, a number of directors appointed by the <br>sponsor and a number appointed by plan participants and <br>an independent trustee director. <br>|
| **US** | Linked to final average pay for non-unionised <br>employees and to a flat monetary amount per <br>year of service for unionised employees.<br>| US regulations. | Benefit Governance Committee. Members are appointed <br>by the sponsor.<br>|
| **Switzerland** | Linked to final average pay. | Swiss regulations. | Trustee board. Members are appointed by the plan <br>sponsor, by employees and by retirees.<br>|
| **Australia** | Linked to final pay and typically paid in lump <br>sum form.<br>| Local regulations in Australia. | An independent financial institution. One-third of the board <br>positions are nominated by employers. Remaining <br>positions are filled by independent directors and directors <br>nominated by participants.<br>|

---

The Group also operates a number of unfunded defined benefit plans, which are included in the reported defined benefit obligations.

**Post-retirement healthcare plans** 

Certain subsidiaries of the Group, mainly in the US and Canada, provide healthcare and life insurance benefits to retired employees and in

some cases to their beneficiaries and covered dependents. Eligibility for coverage is dependent upon certain age and service criteria. These

arrangements are unfunded, and are included in the reported defined benefit obligations.

**Recognition and measurement**

For post-employment defined benefit schemes, in accordance with IAS 19 "Employee Benefits", local actuaries calculate the fair value of the

plan assets and the present value of the plan obligations using a variety of valuation techniques dependent on the type of asset or liability.

The difference is recognised as an asset or liability in the balance sheet.

Where appropriate, the recognition of assets may be restricted to the present value of any amounts the Group expects to recover by way of refunds from

the plan or reductions in future contributions. In determining the extent to which a refund will be available, the Group considers whether any third party,

such as a trustee or pension committee, has the power to enhance benefits or to wind up a pension plan without the Group's consent.

The current service cost, any past service cost and the effect of any curtailment or settlements and the interest cost less interest income on

assets held in the plans are recognised in the income statement. Actuarial gains/(losses) and returns from assets are recognised in other

comprehensive income.

The Group's contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate.

All amounts charged to the income statement in respect of these plans are included within "Net operating costs" or in "Share of profit after tax

of equity accounted units", as appropriate.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 214 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**29Post-retirement benefits** *continued* 

**Plan assets** 

The assets of the pension plans are invested predominantly in a diversified range of bonds, equities, property and qualifying insurance

policies. Consequently, the funding level of the pension plans is affected by movements in interest rates and also in the level of equity

markets.

Investment strategy reviews are conducted on a periodic basis to determine the optimal investment mix. This is performed while bearing in

mind the risk tolerance of the Group and local sponsor companies, and the views of the pension committees and trustee boards who are

legally responsible for the plans' investments. The assets of the pension plans may also be invested in qualifying insurance policies which

provide a stream of payments to match the benefits being paid out by the plans. This would therefore remove the investment, inflation and

longevity risks.

In Canada, the UK and Switzerland, the Group works with the governing bodies to ensure that the investment policy adopted is consistent

with the Group's tolerance for risk. In the US, the Group has direct control over the investment policy, subject to local investment regulations.

The proportions of the total fair value of assets in the pension plans for each asset class at 31 December were as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
| Equities | **16.2%** |  | 17.6% |  |
| –Quoted<sup>(a)</sup> |  | **10.0%** |  | 11.1% |
| –Private<sup>(b)</sup> |  | **6.2%** |  | 6.5% |
| Bonds<sup>(c)</sup> | **48.6%** |  | 47.7% |  |
| –Government fixed income |  | **20.7%** |  | 21.0% |
| –Government inflation-linked |  | **1.9%** |  | 1.6% |
| –Corporate and other publicly quoted |  | **18.7%** |  | 17.5% |
| –Private |  | **7.3%** |  | 7.6% |
| Property<sup>(d)</sup> | **6.8%** |  | 6.9% |  |
| –Quoted property funds |  | **2.0%** |  | 2.2% |
| –Unquoted property funds |  | **4.8%** |  | 4.7% |
| Qualifying insurance policies<sup>(e)</sup> | **24.0%** |  | 24.3% |  |
| Cash and other<sup>(f)(g)</sup> | **4.4%** |  | 3.5% |  |
| **Total** | **100.0%** |  | 100.0% |  |

---

(a)The holdings of quoted equities are invested in either pooled funds or segregated accounts held in the name of the relevant pension funds. These equity portfolios are well diversified in

terms of the geographic distribution and market sectors.

(b)Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group's investment in those asset classes is

restricted to a level that does not endanger the liquidity of the pension plans.

(c)The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment

grade. Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies.

(d)The property funds held by pension plans are invested in a diversified range of properties.

(e)Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using

assumptions consistent with those adopted for valuing the insured obligations.

(f)The holdings of cash and other are predominantly cash and short-term money market instruments.

(g)The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to

hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure

to these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan.

The approximate total holding of Group securities within the plans is US$1 million (2024: US$1 million).

**Maturity of defined benefit obligations** 

An approximate analysis of the maturity of the obligations is given in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pension**<br>**benefits**<br>| **Other**<br>**benefits**<br>| **2025**<br>**Total**<br>| 2024<br>Total<br>|
| Proportion relating to current employees | **18%** | **15%** | **18%** | 18% |
| Proportion relating to former employees not yet retired | **9%** | **–** | **8%** | 9% |
| Proportion relating to retirees | **73%** | **85%** | **74%** | 73% |
| **Total** | **100%** | **100%** | **100%** | 100% |
| Average duration of obligations (years) | **11.1** | **11.2** | **11.1** | 11.5 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 215 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**29Post-retirement benefits** *continued*

**Total expense recognised in the income statement** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pension**<br>**benefits**<br>**US$m**<br>| **Other**<br>**benefits**<br>**US$m**<br>| **2025**<br>**Total**<br>**US$m**<br>| 2024<br>Total<br>US$m<br>| 2023<br>Total<br>US$m<br>|
| Current employer service cost for defined benefit plans | **(77)** | **(3)** | **(80)** | (83) | (79) |
| Past service (cost)/credit | **(19)** | **–** | **(19)** | (12) | 87 |
| Curtailment gains | **3** | **1** | **4** |  |  |
| Net interest on net defined benefit liability | **4** | **(30)** | **(26)** | (32) | (21) |
| Non-investment expenses paid from the plans | **(21)** | **–** | **(21)** | (20) | (20) |
| **Total defined benefit expense** | **(110)** | **(32)** | **(142)** | (147) | (33) |
| Current employer service cost for defined contribution and industry-wide plans | **(481)** | **(3)** | **(484)** | (458) | (416) |
| **Total expense recognised in the income statement** | **(591)** | **(35)** | **(626)** | (605) | (449) |

---

These expense amounts are included as an employee cost within net operating costs.

**Total amount recognised in other comprehensive income before tax** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Actuarial gains/(losses) | **155** | 201 | (407) |
| Impact of buy-in | **–** | – | (216) |
| Return on assets, net of interest on assets | **18** | (130) | 222 |
| (Losses)/gains on application of asset ceiling | **(8)** | 12 | (60) |
| **Remeasurement gains/(losses) on pension and post-retirement healthcare plans** | **165** | 83 | (461) |

---

**Amounts recognised in the balance sheet** 

The following amounts were measured in accordance with IAS 19 at 31 December.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 |
|  | **Pension**<br>**benefits**<br>**US$m**<br>| **Other**<br>**benefits**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Total<br>US$m<br>|
| **Total fair value of plan assets** | **10572** | **–** | **10572** | 10155 |
| Present value of obligations – funded | **(10143)** | **–** | **(10143)** | (9840) |
| Present value of obligations – unfunded | **(342)** | **(572)** | **(914)** | (923) |
| **Present value of obligations – total** | **(10485)** | **(572)** | **(11057)** | (10763) |
| **Effect of asset ceiling** | **(66)** | **–** | **(66)** | (50) |
| **Net surplus/(deficit) to be shown in the balance sheet** | **21** | **(572)** | **(551)** | (658) |
| Comprising: |  |  |  |  |
| –Deficits | **(484)** | **(572)** | **(1056)** | (1063) |
| –Surpluses | **505** | **–** | **505** | 405 |
| **Net surplus/(deficit) on pension plans** | **21** | **–** | **21** | (82) |
| **Unfunded post-retirement healthcare obligation** | **–** | **(572)** | **(572)** | (576) |

---

The surplus amounts shown above are included in the balance sheet as "Receivables and other assets". See note 17.

Deficits are shown in the balance sheet within "Provisions (including post-retirement benefits)". See note 27.

**Funding policy and contributions to plans** 

The Group reviews the funding position of its pension plans on a regular basis and considers whether to provide funding above the minimum

level required in each country. In Canada and the US, the minimum level is prescribed by legislation. In the UK and Switzerland, the

minimum level is negotiated with the local trustee in accordance with the funding guidance issued by the local regulators. In deciding whether

to provide funding above the minimum level, we consider other possible uses of cash elsewhere, the local sponsoring entity's tax situation

and any strategic advantage we might obtain. The Group does not generally pre-fund post-retirement healthcare arrangements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2023 |
|  | **Pension**<br>**benefits**<br>**US$m**<br>| **Other**<br>**benefits**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Total<br>US$m<br>| Total<br>US$m<br>|
| Contributions to defined benefit plans | **65** | **33** | **98** | 107 | 237 |
| Contributions to defined contribution plans | **473** | **3** | **476** | 451 | 410 |
| **Total** | **538** | **36** | **574** | 558 | 647 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 216 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**29Post-retirement benefits** *continued*

The level of surplus in the Rio Tinto Pension Fund in the UK is such that it may be used to pay for the employer contributions to the defined

contribution section of that Fund, in accordance with the funding arrangements agreed with the trustee of that Fund. Consequently, the cash

paid to defined contribution plans is lower than the defined contribution service cost by US$8 million. Contributions to defined benefit pension

plans are kept under regular review and actual contributions will be determined in line with the Group's wider financing strategy, taking into

account relevant minimum funding requirements.

As contributions to many plans are reviewed on at least an annual basis, the contributions for 2026 and subsequent years cannot be determined precisely

in advance. Most of the Group's largest pension funds are fully funded on their local funding basis and at present do not require long-term funding

commitments. Contributions to defined benefit pension plans for 2026 are estimated to be around US$100 million but may be higher or lower than this

depending on the evolution of financial markets and voluntary funding decisions taken by the Group. Contributions for subsequent years are expected to

be at similar levels. Healthcare plans are generally unfunded and contributions for future years will be equal to benefit payments net of participant

contributions. The Group's contributions for healthcare plans in 2026 are expected to be similar to the amounts paid in 2025.

**Movements in the net defined benefit liability** 

A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more

detailed analysis of the movements in the present value of the obligations and the fair value of assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 |
|  | **Pension**<br>**benefits**<br>**US$m**<br>| **Other**<br>**benefits**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Total<br>US$m<br>|
| **Change in the net defined benefit liability** |  |  |  |  |
| Net defined benefit liability at the start of the year | **(82)** | **(576)** | **(658)** | (723) |
| Amounts recognised in income statement | **(110)** | **(32)** | **(142)** | (147) |
| Amounts recognised in other comprehensive income | **144** | **21** | **165** | 83 |
| Employer contributions | **65** | **33** | **98** | 107 |
| Assets transferred to defined contribution section | **(8)** | **–** | **(8)** | (7) |
| Currency exchange rate gains/(losses) | **12** | **(18)** | **(6)** | 29 |
| **Net defined benefit surplus/liability at the end of the year** | **21** | **(572)** | **(551)** | (658) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 |
|  | **Pension**<br>**benefits**<br>**US$m**<br>| **Other**<br>**benefits**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Total<br>US$m<br>|
| **Change in present value of obligation** |  |  |  |  |
| Present value of obligation at the start of the year | **(10187)** | **(576)** | **(10763)** | (11795) |
| Current employer service costs | **(77)** | **(3)** | **(80)** | (83) |
| Past service (cost)/credit | **(19)** | **–** | **(19)** | (12) |
| Curtailments | **3** | **1** | **4** |  |
| Interest on obligation | **(471)** | **(30)** | **(501)** | (497) |
| Contributions by plan participants | **(17)** | **–** | **(17)** | (18) |
| Benefits paid | **750** | **33** | **783** | 752 |
| Experience (losses)/gains | **(21)** | **17** | **(4)** | 2 |
| Changes in financial assumptions gains/(losses) | **149** | **(1)** | **148** | 256 |
| Changes in demographic assumptions gains | **6** | **5** | **11** | (57) |
| Currency exchange rate losses | **(601)** | **(18)** | **(619)** | 689 |
| **Present value of obligation at the end of the year** | **(10485)** | **(572)** | **(11057)** | (10763) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 |
|  | **Pension**<br>**benefits**<br>**US$m**<br>| **Other**<br>**benefits**<br>**US$m**<br>| **Total**<br>**US$m**<br>| Total<br>US$m<br>|
| **Change in plan assets** |  |  |  |  |
| Fair value of plan assets at the start of the year | **10155** | **–** | **10155** | 11138 |
| Interest on assets | **476** | **–** | **476** | 465 |
| Contributions by plan participants | **17** | **–** | **17** | 18 |
| Contributions by employer | **65** | **33** | **98** | 107 |
| Benefits paid | **(750)** | **(33)** | **(783)** | (752) |
| Non-investment expenses | **(21)** | **–** | **(21)** | (20) |
| Return on plan assets, net of interest on assets | **18** | **–** | **18** | (130) |
| Assets transferred to defined contribution section | **(8)** | **–** | **(8)** | (7) |
| Currency exchange rate gains | **620** | **–** | **620** | (664) |
| **Fair value of plan assets at the end of the year** | **10572** | **–** | **10572** | 10155 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 217 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**29Post-retirement benefits** *continued*

The impact of higher interest rates on bonds and qualifying insurance policies explains most of the return on plan assets, net of interest on

assets in 2025.

The resulting effect of applying an asset ceiling is a loss of US$8 million and a loss of US$7 million for the change in currency exchange rate

during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country

and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to

the plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering

whether any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind

up a plan. Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the

plan rules and legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the

case that a refund will only be available many years in the future.

**Main assumptions (rates per annum)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Key estimate** | Estimation of obligations for post-employment costs | Estimation of obligations for post-employment costs | Estimation of obligations for post-employment costs | Estimation of obligations for post-employment costs | Estimation of obligations for post-employment costs | Estimation of obligations for post-employment costs |
| The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: | The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: | The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: | The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: | The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: | The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: | The value of the Group's obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, <br>discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are:<br>•The discount rate used to determine the net present value of the obligations, the interest cost on the obligations and the interest income <br>on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment <br>obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is <br>used.<br>•The long-term inflation rate used to project increases in future benefit payments for those plans that have benefits linked to inflation. The <br>assumption regarding future inflation is based on market yields on inflation-linked instruments, where possible, combined with consensus <br>views. <br>•The mortality rates used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value <br>of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these <br>rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity <br>having regard to standard improvement scales in each relevant country and after taking external actuarial advice.<br>The weighted-average assumptions used for the valuation at year-end are summarised below: |
|  | **At 31 December 2025** | **At 31 December 2025** | **At 31 December 2025** | At 31 December 2024 | At 31 December 2024 | At 31 December 2024 |
|  | **Discount rate** | **Long-term** <br>**inflation**<sup>(a)</sup><br>| **Rate of** <br>**increase in** <br>**pensions**<br>| Discount rate | Long-term <br>inflation<sup>(a)</sup><br>| Rate of increase <br>in pensions<br>|
| Canada | **4.8%** | **2.0%** | **0.3%** | 4.6% | 2.0% | 0.2% |
| UK | **5.4%** | **2.8%** | **2.3%** | 5.4% | 3.1% | 2.7% |
| US | **5.3%** | **2.3%** | **–%** | 5.5% | 2.3% | –% |
| Switzerland | **1.2%** | **1.0%** | **2.5%** | 0.9% | 1.0% | 2.2% |
| (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  | (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  | (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  | (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  | (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  | (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  | (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2025 was 2.4% (2024: 2.7%).  |

---

The main financial assumptions used for the healthcare plans, which are predominantly in the US and Canada, were: discount rate: 5.2%

(2024: 5.3%); medical trend rate: 9.5% reducing to 4.6% by the year 2035, broadly on a straight line basis (2024: 9.7%, reducing to 4.7% by

the year 2034); claims costs based on individual company experience.

For both the pension and healthcare arrangements, the post-retirement mortality assumptions allow for future improvements in longevity. The

mortality tables used imply that a man aged 60 at the balance sheet date has a weighted average expected future lifetime of 27 years (2024:

27 years) and that a man aged 60 in 2045 would have a weighted average expected future lifetime of 28 years (2024: 28 years). The

mortality tables are generally based upon the latest standard tables published in each country, adjusted appropriately to reflect the actual

mortality experience of the plan participants where credible data is available.

**Sensitivity analysis** 

The values reported for the defined benefit obligations are sensitive to the actuarial assumptions used for projecting future benefit payments

and discounting those payments. In order to estimate the sensitivity of the obligations to changes in assumptions, we calculate what the

obligations would be if we were to make changes to each of the key assumptions in isolation. The difference between this figure and the

figure calculated using our stated assumptions is an indication of the sensitivity to reasonably possible changes in each assumption. The

results of this sensitivity analysis are summarised in the table below. Note that this approach is valid for small changes in the assumptions

but will be less accurate for larger changes in the assumptions. The sensitivity to inflation includes the impact on pension increases, which

are generally linked to inflation where they are granted.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 218 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**29Post-retirement benefits** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | 2024 | 2024 |
|  |  | **Approximate**<br>**(increase)/**<br>**decrease in obligations** | **Approximate**<br>**(increase)/**<br>**decrease in obligations** | Approximate<br>(increase)/<br>decrease in obligations | Approximate<br>(increase)/<br>decrease in obligations |
| **Assumption** | **Change in assumption** | **Pensions**<br>**US$m**<br>| **Other**<br>**US$m**<br>| Pensions<br>US$m<br>| Other<br>US$m<br>|
| Discount rate | Increase of 0.5 percentage points | **409** | **30** | 419 | 31 |
| Discount rate | Decrease of 0.5 percentage points | **(442)** | **(31)** | (487) | (33) |
| Long-term inflation | Increase of 0.5 percentage points | **(155)** | **(8)** | (167) | (9) |
| Long-term inflation | Decrease of 0.5 percentage points | **149** | **7** | 160 | 8 |
| Demographic – allowance for future <br>improvements in longevity | Participants assumed to have the mortality rates of <br>individuals who are one year older<br>| **228** | **6** | 221 | 8 |
| Demographic – allowance for future <br>improvements in longevity | Participants assumed to have the mortality rates of <br>individuals who are one year younger<br>| **(228)** | **(6)** | (232) | (8) |

---

As most of the Group's defined benefit pension plans are closed to new entrants, the carrying value of the Group's post-employment

obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation.

**30Directors' and key management personnel remuneration** 

**Directors**

Aggregate remuneration, calculated in accordance with the UK *Companies Act 2006*, of the Directors of the parent companies was

as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US$'000**<br>| 2024<br>US$'000<br>| 2023<br>US$'000<br>|
| Emoluments | **10740** | 8369 | 7461 |
| Long-term incentive plans | **1717** | 8746 | 8746 |
|  | **12457** | 17115 | 16207 |
| Pension contributions to defined contribution plans by Rio Tinto plc | **30** | 26 | 20 |
| Pension contributions to defined contribution plans by Rio Tinto Limited | **–** | – | – |
| Aggregate remuneration, including pension contributions | **12487** | 17141 | 16227 |
| **Incurred by:** |  |  |  |
| Rio Tinto plc | **11406** | 16185 | 15184 |
| Rio Tinto Limited | **1081** | 956 | 1043 |
|  | **12487** | 17141 | 16227 |

---

(a)Emoluments have been translated from local currency at the average exchange rate for the year with the exception of bonus payments, which have been translated at the year-end rate.

**Key management personnel**

The Group defines key management personnel as the Directors and certain members of the Executive Committee, specifically the Executive

Directors and product group Chief Executive Officers.

During 2025, no Directors (2024: nil; 2023: nil) accrued retirement benefits under defined benefit arrangements, and 3 Directors (2024: 2;

2023: 2) accrued retirement benefits under defined contribution arrangements.

Aggregate compensation, representing the expense recognised under IFRS as defined in the "Basis of preparation" section, of the Group's

key management, including Directors, was as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br> **US$'000**<br>| 2024<br>US$'000<br>| 2023<br>US$'000<br>|
| Short-term employee benefits and costs | **19347** | 19928 | 16159 |
| Post-employment benefits | **109** | 186 | 155 |
| Employment termination benefits | **—** | – | 155 |
| Share-based payments | **15689** | 14724 | 10305 |
| **Total**<sup>(a)</sup> | **35145** | 34838 | 26774 |

---

(a)The figures shown above include employment costs which cover social security and accident premiums in Canada, the UK and payroll taxes in Australia paid by the employer as a direct

additional cost of hire. In total, they amount to US$1,968,000 (2024: US$2,316,000; 2023: US$1,321,000).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 219 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

Our Group structure

The Group's subsidiaries that have non-controlling interests that are material to the Group, principal joint operations, as well as principal joint

ventures and associates are included in notes 31 to 33 below. These notes only includes those entities that have a more significant impact

on the profit or operating assets of the Group.

**31Subsidiaries with material non-controlling interests** 

The Group's subsidiaries that have non-controlling interests that are material to the Group at 31 December 2025 are summarised in the table

below.

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Country of incorporation/operation** | **Principal activities** | **Economic** <br>**interest (%)**<br>|
| Robe River Mining Co. Pty. Ltd.<sup>(a)</sup> | Australia | Iron ore mining | 60 |
| Iron Ore Company of Canada<sup>(b)</sup> | US/Canada | Iron ore mining; iron ore pellets production | 58.72 |
| SimFer Jersey Limited<sup>(c)</sup> | Jersey/Guinea | Iron ore project | 53 |
| Oyu Tolgoi LLC | Mongolia | Copper and gold mining | 66 |

---

(a)Robe River Mining Co. Pty. Ltd. (which is 60% owned by the Group) holds a 30% economic interest in Robe River Iron Associates (Robe River). North Mining Ltd (which is wholly owned

by the Group) holds a 35% economic interest in Robe River. Through these companies the Group recognises a 65% share of the assets, liabilities, revenues and expenses of Robe

River, with a 12% non-controlling interest. The Group therefore has a 53% economic interest in Robe River.

(b)Iron Ore Company of Canada is incorporated in the US, but operates in Canada.

(c)Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey), a company incorporated in Jersey. SimFer Jersey, in

turn, has an 85% interest in SimFer S.A., the company that will carry out the Simandou mining operations in Guinea and an 85% interest in the company which is delivering SimFer

Jersey's scope of the co-developed rail and port infrastructure. SimFer Jersey at present has a 100% interest in the companies that will own and operate the transhipment vessels,

however this is anticipated to reduce to 85% with the Government of Guinea taking a 15% interest before transhipment operations commence. These entities, together with the equity

accounted WCS Rail and Port Holding Entities described in note 33, are referred to as the Simandou iron ore project.

**Summary financial information**

This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries' financial statements prepared in

accordance with IFRS in line with the Group's accounting policies, including fair value adjustments, and before intercompany eliminations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income statement summary** <br>for the year ended 31 December<br>| **Iron Ore**<br>**Company** <br>**of Canada**<br>**2025**<br>**US$m**<br>| Iron Ore<br>Company <br>of Canada<br>2024<br>US$m<br>| **SimFer** <br>**Jersey**<br>**2025**<br>**US$m**<br>| SimFer <br>Jersey<br>2024<br>US$m<br>| **Oyu Tolgoi** <br>**LLC**<sup>(a)</sup><br>**2025**<br>**US$m**<br>| Oyu Tolgoi <br>LLC<sup>(a)</sup><br>2024<br>US$m<br>| **Robe River** <br>**Mining Co.** <br>**Pty. Ltd.**<br>**2025**<br>**US$m**<br>| Robe River <br>Mining Co. <br>Pty. Ltd.<br>2024<br>US$m<br>|
| Revenue | **1903** | 2255 | **–** | – | **4992** | 2184 | **1594** | 1746 |
| Profit/(loss) after tax | **99** | 321 | **(49)** | (25) | **526** | (1077) | **659** | 782 |
| –attributable to non-controlling interests | **41** | 133 | **(70)** | (18) | **140** | (436) | **264** | 313 |
| –attributable to Rio Tinto | **58** | 188 | **21** | (7) | **386** | (641) | **395** | 469 |
| Other comprehensive income/(loss) | **125** | (205) | **–** | – | **–** | – | **213** | (279) |
| **Total comprehensive income/(loss)** | **224** | 116 | **(49)** | (25) | **526** | (1077) | **872** | 503 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance sheet summary** <br>as at 31 December<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025**<br>**US$m**<br>| 2024<br>US$m<br>| **2025**<br>**US$m**<br>| 2024<br>US$m<br>|
| Non-current assets | **3236** | 2987 | **6163** | 2908 | **16860** | 16535 | **2969** | 2695 |
| Current assets | **681** | 711 | **577** | 545 | **1713** | 581 | **767** | 743 |
| Current liabilities | **(449)** | (541) | **(852)** | (402) | **(2644)** | (672) | **(170)** | (124) |
| Non-current liabilities | **(1029)** | (937) | **(121)** | (45) | **(17896)** | (18860) | **(440)** | (422) |
| **Net assets/(liabilities)** | **2439** | 2220 | **5767** | 3006 | **(1967)** | (2416) | **3126** | 2892 |
| –attributable to non-controlling interests | **1027** | 934 | **2607** | 1335 | **(854)** | (994) | **1248** | 1153 |
| –attributable to Rio Tinto | **1412** | 1286 | **3160** | 1671 | **(1113)** | (1422) | **1878** | 1739 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash flow statement summary** <br>for the year ended 31 December<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| **2025**<br>**US$m**<br>| 2024<br>US$m<br>|
| **Cash flows from operations** | **427** | 735 | **(143)** | (850) | **3215** | 1039 | **1194** | 1274 |
| Dividends paid to non-controlling interests | **–** | (165) | **–** | – | **–** | – | **(258)** | (282) |

---

(a)Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 220 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**32Principal joint operations** 

The Group's principal joint operations at 31 December 2025 are summarised in the table below.

---

| | | |
|:---|:---|:---|
| **Company and country of incorporation/operation** | **Principal activities** | **Group interest (%)** |
| **Australia** |  |  |
| Tomago Aluminium Joint Venture | Aluminium smelting | 51.55 |
| Gladstone Power Station Joint Venture | Power generation | 42.13 |
| Hope Downs Joint Venture | Iron ore mining | 50 |
| Western Range Joint Venture<sup>(a)</sup> | Iron ore mining | 54 |
| Queensland Alumina Limited<sup>(b)(c)</sup> | Alumina production | 80 |
| Pilbara Iron Arrangements | Infrastructure, corporate and mining services | See other relevant judgements call out box below |
| **Canada** |  |  |
| Aluminerie Alouette Inc. | Aluminium production | 40 |
| Pechiney Reynolds Quebec, Inc.<sup>(c)(d)</sup> | Aluminium smelting | 50.2 |

---

(a)The Group owns a 54% interest in the Western Range Joint Venture (WRJV), an unincorporated arrangement in the Pilbara. The Group recognises its equity share of assets, revenue

and expenses relating to this arrangement. Liabilities are recognised at 54% with the exception of the close-down and restoration provision, which is recognised at 100% according to

WRJV's contractual obligations, with a corresponding 46% receivable from China Baowu Group, for the co-owner's share.

(b)Although the Group has an 80% interest in Queensland Alumina Limited (QAL), decisions about activities that significantly affect the returns that are generated require agreement of both

parties to the joint arrangement, giving rise to joint control. Rio Tinto has entered into a tolling arrangement with QAL that enables it to utilise additional available capacity at the refinery.

These revenues and costs are included within the income statement.

(c)QAL and Pechiney Reynolds Quebec Inc. are joint arrangements that are primarily designed for the provision of output to the parties sharing joint control. This indicates that the parties

have rights to substantially all the economic benefits of the assets. The liabilities of the arrangements are in substance satisfied by cash flows received from the parties. This

dependence indicates that the parties in effect have obligations for the liabilities. It is these facts and circumstances that give rise to the classification of these entities as joint operations.

(d)Pechiney Reynolds Quebec Inc., an entity incorporated in the United States, has a 50.1% interest in the Aluminerie de Bécancour, Inc. aluminium smelter, which is located in Canada. As

Rio Tinto owns 50.2% of Pechiney Reynolds Quebec Inc, our effective ownership of the Bécancour smelter is 25.1%.

---

| | |
|:---|:---|
| **Other relevant judgements**  | Accounting for the Pilbara Iron Arrangements |
| A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective <br>assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been <br>concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. <br>The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash <br>flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd.<br>Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail <br>and port infrastructure network. The requesting partner's (Asset User's) share of the capacity of the network will increase by the capacity of <br>the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual <br>charge - Committed Use Charge (CUC) - over a contractually specified period irrespective of network usage. The constructing partner <br>(Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as <br>required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly-owned subsidiaries: <br>Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd.<br>We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have <br>concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. <br>This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following an assessment under the preceding standards IAS <br>17 "Leases" and IFRIC 4 "Determining whether an arrangement contains a lease", with no change to the conclusion under IFRS 16 for <br>subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has <br>used judgement to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset <br>Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract <br>as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their <br>obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could <br>have resulted in a gross presentation in the Group's balance sheet with an asset and a corresponding liability to reflect the present value of <br>the CUC payments. The Asset User is a wholly-owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact <br>would be some US$824 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of <br>calculating the gross-up might give rise to different numbers. | A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective <br>assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been <br>concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. <br>The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash <br>flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd.<br>Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail <br>and port infrastructure network. The requesting partner's (Asset User's) share of the capacity of the network will increase by the capacity of <br>the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual <br>charge - Committed Use Charge (CUC) - over a contractually specified period irrespective of network usage. The constructing partner <br>(Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as <br>required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly-owned subsidiaries: <br>Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd.<br>We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have <br>concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. <br>This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following an assessment under the preceding standards IAS <br>17 "Leases" and IFRIC 4 "Determining whether an arrangement contains a lease", with no change to the conclusion under IFRS 16 for <br>subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has <br>used judgement to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset <br>Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract <br>as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their <br>obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could <br>have resulted in a gross presentation in the Group's balance sheet with an asset and a corresponding liability to reflect the present value of <br>the CUC payments. The Asset User is a wholly-owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact <br>would be some US$824 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of <br>calculating the gross-up might give rise to different numbers. |

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 221 | riotinto.com |

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2025 Financial statements \| Notes to the consolidated financial statements

**33Entities accounted under the equity method**

**Principal joint ventures**

The Group's principal joint ventures at 31 December 2025 are summarised in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Country of incorporation/operation** | **Principal activities** | **Group interest (%)** |
| Matalco Canada Inc. | Canada | Aluminium recycling | 50 |
| Minera Escondida Ltda<sup>(a)</sup> | Chile | Copper mining and refining | 30 |
| Sohar Aluminium Co. L.L.C.<sup>(b)</sup> | Oman | Aluminium smelting, power generation | 20 |
| Matalco USA, LLC | US | Aluminium recycling | 50 |

---

(a)The year end of Minera Escondida Ltda is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are, however, based on financial statements of Minera

Escondida Ltda that are coterminous with those of the Group.

(b)Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C, decisions about relevant activities that significantly affect the returns that are generated require agreement of all

parties to the arrangement. It is therefore determined that Rio Tinto has joint control.

---

| | |
|:---|:---|
| **Other relevant judgements** | Accounting for Minera Escondida Ltda (Escondida) |
| Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant <br>commercial decisions, including those in relation to capital expenditure, which require approval of both Rio Tinto and its partner BHP <br>(holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto's rights as protective and concluded that it controls Escondida <br>through its rights to direct relevant activities. Adoption of the equivalent judgement by the Group would result in reclassification of <br>Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method <br>would remain in place. | Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant <br>commercial decisions, including those in relation to capital expenditure, which require approval of both Rio Tinto and its partner BHP <br>(holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto's rights as protective and concluded that it controls Escondida <br>through its rights to direct relevant activities. Adoption of the equivalent judgement by the Group would result in reclassification of <br>Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method <br>would remain in place. |

---

**Summary information for joint ventures that are material to the Group** 

This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures' financial statements

prepared in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto.

---

| | | |
|:---|:---|:---|
|  | **Minera** <br>**Escondida Ltda**<br>**2025**<br>**US$m**<br>| Minera <br>Escondida Ltda<br>2024<br>US$m<br>|
| Revenue | **15273** | 11413 |
| Depreciation and amortisation | **(1497)** | (1417) |
| Other operating costs | **(4010)** | (4123) |
| **Operating profit** | **9766** | 5873 |
| Finance expense | **(193)** | (233) |
| Income tax | **(4463)** | (2707) |
| **Profit after tax** | **5110** | 2933 |
| Other comprehensive income | **–** | 14 |
| **Total comprehensive income** | **5110** | 2947 |
| Non-current assets | **14827** | 12991 |
| Current assets | **4540** | 3230 |
| Current liabilities | **(2727)** | (2351) |
| Non-current liabilities | **(6010)** | (5585) |
| **Net assets** | **10630** | 8285 |
| Assets and liabilities above include: |  |  |
| –cash and cash equivalents | **1060** | 677 |
| –current financial liabilities | **(553)** | (170) |
| –non-current financial liabilities | **(3110)** | (3333) |
| **Dividends received from joint venture (Rio Tinto share)** | **1014** | 1035 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 222 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**33Entities accounted under the equity method** *continued*

**Principal associates**

The Group's principal associates at 31 December 2025 are summarised in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Country of incorporation/operation** | **Principal activities** | **Group interest** <br>**(%)**<br>|
| Boyne Smelters Limited<sup>(a)</sup> | Australia | Aluminium smelting | 73.5 |
| Mineração Rio do Norte S.A. | Brazil | Bauxite mining | 22 |
| Winning Consortium Simandou Railway Pte. Ltd.<sup>(b)</sup> | Singapore/Guinea | Rail and port infrastructure including trans-Guinean <br>heavy haul rail system | 18.02 |
| Winning Consortium Simandou Ports Pte. Ltd.<sup>(b)</sup> | Singapore/Guinea | Rail and port infrastructure including trans-Guinean <br>heavy haul rail system | 18.02 |
| Halco (Mining) Inc.<sup>(c)</sup> | US | Bauxite mining | 45 |

---

(a)The parties that collectively control Boyne Smelters Limited (BSL) do so through decisions that are determined on an aggregate voting interest that can be achieved by several

combinations of the parties. Although each combination requires Rio Tinto's approval, this is not joint control as defined under IFRS 11 "Joint Arrangements". Rio Tinto is, therefore,

determined to have significant influence over this company.

(b)Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey), a company incorporated in Jersey. Refer to note 31 for further

details. SimFer Jersey, through its wholly owned subsidiary, SimFer InfraCo Ltd., a company incorporated in the United Kingdom, holds a 34% interest in Winning Consortium Simandou Railway

Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd (together referred to as "WCS Rail and Port Holding Entities"). As at 31 December 2025, the Group has an effective 18.02% indirect

interest in the WCS Rail and Port Holding Entities. The WCS Rail and Port Holding Entities, in turn, hold an 85% interest in Winning Consortium Simandou Ports SA and Winning Consortium

Simandou Rail SA (together referred to as "WCS Project Companies"), with the remaining 15% held by the Government of Guinea. As a result, the Group has an effective 15.32% indirect interest

in the WCS Project Companies. The WCS Rail and Port Holding Entities are incorporated in Singapore; however, the operations of the WCS Project Companies are in Guinea.

(c)The Group holds a 45% interest in Halco (Mining) Inc., a non-managed associate. Halco (Mining) Inc., in turn, has a 51% indirect interest in Compagnie des Bauxites de Guinée, a

bauxite mine, the core assets of which are located in Guinea.

**Summary information for equity accounted units and reconciliation to amounts included within the Consolidated** 

**Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Minera** <br>**Escondida Ltda**<sup>(a)</sup><br>**30% 2025** <br>**US$m**<br>| **Individually** <br>**immaterial** <br>**EAUs 2025** <br>**US$m**<br>| **Total**<br>**2025** <br>**US$m**<br>| Minera <br>Escondida Ltda<sup>(a)</sup><br>30% 2024<br>US$m<br>| Individually <br>immaterial <br>EAUs 2024<br>US$m<br>| Total<br>2024<br>US$m<br>|
| Net assets (100%) | **10630** |  |  | 8285 |  |  |
| Group ownership interest | **3189** |  |  | 2486 |  |  |
| **Carrying value of Group's interest** | **3189** | **2692** | **5881** | 2486 | 2351 | 4837 |
| Share of profit/(loss) after tax | **1533** | **(55)** | **1478** | 880 | (42) | 838 |
| Share of other comprehensive income/(loss) | **–** | **35** | **35** | 3 | (44) | (41) |
| **Share of total comprehensive profit/(loss)** | **1533** | **(20)** | **1513** | 883 | (86) | 797 |

---

(a)In addition to its "Investment in equity accounted units", the Group recognises deferred tax liabilities of US$421 million (2024: US$349 million) relating to tax on unremitted earnings of

equity accounted units.

**34Related-party transactions** 

Information about material related-party transactions of the Rio Tinto Group is set out below.

**Subsidiary companies and joint operations** 

Transactions and balances with subsidiaries are fully eliminated on consolidation, while transactions and balances with joint operations are eliminated to

the extent of our interest in the entity. Details of all subsidiary companies are disclosed in the consolidated entity disclosure statement, and information

relating to principal joint operations can be found in note 32.

**Equity accounted units** 

Transactions and balances with equity accounted units are summarised below. Purchases, trade and other receivables, and trade and other

payables, relate largely to amounts charged by equity accounted units for toll processing of alumina and purchasing of bauxite and

aluminium. Sales relate largely to sales of alumina to equity accounted units for smelting into aluminium.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Income statement items** |  |  |  |
| Purchases from equity accounted units | **(1029)** | (874) | (1163) |
| Sales to equity accounted units | **1062** | 684 | 349 |
| **Cash flow statement items** |  |  |  |
| Dividends from equity accounted units | **1070** | 1067 | 610 |
| Net funding of equity accounted units | **(669)** | (784) | (144) |
| **Balance sheet items** |  |  |  |
| Investments in equity accounted units<sup>(a)</sup> | **5881** | 4837 | 4407 |
| Loans to equity accounted units<sup>(b)</sup> | **842** | 534 | – |
| Loans related to equity accounted units | **–** | – | 100 |
| Trade and other receivables: related to equity accounted units<sup>(c)</sup> | **318** | 221 | 189 |
| Trade and other payables: related to equity accounted units | **(266)** | (209) | (206) |

---

(a)Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 33.

(b)Relates to funding of WCS Rail and Port Holding Entities. In 2024, this also includes the initial amounts advanced as part of the acquisition of these EAUs.

(c)This includes prepayments of tolling charges.

**Pension funds**

Information relating to pension fund arrangements is set out in note 29.

**Directors and key management** 

Details of Directors' and key management's remuneration are set out in note 30.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 223 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

Our equity

**35Share capital**

**Recognition and measurement**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a

deduction, net of tax, from the proceeds.

Where any Group company purchases the Group's equity share capital (treasury shares), the consideration paid, including any directly

attributable incremental costs (net of income taxes), is deducted from equity attributable to owners of Rio Tinto. Where such shares are

subsequently reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects, is

included in equity attributable to owners of Rio Tinto. If purchased Rio Tinto plc shares are cancelled, an amount equal to the nominal value

of the cancelled share is credited to the capital redemption reserve.

**Rio Tinto plc**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** <br>**Number**<br>**(million)**<br>| 2024<br>Number<br>(million)<br>| 2023<br>Number<br>(million)<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Issued and fully paid up share capital of 10p each** |  |  |  |  |  |  |
| At 1 January | **1255.945** | 1255.892 | 1255.845 | **207** | 207 | 207 |
| Ordinary shares issued under the Global Employee Share <br>plan (GESP)<br>| **0.065** | 0.053 | 0.047 | **–** | – | – |
| Shares purchased and cancelled<sup>(a)</sup> | **–** | – | – | **–** | – | – |
| **At 31 December** | **1256.010** | 1255.945 | 1255.892 | **207** | 207 | 207 |
| **Shares held by public** |  |  |  |  |  |  |
| At 1 January | **1252.922** | 1251.321 | 1249.655 |  |  |  |
| Shares reissued from treasury under the GESP<sup>(b)</sup> | **1.305** | 1.548 | 1.619 |  |  |  |
| Ordinary shares issued under the GESP<sup>(b)</sup> | **0.065** | 0.053 | 0.047 |  |  |  |
| Shares purchased and cancelled<sup>(a)</sup> | **–** | – | – |  |  |  |
| **At 31 December** | **1254.292** | 1252.922 | 1251.321 |  |  |  |
| Shares held in treasury | **1.718** | 3.023 | 4.571 |  |  |  |
| Shares held by public | **1254.292** | 1252.922 | 1251.321 |  |  |  |
| **Total share capital** | **1256.010** | 1255.945 | 1255.892 |  |  |  |
| **Other share classes** |  |  |  |  |  |  |
| Special Voting Share of 10p each<sup>(c)</sup> | **1 only** | 1 only | 1 only |  |  |  |
| DLC Dividend Share of 10p each<sup>(c)</sup> | **1 only** | 1 only | 1 only |  |  |  |

---

(a)The authority for the company to buy back its ordinary shares was renewed at the 2021 annual general meeting. No shares were bought back and cancelled in 2025, 2024 or 2023

under the on-market buy-back program.

(b)New shares issued and reissued from Treasury during the year resulting from the vesting of awards and the exercise of options under Rio Tinto plc employee share-based payment

plans had exercise prices and market values between £41.17 and £60.26 per share.

(c)The Special Voting Share was issued to facilitate the joint voting by shareholders of Rio Tinto plc and Rio Tinto Limited on Joint Decisions, following the DLC Merger. The DLC Dividend

Share was issued to a subsidiary of Rio Tinto Limited to facilitate the efficient management of funds within the DLC structure. In addition, an Equalisation Share is authorised but not

issued and is governed by the terms of the DLC Merger Sharing Agreement.

During 2025, US$30 million of shares and ADRs (2024: US$13 million; 2023: US$17 million) were purchased by employee share ownership

trusts on behalf of Rio Tinto plc to satisfy employee share awards on vesting. At 31 December 2025, 512,911 shares (2024: 229,749; 2023:

253,371) and 31,371 ADRs (2024: 48,990; 2023: 45,694) shares were held in the employee share ownership trusts on behalf of Rio Tinto plc.

**Rio Tinto Limited** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** <br>**Number**<br>**(million)**<br>| 2024<br>Number<br>(million)<br>| 2023<br>Number<br>(million)<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Issued and fully paid up share capital** |  |  |  |  |  |  |
| At 1 January | **371.21** | 371.21 | 371.21 | **3060** | 3377 | 3330 |
| Adjustment on currency translation |  |  |  | **238** | (317) | 47 |
| **At 31 December** | **371.21** | 371.21 | 371.21 | **3298** | 3060 | 3377 |
| – Special Voting Share<sup>(a)</sup> | **1 only** | 1 only | 1 only |  |  |  |
| – DLC Dividend Share<sup>(a)</sup> | **1 only** | 1 only | 1 only |  |  |  |
| **Total share capital** | **371.21** | 371.21 | 371.21 |  |  |  |

---

(a)The Special Voting Share was issued to facilitate the joint voting by shareholders of Rio Tinto Limited and Rio Tinto plc on Joint Decisions following the DLC Merger. The DLC Dividend

Share was issued to a subsidiary of Rio Tinto Plc to facilitate the efficient management of funds within the DLC structure. Directors have the ability to issue an Equalisation Share if that

is required under the terms of the DLC Merger Sharing Agreement.

During 2025, US$57 million of shares (2024: US$44 million; 2023: US$78 million) were purchased by employee share ownership trusts on

behalf of Rio Tinto Limited to satisfy employee share awards on vesting. At 31 December 2025, 70,976 shares (2024: 303,327; 2023:

794,282) were held in the employee share ownership trusts on behalf of Rio Tinto Limited.

Information relating to share-based incentive schemes is in note 28.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 224 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**36Other reserves and retained earnings** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| **Capital redemption reserve**<sup>(a)</sup> |  |  |  |
| **At 1 January and 31 December** | **51** | 51 | 51 |
| **Cash flow hedge reserve** |  |  |  |
| At 1 January | **(39)** | (59) | (51) |
| Cash flow hedge gains | **57** | 13 | 30 |
| Cash flow hedge (gains)/losses transferred to the income statement | **(164)** | 17 | (39) |
| Tax on the above | **29** | (10) | 1 |
| **At 31 December** | **(117)** | (39) | (59) |
| **Fair value through other comprehensive income reserve** |  |  |  |
| At 1 January | **(22)** | (22) | 2 |
| Losses on equity investments | **(34)** | – | (24) |
| **At 31 December** | **(56)** | (22) | (22) |
| **Cost of hedging reserve** |  |  |  |
| At 1 January | **(8)** | (12) | (17) |
| Cost of hedging deferred to reserves during the year | **2** | 3 | 4 |
| Transfer of cost of hedging to the income statement | **1** | 1 | 1 |
| **At 31 December** | **(5)** | (8) | (12) |
| **Other reserves**<sup>(b)</sup> |  |  |  |
| At 1 January | **11570** | 11542 | 11554 |
| Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards | **(57)** | (44) | (78) |
| Employee share options: value of services | **98** | 76 | 62 |
| Deferred tax on share options | **16** | (4) | 4 |
| **At 31 December** | **11627** | 11570 | 11542 |
| **Foreign currency translation reserve**<sup>(c)</sup> |  |  |  |
| At 1 January | **(6438)** | (3172) | (3784) |
| Parent and subsidiaries' currency translation and exchange adjustments | **2692** | (3194) | 598 |
| Equity accounted units currency translation adjustments | **34** | (45) | 14 |
| Currency translation reclassified on disposal | **–** | (27) | – |
| **At 31 December** | **(3712)** | (6438) | (3172) |
| **Total other reserves per balance sheet** | **7788** | 5114 | 8328 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Retained earnings**<sup>(d)</sup> |  |  |  |
| **At 1 January** | **42539** | 38350 | 35020 |
| Parent and subsidiaries' profit for the year | **8397** | 10697 | 9385 |
| Equity accounted units' profit after tax for the year | **1569** | 855 | 673 |
| Remeasurement gains/(losses) on pension and post-retirement healthcare plans<sup>(e)</sup> | **161** | 88 | (459) |
| Tax relating to components of other comprehensive income | **(38)** | (23) | 151 |
| **Total comprehensive income for the year** | **10089** | 11617 | 9750 |
| Dividends paid | **(6145)** | (7025) | (6466) |
| Change in equity interest held by Rio Tinto<sup>(f)</sup> | **(7)** | (468) | (13) |
| Own shares purchased/treasury shares reissued for share awards and other movements | **(30)** | (13) | (17) |
| Employee share options and other IFRS 2 charges taken to the income statement | **135** | 78 | 76 |
| **At 31 December** | **46581** | 42539 | 38350 |

---

(a)The capital redemption reserve was set up to comply with section 733 of the UK *Companies Act 2006* (previously section 170 of the UK *Companies Act 1985*) when shares of a company are

redeemed or purchased wholly out of the company's profits. Balances reflect the amount by which the company's issued share capital is diminished in accordance with this section.

(b)Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc's rights issue

completed in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK *Companies Act 1985*.

Other reserves also include the cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where

applicable, the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire

shares in Rio Tinto plc is recorded in retained earnings.

(c)Exchange differences arising on the translation of the Group's net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative

differences relating to an investment are transferred to the income statement when the investment is disposed of.

(d)Retained earnings and movements in reserves of subsidiaries include those arising from the Group's share of joint operations.

(e)In 2025, there were US$1 million of remeasurement losses relating to equity accounted units (2024: losses of US$6 million, 2023: gains of US$3 million).

(f)In 2024, this relates to the additional interest acquired in ERA which increased from 86.3% to 98.43% as a result of new shares issued to Rio Tinto under ERA's entitlement offer to raise

funds for the rehabilitation of the Ranger Project Area, as well as the settlement of deferred consideration payable to Turquoise Hill Resources Ltd dissenting shareholders.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 225 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

Other notes

**37Contingencies and commitments**

**Recognition and measurement**

Contingent liabilities, indemnities and other performance guarantees represent the potential outflow of funds from the Group for the

satisfaction of obligations, including those under contractual arrangements (eg undertakings related to supplier agreements) not provided for

on the balance sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being called is assessed as possible rather

than probable or remote.

---

| | |
|:---|:---|
| **Other relevant judgements** | Contingencies |
| Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement <br>and legal advice. These are quantified unless, in our judgement, the amount cannot be reliably estimated. The unit of account for claims is <br>the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation <br>there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure <br>required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential <br>exposure in excess of that already provided.<br>We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not <br>probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings <br>and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our <br>business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may <br>in the future incur judgements or enter into settlements of claims that could lead to material cash outflows. | Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement <br>and legal advice. These are quantified unless, in our judgement, the amount cannot be reliably estimated. The unit of account for claims is <br>the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation <br>there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure <br>required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential <br>exposure in excess of that already provided.<br>We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not <br>probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings <br>and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our <br>business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may <br>in the future incur judgements or enter into settlements of claims that could lead to material cash outflows. |

---

**Contingent liabilities - subsidiaries, joint operations, joint ventures and associates** 

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Contingent liabilities, indemnities and other performance guarantees<sup>(a)</sup> | **322** | 192 |

---

(a)There were no material contingent liabilities arising in relation to the Group's joint ventures and associates.

**Contingent liabilities - not quantifiable**

The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is:

**Litigation disputes**

---

| | |
|:---|:---|
| **Litigation matter** | **Latest update** |
| 2011 Contractual payments <br>in Guinea<br>| In 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments <br>totalling US$10.5 million made to a consultant who had provided advisory services in 2011, relating to the <br>Simandou project in the Republic of Guinea. In August 2023, the UK Serious Fraud Office closed its case <br>and announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto <br>continues to cooperate fully with relevant authorities. <br>At 31 December 2025, the outcome of this investigation remains uncertain, but it could ultimately expose <br>the Group to material financial cost. No provision has been recognised for the investigation. We believe this <br>case is unwarranted and will defend the allegation vigorously.<br>|

---

**Other contingent liabilities**

We continue to modernise agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions,

within "Other provisions", based on our best estimate of historical claims. However, the process is incomplete and it is possible that further

claims could arise relating to past events.

Close-down, restoration and environmental provisions are not recognised for those operations that have no known restrictions on their lives

as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent

upon a specific orebody and have access to indefinite-lived power from owned hydropower stations with water rights permitted by local

governments. In these instances, a closure obligation may exist at the reporting date. However, due to the indefinite nature of asset lives, it is

not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down, restoration and environmental

provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the

demolition and removal of fixed structures after a predetermined period. Any contingent liability for these assets will crystallise into a closure

provision if and when a decision is taken to cease operations.

**Contingent assets** 

The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once

the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is

received.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 226 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**37Contingencies and commitments** *continued*

**Capital commitments**

Our capital commitments include:

• open purchase orders for managed operations and non-managed tolling entities

• expenditure on major projects already authorised by our Investment Committee for non-managed operations.

Our capital commitments do not include those relating to lease obligations, which are disclosed separately in note 22.

The capital commitments for Simandou are reported on a 100% basis for the SimFer mine and the SimFer scope of infrastructure as

managed operations. The Group's share of EAU capital commitments reported in relation to WCS Rail and Port Holding Entities represents

SimFer Jersey Limited's 34% investment in those EAUs, inclusive of funding due from non-controlling interests.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| **Capital commitments excluding the Group's share of EAU capital commitments** |  |  |
| Within 1 year | **5952** | 4559 |
| Between 1 and 3 years | **1720** | 602 |
| Between 3 and 5 years | **124** | 313 |
| After 5 years | **377** | 82 |
| **Total** | **8173** | 5556 |
| **Group's share of EAU capital commitments** |  |  |
| Within 1 year | **684** | 1280 |
| Between 1 and 3 years | **53** | 271 |
| **Total** | **737** | 1551 |

---

---

| | |
|:---|:---|
| **Impact of climate change on our business** | Decarbonisation capital commitments |
| Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects unless otherwise <br>contractually committed. In 2025, we adjusted our capital guidance to spend of US$1 billion to US$2 billion through to 2030. Included in <br>capital commitments at 31 December 2025 are contractually committed decarbonisation capital commitments of US$142 million <br>(2024: US$114 million), inclusive of the Amrun and Jinbi renewable PPAs, which are treated as leases that have not yet commenced <br>(disclosed in note 22). | Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects unless otherwise <br>contractually committed. In 2025, we adjusted our capital guidance to spend of US$1 billion to US$2 billion through to 2030. Included in <br>capital commitments at 31 December 2025 are contractually committed decarbonisation capital commitments of US$142 million <br>(2024: US$114 million), inclusive of the Amrun and Jinbi renewable PPAs, which are treated as leases that have not yet commenced <br>(disclosed in note 22). |

---

**Other commitments**

The Group has also made other commitments to incur a minimum amount of expenditure on community development initiatives as part of its

agreements with various stakeholders. As of 31 December 2025, a total of US$215 million (2024: US$154 million) of such expenditure is

estimated to be incurred over the next 25 years, out of which US$26 million (2024: US$27 million) is expected to be incurred within the next

year.

**Unrecognised commitments to contribute funding or resources to joint ventures** 

Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the

life of assets of the company or to comply with applicable laws) if required by Sohar Aluminium Company L.L.C., subject to approved

thresholds.

At 31 December 2025, Minera Escondida Ltda held an undrawn shareholder line of credit, of which Rio Tinto's share was US$225 million

(2024: US$225 million). The current facility will mature in September 2026.

**Purchase obligations** 

Purchase obligations are enforceable and legally binding agreements to buy goods or services. They specify all significant terms, including

fixed or minimum quantities to be purchased or consumed; fixed, minimum or variable price provisions; and the approximate timing of the

transactions.

Purchase obligations for goods mainly relate to purchases of raw materials and consumables, and purchase obligations for services mainly

relate to charges for the use of infrastructure, commitments to purchase power and freight contracts. These goods and services are expected

to be used in the business. To the extent that this changes, a provision for onerous obligations may be made.

Purchases from joint arrangements or associates are included if the quantity to be purchased is in excess of our ownership interest in the

entity. However, purchase obligations exclude contracted purchases of bauxite, alumina and aluminium from joint arrangements and

associates and contracted purchases of alumina from third parties. This is because these purchases are made for commercial reasons and

the Group is, overall, a net seller of these commodities.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 227 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**37Contingencies and commitments** *continued*

The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December is shown in the table below.

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>|
| Within 1 year | **3573** | 3160 |
| Between 1 and 2 years | **1599** | 1461 |
| Between 2 and 3 years | **1479** | 1364 |
| Between 3 and 4 years | **803** | 851 |
| Between 4 and 5 years | **621** | 614 |
| After 5 years | **4800** | 4905 |
| **Total** | **12875** | 12355 |

---

**Guarantees by parent companies** 

Rio Tinto plc and Rio Tinto Limited have, jointly and severally, fully and unconditionally guaranteed the following securities issued by the

following 100% owned finance subsidiaries: US$15.2 billion (2024: US$6.2 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance

(USA) plc bonds with maturity dates up to 2065; and US$0.7 billion (2024: US$0.6 billion) on the European Debt Issuance Programme. In

addition, Rio Tinto Finance plc and Rio Tinto Finance Limited have entered into undrawn facility arrangements for an aggregate amount of

US$7.5 billion (2024: US$7.5 billion). The facilities are guaranteed by Rio Tinto plc and Rio Tinto Limited.

Rio Tinto plc has provided a guarantee, known as the completion support undertaking (CSU), in favour of the Oyu Tolgoi LLC project finance lenders.

At 31 December 2025, a total of US$5.4 billion (2024: US$5.5 billion) of project finance debt was outstanding under this facility of which

US$3.8 billion (2024: US$3.9 billion) is owed to external third party lenders. Rio Tinto plc, through its subsidiaries, owns 66% of Oyu Tolgoi

LLC, with the remaining share owned by Erdenes Oyu Tolgoi LLC (34%), which is controlled by the Government of Mongolia. The project

finance was raised for development of the underground mine and the CSU will terminate on the completion of the underground mine

according to a set of completion tests set out in the project finance facility. The CSU contains a carve-out for certain political risk events.

**38Auditors' remuneration** 

**Group auditors' remuneration**<sup>(a)</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** <br>**US$m**<br>| 2024<br>US$m<br>| 2023<br>US$m<br>|
| Audit of the Group | **20.6** | 20.7 | 19.1 |
| Audit of subsidiaries | **8.5** | 7.4 | 7.5 |
| **Total audit** | **29.1** | 28.1 | 26.6 |
| Audit-related assurance service | **2.4** | 1.7 | 1.1 |
| Other assurance services<sup>(b)</sup> | **2.9** | 3.5 | 3.0 |
| **Total assurance services** | **5.3** | 5.2 | 4.1 |
| Tax compliance | **–** | – | – |
| Other non-audit services not covered above | **0.2** | 0.2 | 0.1 |
| **Total non-audit services** | **5.5** | 5.4 | 4.2 |
| **Total Group auditors' remuneration** | **34.6** | 33.5 | 30.8 |
| **Group auditors' remuneration as required to be categorised under SEC regulations** |  |  |  |
| Audit fees | **31.5** | 30.0 | 27.7 |
| Audit-related fees | **2.9** | 3.3 | 3.0 |
| Tax fees | **–** | – | – |
| All other fees | **0.2** | 0.2 | 0.1 |
| **Total Group auditors' remuneration** | **34.6** | 33.5 | 30.8 |
| **Audit fees payable to other accounting firms** |  |  |  |
| Audit of the financial statements of the Group's subsidiaries | **0.3** | 0.3 | 0.3 |
| Fees in respect of pension scheme audits | **0.1** | 0.1 | 0.1 |
| **Total audit fees payable to other accounting firms** | **0.4** | 0.4 | 0.4 |

---

(a)The remuneration payable to KPMG, the Group auditors, is approved by the Audit & Risk Committee (the 'Committee'). The Committee sets the policy for the award of non-audit work to

the auditors and approves the nature and extent of such work, and the amount of the related fees, to ensure that independence is maintained. The fees disclosed above consolidate all

payments, including overruns, made to member firms of KPMG by the companies and their subsidiaries, along with fees in respect of joint operations paid for by the Group. Non-audit

services arise largely from assurance and regulation related work.

(b)In 2025, other assurance services include regulatory sustainability assurance services which amount to US$2.2 million, and the review of non-statutory financial information.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 228 | riotinto.com |

---

2025 Financial statements \| Notes to the consolidated financial statements

**39Events after the balance sheet date** 

On 11 February 2026, Oyu Tolgoi LLC received tax assessments amounting to MNT 1.6 trillion (approximately US$440 million) from the

Mongolian Tax Authority in relation to the years ended 31 December 2021 and 31 December 2022.

These assessments are inconsistent with the Oyu Tolgoi Investment Agreement and applicable Mongolian legislation, and no adjustment has

been made to the financial statements for the year ended 31 December 2025 in respect of these tax assessments. We will take relevant

steps including engaging in discussions with the Government of Mongolia to resolve this matter.

There were no other significant events after the balance sheet date requiring disclosure.

**40New standards issued but not yet effective** 

We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective.

IFRS 18 "Presentation and Disclosure in Financial Statements" (mandatory in 2027) will replace IAS 1. The new standard requires that

companies classify all income and expenses into 5 categories in the statement of profit or loss, namely the operating, investing, financing,

discontinued operations and income tax categories. Management-defined performance measures (MPMs), which are subtotals of income

and expenses not specified by IFRS Accounting Standards and used in public communications, must be disclosed in a single note within the

financial statements. The standard also provides enhanced guidance on grouping and organising information for better clarity. Additionally,

the operating profit subtotal will be the starting point for the statement of cash flows under the indirect method. These changes aim to

improve transparency and comparability across entities. We expect that certain of the Group's income and expense items will be reclassified

among operating, investing, and financing categories, resulting in changes to the operating profit subtotal. Alternative performance measures

meeting the definition of MPMs will be disclosed in a separate note with the reconciliation between these MPMs and profit after tax. This

reconciliation will also account for income tax effects and the impact on non-controlling interests for each reconciling item as required by the

standard. Our interest received and interest paid will be classified in investing activities and financing activities, respectively, in the statement

of cash flows. Dividends received from equity accounted units and dividends paid to non-controlling interest holders will be classified in the

investing activities and financing activities respectively under the new standard.

Foreign exchange differences will be classified in the category where the related income and expense form the item giving rise to the foreign

exchange difference. We continue to assess the detailed implications of applying the new standard and expect that changes will be required

to the presentation and disclosures in our financial statements.

Amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures on Contracts Referencing Nature-dependent

Electricity" (mandatory in 2026) will help companies better report the financial effects of nature-dependent electricity contracts, which are

often structured as power purchase agreements (PPAs). The amendments include: clarifying the application of the "own-use" requirements,

permitting hedge accounting if these contracts are used as hedging instruments; and adding new disclosure requirements to enable investors

to understand the effect of these contracts on a company's financial performance and cash flows. The assessments performed to date have

not identified a material impact on our financial statements as a result of these amendments.

The assessment is ongoing in relation to the amendments listed below, but no material impact has been identified to date:

• Annual Improvements to IFRS Accounting Standards (Amendments to IAS 7 "Statement of Cash Flows" and IFRS 10 "Consolidated

Financial Statements" (mandatory in 2026)

• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 "Financial Instruments" and IFRS 7

"Financial Instruments: Disclosures" (mandatory in 2026)

• IFRS 19 "Subsidiaries without Public Accountability: Disclosures" (mandatory in 2027).

Page 229 has been intentionally omitted.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 230 | riotinto.com |

---

2025 Financial statements \| Other information

Consolidated entity disclosure statement

**Basis of preparation**

This consolidated entity disclosure statement (CEDS) has been prepared as at 31 December 2025.

For all entities within this CEDS, place (country) of incorporation, classes of shares, the registered office address, the percentage of the

share class held by Group entities, and the effective percentage of equity owned by the Group calculated by reference to voting rights, are

disclosed. The share class held by the Group are ordinary (voting) shares (also referred to as common stock in certain countries), unless

identified with one of the following annotations against the entity name:

(1) ordinary/common; (2) preference; (3) redeemable preference; (4) unit; (5) redeemable preference B; (6) registered; (7) special voting; (8) DLC

dividend; (9) founder's; (10) non-cumulative redeemable preference; (11) non-redeemable preference; (12) deferred; (13) Class A; (14) Class B; (15)

Class/Series C; (16) Class/Series D; (17) Class/Series E; (18) Series F; (19) Series G; (20) Class H; (21) Class J; (22) Class S; (23) Class Z; (24) E1

Class; (25) E2 Class; (26) F1 Class; (27) F2 Class; (28) G1 Class; (29) Stock Unit A; (30) Stock Unit B; (31) Stock Unit C; (32) C1 Class; (33) C2

Class.

Additionally, for subsidiaries and other consolidated entities, the entity's tax residency; whether the entity was a body corporate, partnership

or trust; and whether the entity was a partner in a partnership, a trustee of a trust or a participant in a joint venture within the consolidated

Group, are also disclosed. Unless otherwise disclosed, each entity in this CEDS is a body corporate.

Unless otherwise disclosed, the tax residency of subsidiaries and other consolidated entities is the same as the country of incorporation. The

determination of tax residency involves judgement as the determination of tax residency is highly fact dependent and requires interpretation

of relevant legislation, guidance and judicial precedent. Different interpretations could be adopted which could give rise to a different

conclusion on residency. In determining tax residency, the Group has applied current legislation, judicial precedent and other available

guidance.

Refer to the "Basis of consolidation" on page [158](#i8748003e54e04bea93f6cc9858cb867d_3727) for further information on accounting policies, basis of consolidation, subsidiaries with

material non-controlling interests, joint operations, joint ventures and associates.

An explanation of the dual-listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages [336](#icbb103c3aa0b446a9c70caee29f30837_727) to [337](#ic3b0c2cbfc47473a8fb62cb21d507d3b_7985).

For completeness, the effective ownership by the Group relates to effective holdings by both entities either together or individually.

Entities are listed by place (country) of incorporation and under their registered office address.

**Parent entities**

---

| | |
|:---|:---|
| **Australia** | **United Kingdom** |
| Level 43, 120 Collins Street, Melbourne VIC 3000 | 6 St James's Square, London, SW1Y 4AD |
| Rio Tinto Limited | Rio Tinto plc |

---

**Wholly-owned subsidiaries**

---

| |
|:---|
| **Angola** |
| Edificio Kilamba, 20th Floor, Avenida 4 de Fevereiro, Marginal de Luanda, <br>Luanda<br>|
| Rio Tinto Angola (SU), LDA. |
| Rio Tinto Exploration Angola (SU), Limitada |
| Escritorio B01 401, 4th Andar, Edf 1, Bloco 1, Via S8, Talatona, Luanda |
| Rio Tinto Metais Básicos Angola (SU), Lda |
| **Argentina** |
| Carlos Pellegrini, 1427, 4th Floor Ciudad, Autónoma de Buenos Aires, 1011 |
| Olaroz Lithium SA |
| Intendente Lascano 2100, San Fernando del Valle de Catamarca, <br>Catamarca, 4700<br>|
| Galaxy Lithium (SAL DE VIDA) S.A. |
| Mza.5 Lote 6, Ciudad Oeste, San Lorenzo Chico – 4401, Salta, 4400 |
| Advantage Lithium Argentina SAU |
| El Trigal SAU |
| La Frontera Minerals SAU |
| South American Salars SA |

---

---

| |
|:---|
| **Australia** |
| 155 Charlotte Street, Brisbane QLD 4000 |
| Alcan Gove Development Pty Limited |
| Alcan Holdings Australia Pty Limited |
| Alcan Northern Territory Alumina Pty Limited |
| Alcan Primary Metal Australia Pty Ltd<sup>(bb)</sup> |
| Alcan South Pacific Pty Ltd |
| Australian Coal Holdings Pty. Limited<sup>(a)</sup> |
| Cathjoh Holdings Pty Limited<sup>(bb)</sup> |
| Gladstone Infrastructure Pty Ltd |
| Gove Aluminium Ltd |
| GPS Energy Pty Limited<sup>(w)</sup> |
| GPS Nominee Pty Limited |
| GPS Power Pty. Limited<sup>(w)</sup> |
| Hunter Valley Resources Pty Ltd |
| Johcath Holdings Pty Limited |
| Kembla Coal & Coke Pty. Limited |
| Mitchell Plateau Bauxite Co. Pty. Limited<sup>(y)</sup> |
| Pacific Aluminium Pty. Limited<sup>(a)</sup> |
| Pechiney Consolidated Australia Pty Limited |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 231 | riotinto.com |

---

2025 Financial statements \| Other information

---

| |
|:---|
| **Australia (continued)** |
| Queensland Coal Pty. Limited |
| Rio Tinto Alcan Technology Pty Ltd |
| Rio Tinto Aluminium (Bell Bay) Limited |
| Rio Tinto Aluminium (Holdings) Limited |
| Rio Tinto Aluminium Bell Bay Sales Pty Limited |
| Rio Tinto Aluminium Limited |
| Rio Tinto Aluminium Services Pty Limited |
| Rio Tinto Coal (Clermont) Pty Ltd |
| Rio Tinto Coal Australia Pty Limited |
| Rio Tinto Coal NSW Holdings Pty Ltd<sup>(a)</sup> |
| RTA AAL Australia Limited |
| RTA Boyne Limited |
| RTA Gove Pty Limited |
| RTA Holdco Australia 1 Pty Ltd |
| RTA Holdco Australia 3 Pty Ltd |
| RTA Holdco Australia 5 Pty Ltd |
| RTA Holdco Australia 6 Pty Ltd |
| RTA Pacific Pty Limited |
| RTA Sales Pty Ltd |
| RTA Smelter Development Pty Limited |
| RTA Weipa Pty Ltd |
| RTA Yarwun Pty Ltd |
| Swiss Aluminium Australia Limited |
| Trans Territory Pipeline Pty Limited |
| Winchester South Development Company Proprietary Limited |
| 19 Westal Street, Nhulunbuy NT 0880 |
| Nhulunbuy Corporation Limited<sup>(c)</sup> |
| 37 Belmont Avenue, Belmont WA 6104 |
| Peko Exploration Pty Ltd. |
| Rio Tinto Exploration Pty Limited<sup>(a)</sup> |
| Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 |
| A.C.N. 646 148 754 Pty. Ltd. |
| Allkem Corporate Services Pty. Ltd. |
| Allkem Financial Services Pty. Ltd. |
| Allkem Pty. Ltd. |
| AML Properties Pty Ltd |
| Argyle Diamond Mines Pty Limited |
| Argyle Diamonds Pty Limited<sup>(a)</sup> |
| Ashton Mining Pty Ltd |
| Ashton Nominees Pty Limited |
| Capricorn Diamonds Investments Pty Limited |
| Channar Management Services Pty Limited |
| Channar Mining Pty Ltd |
| Dampier Desalination Proprietary Limited |
| Galaxy Lithium Australia Pty. Ltd. |
| Galaxy Resources Pty. Ltd. |
| Hamersley Exploration Pty Limited |
| Hamersley HMS Pty Ltd |
| Hamersley Holdings Limited<sup>(a)</sup> |
| Hamersley Iron - Yandi Pty Limited<sup>(a)</sup> |
| Hamersley Iron Pty. Limited<sup>(dd)</sup> |
| Hamersley Resources Limited<sup>(z)</sup> |
| Hamersley WA Pty Ltd<sup>(x)</sup> |
| HIsmelt Corporation Pty Limited<sup>(a)</sup> |
| Juna Station Pty Ltd |
| Lithium Extraction Technologies (Australia) Pty Ltd |
| Mount Bruce Mining Pty Limited |
| NBH Pty Ltd |
| Norgold Pty Limited |
| North Gold (W.A.) Pty Ltd |

---

---

| |
|:---|
| North IOC Holdings Pty Ltd |
| North Limited |
| North Mining Limited<sup>(aa)</sup> |
| Peko-Wallsend Pty Ltd |
| Pilbara Iron Company (Services) Pty Ltd |
| Pilbara Iron Pty Ltd |
| Ranges Management Company Pty Ltd |
| Ranges Mining Pty Ltd<sup>(u)</sup> |
| Rhodes Ridge Account Manager Pty Ltd |
| Rhodes Ridge Management Services Pty Ltd |
| Rincon Mining Pty Limited |
| Rio Tinto EN21 Australia Pty Ltd<sup>(a)</sup> |
| Rio Tinto EN21 Op Co Pty Ltd |
| Rio Tinto Investments One Pty Limited |
| Rio Tinto Investments Two Pty Limited |
| Rio Tinto Iron Ore (Pilbara) Sales Pty Ltd |
| Rio Tinto PACE Australia Pty Limited<sup>(a)</sup> |
| Rio Tinto Winu Pty Limited<sup>(a)(t)</sup> |
| Robe River Limited |
| Rocklea Station Pty Ltd |
| South American Salar Minerals Pty. Ltd. |
| Winu Services Pty Ltd<sup>(a)</sup> |
| Level 43, 120 Collins Street, Melbourne VIC 3000 |
| Australian Mining & Smelting Pty Ltd<sup>(a)</sup> |
| Canning Resources Pty Limited<sup>(a)</sup> |
| CRA Investments Pty. Limited<sup>(a)</sup> |
| CRA Pty Ltd<sup>(a)</sup> |
| Fundsprops Pty. Limited<sup>(a)</sup> |
| Kalimantan Gold Pty Limited |
| Kelian Pty. Limited<sup>(a)</sup> |
| Kutaibar Holdings Pty Ltd<sup>(a)</sup> |
| MineSmith Australasia Pty Ltd<sup>(d)</sup> |
| North Insurances Pty. Ltd. |
| Project Generation Group Pty Ltd<sup>(a)</sup> |
| Rio Tinto (Commercial Paper) Limited<sup>(a)</sup> |
| Rio Tinto Advisory Services Pty Limited |
| Rio Tinto Asia Pty. Limited<sup>(a)</sup> |
| Rio Tinto Biofuels Pty Ltd |
| Rio Tinto Closure Pty Limited<sup>(a)</sup> |
| Rio Tinto Energy and Climate Investments Australia Pty Ltd<sup>(a)</sup> |
| Rio Tinto Energy Services Pty Ltd |
| Rio Tinto Finance (Rhodes Ridge) Pty Ltd |
| Rio Tinto Finance (USA) Limited<sup>(a)</sup> |
| Rio Tinto Finance Limited<sup>(a)</sup> |
| Rio Tinto Leaching Technologies Pty Limited<sup>(a)</sup> |
| Rio Tinto Services Limited<sup>(a)</sup> |
| Rio Tinto Shared Services Pty Limited |
| Rio Tinto Shipping Pty. Limited.<sup>(a)</sup> |
| Rio Tinto Staff Fund (Retired) Pty Limited<sup>(a)</sup> |
| RTLDS Aus Pty Ltd<sup>(a)</sup> |
| RTPDS Aus Pty Ltd |
| Southern Copper Pty. Limited |
| Technological Resources Pty. Limited<sup>(a)</sup> |
| The Zinc Corporation Pty Ltd |
| Tinto Holdings Australia Pty. Limited |
| Wimmera Industrial Minerals Pty. Limited<sup>(a)</sup> |
| **Belgium** |
| Hoveniersstraat 53, 2018, Antwerp |
| Rio Tinto Diamonds NV |
| Rond-point Robert Schuman 2/4, 1040, Bruxelles |
| Rio Tinto Belgium SA |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 232 | riotinto.com |

---

2025 Financial statements \| Other information

---

| |
|:---|
| **Bermuda** |
| Clarendon House, 2 Church Street, Hamilton, HM 11 |
| North IOC (Bermuda) Holdings Limited |
| North IOC (Bermuda) Limited |
| QIT Madagascar Minerals Ltd<sup>(f)</sup> |
| Rio Tinto Escondida Limited<sup>(f)</sup> |
| **Brazil** |
| Avenida das Nações Unidas, 12.551 - 19th floor - Suite 1.911, São Paulo, <br>SP, 04578-00<br>|
| Alcan Composites Brasil Ltda |
| Avenida Engenheiro Emiliano Macieira, 1 - km 18, Pedrinhas, Sao Luis, MA, <br>65095-603<br>|
| Rio Tinto do Brasil Ltda. |
| Avenida Benedito Lessa 240, Bairro Conceição, Município de Ipaiú, Estado <br>de Bahia, CEP, 45.570-000<br>|
| Rio de Contas Desenvolvimentos Minerais Ltda |
| SIG Quadra 04, Lote 175, Torre A, Salas 106 a 109, Edificio Capital <br>Financial Center, Brasilia, CEP 70610-440<br>|
| Rio Tinto Desenvolvimentos Minerais Ltda. |
| SIG Quadra 04, Lote 75, Torre A Sala, 109 Parte B, Edificio Capital <br>Financial Center, Brasilia, CEP, 70610-440<br>|
| Rio Tinto Mineracao do Brasil Ltda |
| SIG, QUADRA 04, Lote 75, Sala 109 Parte C, Edificio Capital Financial <br>Center, Brasilia DF, CEP, 71.610-440<br>|
| Empresa de Mineracao Finesa Ltda. |
| SIG, QUADRA 04, Lote 75, Sala 109 Parte D, Edificio Capital Financial <br>Center, Brasilia DF, CEP, 71.610-440<br>|
| Mineracao Tabuleiro Ltda |
| SIG, QUADRA 04, Lote 75, Sala 109 Parte E, Edificio Capital Financial <br>Center, Brasilia DF, CEP, 71.610-440<br>|
| Rio Santa Rita Empreenimentos e-Particiacoes Ltda |
| **Canada** |
| 1212-1175 Douglas Street, Victoria BC V8W 2E1 |
| Rio Tinto Exploration Canada Inc. |
| 1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6 |
| Rio Tinto Fer et Titane inc. |
| Rio Tinto Iron and Titanium Canada Inc. / Rio Tinto Fer et Titane Canada Inc. |
| 200-204 Lambert Street, Whitehorse YT Y1A 1Z4 |
| Turquoise Hill Resources Ltd. |
| 300-5201 50th Avenue, Yellowknife NT X1A 2P8 |
| Diavik Diamond Mines (2012) Inc.<sup>(cc)</sup> |
| 300-815 West Hastings Street, Vancouver BC V6C 1B4 |
| Rio Tinto Potash Management Inc. / Rio Tinto Potasse Management Inc.<sup>(s)</sup> |
| 400-1190 Avenue des Canadiens-de-Montréal, Montréal QC H3B 0E3 |
| 10676276 Canada Inc. |
| 16140467 Canada Inc. |
| 16992269 Canada Inc. |
| 9519-2845 Quebec inc.<sup>(r)</sup> |
| Alcan Management Services Canada Limited / Societe de Services de <br>Gestion Alcan Canada Limitee<br>|
| Alcan Realty Limited / Societe Immobiliere Alcan Limitee |
| Galaxy Lithium (Canada) Inc. |
| Galaxy Lithium One Inc. |
| Livent Lithium Quebec Inc. |
| Rio Tinto Alcan Fund Inc. |
| Rio Tinto Alcan Inc.<sup>(r)</sup> |
| Rio Tinto Alcan International Ltd. / Rio Tinto Alcan International Ltee |
| Rio Tinto Canada Inc |
| Rio Tinto Canada Management Inc. / Rio Tinto Gestion Canada Inc. |
| Rio Tinto Energy and Climate Investments Canada Inc./Rio Tinto <br>Investissements Énergie et Climat Canada Inc.<br>|

---

---

| |
|:---|
| Rio Tinto PACE Canada Inc. / Gestion Rio Tinto PACE Canada Inc. |
| The Roberval and Saguenay Railway Company/ La Compagnie du <br>Chemin de Fer Roberval Saguenay<br>|
| 5300-66 Wellington Street West, Toronto ON M5K 1E6 |
| 1043802 Ontario Ltd |
| Rio Tinto Saskatchewan Potash Holdings General Partner Inc.<sup>(s)</sup> |
| Rio Tinto Saskatchewan Potash Holdings Limited Partnership<sup>(c)(p)</sup> |
| 745 Thurlow Street, Suite 2400, Vancouver BC V6E 0C5 |
| 1508137 B.C. Ltd. |
| 90 Riviera Drive, Markham ON L3R 5M12 |
| Rio Tinto Lithium Canada Inc. |
| **Cayman Islands** |
| One Nexus Way, Camana Bay, c/o Intertrust Corp Services, Grand Cayman, <br>KY1-9005<br>|
| Lithium Cayman LLP<sup>(m)</sup> |
| **Chile** |
| Av. Presidente Riesco 5435, Of. 1302, Las Condes, Santiago |
| Rio Tinto Chile Dos SpA |
| Rio Tinto Chile SpA |
| Rio Tinto Chile Tres SpA |
| **China** |
| 41/F Wheelock Square, No. 1717 West Nanjing Road, Jing' an District, <br>Shanghai, 200040<br>|
| Rio Tinto Trading (Shanghai) Co., Ltd. |
| 418 Nanshi Street, Suzhou Industrial Park, Suzhou, 215021 |
| Rio Tinto Iron & Titanium (Suzhou) Co., Ltd |
| No. 32, North Beijing Road, Yangtse River Chemical Park, Free Trade Zone, <br>Zhangijiagang, Jiangsu, 215635<br>|
| Livent Lithium (Zhangjiagang) Co. Ltd. |
| Room 328, 3rd Floor, Unit 2, 231 Shibocun Road, Shanghai, Pilot Free <br>Trade Zone, 200125<br>|
| Rio Tinto Mining Commercial (Shanghai) Co., Ltd. |
| Units 15-16, 18/F, China World Office Building 2, No. 1 Jianguomenwai <br>Dajie, Chaoyang District, Beijing<br>|
| Rio Tinto Minerals Exploration (Beijing) Co., Ltd |
| **Colombia** |
| Calle 2, No. 20, 50 Edificio Q Office, Medellin, Antioquia, 503 |
| ACO Colombia S.A.S. |
| RT Colombia S.A.S. |
| **Finland** |
| PL 18, Helsinki, 00271 |
| Rio Tinto Exploration Finland OY |
| **France** |
| 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-Seine |
| Pechiney Bâtiment |
| Rio Tinto France S.A.S. |
| RTA HOLDCO FRANCE 1 S.A.S. |
| RTA HOLDCO FRANCE 2 S.A.S. |
| 725 rue Aristide Bergès, 38340, Voreppe |
| AP Service |
| Rio Tinto Aluminium Pechiney |
| 89 Route de Bourbourg, 59210, Coudekerque-Branche |
| Borax Français |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 233 | riotinto.com |

---

2025 Financial statements \| Other information

---

| |
|:---|
| **Germany** |
| Alfred-Herrhausen-Allee 3-5, 65760, Eschborn |
| Rio Tinto Commercial GmbH |
| Rio Tinto Iron & Titanium GmbH<sup>(c)</sup> |
| Rio Tinto Iron & Titanium Holdings GmbH<sup>(c)</sup> |
| Alusingenplatz 1, D-78221, Singen |
| Alcan Betriebs- und Verwaltungsgesellschaft GmbH |
| Alcan Lebensmittelverpackungen GmbH |
| Alcan Packaging Mühltal Gmbh & Co. KG |
| Scheuch Unterstuetzungskasse GmbH |
| **Guernsey** |
| Plaza House, Third Floor, Elizabeth Avenue, St. Peter Port, GY1 2HU |
| Livent Lithium (GY) Limited |
| **Guinea** |
| Immeuble Camayenne Corniche Nord, Commune de Dixinn, BP 848, Conakry |
| Rio Tinto Guinée S.A. |
| Manquépas - Commune de Kaloum |
| Fondation Rio Tinto<sup>(c)</sup> |
| **Hong Kong** |
| 10/F, Guangdong Investment Tower, 148 Connaught Road Central |
| Galaxy Resources International Ltd. |
| 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai |
| Alcan Asia Limited<sup>(e)</sup> |
| Rio Tinto Asia Ltd<sup>(e)(h)</sup> |
| **Iceland** |
| P.O. Box 244, IS-222, Hafnarfjördur |
| Rio Tinto Iceland Ltd. |
| **India** |
| Ground, 1st & 2nd Floor, DLF Building No. 7, Tower B, DLF Cyber City, <br>Phase III, Gurgaon, Haryana, 122002<br>|
| Rio Tinto Exploration India Private Limited<sup>(d)</sup> |
| Rio Tinto India Private Limited |
| **Ireland** |
| 8-34 Percy Place, Dublin 4, D04 P5K3 |
| Arcadium Lithium Financing IRL DAC |
| Arcadium Lithium Intermediate IRL Limited<sup>(f)</sup> |
| **Japan** |
| Kojimachi Diamond Building, 8th Floor, 1 Kojimachi 4-chome, Chiyoda-ku, <br>Tokyo, 102-0083<br>|
| Rio Tinto Japan Limited |
| Marunouchi Eiraku Building 15F, 1-4-1, Marunouchi, Chiyoda-Ku, Tokyo |
| Livent Japan G.K. |
| **Jersey** |
| 3rd Floor, IFC 5, Castle Street, St Helier, JE2 3BY |
| Rio Tinto Jersey Holdings 2010 Limited<sup>(f)</sup> |
| 3rd Floor, 44 Esplanade, St Helier, JE4 9WG |
| Arcadium Lithium plc<sup>(f)</sup> |
| **Kazakhstan** |
| Dostyk 310/G, Almaty, 050020 |
| Korgantas LLP<sup>(c)(d)(o)</sup> |
| Rio Tinto Exploration Kazakhstan LLP<sup>(c)(o)</sup> |

---

---

| |
|:---|
| **Korea, Republic of** |
| 16th Floor, Aju Building, 201, Teheran-ro, Gangnam-gu, Seoul, 06141 |
| Rio Tinto Korea Ltd |
| Livent Korea LLC |
| **Lao People's Democratic Republic** |
| 5th Floor, AGL Building, 33 Lane Xang Avenue, Hatsady Village, <br>Chanthaboury District, Vientiane Capital<br>|
| Rio Tinto Minerals Development (Lao) Sole Co., Ltd.<sup>(i)</sup> |
| **Malaysia** |
| Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400, <br>Kuala Lumpur<br>|
| Borax Malaysia Sdn Bhd |
| **Mexico** |
| Florencia 57, Piso 3, Col. Juarez, Delegacion Cuauhtemoc, Mexico, D.F., 06600 |
| Minera Kennecott, S.A. de C.V.<sup>(d)(g)</sup> |
| **Mongolia** |
| Level 17, Shangri-La Center, Olympic Street 19A, Sukhbaatar District, <br>Ulaanbaatar, 14214<br>|
| Heruga Exploration LLC |
| Rio Tinto Holdings LLC |
| Rio Tinto Mongolia LLC |
| **Mozambique** |
| Av. da Marginal Nº 4985, 1º andar – Prédio ZEN, Maputo |
| Mutamba Mineral Sands S.A. |
| **Netherlands** |
| 6 St James's Square, London, SW1Y 4AD, United Kingdom |
| Rio Tinto Eastern Investments B.V.<sup>(f)</sup> |
| Basisweg 10, 1043 AP, Amsterdam |
| Livent Foreign HoldCo B.V. |
| Bolder Corporate Services (Netherlands) B.V., De Boelelaan 7, 7th Floor, <br>1083, Amsterdam, HJ<br>|
| Galaxy Lithium Holdings B.V. |
| Welplaatweg 104, 3197 KS Botlek-Rotterdam |
| Oyu Tolgoi Netherlands BV |
| Alcan Holdings Europe B.V. |
| Alcan Holdings Nederland B.V. |
| Borax Rotterdam BV |
| Rio Tinto Diamonds Netherlands B.V. |
| Saryarka B.V.<sup>(d)</sup> |
| **New Zealand** |
| 1530 Tiwai Road, Tiwai Point, Invercargill, 9877 |
| Electric Power Generation Limited<sup>(a)</sup> |
| New Zealand Aluminium Smelters Ltd |
| Pacific Aluminium (New Zealand) Limited |
| Level 2, 20 Customhouse Quay, Wellington, 6011 |
| NZAS Retirement Fund Trustee Limited |
| **Papua New Guinea** |
| C/- Guinn Accountants, Section 15, Lot 15, Bernal Street, Port Moresby, National <br>Capital District<br>|
| Rio Tinto Holding PNG Limited |
| Section 15, Lot 15, Bernal Street, National Capital District, Port Moresby |
| Rio Tinto Exploration (PNG) Limited<sup>(a)(l)</sup> |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 234 | riotinto.com |

---

2025 Financial statements \| Other information

---

| |
|:---|
| **Peru** |
| Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18 |
| Rio Tinto Mining and Exploration S.A.C. |
| **Rwanda** |
| 9 (Plot 526), KG 668 St, Kimihurura, Gasabo, Kigali |
| Rio Tinto Exploration Rwanda Limited |
| **Serbia** |
| Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd, 11070 |
| Jadar Free Zone Management Company DOO Beograd - Novi Beograd |
| Rio Sava Exploration DOO |
| Rio Tinto Exploration Dunav d.o.o. Beograd - Novi Beograd<sup>(c)</sup> |
| **Singapore** |
| 12 Marina Boulevard, #10-01 MBFC Tower 3, 018982 |
| Cuprum Metals Pte. Ltd. |
| Sharp Investment Holding Company Pte. Ltd. |
| 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982 |
| Rio Tinto Commercial Pte. Ltd. |
| Rio Tinto Global Employment Company Pte. Ltd. |
| Rio Tinto Marketing Pte. Ltd. |
| Rio Tinto Minerals Asia Pte Ltd |
| Rio Tinto Procurement (Singapore) Pte Ltd |
| Rio Tinto Shipping (Asia) Pte. Ltd. |
| Rio Tinto Singapore Holdings Pte Ltd |
| 2 Shenton Way #26-01, SGX Centre I, 068804 |
| Metals and Minerals Insurance Pte Limited |
| 2 Venture Drive, #24-01, Vision Exchange, 608526 |
| Turquoise Hill Resources Singapore Pte Ltd.<sup>(d)(k)</sup> |
| 77 Robinson Road #13-00, 068896 |
| AGM Holding Company Pte. Ltd.<sup>(d)(k)</sup> |
| Singapore Metals Pte. Ltd.<sup>(d)(j)</sup> |
| 77 Robinson Road #20-01, 068896 |
| Livent Singapore Pte. Ltd. |
| **South Africa** |
| 1 Harries Road, Illovo, Sandton, 2196 |
| Rio Tinto Management Services South Africa (Proprietary) Ltd |
| Ground Floor-Cypress Place North, Woodmead Business Park, 140/142 <br>Western Service Road, Woodmead, 2191<br>|
| Riversdale Connections (Proprietary) Ltd |
| The Farm RBM, Number 16317, KwaZulu-Natal, 3900 |
| Richards Bay Mining Holdings (Proprietary) Limited |
| Richards Bay Titanium Holdings (Proprietary) Limited |
| **Spain** |
| CN 340, Km 954, 12520 NULES, Castellon |
| Borax España, S.A. |
| **Switzerland** |
| Badenerstrasse 549, CH-8048, Zürich |
| Metallwerke Refonda AG |
| Rio Tinto Switzerland AG (SA/Ltd.) |
| Zahlerweg 6, 6300, Zug |
| Livent Switzerland GmbH |
| **United Kingdom** |
| 5 Churchill Place, 10th Floor, London, E14 5HU |
| Livent Lithium UK Holdings Limited |
| Quebec Lithium Partners (UK) Limited |
| Livent UK Pension Plan Limited |

---

---

| |
|:---|
| 6 St James's Square, London, SW1Y 4AD |
| Alcan Chemicals Limited |
| Alcan Farms Limited |
| Anglesey Aluminium Metal Limited |
| Borax Europe Limited |
| British Alcan Aluminium Limited |
| IOC Sales Limited |
| Lawson Mardon Flexible Limited |
| Lawson Mardon Smith Brothers Ltd. |
| Nuton Holdings Limited |
| Pechiney Aviatube Limited |
| Rio Tinto Australian Holdings Limited |
| Rio Tinto Bahia Holdings Limited |
| Rio Tinto BM Limited |
| Rio Tinto BM Subsidiary Limited |
| Rio Tinto Canada Finance Limited |
| Rio Tinto Copper Holdings Limited |
| Rio Tinto Copper Limited |
| Rio Tinto Energy Limited |
| Rio Tinto European Holdings Limited<sup>(b)</sup> |
| Rio Tinto Finance (USA) plc |
| Rio Tinto Finance plc |
| Rio Tinto Indonesian Holdings Limited |
| Rio Tinto International Holdings Limited<sup>(b)</sup> |
| Rio Tinto Iron Ore Atlantic Limited |
| Rio Tinto Iron Ore Trading China Limited |
| Rio Tinto London Limited |
| Rio Tinto Medical Plan Trustees Limited |
| Rio Tinto Metals Limited |
| Rio Tinto Minerals Development Limited |
| Rio Tinto Minerals Investments Africa Limited |
| Rio Tinto Minerals Limited |
| Rio Tinto Mining and Exploration Limited |
| Rio Tinto Nominees Limited |
| Rio Tinto OT Management Limited |
| Rio Tinto Overseas Holdings Limited |
| Rio Tinto Pension Fund Trustees Limited |
| Rio Tinto Secretariat Limited |
| Rio Tinto SimFer UK Limited |
| Rio Tinto South East Asia Limited |
| Rio Tinto Sulawesi Holdings Limited |
| Rio Tinto Technological Resources UK Limited |
| Rio Tinto Western Holdings Limited |
| RTA Holdco 1 Limited |
| RTA Holdco 4 Limited |
| RTLDS UK Limited |
| TBAC Limited |
| Thos. W. Ward Limited |
| THR Copper Limited |
| Commercial Road, Bromborough, Wirral, Merseyside, CH62 3NL |
| Lithium Corporation of Europe Limited |
| Livent Lithium UK Limited |
| International Centre for Sustainable Carbon, 27 Old Gloucester Street, <br>London, England, WC1N 3AX<br>|
| IEA Coal Research Limited |
| Pure Offices Cheltenham Office Park, Hatherley Lane, Cheltenham, GL51 6SH |
| IEA Environmental Projects Limited |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 235 | riotinto.com |

---

2025 Financial statements \| Other information

---

| |
|:---|
| **United States** |
| 1108 E. South Union Avenue, Midvale UT 84047 |
| Three Crowns Insurance Company |
| 15 West South Temple, Suite 600, Salt Lake City UT 84101 |
| Daybreak Property Holdings LLC<sup>(c)</sup> |
| DB Medical I LLC |
| DBVC1 LLC<sup>(c)</sup> |
| Kennecott Utah Copper LLC |
| Rio Tinto Minerals Inc. |
| 211 East 7th Street, Suite 620, Austin TX 78701-3218 |
| Alcan Corporation |
| Alcan Primary Products Corporation |
| 251 Little Falls Drive, Wilmington DE 19808 |
| Alcan Primary Products Company LLC |
| BetterIron - Texas Inc. |
| CuTerra Holdings LLC |
| Daybreak Development LLC |
| Daybreak Secondary Water Distribution Company |
| Daybreak Water Holding LLC |
| Eastland Management Inc. |
| Flambeau Mining Company |
| High Purity Iron Inc. |
| Iron Company of Texas LLC |
| Kennecott Barneys Canyon Mining Company |
| Kennecott Exploration Company |
| Kennecott Holdings Corporation |
| Kennecott Land Company |
| Kennecott Land Investment Company LLC<sup>(c)</sup> |
| Kennecott Nevada Copper Company |
| Kennecott Ridgeway Mining Company |
| Kennecott Royalty Company |
| Kennecott Services Company |
| Kennecott Water Distribution LLC |
| KUC NWQ JV LLC |
| Lithium USA Holding LLC |
| Livent Asia-Pacific, Inc. |
| Livent Corporation |
| Livent Lithium LLC |
| Livent Overseas Ltd. |
| Livent Quebec Holdings LLC |
| Livent USA Corp. |
| MDA Lithium Holdings LLC |
| Nuton LLC<sup>(v)</sup> |
| Pacific Coast Mines, Inc. |

---

---

| |
|:---|
| Pechiney Bécancour, Inc. |
| Pechiney Cast Plate, Inc. |
| Pechiney Holdings, Inc. |
| Pechiney Metals LLC<sup>(c)</sup> |
| Pechiney Plastic Packaging, Inc. |
| Pechiney Sales Corporation |
| Resolution Copper Company |
| Rio Tinto America Holdings Inc. |
| Rio Tinto America Inc. |
| Rio Tinto AuM Company |
| Rio Tinto Commercial Americas Inc. |
| Rio Tinto Energy America Inc. |
| Rio Tinto Energy Development LLC |
| Rio Tinto Energy Services Inc. |
| Rio Tinto Finance (USA) Inc. |
| Rio Tinto Hydrogen Energy LLC<sup>(c)</sup> |
| Rio Tinto Leaching Technologies LLC |
| Rio Tinto Mining and Exploration Inc. |
| Rio Tinto Services Inc. |
| Rio Tinto Technological Resources Inc. |
| Rio Tinto Technology Holdings Corporation |
| Skymont Corporation |
| Sohio Western Mining Company |
| The Pyrites Company, Inc. |
| U.S. Borax Inc. |
| Victoria Technology Inc.<sup>(a)</sup> |
| Waste Solutions and Recycling LLC |
| 80 State Street, Albany NY 12207-2543 |
| Alcan International Network U.S.A. Inc. |
| Henlopen Manufacturing Co., Inc. |
| 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021 |
| Integrity Land and Cattle LLC |
| Swift Current Land & Cattle LLC<sup>(c)</sup> |
| **British Virgin Islands** |
| Craigmuir Chambers, PO Box 71, Road Town, Tortolla, VG1110 |
| THR Oyu Tolgoi Ltd.<sup>(f)</sup> |
| **Zambia** |
| Block A, Suites GF05-GF08, Bishops Office Park, 4 Bishops Road, <br>Kabulonga, Lusaka<br>|
| Solwezi Metals Exploration Limited |
| Rio Tinto Exploration Zambia Limited |

---

**Subsidiaries where the effective ownership is less than 100%**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of entity and place (country) of incorporation** | **Registered address** | **Share** <br>**class** <br>**note**<br>| **% of share** <br>**class held** <br>**by Group** <br>**companies**<br>| **Effective** <br>**Group %** <br>**ownership**<br>|
| **Argentina** |  |  |  |  |
| Los Andes Compania Minera SA | Curupaytí 151, San Salvador de Jujuy, Jujuy, 4600 | (1) | 100 | 66.8 |
| Sales de Jujuy S.A. | Curupaytí 151, San Salvador de Jujuy, Jujuy, 4600 | (13) | 100 | 66.5 |
| Minera del Altiplano S.A. | Intendente Lascano 2100, San Fernando del Valle de Catamarca, Catamarca, 4700 | (c) | – | 99.99 |
| **Australia** |  |  |  |  |
| Dampier Salt Limited | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | (1) | 68.36 | 68.36 |
| Energy Resources of Australia Ltd | TIO Building, Level 8, 24 Mitchell Street, Darwin, NT 0800 | (1) | 98.43 | 98.43 |
| Hope Downs Marketing Company Pty Ltd | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | (13) | 100 | 50 |
| Robe River Mining Co. Pty. Ltd.<sup>(aa)</sup> | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | (13) | 40 | 73.61 |
|  |  | (14) | 76.36 |  |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 236 | riotinto.com |

---

2025 Financial statements \| Other information

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of entity and place (country) of incorporation** | **Registered address** | **Share** <br>**class** <br>**note**<br>| **% of share** <br>**class held** <br>**by Group** <br>**companies**<br>| **Effective** <br>**Group %** <br>**ownership**<br>|
| **Canada** |  |  |  |  |
| Electrode Manufacturing Demonstration Plant, <br>L.P. / Usine de démonstration de fabrication <br>d'électrodes, Société en commandite<sup>(p)</sup><br>| 400-1190 Avenue des Canadiens-de-Montréal, Montréal QC H3B 0E3 | (4) | 100 | 99.9 |
| Évolys Québec Inc. | 400-1190 Avenue des Canadiens-de-Montréal, Montréal QC H3B 0E3 | (1) | 79.42 | 79.42 |
| Gulf Power Company / La Compagnie Gulf Power | 400-1190 Avenue des Canadiens-de-Montréal, Montréal QC H3B 0E3 | (1) | 100 | 58.72 |
| Quebec North Shore and Labrador Railway <br>Company Inc. / Compagnie de Chemin de Fer du <br>Littoral Nord de Quebec et du Labrador Inc.<br>| 400-1190 Avenue des Canadiens-de-Montréal, Montréal QC H3B 0E3 | (1) | 100 | 58.72 |
| Nemaska Lithium Inc. | 750-600 boul. De Maisonneuve O Montreal QC H3A3J2 | (1) | 50 | 50 |
| **Chile** |  |  |  |  |
| Nuevo Cobre S.A. | Av. Ricardo Lyon #222, Office 1403, Providencia, Santiago, Metropolitan Region | (1) | 100 | 57.74 |
| **Guinea** |  |  |  |  |
| SimFer InfraCo Guinée S.A. | Tours Cocotiers, Coléah Route du Niger, Matam, Conakry, BP848 | (2) | 100 | 45.05 |
| SimFer S.A. | Tours Cocotiers, Coléah Route du Niger, Matam, Conakry, BP848 | (1) | 85 | 45.05 |
| SimFer Marine Guinée S.A. | Tours Cocotiers, Coléah Route du Niger, Matam, Conakry, BP848 | (1) | 100 | 53 |
| Société Minière Et De Participations Guinée-Alusuisse | Tougue, Guinea | (c) | – | 50 |
| **India** |  |  |  |  |
| Rio Tinto Orissa Mining Private Ltd | 220, 2nd Floor, DLF Cyber City, Chandaka Industrial Area, Patia, <br>Bhubneshwar, Odisha, 751024<br>| (1) | 51 | 51 |
| **Indonesia** |  |  |  |  |
| PT Kelian Equatorial Mining | Sampoerna Strategic Square, South Tower, Level 30, Jl. Jenderal Sudirman <br>Kav. 45-46, Jakarta, 12930<br>| (1) | 90 | 90 |
| **Jersey** |  |  |  |  |
| SimFer Jersey Limited<sup>(f)</sup> | PO Box 536, 13-14 Esplanade, St Helier, JE4 5UR | (1) | 53 | 53 |
| **Madagascar** |  |  |  |  |
| Port d'Ehoala S.A. | Immeuble ASSIST, Ivandry, Lot N°35, 5ème étage, Antananarivo, 101 | (1) | 100 | 80 |
| QIT Madagascar Minerals SA<sup>(q)</sup> | Immeuble ASSIST, Ivandry, Lot N°35, 5ème étage, Antananarivo, 101 | (1) | 85 | 80 |
| **Mongolia** |  |  |  |  |
| Gobi Oyu Development Support Fund | 8th Bagh of Tsagaan Bulag, Umnugobi Provice, 46801 | (c) | – | 66 |
| Oyu Tolgoi Catalyst Fund for Khanbogd <br>Development<br>| 3rd Bagh, Dalanzadgad Soum, Umnugobi Aimag | (c) | – | 66 |
| Oyu Tolgoi LLC | Level 12 Monnis Tower, Chinggis Avenue-15, 1st khoroo, Sukhbaatar District, <br>Ulaanbaatar, 14240<br>| (1) | 66 | 66 |
| **Rwanda** |  |  |  |  |
| Nyabarongo Mining and Exploration Limited | Kimihurura, Gasabo, Umujyi wa, Kigali | (1) | 75 | 75 |
| **Singapore** |  |  |  |  |
| Chlor Alkali Unit Pte Ltd | 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982 | (1) | 68.36 | 68.36 |
| Simfer Marketing Private Limited | 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982 | (1) | 53 | 53 |
| SimFer Marine Singapore Pte. Ltd. | 9 Raffles Place, #26-01, Republic Plaza, 048619 | (1) | 100 | 53 |
| Sales de Jujuy Pte. Ltd. | 77 Robinson Road #20-01, 068896 | (1) | 100 | 72.68 |
| **South Africa** |  |  |  |  |
| Richards Bay Mining (Proprietary) Limited | The Farm RBM, Number 16317, KwaZulu-Natal, 3900 | (1) | 100 | 74 |
|  |  | (2) | 100 |  |
| Richards Bay Titanium (Proprietary) Limited | The Farm RBM, Number 16317, KwaZulu-Natal, 3900 | (1) | 100 | 74 |
|  |  | (2) | 100 |  |
| RBM EnergyCo | The Farm RBM, Number 16317, KwaZulu-Natal, 3900 | (c) | – | 74 |
| **United Kingdom** |  |  |  |  |
| SimFer InfraCo Ltd | 6 St James's Square, London, SW1Y 4AD | (1) | 100 | 53 |
| SimFer Jersey Nominee Limited | 6 St James's Square, London, SW1Y 4AD | (1) | 100 | 53 |
| **United States** |  |  |  |  |
| Iron Ore Company of Canada | 1209 Orange Street, Wilmington DE 19801 | (13) | 91.41 | 58.72 |
|  |  | (17) | 100 |  |
|  |  | (18) | 100 |  |
| Magma Arizona Railroad Company | 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021 | (1) | 99.97 | 54.97 |
| Resolution Copper Mining LLC | 251 Little Falls Drive, Wilmington DE 19808 | (c) | – | 55 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 237 | riotinto.com |

---

2025 Financial statements \| Other information

**Associated undertakings and significant holdings in related undertakings other than subsidiaries**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of entity and place (country) of incorporation** | **Registered address** | **Share** <br>**class** <br>**note**<br>| **% of share** <br>**class held** <br>**by Group** <br>**companies**<br>| **Effective** <br>**Group %** <br>**ownership**<br>|
| **Australia** |  |  |  |  |
| Australian Integrated Carbon Pty Ltd | Level 4, 191 Pulteney Street, Adelaide SA 5000 | (1) | 14.15 | 14.15 |
| Boyne Smelters Limited | 155 Charlotte Street, Brisbane QLD 4000 | (13) | 100 | 73.5 |
|  |  | (24) | 100 |  |
|  |  | (25) | 100 |  |
|  |  | (28) | 100 |  |
|  |  | (14) | 100 |  |
| Tomago Aluminium Company Pty Limited | 638 Tomago Road, Tomago NSW 2322 | (1) | 36.05 | 51.55 |
|  |  | (1) | 15.5 |  |
| Electralith Pty Ltd | IP Group Australia, Level 35, 360 Elizabeth Street, Melbourne VIC 3000 | (1) | 28.17 | 23.43 |
|  |  | (2) | 18.06 |  |
| FF RT JV Pty Ltd | Level 20, 1 William Street, Perth WA 6000 | (2) | 16.67 | 70 |
|  |  | (2) | 100 |  |
| Australia-Japan Innovation Fund | 25 St James Park Drive, Brighton VIC 3186 | (c) | – | 25 |
| Panguna Legacy Assessment Company Limited | Level 10, 12 Creek Street, Brisbane QLD 4000 | (c) | – | 33.33 |
| Queensland Alumina Limited | Plant Operations Building, Parsons Point, Gladstone QLD 4680 | (16) | 100 | 80 |
|  |  | (14) | 100 |  |
|  |  | (15) | 100 |  |
| Robe River Ore Sales Pty. Ltd. | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | (1) | 65 | 57.08 |
| Sovereign Metals Limited | Level 9, 28 The Esplanade, Perth WA 6000 | (1) | 18.45 | 18.45 |
| Yalleen Pastoral Co. Pty. Ltd. | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | (1) | 63.73 | 55.97 |
| **Brazil** |  |  |  |  |
| Mineração Rio do Norte S.A. | Rua Jari, S/N Porto Tombetas, Municipio de Oriximina, Para, CEP 68275-000 | (1) | 25 | 22 |
|  |  | (2) | 20.5 |  |
| Consórcio de Alumínio do Maranhão | Av. Engenheiro Emiliano Macieira 01, KM18, Pedrinhas, 65095-604, Sao Luis, <br>Maranhao<br>| (c) | – | 10 |
| **Canada** |  |  |  |  |
| Aluminerie Alouette Inc. | 400, Chemin de la Pointe-Noire, C.P. 1650, Sept-Îles Québec G4R 5M9 | (1) | 40 | 40 |
| Aluminerie De Bécancour, Inc. | 5555 Pierre Thibault Street, PO 30, Becancour, Quebec G0X 1B | (1) | 50.1 | 25.1 |
| CanPacific Potash Inc. | 500-211 19th Street East, Saskatoon SK S7K 5R6, | (c) | – | 32 |
| Elysis Limited Partnership / Elysis Société en <br>Commandite<br>| 2323-1, Place Ville Marie, Montréal QC H3B 5M5 | (14) | 100 | 48.24 |
| Matalco Canada Inc. | 301-1 Kenview Boulevard, Brampton ON L6T 5E6 | (1) | 100 | 50 |
| McEwen Copper Inc. | 2800-150 King Street West Toronto ON M5H 1J9 | (1) | 17.18 | 17.18 |
| Regulus Resources Inc. | Suite 2300, 1177 West Hastings Street, Vancouver BC V6E 2K3 | (1) | 15.99 | 15.99 |
| Usine de démonstration de la Technologie <br>ELYSIS S.E.C / ELYSIS Technology <br>Demonstration Plant L.P.<sup>(p)</sup><br>| 400-1190 Avenue des Canadiens-de-Montréal, Montréal QC H3B 0E3 | (4) | 100 | 74.3 |
| **Chile** |  |  |  |  |
| Minera Escondida Ltda | Cerro el Plomo 6000, Piso 15, Santiago, 7560623 | (c) | – | 30 |
| **China** |  |  |  |  |
| Minmetals Rio Tinto Exploration Company Limited | 422-2, 4th Floor, Building #1 of Yongyou Industrial Park, Yazhou Bay Science <br>& Technology City, Yazhou District, Sanya City, Hainan Province<br>| (1) | 50 | 50 |
| **Finland** |  |  |  |  |
| Arctial Group Oy | Fabianinkatu 9, c/o Asianajotoimisto Krogerus Oy, Helsinki, 00130 | (1) | 31.04 | 31.04 |
| **France** |  |  |  |  |
| Procivis Savoie | 116 Quai Charles Roissard, 73000, Chambéry | (1) | 22.06 | 22.06 |
| **Guinea** |  |  |  |  |
| La Compagnie du Transguinéen S.A. | 5D Bloc A, Résidence Hamade, Cité Ministérielle Fondis, Commune de Dixinn, Conakry | (1) | 42.5 | 22.53 |
| **Indonesia** |  |  |  |  |
| PT Hutan Lindung Kelian Lestari | Kelian Mine Site, West Kutai, East Kalimantan | (1) | 99 | 99 |
| **Japan** |  |  |  |  |
| Toyotsu Lithium Corporation | 1-40, Aza Nakamaru Oaza Yamadaoka, Naraha-machi, Futaba-gun, Fukushima | (13) | 49 | 49 |
| **Netherlands** |  |  |  |  |
| Aluminium & Chemie Rotterdam B.V. | Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam | (1) | 65.82 | 65.82 |
| Global Hubco BV | Luna Arena, Herikerbergweg 238, 1101, CM, Amsterdam Zuidoost | (1) | 33.33 | 33.33 |
| **Oman** |  |  |  |  |
| Sohar Aluminium Co. L.L.C. | Sohar Industrial Estate, P.O. Box 80, PC 327, Sohar | (1) | 20 | 20 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 238 | riotinto.com |

---

2025 Financial statements \| Other information

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of entity and place (country) of incorporation** | **Registered address** | **Share** <br>**class** <br>**note**<br>| **% of share** <br>**class held** <br>**by Group** <br>**companies**<br>| **Effective** <br>**Group %** <br>**ownership**<br>|
| **Singapore** |  |  |  |  |
| Rightship Group Pte. Ltd. | 10 Anson Road #29-07, International Plaza, 079903 | (1) | 33.33 | 33.33 |
| Winning Consortium Simandou Ports Pte. Ltd. | 5 Shenton Way, #19-01, UIC Building, 068808 | (1) | 34 | 18.02 |
|  |  | (2) | 34 |  |
| Winning Consortium Simandou Railway Pte. Ltd. | 5 Shenton Way, #19-01, UIC Building, 068808 | (1) | 34 | 18.02 |
|  |  | (2) | 34 |  |
| West Kutai Foundation Limited | 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315 | (c) | – | 100 |
| The Kelian Community and Forest Protection Trust<sup>(n)</sup> | 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315 | (c) | – | 100 |
| **Sweden** |  |  |  |  |
| Alufluor AB | Industrigatan 70, Box 902, S-25109, Helsingborg | (1) | 50 | 50 |
| **United Kingdom** |  |  |  |  |
| La Granja UK Holdings Limited | The Heal's Building 1 Alfred Mews, 2nd floor, London, W1T 7AA | (1) | 45 | 45 |
| **United States** |  |  |  |  |
| 201 Logistics Center, LLC | 1209 Orange Street, Wilmington DE 19801 | (c) | – | 50 |
| 7600 West Center, LLC | 9090 S. Sandy Parkway, Sandy UT 84070 | (c) | – | 50 |
| E.T. Irrigating Canal Company | 4700 Daybreak Parkway, South Jordan UT 84009 | (1) | 54.17 | 54.17 |
| GLC Phase 4 JV, LLC | 800 N State Street, Suite 402, Dover DE 19901 | (4) | 74.07 | 74.07 |
| Halco (Mining) Inc. | 251 Little Falls Drive, Wilmington DE 19808 | (1) | 45 | 45 |
| Matalco USA, LLC | 1209 Orange Street, Wilmington DE 19801 | (4) | 50 | 50 |
| North Jordan Irrigation Company | 5189 South 1130 West, Taylorsville UT 84123 | (1) | 24.21 | 24.21 |
| Pechiney Reynolds Quebec, Inc. | 233 South 13th Street, Suite 1900, Lincoln NE 68508 | (1) | 50 | 50.2 |
|  |  | (2) | 100 |  |
| Regeneration Enterprises, Inc. | 2657 Windmill Parkway #302, Henderson NV 89074 | (13) | 25 | 25 |
| **Venezuela, Bolivarian Republic of** |  |  |  |  |
| Fabrica De Plasticos Mycsa, S.A.<sup>(d)</sup> | Urbanización Industrial San Ignacio, parcela 2-A, vía San Pedro, Los Teques, <br>Estado Miranda<br>| (1) | 49 | 49 |

---

In addition, the Group participates in the following unincorporated arrangements:

---

| | | | |
|:---|:---|:---|:---|
| **Place (country)**<br>**of operation**<br>| **Name of entity** | **Address or principal place of business** | **Interest % owned**<br>**by the Group**<br>|
| Australia | Dampier Seawater Desalination Plant Joint Venture | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | 50 |
| Australia | Gladstone Power Station Joint Venture | NRG Gladstone Operating Service, Power Station, Gladstone QLD 4680 | 42.13 |
| Australia | Hope Downs Joint Venture | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | 50 |
| Australia | Mitchell Plateau Joint Venture | 155 Charlotte Street, Brisbane QLD 4000 | 65.62 |
| Australia | Rhodes Ridge Joint Venture | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | 50 |
| Australia | Robe River Iron Associates Joint Venture | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | 57.08 |
| Australia | Tomago Aluminium Joint Venture | 638 Tomago Road, Tomago NSW 2322 | 51.55 |
| Australia | Western Range Joint Venture | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | 54 |
| Australia | Winu Joint Venture | 155 Charlotte Street, Brisbane QLD 4000, Australia | 70 |
| Australia | Yarraloola Pastoral Co | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000 | 57.08 |
| Canada | Winter Road Joint Venture | 300-5201 50th Avenue, Yellowknife NT X1A 2P9 | 33.33 |
| United States | Gunnison-Nuton Tax Partnership | 4700 Daybreak Parkway, South Jordan UT 84009 | 49 |

---

(a)Directly held by Rio Tinto Limited.

(b)Directly held by Rio Tinto plc.

(c)Group ownership is held through an interest in

capital. The entity has no classes of shares.

(d)Entity in liquidation or application for dissolution filed.

(e)Entity liquidated or dissolved subsequent to

31 December 2025.

(f)Entity is a tax resident of the United Kingdom.

(g)Entity is a tax resident of the United States.

(h)Entity is a tax resident of Hong Kong and Australia.

(i)Entity is a tax resident of Laos and Australia.

(j)Entity is a tax resident of Singapore and Australia.

(k)Entity is a tax resident of Singapore and Canada.

(l)Entity is a tax resident of Australia.

(m)Entity is a limited liability partnership registered in Cayman

Islands. There is no corporate tax regime in the Cayman

Islands. Therefore, this partnership does not have a tax

residency.

(n)This entity is a trust.

(o)This entity is a partnership.

(p)This entity is a partnership but not a taxable entity.

The partnership's income and losses flow through to the

partners for tax purposes. As such, this partnership does

not have a tax residency. The partners of this partnership

are incorporated in Canada.

(q)The Group's shareholding in QIT Madagascar Minerals

SA (QMM) carries an 80% economic interest and 80% of

the total voting rights; a further 5% economic interest is

held through non-voting investment certificates to give

an economic interest of 85%.

(r)Entity is a partner in the ELYSIS Technology

Demonstration Plant Limited Partnership and

Electrode Manufacturing Demonstration Plant, L.P.

(s)Entity is a partner in the Rio Tinto Saskatchewan

Potash Holdings Limited Partnership.

(t)Entity is a participant in the Winu Joint Venture.

(u)Entity is a participant in the Western Range Joint

Venture.

(v)Entity is a participant in the Gunnison-Nuton Tax

Partnership (formerly known as Excelsior-Nuton).

(w)Entity is a participant in the Gladstone Power Station

Joint Venture.

(x)Entity is a participant in the Hope Downs Joint Venture.

(y)Entity is a participant in the Mitchell Plateau

Joint Venture.

(z)Entity is a participant in the Rhodes Ridge Joint Venture.

(aa)Entity is a participant in the Robe River Iron Associates

Joint Venture and Yarraloola Pastoral Co.

(bb)Entity is a participant in the Tomago Aluminium

Joint Venture.

(cc)Entity is a participant in the Winter Road Joint Venture.

(dd)Entity is a participant in the Dampier Seawater

Desalination Plant Joint Venture.

Pages 239 to 245 have been intentionally omitted.

![KPMG-BG.jpg](rio-20251231_g202.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 246 | riotinto.com |

---

2025 Financial statements \| Report of Independent Registered Public Accounting Firms

Report of Independent Registered

Public Accounting Firms

To the Shareholders and Board of Directors of Rio Tinto plc and Rio Tinto Limited:

Opinions on the Consolidated Financial Statements

We have audited the accompanying Consolidated Balance Sheet of Rio Tinto Group ('the Group'), comprising of Rio Tinto plc and Rio Tinto

Limited, together with their subsidiaries as of December 31, 2025 and 2024, the related Consolidated Income Statement, Consolidated

Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Cash Flow Statement for each of the

years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our

opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31,

2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025,

in conformity with International Financial Reporting Standards Accounting Standards as issued by the International Accounting Standards

Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

Group's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19,

2026, expressed an adverse opinion on the effectiveness of the Group's internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on

these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to

be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of

the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to

obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or

fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,

evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting

principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial

statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that

were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to

the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of

critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by

communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to

which they relate.

Evaluation of lithium goodwill

As discussed in Note 11, the goodwill balance as of 31 December 2025 was US$2,949m, of which US$2,146m related to Rio Tinto Lithium,

which includes Arcadium Lithium and Rincon. The Group performs goodwill impairment testing annually regardless of whether there has

been an impairment indicator or more frequently if events or changes in circumstances indicate a potential impairment.

We identified the Group's evaluation of lithium goodwill as a critical audit matter. Significant auditor judgment was required to evaluate key

assumptions, including the long-run lithium carbonate price and the discount rate used in the assessment. Minor changes in these

assumptions could have a significant impact on the recoverable amount. We performed a sensitivity analysis to determine the significant

assumptions used to value the assets as at the balance sheet date, individually and in the aggregate, which required challenging auditor

judgement. Additionally, the evaluation of the key assumptions required specialised skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter:

• We involved our valuation professionals with specialised skills and knowledge who assisted us in assessing the long-run lithium carbonate

price used in the Group's goodwill assessment against market observable price forecasts.

• We assessed the long-run lithium carbonate price selected in the goodwill impairment assessment based on current macroeconomic

factors and industry trends.

• We involved our valuation professionals with specialised skills and knowledge who assisted us in challenging the Group's discount rate by

comparing it to a range of discount rates that we independently developed using publicly available market data for comparable companies

and adjusted for certain risk factors specific to the assets.

Evaluation of Iron Ore ('Pilbara') provision for close-down and restoration

As discussed in Note 14 to the consolidated financial statements, the Group has a provision for close-down, restoration and environmental

activities ('closure provisions') of US$17,831m as of December 31, 2025, a portion of which relates to Pilbara Iron Ore ('Pilbara').

We identified the evaluation of provisions for close-down and restoration related to Pilbara as a critical audit matter. Significant auditor

judgement was required to evaluate the Group's assumptions related to the life of operation and the probability, nature and timing of possible

closure and rehabilitation activities, and future close-down and restoration costs including costs associated with post-closure monitoring

('closure costs').

![KPMG-BG.jpg](rio-20251231_g202.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 247 | riotinto.com |

---

2025 Financial statements \| Report of Independent Registered Public Accounting Firms

The following are the primary procedures we performed to address this critical audit matter.

• We evaluated the design and tested the operating effectiveness of certain internal controls over the Group's process

to estimate provisions for close-down and restoration including the Group's selection of key assumptions to be used.

• We evaluated the scope and competency of the Group's experts, both internal and external to the Group, who produce the closure cost

estimates by examining the work they were involved to perform, and their professional qualifications and experience.

• We compared a selection of previous forecast cost assumptions to actual costs to assess the Group's ability to accurately forecast closure

costs.

• We inspected the most recent closure studies and other technical material prepared by the Group relating to changes in the closure

provision to assess the nature and scope of restoration work planned to be undertaken. This included assumptions relating to the life of the

operation and the nature and timing of closure and rehabilitation activities.

• We evaluated the completeness of the provisions against the Group's analysis of where disturbance requires rehabilitation and our

understanding of the Pilbara sites, including the probability, nature and timing of possible closure and rehabilitation activities.

• In addition, for certain sites, we involved mine closure professionals with specialised skills and knowledge who assisted in evaluating the

methodology applied by the Group's third-party experts and assisted us in assessing certain assumptions regarding the nature and costs

of future rehabilitation activities based on their experience and familiarity with applicable legislative requirements and industry practice and

the Group's closure commitments.

Evaluation of the property, plant and equipment and exploration and evaluation of assets acquired

As discussed in Note 5, on March 6, 2025, the Group completed the acquisition of Arcadium Lithium. This transaction was accounted for as a

business combination using the acquisition method of accounting. As a result of the transaction, the Group recognised certain tangible and

intangible assets and liabilities at their acquisition-date fair value, including US$2,054m of exploration and evaluation assets as described in

Note 12 and acquired property, plant and equipment of US$4,814m described in Note 5.

We identified the valuation of the property, plant and equipment and exploration and evaluation assets acquired as a critical audit matter.

Significant auditor judgment was required to evaluate key assumptions, including the long-run lithium carbonate price and the discount rate

used in the valuation of the property, plant and equipment and exploration and evaluations assets acquired. Minor changes in these

assumptions could have a significant impact on the fair value. We performed a sensitivity analysis to determine the significant assumptions

used to value the assets acquired, individually and in the aggregate, which required challenging auditor judgement. Additionally, the

evaluation of the key assumptions required specialised skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter:

• We evaluated the design and tested the operating effectiveness of certain internal controls related to the development and review of the

long-run lithium carbonate price and discount rate as part of the Group's acquisition-date valuation process.

• We involved our valuation professionals with specialised skills and knowledge who assisted us in assessing and challenging the long-run

lithium carbonate price used in the Group's valuation of property, plant and equipment and exploration and evaluation assets by comparing

them to market observable price forecasts.

• We assessed the long-run lithium carbonate price selected in the valuation of property, plant and equipment and exploration and

evaluation assets acquired based on current macroeconomic factors and industry trends.

• We involved our valuation professionals with specialised skills and knowledge who assisted us in challenging the Group's discount rate by

comparing it to a range of discount rates that we independently developed using publicly available market data for comparable companies

and adjusted for certain risk factors specific to the assets.

Evaluation of indicators of impairment or impairment reversals of property, plant and equipment for the Oyu Tolgoi copper-

gold mine cash generating unit (Oyu Tolgoi CGU)

As discussed, in Note 13 to the consolidated financial statements, as at December 31, 2025, the Group has US$82,889m of property, plant

and equipment, a portion of which relates to the Oyu Tolgoi copper-gold mine (Oyu Tolgoi CGU). As discussed in Note 4, external and

internal factors are monitored for indicators of impairment or impairment reversal and judgment is required to determine whether the impacts

of these factors are significant.

We identified the evaluation of indicators of impairment or impairment reversal of property, plant and equipment related to the Oyu Tolgoi

CGU as a critical audit matter. Significant auditor judgement was required to assess whether certain internal and external factors impacting

the Oyu Tolgoi CGU, including volatility on forecast commodity prices and the ramp up of underground mine production, result in indicators of

impairment or impairment reversal.

The following are the primary procedures we performed to address this critical audit matter.

• We evaluated the design and tested the operating effectiveness of certain internal controls related to the identification of indicators of

impairment or impairment reversal of property, plant and equipment for the Oyu Tolgoi CGU.

• We involved valuation professionals with specialised skills and knowledge who assisted in assessing the forecast commodity prices used

in the Group's assessment, by comparing them to, and considering changes in, market observable price forecasts.

• We assessed the impact of the underground progress in the period by comparing the actual ramp up of underground mine production to

the Group's plans, to assess whether any deviation from these plans could represent an indicator of impairment or impairment reversal.

We also inquired of operational management to corroborate certain changes in assumptions.

We have served as the Company's auditor since 2020.

---

| | |
|:---|:---|
| **/s/ KPMG LLP** <br>London, United Kingdom<br>February 19, 2026<br>In respect of the Board of directors and<br>shareholders of Rio Tinto plc<br>| **/s/ KPMG** <br>Perth, Australia<br>February 19, 2026<br>In respect of the Board of directors and<br>shareholders for Rio Tinto Limited<br>|

---

![KPMG-BG.jpg](rio-20251231_g202.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 248 | riotinto.com |

---

2025 Financial statements \| Report of Independent Registered Public Accounting Firms

Report of Independent Registered

Public Accounting Firms

To the Shareholders and Board of Directors of Rio Tinto plc and Rio Tinto Limited:

Opinion on Internal Control Over Financial Reporting

We have audited Rio Tinto Group ('the Group'), comprising of Rio Tinto plc and Rio Tinto Limited, internal control over financial reporting as of December

31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the

Treadway Commission. In our opinion, because of the effect of the material weakness, described below, on the achievement of the objectives of the control

criteria, the Group has not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal

Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated

Balance Sheet of the Group as of December 31, 2025 and 2024, the related Consolidated Income Statement, Consolidated Statement of Comprehensive

Income, Consolidated Statement of Changes in Equity and Consolidated Cash Flow Statement for each of the years in the three-year period ended

December 31, 2025, and the related notes (collectively, the consolidated financial statements) and our report dated February 19, 2026 expressed an

unqualified opinion on those consolidated financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility

that a material misstatement of the Group's annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness

related to inadequate risk assessment over certain input assumptions, including information used in the calculation of fair value of a newly acquired

business used in the purchase price allocation exercise and subsequent test of associated goodwill for impairment, resulting in ineffective design and

operation of certain related controls has been identified and included in management's assessment. The material weakness was considered in determining

the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report on

those consolidated financial statements.

The Group acquired Arcadium Lithium plc during 2025, and management excluded from its assessment of the effectiveness of the Group's internal control

over financial reporting as of 31 December 31 2025, Arcadium Lithium plc's internal control over financial reporting associated with 9% of total assets and

2% of total sales revenue included in the consolidated financial statements of the Group as of and for the year ended 31 December 2025. Our audit of

internal control over financial reporting of the Group also excluded an evaluation of the internal control over financial reporting of Arcadium Lithium plc.

Basis for Opinion

The Group's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of

internal control over financial reporting, included in the accompanying Management's report on internal control over financial reporting. Our responsibility is

to express an opinion on the Group's internal control over financial reporting based on our audit. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial

reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and

evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures

as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A Group's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and

the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Group's internal control over

financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly

reflect the transactions and dispositions of the assets of the Group; (2) provide reasonable assurance that transactions are recorded as necessary to

permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Group

are being made only in accordance with authorizations of management and directors of the Group; and (3) provide reasonable assurance regarding

prevention or timely detection of unauthorized acquisition, use, or disposition of the Group's assets that could have a material effect on the financial

statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of

effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of

compliance with the policies or procedures may deteriorate.

---

| | |
|:---|:---|
| **/s/ KPMG LLP** <br>London, United Kingdom<br>February 19, 2026<br>In respect of the Board of directors and<br>shareholders of Rio Tinto plc<br>| **/s/ KPMG** <br>Perth, Australia<br>February 19, 2026<br>In respect of the Board of directors and <br>shareholders for Rio Tinto Limited<br>|

---

Pages 249 to 266 have been intentionally omitted.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 267 | riotinto.com |

---

2025 Financial statements \| Additional financial information

Financial information by business unit

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Segmental revenue**<sup>(a)</sup><br>**for the year ended 31 December** | **Segmental revenue**<sup>(a)</sup><br>**for the year ended 31 December** | **Segmental revenue**<sup>(a)</sup><br>**for the year ended 31 December** | **Underlying EBITDA**<sup>(a)</sup><br>**for the year ended 31 December** | **Underlying EBITDA**<sup>(a)</sup><br>**for the year ended 31 December** | **Underlying EBITDA**<sup>(a)</sup><br>**for the year ended 31 December** | **Depreciation and amortisation** <br>**for the year ended 31 December** | **Depreciation and amortisation** <br>**for the year ended 31 December** | **Depreciation and amortisation** <br>**for the year ended 31 December** |
|  | Rio Tinto <br>interest%<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>Restated<br>| 2023<br>US$m<br>Restated<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>Restated<br>| 2023<br>US$m<br>Restated<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>Restated<br>| 2023<br>US$m<br>Restated<br>|
| **Aluminium & Lithium** |  |  |  |  |  |  |  |  |  |  |
| Bauxite | (b) | **3887** | 3061 | 2390 | **1847** | 1250 | 662 | **309** | 365 | 373 |
| Alumina | (c) | **3926** | 3612 | 2882 | **1003** | 799 | 136 | **126** | 142 | 170 |
| North American Aluminium | (d) | **8443** | 7030 | 6581 | **1367** | 1639 | 1480 | **864** | 785 | 710 |
| Pacific Aluminium | (e) | **3391** | 2844 | 2613 | **375** | 363 | 169 | **204** | 154 | 165 |
| Evaluation projects/other |  | **565** | 754 | 772 | **(266)** | (203) | (172) | **–** | – | – |
| Intra-segment |  | **(4100)** | (3651) | (2953) | **72** | (175) | 7 | **–** | – | – |
| **Aluminium** |  | **16112** | 13650 | 12285 | **4398** | 3673 | 2282 | **1503** | 1446 | 1418 |
| Lithium | (f) | **944** | – | – | **176** | (121) | (146) | **288** | – | – |
| **Total Aluminium & Lithium segment** |  | **17056** | 13650 | 12285 | **4574** | 3552 | 2136 | **1791** | 1446 | 1418 |
| **Copper** |  |  |  |  |  |  |  |  |  |  |
| Kennecott | 100% | **2766** | 2599 | 1430 | **870** | 720 | 178 | **600** | 718 | 500 |
| Escondida | 30% | **4582** | 3424 | 2756 | **3379** | 2221 | 1619 | **449** | 426 | 355 |
| Oyu Tolgoi | 66% | **4992** | 2184 | 1625 | **3545** | 1105 | 639 | **846** | 473 | 476 |
| Evaluation projects/other |  | **1389** | 1068 | 867 | **(425)** | (609) | (476) | **3** | 3 | 5 |
| **Total Copper segment** |  | **13729** | 9275 | 6678 | **7369** | 3437 | 1960 | **1898** | 1620 | 1336 |
| **Iron Ore**  |  |  |  |  |  |  |  |  |  |  |
| Pilbara | (g) | **25847** | 27849 | 30867 | **14786** | 16543 | 19828 | **2398** | 2390 | 2128 |
| Iron Ore Company of Canada | 58.7% | **2060** | 2450 | 2500 | **469** | 746 | 942 | **268** | 229 | 214 |
| Dampier Salt | 68.4% | **304** | 412 | 422 | **76** | 117 | 120 | **14** | 23 | 21 |
| Evaluation projects/other | (h) | **2318** | 3197 | 2701 | **(232)** | (497) | 48 | **2** | – | – |
| Intra-segment | (h) | **(1540)** | (2307) | (1951) | **95** | 76 | (23) | **–** | – | – |
| **Total Iron Ore segment** |  | **28989** | 31601 | 34539 | **15194** | 16985 | 20915 | **2682** | 2642 | 2363 |
| **Reportable segments total** |  | **59774** | 54526 | 53502 | **27137** | 23974 | 25011 | **6371** | 5708 | 5117 |
| Simandou iron ore project | (i) | **–** | – | – | **(96)** | (22) | (539) | **19** | 7 | – |
| Rio Tinto Iron & Titanium | (j) | **1729** | 1993 | 2172 | **148** | 609 | 582 | **249** | 226 | 222 |
| Rio Tinto Borates  | 100% | **814** | 763 | 802 | **210** | 183 | 212 | **64** | 65 | 58 |
| Diamonds  | (k) | **332** | 279 | 444 | **(79)** | (115) | 44 | **8** | 29 | 35 |
| Other operations | (l) | **239** | 166 | 158 | **(229)** | (160) | (306) | **339** | 321 | 291 |
| Inter-segment transactions |  | **(13)** | (21) | (21) | **–** | – | – |  |  |  |
| Central pension costs, share-based payments, insurance <br>and derivatives<br>|  |  |  |  | **(74)** | 153 | 168 |  |  |  |
| Restructuring, project and one-off costs  |  |  |  |  | **(606)** | (254) | (190) |  |  |  |
| Central costs |  |  |  |  | **(818)** | (816) | (990) | **121** | 121 | 95 |
| Central exploration and evaluation |  |  |  |  | **(230)** | (238) | (100) |  |  |  |
| Net interest  |  |  |  |  |  |  |  |  |  |  |
| **Underlying EBITDA/earnings** |  |  |  |  | **25363** | 23314 | 23892 |  |  |  |
| Items excluded from underlying EBITDA/earnings |  |  |  |  | **(229)** | 1055 | (1257) |  |  |  |
| **Reconciliation to consolidated income statement** |  |  |  |  |  |  |  |  |  |  |
| Share of EAUs sales and inter-subsidiary/EAUs sales |  | **(5237)** | (4048) | (3016) |  |  |  |  |  |  |
| Impairment charges net of reversals | (m) |  |  |  | **(341)** | (573) | (936) |  |  |  |
| Depreciation and amortisation in subsidiaries excluding <br>capitalised depreciation<br>|  |  |  |  | **(6271)** | (5744) | (4976) |  |  |  |
| Depreciation and amortisation in EAUs |  |  |  |  | **(594)** | (559) | (484) | **(594)** | (559) | (484) |
| Taxation and finance items in EAUs |  |  |  |  | **(1514)** | (1002) | (741) |  |  |  |
| Finance items |  |  |  |  | **(1846)** | (876) | (1713) |  |  |  |
| **Consolidated sales revenue/profit before taxation/**<br>**depreciation and amortisation**<br>|  | **57638** | 53658 | 54041 | **14568** | 15615 | 13785 | **6577** | 5918 | 5334 |

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 268 | riotinto.com |

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2025 Financial statements \| Additional financial information

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital expenditure**<sup>(a)</sup><sup>(n)</sup><br>**for the year ended 31 December** | **Capital expenditure**<sup>(a)</sup><sup>(n)</sup><br>**for the year ended 31 December** | **Capital expenditure**<sup>(a)</sup><sup>(n)</sup><br>**for the year ended 31 December** | **Operating assets**<sup>(o)</sup><br>**as at 31 December** | **Operating assets**<sup>(o)</sup><br>**as at 31 December** | **Operating assets**<sup>(o)</sup><br>**as at 31 December** | **Employees for the year**<br>**ended 31 December** | **Employees for the year**<br>**ended 31 December** | **Employees for the year**<br>**ended 31 December** |
|  | Rio Tinto<br>interest%<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>Restated<br>| 2023<br>US$m<br>Restated<br>| **2025** <br>**US$m**<br>| 2024<br>US$m<br>Restated<br>| 2023<br>US$m<br>Restated<br>| **2025**  | 2024<br>Restated<br>| 2023<br>Restated<br>|
| **Aluminium & Lithium** |  |  |  |  |  |  |  |  |  |  |
| Bauxite | (b) | **231** | 159 | 159 | **2105** | 2289 | 2649 | **3182** | 3188 | 3008 |
| Alumina | (c) | **289** | 279 | 325 | **689** | 804 | 1315 | **2230** | 2502 | 2600 |
| North American Aluminium | (d) | **1344** | 1153 | 748 | **11411** | 10516 | 10582 | **7494** | 7497 | 6886 |
| Pacific Aluminium | (e) | **117** | 102 | 99 | **736** | 706 | 340 | **3351** | 2728 | 2563 |
| Evaluation projects/other |  | **–** | – | – | **814** | 810 | 899 | **234** | 243 | 256 |
| Intra-segment |  | **–** | 1 | – | **78** | (15) | 98 | **–** | – | – |
| **Aluminium** |  | **1981** | 1694 | 1331 | **15833** | 15110 | 15883 | **16491** | 16158 | 15313 |
| Lithium | (f) | **1365** | 154 | 26 | **9783** | 1088 | 816 | **2446** | 226 | 171 |
| **Total Aluminium & Lithium segment** |  | **3346** | 1848 | 1357 | **25616** | 16198 | 16699 | **18937** | 16384 | 15484 |
| **Copper** |  |  |  |  |  |  |  |  |  |  |
| Kennecott | 100% | **593** | 774 | 735 | **2589** | 2391 | 2606 | **2234** | 2502 | 2411 |
| Escondida | 30% | **–** | – | – | **3316** | 2779 | 2844 | **1203** | 1135 | 1203 |
| Oyu Tolgoi | 66% | **1278** | 1277 | 1230 | **16857** | 16692 | 15334 | **4876** | 4734 | 4515 |
| Evaluation projects/other |  | **1** | 4 | 11 | **230** | 262 | 266 | **289** | 317 | 295 |
| **Total Copper segment** |  | **1872** | 2055 | 1976 | **22992** | 22124 | 21050 | **8602** | 8688 | 8424 |
| **Iron Ore**  |  |  |  |  |  |  |  |  |  |  |
| Pilbara | (g) | **4063** | 2985 | 2563 | **20427** | 17016 | 17959 | **14515** | 15152 | 15181 |
| Iron Ore Company of Canada | 58.7% | **330** | 291 | 364 | **1394** | 1240 | 1347 | **3123** | 3214 | 3206 |
| Dampier Salt | 68.4% | **29** | 27 | 25 | **94** | 5 | 146 | **286** | 422 | 430 |
| Evaluation projects/other | (h) | **–** | – | – | **804** | 718 | 780 | **21** | 22 | 22 |
| Intra-segment | (h) | **–** | – | – | **(105)** | (177) | (230) | **–** | – | – |
| **Total Iron Ore segment** |  | **4422** | 3303 | 2952 | **22614** | 18802 | 20002 | **17945** | 18810 | 18839 |
| **Reportable segments total** |  | **9640** | 7206 | 6285 | **71222** | 57124 | 57751 | **45484** | 43882 | 42747 |
| Simandou iron ore project | (i) | **2219** | 1832 | 266 | **4158** | 2106 | 738 | **1216** | 989 | 571 |
| Rio Tinto Iron & Titanium | (j) | **229** | 244 | 240 | **3270** | 3215 | 3386 | **4123** | 4397 | 4415 |
| Rio Tinto Borates  | 100% | **64** | 57 | 49 | **438** | 475 | 502 | **981** | 989 | 1013 |
| Diamonds  | (k) | **3** | 48 | 66 | **(106)** | (38) | 29 | **758** | 864 | 871 |
| Other operations | (l) | **38** | 70 | 58 | **(1251)** | (1396) | (2581) | **937** | 835 | 860 |
| Inter-segment transactions |  |  |  |  | **(3)** | 6 | 7 |  |  |  |
| Other items |  | **92** | 134 | 113 | **(1163)** | (755) | (1015) | **7731** | 7638 | 6697 |
| **Total** |  | **12285** | 9591 | 7077 | **76565** | 60737 | 58817 | **61230** | 59594 | 57174 |
| Add back: Proceeds from disposal of <br>property, plant and equipment<br>|  | **50** | 30 | 9 |  |  |  |  |  |  |
| **Total purchases of property, plant &** <br>**equipment and intangibles as per cash** <br>**flow statement**<br>|  | **12335** | 9621 | 7086 |  |  |  |  |  |  |
| Add: Net debt |  |  |  |  | **(14362)** | (5491) | (4231) |  |  |  |
| **Equity attributable to owners of Rio Tinto** |  |  |  |  | **62203** | 55246 | 54586 |  |  |  |
| **Total employees** |  |  |  |  |  |  |  | **61230** | 59594 | 57174 |

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 269 | riotinto.com |

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2025 Financial statements \| Additional financial information

Business units are classified according to the Group's management

structure. Our management structure is based on product groups

together with global support functions whose leaders make up the

Executive Committee. The Executive Committee members each

report directly to our Chief Executive who is the chief operating

decision maker and is responsible for allocating resources and

assessing performance of the operating segments. Finance costs

and net debt are managed on a Group-wide basis and are therefore

excluded from the segmental results

The financial information by business unit has been recast in

accordance with the organisational restructure announced on 27

August 2025 which simplified our product group structure from 4 to 3

segments. The main impacts are: Iron Ore Company of Canada

(IOC) has moved from the previous Minerals product group to the

Iron Ore product group and Rincon has moved from "evaluation

projects/other" in the previous Minerals product group to the new

Aluminium & Lithium product group; the other business activities

formerly in the Minerals product group are now classified outside of

the reportable segments. Rio Tinto Iron & Titanium and Rio Tinto

Borates were placed under strategic review during 2025, with

Diamonds now presented outside of our product group structure as

it managed by the Chief Commercial Officer.

On 6 March 2025, we acquired Arcadium Lithium plc, and its results

are included in the new Aluminium & Lithium product group as part

of "Lithium", together with Rincon.

The disclosures in this note include certain alternative performance

measures (non-IFRS measures). For more information on the non-

IFRS measures used by the Group, including definitions and

calculations, refer to the section titled alternative performance

measures (pages [270](#i6e24f352bf2243f482bd1df1b3ce01ce_997) to [274](#i6e24f352bf2243f482bd1df1b3ce01ce_1048)). Ownership interests are 100% unless

otherwise shown.

(a) Segmental revenue, Underlying EBITDA and Capital expenditure are defined and calculated in note 1 from pages [170](#i110f1c8614314fbc9cbda0e184b0a4fa_42) to [171](#i52bb6f06fb574ab0b48d08f6dbc63ec7_23-0-1-1-5910999). 

(b) Bauxite represents the Group's interest in Gove and Weipa, Porto Trombetas (22%) and Sangaredi (22.9%).

(c) Alumina represents the Group's interest in Jonquière (Vaudreuil), Yarwun, Queensland Alumina (80% equity and 20% additional tolling capacity in the income statement) and São Luis (Alumar) (10%).

(d) North American Aluminium represents the Group's interest in Alma, Arvida, Arvida AP60, Grande-Baie, ISAL, Kitimat, Laterrière, Alouette (40%), Bécancour (25.1%), Sohar (20%) and Matalco (50%).

(e) Pacific Aluminium represents the Group's interest in Bell Bay, Boyne Island (73.5%), Tiwai Point and Tomago (51.6%). On 30 September 2024, our interest in Boyne Island was increased from 59.4% to 71.05% following our acquisition of Mitsubishi Corporation's 11.65% interest in Boyne Smelters Limited (BSL). On 1 November 2024, our interest was further increased to 73.5% following our acquisition of Sumitomo Chemical Company's (SCC) 2.46% interest in BSL. On 1 November 2024, we also acquired SCC's 20.64% interest in New Zealand Aluminium Smelters, increasing our interest from 79.36% to 100%.

(f) Lithium represents the Group's interest in Rincon and, following the acquisition of Arcadium Lithium on 6 March 2025, the following operating mines: Olaroz (67%), Hombre Muerto, assets under construction in Argentina and Canada (50%), undeveloped properties and downstream processing facilities in Argentina, Canada, US, UK, China, and Japan (75%).

(g) Pilbara represents the Group's holding in Hamersley, Hope Downs Joint Venture (50%), Western Range Joint Venture (54%) and Robe River Iron Associates (65%). The Group's net beneficial interest in Robe River Iron Associates is 53%, as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary.

(h) Segmental revenue, Underlying EBITDA, and Operating assets within Evaluation projects/other include activities relating to the shipment and blending of Pilbara and IOC iron ore inventories held portside in China and sold to domestic customers. Transactions between Pilbara or IOC and our portside trading business are eliminated through the Iron Ore "intra-segment" line.

(i) Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey) which in turn, has an 85% interest in SimFer S.A., the company that will carry out the Simandou mining operations in Guinea, and an 85% interest in the company which is delivering SimFer Jersey's scope of the co-developed rail and port infrastructure. SimFer Jersey at present has a 100% interest in the companies that will own and operate the transhipment vessels, however this is anticipated to reduce to 85% with the Government of Guinea taking a 15% interest before transhipment operations commence. These entities, together with the equity accounted WCS Rail and Port entities described in note 33 and La Compagnie du Transguinéen S.A., eventual owner and operator of the co-developed infrastructure, are referred to as the Simandou iron ore project.

(j) Includes our interests in Rio Tinto Iron and Titanium Quebec Operations, QIT Madagascar Minerals (QMM, economic interest of 85%) and Richards Bay Minerals (attributable interest of 74%).

(k) Relates to our 100% interest in the Diavik diamond mine and diamond marketing operations.

(l) Other operations includes our 98.43% interest in Energy Resources of Australia, sites being rehabilitated under the management of Rio Tinto Closure, Rio Tinto Marine, and the remaining legacy liabilities of Rio Tinto Coal Australia. These include provisions for onerous contracts, in relation to rail infrastructure capacity, partly offset by financial assets and receivables relating to contingent royalties and disposal proceeds. 

(m) Refer to note 4 for allocation of impairment charges net of reversals between consolidated amounts and share of profit in EAUs.

(n) Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment, capitalised evaluation costs and purchases less sales of other intangible assets as derived from the consolidated cash flow statement. The details provided include 100% of subsidiaries' capital expenditure and Rio Tinto's share of the capital expenditure of joint operations but exclude equity accounted units.

(o) Operating assets of the Group represents equity attributable to Rio Tinto adjusted for net debt. Operating assets of subsidiaries, joint operations and the Group's share relating to equity accounted units are made up of net assets adjusted for net debt and post-retirement assets and liabilities, net of tax. Operating assets are stated after the deduction of non-controlling interests; these are calculated by reference to the net assets of the relevant companies (ie inclusive of such companies' debt and amounts due to or from Rio Tinto Group companies). 

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 270 | riotinto.com |

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2025 Financial statements \| Additional financial information

Alternative performance measures

The Group presents certain alternative performance measures (non-IFRS measures) which are reconciled to directly comparable IFRS

financial measures below. These non-IFRS measures, hereinafter referred to as alternative performance measures (APMs), are used by

management to assess the performance of the business and provide additional information, which investors may find useful. APMs are

presented in order to give further insight into the underlying business performance of the Group's operations.

APMs are not consistently defined and calculated by all companies, including those in the Group's industry. Accordingly, these measures

used by the Group may not be comparable with similarly titled measures and disclosures made by other companies. Consequently, these

APMs should not be regarded as a substitute for the IFRS measures and should be considered supplementary to those measures.

The following tables present the Group's key financial measures not defined according to IFRS and a reconciliation between those APMs and

their nearest respective IFRS measures.

Reconciliation of APMs to the nearest comparable IFRS financial measures for the year 2022 and 2021 can be found in the section APM of

our 2022 Annual Report on Form 20-F. Reconciliation of underlying return on capital employed and Net (debt)/cash for the year 2023 can be

found in our 2023 Annual Report on Form 20-F.

APMs derived from the income statement

The following income statement measures are used by the Group to provide greater understanding of the underlying business performance

of its operations and to enhance comparability of reporting periods. They indicate the underlying commercial and operating performance of

our assets including revenue generation, productivity and cost management.

**Segmental revenue** 

Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units (EAUs) in proportion to our

equity interest (after adjusting for sales to/from subsidiaries). The reconciliation can be found in "Our financial performance" on page [170](#i110f1c8614314fbc9cbda0e184b0a4fa_42).

**Underlying EBITDA**

Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA

impact of items that do not reflect the underlying performance of our reportable segments. The reconciliation of profit after tax to underlying

EBITDA can be found in "Our financial performance" on page [171](#i52bb6f06fb574ab0b48d08f6dbc63ec7_23-0-1-1-5910999).

**Underlying EBITDA margin**

Underlying EBITDA margin is defined as underlying EBITDA divided by the aggregate of consolidated sales revenue and our share of equity

account unit sales after eliminations.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>| 2023 <br>US$m<br>|
| Underlying EBITDA | **25363** | 23314 | 23892 |
| Consolidated sales revenue | **57638** | 53658 | 54041 |
| Share of equity accounted unit sales and inter-subsidiary/equity accounted unit sales eliminations | **5237** | 4048 | 3016 |
|  | **62875** | 57706 | 57057 |
| **Underlying EBITDA margin** | **40%** | 40% | 42% |

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 271 | riotinto.com |

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2025 Financial statements \| Additional financial information

**Underlying earnings** 

Underlying earnings represents net earnings attributable to the owners of Rio Tinto, adjusted to exclude items that do not reflect the

underlying performance of the Group's operations.

Exclusions from underlying earnings are those gains and losses that, individually or in aggregate with similar items, are of a nature and size

to require exclusion in order to provide additional insight into underlying business performance.

The following items are excluded from net earnings in arriving at underlying earnings in each period irrespective of materiality:

• net (gains)/losses on consolidation or disposal of interests in businesses

• net impairment charges and reversals

• (profit)/loss after tax from discontinued operations

• exchange and derivative gains and losses. This adjustment includes exchange (gains)/losses on external net debt and intragroup balances, unrealised

(gains)/losses on currency and interest rate derivatives not qualifying for hedge accounting, unrealised (gains)/losses on certain commodity derivatives

not qualifying for hedge accounting, and unrealised (gains)/losses on embedded derivatives not qualifying for hedge accounting

• adjustments to closure provisions where the adjustment is associated with an impairment charge, or for legacy sites where the disturbance

or environmental contamination relates to the pre-acquisition period.

In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate

if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In

2025, there were no items in this category. In 2024 this includes provision for uncertain tax positions in relation to disputes with the

Mongolian Tax Authority and the recognition of deferred tax assets at Energy Resources of Australia.

Exclusions from underlying earnings relating to equity accounted units are stated after tax and included in the column "Pre-tax".

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pre-tax** <br>**2025**<br>**US$m**<br>| **Taxation** <br>**2025**<br>**US$m**<br>| **Non-**<br>**controlling** <br>**interests** <br>**2025**<br>**US$m**<br>| **Net** <br>**amount** <br>**2025** <br>**US$m**<br>| Net <br>amount <br>2024 <br>US$m<br>| Net <br>amount <br>2023 <br>US$m<br>|
| **Net earnings** | **14568** | **(4319)** | **(283)** | **9966** | 11552 | 10058 |
| **Items excluded from underlying earnings** |  |  |  |  |  |  |
| Impairment charges net of reversals (note 4) | **341** | **(100)** | **–** | **241** | 534 | 652 |
| Gains on consolidation and disposal of interests in businesses | **–** | **–** | **–** | **–** | (897) | – |
| Foreign exchange and derivative losses/(gains): |  |  |  |  |  |  |
| – Exchange losses/(gains) on external net debt, intragroup balances and derivatives<sup>(a)</sup> | **471** | **14** | **1** | **486** | (293) | 243 |
| – (Gains)/losses on currency and interest rate derivatives not qualifying for hedge accounting<sup>(b)</sup> | **(8)** | **1** | **(4)** | **(11)** | 74 | 87 |
| – (Gains)/losses on embedded commodity derivatives not qualifying for hedge accounting<sup>(c)</sup> | **(63)** | **27** | **–** | **(36)** | 65 | (23) |
| Change in closure estimates (non-operating and fully impaired sites)<sup>(d)</sup> | **293** | **(71)** | **–** | **222** | 73 | 1102 |
| Uncertain Tax Provisions | **–** | **–** | **–** | **–** | 195 | – |
| Recognition of deferred tax assets at Energy Resources of Australia | **–** | **–** | **–** | **–** | (436) | – |
| Deferred tax arising on internal sale of assets in Canadian operations | **–** | **–** | **–** | **–** | – | (364) |
| **Total excluded from underlying earnings** | **1034** | **(129)** | **(3)** | **902** | (685) | 1697 |
| **Underlying earnings** | **15602** | **(4448)** | **(286)** | **10868** | 10867 | 11755 |

---

(a)Exchange losses/(gains) on external net debt, intragroup balances and derivatives includes post-tax losses on intragroup balances of US$761 million (2024: US$647 million gain; 2023:

US$316 million loss) offset by post-tax gains on external net debt of US$275 million (2024: US$354 million loss; 2023: US$73 million gain), primarily as a result of the Australian dollar

strengthening against the US dollar compared to the 31 December 2024 spot rate.

(b)Valuation changes on currency and interest rate derivatives, which are ineligible for hedge accounting, other than those embedded in commercial contracts, and the currency revaluation

of embedded US dollar derivatives contained in contracts held by entities whose functional currency is not the US dollar.

(c)Valuation changes on derivatives, embedded in commercial contracts that are ineligible for hedge accounting but for which there will be an offsetting change in future Group earnings.

Mark-to-Market (MTM) movements on commodity derivatives entered into with the commercial objective of achieving spot pricing for the underlying transaction at the date of settlement

are included in underlying earnings. In 2025, this includes unrealised gains (2024: losses) recognised in relation to our renewable PPAs.

(d)In 2025, the change in closure estimate charge includes US$233 million related to the Yarwun alumina refinery, due to an acceleration of its forecast closure date as studies had not

identified an economically viable solution for the construction of a second tailings storage facility. This qualified under our accounting policy for exclusion from underlying earnings as it

also resulted in an impairment charge during the year (refer to note 4 for further details). In 2024, the charge to the income statement related to the change in estimates of underlying

closure cash flows, net of impact of a change in discount rate, expressed in real-terms, from 2.0% to 2.5% as applied to provisions for close-down, restoration and environmental

liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto. In 2023, the charge includes US$873 million related to the closure provision update

announced by ERA on 12 December 2023, together with the update included in their half year results for the period ended 30 June 2023, published in August 2023. This update was

considered material and therefore it was aggregated with other closure study updates which were similar in nature and have been excluded from underlying earnings.

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 272 | riotinto.com |

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2025 Financial statements \| Additional financial information

**Basic underlying earnings per share**

Basic underlying earnings per share is calculated as underlying earnings divided by the weighted average number of shares outstanding

during the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**(cents)**<br>| 2024 <br>(cents)<br>| 2023 <br>(cents)<br>|
| Basic earnings per ordinary share | **613.7** | 711.7 | 620.3 |
| Items excluded from underlying earnings per share<sup>(a)</sup> | **55.5** | (42.2) | 104.7 |
| **Basic underlying earnings per ordinary share** | **669.2** | 669.5 | 725.0 |

---

(a)Calculation of items excluded from underlying earnings per share.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Items excluded from underlying earnings (US$m) (refer to page [271](#i48065e92837a4031b931b2e541825f79_2054)) | **902.0** | (685.0) | 1697.0 |
| Weighted average number of shares (millions) | **1624.0** | 1623.1 | 1621.4 |
| **Items excluded from underlying earnings per share (cents)** | **55.5** | (42.2) | 104.7 |

---

We have provided basic underlying earnings per share as this allows the comparability of financial performance adjusted to exclude items

which do not reflect the underlying performance of the Group's operations.

**Interest cover**

Interest cover is a financial metric used to monitor our ability to service debt. It represents the number of times finance income and finance

costs (including amounts capitalised) are covered by profit before taxation, before finance income, finance costs, share of profit after tax of

equity accounted units and items excluded from underlying earnings, plus dividends from equity accounted units.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>|
| **Profit before taxation** | **14568** | 15615 |
| Add back |  |  |
| Finance income | **(465)** | (514) |
| Finance costs | **1062** | 763 |
| Share of profit after tax of equity accounted units | **(1478)** | (838) |
| Items excluded from underlying earnings | **1034** | (715) |
| Add: Dividends from equity accounted units | **1070** | 1067 |
| **Calculated earnings** | **15791** | 15378 |
| Finance income | **465** | 514 |
| Finance costs | **(1062)** | (763) |
| Add: Amounts capitalised | **(411)** | (424) |
| **Total net finance costs before capitalisation** | **(1008)** | (673) |
| **Interest cover** | **16** | 23 |

---

**Payout ratio**

The payout ratio is used by us to guide the dividend policy we implemented in 2016, under which we have sought to return 40-60% of

underlying earnings, on average through the cycle, to shareholders as dividends. It is calculated as total equity dividends per share to

owners of Rio Tinto declared in respect of the financial year divided by underlying earnings per share (as defined above). Dividends declared

usually include an interim dividend paid in the year, and a final dividend paid after the end of the year. Any special dividends declared in

respect of the financial year are also included.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**(cents)**<br>| 2024 <br>(cents)<br>|
| Interim dividend declared per share | **148.0** | 177.0 |
| Final dividend declared per share | **254.0** | 225.0 |
| **Total dividend declared per share for the year** | **402.0** | 402.0 |
| Underlying earnings per share | **669.2** | 669.5 |
| **Payout ratio** | **60%** | 60% |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 273 | riotinto.com |

---

2025 Financial statements \| Additional financial information

APMs derived from cash flow statement

**Capital expenditure**

Capital expenditure includes the net sustaining and development expenditure on property, plant and equipment, and on intangible assets.

This is equivalent to "Purchases of property, plant and equipment and intangible assets" in the cash flow statement less "Sales of property,

plant and equipment and intangible assets".

This measure is used to support management's objective of effective and efficient capital allocation as we need to invest in existing assets in

order to maintain and improve productive capacity, and in new assets to drive business growth.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>| 2023 <br>US$m<br>|
| Purchase of property, plant and equipment and intangible assets | **12335** | 9621 | 7086 |
| Less: Sales of property, plant and equipment and intangible assets | **(50)** | (30) | (9) |
| **Capital expenditure** | **12285** | **9591** | **7077** |

---

**Rio Tinto share of capital investment**

Rio Tinto's share of capital investment represents our economic investment in capital projects.

The measure is based upon our capital expenditure APM (as defined above), adjusted to deduct equity or shareholder loan financing

provided to partially owned subsidiaries by non-controlling interests in respect of major capital projects in the period and contributions from

other third parties. In circumstances where the funding to be provided by non-controlling interests is not received in the same period as the

underlying capital investment, this adjustment is applied in the period in which the underlying capital investment is made, not when the

funding is received. Where funding which would otherwise be provided directly by shareholders is replaced with project financing, an

adjustment is also made to deduct the share of project financing attributable to the non-controlling interest. This adjustment is not made in

cases where Rio Tinto has unilaterally guaranteed this project financing. Lastly, funding contributed by the Group to equity accounted units

for its share of investment in their major capital projects is added to the measure. No adjustment is made to the Capital expenditure APM

where capital expenditure is funded from the operating cash flows of the subsidiary or EAU.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>Adjusted<sup>(a)</sup><br>| 2023 <br>US$m<br>Adjusted<sup>(a)</sup><br>|
| Capital expenditure<sup>(a)</sup> | **12285** | 9591 | 7077 |
| Funding provided by the group to EAUs<sup>(b)</sup> | **557** | 965 | – |
| Total capital investment<sup>(a)</sup> | **12842** | 10556 | 7077 |
| Less: Equity or shareholder loan financing received/due from non-controlling interests<sup>(c)</sup> | **(1439)** | (1063) | (125) |
| **Rio Tinto share of capital investment**<sup>(a)</sup> | **11403** | **9493** | **6952** |

---

(a)In 2025, we revised the calculation of "Rio Tinto share of capital investment" to be based on our "Capital expenditure" APM, as presented above. Accordingly, we have adjusted prior

year comparatives for comparability.

(b)Funding provided by the group to EAUs relates to funding of WCS Rail and Port Holding Entities (WCS) in relation to the Simandou project, consisting of a direct equity investment in

WCS of US$249 million (2024: US$431 million) and loans provided totalling US$308 million (2024: US$534 million).

(c)We received US$1,321 million (2024: US$1,505 million) from Chalco Iron Ore Holdings Ltd (CIOH) interests of which US$1,160 million (2024: US$1,063 million) relates to CIOH's 47%

share of capital expenditure incurred on the Simandou project and associated funding provided by the Group to EAUs during the current year on an accruals basis. In 2025, we also

received US$236 million from Investissement Québec (IQ) in respect of their 50% share of capital expenditure incurred on the Nemaska lithium development project. The equivalent

amount, on an accruals basis, of US$279 million is included in Rio Tinto share of capital investment.

**Free cash flow**

Free cash flow is defined as net cash generated from operating activities minus purchases of property, plant and equipment and intangibles

and payments of lease principal, plus proceeds from the sale of property, plant and equipment and intangible assets.

This measures the net cash returned by the business after the expenditure of sustaining and development capital. This cash can be used for

shareholder returns, reducing debt and other investing/financing activities.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>| 2023 <br>US$m<br>|
| Net cash generated from operating activities | **16832** | 15599 | 15160 |
| Less: Purchase of property, plant and equipment and intangible assets | **(12335)** | (9621) | (7086) |
| Less: Lease principal payments | **(522)** | (455) | (426) |
| Add: Sales of property, plant and equipment and intangible assets | **50** | 30 | 9 |
| **Free cash flow** | **4025** | 5553 | 7657 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 274 | riotinto.com |

---

2025 Financial statements \| Additional financial information

APMs derived from the balance sheet

**Net debt**

Net debt is total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related

to net debt.

Net debt measures how we are managing our balance sheet and capital structure. Refer to note 20 on page [200](#ib59dd6583ec24ef68c8f0881a60a137f_1085) for the reconciliation.

**Net gearing ratio**

Net gearing ratio is defined as net debt divided by the sum of net debt and total equity at the end of each year. It demonstrates the degree to

which the Group's operations are funded by debt versus equity.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>|
| **Net debt** | **14362** | 5491 |
| Total equity | **67024** | 57965 |
| **Net debt plus total equity** | **81386** | 63456 |
| **Net gearing ratio** | **18%** | 9% |

---

**Underlying return on capital employed**

Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed

(operating assets).

Underlying ROCE measures how efficiently we generate profits from investment in our portfolio of assets.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**US$m**<br>| 2024 <br>US$m<br>|
| **Profit after tax attributable to owners of Rio Tinto (net earnings)** | **9966** | 11552 |
| Items added back to derive underlying earnings (refer to page [271](#i48065e92837a4031b931b2e541825f79_2054)) | **902** | (685) |
| **Underlying earnings** | **10868** | 10867 |
| Add/(deduct): |  |  |
| Finance income per the income statement | **(465)** | (514) |
| Finance costs per the income statement | **1062** | 763 |
| Tax on finance cost | **(71)** | (208) |
| Non-controlling interest share of net finance costs | **(560)** | (496) |
| Net interest cost in equity accounted units (Rio Tinto share) | **49** | 60 |
| **Net interest**  | **15** | (395) |
| **Adjusted underlying earnings** | **10883** | 10472 |
| Equity attributable to owners of Rio Tinto - beginning of the year | **55246** | 54586 |
| Net debt - beginning of the year | **5491** | 4231 |
| **Operating assets - beginning of the year** | **60737** | 58817 |
| Equity attributable to owners of Rio Tinto - end of the year | **62203** | 55246 |
| Net debt - end of the year | **14362** | 5491 |
| **Operating assets - end of the year** | **76565** | 60737 |
| **Average operating assets** | **68651** | 59777 |
| **Underlying return on capital employed** | **16%** | 18% |

---

![Production, Ore Reserves, Mineral Resources and operations-BG.jpg](rio-20251231_g203.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 275 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources

and operations

---

| | |
|:---|:---|
| Metals and minerals production | [276](#i6e24f352bf2243f482bd1df1b3ce01ce_1072) |
| [Mineral Resources and Mineral Reserves](#i6e24f352bf2243f482bd1df1b3ce01ce_1075) | [278](#i6e24f352bf2243f482bd1df1b3ce01ce_1075) |
| [Qualified Persons](#i6e24f352bf2243f482bd1df1b3ce01ce_1078) | [280](#i6e24f352bf2243f482bd1df1b3ce01ce_1078) |
| [Mineral Reserves](#i6e24f352bf2243f482bd1df1b3ce01ce_1081) | [282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081) |
| [Mineral Resources](#i6e24f352bf2243f482bd1df1b3ce01ce_1084) | [294](#i6e24f352bf2243f482bd1df1b3ce01ce_1084) |
| [Mines and production facilities](#i6e24f352bf2243f482bd1df1b3ce01ce_1087) | [305](#i6e24f352bf2243f482bd1df1b3ce01ce_1087) |

---

---

| | |
|:---|:---|
| ![Caption-icon-black.gif](rio-20251231_g105.gif) | **Image:** Conveyor belt between stockpiles at Weipa Operations, <br>Australia.<br>|

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 276 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations

Metals and minerals production

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Rio Tinto % <br>interest<sup>1</sup> | **2025 Production** | **2025 Production** | 2024 Production | 2024 Production | 2023 Production | 2023 Production |
| | Rio Tinto % <br>interest<sup>1</sup> | **Total** | **Rio Tinto** <br>**share**<br>| Total | Rio Tinto<br>share<br>| Total | Rio Tinto<br>share<br>|
| **ALUMINA('000 tonnes)** |  |  |  |  |  |  |  |
| Jonquière (Vaudreuil) (Canada) | 100% | **1370** | **1370** | 1353 | 1353 | 1392 | 1392 |
| Jonquière (Vaudreuil) specialty plant (Canada) | 100% | **110** | **110** | 111 | 111 | 109 | 109 |
| Queensland Alumina (Australia) | 80% | **3488** | **2791** | 3384 | 2707 | 3366 | 2693 |
| São Luis (Alumar) (Brazil) | 10% | **3796** | **380** | 3687 | 369 | 3375 | 338 |
| Yarwun (Australia) | 100% | **2943** | **2943** | 2762 | 2762 | 3006 | 3006 |
| **Rio Tinto total** |  |  | **7593** |  | 7303 |  | 7537 |
| **ALUMINIUM (primary) ('000 tonnes)** |  |  |  |  |  |  |  |
| Alma (Canada) | 100% | **485** | **485** | 483 | 483 | 484 | 484 |
| Alouette (Sept-Îles) (Canada) | 40% | **616** | **247** | 632 | 253 | 634 | 253 |
| Arvida (Canada) | 100% | **130** | **130** | 153 | 153 | 172 | 172 |
| Arvida AP60 (Canada) | 100% | **60** | **60** | 61 | 61 | 59 | 59 |
| Bécancour (Canada) | 25% | **470** | **118** | 473 | 119 | 465 | 117 |
| Bell Bay (Australia) | 100% | **190** | **190** | 187 | 187 | 186 | 186 |
| Boyne Island (Australia)<sup>2</sup> | 74% | **504** | **370** | 507 | 318 | 496 | 295 |
| Grande-Baie (Canada) | 100% | **229** | **229** | 229 | 229 | 229 | 229 |
| ISAL (Reykjavik) (Iceland) | 100% | **203** | **203** | 202 | 202 | 209 | 209 |
| Kitimat (Canada) | 100% | **406** | **406** | 419 | 419 | 377 | 377 |
| Laterrière (Canada) | 100% | **251** | **251** | 252 | 252 | 244 | 244 |
| Sohar (Oman) | 20% | **400** | **80** | 399 | 80 | 398 | 80 |
| Tiwai Point (New Zealand)<sup>3</sup> | 100% | **315** | **315** | 290 | 239 | 334 | 265 |
| Tomago (Australia) | 52% | **574** | **296** | 587 | 302 | 589 | 304 |
| **Rio Tinto total** |  |  | **3380** |  | 3296 |  | 3272 |
| **Recycled production ('000 tonnes)** |  |  |  |  |  |  |  |
| Matalco | 50% | **538** | **269** | 528 | 264 | – | – |
| **BAUXITE ('000 tonnes)**<sup>4</sup> |  |  |  |  |  |  |  |
| Gove (Australia) | 100% | **12729** | **12729** | 12721 | 12721 | 11566 | 11566 |
| Porto Trombetas (MRN) (Brazil) | 22% | **11560** | **2543** | 11523 | 2535 | 11472 | 1502 |
| Sangaredi (Guinea)<sup>5</sup> | 23% | **17032** | **7665** | 14043 | 6319 | 14278 | 6425 |
| Weipa (Australia) | 100% | **39464** | **39464** | 37078 | 37078 | 35126 | 35126 |
| **Rio Tinto total** |  |  | **62400** |  | 58653 |  | 54619 |
| **BORATES (B2O3 content) ('000 tonnes)**  |  |  |  |  |  |  |  |
| Rio Tinto Borates – Boron (US) | 100% | **502** | **502** | 504 | 504 | 495 | 495 |
| **COPPER (mine production) ('000 tonnes)**<sup>4</sup> |  |  |  |  |  |  |  |
| Bingham Canyon (US) | 100% | **125** | **125** | 123 | 123 | 152 | 152 |
| Escondida (Chile) | 30% | **1272** | **382** | 1196 | 359 | 1000 | 300 |
| Oyu Tolgoi (Mongolia) | 66% | **345** | **228** | 215 | 142 | 168 | 111 |
| **Rio Tinto total mine production** |  |  | **735** |  | 624 |  | 562 |
| **COPPER (refined) ('000 tonnes)** |  |  |  |  |  |  |  |
| Escondida (Chile) | 30% | **187** | **56** | 184 | 55 | 222 | 67 |
| Kennecott (US)<sup>6</sup> | 100% | **134** | **134** | 193 | 193 | 109 | 109 |
| **Rio Tinto total refined production** |  |  | **190** |  | 248 |  | 175 |
| **COPPER (production-consolidated basis) ('000 tonnes)** |  |  |  |  |  |  |  |
| Kennecott (US)<sup>6</sup> - Production of refined metal |  | **134** | **134** | 193 | 193 | 109 | 109 |
| Escondida (Chile)<sup>7</sup> - Mill production (metal in <br>concentrates)<br>|  | **348** | **348** | 329 | 329 | – | – |
| Escondida (Chile) - Refined production from leach plants |  | **56** | **56** | 55 | 55 | – | – |
| Oyu Tolgoi (Mongolia) - Metal in concentrates |  | **345** | **345** | 215 | 215 | – | – |
| Rio Tinto total production - consolidated basis |  |  | **883** |  | 793 |  | 608 |
| **DIAMONDS ('000 carats)** |  |  |  |  |  |  |  |
| **Diavik (Canada)** | 100% | **4429** | **4429** | 2759 | 2759 | 3340 | 3340 |
| **GOLD (mined) ('000 ounces)**<sup>4</sup> |  |  |  |  |  |  |  |
| Bingham Canyon (US) | 100% | **117.8** | **117.8** | 95.2 | 95.2 | 104.8 | 104.8 |
| Escondida (Chile) | 30% | **152.1** | **45.6** | 168.6 | 50.6 | 199.2 | 59.7 |
| Oyu Tolgoi (Mongolia) | 66% | **455.9** | **300.9** | 206.4 | 136.2 | 177.3 | 117 |
| **Rio Tinto total** |  |  | **464.3** |  | 282 |  | 281.5 |

---

See notes on page [277](#i5b8802042b494875a6eb21c43443b6b1_115).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 277 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Metals and minerals production

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Rio Tinto % <br>interest<sup>1</sup> | **2025 Production** | **2025 Production** | 2024 Production | 2024 Production | 2023 Production | 2023 Production |
| | Rio Tinto % <br>interest<sup>1</sup> | **Total** | **Rio Tinto**<br>**share**<br>| Total | Rio Tinto<br>share<br>| Total | Rio Tinto<br>share<br>|
| **GOLD (refined) ('000 ounces)** |  |  |  |  |  |  |  |
| Kennecott (US)<sup>6</sup> | 100.0% | **117** | **117** | 144 | 144 | 74 | 74 |
| **IRON ORE ('000 tonnes)**<sup>8</sup> |  |  |  |  |  |  |  |
| Hamersley mines (Australia) | See footnote <br>9<br>| **229605** | **229605** | 224816 | 224816 | 225898 | 225898 |
| Hope Downs (Australia) | 50.0% | **36751** | **18375** | 41956 | 20978 | 46482 | 23241 |
| Iron Ore Company of Canada (Canada) | 58.7% | **15905** | **9339** | 16086 | 9446 | 16478 | 9676 |
| Robe River - Robe Valley (Australia) | 53.0% | **28610** | **15163** | 31742 | 16823 | 29162 | 15456 |
| Robe River - West Angelas (Australia) | 53.0% | **32326** | **17133** | 29457 | 15612 | 29999 | 15899 |
| **Rio Tinto total**<sup>8</sup> |  |  | **289616** |  | 287676 |  | 290171 |
| **Simandou iron ore production ('000 tonnes)**<sup>10</sup> | 45.0%<sup>11</sup> | **2271** | **1023** |  | N/A |  | N/A |
| **LITHIUM ('000 tonnes)** |  |  |  |  |  |  |  |
| Lithium carbonate | See footnote <br>12 <br>| **60** | **49** |  |  |  |  |
| Lithium hydroxide | 100.0% | **21** | **21** | N/A | N/A | N/A | N/A |
| Spodumene | 100.0% | **34** | **34** | N/A | N/A | N/A | N/A |
| Other lithium specialities (LCE) | 100.0% | **6** | **6** | N/A | N/A | N/A | N/A |
| Total lithium carbonate equivalent (LCE) production<sup>13</sup> |  |  | **57¹⁴** |  | N/A |  | N/A |
| **MOLYBDENUM ('000 tonnes)**<sup>4</sup> |  |  |  |  |  |  |  |
| Bingham Canyon (US) | 100.0% | **5.1** | **5.1** | 2.6 | 2.6 | 1.8 | 1.8 |
| **SALT ('000 tonnes)**<sup>15</sup> |  |  |  |  |  |  |  |
| Production ('000 tonnes) |  |  |  |  |  |  |  |
| **Dampier Salt (Australia)** | 68.4% | **6949** | **4750** | 8518 | 5823 | 8737 | 5973 |
| SILVER (mined) ('000 ounces)<sup>6</sup> |  |  |  |  |  |  |  |
| Metal in concentrates production ('000 ounces) |  |  |  |  |  |  |  |
| Bingham Canyon (US) | 100.0% | **1734** | **1734** | 1484 | 1484 | 1618 | 1618 |
| **Escondida (Chile)** | 30.0% | **7810** | **2343** | 6042 | 1813 | 4921 | 1476 |
| **Oyu Tolgoi (Mongolia)** | 66.0% | **2180** | **1439** | 1424 | 940 | 1086 | 717 |
| Rio Tinto total |  |  | **5516** |  | 4236 |  | 3811 |
| **SILVER (refined) ('000 ounces)** |  |  |  |  |  |  |  |
| Kennecott (US)<sup>6</sup> | 100.0% | **1838** | **1838** | 2314 | 2314 | 1407 | 1407 |
| **TITANIUM DIOXIDE SLAG ('000 tonnes)** |  |  |  |  |  |  |  |
| Rio Tinto Iron & Titanium (Canada/South Africa)<sup>16</sup> | 100.0% | **975** | **975** | 990 | 990 | 1111 | 1111 |

---

**Production data notes**

1. Rio Tinto percentage interest shown above is at 31 December 2025.

2. On 1 November 2024, Rio Tinto's ownership interest in Boyne Smelters Limited (BSL) increased from 71.04% to 73.5%. Production is reported including this change from 1 November 2024.

3. On 1 November 2024, Rio Tinto's ownership interest in Tiwai Point Smelter (NZAS) increased from 79.36% to 100%. Production is reported including this change from 1 November 2024.

4. Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite,

except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

5. Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production.

6. We continue to process third party concentrate to optimise smelter utilisation, including 4 thousand tonnes of cathode produced from purchased concentrate in Q4 2025 (39 thousand

tonnes for full year 2025). Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased

concentrate are included in reported revenues.

7. Mill production was previously reported together with recoverable copper in ore stacked for leaching as mined production.

8. Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite,

except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. Iron Ore production refers to saleable production,

after crushing, screening and beneficiation processes. This, therefore, excludes Simandou production in 2025 which represents crushed ore at the mine gate. Final crushing of

Simandou ore will initially be undertaken in China.

9. Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar, Gudai-Darri, Eastern

Range and Western Range mines. Whilst Rio Tinto owns 54% of the Eastern Range and the Western Range mines, under the terms of the joint venture agreement, Hamersley Iron

manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production.

10. Simandou production represents crushed ore at mine gate in wet metric tonnne. Final crushing initially will be undertaken in China.

11. Represents the Rio Tinto equity share of SimFer Jersey (53% owned by Rio Tinto), which owns 85% of the SimFer mine (Blocks 3&4).

12. Lithium carbonate quantities reflect Rio Tinto's 66.5% ownership in Olaroz, 100% ownership in Fenix.

13. The lithium value chain is vertically integrated and as a result production volumes are not additive. Lithium Carbonate Equivalent (LCE) is derived from volumes of lithium carbonate,

lithium chloride, and spodumene concentrate. These compounds are used as feedstock in downstream production.

14. Q1 2025 LCE production from Arcadium was 17kt of which 6kt was produced since completion of the acquisition in March. Accordingly of the 57kt LCE production in 2025, 46kt was

attributable to Rio Tinto.

15. In December 2024, we completed the sale of Dampier Salt Limited's Lake MacLeod operation to Leichhardt Industrial Group. Following this divestment, we continue to operate solar salt

sites at Dampier and Port Hedland.

16. Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals (RBM).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 278 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations

Mineral Resources and Mineral Reserves

**Mineral Resources and Mineral Reserves reporting**

Mineral Resources and Ore Reserves for Rio Tinto managed

operations are reported in accordance with the *Australasian Code* 

*for Reporting of Exploration Results, Mineral Resources and Ore* 

*Reserves, 2012 edition* (the JORC Code) as required by the

Australian Securities Exchange (ASX). Rio Tinto also files this *Form* 

*20-F* with the SEC and prepares the *Form 20-F* Mineral Resources

and Mineral Reserves in accordance with subpart 1300 of

Regulation S-K (SK-1300). Mineral Reserves under SK-1300 are the

equivalent of Ore Reserves under the JORC Code.

A Mineral Resource is a concentration or occurrence of solid

material of economic interest in or on the Earth's crust in such form,

grade (or quality), and quantity that there are reasonable prospects

for eventual economic extraction. Estimates of such material are

based largely on geological information with only preliminary

consideration of mining, economic and other factors. While in the

judgement of the Qualified Persons (Competent Persons as defined

by the JORC Code) there are realistic expectations that all or part of

the Mineral Resources will eventually become Proven or Probable

Mineral Reserves, there is no guarantee that this will occur as the

result depends on further technical and economic studies and

prevailing economic conditions in the future.

A Mineral Reserve (or Ore Reserve as defined by JORC) is the

economically mineable part of a Measured and/or Indicated Mineral

Resource. It includes diluting materials and allowances for losses,

which may occur when the material is mined or extracted. It is

defined by studies at pre-feasibility or feasibility level as appropriate,

with the application of modifying factors. Such studies demonstrate

that, at the time of reporting, extraction can reasonably be justified.

Mineral Resources and Mineral Reserves information in the

following tables is based on information compiled by Qualified

Persons (as defined by SK-1300), most of whom are full time

employees of Rio Tinto or related companies. Each has had a

minimum of 5 years' relevant experience and is a member or fellow

of the Australasian Institute of Mining and Metallurgy (AusIMM),

Australian Institute of Geoscientists (AIG) or a recognised

professional organisation (RPO). Each Qualified Person consents to

the inclusion in this *Form 20-F* of information they have provided in

the form and context in which it appears. Qualified Persons

responsible for the estimates are listed on pages [280](#i6e24f352bf2243f482bd1df1b3ce01ce_1078)-[281](#i6d11cf6f0b5a4599afed2c9ad7ac8e0f_12-0-1-1-5910999). by

operation, along with their professional affiliation, employer, and

accountability for Mineral Resources and/or Mineral Reserves.

The Mineral Resources and Mineral Reserves figures in the

following tables are as of 31 December 2025.

Rio Tinto's Mineral Resources are reported as additional (exclusive) to

the reported Mineral Reserves, with the exception of the lithium brines

Mineral Resources. These are reported both inclusive and exclusive of

Mineral Reserves. Reporting of Mineral Resources inclusive of Mineral

Reserves is industry-standard for in situ lithium brines. Exclusive Mineral

Resources for lithium brines are reported to satisfy SK-1300 reporting

rulings.

Metric units are used throughout. The figures used to calculate

Rio Tinto's Mineral Resources and Mineral Reserves are more

precise than the rounded numbers shown in the tables, hence small

differences might result if the calculations are repeated using the

tabulated figures.

ASX releases incorporating JORC Table 1 reports for new or

materially changed significant deposits are released to the market.

They are also available at riotinto.com/resourcesandreserves.

**Non-managed and joint venture operations**

Mineral Resources and Mineral Reserves from externally managed

operations, in which Rio Tinto holds a minority share, are reported

as received from the managing entity and in accordance with the

SK-1300.

ASX, SEC and other jurisdiction exchange releases generated by

non-managed units or joint venture partners are referenced within

the reporting footnotes, with the location and initial reporting date

identified.

**Australian Stock Exchange vs US Securities and** 

**Exchange Commission reporting**

Some variations may occur between the reporting in accordance

with the JORC Code and SK-1300 with the main difference being a

result of pricing assumptions:

• For Mineral Resources and Ore Reserves reporting, the JORC

Code envisages the use of reasonable investment assumptions to

test the economic viability of the Ore Reserves and the

reasonable prospects of eventual economic extraction for the

Mineral Resources. To achieve this, we use internally generated,

projected long-term commodity prices.

• SK-1300 requires the use of a justifiable commodity price to test

the economic viability of the Mineral Reserves and the reasonable

prospects of economic extraction for the Mineral Resources, and

prices used in calculating the estimates must be disclosed. As a

result of the commercial sensitivity of Rio Tinto's long-term

commodity prices, we use commercially available consensus

pricing or historical pricing for SEC reporting.

**Technical Report Summaries**

For SEC reporting purposes, the Pilbara Operations, Oyu Tolgoi,

Escondida and Simandou are considered material to the Group and

hence require submission of a Technical Report Summary.

Technical Report Summaries for the Pilbara Operations and

Escondida are filed as exhibit 96.1 and exhibit 96.2, respectively, to

this *Form 20-F*.

The Technical Report Summary for Simandou was filed as exhibit

96.4 to the *Form 20-F* f*o*r the year ended 31 December 2023; and

the Technical Report Summary for Oyu Tolgoi was filed as exhibit

96.3 to the *Form 20-F* for the year ended 31 December 2022.

**Mineral Resources and Mineral Reserves** 

**governance and internal controls**

Rio Tinto has well-established governance processes and internal

controls to support the generation and publication of Mineral

Resources and Mineral Reserves, including a series of business unit

and product group structures and processes independent of

operational reporting.

**Audit & Risk Committee**

The Audit & Risk Committee's remit includes the governance of

Mineral Resources and Mineral Reserves. This includes an annual

review of Mineral Resources and Mineral Reserves at a Group level,

as well as a review of findings and progress from the Group Internal

Audit program.

**Ore Reserves Steering Committee**

The Ore Reserves Steering Committee (ORSC), chaired by the

Chief Safety & Technical Officer, Safety, Development & Technical,

meets at least quarterly. The ORSC comprises senior

representatives across our technical, financial, governance and

business groups, and oversees the appointment of Qualified

Persons nominated by the business units; reviews Exploration

Results, Mineral Resources or Mineral Reserves data prior to public

reporting; and oversees the development of the Group Mineral

Resources and Mineral Reserves standards and guidance.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 279 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources and Mineral Reserves

**Safety and Technical Standards & Assurance**

Safety and Technical Standards & Assurance contains a dedicated

team which works in conjunction with the ORSC. It is the guardian

and author of Group Mineral Resources and Ore Reserves

standards and guidance, and is responsible for the governance and

compilation of Group Mineral Resources, Ore Reserves and

reconciliation reporting. This team also advises on disclosure

obligations, monitors the external reporting environment and

facilitates internal audits.

**Internal Auditing**

Mineral Resources and Mineral Reserves internal audits are

conducted by independent external consulting personnel in a

programme managed by Safety and Technical Standards &

Assurance. Material findings are reported outside of the product

group reporting line to the ORSC, and all reports and action plans

are reviewed by the ORSC for alignment to internal and external

reporting standards.

During 2025, two internal Mineral Resources and Mineral Reserves

audits were completed.

**Geoscientific information management and assurance**

We employ industry-standard drilling, sampling, assaying and

quality assurance/quality control (QA/QC) practices supported by

formally documented procedures.

Diamond core and reverse circulation are our primary drilling

methods. We use other methods such as sonic and air core if

appropriate for the style of deposit. Drill hole locations are typically

confirmed by high-precision differential Global Positioning System

(GPS) and down-hole trace positioning is primarily achieved by

gyroscopic survey.

Drill sample recovery is typically recorded, and all geological data is

collected by qualified geoscientific professionals. Geological logging

consistency is secured via formal logging procedures and training,

reference materials, application of geological code libraries and

digital logging directly to the geological database.

On-site or commercial laboratories provide appropriate analytical

(assaying) techniques, according to the commodity and style of

deposit. Reliability of assay data is maintained via QA/QC

procedures, which monitor assay accuracy and precision through

the analysis of blanks, sample duplicates and matrix-matched

certified reference materials.

Our geoscientific information management standard is the industry-

leading acQuire system and we employ strict QA/QC criteria to

ensure only high-quality assay data is uploaded to a project's

database.

**Mineral Resources and Mineral Reserves** 

**risk management**

Risks to our Mineral Resources and Mineral Reserves estimates are

managed through comprehensive risk assessments undertaken in

support of the annual reporting cycle. Risks are identified and

managed by verifying controls, determining and undertaking suitable

actions to remove or reduce the risk, conducting reviews, and

maintaining compliance with standards and procedures. Risks are

managed through a commercial risk management solution.

At the end of each reporting cycle, we analyse the Mineral

Resources and Mineral Reserves risks across all business units

both to ensure consistency of reporting and determine any Group-

wide risks to the various processes.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 280 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations

Qualified Persons

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Association**<sup>(a)</sup> | **Employer** | **Accountability** | **Deposits** |
| **Bauxite** |  |  |  |  |
| A McIntyre | AusIMM | Rio Tinto | Resources | Gove, East Weipa & Andoom, North of Weipa, Amrun |
| W Saba | AusIMM | Rio Tinto | Reserves | Gove, East Weipa & Andoom, Amrun |
| M Alpha Diallo | EFG | Compagnie des Bauxites de Guinée (CBG) | Resources | Sangaredi |
| J Cassoff | OIQ | External consultant to CBG | Reserves | Sangaredi |
| R Aglinskas | AusIMM | Mineração Rio do Norte | Resources | Porto Trombetas (MRN) |
| G A Coutinho | AusIMM | Mineração Rio do Norte | Reserves | Porto Trombetas (MRN) |
| **Copper** |  |  |  |  |
| J Pocoe | AusIMM | Rio Tinto | Resources | Winu<sup>(b) (d)</sup> |
| G Austin | AusIMM | Rio Tinto | Resources | Kennecott<sup>(b) (c) (d)</sup> |
| R Hayes | AusIMM | Rio Tinto | U/G Resources | Kennecott<sup>(b) (c) (d)</sup> |
| P Rodriguez | AusIMM | Rio Tinto | Resources | Kennecott<sup>(b) (c) (d)</sup> |
| E Hoffmann | AusIMM | Rio Tinto | O/P Reserves | Kennecott<sup>(b) (c) (d)</sup> |
| C McArthur | AusIMM | Rio Tinto | U/G Reserves | Kennecott<sup>(b) (c) (d)</sup> |
| D Hlorgbe | AusIMM | Rio Tinto | Resources | Resolution<sup>(b)(c)</sup> |
| H Martin | AusIMM | Rio Tinto | Resources | Resolution<sup>(b)(c)</sup> |
| A Schwarz | AusIMM | Rio Tinto | Resources | Resolution<sup>(b)(c)</sup> |
| R Maureira | AusIMM | Minera Escondida Ltda. | Resources | Escondida |
| E Mulet Cortes | AusIMM | Minera Escondida Ltda. | Resources | Chimborazo, Pampa Escondida<sup>(d)</sup>, Pinta Verde |
| P Castillo | AusIMM | Minera Escondida Ltda. | Reserves | Escondida |
| J Marshall | AusIMM | Rio Tinto | Resources | La Granja |
| J Marshall | AusIMM | Rio Tinto | Resources | Oyu Tolgoi<sup>(b) (c) (d)</sup> |
| A Isabel | AusIMM | Rio Tinto | U/G Reserves | Oyu Tolgoi<sup>(b) (c) (d)</sup> |
| N Robinson | AusIMM | Rio Tinto | O/P Reserves | Oyu Tolgoi<sup>(b) (c) (d)</sup> |
| **Iron ore** |  |  |  |  |
| M Judge | AusIMM | Rio Tinto | Resources | Pilbara Operations – Boolgeeda, Brockman, <br>Brockman Process Ore, Channel Iron Deposit, <br>Detrital, Marra Mamba |
| R Nair | AusIMM | Rio Tinto | Resources | Pilbara Operations – Boolgeeda, Brockman, <br>Brockman Process Ore, Channel Iron Deposit, <br>Detrital, Marra Mamba |
| P Savory | AusIMM | Rio Tinto | Resources | Pilbara Operations – Boolgeeda, Brockman, <br>Brockman Process Ore, Channel Iron Deposit, <br>Detrital, Marra Mamba |
| C Valentine | AusIMM | Rio Tinto | Resources | Pilbara Operations – Boolgeeda, Brockman, <br>Brockman Process Ore, Channel Iron Deposit, <br>Detrital, Marra Mamba |
| O Abdrashitova | AusIMM | Rio Tinto | Reserves | Pilbara Operations – Brockman Ore, Marra Mamba <br>Ore, Pisolite (Channel Iron) Ore |
| P Barnes | AusIMM | Rio Tinto | Reserves | Pilbara Operations – Brockman Ore, Marra Mamba <br>Ore, Pisolite (Channel Iron) Ore |
| L Fouché | AusIMM | Rio Tinto | Reserves | Pilbara Operations – Brockman Ore, Marra Mamba <br>Ore, Pisolite (Channel Iron) Ore |
| A Ghosh | AusIMM | Rio Tinto | Reserves | Pilbara Operations – Brockman Ore, Marra Mamba <br>Ore, Pisolite (Channel Iron) Ore |
| L Vilela Couto | AusIMM | Rio Tinto | Reserves | Pilbara Operations – Brockman Ore, Marra Mamba <br>Ore, Pisolite (Channel Iron) Ore |
| B Satria Yudha | AusIMM | Rio Tinto | Reserves | Pilbara Operations – Brockman Ore, Marra Mamba <br>Ore, Pisolite (Channel Iron) Ore |
| M McDonald | PEGNL | Rio Tinto | Resources | Iron Ore Company of Canada |
| B Power | PEGNL | Rio Tinto | Resources | Iron Ore Company of Canada |
| S Roche | AusIMM | Rio Tinto | Reserves | Iron Ore Company of Canada |
| P Ziemendorf | AusIMM | Rio Tinto | Reserves | Iron Ore Company of Canada |
| M Styles | AusIMM | Rio Tinto | Resources | Simandou |
| M Apfel | AusIMM | Rio Tinto | Reserves | Simandou |
| **Lithium brine** |  |  |  |  |
| M Rosko | SME | External consultants to Rio Tinto | Resources & <br>Reserves | Rincon |
| M Zivic | SME | External consultants to Rio Tinto | Resources & <br>Reserves | Rincon |
| B Foster | AusIMM | Rio Tinto | Reserves - <br>Processing<br>| Rincon |
| S Kosinski | AIPG | Rio Tinto | Resources & <br>Reserves<br>| Cauchari, Fénix, Olaroz, Sal de Vida |
| **Lithium** |  |  |  |  |
| J Oppelaar | AusIMM | External consultant to Rio Tinto | Resources | Mt Cattlin |
| A Sami | AusIMM | Rio Tinto | Reserves | Mt Cattlin |
| L Evans | OIQ | External consultant to Rio Tinto | Resources | Galaxy |
| N Lecuyer | OIQ | External consultant to Rio Tinto | Reserves | Galaxy |
| C Beaulieu | OGQ | External consultant to Rio Tinto | Resources | Whabouchi |
| J Cassoff | OIQ | External consultant to Rio Tinto | Reserves | Whabouchi |
| I Misailovic | EFG | Rio Tinto | Resources | Jadar<sup>(e)</sup> |
| D Tanaskovic | EFG | Rio Tinto | Resources | Jadar<sup>(e)</sup> |

---

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 281 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Qualified Persons

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Association**<sup>(a)</sup> | **Employer** | **Accountability** | **Deposits** |
| **Borates** |  |  |  |  |
| B Griffiths | SME | Rio Tinto | Resources & <br>Reserves<br>| Boron |
| **Diamonds** |  |  |  |  |
| K Pollock | NAPEG | Rio Tinto | Resources | Diavik |
| Z Li | NAPEG | Rio Tinto | Reserves  | Diavik |
| **Titanium dioxide** |  |  |  |  |
| F Kerr-Gillespie | OGQ | Rio Tinto | Resources | Rio Tinto Iron and Titanium Quebec Operations |
| J Solorzano | OIQ | Rio Tinto | Reserves | Rio Tinto Iron and Titanium Quebec Operations |
| A Cawthorn-Blazeby | SACNASP | Rio Tinto | Resources | Richards Bay Minerals<sup>(f)</sup> |
| S Mnunu | SACNASP | Rio Tinto | Reserves | Richards Bay Minerals<sup>(f)</sup> |
| A Louw | AusIMM | Rio Tinto | Resources | QIT Madagascar Minerals<sup>(f)(g)</sup> |
| P Kluge | SAIMM | Rio Tinto | Reserves | QIT Madagascar Minerals<sup>(f)(g)</sup> |

---

(a)AIPG: American Institute of Professional Geologists

AusIMM: Australasian Institute of Mining and Metallurgy

EFG: European Federation of Geologists

NAPEG: Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists

OGQ: L'Ordre des Géologues du Québec

OIQ: L'Ordre des Ingénieurs du Québec

PEGNL: Professional Engineers and Geoscientists Newfoundland and Labrador

SACNASP: South African Council for Natural Scientific Professions

SAIMM: South African Institute of Mining and Metallurgy

SME: Society of Mining, Metallurgy and Exploration

(b)Includes silver

(c)Includes molybdenum

(d)Includes gold

(e)Includes borates

(f)Includes zircon

(g)Includes monazite

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 282 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations

Mineral Reserves

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Type of<br>mine<sup>1</sup>  | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 |
|  | Type of<br>mine<sup>1</sup>  | Tonnage | Grade |  | Tonnage | Grade |  |
| **Bauxite**<sup>2</sup> | Type of<br>mine<sup>1</sup>  | Mt | % Al2O3 | % SiO2 | Mt | % Al2O3 | % SiO2 |
| Amrun (Australia)<sup>3</sup> | O/P | 724 | 54.1 | 9.0 | 351 | 54.5 | 9.4 |
| East Weipa and Andoom (Australia)<sup>3</sup> | O/P | 44 | 50.3 | 8.4 | 1.0 | 49.5 | 9.9 |
| Gove (Australia)<sup>3</sup> | O/P | 35 | 50.1 | 6.7 | 4.9 | 49.9 | 6.9 |
| **Total (Australia)**<sup>4</sup> |  | **803** | **53.7** | **8.8** | **357** | **54.4** | **9.4** |
| Porto Trombetas (MRN) (Brazil)<sup>5 6</sup> | O/P | 6.6 | 46.9 | 5.8 | 37 | 49.1 | 4.6 |
| Sangaredi (Guinea)<sup>7 8</sup> | O/P | 79 | 46.3 | 1.9 | 3.5 | 45.3 | 1.8 |
| **Total bauxite** |  | **889** | **53.0** | **8.2** | **398** | **53.8** | **8.9** |

---

1. Type of mine: O/P = open pit/surface.

2. Bauxite Mineral Reserves are stated as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not

shown.

3. Australian bauxite Mineral Reserves are stated as dry tonnes and total alumina and silica grade.

4. Valuations of the Australian bauxite Mineral Reserves are based on specific product pricing based on a long term prices of US$48.69/t CFR China for Gove and US$49.28/t CFR China

for Amrun, East Weipa and Andoom. This price is sourced from leading industry analyst CRU.

5. Porto Trombetas (MRN) Mineral Reserves are stated as dry tonnes, available alumina grade and total reactive silica grade.

6. Porto Trombetas (MRN) Mineral Reserves valuations are based on an average price of US$38.69/t FOB as supplied by the JV partner.

7. Sangaredi Mineral Reserves tonnes are reported on a 3% moisture basis and total alumina and silica grade.

8. Sangaredi Mineral Reserves valuations are based on specific product pricing based on a long term price of US$39.11/t FOB as supplied by the JV partner.

![Gove-operations.jpg](rio-20251231_g204.jpg)

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 283 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** |  | **Rio Tinto** <br>**share**<br>**recoverable** <br>**mineral** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| **Tonnage** | **Grade** |  |  | **Rio Tinto** <br>**share**<br>**recoverable** <br>**mineral** | Tonnage | Grade |  |
| **Mt** | **% Al2O3** | **% SiO2** | % | **Mt** | Mt | % Al2O3 | % SiO2 |
| **1076** | **54.2** | **9.1** | 100.0 | **1076** | 978 | 54.4 | 9.0 |
| **45** | **50.3** | **8.4** | 100.0 | **45** | 56 | 50.5 | 8.1 |
| **40** | **50.1** | **6.7** | 100.0 | **40** | 48 | 50.0 | 6.4 |
| **1161** | **53.9** | **9.0** |  | **1161** | 1083 | 54.0 | 8.8 |
| **44** | **48.8** | **4.8** | 22.0 | **44** | 46 | 48.9 | 4.7 |
| **82** | **46.3** | **1.9** | 23.0 | **82** | 78 | 47.1 | 1.9 |
| **1287** | **53.3** | **8.4** |  | **1287** | 1207 | 53.4 | 8.2 |

---

**Amrun**

The change in Mineral Reserves at Amrun reflects a routine review of economic assumptions over the life of the mine and updated orebody

knowledge. A JORC Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual Report and

can be viewed at riotinto.com/resourcesandreserves.

**East Weipa and Andoom & Gove**

The decrease in Mineral Reserves tonnes at both Andoom and Gove, is due to mining depletion. Mining operations ceased at East Weipa in 2024.

![Weipa-operations.jpg](rio-20251231_g205.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 284 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lithium brine**<sup>2 3</sup> | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 |
| **Lithium brine**<sup>2 3</sup> | Type of <br>mine<sup>1</sup> | Anticipated <br>total brine <br>volume<br>| Extracted <br>grade<br>| Lithium <br>metal<br>| LCE | Anticipated <br>total brine <br>volume<br>| Extracted <br>grade<br>| Lithium <br>metal<br>| LCE |
| **Lithium brine**<sup>2 3</sup> | Type of <br>mine<sup>1</sup> | Mm<sup>3</sup> | mg/L Li | Mt | Mt | Mm<sup>3</sup> | mg/L Li | Mt | Mt |
| Cauchari (Argentina) | B/E | 80 | 570 | 0.05 | 0.24 | 350 | 490 | 0.17 | 0.91 |
| Fénix (Argentina) | B/E | 310 | 730 | 0.23 | 1.20 | 1260 | 620 | 0.78 | 4.16 |
| Olaroz (Argentina)<sup>4</sup> | B/E | 106 | 650 | 0.07 | 0.37 | 412 | 650 | 0.27 | 1.43 |
| Rincon (Argentina) | B/E | – | – | – | – | 1340 | 350 | 0.47 | 2.50 |
| Sal de Vida (Argentina) | B/E | 100 | 800 | 0.08 | 0.43 | 510 | 750 | 0.38 | 2.04 |
| **Total (Argentina)** |  | **596** | **859** | **0.42** | **2.24** | **3872** | **977** | **2.07** | **11.03** |
| **Total lithium brine** |  | **596** | **859** | **0.42** | **2.24** | **3872** | **977** | **2.07** | **11.03** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lithium**<sup>5 6</sup> | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** |
| **Lithium**<sup>5 6</sup> | Type of <br>mine<sup>1</sup> | Tonnage | Grade |  | Tonnage | Grade |  | **Tonnage** | **Grade** |  |
| **Lithium**<sup>5 6</sup> | Type of <br>mine<sup>1</sup> | Mt | % Li2O | ppm Ta2O5 | Mt | % Li2O | ppm Ta2O5 | **Mt** | **% Li2O** | **ppm Ta2O5** |
| **Mt Cattlin (Australia)** | O/P |  |  |  |  |  |  |  |  |  |
| – Mt Cattlin open pit | O/P | 0.1 | 0.80 | 158 | 1.6 | 1.31 | 151 | **1.7** | **1.29** | **150** |
| – Mt Cattlin stockpile | S/P | – | – | – | 0.6 | 0.54 | 67 | **0.6** | **0.54** | **67** |
| **Total (Australia)** |  | **0.1** | **0.80** | **158** | **2.2** | **1.11** | **129** | **2.3** | **1.10** | **130** |
| Galaxy (Canada) | O/P | – | – | – | 37 | 1.27 | – | **37** | **1.27** | **–** |
| Whabouchi (Canada) | O/P | 5.3 | 1.40 | – | 8.0 | 1.27 | – | **13** | **1.32** | **–** |
| **Total (Canada)** |  | **5.3** | **1.40** | **–** | **45** | **1.27** | **–** | **51** | **1.28** | **–** |
| **Total lithium** |  | **5.3** | **1.39** | **2** | **48** | **1.26** | **6** | **53** | **1.28** | **6** |

---

1. Type of mine: B/E = brine extraction, O/P = open pit/surface, S/P = stockpile.

2. Lithium brine Mineral Reserves anticipated total brine volume is the cumulative brine volume simulated from the entire wellfield over the life of mine whilst the extracted grade is

averaged for the entire pumping period for the simulated wellfield. Lithium metal and lithium carbonate equivalent (LCE) tonnages at each Reserve category are reported from a point of

reference of the wellhead and assume 100% recovery. To obtain the equivalent tonnage for LCE, the estimated mass of lithium was multiplied by a factor that is based on the atomic

weights of each element in lithium carbonate to obtain the final compound weight. The factor used was 5.323 to obtain LCE mass from lithium mass.

3. Lithium brine Mineral Reserves valuations are based on a lithium carbonate price of US$17,790/t. This price was sourced from the average of the available forecasts from ten brokers/

banks (BoAML, Cannacord, Citigroup, Goldman Sachs, HSBC, JP Morgan, Liberum, Macquarie, Morgan Stanley and UBS) and three analysts (Benchmark, CRU and Woodmac).

4. Olaroz Rio Tinto interest represents its fractional ownership in Sales de Juyjuy (SDJ - 66.5%). Mineral Reserves are not produced from Rio Tinto's other ownership interests (Olaroz

Lithium, La Frontera, or Minera Andes).

5. Mineral Reserves for lithium are reported as dry mill feed tonnes.

6. Lithium Mineral Reserves valuations are based on a 6% Li2O product price of US$1,361/t (adjusted for the 5.2% product at Mt Cattlin, the 5.6% product at Galaxy and the 5.5% product

at Whabouchi). This price was sourced from the average of the available forecasts from six brokers/banks (BoAML, Cannacord, Goldman Sachs, JP Morgan, Macquarie and UBS)

and three analysts (Benchmark, CRU and Woodmac).

![Fenix-and-Olareoz-operations.jpg](rio-20251231_g206.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 285 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | Average <br>process <br>recovery % | Rio Tinto <br>interest | **Rio Tinto** <br>**share** <br>**recoverable** <br>**Li metal** | **Rio Tinto** <br>**share** <br>**recoverable** <br>**LCE** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| **Total brine** <br>**pumped**<br>| **Extracted** <br>**grade**<br>| **Lithium** <br>**metal**<br>| **LCE** | Average <br>process <br>recovery % | Rio Tinto <br>interest | **Rio Tinto** <br>**share** <br>**recoverable** <br>**Li metal** | **Rio Tinto** <br>**share** <br>**recoverable** <br>**LCE** | Total brine <br>pumped<br>| Extracted <br>grade<br>| Lithium <br>metal<br>| LCE |
| **Mm**<sup>3</sup> | **mg/L Li** | **Mt** | **Mt** |  | % | **Mt** | **Mt** | Mm<sup>3</sup> | mg/L Li | Mt | Mt |
| **430** | **505** | **0.22** | **1.16** | 60 | 100.0 | **0.13** | **0.69** | – | – | – | – |
| **1570** | **642** | **1.01** | **5.36** | 77 | 100.0 | **0.77** | **4.11** | – | – | – | – |
| **519** | **650** | **0.34** | **1.79** | 60 | 66.5 | **0.20** | **1.08** | – | – | – | – |
| **1340** | **350** | **0.47** | **2.50** | 90 | 100.0 | **0.42** | **2.25** | 1340 | 350 | 0.47 | 2.50 |
| **610** | **758** | **0.46** | **2.46** | 70 | 100.0 | **0.32** | **1.72** | – | – | – | – |
| **4469** | **955** | **2.49** | **13.27** |  |  | **1.85** | **9.85** | 1340 | 350 | 0.47 | 2.50 |
| **4469** | **955** | **2.49** | **13.27** |  |  | **1.85** | **9.85** | 1340 | 350 | 0.47 | 2.50 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Average <br>process <br>efficiency % |  | Rio Tinto <br>interest | **Rio Tinto share** <br>**recoverable** <br>**Li2O** | **Rio Tinto share** <br>**recoverable** <br>**Ta2O5** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| Average <br>process <br>efficiency % |  | Rio Tinto <br>interest | **Rio Tinto share** <br>**recoverable** <br>**Li2O** | **Rio Tinto share** <br>**recoverable** <br>**Ta2O5** | Tonnage | Grade |  |
| Spodumene | Tantalite | % | **Mt** | **M lbs** | Mt | % Li2O | ppm Ta2O5 |
| 67 | 20 | 100.0 | **0.01** | **0.11** | – | – | – |
| 25 | 20 | 100.0 | **0.001** | **0.02** | – | – | – |
|  |  |  | **0.02** | **0.13** | – | – | – |
| 69 | – | 100.0 | **0.33** | **–** | – | – | – |
| 85 | – | 50.0 | **0.15** | **–** | – | – | – |
|  |  |  | **0.48** |  | – | – | – |
|  |  |  | **0.49** | **0.13** | – | – | – |

---

**Cauchari, Fénix, Olaroz, Sal de Vida Mt Cattlin, Galaxy and Whabouchi,**

Following the acquisition of Arcadium Lithium on 6 March 2025 Mineral Reserves were reported for the first time by Rio Tinto on

4 December 2025. A JORC Table 1 in support of this was released to the market on this date and can be viewed at riotinto.com/

resourcesandreserves.

![Galaxy-Whabouchi-projects.jpg](rio-20251231_g207.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 286 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 |
| | Type of <br>mine<sup>1</sup> | Tonnage | Grade |  |  |  | Tonnage | Grade |  |  |  |
| **Copper**<sup>2</sup> | Type of <br>mine<sup>1</sup> | Mt | % Cu | g/t Au | g/t Ag | % Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo |
| Kennecott (US)<sup>3</sup> |  |  |  |  |  |  |  |  |  |  |  |
| – Bingham Open Pit<sup>4</sup> | O/P | 442 | 0.38 | 0.18 | 1.98 | 0.034 | 288 | 0.34 | 0.19 | 1.93 | 0.025 |
| – Underground Skarns | U/G | 0.8 | 1.68 | 0.59 | 9.83 | 0.042 | 7.8 | 2.13 | 1.16 | 14.28 | 0.012 |
| **Total (US)** |  | **443** | **0.38** | **0.18** | **1.99** | **0.034** | **296** | **0.39** | **0.21** | **2.26** | **0.024** |
| Escondida (Chile)<sup>5</sup> |  |  |  |  |  |  |  |  |  |  |  |
| – Full SaL | O/P | 57 | 0.77 | – | – | – | 6.5 | 0.69 | – | – | – |
| – sulphide | O/P | 905 | 0.62 | – | – | – | 358 | 0.54 | – | – | – |
| – sulphide leach | O/P | 348 | 0.39 | – | – | – | 79 | 0.40 | – | – | – |
| **Total (Chile)** |  | **1310** | **0.56** | **–** | **–** | **–** | **443** | **0.52** | **–** | **–** | **–** |
| Oyu Tolgoi (Mongolia)<sup>6</sup> |  |  |  |  |  |  |  |  |  |  |  |
| – Hugo Dummett North<sup>7</sup> | U/G | – | – | – | – | – | 247 | 1.56 | 0.30 | 3.20 | – |
| – Hugo Dummett North Extension | U/G | – | – | – | – | – | 20 | 1.68 | 0.59 | 3.96 | – |
| – Oyut Open Pit | O/P | 159 | 0.54 | 0.39 | 1.24 | – | 270 | 0.38 | 0.26 | 1.10 | – |
| – Oyut stockpiles | S/P | – | – | – | – | – | 50 | 0.32 | 0.13 | 0.94 | – |
| **Total (Mongolia)** |  | **159** | **0.54** | **0.39** | **1.24** | **–** | **587** | **0.92** | **0.28** | **2.06** | **–** |
| **Total copper** |  | **1911** | **0.52** | **0.07** | **0.56** | **0.008** | **1326** | **0.67** | **0.17** | **1.42** | **0.005** |

---

1. Type of mine: O/P = open pit/surface, S/P = stockpile, U/G = underground.

2. Copper Mineral Reserves are reported as dry mill feed tonnes.

3. Kennecott Mineral Reserves valuations are based on commodity prices of USc421.08/lb for copper, US$2,367.21/oz for gold, US$26.65/oz for silver and US$12.78/lb for molybdenum.

These prices are sourced from the average of the available forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan,

Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).

4. Bingham Open Pit Mineral Reserves molybdenum grades interpolated from exploration drilling assays have been factored based on a long reconciliation history to blast hole and

mill samples.

5. Escondida Mineral Reserves valuations are based on a copper price of USc400/lb supplied by the JV partner.

6. Oyu Tolgoi Mineral Reserves valuations are based on commodity prices of USc400.19/lb for copper, US$1,693.00/oz for gold, US$22.73/oz for silver. These prices are sourced from the

average of the available June 2024 forecasts escalated to 2025 terms from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan,

Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).

7. The Hugo Dummett North Mineral Reserves include approximately 1.2 million tonnes of stockpiled material at a grade of 0.48% copper, 0.14 g/t gold and 1.18 g/t silver.

![Kennecott-operations.jpg](rio-20251231_g208.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 287 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | Average mill <br>recovery % | Average mill <br>recovery % |  |  | Rio Tinto <br>interest<br>| **Rio Tinto share**<br>**recoverable metal** | **Rio Tinto share**<br>**recoverable metal** | **Rio Tinto share**<br>**recoverable metal** | **Rio Tinto share**<br>**recoverable metal** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| **Tonnage** | **Grade** |  |  |  |  |  |  |  |  |  |  |  |  | **Tonnage** | **Grade** |  |  |  |
| **Mt** | **% Cu** | **g/t Au** | **g/t Ag** | **% Mo** | Cu | Au | Ag | Mo | % | **Mt Cu** | **Moz Au** | **Moz Ag** | **Mt Mo** | **Mt** | **% Cu** | **g/t Au** | **g/t Ag** | **% Mo** |
| **730** | **0.36** | **0.18** | **1.96** | **0.030** | 88 | 69 | 71 | 65 | 100.0 | **2.35** | **2.94** | **32.68** | **0.144** | 777 | 0.36 | 0.18 | 1.97 | 0.034 |
| **8.6** | **2.08** | **1.11** | **13.86** | **0.014** | 92 | 69 | 66 | 62 | 100.0 | **0.17** | **0.21** | **2.54** | **0.001** | 4.7 | 2.21 | 1.39 | 14.30 | 0.022 |
| **739** | **0.38** | **0.19** | **2.10** | **0.030** |  |  |  |  |  | **2.52** | **3.15** | **35.22** | **0.145** | 782 | 0.37 | 0.19 | 2.05 | 0.034 |
| **63** | **0.76** | **–** | **–** | **–** | 75 | – | – | – | 30.0 | **0.36** | **–** | **–** | **–** | 63 | 0.77 | – | – | – |
| **1263** | **0.59** | **–** | **–** | **–** | 85 | – | – | – | 30.0 | **6.41** | **–** | **–** | **–** | 1313 | 0.61 | – | – | – |
| **426** | **0.39** | **–** | **–** | **–** | 41 | – | – | – | 30.0 | **0.69** | **–** | **–** | **–** | 445 | 0.39 | – | – | – |
| **1753** | **0.55** | **–** | **–** | **–** |  |  |  |  |  | **7.47** | **–** | **–** | **–** | 1820 | 0.56 | – | – | – |
| **247** | **1.56** | **0.30** | **3.20** | **–** | 92 | 79 | 81 | – | 66.0 | **3.57** | **1.88** | **20.44** | **–** | 255 | 1.58 | 0.31 | 3.25 | – |
| **20** | **1.68** | **0.59** | **3.96** | **–** | 93 | 81 | 84 | – | 56.0 | **0.31** | **0.31** | **2.13** | **–** | 20 | 1.68 | 0.60 | 3.97 | – |
| **429** | **0.44** | **0.31** | **1.15** | **–** | 76 | 67 | 55 | – | 66.0 | **1.43** | **2.84** | **8.69** | **–** | 377 | 0.46 | 0.32 | 1.22 | – |
| **50** | **0.32** | **0.13** | **0.94** | **–** | 71 | 54 | 50 | – | 66.0 | **0.11** | **0.12** | **0.77** | **–** | 41 | 0.31 | 0.13 | 0.98 | – |
| **746** | **0.84** | **0.30** | **1.89** | **–** |  |  |  |  |  | **5.42** | **5.14** | **32.04** | **–** | 693 | 0.90 | 0.31 | 2.03 | – |
| **3238** | **0.58** | **0.11** | **0.91** | **0.007** |  |  |  |  |  | **15.79** | **8.30** | **67.25** | **0.145** | 3295 | 0.59 | 0.11 | 0.91 | 0.008 |

---

**Kennecott**

Bingham Open Pit Mineral Reserves reduced due to mining depletion, partially offset by conversion from Mineral Resources. A JORC Table 1 in

support of this change will be released to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/

resourcesandreserves.

Underground Skarns Mineral Reserves comprise the Lower Commercial Skarn (LCS) Mineral Reserves and the North Rim Skarn (NRS) Mineral

Reserves and the increase reflects the impacts of increased orebody knowledge and updated economics at NRS. A JORC Table 1 in support of this

change will be released to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/

resourcesandreserves. It is noted that the Underground Skarns Mineral Reserves are only economically viable while the current open pit is in

operation.

**Oyu Tolgoi**

Oyut Open Pit Mineral Reserves increased due to conversion of Mineral Resources to Mineral Reserves as a result of block model updates, partially

offset by mining depletion. A JORC Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual

Report and can be viewed at riotinto.com/resourcesandreserves.

![Escondida-operations.jpg](rio-20251231_g209.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 288 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 |
| | Type of <br>mine<sup>1</sup> | Tonnage | Grade |  |  |  |  | Tonnage | Grade |  |  |  |  |
| **Iron ore**<sup>2 3</sup> | Type of <br>mine<sup>1</sup> | Mt | % Fe | % SiO2 | % Al2O3 | % P | % LOI | Mt | % Fe | % SiO2 | % Al2O3 | % P | % LOI |
| Pilbara Operations (Australia)<sup>4 5</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| – Brockman Ore | O/P | 380 | 62.0 | 3.5 | 2.0 | 0.14 | 5.3 | 995 | 60.8 | 4.0 | 2.2 | 0.12 | 6.1 |
| – Marra Mamba Ore | O/P | 172 | 62.6 | 2.8 | 1.6 | 0.06 | 5.5 | 298 | 62.1 | 3.1 | 1.9 | 0.06 | 5.6 |
| – Pisolite (Channel Iron) Ore | O/P | 300 | 57.8 | 4.7 | 1.8 | 0.06 | 10.3 | 57 | 56.2 | 5.6 | 2.6 | 0.05 | 10.9 |
| **Total (Australia)**<sup>6</sup> |  | **851** | **60.6** | **3.8** | **1.9** | **0.09** | **7.1** | **1351** | **60.9** | **3.9** | **2.2** | **0.11** | **6.2** |
| Iron Ore Company of Canada (Canada)<sup>7</sup> | O/P | 85 | 65.0 | 3.2 | – | – | – | 137 | 65.0 | 3.2 | – | – | – |
| Simandou (Guinea)<sup>8</sup> | O/P | 94 | 66.0 | 0.8 | 1.5 | 0.08 | 2.9 | 560 | 65.1 | 1.0 | 1.8 | 0.10 | 3.7 |
| **Total iron ore** |  | **1031** | **61.5** | **3.5** | **1.7** | **0.08** | **6.1** | **2048** | **62.3** | **3.0** | **1.9** | **0.10** | **5.1** |

---

1. Type of mine: O/P = open pit/surface.

2. Mineral Reserves of iron ore are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not

shown.

3. Iron ore Mineral Reserves valuations are based on prices for each individual product relative to a long run consensus pricing of the 62% Fe Fines Index. This consensus price represents

the average of forecasts from eleven brokers/banks and two analysts in the long run and is US c 133.3 /dmtu CFR China. The brokers/banks are Bank of America Merrill Lynch, BMO,

Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. A value in use assessment

by Rio Tinto is then used to determine the adjustment to the consensus price for each individual product.

4. Australian iron ore Mineral Reserves tonnes are reported on a dry weight basis.

5. Australian iron ore Mineral Reserves are all located on State Agreement mining leases. Prior to mining, state government approvals (including environmental and heritage) are required.

Reported Mineral Reserves include select areas where one or more approvals remain outstanding. In these areas, it is expected that these approvals will be obtained within the time

frames required in the current production schedule.

6. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for this *Form 20-F*.

7. Iron Ore Company of Canada (IOC) Mineral Reserves are reported as marketable product (52% pellets and 48% concentrate for sale) at a natural moisture content of 3%. The

marketable product is derived from mined material comprising 206 million dry tonnes at 39% iron, 34% silica, 0.20% alumina, 0.022% phosphorus (Proven) and 327 million dry tonnes at

39% iron, 34% silica, 0.19% alumina, 0.022% phosphorus (Probable) using process recovery factors derived from current IOC concentrating and pellet operations. No meaningful

relationship has been established between the product and feed grades of alumina and phosphorus, so these grades cannot be reported for Mineral Reserves. Saleable product is

produced to meet silica grade specifications, so the Mineral Reserves silica grade is the targeted silica grade for the currently anticipated long-term product mix. Loss On Ignition (LOI) is

not determined for resource drilling samples, so no estimate of % LOI is available for Mineral Reserves.

8. Simandou Mineral Reserves tonnes are reported on a dry weight basis and Simandou Mineral Reserves relate to the Ouéléba portion only of the SimFer Iron Ore Project.

![Iron-Ore-operations.jpg](rio-20251231_g210.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 289 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | Rio Tinto <br>interest | **Rio Tinto** <br>**share**<br>**marketable**<br>**product** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| **Tonnage** | **Grade** |  |  |  |  | Rio Tinto <br>interest | **Rio Tinto** <br>**share**<br>**marketable**<br>**product** | Tonnage | Grade |  |  |  |  |
| **Mt** | **% Fe** | **% SiO2** | **% Al2O3** | **% P** | **% LOI** | % | **Mt** | Mt | % Fe | % SiO2 | % Al2O3 | % P | % LOI |
| **1375** | **61.1** | **3.9** | **2.2** | **0.13** | **5.9** | 87.1 | **1375** | 1320 | 61.4 | 3.7 | 2.1 | 0.13 | 5.7 |
| **470** | **62.2** | **3.0** | **1.8** | **0.06** | **5.5** | 79.7 | **470** | 500 | 62.2 | 3.0 | 1.8 | 0.06 | 5.5 |
| **357** | **57.6** | **4.9** | **2.0** | **0.06** | **10.4** | 79.9 | **357** | 410 | 57.5 | 4.9 | 2.0 | 0.06 | 10.4 |
| **2202** | **60.8** | **3.8** | **2.0** | **0.10** | **6.5** |  | **2202** | 2230 | 60.9 | 3.8 | 2.0 | 0.10 | 6.5 |
| **222** | **65.0** | **3.2** | **–** | **–** | **–** | 58.7 | **222** | 235 | 65.0 | 2.7 | – | – | – |
| **655** | **65.3** | **0.9** | **1.7** | **0.09** | **3.6** | 45.1 | **655** | 675 | 65.3 | 0.9 | 1.7 | 0.09 | 3.7 |
| **3079** | **62.0** | **3.2** | **1.8** | **0.09** | **5.4** |  | **3079** | 3140 | 62.1 | 3.1 | 1.8 | 0.09 | 5.4 |

---

**Pilbara Operations**

Mineral Reserves updates for Brockman, Marra Mamba and Pisolite Ore include mining depletion, the addition of new deposits, design updates,

changes to cut-off grades, and adjustments for heritage and environmental considerations.

Mineral Reserves classification is determined based on confidence in all the modifying factors. Generally, Proven Mineral Reserves are derived from

Measured Mineral Resources and Probable Mineral Reserves are derived from Indicated Mineral Resources. In 2025, portions of the Mineral

Reserves derived from Measured Mineral Resources have been classified as Probable Mineral Reserves. This classification primarily represents

areas where one or more state government approvals remain outstanding or specific Traditional Owner engagement is required prior to mining.

![Iron-Ore-Company-of-Canada-operations.jpg](rio-20251231_g211.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 290 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borates**<sup>2</sup> | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | **Total Mineral Reserves**<br>**as at 31 December 2025** |
| **Borates**<sup>2</sup> | Type of <br>mine<sup>1</sup> | Tonnage | Tonnage | **Tonnage** |
| **Borates**<sup>2</sup> | Type of <br>mine<sup>1</sup> | Mt | Mt | **Mt** |
| Boron (US)<sup>3</sup> | O/P | 5.0 | 7.0 | **12** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Diamonds**<sup>4</sup> | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** |
| **Diamonds**<sup>4</sup> | Type of <br>mine<sup>1</sup> | Tonnage | Grade | Tonnage | Grade | **Tonnage** | **Grade** |
| **Diamonds**<sup>4</sup> | Type of <br>mine<sup>1</sup> | Mt | Carats per tonne | Mt | Carats per tonne | **Mt** | **Carats per tonne** |
| Diavik (Canada) | U/G | – | – | – | – | **–** | **–** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Titanium dioxide feedstock**<sup>5 6</sup> | Type of <br>mine<sup>1</sup> | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Proven Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | Probable Mineral Reserves<br>as at 31 December 2025 | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** | **Total Mineral Reserves**<br>**as at 31 December 2025** |
| **Titanium dioxide feedstock**<sup>5 6</sup> | Type of <br>mine<sup>1</sup> | Tonnage | Grade |  | Tonnage | Grade |  | **Tonnage** | **Grade** |  |
| **Titanium dioxide feedstock**<sup>5 6</sup> | Type of <br>mine<sup>1</sup> | Mt | % Ti <br>minerals<br>| % Zircon | Mt | % Ti <br>minerals<br>| % Zircon | **Mt** | **% Ti** <br>**minerals**<br>| **% Zircon** |
| QIT Madagascar Minerals (QMM) <br>(Madagascar)<br>| O/P | 157 | 3.3 | 0.2 | 62 | 3.0 | 0.1 | **219** | **3.2** | **0.1** |
| Richards Bay Minerals (RBM) <br>(South Africa)<br>| O/P | 308 | 1.3 | 0.2 | 491 | 3.2 | 0.4 | **798** | **2.5** | **0.3** |
| Rio Tinto Iron and Titanium (RTIT) <br>Quebec Operations (Canada)<br>| O/P | – | – | – | 142 | 82.8 | – | **142** | **82.8** | **–** |
| **Total titanium dioxide feedstock** |  | 465 | 2.0 | 0.2 | 694 | 19.4 | 0.3 | **1159** | **12.4** | **0.2** |

---

1. Type of mine: O/P = open pit/surface, U/G = underground.

2. Mineral Reserves of borates are expressed in terms of marketable product (B2O3) tonnes after all mining and processing losses. Mill recoveries are therefore not shown.

3. Boron Mineral Reserves valuations are based on a three-year trailing weighted average prices of US$1,282/t for Sodium Borates Products and US$1,996/t for non Sodium

Borates Products.

4. Mineral Reserves of diamonds are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not

shown.

5. The marketable product (zircon at RBM and zirsil at QMM) is shown after all mining and processing losses. Titanium dioxide feedstock Mineral Reserves are reported as dry in

situ tonnes.

6. QMM and RBM Mineral Reserves valuations are based on commodity prices of US$258.37/t for 53% titanium dioxide product and US$1,644.89/t for 66.5% zircon oxide, adjusted for

specific products produced. RTIT Quebec Operations Mineral Reserves valuations are based on a commodity price of US$258.37/t for 53% titanium dioxide product, adjusted for

specific products produced. These prices are sourced from TZMI.

![Boron-operations.jpg](rio-20251231_g212.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 291 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

---

| | | |
|:---|:---|:---|
| Rio Tinto <br>interest | **Rio Tinto share** <br>**marketable** <br>**product** | Total Mineral Reserves<br>as at 31 December 2024<br>|
| Rio Tinto <br>interest | **Rio Tinto share** <br>**marketable** <br>**product** | Tonnage |
| % | **Mt** | Mt |
| 100.0 | **12** | 13 |

---

---

| | | | |
|:---|:---|:---|:---|
| Rio Tinto <br>interest | **Rio Tinto share** <br>**recoverable** <br>**diamonds** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| Rio Tinto <br>interest | **Rio Tinto share** <br>**recoverable** <br>**diamonds** | Tonnage | Grade |
| % | **M carats** | Mt | Carats per tonne |
| 100.0 | **–** | 2.2 | 2.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Rio Tinto <br>interest | **Rio Tinto share** <br>**marketable product** | **Rio Tinto share** <br>**marketable product** | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 | Total Mineral Reserves<br>as at 31 December 2024 |
| Rio Tinto <br>interest | **Rio Tinto share** <br>**marketable product** | **Rio Tinto share** <br>**marketable product** | Tonnage | Grade | Grade |
| % | **Mt Titanium** <br>**dioxide feedstock**<br>| **Mt Zircon** | Mt | % Ti minerals | % Zircon |
| 85 | **3.4** | **0.2** | 220 | 3.2 | 0.1 |
| 74 | **9.0** | **2.2** | 856 | 2.5 | 0.3 |
| 100 | **46.5** | **–** | 143 | 82.8 | – |
|  | **58.8** | **2.4** | 1219 | 12.0 | 0.2 |

---

**Diavik**

Mineral Reserves tonnes decreased due to mining depletion and with the pending closure of Diavik, all remaining Mineral Reserves have

been downgraded to non-Resources.

**QMM**

Rio Tinto interest updated to 85% to reflect the implementation (in 2024) of the 2023 fiscal agreement between QMM and the State of

Madagascar.

![Diavik-operations.jpg](rio-20251231_g213.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 292 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

![Oyu-Tolgoi-operations.jpg](rio-20251231_g214.jpg)

![Simandou-project-and-Sangaredi-operations.jpg](rio-20251231_g215.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 293 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Reserves

![QIT-Madagascar-Minerals-operations.jpg](rio-20251231_g216.jpg)

![Richards-Bay-Minerals-operations.jpg](rio-20251231_g217.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 294 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations

Mineral Resources

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bauxite** | Likely mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Bauxite** | Likely mining <br>method<sup>1</sup> | Tonnage | Grade | Grade | Tonnage | Grade | Grade |
| **Bauxite** | Likely mining <br>method<sup>1</sup> | Mt | % Al2O3 | % SiO2 | Mt | % Al2O3 | % SiO2 |
| Amrun (Australia)<sup>2</sup> | O/P | 143 | 48.9 | 11.7 | 276 | 49.6 | 12.0 |
| East Weipa and Andoom (Australia)<sup>2</sup> | O/P | 32 | 48.0 | 9.0 | – | – | – |
| Gove (Australia)<sup>3</sup> | O/P | 8.4 | 47.6 | 8.9 | 0.1 | 49.0 | 7.6 |
| North of Weipa (Australia)<sup>3</sup> | O/P | – | – | – | 212 | 51.9 | 11.3 |
| **Total (Australia)**<sup>4</sup> |  | **183** | **48.7** | **11.1** | **488** | **50.6** | **11.7** |
| Porto Trombetas (MRN) (Brazil)<sup>5 6</sup> | O/P | 55 | 46.8 | 5.9 | 0.7 | 49.2 | 2.5 |
| Sangaredi (Guinea)<sup>7 8</sup> | O/P | – | – | – | 1357 | 46.6 | 2.3 |
| **Total bauxite** |  | **238** | **48.2** | **9.9** | **1846** | **47.7** | **4.8** |

---

1. Likely mining method: O/P = open pit/surface.

2. Bauxite Mineral Resources for Amrun and East Weipa and Andoom are stated as dry product tonnes and total alumina and silica grades.

3. Bauxite Mineral Resources for Gove and North of Weipa are stated as dry crude tonnes and total alumina and silica grades.

4. Valuations of the Australian bauxite Mineral Resources are based on specific product pricing based on a long term price of US$48.69/t CFR China for Gove and US$49.28/t CFR China

for Amrun, East Weipa and Andoom and North of Weipa. This price is sourced from leading industry analyst CRU.

5. Porto Trombetas (MRN) Mineral Resources are stated as dry in situ tonnes, available alumina grade and total silica grade.

6. Porto Trombetas (MRN) Mineral Resources valuations are based on an average price of US$36.30/t FOB as supplied by the JV partner.

7. Sangaredi Mineral Resources tonnes are reported on a 3% moisture basis and total alumina and silica grades.

8. Sangaredi Mineral Resources valuations are based on specific product pricing based on a long term price of US$39.11/t FOB as supplied by the JV partner.

![Porto-Trombetas-operations.jpg](rio-20251231_g218.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 295 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Rio Tinto interest |
| **Tonnage** | **Grade** | **Grade** | Tonnage | Grade | Grade | Rio Tinto interest |
| **Mt** | **% Al2O3** | **% SiO2** | Mt | % Al2O3 | % SiO2 | % |
| **419** | **49.3** | **11.9** | 234 | 51.4 | 12.4 | 100.0 |
| **32** | **48.0** | **9.0** | – | – | – | 100.0 |
| **8.6** | **47.6** | **8.8** | – | – | – | 100.0 |
| **212** | **51.9** | **11.3** | 1179 | 51.8 | 11.3 | 100.0 |
| **671** | **50.1** | **11.5** | **1412** | **51.7** | **11.5** |  |
| **56** | **46.8** | **5.9** | 7.9 | 47.4 | 5.1 | 22.0 |
| **1357** | **46.6** | **2.3** | 174 | 46.5 | 2.4 | 23.0 |
| **2084** | **47.7** | **5.4** | **1594** | **51.1** | **10.5** |  |

---

**Amrun**

Mineral Resources decreased due to conversion to Mineral Reserves as a result of favourable economic impacts and an increase in Mineral

Resource confidence after the 2024 drilling campaigns at Norman Creek and Boyd Bay East. A JORC Table 1 in support of this change will

be released to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/

resourcesandreserves.

![North-of-Weipa-project.jpg](rio-20251231_g219.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 296 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lithium brine (inclusive)**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Measured Mineral Resources<br> as at 31 December 2025 | Measured Mineral Resources<br> as at 31 December 2025 | Measured Mineral Resources<br> as at 31 December 2025 | Measured Mineral Resources<br> as at 31 December 2025 | Indicated Mineral Resources<br> as at 31 December 2025 | Indicated Mineral Resources<br> as at 31 December 2025 | Indicated Mineral Resources<br> as at 31 December 2025 | Indicated Mineral Resources<br> as at 31 December 2025 |
| **Lithium brine (inclusive)**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE | Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE |
| **Lithium brine (inclusive)**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Mm<sup>3</sup> | mg/L Li | Mt | Mt | Mm<sup>3</sup> | mg/L Li | Mt | Mt |
| Cauchari (Argentina)<sup>4</sup> | B/E | 660 | 530 | 0.35 | 1.86 | 1080 | 450 | 0.49 | 2.59 |
| Fénix (Argentina)<sup>4</sup> | B/E | 800 | 630 | 0.50 | 2.68 | 1040 | 780 | 0.81 | 4.32 |
| Olaroz (Argentina)<sup>4 5</sup> | B/E | 2630 | 610 | 1.61 | 8.54 | 3330 | 460 | 1.53 | 8.15 |
| Rincon (Argentina)<sup>4</sup> | B/E | 750 | 390 | 0.29 | 1.56 | 3420 | 430 | 1.47 | 7.83 |
| Sal de Vida (Argentina)<sup>4</sup> | B/E | 880 | 750 | 0.66 | 3.51 | 760 | 740 | 0.56 | 2.99 |
| **Total (Argentina)** |  | **5720** | **596** | **3.41** | **18.16** | **9630** | **505** | **4.86** | **25.88** |
| **Total lithium brine** |  | **5720** | **596** | **3.41** | **18.16** | **9630** | **505** | **4.86** | **25.88** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lithium Brine (exclusive)**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Lithium Brine (exclusive)**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE | Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE |
| **Lithium Brine (exclusive)**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Mm<sup>3</sup> | mg/L Li | Mt | Mt | Mm<sup>3</sup> | mg/L Li | Mt | Mt |
| Cauchari (Argentina)<sup>6</sup> | B/E | 520 | 580 | 0.30 | 1.61 | 650 | 490 | 0.32 | 1.70 |
| Fénix (Argentina)<sup>7</sup> | B/E | 800 | 144 | 0.12 | 0.61 | 1040 | 190 | 0.20 | 1.05 |
| Olaroz (Argentina)<sup>5 6</sup> | B/E | 2510 | 610 | 1.53 | 8.14 | 2870 | 420 | 1.20 | 6.41 |
| Rincon (Argentina)<sup>6</sup> | B/E | 600 | 330 | 0.20 | 1.05 | 2230 | 310 | 0.69 | 3.68 |
| Sal de Vida (Argentina)<sup>6</sup> | B/E | 780 | 740 | 0.58 | 3.07 | 250 | 730 | 0.18 | 0.97 |
| **Total (Argentina)**<sup>4</sup> |  | **5210** | **523** | **2.72** | **14.48** | **7040** | **369** | **2.59** | **13.81** |
| **Total lithium brine** |  | **5210** | **523** | **2.72** | **14.48** | **7040** | **369** | **2.59** | **13.81** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lithium**<sup>8</sup> | Likely <br>mining <br>method<sup>1</sup> | Measured Mineral Resources <br>as at 31 December 2025 | Measured Mineral Resources <br>as at 31 December 2025 | Measured Mineral Resources <br>as at 31 December 2025 | Indicated Mineral Resources <br>as at 31 December 2025 | Indicated Mineral Resources <br>as at 31 December 2025 | Indicated Mineral Resources <br>as at 31 December 2025 |
| **Lithium**<sup>8</sup> | Likely <br>mining <br>method<sup>1</sup> | Tonnage | Grade | Grade | Tonnage | Grade | Grade |
| **Lithium**<sup>8</sup> | Likely <br>mining <br>method<sup>1</sup> | Mt | % Li2O | ppm Ta2O5 | Mt | % Li2O | ppm Ta2O5 |
| Mt Cattlin (Australia)<sup>9</sup> | O/P / UG | 0.1 | 1.11 | 176 | 6.4 | 1.42 | 178 |
| Galaxy (Canada)<sup>9</sup> | O/P | – | – | – | 18 | 1.12 | – |
| Whabouchi (Canada)<sup>9</sup> | O/P / UG | – | – | – | 9.3 | 1.51 | – |
| **Total (Canada)** |  | **–** | **–** | **–** | **27** | **1.25** |  |
| Jadar (Serbia)<sup>10</sup> | U/G | – | – | – | 85 | 1.76 | – |
| **Total lithium** |  | **0.1** | **1.11** | **176** | **119** | **1.62** | **9** |

---

1. Likely mining method: B/E = brine extraction, O/P = open pit/surface, U/G = underground.

2. Lithium brine Mineral Resources are reported in situ and both inclusive and exclusive of Mineral Reserves. It should be noted that for other commodities Rio Tinto normally reports Mineral Resources exclusive

of Mineral Reserves, but such methodology is not considered appropriate for lithium brines. However the SEC SK-1300 reporting requirements require Mineral Resources to be reported exclusive of Mineral

Reserves and as such this methodology is also presented.

3. Lithium brine Mineral Resources lithium metal and lithium carbonate equivalent (LCE) tonnages are insitu values assuming 100% recovery as per standard brine reporting practices. To obtain the equivalent

tonnage for LCE, the estimated mass of lithium was multiplied by a factor that is based on the atomic weights of each element in lithium carbonate to obtain the final compound weight. The factor used was

5.323 to obtain LCE mass from lithium mass.

4. Lithium brine Mineral Resources valuations are based on a lithium carbonate price of US$17,790/t. This price was sourced from the average of the available forecasts from ten brokers/banks (BoAML,

Cannacord, Citigroup, Goldman Sachs, HSBC, JP Morgan, Liberum, Macquarie, Morgan Stanley and UBS) and three analysts (Benchmark, CRU and Woodmac).

5. Olaroz Rio Tinto interest represents its fractional ownership in SDJ (66.5%), and 100% ownership in Olaroz Lithium, La Frontera, and Minera Andes on a mass-weighted basis.

6. For all Lithium brine exclusive Mineral Resources except Fénix, the exclusive Mineral Resource volumes are calculated by subtracting the extracted Measured volumes from the insitu

Measured volumes and the extracted Indicated volumes from the insitu Indicated volumes. Inferred volumes are not modified. The exclusive Mineral Resources grades are back-

calculated based on the lithium mass after mining and the total brine volume prior to mining.

7. For Fénix exclusive Mineral Resources lithium mass removed exclusively from Measured Resources in years 0-15, is subtracted from Measured Resources. Lithium mass removed in

years 16-40, that originated from Measured and Indicated Resources, is subtracted from Indicated Resources. The exclusive Mineral Resources grades are back-calculated based on

the lithium mass remaining assuming no change in reservoir volume. While this approach likely leads to overestimating remaining brine volume, mass is conserved, resulting in grades

artificially lower than anticipated at end of mine life.

8. Lithium Mineral Resources are stated as dry in situ tonnes.

9. Mineral Resources valuations for Mt Cattlin, Galaxy and Whabouchi are based on a 6% Li2O product price of US$1,361/t (adjusted for the 5.2% product at Mt Cattlin, the 5.6% product at

Galaxy and the 5.5% product at Whabouchi). This price was sourced from the average of the available forecasts from six brokers/banks (BoAML, Cannacord, Goldman Sachs, JP

Morgan, Macquarie and UBS) and three analysts (Benchmark, CRU and Woodmac).

10. Jadar Mineral Resources valuations are based on commodity prices of US$17,790/t for lithium carbonate and US$1,634/t for boric acid. These prices was sourced from the average of

the available forecasts from ten brokers/banks (BoAML, Cannacord, Citigroup, Goldman Sachs, HSBC, JP Morgan, Liberum, Macquarie, Morgan Stanley and UBS) and three analysts

(Benchmark, CRU and Woodmac).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 297 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Measured and Indicated Mineral Resources<br>as at 31 December 2025 | Total Measured and Indicated Mineral Resources<br>as at 31 December 2025 | Total Measured and Indicated Mineral Resources<br>as at 31 December 2025 | Total Measured and Indicated Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Rio Tinto <br>interest |
| Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE | Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE | Rio Tinto <br>interest |
| Mm<sup>3</sup> | mg/L Li | Mt | Mt | Mm<sup>3</sup> | mg/L Li | Mt | Mt | % |
| 1740 | 480 | 0.84 | 4.45 | 600 | 470 | 0.28 | 1.50 | 100.0 |
| 1840 | 715 | 1.32 | 7.00 | 1210 | 740 | 0.90 | 4.77 | 100.0 |
| 5960 | 526 | 3.14 | 16.70 | 1640 | 360 | 0.59 | 3.14 | 73.5 |
| 4170 | 423 | 1.76 | 9.38 | 1150 | 370 | 0.43 | 2.26 | 100.0 |
| 1640 | 745 | 1.22 | 6.51 | 220 | 560 | 0.12 | 0.66 | 100.0 |
| **15350** | **539** | **8.27** | **44.04** | **4820** | **481** | **2.32** | **12.33** |  |
| **15350** | **539** | **8.27** | **44.04** | **4820** | **481** | **2.32** | **12.33** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Measured and Indicated Mineral Resources<br> as at 31 December 2025 | Total Measured and Indicated Mineral Resources<br> as at 31 December 2025 | Total Measured and Indicated Mineral Resources<br> as at 31 December 2025 | Total Measured and Indicated Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Inferred Mineral Resources<br> as at 31 December 2025 | Rio Tinto interest |
| Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE | Total Brine <br>Volume<br>| Grade | Lithium Metal | LCE | Rio Tinto interest |
| Mm<sup>3</sup> | mg/L Li | Mt | Mt | Mm<sup>3</sup> | mg/L Li | Mt | Mt | % |
| 1170 | 530 | 0.62 | 3.30 | 600 | 470 | 0.28 | 1.50 | 100.0 |
| 1840 | 170 | 0.31 | 1.67 | 1210 | 740 | 0.90 | 4.77 | 100.0 |
| 5370 | 509 | 2.73 | 14.55 | 1640 | 360 | 0.59 | 3.14 | 73.5 |
| 2830 | 314 | 0.89 | 4.73 | 1150 | 370 | 0.43 | 2.26 | 100.0 |
| 1030 | 738 | 0.76 | 4.04 | 220 | 560 | 0.12 | 0.66 | 100.0 |
| **12240** | **434** | **5.31** | **28.29** | **4820** | **481** | **2.32** | **12.33** |  |
| **12240** | **434** | **5.31** | **28.29** | **4820** | **481** | **2.32** | **12.33** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total Measured and Indicated Mineral <br>Resources as at 31 December 2025 | Total Measured and Indicated Mineral <br>Resources as at 31 December 2025 | Total Measured and Indicated Mineral <br>Resources as at 31 December 2025 | Inferred Mineral Resources <br>as at 31 December 2025 | Inferred Mineral Resources <br>as at 31 December 2025 | Inferred Mineral Resources <br>as at 31 December 2025 | Rio Tinto interest |
| Tonnage | Grade | Grade | Tonnage | Grade | Grade | Rio Tinto interest |
| Mt | % Li2O | ppm Ta2O5 | Mt | % Li2O | ppm Ta2O5 | % |
| 6.5 | 1.41 | 178 | 4.8 | 1.27 | 177 | 100.0 |
| 18 | 1.12 | – | 56 | 1.29 | – | 100.0 |
| 9.3 | 1.51 | – | 4.1 | 1.31 | – | 50.0 |
| **27** | **1.25** |  | **60** | **1.29** |  |  |
| 85 | 1.76 | – | 58 | 1.87 | – | 100.0 |
| **119** | **1.62** | **10** | **123** | **1.56** | **7** |  |

---

**Cauchari, Fénix, Olaroz,Sal de Vida, Mt Cattlin, Galaxy and Whabouchi.**

Following the acquisition of Arcadium Lithium on 6 March 2025 Mineral Resources were reported for the first time by Rio Tinto on

4 December 2025. A JORC Table 1 in support of this was released to the market on this date and can be viewed at riotinto.com/

resourcesandreserves.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 298 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper**<sup>2</sup> | Likely <br>mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Copper**<sup>2</sup> | Likely <br>mining <br>method<sup>1</sup> | Tonnage | Grade | Grade | Grade | Grade | Tonnage | Grade | Grade | Grade | Grade |
| **Copper**<sup>2</sup> | Likely <br>mining <br>method<sup>1</sup> | Mt | % Cu | g/t Au | g/t Ag | % Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo |
| Winu (Australia)<sup>3</sup> | O/P | – | – | – | – | – | 325 | 0.39 | 0.32 | 2.24 | – |
| Kennecott (US)<sup>3 4</sup> |  |  |  |  |  |  |  |  |  |  |  |
| – Bingham Open Pit | O/P | – | – | – | – | – | – | – | – | – | – |
| – Underground Skarns | U/G | 0.9 | 1.49 | 0.62 | 9.70 | 0.027 | 32 | 1.94 | 0.88 | 12.14 | 0.011 |
| Resolution (US)<sup>3</sup> | U/G | – | – | – | – | – | 398 | 1.89 | – | 3.70 | 0.042 |
| **Total (US)** |  | **0.9** | **1.49** | **0.62** | **9.70** | **0.027** | **431** | **1.89** | **0.07** | **4.34** | **0.040** |
| Escondida (Chile)<sup>5</sup> |  |  |  |  |  |  |  |  |  |  |  |
| – Escondida - mixed | O/P | – | – | – | – | – | 8.4 | 0.48 | – | – | – |
| – Escondida - oxide | O/P | 7.8 | 0.38 | – | – | – | 3.0 | 0.53 | – | – | – |
| – Escondida - sulphide | O/P | 155 | 0.43 | – | – | – | 743 | 0.54 | – | – | – |
| **Total (Chile)** |  | **162** | **0.43** | **–** | **–** | **–** | **754** | **0.54** | **–** | **–** | **–** |
| La Granja (Peru)<sup>3</sup> | O/P | – | – | – | – | – | 59 | 0.85 | – | – | – |
| Oyu Tolgoi (Mongolia)<sup>6</sup> |  |  |  |  |  |  |  |  |  |  |  |
| – Heruga ETG | U/G | – | – | – | – | – | – | – | – | – | – |
| – Heruga OT | U/G | – | – | – | – | – | – | – | – | – | – |
| – Hugo Dummett North<sup>7</sup> | U/G | 35 | 1.91 | 0.50 | 4.28 | – | 247 | 1.39 | 0.35 | 3.24 | – |
| – Hugo Dummett North Extension | U/G | – | – | – | – | – | 46 | 1.62 | 0.55 | 4.21 | – |
| – Hugo Dummett South | U/G | – | – | – | – | – | – | – | – | – | – |
| – Oyut Open Pit | O/P | 15 | 0.41 | 0.28 | 1.01 | – | 99 | 0.32 | 0.26 | 1.07 | – |
| – Oyut Underground | U/G | 7.7 | 0.46 | 0.85 | 1.24 | – | 58 | 0.38 | 0.55 | 1.22 | – |
| **Total (Mongolia)** |  | **58** | **1.32** | **0.49** | **3.02** | **–** | **451** | **1.05** | **0.38** | **2.60** | **–** |
| **Total copper** |  | **221** | **0.66** | **0.13** | **0.83** | **0.000** | **2019** | **0.93** | **0.15** | **1.87** | **0.008** |

---

1. Likely mining method: O/P = open pit/surface; U/G = underground.

2. Copper Mineral Resources are stated on an in situ dry weight basis.

3. Copper Mineral Resources valuations for Winu, Kennecott, Resolution and La Granja are based on commodity prices of USc421.08/lb for copper, US$2,367.21/oz for gold, US$26.65/oz

for silver and US$12.78/lb for molybdenum. These prices are sourced from the average of the available forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse,

Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).

4. Bingham Canyon Open Pit molybdenum grades interpolated from exploration drilling assays have been factored based on a long reconciliation history to blast hole and mill samples.

5. Escondida Mineral Resources valuations are based on a copper price of USc431/lb supplied by the JV partner.

6. Oyu Tolgoi Mineral Resources valuations are based on commodity prices of USc400.19/lb for copper, US$1,693.00/oz for gold, US$22.73/oz for silver and US$14.54/lb for molybdenum.

These prices are sourced from the average of the available June 2024 forecasts escalated to 2025 terms from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche

Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).

7. The Hugo Dummett North Mineral Resources include approximately 0.8 million tonnes of stockpiled material at a grade of 0.35% copper, 0.11 g/t gold and 0.85 g/t silver.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 299 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Rio Tinto <br>interest |
| **Tonnage** | **Grade** | **Grade** | **Grade** | **Grade** | Tonnage | Grade | Grade | Grade | Grade | Rio Tinto <br>interest |
| **Mt** | **% Cu** | **g/t Au** | **g/t Ag** | **% Mo** | Mt | % Cu | g/t Au | g/t Ag | % Mo | % |
| **325** | **0.39** | **0.32** | **2.24** | **–** | 194 | 0.41 | 0.36 | 2.12 | – | 70.0 |
| **–** | **–** | **–** | **–** | **–** | 20 | 0.13 | 0.30 | 2.91 | 0.008 | 100.0 |
| **33** | **1.93** | **0.88** | **12.08** | **0.011** | 24 | 2.00 | 0.85 | 12.51 | 0.011 | 100.0 |
| **398** | **1.89** | **–** | **3.70** | **0.042** | 624 | 1.28 | – | 2.74 | 0.031 | 55.0 |
| **432** | **1.89** | **0.07** | **4.35** | **0.040** | **668** | **1.27** | **0.04** | **3.10** | **0.030** |  |
| **8.4** | **0.48** | **–** | **–** | **–** | 6.3 | 0.45 | – | – | – | 30.0 |
| **11** | **0.42** | **–** | **–** | **–** | 0.6 | 0.51 | – | – | – | 30.0 |
| **897** | **0.52** | **–** | **–** | **–** | 2875 | 0.53 | – | – | – | 30.0 |
| **916** | **0.52** | **–** | **–** | **–** | **2882** | **0.53** | **–** | **–** | **–** |  |
| **59** | **0.85** | **–** | **–** | **–** | 1886 | 0.50 | – | – | – | 45.0 |
| **–** | **–** | **–** | **–** | **–** | 841 | 0.41 | 0.40 | 1.44 | 0.012 | 56.0 |
| **–** | **–** | **–** | **–** | **–** | 71 | 0.42 | 0.30 | 1.58 | 0.011 | 66.0 |
| **282** | **1.45** | **0.37** | **3.37** | **–** | 472 | 0.83 | 0.29 | 2.47 | – | 66.0 |
| **46** | **1.62** | **0.55** | **4.21** | **–** | 90 | 1.04 | 0.37 | 2.84 | – | 56.0 |
| **–** | **–** | **–** | **–** | **–** | 483 | 0.83 | 0.07 | 1.87 | – | 66.0 |
| **114** | **0.33** | **0.27** | **1.06** | **–** | 130 | 0.28 | 0.19 | 1.16 | – | 66.0 |
| **66** | **0.39** | **0.58** | **1.22** | **–** | 77 | 0.42 | 0.40 | 1.15 | – | 66.0 |
| **509** | **1.08** | **0.39** | **2.65** | **–** | **2163** | **0.61** | **0.28** | **1.80** | **0.005** |  |
| **2240** | **0.90** | **0.15** | **1.77** | **0.008** | **7792** | **0.61** | **0.09** | **0.82** | **0.004** |  |

---

**Winu**

On 31 October 2025, the previously announced joint venture agreement for Winu was completed, resulting in the acquisition of a 30% share

in the project by Sumitomo Metal Mining.

**Kennecott**

Bingham Open Pit Mineral Resources reduced due to conversion to Mineral Reserves. A JORC Table 1 in support of this change will be

released to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/resourcesandreserves.

Underground Skarns Mineral Resources represent the combined Mineral Resources from the various underground deposits at Bingham

Canyon. The increase in Mineral Resources reflects increased confidence in the Mineral Resource due to the completion of orebody

knowledge drilling and of lower cut-off grades that consider current mining costs at the North Rim Skarn (NRS) deposit. A JORC Table 1 in

support of this change will be released to the market contemporaneously with the release of the Annual Report and can be viewed at

riotinto.com/resourcesandreserves.

**La Granja**

There is no change to the reported Mineral Resources for La Granja. Rio Tinto understands that First Quantum Minerals (FQM), the JV

partner, are progressing with orebody knowledge and studies to update the project Mineral Resources.

**Oyu Tolgoi**

Oyut Open Pit Mineral Resources. decreased due to conversion to Mineral Reserves. A JORC Table 1 in support of this change will be

released to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/resourcesandreserves.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 300 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Iron ore**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Iron ore**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Tonnage | Grade | Grade | Grade | Grade | Grade | Tonnage | Grade | Grade | Grade | Grade | Grade |
| **Iron ore**<sup>2 3</sup> | Likely <br>mining <br>method<sup>1</sup> | Mt | % Fe | % SiO2 | % Al2O3 | % P | % LOI | Mt | % Fe | % SiO2 | % Al2O3 | % P | % LOI |
| Pilbara Operations (Australia) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| – Boolgeeda | O/P | – | – | – | – | – | – | – | – | – | – | – | – |
| – Brockman | O/P | 383 | 62.5 | 4.2 | 2.3 | 0.13 | 4.8 | 852 | 62.6 | 3.3 | 1.8 | 0.13 | 4.9 |
| – Brockman Process Ore | O/P | 158 | 57.0 | 7.8 | 5.1 | 0.16 | 6.9 | 347 | 56.6 | 7.0 | 4.6 | 0.16 | 7.4 |
| – Channel Iron Deposit | O/P | 606 | 56.0 | 7.9 | 3.3 | 0.05 | 10.3 | 1378 | 57.2 | 5.4 | 2.8 | 0.07 | 9.4 |
| – Detrital | O/P | 0.4 | 61.2 | 4.7 | 2.7 | 0.06 | 4.7 | 30 | 61.3 | 4.4 | 3.3 | 0.06 | 4.1 |
| – Marra Mamba | O/P | 142 | 62.2 | 3.3 | 1.8 | 0.06 | 6.0 | 499 | 62.6 | 2.6 | 1.6 | 0.06 | 5.9 |
| **Total (Australia)**<sup>4</sup> |  | **1290** | **58.7** | **6.3** | **3.0** | **0.09** | **7.8** | **3106** | **59.5** | **4.6** | **2.5** | **0.09** | **7.3** |
| Iron Ore Company of Canada (Canada)<sup>5</sup> | O/P | 95 | 40.3 | 33.6 | 0.2 | 0.03 | – | 327 | 38.9 | 35.9 | 0.2 | 0.03 | – |
| Simandou (Guinea) | O/P | 71 | 67.0 | 1.8 | 1.1 | 0.04 | 1.2 | 217 | 66.2 | 1.9 | 1.5 | 0.05 | 2.0 |
| **Total iron ore** |  | **1455** | **57.9** | **7.9** | **2.8** | **0.08** | **7.0** | **3649** | **58.1** | **7.2** | **2.3** | **0.09** | **6.4** |

---

1. Likely mining method: O/P = open pit/surface.

2. Iron ore Mineral Resources are stated on a dry in situ weight basis.

3. Iron ore Mineral Resources valuations are based on prices for each individual product relative to a long run consensus pricing of the 62% Fe Fines Index. This consensus price

represents the average of forecasts from eleven brokers/banks and two analysts in the long run and is US c 133.3/dmtu CFR China. The brokers/banks are Bank of America Merrill

Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. A value in

use assessment by Rio Tinto is then used to determine the adjustment to the consensus price for each individual product.

4. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for SK-1300 reporting.

5. Iron Ore Company of Canada (IOC) Mineral Resources have the potential to produce marketable product (52% pellets and 48% concentrate for sale at a natural moisture content of 3%)

comprising 41 million tonnes at 65% iron 3.2% silica (Measured), 136 million tonnes at 65% iron 3.2% silica (Indicated) and 135 million tonnes at 65% iron 3.2% silica (Inferred) using

process recovery factors derived from current IOC concentrating and pellet operations. LOI is not determined for resource drilling samples, so no estimate of % LOI is available for

Mineral Resources.

![Winu-project.jpg](rio-20251231_g220.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 301 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | **Total Measured and Indicated Mineral**<br>**Resources as at 31 December 2025** | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Rio Tinto <br>interest % |
| **Tonnage** | **Grade** | **Grade** | **Grade** | **Grade** | **Grade** | Tonnage | Grade | Grade | Grade | Grade | Grade | Rio Tinto <br>interest % |
| **Mt** | **% Fe** | **% SiO2** | **% Al2O3** | **% P** | **% LOI** | Mt | % Fe | % SiO2 | % Al2O3 | % P | % LOI | Rio Tinto <br>interest % |
| **–** | **–** | **–** | **–** | **–** | **–** | 568 | 57.5 | 5.1 | 4.1 | 0.16 | 7.5 | 100.0 |
| **1235** | **62.6** | **3.6** | **2.0** | **0.13** | **4.9** | 4226 | 62.2 | 3.2 | 1.9 | 0.13 | 5.4 | 74.9 |
| **505** | **56.7** | **7.2** | **4.7** | **0.16** | **7.2** | 1657 | 56.8 | 5.9 | 4.1 | 0.16 | 7.8 | 65.9 |
| **1983** | **56.8** | **6.2** | **3.0** | **0.06** | **9.7** | 3451 | 56.2 | 6.0 | 3.1 | 0.08 | 9.7 | 67.9 |
| **31** | **61.3** | **4.4** | **3.3** | **0.06** | **4.2** | 1254 | 60.6 | 4.4 | 3.7 | 0.06 | 4.2 | 73.2 |
| **641** | **62.5** | **2.8** | **1.6** | **0.06** | **5.9** | 2799 | 61.2 | 3.2 | 1.9 | 0.07 | 6.8 | 62.9 |
| **4396** | **59.3** | **5.1** | **2.7** | **0.09** | **7.5** | **13953** | **59.5** | **4.4** | **2.7** | **0.11** | **7.0** |  |
| **421** | **39.2** | **35.4** | **0.2** | **0.03** | **–** | 331 | 38.8 | 36.0 | 0.2 | 0.03 | – | 58.7 |
| **287** | **66.4** | **1.9** | **1.4** | **0.05** | **1.8** | 265 | 65.7 | 1.4 | 1.3 | 0.07 | 3.2 | 45.1 |
| **5104** | **58.0** | **7.4** | **2.4** | **0.09** | **6.5** | **14549** | **59.2** | **5.1** | **2.6** | **0.10** | **6.8** |  |

---

![La-Granja-project.jpg](rio-20251231_g221.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 302 | riotinto.com |

---

Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | | |
|:---|:---|:---|:---|
| **Borates** | Likely mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Borates** | Likely mining <br>method<sup>1</sup> | Tonnage | Tonnage |
| **Borates** | Likely mining <br>method<sup>1</sup> | Mt | Mt |
| Boron (US)<sup>2 3</sup> | O/P S/P | 2.4 | 1.1 |
| Jadar (Serbia)<sup>4 5</sup> | U/G | – | 14 |
| **Total borates** |  | **2.4** | **15** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Diamonds**<sup>6</sup> | Likely mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Diamonds**<sup>6</sup> | Likely mining <br>method<sup>1</sup> | Tonnage | Grade | Tonnage | Grade |
| **Diamonds**<sup>6</sup> | Likely mining <br>method<sup>1</sup> | Mt | Carats per tonne | Mt | Carats per tonne |
| Diavik (Canada) | U/G | – | – | – | – |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Titanium dioxide feedstock**<sup>7 8</sup> | Likely mining <br>method<sup>1</sup> | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Measured Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 | Indicated Mineral Resources<br>as at 31 December 2025 |
| **Titanium dioxide feedstock**<sup>7 8</sup> | Likely mining <br>method<sup>1</sup> | Tonnage | Grade | Grade | Grade | Tonnage | Grade | Grade | Grade |
| **Titanium dioxide feedstock**<sup>7 8</sup> | Likely mining <br>method<sup>1</sup> | Mt | % Ti <br>minerals<br>| % Zircon | % Monazite | Mt | % Ti <br>minerals<br>| % Zircon | % Monazite |
| QIT Madagascar Minerals (QMM) <br>(Madagascar)<br>| O/P | 378 | 4.3 | 0.2 | 0.1 | 338 | 4.0 | 0.2 | 0.1 |
| Richards Bay Minerals (RBM) (South Africa) | O/P | – | – | – | – | 5.4 | 12.1 | 6.9 | – |
| Rio Tinto Iron and Titanium (RTIT) Quebec <br>Operations (Canada)<br>| O/P | 19 | 82.0 | – | – | 8.9 | 81.8 | – | – |
| **Total titanium dioxide feedstock** |  | 397 | 8.1 | 0.2 | 0.1 | 353 | 6.1 | 0.3 | 0.1 |

---

1. Likely mining method: O/P = open pit/surface, S/P = stockpile, U/G = underground.

2. Boron Mineral Resources are reported as dry mineable B2O3 tonnes incorporating a mining recovery, rather than marketable product as in Mineral Reserves.

3. Boron Mineral Resources valuations are based on a three-year trailing weighted average prices of US$1,282/t for Sodium Borates Products and US$1,996/t for non Sodium

Borates Products.

4. Jadar Mineral Resources are stated as dry in situ B2O3, rather than marketable product as in Mineral Reserves and the equivalent dry in situ Mineral Resource is 85 million tonnes at

16.1% B2O3 (Indicated) and 58 million tonnes at 12.0% B2O3 (Inferred).

5. Jadar Mineral Resources valuations are based on commodity prices of US$17,790/t for lithium carbonate and US$1,634/t for boric acid. These prices were sourced from the average of

the available forecasts from ten brokers/banks (BoAML, Cannacord, Citigroup, Goldman Sachs, HSBC, JP Morgan, Liberum, Macquarie, Morgan Stanley and UBS) and three analysts

(Benchmark, CRU and Woodmac).

6. Diamond Mineral Resources are stated as dry in situ tonnes.

7. Titanium Dioxide Feedstock Mineral Resources are reported as dry in situ tonnes.

8. QMM and RBM Mineral Resources valuations are based on commodity prices of US$258.37/t for 53% titanium dioxide product and US$1,644.89/t for 66.5% zircon oxide, adjusted for

specific products produced. RTIT Quebec Operations Mineral Resources valuations are based on a commodity price of US$258.37/t for 53% titanium dioxide product adjusted for

specific products produced. These prices are sourced from TZMI.

![Rio-Tinto-and-Titanium-Quebec-operations.jpg](rio-20251231_g222.jpg)

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 303 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

---

| | | |
|:---|:---|:---|
| Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Rio Tinto interest |
| Tonnage | Tonnage | Rio Tinto interest |
| Mt | Mt | % |
| 3.5 | 5.8 | 100.0 |
| 14 | 7.0 | 100.0 |
| 17 | 13 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Rio Tinto interest |
| Tonnage | Grade | Tonnage | Grade | Rio Tinto interest |
| Mt | Carats per tonne | Mt | Carats per tonne | % |
| – | – | – | – | 100.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Total Measured and Indicated Mineral<br>Resources as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Inferred Mineral Resources<br>as at 31 December 2025 | Rio Tinto <br>interest |
| Tonnage | Grade | Grade | Grade | Tonnage | Grade | Grade | Grade | Rio Tinto <br>interest |
| Mt | % Ti minerals | % Zircon | % Monazite | Mt | % Ti minerals | % Zircon | % Monazite | % |
| 717 | 4.2 | 0.2 | 0.1 | 507 | 3.9 | 0.2 | 0.1 | 85.0 |
| 5.4 | 12.1 | 6.9 | – | – | – | – | – | 74.0 |
| 28 | 82.0 | – | – | 25 | 79.7 | – | – | 100.0 |
| 750 | 7.1 | 0.2 | 0.1 | 532 | 7.5 | 0.2 | 0.1 |  |

---

**Boron**

Mineral Resources represent the inclusion of stockpiled and in situ ulexite material, following a reassessment of the processing assumptions and

economics for this material. A JORC Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual

Report and can be viewed at riotinto.com/resourcesandreserves.

**Diavik** 

With the pending closure of Diavik, all remaining Mineral Resources have been downgraded to non-Resources.

**QIT Madagascar Minerals**

In addition to the above Mineral Resources, there is 170 kt @ 0.08% monazite of Measured Mineral Resources within the Mineral Reserves footprint,

and hence not part of the reported Mineral Resources as these are reported exclusive of Mineral Reserves. The monazite is not currently reported as

Mineral Reserves as the study work is incomplete. Rio Tinto interest updated to 85% to reflect the implementation (in 2024) of the 2023 fiscal

agreement between QMM and the State of Madagascar.

![Resolution-project.jpg](rio-20251231_g223.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 304 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mineral Resources

![Mt-Cattlin-operations.jpg](rio-20251231_g224.jpg)

![Jadar-project.jpg](rio-20251231_g225.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 305 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations

Mines and production facilities

**Group mines as at 31 December 2025**

Aluminium

**Production properties**

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| | |
|:---|:---|
| **Property**<br>CBG Sangaredi<br>**Ownership**<br>Rio Tinto Group <br>22.95%, Guinean <br>Government 49%, <br>Alcoa 22.95%, <br>Dadco Investments <br>Limited 5.1%<br>**Operator**<br>La Compagnie des <br>Bauxites de Guinée <br>(CBG)<br>**Location**<br>Sangaredi, Guinea <br>| **Property description/type of mine**<br>The Sangaredi site is an open cut mine including the <br>following operations: stripping, drilling, blasting, <br>continuous surface mining, loading, hauling.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Bauxite.<br>**Processing plants and other available** <br>**facilities**<br>The mined bauxite is transported by railway cars <br>approximately 135 km away from Sangaredi to Kamsar. In <br>Kamsar, the installations include the following assets: <br>locomotive repair shop, railway cars unloader, primary <br>crusher, secondary crusher, scrubbers, conveyors, <br>stacker, reclaimer, bauxite dryers, dry bauxite storage, <br>bauxite sampling tower, power house, wharf and <br>ship loader. Kamsar operations include transshipment <br>from Panamax to Capesize vessels.<br>The crushing plant is used only to reduce oversize <br>material, with no screening, washing or beneficiation <br>required.<br>Four bauxite dryers are installed in order to reduce the <br>moisture content of the bauxite before shipping.<br>**Power source**<br>Onsite generation (fuel oil).<br>|
| **Property**<br>Gove <br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto through <br>RTA Gove P/L<br>**Location**<br>Gove, Northern <br>Territory, Australia<br>**Access and infrastructure**<br>Road, air and port. <br>**Title/lease/acreage**<br>All leases were renewed in 2011 for a further period of <br>42 years. The residue disposal area is leased from the <br>Arnhem Land Aboriginal Land Trust. The Northern Territory <br>Government is the lessor of the balance of the leases; <br>however, on expiry of the 42-year renewed term, the land <br>subject to the balances of the leases will all vest to the <br>Arnhem Land Aboriginal Land Trust. <br>Leases comprise 233.5 km<sup>2</sup>.<br>**Key permit conditions**<br>Key permit conditions are prescribed by the Northern <br>Territory Government in the form of a Mine Management <br>Plan (MMP). The current MMP runs for a period of 12 years, <br>until 2031, and authorises all activities at the operation. <br>Lease payments are prescribed by the terms of the relevant <br>leases.<br>**History**<br>Bauxite mining commenced in 1970, feeding both the Gove <br>refinery and export market, capped at 2 Mt per annum. <br>Bauxite export ceased in 2006 with feed intended for the <br>expanded Gove refinery. Bauxite exports recommenced in <br>2008 and will increase in the coming years following the <br>curtailment of the refinery production in 2014 and a <br>permanent shut decision made by the Board of Rio Tinto in <br>October 2017. Current annual production capacity is 12.5 Mt <br>on a dry basis.<br>| **Property description/type of mine**<br>Open cut.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Bauxite.<br>**Processing plants and other available** <br>**facilities**<br>Crushing plant only to reduce oversize material – no <br>screening required.<br>**Power source**<br>Onsite diesel fired power station and solar farms owned <br>by third parties, with a power purchase agreement with <br>Gove in place.<br>|

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 306 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Aluminium *continued*

**Production properties**

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| | |
|:---|:---|
| **Property**<br>MRN Porto <br>Trombetas<br>**Ownership**<br>MRN's shareholders <br>are: Rio Tinto (22%), <br>Glencore (45%) and <br>South32 (33%)<br>**Operator**<br>Mineração Rio do <br>Norte (MRN) is a <br>non-managed JV. <br>All decisions are <br>approved by the <br>shareholders' Board <br>of Directors<br>**Location**<br>Porto Trombetas, <br>Para, Brazil<br>| **History**<br>Mineral extraction commenced in 1979. Initial production <br>capacity was 3.5 Mtpa. From 2003, production capacity <br>went up to 16 Mtpa on a dry basis. and in 2008, up to <br>18 Mtpa. <br>Due to market and tailings facilities restrictions, the <br>planned production is 11 Mtpa on a dry basis (up to <br>2043). The deposit has 2 mine planning sequences: East <br>Zone (1979-2027) and West Zone Phase 1 (2028-2040). <br>On 30 November 2023, Rio Tinto completed an <br>acquisition of Companhia Brasileira de Alumínio's 10% <br>equity in the MRN bauxite mine in Brazil, raising the <br>Rio Tinto stake from 12% to 22%. <br>**Property description/type of mine**<br>Open cut.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Consists of a series of bauxite tabular deposits.<br>**Processing plants and other available** <br>**facilities**<br>The beneficiation process is formed by a primary crusher, <br>conveyors, scrubbers, secondary crushers, screenings, <br>hydrocyclones and vacuum filters. The superfines tailings <br>are pumped to tailings storage facilities.<br>**Power source**<br>On-site generation fuel (oil and diesel).<br>|
| **Property**<br>Weipa/Ely <br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto through <br>RTA Weipa P/L<br>**Location**<br>Weipa, Queensland, <br>Australia<br>**Access and infrastructure**<br>Road, air and port. <br>**Title/lease/acreage**<br>The Queensland Government Comalco (ML7024) lease <br>expires in 2042 with an option of a 21-year extension, then 2 <br>years' notice of termination; the Queensland Government <br>Alcan lease (ML7031) expires in 2048 with a 21-year right of <br>renewal with a 2-year notice period.<br>Leases comprise 2,716.9 km<sup>2</sup> (ML7024 = 1340.8 km<sup>2</sup>; <br>ML7031 = 1376.1 km<sup>2</sup>).<br>This property with the associated 2 leases includes the <br>deposits known as Andoom, East Weipa, Amrun, Norman <br>Creek, Moingum (Hey Point) and North of Weipa.<br>**Key permit conditions** <br>The respective leases are subject to the Comalco Agreement <br>Act (Comalco Agreement) and the Alcan Agreement Act <br>(Alcan Agreement), the relevant State Agreements for the <br>Weipa operations. Key permit conditions are prescribed by <br>the Queensland Government in the relevant Environmental <br>Authority applicable to each lease (ML7024 and ML7031, <br>respectively). Lease payments are subject to the terms of the <br>leases and the respective State Agreements.<br>| **History**<br>Bauxite mining began in 1961 at Weipa. Major upgrade <br>completed in 1998. Rio Tinto interest increased from <br>72.4% to 100% in 2000. In 1997, Ely Bauxite Mining <br>Project Agreement signed with local Aboriginal land <br>owners. Bauxite Mining and Exchange Agreement signed <br>in 1998 with Comalco to allow for extraction of ore at Ely. <br>The Western Cape Communities Co-Existence <br>Agreement, an Indigenous Land Use Agreement, was <br>signed in 2001. Following the ramp-up to full production of <br>Amrun, the current annual production of the Weipa mine <br>is 38 Mt.<br>**Property description/type of mine**<br>Open cut.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Bauxite.<br>**Processing plants and other available** <br>**facilities**<br>Andoom, East Weipa and Amrun – wet crushing and <br>screening plants to remove ultra fine proportion.<br>**Power source**<br>Onsite generation (diesel) supplemented by third party <br>solar generation facilities.<br>|

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 307 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Lithium

**Production properties**

---

| | | |
|:---|:---|:---|
| **Property**<br>Fénix<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Western Subbasin, <br>Salar del Hombre <br>Muerto, Catamarca, <br>Argentina<br>| **Access and Infrastructure**<br>Road and air.<br>**Title/lease/acreage**<br>Operations are conducted under a unified mining group <br>consisting of 141 individual mining concessions covering <br>32,117 ha. Fénix controls 3 additional mining concessions <br>totalling 500 ha outside of the unified mining group. <br>**Key permit conditions**<br>Key permit conditions are environmental compliance and <br>reporting, including independent authorisations for brine <br>extraction and water use; spent brine management; waste <br>management and disposal; processing plant; and ancillary <br>infrastructure. <br>**History**<br>FMC (predecessor to Arcadium Lithium) initiated a lithium <br>brine exploration program in the early 1990s. Pilot lithium <br>production began in 1997 and commercial operations began <br>the following year. In 2013, 2 additional production wells <br>were brought online (raising the total to 8) and a <br>preconcentrate pond was added to the project flowsheet. In <br>mid-2024, an expansion project (1A) was completed, raising <br>the nominal production capacity from 20 ktpa lithium <br>carbonate equivalent (LCE) to 30 ktpa LCE. <br>| **Property description/type of mine**<br>Mining occurs by brine extraction from vertical production <br>wells. Extracted brine is concentrated at the Selective <br>Adsorption (SA) plant, a direct lithium extraction (DLE) <br>technology, before undergoing treatment to remove <br>impurities. Finished brine is directed to an onsite <br>Carbonate plant for conversion to lithium carbonate. <br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Lithium mineralisation occurs as a brine within a <br>sedimentary sequence in a mature salar, composed of <br>halite, volcaniclastic sand and variable amounts of clay/ <br>sand. The brine is hosted primarily in a fractured halite <br>aquifer with mixed (clastic and halite) aquifers <br>surrounding the halite nucleus. <br>**Processing plants and other available facilities**<br>Raw water is provided by wellfields at Trapiche and Los <br>Patos, and from surface water impounded at Trapiche. <br>Processing occurs at the SA and Carbonate plants. <br>Raw water is treated at a water treatment plant. Fénix <br>includes preconcentrate and Finished Salar Brine ponds. <br>Spent brine is directed to equilisation ponds before <br>disposal by land application. Other notable facilities <br>include power generation, warehouses, maintenance <br>yards, personnel camps, offices, dining and recreational <br>facilities, roads, analytical laboratories, and a runway.<br>**Power source**<br>Natural gas delivered by pipeline operated by REMSA <br>S.A. (a public limited company) with diesel as backup.<br>|
| **Property**<br>Mt Cattlin<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Ravensthorpe, <br>Western Australia, <br>Australia<br>| **Access and Infrastructure**<br>Road.<br>**Title/lease/acreage**<br>Located on a Galaxy Lithium Australia Pty Ltd-held mining lease <br>M74/244 which was granted on 24 December 2009, and is due <br>to expire in December 2030 (renewable). The lease covers an <br>area of 1,830 ha. In addition to mining lease M74/244, the <br>greater project area comprises one general purpose lease, <br>5 miscellaneous licences and 11 exploration licences. Galaxy <br>Lithium Australia is the freehold title owner of several Torrens <br>title land lots (specifically Oldfield Lots 30 and 31 on Plan <br>224145 and Oldfield Lot 127 on Plan 145763) that underlie <br>the mine site or are adjacent to it.<br>**Key permit conditions**<br>Mt Cattlin mine is a mature operation which is currently <br>under care and maintenance, with well-understood impacts <br>and established environmental management systems and <br>capability. Key potential risk areas, including noise, vibration <br>and air emissions/quality, are regulated, and have specific <br>management plans to ensure compliance.<br>**History**<br>The tenements that incorporate Mt Cattlin have been held by <br>numerous companies since the 1960s, including Western <br>Mining Corporation, Pancontinental Mining Limited, Greenstone <br>Resources NL, Haddington Resources Limited and Sons of <br>Gwalia Limited. Galaxy Resources NL acquired M74/12 from <br>the Administrators of Sons of Gwalia Limited in November 2006 <br>and began construction activities in 2009, followed by open pit <br>mining in mid-2010. The site was placed into care and <br>maintenance in 2013 and restarted in 2016. In 2018, Galaxy <br>Resources merged with Orocobre to form Allkem, which merged <br>with Livent in 2024 to form Arcadium Lithium. Mt Cattlin reverted <br>to care and maintenance in 2025.<br>| **Property description/type of mine**<br>The Mt Cattlin operation is an open-pit lithium and <br>tantalum mine, producing spodumene concentrate <br>for export.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>The deposit is a spodumene-rich, tantalite-bearing <br>pegmatite. The pegmatites that host the lithium-rich <br>mineralisation are of the albite-spodumene sub-type. The <br>pegmatite has a diverse mineralogy hosting a rich array of <br>minerals, with spodumene being the dominant lithium-<br>bearing mineral.<br>**Processing plants and other available** <br>**facilities**<br>The Mt Cattlin processing plant utilises conventional <br>gravity and dense media separation (DMS) processing <br>techniques to generate a spodumene concentrate primary <br>product. In addition to the DMS and gravity processing <br>equipment, 2 optical sorting units are used to upgrade ore <br>contaminated with waste rock. Other facilities include <br>tailing storage facilities (one ex-pit and two in-pit) and <br>supporting infrastructure.<br>**Power source**<br>Standalone diesel-fired power station.<br>|

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 308 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Lithium *continued*

**Production properties**

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| | | |
|:---|:---|:---|
| **Property**<br>Olaroz<br>**Ownership**<br>Sales de Jujuy <br>(SDJ), a joint venture <br>between Rio Tinto <br>(66.5%), Toyota <br>Tsusho (25%), and <br>Jujuy Energia u <br>Minera Sociedad del <br>Estado (JEMSE) <br>(8.5%). Rio Tinto <br>holds a 100% <br>interest in several <br>properties located to <br>the north and west of <br>Olaroz <br>**Operator**<br>Sales de Jujuy<br>**Location**<br>Olaroz Subbasin, <br>Salar de Olaroz-<br>Cauchari, Jujuy, <br>Argentina <br>| **Access and Infrastructure**<br>Road.<br>**Title/lease/acreage**<br>SDJ controls 33 mining concessions and 2 exploration <br>properties covering 47,618 ha. Additionally, Rio Tinto owns <br>100% in neighbouring concessions totalling 29,443 ha.<br>**Key permit conditions**<br>Key permit conditions are environmental compliance and <br>reporting, including independent authorisations for brine <br>extraction and water use; waste management and disposal; <br>processing plant; and ancillary infrastructure<br>**History**<br>Allkem (previously Orocobre) initiated a lithium brine <br>exploration program in 2008. Additional exploration led to the <br>completion of a feasibility study in 2011. Brine extraction to <br>fill evaporation ponds began in 2013. Lithium carbonate <br>production began in 2015. In 2023, Stage 2 expansion <br>began producing lithium carbonate. The design production <br>capacity for Stage 1 and Stage 2 is 17.5 ktpa LCE and <br>25 ktpa LCE, respectively. Stage 1 achieved its design <br>capacity in 2023. Stage 2 is currently <br>in ramp-up.<br>| **Property description/type of mine**<br>Olaroz achieves a 40-year life-of-mine using conventional <br>pond technology. Mining occurs by brine extraction from <br>vertical production wells. Extracted brine is concentrated <br>in lined evaporation ponds before undergoing treatment to <br>remove impurities. Finished brine is directed to an onsite <br>Carbonate plant for conversion to lithium carbonate. <br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Lithium mineralisation occurs as a brine within a <br>sedimentary sequence in an immature salar, composed of <br>evaporites, volcaniclastic sand and variable amounts of <br>clay/sand. The brine is hosted primarily in a shallow (200 <br>to 400 metres below ground surface (m bgs)) mixed <br>(clastic and evaporite) aquifer, and a deeper (>450 m <br>bgs) predominately sand aquifer. <br>**Processing plants and other available** <br>**facilities**<br>Raw water is provided by wellfields at Archibarca and <br>Rosario and is treated using reverse osmosis at a water <br>treatment plant. Liming and soda ash plants are used to <br>remove impurities and condition brine before processing. <br>Processing occurs at the Carbonate plants. Olaroz uses <br>an extensive network of lined ponds, covering <br>approximately 18 km<sup>2</sup>, to concentrate brine before <br>delivery to the Carbonate plants. Residual salt <br>precipitates are harvested from evaporation ponds before <br>disposal by land application. Other notable facilities <br>include power generation, booster stations and piping, <br>warehouses, maintenance yards, personnel camps, <br>offices, dining and recreational facilities, roads, analytical <br>laboratories, and security facilities.<br>**Power source**<br>Natural gas delivered by pipeline operated by GAS <br>ATACAMA.<br>|

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 309 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Lithium *continued*

**Projects**

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| | | |
|:---|:---|:---|
| **Property**<br>Cauchari<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Cauchari Subbasin, <br>Salar de Olaroz-<br>Cauchari, Jujuy, <br>Argentina<br>| **Access and infrastructure**<br>Road.<br>**Title/lease/acreage**<br>The Cauchari project includes 22 mining concessions <br>covering 28,906 ha. Additionally, Rio Tinto owns 100% in <br>neighbouring concessions totalling 29,443 ha.<br>**Key permit conditions** <br>Key permit conditions are environmental compliance and <br>reporting, including independent authorisations for brine <br>extraction and water use; waste management and disposal; <br>processing plant; and ancillary infrastructure. <br>**History**<br>The Cauchari project is an undeveloped lithium brine resource <br>approximately 10 km south of Rio Tinto's Olaroz operation and <br>adjacent to an active lithium brine operation. Allkem (previously <br>Orocobre) initiated a lithium brine exploration program 2011. <br>Additional exploration campaigns were performed in 2017 and <br>2018. Initial studies indicate the potential for a 25 ktpa LCE <br>processing facility with a 30-year mine life using conventional <br>evaporation pond technology.<br>| **Property description/type of mine**<br>Mining will occur by brine extraction from vertical production <br>wells. Extracted brine will be concentrated in lined <br>evaporation ponds before undergoing treatment to remove <br>impurities. Finished brine is directed to an onsite Carbonate <br>plant for conversion to lithium carbonate. <br>The Property is considered an exploration stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Lithium mineralisation occurs as a brine within <br>a sedimentary sequence in an immature salar, <br>composed of evaporites, volcaniclastic sand and variable <br>amounts of clay/sand. The lower Archibarca Fan unit <br>(sands and gravels) and lower Sand unit are targeted for <br>brine production at approximately 360 and 460 m bgs, <br>respectively. <br>**Processing plants and other available** <br>**facilities**<br>There are currently no processing plants or related facilities <br>at Cauchari. Planned facilities include water treatment, <br>liming, soda ash, and Carbonate plants; salt harvesting <br>equipment, power generation, booster stations and piping, <br>warehouses, maintenance yards, personnel camps, offices, <br>dining and recreational facilities, roads, analytical <br>laboratories, and security facilities.<br>**Power source**<br>Power will be generated onsite using natural gas fuel.<br>|
| **Property**<br>Galaxy<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Quebec, Canada<br>| **Access and Infrastructure**<br>Road access via Billy Diamond highway.<br>**Title/lease/acreage**<br>Galaxy comprises 200 claims covering an area of <br>9,867.88 ha. All renewal payments have been made, <br>and the claims are in good standing. Mining Lease BM1061 <br>application was approved on 14 February, 2024.<br>**Key permit conditions**<br>75% of Ministerial authorisation obtained. The key one <br>remaining is for the Waste Rock & Tailings Storage Facility <br>with the test report submitted to the Environmental and <br>Social Impact Review Committee (COMEX) for approval.<br>**History**<br>First discovered in 1964. Initial exploration by SBDJ in 1974. <br>In 2008, Coniagas Resource Limited (subsequently renamed <br>to Lithium One Inc.) entered into an option agreement to <br>acquire 100% in the property. In July 2012, Lithium One Inc. <br>and Galaxy Resources Limited completed a merger, <br>effectively transferring ownership of the property to Galaxy <br>Lithium (Canada) Inc. a wholly owned subsidiary of Rio <br>Tinto.<br>| **Property description/type of mine**<br>Open pit mine.<br>The Property is considered a development stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Spodumene is a relatively rare pyroxene that is <br>composed of lithia (8.03% Li2O), aluminium oxide <br>(27.40% Al2O3), and silica (64.58% SiO2). It is found in <br>lithium-rich granitic pegmatites, commonly associated <br>with quartz, K-feldspar, albite, muscovite with minor <br>lepidolite, tourmaline, and beryl. Spodumene is the <br>principal source of lithium found at the property.<br>The spodumene found on the property tends to have <br>a pale-green colouration, with grain size varying from sub-<br>millimetric to one metre lengths. Grain size tends to be <br>fine within a chilled margin on the dikes, usually 3 cm to 5 <br>cm wide, and then grain size increases towards the <br>centre of the pegmatite dikes.<br>**Processing plants and other available** <br>**facilities**<br>Mine site facilities include Crushing and DMS plants to <br>concentrate spodumene, plus a fuel bay, truck shop, assay <br>lab, concentrate storage building, warehouse, explosive <br>storage building, admin building, process and run-off water <br>treatment plant, permanent camp to accommodate workers <br>on fly-in, fly-out (FIFO), site potable water and sewage <br>treatment and electrical substation.<br>**Power source**<br>Galaxy project is connected to Hydro-Quebec grid and is <br>also equipped with diesel generator for winter peaks and <br>power outage for critical components and camp.<br>|

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| Annual Report on Form 20-F 2025 | 310 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Lithium *continued*

**Projects**

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| **Property**<br>Rincon<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Rincon Salar, Salta, <br>Argentina<br>| **Access and infrastructure**<br>Road and air.<br>**Title/lease/acreage**<br>Two separate mineral leases for a total of 82,905 ha, the <br>largest one being the Grupo Minero Proyecto Rincon with <br>80,032 ha. Mining concessions are issued by the Provincial <br>Mining Court and have lifelong exploitation rights.<br>**Key permit conditions** <br>Key permit conditions are environmental compliance and <br>reporting, including independent authorisations for industrial <br>water and brine extraction, spent brine disposal facilities, <br>processing plant and ancillary infrastructure.<br>**History**<br>Rincon Salar was initially explored by Admiralty Resources <br>NL, which acquired mining leases covering approximately <br>85% of the Salar in 2001. Admiralty demerged the project <br>into a separate Australian Securities Exchange (ASX) listed <br>entity called Rincon Lithium Ltd in October 2007, and sold <br>the company to the private equity group Sentient Equity <br>Partners in December 2008. The project was under <br>evaluation by Sentient until the acquisition of the property by <br>Rio Tinto in March 2022.<br>The Rincon 3000 plant began operations in May 2025 and <br>continues its ramp-up phase. Cumulative production as of <br>end October 2025 is 140 tonnes of lithium carbonate. <br>| **Property description/type of mine**<br>Brine extracted from a production wellfield and fed to a <br>central processing facility for lithium recovery and battery <br>grade lithium carbonate production.<br>The Property is considered a development stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Lithium mineralisation occurs as a brine within a <br>sedimentary sequence in a mature salar, composed of <br>halite, volcaniclastic sand and variable amounts of clay/<br>sand. The brine is hosted in 2 separate aquifers: an upper <br>unconfined fractured halitic aquifer and a lower semi-<br>confined aquifer composed mainly of volcaniclastic sand.<br>**Processing plants and other available** <br>**facilities**<br>The project includes a wellfield for brine extraction and a <br>plant for the production of lithium carbonate, a spent brine <br>disposal facility, wellfield for the extraction of process <br>water and water pre-treatment equipment, camp and <br>office buildings, warehouses and loading/unloading <br>facilities.<br>**Power source**<br>Connected to the national electric grid with options for <br>onsite or offsite renewable power purchase agreements. <br>|
| **Property**<br>Sal de Vida<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Eastern Subbasin, <br>Salar del Hombre <br>Muerto, Catamarca, <br>Argentina<br>| **Access and Infrastructure**<br>Road and air.<br>**Title/lease/acreage**<br>The Sal de Vida project includes 31 mining concessions <br>covering 26,253 ha.<br>**Key permit conditions**<br>Key permit conditions are environmental compliance and <br>reporting, including independent authorisations for brine <br>extraction and water use; waste management and disposal; <br>processing plant; and ancillary infrastructure. <br>**History**<br>The Sal de Vida project is a lithium brine resource in <br>development stage. It is located approximately 20 km <br>northeast of Rio Tinto's Fénix operation in the Eastern <br>Subbasin of Salar del Hombre Muerto. Exploration activities, <br>divided into 6 phases, began in 2009 and ended in 2021. <br>Construction activities began in 2022 and brine extraction to <br>fill ponds started in 2024. Production startup is expected to <br>begin in 2026. The project consists of 2 stages.<br>**Property description/type of mine**<br>Mining will occur by brine extraction from vertical production <br>wells. Extracted brine will be concentrated in lined <br>evaporation ponds before undergoing treatment to remove <br>impurities. Finished brine is directed to an onsite Carbonate <br>plant for conversion to lithium carbonate.<br>The Property is considered a development stage property for <br>SK-1300 reporting purposes.<br>| **Type of mineralisation**<br>Lithium mineralisation occurs as a brine within a <br>sedimentary sequence in an immature salar, composed of <br>evaporites, volcaniclastic sand and variable amounts of <br>clay/sand. A mixed aquifer consisting of evaporites, sands <br>and gravels is targeted for brine production at <br>approximately 80 to 200 m bgs. <br>**Processing plants and other available** <br>**facilities**<br>The processing plants and related facilities at Sal de Vida <br>are under construction. Sal de Vida is similar in design to <br>Olaroz, except muriate ponds are included in the <br>flowsheet to increase brine saturation and improve overall <br>efficiency. Constructed facilities include water treatment, <br>liming, plants; power generation, booster stations and <br>piping, warehouses, maintenance yards, personnel <br>camps, offices, dining and recreational facilities, roads, <br>analytical laboratories, and security facilities. Construction <br>of the Carbonate plant is nearing completion with <br>commissioning expected by end Q1 2026. Other facilities <br>under construction include soda ash plant; salt harvesting <br>equipment and ancillary infrastructure. <br>**Power source**<br>Future power will be generated onsite using diesel fuel <br>with natural gas and photovoltaic sources considered at a <br>later time.<br>|

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| Annual Report on Form 20-F 2025 | 311 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Lithium *continued*

**Projects**

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| **Property**<br>Whabouchi<br>**Ownership**<br>Nemaska Lithium <br>(NLI) is a joint <br>venture between <br>Rio Tinto (50%) and <br>Investissement <br>Québec (50%)<br>**Operator**<br>Rio Tinto<br>**Location**<br>Quebec, Canada<br>| **Access and Infrastructure**<br>Road, via the Route du Nord and air (Nemiscau airport). <br>**Title/lease/acreage**<br>The Property is composed of one block containing 35 map-<br>designated claims (MDC) covering a total of 1,632.24 ha and <br>one Mining Lease by the Ministère des Ressources <br>naturelles et forêts (MRNF). NLI owns 100% interest in the <br>Property. At the date of this Report, all claims are in good <br>standing. On 26 October 2017, NLI obtained the Mining <br>Lease number 1022, under the conditions provided for in the <br>Loi sur les mines (Mining Act) and those prescribed by <br>regulation.<br>**Key permit conditions**<br>The environmental permits required to build and operate the <br>Whabouchi mine were all obtained between 2016 and 2020. <br>These permits cover mining operations, the installation of a <br>co-disposal facility for waste rock and tailings, water <br>management, and ore processing. Since 2020, the project <br>has been reviewed and optimised, requiring a series of <br>permit amendments. A permit plan has been developed and <br>validated by COMEX and the Ministry of the Environment. <br>Several significant permit amendments have already been <br>obtained to date, such as modifications to the crushing circuit <br>and the ore concentration process. The permit plan, which is <br>conservative, is expected to be completed according to the <br>project schedule.<br>**History**<br>Lithium exploration at Whabouchi began in 1962 when <br>Canico discovered a lithium-bearing pegmatite. After regional <br>surveys in the 1970s and limited lithium work in 1978-1980, <br>progress stalled until Inco re-sampled the pegmatite in 2002. <br>Major advances followed when Nemaska Exploration Inc. <br>began systematic work in 2009, trenching, and drilling <br>confirming extensive spodumene-rich zones. From <br>2010-2011, Nemaska added geophysical surveys, stripping, <br>and a 50-tonne bulk sample for metallurgical testing. Drilling <br>from 2013-2018 expanded the resource. In 2023, NLI was <br>restructured under a shareholder agreement with <br>Investissement Québec and Québec Lithium Partners <br>(Livent). Following Livent's merger with Allkem to form <br>Arcadium Lithium plc, which in turn was fully acquired by Rio <br>Tinto in 2025, NLI became jointly owned by Investissement <br>Québec and Rio Tinto.<br>| **Property description/type of mine**<br>Planned as an open pit mine with potential for future <br>underground extension.<br>The Property is considered a development stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>The deposit formed during the final crystallisation phase <br>of a granite pluton, when residual, rare metal-rich fluids <br>were forced into fractures in overlying rocks, creating <br>pegmatites at shallower depths. <br>The deposit hosts lithium mineralisation mainly under the <br>form of coarse-grained size spodumene crystals, a lithium <br>aluminosilicate. Two pegmatite phases are recognised: a <br>dominant spodumene-rich phase and a lesser barren <br>quartz-feldspar phase. The lithium mineralisation occurs <br>mainly in medium to large spodumene crystals up to 30 <br>cm long. <br>The spodumene-rich pegmatite is a highly fractionated, <br>zoned swarm, transitioning from an albite wall zone to a <br>K-feldspar-rich zone and a spodumene-quartz core that <br>forms most of the rock. Although it lacks a classic quartz <br>core, its structure follows the greenstone belt's alignment, <br>extending over 100 m along strike and at depth, with <br>basalt in the hanging wall and gabbro in the footwall. The <br>deposit comprises an interconnected swarm of <br>spodumene-bearing dykes intrusions, mostly steeply <br>dipping southeast, forming a corridor of about 1.34 km <br>long and 60 m to 330 m wide.<br>**Processing plants and other available** <br>**facilities**<br>The site has a fully operational temporary camp for 250 <br>workers, equipped with accommodations, kitchen, water <br>treatment systems, and an office to support construction. <br>The Fire Protection and Electrical Substation systems are <br>functional, with upgrades planned. Several other items of <br>infrastructure, including the concentrator, metallurgical <br>laboratory, crushing circuit, mine garage, wash bay, and <br>fuel tank farm, are partially completed.<br>**Power source**<br>A 69 kV power line connecting the Poste Nemiscau <br>electrical station from Hydro-Quebec to the mine site has <br>been put in service and is supplying power to the <br>facilities. Backup power in the form of 4 diesel generators <br>totalling 2 MW of power for the concentrator and a <br>separate 1.2 MW unit for the main camp are in place. <br>|

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| Annual Report on Form 20-F 2025 | 312 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Copper

**Production properties**

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| **Property**<br>Escondida<br>**Ownership**<br>30% Rio Tinto, <br>57.5% BHP, <br>10% JECO <br>Corporation <br>consortium <br>comprising <br>Mitsubishi, JX <br>Nippon Mining and <br>Metals (10%), <br>2.5% JECO 2 Ltd<br>**Operator**<br>BHP<br>**Location**<br>Atacama Desert, <br>Chile<br>| **Access and infrastructure**<br>Road and rail, including a pipeline and road to the deep sea <br>port at Coloso:<br>•2 concentrate transport lines from mine site to port facility <br>at Coloso (9" line from LS1 and LS2 and 6" line from Los <br>Colorados)<br>•2 desalinisation plants at Coloso port along with water <br>treatment plant for concentrate filtrate <br>•2 water pipelines and 4 pump stations for freshwater <br>supply to site <br>•roadway to site, rail line for supplies and cathode <br>transport, power transport facilities to tie site to power grid <br>•site offices, housing, and cafeteria facilities to support <br>employees and contractors on site <br>•warehouse buildings and laydown facilities to support <br>operations and projects on site.<br>**Title/lease/acreage**<br>Rights conferred by Government under Chilean Mining <br>Code. 764 concessions throughout the site with a total of <br>406,018 ha, including 18 main mineral rights leases with a <br>total of 58,934 ha.<br>**Key permit conditions** <br>Annual tenement payments (due March each year). The <br>current business operates under the rights conferred by the <br>Government under the Chilean Mining Code and includes <br>key underlying documents such as the Environmental Impact <br>Assessment Permit as well as the Closure Plan Permit.<br>| **History**<br>Production started in 1990 and since then capacity has <br>been expanded numerous times. In 1998, first cathode <br>was produced from the oxide leach plant, and during <br>2006 the sulphide leach plant was inaugurated, a year <br>after the start of Escondida Norte pit production. In 2016, <br>the 3rd concentrator plant was commissioned. Ful SaL a <br>BHP designed leaching technology achieved first <br>production in 2025.<br>**Property description/type of mine**<br>Two active surface open pit mines in production, <br>Escondida and Escondida Norte, with ore being <br>processed via 3 processing options, oxide leach, sulfide <br>RoM leach, and conventional flotation concentrators.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Consists of a series of porphyry deposits containing <br>copper, minor gold, silver, and molybdenum.<br>**Processing plants and other available** <br>**facilities**<br>Los Colorados, Laguna Seca Line 1, and Laguna Seca <br>Line 2 Concentrators. Oxide leach facility (OLAP), SL <br>RoM leach facility and SX/EW facility.<br>**Power source**<br>Supplied from grid under various contracts with local <br>generating companies.<br>|
| **Property**<br>Rio Tinto Kennecott<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto (Kennecott <br>Utah Copper LLC)<br>**Location**<br>Near Salt Lake City, <br>Utah, US<br>| **Access and infrastructure**<br>Pipeline, road and rail.<br>**Title/lease/acreage**<br>Wholly owned – approximately 95,000 acres in total.<br>**Key permit conditions** <br>Permit conditions are established by Utah and US <br>Government agencies and comprise:<br>•environmental compliance and reporting<br>•closure and reclamation requirements.<br>**History**<br>Interest acquired in 1989. In 2012, the pushback of the south <br>wall began, extending the mine life from 2018 to 2032.<br>Approval for underground mining at Lower Commercial <br>Skarn was obtained in 2022.<br>| **Property description/type of mine**<br>Open pit and underground.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Porphyry and associated skarn deposits containing <br>copper, gold, silver, molybdenum and tellurium.<br>**Processing plants and other available** <br>**facilities**<br>Copperton concentrator, Garfield smelter, refinery, and <br>precious metals plant, assay laboratory and tailings <br>storage facilities.<br>**Power source**<br>Supply contract with Rocky Mountain Power.<br>|

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| Annual Report on Form 20-F 2025 | 313 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Copper *continued*

**Production properties**

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| **Property**<br>Oyu Tolgoi<br>**Ownership**<br>Rio Tinto owns a <br>66% interest in Oyu <br>Tolgoi LLC; the <br>remaining 34% <br>interest is held by <br>the Government of <br>Mongolia through <br>Erdenes Oyu Tolgoi <br>LLC<br>Rio Tinto is <br>responsible for the <br>day-to-day <br>operational <br>management and <br>development of the <br>project<br>**Operator**<br>Rio Tinto<br>**Location**<br>Khanbogd soum, <br>Umnugovi province, <br>Mongolia<br>| **Access and infrastructure**<br>Air and road.<br>**Title/lease/acreage**<br>Three mining licences are 100% held by Oyu Tolgoi LLC: <br>MV-006708 (the Manakht licence: 4,533 ha), MV-006709 <br>(the Oyu Tolgoi licence: 8,490 ha), and MV-006710 (the <br>Khukh Khad licence: 1,763 ha).<br>Two further licences are held in joint venture with Entrée <br>Resources Ltd, MV-015226 (the Shivee Tolgoi Licence: <br>42,593 ha) and MV-015225 (the Javkhlant Licence: <br>20,327 ha).<br>The licence term under the Minerals Law of Mongolia is <br>30 years with two 20-year extensions. First renewals are <br>due in 2033 and 2039 for the Oyu Tolgoi and Entrée joint <br>venture licences respectively.<br>**Key permit conditions** <br>Investment Agreement dated 6 October 2009, between <br>the Government of Mongolia, Oyu Tolgoi LLC (formerly <br>Ivanhoe Mines Mongolia Inc LLC), Turquoise Hill Resources <br>(TRQ) (formerly Ivanhoe Mines Ltd), and Rio Tinto <br>International Holdings Limited in respect of Oyu Tolgoi <br>(Investment Agreement).<br>Amended and Restated Shareholders Agreement dated 8 <br>June 2011 among Oyu Tolgoi LLC, THR Oyu Tolgoi Ltd. <br>(formerly Ivanhoe Oyu Tolgoi (BVI) Ltd.), Oyu Tolgoi <br>Netherlands B.V. and Erdenes MGL LLC, as amended and <br>restated on 2 October 2023 (ARSHA). Erdenes MGL LLC <br>since transferred its shares in Oyu Tolgoi LLC and its rights <br>and obligations under the ARSHA to its subsidiary, Erdenes <br>Oyu Tolgoi LLC.<br>Power Source Framework Agreement dated 31 December <br>2018, between the Government of Mongolia and Oyu Tolgoi <br>LLC, as amended on 18 June 2020.<br>Electricity Supply Agreement dated 26 January 2022, <br>between Southern Region Electricity Distribution Network <br>SOSC, National Power Transmission Grid SOSC, National <br>Dispatching Center LLC and Oyu Tolgoi LLC.<br>In terms of key government permits, Oyu Tolgoi LLC secured <br>a land use permit until 2036 and water use permit until 2039, <br>as well as the mineral rights.<br>| **History**<br>Oyu Tolgoi was first discovered in 1996. Construction <br>began in late 2009 after the signing of an Investment <br>Agreement with the Government of Mongolia, and the first <br>concentrate was produced in 2012. First sales of copper <br>concentrate were made to Chinese customers in 2013.<br>The first drawbell of the Hugo North underground mine <br>was fired in 2022. In December 2022, Rio Tinto acquired <br>100% ownership of TRQ. Sustainable production from <br>underground began in March 2023.<br>**Property description/type of mine**<br>Mineral Reserves have been reported at the Oyut and Hugo <br>North Deposits. The Oyut deposit is currently mined as an <br>open pit using a conventional drill, blast, load, and haul <br>method. The Hugo North deposit is currently being <br>developed as an underground mine.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Consists of a series of porphyry deposits containing <br>copper, gold, silver and molybdenum.<br>**Processing plants and other available** <br>**facilities**<br>One copper concentrator with a nominal feed capacity of <br>100 ktpd currently comprising 2 SAG mills, 5 ball mills, <br>rougher and cleaner flotation circuits and up to 1 Mtpa <br>copper concentrate capacity. Other major facilities that <br>support the isolated operations include maintenance <br>workshops, heating plant, sealed airstrip and terminal, <br>and camp facilities with up to 6,000 person capacity to <br>accommodate current operations and the underground <br>construction project. Underground infrastructure in place <br>includes several shafts for ore haulage, personnel <br>haulage and ventilation plus a conveyor decline to surface <br>and associated surface infrastructure.<br>**Power source**<br>Oyu Tolgoi obtains its electricity from the Western Grid of <br>the Inner Mongolia Autonomous Region (IMAR) in the <br>People's Republic of China. This power is delivered <br>through a cross-border 220 kV double-circuit transmission <br>line. The electricity is provided by Inner Mongolia Power <br>International Cooperation Co., Ltd (IMPIC), a subsidiary <br>of Inner Mongolia Power (Group) Co., Ltd. This company <br>is responsible for the ownership and operation of IMAR's <br>Western Grid. The current power supply agreement is a <br>collaborative arrangement involving IMPIC and the <br>National Power Transmission Grid SOSC (NPTG) of <br>Mongolia, which holds the necessary import licence. <br>Additionally, Oyu Tolgoi maintains an onsite diesel <br>generator that functions as a 24/7 standby emergency <br>power source.<br>|

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| Annual Report on Form 20-F 2025 | 314 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Copper *continued*

**Projects**

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| **Property**<br>Resolution Copper<br>**Ownership**<br>55% Rio Tinto, <br>45% BHP<br>**Operator**<br>Rio Tinto<br>**Location**<br>Superior, Pinal <br>County, Arizona, US<br>| **Access and infrastructure**<br>Road, rail and water pipeline. <br>**Title/lease/acreage**<br>Land ownership: 196 parcels, including 189 fee simple <br>parcels totalling 16,558 acres.<br>Federal Mining Claims: 2,322 (2,321 lode claims and 1 <br>placer) covering 42,797 acres.<br>State of Arizona Mineral Exploration Permits: 62 permits, 8 <br>permits with a total of 4,163 acres in exploration areas and <br>54 permits with a total of 26,801 acres in tailings storage <br>facilities, tailings corridors and tailings buffer areas.<br>State of Arizona Special Land Use Permits: 11 permits <br>covering 8,360 acres in stream monitoring, groundwater <br>monitoring, and tailings surface investigation areas.<br>Federal and State Grazing Permits and Leases: 7 leases <br>covering 80,270 acres.<br>Rights of Way, for rail line and stations, roads, and pipelines, <br>and utilities granted by both the United States and the State <br>of Arizona through a combination of grants, leases, and <br>permits totalling 696 acres.<br>All claims, permits, and leases are subject to annual renewal <br>filings and associated rental fees. A property tax is paid for <br>owned lands. Grants are held not subject to fees or taxes.<br>| **Key permit conditions** <br>Resolution is in the permitting and study stage of the project. <br>It has completed a multi-year process to secure its <br>Environmental Impact Statement under the National <br>Environmental Protection Act. Future permits will be required <br>for operations such as air quality permits and aquifer <br>protection permits.<br>**History**<br>The Magma Vein (formerly Silver Queen) was discovered <br>in the 1870s and underground mining continued at the <br>Magma Mine until 1998. In 1996, the Resolution deposit <br>was discovered via an underground drill hole directed <br>south from the Magma Mine workings. Kennecott <br>Exploration (Rio Tinto) entered the project in 2001 and <br>through an exploration "earn-in" agreement became the <br>operator in 2004. <br>**Property description/type of mine**<br>Block cave underground mining method.<br>The Property is considered an exploration stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Porphyry copper and molybdenum deposit.<br>**Processing plants and other available** <br>**facilities**<br>Water treatment and reverse osmosis plant, historic <br>tailings impoundments from the Magma Mine No. 9 and <br>No. 10 ventilation shafts. <br>**Power source**<br>115 kV power lines to East and West Plant sites with <br>supply contract with Salt River Project (SRP).<br>|

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| Annual Report on Form 20-F 2025 | 315 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Copper *continued*

**Projects**

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| **Property**<br>Winu<br>**Ownership**<br>70% Rio Tinto, 30% <br>Sumitomo Metal <br>Mining (SMM)<br>**Operator**<br>Rio Tinto<br>**Location**<br>Great Sandy Desert, <br>Western Australia, <br>Australia<br>| **Access and infrastructure**<br>Air and road.<br>**Title/lease/acreage**<br>Exploration License E45/4833 hosts the deposit. Several <br>Miscellaneous Licenses cover the road access route, <br>associated facilities, camp accommodation, airstrip and the <br>regional borefields. A Mining Lease Application (M45/1288; <br>7,500 ha) has been made and is awaiting formal approval.<br>**Key permit conditions** <br>Annual rental payments for licences are required under the <br>*Western Australian Mining Act 1978*, along with other standard <br>reporting obligations relating to expenditure and works <br>undertaken on the exploration licence.<br>**History**<br>The exploration licence was granted to Rio Tinto in October <br>2017 and Winu was discovered in December 2017. The first <br>Inferred Mineral Resource was announced in July 2020 and <br>updated to an Indicated and Inferred Mineral Resource in <br>February 2022. <br>In October 2025, Rio Tinto finalised a new partnership with <br>Sumitomo Metal Mining (SMM) to deliver the Winu copper-<br>gold project. Under the joint venture agreement, Rio Tinto <br>will continue to develop and operate Winu as the managing <br>partner, while SMM will hold a 30% equity interest.<br>| **Property description/type of mine**<br>Following extensive fieldwork, studies, and stakeholder <br>engagement, the Winu Project completed the pre-<br>feasibility stage in 2025. It has now entered the feasibility <br>study stage, which focuses on defining the project to <br>support a potential investment approval decision. This <br>stage includes continued stakeholder engagement and <br>progressing the key regulatory approvals for a potential <br>open pit mining operation.<br>The Property is considered an exploration stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Copper-gold-silver mineralisation hosted within sulphide <br>breccias and quartz veins. A supergene enrichment profile <br>caps most of the primary mineralisation.<br>**Processing plants and other available** <br>**facilities**<br>Winu comprises camp facilities for up to 110 people, <br>unimproved access roads and trails, and a gravel airstrip.<br>**Power source**<br>Power is provided by diesel generators.<br>|

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| Annual Report on Form 20-F 2025 | 316 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Iron Ore

**Production properties**

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| **Property**<br>Australian Pilbara <br>Operations<br>**Operator**<br>Rio Tinto<br>**Location**<br>Pilbara region, <br>Western Australia, <br>Australia<br>Note: The details in <br>this section (on <br>access and <br>infrastructure, power <br>source, key permit <br>conditions, property <br>description/type of <br>mine, and <br>processing plants <br>and other available <br>facilities) are <br>common to all <br>Australian Pilbara <br>Operations in the <br>subsequent sections<br>| **Access and infrastructure**<br>Access and infrastructure within the property includes:<br>•a network of sealed and unsealed roads connecting <br>to public roads and highways<br>•public and Rio Tinto-operated airports<br>•a Hamersley and Robe-owned integrated heavy <br>haulage rail network, operated by Pilbara Iron <br>comprising nearly 2,000 km of rail, rail cars and <br>locomotives<br>•4 shipping terminals, located at Dampier and Cape <br>Lambert and managed as a single port system<br>•water piping networks for both abstracted water and <br>supply of fresh water to sites and towns<br>•managed accommodation villages for fly-in fly-out <br>(FIFO) sites<br>•a housing portfolio managing properties in the towns <br>of Dampier, Wickham, Karratha, Pannawonica, <br>Paraburdoo and Tom Price<br>•tailings storage facilities at several mine sites.<br>All assets are subject to routine inspections and <br>ongoing investment and maintenance programs to <br>ensure these remain fit for purpose.<br>**Power source**<br>Supplied through the integrated Hamersley and Robe <br>power network operated by Pilbara Iron.<br>| **Key permit conditions**<br>State Agreement conditions are set by the Government of <br>Western Australia and broadly comprise environmental <br>compliance and reporting obligations; closure and rehabilitation <br>considerations; local procurement and community initiatives/<br>investment requirements; and payment of taxes and <br>government royalties.<br>The current business also operates under an Indigenous Land Use <br>Agreement which includes commitments for payments made to <br>trust accounts; Indigenous employment and business opportunities; <br>and heritage and cultural protections.<br>**Property description/type of mine**<br>All mines operated by Rio Tinto within the property are open pit <br>mines. The mining method employed uses conventional surface <br>mining, whereby shovels and loaders are used to load drilled <br>and blasted material into trucks for removal to waste dumps and <br>stockpiles or feed to process plants. In addition to mining <br>activities, Rio Tinto conducts both exploration and development <br>drilling across the property.<br>The Property is considered a production stage property for <br>SK-1300 reporting purposes.<br>**Processing plants and other available facilities**<br>The processing plants within the property vary considerably in <br>age, and many plants have been subject to brownfields <br>development since original construction. All plants are subject to <br>an ongoing regime of sustaining capital investment and <br>maintenance, underpinned by asset integrity audits, engineering <br>inspections, engineering life cycles for key equipment and <br>safety inspections and audits. <br>|
| **Property**<br>Australian Pilbara <br>Operations<br>**Mine**<br>Hamersley Iron:<br>•Brockman 2<br>•Brockman 4<br>•Channar<br>•Gudai-Darri<br>•Eastern Range<br>•Marandoo<br>•Mount Tom Price<br>•Nammuldi<br>•Paraburdoo<br>•Silvergrass<br>•Western Turner <br>Syncline <br>•Yandicoogina<br>**Ownership**<br>100% Rio Tinto<br>| **Title/lease/acreage**<br>Agreements for life of mine with the Government of <br>Western Australia (excluding Channar and Yandicoogina).<br>Mount Tom Price, Marandoo, Brockman 2, Brockman <br>4, Nammuldi and Western Turner Syncline Mineral and <br>Mining Leases held under *Iron Ore (Hamersley* <br>*Range) Agreement Act 1963.* Area of ML4SA <br>approximately 80,617 ha. Area of M272SA <br>approximately 14,136 ha. <br>Gudai-Darri Mineral Lease held under *Iron Ore (Mount* <br>*Bruce) Agreement Act 1972*. Area of ML252SA <br>approximately 84,641 ha.<br>Eastern Range and Paraburdoo Mineral Lease held <br>under *Iron Ore (Hamersley Range) Agreement* <br>*Act 1968.* Area of ML246SA approximately 22,837 ha.<br>Channar Mining Lease held under *Iron Ore (Channar* <br>*Joint Venture) Agreement Act 1987*. Mining lease <br>expires in 2028 with an option to extend by up to 5 <br>years. Area of M265SA approximately 5,956 ha.<br>Yandicoogina Mining Lease held under *Iron Ore* <br>*(Yandicoogina) Agreement Act 1996*. Mining lease <br>expires in 2039 with an option to extend for 21 years. <br>Area of M274SA approximately 30,550 ha.<br>**History**<br>Mount Tom Price began operations in 1966, followed <br>by Paraburdoo in 1974. During the 1990s, Channar <br>(1990), Brockman 2 (1992), Marandoo (1994) and <br>Yandicoogina (1998) achieved first ore. Eastern Range <br>(originally part of the Bao-HI joint venture) achieved <br>first ore in 2004 followed by Nammuldi (2006), <br>Brockman 4 (2010), Western Turner Syncline (2011) <br>and Silvergrass (2017). The latest addition to the <br>network of Hamersley Iron mines, Gudai-Darri, had first <br>ore railed in December 2021, and commissioned its <br>primary crusher in the second quarter of 2022.<br>| **Type of mineralisation**<br>Brockman 2, Brockman 4, Channar, Eastern Range, Gudai-Darri, <br>Tom Price, Paraburdoo and Western Turner Syncline: <br>mineralisation occurs as haematite/goethite within the banded iron <br>formation of the Brockman Formation. Detrital deposits also occur <br>at these sites. At Brockman 2, Brockman 4, Tom Price and Western <br>Turner Syncline, some goethite/haematite within the banded iron <br>formation of the Marra Mamba Formation also occurs.<br>Marandoo, Nammuldi and Silvergrass: mineralisation occurs as <br>goethite/haematite within the banded iron formation of the Marra <br>Mamba Formation. Some detrital mineralisation also occurs. <br>Yandicoogina: goethite mineralisation occurs as pisolite ores <br>within the paleo-channel of a channel iron formation.<br>**Processing plants and other available facilities**<br>At Brockman 2, Brockman 4, the Nammuldi dry plant and Gudai-<br>Darri, dry crushing and screening is used to produce lump and <br>fines iron ore products. Ore from the Silvergrass and Nammuldi <br>mines is blended and processed through a wet scrubbing and <br>screening plant, ahead of desliming of the fines product using <br>hydrocyclones. At Marandoo, wet scrubbing and screening is <br>used to produce lump and fines iron ore products, prior to <br>desliming of fines products using hydrocyclones. Ore from the <br>Channar, Eastern Range and Paraburdoo mines is crushed and <br>then processed through a central tertiary crushing and dry <br>screening plant to produce a dry lump product, with further wet <br>processing of the fines using hydrocyclones to remove slimes. <br>Ore from the Tom Price and Western Turner Syncline mines is <br>directed to either the high-grade plant for dry crushing and <br>screening to dry lump and fines products, or to the low-grade plant <br>for beneficiation. Heavy media separation is used to beneficiate <br>low-grade lump, and a combination of heavy media hydrocyclones <br>and spirals is used to beneficiate the low-grade fines. At <br>Yandicoogina, a single fines product is produced from a <br>combination of dry crushing and screening and wet processing <br>that utilises classification to remove finer particles.<br>|

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| Annual Report on Form 20-F 2025 | 317 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Iron Ore *continued*

**Production properties**

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| **Property**<br>Australian Pilbara <br>Operations<br>**Mine**<br>Bao-HI Joint <br>Venture:<br>•Western Range <br>mines<br>**Ownership**<br>54% Rio Tinto<br>Rio Tinto owns 54% <br>of the Bao-HI joint <br>venture with the <br>remaining 46% held <br>by China Baowu <br>Group<br>| **Title/lease/acreage**<br>Western Range Mineral Lease held under *Iron Ore (Hamersley* <br>*Range) Agreement Act 1968*. Area of ML4SA approximately <br>80,617 ha. Area of ML246SA approximately 22,837 ha.<br>**History**<br>The Bao-HI joint venture established in 2002 has delivered <br>sales of more than 200 million tonnes of iron ore to China. <br>In 2022, a new head of agreement to extend the joint <br>venture with Baowu Group was signed following the success <br>of the Bao-HI Joint Venture. <br>A new joint venture, the Western Range Joint Venture was <br>formed in 2023 with a commitment to deliver 275 million <br>tonnes of iron ore. First ore from Western Range was <br>delivered in 2024 utilising existing infrastructure, with a new <br>crusher at Western Range commissioned in 2025. Eastern <br>Range reverted to 100% Rio Tinto ownership in 2025.<br>| **Type of mineralisation**<br>Mineralisation at Western Range occurs as haematite/<br>goethite mineralisation hosted within the banded iron <br>formations of the Brockman Formation.<br>**Processing plants and other available** <br>**facilities**<br>Ore from Western Range is crushed and then processed <br>through the central Paraburdoo tertiary crushing and dry <br>screening plant to produce a dry lump product, with further <br>wet processing of the fines product using hydrocyclones to <br>remove slimes.<br>|
| **Property**<br>Australian Pilbara <br>Operations<br>**Mine**<br>Hope Downs 1<br>**Ownership**<br>50% Rio Tinto<br>50% Hancock <br>Prospecting Pty Ltd<br>| **Title/lease/acreage**<br>Mining lease expires in 2027 with 2 options to extend of <br>21 years each. Mining lease held under *Iron Ore (Hope* <br>*Downs) Agreement Act 1992.* Area of M282SA <br>approximately 57,222 ha.<br>**History**<br>Joint venture between Rio Tinto and Hancock Prospecting. <br>Construction of Stage 1 to 22 Mtpa commenced 2006 and <br>first production occurred 2007. Stage 2 to 30 Mtpa <br>completed 2009.<br>| **Type of mineralisation**<br>Mineralisation at Hope Downs 1 occurs as goethite/<br>haematite within the banded iron formations of the Marra <br>Mamba and haematite/goethite within the banded iron <br>formation of the Brockman Formation. Some detrital <br>mineralisation also occurs.<br>**Processing plants and other available** <br>**facilities**<br>Ore from Hope Downs 1 is processed through the Hope <br>Downs 1 processing plant, which utilises dry crushing and <br>screening to produce lump and fines iron ore products.<br>|
| **Property**<br>Australian Pilbara <br>Operations<br>**Mine**<br>Hope Downs 4<br>**Ownership**<br>50% Rio Tinto<br>50% Hancock <br>Prospecting Pty Ltd<br>| **Title/lease/acreage**<br>Mining lease expires in 2027 with 2 options to extend of <br>21 years each. Mining lease held under *Iron Ore (Hope* <br>*Downs) Agreement Act 1992.* Area of M282SA <br>approximately 57,222 ha.<br>**History**<br>Joint venture between Rio Tinto and Hancock Prospecting. <br>Construction of wet plant processing to 15 Mtpa commenced <br>2011 and first production occurred 2013.<br>| **Type of mineralisation**<br>Mineralisation at Hope Downs 4 occurs as haematite/<br>goethite mineralisation hosted within the banded iron <br>formations of the Brockman Formation.<br>**Processing plants and other available** <br>**facilities**<br>Ore from Hope Downs 4 is processed through the Hope <br>Downs 4 processing plant. Wet scrubbing and screening <br>are used to separate lump and fines products, prior to <br>desliming of fines product using hydrocyclones.<br>|
| **Property**<br>Australian Pilbara <br>Operations<br>**Mine**<br>Robe River Iron <br>Associates:<br>Robe Valley mines:<br>•Mesa A<br>•Mesa J<br>West Angelas<br>**Ownership**<br>53% Rio Tinto <br>Robe River is a joint <br>venture between <br>Rio Tinto (53%), <br>Mitsui Iron Ore <br>Development (33%), <br>and Nippon Steel <br>Corporation (14%)<br>| **Title/lease/acreage**<br>Agreements for life of mine with the Government of <br>Western Australia. Mineral lease held under *Iron Ore (Robe* <br>*River) Agreement Act 1964.* Area of ML248SA <br>approximately 81,298 ha.<br>**History**<br>The first shipment from Robe Valley was in 1972. Interest <br>acquired in 2000 through North Limited acquisition. First ore <br>was shipped from West Angelas in 2002.<br>**Type of mineralisation**<br>Robe Valley deposits: goethite mineralisation occurs as <br>pisolite ores within the paleo-channel of a channel iron <br>formation. Some detrital mineralisation also occurs.<br>West Angelas deposits: mineralisation occurs as goethite/ <br>haematite within the banded iron formations of the Marra <br>Mamba Formation and haematite/goethite within the banded <br>iron formation of the Brockman Formation. Some detrital <br>mineralisation also occurs.<br>| **Processing plants and other available** <br>**facilities**<br>Ore from the Robe Valley mines of Mesa A and Mesa J is <br>processed through either dry crushing and screening plants <br>or through wet processing plants using scrubbing and <br>screening to remove finer particles. Crushed and deslimed <br>ore from the Robe Valley mines is railed to Cape Lambert, <br>where further dry crushing and screening through a <br>dedicated processing plant produces lump and fines iron ore <br>products.<br>At West Angelas mine, dry crushing and screening is <br>used to produce lump and fines iron ore products.<br>|

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| Annual Report on Form 20-F 2025 | 318 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Iron Ore *continued*

**Production properties**

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| **Property**<br>Iron Ore Company of <br>Canada (IOC)<br>**Ownership**<br>IOC is a joint venture <br>between Rio Tinto <br>(58.7%), Mitsubishi <br>Corporation (26.2%) <br>and the Labrador <br>Iron Ore Royalty <br>Corporation (15.1%).<br>**Operator**<br>Rio Tinto<br>**Location**<br>Labrador City, <br>Newfoundland and <br>Labrador, Canada<br>| **Access and infrastructure**<br>•Railway and port facilities in Sept-Îles, Quebec (owned <br>and operated by IOC)<br>•Public highway<br>•Public airport<br>**Title/lease/acreage**<br>Mining leases, surface rights and a tailings disposal licence <br>are held by the Labrador Iron Ore Royalty Corporation <br>(LIORC), under the Labrador Mining and Exploration Act. <br>LIORC subleases these rights to IOC. The mining leases <br>cover 10,356 ha, the surface rights cover 8,805 ha and the <br>tailings licence covers 2,784 ha. These sub-leased rights are <br>valid until 2050. IOC also directly holds 3 small mining <br>leases, but none produce saleable products. In addition to <br>the above rights, IOC also holds a number of mineral <br>licences, either directly or under sub-lease from LIORC.<br>**Key permit conditions**<br>IOC holds numerous permits with the Federal, provincial and <br>local governments covering all aspects of the operation. Key <br>permit conditions include:<br>•maintaining effluent quality within Metal and Diamond <br>Mining Effluent Regulations (MDMER) criteria<br>•maintaining air quality criteria specified in the certificate of <br>approval (for dust, NOx, SO2, CO)<br>•maintaining Conditions associated with previous <br>Environmental Assessments<br>•prudent resource management<br>•progressive rehabilitation<br>•monitoring groundwater quality around permitted landfill<br>•restricting tailings discharge to the permitted area.<br>| **History**<br>Interest acquired in 2000 through acquisition of North Ltd. <br>Current operation began in 1962 and has processed over <br>one billion tonnes of crude ore.<br>**Property description/type of mine**<br>Open pit.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Oxide iron (specular haematite and magnetite).<br>**Processing plants and other available** <br>**facilities**<br>Concentrator (gravity and magnetic separation circuits), <br>pellet plant, warehouses, workshops, heating plant and <br>ore delivery system (crusher/conveyor and automated <br>train system). Annual capacity 23 Mt of concentrate of <br>which 12.5 Mt can be pelletised.<br>Explosives plant, train loadout facilities, rail line (Labrador <br>City to Sept-Îles), stockyards and shiploaders.<br>**Power source**<br>Supplied by Newfoundland and Labrador Hydro for the <br>Labrador City operations and by Hydro-Québec and the <br>IOC-owned SM2 power station for the Sept-Îles <br>operations.<br>|
| **Property**<br>Dampier Salt, Port <br>Hedland, Dampier<br>**Mine**<br>–<br>**Ownership**<br>68% Rio Tinto<br>Dampier Salt is a <br>joint venture <br>between Rio Tinto <br>(68%), Marubeni <br>Corporation (22%) <br>and Sojitz (10%)<br>**Operator**<br>Rio Tinto (Dampier <br>Salt Limited)<br>**Location**<br>Pilbara region, <br>Western Australia, <br>Australia<br>| **Access and infrastructure**<br>Road and port.<br>**Title/lease/acreage**<br>Dampier Salt Dampier operation State Agreement Mineral <br>and Mining leases are held under the *Dampier Solar Salt* <br>*Industry Agreement Act 1967* (ML253SA, 14,710 ha), and <br>expires in 2034.<br>Dampier Salt Port Hedland operation State Agreement <br>Mineral and Mining leases are held under the *Leslie Solar* <br>*Salt Industry Agreement Act 1966* (M269SA, 2,459 ha; <br>ML242SA, 19,503.291 ha and ML250SA, 1,381 ha) and <br>expire in 2029.<br>**Key permit conditions**<br>State Agreement conditions are set by the Government of <br>Western Australia and broadly comprise environmental <br>compliance and reporting obligations; closure and rehabilitation <br>considerations; local procurement and community initiatives/<br>investment requirements; and payment of taxes and <br>government royalties.<br>**History**<br>Construction of the Dampier field started in 1969; first shipment <br>in 1972. Lake MacLeod was acquired in 1978 as an operating <br>field. Port Hedland was acquired in 2001 as an operating field.<br>In January 2024, Dampier Salt entered into a sales agreement for <br>Lake MacLeod with privately owned salt company Leichhardt <br>Industrials Group. Commercial and regulatory conditions for <br>divestment were satisfied in November 2024 and the site <br>transferred to Leichhardt ownership on 2 December 2024.<br>| **Property description/type of mine**<br>Solar evaporation of seawater at Dampier and <br>Port Hedland.<br>**Type of mineralisation**<br>Salt is grown every year through solar evaporation in <br>permanent crystallising pans.<br>**Processing plants and other available** <br>**facilities**<br>Salt is processed through a washing plant, consisting <br>of screw bowl classifiers and static screens at Port <br>Hedland, and sizing screens, counter-current classifiers <br>with dewatering screens and centrifuges at Dampier.<br>Dampier produces shipping-ready product for immediate <br>shiploading. <br>Washed salt at Port Hedland is dewatered on stockpiles.<br>**Power source**<br>Long-term contracts with Hamersley Iron and Horizon <br>Power and on-site generation.<br>|

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| Annual Report on Form 20-F 2025 | 319 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Iron Ore *continued*

**Projects**

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| **Property**<br>Simandou, Blocks 3 <br>& 4<br>**Ownership**<br>SimFer S.A., a joint <br>venture between <br>SimFer Jersey (85%) <br>and the Republic of <br>Guinea (15%)<br>SimFer Jersey is a <br>joint venture <br>between Rio Tinto <br>(53%) and CIOH <br>(47%), a Chinalco-<br>led joint venture with <br>Baowu, China Rail <br>Construction <br>Corporation and <br>China Harbour <br>Engineering <br>Company <br>**Operator**<br>SimFer S.A. (mine)<br>**Location**<br>Nzérékoré Region, <br>Republic of Guinea<br>| **Access and infrastructure**<br>The site has road access and is readily accessible for power, <br>water, and additional infrastructure requirements. Existing <br>camp facilities support construction activity and future Life of <br>Mine operational teams. The existing Beyla airstrip has been <br>upgraded to enable greater access and larger capacity.<br>Iron ore extracted from the SimFer Mining Concession will <br>be exported through a rail and port infrastructure which is <br>being co-developed by the State, and dedicated <br>infrastructure affiliates of SimFer Jersey (SimFer Infraco) <br>and Winning Consortium Simandou (WCS Infraco). The <br>infrastructure will also be used to export production from <br>Simandou Blocks 1 & 2 which are independently owned and <br>developed by Winning Consortium Simandou (WCS), a <br>consortium comprising Winning International Group, China <br>Hongqiao Group and in which Baowu acquired a 49% <br>participation on 19 June 2024. The infrastructure includes a <br>purpose-built port facility at Morebaya estuary (south of <br>Conakry) to be accessed by a 536 km main rail line with rail <br>spurs connecting our Concession (68 km) and WCS's <br>(16 km) respectively. The main rail line will have an initial <br>capacity of up to 120 Mtpa. The ultimate owner and operator <br>of the infrastructure will be the Compagnie du Transguinéen <br>(CTG), an incorporated joint venture between SimFer Infraco <br>(42.5%), WCS Infraco (42.5%) and the State (15%).<br>**Title/lease/acreage**<br>SimFer Mining Concession was granted by Presidential <br>Decree on 22 April 2011 under the conditions of a mining <br>convention (the Amended and Consolidated Basic <br>Convention (ACBC)), which was ratified by the Guinean <br>National Assembly on 26 May 2014. The SimFer Mining <br>Concession duration is 25 years, renewed automatically for a <br>further period of 25 years followed by further 10-year periods <br>in accordance with the applicable Guinean Mining Code and <br>the ACBC. It covers an area of 369 km<sup>2</sup>.<br>SimFer also signed a Co-Development Agreement <br>with the State and WCS on 10 August 2023, to enable <br>co-development of the rail and port infrastructure for <br>the Simandou iron ore projects. The Co-Development <br>Agreement, which, along with bipartite amendments <br>for each of the SimFer and WCS mining conventions, <br>adapts the existing investment frameworks of SimFer <br>(including its pre-existing BOT Convention) and WCS. These <br>conventions and amendments were ratified by the Guinean <br>National Transition Council on 3 February 2024 and came <br>into force on 30 May 2024.<br>**Key permit conditions**<br>In addition to the SimFer Mining Concession, the ACBC, as <br>amended by the mine bipartite agreement, establishes the <br>legal regime for the mine project and sets out SimFer's key <br>legal rights and protections. The Simandou mine Social and <br>Environmental Impact Assessment (SEIA) was originally <br>approved in 2012 and has been updated through an <br>approved SEIA in 2024. An SEIA for the mine and rail spur <br>was approved in July 2024, and an updated SEIA for Port <br>terrestrial works was approved in September 2024. An <br>updated SEIA for Port marine works was approved in July <br>2025, with approval for mine pit expansion received in <br>October 2025. Environmental approvals are being <br>maintained in accordance with applicable law throughout <br>construction, through annual renewal of environmental <br>certificates of conformance. <br>| **History**<br>Rio Tinto Exploration geologists noted iron ore reserves in <br>the Simandou belt in 1992, and following a field <br>reconnaissance trip in 1996, secured exploration permits <br>over the Simandou range in 1997. SimFer submitted a <br>bankable feasibility study to the State in 2016, with further <br>feasibility studies for mine and infrastructure to reflect the <br>infrastructure co-development arrangements completed in <br>2022, 2023 and 2024, and which have been submitted to <br>or approved by the State as required by the infrastructure <br>co-development arrangements and <br>the investment framework.<br>Early ore production railing commenced in Q4 2025, <br>allowing a first shipment to leave Guinea in <br>December 2025.<br>Management responsibility for SimFer's Simandou iron <br>ore project during the construction phase of the project <br>falls under the Chief Safety & Technical Officer and will <br>transfer to the Iron Ore product group upon completion of <br>this phase.<br>**Property description/type of mine**<br>Open pit.<br>The Property is considered a development stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Supergene-enriched itabirite hosted iron ore deposits. <br>The deposits are part of a supracrustal belt with the <br>banded iron formation proto-ore likely deposited in a <br>shallow marine setting within a forearc basin. <br>**Processing plants and other available** <br>**facilities**<br>Current plans are for the run-of-mine ore to be coarsely <br>crushed at the Ouéléba mine site at a maximum rate of <br>60 Mtpa phase 1 capacity to P100 of -100 mm through 2 <br>identical primary and secondary crushing stations in a <br>staged arrangement. The coarsely crushed ore will then <br>be conveyed to the mine stockyard. The ore will be <br>reclaimed from the stockpiles and conveyed to the train <br>load-out facility for loading into trains which transport <br>materials to the port facility where it will be likely shipped <br>by bulk carrier to several ports including in China. In <br>accordance with the Co-Development Agreement, SimFer <br>and WCS, however, committed to co-funding a feasibility <br>study for a pellet plant, with the study expected to be <br>handed over to the State during Q2 2026. Other major <br>facilities that will support the operations include power <br>generation, explosives facilities, fuel and lubricants <br>facilities, administration buildings, workshops and a <br>permanent village.<br>**Power source**<br>Current designs contemplate that power for the mine site <br>and other areas will be supplied by a hybrid power plant <br>consisting of diesel generators and a regenerative battery <br>power solution. Further, there is a plan to incorporate <br>renewable electricity generation into the mine's power <br>system to reduce energy costs, fuel consumption and <br>greenhouse gas emissions. This could include solar <br>power generation or eventually connecting the facility to <br>the local power grid once it is constructed and <br>operational. This would require an approximately 20 km <br>connection line to the main grid.<br>|

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| Annual Report on Form 20-F 2025 | 320 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Other

**Production properties**

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| | | |
|:---|:---|:---|
| **Property**<br>Rio Tinto Borates – <br>Boron<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Boron, California, US<br>| **Access and infrastructure**<br>Road and rail.<br>**Title/lease/acreage**<br>Land holdings include 13,493 acres (owned, including <br>mineral rights) for the mining operation, plant <br>infrastructure and tailings storage facilities.<br>**Key permit conditions**<br>Boron operations currently have all State and Federal <br>environmental and operational permits in place to <br>continue the mining and processing operation. Regular <br>updates to permits are ongoing.<br>**History**<br>Deposit discovered in 1906, underground mining <br>operations began in 1925, 3 underground mining <br>operations were consolidated and the mining method <br>switched to open pit mining in 1956. Assets were <br>acquired by Rio Tinto in 1967.<br>| **Property description/type of mine**<br>Open pit.<br>The Property is considered a production stage property for SK-1300 <br>reporting purposes.<br>**Type of mineralisation**<br>Sedimentary sequence of tincal and kernite containing interbedded <br>claystone enveloped by facies consisting of ulexite and colemanite-<br>bearing claystone, and barren claystone.<br>**Processing plants and other available facilities**<br>Boron operations consists of the open pit mine, an ore crushing and <br>conveying system, 2 process plants (Primary Process and Boric Acid <br>Plant), shipping facility and tailings storage facilities.<br>**Power source**<br>On-site co-generation units and local power grid.<br>|
| **Property**<br>Diavik<br>**Ownership**<br>100% owned by <br>Diavik Diamond <br>Mines (2012) Inc.<br>**Operator**<br>Diavik Diamond <br>Mines (2012) Inc. is <br>a Yellowknife-based <br>Canadian subsidiary <br>of Rio Tinto plc in <br>London, UK<br>**Location**<br>Northwest Territories <br>(NWT), Canada<br>| **Access and infrastructure**<br>Airstrip and winter road access.<br>**Title/lease/acreage**<br>Three mineral rights leases with a total acreage of 8,016 <br>(3,244 ha). Mining leases are issued by the NWT <br>Government. One lease was renewed in 2017 and 2 <br>leases were renewed in February 2018. The new leases <br>will expire after 21 years.<br>**Key permit conditions**<br>Our key permit conditions are local employment, <br>procurement and benefit sharing commitments, <br>environmental compliance and reporting, environmental <br>security and closure and rehabilitation planning, and <br>payment of taxes and government royalties.<br>| **History**<br>Exploration around Lac de Gras (near the future Diavik mine), began <br>in 1991-1992 by Aber Resources Ltd., which partnered with Rio Tinto <br>Exploration. Kimberlite pipes A21, A154S, A154N and A418 were <br>discovered in 1994 and 1995. Construction approved in 2000. <br>Diamond production started in 2003. Fourth pipe commenced <br>production in 2018. Mine life through early 2026. <br>In November 2021, Rio Tinto became the sole owner of Diavik <br>Diamond Mine. This followed the completion of a transaction for <br>Rio Tinto's acquisition of the 40% share held by Dominion Diamond <br>Mines in Diavik, with the Court of Queen's Bench of Alberta's <br>approval.<br>**Property description/type of mine**<br>Open pit and underground operations (blast-hole stoping and sub-<br>level cave methods).<br>The Property is considered a production stage property for SK-1300 <br>reporting purposes.<br>**Type of mineralisation**<br>Diamondiferous kimberlite deposit.<br>**Processing plants and other available facilities**<br>Includes processing plant and accommodation facilities onsite.<br>**Power source**<br>Onsite diesel generators of 44 MW installed capacity, 9.2 MW of <br>wind capacity and 3.5 MW solar farm.<br>|
| **Property**<br>QIT Madagascar <br>Minerals (QMM) <br>**Ownership**<br>QIT Madagascar <br>Minerals is 85% <br>owned by Rio Tinto <br>and 15% owned by <br>the Government of <br>Madagascar<br>**Operator**<br>Rio Tinto<br>**Location**<br>Fort-Dauphin, <br>Madagascar<br>| **Access and infrastructure**<br>Road and port.<br>**Title/lease/acreage**<br>Mining lease covering 56,200 ha, granted by central <br>government.<br>**Key permit conditions**<br>The QMM mining permit and mining concession are <br>valid until 2036. Additional renewal for 15 years can be <br>granted at QMM's request. An annual fee is payable to <br>government authorities following notification at the <br>beginning of January.<br>**History**<br>Exploration project started in 1986; construction <br>approved 2005. Ilmenite and zirsil production started <br>2008 with monazite concentrate first produced in 2018. <br>In 2023, Rio Tinto increased its ownership to 85%.<br>| **Property description/type of mine**<br>Mineral sand dredging and dry mining.<br>The Property is considered a production stage property for SK-1300 <br>reporting purposes.<br>**Type of mineralisation**<br>Coastal mineralised sands.<br>**Processing plants and other available facilities**<br>QMM has an operating dredge, dry mine unit, heavy mineral <br>concentrator, mineral separation plant, port and bulk loading facilities.<br>**Power source**<br>QMM utilises on-site heavy fuel oil (HFO) generators with a total <br>capacity of 20 MW to provide base load power. To reduce reliance on <br>HFO, the system is integrated with solar photovoltaic, wind turbine <br>generators, and battery energy storage systems (BESS). <br>The renewable energy plant is operated by an independent power <br>producer under a power purchase agreement (PPA), which targets a <br>60% contribution from renewable sources by 2026.<br>|

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 321 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Other *continued*

**Production properties**

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|:---|:---|:---|
| **Property**<br>Richards Bay <br>Minerals (RBM)<br>(Richards Bay <br>Mining (Pty) Limited <br>and Richards Bay <br>Titanium (Pty) <br>Limited)<br>**Ownership**<br>RBM is a joint <br>venture between <br>Rio Tinto (74%) and <br>Blue Horizon – a <br>consortium of <br>investors and our <br>host communities <br>Mbonambi, Sokhulu, <br>Mkhwanazi and <br>Dube (24%). The <br>remaining shares are <br>held in an employee <br>trust (2%).<br>**Operator**<br>Rio Tinto<br>**Location**<br>Richards Bay, <br>KwaZulu-Natal, <br>South Africa<br>| **Access and infrastructure**<br>Rail, road and port.<br>**Title/lease/acreage**<br>Mineral rights for Reserve 4 and Reserve 10 issued by South <br>African State and converted to new order mining rights from <br>9 May 2012. Mining rights run until 8 May 2041 and covers <br>11,645 ha, including the mined Tisand area.<br>**Key permit conditions**<br>RBM operates in 3 lease areas, Tisand, Zulti North and Zulti <br>South, by means of a notarial deed. Tisand (which contains <br>the stockpiled tails) and Zulti North leases are held by <br>Richards Bay Mining (Pty) Ltd. <br>RBM is owned by a consortium of local communities and <br>businesses in line with South Africa's Broad-Based Black <br>Economic Empowerment legislation.<br>**History**<br>Production started 1977; initial interest acquired 1989. Fifth <br>mining plant commissioned in 2000. One mining plant <br>decommissioned in 2008. In September 2012, Rio Tinto <br>doubled its holding in RBM to 74% following the acquisition <br>of BHP Billiton's entire interest.<br>| **Property description/type of mine**<br>Mineral sand dredging and dry mining.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Coastal mineralised sands.<br>**Processing plants and other available** <br>**facilities**<br>RBM manages and operates several dredges, dry mining <br>units, heavy mineral concentrators and a mineral <br>separation plant. RBM also has a smelter with furnaces to <br>produce titania slag, pig iron in addition to rutile <br>and zircon.<br>**Power source**<br>Contract with ESKOM is currently the sole power source. <br>RBM has signed 3 PPAs for renewable energy with 2 <br>projects currently in construction. The Bolobedu <br>photovoltaic farm and the Khangela Emoyeni wind farm <br>are expected to be producing power by the end of 2026. <br>|
| **Property**<br>Rio Tinto Iron and <br>Titanium (RTIT) <br>Quebec Operations <br>– Lac Tio<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Havre-Saint-Pierre, <br>Quebec, Canada<br>| **Access and infrastructure**<br>Rail, road and port.<br>**Title/lease/acreage**<br>A total of 5,662 ha of licences including 2 mining <br>concessions of total 609 ha, granted by Province of Quebec <br>in 1949 and 1951 which, subject to certain Mining Act <br>restrictions, confer rights and obligations of an owner.<br>**Key permit conditions**<br>The property is held under Quebec provincial government <br>mining concession permits (Concession minière No 368 and <br>381). Each is of one year duration renewable as long as the <br>mine is in operation. RTIT Quebec Operations – Lac Tio also <br>has a number of claims (exclusive exploration permits) <br>covering ilmenite occurrences in the region of the mine. <br>These claims are renewable every 2 years.<br>| **History**<br>Production started 1950; interest acquired in 1989.<br>**Property description/type of mine**<br>Lac Tio mine employs conventional open-pit mining, <br>drilled and blasted material is loaded by shovels and <br>loaders and trucked to feed ore to the crusher and waste <br>is sent to dumps.<br>The Property is considered a production stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Magmatic intrusion.<br>**Processing plants and other available** <br>**facilities**<br>Lac Tio mine infrastructure includes a primary and <br>secondary crusher, dedicated railway, water treatment <br>plant, ore analysis laboratory, explosives storage <br>facility, fuel/lubricant facilities, workshops and site <br>operational buildings. <br>Havre-Saint-Pierre port infrastructure includes stockpiles, <br>ship loader system and administrative buildings.<br>**Power source**<br>Supplied by Hydro-Québec at regulated tariff.<br>|

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 322 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group mines as at 31 December 2025**

Other *continued*

**Projects**

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|:---|:---|:---|
| **Property**<br>Jadar<br>**Ownership**<br>100% Rio Tinto<br>**Operator**<br>Rio Tinto<br>**Location**<br>Loznica town, Serbia<br>| **Access and infrastructure**<br>Road and rail.<br>**Title/lease/acreage**<br>The last extension of the Jadar exploration licence expired <br>on 14 February 2020, with no legal basis for further <br>extension of its term.<br>During the feasibility study the project has completed the <br>Elaborate on Resources and Reserves (declaration based <br>on Serbian law), obtained the Certificate on Resources and <br>Reserves on 6 January 2021 and has submitted the request <br>for exploitation field licence (with Serbian Feasibility Study <br>being one of the supporting documents to this request). <br>In January 2022, the Government of Serbia cancelled the <br>Spatial Plan for the Jadar project (SPSPA) and required <br>all related permits to be revoked. <br>On 16 July 2024, the Government of Serbia enacted the <br>Decree on reinstatement of the SPSPA based on the <br>Decision of the Constitutional Court of Serbia, dated 12 July <br>2024, which determined that the Decree on cancellation of <br>the SPSPA was not compliant with the Constitution and laws <br>of the Republic of Serbia. As a result of this, Rio Tinto <br>initiated the scoping and content procedure for <br>Environmental Impact Assessment (EIA) for the mine. The <br>Ministry for Environmental Protection issued the EIA Scoping <br>Decision for the Mine which was published on 21 November <br>2024. This is one of the key documents required to apply for <br>the exploitation field licence.The initial scoping decision <br>received high numbers of appeals from the general public, <br>and the appellate procedure is pending. <br>**Key permit conditions**<br>The project is governed by 2 main pieces of Serbian <br>legislation: Mining Law is administered by the Ministry of <br>Mining and Energy (MME), and Planning and Construction <br>Law is administered by the Ministry of Construction, <br>Transportation and Infrastructure (MCTI).<br>The permitting process base case foresees the following: <br>•mine, beneficiation plant and mine surface facilities are <br>subject to the permitting procedure of MME<br>•processing plant, industrial waste landfill and <br>infrastructure (rail, roads, power and water pipelines) are <br>subject to the unified permitting procedure under MCTI.<br>The Jadar Project is currently being transitioned into care <br>and maintenance. Engagement with stakeholders is ongoing <br>to preserve future development options.<br>| **History**<br>The Jadar deposit was discovered in 2004 by Rio Tinto <br>Exploration geologists during a regional exploration <br>program for borates in the Balkans. The deposit is in its <br>majority composed of a mineral new to science named <br>Jadarite with high concentrations of lithium and boron. <br>Resource definition and processing workflow <br>development and testing were conducted for over a <br>decade. The pre-feasibility study (PFS) completed in July <br>2020 has shown that the Jadar project has the potential to <br>produce both battery grade lithium carbonate and boric <br>acid.<br>**Property description/type of mine**<br>Underground mine.<br>The Property is considered an exploration stage property <br>for SK-1300 reporting purposes.<br>**Type of mineralisation**<br>Jadarite mineralisation is present in 3 broad zones <br>containing stratiform lenses of variable thickness. These <br>units are hosted in a much thicker, gently dipping <br>sequence mainly composed of fine-grained sediments <br>affected by syn- and post-depositional faulting.<br>**Processing plants and other available** <br>**facilities**<br>The planned site layout includes a concentrator to <br>beneficiate the primary ore, a chemical plant to produce <br>boric acid and lithium carbonate, paste plant, water and <br>waste treatment plants, surface waste storage (dry stack), <br>railroad spur and warehouses for product storage and <br>loading/unloading, and office buildings.<br>**Power source**<br>Connected to the national electric grid. Electricity planned <br>to be sourced from nearby hydroelectrical power plant.<br>|

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| Annual Report on Form 20-F 2025 | 323 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group smelters, refineries, and remelting and casting facilities (Rio Tinto's interest 100% unless otherwise shown)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Smelter/refinery/facility** | **Location** | **Title/lease** | **Plant type/product** | **Capacity (based on** <br>**100% ownership)**<br>|
| **Aluminium** |  |  |  |  |
| Alma  | Alma, Quebec, Canada  | 100% freehold  | Aluminium smelter producing aluminium rod, <br>t-foundry, molten metal, high purity, remelt<br>| 480,000 tonnes per <br>year aluminium<br>|
| Alouette (40%)  | Sept-Îles, Quebec, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>high purity, remelt<br>| 630,000 tonnes per <br>year aluminium<br>|
| Arvida  | Saguenay, Quebec, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>billet, molten metal, remelt<br>| 126,000 tonnes per <br>year aluminium<br>|
| Arvida AP60  | Saguenay, Quebec, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>high purity, remelt<br>| 60,000 tonnes per <br>year aluminium<br>|
| Bécancour (25.1%)  | Bécancour, Quebec, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>slab, billet, t-foundry, remelt, molten metal<br>| 468,000 tonnes per <br>year aluminium<br>|
| Bell Bay | Bell Bay, Northern <br>Tasmania, Australia<br>| 100% freehold  | Aluminium smelter producing aluminium <br>slab, molten metal, small form and <br>t-foundry, remelt<br>| 195,000 tonnes per <br>year aluminium<br>|
| Boyne Smelters (73.5%)  | Boyne Island, <br>Queensland, Australia<br>| 100% freehold  | Aluminium smelter producing aluminium billet, <br>EC grade, small form and t-foundry, remelt<br>| 584,000 tonnes per <br>year aluminium<br>|
| ELYSIS (48.24%) | Saguenay, Quebec, <br>Canada<br>| 100% freehold  | Industrial research and development centre <br>producing commercial grade aluminium using <br>carbon free smelting technology<br>| 275 tonnes per <br>year aluminium<br>|
| Grande-Baie  | Saguenay, Quebec, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>slab, molten metal, high purity, remelt<br>| 235,000 tonnes per <br>year aluminium<br>|
| ISAL  | Reykjavik, Iceland  | 100% freehold  | Aluminium smelter producing aluminium <br>remelt, billet <br>| 212,000 tonnes per <br>year aluminium<br>|
| Jonquière (Vaudreuil)  | Jonquière, Quebec, <br>Canada<br>| 100% freehold  | Smelter grade alumina | 1,560,000 tonnes per <br>year alumina<br>|
| Kitimat  | Kitimat, British Columbia, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>slab, remelt, high purity<br>| 432,000 tonnes per <br>year aluminium<br>|
| Laterrière  | Saguenay, Quebec, <br>Canada<br>| 100% freehold  | Aluminium smelter producing aluminium <br>slab, remelt, molten metal<br>| 255,000 tonnes per <br>year aluminium<br>|
| Matalco Bluffton <br>Manufacturing (50%)<br>| Bluffton, Indiana, US | 100% freehold | Remelt and manufacture of aluminium <br>billet and slab<br>| 104,000 tonnes <br>per year<br>|
| Matalco Brampton <br>Manufacturing (50%)<br>| Brampton, Ontario, <br>Canada<br>| 100% freehold | Remelt and manufacture of aluminium billet | 109,000 tonnes <br>per year<br>|
| Matalco Franklin <br>Manufacturing (50%)<br>| Franklin, Kentucky, US | 100% freehold | Remelt and manufacture of aluminium slab | 122,000 tonnes <br>per year<br>|
| Matalco Lordstown <br>Manufacturing (50%)<br>| Lordstown, Ohio, US | 100% freehold | Remelt and manufacture of aluminium billet | 159,000 tonnes <br>per year<br>|
| Matalco Shelbyville <br>Manufacturing (50%)<br>| Shelbyville, Kentucky, US | 100% freehold | Remelt and manufacture of aluminium billet | 154,000 tonnes <br>per year<br>|
| Matalco Wisconsin <br>Rapids Manufacturing <br>(50%)<br>| Wisconsin Rapids, <br>Wisconsin, US<br>| 100% freehold | Remelt and manufacture of aluminium <br>billet and slab<br>| 104,000 tonnes <br>per year<br>|
| Queensland Alumina <br>(80%) <br>| Gladstone, Queensland, <br>Australia <br>| 73.3% freehold; 26.7% leasehold (of <br>which more than 80% expires in <br>2026 and after)<br>| Refinery producing alumina  | 3,700,000 tonnes per <br>year alumina <br>|
| São Luis (Alumar) <br>(10%) <br>| São Luis, Maranhão, <br>Brazil<br>| 100% freehold  | Refinery producing alumina  | 3,860,000 tonnes per <br>year alumina<br>|
| Sohar (20%)  | Sohar, Oman  | 100% leasehold (expiring 2039) | Aluminium smelter producing aluminium, <br>high purity, remelt<br>| 395,000 tonnes per <br>year aluminium<br>|
| Tiwai Point (New <br>Zealand Aluminium <br>Smelters)<br>| Invercargill, Southland, <br>New Zealand <br>| 19.6% freehold; 80.4% leasehold <br>(expiring in 2029 and use of certain <br>Crown land)<br>| Aluminium smelter producing aluminium billet, <br>slab, small form foundry, high purity, remelt <br>| 323,000 tonnes per <br>year aluminium <br>|
| Tomago (51.6%)  | Tomago, New South <br>Wales, Australia<br>| 100% freehold  | Aluminium smelter producing aluminium <br>billet, slab, remelt<br>| 590,000 tonnes per <br>year aluminium<br>|
| Yarwun  | Gladstone, Queensland, <br>Australia <br>| 97% freehold; 3% leasehold <br>(expiring 2101 and after) <br>| Refinery producing alumina  | 3,000,000 tonnes per <br>year alumina <br>|

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| Annual Report on Form 20-F 2025 | 324 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group smelters, refineries, and remelting and casting facilities (Rio Tinto's interest 100% unless otherwise shown)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Smelter/refinery/facility** | **Location** | **Title/lease** | **Plant type/product** | **Capacity (based on** <br>**100% ownership)**<br>|
| **Lithium**  |  |  |  |  |
| Bessemer City Plant | Bessemer City, North <br>Carolina, US<br>| 100% freehold | Multi product facility<br>Lithium hydroxide monohydrate <br>(LiOH\*H2O)<br>Butyllithium (BuLi)<br>Lithium metal<br>Pharma grade lithium carbonate<br>| LiOH\*H2O - <br>15,000 tonnes <br>per year<br>BuLi - 495 tonnes <br>per year<br>metal - 350 tonnes <br>per year<br>high purity metal - <br>250 tonnes per year<br>Pharma - 100 tonnes <br>per year<br>|
| Bromborough Plant | Bromborough, <br>Merseyside, UK<br>| 100% leasehold | Butyllithium (BuLi)<br>Lithium chloride (LiCl)<br>| BuLi - 970 tonnes <br>per year<br>LiCl - 1,400 tonnes <br>per year<br>|
| Güemes Plant | Ciudad General Güemes, <br>Salta, Argentina<br>| 100% freehold | Lithium chloride (LiCl) | LiCl - 9,000 tonnes <br>per year<br>|
| Naraha Plant (75% <br>economic interest, <br>49% voting rights)<br>| Fukushima Prefecture, <br>Naraha, Japan<br>| Naraha is owned through a <br>joint venture, Toyotsu Lithium <br>Corporation (TLC), with economic <br>ownership of 75% by Rio Tinto <br>and 25% by Toyota Tsusho <br>Corporation (TTC)<br>| Lithium hydroxide monohydrate  | LiOH\*H2O - 10,000 <br>tonnes per year<br>|
| Zhangjiagang Plant | Zhangjiagang, Jiangsu <br>Province, China<br>| Land use right through leasehold, <br>building owned<br>| Butyllithium (BuLi) | BuLi - 155 tonnes <br>per year<br>|
| **Copper** |  |  |  |  |
| Rio Tinto Kennecott | Magna, Salt Lake City, <br>Utah, US<br>| 100% freehold | Flash smelting furnace/flash convertor furnace <br>copper refinery and precious metals plant<br>| 335,000 tonnes per <br>year refined copper<br>|
| **Iron Ore** |  |  |  |  |
| IOC pellet plant (58.7%) | Labrador City, <br>Newfoundland and <br>Labrador, Canada<br>| 100% freehold (asset), 100% <br>freehold (land) under sublease from <br>Labrador Iron Ore Royalty <br>Corporation for life of mine<br>| Pellet induration furnaces producing <br>multiple iron ore pellet types<br>| 12.5 million tonnes <br>per year pellet<br>|
| **Other** |  |  |  |  |
| Boron | Boron, California, US | 100% freehold | Borates refinery | 576,000 tonnes per <br>year boric oxide<br>|
| Richards Bay Minerals <br>(74%)<br>| Richards Bay, South <br>Africa<br>| 100% freehold | Ilmenite smelter | 1,050,000 tonnes per <br>year titanium dioxide <br>slag, 565,000 tonnes <br>per year iron<br>|
| Rio Tinto Iron and <br>Titanium Quebec <br>Operations - Sorel-Tracy <br>plant<br>| Sorel-Tracy, Quebec, <br>Canada<br>| 100% freehold | Ilmenite smelter | 1,300,000 tonnes per <br>year titanium dioxide <br>slag, 1,000,000 <br>tonnes per year iron<br>|

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| Annual Report on Form 20-F 2025 | 325 | riotinto.com |

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Production, Mineral Reserves, Mineral Resources and operations \| Mines and production facilities

**Group power plants (Rio Tinto's interest 100% unless otherwise shown)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Power plant** | **Location** | **Title/lease** | **Plant type/product** | **Capacity (based on** <br>**100% ownership)**<br>|
| **Aluminium** |  |  |  |  |
| Amrun power station  | Amrun, Australia | 100% leasehold  | Diesel generation | 24 MW |
| Gladstone power station <br>(42%)<br>| Gladstone, Queensland, <br>Australia<br>| 100% freehold  | Thermal power station  | 1,680 MW |
| Gove power station  | Nhulunbuy, Northern <br>Territory, Australia<br>| 100% leasehold | Diesel generation  | 24 MW |
| Kemano power station  | Kemano, British <br>Columbia, Canada<br>| 100% freehold  | Hydroelectric power  | 1,014 MW installed <br>capacity<br>|
| Quebec power stations  | Saguenay, Quebec, <br>Canada (Chute-à-Caron, <br>Chute-à-la- Savane, <br>Chute-des-Passes, <br>Chute-du-Diable, Isle-<br>Maligne, Shipshaw)<br>| 100% freehold (certain facilities <br>leased from Quebec Government <br>until 2058 pursuant to Peribonka <br>Lease)<br>| Hydroelectric power  | 3,147 MW installed <br>capacity<br>|
| Weipa power stations <br>and solar generation <br>facility<br>| Lorim Point, Andoom, <br>and Weipa, Australia<br>| 100% leasehold  | Diesel generation supplemented by solar <br>generation facility<br>| 38 MW |
| Yarwun alumina refinery <br>co-generation plant<br>| Gladstone, Queensland, <br>Australia<br>| 100% freehold  | Gas turbine and heat recovery <br>steam generator <br>| 160 MW |
| **Copper** |  |  |  |  |
| Rio Tinto Kennecott <br>power stations | Salt Lake City, Utah, US | 100% freehold | Steam turbine running off waste heat <br>boilers at the copper smelter<br>| 31.8 MW |
| Rio Tinto Kennecott <br>power stations | Salt Lake City, Utah, US | 100% freehold | Combined heat and power plant supplying <br>steam to the copper refinery<br>| 6.2 MW |
| Rio Tinto Kennecott <br>power stations | Salt Lake City, Utah, US | 100% freehold | Solar power plant | 30 MW |
| **Iron Ore** |  |  |  |  |
| Cape Lambert power <br>station (67%)<br>| Cape Lambert, Western <br>Australia, Australia<br>| Lease | Two LM6000PF dual-fuel turbines | 80 MW |
| Gudai-Darri solar farm | Gudai-Darri, Western <br>Australia, Australia<br>| Miscellaneous licence | Solar PV single-axis tracking | Up to 34 MW |
| IOC power station <br>(58.7%)<br>| Sept-Îles, Quebec, <br>Canada<br>| Statutory grant | Hydroelectric power | 22 MW |
| Paraburdoo power <br>station<br>| Paraburdoo, Western <br>Australia, Australia<br>| Lease | Three LM6000PC gas-fired turbines | 120 MW |
| Tom Price Battery <br>Storage<br>| Tom Price, Western <br>Australia, Australia<br>| Lease | 12.5 MWH battery storage | 40 MW |
| West Angelas power <br>station (67%)<br>| West Angelas, Western <br>Australia, Australia<br>| Miscellaneous licence | Two LM6000PF dual-fuel turbines | 80 MW |
| Yurralyi Maya <br>power station (84.2%)<br>| Dampier, Western <br>Australia, Australia<br>| Miscellaneous licence | Four LM6000PD gas-fired turbines <br>One LM6000PF gas-fired turbine<br>| 200 MW |
| **Other** |  |  |  |  |
| Boron co-generation <br>plant<br>| Boron, California, US | 100% freehold | Co-generation uses natural gas to <br>generate steam and electricity, used to run <br>Boron's refining operations<br>| 48 MW |
| Energy Resources of <br>Australia (98.43%)<br>| Ranger Mine, Jabiru, <br>Northern Territory, <br>Australia<br>| Lease | 5 diesel generator sets rated at 5.17 MW; <br>one diesel generator set rated at 2 MW; <br>4 additional diesel generator sets rated <br>at 2 MW<br>| 35.8 MW |
| QMM power plant | Fort Dauphin, <br>Madagascar<br>| 100% freehold | HFO generation supplemented by solar <br>and wind generation and supported <br>by BESS<br>| 20 MW + 32 MW <br>(renewables)<br>|

---

![Additional information-BG.jpg](rio-20251231_g226.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 326 | riotinto.com |

---

Additional information

---

| | |
|:---|:---|
| [Shareholder information](#i6e24f352bf2243f482bd1df1b3ce01ce_1129) | [336](#icbb103c3aa0b446a9c70caee29f30837_727) |
| [US Disclosure](#i6e24f352bf2243f482bd1df1b3ce01ce_1141) | [342](#i6e24f352bf2243f482bd1df1b3ce01ce_1141) |
| [Contact details](#i6e24f352bf2243f482bd1df1b3ce01ce_1165) | [367](#i6e24f352bf2243f482bd1df1b3ce01ce_1165) |
| [Cautionary statement about forward-looking statements](#i6e24f352bf2243f482bd1df1b3ce01ce_1162) | [368](#i6e24f352bf2243f482bd1df1b3ce01ce_1162) |

---

---

| | |
|:---|:---|
| ![Caption-icon-black.gif](rio-20251231_g105.gif) | **Image:** Ports Dampier and Marine, EII Wharf, Australia. |

---

Pages 327 to 335 have been intentionally omitted.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 336 | riotinto.com |

---

Additional information

Shareholder information

**Organisational structure**

The Rio Tinto Group consists of Rio Tinto plc (registered in England

and Wales as company number 719885 under the UK *Companies* 

*Act 2006* and listed on the London Stock Exchange as RIO.L), and

Rio Tinto Limited (registered in Australia as ABN 96 004 458 404

under the Australian *Corporations Act 2001* and listed on the

Australian Securities Exchange as RIO.AX). LSE is the principal

trading market for Rio Tinto plc shares, and ASX for

Rio Tinto Limited shares.

Rio Tinto plc has a sponsored American Depositary Receipts (ADR)

facility, with underlying shares registered with the US Securities and

Exchange Commission (SEC) and listed on the New York Stock

Exchange as RIO.N.

Rio Tinto is headquartered in London with a corporate office

in Melbourne.

**Nomenclature and financial data**

Rio Tinto plc and Rio Tinto Limited operate together and are referred to

in this report as Rio Tinto, the Rio Tinto Group or the Group. These

expressions are used for convenience notwithstanding that they are

separate and distinct legal entities. Likewise, the words "we", "us", "our"

and "ourselves" are used in some places to refer to one, some or the

companies of the Rio Tinto Group in general. Financial data in US

dollars ($) is derived from, and should be read in conjunction with, the

2025 financial statements. In general, where we have provided financial

data in other currencies, it has been translated from the consolidated

financial statements, and is provided solely for convenience. Exceptions

arise where data has been extracted

directly from source records.

**History**

Rio Tinto plc was incorporated on 30 March 1962, as The Rio Tinto-Zinc

Corporation Limited (RTZ). Rio Tinto Limited was incorporated (under a

different name) on 17 December 1959 and following a merger with other

Australian interests in 1962, formed a group that was later renamed

CRA Limited (CRA).

In 1997, RTZ became Rio Tinto plc and CRA became Rio Tinto Limited.

**Dual-listed companies structure**

The businesses of RTZ and CRA were merged contractually in 1995 by

way of a dual-listed companies structure ("DLC structure"). Both

companies agreed to be managed in a unified way, implementing

arrangements to provide shareholders of both companies with a

common economic interest in the DLC structure, under a common

Board of Directors.

The ratio of dividend, voting and capital distribution rights attached to

each share in Rio Tinto plc and Rio Tinto Limited was fixed by a "DLC

Sharing Agreement" at an Equalisation Ratio of 1:1. This has

remained unchanged, although can be revised in special

circumstances or with the approval of shareholders of each

company under the class rights action approval procedure

(described below) and subject to any adjustments to be confirmed

by the Group's external auditors. Rio Tinto shareholders cannot

directly enforce the provisions of the DLC Sharing Agreement.

To ensure that the Boards of both companies are identical,

resolutions to appoint or remove Directors must be put to

shareholders of both companies as Joint Decisions (described

below), and Directors can only be a Director of one company if they

are a Director of both companies.

**Dividend arrangements**

Dividends paid on Rio Tinto plc and Rio Tinto Limited shares are

equalised on a net cash basis without taking into account any

associated tax credits. Dividends are determined in US dollars

(except for ADR holders) and both companies must announce and

pay distributions (including dividends) as close to the same time as

possible.

If the payment of an equalised dividend would contravene the law

applicable to one of the companies, they can depart from the

Equalisation Ratio but the relevant company must put aside

reserves for payment on the relevant shares at a later date.

**Voting arrangements**

The shareholders of Rio Tinto plc and Rio Tinto Limited vote as one

combined body on any matters that affect them similarly, subject to

limited exceptions. These are called Joint Decisions, and include

creating new classes of share capital, changing directors and

auditors, and receiving annual financial statements.

In class rights actions, where both companies are not affected

equally such as changes to a company's articles of association or

constitution, the resolution must be passed by the shareholders of

each company on a standalone basis.

In other circumstances, only one company requires a vote, and

these matters are single electorate matters.

All shareholder resolutions that include a Joint Decision or class

rights action are decided by a poll, although in exceptional

circumstances, certain shareholders can be excluded from voting at

their respective company's general meeting (such as where they

have breached the limitations on ownership of shares

discussed below).

Where a matter has been expressly categorised as a Joint Decision

or a class rights action, the Directors cannot change that

categorisation. If a matter is categorised as both, it is treated as a

class rights action. Otherwise, the Directors decide how issues

should be put to shareholders for approval.

Both companies have entered into shareholder joint voting

agreements, where a Special Voting Share is issued to a special

purpose company and held in trust for shareholders by a trustee.

When a resolution is put as a Joint Decision, each Rio Tinto plc

share carries one vote at Rio Tinto plc shareholders meeting. The

holder of the Special Voting Share has one vote for each vote cast

by the public shareholders of Rio Tinto Limited in their parallel

meeting. Holders of Rio Tinto Limited ordinary shares do not hold

voting shares in Rio Tinto plc by virtue of their holding in Rio Tinto

Limited, and cannot enforce the voting arrangements relating to the

Special Voting Share. Instead, the trustee holding the Special Voting

Share must vote in accordance with the votes cast by public

shareholders on the equivalent resolution at the parallel Rio Tinto

Limited shareholders' meeting.

The same arrangements apply for the trustee holding the Special

Voting Share issued by Rio Tinto Limited to cast a vote at the Rio

Tinto Limited shareholders meeting for each vote cast by the public

shareholders of Rio Tinto plc in their parallel meeting.

**Capital distribution arrangements**

If either company goes into liquidation, the surplus assets of both

companies are valued. If the surplus assets available for distribution

by one company exceed the surplus assets available for distribution

by the other company (on each of the shares held by its

shareholders), then, to the extent permitted by law, an equalising

payment must be made so that the amount available for distribution

on each share held by shareholders of both companies reflects the

Equalisation Ratio.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 337 | riotinto.com |

---

Additional information \| Shareholder information

**Limitations on ownership of shares and merger obligations**

Control of interests in publicly listed companies in excess of defined

thresholds, is regulated in both Australia and the UK. Under UK law,

which applies to Rio Tinto plc, the threshold is 30% and under

Australian law which applies to Rio Tinto Limited, the threshold is

20%. These thresholds also apply on a joint basis as Rio Tinto plc's

Articles of Association and Rio Tinto Limited's Constitution extend

these laws to apply to the combined entity. These provisions also

ensure that a person cannot exercise control over one company

without having made offers to the public shareholders of both

companies. If one of these thresholds is exceeded, the person's

voting and distribution rights are suspended, and their shares may

be divested – until they offer for all publicly held shares of the other

company, reduce their controlling interest below the thresholds

specified, or acquire (by a permitted means) at least 50% of each

company's publicly held shares.

This ensures equal treatment for all shareholders, with the Directors

unable to offer exemptions.

**Guarantees**

Subject to limited exceptions, each company guarantees the other

company's contractual obligations, creditors and the obligations of other

persons guaranteed by the other company. All creditors can make

demands on their guarantor without first having recourse to the

company or persons whose obligations are being guaranteed.

The guarantor's obligations expire on termination of the Sharing

Agreement (but only for obligations arising after termination) and under

other limited circumstances (after due notice is given).

**Markets**

**Rio Tinto plc**

The principal market for Rio Tinto plc shares is the London Stock

Exchange, with shares trading through the Stock Exchange

Electronic Trading Service (SETS) system.

Rio Tinto plc American Depositary Receipts (ADRs) are listed on the

New York Stock Exchange.

**Rio Tinto Limited**

Rio Tinto Limited shares are listed on the Australian Securities

Exchange (ASX).

The ASX is the principal trading market for Rio Tinto Limited shares.

The ASX is a national stock exchange with an automated trading

system.

**Share ownership**

**Substantial shareholders in Rio Tinto plc**

The following table shows holdings of 3% or more of voting rights in Rio Tinto plc's ordinary shares as per the most recent notification of each

respective holder to Rio Tinto plc under the UK Disclosure and Transparency Rule 5. The percentage of voting rights detailed below was

calculated as at the date of the relevant disclosures. The following table shows shareholders who have provided this notice or an equivalent

as of 31 December 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Rio Tinto plc** | **Date of**<br>**notice**<br>| **Number**<br>**of shares**<br>| **Percentage**<br>**of capital**<br>|
| BlackRock, Inc.<sup>1</sup> | 4 Dec 2009 | 127744871 | 8.38 |
| Shining Prospect Pte. Ltd | 7 Dec 2018 | 182550329 | 14.02 |
| The Capital Group Companies, Inc. | 6 Jul 2022 | 51648733 | 4.13 |
| JPMorgan Nominees Australia Ltd | 9 Oct 2025 | 50351535 | 4.01 |

---

1. On 23 April 2025, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 88,630,056 ordinary shares in Rio Tinto plc, representing

7.1% of that class of shares.

**Substantial shareholders in Rio Tinto Limited**

Under the Australian *Corporations Act 2001,* any person with 5% or more voting power in Rio Tinto Limited is required to provide the

company with notice. The following table shows shareholders who have provided this notice or an equivalent as of 5 February 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Rio Tinto Limited** | **Date of**<br>**notice**<br>| **Number**<br>**of shares**<br>| **Percentage**<br>**of capital**<sup>1</sup><br>|
| State Street Corporation | 19 Jan 2026 | 40087609 | 10.80 |
| JP Morgan Chase & Co | 15 Jan 2026 | 26467382 | 7.13 |
| The Vanguard Group, Inc.<sup>2</sup> | 18 Jul 2025 | 24179069 | 6.51 |
| BlackRock, Inc.<sup>3, 4</sup> | 5 Dec 2022 | 26031175 | 7.01 |
| Shining Prospect Pte. Ltd | 9 Feb 2018 | see footnote<sup>5</sup> | see footnote<sup>5</sup> |

---

1. The percentage of voting rights detailed was as disclosed in the notice received by the company, calculated at the time of the relevant disclosure.

2. In its substantial shareholder notice dated 18 July 2025, The Vanguard Group, Inc disclosed a holding of 57,095,506 shares in Rio Tinto plc and 24,179,069 shares in Rio Tinto Limited,

which gave Vanguard Inc. and its associates voting power of 5.001% in the Rio Tinto Group on a Joint Decision Matter. Accordingly, in addition to being substantial shareholders of Rio

Tinto Limited by virtue of interests held in Rio Tinto Limited's shares, through the operation of the Australian *Corporations Act 2001* as modified to apply to the DLC structure, these

entities disclosed voting power of 5.001% in Rio Tinto Limited. Based on this notification, as at 18 July 2025, The Vanguard Group, Inc directly held a 6.51% interest in Rio Tinto Limited.

3. In its substantial holding notice dated 5 December 2022, BlackRock, Inc. disclosed a holding of 115,764,125 shares in Rio Tinto plc and 26,031,175 shares in Rio Tinto Limited, which

gave BlackRock, Inc. and its associates voting power of 8.74% in the Rio Tinto Group on a Joint Decision matter. Accordingly, in addition to being substantial shareholders of Rio Tinto

Limited by virtue of interests held in Rio Tinto Limited's shares, through the operation of the Australian *Corporations Act 2001* as modified to apply to the DLC structure, these entities

disclosed voting power of 8.74% in Rio Tinto Limited. Based on this notification, as at 5 December 2022, BlackRock, Inc. directly held a 7.01% interest in Rio Tinto Limited.

4. On 2 February 2024, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 24,991,523 ordinary shares in Rio Tinto Limited as of 31

December 2023, representing 6.7% of that class of shares.

5. In its substantial holding notice filed on 9 February 2018, Shining Prospect Pte. Ltd disclosed that its holding of 182,550,329 Rio Tinto plc shares gave Shining Prospect Pte. Ltd and its

associates voting power of 10.32% in the Rio Tinto Group on a Joint Decision matter. Accordingly, through the operation of the Australian *Corporations Act 2001* as modified to apply to

the DLC structure, these disclosed voting power of 10.32% in Rio Tinto Limited.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 338 | riotinto.com |

---

Additional information \| Shareholder information

As far as is known, Rio Tinto plc and Rio Tinto Limited are not

directly or indirectly owned or controlled by another corporation or

by any government or natural person. Rio Tinto is not aware of any

arrangement that may result in a change in control of Rio Tinto plc

or Rio Tinto Limited. No shareholder possesses voting rights that

differ from those attaching to Rio Tinto plc's and Rio Tinto Limited's

securities.

As of 5 February 2026, the total amount of the Group's voting

securities owned by the Directors and Executives in Rio Tinto plc

was 111,714 ordinary shares of 10p each or ADRs. There were

22,246 holders of record of Rio Tinto plc's shares. Of these holders,

337 had registered addresses in the US and held a total of 286,520

Rio Tinto plc shares, representing 0.02% of the total number of

Rio Tinto plc shares issued and outstanding as at such date. In

addition, 183,089,466 Rio Tinto plc shares were registered in the

name of a custodian account in London which represented 14.58%

of Rio Tinto plc shares issued and outstanding. These shares were

represented by 183,089,466 Rio Tinto plc ADRs held on record by

402 ADR holders. In addition, certain accounts on record with

registered addresses other than in the US hold shares, in whole or

in part, beneficially for US persons.

As of 5 February 2026, the total amount of the Group's voting

securities owned by Directors and Executives in Rio Tinto Limited

was 94,660 shares, in aggregate representing less than 0.01% of

the Group's total number of ordinary shares in issue. There were

185,612 holders of record of Rio Tinto Limited shares. Of these

holders, 237 had registered addresses in the US, representing

approximately 0.03% of the total number of Rio Tinto Limited shares

issued and outstanding as of such date. In addition, nominee

accounts of record with registered addresses other than in the US

may hold Rio Tinto Limited shares, in whole or in part, beneficially

for US persons.

**Unquoted equity securities in Rio Tinto Limited** 

As at 5 February 2026, there were Rio Tinto Limited unquoted equity

securities on issue, comprising 45,181 unvested Bonus Deferral

Awards held by 4 holders; 998,237 unvested Management Share

Awards held by 1,154 holders; and 2,331,118 unvested

Performance Share Awards held by 299 holders, all of which were

granted under the Rio Tinto Limited Equity Incentive Plan, and

1,691,822 unvested matching share rights were granted under the

Rio Tinto Limited Global Employee Share Plan held by 18,530

holders. This information is provided in compliance with ASX Listing

Rule 4.10.16.

**Analysis of ordinary shareholders**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Rio Tinto plc** | **Rio Tinto plc** | **Rio Tinto plc** | **Rio Tinto plc** | **Rio Tinto Limited** | **Rio Tinto Limited** | **Rio Tinto Limited** | **Rio Tinto Limited** |
| **As at 5 February 2026** | **No. of accounts** | **%** | **Shares** | **%** | **No. of accounts** | **%** | **Shares** | **%** |
| 1 to 1,000 shares | 16630 | 74.76 | 5141549 | 0.40 | 161315 | 86.91 | 38761873 | 10.44 |
| 1,001 to 5,000 shares | 3924 | 17.64 | 7966661 | 0.64 | 21876 | 11.79 | 43461680 | 11.70 |
| 5,001 to 10,000 shares | 457 | 2.07 | 3159958 | 0.25 | 1692 | 0.91 | 11650866 | 3.14 |
| 10,001 to 25,000 shares | 339 | 1.52 | 5369724 | 0.42 | 575 | 0.31 | 8468490 | 2.28 |
| 25,001 to 125,000 shares | 420 | 1.89 | 23759914 | 1.89 | 116 | 0.06 | 5129123 | 1.38 |
| 125,001 to 250,000 shares | 148 | 0.66 | 26595013 | 2.12 | 10 | 0.01 | 1719277 | 0.46 |
| 250,001 to 1,250,000 shares | 223 | 1 | 134546445 | 10.72 | 15 | 0.01 | 8230767 | 2.22 |
| 1,250,001 to 2,500,000 shares | 43 | 0.19 | 77134442 | 6.14 | 5 | 0.00 | 9973620 | 2.69 |
| 2,500,001 shares and over | 62 | 0.27 | 972349377<sup>1</sup> | 77.42 | 8 | 0.00 | 243950518 | 65.69 |
|  |  |  | 1256023083 | 100.00 |  |  | 371346214<sup>3</sup> | 100.00 |
| Number of holdings less than marketable parcel of A$500 | Number of holdings less than marketable parcel of A$500 | Number of holdings less than marketable parcel of A$500 | Number of holdings less than marketable parcel of A$500 |  | 2169 |  |  |  |

---

1. This includes 183,089,966 shares held in the name of a nominee on the share register. The shares are listed on the New York Stock Exchange (NYSE) in the form of American

Depositary Receipts (ADRs).

2. The total issued share capital is made up of 1,256,023,083 publicly held shares and 1,547,592 shares held in Treasury.

3. Publicly held shares in Rio Tinto Limited.

**Twenty largest registered shareholders**

The following table lists the 20 largest registered holders of Rio Tinto Limited shares in accordance with the ASX listing rules, together with

the number of shares and the percentage of issued capital each holds, as of 5 February 2026.

---

| | | |
|:---|:---|:---|
| **Rio Tinto Limited** | **Number of** <br>**shares**<br>| **Percentage of** <br>**issued share** <br>**capital**<br>|
| HSBC Custody Nominees (Australia) Limited  | 94540269 | 25.46 |
| Citicorp Nominees Pty Ltd | 65380821 | 17.61 |
| J. P. Morgan Nominees Australia Pty Limited | 56225999 | 15.14 |
| BNP Paribas Noms Pty Ltd  | 11634065 | 3.13 |
| BNP Paribas Nominees Pty Ltd (Agency Lending A/C) | 8155483 | 2.20 |
| BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd | 3082967 | 0.83 |
| Citicorp Nominees Pty Limited (Colonial First State Inv A/C) | 3046663 | 0.82 |
| HSBC Custody Nominees (Australia) Limited (NT-Comnwlth Super Corp A/C) | 2635917 | 0.71 |
| Argo Investments Limited | 2345139 | 0.63 |
| Netwealth Investments Limited (WRAP Services A/C) | 2246987 | 0.61 |
| Australian Foundation Investment Company Limited | 2064553 | 0.56 |
| BNP Paribas Nominees Pty Ltd (Clearstream) | 1961230 | 0.53 |
| Mutual Trust Pty Ltd  | 1558248 | 0.42 |
| CGU Insurance | 1060864 | 0.29 |
| BNP Paribas Noms (NZ) Ltd | 998941 | 0.27 |
| Peter & Lyndy White Foundation Pty Ltd (P & L White Foundation A/C) | 810542 | 0.22 |
| Netwealth Investments Limited (Super Services A/C) | 672271 | 0.18 |
| Citicorp Nominees Pty Limited (143212 NMMT Ltd A/C) | 595905 | 0.16 |
| BNP Paribas Noms Pty Ltd (Global Markets) | 582432 | 0.16 |
| IOOF Investment Services Limited (IPS Superfund A/C) | 579403 | 0.16 |

---

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 339 | riotinto.com |

---

Additional information \| Shareholder information

**Material contracts**

**Articles of Association, Constitution and DLC Sharing** 

**Agreement**

As explained on page [336](#icbb103c3aa0b446a9c70caee29f30837_727), under the terms of the DLC structure,

shareholders of Rio Tinto plc and of Rio Tinto Limited entered into

certain contractual arrangements designed to place the

shareholders of both companies in substantially the same position

as if they held shares in a single entity that owned all the assets of

both companies. As far as is permitted by the UK *Companies Act* 

*2006*, the Australian *Corporations Act 2001* and ASX Listing Rules,

this principle is reflected in the Articles of Association of Rio Tinto plc

and in the Constitution of Rio Tinto Limited.

The following summaries describe the material rights of

shareholders of both Rio Tinto plc and Rio Tinto Limited.

**Objects**

At the 2009 AGMs, shareholders of Rio Tinto plc and Rio Tinto

Limited approved amendments to their Articles of Association and

Constitution whereby the object clauses were removed to allow the

companies to have the widest possible scope of activities.

**Directors' interests**

Under Rio Tinto plc's Articles of Association, a Director may not vote

in respect of any proposal in which he or she, or any other person

connected with him or her, has any interest, other than by virtue of

his or her interests in shares or debentures or other securities of, in

or through the company, except in certain circumstances, including

in respect of resolutions:

• Indemnifying him or her or a third party in respect of obligations

incurred by the Director on behalf of, or for the benefit of,

the company, or in respect of obligations of the company, for

which the Director has assumed responsibility under an

indemnity, security or guarantee.

• Relating to an offer of securities in which he or she may be

interested as a holder of securities or as an underwriter.

• Concerning another body corporate in which the Director is

beneficially interested in less than 1% of the issued shares of any

class of shares of such a body corporate.

• Relating to an employee benefit in which the Director will share

equally with other employees.

• Relating to liability insurance that the company is empowered to

purchase for the benefit of Directors of the company in respect of

actions undertaken as Directors (or officers) of the company.

• Concerning the giving of indemnities in favour of Directors or the

funding of expenditure by Directors to defend criminal, civil or

regulatory proceedings or actions against a Director.

Under Rio Tinto Limited's Constitution, a Director may be present at

a meeting of the Board while a matter in which the Director has a

material personal interest is being considered and may vote in

respect of that matter, except where a Director is constrained by

Australian law.

The Directors are empowered to exercise all the powers of the

companies to borrow money; to charge any property or business of

the companies or all, or any, of their uncalled capital; and to issue

debentures or give any other security for a debt, liability or obligation

of the companies or of any other person. The Directors shall restrict

the borrowings of Rio Tinto plc to the limitation that the aggregate

amount of all monies borrowed by the company and its subsidiaries

shall not exceed an amount equal to 1.5 times the companies' share

capital plus aggregate reserves unless sanctioned by an ordinary

resolution of the company.

Directors are not required to hold any shares of either company by

way of qualification. The Remuneration Report on pages [122](#i43c3c73661d24b9493a2637ef979e25c_5596)-[149](#i14c190e20c594b928d39e4d63741c19f_247)

provides information on shareholding policies relating to Executive

and Non-Executive Directors. Please refer to the Directors' Report

for information on the appointment of Directors.

**Rights attaching to shares**

Under UK law, dividends on shares may only be paid out of profits

available for distribution, as determined in accordance with generally

accepted accounting principles and by the relevant law.

Shareholders are entitled to receive such dividends as may be

declared by the Directors. Directors may also pay interim dividends

to shareholders as justified by the financial position of the Group.

Under the Australian *Corporations Act 2001*, dividends on shares

may only be paid if the company's assets exceed its liabilities

immediately before the dividend is declared, the excess is sufficient

for the payment of the dividend, the payment is fair and reasonable

to the company's shareholders as a whole, and the payment does

not materially prejudice the company's ability to pay its creditors.

Any Rio Tinto plc dividend unclaimed after 12 years from the date

the dividend was declared, or became due for payment, will be

forfeited and returned to the company. Any Rio Tinto Limited

dividend unclaimed may be invested or otherwise used by the Board

for the benefit of the company until claimed or otherwise disposed of

according to Australian law. Rio Tinto Limited is governed by the

State of Victoria's unclaimed monies legislation, which requires the

company to pay to the state revenue office any unclaimed dividend

payments of A$20 or more that on 1 March each year have

remained unclaimed for over 12 months.

**Voting**

Voting at any general meeting of shareholders on a resolution on

which the holder of the Special Voting Share is entitled to vote shall

be decided by a poll, and any other resolution shall be decided by a

show of hands unless a poll has been duly demanded. On a show of

hands, every shareholder who is present in person or by proxy (or

other duly authorised representative) and is entitled to vote, has one

vote regardless of the number of shares held. The holder of the

Special Voting Share is not entitled to vote in a show of hands. On a

poll, every shareholder who is present in person or by proxy (or

other duly authorised representative) and is entitled to vote, has one

vote for every ordinary share for which he or she is the holder. In the

case of Joint Decisions, the holder of the Special Voting Share has

one vote for each vote cast in respect of the publicly held shares of

the other company.

A poll may be demanded by any of the following:

• The Chair of the meeting.

• At least 5 shareholders entitled to vote on the resolution.

• Any shareholder(s) representing in the aggregate not less than

one tenth (Rio Tinto plc) or one 20th (Rio Tinto Limited) of the

total voting rights of all shareholders entitled to vote on the

resolution.

• Any shareholder(s) holding Rio Tinto plc shares conferring a right

to vote at the meeting on which there have been paid-up sums in

the aggregate equal to not less than one tenth of the total sum

paid up on all the shares conferring that right.

• The holder of the Special Voting Share of either company.

A proxy form gives the proxy the authority to demand a poll, or to

join others in demanding one.

The necessary quorum for a Rio Tinto plc general meeting is 3

members present (in person or by proxy or other duly authorised

representative) and entitled to vote. For a Rio Tinto Limited general

meeting it is 2 members present (in person or by proxy or other duly

authorised representative).

Matters are transacted at general meetings by the proposing and

passing of resolutions as:

• Ordinary resolutions (for example the election of Directors), which

require the affirmative vote of a majority of persons voting at a

meeting for which there is a quorum.

• Special resolutions (for example amending the Articles of

Association of Rio Tinto plc or the Constitution of Rio Tinto

Limited), which require the affirmative vote of not less than three-

quarters of the persons voting at a meeting at which there is

a quorum.

The Sharing Agreement further classifies resolutions as Joint

Decisions and class rights actions as explained on pages [336](#icbb103c3aa0b446a9c70caee29f30837_727)-[337](#iacc98458133344f4b3fb82cea83d3fec_22545).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 340 | riotinto.com |

---

Additional information \| Shareholder information

AGMs must be convened with 21 days' written notice for Rio Tinto

plc and with 28 days' notice for Rio Tinto Limited. In accordance with

the authority granted by shareholders at the Rio Tinto plc AGM in

2025, other meetings of Rio Tinto plc may be convened with 14

days' written notice for the passing of a special resolution, and with

14 days' notice for any other resolution, depending on the nature of

the business to be transacted. All meetings of Rio Tinto Limited

require 28 days' notice. In calculating the period of notice, any time

taken to deliver the notice and the day of the meeting itself are not

included. The notice must specify the nature of the business to be

transacted.

**Variation of rights**

If, at any time, the share capital is divided into different classes of

shares, the rights attached to each class may be varied, subject to

the provisions of the relevant legislation, the written consent of

holders of three-quarters in value of the shares of that class, or upon

the adoption of a special resolution passed at a separate meeting of

the holders of the shares of that class. At every such meeting, all of

the provisions of the Articles of Association and Constitution relating

to proceedings at a general meeting apply, except that the quorum

for Rio Tinto plc should be 2 or more persons who hold or represent

by proxy not less than one-third in nominal value of the issued

shares of the class.

**Rights upon a winding-up**

Except as the shareholders have agreed or may otherwise agree,

upon a winding-up, the balance of assets available for distribution

after the payment of all creditors (including certain preferential

creditors, whether statutorily preferred creditors or normal creditors),

and subject to any special rights attaching to any class of shares, is

to be distributed among the holders of ordinary shares according to

the amounts paid-up on the shares held by them. This distribution

should generally be made in cash. A liquidator may, however, upon

the adoption of a special resolution of the shareholders, divide

among the shareholders the whole or any part of the assets in

specie or kind.

The Sharing Agreement describes the distribution of assets of each

of the companies in the event of a liquidation, as explained on page

[336](#icbb103c3aa0b446a9c70caee29f30837_727).

**Facility agreements**

Details of the Group's credit facilities are set out in the Our capital

and liquidity section to the financial statements on page [199](#if194631259f2485d99bc45dd8e9d453b_30).

**Exchange controls and foreign investment**

**Rio Tinto plc**

There are no UK foreign exchange controls or other restrictions on

the import or export of capital by, or on the payment of dividends to,

non-resident holders of Rio Tinto plc shares, or that materially affect

the conduct of Rio Tinto plc's operations. It should be noted,

however, that various sanctions, laws, regulations or conventions

may restrict the import or export of capital by, or the payment of

dividends to, non-resident holders of Rio Tinto plc shares. There are

no restrictions under Rio Tinto plc's Articles of Association or under

UK law that specifically limit the right of non-resident owners to hold

or vote in Rio Tinto plc shares. However, certain of the provisions of

the *Australian Foreign Acquisitions and Takeovers Act 1975* (the

Takeovers Act) described below also apply to the acquisition by non-

Australian persons of interests in securities of Rio Tinto plc.

**Rio Tinto Limited**

Under current Australian legislation, Australia does not impose

general exchange or foreign currency controls. Subject to some

specific requirements and restrictions, Australian and foreign

currency may be freely brought into and sent out of Australia. There

are requirements to report cash transfers in or out of Australia of

A$10,000 or more. There is a prohibition on (or in some cases the

specific prior approval of the Department of Foreign Affairs and

Trade or Minister for Foreign Affairs must be obtained for) certain

payments or other dealings connected with countries or parties

identified with terrorism, or to whom United Nations or autonomous

Australian sanctions apply. Sanction, anti-money laundering and

counter terrorism laws may restrict or prohibit payments,

transactions and dealings or require reporting of

certain transactions.

Rio Tinto Limited may be required to deduct withholding tax from

foreign remittances of dividends, to the extent that they are

unfranked, and from payments of interest.

Acquisitions of interests in shares, and certain other equity

instruments in Australian companies by non-Australian ("foreign")

persons are subject to review and approval by the Treasurer of the

Commonwealth of Australia under the Takeovers Act.

In broad terms, the Takeovers Act applies to acquisitions of interests

in securities in an Australian entity by a foreign person where, as a

result, a single foreign person (and any associate) would control

20% or more of the voting power or potential voting power in the

entity. The potential voting power in an entity is determined having

regard to the voting shares in the entity that would be issued if all

rights (whether or not presently exercisable) in the entity were

exercised.

The Takeovers Act also applies to direct investments by foreign

government investors, in certain circumstances regardless of the

size of the investment. Persons who are proposing relevant

acquisitions or transactions may be required to provide notice to the

Treasurer before proceeding with the acquisition or transaction, and

may be required to register their interest on the Register of Foreign

Ownership of Australian Assets.

The Treasurer has the power to order divestment in cases where

relevant acquisitions or transactions have already occurred,

including where prior notice to the Treasurer was not required. The

Takeovers Act does not affect the rights of owners whose interests

are held in compliance with the legislation.

**Limitations on voting and shareholding** 

Except for the provisions of the Takeovers Act, there are no

limitations imposed by law, Rio Tinto plc's Articles of Association or

Rio Tinto Limited's Constitution, on the rights of non-residents or

foreigners to hold the Group's ordinary shares or ADRs, or to vote

that would not apply generally to all shareholders.

**Directors**

**Appointment and removal of Directors**

The appointment and replacement of Directors is governed by

Rio Tinto plc's Articles of Association and Rio Tinto Limited's

Constitution, relevant UK and Australian legislation, and the *UK* 

*Corporate Governance Code*. The Board may appoint a Director

either to fill a casual vacancy or as an addition to the Board, so long

as the total number of Directors does not exceed the limit prescribed

in these constitutional documents. An appointed Director must retire

and seek election to office at the next AGM of each company. In

addition to any powers of removal conferred by the UK *Companies* 

*Act 2006* and the Australian *Corporations Act 2001*, the company

may by ordinary resolution remove any Director before the expiry of

his or her period of office and may, subject to these constitutional

documents, by ordinary resolution appoint another person who is

willing to act as a Director in their place. In line with the UK

*Corporate Governance Code*, all Directors are required to stand for

re-election at each AGM.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 341 | riotinto.com |

---

Additional information \| Shareholder information

**Directors' powers**

The Board manages the business of Rio Tinto under the powers set out in these constitutional documents. These powers include the

Directors' ability to issue or buy back shares. Shareholders' authority to empower the Directors to purchase its own ordinary shares is sought

at the AGM each year. The constitutional documents can only be amended, or replaced, by a special resolution passed in general meeting by

at least 75% of the votes cast.

**UK listing rules cross-reference table** 

The following table contains only those sections of UK listing rule 6.6.1 which are relevant. The remaining sections of listing rule 6.6.1 are

not applicable.

---

| | | |
|:---|:---|:---|
| **UK Listing rule** | **Description of listing rule** | **Reference in report** |
| 6.6.1 (1) | A statement of any interest capitalised by the Group during the year | Note 9 Finance income and finance costs. |
| 6.6.1 (11) | Details of any arrangement under which a shareholder has waived or <br>agreed to waive any dividends<br>| See page [151](#i2fc1f51a84154af4928766d389ff8f32_27141). |

---

**Metal prices and exchange rates** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Metal prices – average for the year** |  | **2025** | 2024 | Increase/ <br>(Decrease)<br>|
| Copper | – US cents/lb | **451** | 415 | 9% |
| Aluminium | – $/tonne | **2632** | 2419 | 9% |
| Gold | – $/troy oz | **3432** | 2386 | 44% |
| **Average exchange rates against the US dollar** |  |  |  |  |
| Pound sterling |  | **1.32** | 1.28 | 3% |
| Australian dollar |  | **0.64** | 0.66 | (2)% |
| Canadian dollar |  | **0.72** | 0.73 | (2)% |
| Euro |  | **1.13** | 1.08 | 4% |
| South African rand |  | **0.056** | 0.055 | 3% |
| **Year-end exchange rates against the US dollar** |  |  |  |  |
| Pound sterling |  | **1.35** | 1.25 | 8% |
| Australian dollar |  | **0.67** | 0.62 | 8% |
| Canadian dollar |  | **0.73** | 0.70 | 5% |
| Euro |  | **1.18** | 1.04 | 13% |
| South African rand |  | **0.060** | 0.053 | 13% |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 342 | riotinto.com |

---

Additional information

US Disclosure

Disclosure pursuant to Section 13(r) of the

U.S. Securities Exchange Act of 1934

Section 219 of the Iran Threat Reduction and Syria Human Rights

Act of 2012 added Section 13(r) to the Securities Exchange Act of

1934 (the "Exchange Act"). Section 13(r) to the Exchange Act

requires an issuer to disclose in its annual reports whether it or any

of its affiliates knowingly engaged in certain activities, transactions or

dealings relating to Iran or with the Government of Iran during the

period covered by the report. The Company notes the following in

relation to activities that took place in 2025, or in relation to activities

the Company became aware of in 2025 relating to disclosable

activities prior to the reporting period.

Rio Tinto acquired its interest in Namibia-based Rössing Uranium

Limited ("Rössing") in 1970. The Iran Foreign Investments Company

("IFIC") acquired its original minority shareholding in Rössing in

1975. IFIC's interest predates the establishment of the Islamic

Republic of Iran and the U.S. economic sanctions targeting Iran's

nuclear, energy and ballistic missile programs. IFIC acquired a

minority shareholding in Rössing in accordance with Namibian law.

The Treasury Department's Office of Foreign Assets Control

designated IFIC as a Specially Designated National on 5 November

2018. On 16 July 2019, the Company completed the sale of its entire

interest 68.62 per cent stake in Rössing to China National Uranium

Corporation Limited ("CNUC") for an initial cash payment of $6.5

million and a contingent payment of up to $100 million. The

contingent payment is linked to uranium spot prices reaching a

certain level and Rössing's net income until calendar year 2026. As a

result of the increase in uranium prices, the conditions for a

contingent payment have been satisfied, the amount being subject to

finalisation. As of 31 December 2025 no amounts have been

received. In addition, the Company will receive a cash payment if,

subject to certain conditions, CNUC sell the Zelda 20 Mineral

Deposit during a restricted period.

As of 31 December 2025, to the best of Rio Tinto's knowledge,

CNUC had not sold the Zelda Mineral Deposit. Rio Tinto Marketing

Pte Ltd has continued to purchase a quantity of uranium produced

by Rössing, in order to satisfy existing contractual commitments with

customers, pursuant to an ongoing marketing arrangement which

will cease on 26 December 2026.

Rössing was neither a business partnership nor joint venture

between the Company and IFIC. Rössing is a Namibian limited

liability company with a number of shareholders which included Rio

Tinto.

When the Company was a shareholder, IFIC had no uranium

product off-take rights. Neither IFIC nor other Government of Iran

entities had any supply contracts in place with Rössing and none

received any uranium from Rössing. IFIC also did not have access

to any technology through its investment in Rössing or rights to such

technology.

Rio Tinto had no power or authority to divest IFIC's holding in

Rössing. The Rössing board took steps in 2012 to terminate IFIC's

involvement in the governance of Rössing. When Rio Tinto was a

shareholder in Rössing, IFIC was entitled under Namibian law to

attend annual general meetings of Rössing, which they did attend.

IFIC was represented on the board of Rössing by two directors.

While this level of board representation did not provide IFIC with the

ability to influence the conduct of Rössing's business on its own, the

Rössing board nonetheless determined that, in light of international

economic sanctions, it would be in the best interest of Rössing to

terminate IFIC's involvement in board activity. Therefore, on 4 June

2012, at the annual general meeting of Rössing, the shareholders,

including the Company, voted not to re-elect the two IFIC board

members. This ended IFIC's participation in Rössing board activities.

While IFIC has a notional entitlement to its pro rata share of any

dividend that the majority of the board declared for all shareholders

in Rössing, such dividend payments have been held in a blocked

account in Namibia to ensure compliance with US sanctions

legislation. Accordingly, IFIC has not received such monies since

early 2008. Simply by maintaining its own shareholding in Rössing,

the Company was not engaging in any activity intended or designed

to confer any direct or indirect financial support for IFIC.

While the Company does not view itself as actively transacting or

entering into business dealings with an instrumentality of the

Government of Iran or a Specially Designated National, this

information has been provided to ensure transparency regarding the

passive, minority shareholding in Rössing held by IFIC while the

Company was a shareholder.

Taxation

**US residents**

The following is a summary of the principal UK tax, Australian tax

and US federal income tax consequences of the ownership of Rio

Tinto plc ADSs, Rio Tinto plc shares and Rio Tinto Limited shares,

"the Group's ADSs and shares", by a US holder (as defined below).

It is not intended to be a comprehensive description of all the tax

considerations that are relevant to all classes of taxpayer. This

summary does not cover all aspects of US federal income taxation

(including the alternative minimum tax or net investment income tax)

that may be relevant to, or the actual tax effect that any of the

matters described herein will have on, the acquisition, ownership, or

disposal of the Group's ADSs and shares by particular investors.

Future changes in legislation may affect the tax consequences of the

acquisition, ownership or disposal of the Group's ADSs and shares.

This summary is based in part on representations by the Group's

depositary bank as depositary for the ADRs evidencing the ADSs

and assumes that each obligation in the deposit agreements will be

performed in accordance with its terms.

You are a US holder if you are a beneficial owner of the Group's

ADSs and shares and you are for US federal income tax purposes: a

citizen or resident of the United States; a corporation created or

organised under the laws of the United States, any state thereof or

the District of Columbia; an estate whose income is subject to US

federal income tax regardless of its source; or a trust if a US court

can exercise primary supervision over the trust's administration and

one or more US persons are authorised to control all substantial

decisions of the trust.

This section applies to US holders only if the Group's ADSs or

shares are held as capital assets for US federal income tax

purposes. This section does not address tax considerations

applicable to investors that own (directly, indirectly, or by attribution)

5% or more of the stock of the company (by vote or value) and does

not apply to shareholders who are members of a special class of

holders subject to special rules, including a dealer in securities, a

trader in securities who elects to use a mark-to-market method of

accounting for securities holdings, a tax exempt organisation, a life

insurance company, a person that holds the Group's ADSs or shares

as part of a straddle or a hedging or conversion transaction, persons

that have ceased to be US citizens or lawful permanent residents of

the United States, investors holding the Group's ADSs or shares in

connection with a trade or business conducted outside of the United

States, US expatriates or a person whose functional currency is not

the US dollar.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 343 | riotinto.com |

---

Additional information \| US Disclosure

This section is based on the US Internal Revenue Code of 1986, as

amended (the Code), its legislative history, existing and proposed

regulations, published rulings and court decisions, Australian tax law and

practice, UK tax law as applied in England and Wales and HM Revenue

& Customs published practice (which may not be binding on HM

Revenue & Customs) and on the convention between the United States

and the UK, and the convention between the United States and Australia

(together, the Conventions) which may affect the tax consequences of

the ownership of the Group's ADSs and shares, all as of the date hereof.

These laws and Conventions are subject to change, possibly on a

retroactive basis.

The summary describes the treatment applicable under the laws and

Conventions in force at the date of this report.

**UK taxation of shareholdings in Rio Tinto plc**

The comments below are based on current United Kingdom tax law

as applied in England and Wales and HM Revenue & Customs

("HMRC") practice (which may not be binding on HMRC) as at the

latest practicable date before the date of this document. This section

is based on the assumption that for UK tax purposes a US holder

who holds ADRs evidencing ADSs will be treated as the beneficial

owner of the underlying shares represented by the ADSs. Case law

in the UK has cast doubt on this view; however, HM Revenue &

Customs have stated that, except in so far as the relevant US laws

(being the laws applicable to the territory in which the ADRs are

issued) conclusively dictate that the holder of an ADR will not have

beneficial ownership in the underlying shares, they will continue to

apply their practice of regarding the holder of an ADR as having a

beneficial interest in the underlying shares.

**Taxation of dividends**

Under current UK tax legislation, no income tax is required to be withheld

from dividends paid by Rio Tinto plc. Where dividends are paid by Rio

Tinto plc to a US holder who is not resident in the UK and who does not

hold the Group's ADSs and shares in connection with any trade,

profession or vocation carried on through a branch, agency or

permanent establishment in the UK, no liability to UK tax will generally

arise to the US holder in respect of such dividends.

**Capital gains**

A US holder, who (if an individual) is not resident in the UK for the

tax year in question or (if a company) is not resident in the UK when

the gain accrues, will not normally be liable to UK tax on capital

gains realised on the sale of a Group ADS or share unless (i) the

holder carries on a trade, profession or vocation in the UK through a

branch, agency or permanent establishment in the UK and the ADS

or share has been used for the purposes of the trade, profession or

vocation or is acquired, held or used for the purposes of such a

branch, agency or permanent establishment or (ii) the Group's ADSs

or shares are held by an individual who becomes resident in the UK

having left the UK for a period of non-residence of five years or less

and who was resident for at least four of the seven tax years prior to

leaving the UK.

**Inheritance tax**

Under the UK/US Inheritance and Gift Tax Treaty (1978) (UK/US Estate

Tax Treaty), a US holder, who is an individual shareholder and is domiciled

for the purpose of UK/US Estate Tax Treaty in the United States and is not

for the purposes of the UK/US Estate Tax Treaty a national of the UK, will

not (provided any US federal or estate gift tax chargeable has been paid)

be subject to UK inheritance tax upon the holder's death or on a gift of a

Group ADS or share during the holder's lifetime, unless that ADS or share

(i) forms part of the business property of a permanent establishment of the

shareholder in the UK, (ii) pertains to a fixed base situated in the UK used in

the performance of independent personal services, or (iii) is held on trust,

unless at the time of the settlement, the settlor was domiciled for the

purposes of UK/US Estate Tax Treaty in the United States and was not for

the purposes of UK/US Estate Tax Treaty a national of the UK. Where a

Group ADS or share is subject to both UK inheritance tax and US Federal

gift or estate tax, tax payments are relieved in accordance with the priority

rules set out in the UK/US Estate Tax Treaty.

**Stamp duty and stamp duty reserve tax**

UK stamp duty should not be required to be paid in respect of a transfer

of Rio Tinto plc ADSs provided that the transfer instrument is not

executed in, and at all times remains outside, the UK and does not relate

to any property situate or to any matter or thing done or to be done in the

UK. An agreement for the transfer of a Rio Tinto plc ADS will not be

subject to stamp duty reserve Tax (SDRT). Unconditional agreements to

transfer Rio Tinto plc shares are subject to SDRT at a rate of 0.5% of the

amount or value of the consideration payable for the transfer. Transfers

of Rio Tinto plc shares using a written transfer instrument are subject to

stamp duty at a rate of 0.5% of the amount or value of the consideration

on transactions over £1,000 (rounded up to the nearest £5). However, if

within six years of the date of the agreement becoming unconditional, an

instrument of transfer is executed pursuant to the agreement, and stamp

duty is paid on that instrument of transfer, any SDRT already paid will be

refunded (generally, but not necessarily, with interest) provided that a

claim for repayment is made, and any outstanding liability to SDRT will

be cancelled. Conversions of Rio Tinto plc shares into Rio Tinto plc

ADSs will be subject to additional stamp duty or SDRT at a rate of 1.5%

of the amount or value of the consideration given or, in certain

circumstances, the value of the shares, on all transfers to the depositary

or its nominee, unless such a transfer is in the course of capital-raising

arrangements (as defined in the relevant legislation). All subsequent

transfers of depositary receipts within the depositary receipts system are

free from SDRT and stamp duty.

**Australian taxation of shareholdings in** 

**Rio Tinto Limited**

**Taxation of dividends**

US holders are not normally liable to Australian withholding tax on

dividends paid by Rio Tinto Limited because such dividends are

normally fully franked under the Australian dividend imputation

system, meaning that they are paid out of income that has borne

Australian income tax. Any unfranked dividends would suffer

Australian withholding tax which under the Australian income tax

convention is limited to 15 per cent of the gross dividend.

**Capital gains**

US holders are not normally subject to any Australian tax on the

disposal of Rio Tinto Limited shares unless they have been used in

carrying on a trade or business wholly or partly through a permanent

establishment in Australia, or the gain is in the nature of income

sourced in Australia.

**Gift, estate and inheritance tax**

Australia does not impose any gift, estate or inheritance taxes in

relation to gifts of shares or upon the death of a shareholder.

**Stamp duty**

An issue or transfer of Rio Tinto Limited shares does not require the

payment of Australian stamp duty.

**US federal income tax**

In general, taking into account the earlier assumptions that each

obligation of the Deposit Agreement and any related agreement will

be performed according to its terms, for US federal income tax

purposes, if you hold ADRs evidencing ADSs, you will be treated as

the owner of the shares represented by those ADRs. Exchanges of

shares for ADRs, and ADRs for shares, generally will not be subject

to US federal income tax.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 344 | riotinto.com |

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Additional information \| US Disclosure

**Taxation of dividends**

Under the US federal income tax laws, and subject to the Passive

Foreign Investment Company (PFIC) rules discussed below, if you

are a US holder, the gross amount of any distribution a company

pays out of its current or accumulated earnings and profits (as

determined for US federal income tax purposes) is subject to US

federal income taxation as dividend income. The dividend will not be

eligible for the dividends-received deduction generally allowed to US

corporations in respect of dividends received from certain other

corporations. Distributions in excess of current and accumulated

earnings and profits, as determined for US federal income tax

purposes, will be treated as a non-taxable return of capital to the

extent of your tax basis in the Group's ADSs or shares and

thereafter as capital gain. The Group does not maintain calculations

of its earnings and profits in accordance with US federal income tax

accounting principles. US holders should therefore assume that any

distributions that a Group member pays with respect to the Group's

ADSs or Shares will be reported as dividend income.

Dividends paid to a non-corporate US holder generally may be

taxable at the reduced rate normally applicable to long-term capital

gains provided the shares are readily tradable on an established

securities market in the United States or the company paying the

dividend qualifies for the benefits of an income tax treaty between

the United States and the relevant jurisdiction and certain other

requirements are met (including certain holding period

requirements). Rio Tinto plc ADSs are traded on the NYSE. Rio Tinto

Limited believes it qualifies for the benefits of the convention

between the United States and Australia.

The dividend is taxable to you when you, in the case of shares, or

the depositary, in the case of ADSs, receive the dividend, actually or

constructively. The amount of the dividend distribution that you must

include in your income as a US holder will be the US dollar value of

the non-US dollar payments made, determined at the spot UK

pound/US dollar rate (in the case of Rio Tinto plc) or the spot

Australian dollar/US dollar rate (in the case of Rio Tinto Limited) on

the date the dividend distribution is includible in your income,

regardless of whether the payment is in fact converted into

US dollars.

Generally, any gain or loss resulting from currency exchange

fluctuations during the period from the date you include the dividend

payment in income to the date you convert the payment into US

dollars will be treated as ordinary income or loss and will not be

eligible for the reduced tax rate normally applicable to capital gains.

The gain or loss generally will be income or loss from sources within

the US for foreign tax credit limitation purposes.

You must include any Australian tax withheld from the dividend

payment in this gross amount even though you do not in fact receive

it. Subject to certain complex and evolving limitations, any Australian

tax withheld (at a rate not exceeding any applicable rate under the

convention between United States and Australia) may be creditable

against your US federal income tax liability. For foreign tax credit

purposes, dividends will generally be income from sources outside

the United States and will generally constitute "passive category

income" for purposes of computing the foreign tax credit allowable to

you. In lieu of claiming a tax credit, a US holder may be able to take

a deduction for any Australian taxes withheld. An election to deduct

creditable foreign taxes instead of claiming a foreign tax credit must

be applied to all creditable foreign taxes paid or accrued in the US

holder's taxable year. The rules regarding foreign tax credits are

complex and US holders should consult their own tax advisers

regarding the application of the foreign tax credit rules to their

particular situation.

**Taxation of capital gains**

Except if subject to the PFIC rules discussed below, if you are a US

holder and you sell or otherwise dispose of the Group's ADSs or

shares, you will recognise a capital gain or loss for US federal

income tax purposes equal to the difference between the US dollar

value of the amount that you realise and your tax basis, determined

in US dollars, in your Group's ADSs or shares. The capital gain of a

non-corporate US holder is generally taxed at preferential rates

where the holder has a holding period greater than one year.

The gain or loss will generally be income or loss from sources within

the United States for foreign tax credit limitation purposes. The rules

governing foreign tax credit are complex and US holders should

consult their own tax advisers regarding the US federal income tax

consequences in case non-US taxes (if any) are imposed on

disposition gains.

US holders should consult their own tax advisers about how to

account for proceeds received on the sale or other disposition of the

Group's ADSs or shares that are not paid in US dollars.

**Passive Foreign Investment**

**Company Rules**

We believe that the Group's ADSs or shares should not be treated

as stock of a PFIC for US federal income tax purposes for the most

recent taxable year, and we do not expect the Group ADSs or shares

to be treated as stock of a PFIC for the current taxable year or the

foreseeable future. However, this conclusion is a factual

determination that is made annually and thus may be subject to

change. If we were to be treated as a PFIC, US holders generally

would be taxed under one of three recognition provisions which can

be elected by the US taxpayer that holds a PFIC interest. The

available PFIC recognition regimes include 1) a mark-to-market

regime, 2) an excess distribution regime, or 3) a qualified electing

fund regime. These alternative regimes can require the US taxpayer

to accelerate the recognition of income, to pay an interest charge on

certain tax liabilities and to change the character of the gain

recognition from capital gains to ordinary income. Moreover, if we

were to be treated as a PFIC, dividends that you receive from us will

not be eligible for the reduced rate of tax described above under

"Taxation of dividends." US holders should consult their own tax

advisers regarding the potential application of the PFIC rules.

**Backup Withholding and Information Reporting**

The proceeds of a sale or other disposition, as well as dividends and

other proceeds, with respect to the Group's ADSs or shares by a US

paying agent or other US intermediary will be reported to the US

Internal Revenue Service and to the US holder as may be required

under applicable regulations. Backup withholding may apply to these

payments if the US holder fails to provide an accurate taxpayer

identification number or certification of exempt status or fails to

comply with applicable certification requirements. Certain US holders

are not subject to backup withholding. US holders should consult

their tax advisers about these rules and any other reporting

obligations that may apply to the ownership or disposition of the

Group's ADSs or shares, including requirements related to the

holding of certain foreign financial assets.

American Depositary Shares

**American depositary receipts (ADRs)**

Rio Tinto plc has a sponsored ADR facility with JPMorgan Chase

Bank NA ("JPMorgan") under a Deposit Agreement, dated 13 July

1988, as amended on 11 June 1990, as further amended and

restated on 15 February 1999, 18 February 2005 (when JPMorgan

became Rio Tinto plc's depositary), 29 April 2010, 19 February 2016

and 17 June 2021. The ADRs evidence Rio Tinto plc ADSs, each

representing one ordinary share.

The shares are registered with the US Securities and Exchange

Commission ("SEC"), are listed on the NYSE and are traded under

the symbol RIO.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 345 | riotinto.com |

---

Additional information \| US Disclosure

**Fees and charges payable by a holder of ADSs**

In accordance with the terms of the Deposit Agreement, JPMorgan may charge holders of Rio Tinto ADSs, either directly or indirectly, fees or

charges up to the amounts described in the table below.

---

| | | |
|:---|:---|:---|
| **Category** | **Depositary actions** | **Associated fee** |
|  | Issuance of ADSs against the deposit of shares, including deposits and <br>issuance in respect of:<br>•Share distributions, stock split, rights, merger<br>•Exchange of securities or other transactions<br>•Other events or distributions affecting the ADSs or the deposited securities<br>| $5.00 or less per 100 ADSs (or <br>portion thereof) evidenced by the <br>new ADSs delivered<br>|
| **Selling or** <br>**exercising rights**<br>| Distribution or sale of securities, the fee being in an amount equal to the fee <br>for the execution and delivery of ADSs which would have been charged as a <br>result of the deposit of such securities<br>| $5.00 or less for each 100 ADSs  |
| **Distributing dividends** | Distribution of cash or other dividends | $0.02 or less per ADS  |
| **Withdrawing an** <br>**underlying share**<br>| Acceptance of ADSs surrendered for withdrawal of deposited securities | $5.00 or less for each 100 ADSs <br>evidenced by the ADSs <br>surrendered<br>|
| **Transferring, splitting** <br>**or grouping receipts**<br>| Transfers, combining or grouping of depositary receipts | $1.50 per ADS |
| **General depositary** <br>**services, particularly** <br>**those charged on an** <br>**annual basis**<br>| Other services performed by the depositary in administering the ADRs<br>Provide information about the depositary's right, if any, to collect fees and <br>charges by offsetting them against dividends received and deposited <br>securities<br>| $0.02 or less per ADS not more <br>than once each calendar year <br>and payable at the sole <br>discretion of the depositary by <br>billing holders or deducting such <br>charge from one or more cash <br>dividends or other cash <br>distributions<br>|
| **Expenses of** <br>**the depositary**<br>| Expenses incurred on behalf of holders in connection with:<br>•Compliance with foreign exchange control regulations or any law or <br>regulation relating to foreign investment<br>•The depositary's or its custodian's compliance with applicable law, rule <br>or regulation<br>•Stock transfer or other taxes and other governmental charges<br>•Cable, telex, facsimile and electronic transmission/delivery<br>•Expenses of the depositary in connection with the conversion of foreign <br>currency into US dollars (which are paid out of such foreign currency)<br>•Any other charge payable by the depositary or its agents<br>| Expenses payable at the sole <br>discretion of the depositary by <br>billing holders or by deducting <br>charges from one or more cash <br>dividends or other cash <br>distributions<br>|

---

**Fees and payments made by the depositary to** 

**the issuer**

JPMorgan has agreed to reimburse certain company expenses

related to the Rio Tinto plc ADR programme and incurred by the

Group in connection with the programme. The Group received US

$4,242,709.56. in respect of expenses incurred by the Group in

connection with the ADR programme for the year ended 31

December 2025. JPMorgan did not pay any amount on the Group's

behalf to third parties.

JPMorgan also waived certain of its standard fees and expenses

associated with the administration of the programme relating to

routine programme maintenance, reporting, distribution of cash

dividends, annual meeting services and report mailing services.

Under certain circumstances, including removal of JPMorgan as

depositary or termination of the ADR programme by the Company,

the Company is required to repay JPMorgan any amounts of

administrative fees and expenses waived during the 12-month

period prior to notice of removal or termination.

Document on display

Rio Tinto is subject to the SEC reporting requirements for foreign

companies. This *Form 20-F*, which corresponds with the Form 10-K

for US public companies, was filed with the SEC on 19 February

2026. Rio Tinto's Form 20-F and other filings can be viewed on the

Rio Tinto website as well as the SEC website at www.sec.gov

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 346 | riotinto.com |

---

Additional information \| US Disclosure

Cyber security

Our vision and strategy

Our vision is to make cyber security implicit in everything we

do – supporting safe operations and enabling innovation, while

proactively managing risks to our people, information and assets.

Our 2026–2028 Cyber Security Strategy builds on the progress

achieved in enhancing Rio Tinto's overall cyber security posture

under the 2023–2025 strategy, with continued focus on

strengthening our Industrial & Operational Technology (I&OT)

network security and perimeter defences. It places greater emphasis

on clear guardrails, streamlined processes and comprehensive

documentation, all aimed at sustaining resilience across a changing

threat landscape. Our strategic objectives centre on:

---

| |
|:---|
| **Maintaining a best-in-class cyber security capability**<br>Continue to mature and evolve our cyber security capabilities to remain <br>aligned with industry-leading practices, threat intelligence and Rio Tinto <br>strategy.<br>|
| **Implementing and sustaining effective controls**<br>Ensure consistent implementation and management of cyber security <br>controls aligned with our cyber security risk appetite, compliance and <br>regulatory obligations.<br>|
| **Supporting Rio Tinto in proactively managing its cyber security risks**<br>Continue to embed cyber security guardrails, standards and expert <br>guidance in business processes and decision making. <br>|

---

Annual plans, endorsed at the start of each financial year by the

Chief Financial Officer (CFO), translate strategy into deliverable

initiatives and investment. Major initiatives and improvement

objectives for 2026 relate to improving I&OT endpoint detection and

response, further securing remote access to process control

networks, and enhancing controls in our corporate environment.

Independent assessments are conducted at least annually to

validate effectiveness of our plans and strategy.

Risk management

**Overview of our risk process**

Our company is exposed to a variety of cyber security risks that can

have financial, operational and compliance impacts on our business

performance, reputation and licence to operate. The effective

management of cyber security risk is therefore critical to supporting

the delivery of Rio Tinto's strategic objectives.

Cyber security risk management at Rio Tinto follows a consistent,

Group-wide approach, aligned with our Risk Policy & Standard and

embedded in everyday decision-making. The process is designed to

spot risks early, assess potential impacts, implement controls to

mitigate risks before they materialise, monitor control performance,

and deal effectively with risks in the event they do materialise. It

aims to manage – not eliminate – risk, recognising that taking

well-understood, well-controlled risk is part of creating shareholder

returns.

Clear accountability for risk management runs throughout the

business, supported by a dedicated Risk function, and escalation

pathways to executive management and the Board when required.

**Assessments and risk analysis**

We identify potential risks against a common Group risk taxonomy

that includes information and cyber security. Where exposure is

identified, we apply a universal evaluation scheme to assess

potential impact, including consequences for the confidentiality,

integrity and availability of our information and technology assets.

Our Threat Intelligence function maintains relationships with

government agencies, industry bodies and specialist providers.

When new threats are identified, the function investigates exposure

and engages relevant cyber security functions including the Cyber

Risk function. We also test resilience through penetration testing

(ethical hacking) and use these insights to recommend control

improvements.

A dedicated cyber risk team conducts Security Risk Assessments

(SRA) for Information Technology (IT) and I&OT projects and

significant changes, including third-party changes that affect our

cyber posture. The team also runs a risk-based program of

"deep-dives" and diagnostic risk assessments of established

environments to identify current exposures and assess control

effectiveness.

**Cyber security framework and controls**

Our Group Procedure for Information and Cyber Security sets the

foundation for cyber security governance across our people, our

information, and our technology – including IT and I&OT. It aligns

our programme to the National Institute of Standards and

Technology Cybersecurity Framework (NIST CSF) 2.0 core

functions – Govern, Identify, Protect, Detect, Respond and Recover

– and is supported by mandatory control objectives and technical

standards.

Our cyber security technical standards cover domains such as

access control, endpoint and platform security, threat and

vulnerability management, backup and recovery, and awareness

and training. Information and system owners are responsible for

implementing controls appropriate to risk and criticality, with the

Cyber Security function overseeing standards, guidance and

assurance.

**Awareness and behaviour**

Mandatory cyber security training, reinforced by ongoing

communications, in-person and online events, on-demand materials

and *InCyber* quarterly awareness sessions, helps employees and

contractors understand their responsibilities. These include:

protecting Rio Tinto's assets, complying with the Acceptable Use

Standard and our Code of Conduct, and promptly reporting

suspicious activity to the Cyber Security team. Leaders are required

to promote awareness and support compliance across their teams.

Phishing simulations are conducted Group-wide on a scheduled

and/or targeted basis to test staff vigilance and improve awareness.

**How cyber risk fits into our wider risk processes**

Cyber security is treated as a material risk within our Enterprise Risk

Management (ERM) framework. The Board provides leadership

within a framework of prudent and effective controls and sets risk

appetite. The Audit & Risk Committee, one of our Board committees

supporting the Board, monitors internal controls and risk

management, including auditor independence and the robustness of

assurance.

Responsibility for risk management is delegated to the Risk

Management Committee. This committee – a sub-committee of the

Executive Committee chaired by the CFO – provides oversight of

material risks (including cyber security risk) that could materially

impact Rio Tinto's business objectives and exceed its risk

tolerances, verifying exposure levels, trends and the effectiveness of

critical controls and response plans against Board-approved risk

appetite.

The Risk function supports the management and reporting of material

risks and escalates key issues to the Board as appropriate.

**Independent checks and expert support**

We regularly commission independent assessments and

benchmarking against the NIST CSF 2.0, upon which our internal

technical standards are based. These recurring assessments are

conducted by consultancies specialising in cyber security and

include simulated adversarial testing (ie red-team activity). These

recurring reviews inform maturity, identify improvement priorities and

support external assurance over our cyber posture.

The Audit & Risk Committee oversees our relationship with external

auditors, reviews non-audit services to safeguard independence,

and assesses audit effectiveness.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 347 | riotinto.com |

---

Additional information \| US Disclosure

**Managing risks from third-party providers**

We operate a structured approach to third-party cyber security risk.

Our Cyber Security Requirements for Suppliers, embedded in our

supplier agreements and publicly available in our website, require

vendors whose systems interact with Rio Tinto's environments to

meet defined security controls, conduct documented risk

assessments (or provide recognised third-party attestations such as

ISO/IEC 27001 or SOC 2 Type II), and maintain strong access

control discipline. This includes provisioning via Rio Tinto's identity

provider, multi-factor authentication, strict time-bound access, and

unique mapping of identities to individuals.

Vendors must implement secure remote access approved by

Rio Tinto, enforce strict network segmentation rules, maintain

disaster recovery plans with periodic testing, operate effective

change control with security impact evaluation and records

retention, apply strong encryption aligned to industry standards (eg

NIST FIPS, ISO/IEC), and follow approved procedures for

removable media. These obligations help reduce supply-chain risk

across our operating footprint.

**Has cyber risk affected our business – and could** 

**it?**

The threat landscape is evolving rapidly, with digitisation and

increasing connectivity between IT and I&OT expanding the attack

surface. While Rio Tinto has not experienced a significant cyber

security incident since December 2014, we remain vigilant. Recent

supplier breaches (eg GoAnywhere, HWL Ebsworth and Intermed)

have indirectly impacted us, and we continuously adapt our controls

accordingly. In our Material risk Update, cyber risk evaluation has

trended upward versus 2024, driven by broader technology adoption

– including automation, artificial intelligence (AI) and third-party

connectivity – and the complexity of our global I&OT environments.

For I&OT in particular, targeted attacks or ransomware-style events

could lead to operational disruption, safety implications, increased

remediation costs or reputational harm. Our approach aims to

reduce the likelihood and impact of such events: maintaining a

perpetual program of work to strengthen controls, leveraging threat

intelligence, embedding "secure by design" principles, and investing

in endpoint detection, network segregation, and identity and access

management across I&OT. We also sustain organisation-wide

awareness and skills programs to support resilience.

We recognise that cyber risk is increasing and continue to assess

whether future incidents — or the combined impact of related events

— could be material. If so, our governance, reporting cadence and

external assurance will support timely escalation and disclosure.

The Disclosure Committee reviews and approves significant public

disclosures and oversees compliance with relevant legal and

regulatory requirements, including processes to ensure accuracy

and timeliness.

Governance

**Board oversight of cyber security**

The Board is responsible for overseeing material risk across

Rio Tinto and setting the business's risk appetite. At the executive

level, the Risk Management Committee provides oversight of

material risks – including cyber security – verifying exposure levels

and trends, and confirming that the organisation operates within

Board-approved risk appetite with effective critical controls and

response plans.

The Board receives periodic updates on cyber security from

management as part of its regular oversight. This structure ensures

the Board and its committees are informed about cyber security risk

through a consistent reporting cadence and formal reporting

channels.

**Management's role in cyber security**

**Who is responsible and what expertise they have**

Accountability for the effective management of cyber security risks

and events rests with executive management. Day-to-day

responsibility sits with the Cyber Security function, led by the Chief

Information Security Officer (CISO), and with system owners across

IT and I&OT. The CISO reports to the Chief Information Officer

(CIO), and the CFO is the accountable executive for cyber risk and

Chair of the Risk Management Committee.

The Cyber Security function is responsible for defining and

maintaining Rio Tinto's cyber security strategy and standards,

enforcing procedures, and sustaining risk management practices

consistent with the Group's Risk Policy & Standard. Its expertise

spans strategy, standards and procedures, risk management, threat

intelligence, training and awareness, control implementation and

assessment, detection and response, and vulnerability management

– providing the breadth required to manage a complex global

environment and to inform leadership decisions.

Our Group Procedure for Information and Cyber Security sets out

responsibilities for all employees, including leaders and relevant

management committees. Leaders across Rio Tinto are accountable

for their teams' compliance with cyber standards and procedures,

and system owners must ensure appropriate security based on risk

and criticality of the systems they operate. This structure ensures

clear lines of ownership, consistent implementation of controls, and

effective escalation and oversight.

**How we monitor controls and keep management** 

**informed**

We track key metrics – such as patching rates and critical

vulnerability trends – and review them regularly against business

priorities, threat intelligence and the NIST CSF 2.0. We report

outcomes monthly to the CFO, quarterly to the Risk Management

Committee, and biannually to the Board's Audit & Risk Committee.

This cadence reinforces transparency and accountability across

governance layers.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 348 | riotinto.com |

---

Additional information \| US Disclosure

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Relevant experience** |
| Peter Cunningham | Chief Financial Officer | Peter joined Rio Tinto in March 1993 and was appointed Chief Financial Officer <br>and Executive Director in June 2021, as well as Chair of the Cyber Security <br>Steering Committee, whose role was absorbed by the Risk Management <br>Committee in 2025. As Chair of the Risk Management Committee and the <br>accountable executive for cyber security risk, Peter sponsors and oversees key <br>cyber security decisions and escalations at the Group level. With extensive <br>experience in senior leadership roles, Peter brings expertise in governance, risk <br>management, and internal controls, enabling strong integration of cyber risk into <br>the broader enterprise risk framework.<br>|
| Daniel Evans | Chief Information Officer | Daniel has 15 years of cyber security leadership experience in senior, cyber <br>intelligence, and operational leadership roles. <br>|
| Scott Brown | Chief Information Security Officer | Scott has more than 17 years of cyber security experience in both senior <br>leadership and operational roles.<br>|

---

Management uses dashboards, metrics and periodic assurance

activities to monitor prevention, detection, mitigation and

remediation across both corporate IT and I&OT. Key indicators –

such as patch compliance, legacy operating systems and critical

vulnerabilities – are tracked and refined against NIST CSF 2.0 and

business priorities. Threat intelligence, penetration testing and

phishing exercises provide additional insights into resilience.

Security Risk Assessments identify exposures arising from new

technology, and "deep dives" and risk diagnostics identify the current

exposures, including third-party connectivity and ageing

environments. Training and awareness programmes reinforce

behaviours that prevent incidents and improve detection and

reporting.

Incident response is managed by a dedicated Cyber Incident

Response team, which works 24/7 to contain, analyse and

remediate events. Defined triage processes and escalation

thresholds integrate cyber incident management with broader

business resilience and crisis management, with visibility to the

Disclosure Committee for material incidents.

**Risk transfer and insurance**

For certain major risks – such as natural disasters – internal controls

may not be practical. Where appropriate, we obtain coverage from

third parties in international insurance markets. While insurance

cannot prevent disruption, it is a component of our broader risk

management approach.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 349 | riotinto.com |

---

Additional information \| US Disclosure

Summary disclosure of operations pursuant

to Item 1303 of SK-1300 under Securities Act

of 1933

**Overview of operations**

Rio Tinto is a mining and metals company with operations and projects

in 34 countries across 6 continents, including in Australia, North and

South America, Europe, Asia and Africa. Rio Tinto owns and operates

open pit and underground mines, mills, refineries, smelters, power

stations and research and service facilities to produce iron ore, copper,

aluminium, diamonds, gold and industrial minerals products, which it

delivers to customers using its own railways, ports and ships.

The map below sets out the locations of Rio Tinto's operations and

assets globally.

For additional details regarding the location of each of Rio Tinto's mining

properties, see Mineral Reserves and Mineral Resources on pages

[282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081)-[304](#i9df21654ffa54893a0f1835fa8beb169_12494). See also Mines and Production Facilities on pages [305](#i6e24f352bf2243f482bd1df1b3ce01ce_1087)-[325](#i86a7b779e9554f19851cede0551ef0e1_317) for

a summary of the ownership interests, operators, titles and leases

(including acreage involved), stages of the properties, key permit

conditions, mine types and mineralisation styles and processing plants

related to Rio Tinto's operations.

Further, information regarding the aggregate production for Rio Tinto's

operations for the last three fiscal years can be found on pages [276](#i6e24f352bf2243f482bd1df1b3ce01ce_1072)-[277](#i5b8802042b494875a6eb21c43443b6b1_117).

**Summary of Mineral Resources and** 

**Mineral Reserves**

For a summary of the amount and grade of Rio Tinto's Measured,

Indicated and Inferred Mineral Resources by type and geographic

area, as determined by a Qualified Person as of 31 December 2025,

see Mineral Resources on pages [294](#i6e24f352bf2243f482bd1df1b3ce01ce_1084)-[304](#i9df21654ffa54893a0f1835fa8beb169_12494).

For a summary of the amount and grade of Rio Tinto's Proven and

Probable Mineral Reserves by type and geographic area, as

determined by a Qualified Person as of 31 December 2025, see

Mineral Reserves on pages [282](#i6e24f352bf2243f482bd1df1b3ce01ce_1081)-[293](#ia72b05509514435286b0d431a1ca5694_11519).

Individual property disclosure pursuant to

Item 1304 of SK-1300 under Securities Act of

1933

Rio Tinto tested each of its properties to determine which are

material to the Group based on the previous financial year reporting

based on the following guidelines:

Short term value – where underlying earnings for the current and next

year constitute >~10% of Group underlying earnings.

Medium term value – where underlying earnings over the remainder

of the 10-year plan are anticipated to constitute >~10% of Group

underlying earnings on average; and the Mineral Reserves

constitute >~10% of Group Mineral Reserves (on a CuEq basis).

Long term value – where the Mineral Reserves constitute >~20% of

Group Mineral Reserves (on a CuEq basis).

Qualitative value – where the company takes a qualitative view

on the importance of the project based on criteria including but not

limited to planned expenditure, strategic importance, or

media coverage.

Based on these tests, the Pilbara Operations, Escondida, Oyu Tolgoi

and Simandou are considered material to the Group and hence

require individual property disclosure and the submission of a

Technical Report Summary for each pursuant to Items 1302 and

1304 of SK-1300, respectively.

**Managed and non-managed operations**

![RIO160-world-map-20F.jpg](rio-20251231_g227.jpg)

**Operations and projects**<sup>1</sup>

---

| | |
|:---|:---|
| ![Aluminium-and-Lithium.gif](rio-20251231_g14.gif)<br>![Lithium.gif](rio-20251231_g16.gif)<br>| Aluminium <br>Lithium<sup>2</sup><br>|
| ![Copper.gif](rio-20251231_g18.gif)<br>| Copper  |
| ![Iron Ore.gif](rio-20251231_g20.gif)<br>| Iron Ore |
| ![Other.gif](rio-20251231_g21.gif) | Other<sup>3</sup> |

---

---

| | |
|:---|:---|
| ![Mines.gif](rio-20251231_g15.gif)<br>| Mines  |
| ![Projects.gif](rio-20251231_g17.gif)<br>| Projects  |
| ![Smelters-etc.gif](rio-20251231_g19.gif)<br>| Smelters, refineries, processing plants, and power <br>and shipping facilities remote from mine<br>|
| ![Non-managed operations.gif](rio-20251231_g22.gif)<br>| Non-managed operations |

---

1. Includes our mines and production facilities, main exploration activities and countries where we have a significant presence through activities including research and development,

commercial, sales, and corporate functions.

2. The Lithium projects in Chile are subject to regulatory approval and final execution.

3. Includes the Borates and Iron & Titanium businesses, which are under strategic review, and the Diamonds business. These are now classified below our segmental reporting.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 350 | riotinto.com |

---

Additional information \| US Disclosure

The following disclosure provides a brief description of the individual

properties which Rio Tinto considers material to its business and

financial condition.

**Pilbara operations** 

**Property overview**

Rio Tinto owns and operates an integrated portfolio of iron ore

assets in the Pilbara region of Western Australia comprising a

network of 18 iron ore mines, four port terminals, a nearly 2,000 km

rail network and other infrastructure (Pilbara Property).

The Pilbara Property includes Mineral Resources and Mineral Reserves

which are dispersed across the Pilbara region over an area of

approximately 70,000 square km across the Hamersley Province of

Western Australia, located on the southern margin of the Pilbara Craton.

The Pilbara Property lies within the volcanic and sedimentary rock

sequence of the Mount Bruce Supergroup, which contains the 2,500 m

thick Hamersley Group, the main host to iron ore deposits, characterised

by around 1,000 m of laterally extensive Banded Iron Formation (BIF).

Mineralisation at the Pilbara Property may be grouped into three categories

by genesis. BIF Derived Iron Deposits (BIDs) (Boolgeeda, Brockman, and

Marra Mamba), Channel Iron Deposits (CIDs), and Detrital Iron Deposits

(DIDs). The five ore type categories defined for reporting Mineral

Resources are Boolgeeda, Brockman, Marra Mamba, CID, and DID.

All mines operated by Rio Tinto at the Pilbara Property are open pit

mines. The mining method employed uses conventional surface mining,

whereby shovels and loaders are used to load drilled and blasted

material into trucks for removal to waste dumps or feed process plants.

For SEC reporting purposes the Pilbara operations are considered a

production stage property. The location of the operations is shown in the

location map and is centred around Latitude 22° S, Longitude 118° E.

In addition to mining activities, Rio Tinto conducts both exploration

and development activities across the property.

**History**

Rio Tinto commenced exploration in the Hamersley range in 1961

and then continued efforts through its subsidiary Conzinc Riotinto of

Australia (CRA) following the easing of the Australian Government's

iron ore export embargo in November 1960 and the subsequent

issue of exploration permits, which laid the foundation for the

development and growth of the iron ore industry in the Pilbara

region.

Rio Tinto's initial first full calendar year of production commenced by

Hamersley Iron in 1967, mining 6.2 Mt and shipping 3.6 Mt of iron

ore, supported by a workforce of some 4,500 employees. As of 31

December 2025, the Pilbara Property had over 17,000 employees

and contractors operating a total of 18 mines. For a full description

of the history of the previous operations (including identities of the

previous operators) of each of the mines which makeup the Pilbara

Property, see Mines and Production Facilities on pages [316](#ib3d1194731f845a8bfccc4b23ecfa3a9_296)-[317](#ide62091ec9464fa98e5e8d4dd0489fee_10-1-1-1-5913956).

**Infrastructure**

**Roads**

Rio Tinto operates and maintains nearly 8,000 km of roads and

tracks at the Pilbara Property. Approximately 400 km are sealed

roads located within mine sites or between mine sites and public

roads. The remaining are unsealed with approximately 80%

classified as tracks and 20% classified as roads.

**Rail**

Rio Tinto's railway at Pilbara is the largest privately owned,

operated, and maintained railway in the world. Nearly 2,000 km of

track infrastructure, connects the 18 mine sites to two ports. The rail

system includes an integrated control signalling system and is

further supported by the Pilbara communication, train control and

AutoHaul® systems.

Rio Tinto's railway at the Pilbara Property operates and complies

under the requirements set by the Office of the National Rail Safety

Regulator in Australia.

![Iron-Ore-operations.jpg](rio-20251231_g228.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 351 | riotinto.com |

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Additional information \| US Disclosure

**Port facilities**

The Pilbara Property's mining assets are facilitated by port facilities

in Dampier and Cape Lambert in Western Australia. These facilities

include car dumping, conveying, stacking, reclaiming, screening and

ship loading assets. One facility includes crushing and assets to

handle crushed and deslimed ore from the Robe Valley operations.

Stockyards allow for product management and blending to obtain

the requisite specification requirement. There are seven operational

wharf facilities with a total of 14 marine berths protected by berthing

dolphins. Cape Lambert marine berths are capable of berthing

vessels up to 280,000 deadweight tonnage. Further, Rio Tinto owns

a fleet of tugs for the management of vessels during arrival and

departure from the wharfs for the Pilbara Property.

**Potable water and wastewater**

Water supply for the towns, mines, rail, ports, and camps at the

Pilbara Property is provided by production and dewatering bores at

the Pilbara Property, and from the Water Corporation of Western

Australia. Water supply systems at the Pilbara Property incorporate

drinking water source protection plans, bores, pipelines, pumps and

storage tanks and water treatment and disinfection assets.

Wastewater from towns, mines, rail, ports and camps at the Pilbara

Property is collected by the Rio Tinto managed sewerage systems

and treated by onsite wastewater treatment facilities. Water supply

and wastewater systems are regulated by Australian regulators (the

Economic Regulation Authority, the Department of Water and

Environmental Regulation and the Department of Mines, Industry

Regulation and Safety).

**Power supply**

Rio Tinto operates and maintains the power generation and

transmission network within the Pilbara Property. There are four

power stations operating a total of twelve gas turbine generators

located at Karratha, Cape Lambert, Paraburdoo and West Angelas.

Additionally, operations at Gudai-Darri utilise a 34 megawatt (MW)

solar photovoltaic single-axis tracking solar farm.

The network load varies seasonally between 200-300 MW with gas

provided by the Dampier to Bunbury Nature Gas Pipeline and the

Goldfields Gas Pipeline. The transmission network is predominantly

220 kilovolts (kV) with nearly 800 km of overhead transmission line

and a 132kV transmission line between Cape Lambert and

Pannawonica. There are three 220kV switching stations and twelve

bulk terminal substations located near the port and mine operations

where the transmission voltage is stepped down to 33kV for

distribution within the facilities. Rio Tinto is also the network operator

for the towns of Tom Price, Paraburdoo, Wickham, Dampier, and

Pannawonica.

**Personnel**

Personnel are engaged on either a residential or fly-in-fly-out basis,

sourced from capital and regional centres in Western Australia.

**Age, modernisation and condition of the equipment** 

**and facilities**

The infrastructure, equipment and facilities within the Pilbara

Property vary considerably in age, and many have been subject to

brownfields development since original construction. All

infrastructure, equipment and facilities within the Pilbara Property

are subject to an ongoing regime of sustaining capital investment

and maintenance, underpinned by asset integrity audits, engineering

inspections, engineering life cycles for key equipment and safety

inspections and audits.

**Book value**

For the book value for the Pilbara Property, see Rio Tinto Financial

Information by Business Unit on pages [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[268](#i91e1a55e7c134219957789cc7a0d9f73_0-8-1-3-5910999).

**Titles, rights and permits**

**Title details**

In Western Australia, all minerals are the property of the Crown with

few exceptions. A mining title must be obtained before any

prospecting, exploration or mining activities can be carried out.

In Western Australia, the Mining Act 1978, Mining Act 1904, Mining

Regulations 1981 and various State Agreements provide the

framework of rights and obligations which govern most of Rio Tinto's

exploration and mining activities. Conditions on the grant of mining

tenements include the requirements to meet specific reporting and

expenditure commitments, which have been met as of the date of

this *Form 20-F* filing.

**Mineral rights**

The Pilbara Property Mineral Resources and Mineral Reserves are

held under a combination of State Agreement mining and mineral

leases, exploration licences and mining leases under the Mining Act

1978 and temporary reserves held under the Mining Act 1904. State

Agreement mining and mineral leases and mining leases under the

Mining Act are granted for a period of 21 years and are typically

renewable for further periods of 21 years.

Exploration licences applied for prior to 10 February 2006 are

initially for a five year term and are renewable for two periods of

either one or two years and are then renewable for periods of one

year. Exploration licences applied for after 10 February 2006 are

initially for a five year term and are renewable for an additional five

year term and then periods of two years. Renewal of exploration

licences is subject to satisfying prescribed criteria. Temporary

reserves are renewed for a one year term. The renewal of all tenure

at the Pilbara Property is maintained by the tenure and geographical

information systems team. Further, a tenement database provides

reminder notices of pending renewals and renewal procedures are

adhered to in accordance with established guidelines.

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| | | |
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| Annual Report on Form 20-F 2025 | 352 | riotinto.com |

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Additional information \| US Disclosure

The following table lists the Rio Tinto mining leases containing the Pilbara Property Mineral Reserves. This is a subset of the 120 tenements

held across the Pilbara Property, covering approximately 468,115ha.

---

| | | | |
|:---|:---|:---|:---|
| **Lease** | **Holder** | **Type** | **Area (ha)** |
| ML4SA | Hamersley Iron Pty. Limited | SA Mineral Lease | 80617 |
| M272SA | Hamersley Iron Pty. Limited | SA Mineral Lease | 14136 |
| ML252SA | Mount Bruce Mining Pty Limited | SA Mineral Lease | 84641 |
| ML246SA | Hamersley Iron Pty. Limited | SA Mineral Lease | 22837 |
| M265SA | Channar JV | SA Mineral Lease | 5956 |
| M274SA | Hamersley Iron - Yandi Pty Limited | SA Mineral Lease | 30550 |
| M282SA | Hope Downs JV | SA Mineral Lease | 57222 |
| ML248SA | Robe River Ltd | SA Mineral Lease | 81298 |

---

**Permitting requirements**

Rio Tinto conducts various environmental studies as needed to

support operations and for compliance with regulatory obligations.

Baseline studies are undertaken to inform formal impact

assessment processes in accordance with provisions under the

Environmental Protection Act 1986, and where relevant, the

Environment Protection and Biodiversity Conservation Act 1999.

Mining related activities require additional approvals under the

Mining Act 1978.

A significant proportion of the Pilbara Property's Mineral Reserves

estimate is located within existing permitted operating mining areas with

three pending proposals covering deposits included in the estimate,

Brockman Syncline and Hope Downs 2 (pending approval) and West

Angelas (referred for assessment). All these projects are in advanced

stages of study.

The Pilbara Property also operates under several Indigenous Land Use

Agreements and other agreements with traditional owner groups, which

include matters such as, but not limited to, commitments for payments

made to trust accounts, indigenous employment and business

opportunities and heritage and cultural protections.

**Encumbrances**

There are no known significant encumbrances to the Pilbara

Property's Mineral Resources or Mineral Reserves.

For further details regarding the titles, leases and rights for each of

the mines in the Pilbara Property, see Mines and Production

Facilities–Pilbara on pages [316](#ib3d1194731f845a8bfccc4b23ecfa3a9_296)-[317](#ide62091ec9464fa98e5e8d4dd0489fee_10-1-1-1-5913956).

**Mineral Resources**

The table on pages [300](#i095e0b81ffe64289bbd8acaaad0770ad_0-0-3-1-5910999)-[301](#i9d4e9a313df1449a8ef95c76cdb145f1_1-0-1-1-5910999) of this *Form 20-F* sets out the amount

and grade, of the Pilbara Property's Measured, Indicated and

Inferred Mineral Resources for the year ended 31 December 2025

(Australian Iron Ore operations). Mineral Resources are reported as

in situ estimates. Compared to the year ended 31 December 2024,

there is minimal change (0.2% decrease) in reportable Mineral

Resources for the year ended 31 December 2025. There is a 9%

decrease in Measured Mineral Resources, a 4% increase in

Indicated Mineral Resources and less than 0.3% decrease in

Inferred Mineral Resources.

The Mineral Resources estimate is based on the following

assumptions:

• *Exclusive of Mineral Reserves* – Mineral Resources are reported

exclusive of Mineral Reserves.

• *Moisture* – All Mineral Resources tonnages are estimated and

reported on a dry basis.

• *Mining Factors or Assumptions* – It is assumed that standard

open pit load and haul mining operations used by Rio Tinto will be

applicable for the mining of Mineral Resources ore.

• *Cut-off* – Currently, Rio Tinto reports Mineral Resources by

deposit type (BID further sub-divided by geological formation, CID

and DID). In addition to this, Rio Tinto sub-divides iron

mineralisation for reporting Mineral Resources typically using the

following criteria:

• *High-grade Brockman* is reported as ≥ 60% iron (Fe).

• *High-grade Marra Mamba* is reported as ≥ 58% Fe where

geology is coded as major units.

• *High Grade Boolgeeda* using a Fe cut-off grade (≥ 60% Fe).

• *Process Ore* is reported as ≥ 50% Fe <60% and ≥ 3% Al2O3 <

6% where geology is coded as major units.

*•Blending Ore - Brockman and Boolgeeda*: reported ≥ 56% Fe, ≤

4.5% SiO2, ≤ 3% Al2O3 where geology is coded as major units,

hydrated or detrital and not captured in High Grade or Process

Ore.

• *Blending Ore - Marra Mamba*: reported ≥ 56% Fe, ≤ 4.5% SiO2,

≤ 3.5% Al2O3 where geology is coded as major units, hydrated

or detrital and not captured in High-grade.

• *Boolgeeda* is reported as High Grade ≥ 60% Fe and as Blending

Aluminous ≥ 55% Fe < 60% and ≥ 3% Al2O3 < 6.5%.

• *Detritals* are reported in relation to their Bedded origins.

• *CIDs* are reported primarily based on strand (geological

subdivision), but with some exceptions where a cut-off grade is

applied based on metallurgical processing recovery

assumptions. In addition, Mineral Resources are reported for

major strands only.

• *Metallurgical Factors or Assumptions* – It is assumed that crushing,

screening and beneficiation processes used by Rio Tinto will be

applicable for the processing of reported Mineral Resources.

Predicted yield and upgrade are deposit specific and are based on

metallurgical test work conducted on representative samples

collected from those deposits or adjacent analogous deposits.

• *Environmental Factors or Assumptions* –Extensive environmental

surveys and studies will be completed during the project study phases

to determine if the project requires formal State and Commonwealth

environmental assessment and approval. Mapping of oxidised shales,

black carbonaceous shales, lignite, and the location of the water

table, is used to predict and manage potential environmental impacts.

• Heritage Factors or Assumptions – Extensive cultural heritage

studies, surveys and engagement with traditional owners will be

completed during project study phases to determine if projects require

additional assessment, monitoring, or exclusion areas to be

maintained during mining, to manage potential impacts to sites and

cultural values.

For more information regarding the material assumptions for the Mineral

Resources estimates, see Section 11 of the Pilbara Operations Technical

Report Summary filed as exhibit 96.1 to this *Form 20-F*.

**Mineral Reserves**

The table on pages [288](#i7c9eef7c4bd14105af753c0eb1b4acdf_0-0-2-1-5910999)-[289](#i8bdd36ecc3e942d79f8091be5dfd722b_0-0-1-1-5910999) of this *Form 20-F* sets out the amount,

grade, prices and metallurgical recovery of the Pilbara Property's

Proven and Probable Mineral Reserves for the year ended 31

December 2025 (Australian Iron Ore operations).

Compared to the year ended 31 December 2024, the Mineral

Reserves decreased by 1%. Changes were due to mining depletion,

the addition of new deposits, design updates, changes to cut-off

grades, and adjustments for heritage and environmental

considerations.

The Mineral Reserves estimates are based on the following

assumptions:

• *Geological model* – Orebody block models (OBMs) are developed

for Mineral Resources reporting within each mining area and form

the basis of the Mineral Reserves estimates.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 353 | riotinto.com |

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Additional information \| US Disclosure

• *Moisture* – Geology models contain tonnage estimates on a dry in situ

basis. During generation of the OBMs, the estimated water content

(moisture) for each block model block is added. The moisture

estimate includes consideration of material physical properties and

hydrogeology. By including both dry tonnes and water content in the

block models, estimates for dry and wet tonnages can be determined

from the block models as required for planning, reporting or any other

purpose. Metallurgical regressions are applied to dry material. From

this, expected water content is predicted for each product, allowing

reporting of wet product tonnes by combining the dry tonnes and

moisture content.

• *Metallurgical and processing recoveries* – Metallurgical and

processing recovery estimates are applied to crusher feed

tonnages based on the processing plant type. Dry crushing and

screening plants achieve a recovery of 100%. Wet plants achieve

typical recoveries of 85 to 92% (dry basis) for the Marra Mamba

and Brockman ores. Processing of pisolite ores results in

recoveries ranging from 50% to 90% due to the relatively higher

and more variable clay content. The beneficiation plant yield is

approximately 60% to 70%.

• *Cut-off* – The key determinant for the classification of material into

ore and waste is the target product specification of the various

iron ore products. Whether a particular parcel of material has

economic value or not does not depend on the characteristics of

the parcel itself, but on its potential contribution to a material

blend. Target product specifications determine the quantity of

saleable ore that can be economically extracted from the

orebodies, and thus the reported Mineral Reserves. The cut-off

grade for the reported Mineral Reserves is not based on

calculation of a break-even content of a payable mineral,

or similar economic break-even analysis.

The primary parameter for determining if material is ore or waste is iron

content. Deleterious elements such as phosphorous or alumina can also

influence the ore-waste determination. Iron cut-off grade ranges for the

different material types can be seen below:

---

| | |
|:---|:---|
| **Ore Type** | **Cut-off Range (Fe%)**  |
| Yandicoogina Pisolite | 55% |
| Robe Valley Pisolite | 50-55% |
| Brockman  | 56-60% |
| Marra Mamba | 56-58% |

---

• *Methodology* – A mining schedule that fully consumes the

scheduling inventory for the Pilbara Property is developed from

the prepared OBMs. To demonstrate economic viability of the

Mineral Reserves, economic modelling is completed. Material is

only reported as Mineral Reserves if the level of geological

certainty is sufficient to allow a Qualified Person to apply the

modifying factors in sufficient detail to support detailed mine

planning and economic viability of the deposit.

For more information regarding the material assumptions for the

Mineral Reserves estimates, see Section 12 of the Pilbara

Operations Technical Report Summary filed as exhibit 96.1 to

this *Form 20-F*.

**Exploration** 

Additional information on exploration at the Pilbara Property can be

found in Section 7 of the Pilbara Operations Technical Report

Summary filed as exhibit 96.1 to this *Form 20-F*.

Rio Tinto has an ongoing, active programme of exploration over various

parts of the Pilbara Property. During 2025, 370,813 m of drilling was

completed on programs that are aimed at discovery and development of

Rio Tinto's iron ore deposits in the Pilbara Property.

Surface exploration activities are also undertaken as part of

geological mapping programs over areas where there are

no or limited mining activities. A small number of grab samples

(1-3 kg) are collected when required.

The following table provides a summary of the exploration drilling across the Pilbara Property<sup>1</sup>.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exploration / Mining Area** | **Total drill holes by drill type** | **Total drill holes by drill type** | **Total drill holes by drill type** | **Total drill holes by drill type** | **Total drill metres by drill type** | **Total drill metres by drill type** | **Total drill metres by drill type** | **Total drill metres by drill type** |
| **Exploration / Mining Area** | **P/A/V** | **RC** | **DD** | **U** | **P/A/V** | **RC** | **DD** | **U** |
| Greater Brockman | 2600 | 36998 | 1977 | 81 | 147700 | 2655574 | 162010 | 2383 |
| Greater Tom Price | 8267 | 11409 | 1327 | 61 | 493017 | 903401 | 121201 | 2958 |
| Greater Paraburdoo | 6950 | 9694 | 898 | 29 | 501178 | 679370 | 92268 | 2947 |
| Robe Valley | 1457 | 27121 | 8337 | 3467 | 34517 | 1067599 | 417827 | 91953 |
| West Pilbara | 584 | 5624 | 272 | 146 | 26567 | 363116 | 11839 | 5061 |
| Greater West Angelas | 615 | 26884 | 1867 | 3291 | 20647 | 2076479 | 159751 | 221291 |
| Gudai-Darri | 774 | 17480 | 609 | 17 | 40734 | 1120789 | 39497 | 252 |
| Greater Hope Downs | 173 | 19571 | 1325 | 157 | 5154 | 1529655 | 124798 | 7685 |
| Greater Rhodes Ridge | 1816 | 10477 | 549 | 9 | 140576 | 990509 | 58040 | 874 |
| Yandicoogina | 211 | 4652 | 5647 | 25 | 9722 | 320645 | 308305 | 1385 |
| East Pilbara | - | 1630 | 24 | 17 | - | 197019 | 2938 | 1486 |

---

Notes: DD = Diamond, RC = Reverse Circulation, P/A/V = Percussion, Aircore, Vacuum. U = Unknown.

1. Drill hole data up to 31 October 2025.

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|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 354 | riotinto.com |

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Additional information \| US Disclosure

Current drilling techniques at the Pilbara Property are reverse

circulation (RC) drilling and diamond drilling (DD). RC holes are

sampled in 2m composites and collected in alpha-numerically

numbered calico bags. Due to potential fibre mineral intersections,

water injection has been used throughout the programs since 2014.

'A' and 'B' splits are collected and always taken from the same

respective chute of the splitter, keeping any possible biases

constant. Regular cleaning of the splitter and cyclone is undertaken

to avoid smearing and contamination across intervals. Respective

splits are laid out in separate rows on the ground adjacent to bulk

reject samples, avoiding mixing of bags and ensuring only 'A'

sample splits and one in every 20 'B' sample splits are collected and

sent to the laboratory. The particle size of RC chips is around 6mm

and the primary sample collected post splitting is between 5 and

8kg, depending on the density of the material.

Each diamond hole is sampled in 1m composites using a 'crushing

numbered calico bags (the 'crushing sheet' allocated bag numbers

to each metre drilled and showed where check standards are to be

inserted).

Field check standards are inserted selectively by the rig/logging

geologist at a rate of one in every 30 samples in mineralised zones

and one in every 60 samples in waste with a minimum of one per

drill hole. All check standards contained a trace of strontium

carbonate that is added at the time of preparation. These standards

are used to check sample preparation and analytical precision and

accuracy at the laboratory. No direct recovery measurements of RC

samples are performed. Sample weights are recorded at the

laboratory upon receipt and are qualitatively estimated for loss per

drilling interval at the rig. Diamond core recovery is maximised via

the use of triple-tube sampling and additive drilling muds. Diamond

core recovery is recorded using rock quality designation

measurements with all cavities and core loss recorded. Sample

recovery in some friable mineralisation may be reduced however it

is unlikely to have a material impact on the reported assays for

these intervals. There were no other factors that materially affected

the accuracy or reliability of the results recorded.

Geological logging is performed on 2m intervals for all RC drilling

and either 1m or 2m intervals for diamond holes, depending on the

level of detail required. Magnetic susceptibility readings are recorded

for each interval. All diamond drill core is photographed. Since 2001,

all drill holes have been logged geo-physically for gamma trace,

calliper, gamma density, resistivity and magnetic susceptibility.

Open-hole acoustic and optical televiewer image data is collected in

specific RC and diamond holes throughout the deposit for structural

analyses.

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 355 | riotinto.com |

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Additional information \| US Disclosure

**Escondida**

**Property overview**

Escondida is a leading producer of copper concentrate and cathodes

located in the Atacama Desert in northern Chile, 170 km southeast of

Antofagasta at an elevation of approximately 3,100 m above sea level.

It is a non-managed joint venture operated by Minera Escondida

Limitada (MEL) consisting of the Escondida deposit and Escondida

Norte deposit. The location of the operations centred upon the 2 pits

are listed and shown in the location map:

• Escondida: Latitude 24° 16' S, Longitude 69° 04' W

• Escondida Norte: Latitude 24° 13' S, Longitude 69° 03' W

Escondida consists of a series of porphyry deposits containing copper,

gold, silver and molybdenum and includes 2 active surface open pit

mines in production (the Escondida deposit and Escondida Norte

deposit) with ore being processed through 3 processing options (oxide

leach, sulphide run of mine leach and conventional flotation

concentrators). The processing plants at Escondida include the Los

Colorados, Laguna Seca Line 1 and Laguna Seca Line 2 concentrators.

Escondida also includes the oxide leach facility, SL run of mine leach

facility and SX/EW facility.

For SEC reporting purposes, Escondida is considered a production

stage property.

In addition to mining activities, MEL conducts both exploration and

development activities across the property.

**History**

Utah International Inc. (Utah) and Getty Oil Co. (Getty) commenced

geochemical exploration in the region in 1978 which led to the

discovery of the Escondida deposit in 1981. In 1984, through

corporate acquisitions, BHP acquired the Escondida property.

Ownership changed in 1985 to a joint venture between BHP

(57.5%), Rio Tinto Zinc (30%), JECO Corporation (10%) and World

Bank (2.5%). The joint venture undertook all the subsequent

exploration and development work to bring Escondida into operation

in 1990. The first cathode was produced in 1998 from the oxide

leach plant, and in 2006 the sulphide leach plant was inaugurated,

one year after the start of production at the Escondida Norte pit. The

third concentrator plant was commissioned in 2016. Current

ownership since 2010 is BHP (57.5%), Rio Tinto (30%), JECO

Corporation (10%) and JECO 2 Limited (2.5%). MEL

operates Escondida.

For further details regarding the history for the Escondida property,

see Mines and Production Facilities-Escondida on page [312](#i6e24f352bf2243f482bd1df1b3ce01ce_1096).

**Infrastructure**

All required infrastructure supporting the current mine plan including

roads, rail and port, power and water supply is in place. Access to

Escondida is via a company-maintained public road from the city of

Antofagasta in northern Chile, which is serviced by the

regional airport.

The site infrastructure, centred on 2 two pits, includes 3

concentrator plants, one heap and one dump leaching process

facilities, associated cathode production plant, tailings storage

facilities, along with support and service facilities.

Two MEL owned and operated seawater desalination plants are

located at Punta Coloso on the Antofagasta coastline and supply

water for processing plants, mine operations and supporting

infrastructure via 3 pipelines to the mine site. Water is recycled from

the tailings storage facility for reuse in the concentrator plants.

The nearby Coloso port facility receives copper concentrate via a

pipeline from the mine site and processes this to a dry concentrate

ready for stockpiling and loading via a dedicated concentrate

shiploading facility. Both concentrate pipeline and port facilities are

owned and operated by MEL. Additional third-party owned port

infrastructure is located at Antofagasta, including rail, train unloading

and ship loading facilities.

![Escondida-operations.jpg](rio-20251231_g209.jpg)

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| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 356 | riotinto.com |

---

Additional information \| US Disclosure

Escondida utilises an existing privately owned railway system to

transport copper cathode product from site and consumables to site

through the ports of Antofagasta and Mejillones. Escondida owns a

minor rail spur connecting the mine site into the publicly owned

railway.

Since 2022, Escondida has had contracts in place with ENEL and

Colbun for energy purchase, both providing power from 100%

renewable sources. Power from Tamakaya is used as back up when

required.

The power is supplied at 220 kV and then distributed throughout the

operations to the required locations via a series of substations. The

power transmission system that supplies the mine site is owned and

managed by MEL.

**Personnel**

The workforce is a combination of employees and contractors

supporting the operations. Operational personnel reside in on-site

accommodation at Escondida and are sourced from Antofagasta or

from other parts of Chile.

**Titles, leases and permits**

MEL holds a total of 764 mining concessions for Escondida covering

an area of 406,018 ha. There are 18 principal mining concessions

that provide MEL with the right to explore and mine indefinitely at

Escondida, subject to payment of annual licence fees. All leases

were obtained through the legally established process in which

judicial requests are presented to the Chilean state.

---

| | | | |
|:---|:---|:---|:---|
| **Lease name** | **Registered tenement holder** | **Expiry date** | **Surface area (ha)** |
| Alexis 1/1424 | Minera Escondida Ltda. | Permanent | 7059 |
| Amelia 1/1049 | Minera Escondida Ltda. | Permanent | 5235 |
| Catita 1/376 | Minera Escondida Ltda. | Permanent | 1732 |
| Claudia 1/70 | Minera Escondida Ltda. | Permanent | 557 |
| Colorado 501/977 | Minera Escondida Ltda. | Permanent | 2385 |
| Costa 1/1861 | Minera Escondida Ltda. | Permanent | 9159 |
| Donaldo 1/612 | Minera Escondida Ltda. | Permanent | 3060 |
| Ela 1/100 | Minera Escondida Ltda. | Permanent | 500 |
| Gata 1 1/100 | Minera Escondida Ltda. | Permanent | 400 |
| Gata 2 1/50 | Minera Escondida Ltda. | Permanent | 200 |
| Guillermo 1/368 | Minera Escondida Ltda. | Permanent | 1785 |
| Hole 14 | Minera Escondida Ltda. | Permanent | 1 |
| Naty 1/46 | Minera Escondida Ltda. | Permanent | 230 |
| Paola 1/3000 | Minera Escondida Ltda. | Permanent | 15000 |
| Pista 1/22 | Minera Escondida Ltda. | Permanent | 22 |
| Pistita 1/5 | Minera Escondida Ltda. | Permanent | 9 |
| Ramón 1/640 | Minera Escondida Ltda. | Permanent | 3200 |
| Rola 1/1680 | Minera Escondida Ltda. | Permanent | 8400 |
| **Total** |  |  | **58934** |

---

In addition to mining concessions, Chilean law also regulates,

independently of mining concessions, the rights to the use of

the land surface. MEL owns 155,000 ha of surface rights at

Escondida and these are also renewable on an annual basis.

These rights are also obtained through legal process presented

to the Chilean state and potentially to other third party owners,

including the Chilean "Consejo de Defensa del Estado" as required,

MEL's main surface rights for Escondida cover operational activities

such as pits, dumps, leach pads, plant and other infrastructure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Infrastructure** | **Surface rights identifier**<sup>1</sup> | **Surface rights identifier**<sup>1</sup> | **Surface rights identifier**<sup>1</sup> | **Register** | **Regional office** | **Surface area (ha)** |
| **Infrastructure** | **Folio** | **Number** | **Year** | **Register** | **Regional office** | **Surface area (ha)** |
| Pits, waste dumps, leach pads, plants | 619 V | 964 | 1984 | Hipotecas y Gravámenes | Bienes Raíces Antofagasta | 22084 |
| Energy transmission lines, aqueducts, <br>mineral pipelines, roads<br>| 1121 V | 1117 | 2018 | Hipotecas y Gravámenes | Bienes Raíces Antofagasta | 26988 |

---

1. As defined by Chilean legal requirements

MEL also holds maritime concessions for the Coloso port facilities.

These concessions are requested through submission of the

proposed project to the Chilean Ministry of Defence and are

awarded by legal decree.

**Encumbrances**

There are no known significant encumbrances to the Escondida

property that would impact the current Mineral Resources and

Mineral Reserves.

For further details regarding the titles, leases and rights for the

Escondida property, see Mines and Production Facilities-Escondida

on page [312](#idf9dec4478c341929efd03cafb1a3313_1-1-1-1-5910999).

**Present condition of property** 

Continuous resource definition activities are ongoing to upgrade Mineral

Resources understanding to support the mine plans and to develop

Mineral Reserves. These activities include drilling and in-pit mapping.

Geological understanding of the two deposits is supported by a total of

approximately 2,732 km of drilling undertaken in a total of approximately

8,740 drill holes.

Surface mining is by drilling and blasting along with shovel/excavator

loading and truck haulage from each of the 2 open pits. Extracted

sulphide ore undergoes crushing prior to processing in one of 3

concentrators with concentrate piped to the Coloso port for drying.

Lower grade sulphide ore is directly dumped onto leach pads and is

processed by biological leaching. Oxide and transitional ores are

processed using heap leaching. Leached products are converted to

copper cathode then railed to Antofagasta port.

---

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Additional information \| US Disclosure

**Age modernisation and condition of the equipment** 

**and facilities**

The infrastructure, equipment and facilities within Escondida are of

variable age.

Construction commenced at Escondida in 1998 with first production in

1990. A number of expansion phases followed from 1993 onwards

which included the development of additional infrastructure to increase

production. Key milestones subsequent to first production in 1990

relating to the development of the operations were:

• 1998 Acid heap leaching of oxides commenced

• 2002 Second concentrator (Phase 4) inaugurated

• 2005 Mining commenced at the Escondida Norte deposit

• 2006 Dump bio-leaching of sulphides commenced

• 2007 First desalination plant commenced pumping

• 2016 Third concentrator inaugurated

• 2017 Second desalination plant commenced pumping

• 2020 Operation converted to 100% use of desalination water

MEL undertakes planned maintenance programs at Escondida and

implements scheduled replacements of mine fleet and infrastructure

components that are intended to maintain continued reliable

operation of equipment, facilities and infrastructure to meet

operational requirements.

**Book value** 

For the book value for Escondida, see Rio Tinto Financial

Information by Business Unit on pages [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[268](#i91e1a55e7c134219957789cc7a0d9f73_0-0-1-1-5910999).

**Geology and mineralisation**

The Escondida deposit and Escondida Norte copper deposit lie in the

Escondida-Sierra de Varas shear lens of the Domeyko Fault System.

The deposits are supergene-enriched copper porphyries with primary

sulphide mineralisation associated with multiple phase intrusions of

monzonite to granodiorite composition into host volcanics.

Primary mineralisation has undergone secondary supergene

leaching and enrichment with associated local formation of copper

oxide mineralisation, predominately brochantite. Supergene

enrichment generated laterally-continuous and sub-horizontal high-

grade sulphide mineralisation zones across the deposit,

predominately chalcocite and covellite. The primary hypogene

mineralisation, present in the deepest parts of the deposits is

chalcopyrite with bornite.

**Mineral Resources**

The table on pages [298](#i9df21654ffa54893a0f1835fa8beb169_12495)-[299](#i9df21654ffa54893a0f1835fa8beb169_12496) sets out the amount and grade of

Escondida's Measured, Indicated and Inferred Mineral Resources for

the year ended 31 December 2025. Mineral Resources for Escondida

are reported as in situ estimates. Compared to the year ended 31

December 2024, there is no change as at 31 December 2025.

The Mineral Resources estimate for Escondida is based on the following

assumptions:

• Exclusive of Mineral Reserves – Mineral Resources are reported

exclusive of Mineral Reserves.

• Moisture – All Mineral Resources tonnages are estimated and

reported on a dry basis.

• Mineral Resources are estimated using ordinary kriging.

• Escondida point of reference for the Mineral Resources is

mine gate.

• Escondida Mineral Resources cut-off criteria used are Oxide ≥0.20%

soluble Cu; Mixed ≥0.30% Cu; Sulphide ≥0.25% Cu for mineralisation

assigned to be processed via leaching or ≥0.30% Cu for

mineralisation assigned to be processed via the concentrator.

• Escondida metallurgical recoveries are Oxide 54%; Mixed 41%;

Sulphide 42% for material processed by leaching or 85% for

material processed via the concentrator.

• The pit optimisation used to determine the Mineral Resources that

have reasonable prospects of economic extraction is based on a

copper price of US$4.31/lb.

For more information regarding the material assumptions for the

Mineral Resources estimates for Escondida, see Section 11 of the

Escondida Technical Report Summary filed as exhibit 96.2 to this

*Form 20-F.* 

**Mineral Reserves**

The table on pages [286](#ia72b05509514435286b0d431a1ca5694_11520)-[287](#ia72b05509514435286b0d431a1ca5694_11521) sets out the amount, grade, cut-off grade,

price and metallurgical recovery of the Escondida Property's Proven

and Probable Mineral Reserves for the year ended 31 December 2025.

Compared to the year ended 31 December 2024, there was less than a

4% decrease in Mineral Reserves as at 31 December 2025 due to

depletion.

Material assumptions in the estimation of Mineral Reserves for

Escondida are:

• The resource model reflects the continuity and complexity of the

deposit with the confidence stated in the classification.

• Variable cut-off grade strategy that maximises throughput for the

concentrator, smelter and refinery.

• The point of reference for Mineral Reserves is mine gate.

• Escondida Mineral Reserves cut-off criteria used are for Oxide

≥0.20% soluble Cu. For Sulphide ≥0.30% Cu and where greater

than the variable cut-off of the concentrator. Sulphide ore is

processed in the concentrator plants as a result of an optimised

mine plan with consideration of technical and economic

parameters in order to maximise net present value. For Sulphide

Leach ≥0.25% Cu and 70% or less of copper contained in

chalcopyrite and lower than variable cut-off grade. Sulphide leach

ore is processed in the leaching plant as an alternative to the

concentrator process.

• Escondida metallurgical recoveries for Oxide 54%; Sulphide

Leach 41%; Sulphide 42% for material processed by leaching or

85% for material processed via the concentrator.

• Commodity prices, operating and capital costs.

For more information regarding the material assumptions for the

Mineral Reserves estimates for Escondida, see Section 12 of

Escondida Technical Report Summary filed herewith as exhibit 99.2

to this *Form 20-F*.

**Exploration** 

A total of 2,732 km of exploration drilling has been completed (up

until December 2023), distributed across 5,978 drill holes for

Escondida and distributed across 2,891 drill holes for Escondida

Norte.

The main objective of the exploration programs implemented at

Escondida has been the exploration of new deposits, as well as to

improve Mineral Resources classification to support the annual

planning cycle. The results of these programs serve as the basis to

support planning and growth strategies as well as investment

programs for the modernisation of the mining unit.

Additional information can be found in Section 7 of the Escondida

Technical Report Summary filed as exhibit 96.2 to this *Form 20-F*.

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Additional information \| US Disclosure

**Oyu Tolgoi**

**Property overview**

The Oyu Tolgoi property, which contains the Oyu Tolgoi project, is

located in the South Gobi region of Mongolia, approximately 645 km

by road south of the capital, Ulaanbaatar. Oyu Tolgoi is being

developed by Oyu Tolgoi LLC and consists of a series of deposits

containing copper, gold, and silver. Oyu Tolgoi consists of an open

pit copper-gold mine and concentrator facilities and an underground

block cave mine and related infrastructure.

The Oyu Tolgoi copper-gold porphyry deposits are distributed along

a 12 km north-northeast striking corridor. From north to south, the

deposits comprise Hugo North, Hugo South, Oyut, and Heruga. The

Oyut deposit is currently mined as an open pit using a conventional

drill, blast, load and haul method. The Hugo North deposit is

currently being developed as an underground mine.

Rio Tinto holds a 66% interest in Oyu Tolgoi LLC following the

purchase of Turquoise Hill Resources Ltd (TRQ) in 2022. The

remaining 34% interest is held by the Government of Mongolia

through Erdenes Oyu Tolgoi LLC. Oyu Tolgoi is centred at

approximately latitude 43° 00' 45" N, longitude 106° 51' 15" E.

For SEC reporting purposes, Oyu Tolgoi is considered a production

stage property. In addition to mining activities, Oyu Tolgoi conducts

both exploration and development activities across the property.

The location of the operations is shown in the location map and is

centred around Latitude 43° 00' N, Longitude 106° 52'' E.

**History**

The existence of copper in the Oyu Tolgoi area has been recognised

since the Bronze Age, but contemporary exploration for Mineral

Resources did not begin until the 1980s, when a joint Mongolian and

Russian geochemical survey team identified a molybdenum

anomaly. In September 1996, geologists from the Magma Copper

Company identified a porphyry copper leached cap over what is now

known as the Central zone of the Oyut deposit. The Magma Copper

Company subsequently secured exploration tenements in the area.

Magma Copper Company was subsequently acquired by BHP.

In 1999, TRQ (known at the time as Ivanhoe Mines Ltd.) visited Oyu

Tolgoi and agreed to acquire a 100% interest in Oyu Tolgoi.

In 2009, the Investment Agreement between Ivanhoe Mines (now

TRQ), Rio Tinto and the Government of Mongolia was signed and

Oyu Tolgoi LLC was formed.

In 2010, open pit mining commenced with first ore delivered in 2012 and

first concentrate sales in 2013. In 2012, Rio Tinto became the majority

shareholder of Ivanhoe.

In 2022, the first drawbell of the Hugo North underground mine was

fired. At the end of 2025, a total of 130 drawbells have been fired

(126 in Panel 0 (P0) and 6 in P2N). P0 production level

development has been completed and P2N is ramping up.

Rio Tinto has managed the project since 2011 and became majority

shareholder of Ivanhoe Mines in 2012. Rio Tinto now has a 66% direct

interest in Oyu Tolgoi following the successful completion of the acquisition

of TRQ. This is allowing Rio Tinto to focus fully on strengthening its

relationship with the Government of Mongolia and moving Oyu Tolgoi

forward with a simpler and more efficient ownership and governance

structure.

For further details regarding the history and previous operators for

the Oyu Tolgoi Property, see Mines and Production Facilities– Oyu

Tolgoi on page [313](#i54339faaf5c14d0796b4b287210304c7_0-1-3-1-5910999).

![Oyu-Tolgoi-operations.jpg](rio-20251231_g229.jpg)

---

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| Annual Report on Form 20-F 2025 | 359 | riotinto.com |

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Additional information \| US Disclosure

**Infrastructure**

Road access to Oyu Tolgoi from Ulaanbaatar is currently by an unpaved

road, via Mandalgovi. Oyu Tolgoi LLC maintains a set of gravel roads

internal to the Oyu Tolgo property, locally a 35.1 km gravel road to the

Khanbogd Soum, and regionally via the access road from Oyu Tolgoi to

the Mongolian-Chinese border crossing at Gashuun Sukhait which is a

sealed all-weather 105 km long road. The Chinese Government has

upgraded 226 km of road from Ganqimaodao to Wuyuan, providing a

direct road link between the Mongolian border crossing at Gashuun

Sukhait, 80 km south of Oyu Tolgoi, and the Trans-China

railway system.

A permanent domestic airport has been constructed at Oyu Tolgoi,

13 km north of the camp area, to support the transportation of people

and goods to the site from Ulaanbaatar. It further serves as the regional

airport for Khanbogd soum. The airport is designed to accommodate

commercial aircraft up to the Boeing 737-800 series. The flight time from

Ulaanbaatar is just over one hour.

A major groundwater resource was discovered at Gunii Khooloi, the

development of which provides the raw water supply for the camp and

operations at Oyu Tolgoi.

Power for Oyu Tolgoi is currently supplied with electricity from China's

Inner Mongolia Autonomous Region (IMAR) in accordance with the

Electricity Purchase and Sales Agreement for the Oyu Tolgoi Project

between Oyu Tolgoi LLC, the Inner Mongolia Power International

Cooperation (IMPIC) company, and the National Power Transmission

Grid of Mongolia.

Power is supplied via a 220 kV double-circuit transmission line from the

IMAR West grid. Either circuit can supply approximately 350 MW,

thus Oyu Tolgoi's load can be met entirely from one circuit while the

other is kept for redundancy.

Oyu Tolgoi operates and maintains assets within remote fly-in-fly-out

(FIFO) village at Oyu Tolgoi. There are ~18,000 rooms along with

assorted central facilities such as dining rooms, taverns, and

recreational facilities. Critical infrastructure that supports the FIFO village

includes potable and waste water plants, potable water networks,

and back-up power generation.

The Oyut open pit mine supplies ore to the concentrator via a

primary crusher and overland conveyor. The Hugo North

underground mine is currently being developed and will consist of

multiple block caves supported by multiple shafts and a conveyor to

surface material handling system.

**Titles, leases and permits**

The following key agreements relating to the development and

operation of Oyu Tolgoi have been entered into by Rio Tinto, the

Government of Mongolia, and other entities and have an impact on

Rio Tinto's interest in, and obligations relating to Oyu Tolgoi:

• Investment Agreement dated 6 October 2009, between the

Government of Mongolia, Ivanhoe Mines Mongolia Inc LLC

(renamed Oyu Tolgoi LLC), and Rio Tinto International Holdings

Limited in respect of Oyu Tolgoi (Investment Agreement).

• Amended and Restated Shareholders Agreement (ARSHA) dated

8 June 2011 among Oyu Tolgoi LLC, THR Oyu Tolgoi Ltd.

(formerly Ivanhoe Oyu Tolgoi (BVI) Ltd.), Oyu Tolgoi Netherlands

B.V. and Erdenes MGL LLC as amended on 2 October 2023.

Erdenes MGL LLC since transferred its shares in Oyu Tolgoi LLC

and its rights and obligations under the ARSHA to its subsidiary,

Erdenes Oyu Tolgoi LLC.

• In 2004, Entrée Gold Inc (renamed Entrée Resources Ltd)

entered into an equity participation and earn-in agreement

(EPEA) with Ivanhoe Mines Ltd (now TRQ). Subsequently, in

2005, TRQ transferred its interest under the EPEA in the Shivee

Tolgoi and Javkhlant mining licences to Oyu Tolgoi LLC. In 2008,

the earn-in requirements of the EPEA were satisfied and a Joint

Venture was established between ERL and OT LLC ("The Joint

Venture"). The resulting economic interest in the minerals

extracted from such licences is currently held as follows:

• 70% Oyu Tolgoi LLC / 30% Entrée Resources Ltd for minerals

extracted from up to 560 m below the surface; and

• 80% Oyu Tolgoi LLC / 20% Entrée Resources Ltd for minerals

extracted more than 560 m below the surface

• The Joint Venture was formally executed on 3 February 2025.

• Power Source Framework Agreement (PSFA) dated 31 December

2018, between the Government of Mongolia and Oyu Tolgoi LLC,

including the amendment to the PSFA dated 18 June 2020.

These agreements establish obligations and commitments of the

involved parties, including the Government of Mongolia, providing

clarity and certainty in respect of the development and operation of

Oyu Tolgoi.

Activities related to Oyu Tolgoi must be carried out in accordance

with these agreements and the laws of Mongolia. As of the date of

this *Form 20-F* filing, material permits and authorisations necessary

to develop and operate Oyu Tolgoi have been obtained.

Rights to mining are held under 5 Mine Licences. Three are 100%

owned by Oyu Tolgoi LLC and 2 are subject to the EPEA between

Entrée Resources Ltd and Oyu Tolgoi LLC, which established a joint

venture arrangement between the parties, and which enables Oyu

Tolgoi LLC to carry out operations over the licensed areas, subject

to the terms of the agreement. Both the Shivee Tolgoi and Javkhlant

licences are operated by Oyu Tolgoi LLC.

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Additional information \| US Disclosure

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tenure number** | **Tenure name** | **Holder group** | **Oyu Tolgoi's interest** | **Tenure** <br>**status**<br>| **Expiry date** | **Current area** <br>**(ha)**<br>|
| MV-006708 | Manakht<br> Mining Licence | Oyu Tolgoi LLC | 100% | Live | 23 Dec 2033 | 4533 |
| MV-006709 | Oyu Tolgoi<br> Mining Licence | Oyu Tolgoi LLC | 100% | Live | 23 Dec 2033 | 8490 |
| MV-006710 | Khukh Khad<br> Mining Licence | Oyu Tolgoi LLC | 100% | Live | 23 Dec 2033 | 1763 |
| MV-015225 | Javkhlant<br> Mining Licence | Entrée LLC | 70% from the surface to 560 m below the <br>surface; and 80% from below 560 m<br>| Live | 27 Oct 2039 | 20327 |
| MV-015226 | Shivee Tolgoi<br> Mining Licence | Entrée LLC | 70% from the surface to 560 m below the <br>surface; and 80% from below 560 m<br>| Live | 27 Oct 2039 | 42593 |

---

**Encumbrances**

There are no known significant encumbrances to the Property at

Oyu Tolgoi that would impact the current Mineral Resources or

Mineral Reserves.

For further details regarding the titles, leases and rights for Oyu Tolgoi, see

Mines and Production Facilities-Oyu Tolgoi on pages [313](#i54339faaf5c14d0796b4b287210304c7_0-1-3-1-5910999).

**Personnel**

Personnel are engaged on either a residential or FIFO basis, sourced

from capital and regional centres in Mongolia.

**Age, modernisation and condition of the equipment** 

**and facilities**

The infrastructure, equipment and facilities at Oyu Tolgoi are subject

to an ongoing regime of sustaining capital investment and

maintenance, underpinned by asset integrity audits, engineering

inspections, engineering life cycles for key equipment and safety

inspections and audits.

**Book value**

For the book value for Oyu Tolgoi, see Rio Tinto Financial

Information by Business Unit on pages [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[268](#i91e1a55e7c134219957789cc7a0d9f73_0-8-1-3-5910999).

**Geology and mineralisation**

The mineral deposits at Oyu Tolgoi lie in a structural corridor where

mineralisation has been discovered over a 26 km strike length. Four

deposits hosting Mineral Resources have been identified: Oyut,

Hugo Dummett North, Hugo Dummett South, and Heruga. The Oyu

Tolgoi copper-gold porphyry deposits are distributed along a 12 km

north-northeast striking corridor. From north to south, the deposits

comprise Hugo North, Hugo South, Oyut, and Heruga.

These deposits lie within the Gurvansayhan island-arc terrane, a

fault bounded segment of the broader Silurian to Carboniferous

Kazakh-Mongol arc, located towards the southern margin of the

Central Asian Orogenic Belt. Mineralisation is associated with

multiple, overlapping, intrusions of late Devonian quartz-

monzodiorite intruding Devonian (or older) juvenile, probably intra-

oceanic arc-related, basaltic lavas and lesser volcaniclastic rocks,

unconformably overlain by late Devonian basaltic to dacitic

pyroclastic and volcano sedimentary rocks.

These quartz-monzodiorite intrusions range from early-mineral

porphyritic dykes, to larger, linear, syn-, late- and post-mineral dykes

and stocks.

**Mineral Resources**

The table on pages [298](#i9df21654ffa54893a0f1835fa8beb169_12495)-[299](#i9df21654ffa54893a0f1835fa8beb169_12496) sets out the amount and grade, of Oyu

Tolgoi's Measured, Indicated and Inferred Mineral Resources for the

year ended 31 December 2025. The negligible ~1% reduction in

Mineral Resources compared to the year ended 31 December 2024

is primarily due to the conversion of Mineral Resources to Mineral

Reserves from the Oyut Blockmodel update incorporating an

additional 78,470 m of drilling.

The Mineral Resources estimate is based on the following

assumptions:

• Exclusive of Mineral Reserves – Mineral Resources are reported

exclusive of Mineral Reserves.

• Moisture – All Mineral Resources tonnages are estimated and reported

on a dry basis.

• Mineral Resources are estimated using ordinary kriging.

• The sample data preparation including data capping is

appropriate for use in estimation of a Mineral Resource.

• The pit optimisation used to determine the resources that have

reasonable prospects of economic extraction.

• It is assumed that standard open pit load and haul mining

operations and underground block cave mining operations will be

applicable for the mining of Mineral Resources. Processing will be

through crushing, grinding and a froth flotation concentrator

process.

• Copper, gold and silver are payable elements and are included in

the calculation of a copper equivalent cut-off. At Heruga,

molybdenum is also included as a payable element.

For more information regarding the material assumptions for the

Mineral Resource estimates, see Section 11 of the Oyu Tolgoi

Technical Report Summary filed as exhibit 96.3 to the *Form 20-F for* 

*the year ended 31 December 2022 ("2022 Form 20-F")*.

**Mineral Reserves**

The table on pages [286](#ia72b05509514435286b0d431a1ca5694_11520)-[287](#ia72b05509514435286b0d431a1ca5694_11521) sets out the amount, grade, price and

metallurgical recovery of Oyu Tolgoi 's Proven and Probable Mineral

Reserves for the year ended 31 December 2025. The ~3%

reduction in Hugo North Mineral Reserves compared to the year

ended 31 December 2024 is primarily due to the 2025 mined

(production) Probable ore from the L1 underground operation. The

~15% increase in Oyut (open pit) Mineral Reserves compared to the

year ended 31 December 2024 is a combination of reductions due

to 2025 production offset by an increase due to conversion of

Mineral Resources to Mineral Reserves from the Oyut block model

update.

The Mineral Reserves estimates for Oyu Tolgoi are based on a Life

of Mine plan that has been developed according to SK-1300 and

using industry accepted strategic planning approaches which

defined the life of the mines at Oyu Tolgoi. Inferred Mineral

Resources have been treated as waste. The Mineral Reserves are

based on a mine plan that is the outcome of the application of

appropriate modifying factors in order to establish an economically

viable and operational mine plan. At Oyu Tolgoi, a net smelter return

(NSR) cut-off grade strategy is applied to develop the mine plan

Mineral Reserve inventory. The Mineral Reserves estimate includes

both the Oyut and Hugo North deposits and more detail is provided

in Table 1.2 of exhibit 96.3 to the 2022 *Form 20-F*.

Material assumptions in the estimation of Mineral Reserves are:

• The Resource model reflects the continuity and complexity of the

deposit with the confidence stated in the classification.

• Mineral Reserves are reported as dry mill feed tonnes.

• A geomet specific variable NSR cut-off strategy that maximises

throughput for the concentrator.

• Commodity prices, operating and capital costs.

• Geology models contain tonnage estimates on a dry in situ basis.

The estimated water content (moisture) for each block model

block is added.

• Metallurgical and processing recovery estimates are applied to

crusher feed tonnages based on ore types.

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Additional information \| US Disclosure

Uncertainties that affect the reliability or confidence in the Mineral

Reserves estimate include but are not limited to:

• Future macro-economic environment, including metal prices and

foreign exchange rate.

• Changes to operating cost assumptions, including labour costs.

• Ability to continue sourcing water.

• Changes to mining, hydrological, geotechnical parameters,

and assumptions.

• Ability to maintain environmental and social licence to operate.

• Metallurgical recovery assumptions.

For more information regarding the material assumptions for the

Mineral Reserves estimates at Oyu Tolgoi, see Section 12 of Oyu

Tolgoi Technical Report Summary filed herewith as exhibit 96.3 to

the 2022 *Form 20-F*.

**Exploration**

Exploration on the mine leases is undertaken by Oyu Tolgoi LLC's

site technical services team. The current exploration strategy is

focused on developing a project pipeline prioritised in areas that can

impact the current development of the Oyu Tolgoi deposits, seeking

low-cost development options and continuing the assessment of

legacy datasets to enable future discovery. Exploration targets,

based on identified medium or high priority, have had exploration

work completed in 2025, and will continue to be investigated going

forward based on priority and potential. Development of the known

Mineral Resources is a key objective of stakeholders and over the

life of Oyu Tolgoi. Oyu Tolgoi LLC will continue to progress its

orebody knowledge of these known resources to improve decision

making on their potential development.

Additional information can be found in Section 7 of the Oyu Tolgoi

Technical Report Summary filed as exhibit 96.3 to the 2022

*Form 20-F*.

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Additional information \| US Disclosure

**Simandou**

**Property Overview**

The SimFer Iron Ore Project (Simandou) is an iron ore mining project

located in the Republic of Guinea, approximately 550km southeast of

Conakry (Guinea's capital), towards the southern end of the 110km long

Simandou Range. The Simandou orebodies are located within the 369

km² area (Blocks 3 and 4) of the Simandou South Mining Concession

(the Concession) which is held by SimFer S.A. (SimFer). Simandou is

located at latitude 08°31'N, longitude 08°54'W.

Iron ore extracted from Blocks 3 and 4 (and the neighbouring Winning

Consortium Simandou (WCS) mining concession Blocks 1 and 2) will be

exported via rail and port infrastructure being co-developed between the

Guinean State, SimFer Jersey, and WCS, with the ultimate owner and

operator of the infrastructure being the Compagnie du Transguinéen

(CTG), an incorporated joint venture (JV) between SimFer Jersey

(42.5% through its subsidiary SimFer Infraco Limited), WCS (42.5%)

and the Government of Guinea (15%).

SimFer is owned by SimFer Jersey (85%), and the Guinean State (15%).

SimFer Jersey is an incorporated JV comprising Rio Tinto SimFer UK

Limited (53%), and Chalco Iron Ore Holdings Limited (CIOH) (47%).

For SEC reporting purposes, Simandou is considered a

development stage project property. In addition to project

construction, SimFer conducts both exploration and development

activities across the property.

**History**

The existence of iron ore in the Simandou Range has been

recognised since the 1950's, with the commencement of drilling

activities by Rio Tinto in 1997.

From 1999 through to 2011, some 81 km of drilling was undertaken

at the Pic de Fon deposit, adjacent to the Ouéléba deposit, and a

further 98 km of drilling was undertaken within the Ouéléba deposit

during the period 2005 to 2013.

Total drilling of more than 250km has been used as the basis for

interpretation of the Mineral Resources, more than 130km/680 holes

at Ouéléba, of which approximately 30% were diamond core and the

remainder Reverse Circulation (RC) and more than 110km/570

holes at Pic de Fon with approximately 30% being diamond core

and the remainder RC.

SimFer mining concession over Blocks 3 and 4 was granted on 22

April 2011 by Presidential Decree.

In 2022, co-development of the rail and port infrastructure between

the Guinean State, WCS Railway, and Rio Tinto through its SimFer

holdings was agreed and a co-development agreement (and its

appendices) which was signed on 10 August 2023, ratified by law on

29 March 2024 and fully entered into force on 30 May 2024 (Co-

Development Agreement).

For further details regarding the history and previous operators for

the Simandou Property, see Mines and Production Facilities–

Simandou on page [319](#ib3d1194731f845a8bfccc4b23ecfa3a9_298).

**Infrastructure**

A new trans-Guinean railway consisting of a multi-use, multi-user

main line approximately 536km long is being constructed in

conjunction with WCS.

Two separate spur lines from the main rail line are being constructed to

each of the two separate mining areas, the WCS Spur Line for Blocks 1

and 2, and the SimFer Spur Line for Blocks 3 and 4.

There is an existing airport at Beyla, which is located some 35km from the

Simandou camp and this has been upgraded.

A purpose built crushing and material handling facility will be

constructed at the project, which is capable of handling the Direct

Shipping Ore (DSO) product from the mine.

The product from the Ouéléba crushing plant will be stacked by dedicated

stackers onto separate rows of stockpiles in a common stockyard.

Power for Simandou will be supplied by a combination of diesel

generated electrical power, and solar/battery power. Downhill

conveying from the mine to the stockyard will supply regenerative

power when ore is being transported from the mine.

The power plant is a hybrid renewable plant that supplies a maximum

demand of approximately 18.5MW using diesel-fired generators initially,

plus capacity for future expansion using a combination of diesel-fired

generators and future renewable sources.

![Simandou-project-and-Sangaredi-operations.jpg](rio-20251231_g215.jpg)

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 363 | riotinto.com |

---

Additional information \| US Disclosure

Current site access roads are being upgraded to handle mine traffic

and contractor access for construction of the processing plant, and

associated infrastructure.

Camp facilities are in place, with a current workforce involved in

further geological sampling and construction works. Planned

expansion of camp facilities in addition to an expansion and upgrade

of an existing airstrip have been completed for the project

construction phase.

Port access will be through the port located in the Morebaya Estuary

south of Conakry in the Forécariah prefecture, which will allow for

the global distribution of iron product. The rail and port infrastructure

to enable export of ore from the Property is being co-developed as a

JV between the Guinean State, SimFer Jersey, and WCS, with the

ultimate owner and operator of the co-developed infrastructure

being the CTG.

General infrastructure will include mine access control and guard

house, mine administration buildings, workshops, mine operations

buildings, prayer building, site laboratory, and a central messing and

ablution facility.

Critical infrastructure that supports the camp includes potable and

wastewater plants, potable water networks, and back-up power

generation.

The Ouéléba mine will supply ore to the stacker/reclaimer via a dual

primary crusher, and downhill conveyor.

**Titles, leases and permits**

The following key agreements relating to the development and

operation of Simandou have been entered into by Rio Tinto, the

Guinean State, and other entities, and have an impact on Rio Tinto's

interest in, and obligations relating to, Simandou:

• SimFer mining concession over Blocks 3 and 4 was granted on

22 April 2011 by Presidential Decree No. D/2011/134/PRG/SGG,

which was published in the April special issue of the Official

Journal of the Republic of Guinea (Concession Decree).

• In 2012, the Environment and Social Impact Assessment (ESIA)

was originally approved, and the Government of Guinea declared

Simandou a "Project of National Interest". Approvals have been

maintained in accordance with applicable law throughout

construction, through annual renewals of certificates of

conformance.

• The ESIA has been updated through approved ESIAs. An ESIA

for the SimFer Mine and Spur Line was approved in July 2024,

and updated ESIA for Port terrestrial works was approved in

September 2024. An updated ESIA for Port Marine works was

approved in July 2025. As this report is being prepared, the Mine

and Rail, and Port Landside annual certificate renewals were

underway.

• The investment framework for the development of Simandou,

including a mining convention (Amended and Consolidated Basic

Convention), as adjusted on 10 August 2023 (Mine Bipartite

Agreement) to take into account the new co-developed rail and

port infrastructure project; and a Build Operate Transfer

convention (BOT Convention), as amended on 10 August 2023 by

the Co-Development Agreement. The BOT Convention will remain

in force during the whole construction of the SimFer scope.

During operation, CTG will operate the rail and port infrastructure

under dedicated rail and port conventions.

• The Concession duration is 25 years, renewed automatically for a

further period of 25 years followed by further 10-year periods in

accordance with the mining convention and the applicable

Guinean mining legislation, provided SimFer has complied with its

obligations under the Amended and Consolidated Basic

Convention.

• The co-developed rail and port infrastructure includes a purpose-

built port facility to be constructed at Morebaya estuary, which will

facilitate the export of the iron ore from the SimFer Mine, and

WCS Mine. The port will have a capacity of 120 million tonnes per

annum (Mtpa) and will be shared with WCS. The port will be

accessed by a purpose built 536km main rail line with spurs to

connect the SimFer Mine (68km), and WCS Mine (16km) to the

port at Morebaya. The rail will have initial capacity of up to

120Mtpa.

These agreements establish obligations and commitments of the

involved parties, including the Guinean State, providing clarity and

certainty in respect of the development and operation of Simandou.

Access to the mine site and to the ore is guaranteed under the

applicable mining legislation and the Amended and Consolidated

Basic Convention. Mining, exploration, and exploitation works

carried out or to be carried out on site are authorised in accordance

with the applicable legislation and/or the Amended and Consolidated

Basic Convention. Other required permits and authorisations (e.g.,

environmental, building, etc.) are applied for by SimFer in

compliance with the application legislation and its investment

framework.

Activities related to Simandou must be carried out in accordance

with these agreements and the laws of Guinea. As of the date of this

*Form 20-F* filing, material permits and authorisations necessary to

develop and operate Simandou have been obtained.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenure Number** | **Tenure Name** | **Tenure Type** | **Holder Group** | **Rio Tinto's Interest** | **Tenure** <br>**Status**<br>| **Expiry Date** | **Current Area** <br>**(ha)**<br>|
| A2011/011/<br>DIGM CPDM<br>| Simandou <br>Blocks 3 and 4<br>| Mining <br>concession<br>| SimFer Jersey Limited (shareholders RT <br>SimFer UK Ltd and CIOH) of which we <br>have a 53% interest in 85% of the project <br>=> 45.05%<br>| 45.05% | Live | 07 July 1964 | 36900 |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 364 | riotinto.com |

---

Additional information \| US Disclosure

**Encumbrances**

There are no known significant encumbrances to the Property at

Simandou that would impact the current Mineral Resources or

Mineral Reserves. It should however be noted that:

• In addition to its existing 15% share in the share capital of SimFer

S.A., the State has been granted various options to purchase over

time additional shares in the share capital of SimFer S.A up to

20% (of which 10% based on Mining Historical Costs and 10% at

market value). None of these options have been exercised on the

date of this submission; and

• The State can terminate the Amended and Consolidated

Basic Convention and/or withdraw the Concession in various

circumstances such as (i) a material breach by SimFer S.A.

of its obligations under the Amended and Consolidated Basic

Convention, including not reaching first commercial production by

a certain date; (ii) the physical completion of the Mining

Infrastructure does not occur by 31 December 2026; the Main Rail

Line, SimFer Spur Line, WCS Spur Line and WCS Barge Port are

not completed by 31 December 2026, and the State withdraws

the WCS Concession, provided that these deadlines can be

postponed based on legitimate grounds such as force majeure

events and/or following the application of extension mechanisms

provided for in, and in accordance with, the

Co-Development Agreement and/or the Mine Bipartite Agreement.

No such termination or withdrawal has been

notified to SimFer S.A. to date.

For further details regarding the titles, leases and rights for

Simandou, see Section 3 of the Simandou Technical Report

Summary filed as exhibit 96.4 to the 2023 *Form 20-F*.

**Personnel**

Personnel will be engaged on either a residential, or FIFO basis.

During construction, personnel will be sourced from capital and

regional centres in Guinea, as well as overseas where local skills

are unavailable.

**Age, modernisation and condition of the equipment** 

**and facilities**

The facilities at Simandou are relatively new, or under construction.

All infrastructure, equipment, and facilities are subject to an ongoing

regime of sustaining capital investment and maintenance,

underpinned by asset integrity audits, engineering inspections,

engineering life cycles for key equipment, and safety inspections

and audits.

**Book value**

For the book value for Simandou, see Rio Tinto Financial

Information by Business Unit on pages [267](#i6e24f352bf2243f482bd1df1b3ce01ce_991)-[268](#i91e1a55e7c134219957789cc7a0d9f73_0-8-1-3-5910999).

**Geology and mineralisation**

The Ouéléba and Pic de Fon deposits are located in the Simandou

Range, on a prominent ridge. The Simandou Range is the result of

multi-phase ductile deformation represented by tight synformal fold

keels and sheared antiformal structures. The ridge consists of a

formation of itabirites (metamorphosed Banded Iron Formation

(BIF)) and phyllites, overlying basement gneiss and amphibolite.

The itabirites and phyllites have been deeply weathered and

identifying stratigraphy is difficult, with the only discernible contact

being that between the itabirites, and phyllites.

The Ouéléba deposit is located towards the southern end of the

Simandou Range, approximately 5 km north of the Pic de Fon

deposit. It is an approximately 7 km long and 700 m wide zone of

mineralisation.

The Pic de Fon deposit is an approximately 7.5km long, and 500m

wide (extending briefly to just over 1,000m wide at the northern end

of the deposit) zone of mineralisation. The deposit forms part of a

north-northwest trending ridge, and both deposits originated from an

itabirite precursor.

The ridge line likely forms part of an ancient erosion surface,

probably mid-tertiary in age, which has been subjected to deep

prolonged tropical weathering.

Ouéléba hematite goethite mineralisation consists mainly of friable

hematite-goethite material extending locally also to depths greater

than 400m below surface. Hematite mineralisation at Pic de Fon

consists mainly of friable hematite material extending locally to

depths greater than 400m below surface.

**Mineral Resources**

The table on pages [300](#i095e0b81ffe64289bbd8acaaad0770ad_0-0-3-1-5910999)-[301](#i9d4e9a313df1449a8ef95c76cdb145f1_1-0-1-1-5910999) sets out the amount and grade, of

Simandou's Measured, Indicated and Inferred Mineral Resources for

the year ended 31 December 2025. The 9% global decrease in total

Mineral Resource compared to the year ended 31 December 2024

is related to model updates in Ouéléba Main and Ouéléba North.

These updates introduced a density correction (~4% of total

change) and volumetric reduction in mineralised envelopes (~5% of

total change). Density correction was global and observed across

Measured, Indicated and Inferred material whilst volumetric

reduction primarily impacted Inferred material. Density losses in

Measured and Indicated materials were largely offset by drilling

which supported local classification uplift.

The Mineral Resources estimate is based on the following

assumptions:

• Exclusive of Mineral Reserves – Mineral Resources are reported

exclusive of Mineral Reserves.

• Moisture – All Mineral Resources tonnages are estimated and

reported on a dry basis.

• Mineral Resources are estimated using ordinary kriging.

• The sample data preparation including data capping is

appropriate for use in estimation of Mineral Resources.

• The pit optimisation used to determine the resources that have

reasonable prospects of economic extraction.

• It is assumed that standard open pit load and haul mining

operations will be applicable for the mining of Mineral Resources.

Processing will be through crushing and blending.

• Studies are currently in progress to determine the viability of

producing a DSO dual product including Blast Furnace (BF), and

Direct Reduction (DR) quality products from the operation over

the life of mine.

For more information regarding the material assumptions for the

Mineral Resources estimates, see Section 11 of the Simandou

Technical Report Summary filed as exhibit 96.4 to the 2023

*Form 20-F*.

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 365 | riotinto.com |

---

Additional information \| US Disclosure

**Mineral Reserves**

The table on pages [288](#i7c9eef7c4bd14105af753c0eb1b4acdf_0-0-2-1-5910999)-[289](#i8bdd36ecc3e942d79f8091be5dfd722b_0-0-1-1-5910999) sets out the amount, grade, price and

metallurgical recovery of Simandou's Proven and Probable Mineral

Reserves for the year ended 31 December 2025. The 3% reduction

in total Mineral Reserves compared to the year ended 31 December

2024 is related to model updates in Ouéléba and the associated

density reduction.

The Mineral Reserves estimates for Simandou are based on a Life

of Mine plan that has been developed in accordance with SK-1300

and using industry accepted strategic planning approaches which

defined the life of the mine at Ouéléba. Inferred Mineral Resources

have been treated as waste. The final reserves plan is the outcome

of the application of appropriate modifying factors in order to

establish an economically viable and operational mine plan.

At Ouéléba a variable cut-off grade strategy is applied to develop

the mine plan to separate the BF and DR products within the iron

ore mineralisation. The Mineral Reserves estimate only includes the

Ouéléba deposit. The Pic de Fon deposit will be the subject of a

feasibility study level investigation in the future and more detail is

provided in Table 1.2 of exhibit 96.4 to the *Form 20-F for the year* 

*ended 31 December 2023 ("2023 Form 20-F")*.

Material assumptions in the estimation of Mineral Reserves are:

• The resource model reflects the continuity and complexity of the

deposit with the confidence stated in the classification.

• Mineral Reserves are reported as dry mill feed tonnes.

• Cut-off grades for Direct Shipping Ore (DSO) iron ore product.

have been applied within the life of mine final pit design based

upon Fe >=58%, Al2O3 + SiO2 <= 8%, P <= 0.25%.

• Commodity prices, operating and capital costs.

• Geology models contain tonnage estimates on a dry in situ basis.

The estimated water content (moisture) for each block model

block is added.

• Processing recovery estimates are applied to ex-pit handling as

0.5% losses.

Uncertainties that affect the reliability or confidence in the Mineral

Reserves estimate include but are not limited to:

• Future macro-economic environment, including metal prices and

foreign exchange rate.

• Changes to operating cost assumptions, including labour costs.

• Ability to continue sourcing water.

• Changes to mining, hydrological, geotechnical parameters, and

assumptions.

• Ability to maintain environmental and social licence to operate.

For more information regarding the material assumptions for the

Mineral Reserves estimates at Simandou, see Section 12 of

Simandou Technical Report Summary filed herewith as exhibit 96.4

to the 2023 *Form 20-F*.

**Exploration**

Exploration at Simandou is undertaken by SimFer's site resource

evaluation team. The current exploration strategy is focused on

developing a project pipeline prioritised in areas that can extend

current development. Further drilling and updates to the Pic de Fon

Mineral Resources model will permit a feasibility level study to

assess the potential conversion of the Mineral Resources in a

mineable extension of the current project.

Development of the known Mineral Resources is a key objective of

stakeholders and over the life of mine, SimFer will continue to

progress its understanding of these resources, and ultimately make

decisions on their development.

Additional information can be found in Section 7 of the Simandou

Technical Report Summary filed as exhibit 96.4 to the 2023

*Form 20-F*.

Internal controls disclosure pursuant to Item

1305 of SK-1300 under Securities Act of

1933

For a description of the internal controls that Rio Tinto uses in its

exploration and Mineral Resources and Mineral Reserves estimation

efforts, quality control and quality assurance programs, verification

of analytical procedures and a discussion of the risk management

related to these estimates, see Mineral Resources and Mineral

Reserves Governance and Internal Controls on pages [278](#i6e24f352bf2243f482bd1df1b3ce01ce_1075)-[279](#iaae40dbc4cd6425795c6d00fa4817b63_10153).

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 366 | riotinto.com |

---

Additional information \| US Disclosure

Financial calendar

---

| | | |
|:---|:---|:---|
| **2026** |  |  |
| 20 | January | Fourth quarter 2025 operations review |
|  | January | Closing date for receipt of nominations for candidates other than those recommended by the Board to be elected as Directors at the <br>2025 annual general meetings<br>|
| 19 | February | Announcement of results for 2025 |
| 5 | March | Rio Tinto plc and Rio Tinto Limited ordinary shares quoted "ex-dividend" for the 2025 final dividend |
| 6 | March | Rio Tinto plc ADRs quoted "ex-dividend" for the 2025 final dividend  |
| 6 | March | Record date for the 2025 final dividend for Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs |
| 24 | March | Final date for elections under the Rio Tinto plc and Rio Tinto Limited dividend reinvestment plans and under facilities for dividends to <br>be paid in alternative currency for the 2025 final dividend<br>|
| 7 | April | Dividend currency conversion date  |
| 16 | April | Payment date for the 2025 final dividend to holders of ordinary shares and ADRs |
| 21 | April | First quarter 2026 operations review  |
| 6 | May | Annual general meetings for Rio Tinto plc and Rio Tinto Limited |
| 15 | July | Second quarter 2026 operations review |
| 29 | July | Announcement of half-year results for 2026 |
| 13 | August | Rio Tinto plc and Rio Tinto Limited ordinary shares quoted "ex-dividend" for the 2025 interim dividend |
| 14 | August | Rio Tinto plc ADRs quoted "ex-dividend" for the 2026 interim dividend |
| 14 | August | Record date for the 2025 interim dividend for Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs |
| 3 | September | Final date for elections under the Rio Tinto plc and Rio Tinto Limited dividend reinvestment plans and under facilities for dividends to <br>be paid in alternative currency for the 2026 interim dividend<br>|
| 15 | September | Dividend currency conversion date  |
| 24 | September | Payment date for the 2026 interim dividend to holders of ordinary shares and ADRs |
| 14 | October | Third quarter 2026 operations review |

---

---

| | |
|:---|:---|
| ![Globe-web-icon-black.gif](rio-20251231_g54.gif) | **Please refer to riotinto.com/financialcalendar** for further information to confirm dates and times for your time zone. |

---

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 367 | riotinto.com |

---

Additional information \| Shareholder information

Contact details

**Registered offices**

**Rio Tinto plc**

6 St James's Square

London

SW1Y 4AD

UK

Registered in England No. 719885

Telephone: +44 (0)20 7781 2000

Website: riotinto.com

**Rio Tinto Limited**

Level 43, 120 Collins Street

Melbourne 3000

Australia

ABN 96 004 458 404

Telephone: +61 3 9283 3333

Website: riotinto.com

Rio Tinto's agent in the US is Cheree Finan,

who may be contacted at

Rio Tinto Services Inc.

80 State Street

Albany

NY 12207-2543

US

**Shareholders**

Please refer queries about shareholdings to

the respective registrar.

**Rio Tinto plc**

Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol

BS99 6ZZ

UK

Telephone:

+44 (0)800 435 021 (in the UK)

+44 (0)370 703 6364 (overseas)

Website: computershare.com

Holders of Rio Tinto American Depositary

Receipts (ADRs)

Please contact the ADR administrator if you

have any queries about your ADRs.

**ADR administrator** 

J.P. Morgan Chase Bank N.A.

Shareowner Services

PO Box 64504

St. Paul

MN 55164-0504

US residents only, toll free general:

+1 (800) 990 1135

Telephone from outside the US:

+1 (651) 453 2128

US residents only, toll free Global invest

direct: +1 (800) 428 4237

Website: adr.com

Email: shareowneronline.com/informational/

contact-us/

**Rio Tinto Limited** 

Computershare Investor Services Pty

Limited

GPO Box 2975

Melbourne

Victoria 3001

Australia

Telephone: +61 (0) 3 9415 4030

Australian residents only, toll free:

1800 813 292

New Zealand residents only, toll free:

0800 450 740

Website: computershare.com

**Former Alcan Inc. shareholders** 

Computershare Investor Services Inc.

8th Floor

100 University Avenue

Toronto, ON

Canada

M5J 2Y1

Telephone: +1 (514) 982-7555

North American residents only,

toll free: +1 (800) 564-6253

Email: corporateactions@computershare.com

Website: computershare.com

**Investor Centre**

Investor Centre is Computershare's free,

secure, self-service website, where

shareholders can manage their holdings

online. The website enables shareholders to:

• View share balances

• Change address details

• View payment and tax information

• Update payment instructions

In addition, shareholders who register their

email address can be notified electronically

of events such as annual general meetings,

and can receive shareholder

communications such as the *Annual Report* 

or notice of meeting electronically.

**Rio Tinto plc shareholders**

Website: investorcentre.co.uk

**Rio Tinto Limited shareholders** 

Website: www-au.computershare.com/

Investor

---

| | | |
|:---|:---|:---|
| Annual Report on Form 20-F 2025 | 368 | riotinto.com |

---

Additional information \| Shareholder information

Cautionary statement about forward-looking statements

This report includes "forward-looking statements" within the meaning

of the *Private Securities Litigation Reform Act of 1995*.

All statements other than statements of historical facts included in

this report, including, without limitation, those regarding Rio Tinto's

financial position, business strategy, plans and objectives of

management for future operations (including development plans and

objectives relating to Rio Tinto's products, production forecasts, and

reserve and resource positions), are forward-looking statements.

The words "intend", "aim", "project", "anticipate", "estimate", "plan",

"believes", "expects", "may", "should", "will", "target", "set to" or

similar expressions, commonly identify such forward-looking

statements.

Such forward-looking statements involve known and unknown risks,

uncertainties and other factors which may cause the actual results,

performance or achievements of Rio Tinto, or industry results, to be

materially different from any future results, performance or

achievements expressed or implied by such forward-looking

statements. Such forward-looking statements are based on

numerous assumptions regarding Rio Tinto's present and future

business strategies and the environment in which Rio Tinto will

operate in the future. Among the important factors that could cause

Rio Tinto's actual results, performance or achievements to differ

materially from those in the forward-looking statements include, but

are not limited to:

an inability to live up to Rio Tinto's values and any resultant damage

to its reputation; the impacts of geopolitics on trade and investment;

the impacts of climate change and the transition to a low-carbon

future; an inability to successfully execute and/or realise value from

acquisitions and divestments; the level of new ore resources,

including the results of exploration programs and/or acquisitions;

disruption to strategic partnerships that play a material role in

delivering growth, production, cash or market positioning; damage to

Rio Tinto's relationships with communities and governments; an

inability to attract and retain requisite skilled people; declines in

commodity prices and adverse exchange rate movements; an

inability to raise sufficient funds for capital investment; inadequate

estimates of ore resources and reserves;

delays or overruns of large and complex projects; changes in tax

regulation; changes in environmental, social and governance

reporting standards; safety incidents or major hazard events; cyber

breaches; physical impacts from climate change; the impacts of

water scarcity; natural disasters; an inability to successfully manage

the closure, reclamation and rehabilitation of sites; the impacts of

civil unrest; breaches of Rio Tinto's policies, standards and

procedures, laws or regulations; trade tensions between the world's

major economies; increasing societal and investor expectations, in

particular with regard to environmental, social and governance

considerations; the impacts of technological advancements; and

such other risks identified in Rio Tinto's most recent *Annual Report* 

and accounts in Australia and the United Kingdom and the most

recent annual report on Form 20-F filed with the SEC or Form 6-Ks

furnished to, or filed with, the SEC. Forward-looking statements

should, therefore, be construed in light of such risk factors and

undue reliance should not be placed on forward-looking statements.

These forward-looking statements speak only as of the date of this

report. Rio Tinto expressly disclaims any obligation or undertaking

(except as required by applicable law, the UK Listing Rules, the

Disclosure Guidance and Transparency Rules of the Financial

Conduct Authority and the Listing Rules of the Australian Securities

Exchange) to release publicly any updates or revisions to any

forward-looking statement contained herein to reflect any change in

Rio Tinto's expectations with regard thereto or any change in

events, conditions or circumstances on which any such statement

is based.

Nothing in this report should be interpreted to mean that future

earnings per share of Rio Tinto plc or Rio Tinto Limited will

necessarily match or exceed its historical published earnings

per share.

---

| |
|:---|
| **riotinto.com** |
| ![FSC-logo.jpg](rio-20251231_g230.jpg)<br> This report is printed on paper certified in accordance with the <br>FSC<sup>®</sup> (Forest Stewardship Council<sup>®</sup>) and is recyclable and <br>acid-free.<br>Pureprint Ltd is FSC certified and ISO 14001 certified <br>showing that it is committed to all round excellence and <br>improving environmental performance is an important part of <br>this strategy.<br>Pureprint Ltd aims to reduce at source the effect its <br>operations have on the environment and is committed to <br>continual improvement, prevention of pollution and <br>compliance with any legislation or industry standards.<br>Pureprint Ltd is a CarbonNeutral<sup>®</sup> Printing Company.<br>Designed and produced by Black Sun Global. A Positive <br>Change Group company. <br>|

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Rio Tinto plc

6 St James's Square

London SW1Y 4AD

United Kingdom

Rio Tinto Limited

Level 43, 120 Collins Street

Melbourne VIC 3000

Australia

**ITEM 19. EXHIBITS**

Exhibits marked "\*" have been filed as exhibits to this Annual report on Form 20-F and other exhibits

have been incorporated by reference as indicated.

**INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description** |
| 1.1 | <u>[Articles of Association of Rio Tinto plc (adopted by special resolution passed on 20 April 2009 and](https://www.sec.gov/Archives/edgar/data/863064/000162828021003713/ex1-1plcarticles.htm)</u><br><u>[amended on 1 October 2009 and 8 April 2020) (incorporated by reference to Exhibit 1.1 of Rio Tinto plc](https://www.sec.gov/Archives/edgar/data/863064/000162828021003713/ex1-1plcarticles.htm)</u><br><u>[Annual Report on Form 20-F for fiscal year ended 31 December 2020, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828021003713/ex1-1plcarticles.htm)</u><br>|
| 1.2 | <u>[Constitution of Rio Tinto Limited (CAN 004 458 404) (as adopted by special resolution passed on 24 May](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex1-2rtl_amendedxconstit.htm)</u><br><u>[2000 and amended by special resolution on 18 April 2002, 29 April 2005, 27 April 2007, 24 April 2008,](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex1-2rtl_amendedxconstit.htm)</u><br><u>[20 April 2009, 7 May 2020 and 2 May 2024) (incorporated by reference to Exhibit 1.2 of Rio Tinto plc](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex1-2rtl_amendedxconstit.htm)</u><br><u>[Annual report on Form 20-F for the fiscal year ended 31 December 2024, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex1-2rtl_amendedxconstit.htm)</u><br>|
| 2.1\* | <u>[Description of securities](ex02-1descripsecurities2025.htm)</u>  |
| 3.1\*\* | DLC Merger Implementation Agreement, dated 3 November 1995 between CRA Limited and The RTZ <br>Corporation PLC relating to the implementation of the DLC merger (incorporated by reference to <br>Exhibit 2.1 of Rio Tinto plc's Annual report on Form 20-F for the financial year ended 31 December 1995, <br>File No. 1-10533)<br>|
| 3.2 | <u>[DLC Merger Sharing Agreement, dated 21 December 1995 and amended on 14 April 2005, 29 April 2005](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w2.htm)</u><br><u>[and 18 December 2009 between CRA Limited and The RTZ Corporation PLC relating to the ongoing](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w2.htm)</u><br><u>[relationship between CRA and RTZ following the DLC merger (incorporated by reference to Exhibit 3.2 of](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w2.htm)</u><br><u>[Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2009, File No. 1-10533)](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w2.htm)</u><br>|
| 3.3 | <u>[RTZ Shareholder Voting Agreement, dated 21 December 1995 and amended on 18 January 2010](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w3.htm)</u><br><u>[between The RTZ Corporation PLC, RTZ Shareholder SVC Pty. Limited, CRA Limited, R.T.Z. Australian](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w3.htm)</u><br><u>[Holdings Limited and The Law Debenture Trust Corporation p.l.c (incorporated by reference to Exhibit 3.3](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w3.htm)</u><br><u>[of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2009, File](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w3.htm)</u><br><u>[No. 1-10533)](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w3.htm)</u><br>|
| 3.4 | <u>[CRA Shareholder Voting Agreement, dated 21 December 1995 and amended 18 January 2010 between](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w4.htm)</u><br><u>[CRA Limited, CRA Shareholder SVC Limited, The RTZ Corporation PLC and The Law Debenture Trust](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w4.htm)</u><br><u>[Corporation p.l.c., relating to the RTZ Special Voting Share (incorporated by reference to Exhibit 3.4 of](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w4.htm)</u><br><u>[Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2009, File No. 1-10533)](http://www.sec.gov/Archives/edgar/data/863064/000095012310053740/u08506exv3w4.htm)</u><br>|
| 4.1 | <u>[Rules of the Rio Tinto plc Equity Incentive Plan 2018, approved on 11 April 2018 and amended on 12](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-1eip2018plc8may2024.htm)</u><br><u>[February 2019, 4 March 2021, 28 June 2021, 19 October 2023 and 8 May 2024 (incorporated by](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-1eip2018plc8may2024.htm)</u><br><u>[reference to Exhibit 4.1 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-1eip2018plc8may2024.htm)</u><br><u>[December 2024, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-1eip2018plc8may2024.htm)</u><br>|
| 4.2 | <u>[Rules of the Rio Tinto Limited Equity Incentive Plan 2018, approved on 2 May 2018 and amended on 12](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-2eip2018limited8may2.htm)</u><br><u>[February 2019, 4 March 2021, 28 June 2021 and 19 October 2023 and 8 May 2024 (incorporated by](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-2eip2018limited8may2.htm)</u><br><u>[reference to Exhibit 4.2 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-2eip2018limited8may2.htm)</u><br><u>[December 2024, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex4-2eip2018limited8may2.htm)</u><br>|
| 4.3 | <u>[Arcadium Lithium plc Omnibus Incentive Plan, filed as exhibit 99.1 to Arcadium Lithium plc's Registration](https://www.sec.gov/Archives/edgar/data/1977303/000095010324000325/dp204688_ex9901.htm)</u> <br><u>[Statement on Form S-8 filed with the Commission on January 4, 2024 (File No. 333-276377)](https://www.sec.gov/Archives/edgar/data/1977303/000095010324000325/dp204688_ex9901.htm)</u><br>|
| 4.4 | <u>[Livent Corporation Incentive Compensation and Stock Plan, filed as exhibit 99.2 to Arcadium Lithium plc's](https://www.sec.gov/Archives/edgar/data/1742924/000095010318011891/dp96769_ex99.htm)</u> <br><u>[Registration Statement on Form S-8 filed with the Commission on January 4, 2024 (File No. 333-276377)](https://www.sec.gov/Archives/edgar/data/1742924/000095010318011891/dp96769_ex99.htm)</u><br>|
| 8.1 | <u>[List of subsidiary companies included on pages 230 to](#i6e24f352bf2243f482bd1df1b3ce01ce_922)</u><u>[236](#if71e86dd78e94f28a5252f3777d38338_142-1-1-1-5910999)</u><u>[in this report](#i6e24f352bf2243f482bd1df1b3ce01ce_922)</u> |
| 11.1 | <u>[Securities Dealing Policy (incorporated by reference to Exhibit 11.1 of Rio Tinto plc Annual report on Form](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex11-1_dealingxpolicyx20.htm)</u><br><u>[20-F for the fiscal year ended 31 December 2024, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828025006642/ex11-1_dealingxpolicyx20.htm)</u><br>|
| 12.1\* | <u>[Certifications pursuant to Rule 13a-14(a) of the Exchange Act](ex12-1soxcertedgar2025.htm)</u> |
| 13.1\* | <u>[Certifications furnished pursuant to Rule 13a-14(b) of the Exchange Act (such certifications are not](ex13-1_906soxedgar2025.htm)</u><br><u>[deemed filed for purpose of Section 18 of the Exchange Act and not incorporated by reference in any](ex13-1_906soxedgar2025.htm)</u><br><u>[filing under the Securities Act)](ex13-1_906soxedgar2025.htm)</u><br>|
| 15.1\* | <u>[Consent of KPMG LLP and KPMG, Independent Registered Public Accounting Firms](ex15-1kpmg_consent2025.htm)</u> |
| 15.2\* | <u>[Consent of Qualified Persons for Technical Report Summary Pilbara](ex15-2qualifiedpersonpilab.htm)</u> |
| 15.3\* | <u>[Consent of Qualified Persons for Technical Report Summary Escondida](ex15-3qualifiedpersonescon.htm)</u> |
| 16.1\* | <u>[Mine safety and health administration safety data](ex16-1minesafety2025.htm)</u> |
| 17.1\* | <u>[Guarantors and Issuers of Guaranteed Securities](exhibit17-1riotintoxguaran.htm)</u> |
| 96.1\* | <u>[Technical Report Summary Pilbara Operations](ex_961xrtioxtrsx2025xfin.htm)</u> |
| 96.2\* | <u>[Technical Report Summary Escondida](a962_melxtrsxdecember202.htm)</u> |
| 96.3 | <u>[Technical Report Summary Oyu Tolgoi (incorporated by reference to Exhibit 96.3 of Rio Tinto plc Annual](https://www.sec.gov/Archives/edgar/data/863064/000162828023004989/exhibits-963otsxk1300trs.htm)</u><br><u>[report on Form 20-F for the fiscal year ended 31 December 2022, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828023004989/exhibits-963otsxk1300trs.htm)</u><br>|

---

---

| | |
|:---|:---|
| 96.4 | <u>[Technical Report Summary Simandou (incorporated by reference to Exhibit 96.4 of Rio Tinto plc Annual](https://www.sec.gov/Archives/edgar/data/863064/000162828024006512/ex96-4simandousxk1300trs.htm)</u><br><u>[report on Form 20-F for the fiscal year ended 31 December 2023, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828024006512/ex96-4simandousxk1300trs.htm)</u><br>|
| 97.1 | <u>[Incentive-Based Compensation Clawback Policy, approved on 19 October 2023 (incorporated by](https://www.sec.gov/Archives/edgar/data/863064/000162828024006512/ex96-5clawbackpolicy2023.htm)</u><br><u>[reference to Exhibit 96.5 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended](https://www.sec.gov/Archives/edgar/data/863064/000162828024006512/ex96-5clawbackpolicy2023.htm)</u><br><u>[31 December 2023, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828024006512/ex96-5clawbackpolicy2023.htm)</u><br>|
| 101\* | Interactive data files |

---

**Signature**

The Registrants hereby certify that they meet all of the requirements for filing on Form 20-F and that they

have duly caused and authorised the undersigned to sign this Annual Report on their behalf.

---

| | |
|:---|:---|
| **Rio Tinto plc** | **Rio Tinto Limited** |
| (Registrant) | (Registrant) |
| /s/ Andy Hodges | /s/ Tim Paine |
| Name: Andy Hodges | Name: Tim Paine |
| Title: Company Secretary | Title: Company Secretary |
| Date: 19 February 2026 | Date: 19 February 2026 |

---

## Exhibit 2.1

Exhibit 2.1

Description of rights of securities registered under Section 12 of the Securities Exchange Act of 1934

As of 31 December 2025, Rio Tinto plc and Rio Tinto Limited (together, "Rio Tinto" and the "Company") had the following series of securities registered pursuant to Sections 12(b) of the Exchange Act of 1934.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Title of Each Class** | **Trading<br>Symbol** | **Name of Each Exchange<br>on which Registered** | **Title of Each Class** | **Trading<br>Symbol** | **Name of Each Exchange<br>on which Registered** |
| American Depository Shares\* | RIO | New York Stock Exchange |  | --- |  |
| Ordinary Shares of 10p each\*\* |  | New York Stock Exchange |  |  |  |
| 2.750% Notes due 2051 |  | New York Stock Exchange | 2.750% Notes due 2051 |  | New York Stock Exchange |
| 4.125% Notes due 2042 |  | New York Stock Exchange | 4.125% Notes due 2042 |  | New York Stock Exchange |
| 4.375% Notes due 2027 |  | New York Stock Exchange | 4.372% Notes due 2027 |  | New York Stock Exchange |
| 4.500% Notes due 2028 |  | New York Stock Exchange | 4.500% Notes due 2028 |  | New York Stock Exchange |
| 4.750% Notes due 2042 |  | New York Stock Exchange | 4.750% Notes due 2042 |  | New York Stock Exchange |
| 4.875% Notes due 2030 |  | New York Stock Exchange | 4.875% Notes due 2030 |  | New York Stock Exchange |
| 5.000% Notes due 2032 |  | New York Stock Exchange | 5.000% Notes due 2032 |  | New York Stock Exchange |
| 5.000% Notes due 2033 |  | New York Stock Exchange | 5.000% Notes due 2032 |  | New York Stock Exchange |
| 5.125% Notes due 2053 |  | New York Stock Exchange | 5.125% Notes due 2053 |  | New York Stock Exchange |
| 5.200% Notes due 2040 |  | New York Stock Exchange | 5.200% Notes due 2040 |  | New York Stock Exchange |
| 5.250% Notes due 2035 |  | New York Stock Exchange | 5.250% Notes due 2035 |  | New York Stock Exchange |
| 5.750% Notes due 2055 |  | New York Stock Exchange | 5.750% Notes due 2055 |  | New York Stock Exchange |
| 5.875% Notes due 2065 |  | New York Stock Exchange | 5.875% Notes due 2065 |  | New York Stock Exchange |
| 7.125% Notes due 2028 |  | New York Stock Exchange | 7.125% Notes due 2028 |  | New York Stock Exchange |
| Floating Rate Notes due 2028 |  | New York Stock Exchange | Floating Rate Notes due 2028 |  | New York Stock Exchange |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Evidenced by American Depositary Receipts. Each American Depositary Share Represents one Rio Tinto plc Shares of 10p each

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Not for trading, but only in connection with the listing of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission

American Depositary Shares ("ADSs") representing one ordinary shares of Rio Tinto plc (the "shares") are listed and traded on the New York Stock Exchange and, in connection with this listing (but not for trading), the shares are registered under Section 12(b) of the Exchange Act. Shares underlying the ADSs are held by JPMorgan Chase Bank, N.A., as depositary, and holders of ADSs will not be treated as holders of the shares.

This exhibit contains a description of the rights of (i) the holders of shares; (ii) ADS holders; (iii) 2.750% Notes due 2051; (iv) 4.125% Notes due 2042; (v) 4.372% due Notes 2027; (vi) 4.500% Notes due 2028; (vii) 4.750% Notes due 2042; (viii) 4.875% Notes due 2030; (ix) 5.000% Notes due 2032; (x) 5.000% Notes due 2033; (xi) 5.125% Notes due 2053; (xii) 5.200% Notes due 2040; (xiii) 5.200% Notes due 2040; (xiv) 5.200% Notes due 2040; (xv) 5.250% Notes due 2035; (xvi) 5.750% Notes due 2055; (xvii) 5.875% Notes due 2065; (xviii) 7.125% Notes due 2028; and (xix) Floating Rate Notes due 2028.

------

**SHARES**

**Item 9. Listing**

**Item 9. A.3. Preemptive Rights**

For additional details, see below, "Variation of rights".

**Item 9. A.5. Type and Class of Securities**

Rio Tinto plc' has issued and fully paid up capital of 10p each. The number of shares that have been issued as of the last day of the financial year ended December 31, 2025 was 1,256,010,314.

**Item 9. A.6. Limitations or Qualifications**

Rio Tinto plc's other share classes are: Special Voting share of 10 pence each, DLC Dividend share and Equalisation Share of 10p each (together, the "**Other Shares**").

Details of how each Other Share limits or qualifies the rights of the shares is provided below.

***Dual listed companies structure***

The businesses of RTZ and CRA were merged contractually in 1995 by way of a dual-listed companies structure ('DLC structure'). Both companies agreed to be managed in a unified way, implementing arrangements to provide shareholders of both companies with a common economic interest in the DLC structure, under a common board of directors.

The ratio of dividend, voting and capital distribution rights attached to each share in Rio Tinto plc and Rio Tinto Limited was fixed by a "DLC Sharing Agreement" at an Equalisation Ratio of 1:1. This has remained unchanged, although can be revised in special circumstances or with the approval of shareholders of each company under the class rights action approval procedure (described below) and subject to any adjustments to be confirmed by the Group's external auditors. Rio Tinto shareholders cannot directly enforce the provisions of the DLC Sharing Agreement.

To ensure that the Boards of both companies are identical, resolutions to appoint or remove Directors must be put to shareholders of both companies as Joint Decisions (described below), and Directors can only be a Director of one company if they are a Director of both companies.

***Dividend arrangements***

Dividends paid on Rio Tinto plc and Rio Tinto Limited shares are equalised on a net cash basis without taking into

account any associated tax credits. Dividends are determined in US dollars (except for ADR holders) and both companies must announce and pay distributions (including dividends) as close to the same time as possible.

If the payment of an equalised dividend would contravene the law applicable to one of the companies, they can depart from the

Equalisation Ratio but the relevant company must put aside reserves for payment on the relevant shares at a later date.

***Voting arrangements***

The shareholders of Rio Tinto plc and Rio Tinto Limited vote as one combined body on any matters that affect them similarly,

subject to limited exceptions. These are called Joint Decisions, and include creating new classes of share capital, changing

directors and auditors, and receiving annual financial statements.

In class rights actions, where both companies are not affected equally such as changes to a company's articles of association or constitution, the resolution must be passed by the shareholders of each company on a standalone basis.

In other circumstances, only one company requires a vote, and these matters are single electorate matters.

All shareholder resolutions that include a Joint Decision or class rights action are decided by a poll, although in exceptional circumstances, certain shareholders can be excluded from voting at their respective company's general meeting (such as where they have breached the limitations on ownership of shares discussed below).

Where a matter has been expressly categorised as a Joint Decision or a class rights action, the Directors cannot change that categorisation. If a matter is categorised as both, it is treated as a class rights action. Otherwise, the Directors decide how issues should be put to shareholders for approval.

------

Both companies have entered into shareholder joint voting agreements, where a Special Voting Share is issued to a special purpose company and held in trust for shareholders by a trustee.

When a resolution is put as a Joint Decision, each Rio Tinto plc share carries one vote at Rio Tinto plc shareholders meeting. The holder of the Special Voting Share has one vote for each vote cast by the public shareholders of Rio Tinto Limited in their

parallel meeting. Holders of Rio Tinto Limited ordinary shares do not hold voting shares in Rio Tinto plc by virtue of their holding in Rio Tinto Limited, and cannot enforce the voting arrangements relating to the Special Voting Share. Instead, the trustee holding the Special Voting Share must vote in accordance with the votes cast by public shareholders on the equivalent resolution at the parallel Rio Tinto Limited shareholders' meeting.

The same arrangements apply for the trustee holding the Special Voting Share issued by Rio Tinto Limited to cast a vote at the Rio Tinto Limited shareholders meeting for each vote cast by the public shareholders of Rio Tinto plc in their

parallel meeting.

***Capital distribution arrangements***

If either company goes into liquidation, the surplus assets of both companies are valued. If the surplus assets available for distribution by one company exceed the surplus assets available for distribution by the other company (on each of the shares held by its shareholders), then, to the extent permitted by law, an equalising payment must be made so that the amount available for distribution on each share held by shareholders of both companies reflects the Equalisation Ratio.

***Limitations on ownership of shares and merger obligations***

Control of interests in publicly listed companies in excess of defined thresholds, is regulated in both Australia and the UK. Under UK law, which applies to Rio Tinto plc, the threshold is 30% and under Australian law which applies to Rio Tinto Limited, the threshold is 20%. These thresholds also apply on a joint basis as Rio Tinto plc's Articles of Association and Rio Tinto Limited's Constitution extend these laws to apply to the combined entity. These provisions also ensure that a person cannot exercise control over one company without having made offers to the public shareholders of both companies. If one of these thresholds is exceeded, the person's voting and distribution rights are suspended, and their shares may be divested – until hey offer for all publicly held shares of the other company, reduce their controlling interest below the thresholds specified, or acquire (by a permitted means) at least 50% of each company's publicly held shares.

This ensures equal treatment for all shareholders, with the Directors unable to offer exemptions.

***Guarantees***

Subject to limited exceptions, each company guarantees the other company's contractual obligations, creditors and the obligations of other persons guaranteed by the other company. All creditors can make demands on their guarantor without first having recourse to the company or persons whose obligations are being guaranteed.

The guarantor's obligations expire on termination of the Sharing Agreement (but only for obligations arising after termination)

and under other limited circumstances (after due notice is given).

**Item 9. A.7. Other Rights**

Not applicable.

**Item 10. Memorandum and articles of association**

**Item 10. B.3. Rights of the Shares**

***Dividend rights***

For additional details, see "*Dividend arrangements*" above**.**

***Voting***

Voting at any general meeting of shareholders on a resolution on which the holder of the Special Voting Share is entitled to vote shall be decided by a poll, and any other resolution shall be decided by a show of hands unless a poll has been duly demanded. On a show of hands, every shareholder who is present in person or by proxy (or other duly authorised representative) and is entitled to vote, has one vote regardless of the number of shares held. The holder of the Special Voting Share is not entitled to vote in a show of hands. On a poll, every shareholder who is present in person or by proxy (or other duly authorised representative) and is entitled to vote, has one vote for every ordinary share for which he or she is the holder. In the case of Joint Decisions, the holder of the Special Voting Share has one vote for each vote cast in respect of the publicly held shares of the other company.

A poll may be demanded by any of the following:

• The Chair of the meeting.

------

• At least five shareholders entitled to vote on the resolution.

• Any shareholder(s) representing in the aggregate not less than one tenth (Rio Tinto plc) or one 20th (Rio Tinto Limited) of the total voting rights of all shareholders entitled to vote on the resolution.

• Any shareholder(s) holding Rio Tinto plc shares conferring a right to vote at the meeting on which there have been paid-up sums in the aggregate equal to not less than one tenth of the total sum paid up on all the shares conferring that right.

• The holder of the Special Voting Share of either company.

A proxy form gives the proxy the authority to demand a poll, or to join others in demanding one.

The necessary quorum for a Rio Tinto plc general meeting is three members present (in person or by proxy or other duly authorised representative) and entitled to vote. For a Rio Tinto Limited general meeting it is two members present (in person or by proxy or other duly authorised representative).

Matters are transacted at general meetings by the proposing and passing of resolutions as:

• Ordinary resolutions (for example the election of directors), which require the affirmative vote of a majority of persons voting at a meeting for which there is a quorum.

• Special resolutions (for example amending the Articles of Association of Rio Tinto plc or the Constitution of Rio Tinto Limited), which require the affirmative vote of not less than three-quarters of the persons voting at a meeting at which there is a quorum.

The Sharing Agreement further classifies resolutions as Joint Decisions and class rights actions.

Annual general meetings ("**AGM**") must be convened with 21 days' written notice for Rio Tinto plc and with 28 days' notice for Rio Tinto Limited. In accordance with the authority granted by shareholders at the Rio Tinto plc AGM in 2025, other meetings of Rio Tinto plc may be convened with 14 days' written notice for the passing of a special resolution, and with 14 days' notice for any other resolution, depending on the nature of the business to be transacted. All meetings of Rio Tinto Limited require 28 days' notice. In calculating the period of notice, any time taken to deliver the notice and the day of the meeting itself are not included. The notice must specify the nature of the business to be transacted.

***Directors***' ***interests***

Under Rio Tinto plc's Articles of Association, a director may not vote in respect of any proposal in which he or she, or any other person connected with him or her, has any interest, other than by virtue of his or her interests in shares or debentures or other securities of, in or through the company, except in certain circumstances, including in respect of resolutions:

• Indemnifying him or her or a third party in respect of obligations incurred by the director on behalf of, or for the benefit of, the company, or in respect of obligations of the company, for which the director has assumed responsibility under an indemnity, security or guarantee.

• Relating to an offer of securities in which he or she may be interested as a holder of securities or as an underwriter.

• Concerning another body corporate in which the director is beneficially interested in less than 1% of the issued shares of any class of shares of such a body corporate.

• Relating to an employee benefit in which the director will share equally with other employees.

• Relating to liability insurance that the company is empowered to purchase for the benefit of directors of the company in respect of actions undertaken as directors (or officers) of the company.

• Concerning the giving of indemnities in favour of directors or the funding of expenditure by directors to defend criminal, civil or regulatory proceedings or actions against a director.

Under Rio Tinto Limited's Constitution, a director may be present at a meeting of the Board while a matter in which the director has a material personal interest is being considered and may vote in respect of that matter, except where a director is constrained by Australian law.

The directors are empowered to exercise all the powers of the companies to borrow money, to charge any property or business of the companies or all, or any, of their uncalled capital, and to issue debentures or give any other security for a debt, liability or obligation of the companies or of any other person. The directors shall restrict the borrowings of Rio Tinto plc to the limitation that the aggregate amount of all monies borrowed by the company and its subsidiaries shall not exceed an amount equal to 1 ½ times the companies' share capital plus aggregate reserves unless sanctioned by an ordinary resolution of the company.

Directors are not required to hold any shares of either company by way of qualification.

------

***Appointment and removal of directors***

The appointment and replacement of directors is governed by Rio Tinto plc's Articles of Association and Rio Tinto Limited's Constitution, relevant UK and Australian legislation, and the UK Corporate Governance Code. The Board may appoint a director either to fill a casual vacancy or as an addition to the Board, so long as the total number of directors does not exceed the limit prescribed in these constitutional documents. An appointed director must retire and seek election to office at the next AGM of each company. In addition to any powers of removal conferred by the UK Companies Act 2006 and the Australian Corporations Act 2001, the company may by ordinary resolution remove any director before the expiry of his or her period of office and may, subject to these constitutional documents, by ordinary resolution appoint another person who is willing to act as a director in their place. In line with the UK Corporate Governance Code, all directors are required to stand for re-election at each AGM.

***Rights upon a winding-up***

Except as the shareholders have agreed or may otherwise agree, upon a winding-up, the balance of assets available for distribution after the payment of all creditors (including certain preferential creditors, whether statutorily preferred creditors or normal creditors) and subject to any special rights attaching to any class of shares, is to be distributed among the holders of ordinary shares according to the amounts paid-up on the shares held by them. This distribution should generally be made in cash. A liquidator may, however, upon the adoption of a special resolution of the shareholders, divide among the shareholders the whole or any part of the assets in specie or kind.

***Rights attaching to shares***

Under UK law, dividends on shares may only be paid out of profits available for distribution, as determined in accordance with generally accepted accounting principles and by the relevant law. Shareholders are entitled to receive such dividends as may be declared by the directors. Directors may also pay interim dividends to shareholders as justified by the financial position of the Group.

Under the Australian Corporations Act 2001, dividends on shares may only be paid if the company's assets exceed its liabilities immediately before the dividend is declared, the excess is sufficient for the payment of the dividend, the payment is fair and reasonable to the company's shareholders as a whole, and the payment does not materially prejudice the company's ability to pay its creditors. Any Rio Tinto plc dividend unclaimed after 12 years from the date the dividend was declared, or became due for payment, will be forfeited and returned to the company. Any Rio Tinto Limited dividend unclaimed may be invested or otherwise used by the Board for the benefit of the company until claimed or otherwise disposed of according to Australian law. Rio Tinto Limited is governed by the State of Victoria's unclaimed monies legislation, which requires the company to pay to the state revenue office any unclaimed dividend payments of A$20 or more that on 1 March each year have remained unclaimed for over 12 months.

***Variation of rights***

If, at any time, the share capital is divided into different classes of shares, the rights attached to each class may be varied, subject to the provisions of the relevant legislation, the written consent of holders of three-quarters in value of the shares of that class, or upon the adoption of a special resolution passed at a separate meeting of the holders of the shares of that class. At every such meeting, all of the provisions of the Articles of Association and Constitution relating to proceedings at a general meeting apply, except that the quorum for Rio Tinto plc should be two or more persons who hold or represent by proxy not less than one-third in nominal value of the issued shares of the class.

***Articles of Association, Constitution, and DLC Sharing Agreement***

Under the terms of the DLC structure shareholders of Rio Tinto plc and of Rio Tinto Limited entered into certain contractual arrangements designed to place the shareholders of both companies in substantially the same position as if they held shares in a single entity which owned all the assets of both companies. As far as is permitted by the UK Companies Act 2006, the Australian Corporations Act 2001 and ASX Listing Rules, this principle is reflected in the Articles of Association of Rio Tinto plc and in the Constitution of Rio Tinto Limited.

***Rights in the event of liquidation***

For additional details, see "*Capital distribution arrangements*" above.

**Item 10. B4. Requirements for Amendments**

For additional details, see above "*Dual listed companies structure*", "*Articles of Association, Constitution and DLC Share Agreement*", "*Rights attaching to shares*" and "*Voting*" above.

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**Item 10. B.6. Limitations on the Rights to Own Shares**

***Exchange controls and foreign investment***

***Rio Tinto plc***

There are no UK foreign exchange controls or other restrictions on the import or export of capital by, or on the payment of dividends to, non-resident holders of Rio Tinto plc shares, or that materially affect the conduct of Rio Tinto plc's operations. It should be noted, however, that various sanctions, laws, regulations or conventions may restrict the import or export of capital by, or the payment of dividends to, non-resident holders of Rio Tinto plc shares. There are no restrictions under Rio Tinto plc's Articles of Association or under UK law that specifically limit the right of non-resident owners to hold or vote Rio Tinto plc shares. However, certain of the provisions of the Australian Foreign Acquisitions and Takeovers Act 1975 (the Takeovers Act) described below also apply to the acquisition by non-Australian persons of interests in securities of Rio Tinto plc.

***Rio Tinto Limited***

Under current Australian legislation, Australia does not impose general exchange or foreign currency controls. Subject to some specific requirements and restrictions, Australian and foreign currency may be freely brought into and sent out of Australia. There are requirements to report cash transfers in or out of Australia of A$10,000 or more. There is a prohibition on (or in some cases the specific prior approval of the Department of Foreign Affairs and Trade or Minister for Foreign Affairs must be obtained for) certain payments or other dealings connected with countries or parties identified with terrorism, or to whom United Nations or autonomous Australian sanctions apply. Sanction, anti-money laundering and counter terrorism laws may restrict or prohibit payments, transactions and dealings or require reporting of certain transactions.

Rio Tinto Limited may be required to deduct withholding tax from foreign remittances of dividends, to the extent that they are unfranked, and from payments of interest.

Acquisitions of interests in shares, and certain other equity instruments in Australian companies by non-Australian ("foreign") persons are subject to review and approval by the Treasurer of the Commonwealth of Australia under the Takeovers Act.

In broad terms, the Takeovers Act applies to acquisitions of interests in securities in an Australian entity by a foreign person where, as a result, a single foreign person (and any associate) would control 20% or more of the voting power or potential voting power in the entity. The potential voting power in an entity is determined having regard to the voting shares in the entity that would be issued if all rights (whether or not presently exercisable) in the entity were exercised.

The Takeovers Act also applies to direct investments by foreign government investors, in certain circumstances regardless of the size of the investment. Persons who are proposing relevant acquisitions or transactions may be required to provide notice to the Treasurer before proceeding with the acquisition or transaction, and may be required to register their interest on the Register of Foreign Ownership of Australian Assets.

The Treasurer has the power to order divestment in cases where relevant acquisitions or transactions have already occurred, including where prior notice to the Treasurer was not required. The Takeovers Act does not affect the rights of owners whose interests are held in compliance with the legislation.

**Item 10. B.7. Provisions Affecting Any Change of Control**

***Limitations on voting and shareholding***

Except for the provisions of the Takeovers Act, there are no limitations imposed by law, Rio Tinto plc's Articles of Association or Rio Tinto Limited's Constitution, on the rights of non-residents or foreigners to hold the Group's ordinary shares or ADRs, or to vote that would not apply generally to all shareholders.

For additional details, see above "*Limitations on ownership of shares and merger obligations*" above.

**Item 10. B.8. Ownership Threshold**

See "*Limitations on ownership of shares and merger obligations*" and "*Limitations on voting and shareholding*" above.

**Item 10. B.9. Differences Between the Law of Different Jurisdictions**

See above "*Rights of the Shares*" above.

**Item 10. B.10. Changes in Capital**

For additional details, see "*Variation of rights*" and "*Articles of Association, Constitution, and DLC Sharing Agreement*" above.

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**AMERICAN DEPOSITARY SHARES**

**Item 12. Other Securities**

**Item 12. D.1. Name and address of Depositary**

JPMorgan Chase Bank, N.A., as depositary, will issue the ADSs representing Rio Tinto plc's shares. JPMorgan Chase Bank, N.A., has been appointed as the depositary pursuant a deposit agreement among the depositary, the holders the ADSs thereunder, and Rio Tinto plc. Each ADS represents one shares of Rio Tinto plc. The depositary's principal office at which the ADSs will be administered is located at 383 Madison Avenue, Floor 11, New York, New York, 10179.

**Item 12. D.2. Description of American Depositary Shares**

You may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having ADSs registered in your name on the books of the depositary, you are an ADS holder. This description assumes you hold your ADSs directly. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are. Your ADSs will be issued on the books of the depositary in book-entry form, in which case your ADSs will be held through the depositary's direct registration system reflecting your ownership of these ADSs. Your ADSs will be evidenced by one or more American Depositary Receipts ("ADRs").

As an ADS holder, Rio Tinto plc will not treat you as one of its shareholders and you will not have shareholder rights. The depositary or its nominee will be the holder of record of the shares underlying your ADSs. As a holder of ADSs, you will have ADS holder rights. The deposit agreement to be entered into among us, the depositary, you, as an ADS holder, and the other holders and beneficial owners of ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreements and the ADRs. Because the depositary or its nominee will actually be the record owner of the shares, you must rely on it to exercise the rights of a shareholder on your behalf.

***Definitions in deposit agreement***

"Company" shall mean Rio Tinto plc, incorporated under the laws of England, and its successors.

"Depositary" shall mean JPMorgan Chase Bank, N.A., a national banking association organized under the laws of the United States of America and any successor as depositary hereunder. The term "Principal Office", when used with respect to the Depositary, shall mean the office of the Depositary, which at the date of this amended and restated Agreement is 270 Park Avenue, Floor 8, New York, New York, 10017.

"Custodian" shall mean the London, England office of the Depositary, and, as agent of the Depositary, any other firm or corporation in England which may hereafter be appointed by the Depositary as substitute or additional custodian or custodians hereunder, as the context shall require and the term "Custodians" shall mean all of them, collectively.

"Deposit Agreement" shall mean this Agreement, as the same may be amended from time to time.

"Rio Tinto Shares" shall mean Ordinary Shares in registered form of the Company and shall include the rights to receive such Ordinary Shares.

"Deposited Securities" as of any time shall mean Rio Tinto Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time held hereunder, subject as to cash to the provisions.

"Receipts" shall mean the American Depositary Receipts issued hereunder representing American Depositary Shares. Receipts may, but need not be, in physical certificated form.

"Direct Registration Receipts" means a Receipt, the ownership of which is recorded on the Direct Registration System. References to "Receipts" shall include Direct Registration Receipts, unless the context otherwise requires.

"American Depositary Shares" shall mean the rights represented by the Receipts issued hereunder and the interests in the Deposited Securities represented thereby. Each American Depositary Share shall represent one Rio Tinto Share.

"Owner" shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose.

"Dollars" shall mean United States dollars. The terms "Pounds" and "pence" shall mean the currency of the United Kingdom.

"Securities Act of 1933" shall mean the United States Securities Act of 1933, as from time to time amended.

"Securities Exchange Act of 1934" shall mean the United States Securities Exchange Act of 1934 as from time to time amended.

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"Commission" shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

"English Registrar" shall mean Computershare Investor Services PLC, PO Box 82, The Pavilions, Bridgewater Road, Bristol, BS99 7NH, United Kingdom, a company organized under the laws of England, which carries out the duties of registrar for the Ordinary Shares of the Company or any successor as registrar for the Ordinary Shares of the Company.

"deliver", "execute", "issue", "register", "surrender", "transfer" or "cancel", when used with respect to Direct Registration Receipts, refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System.

"Direct Registration System" means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company ("DTC") and utilized by the Depositary pursuant to which the Depositary may record the ownership of Receipts without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC, which provides for automated transfer of ownership between DTC and the Depositary.

"Receipt register" means the register maintained by the Depositary for the registration of transfer, combination and split-up of Receipts, and, in the case of Direct Registration Receipts, shall include the Direct Registration System.

***Transfer, Split-Ups, And Combinations Of Receipts.***

The transfer of this Receipt is registrable on the books of the Depositary at its Principal Office by the Owner hereof in person or by duly authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds sufficient to pay any applicable transfer taxes and the fees and expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, representing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require payment from the presentor of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Rio Tinto Shares being deposited or withdrawn) and payment of any applicable fees may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with such regulations, if any, as the Depositary may establish consistent with the provisions of the Deposit Agreement.

The delivery of Receipts against deposits of Rio Tinto Shares generally or against deposits of particular Rio Tinto Shares may be suspended, or the transfer of Receipts in particular instances may be refused, or the transfer or surrender of outstanding Receipts generally may be suspended, during any period when the Receipt register is closed, or if any such action is deemed necessary or advisable by the Depositary or in the case of the American Depositary Share issuance books only, by the Company, at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement. Without limitation of the foregoing, the Depositary will not knowingly accept for deposit under the Deposit Agreement any Rio Tinto Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Rio Tinto Shares.

***Warranties of depositors.***

Every person depositing Rio Tinto Shares under the Deposit Agreement represents and warrants that (a) such Rio Tinto Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and legally obtained by such person (b) all pre-emptive and comparable rights, if any, with respect to such Rio Tinto Shares have been validly waived or exercised, (c) the person making such deposit is duly authorized so to do, (d) the Rio Tinto Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and (e) such Rio Tinto Shares (A) are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of 1933 ("Restricted Securities") unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Rio Tinto Shares is an "affiliate" of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the American Depositary Shares, all of the provisions of Rule 144 which enable the Rio Tinto Shares to be freely sold (in the form of American Depositary Shares) will be fully complied with and, as a result thereof, all of the American Depositary Shares issued in respect of such Rio Tinto Shares will not be on the sale thereof, Restricted Securities. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares. The Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933 or the Rules made thereunder.

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***Filing proofs, certificates, and other information.***

Any person presenting Rio Tinto Shares for deposit or any Owner of a Receipt may be required from time to time to file such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company (or the appointed agent of the Company for transfer and registration of Rio Tinto Shares, which may, but need not be the English Registrar) of the Rio Tinto Shares presented for deposit or other information, to execute such certificates and to make such representations and warranties, (i) as the Depositary may, in good faith, deem necessary or proper to comply with applicable laws or regulations or to enable the Depositary to perform its obligations under the Deposit Agreement or (ii) other than in the case of the delivery of any Deposited Securities, as the Company may reasonably require by written notice to the Depositary. The Depositary may withhold the delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution or rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed. The Depositary or the Custodian, as the case may be, shall, at the request and expense of the Company, provide the Company with copies of information it receives.

***Reports; inspection of transfer books.***

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the Securities and Exchange Commission. Such reports and communications may be inspected and copied through the Commission's EDGAR system or at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549.

The Depositary will make available for inspection by Owners of Receipts at its Principal Office any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary will also send to Owners of Receipts copies of such reports when furnished by the Company pursuant to the Deposit Agreement.

The Depositary will keep at its Principal Office a Receipt register for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and Owners of Receipts, provided that such inspection shall not be for the purpose of communicating with Owners of Receipts in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts.

***Dividends and distributions.***

Whenever the Depositary receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a non-United States currency can in the reasonable judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution into dollars and will distribute the amount thus received to the Owners of Receipts entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that in the event that the Company or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, the amount distributed to the Owner of Receipts for American Depositary Shares representing such Deposited Securities shall be reduced accordingly.

Whenever the Depositary receives any distribution other than cash or Rio Tinto Shares upon any Deposited Securities, the Depositary will cause the securities or property received by it to be distributed to the Owners of Receipts entitled thereto, in any manner that the Depositary in good faith may reasonably deem equitable and practicable for accomplishing such distribution; provided, however, that if in the reasonable opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary or the Company in good faith and reasonably deems such distribution not to be feasible, the Depositary may, after consultation with the Company, adopt such method as it may in good faith and reasonably deem equitable and practicable for the purpose of effecting such distribution, including the sale, at public or private sale, of the securities or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Depositary to the Owners of Receipts entitled thereto as in the case of a distribution received in cash.

If any distribution consists of a dividend in, or free distribution of, Rio Tinto Shares, the Depositary shall, unless the Company shall request otherwise, distribute to the Owners of outstanding Receipts entitled thereto, additional Receipts for an aggregate number of American Depositary Shares representing the amount of Rio Tinto Shares received as such dividend or free distribution. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary will sell the amount of Rio Tinto Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions set forth in the Deposit Agreement. If, at the request of the Company, additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent the additional Rio Tinto Shares distributed upon the Deposited Securities represented thereby.

In the event that the Depositary determines that any distribution in property (including Rio Tinto Shares and rights to subscribe therefor) is subject to any tax which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Rio Tinto Shares and rights to subscribe therefor) in such amounts and in such manner as the

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Depositary deems necessary and practicable to pay any such taxes, at public or private sale, and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes to the Owners of Receipts entitled thereto.

***Rights.***

<u>Distribution to Owners</u>. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Rio Tinto Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Owners. Upon receipt of a notice indicating that the Company wishes such rights to be made available to Owners, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such rights available to the Owners. The Depositary shall make such rights available to Owners only if (i) the Company shall have timely requested that such rights be made available to Owners, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.07 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are satisfied, subject to any other agreements the Depositary may reasonably request, the Depositary shall establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Owners to exercise the rights (upon payment of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and other governmental charges). Nothing herein shall obligate the Depositary to make available to the Owners a method to exercise such rights to subscribe for Rio Tinto Shares (rather than American Depositary Shares).

<u>Sale of Rights</u>. If (i) the Company does not timely request the Depositary to make the rights available to Owners or requests that the rights not be made available to Owners, (ii) the Depositary fails to receive satisfactory documentation within the terms of the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Owners, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and governmental charges) upon the terms set forth in the Deposit Agreement.

<u>Lapse of Rights</u>. If the Depositary is unable to make any rights available to Owners upon the terms described or to arrange for the sale of the rights upon the terms described, the Depositary shall allow such rights to lapse.

The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Owners in general or any Owners in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Owners on behalf of the Company in connection with the rights distribution.

Notwithstanding anything to the contrary in this Article, If registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Owners and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Owners (i) unless and until a registration statement under the Securities Act (and/or such other applicable law) covering such offering is in effect or (ii) unless the Company furnishes to the Depositary at the Company's own expense opinion(s) of counsel to the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Owners shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Rio Tinto Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Rio Tinto Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and charges.

There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Rio Tinto Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Rio Tinto Shares or other securities to be acquired upon the exercise of such rights.

***Record dates.***

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Rio Tinto Shares or other Deposited Securities, the Depositary shall, after consultation with the

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Company if practicable in the case of a record date set in response to a Company record date, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company), for the determination of the Owners who shall be entitled to receive such dividend, distribution or rights, or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or for fixing the date on or after which each American Depositary Share will represent the changed number of Rio Tinto Shares. Subject to the Deposit Agreement, only such Owners at the close of business on such record date shall be entitled to receive any such distribution or proceeds, to give such voting instructions, to receive such notice or solicitation or to act or be responsible or obligated in respect of any such other matter.

***Voting of deposited securities.***

Upon receipt of notice of any meeting of holders of Rio Tinto Shares or other Deposited Securities, unless otherwise requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice which shall contain (a) such information as is contained in such notice of meeting and in any related material supplied by the Company to the Depositary, (b) a statement that the Owners of Receipts as of the close of business on a specified record date will be entitled, subject to any applicable provision of English law and of the Articles of Association of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Rio Tinto Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company. Upon the written request of an Owner of a Receipt on such record date, actually received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor in so far as practicable to vote or cause to be voted the amount of Rio Tinto Shares or other Deposited Securities represented by such Receipt in accordance with the instructions set forth in such request. The Depositary shall not, and the Depositary shall ensure that the Custodian and the nominee(s) of the Depositary or the Custodian shall not, vote or attempt to vote or exercise or attempt to exercise any other rights in respect of Deposited Securities, other than in accordance with prior written instructions of the Owners of Receipts therefor, and shall not vote or attempt to exercise the right to vote or exercise or attempt to exercise any other right attaching to Rio Tinto Shares or other Deposited Securities, if no instructions are received with respect to such securities. Notwithstanding anything contained in the Deposit Agreement or any Receipt, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the American Depositary Shares are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Owners a notice that provides Owners with, or otherwise publicizes to Owners, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Owners are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the American Depositary Receipt department responsible for proxies and voting has received such instructions notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

***Changes affecting deposited securities.***

Subject to the other provisions of the Deposit Agreement, the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend the Receipts or distribute additional or amended Receipts (with or without calling Receipts for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split up, consolidation, cancellation or other reclassification of Deposited Securities, any Rio Tinto Share distribution or other distribution not distributed to Owners or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company, and to the extent the Depositary does not so amend the Receipts or make a distribution to Owners to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each American Depositary Share evidenced shall automatically represent its pro rata interest in the Deposited Securities as then constituted. Promptly upon the occurrence of any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's expense, to Owners in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Owners in accordance with the terms thereof, as soon as reasonably practicable.

***Liability of the company and depositary.***

The Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur or assume no liability (including, without limitation, to Owners or beneficial owners) (a) if any present or future law, rule, regulation, fiat, order or decree of the United Kingdom, the United States or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the Company's Memorandum and Articles of Association, any act of God, war, terrorism, epidemic, pandemic, nationalization, expropriation, currency

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restrictions, extraordinary market conditions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, cyber, ransomware or malware attack, computer failure or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the Deposit Agreement or this Receipt provides shall be done or performed by it or them (including, without limitation, voting pursuant to Section 4.07 of the Deposit Agreement and paragraph (16) hereof), or (b) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise or failure to exercise any discretion given it in the Deposit Agreement or this Receipt (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable); (ii) incur or assume no liability (including, without limitation, to Owners or beneficial owners) except to perform its obligations to the extent they are specifically set forth in this Receipt and the Deposit Agreement without gross negligence or willful misconduct and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or beneficial owners; (iii) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, the American Depositary Shares or this Receipt; (iv) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, the American Depositary Shares or this Receipt, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and

liability be furnished as often as may be required; and (v) not be liable (including, without limitation, to Owners or beneficial owners) for any action or inaction by it in reliance upon the advice of or information from any legal counsel, any accountant, any person presenting Rio Tinto Shares for deposit, any Owner, or any other person believed by it to be competent to give such advice or information and/or, in the case of the Depositary, the Company.

The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the Receipts) and, subject to the further limitations set forth in clause (o) of this paragraph (18) the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Owner has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system.

The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.

The Depositary shall be under no obligation to inform Owners or beneficial owners about the requirements of the laws, rules or regulations or any changes therein or thereto of the United Kingdom, the United States or any other country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by the Company, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the Depositary is instructed to grant a discretionary proxy pursuant to Section 4.07 of the Deposit Agreement and paragraph (16) hereof, or for the effect of any such vote.

The Depositary shall endeavor to effect any sale of securities or other property and any conversion of currency, securities or other property, in each case as is referred to or contemplated in the Deposit Agreement or the form of Receipt, in accordance with the Depositary's normal practices and procedures under the circumstances applicable to such sale or conversion, but shall have no liability (in the absence of its own willful default or gross negligence or that of its agents, officers, directors or employees) with respect to the terms of any such sale or conversion, including the price at which such sale or conversion is effected, or if such sale or conversion shall not be practicable, or shall not be believed, deemed or determined to be practicable by the Depositary. Specifically, the Depositary shall not have any liability for the price received in connection with any public or private sale of securities (including, without limitation, for any sale made at a nominal price), the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale.

The Depositary shall not incur any liability in connection with or arising from any failure, inability or refusal by the Company or any other party, including any share registrar, transfer agent or other agent appointed by the Company, the Depositary or any other party, to process any transfer, delivery or distribution of cash, Rio Tinto Shares, other securities or other property, including without limitation upon the termination of the Deposit Agreement, or otherwise to comply with any provisions of the Deposit Agreement that are applicable to it.

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The Depositary may rely upon instructions from the Company or its legal counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

Subject to the Company's Memorandum and Articles of Association and applicable law, the Depositary (acting in its capacity as Depositary) and its agents may own and deal in any class of securities of the Company and its affiliates and in Receipts.

Notwithstanding anything to the contrary set forth in the Deposit Agreement or any Receipt, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Owner or Owners, any Receipt or Receipts, any American Depositary Share or American Depositary Shares, or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

None of the Depositary, the Custodian or the Company, or any of their respective directors, officers, employees, agents or affiliates shall be liable for the failure by any Owner or beneficial owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such Owner's or beneficial owner's income tax liability.

The Depositary is under no obligation to provide the Owners and beneficial owners, or any of them, with any information about the tax status of the Company. None of the Depositary, the Custodian or the Company, or any of their respective directors, officers, employees, agents and affiliates, shall incur any liability for any tax or tax consequences that may be incurred by Owners or beneficial owners on account of their ownership or disposition of the Receipts or American Depositary Shares.

The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Owners or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company.

Notwithstanding anything herein or in the Deposit Agreement or this Receipt to the contrary, the Depositary and the Custodian(s) may use third-party delivery services and providers of information regarding matters such as, but not limited to, pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit Agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of security beneficial owners of issuers. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third-party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary.

The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

Notwithstanding any other provision of the Deposit Agreement or this Receipt to the contrary, neither the Depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation, Owners and beneficial owners of Receipts and American Depositary Shares), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

No provision of the Deposit Agreement or this Receipt is intended to constitute a waiver or limitation of any rights which Owners or beneficial owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

The Depositary may perform its obligations under the Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to Sections 5.02 and 5.03 of the Deposit Agreement and paragraph (18) of the form of Receipt.

The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities and/or property hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated pursuant to the Deposit Agreement and the Receipts, including, without limitation, Article IV and/or under Section 5.09 (Charges of Depositary) of the Deposit Agreement and paragraph (8) (Charges of Depositary) of the form of Receipt. All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies,

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which are currently set forth on the "Disclosures" page (or successor page) of ADR.com, the location and contents of which the Depositary shall be solely responsible for.

Each Owner and each beneficial owner, upon acceptance of any American Depositary Shares or Receipts (or any interest in any of them) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable Receipt(s), (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable Receipt(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable Receipt(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any Receipt shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about the Company, Owners, beneficial owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with the Company, Owners, beneficial owners and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to the Company or the Owners or beneficial owners and/or their respective affiliates may have interests, (v) nothing contained in the Deposit Agreement or any Receipt(s) shall (a) preclude the Depositary or any of its divisions, branches or affiliates from engaging in any such transactions or establishing or maintaining any such relationships, or (b) obligate the Depositary or any of its divisions, branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received in any such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii) notice to an Owner shall be deemed, for all purposes of the Deposit Agreement and this Receipt, to constitute notice to any and all beneficial owners of the American Depositary Shares evidenced by such Owner's Receipts. For all purposes under the Deposit Agreement and this Receipt, the Owner hereof shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the American Depositary Shares evidenced by this Receipt."

By holding or owning a Receipt or American Depositary Share or an interest therein, Owners and beneficial owners each irrevocably agree that any legal suit, action or proceeding against or involving Owners or beneficial owners brought by the Company or the Depositary, arising out of or based upon the Deposit Agreement, the American Depositary Shares, the Receipts or the transactions contemplated therein, herein, thereby or hereby, may be instituted in a federal or state court in New York, New York, and by holding or owning a Receipt or American Depositary Share or an interest therein each irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.

By holding or owning a Receipt or American Depositary Share or an interest therein, Owners and beneficial owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or the Company brought by Owners or beneficial owners, arising out of or based upon the Deposit Agreement, the American Depositary Shares, the Receipts or the transactions contemplated therein, herein, thereby or hereby, including, without limitation, claims under the Securities Act of 1933, may be instituted only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable).

***Amendment.***

The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect, which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than the fees of the Depositary for the execution and delivery of Receipts and taxes and other governmental charges), or which shall otherwise prejudice any substantial existing right of Owners of Receipts, shall, however, not become effective as to outstanding Receipts until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the American Depositary Receipts to be registered on Form F-6 under the Securities Act of 1933 or (b) the American Depositary Receipts or Rio Tinto Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Owners, shall be deemed not to prejudice any substantial rights of Owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of Receipt to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Owners or within any other period of time as required for compliance. In

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no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

***Termination of deposit agreement.***

The Depositary shall at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement if at any time 60 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit Agreement. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary. At any time after the expiration of one year from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses.

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**DEBT SECURITIES**

**Item 12. A Debt Securities**

Each series of guaranteed notes listed on the New York Stock Exchange has been issued by Rio Tinto Finance (USA) Limited or Rio Tinto Finance (USA) plc fully and unconditionally guaranteed by Rio Tinto plc and Rio Tinto Limited (the "Guarantors"). Each of these series of the notes and related guaranteed was issued pursuant to an effective registration statement and a related prospectus and prospectus supplements setting for the terms of the relevant series of notes and related guarantees.

Rio Tinto Finance (USA) Limited, a wholly owned subsidiary of Rio Tinto Limited, and Rio Tinto Finance (USA) plc, an indirect wholly owned subsidiary of Rio Tinto plc, Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA) plc (together, the "Issuers", "we", "us" and "our") are finance companies through which the Rio Tinto Group conducts its treasury operations.

The following table sets for the dates of the registration statements, dates of the base prospectus, dates of issuance and issuer for each relevant series of the notes ("Notes").

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| | | | |
|:---|:---|:---|:---|
| **Notes** | **Registration<br>Statement** | **Date of Base<br>Prospectus** | **Issuer/<br>Date of Issuance** |
| $1,250,000,000<br>2.750% Guaranteed Notes due 2051 | 333-258553 | 21 May 2020 | Rio Tinto Finance (USA) Limited<br>2 November 2021 |
| $750,000,000<br>4.125% Guaranteed Notes due 2042 | 333-175037 | 16 March 2012 | Rio Tinto Finance (USA) plc<br>17 August 2012 |
| .$500,000,000 <br>4.375% Guaranteed Notes due 2027 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| $750,000,000 <br>4.500% Guaranteed Notes due 2028 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| $500,000,000<br>4.750% Guaranteed Notes due 2042 | 333-175037 | 16 March 2012 | Rio Tinto Finance (USA) plc<br>20 March 2012 |
| .$1,750,000,000 <br>4.875% Guaranteed Notes due 2030 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| $1,250,000,000 <br>5.000% Guaranteed Notes due 2032 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| $650,000,000<br>5.000% Guaranteed Notes due 2033 | 333-238553 | 21 May 2020 | Rio Tinto Finance (USA) plc<br>9 March 2023 |
| $1,100,000,000<br>5.125% Guaranteed Notes due 2053 | 333-238553 | 21 May 2020 | Rio Tinto Finance (USA) plc<br>9 March 2023 |
| $350,000,000<br>5.200% Guaranteed Notes due 2040 | 333-175037 | 21 June 2011 | Rio Tinto Finance (USA) Limited<br>15 September 2011 |
| $300,000,000<br>5.200% Guaranteed Notes due 2040 | 333-151839 | 17 May 2011 | Rio Tinto Finance (USA) Limited<br>19 May 2011 |
| $500,000,000<br>5.200% Guaranteed Notes due 2040 | 333-151839 | 14 April 2009 | Rio Tinto Finance (USA) Limited<br>29 October 2010 |
| .$1,750,000,000 <br>5.250% Guaranteed Notes due 2035 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| $1,750,000,000 <br>5.750% Notes due 2055 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| .$750,000,000 <br>5.875% Notes due 2065 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |
| $750,000,000<br>7.125% Guaranteed Notes due 2028 | 333-151839 | 23 June 2008 | Rio Tinto Finance (USA) Limited<br>25 June 2008 |
| .$500,000,000 <br>Floating Rate Notes due 2028 | 333-271670 | 5 May 2023 | Rio Tinto Finance (USA) plc<br>14 March 2025 |

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**DESCRIPTION OF GUARANTEED DEBT SECURITIES**

**General**

As required by federal law of the United States for all bonds and notes of companies that are publicly offered, the debt securities described below are governed by a document called an indenture. The indenture relating to debt securities issued by Rio Tinto Finance (USA) Limited, Rio Tinto Finance (USA) plc and Rio Tinto Finance (USA) Inc. is a contract among Rio Tinto Finance (USA) Limited, Rio Tinto Finance (USA) plc, Rio Tinto Finance (USA) Inc., Rio Tinto plc, Rio Tinto Limited and The Bank of New York Mellon. The Bank of New York Mellon acts as the trustee under the Indenture dated July 2, 2001, which was amended and restated on March 16, 2012 (the "Base Indenture") and amended by the supplemental indenture dated May 8, 2017 (the "First Supplemental Indenture") and the supplemental indenture dated May 6, 2020 (the "Second Supplemental Indenture", which, together with the Base Indenture and the First Supplemental Indenture, is referred to herein as the "indenture"). The trustee has two principal functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, it can enforce the rights of holders of the debt securities against us or Rio Tinto if we or Rio Tinto default on debt securities issued under the indenture. There are some limitations on the extent to which the trustee acts on behalf of holders of the debt securities, described under "— *Default and Related Matters — Events of Default — Remedies If an Event of Default Occurs*" below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, the trustee performs administrative duties for us, such as sending interest payments to holders, transferring debt securities to new buyers and sending notices to holders.

Both Rio Tinto plc and Rio Tinto Limited act as the guarantors of the debt securities issued under the indenture. The guarantees are described under "— *Guarantees*" below.

The indenture and its associated documents contain the full legal text of the matters described in this section. The indenture, the debt securities and the guarantees are governed by New York law. A copy of the form of indenture is filed with the SEC as an exhibit to the registration statement.

We may issue as many distinct series of debt securities under the indenture as we wish. This section summarizes all material terms of the debt securities and the guarantees that are common to all series, unless otherwise indicated in the prospectus supplement relating to a particular series.

**Interest rates**

In addition to debt securities that bear interest at fixed rates, we may, from time to time, issue floating rate debt securities that bear interest at rates based on other interest rates as may be described in the applicable prospectus supplement.

**Guarantees**

Both Rio Tinto plc and Rio Tinto Limited will fully and unconditionally guarantee the payment of the principal of, premium, if any, and interest on the debt securities, including any additional amounts which may be payable in respect of the debt securities, as described under "— *Special Situations — Payment of Additional Amounts*". Rio Tinto plc and Rio Tinto Limited guarantee the payment of such amounts when such amounts become due and payable, whether at the stated maturity of the debt securities, by declaration or acceleration, call for redemption or otherwise. Each of Rio Tinto plc and Rio Tinto Limited is individually obligated to pay such amounts.

**Legal Ownership**

***Street Name and Other Indirect Holders***

Investors who hold debt securities in accounts at banks or brokers will generally not be recognized by us as legal holders of debt securities. This is called holding in street name. Instead, we would recognize only the bank or broker, or the financial institution the bank or broker uses to hold its debt securities. These intermediary banks, brokers and other financial institutions pass along principal, interest and other payments on the debt securities, either because they agree to do so in their customer agreements or because they are legally required to do so. Holders of debt securities who hold in street name should check with their institutions to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it handles payments in respect of the debt securities and notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether it imposes fees or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle voting if it were ever required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and how holders can instruct it to send their debt securities, registered in their own names so they can be direct holders as described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests.

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***Direct Holders***

Our obligations, as well as the obligations of the trustee and those of any third parties employed by us or the trustee, run only to persons who are registered as holders of debt securities. As noted above, we do not have obligations to holders who hold in street name or other indirect means, either because such holders choose to hold debt securities in that manner or because the debt securities are issued in the form of global securities as described below. For example, once we make payment to the registered holder, we have no further responsibility for the payment even if that holder is legally required to pass the payment along to the street name customer but does not do so.

***Global Securities***

*What is a Global Security?* A global security is a special type of indirectly held security, as described above under "— *Street Name and Other Indirect Holders*". If we choose to issue debt securities in the form of global securities, the ultimate beneficial owners can only be indirect holders.

We require that the global security be registered in the name of a financial institution we select. In addition, we require that the debt securities included in the global security not be transferred to the name of any other direct holder unless the special circumstances described below occur. The financial institution that acts as the sole direct holder of the global security is called the depositary. Any person wishing to own a security must do so indirectly by virtue of an account with a broker, bank or other financial institution that in turn has an account with the depositary. The prospectus supplement indicates whether a particular series of debt securities will be issued only in the form of global securities.

*Special Investor Considerations for Global Securities.* As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the depositary, as well as general laws relating to securities transfers. We do not recognize this type of investor as a holder of debt securities and instead deal only with the depositary that holds the global security.

Investors in debt securities that are issued only in the form of global debt securities should be aware that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They cannot get debt securities registered in their own names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They cannot receive physical certificates for their interests in the debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They will be street name holders and must look to their own banks or brokers for payments on the debt securities and protection of their legal rights relating to the debt securities, as explained earlier under "*— Street Name and Other Indirect Holders*".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their debt securities in the form of physical certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The depositary's policies will govern payments, transfers, exchange and other matters relating to holders' interests in the global security. We and the trustee have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in the global security. We and the trustee also do not supervise the depositary in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The depositary will require that interests in a global security be purchased or sold within its system using same-day funds.

*Special Situations When Global Security Will Be Terminated.* In a few special situations described later, the global security will terminate and interests in it will be exchanged for physical certificates representing debt securities. After that exchange, the choice of whether to hold debt securities directly or in street name will be up to the investor. Investors must consult their own bank or brokers to find out how to have their interests in debt securities transferred to their own name so that they will be direct holders. The rights of street name investors and direct holders in the debt securities have been previously described in the subsections entitled "*— Street Name and Other Indirect Holders*" and "— *Direct Holders*".

The special situations for termination of a global security are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the depositary notifies us or Rio Tinto that it is unwilling, unable or ceases to be a clearing agency registered under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When an event of default on the debt securities has occurred and has not been cured. Defaults are discussed below under "— *Default and Related Matters — Events of Default*".

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When a global security terminates, the depositary (and not we or the trustee) is responsible for deciding the names of the institutions that will be the initial direct holders.

**Overview of Remainder of this Description**

The remainder of this description summarizes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Additional mechanics*** relevant to the debt securities under normal circumstances, such as how to transfer ownership and where we make payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders' rights under several ***special situations***, such as if we merge with another company, if we want to change a term of the debt securities or if we want to redeem the debt securities for tax reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders' rights to receive ***payment of additional amounts*** due to changes in the withholding requirements of various jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Covenants*** contained in the indenture that restrict our and Rio Tinto's ability to incur liens. A particular series of debt securities may have additional covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders' rights if we or Rio Tinto ***default*** in respect of our or Rio Tinto's obligations under the debt securities or experience other financial difficulties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our relationship with the ***trustee***.

**Additional Mechanics**

***Exchange and Transfer***

The debt securities will be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only in fully registered form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• without interest coupons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unless indicated in the applicable prospectus supplement, in denominations that are even multiples of U.S.$1,000.

Holders may have their debt securities broken into more debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed. This is called an exchange.

Holders may exchange or transfer their debt securities at the office of the trustee. The trustee acts as our agent for registering debt securities in the names of holders and transferring the securities. We may change this appointment to another entity or perform the service ourselves. The entity performing the role of maintaining the list of registered holders is called the security registrar. It will also register transfers of the debt securities.

Holders will not be required to pay a service charge to transfer or exchange debt securities, but may be required to pay for any tax or other governmental charge associated with the exchange or transfer. The transfer or exchange of a registered debt security will only be made if the security registrar is satisfied with a holder's proof of ownership.

If we have designated additional transfer agents, they are named in the prospectus supplement. We may cancel the designation of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If the debt securities are redeemable and we redeem less than all of the debt securities of a particular series, we may block the transfer or exchange of debt securities during a specified period of time in order to freeze the list of holders to prepare the mailing. The period begins 15 days before the day we mail the notice of redemption and ends on the day of that mailing. We may also refuse to register transfers or exchanges of debt securities selected for redemption. However, we will continue to permit transfers and exchanges of the unredeemed portion of any security being partially redeemed.

***Payment and Paying Agents***

We will pay interest to holders who are direct holders listed in the trustee's records at the close of business on a particular day in advance of each due date for interest, even if such holders no longer own the security on the interest due date. That particular day, usually the Clearing System Business Day immediately prior to the interest due date, is called the regular record date and is stated in the prospectus supplement.

We will pay interest, principal and any other money due on your debt securities at the corporate trust office of the trustee in New York City. That office is currently located at 240 Greenwich Street, New York, NY 10286. Holders must make arrangements to have payments picked up at or wired from that office. We may also choose to pay interest by mailing checks.

Interest on global securities will be paid to the holder thereof by wire transfer of same-day funds.

Holders buying and selling debt securities must work out between them how to compensate for the fact that we will pay all the interest for an interest period to, in the case of registered debt securities, the one who is the registered holder on the regular

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record date. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller. This prorated interest amount is called accrued interest.

***Street name and other indirect holders should consult their banks or brokers for information on how they will receive payments.***

We or Rio Tinto may also arrange for additional payment offices, and may cancel or change these offices, including our or Rio Tinto's use of the trustee's corporate trust office. These offices are called paying agents. We may also choose to act as our own paying agent. We must notify holders of changes in the paying agents for any particular series of debt securities.

***Notices***

We and the trustee will send notices only to direct holders, using their addresses as listed in the security register.

Regardless of who acts as paying agent, all money that we pay to a paying agent that remains unclaimed at the end of two years after the amount is due to direct holders will be repaid to us. After that two-year period, holders may look only to us for payment and not to the trustee, any other paying agent or anyone else.

**Special Situations**

***Mergers and Similar Events***

We, Rio Tinto plc and Rio Tinto Limited are generally permitted to consolidate or merge with another entity. We, Rio Tinto plc and Rio Tinto Limited are also permitted to sell or lease substantially all of our assets to another entity or to buy or lease substantially all of the assets of another entity. However, Rio Tinto Finance (USA) Limited may only take these actions if the successor entity is incorporated or organized under the laws of Australia, any state thereof, or the United States, any state thereof, or the District of Columbia; Rio Tinto Finance (USA) plc may only take these actions if the successor entity is incorporated or organized under the laws of the United Kingdom, or any political subdivision thereof, or the United States, any state thereof, or the District of Columbia; and Rio Tinto Finance (USA) Inc. may only take these actions if the successor entity is incorporated or organized under the laws of the United States, any state thereof, or the District of Columbia. In addition, neither we, Rio Tinto plc nor Rio Tinto Limited may take any of these actions unless all the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Rio Tinto Finance (USA) Limited, Rio Tinto Finance (USA) plc, Rio Tinto Finance (USA) Inc., Rio Tinto plc or Rio Tinto Limited merges out of existence or sells or leases substantially all its assets, the successor entity must be duly organized and validly existing under the laws of the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If such successor entity is organized under the laws of a jurisdiction other than Australia, the United Kingdom, or the United States, any state thereof, or the District of Columbia, it must indemnify holders against any governmental charge or other cost resulting from the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither we, Rio Tinto plc nor Rio Tinto Limited may be in default on the debt securities or guarantees immediately prior to such action and such action must not cause a default. For purposes of this no-default test, a default would include an event of default that has occurred and not been cured, as described under "— *Default and Related Matters — Events of Default — What is An Event of Default?*" A default for this purpose would also include any event that would be an event of default if the requirements for notice of default or existence of defaults for a specified period of time were disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we, Rio Tinto plc or Rio Tinto Limited merges out of existence or sells or leases substantially all of our or their assets, the successor entity must execute a supplement to the indenture, known as a supplemental indenture. In the supplemental indenture, the entity must promise to be bound by every obligation in the indenture applicable to Rio Tinto Finance (USA) Limited, Rio Tinto Finance (USA) plc, Rio Tinto Finance (USA) Inc., Rio Tinto plc or Rio Tinto Limited, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We, Rio Tinto plc or Rio Tinto Limited, as the case may be, must deliver a certificate and an opinion of counsel to the trustee, each stating that the consolidation, merger, conveyance, transfer or lease, and, if applicable, the supplemental indenture pursuant to which the successor entity assumes our obligations or the obligations of Rio Tinto plc or Rio Tinto Limited, are in compliance with the indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither our nor Rio Tinto's assets or properties may become subject to any impermissible lien unless the debt securities issued under the indenture are secured equally and ratably with the indebtedness secured by the impermissible lien. Impermissible liens are described in further detail below under "— *Restrictive Covenants — Restrictions on Liens*".

**The terms of the indenture provide that, in certain circumstances, the obligations of the issuer under the debt securities may be assumed by another entity. Any such assumption might be treated for U.S. federal income tax purposes as a deemed disposition of debt securities by a U.S. holder in exchange for new debt securities issued by the new obligor. As a result of this deemed disposition, a U.S. holder could be required to recognize capital gain or loss for U.S. federal** 

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**income tax purposes equal to the difference, if any, between the issue price of the new debt securities (as determined for U.S. federal income tax purposes), and the U.S. holder's tax basis in the debt securities. U.S. holders should consult their tax advisors concerning the U.S. federal income tax consequences to them of a change in obligor with respect to the debt securities.**

***Modification and Waiver***

There are three types of changes we can make to the indenture and the debt securities.

*Changes Requiring the Approval of all Holders.* First, there are changes that cannot be made to the debt securities without the specific approval of each holder of the debt securities of the applicable series. Following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the stated maturity of the principal or the interest payment dates on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any reduction in amounts due on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to any of our or Rio Tinto's obligations to pay additional amounts described later under "*— Payment of Additional Amounts*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any reduction in the amount of principal payable upon acceleration of the maturity of a debt security following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the place or currency of payment on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any impairment of holders' right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any reduction in the percentage of holders of debt securities whose consent is needed to modify or amend the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any reduction in the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indenture or to waive various defaults; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any modification, in any manner adverse to the holders of the debt securities, to the obligations of Rio Tinto plc or Rio Tinto Limited in respect of the payment of principal, premium, if any, and interest, if any.

*Changes Requiring a Majority Vote.* The second type of change to the indenture and the debt securities is the kind that requires a vote in favor by holders of debt securities owning a majority of the principal amount of the particular series affected. Most changes fall into this category, except for clarifying changes, amendments, supplements and other changes that would not adversely affect holders of the debt securities in any material respect. The same vote would be required for us to obtain a waiver of all or part of the covenants described below or a waiver of a past default. However, we cannot obtain a waiver of a payment default or any other aspect of the indenture or the debt securities listed in the first category described previously under "— *Changes Requiring the Approval of all Holders*" unless we obtain the individual consent of each holder to the waiver.

*Changes Not Requiring Approval.* The third type of change does not require any vote by holders of debt securities. This type is limited to clarifications and other changes that would not adversely affect holders of the debt securities in any material respect.

*Further Details Concerning Voting.* When taking a vote, we will use the following rules to decide how much principal amount to attribute to a security:

For original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of the debt securities were accelerated to that date because of a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For debt securities whose principal amount is not known (for example, because it is based on an index), we will use a special rule for that security described in the prospectus supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For debt securities denominated in one or more foreign currencies or currency units, we will use the U.S. dollar equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "— *Defeasance and Covenant Defeasance — Defeasance and Discharge*".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding debt securities that are entitled to vote or take other action under the indenture. In limited circumstances, the trustee will be entitled to set a record date for action by holders. If we or the trustee set a record date for a vote or other action to be taken by holders of a particular series, that vote or action may be taken only by persons who are holders of outstanding debt securities of that series on the record date and must be taken within 180 days following the record date or another period that we may specify (or as the trustee may specify, if it set the record date). We may shorten or lengthen (but not beyond 180 days) this period from time to time.

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***Street name and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.***

***Optional Tax Redemption***

The debt securities of any series may be redeemed in whole but not in part, in the three situations described below. The redemption price for the debt securities will be equal to the principal amount of the debt securities being redeemed plus accrued interest and any additional amounts due on the date fixed for redemption. Holders must receive between 10 and 60 days' notice before their debt securities are redeemed.

The first situation is where, as a result of a change in or amendment to any laws, regulations or rulings or the official application or interpretation of such laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or any amendment to, any treaty or treaties affecting taxation, any of we, Rio Tinto plc or Rio Tinto Limited determines that it would be required to pay additional amounts as described later under "— *Payment of Additional Amounts*".

The second situation is where, as a result of a change in or amendment to any laws, rulings or regulations or the official application or interpretation of such laws, rulings or regulations, or any change in the official application or interpretation of, or any execution of or any amendment to, any treaty or treaties affecting taxation, Rio Tinto plc or Rio Tinto Limited or any subsidiary of either of them determines that it would have to deduct or withhold tax on any payment to us to enable it to make a payment of principal or interest on a debt security.

In the first and second situations, the option to redeem the debt securities applies only in the case of changes or amendments that occur on or after the date specified in the prospectus supplement for the applicable series of debt securities and in the jurisdiction where Rio Tinto plc and Rio Tinto Limited are incorporated. If we, Rio Tinto plc or Rio Tinto Limited, as the case may be, have been succeeded by another entity, the applicable jurisdiction will be the jurisdiction in which such successor entity is organized, and the applicable date will be the date the entity became a successor.

In addition, in the case of the first and second situations, we, Rio Tinto plc or Rio Tinto Limited will not have the option to redeem if we could have avoided the payment of additional amounts or the deduction or withholding by using reasonable measures available to us.

The third situation is where, following a merger or consolidation of Rio Tinto plc or Rio Tinto Limited or a transfer or lease of all of Rio Tinto plc's or Rio Tinto Limited's assets, the person formed by such merger, consolidation, transfer or lease is organized under the laws of a jurisdiction other than the United States, the United Kingdom or Australia, or any political subdivisions thereof, and is required to pay additional amounts as described under "—*Payment of Additional Amounts*".

We, Rio Tinto plc or Rio Tinto Limited shall deliver to the trustee an Officer's Certificate to the effect that the circumstances required for redemption exist.

**Restrictive Covenants**

***Restrictions on Liens***

Some of our or Rio Tinto's property may be subject to a mortgage or other legal mechanism that gives our and Rio Tinto's lenders preferential rights in that property over other lenders, including the holders of the debt securities, or over our and Rio Tinto's general creditors if we fail to pay them back. These preferential rights are called liens. We promise that we will not become obligated on any new debt for borrowed money that is secured by a lien on any of our or Rio Tinto's properties, unless we or Rio Tinto grant an equivalent or higher-ranking lien on the same property to the holders of the debt securities.

Neither we nor Rio Tinto need to comply with this restriction if the amount of all debt that would be secured by liens on our or Rio Tinto's properties, excluding the debt secured by the liens that are listed below, is less than 10% of Rio Tinto's consolidated net worth plus minorities. Consolidated net worth plus minorities is defined in the indenture as a measure of the net worth of Rio Tinto that includes amounts attributable to the outside interests in the accounting subsidiaries of Rio Tinto. A substantial portion of the consolidated assets of Rio Tinto is held by their subsidiaries and thus would not be subject to this restriction on liens.

This restriction on liens applies only to liens for borrowed money. In addition, this restriction on liens also does not apply to debt secured by a number of different types of liens. These types of liens include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien existing on or before the date of the issuance of the applicable series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien arising by operation of law and not as a result of any act or omission on our or Rio Tinto's part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising from any judgment against us or Rio Tinto that does not give rise to an event of default;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien created on property (or the title documents for that property) acquired after the date of the issuance of the applicable series of debt securities for the sole purpose of financing or refinancing or securing the cost of that property so long as the principal moneys secured by the property do not exceed the cost of that acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien over property (or the title documents for that property) that was in existence at the time we or Rio Tinto acquired the property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien over assets and/or, where such assets comprise substantially the whole of the assets of their owner, shares or stock in the owner of those assets that secures project finance borrowing to finance the costs of developing, or acquiring and developing, those assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien over property, including improvements, which was developed, constructed or improved by us or Rio Tinto, acquired after the date of the issuance of the applicable series of debt securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ to secure the payment of all or any part of the cost of development or construction of or improvement on the property, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ to secure indebtedness incurred by us or Rio Tinto for the purpose of financing all or any part of the cost of development or construction or of improvements on the property,

so long as the secured indebtedness does not exceed the higher of the cost or the fair market value of that

development, construction or improvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien arising solely by operation of law over any credit balance or cash held in an account with a financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien arising in transactions entered into or established for our or Rio Tinto's benefit in connection with any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the operation of cash management programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ other payment netting arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ derivatives transactions (including swaps, caps, collars, options, futures transactions, forward rate agreements and foreign exchange transactions and any other similar transaction (including any option with respect to any of the foregoing) and any combination of any of the foregoing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ other normal banking transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ in the ordinary course of letter of credit transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any lien securing our or Rio Tinto's indebtedness for borrowed money incurred in connection with the financing of our or Rio Tinto's accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien arising in the ordinary course of dealings in base and precious metals, other minerals, petroleum or any other materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien incurred or deposits made in the ordinary course of business, including, but not limited to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any mechanics', materialmen's, carriers', workmen's, vendors' or similar lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any lien securing amounts in connection with workers' compensation unemployment insurance and other types of social security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any easements, right-of-way, restrictions and other similar charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien securing all or part of our or Rio Tinto's interest in any mine or mineral deposit and/or facilities and/or any agreement or instrument relating to a mine or mineral deposit that is in favor of any operator or participant in that mine, mineral deposit or facility if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the lien serves as security for any sum which may become due to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ an operator in its capacity as operator; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ to a participant by virtue of any agreement or instrument relating to such mine or mineral deposit and/or facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the lien is limited to the relevant mine or mineral deposit and/or facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any lien upon specific items of our or Rio Tinto's inventory or other goods, and proceeds inventory or other goods, securing our or Rio Tinto's obligations relating to bankers' acceptances, issued or created for our or Rio Tinto's account to facilitate the purchase, shipment or storage of the inventory or other goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any lien incurred or deposits made securing our or Rio Tinto's performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of like nature incurred in the ordinary course of our or Rio Tinto's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any lien on any of our or Rio Tinto's property in favor of the Federal Government of the United States or the government of any state thereof, or the government of Australia or the government of any state or territory thereof, the United Kingdom, or the government of any member nation of the European Union, or any instrumentality of any of them, securing our or Rio Tinto's obligations under any contract or payments owed to such entity pursuant to applicable laws, rules, regulations or statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any liens securing taxes or assessments or other applicable governmental charges or levies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any liens securing industrial revenue, development or similar bonds issued by us or Rio Tinto, or for our or Rio Tinto's benefit, provided that the industrial revenue, development or similar bonds the sale or other transfer of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any minerals in place, or for the future production of minerals, for a specified period of time or in any amount such that, the purchaser will realize from such sale or transfer a specified amount of money or minerals; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any other interest in property that is commonly referred to as a "production payment";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any liens in favor of any company in the Rio Tinto Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any liens securing indebtedness for which we or Rio Tinto have paid money or deposited securities in an arrangement to discharge in full any liability relating to that indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any lien referred to above, so long as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the amount does not exceed the principal amount of the borrowed money secured by the lien which is to be extended, renewed or replaced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the extension, renewal or replacement lien is limited to all or a part of the same property, including improvements, that secured the lien to be extended, renewed or replaced.

Under the indenture, the following are not considered liens securing indebtedness and so are not prevented by the restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any acquisition of any property or assets by us or Rio Tinto that is subject to any reservation that creates or reserves for the seller an interest in any metals or minerals in place or the proceeds from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any conveyance or assignment in which we or Rio Tinto convey or assign an interest in any metals or minerals in place or the proceeds from their sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien upon any of our or Rio Tinto's wholly or partially owned or leased property or assets, to secure the payment of our or Rio Tinto's proportionate part of the development or operating expenses in realizing the metal or mineral resources of such property.

***Restrictions on Sales and Leasebacks***

Neither we, Rio Tinto plc nor Rio Tinto Limited will enter into any sale and leaseback transaction involving a property, other than as allowed by this covenant. A sale and leaseback transaction is an arrangement between us or Rio Tinto and a bank, insurance company or other lender or investor where we lease a property that we previously owned for more than 270 days and sold to a lender or investor or to any person to whom the lender or investor has advanced funds on the security of the principal property.

The restriction on sales and leasebacks does not apply to any sale and leaseback transaction between any companies of the Rio Tinto Group. It also does not apply to any lease with a term, including renewals, of three years or less. Further, the indenture does not restrict the ability of any subsidiary (other than Rio Tinto Finance (USA) Limited, Rio Tinto Finance (USA) plc and Rio Tinto Finance (USA) Inc.) to enter into sale and leaseback transactions. A substantial portion of our and Rio Tinto's consolidated assets is held directly by subsidiaries and so would not be subject to the covenant restricting sale and leaseback transactions.

The covenant allows us or Rio Tinto to enter into sale and leaseback transactions in two additional situations. First, we or Rio Tinto may enter sale and leaseback transactions if we could grant a lien on the property in an amount equal to the indebtedness attributable to the sale and leaseback transaction without being required to grant an equivalent or higher-ranking lien to the holders of the debt securities under the restriction on liens described above.

Second, we or Rio Tinto may enter sales and leaseback transactions if, within one year of the transaction, we or Rio Tinto, as the case may be, invest an amount equal to at least the net proceeds of the sale of the principal property that we or Rio Tinto, as the case may be, lease in the transaction or the fair value of that property, whichever is greater. This amount must be invested in any of our or Rio Tinto's property or used to retire indebtedness for money that we borrowed, incurred or assumed that either has a maturity of 12 months or more from the date of incurrence of the indebtedness or which may be extended beyond 12 months from that date at our and Rio Tinto's option.

**Defeasance and Covenant Defeasance**

The following discussion of defeasance and discharge will be applicable to a series of debt securities only if the prospectus supplement applicable to the series so states.

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***Defeasance and Discharge***

We, Rio Tinto plc and Rio Tinto Limited can legally release ourselves from any payment or other obligations on the debt securities, except for various obligations described below, if we, Rio Tinto plc or Rio Tinto Limited, in addition to other actions, put in place the following arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We, Rio Tinto plc or Rio Tinto Limited must deposit in trust for the benefit of all other direct holders of the debt securities a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We, Rio Tinto plc or Rio Tinto Limited must deliver to the trustee a legal opinion of counsel of recognized standing with respect to such matters confirming that either (A) there has been a change in U.S. federal income tax law or (B) we have received from, or there has been published by, the U.S. Internal Revenue Service (the "IRS") a ruling in each case to the effect that we may make the above deposit without causing beneficial owners of the debt securities to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves.

However, even if we, Rio Tinto plc or Rio Tinto Limited take these actions, a number of our obligations relating to the debt securities will remain. These include the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to register the transfer and exchange of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to replace mutilated, destroyed, lost or stolen debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to maintain paying agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to hold money for payment in trust.

***Covenant Defeasance***

We, Rio Tinto plc or Rio Tinto Limited can be legally released from compliance with certain covenants, including those described under "— *Restrictive Covenants*" and any that may be described in the applicable prospectus supplement and including the related Events of Default if we, Rio Tinto plc or Rio Tinto Limited, as the case may be, take all the steps described above under "— *Defeasance and Covenant Defeasance — Defeasance and Discharge*" except that the opinion of counsel does not have to refer to a change in U.S. federal income tax laws or a ruling from the IRS.

***Further Issues***

We may from time to time, without your consent, create and issue further notes having the same terms and conditions as the notes so that the further issue is consolidated and forms a single series with such notes, provided however that such further notes will not have the same CUSIP, ISIN or other identifying number as the outstanding notes of the relevant series unless the further notes are fungible with the outstanding notes of the relevant series for U.S. federal income tax purposes.

**Default and Related Matters**

***Ranking***

The debt securities are not secured by any of our property or assets nor Rio Tinto's property or assets. Accordingly, holders of debt securities are unsecured creditors of Rio Tinto. The debt securities are not subordinated to any of our or Rio Tinto's other debt obligations and therefore they rank equally with all our and Rio Tinto's other unsecured and unsubordinated indebtedness.

***Events of Default***

Holders will have special rights if an event of default occurs and is not cured, as described later in this subsection.

*What Is An Event of Default?* The term event of default means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither we, Rio Tinto plc nor Rio Tinto Limited pay the principal or any premium on a debt security and, in the case of technical or administrative difficulties, only if such failure to pay persists for more than three business days. As used here, a business day is a week day on which financial institutions in New York and the applicable place of payment are open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither we, Rio Tinto plc nor Rio Tinto Limited pay interest or any additional amounts on a debt security within 30 days of its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither we, Rio Tinto plc nor Rio Tinto Limited make a deposit of any applicable sinking fund payment within 30 days of its due date, or any applicable longer period of grace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We, Rio Tinto plc or Rio Tinto Limited remain in breach of a covenant or any other term of the indenture or series of debt securities for 90 days after we, Rio Tinto plc or Rio Tinto Limited, as the case may be, receive a notice of default stating we, Rio Tinto plc or Rio Tinto Limited are in breach. The notice must be sent by either the trustee or holders of 25% of the principal amount of debt securities of the affected series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We, Rio Tinto plc or Rio Tinto Limited file for bankruptcy or certain other events in bankruptcy, insolvency or reorganization occur, unless, in the case of Rio Tinto plc or Rio Tinto Limited, the reorganization is a voluntary winding up carried out in accordance with English or Australian statutory requirements as applicable and which results in a legal entity that is liable under the guarantees, and which owns the assets of Rio Tinto plc or Rio Tinto Limited, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our or Rio Tinto's other borrowings in principal amount of at least U.S.$50,000,000 are accelerated by reason of a default and steps are taken to obtain repayment of these borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We or Rio Tinto fail to make a payment of principal of at least U.S.$50,000,000 or fail to honor any guarantee or indemnity with respect to borrowings of at least U.S.$50,000,000 and steps are taken to enforce either of these obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mortgage, pledge or other charge granted by us or Rio Tinto in relation to any borrowing of at least U.S.$50,000,000 becomes enforceable and steps are taken to enforce the mortgage, pledge or other charge, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other event of default described in the prospectus supplement occurs.

*Remedies If an Event of Default Occurs.* If an event of default has occurred and has not been cured, the trustee or the holders of 25% in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of at least a majority in principal amount of the debt securities of the affected series if we, Rio Tinto plc or Rio Tinto Limited have paid the outstanding amounts, other than amounts due because of the acceleration of maturity, and we, Rio Tinto plc or Rio Tinto Limited have satisfied certain other conditions.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability. This protection is called an indemnity. If reasonable indemnity is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. These majority holders may also direct the trustee in performing any other action under the indenture.

Before bypassing the trustee and bringing a lawsuit or other formal legal action or taking other steps to enforce rights or protect interests relating to the debt securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trustee must be given written notice that an event of default has occurred and remains uncured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The holders of 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default, and must offer reasonable indemnity to the trustee against the cost and other liabilities of taking that action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trustee must have not taken action for 60 days after receipt of the above notice and offer of indemnity and the trustee has not received an inconsistent direction from the holders of a majority in principal amount of all outstanding debt securities during that period.

However, such limitations do not apply to a suit instituted for the enforcement of payment of the principal of or interest on a debt security on or after the respective due dates.

***Street name and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make to or make a request of the trustee and to make or cancel a declaration of acceleration.***

We and Rio Tinto will furnish to the trustee every year a written statement of certain of our and Rio Tinto's officers certifying that, to their knowledge, we and Rio Tinto are in compliance with the indenture and the debt securities, or else specifying any default.

***Regarding The Trustee***

If an event of default occurs, or an event occurs that would be an event of default if the requirements for giving default notice or the default having to exist for a specific period of time were disregarded, the trustee may be considered to have a conflicting interest with respect to the debt securities for purposes of the Trust Indenture Act of 1939. In that case, the trustee may be required to resign as trustee under the applicable indenture and we or Rio Tinto would be required to appoint a successor trustee.

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**CLEARANCE AND SETTLEMENT**

**General**

Debt securities we issue may be held through one or more international and domestic clearing systems. The principal clearing systems we will use are the book-entry systems operated by The Depository Trust Company ("DTC") in the United States, Clearstream Banking, S.A. in Luxembourg ("Clearstream, Luxembourg") and Euroclear SA/NV ("Euroclear") in Brussels, Belgium. These systems have established electronic securities and payment transfer, processing, depositary and custodial links among themselves and others, either directly or through custodians and depositaries. These links allow securities to be issued, held and transferred among the clearing systems without the physical transfer of certificates.

***Other Clearing Systems***

We may choose any other clearing system for a particular series of debt securities. The clearance and settlement procedures for the clearing system we choose will be described in the applicable prospectus supplement.

**Primary Distribution**

The distribution of debt securities will be cleared through one or more of the clearing systems that we have described above or any other clearing system that is specified in the applicable prospectus supplement. Payment for debt securities will be made on a delivery versus payment or free delivery basis. These payment procedures will be more fully described in the applicable prospectus supplement.

Clearance and settlement procedures may vary from one series of debt securities to another according to the currency that is chosen for the specific series of debt securities. Customary clearance and settlement procedures are described below.

We will submit applications to the relevant system or systems for the debt securities to be accepted for clearance. The clearance numbers that are applicable to each clearance system will be specified in the applicable prospectus supplement.

***Clearance and Settlement Procedures — DTC***

DTC participants that hold securities through DTC on behalf of investors will follow the settlement practices applicable to U.S. corporate debt obligations in DTC's Same-Day Funds Settlement System.

Debt securities will be credited to the securities custody accounts of these DTC participants against payment in the same-day funds, for payments in U.S. dollars, on the settlement date. For payments in a currency other than U.S. dollars, securities will be credited free of payment on the settlement date.

***Clearance and Settlement Procedures — Euroclear and Clearstream, Luxembourg***

We understand that investors that hold their securities through Euroclear or Clearstream, Luxembourg accounts will follow the settlement procedures that are applicable to conventional Eurobonds in registered form.

Debt securities will be credited to the securities custody accounts of Euroclear and Clearstream, Luxembourg participants on the business day following the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for value on the settlement date.

**Secondary Market Trading**

***Trading between DTC Participants***

We understand that secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC's rules. Secondary market trading will be settled using procedures applicable to U.S. corporate debt obligations in DTC's Same-Day Funds Settlement System.

If payment is made in U.S. dollars, settlement will be in same-day funds. If payment is made in a currency other than U.S. dollars, settlement will be free of payment. If payment is made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC participants involved.

***Trading between Euroclear and/or Clearstream, Luxembourg Participants***

We understand that secondary market trading between Euroclear and/or Clearstream, Luxembourg participants will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. Secondary market trading will be settled using procedures applicable to conventional Eurobonds in registered form.

***Trading between a DTC Seller and a Euroclear or Clearstream, Luxembourg Purchaser***

A purchaser of debt securities that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream, Luxembourg at least one business day prior to settlement. The instructions will provide for the transfer of the

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securities from the selling DTC participant's account to the account of the purchasing Euroclear or Clearstream, Luxembourg participant. Euroclear or Clearstream, Luxembourg, as the case may be, will then instruct the common depositary for Euroclear and Clearstream, Luxembourg to receive the debt securities either against payment or free of payment.

**Special Timing Considerations**

You should be aware that investors will only be able to make and receive deliveries, payments and other communications involving debt securities through Clearstream, Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

In addition, because of time-zone differences, there may be problems with completing transactions involving Clearstream, Luxembourg and Euroclear on the same business day as in the United States. U.S. investors who wish to transfer their interests in the debt securities, or to receive or make a payment or delivery of debt securities, on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream, Luxembourg or Euroclear is used.

**DESCRIPTION OF NOTES**

The following description is a summary of each of our individual Notes and does not purport to be complete. It is subject to and qualified in its entirety by reference to the indenture dated 2 July 2001with The Bank of New York Mellon, as trustee, the Issuers and the Guarantors, as supplemented and amended dated as of 16 March 2012 and as supplemented by the First Supplemental Indenture dated 8 May 2017 ans the supplemental indenture dated 6 May 2020.

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**DESCRIPTION OF GUARANTEED 2.750% NOTES DUE 2051**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) Limited |
| &nbsp;&nbsp;**Notes Offered** | U.S.$1,250,000,000 2.750% notes due 2051 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes. |
| &nbsp;&nbsp;**Stated Maturity** | November 2, 2051 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,250,000,000 |
| &nbsp;&nbsp;**Issue Price** | 98.909% |
| &nbsp;&nbsp;**Ranking** | The Notes and guarantees are not secured by any of Rio Tinto Finance (USA) Limited's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 2.750% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | November 2, 2021 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrears on May 2 and November 2 of each year, commencing May 2, 2022. |
| &nbsp;&nbsp;**Business day convention** | Following, Unadjusted |
| &nbsp;&nbsp;**Day count fraction** | 30/360 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) Limited's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Redemption" above. Upon redemption, Rio Tinto Finance (USA) Limited will pay a redemption price equal to (i) if such redemption occurs prior to May 2, 2051, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) Limited or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 15 basis points or (ii) if such redemption occurs on or after May 2, 2051, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes to be redeemed. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes that require Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) Limited will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) Limited were offered U.S.$1,250,000,000 initial aggregate principal amount of 2.750% notes due 2051. Book-entry interests in the notes are issued, as described above in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000.

The notes bear interest 2.750%, payable semi-annually in arrears on May 2 and November 2 of each year, beginning on May 2, 2022. Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date (other than the maturity date) would otherwise be a day that is not a business day, the relevant interest payment date will be postponed to the next day that is a business day.

A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The Indenture, the notes and the guarantees will be governed by New York law.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York Mellon. See "Description of Guaranteed Debt Securities — Default and Related Matters" above for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed below, will be made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) Limited or Rio Tinto may redeem the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (i) if such redemption occurs prior to May 2, 2051, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) Limited, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 15 basis points or (ii) if such redemption occurs on or after May 2, 2051, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) Limited to act as the "Independent Investment Banker."

• "Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer" means (1) each of BofA Securities, Inc. and Citigroup Global Markets Inc. and their respective successors and one other nationally recognized investment banking firm that is a primary U.S. Government

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securities dealer in New York City (a "Primary Treasury Dealer") specified from time to time by us; and (2) a Primary Treasury Dealer selected by Credit Agricole Securities (USA) Inc., provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, we shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York, NY time, on the third business day preceding that redemption date.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided*, *however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) Limited shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If less than all of the notes is to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) Limited, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees are made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax). If withholding or deduction is required by law, Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) Limited may repay the notes early. Rio Tinto Finance (USA) Limited's ability to redeem the notes is discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Optional Tax Redemption." If Rio Tinto Finance (USA) Limited calls the notes as a result of such tax law changes, it must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) Limited will also pay the holders accrued interest if it has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Notice of Redemption**

In either of the situations discussed above, Rio Tinto Finance (USA) Limited will give notice to DTC of any redemption it proposes to make at least 10 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Defeasance and Discharge**

Rio Tinto Finance (USA) Limited may release itself from any payment or other obligations on the notes as described above under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 4.125% NOTES DUE 2042**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$750,000,000 4.125% notes due 2042 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | August 21, 2042 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 97.346% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 4.125% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | August 21, 2012 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrears on February 21 and August 21 of each year, commencing February 21, 2013. |
| &nbsp;&nbsp;**First Interest Payment Date** | February 21, 2013 |
| &nbsp;&nbsp;**Optional Redemption** | Each series of notes will be redeemable at Rio Tinto Finance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Redemption" above. Upon redemption, Rio Tinto Finance (USA) plc will pay a redemption price equal to (i) the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments of principal and interest on the relevant series of notes (excluding any interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus a spread of 25 basis points in the case of the 2042 notes or (ii) if such redemption occurs on or after February 21, 100% of the principal amount of the notes to be redeemed, together, in each case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes to be redeemed. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes that require Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes of each series for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$750,000,000 initial aggregate principal amount of 4.125% notes due 2042. Book-entry interests in the notes are issued, as described above in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at 4.125%, payable semi-annually in arrears on February 21 and August 21 of each year, commencing February 21, 2013. The regular record dates for payments of interest are February 6 and August 6. Interest on the notes are computed on the basis of a 360-day year of twelve 30-day months. A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The Indenture, the notes and the guarantees will be governed by New York law.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) plc and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes will effectively be subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York Mellon. See "Description of Guaranteed Debt Securities—Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) plc's may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may redeem any series of notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (i) if such redemption occurs prior February 21, 2042, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 25 basis points, or (ii) if such redemption occurs on or after February 21, 2042, 100% of the principal amount of the notes to be redeemed, together, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant series of notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) plc to act as the "Independent Investment Banker."

• "Comparable Treasury Price" means, with respect to any redemption date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that redemption date, as set forth in the daily statistical release designated H.15 (519) (or any successor release) published by the Federal Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.

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Government Securities" or (ii) if such release (or any successor release) is not published or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer" means each of HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, RBS Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, LLC, SG Americas Securities, LLC, Standard Chartered Bank and their respective successors and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by Rio Tinto Finance (USA) plc, *provided*, *however*, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York, NY (a "Primary Treasury Dealer"), Rio Tinto Finance (USA) plc shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York, NY time, on the third business day preceding that redemption date.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided*, *however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) plc shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If less than all of a series of notes is to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) plc, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees are free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, is organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax). If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes that require Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the relevant series of notes for redemption. This means Rio Tinto Finance (USA) plc may repay that series of notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls a series of notes as a result of such tax law changes, it must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if it has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

In either of the situations discussed above, Rio Tinto Finance (USA) plc will give notice to DTC of any redemption it proposes to make at least 30 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions

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and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described above under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 4.375% NOTES DUE 2027**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$500,000,000 4.375% notes due 2027 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 12, 2027 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$500,000,000 |
| &nbsp;&nbsp;**Issue Price** | &nbsp;&nbsp;99.864% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;4.375% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | March 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 12 and September 12 of each year, commencing September 12, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 12, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, we will pay a redemption price equal to the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption.<br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$500,000,000 initial aggregate principal amount of 4.375% notes due 2027. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 4.375%, payable semi-annually in arrears on March 12 and September 12 of each year, commencing September 12, 2025. Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the

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relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable (the maturity date of the notes). If there is no United States Treasury security maturing on the relevant Par Call Date (the maturity date of the notes) but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date (the maturity date of the notes), one with a maturity date preceding the relevant Par Call Date (the maturity date of the notes) and one with a maturity date following the relevant Par Call Date (the maturity date of the notes), Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date (the maturity date of the notes). If there are two or more United States Treasury securities maturing on the relevant Par Call Date (the maturity date of the notes) or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

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**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 4.500% NOTES DUE 2028**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$750,000,000 4.500% notes due 2028 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2028 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.731% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 4.500% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | March 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 14 and September 14 of each year, commencing September 14, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 14, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Fiance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, Rio Tinto Finance (USA) plc will pay a redemption price equal to (i) if such redemption occurs prior to February 14, 2028 (the "2028 Par Call Date"), the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by us or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption or (ii) if such redemption occurs on or after the 2028 Par Call Date, 100% of the principal amount of the 2028 Notes to be redeemed, together, in either case, with accrued interest on the principal amount of the 2028 Notes to be redeemed to the date of redemption.<br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$750,000,000 initial aggregate principal amount of 4.500% notes due 2028. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 4.500%, payable semi-annually in arrears on March 14 and September 14 of each year, commencing September 14, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor

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caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the relevant Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date, one with a maturity date preceding the relevant Par Call Date and one with a maturity date following the relevant Par Call Date, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date. If there are two or more United States Treasury securities maturing on the relevant Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 4.750% NOTES DUE 2042**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$500,000,000 4.750% notes due 2042 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 22, 2042 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | 2042 notes: U.S.$500,000,000 |
| &nbsp;&nbsp;**Issue Price** | 98.599% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 4.750% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | March 22, 2012 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrears on March 22 and September 22 of each year, commencing September 22, 2012 |
| &nbsp;&nbsp;**First Interest Payment Date** | September 22, 2012 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Fiance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Redemption". Upon redemption, Rio Tinto Finance (USA) plc will pay a redemption price equal to (i) the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by it or Rio Tinto, the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (excluding any interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus a spread of 25 basis points or (ii) if such redemption occurs on or after September 22, 2041, 100% of the principal amount of the notes to be redeemed, together, in each case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes to be redeemed. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) plc to pay additional amounts as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes of each series for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | &nbsp;&nbsp;New York Stock Exchange |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$500,000,000 initial aggregate principal amount of 4.375% notes due 2027. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 4.375%, payable semi-annually in arrears on March 12 and September 12 of each year, commencing September 12, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) plc and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes will effectively be subordinated to any indebtedness of each of their subsidiaries.

The trustee will be The Bank of New York Mellon. See "Description of Guaranteed Debt Securities—Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) plc may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, will be made in immediately available funds. Beneficial interests in the global securities will trade in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests will therefore settle in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may redeem any series of notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time. In the case of the 2042 notes, upon redemption, Rio Tinto Finance (USA) plc will pay a redemption price equal to (i) if such redemption occurs prior to September 22, 2041, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 25 basis points, or (ii) if such redemption occurs on or after September 22, 2041, 100% of the principal amount of the notes to be redeemed, together, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant series of notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) plc to act as the "Independent Investment Banker."

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• "Comparable Treasury Price" means, with respect to any redemption date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that redemption date, as set forth in the daily statistical release designated H.15 (519) (or any successor release) published by the Federal Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S. Government Securities" or (ii) if such release (or any successor release) is not published or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer" means each of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, ANZ Securities Inc., Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., SG Americas Securities, LLC and their respective successors and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by Rio Tinto Finance (USA) plc, *provided*, *however*, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York, NY (a "Primary Treasury Dealer"), Rio Tinto Finance (USA) plc shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York, NY time, on the third business day preceding that redemption date.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided*, *however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) plc shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If less than all of a series of notes is to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) plc, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, is organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax). If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes other limited circumstances that require Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, to pay additional amounts as described above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed above under "Description of Guaranteed Debt Securities — Special Situations — Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, it must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will

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also pay the holders accrued interest if it has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

In either of the situations discussed above, Rio Tinto Finance (USA) plc will give notice to DTC of any redemption it proposes to make at least 30 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described above under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 4.875% NOTES DUE 2030**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$1,750,000,000 4.875% notes due 2030 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2030 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.982% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 4.875% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | September 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 14 and September 14 of each year, commencing September 14, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 14, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Fiance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, we will pay a redemption price equal to (i) if such redemption occurs prior to February 14, 2030 (the "2030 Par Call Date"), the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by us or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 15 basis points less interest accrued at the date of redemption or (ii) if such redemption occurs on or after the 2030 Par Call Date, 100% of the principal amount of the 2030 Notes to be redeemed, together, in either case, with accrued interest on the principal amount of the 2030 Notes to be redeemed to the date of redemption. <br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | &nbsp;&nbsp;New York Stock Exchange. |

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**General** 

Rio Tinto Finance (USA) plc offered U.S.$1,750,000,000 initial aggregate principal amount of 4.875% notes due 2030. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 4.875%, payable semi-annually in arrears on March 14 and September 14 of each year, commencing September 14, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor

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caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the relevant Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date, one with a maturity date preceding the relevant Par Call Date and one with a maturity date following the relevant Par Call Date, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date. If there are two or more United States Treasury securities maturing on the relevant Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 5.000% NOTES DUE 2032**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$1,250,000,000 5.000% notes due 2032 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2032 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,250,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.383% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.000% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | September 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 14 and September 14 of each year, commencing September 14, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 14, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Fiance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, we will pay a redemption price equal to (i) if such redemption occurs prior to January 14, 2032 (the "2032 Par Call Date"), the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by us or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 15 basis points less interest accrued at the date of redemption or (ii) if such redemption occurs on or after the 2032 Par Call Date, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. <br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$1,250,000,000 initial aggregate principal amount of 5.000% notes due 2032. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 5.000%, payable semi-annually in arrears on March 14 and September 14 of each year, commencing September 14, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor

------

caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the relevant Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date, one with a maturity date preceding the relevant Par Call Date and one with a maturity date following the relevant Par Call Date, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date. If there are two or more United States Treasury securities maturing on the relevant Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 5.000% NOTES DUE 2033**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$650,000,000 5.000% notes due 2033 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 9, 2033 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$650,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.712% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.000% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | March 9, 2023 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrears on September 9 and March 9 of each year, commencing September 9, 2023 |
| &nbsp;&nbsp;**First Interest Payment Date** | September 9, 2023 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Redemption". Upon redemption, Rio Tinto Finance (USA) plc will pay a redemption price equal to (i) if such redemption occurs prior to December 9, 2032, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points or (ii) if such redemption occurs on or after December 9, 2032, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes to be redeemed. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes of each series for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$650,000,000 initial aggregate principal amount of 5.000% notes due 2033. Book-entry interests in the notes are issued, as described above in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest 5.000%, payable semi-annually on September 9 and March 9 of each year, beginning September 9, 2023. Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date (other than maturity date) is otherwise a day that is not a business day, the relevant interest payment date is postponed to the next day that is a business day. A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The Indenture, the notes and the guarantees are governed by New York law.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) plc and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is be The Bank of New York Mellon. See "Description of Guaranteed Debt Securities—Default and Related Matters" above for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) plc may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed below, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may redeem the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (i) if such redemption occurs prior to December 9, 2032, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points, or (ii) if such redemption occurs on or after December 9, 2032, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) plc to act as the "Independent Investment Banker."

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• "Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date.

• "Reference Treasury Dealer" means each of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, ANZ Securities Inc., Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., SG Americas Securities, LLC and their respective successors and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by Rio Tinto Finance (USA) plc, *provided*, *however*, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York, NY (a "Primary Treasury Dealer"), Rio Tinto Finance (USA) plc shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided*, *however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) plc shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If less than all of the notes is to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) plc, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees are made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, to pay additional amounts as described above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, it must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if it has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Notice of Redemption**

In either of the situations discussed above, Rio Tinto Finance (USA) plc will give notice to DTC of any redemption it proposes to make at least 10 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions

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and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described above under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 5.125% NOTES DUE 2053**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$1,100,000,000 5.125% notes due 2053 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 9, 2053 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,100,000,000 |
| &nbsp;&nbsp;**Issue Price** | 98.479% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.125% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | March 9, 2023 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrears on September 9 and March 9 of each year, commencing September 9, 2023 |
| &nbsp;&nbsp;**First Interest Payment Date** | September 9, 2023 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Redemption". Upon redemption, Rio Tinto Finance (USA) plc will pay a redemption price equal to (i) if such redemption occurs prior to September 9, 2052, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points or (ii) if such redemption occurs on or after September 9, 2052, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes to be redeemed. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes of each series for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$1,100,000,000 initial aggregate principal amount of 5.125% notes due 2033. Book-entry interests in the notes are issued, as described above in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest 5.125%, payable semi-annually on September 9 and March 9 of each year,beginning September 9, 2023. Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date (other than maturity date) is otherwise a day that is not a business day, the relevant interest payment date is postponed to the next day that is a business day. A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The Indenture, the notes and the guarantees are governed by New York law.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) plc and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is be The Bank of New York Mellon. See "Description of Guaranteed Debt Securities—Default and Related Matters" above for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) plc may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed below, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may redeem the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (i) if such redemption occurs prior to September 9, 2052, the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points, or (ii) if such redemption occurs on or after September 9, 2052, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) plc to act as the "Independent Investment Banker."

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• "Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date.

• "Reference Treasury Dealer" means each of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, ANZ Securities Inc., Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., SG Americas Securities, LLC and their respective successors and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by Rio Tinto Finance (USA) plc, *provided*, *however*, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York, NY (a "Primary Treasury Dealer"), Rio Tinto Finance (USA) plc shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided*, *however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) plc shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If less than all of the notes is to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) plc, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees are made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, to pay additional amounts as described above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, it must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if it has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Notice of Redemption**

In either of the situations discussed above, Rio Tinto Finance (USA) plc will give notice to DTC of any redemption it proposes to make at least 10 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions

------

and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described above under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 5.20% NOTES DUE 2040**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) Limited |
| &nbsp;&nbsp;**Notes Offered** | U.S.$500,000,000 5.20% notes due 2040<br>U.S.$300,000,000 5.20% notes due 2040<br>U.S.$350,000,000 5.20% notes due 2040 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | November 2, 2040 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,150,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.940% (for U.S.$500,000,000)<br>98.091% plus accrued interest of U.S.$780,000 for the period from May 2, 2011 to, but not including, May 20, 2011 (for U.S.$300,000,000)<br>102.285% plus accrued interest of U.S.$6,926,111.11 for the period from May 2, 2011 to, but not including, September 19, 2011 (for U.S.$350,000,000) |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) Limited's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.200% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | November 2, 2010 (for U.S.$500,000,000)<br>May 2, 2011 (for U.S.$300,000,000 and U.S.$350,000,000) May 2, 2011 (for U.S.$500,000,000) |
| &nbsp;&nbsp;**Interest Payment Dates** | May 2 and November 2 of each year, commencing November 2, 2011 |
| &nbsp;&nbsp;**First Interest Payment Date** | May 2, 2011 (for U.S.$500,000,000)<br>November 2, 2011 (for U.S.$300,000,000 and U.S.$350,000,000) |
| &nbsp;&nbsp;**Optional Make-Whole Redemption** | Each series of notes will be redeemable at Rio Tinto Finance (USA) Limited's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Make-Whole Redemption". Upon redemption, Rio Tinto Finance (USA) Limited will pay a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) as certified to the trustee by it or Rio Tinto, the sum of the present values of the remaining scheduled payments of principal and interest on the relevant series of notes (excluding any interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus a spread of 20 basis, together with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Make-Whole Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes to be redeemed. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes of each series for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) Limited will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) Limited may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original issue discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | &nbsp;&nbsp;New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) Limited offered U.S.$500,000,000 initial aggregate principal amount of 5.200% notes due 2040. Book-entry interests in the notes are issued, as described in "Clearance and Settlement" above, in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at 5.200% per annum, payable semi-annually in arrears on May 2 and November 2 of each year, commencing May 2, 2011. The regular record dates for payments of interest are April 17 and October 17.

Rio Tinto Finance (USA) Limited offered U.S.$300,000,000 initial aggregate principal amount of 5.200% notes due 2040. Book-entry interests in the notes are issued, as described in "Clearance and Settlement" above, in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the of 5.200% per annum, payable semi-annually in arrears on May 20 and November 20 of each year, commencing November 2, 2011. The regular record dates for payments of interest are April 17 and November 17.

Rio Tinto Finance (USA) Limited offered U.S.$350,000,000 initial aggregate principal amount of 5.200% notes due 2040. Book-entry interests in the notes are issued, as described in "Clearance and Settlement" above, in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the rate of 5.200% per annum, payable semi-annually in arrears on March 20 and September 20 of each year, commencing November 2, 2011. The regular record dates for payments of interest will be April 17 and October 17.

Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months. A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The Indenture, the notes and the guarantees will be governed by New York law.

The notes are be unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee will be The Bank of New York Mellon. See "Description of Guaranteed Debt Securities— Default and Related Matters" above for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds

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settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Make-Whole Redemption**

Rio Tinto Finance (USA) Limited may redeem any series of notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) as certified to the trustee by Rio Tinto Finance (USA) Limited or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points, together with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi- annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant series of notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) Limited to act as the "Independent Investment Banker."

• "Comparable Treasury Price" means, with respect to any redemption date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that redemption date, as set forth in the daily statistical release designated H.15 (519) (or any successor release) published by the Federal Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S. Government Securities" or (ii) if such release (or any successor release) is not published or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer" means each of J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBS Securities Inc., Morgan Stanley & Co. Incorporated, RBC Capital Markets, LLC, SG Americas Securities, LLC and their respective successors and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by Rio Tinto Finance (USA) plc, *provided*, *however*, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York, NY (a "Primary Treasury Dealer"), Rio Tinto Finance (USA) Limited shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York, NY time, on the third business day preceding that redemption date.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided*, *however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) Limited shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If less than all of a series of notes is to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) Limited, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees are made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, is organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax). If withholding or deduction is required by law, Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited, to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the relevant series of notes for redemption. This means Rio Tinto Finance (USA) Limited may repay that series of notes early. Rio Tinto Finance (USA) Limited's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) Limited calls a series of notes as a result of such tax law changes, it must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) Limited will also pay the holders accrued interest if it has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

In either of the situations discussed above, Rio Tinto Finance (USA) Limited will give notice to DTC of any redemption it proposes to make at least 30 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Defeasance and Discharge**

Rio Tinto Finance (USA) Limited may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities—Defeasance and Covenant Defeasance—Defeasance and Discharge".

**Further Issues**

Rio Tinto Finance (USA) Limited may from time to time without your consent create and issue further notes having the same terms and conditions as the notes so that the further issue is consolidated and forms a single series with such notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original issue discount for U.S. federal income tax purposes.

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**DESCRIPTION OF GUARANTEED 5.250% NOTES DUE 2035**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$1,750,000,000 5.250% notes due 2032 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2035 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.432% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.250% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | September 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 14 and September 14 of each year, commencing September 14, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 14, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) plc option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, we will pay a redemption price equal to (i) if such redemption occurs prior to December 14, 2034 (the "2035 Par Call Date"), the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by us or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points less interest accrued at the date of redemption or (ii) if such redemption occurs on or after the 2035 Par Call Date, 100% of the principal amount of the notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption.<br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | &nbsp;&nbsp;New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$1,750,000,000 initial aggregate principal amount of 5.250% notes due 2035. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 5.250%, payable semi-annually in arrears on March 14 and September 14 of each year, commencing September 14, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor

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caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the relevant Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date, one with a maturity date preceding the relevant Par Call Date and one with a maturity date following the relevant Par Call Date, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date. If there are two or more United States Treasury securities maturing on the relevant Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 5.750% NOTES DUE 2055**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$1,750,000,000 5.750% notes due 2055 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2055 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$1,750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.859% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.750% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | September 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 14 and September 14 of each year, commencing September 14, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 12, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, we will pay a redemption price equal to (i) if such redemption occurs prior to September 14, 2054 (the "2055 Par Call Date"), the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by us or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points less interest accrued at the date of redemption or (ii) if such redemption occurs on or after the 2055 Par Call Date, 100% of the principal amount of the 2055 Notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. <br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$1,750,000,000 initial aggregate principal amount of 5.750% notes due 2055. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 5.750%, payable semi-annually in arrears on March 14 and September 14 of each year, commencing September 14, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor

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caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the relevant Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date, one with a maturity date preceding the relevant Par Call Date and one with a maturity date following the relevant Par Call Date, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date. If there are two or more United States Treasury securities maturing on the relevant Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 5.875% NOTES DUE 2065**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$750,000,000 5.875% notes due 2065 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2065 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.147% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 5.875% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | September 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on March 14 and September 14 of each year, commencing September 14, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 14, 2025 |
| &nbsp;&nbsp;**Optional Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) plc's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. Upon redemption, we will pay a redemption price equal to (i) if such redemption occurs prior to September 14, 2064 (the "2065 Par Call Date", and together with the 2028 Par Call Date, 2030 Par Call Date, 2032 Par Call Date, 2035 Par Call Date and 2055 Par Call Date, the "Par Call Dates" and each a "Par Call Date"), the greater of (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by us or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 20 basis points less interest accrued at the date of redemption or (ii) if such redemption occurs on or after the 2065 Par Call Date, 100% of the principal amount of the 2065 Notes to be redeemed, together, in either case, with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. <br>See "Description of Guaranteed Notes—Optional Redemption" . |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) plc offered U.S.$750,000,000 initial aggregate principal amount of 5.8754.375% notes due 2065. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 4.375%, payable semi-annually in arrears on March 14 and September 14 of each year, commencing September 14, 2025. Interest on the fixed rate notes will be computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date, or maturity date would otherwise be a day that is not a business day, the relevant payment of interest or principal, as applicable, will be postponed to the next day that is a business day, and no additional interest will accrue as a result of such delayed payment.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Redemption**

Rio Tinto Finance (USA) plc or Rio Tinto may the notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to (x) 100% of the principal amount of the notes to be redeemed and (y) as certified to the trustee by Rio Tinto Finance (USA) plc or Rio Tinto, the sum of the present values of the remaining scheduled payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 10 basis points less interest accrued at the date of redemption, together with accrued interest on the principal amount of the Notes to be redeemed to the date of redemption.

"Treasury Rate" means, with respect to any redemption date, the yield determined in accordance with the following:

The Treasury Rate shall be determined by us, Rio Tinto or any other designated agent of us or Rio Tinto after 4:15 p.m., (New York City time) (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or

------

publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we, Rio Tinto or any other designated agent shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date (and in the case of the 2027 Notes, the maturity date of the 2027 Notes) on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.

For purposes of the foregoing, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m. (New York City time), on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the relevant Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the relevant Par Call Date, one with a maturity date preceding the relevant Par Call Date and one with a maturity date following the relevant Par Call Date, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select the United States Treasury security with a maturity date preceding the relevant Par Call Date. If there are two or more United States Treasury securities maturing on the relevant Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, Rio Tinto Finance (USA) plc, Rio Tinto or any other designated agent shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m. (New York City time). In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m. (New York City time), of such United States Treasury security, and rounded to three decimal places.

Rio Tinto Finance (USA) plc's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any of the notes are to be redeemed in part only, the notice of redemption that relates to the notes will state the portion of the principal amount of the Notes to be redeemed. A new note in a principal amount equal to the unredeemed portion of the notes will be issued in the name of the holder of the notes upon surrender for cancellation of the original notes. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless Rio Tinto Finance (USA) plc or Rio Tinto defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

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**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED 7.125%NOTES DUE 2028**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) Limited |
| &nbsp;&nbsp;**Notes Offered** | U.S.$750,000,000 7.125% notes due 2028 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | July 15, 2028 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$750,000,000 |
| &nbsp;&nbsp;**Issue Price** | 99.319% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) Limited's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | 7.125% |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | June 27, 2008 |
| &nbsp;&nbsp;**Interest Payment Dates** | Semi-annually in arrear on January 15 and July 15 of each year, commencing January 15, 2009. |
| &nbsp;&nbsp;**First Interest Payment Date** | January 15, 2009 |
| &nbsp;&nbsp;**Optional Make-Whole Redemption** | The notes will be redeemable at Rio Tinto Finance (USA) Limited's option or at the option of Rio Tinto plc and Rio Tinto Limited, in whole or in part, at any time. See "Description of Guaranteed Notes — Optional Make-Whole Redemption". Upon redemption, Rio Tinto Finance (USA) Limited will pay a redemption price equal to the greater of (i) 100% of the principal amount of the notes plus accrued interest to the date of redemption and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the relevant series of notes (excluding any interest accrued as of the date of redemption). The present value will be determined by discounting the remaining principal and interest payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the Treasury Rate (as defined below) plus a spread of 40 basis points. The "Comparable Treasury Issue" for purposes of the definition contained in "Description of Guaranteed Notes — Optional Make-Whole Redemption" will be the U.S. Treasury security selected by the quotation agents as having a maturity comparable to the remaining term of the relevant series of notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant series of notes. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the relevant series of notes for redemption at 100% of their principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Change of Control** | If a Change of Control Repurchase Event (as defined in "Description of the Guaranteed Notes — Change of Control Repurchase Event") occurs, unless the notes are otherwise subject to redemption in accordance with their terms and Rio Tinto Finance (USA) Limited have elected to exercise its right to redeem the notes, Rio Tinto Finance (USA) Limited will make an offer to each holder comprising that series to repurchase all or any part (in integral multiples of U.S.$1,000) of that holder's notes at a repurchase price in cash equal to 101% of the aggregate principal amount of notes repurchased plus any accrued and unpaid interest on the notes repurchased to the date of repurchase. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) Limited will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| &nbsp;&nbsp;**Further Issues** | Rio Tinto Finance (USA) Limited may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) Limited offered U.S.$750,000,000 initial aggregate principal amount of 7.125% notes due 2028. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 7.125%, payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2009. The regular record dates for payments of interest are January 1 and July 1. Interest on the notes are be computed on the basis of a 360-day year of twelve 30-day months. A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The notes and guarantees will be governed by New York law.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Optional Make-Whole Redemption**

Rio Tinto Finance (USA) Limited or Rio Tinto may redeem any series of notes in whole or in part, at its option or at the option of Rio Tinto plc and Rio Tinto Limited at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) as certified to the trustee by Rio Tinto Finance (USA) Limited or Rio Tinto, the sum of the present values of the Remaining Scheduled Payments discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus a spread of 40 basis points, together with accrued interest on the principal amount of the notes to be redeemed to the date of redemption. In connection with such optional redemption, the following defined terms apply:

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• "Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi- annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

• "Comparable Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the relevant series of notes.

• "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by Rio Tinto Finance (USA) Limited to act as the "Independent Investment Banker."

• "Comparable Treasury Price" means, with respect to any redemption date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that redemption date, as set forth in the daily statistical release designated H.15 (519) (or any successor release) published by the Federal Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S. Government Securities" or (ii) if such release (or any successor release) is not published or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

• "Reference Treasury Dealer" means each of Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, Credit Suisse Securities (USA) LLC and Greenwich Capital Markets, Inc. and their respective successors and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by Rio Tinto Finance (USA) Limited, *provided, however*, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York, NY (a "Primary Treasury Dealer"), Rio Tinto Finance (USA) Limited shall substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

• "Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York, NY time, on the third business day preceding that redemption date.

• "Remaining Scheduled Payments" means, with respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption, *provided, however*, that, if that redemption date is not an interest payment date with respect to such notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the notes to be redeemed. On and after any redemption date, interest will cease to accrue on the relevant series of notes or any portion thereof called for redemption. On or before any redemption date, Rio Tinto Finance (USA) Limited shall deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the series of notes to be redeemed on such date. If less than all of a series of notes are to be redeemed, the notes to be redeemed shall be selected by the trustee by such method as the trustee shall deem fair and appropriate. The redemption price shall be calculated by the Independent Investment Banker and Rio Tinto Finance (USA) Limited, and the trustee and any paying agent for the notes shall be entitled to rely on such calculation.

**Payment of Additional Amounts**

All payments of principal and interest in respect of the notes or the guarantees are made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges. If withholding or deduction is required by law, Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts is discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes and other limited circumstances that require Rio Tinto Finance (USA) Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of

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Additional Amounts", Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) Limited may repay that series of notes early. Rio Tinto Finance (USA) Limited's ability to redeem the notes is discussed in greater detail above under "Description of Guaranteed Debt Securities — Special Situations — Optional Tax Redemption." If Rio Tinto Finance (USA) Limited calls a series of notes as a result of such tax law changes, it must pay 100% of their principal amount. Rio Tinto Finance (USA) Limited will also pay the holders accrued interest if it has not otherwise paid interest through the redemption date. Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

In either of the situations discussed above, Rio Tinto Finance (USA) Limited will give notice to DTC of any redemption it proposes to make at least 30 days, but not more than 60 days, before the redemption date. Notice by DTC to participating institutions and by these participants to street name holders of indirect interests in the notes will be made according to arrangements among them and may be subject to statutory or regulatory requirements.

**Change of Control Repurchase Event**

If a Change of Control Repurchase Event (as defined below) occurs, unless the notes are otherwise subject to redemption in accordance with their terms and Rio Tinto Finance (USA) Limited has elected to exercise its right to redeem the notes, it will make an offer to each holder comprising that series to repurchase all or any part (in integral multiples of U.S.$1,000) of that holder's notes at a repurchase price in cash equal to 101% of the aggregate principal amount of notes repurchased plus any accrued and unpaid interest on the notes repurchased to the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at Rio Tinto Finance (USA) Limited's option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, it will mail a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditional on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice.

Rio Tinto Finance (USA) Limited will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the notes, Rio Tinto Finance (USA) Limited will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the notes by virtue of such conflict. On the Change of Control Repurchase Event payment date, Rio Tinto Finance (USA) Limited will, to the extent lawful:

• accept for payment all notes or portions of notes (in integral multiples of U.S.$1,000) properly tendered pursuant to Rio Tinto Finance (USA) Limited's offer;

• deposit with the trustee an amount equal to the aggregate repurchase price in respect of all notes or portions of notes properly tendered; and

• deliver or cause to be delivered to the trustee the notes properly accepted, together with an officers' certificate stating the aggregate principal amount of notes being purchased by Rio Tinto Finance (USA) Limited.

The trustee will promptly mail to each holder of notes properly tendered the repurchase price for such notes, provided that it has received such repurchase price from Rio Tinto Finance (USA) Limited, and the trustee will promptly at Rio Tinto Finance (USA) Limited's direction authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any notes surrendered; provided that each new note will be in a principal amount of U.S.$1,000 or an integral multiple of U.S.$1,000 in excess thereof. Rio Tinto Finance (USA) Limited will not be required to make an offer to repurchase the notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by it, and such third party purchases all notes properly tendered and not withdrawn under its offer.

"Below Investment Grade Rating Event" means the notes are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event set out below) if each Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform Rio Tinto Finance (USA) Limited or the trustee in writing at its request that the reduction was the result, in whole or in part, of any event

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or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

"Change of Control" means the occurrence of any of the following:

• the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Rio Tinto plc or Rio Tinto Limited to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than one or more members of the Rio Tinto Group;

• the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) at any time directly or indirectly own(s) or acquire(s) such proportion of the issued or allotted ordinary share capital of Rio Tinto plc or Rio Tinto Limited which shall, or, if such transaction involves the conversion or exchange of such share capital for cash, securities or other property, such proportion of share capital of, or other relevant economic interest in, the surviving entity as a result of such transaction as shall, in aggregate, be entitled to exercise or direct the exercise of more than 50% of the rights to vote to elect members of the board of directors of Rio Tinto plc and Rio Tinto Limited or such surviving entity, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the avoidance of doubt, no Change of Control shall occur solely as a result of either of Rio Tinto plc or Rio Tinto Limited and/or any of its subsidiaries at any time owning or acquiring the relevant proportion of the issued or allotted ordinary share capital of Rio Tinto Limited or Rio Tinto plc, respectively, but in such circumstances whether or not a Change of Control shall occur whether in relation to such event or thereafter shall be determined by reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Collapsed DLC Test; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the test set out in this sub-paragraph immediately preceding this proviso applied solely to whichever of Rio Tinto plc or Rio Tinto Limited owns (whether directly or through one or more of its subsidiaries) the relevant proportion of the issued or allotted ordinary share capital of Rio Tinto Limited or Rio Tinto plc, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Change of Control shall be deemed to occur if all or substantially all of the holders of the issued or allotted ordinary share capital or other relevant economic interests of the relevant person or, as the case may be, surviving entity immediately after the event which would otherwise have constituted a Change of Control were the holders of the issued or allotted ordinary share capital of each or either of Rio Tinto plc or Rio Tinto Limited with the same (or substantially the same) pro rata economic interests in the share capital or relevant economic interests of the relevant person or, as the case may be, surviving entity, as such shareholders had in the issued or allotted ordinary share capital of each or either of Rio Tinto plc or Rio Tinto Limited, respectively, immediately prior to such event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the first day on which a majority of the members of the board of directors of either Rio Tinto plc or Rio Tinto Limited are not Continuing Directors.

"Change of Control Repurchase Event" means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

The "Collapsed DLC Test" shall be deemed to be satisfied if any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) at any time directly or indirectly own(s) or acquire(s) more than 50% of the issued or allotted ordinary share capital of whichever of Rio Tinto plc or Rio Tinto Limited owns (whether directly or through one or more of its subsidiaries) the relevant proportion of the issued or allotted ordinary share capital of Rio Tinto Limited or Rio Tinto plc, respectively.

"Continuing Directors" means, as of any date of determination, any member of the board of directors of either of Rio Tinto plc or Rio Tinto Limited who (1) was a member of such board on the date of the issuance of the guarantee by either entity; or (2) was nominated for election, appointed or elected to such board with the approval of a majority of the Continuing Directors who were members of such board at the time of such nomination, appointment or election.

"Investment Grade" means a rating of Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's) and a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by us.

"Moody's" means Moody's Investors Service Inc. and its successors.

"Rating Agency" means (1) each of Moody's and S&P; and (2) if any of Moody's or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of Rio Tinto Finance (USA) Limited's control, a "nationally recognized statistical rating organization" within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by Rio Tinto Finance (USA) Limited as a replacement agency for Moody's or S&P, as the case may be.

"Rio Tinto Group" means Rio Tinto plc and Rio Tinto Limited and their respective subsidiaries taken as a whole.

"S&P" means Standard & Poor's Ratings Services, a division of McGraw-Hill, Inc. and its successors.

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**Defeasance and Discharge**

Rio Tinto Finance (USA) Limited may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

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**DESCRIPTION OF GUARANTEED FLOATING RATE NOTES DUE 2028**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | Rio Tinto Finance (USA) plc |
| &nbsp;&nbsp;**Notes Offered** | U.S.$500,000,000 4.375% floating rate notes due 2028 |
| &nbsp;&nbsp;**Guarantees** | Full and unconditional guarantees of the principal, interest, premium, if any, and any other additional amounts payable in respect of the notes are given by Rio Tinto plc and Rio Tinto Limited. |
| &nbsp;&nbsp;**Stated Maturity** | March 14, 2028 |
| &nbsp;&nbsp;**Principal Amount of Notes Being Issued** | U.S.$500,000,000 |
| &nbsp;&nbsp;**Issue Price** | 100.000% |
| &nbsp;&nbsp;**Ranking** | The notes and guarantees are not secured by any of Rio Tinto Finance (USA) plc's or Rio Tinto's respective property or assets and will rank equally with all other unsecured and unsubordinated indebtedness. Since Rio Tinto plc and Rio Tinto Limited are holding companies and currently conduct their operations through subsidiaries, payments on the guarantees are effectively subordinated to the other liabilities of those subsidiaries. |
| &nbsp;&nbsp;**Interest Rate** | Floating rates,reset quarterly on each Interest Payment Date (as defined herein), equal to Compounded SOFR, plus 0.840% (as described in "Description of the Guaranteed Notes"). |
| &nbsp;&nbsp;**Date Interest Starts Accruing** | June 14, 2025 |
| &nbsp;&nbsp;**Interest Payment Dates** | Interest will be payable quarterly in arrears on March 14, June 14, September 14 and December 14 of each year, commencing on June 14, 2025, and on the Stated Maturity Date.semi-annually in arrear on March 12 and September 12 of each year, commencing September 12, 2025. |
| &nbsp;&nbsp;**First Interest Payment Date** | September 12, 2025 |
| &nbsp;&nbsp;**Interest Determination Date** | The second U.S. Government Securities Business Day preceding each Interest Payment Date. |
| &nbsp;&nbsp;**Interest Period** | The period from and including an Interest Payment Date (or, in the case of the initial Interest Period, the Settlement Date) to, but excluding, the immediately succeeding Interest Payment Date (such succeeding Interest Payment Date, the "Latter Interest Payment Date"); provided that the final interest period for the Floating Rate Notes will be the period from and including the Interest Payment Date immediately preceding the maturity date or redemption date, as applicable, of the Floating Rate Notes to, but excluding, the maturity date, or redemption date. |
| &nbsp;&nbsp;**Observation Period** | The period from and including two U.S. Government Securities Business Days preceding the first date of such relevant Interest Period to but excluding two U.S. Government Securities Business Days preceding the Latter Interest Payment Date for such Interest Period; provided that the first Observation Period shall be the period from and including two U.S. Government Securities Business Days preceding the settlement date of the Floating Rate Notes to, but excluding, the two U.S. Government Securities Business Days preceding the first Interest Payment Date. |
| &nbsp;&nbsp;**Tax Redemption** | In the event of various tax law changes and other limited circumstances that requires Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts and other limited circumstances, as described under "Description of Guaranteed Debt Securities — Special Situations — Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption at 100% of their aggregate principal amount plus accrued interest to the date of redemption. |
| &nbsp;&nbsp;**Form of Notes; Clearance and Settlement** | Rio Tinto Finance (USA) plc will issue the notes in fully registered form. The notes will be represented by one or more global securities registered in the name of a nominee of DTC and deposited with The Bank of New York Mellon, as depositary. You will hold a beneficial interest in the notes through DTC in book-entry form. Indirect holders trading their beneficial interest in the notes through DTC must trade in DTC's same-day funds settlement system and pay in immediately available funds. Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Denomination** | The notes will be issued in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |
| **Further Issues** | Rio Tinto Finance (USA) plc may from time to time without your consent create and issue further notes having the same terms and conditions as any series of notes so that the further issue is consolidated and forms a single series with such series of notes, provided that such further issue constitutes a "qualified reopening" for U.S. federal income tax purposes or such further notes are issued with not more than a de minimis amount of original discount for U.S. federal income tax purposes. |
| &nbsp;&nbsp;**Trustee and Paying Agent** | The Bank of New York Mellon |
| &nbsp;&nbsp;**Listing** | &nbsp;&nbsp;New York Stock Exchange. |

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**General**

Rio Tinto Finance (USA) Limited offered U.S.$500,000,000 initial aggregate principal amount of Floating Rate Notes due 2028. Book-entry interests in the notes are issued, as described in "Clearance and Settlement", in minimum denominations of U.S.$2,000 and in integral multiples of U.S.$1,000. The notes bear interest at the applicable rate per annum of 7.125%, payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2009. The regular record dates for payments of interest are January 1 and July 1. Interest on the notes are be computed on the basis of a 360-day year of twelve 30-day months. A "business day" means any day other than a day on which banks are permitted or required to be closed in London and New York, NY. The notes and guarantees will be governed by New York law.

The notes are unsecured, unsubordinated indebtedness of Rio Tinto Finance (USA) Limited and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding.

Rio Tinto plc and Rio Tinto Limited each unconditionally guarantee on an unsubordinated basis the due and punctual payment of the principal of and any premium and interest on the notes, when and as any such payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of the notes are unsecured, unsubordinated obligations of Rio Tinto plc and Rio Tinto Limited. The guarantees rank equally with all other unsecured and unsubordinated indebtedness of Rio Tinto plc and Rio Tinto Limited from time to time outstanding. Because Rio Tinto plc and Rio Tinto Limited are holding companies, the notes are effectively subordinated to any indebtedness of each of their subsidiaries.

The trustee is The Bank of New York (as successor to JP Morgan Chase Bank, formerly The Chase Manhattan Bank). See "Description of Guaranteed Debt Securities — Default and Related Matters" for a description of the trustee's procedures and remedies available in the event of default.

The principal corporate trust office of the trustee in New York, NY, is currently designated as the principal paying agent. Rio Tinto Finance (USA) Limited may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

Payment of principal of and interest on the notes, so long as the notes are represented by global securities, as discussed above, are made in immediately available funds. Beneficial interests in the global securities are traded in the same-day funds settlement system of The Depository Trust Company, referred to as DTC, and secondary market trading activity in such interests are therefore settled in same-day funds.

**Floating Rate Notes**

The Floating Rate Notes will bear interest at a floating rate, reset quarterly on each Interest Payment Date, equal to Compounded SOFR, plus 0.840%. In no event will the interest on the Floating Rate Notes be less than zero. Interest on the Floating Rate Notes will be payable quarterly in arrears on March 14, June 14, September 14 and December 14 of each year, commencing on June 14, 2025, and at maturity (each an "Interest Payment Date"), to holders of record on the date that is 15 calendar days prior to each Interest Payment Date. Interest on the Floating Rate Notes will accrue from and including the most recent Interest Payment Date or, if no interest has been paid, from the settlement date of the Floating Rate Notes. If any Interest Payment Date other than the maturity date or redemption date is not a Business Day, then the next succeeding Business Day will be the applicable Interest Payment Date and interest on the Floating Rate Notes will be paid on such next succeeding Business Day (unless such next succeeding Business Day falls in the succeeding calendar month, in which case the applicable Interest Payment Date will be the immediately preceding Business Day and interest on the Floating Rate Notes will be paid on such immediately preceding Business Day). If the maturity date or the redemption date of the Floating Rate Notes is not a Business Day, the payment of principal of, and interest on, the Floating Rate Notes will be made on the next succeeding Business Day, and no interest will accrue for the period from and after the maturity date.

The "initial Interest Period" means the period from and including the settlement date of the Floating Rate Notes to, but excluding, the first Interest Payment Date. Thereafter, each "Interest Period" means the period from and including an Interest

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Payment Date to, but excluding, the immediately succeeding Interest Payment Date (such succeeding Interest Payment Date, the "Latter Interest Payment Date"); *provided* that the final interest period for the Floating Rate Notes will be the period from and including the Interest Payment Date immediately preceding the maturity date or redemption date of the Floating Rate Notes to, but excluding, the maturity date or redemption date, as the case may be. Interest on the Floating Rate Notes will be computed on the basis of the actual number of days elapsed over a 360-day year.

The interest rate for the initial Interest Period will be Compounded SOFR determined on June 12, 2025, plus 0.840%. Thereafter, the interest rate for any Interest Period will be Compounded SOFR, as determined on the applicable date that is the second U.S. Government Securities Business Day (as defined below) preceding such Interest Payment Date, maturity date or redemption date (the "Interest Determination Date"), plus a margin of 0.840%.

The Bank of New York Mellon, or its successor appointed by Rio Tinto Finance (USA) plc, will act as calculation agent.

The amount of interest accrued and payable on the Floating Rate Notes for each Interest Period will be equal to the product of (i) the outstanding principal amount of the Floating Rate Notes multiplied by (ii) the product of (a) the Interest Rate for the relevant Interest Period multiplied by (b) the quotient of the actual number of calendar days in such Interest Period divided by 360.

As used herein the following terms have the meanings assigned to them:

"*Compounded SOFR*" means, with respect to any Interest Period, the rate computed in accordance with the following formula set forth below (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (*e.g.*, 9.753973% (or .09753973) being rounded down to 9.75397% (or .0975397) and 9.753978% (or .09753978) being rounded up to 9.75398% (or .0975398)):

where:

"*SOFR IndexStart*" is the SOFR Index value for the day that is two U.S. Government Securities Business Days preceding the first date of the relevant Interest Period;

"*SOFR IndexEnd*" is the SOFR Index value for the day that is two U.S. Government Securities Business Days preceding the Latter Interest Payment Date relating to such Interest Period; and

"*dc*" is the actual number of calendar days from (and including) SOFR IndexStart to (but excluding) SOFR IndexEnd (the actual number of calendar days in the applicable Observation Period).

For purposes of determining Compounded SOFR, "*SOFR Index*" means, with respect to any U.S. Government Securities Business Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the SOFR Index value as published by the New York Federal Reserve as such index appears on the New York Federal Reserve's Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the "SOFR Determination Time"); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if a SOFR Index value does not so appear as specified in clause (1) above at the SOFR Determination Time, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.if a Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below) have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the "SOFR Index Unavailable" provisions described below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the "Effect of a Benchmark Transition Event" provisions described below.

"*New York Federal Reserve*" means the Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).

"*New York Federal Reserve's Website*" means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org, or any successor source.

"*Observation Period*" means, in respect of each Interest Period, the period from and including two U.S. Government Securities Business Days preceding the first date of such relevant Interest Period to but excluding two U.S. Government Securities Business Days preceding the Latter Interest Payment Date for such Interest Period (or in the final Interest Period, preceding the relevant Maturity Date, or any relevant redemption date); *provided* that the first Observation Period shall be the period from and including two U.S. Government Securities Business Days preceding the settlement date of the Floating Rate Notes to, but excluding, the two U.S. Government Securities Business Days preceding the first Interest Payment Date.

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"*Secured Overnight Financing Rate*" means the daily secured overnight financing rate as provided by the New York Federal Reserve on the New York Federal Reserve's Website.

"*U.S. Government Securities Business Day*" means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

*SOFR Index Unavailable*

If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to the Secured Overnight Financing Rate, "Compounded SOFR" means, for the applicable Interest Period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the New York Federal Reserve's Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to "calculation period" shall be replaced with "Observation Period" and the words "that is, 30-, 90-, or 180- calendar days" shall be removed. If the daily Secured Overnight Financing Rate ("*SOFRi*") does not so appear for any day, "i" in the Observation Period, SOFRi for such day "i" shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the New York Federal Reserve's Website.

*Effect of a Benchmark Transition Event*

If we or our designee determine on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Floating Rate Notes in respect of all determinations on such date and for all determinations on all subsequent dates.

In connection with the implementation of a Benchmark Replacement, Rio Tinto Finance (USA) plc or its designee will have the right to make Benchmark Replacement Conforming Changes from time to time.

Any determination, decision or election that may be made by us or our designee pursuant to this section, including a determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)will be conclusive and binding absent manifest error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)will be made in our or our designee's sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)notwithstanding anything to the contrary in the documentation relating to the Floating Rate Notes, shall become effective without consent from the holders of the Floating Rate Notes or any other party.

As used herein the following terms have the meanings assigned to them:

"*Benchmark*" means, initially, Compounded SOFR, as such term is defined above; *provided* that if we or our designee determine on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR Index used in the calculation thereof) or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.

"*Benchmark Replacement*" means the first alternative set forth in the order below that can be determined by us or our designee as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the sum of (a) the alternate rate of interest that has been selected by us or our designee as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the

------

then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

"*Benchmark Replacement Adjustment*" means the first alternative set forth in the order below that can be determined by us or our designee as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the spread adjustment (which may be a positive or negative value or zero) that has been selected by us or our designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time.

"*Benchmark Replacement Conforming Changes*" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors and other administrative matters) that we or our designee decide may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if we or our designee decide that adoption of any portion of such market practice is not administratively feasible or if we or our designee determine that no market practice for use of the Benchmark Replacement exists, in such other manner as we or our designee determine is reasonably necessary).

"*Benchmark Replacement Date*" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

For the avoidance of doubt, for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to Benchmark also include any reference rate underlying such Benchmark.

"*Benchmark Transition Event*" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

"*ISDA Definitions*" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

"*ISDA Fallback Adjustment*" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

"*ISDA Fallback Rate*" means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"*Reference Time*" with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by us or our designee after giving effect to the Benchmark Replacement Conforming Changes.

"*Relevant Governmental Body*" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

"*Unadjusted Benchmark Replacement*" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

For the avoidance of doubt the Calculation Agent (i) shall have no responsibility or liability for the monitoring or determining of the unavailability or the cessation of Compounded SOFR, or for the determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred (ii) shall have no responsibility or liability for determining or calculating a Benchmark Replacement or Benchmark Replacement Adjustment, or for whether the conditions for the selection of such Benchmark Replacement have been satisfied and shall be entitled to rely upon any designation of a Benchmark Replacement (and the methodology or conventions for calculating such Benchmark Replacement) agreed to and specified by us or our designee, (iii) shall have no responsibility or liability for calculating or applying such Benchmark Replacement and (iv) shall have no obligation to determine or select any methodology or convention for calculating a Benchmark Replacement (which, for example, may include operational, administrative or technical parameters for compounding such replacement Benchmark) and shall be entitled to rely upon any selection or designation of such a rate (and any modifier) as specified by the us or our designee.

**Payment of Additional Amounts**

All payments of principal, premium (if any) and interest in respect of the notes or the guarantees will be made free and clear of, and without withholding or deduction for, any taxes, assessments, duties or governmental charges imposed, levied or collected by any jurisdiction in which Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, or any successor entity, are organized (or any political subdivision or taxing authority of or in that jurisdiction having power to tax), unless the withholding or deduction is required by law. If withholding or deduction is required by law, Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited, as the case may be, must, subject to certain exceptions, pay to each holder of the notes additional amounts as may be necessary in order that every net payment of principal of (and premium, if any, on) and interest on the notes after deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge, will not be less than the amount that would have been payable on the notes in the absence of such deduction or withholding. The requirement to pay additional amounts and the exceptions thereto are discussed in greater detail above under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts".

**Tax Redemption**

In the event of various tax law changes after the date and other limited circumstances that require Rio Tinto Finance (UA) plc, Rio Tinto plc or Rio Tinto Limited to pay additional amounts as described under "Description of Guaranteed Debt Securities—Special Situations—Payment of Additional Amounts", Rio Tinto Finance (USA) plc, Rio Tinto plc or Rio Tinto Limited may call all, but not less than all, of the notes for redemption. This means Rio Tinto Finance (USA) plc may repay the notes early. Rio Tinto Finance (USA) plc's ability to redeem the notes is discussed in greater detail under "Description of Guaranteed Debt Securities—Special Situations—Optional Tax Redemption." If Rio Tinto Finance (USA) plc calls the notes as a result of such tax law changes, Rio Tinto Finance (USA) plc must pay 100% of their principal amount (including any additional amounts). Rio Tinto Finance (USA) plc will also pay the holders accrued interest if Rio Tinto Finance (USA) plc

------

has not otherwise paid interest through the redemption date (including any additional amounts). Notes will stop bearing interest on the redemption date, even if the holders do not collect their money.

**Defeasance and Discharge**

Rio Tinto Finance (USA) plc may release itself from any payment or other obligations on the notes as described under "Description of Guaranteed Debt Securities — Defeasance and Covenant Defeasance — Defeasance and Discharge".

## Exhibit 12.1

Exhibit 12.1

**CERTIFICATION**

I, Simon Trott, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2025 of Rio Tinto plc ("the Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarise and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

/s/ Simon Trott

Chief Executive

Date: 19 February 2026

------

**CERTIFICATION**

I, Peter Cunningham, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2025 of Rio Tinto plc ("the Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarise and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

/s/ Peter Cunningham

Chief Financial Officer

Date: 19 February 2026

------

**CERTIFICATION**

I, Simon Trott, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2025 of Rio Tinto Limited ("the Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarise and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

/s/ Simon Trott

Chief Executive

Date: 19 February 2026

------

**CERTIFICATION**

I, Peter Cunningham, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2025 of Rio Tinto Limited ("the Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarise and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

/s/ Peter Cunningham

Chief Financial Officer

Date: 19 February 2026

## Exhibit 13.1

Exhibit 13.1

**Certification**

**Pursuant to Rule 13a-14(b) of the Exchange Act**

Pursuant to Rule 13a-14(b) of the Exchange Act and Section 1350 of chapter 63 of Title 18, United States Code, each of the undersigned officers of Rio Tinto plc, registered in England and Wales (the "Company"), hereby certifies, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended 31 December 2025 (the "Report") of the Company fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| | /s/ Simon Trott | | /s/ Peter Cunningham |
| Name: | Simon Trott | Name: | Peter Cunningham |
| Title: | Chief Executive | Title: | Chief Financial Officer |
| Date: | 19 February 2026 | Date: | 19 February 2026 |

---

The foregoing certification is not deemed filed for purpose of Section 18 of the Exchange Act and not incorporated by reference in any filing under the Securities Act.

------

**Certification**

**Pursuant to Rule 13a-14(b) of the Exchange Act**

Pursuant to Rule 13a-14(b) of the Exchange Act and Section 1350 of chapter 63 of Title 18, each of the undersigned officers of Rio Tinto Limited, registered in Victoria, Australia, (the "Company"), hereby certifies, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended 31 December 2025 (the "Report") of the Company fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| | /s/ Simon Trott | | /s/ Peter Cunningham |
| Name: | Simon Trott | Name: | Peter Cunningham |
| Title: | Chief Executive | Title: | Chief Financial Officer |
| Date: | 19 February 2026 | Date: | 19 February 2026 |

---

The foregoing certification is not deemed filed for purpose of Section 18 of the Exchange Act and not incorporated by reference with any filing under the Securities Act.

## Exhibit 15.1

![kpmgimage_0a.jpg](kpmgimage_0a.jpg)

Exhibit 15.1

**Consent of Independent Registered Public Accounting Firms**

We consent to the incorporation by reference in the registration statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of our reports dated February 19, 2026 with respect to the consolidated financial statements of the Rio Tinto Group (comprising Rio Tinto plc and Rio Tinto Limited, together with their subsidiaries) and the effectiveness of internal control over financial reporting.

---

| | |
|:---|:---|
| /s/ KPMG LLP | /s/ KPMG |
| **KPMG LLP** | **KPMG** |
| London, United Kingdom | Perth, Australia |
| 2/19/2026 | 2/19/2026 |

---

KPMG, an Australian partnership and KPMG LLP, a UK limited liability partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by Guarantee.

KPMG Australia's liability limited by a scheme approved under Professional Standards Legislation.

## Exhibit 15.2

![image_0a.jpg](image_0a.jpg)

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT 15.2**

**Consent of Qualified Person**

**Statement**

I, **Phil Savory**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Phil Savory**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Phil Savory, FAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Manager Modelling & Data Systems

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Christian Valentine**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Christian Valentine**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Christian Valentine, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Principal Geoscientist

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Malcolm Judge**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Malcolm Judge**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Malcolm Judge, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Geoscience

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Renjini Nair**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Renjini Nair**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Renjini Nair, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Specialist Geoscientist

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Leonardo Vilela Couto**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Leonardo Vilela Couto**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Leonardo Vilela, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Manager Planning

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Leon Fouché**, in connection with the annual report on Form 20-F for the year ended December 1, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Leon Fouché**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Leon Fouché, FAusIMM(CP)

Title:&nbsp;&nbsp;&nbsp;&nbsp;Manager Mine Development & Studies

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Paul Barnes**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Paul Barnes**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Barnes, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Principal Mine Development & Studies

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Budi Satria Yudha**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 1, 2026

**/s/ Budi Satria Yudha**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Budi Satria Yudha, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Principal Mine Development & Studies

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Olga Abdrashitova**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: January 27, 2026

**/s/ Olga Abdrashitova**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Olga Abdrashitova, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Principal Mine Planning

Rio Tinto Iron Ore

------

![image_0a.jpg](image_0a.jpg)

**Consent of Qualified Person**

**Statement**

I, **Amrita Ghosh**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Pilbara Operations" (the "Technical Report Summary"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: January 30, 2026

**/s/ Amrita Ghosh**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Amrita Ghosh, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Principal Mine Planning

Rio Tinto Iron Ore

## Exhibit 15.3

![imagea.jpg](imagea.jpg)

**EXHIBIT 15.3**

**Consent of Qualified Person**

**Statement**

I, **Rodrigo Maureira**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 3, 2026

**/s/ Rodrigo Maureira**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Rodrigo Maureira, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Geologist

Escondida

Minera Escondida Limitada

------

![imagea.jpg](imagea.jpg)

**Consent of Qualified Person**

**Statement**

I, **Pamela Castillo**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 3, 2026

**<u>/s/ Pamella Castillo</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Pamela Castillo, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Geologist

Escondida

Minera Escondida Limitada

------

![imagea.jpg](imagea.jpg)

**Consent of Qualified Person**

**Statement**

I, **Andres Naranjo**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: January 23, 2026

**<u>/s/ Andres Naranjo</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Andres Naranjo, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Asset Resource Management

Escondida

Minera Escondida Limitada

------

![imagea.jpg](imagea.jpg)

**Consent of Qualified Person**

**Statement**

I, **Andrés Salazar**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: January 29, 2026

**<u>/s/ Andrés Salazar</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Andrés Salazar, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Geology

Escondida

Minera Escondida Limitada

------

![imagea.jpg](imagea.jpg)

**Consent of Qualified Person**

**Statement**

I, **Esteban Pavani**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 4, 2026

**<u>/s/ Esteban Pavani</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Esteban Pavani, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Principal Tailings

Escondida

Minera Escondida Limitada

------

![imagea.jpg](imagea.jpg)

**Consent of Qualified Person**

**Statement**

I, **Carlos Delgado**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: January 23, 2026

**<u>/s/ Carlos Delgado</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Carlos Delgado, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Geometallurgy

Escondida

Minera Escondida Limitada

------

![imagea.jpg](imagea.jpg)

**Consent of Qualified Person**

**Statement**

I, **Pablo Vasquez**, in connection with the annual report on Form 20-F for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary – Minera Escondida Limitada" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F

&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K under the US Securities Act of 1933), in connection with the Form 20-F and the Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statements on Form F-3 of Rio Tinto plc (No. 333-271670), Rio Tinto Limited (No. 333-271670-01), Rio Tinto Finance (USA) Inc. (No. 333-271670-02), Rio Tinto Finance (USA) plc (No. 333-271670-03), and Rio Tinto Finance (USA) Limited (No. 333-271670-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397, 333-224907, 333-285630, 333-285631 and 333-285636), and Rio Tinto Limited (No. 333-224907-01 and 333-285636-01) of the above items as included in the Form 20-F.

I am responsible for authoring, and this consent pertains to, the particular sections identified in the Technical Report Summary as having been prepared by me and the corresponding sections of the Executive Summary.

Date: February 2, 2026

**<u>/s/ Pablo Vasquez</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Pablo Vasquez, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Manager Geotechnical, Hydrogeology & Tailings

Escondida

Minera Escondida Limitada

## Exhibit 16.1

Exhibit 16.1

**Disclosure of Mine Safety and Health Administration ("MSHA") Safety Data**

Rio Tinto plc and Rio Tinto Limited (together, "Rio Tinto" or the "Company") maintain a comprehensive health and safety program that includes extensive training for all employees and contractors, site inspections, emergency response preparedness, crisis communications training, incident investigation, regulatory compliance training and process auditing.

Rio Tinto's U.S. mining operations are subject to MSHA regulation under the U.S. Federal Mine Safety and Health Act of 1977 (the "Mine Act"). MSHA inspects Rio Tinto's mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Whenever MSHA issues a citation or order, it also generally proposes a civil penalty, or fine, related to the alleged violation.

The following disclosures are provided pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), which requires certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934 that operate mines regulated under the Mine Act. The disclosures reflect Rio Tinto's U.S. mining operations only as the requirements of the Act do not apply to its mines operated outside the U.S.

The information in the table below reflects citations and orders MSHA issued to Rio Tinto during the year ended 31 December 2025 as reflected in Rio Tinto's records. The data in Rio Tinto's system may not match or reconcile with the data MSHA maintains on its public website. In evaluating this information, consideration should also be given to factors such as: (i) the number of citations and orders may vary depending on the size and operation of the mine, (ii) the number of citations issued may vary from inspector to inspector and mine to mine, and (iii) citations and orders may be contested and appealed, and in that process, may be reduced in severity and amount, and may be dismissed.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine / Contract or ID number**<sup>1</sup> | **Mine or Operating Name** | **Section 104 Significant and Substantial Citations**<sup>2</sup> | **Section 104(b) Orders**<sup>3</sup> | **Section 104(d) Citations and Orders**<sup>4</sup> | **Section 110(b)(2) Violations**<sup>5</sup> | **Section 107(a) Orders**<sup>6</sup> | **Total dollar value of MSHA assessments proposed**<sup>7</sup> | **Total number of Mining Related Fatalities** | **Received Notice of Pattern of Violations Under Section 104(e) yes/no** | **Notice of Potential to Have Pattern under section 104(e) yes/no** | **Legal Actions Pending as of Last Day of Period**<sup>8</sup> | **Categories of Pending Legal Actions (i-vii)**<sup>9</sup> | **Legal Actions Initiated During Period** | **Legal Actions Resolved During Period** |
| 4200149 | Kennecott Utah Copper LLC (Bingham Canyon Mine) | 24 | 0 | 0 | 0 | 0 | $136611 | 0 | No | No | 0 | n/a | 3 | 5 |
| 4201996 | Kennecott Utah Copper LLC (Copperton Concentrator) | 10 | 0 | 2 | 0 | 0 | $40881 | 0 | No | No | 0 | n/a | 0 | 0 |
| 400743 | U.S. Borax Inc. (Boron) | 11 | 0 | 0 | 0 | 0 | $62504 | 0 | No | No | 0 | n/a | 0 | 0 |
| 402834 | U.S. Borax Inc. (Owens Lake) | 0 | 0 | 0 | 0 | 0 | $0 | 0 | No | No | 0 | n/a | 0 | 0 |
| 200152 | Resolution Copper Mining LLC | 0 | 0 | 0 | 0 | 0 | $604 | 0 | No | No | 0 | n/a | 0 | 0 |
| 4201392 | Kennecott Keystone Underground | 1 | 0 | 0 | 0 | 0 | $3374 | 0 | No | No | 0 | n/a | 0 | 0 |
| B5379 | Rio Tinto Projects\* | 0 | 0 | 0 | 0 | 0 | $0 | 0 | No | No | 0 | n/a | 0 | 0 |

---

\*An independent contractor performing services at a mine since 20 June 2017.

------

1&nbsp;&nbsp;&nbsp;&nbsp;MSHA assigns an identification number to each mine or operation and may or may not assign separate identification number to related facilities. The information provided in this table is presented by mine identification number.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents the total number of citations issued by MSHA for violation of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under section 104 of the Mine Act.

3&nbsp;&nbsp;&nbsp;&nbsp;Represents the total number of orders issued, which represents a failure to abate a citation under section 104(b) of the Mine Act within the period prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.

4&nbsp;&nbsp;&nbsp;&nbsp;Represents the total number of citation and orders issued by MSHA for unwarrantable failure to comply with mandatory health or safety standards under section 104(d) under the Mine Act.

5&nbsp;&nbsp;&nbsp;&nbsp;Represents the total number of flagrant violations identified under section 110(b)(2) of the Mine Act.

6&nbsp;&nbsp;&nbsp;&nbsp;Represents the total number of imminent danger orders issued under section 107(a) of the Mine Act.

7&nbsp;&nbsp;&nbsp;&nbsp;Amounts represent the total dollar value of proposed assessments received from MSHA under the Mine Act.

8&nbsp;&nbsp;&nbsp;&nbsp;Pending legal actions before the Federal Mine Safety and Health Review Commission (the "Commission") as required to be reported by Section 1503(a)(3) of the Act.

9The following provides additional information regarding the types or categories of proceedings that may be brought before the commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Contest Proceedings - a contest proceeding may be filed with the Commission by an operator to challenge the issuance of a citation or order issued by MSHA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Civil Penalty Proceedings - a civil penalty proceeding may be filed with the Commission by an operator to challenge a civil penalty MSHA has proposed for a violation contained in a citation or order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Discrimination Proceedings - a discrimination proceeding involves a miner's allegation that he or she has suffered adverse employment action because he or she engaged in activity protected under the Mine Act, such as making a safety complaint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Temporary Reinstatement Proceedings - a temporary reinstatement proceeding involves cases in which a miner has filed a complaint with MSHA stating that he or she has suffered discrimination and the miner has lost his or her position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Compensation Proceedings - a compensation proceeding may be filed with the Commission by miners entitled to compensation when a mine is closed by certain closure orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation if any, due to miners idled by the orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Applications for Temporary Relief-applications for temporary relief of any order issued under Section 104; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Appeals.

## Exhibit 17.1

**Exhibit 17.1**

**Guarantors and Issuers of Guaranteed Securities**

Each of the following securities issued by Rio Tinto Finance (USA) Limited, a wholly owned subsidiary of Rio Tinto Limited, is unconditionally and fully guaranteed, jointly and severally, by Rio Tinto plc and Rio Tinto Limited:

---

| | |
|:---|:---|
| $750M | 7.125% Guaranteed Notes due 2028; |
| $350M | 5.200% Guaranteed Notes due 2040; |
| $300M | 5.200% Guaranteed Notes due 2040; |
| $500M | 5.200% Guaranteed Notes due 2040; |
| $1,250B | 2.750% Guaranteed Notes due 2051. |

---

Each of the following securities issued by Rio Tinto Finance (USA) plc, a wholly owned subsidiary of Rio Tinto plc, is unconditionally and fully guaranteed, jointly and severally, by Rio Tinto plc and Rio Tinto Limited:

---

| | |
|:---|:---|
| $500M | 4.375% Guaranteed Notes due 2027; |
| $750M | 4.500% Guaranteed Notes due 2028; |
| $1,750B | 4.875% Guaranteed Notes due 2030; |
| $1,250B | 5.000% Guaranteed Notes due 2032; |
| $650M | 5.000% Guaranteed Notes due 2033; |
| $1,750B  | 5.250% Guaranteed Notes due 2035; |
| $750M | 4.125% Guaranteed Notes due 2042; |
| $500M | 4.750% Guaranteed Notes due 2042; |
| $1,100B | 5.125% Guaranteed Notes due 2053; |
| $1,750B | 5.750% Guaranteed Notes due 2055; |
| $750M | 5.875% Guaranteed Notes due 2065; |
| $500M | Floating Rate Notes due 2028. |

---

## Exhibit 96.1

![](ex_961xrtioxtrsx2025xfin001.jpg)

Pilbara Operations Technical Report Summary – 31 December 2025 Page 1 of 176 Pilbara Operations Technical Report Summary In accordance with Subpart 1300 of Regulation S-K under the U.S. Securities Act of 1933 and Item 601(b)(96) thereunder 31 December 2025 Pilbara Operations Technical Report Summary – 31 December 2025 Page 2 of 176 Date and signature page Qualified Persons Signature Date Phil Savory /s/ Phil Savory 12 February 2026 Christian Valentine /s/ Christian Valentine 11 February 2026 Malcolm Judge /s/ Malcolm Judge 11 February 2026 Renjini Nair /s/ Renjini Nair 12 February 2026 Leonardo Vilela Couto /s/ Leonardo Vilela Couto 11 February 2026 Leon Fouché /s/ Leon Fouché 11 February 2026 Paul Barnes /s/ Paul Barnes 12 February 2026 Budi Satria Yudha /s/ Budi Satria Yudha 11 February 2026 Olga Abdrashitova /s/ Olga Abdrashitova 12 February 2026 Amrita Ghosh /s/ Amrita Ghosh 11 February 2026

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![](ex_961xrtioxtrsx2025xfin002.jpg)

Pilbara Operations Technical Report Summary – 31 December 2025 Page 3 of 176 Contents page 1 Executive summary 11 1.1 Property description and ownership 11 1.2 Geology and mineralisation 11 1.3 Exploration 11 1.4 Mineral Resource estimate 11 1.5 Mineral Reserve estimate 14 1.6 Capital and operating costs 16 1.7 Permitting requirements 16 1.8 Qualified Persons' conclusions and recommendations 16 2 Introduction 17 2.1 Registrant information 17 2.2 Terms of reference and purpose 17 2.3 Sources of information 23 2.4 QPs and site visits 23 2.5 Previously filed technical report summaries 25 3 Property description 25 3.1 Property location 25 3.2 Mineral rights 27 3.3 Title details and rights 34 3.4 Encumbrances 34 3.5 Risks to access, title or right to perform work 34 3.6 Agreements and royalties 34 4 Accessibility, climate, local resources, infrastructure, and physiography 34 4.1 Topography, elevation, and vegetation 34 4.2 Access 37 4.3 Climate 37 4.4 Local resources and infrastructure 38 4.4.1 Power supply 38 4.4.2 Water supply 38 4.4.3 Personnel 38 4.4.4 Supplies 39 5 History 39 5.1 Exploration and ownership history 39 5.2 Development and production history 44 Pilbara Operations Technical Report Summary – 31 December 2025 Page 4 of 176 6 Geological setting, mineralisation, and deposit 49 6.1 Regional geology 49 6.2 Stratigraphy of the Hamersley Province 50 6.2.1 Marra Mamba Iron Formation 50 6.2.2 Brockman Iron Formation 51 6.2.3 Boolgeeda Iron Formation 51 6.3 Deposit types 52 6.3.1 Bedded Iron Deposits (BID) 52 6.3.2 Channel Iron Deposits (CID) 53 6.3.3 Tertiary Detrital Iron Deposits (DID) 54 6.3.4 Hydrated ore zone 56 7 Exploration 56 7.1 Exploration 56 7.2 Historical drilling techniques 57 7.2.1 1970s and 1980s programs: percussion and diamond drilling 57 7.2.2 1990s programs: percussion and diamond drilling 57 7.2.3 2000s programs: reverse circulation and diamond drilling 57 7.3 Recent drilling techniques 58 7.3.1 2010 to recent programs: reverse circulation and diamond drilling 58 7.4 Hydrogeology data 59 7.5 Geotechnical data 62 7.6 Drill hole plans 63 8 Sample preparation, analyses, and security 82 8.1 Sample preparation methods 82 8.1.1 Historical sample preparation methods 82 8.1.2 Recent sample preparation methods (2000s to recent programs) 82 8.2 Sample analysis 82 8.2.1 Historical analytical methods 83 8.2.2 Recent analytical methods (2000s to recent programs) 83 8.3 Quality assurance measures 84 8.3.1 Historical field quality assurance measures 85 8.4 Sample security 85 9 Data verification 85 9.1 Exploration and Mineral Resource verification 85 9.2 Mining and Mineral Reserve verification 87 9.3 Geotechnical verification 88 9.4 Hydrology and hydrogeology verification 88 9.5 Metallurgical verification 89 10 Mineral processing and metallurgical testing 89

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![](ex_961xrtioxtrsx2025xfin003.jpg)

Pilbara Operations Technical Report Summary – 31 December 2025 Page 5 of 176 10.1 Collection of samples and types of testwork 89 10.2 Details of analytical or testing laboratories 91 10.3 Predictions and assumptions for mass recovery and grades 93 10.4 QP's opinion on adequacy of the data collected 93 11 Mineral Resource estimates 93 11.1 Key assumptions, parameters, and methods 93 11.1.1 Resource database 93 11.1.2 Geological interpretation 94 11.1.3 Data preparation 94 11.1.4 Exploratory data analysis 94 11.1.5 Bulk density 95 11.1.6 Block models 95 11.1.7 Grade estimation 96 11.1.8 Grade interpolation parameters 96 11.1.9 Model validation 97 11.2 Mineral Resource classification 98 11.3 Mineral Resource estimate 99 11.4 Cut-off grade, price, and justification 102 11.5 Uncertainty in the estimates of Inferred, Indicated, and Measured Mineral Resources 102 11.6 QPs' opinion on factors likely to influence the prospect of economic extraction 103 12 Mineral Reserve estimates 103 12.1 Key assumptions, parameters, and methods 103 12.1.1 Geological model 103 12.1.2 Moisture 104 12.1.3 Metallurgical and processing recoveries 104 12.1.4 Methodology 104 12.2 Modifying factors 104 12.3 Cut-off grade estimate 105 12.4 Mineral Reserve estimate 106 12.5 QPs' opinion on risk factors that may materially affect the Mineral Reserve estimates 108 13 Mining methods 108 13.1 Current mining operations 108 13.2 Parameters relative to the design and schedule 109 13.2.1 Geotechnical considerations 109 13.2.2 Hydrogeological considerations 110 13.2.3 Open pit and waste dump design 112 13.3 Production schedule 125 13.3.1 Scheduling process 125 13.3.2 Scheduling results 125 Pilbara Operations Technical Report Summary – 31 December 2025 Page 6 of 176 13.3.3 Mining unit dimensions 126 13.3.4 Mining dilution and recovery factors 127 13.4 Stripping and backfilling requirements 127 13.5 Mining fleet, machinery, and personnel requirements 127 14 Processing and recovery methods 128 14.1 Processing methodologies and flowsheets 128 14.2 Brockman ores 130 14.3 Marra Mamba ores 131 14.4 CID ores 131 14.5 Processing plant throughput and characteristics 131 15 Infrastructure 133 15.1 Tailings 133 15.2 Roads 136 15.3 Rail 138 15.4 Port facilities 138 15.5 Potable water and wastewater 140 15.6 Accommodation 143 15.7 Hydrocarbons fuel infrastructure 145 15.8 Power generation and transmission 147 15.9 Communications and infrastructure 149 16 Market studies 151 16.1 Nature and material terms of agency relationships 151 16.2 Results of relevant market studies 151 16.3 Commodity price projections 151 16.4 Mining and processing 152 16.5 Product transport and handling 152 16.6 Hedging arrangements 152 16.7 Forward sales contracts 152 16.8 Contracts with affiliated parties 152 17 Environmental studies, permitting, and plans, negotiations, or agreements with local individuals or groups 152 17.1 Environmental studies 152 17.2 Requirements and plans for waste and tailings disposal, site monitoring, and water management during operation and after mine closure 155 17.2.1 Waste management 155 17.3 Permits 157 17.3.1 Environmental Protection Act (WA) 1986 (EP Act) 157 17.3.2 Biodiversity Conservation Act 2016 (WA) (BC Act) 157 17.3.3 Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) 158

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![](ex_961xrtioxtrsx2025xfin004.jpg)

Pilbara Operations Technical Report Summary – 31 December 2025 Page 7 of 176 17.3.4 Mining Act 1978 (WA) 158 17.3.5 Rights in Water and Irrigation Act 1914 159 17.3.6 The Aboriginal Heritage Act (WA) 159 17.3.7 Auditing and compliance 159 17.4 Plans, negotiations, or agreements with local individuals or groups 159 17.4.1 Communities and social performance planning framework 159 17.4.2 Agreements with Traditional Owners 160 17.4.3 Agreements with Pastoralists 160 17.4.4 Negotiations and agreements for new studies/projects 161 17.4.5 Complaints and incidents 161 17.4.6 Community Development Plan 161 17.5 Mine closure plans, remediation and reclamation plans, and associated costs 161 17.6 QPs' opinion 162 17.7 Commitment to local procurement and hiring 162 18 Capital and operating costs 163 18.1 Capital costs 165 18.2 Operating costs 165 19 Economic analysis 166 19.1 Summary 166 19.2 Methodology 167 19.2.1 Modelling approach 167 19.2.2 Sources of assumptions 167 19.3 Inputs and assumptions 167 19.3.1 Financial 167 19.3.2 Pricing and revenue 168 19.3.3 Government royalties and other costs 168 19.4 Capital costs 168 19.5 Operating costs 168 19.5.1 Closure costs 169 19.6 Cash flow 169 19.6.1 Cash flow analysis 169 19.6.2 Economic evaluation 169 19.7 Sensitivity analysis 171 20 Adjacent properties 171 21 Other relevant data and information 173 22 Interpretations and conclusions 173 22.1 Mineral Resources 173 22.1.1 Interpretations and conclusions 173 Pilbara Operations Technical Report Summary – 31 December 2025 Page 8 of 176 22.2 Mineral Reserves 173 22.2.1 Interpretations and conclusions 173 23 Recommendations 174 24 References 174 25 Reliance on information provided by the Registrant 175 Tables Table 1.1: Reported Mineral Resources as at 31 December 2025 (Rio Tinto share)............................. 13 Table 1.2: Reported Mineral Reserves as at 31 December 2025 (Rio Tinto share)............................... 15 Table 1.3: Estimated capital for the Property .......................................................................................... 16 Table 2.1: List of acronyms and abbreviations used in this TRS ............................................................ 18 Table 2.2: List of QPs .............................................................................................................................. 25 Table 3.1: Property mining areas ............................................................................................................ 27 Table 3.2: Rio Tinto tenure containing the Mineral Resources and Mineral Reserves .......................... 29 Table 5.1: Summary of exploration and ownership history ..................................................................... 40 Table 5.2: Summary of development and production history ................................................................. 45 Table 7.1:Summary of exploration drilling across the Property .............................................................. 56 Table 7.2: Sampling parameters for baseline water quality .................................................................... 60 Table 10.1: Types of metallurgical and mineral processing test work used in characterisation of Rio Tinto iron ores ......................................................................................................................................... 90 Table 10.2: Details of analytical or testing laboratories .......................................................................... 91 Table 11.1: Reported Mineral Resources as at 31 December 2025 (Rio Tinto share)......................... 101 Table 12.1: Rio Tinto product COGs ..................................................................................................... 106 Table 12.2: Reported Mineral Reserves as at 31 December 2025 for the Property (Rio Tinto share). 107 Table 12.3: Reported Mineral Reserves as at 31 December 2025 for the Property by joint venture (Rio Tinto share) ........................................................................................................................................... 107 Table 13.1: Geotechnical factors of safety for slopes and dumps ........................................................ 109 Table 13.2: Mine life by ownership based on the Mineral Reserve schedule ....................................... 126 Table 13.3: Range of SMU for the Property .......................................................................................... 126 Table 13.4: Property mining fleet and machinery as at 31 December 2025 ......................................... 127 Table 14.1: List of current Rio Tinto Brockman ore processing plants ................................................. 130 Table 14.2: List of current Rio Tinto Marra Mamba ore processing plants ........................................... 131 Table 14.3: List of current Rio Tinto CID processing plants ................................................................. 131 Table 14.4: Throughput and equipment characteristics of processing plants within the Property ....... 132 Table 14.5: Typical energy, water and process materials for Rio Tinto iron ore processing operations within the Property ................................................................................................................................ 132 Table 15.1: Property TSFs .................................................................................................................... 134 Table 15.2: Property groundwater licenses and allocation ................................................................... 140 Table 17.1: State Ministerial Statements for Rio Tinto's managed mine sites ..................................... 154

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 9 of 176 Table 17.2: Federal EPBC Decision Notices for Rio Tinto's managed mine sites. .............................. 158 Table 18.1: Estimated capital expenditure for the Property .................................................................. 165 Table 18.2: Estimated operating costs for the Property ........................................................................ 165 Table 19.1: Capital and operating cost estimation accuracy guidelines. .............................................. 166 Table 19.2: Economic analysis assumptions used as the basis for financial evaluation ...................... 167 Table 19.3: FX and inflation rates used in economic analysis .............................................................. 168 Table 19.4: Iron ore pricing used in economic analysis ........................................................................ 168 Table 19.5: Net present value of cash flows for the Property as at 31 December 2025. ..................... 170 Table 19.6: Non-discounted cashflow for the Property ......................................................................... 170 Table 19.7: Price, FX and cost sensitivity analysis ............................................................................... 171 Table 19.8: Discount rate sensitivity analysis ....................................................................................... 171 Figures Figure 3.1: Property location map ........................................................................................................... 26 Figure 3.2: Tenure location map ............................................................................................................. 33 Figure 4.1: Physiography and infrastructure ........................................................................................... 36 Figure 4.2: Climate statistics for the Pilbara Region, Western Australia ................................................ 38 Figure 6.1: Regional geology of the Hamersley Province ....................................................................... 49 Figure 6.2: Stratigraphy of the Hamersley Province ............................................................................... 50 Figure 6.3: BID geology cross-section, Brockman deposit ..................................................................... 53 Figure 6.4: CID geology cross-section, gorge type deposit .................................................................... 54 Figure 6.5: CID geology cross-section, mesa type deposit .................................................................... 54 Figure 6.6: DID geology cross-section, Marra Mamba derived deposit .................................................. 55 Figure 7.1: Robe Valley drill hole location plan ....................................................................................... 64 Figure 7.2: Greater Brockman drill hole location plan ............................................................................. 65 Figure 7.3: Greater Tom Price drill hole location plan ............................................................................ 66 Figure 7.4: Greater Paraburdoo drill hole location plan .......................................................................... 67 Figure 7.5: West Pilbara - Area 1 drill hole location plan ........................................................................ 68 Figure 7.6: West Pilbara - Area 2 drill hole location plan ........................................................................ 69 Figure 7.7: West Pilbara - Area 3 drill hole location plan ........................................................................ 70 Figure 7.8: Gudai-Darri drill hole plan ..................................................................................................... 71 Figure 7.9: Yandicoogina drill hole location plan .................................................................................... 72 Figure 7.10: Greater West Angelas drill hole location plan ..................................................................... 73 Figure 7.11: Greater Hope Downs drill hole location plan ...................................................................... 74 Figure 7.12: East Pilbara - Area 1 drill hole location plan ....................................................................... 75 Figure 7.13: East Pilbara - Area 2 drill hole location plan ....................................................................... 76 Figure 7.14: East Pilbara - Area 3 drill hole location plan ....................................................................... 77 Figure 7.15: East Pilbara - Area 4 drill hole location plan ....................................................................... 78 Figure 7.16: East Pilbara - Area 5 drill hole location plan ....................................................................... 79 Figure 7.17: East Pilbara - Area 6 drill hole location plan ....................................................................... 80 Pilbara Operations Technical Report Summary – 31 December 2025 Page 10 of 176 Figure 7.18: Rest of East Pilbara drill hole location plan ........................................................................ 81 Figure 13.1: Rio Tinto mining areas across the Property by ownership ............................................... 113 Figure 13.2: Hamersley Iron - Brockman 4 Mining Area ....................................................................... 114 Figure 13.3: Hamersley Iron – Greater Nammuldi Mining Area............................................................ 115 Figure 13.4: Hamersley Iron - Yandicoogina Mining Area .................................................................... 116 Figure 13.5: Hamersley Iron – Greater Tom Price Mining Area ........................................................... 117 Figure 13.6: Hamersley Iron - Paraburdoo Mining Area ....................................................................... 118 Figure 13.7: Hamersley Iron - Marandoo Mining Area .......................................................................... 119 Figure 13.8: Gudai-Darri Mining Area ................................................................................................... 120 Figure 13.9: Hope Downs JV - Hope Downs 1 Mining Area ................................................................. 121 Figure 13.10: Hope Downs JV - Hope Downs 4 Mining Area ............................................................... 122 Figure 13.11: Robe River JV - West Angelas Mining Area ................................................................... 123 Figure 13.12: Robe River JV - Robe Valley Mining Area ...................................................................... 124 Figure 13.13: Mineral Reserve schedule .............................................................................................. 126 Figure 14.1: Typical flowsheet for a dry crushing and screening iron ore plant ................................... 128 Figure 14.2: Typical flowsheet for a wet screening and de-sliming iron ore plant ................................ 129 Figure 14.3: Flowsheet for the existing Rio Tinto iron ore beneficiation plant at Mount Tom Price ..... 129 Figure 15.1: TSFs across the Property ................................................................................................. 135 Figure 15.2: Privately owned and public roads across the Property .................................................... 137 Figure 15.3: Rail network and port facilities across the Property.......................................................... 139 Figure 15.4: Major pipelines network and bore/pumping locations across the Property ...................... 142 Figure 15.5: FIFO/residential accommodation across the Property ..................................................... 144 Figure 15.6: Fuel hub locations across the Property ............................................................................ 146 Figure 15.7: Power transmission lines and facilities across the Property ............................................. 148 Figure 15.8: Communication layout across the Property ...................................................................... 150 Figure 17.1: Environmental mitigation hierarchy.................................................................................. 153 Figure 20.1: Property location map ....................................................................................................... 172

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 11 of 176 1 Executive summary 1.1 Property description and ownership In the Pilbara region of Western Australia, Rio Tinto operates and owns an integrated portfolio of iron ore assets comprising a network of 18 iron ore mines, four port terminals, a nearly 2,000 kilometre (km) rail network and related infrastructure (the Property). Mineral Resources and Mineral Reserves are dispersed across the Pilbara region over an area of approximately 70,000 square kilometres (km2). Mined product is transported by two dedicated rail lines to ports at Dampier or Cape Lambert. The Property is accessible by rail, road or by air, utilising Rio Tinto rail lines, major highways and rail access roads, and public and Rio Tinto owned airports. There are no limitations for year-round access and operations due to climate and precipitation at the Property, with the exception of some cyclone events when minor disruptions and access restrictions can occur. 1.2 Geology and mineralisation The Property is situated in the Hamersley Province of Western Australia, located on the southern margin of the Pilbara Craton, within the volcanic and sedimentary rock sequence of the Mount Bruce Supergroup. The Mount Bruce Supergroup contains the 2,500 metre (m) thick Hamersley Group, the main host to iron ore deposits, characterised by around 1,000 m of laterally extensive Banded Iron Formation (BIF). Mineralisation may be grouped into three by genesis. BIF Derived Iron Deposits (BIDs) (Boolgeeda, Brockman, and Marra Mamba), Channel Iron Deposits (CIDs), and Detrital Iron Deposits (DIDs). Five ore type categories are defined for reporting Mineral Resources: Boolgeeda, Brockman, Marra Mamba, CID, and DID. 1.3 Exploration Rio Tinto has an ongoing, active program of exploration over various parts of the Property. During 2025 370,813 m of drilling was completed on programs that are aimed at discovery and development of Rio Tinto's iron ore deposits in the Pilbara. 1.4 Mineral Resource estimate The Mineral Resource estimate for the Property is presented by ore type in Table 1.1. The only potentially payable element is iron. Mineral Resources are estimated by Rio Tinto for operating mines and development projects. The effective date of the Mineral Resource estimate is 31 December 2025. The Mineral Resource estimate is based on the following assumptions: • Exclusive of Mineral Reserves – Mineral Resources are reported exclusive of Mineral Reserves. • Moisture – All Mineral Resource tonnages are estimated and reported on a dry basis. • Mineral Resources are provided as in situ estimates. • Mining factors or assumptions – It is assumed that standard open pit load and haul mining operations used by Rio Tinto Iron Ore will be applicable for the mining of Mineral Resources. Pilbara Operations Technical Report Summary – 31 December 2025 Page 12 of 176 • Metallurgical factors or assumptions – It is assumed that crushing, screening and beneficiation processes used by Rio Tinto will be applicable for the processing of reported Mineral Resources. Predicted yield and upgrade are deposit specific and are based on metallurgical test work conducted on representative samples collected from those deposits or adjacent analogous deposits. • Environmental factors or assumptions – Extensive environmental surveys and studies will be completed during the project study phases to determine if the project requires formal State and Commonwealth environmental assessment and approval. Mapping of oxidised shales, black carbonaceous shales, lignite, and the location of the water table, is used to predict and manage potential environmental impacts. • Heritage factors or assumptions - Extensive cultural heritage studies, surveys and engagement with Traditional Owners will be completed during the project study phases to determine if the project requires additional assessment, monitoring, or exclusion areas to be maintained during mining, to manage potential impacts to sites and cultural values. The Mineral Resources presented are not Mineral Reserves. The reported Inferred Mineral Resources are considered too geologically uncertain to apply economic assumptions and subsequently convert these to Mineral Reserves. There is no certainty that all or any part of the Inferred Mineral Resources will be converted into Measured or Indicated categories of Mineral Resources (see section 11.5). Mineral Resources that are not Mineral Reserves do not meet the threshold for reserve modifying factors such as estimated economic viability that would allow for conversion to Mineral Reserves. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. Based on the body of technical studies completed across the Property, it is the Qualified Persons' (QPs') opinion that the Mineral Resources have reasonable prospects of economic extraction (see Section 11.6).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 1.1: Reported Mineral Resources as at 31 December 2025 (Rio Tinto share) 1. Likely mining method: O/P = open pit/surface. 2. Iron ore Mineral Resources are stated on a dry in situ weight basis. 3. Iron ore Mineral Resources valuations are based on prices for each individual product relative to a long run consensus pricing of the 62% Fe Fines Index. This consensus price represents the average of forecasts from eleven brokers/banks and two analysts in the long run and is US c 133.3 /dmtu CFR China. The brokers/banks are Bank of America Merrill Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. A value in use assessment by Rio Tinto is then used to determine the adjustment to the consensus price for each individual product. 4. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for Regulation S-K reporting. Tonnage Tonnage Grade Tonnage Grade Tonnage Grade Iron ore 2 3 Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Pilbara Operations (Australia) - Boolgeeda O/P - - - - - - - - - - - - - - - - - - 532 57.9 4.8 3.9 0.17 7.6 100.0 - Brockman O/P 383 62.5 4.2 2.3 0.13 4.8 852 62.6 3.3 1.8 0.13 4.9 1,235 62.6 3.6 2.0 0.13 4.9 4,226 62.2 3.2 1.9 0.13 5.4 74.9 - Brockman Process Ore O/P 158 57.0 7.8 5.1 0.16 6.9 347 56.6 7.0 4.6 0.16 7.4 505 56.7 7.2 4.7 0.16 7.2 1,657 56.8 5.9 4.1 0.16 7.8 65.9 - Channel Iron Deposit O/P 606 56.0 7.9 3.3 0.05 10.3 1,378 57.2 5.4 2.8 0.07 9.4 1,983 56.8 6.2 3.0 0.06 9.7 3,451 56.2 6.0 3.1 0.08 9.7 67.9 - Detrital O/P 0.4 61.2 4.7 2.7 0.06 4.7 30 61.3 4.4 3.3 0.06 4.1 31 61.3 4.4 3.3 0.06 4.2 1,254 60.6 4.4 3.7 0.06 4.2 73.2 - Marra Mamba O/P 142 62.2 3.3 1.8 0.06 6.0 499 62.6 2.6 1.6 0.06 5.9 641 62.5 2.8 1.6 0.06 5.9 2,799 61.2 3.2 1.9 0.07 6.8 62.9 Total (Australia) 4 1,290 58.7 6.3 3.0 0.09 7.8 3,106 59.5 4.6 2.5 0.09 7.3 4,396 59.3 5.1 2.7 0.09 7.5 13,953 59.5 4.4 2.7 0.11 7.0 as at 31 December 2025Resources as at 31 December 2025 Likely mining method 1 Inferred Mineral Resources Grade Rio Tinto interest % Measured Mineral Resources Indicated Mineral Resources Total Measured and Indicated Mineral as at 31 December 2025 as at 31 December 2025 Pilbara Operations Technical Report Summary – 31 December 2025 Page 14 of 176 1.5 Mineral Reserve estimate The Mineral Reserve estimate for the Property is presented by ore type in Table 1.2. Mineral Reserves are estimated by Rio Tinto for operational mines and development projects that have reached or surpassed prefeasibility stage. Mineral Reserves are converted from Mineral Resources through the application of modifying factors, including mining, processing, metallurgical, economic, marketing, legal, environmental, infrastructure, social, and governmental factors. Mineral Reserves are stated as dry shipped saleable ore, excluding moisture content. The only payable element is iron. All figures are rounded to reflect the relative accuracy of the estimates and rounded subtotals may not add to the stated total. The effective date of the Mineral Reserve estimate is 31 December 2025. The economic viability of the reported Mineral Reserve is assessed by generating a mining schedule that fully consumes the Mineral Reserves and shows a positive Net Present Value (NPV) using specific economic assumptions for costs and revenues. The reported Mineral Reserves conform to estimation and classification requirements of Proven and Probable Mineral Reserves.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 1.2: Reported Mineral Reserves as at 31 December 2025 (Rio Tinto share) 1. Type of mine: O/P = open pit/surface. 2. Mineral Reserves of iron ore are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown. 3. Iron ore Mineral Reserves valuations are based on prices for each individual product relative to a long run consensus pricing of the 62% Fe Fines Index. This consensus price represents the average of forecasts from eleven brokers/banks and two analysts in the long run and is US c 133.3 /dmtu CFR China. The brokers/banks are Bank of America Merrill Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. A value in use assessment by Rio Tinto is then used to determine the adjustment to the consensus price for each individual product. 4. Australian iron ore Mineral Reserves tonnes are reported on a dry weight basis. 5. Australian iron ore Mineral Reserves are all located on State Agreement mining leases. Prior to mining, state government approvals (including environmental and heritage) are required. Reported Mineral Reserves include select areas where one or more approvals remain outstanding. In these areas, it is expected that these approvals will be obtained within the time frames required in the current production schedule. 6. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for Regulation S-K reporting. . Rio Tinto marketable Tonnage Tonnage Grade Tonnage Grade product Iron ore2 3 Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI % Mt Pilbara Operations (Australia)4 5 - Brockman Ore O/P 380 62.0 3.5 2.0 0.14 5.3 995 60.8 4.0 2.2 0.12 6.1 1,375 61.1 3.9 2.2 0.13 5.9 87.1 1,375 - Marra Mamba Ore O/P 172 62.6 2.8 1.6 0.06 5.5 298 62.1 3.1 1.9 0.06 5.6 470 62.2 3.0 1.8 0.06 5.5 79.7 470 - Pisolite (Channel Iron) Ore O/P 300 57.8 4.7 1.8 0.06 10.3 57 56.2 5.6 2.6 0.05 10.9 357 57.6 4.9 2.0 0.06 10.4 79.9 357 Total (Australia)6 851 60.6 3.8 1.9 0.09 7.1 1,351 60.9 3.9 2.2 0.11 6.2 2,202 60.8 3.8 2.0 0.10 6.5 2,202 as at 31 December 2025 as at 31 December 2025 as at 31 December 2025 Type of mine1 Proven Mineral Reserves Total Mineral Reserves Rio Tinto interest Grade Probable Mineral Reserves Pilbara Operations Technical Report Summary – 31 December 2025 Page 16 of 176 1.6 Capital and operating costs Capital costs are estimated based on internal studies undertaken by Rio Tinto, and historical performance. Capital is inclusive of all mine, rail, port, power and other infrastructure capital required to maintain RTIO's physical assets. Capital costs reflect sustaining, replacement and growth capital, including heavy mobile equipment (HME) required to replace aging fleet. Capital costs are summarised in Table 1.3. Table 1.3: Estimated capital for the Property Operating costs include costs associated with mining, processing, rail, port, support, and other costs such as those associated with Native Title and internal Rio Tinto assumptions with regard to carbon pricing. Across the supply chain, operating costs include both internal and external contract labour, diesel and energy, materials, corporate costs and other expenditure required in day-to-day operations. Throughout the life of the Mineral Reserves-only schedule, operating costs average $24.5/t SOP. 1.7 Permitting requirements Rio Tinto conducts various environmental studies as needed to support operations and for compliance with regulatory obligations. Baseline studies are undertaken to inform formal impact assessment processes in accordance with provisions under the Environmental Protection Act (WA) 1986 (EP Act), and where relevant the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). Mining related activities require additional approvals under the Mining Act 1978. A substantial proportion of the Property's Mineral Reserve estimate is located within approved mining areas, with a pending proposal encompassing the Gudai-Darri Warrie and Belele deposits included in the estimate. The project has progressed to an advanced stage of study. 1.8 Qualified Persons' conclusions and recommendations Based on the information presented in this Technical Report Summary (TRS), the QPs conclude that the Mineral Reserve estimate is supported by appropriate technical data and assumptions, and that no significant risks exist: • The economic sensitivity analysis shows the Mineral Reserve estimate for the Property is not highly sensitive to variation to capital and operating cost, or discount rate. Property valuation is most sensitive to product price; however, the Property remains highly economic in these scenarios. • The assumptions, methods and parameters used for generating the Mineral Reserve estimate are aligned with industry practices and suitable for the mineralisation of the Pilbara and selected mining methods. Capital Expenditure Real, 100% basis Total 2026-2030 2031-2035 2036-2040 2041+ Total Expenditure (US$ billion) 28.7 17.1 9.0 1.9 0.7

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 17 of 176 • A significant proportion of the Mineral Reserve estimate is located within existing, permitted operating mining areas, supported by established labour accommodation and transport facilities, processing, rail and port infrastructure, HME maintenance workshops, ground water abstraction and discharge networks, and surface mine haul roads and waste dumps. • Historical performance and reconciliation underpin the confidence in technical modifying factors such as ore loss and dilution, geotechnical parameters, and metallurgical and hydrogeological assumptions. Based on the results presented in this TRS and consistent with Rio Tinto's long standing operating practices, ongoing technical work will be performed on the Property as part of studies to improve confidence, decrease risk and enable the conversion of Mineral Resources to Mineral Reserves. The following items are recommended to sustain Mineral Resources and Mineral Reserves: • Continue to engage with Traditional Owner groups through the existing Integrated Heritage Management Process and Communities and Social Performance teams. • Complete in progress technical work and obtain relevant permits for sections of the Property that are currently not approved under the EP Act. These recommendations reflect Rio Tinto's ongoing operating practices: as such costs are incorporated into the Property's operating and capital costs, the costs of these recommendations have not been separately disclosed in this TRS. 2 Introduction 2.1 Registrant information This TRS for Rio Tinto's integrated mining operations (the Property), located in the Pilbara region of Western Australia, is prepared by Rio Tinto. The Rio Tinto Group consists of Rio Tinto plc (registered in England and Wales as company number 719885 under the UK Companies Act 2006 and listed on the London Stock Exchange), and Rio Tinto Limited (registered in Australia as ABN 96 004 458 404 under the Australian Corporations Act 2001 and listed on the Australian Securities Exchange). Rio Tinto plc and Rio Tinto Limited operate together and are referred to in this report as Rio Tinto, the Rio Tinto Group or the Group. As noted on the Date and Signature Page, several QPs were involved in the technical work summarised in this TRS. The Property consists of an integrated portfolio of iron ore assets comprising a network of 18 iron ore mines, four port terminals, a nearly 2,000 km rail network and related infrastructure. Mineral Resources and Mineral Reserves are dispersed across the Pilbara region over an area of approximately 70,000 km2. For SEC reporting purposes the Pilbara Operations are considered a production stage property. 2.2 Terms of reference and purpose The purpose of this TRS is to report Mineral Resources and Mineral Reserves for the Property effective as of 31 December 2025. The report utilises: • Australian English spelling. • Metric units of measure. • Grades are presented in weight percent (wt.%). Pilbara Operations Technical Report Summary – 31 December 2025 Page 18 of 176 • Coordinate system is presented in metric units using Map Grid of Australia 1994 (MGA94) Zone 50. • Real US Dollars. • Summary Mineral Resource (section 11) and Mineral Reserve (section 12) are presented based on Rio Tinto ownership. • All other information in the TRS is presented on a 100% basis for the Property1. Key acronyms and definitions used in this TRS include those items listed in Table 2.1. Table 2.1: List of acronyms and abbreviations used in this TRS Acronym/Abbreviation Definition AAS Atomic Absorption Spectroscopy ACMA Australian Communications and Media Authority AEP Annual Exceedance Probability AHS Autonomous Haulage System ALS Australian Laboratory Services Limited AMD Acid Mine Drainage ANCOLD Australian National Committee on Large Dams ANZECC Australian and New Zealand Environment and Conservation Council APT Analytical Precision Testing BHJV Bao-HI Joint Venture BHP Broken Hill Proprietary Company Limited BHPIO BHP Billiton Iron Ore Pty Ltd BID Bedded Iron Deposit BIF Banded Iron Formation Block One minute latitude by one minute longitude Btpa Billion tonnes per annum CAT Chemical Analysis Testing CDP Community Development Plan CID Channel Iron Deposit Channar Mining Channar Mining Pty Ltd CIDPL Cliffs International Drilling Pty Ltd Cliffs Cliffs International Inc. CMJV Channar Mining Joint Venture 1 In this TRS, 100 percent basis for the Property means the Property (including the volume of Mineral Reserves within the Property and all economic analysis related to the Mineral Reserves) is presented on the basis of 100% ownership of the Property as a whole, without regard for any joint venture or other ownership structures that may exist between Rio Tinto and third parties in respect of the Property. This approach differs from external guidance in other Rio Tinto reporting, which is presented on an equity basis. As such, certain figures presented in this TRS may deviate from figures published by Rio Tinto elsewhere.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 19 of 176 Acronym/Abbreviation Definition COG Cut-Off Grade CRA CRA Pty Ltd CRAE CRA Exploration CRAL CRA Limited CRRIA Cliffs Robe River Iron Associates CSP Communities and Social Performance CSR CSR Ltd. DAC Design Acceptance Criteria DD Diamond Drilling DID Detrital Iron Deposit DMPE Department of Energy, Mines and Exploration (WA) dmtu Dry metric tonne unit DWER Department of Water and Environmental Regulation (WA) EDA Exploratory Data Analysis EMP Environmental Management Plan EoR Engineer of Record EP Environmental Protection EPA Environmental Protection Authority EPBC Environmental Protection and Biodiversity Conservation ERA Economic Regulation Authority FAusIMM Fellow of the Australasian Institute of Mining and Metallurgy FAusIMM(CP) Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy FCOG Fixed Cut-Off Grade FIFO Fly-In-Fly-Out FOB Free on Board FPIC Free, Prior and Informed Consent FWZ Foot Wall Zone g Gram/mes Ga Giga-annum (1 billion years) GIS Geographical Information System GSWA Geological Survey of Western Australia GTG Gas Turbine Generator GWL Groundwater Limit Hancock Hancock Prospecting Pty Ltd Pilbara Operations Technical Report Summary – 31 December 2025 Page 20 of 176 Acronym/Abbreviation Definition ha Hectare/s HC Hematite Conglomerate HD Hematite Detrital HDJV Hope Downs Joint Venture HEX Hamersley Exploration Pty Ltd HI Hamersley Iron HIY Yandicoogina Fines HME Heavy Mobile Equipment HRL Hamersley Resources Limited HSEQ Health, Safety, Environmental and Quality ICOLD International Committee on Large Dams ICP-MS Inductively Coupled Plasma – Mass Spectroscopy ICP-OES Inductively Coupled Plasma – Optical Emission Spectroscopy ICSS Integrated Control Signalling System ICMM International Council on Mining and Metals IFC International Finance Corporation IFRS International Financial Reporting Standards ILUA Indigenous Land Use Agreement ITS Intertek Services ISO International Organization for Standardization kg Kilogram/s km Kilometre/s km2 Square kilometre/s KNA Kriging Neighbourhood Analysis kV Kilovolt kWh/t Kilowatt Hours per tonne lb Pound LGIRS Department of Local Government, Industry Regulation and Safety (WA) LIC Local Implementation Committee LiDAR Light Detection and Ranging LIMS Laboratory Information Management System LOI Loss on Ignition LOM Life of Mine LoR Limits of Reporting LPB Low Phosphorus

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 21 of 176 Acronym/Abbreviation Definition LPP Local Participation Plan LTE Long-Term Evolution m Metre/s Ma Million Years MAC Mining Association of Canada MAusIMM Member of the Australasian Institute of Mining and Metallurgy MBM Mount Bruce Mining Pty Ltd MBAS Methylene Blue Active Substances MCA Minerals Council of Australia MCP Mine Closure Plan MGA 94 Map Grid of Australia 1994 mm Millimetre/s MNES Matters of National Environmental Significance MPU Mobile Processing Unit Mtpa Million tonnes per annum MV Megavolt µm Micron/micrometre NATA National Association of Testing Authorities NBHC New Broken Hill Consolidated Limited NPP National Participation Program NPV Net Present Value NWIS Northwest Integrated System OBM Orebody Block Model OECD Organisation for Economic Co-operation and Development OK Ordinary Kriging ONRSR Office of National Rail Safety and Regulation Pacminex Pacminex Pty Limited PBL Pilbara Blend Lump PPE Point Potential Evaporation QA/QC Quality Assurance/Quality Control QP Qualified Person RC Reverse Circulation RIC Regional Implementation Committee Rio Tinto Rio Tinto plc and Rio Tinto Limited operating together under a dual-listed company structure, as described in section 2.1 Pilbara Operations Technical Report Summary – 31 December 2025 Page 22 of 176 Acronym/Abbreviation Definition RIWI Rights in Water and Irrigation Rockwater Rockwater Pty Ltd Robe River Robe River Mining Co Pty Ltd. ROD Red Ochre Detritals ROM Run Of Mine RQD Rock Quality Designation RRIA Robe River Iron Associates RRJV Rhodes Ridge Joint Venture RRM Rhodes Ridge Mining Co. Ltd. RRSA Rhodes Ridge State Agreement RTDB Rio Tinto acQuire™ Database RTIO Rio Tinto Iron Ore RTMTCS Rio Tinto Material Type Classification Scheme RTF Resource Task Force RTX Rio Tinto Exploration RVF Robe Valley Fines RVL Robe Valley Lump SD Siliceous Detrital SDN Sample Despatch Note SGS Société Générale de Surveillance SME Subject Matter Expert SMU Selective Mining Unit SOP Saleable Ore Product (wet tonnes) t Tonne/s Texasgulf Texasgulf Inc TMS Tenement Database TO Traditional Owners TRH Thermostable-related Hemolysin TRS Technical Report Summary TSF Tailings Storage Facility UCS Unconfined Compressive Strength USSC US Steel Corporation VCOG Variable Cut-Off Grade VSMOW Vienna Standard Mean Ocean Water WA Western Australia

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 23 of 176 Acronym/Abbreviation Definition Wright Wright Prospecting Pty Ltd WRS Waste Rock Storage wt.% Weight Percent XRF X-Ray Fluorescence 2.3 Sources of information Sources of exploration and geological data supporting the modelling and Mineral Resource estimates presented in this TRS include data and observations collected by Rio Tinto during the various exploration campaigns completed across the Property, and the various Mineral Resource estimate reports prepared by Rio Tinto and dated 31 December 2025. General regional and local geological interpretation and information for the Property is sourced from various geological reports prepared by or on behalf of Rio Tinto tenement holders as well as from publicly available peer-reviewed geological papers; these geological reports and papers are referenced throughout this TRS where relied upon. This TRS also utilises relevant external technical reports and data available to Rio Tinto providing input to location, setting, geology, project history, exploration activities, methodology, quality assurance and interpretations. Sources of data and information supporting the Mineral Reserves estimates presented in this TRS are the various Mineral Reserve estimate reports prepared by Rio Tinto and dated 31 December 2025. Observations and interpretations of geostatistics, geology and mineralised trends, grade estimation, and Mineral Resources and Mineral Reserves estimates have been generated by Rio Tinto personnel. The following software was utilised: • acQuire™ for the drill hole database. • Leapfrog Geo™ for geological interpretation. • Vulcan™ for block model development. • Isatis™ and Datamine Supervisor™ for variography and statistical analysis. • GEOVIA Whittle™ for definition of economic pit limits. • Vulcan™ for pit design. • AROA™, Alastri Tactical Scheduler™, DeswikGo™ for mine scheduling. • ArcPro™ for multi-purpose 2D data visualisation, and map generation. A detailed list of references is provided in section 25 of this TRS. 2.4 QPs and site visits Information in this TRS has been prepared under the supervision of the following QPs: • Phil Savory – Information in this TRS has been prepared under the supervision of Phil Savory, Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM, Member Number 107730), Manager Modelling & Data Systems at Rio Tinto Iron Ore. Phil is responsible for Pilbara Pilbara Operations Technical Report Summary – 31 December 2025 Page 24 of 176 Iron Ore Mineral Resources. Visits to selected sites occur each year. The last site visit was in December 2025. • Christian Valentine – Information in this TRS has been prepared under the supervision of Christian Valentine, Member of the Australasian Institute of Mining and Metallurgy (MAusIMM, Member Number 334958), Principal Geoscientist. Christian is responsible for Pilbara Iron Ore Mineral Resources. Visits to selected sites occur each year. The last site visit was in June 2025. • Malcolm Judge – Information in this TRS has been prepared under the supervision of Malcolm Judge, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 110049), Superintendent Geoscience. Malcolm is responsible for Pilbara Iron Ore Mineral Resources. Visits to selected sites occur each year. The last visit was in June 2025. • Renjini Nair – Information in this TRS has been prepared under the supervision of Renjini Nair, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 311798), Specialist Geoscientist. Renjini is responsible for Pilbara Iron Ore Mineral Resources. Visits to selected sites occur each year. The last visit was in June 2025. • Leonardo Vilela Couto - Information in this TRS has been prepared under the supervision of Leonardo Vilela Couto, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 308304), Manager Planning. Leonardo is responsible for Pilbara Iron Ore Mineral Reserves. Visits to selected sites occur each year. The last visit was in October 2025. • Leon Fouché - Information in this TRS has been prepared under the supervision of Leon Fouché, Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM(CP), Member Number 222693), Manager Mine Development & Studies. Leon is responsible for Pilbara Iron Ore Mineral Reserves. Visits to selected sites occur each year. The last visit was in July 2025. • Paul Barnes - Information in this TRS has been prepared under the supervision of Paul Barnes, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 225790), Principal Mine Development & Studies. Paul is responsible for Pilbara Iron Ore Mineral Reserves. Visits to selected sites occur each year. The last visit was in July 2025. • Budi Satria Yudha - Information in this TRS has been prepared under the supervision of Budi Satria Yudha, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 3003596), Principal Mine Development & Studies. Budi is responsible for Pilbara Iron Ore Mineral Reserves. Visits to selected sites occur each year. The last visit was in July 2025. • Olga Abdrashitova - Information in this TRS has been prepared under the supervision of Olga Abdrashitova, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 319085), Principal Mine Planning. Olga is responsible for Pilbara Iron Ore Mineral Reserves. Visits to selected sites occur each year. The last visit was in October 2025. • Amrita Ghosh - Information in this TRS has been prepared under the supervision of Amrita Ghosh, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 322619), Principal Mine Planning. Amrita is responsible for Pilbara Iron Ore Mineral Reserves. Visits to selected sites occur each year. The last visit was in Nov 2025. Table 2.2 presents a tabulation of the QPs and their areas of responsibility.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 25 of 176 Table 2.2: List of QPs QP Qualifications Site Visit Area of Responsibility2 Phil Savory BSc (Geology), BSc Hons (Geology), MSc (Mathematics and Planning), FAusIMM April 2025 Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 20, 21, 22, 23, 24, 25. Christian Valentine MSc (Geology), MAusIMM June 2025 Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 20, 21, 22, 23, 24, 25. Malcolm Judge BSc (Geology), BSc Hons (Geology), Grad Cert Geostatistics, MAusIMM June 2025 Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 20, 21, 22, 23, 24, 25. Renjini Nair BSc Hons (Geology), MSc (Geology), Grad Cert Geostatistics (pursuing), MAusIMM June 2025 Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 20, 21, 22, 23, 24, 25. Leonardo Vilela Couto MSc (Mineral and Energy Economics), BSc (Mining), MAusIMM October 2025 Sections 1, 2, 9, 10, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25 Leon Fouché BEng (Mining Engineering), MBA, FAusIMM(CP) July 2025 Sections 1, 2, 9, 10, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25 Paul Barnes BEng Hons (Mining Engineering), MAusIMM July 2025 Sections 1, 2, 9, 10, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25 Budi Satria Yudha BEng Hons (Mining Engineering), MAusIMM July 2025 Sections 1, 2, 9, 10, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25 Olga Abdrashitova BEng (Mining Engineering), MAusIMM October 2025 Sections 1, 2, 9, 10, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25 Amrita Ghosh BEng (Mining Engineering), MAusIMM November 2025 Sections 1, 2, 9, 10, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25 2.5 Previously filed technical report summaries This is the second TRS being filed for the Pilbara Operations. A previous TRS was filed as exhibit 96.1 to the Form 20-F for the year ended 31 December 2021. 3 Property description 3.1 Property location In the Pilbara region of Western Australia, Rio Tinto operates an integrated portfolio of iron ore assets comprising a network of 18 iron ore mines, four port terminals, a nearly 2,000 km rail network and related infrastructure. Mineral Resources and Mineral Reserves are dispersed across the Pilbara region over an area of approximately 70,000 km2. Mined product is transported by two dedicated rail lines to ports located at Dampier and Cape Lambert. Figure 3.1 presents the location of the key mining centres, rail lines, ports, and Mineral Resource locations that comprise the Property. 2 QPs have relied on information provided by the registrant for preparing findings and conclusions relating to aspects of modifying factors. This information and the portions of the TRS relating to its use can be seen in Section 25. Figure 3.1: Property location map

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 27 of 176 Throughout the TRS, reference has been made to Mining Areas. These Mining Areas comprise multiple individual mining operations and/or projects and have been used as a way to simplify the quantity of detail presented in the TRS (e.g. Figure 7.1 to Figure 7.18). Table 3.1 presents details of the Mining Areas that contain reported Mineral Reserves; the table further includes respective ownership and Joint Venture as required. Table 3.1: Property mining areas Hubs/Mining Area Mine/Project Joint Venture Interest % owned by the Group Robe Valley Mesa A Robe River Iron Associates Joint Venture; Australia 53% Mesa J Robe River Iron Associates Joint Venture; Australia 53% Greater Brockman Brockman Syncline 2 100% Nammuldi 100% Brockman Syncline 4 100% Silvergrass 100% Greater Tom Price Marandoo 100% Mount Tom Price 100% Western Turner Syncline 100% Greater Paraburdoo Channar 100% Eastern Range 100% Paraburdoo 100% Western Range Bao-HI Joint Venture; Australia 54% Gudai-Darri Gudai-Darri 100% Yandicoogina Yandicoogina 100% West Angelas West Angelas Robe River Iron Associates Joint Venture; Australia 53% Greater Hope Downs Hope Downs 1 Hope Downs Joint Venture; Australia 50% Hope Downs 4 Hope Downs Joint Venture; Australia 50% 3.2 Mineral rights The Mineral Resources and Mineral Reserves are held under a combination of State Agreement Mining/Mineral Leases; Exploration licences and Mining Leases under the Mining Act (WA) 1978; and Temporary Reserves held under the Mining Act (WA) 1904. State Agreement Mining/Mineral Leases and Mining Leases under the Mining Act are granted for a period of 21 years and are typically renewable for further periods of 21 years, although some State Agreements have a finite term. Exploration licences applied for prior to 10 February 2006 were initially for a five-year term and were renewable for two periods of either one or two years and subsequently renewable for periods of one year. Pilbara Operations Technical Report Summary – 31 December 2025 Page 28 of 176 Exploration licences applied for after 10 February 2006 are initially for a five year term and are renewable for an additional five year term and then periods of two years. Renewal of Exploration licences is subject to satisfying prescribed criteria. Temporary Reserves are renewed for a one year term. The renewal of all tenure is maintained by the Tenure and GIS team in Environment and Land Access. The tenement database (TMS) provides reminder notices of pending renewals and renewal procedures are adhered to in accordance with established guidelines. A list of the Rio Tinto tenure containing the Mineral Resources and Mineral Reserves is presented in Table 3.2. Note that tenements are renewed periodically, and as such, several tenements are listed with Expiry Dates 'pending'. These tenements are currently in the process of renewal, with updated expiry dates yet to be confirmed by the Department of Local Government, Industry Regulation and Safety (LGIRS). The Property boundaries of the State Agreement Mining/Mineral Leases and Mining Act Mineral Leases are marked out according to the Mining Act (WA) 1978 and their relevant State Agreement where applicable. Newer exploration licences are defined by a graticular block of 1 minute of Latitude x 1 minute of Longitude with each block assigned a unique identifier. Some of the earlier exploration licences were marked according to the Mining Act (WA) 1978 prior to the creation of the graticular block system. Figure 3.2 presents a tenement map of the Property.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 29 of 176 Table 3.2: Rio Tinto tenure containing the Mineral Resources and Mineral Reserves Tenure Number Tenure Name Legislation Category Tenure Type Holder Group Tenure Status Grant Date Expiry Date Current Area Area Unit First Reported Current Commitment 4192H PAMELIA State Agreement SA Temporary Reserve Rhodes Ridge JV Live 22/05/1967 31/12/2025 11620 Hectares 2009 No Current Commitment 4193H OPHTHALMIA State Agreement SA Temporary Reserve Rhodes Ridge JV Live 22/05/1967 31/12/2025 11235 Hectares 2009 No Current Commitment 4266H RHODES RIDGE State Agreement SA Temporary Reserve Rhodes Ridge JV Live 4/08/1967 31/12/2025 2597.5 Hectares 2009 No Current Commitment 4267H TEXAS State Agreement SA Temporary Reserve Rhodes Ridge JV Live 4/08/1967 31/12/2025 8376.5 Hectares 2009 No Current Commitment 4737H ARROWHEAD State Agreement SA Temporary Reserve Rhodes Ridge JV Live 17/10/1969 31/12/2025 6141 Hectares 2009 No Current Commitment 4881H THE TAIL State Agreement SA Temporary Reserve Rhodes Ridge JV Live 17/10/1969 31/12/2025 11215 Hectares 2009 No Current Commitment 4882H BAKERS AREA State Agreement SA Temporary Reserve Rhodes Ridge JV Live 17/10/1969 31/12/2025 10890 Hectares 2009 No Current Commitment 4883H WONMUNNA FLATS State Agreement SA Temporary Reserve Rhodes Ridge JV Live 17/10/1969 31/12/2025 6648.5 Hectares 2009 No Current Commitment 4884H R&S HILL ETC State Agreement SA Temporary Reserve Rhodes Ridge JV Live 17/10/1969 31/12/2025 13395 Hectares 2009 No Current Commitment E08/00788 DINNER CAMP BORE Mining Act Exploration Licence (Pre 2006) Robe JV Live 2/04/1996 1/04/2026 13 Blocks 2021 $70,000.00 E08/01148 MESA B Mining Act Exploration Licence (Pre 2006) Robe JV Live 23/04/2002 22/04/2026 3 Blocks 2008 $50,000.00 E08/01196 TOD BORE Mining Act Exploration Licence (Pre 2006) Robe JV Live 6/02/2001 5/02/2026 32 Blocks 2009 $96,000.00 E08/01771 CONGO BORE Mining Act Exploration Licence (Post 2006) Robe JV Live 18/01/2008 17/01/2026 24 Blocks 2021 $72,000.00 E08/01772 HUBERT WELL/MESA B Mining Act Exploration Licence (Post 2006) Robe JV Live 18/01/2008 17/01/2026 13 Blocks 2016 $70,000.00 E46/00580 POONDA Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 16/06/2005 15/06/2026 70 Blocks 2008 $210,000.00 E46/00662 POONDA NORTH Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 25/01/2006 24/01/2026 30 Blocks 2009 $90,000.00 E47/00030 PANHANDLE 01 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 18/12/1982 17/12/2025 31.66 Square Kilometres 1990 $100,000.00 E47/00045 SILVERGRASS 03 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 18/12/1982 17/12/2025 25.38 Square Kilometres 1993 $100,000.00 E47/00047 WALKALINA Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 18/12/1982 17/12/2025 62.93 Square Kilometres 1974 $100,000.00 E47/00054 MT PYRTON 03 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 18/12/1982 17/12/2025 112.5 Square Kilometres 1977 $100,000.00 E47/00280 OPHTHALMIA SOUTH Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 5/04/1987 4/04/2026 90.69 Square Kilometres 1991 $100,000.00 E47/00319 PAMELIA SOUTH Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 10/09/1987 9/09/2026 31.1 Square Kilometres 1991 $100,000.00 E47/00421 KOODAIDERI 03 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 6/02/1989 5/02/2026 160.3 Square Kilometres 1994 $100,000.00 E47/00468 MT FARQUHAR 01 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 21.99 Square Kilometres 1993 $100,000.00 E47/00469 MT FARQUHAR 02 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 11.52 Square Kilometres 1993 $100,000.00 E47/00470 MT FARQUHAR 03 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 38.33 Square Kilometres 1975 $100,000.00 E47/00472 MT WALL Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 45.68 Square Kilometres 1991 $100,000.00 E47/00473 MT PYRTON 01 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 124.7 Square Kilometres 1994 $100,000.00 E47/00474 MT PYRTON 02 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 96.8 Square Kilometres 1994 $100,000.00 E47/00475 MT MARGARET Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 22/08/1989 21/08/2026 118.9 Square Kilometres 1991 $100,000.00 Pilbara Operations Technical Report Summary – 31 December 2025 Page 30 of 176 Tenure Number Tenure Name Legislation Category Tenure Type Holder Group Tenure Status Grant Date Expiry Date Current Area Area Unit First Reported Current Commitment E47/00487 KOODAIDERI 04 Mining Act Exploration Licence (Non-Graticular) Hamersley Exploration Pty Ltd Live 26/06/1990 25/06/2026 181.53 Square Kilometres 1994 $100,000.00 E47/00537 SOUTH FORTESCUE Mining Act Exploration Licence (Non-Graticular) HI/HR Live 16/10/1990 15/10/2025 126.25 Square Kilometres 1985 $100,000.00 E47/00538 MARANDOO WEST Mining Act Exploration Licence (Non-Graticular) HI/HR Live 16/10/1990 15/10/2025 66.34 Square Kilometres 1984 $100,000.00 E47/00539 GILES Mining Act Exploration Licence (Non-Graticular) Rhodes Ridge JV Live 16/10/1990 15/10/2025 107.25 Square Kilometres 1991 $100,000.00 E47/00540 WONMUNNA SOUTH Mining Act Exploration Licence (Non-Graticular) Rhodes Ridge JV Live 16/10/1990 15/10/2025 41.73 Square Kilometres 1995 $100,000.00 E47/00541 WONMUNNA NORTH Mining Act Exploration Licence (Non-Graticular) Rhodes Ridge JV Live 16/10/1990 15/10/2025 47.94 Square Kilometres 1992 $100,000.00 E47/00542 WONMUNNA CENTRAL Mining Act Exploration Licence (Non-Graticular) Rhodes Ridge JV Live 16/10/1990 15/10/2025 58.96 Square Kilometres 1994 $100,000.00 E47/00584 JUNA DOWNS Mining Act Exploration Licence (Pre 2006) Hamersley Exploration Pty Ltd Live 17/02/1992 16/02/2026 40 Blocks 1998 $120,000.00 E47/00585 MT MARGARET NORTH Mining Act Exploration Licence (Pre 2006) Hamersley Exploration Pty Ltd Live 26/06/1992 25/06/2026 14 Blocks 1993 $70,000.00 E47/00622 WONMUNNA EAST Mining Act Exploration Licence (Pre 2006) Rhodes Ridge JV Live 1/04/1993 31/03/2026 15 Blocks 1983 $70,000.00 E47/00623 OPHTHALMIA NORTH Mining Act Exploration Licence (Pre 2006) Rhodes Ridge JV Live 1/04/1993 31/03/2026 22 Blocks 1999 $70,000.00 E47/00624 GILES POINT Mining Act Exploration Licence (Pre 2006) Rhodes Ridge JV Live 1/04/1993 31/03/2026 10 Blocks 1999 $70,000.00 E47/00631 JUNA DOWNS NORTH Mining Act Exploration Licence (Pre 2006) Hamersley Exploration Pty Ltd Live 7/04/1993 6/04/2026 8 Blocks 1998 $70,000.00 E47/00641 MT WINDELL NORTH Mining Act Exploration Licence (Pre 2006) Hamersley Exploration Pty Ltd Live 25/05/1993 24/05/2026 70 Blocks 1998 $210,000.00 E47/00661 MT SYLVIA Mining Act Exploration Licence (Pre 2006) Hamersley Exploration Pty Ltd Live 24/11/1993 23/11/2025 50 Blocks 1997 $150,000.00 E47/00662 METAWANDY Mining Act Exploration Licence (Pre 2006) Hamersley Exploration Pty Ltd Live 24/11/1993 23/11/2025 23 Blocks 1998 $70,000.00 E47/00709 WEST ANGELAS 1 Mining Act Exploration Licence (Pre 2006) Robe JV Live 25/08/1994 24/08/2026 22 Blocks 2000 $70,000.00 E47/00733 ROBE HEADWATERS 1 Mining Act Exploration Licence (Pre 2006) Robe JV Live 24/04/1996 23/04/2026 11 Blocks 2008 $70,000.00 E47/00754 ANGELO RIVER 1 Mining Act Exploration Licence (Pre 2006) Robe JV Live 27/09/1995 26/09/2026 48 Blocks 1999 $144,000.00 E47/00778 DUCK CREEK NORTH Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 10/06/1996 9/06/2026 3 Blocks 0 $50,000.00 E47/00780 VIVASH WEST Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 26/03/1996 25/03/2026 9 Blocks 1997 $70,000.00 E47/00781 MT WALL WEST Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 26/03/1996 25/03/2026 14 Blocks 2000 $70,000.00 E47/00783 VIVASH EAST Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 26/03/1996 25/03/2026 4 Blocks 2001 $50,000.00 E47/00797 WEST ANGELAS 2 Mining Act Exploration Licence (Pre 2006) Robe JV Live 10/06/1996 9/06/2026 14 Blocks 2008 $70,000.00 E47/00798 WEST ANGELAS 3 Mining Act Exploration Licence (Pre 2006) Robe JV Live 10/06/1996 9/06/2026 46 Blocks 2008 $138,000.00 E47/00892 HOMESTEAD SOUTH Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 13/07/1998 12/07/2026 9 Blocks 1980 $70,000.00 E47/00942 VIVASH SOUTH Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 27/10/1999 26/10/2025 2 Blocks 2003 $50,000.00 E47/00986 WEST ANGELAS 4 Mining Act Exploration Licence (Pre 2006) Robe JV Live 17/10/2000 16/10/2025 12 Blocks 2008 $70,000.00 E47/01050 TUREE SOUTH ANGELO Mining Act Exploration Licence (Pre 2006) Robe JV Live 5/04/2002 4/04/2026 31 Blocks 2012 $93,000.00 E47/01054 NE SYNCLINE Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 4/10/2001 3/10/2025 7 Blocks 2003 $70,000.00 E47/01218 DUCK CREEK Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 13/05/2003 12/05/2026 16 Blocks 2010 $70,000.00 E47/01228 TEXAS EAST Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 8/08/2003 7/08/2026 17 Blocks 2007 $70,000.00 E47/01243 MT WINDELL EAST Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 22/01/2004 21/01/2026 11 Blocks 2009 $70,000.00 E47/01277 PINARRA Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 31/03/2006 30/03/2026 62 Blocks 2010 $186,000.00 E47/01311 WEELAMURRA Mining Act Exploration Licence (Pre 2006) Robe JV Live 1/11/2012 31/10/2025 51 Blocks 2016 $153,000.00 E47/01322 CALIWINGINA Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 19/04/2005 18/04/2026 23 Blocks 1997 $70,000.00 E47/01329 LEISKER Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 1/07/2005 30/06/2026 64 Blocks 2009 $192,000.00

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 31 of 176 Tenure Number Tenure Name Legislation Category Tenure Type Holder Group Tenure Status Grant Date Expiry Date Current Area Area Unit First Reported Current Commitment E47/01478 TUREE SOUTH Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 31/03/2006 30/03/2026 31 Blocks 2002 $93,000.00 E47/01522 COONDINER WEST Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 20/03/2006 19/03/2026 1 Block 2007 $20,000.00 E47/01539 KOODAIDERI SOUTH 1 Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 9/07/2008 8/07/2026 70 Blocks 2010 $210,000.00 E47/01779 MT FARQUHAR EAST Mining Act Exploration Licence (Post 2006) Robe JV Live 18/01/2008 17/01/2026 10 Blocks 2016 $70,000.00 E47/01781 KANGEENARINA WELL Mining Act Exploration Licence (Post 2006) Robe JV Live 2/02/2008 1/02/2026 24 Blocks 2023 $72,000.00 E47/01782 BROCKMAN WEST Mining Act Exploration Licence (Post 2006) Robe JV Live 18/01/2008 17/01/2026 32 Blocks 2018 $96,000.00 E47/01783 DUCK CREEK NORTH 1 Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 18/01/2008 17/01/2026 6 Blocks 2013 $70,000.00 E47/01784 DUCK CREEK NORTH 2 Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 18/01/2008 17/01/2026 10 Blocks 2013 $70,000.00 E47/01785 DUCK CREEK NORTH 3 Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 18/01/2008 17/01/2026 1 Block 2024 No Current Commitment E47/01786 DUCK CREEK NORTH 4 Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 18/01/2008 17/01/2026 5 Blocks 2018 No Current Commitment E47/01788 VIVASH EAST GORGE Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 18/01/2008 17/01/2026 26 Blocks 2014 $78,000.00 E47/01795 WEST ANGELAS A Mining Act Exploration Licence (Post 2006) Robe JV Live 25/03/2008 24/03/2026 1 Block 2015 No Current Commitment E47/01922 COONDINER EAST Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 10/06/2009 9/06/2027 1 Block 2014 No Current Commitment E47/01943 JUNA DOWNS SOUTH Mining Act Exploration Licence (Post 2006) Hamersley Exploration Pty Ltd Live 30/07/2010 29/07/2026 6 Blocks 2014 $70,000.00 E47/02086 ANGELO NORTH E Mining Act Exploration Licence (Post 2006) Robe JV Live 9/02/2010 8/02/2026 2 Blocks 2020 No Current Commitment E47/02141 HOWARDS WELL 2 Mining Act Exploration Licence (Post 2006) Robe JV Live 25/03/2010 24/03/2026 37 Blocks 2017 $111,000.00 E47/02769 CALIWINGINA GAP 5 Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 23/06/2015 22/06/2027 4 Blocks 2016 No Current Commitment E47/02770 CALIWINGINA GAP 4 Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 18/06/2015 17/06/2027 5 Blocks 2016 No Current Commitment E47/02950 PINNACLE WELL Mining Act Exploration Licence (Post 2006) Hamersley Iron Pty. Limited Live 15/10/2013 14/10/2025 2 Blocks 2019 No Current Commitment E52/01459 INDABIDDY CREEK Mining Act Exploration Licence (Pre 2006) Robe JV Live 23/08/2000 22/08/2026 38 Blocks 2008 $114,000.00 E52/01617 PERRY CREEK Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 24/03/2003 23/03/2026 9 Blocks 2004 $70,000.00 E52/01690 DEADMAN HILL Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 28/11/2003 27/11/2025 29 Blocks 2011 $87,000.00 E52/01894 OPHTHALMIA DAM Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 10/09/2006 9/09/2025 22 Blocks 2013 $70,000.00 E52/01905 CARAMULLA CREEK Mining Act Exploration Licence (Pre 2006) Hamersley Iron Pty. Limited Live 8/08/2006 7/08/2026 27 Blocks 2010 $81,000.00 E52/02043 SPEARHOLE Mining Act Exploration Licence (Post 2006) Robe JV Live 6/07/2008 5/07/2026 59 Blocks 2023 $177,000.00 E52/03446 IRON STONE BORE Mining Act Exploration Licence (Post 2006) Robe JV Live 18/10/2017 17/10/2027 1 Block 2024 $20,000.00 E52/03513 FOREMAN BORE # Mining Act Exploration Licence (Post 2006) Robe JV Live 21/11/2017 20/11/2027 4 Blocks 2024 $50,000.00 M274SA HAMERSLEY YANDI State Agreement SA Mining Lease (linked to MA) Hamersley Iron - Yandi Pty Limited Live 19/09/1997 18/09/2039 30550 Hectares 2022 No Current Commitment M282SA HOPE DOWNS State Agreement SA Mining Lease (linked to MA) Hope Downs JV Live 31/03/2006 30/03/2027 57221.5 Hectares 2024 No Current Commitment M46/00439 SHOVELANNA HILL 3 Mining Act Mining Lease Rhodes Ridge JV Live 30/06/2010 29/06/2031 802.5 Hectares 1997 $80,300.00 M46/00440 SHOVELANNA HILL 4 Mining Act Mining Lease Rhodes Ridge JV Live 30/06/2010 29/06/2031 784.9 Hectares 1997 $78,500.00 Pilbara Operations Technical Report Summary – 31 December 2025 Page 32 of 176 Tenure Number Tenure Name Legislation Category Tenure Type Holder Group Tenure Status Grant Date Expiry Date Current Area Area Unit First Reported Current Commitment M47/00542 CABBAGE GUM BORE 1 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 801.15 Hectares 2016 $80,200.00 M47/00543 CABBAGE GUM BORE 2 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 923.95 Hectares 2016 $92,400.00 M47/00544 CABBAGE GUM BORE 3 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 559.1 Hectares 2016 $56,000.00 M47/00545 CABBAGE GUM BORE 4 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 905.1 Hectares 2016 $90,600.00 M47/00546 CABBAGE GUM BORE 5 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 945.95 Hectares 2016 $94,600.00 M47/00547 CABBAGE GUM BORE 6 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 638.3 Hectares 2016 $63,900.00 M47/00548 CABBAGE GUM BORE 7 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 929.3 Hectares 2016 $93,000.00 M47/00549 CABBAGE GUM BORE 8 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 886.95 Hectares 2016 $88,700.00 M47/00550 CABBAGE GUM BORE 9 Mining Act Mining Lease Robe JV Live 1/08/2017 31/07/2038 562.05 Hectares 2016 $56,300.00 ML4SA HAMERSLEY RANGE 01 State Agreement SA Mineral Lease Hamersley Iron Pty. Limited Live 25/03/1965 24/03/2028 80617.39 Hectares 2012 No Current Commitment P08/00615 DEEPDALE EAST GAP Mining Act Prospecting Licence Robe JV Live 19/01/2011 18/01/2027 2.42 Hectares 2016 No Current Commitment P47/01332 DUCK CREEK NORTH GAP 5 Mining Act Prospecting Licence Hamersley Iron Pty. Limited Live 18/12/2007 17/12/2027 19.506 Hectares 2013 No Current Commitment P47/01333 DUCK CREEK NORTH GAP 6 Mining Act Prospecting Licence Hamersley Iron Pty. Limited Live 18/12/2007 17/12/2027 66.83 Hectares 2013 No Current Commitment P47/01700 CABBAGE GUM EAST GAP 1 Mining Act Prospecting Licence Robe JV Live 8/02/2016 7/02/2028 23.25 Hectares 2022 No Current Commitment P47/01701 CABBAGE GUM WEST GAP 1 Mining Act Prospecting Licence Robe JV Live 8/02/2016 7/02/2028 175.3 Hectares 2023 No Current Commitment P47/01702 CABBAGE GUM EAST GAP 2 Mining Act Prospecting Licence Robe JV Live 18/06/2014 17/06/2026 40.57 Hectares 2022 No Current Commitment P47/01865 MT PYRTON GAP 3 Mining Act Prospecting Licence Hamersley Iron Pty. Limited Live 31/07/2018 30/07/2026 4.91 Hectares 2016 No Current Commitment

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 3.2: Tenure location map Pilbara Operations Technical Report Summary – 31 December 2025 Page 34 of 176 3.3 Title details and rights In Western Australia, all minerals are the property of the Crown with few exceptions. A mining title must be obtained before any prospecting, exploration or mining activities can be carried out. The Mining Act 1978, Mining Act 1904, Mining Regulations 1981 and various State Agreements provide the framework of rights and obligations which govern most of Rio Tinto's exploration and mining activities. Conditions on the grant of mining tenements include the requirements to meet specific reporting and expenditure commitments, and these conditions have been met by Rio Tinto as of the date of this TRS (31 December 2025). 3.4 Encumbrances There are no known significant encumbrances to the Mineral Resources or Mineral Reserves on the Property. 3.5 Risks to access, title or right to perform work The risks to access, title, and the right to perform work are associated with approvals that consider heritage; environment (including water); communities and other stakeholders; cumulative impacts; and state and federal legislation in relation to the deposits and surrounds. Work programs to understand and manage the risks for these aspects are completed before and during exploration and studies; and continued through to operation and closure. Mine and infrastructure designs are adjusted where areas of specific significance or risk are identified and need to be avoided or specially managed, which may be through monitoring and management plans or via the delineation of restricted areas or Mining Exclusion Zones. 3.6 Agreements and royalties State Agreement conditions are set by the Western Australian Government and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/investment requirements; and payment of taxes and government royalties. Private royalties (where applicable) paid on production from the Property have been included in the economic evaluation. The current business also operates under several Indigenous Land Use Agreements (ILUAs) and other agreements with Traditional Owner groups, which include matters such as, but not limited to, commitments for payments made to trust accounts; indigenous employment and business opportunities; and heritage and cultural protections. 4 Accessibility, climate, local resources, infrastructure, and physiography 4.1 Topography, elevation, and vegetation The Property sits predominantly within the Hamersley sub-region of the Pilbara, with the exception of minor areas located within the Fortescue and Ashburton sub-regions, and the Robe Valley mining areas and rail and port infrastructure which extend onto the lower Roebourne coastal plains sub- region. The Hamersley Ranges are classified as a low-relief mountainous desert. They consist of a series of east-west trending mountain ranges with broad drainage systems between them, rising above an

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 35 of 176 extensive plateau. Vegetation is dominated by spinifex (Triodia genus) hummock grasses, with scattered trees and small shrubs chiefly Eucalyptus, Acacia and Cassia genera. Tall woodlands formations and overall higher species richness and diversity is observed along major ephemeral creek lines and persistent pools in the landscape (Etten and Fox, 2004). The Fortescue Valley river system drains the Hamersley Ranges, and contains the Fortescue Marsh, the largest seasonal wetland in the Pilbara. The Fortescue Marsh is also recognised in Western Australia as a priority ecological community. The coastal plains of the Roebourne sub-region feature low relief headlands, deltas, barrier islands and lagoons with mangroves, samphire flats, tidal algal mats, sandy beaches and rocky shores. Extensive alluvial terraces and wash plains are associated with river frontages and pindan plains. Vegetation is mainly mixed tussock grass and Acacia shrublands with uplands dominated by Triodia genus hummock grasses (Government of Western Australia, 2021). Many endemic plant species, including threatened species such as the Paraburdoo heath (Aluta quadrata) are also present in both the Roebourne and Hamersley sub-regions. The location of the Property's mining areas and infrastructure relative to physiography can be seen in Figure 4.1. Figure 4.1: Physiography and infrastructure

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 37 of 176 4.2 Access The Property is accessible by rail, road or by air, utilising Rio Tinto rail lines, major highways and rail access roads, and public and Rio Tinto owned airports. Mined product is railed via Rio Tinto owned and operated rail networks to the Dampier or Cape Lambert ports. 4.3 Climate The climate of the Pilbara is classified as arid and tropical. It is classified as hot desert in northern and inland areas, and as hot grasslands in the northwest. It experiences high temperatures and low irregular rainfall that follows summer cyclones. During the summer months, maximum temperatures exceed 32°C (90°F) most days, and temperatures higher than 45°C (113°F) are not uncommon. Winter temperatures rarely drop below 10°C (50°F) on the coast; however, inland temperatures as low as 0°C (32°F) are occasionally recorded. The mean annual rainfall in the region is between 200 and 350 mm (7.9 and 13.8 inches). Almost all of the Pilbara's rainfall occurs between December and May, usually with occasional heavy downpours in thunderstorms or tropical cyclones. The period from June to November is typically completely rainless, with warm to very hot and sunny conditions. Like most of the north coast of Australia, the coastal areas of the Pilbara experience occasional tropical cyclones. The frequency of cyclones crossing the Pilbara coast is about seven in every 10 years. Tropical cyclones cause the most extreme rainfall events and generate 25 to 34% of the total annual rainfall near the Pilbara coast, and as much as 21% up to 450 km inland. Tropical cyclones contribute from 0 to 86% of summer rainfall in the northwest. Hot, dry and sunny conditions in the Pilbara lead to very high evaporative demand. Point potential evaporation (PPE) can exceed 3,000 mm per year over much of the Pilbara (PPE represents the evapotranspiration that would occur from small, well-irrigated fields surrounded by non- irrigated land). The higher areas of the Hamersley Ranges are cooler and subject to greater summer cloud cover and so have the lowest evaporative demand, averaging 10 to 14 mm per day in the summer months and 4 to 7 mm per day in the winter months. Pilbara Operations Technical Report Summary – 31 December 2025 Page 38 of 176 Figure 4.2 summarises key historical climate data for the Pilbara region. There are no limitations for year-round access and operations due to climate and precipitation at the Property, except during some cyclone events when minor disruptions and access restrictions can occur. Source: https://www.meteoblue.com/en/weather/historyclimate/climatemodelled/pilbara_australia_2063402 Figure 4.2: Climate statistics for the Pilbara Region, Western Australia 4.4 Local resources and infrastructure 4.4.1 Power supply Rio Tinto operates and maintains its power generation and transmission network within the Pilbara which is a key part of the Property's integrated system. There are four power stations operating a gas turbine fleet of twelve Gas Turbine Generators (GTG) located at Karratha (five), Cape Lambert (two), Paraburdoo (three) and West Angelas (two). In addition to the gas turbine fleet, operations at Gudai- Darri utilize a 34MW (maximum) Solar PV single-axis tracking solar farm. The Rio Tinto network is weakly interconnected to the North West Interconnected System (NWIS) via Horizon Power at Dampier and Cape Lambert. Power station details are presented in Section 15. 4.4.2 Water supply Water for towns, mines, rail, ports and camps is supplied by Rio Tinto production and dewatering bores, and from the Water Corporation of Western Australia (Western Australian Government Service). Water supply and wastewater systems are regulated by the Economic Regulation Authority (ERA), Department of Health, Department of Water and Environmental Regulation (DWER), and LGIRS. Water supply details are presented in Section 15. 4.4.3 Personnel Personnel are engaged on either a residential or Fly-In-Fly-Out (FIFO) basis, sourced from the capital and regional centres in Western Australia.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 39 of 176 4.4.4 Supplies Supplies are transported to sites by rail, road or by air, utilising major highways and rail access roads, public and Rio Tinto-owned airports and the Rio Tinto-owned railway. 5 History 5.1 Exploration and ownership history Rio Tinto commenced exploration in the Hamersley Ranges in 1962 through its subsidiary CRA (then known as Conzinc Riotinto of Australia), following the easing of the Australian Government's iron ore export embargo in November 1960 and the subsequent issue of exploration permits, which laid the foundation for the development and growth of the iron ore industry in the Pilbara region. The Property has since been subject to comprehensive exploration activity as summarised in Table 5.1. CRA was formed as the result of the 1962 merger between two British companies: the Rio Tinto Company and the Consolidated Zinc Corporation and was a subsidiary of the main entity, originally called the Rio Tinto – Zinc Corporation (RTZ). RTZ went on to develop mining and other activities across the world while CRA concentrated on Australasia. The companies were run independently by separate management teams until 1995, when the two companies merged under a dual listing structure into RTZ-CRA. The merged name proved unwieldy and a proposal to rename both of the dual-listed entities to 'Rio Tinto' was approved by shareholders in 1997, leading to the formation of Rio Tinto plc (the former Rio Tinto Zinc Corporation) and Rio Tinto Limited (for the former CRA). ("Rio Tinto: United for Growth", https://www.riotinto.com/invest/corporate-governance) Hamersley Iron Pty. Limited (Hamersley Iron) was formed in 1962 as the operating subsidiary of Hamersley Holdings Limited (Hamersley Holdings), a joint venture between CRA and the USA-based Kaiser Corporation. CRA originally owned 60% of the partnership, which was diluted after public listing in 1967 (Lee, 2013). During the 1980s, CRA progressively rebought shares in Hamersley Holdings, including Kaiser's remaining share in 1982, until Hamersley Holdings became a wholly owned subsidiary of CRA. CRA Exploration (CRAE) was a wholly-owned subsidiary of CRA, which primarily engaged in exploration for minerals within Australasia. Following the acquisition of North Limited, Rio Tinto progressively merged its interests within the Property under the wholly-owned Hamersley Holdings. Hamersley Exploration Pty Limited (Hamersley Exploration) is a wholly-owned subsidiary of Hamersley Holdings. Table 5.1: Summary of exploration and ownership history Exploration Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/ Operators East Pilbara- Area 1 Gorge Bore Mt Lockyer Rio Tinto (100%) None Historical assessment of the Exploration Area has concentrated on delineating both detrital iron and bedrock resources within the Brockman Iron Formation. Previous iron ore exploration by Rio Tinto Exploration Pty Limited (RTX) within the Project Area has identified both detrital and bedded iron deposits. East Pilbara-Area 2 Enterprise Juna Downs Rio Tinto (100%) Pacminex Pty Limited 1970 – 1973 Reconnaissance mapping using aerial photography and geological mapping (1: 14,000) revealed no significant iron ore deposits although several small occurrences of Brockman Iron Formation were mapped. 1974 – 1976 Percussion drilling of the concealed Marra Mamba Iron Formation on the north limb of the anticline showed the prospective Mount Newman Member to be covered by at least 50m of superficial sediment. Further percussion drilling to test the down dip extension of the mineralisation intersected in 1975. The possibility of further iron enrichment within 50m of the surface on the tested gridlines was largely eliminated. East Pilbara-Area 3 Howards Well Robe River Iron Associates Joint Venture – comprising Rio Tinto (53%), Mitsui Iron Ore Development (33%) and Nippon Steel Corporation (14%) (Robe JV) BHP Billiton Iron Ore Pty Ltd Early exploration drilling was conducted by BHP Billiton Iron Ore Pty Ltd during 1994-1996. The results from these programs have not been used for Mineral Resource work. East Pilbara-Area 4 Poonda Caramulla Creek Rio Tinto (100%) None Pre-2006 drilling programs were conducted by CRA Pty Ltd targeting Boolgeeda deposits. East Pilbara-Area 4 Ophthalmia Dam Rio Tinto (100%) Pacminex Pty Limited The initial exploration drilling was conducted by Pacminex Pty Limited in 1973-1978, targeting low phosphorus deposit. In 1988, CRA continued exploration work by drilling 5 Reverse Circulation (RC) drill holes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/ Operators East Pilbara-Area 5 Deadman Hill Rio Tinto (100%) Rosane Pty Ltd 1995-1996 Stream Sediment Sampling The task force identified the Deadman Hill area as an iron ore exploration target in mid 1990s based on Brockman and Marra Mamba Formations located within the southern edge of the Hamersley basin with favourable NE-trending structures that host mineralisation in other parts of the basin. Hamersley Iron carried out iron ore exploration between 1998 and 1999. East Pilbara- Area 6 Rhodes Ridge Arrowhead Rio Tinto (50%), Mitsui Iron Ore Development (40%), Rhodes Ridge Mining (No 1) Pty Ltd (10%) (Rhodes Ridge JV) Texasgulf Inc, Hancock Prospecting Pty Ltd, 1969 - 1981 exploration in the area work was conducted by Texasgulf Inc (Texasgulf) in a joint venture agreement with Wright Prospecting Pty Ltd (Wright), Hancock, and Rhodes Ridge Mining Co. Ltd. In 1981, Texasgulf sold its 50% equity and management rights in the Rhodes Ridge State Agreement (RRSA) and Rhodes Ridge Joint Venture (Rhodes Ridge JV) to New Broken Hill Consolidated Limited (NBHC) (now Hamersley Resources Limited (HRL)), a wholly owned subsidiary of CRAL. Following court proceedings, Hancock relinquished its 25% stake in the project in 2015, leaving Wright Prospecting Pty Ltd and Hamersley Resources Limited as the remaining participants. Exploration work carried out after 1981 was completed by Hamersley Resources Limited on behalf of the joint venture. Upon modernisation of the joint venture in 2022, Rhodes Ridge Management Services Pty Ltd (100% Rio Tinto) replaced HRL as the manager. Consequently, as the Joint Venture Manager, Rio Tinto is engaged by the participants acting as Joint Venturers to manage, supervise and conduct the operations of the Rhodes JV on behalf of the participants and in accordance with the Manager's scope of authority under the Management Agreement. During 2025, Mitsui & Co completed the acquisition of a 40% interest from Rio Tinto's partners. Exploration Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/ Operators West Pilbara-Area 1 Calliwingina Mt Pyrton Mt Margaret Rio Tinto (100%) None 1962 - 2000, exploration work was conducted by CRA Exploration (CRAE), Hamersley Exploration and Hamersley Iron. Referred to as the Mt Pyrton project and focused on detrital and canga mineralisation along the flanks of the creek system and in tributaries to Caliwingina Creek Channel. Various other work was conducted during the 1990s, including heli-borne reconnaissance sampling, airborne magnetics and radiometrics, data reviews, aerial photo and geophysical interpretation and target generation. 2002 - 2003, RTX undertook further exploration including drilling for CID in the southern portion of the Main Channel. This is referred to as the 'Caliwingina Creek' project. 2005 - 2007, significant intersections of CID were discovered in the main Caliwingina Creek Channel, which led to further drilling including the northern part of the area, and assessment of the CID resources in 2006- 2007. West Pilbara-Area 2 Mt Farquhar Duck Creek Rio Tinto (100%) BHP Billiton Iron Ore Pty Ltd 26 holes were drilled by BHP Billiton Iron Ore Pty Ltd in 1973.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/ Operators West Pilbara-Area 3 Metawandy Mt Wall Vivash East Rio Tinto (100%) None Exploration within the Metawandy area was originally undertaken in 1962 by Rio Tinto Southern Pty Limited as part of a basin wide reconnaissance mapping programme. In 1972 Hamersley Exploration Pty Limited conducted a geological mapping programme over the Metawandy area, which was followed by percussion drilling (1972-3). In 1993 Hamersley Iron reviewed the drillhole data which revealed several good, low to moderate phosphorous, high grade intersections. 1993 - 1996 Hamersley Iron's Resource Task Force (RTF) undertook exploration within the tenement. This work concentrated on the northern and central parts of Metawandy. Rio Tinto Exploration (RTX) drilled the Duck Creek area in 2001 and then followed up in 2008 and 2009. Rio Tinto Iron Ore re-started exploration in 2012, drilling mostly along the Marra Mamba portions and small section of the Northern Block. Pilbara Operations Technical Report Summary – 31 December 2025 Page 44 of 176 5.2 Development and production history Rio Tinto's initial first full calendar year of production commenced by Hamersley Iron in 1967, mining 6.2 Mt and shipping 3.6 Mt of iron ore, supported by a workforce of some 4,800 employees. As of 31 December 2025, Rio Tinto Iron Ore (RTIO) had approximately 14,300 employees and contractors operating a total of 18 mines. A summary of this development and production is provided in Table 5.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 5.2: Summary of development and production history Mining Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/Operators Greater Brockman Brockman Syncline2; Brockman Syncline4; Nammuldi; Rio Tinto (100%) None No exploration or development work has been completed by other parties. Silvergrass Rio Tinto (100%) Hancock Prospecting Proprietary Limited (Hancock) and Wright Prospecting Proprietary Limited (Wright) During exploration programs between 1973 and 1975, 96 open percussion drill holes and 24 HQ diamond drill holes were drilled on 400 m (east-west) by 200 m (north-south) drill spacing. Between 1976 and 1978, 25 open percussion drill holes were completed, with associated gamma logging, geological interpretation and resource estimation work including drilling information up to the end of 1978. Since 1992 ownership has been 100% Rio Tinto. Greater Tom Price Mount Tom Price; Western Turner Syncline, Marandoo Rio Tinto (100%) None No exploration or development work has been completed by other parties. Greater Paraburdoo Channar Rio Tinto (100%) CMJV No exploration or development work has been completed by other parties. The Channar Mining Joint Venture (CMJV), established in 1987, was the first large-scale mining joint venture between Chinese and Australian companies. It delivered sales of 290 Mt of iron ore to China. The CMJV came to a natural conclusion in quarter four 2020, at which time mining operations reverted to 100% Rio Tinto (Channar Mining Pty Ltd [Channar Mining]). Eastern Range Rio Tinto (100%) Rio Tinto The exploration and development drilling at the Eastern Range area commenced in 1977 and has progressively defined a large area of mineralisation. The initial drilling was on transects across areas of interest, followed by 120 x 120 m grid-based drilling with more recent drilling designed to reduce the drill spacing to 60 x 60 m and to close off mineralisation. The Bao-HI Joint Venture (BHJV) was established in 2002, with Rio Tinto holding 54% and BaoSteel 46% of the project. The JV obligations were fulfilled in Q3 2025 and currently Rio Tinto holds 100% of the project equity. Paraburdoo Rio Tinto (100%) None In 1968 and from 1979 to 1996, exploration drilling was conducted by Hamersley Exploration and CRAE. Mining Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/Operators Western Range Rio Tinto (54%), BaoSteel (46%) Rio Tinto The exploration and development drilling at the Western Range area commenced in 1979 by Hamersley Exploration. The Bao-HI Joint Venture (BHJV) was established in September 2022, with Rio Tinto holding 54% and BaoSteel 46% of the project. Yandicoogina Yandicoogina Rio Tinto (100%) CSR Ltd CSR Ltd. (CSR) drilled at Yandicoogina Oxbow in 1972 and 1978. This data has not been used for the estimate due to uncertainty regarding the sampling methodology. CSR's Yandicoogina deposit was acquired by CRA in 1987. Mining Lease (ML) 274SA was granted to Hamersley Iron-Yandi Pty Limited (HIY) in October 1998. No exploration and development work has been completed by other parties at the other deposits. Gudai-Darri Gudai-Darri Rio Tinto (100%) Mt Bruce Mining Pty Ltd Initial exploration drilling at Gudai-Darri was undertaken by Mount Bruce Mining Pty Ltd (MBM) during the 1970s. This included a total of 112 percussion drill holes at 21W/38W deposits. Mount Bruce Mining Pty Ltd is now 100% owned by Rio Tinto. Greater Hope Downs Hope Downs 1 and Hope Downs 4 Rio Tinto (50%); Hope Downs Iron Ore Pty Ltd which is a subsidiary of Hancock Prospecting Pty Ltd (50%) (HDJV) Hancock Prospecting Pty Ltd Exploration and development work was completed by Hancock Prospecting Pty Ltd (Hancock) during various programs between 1971 and 2006. At Hope Downs 1 Bedded Hilltop deposit, 19 drill holes were completed by Hancock between 1996 and 1998. At Hope Downs 1 North deposit, 857 holes (percussion, RC and diamond) were drilled by Hancock between 1971 and 1999. At Hope Downs 1 South West deposit, one diamond and 92 percussion drill holes were drilled by Hancock between 1993 and 1999, targeting front of range detrital deposits. At Hope Downs 4, Hancock conducted exploration activities from 1972 up to and including the year 2005. Rio Tinto took control of management of field activities under the Hope Downs Joint Venture (HDJV) Agreement in 2006.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/Operators Robe Valley Mesa A and Mesa J. Robe River Iron Associates Joint Venture – comprising Rio Tinto (53%), Mitsui Iron Ore Development (33%) and Nippon Steel Corporation (14%). (Robe JV) Robe River Mining Co Pty Ltd, North Mining Limited, Broken Hill Proprietary Limited (BHP) Ironstone was first noted by the Geological Survey of WA (GSWA) in 1909. Pisolitic iron occurrences were noted by Broken Hill Proprietary (BHP) during 1954-1955 regional manganese survey. Exploration commenced in the 1960s after the embargo on the export of iron ore was lifted in 1960. A photogeological interpretation of aerial photos in 1961 led to the discovery and recognition of the Deepdale pisolitic iron ore deposits. BHP was granted Rights of Occupancy (Temporary Reserves 2115 and 2300) in 1962. Extensive geological drilling programs have followed. US Steel Corporation (USSC) conducted several exploration drilling programs in the period 1968 to 1971. Exploration drilling by Robe River Iron Associates (RRIA) commenced in 1990. Since then, extensive drilling programs including RC and diamond drilling methods have followed. The work was continued by Rio Tinto. First shipment of ore from Robe Valley occurred in 1972. At Mesa J, BHP had undertaken exploration drill programs of percussion, vacuum and RC drilling from 1962 to 1980. Bulk sampling from a trial blast cut in 1964 were used in crushing and pelletizing testwork. In 1980, 3 winzes were used for additional metallurgical sampling and testwork. In 1976, the Temporary Reserves were converted to Mineral Lease 254SA. A Measured Resource for Mesa J was reported in 1980. Cliffs International Inc. (Cliffs), via agreement with Dampier Mining Co., had mining rights to Eastern Deepdale mesas in 1970. No actual drilling was undertaken by BHP, with the mesas belonging to Dampier Mining Co. In 1986, Cliffs Robe River Iron Associates (CRRIA) held similar negotiations with BHP. Initial exploration by CRRIA in 1970 was followed by bulk samples for determinations of free moisture content and in situ bulk densities of the ore and waste by 1984. Preliminary evaluation of the pisolite aquifer and scale of de-watering operations by Rockwater Pty Ltd (Rockwater) was undertaken. Mining Area Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/Operators West Angelas West Angelas Robe River Iron Associates Joint Venture – comprising Rio Tinto (53%), Mitsui Iron Ore Development (33%) and Nippon Steel Corporation (14%). (Robe JV) Cliffs International Drilling Pty Ltd and Robe River Mining Co.Pty.Ltd Exploration in the area between 1972 and 1978 was carried out by Cliffs International Drilling Pty Ltd (CIDPL) utilising percussion RC, dual rotary and diamond holes targeting Marra Mamba deposits. Robe River Mining Co Pty Ltd. (Robe River) continued exploration activity between 1992 and 1999, prior to the acquisition by Rio Tinto. First ore was shipped from West Angelas in 2002.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 49 of 176 6 Geological setting, mineralisation, and deposit 6.1 Regional geology The Property is situated in the Hamersley Province (Figure 6.1) in Western Australia, located on the southern margin of the Pilbara Craton of Western Australia, within the 2.77 to near 2.35 Ga volcanic and sedimentary rock sequence of the Mount Bruce Supergroup. The Mount Bruce Supergroup commences with the lowermost Fortescue Group (clastic sediments and mafic volcanism, followed by extensive sandstones and conglomerates and thick mafic sills, unconformably overlain by volcanic and sedimentary rocks, more mafic sills and a thick, uppermost, organic and sulphide rich fine clastic sedimentary rock, associated mafic volcanic rocks and sills increasing southwards). The Fortescue Group is conformably overlain by the 2,500 m thick Hamersley Group, the main host to iron ore deposits, characterised by around 1,000 m of laterally extensive BIF, representing three major episodes. Figure 6.1: Regional geology of the Hamersley Province The main feature of BIF in the Hamersley Province is its regular banding. The banding is due to numerous rhythmic variations in composition. Banding occurs at three distinct scales: Pilbara Operations Technical Report Summary – 31 December 2025 Page 50 of 176 • Macrobands are the largest scale of banding, measured in the order of hundreds of millimetres to several metres. • Mesobands average approximately 10 mm thick and alternate in composition between iron oxides (mostly magnetite, with minor primary hematite) and gangue minerals (mostly carbonates, silicates and chert). • Microbands are the smallest scale bands and are approximately 1 mm thick. They represent regular fine variations in mineral composition within mesobands. 6.2 Stratigraphy of the Hamersley Province The stratigraphy of the Hamersley Province is summarised in Figure 6.2 and comprises a number of formations, which are described in the following sections. Figure 6.2: Stratigraphy of the Hamersley Province 6.2.1 Marra Mamba Iron Formation The unmineralised Marra Mamba Iron Formation is approximately 230 m thick, with mineralised sections of the same strata comprising approximately 50 to 60% of this thickness. This thinning effect also applies to orebodies formed in the Brockman Iron Formation and can be explained by the changes to the BIF during the ore forming process. The Marra Mamba Iron Formation overlies the Jeerinah Formation. It is sub-divided into three members. The lowermost member is the Nammuldi Member that consists of cherty BIF interbedded with thin shales. The intermediate MacLeod Member comprises BIF, chert and carbonate, along with interbedded shales. The uppermost Mt Newman Member consists of BIF with interbedded carbonate and shale. This unit is commonly the most iron enriched. Chert bands, especially within the Mt Newman Member, are thick and commonly podded.The shale macrobands in the three members

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 51 of 176 have characteristic natural gamma log 'signatures', due to their differing thicknesses and higher content of radioactive elements than the interbedded chert and iron oxide macrobands. The shale bands are laterally persistent throughout the entire Province and have been numbered by the Geological Survey of Western Australia from the base upwards in the Mt Newman Member as NS1 to NS8. A similar numbering scheme is applied to the MacLeod and Nammuldi Members. These provide excellent marker horizons for geological interpretation and are used to define geological strands and zones. The Mt Newman Member is the host rock for all the major Marra Mamba deposits in the Province, including Marandoo, Nammuldi, Silvergrass, West Angelas and the Hope Downs 1 deposits. Minor lower grade mineralisation occurs in the Nammuldi and MacLeod Members. 6.2.2 Brockman Iron Formation The Brockman Iron Formation has an unmineralised thickness of approximately 620 m. It is divided from the base upward into four members: Dales Gorge, Whaleback Shale, Joffre and Yandicoogina Shale. The high grade iron deposits at Tom Price, Western Turner Syncline, Paraburdoo, Channar, Eastern Range, Brockman 2, Brockman 4, Hope Downs 4 and Gudai-Darri are hosted predominantly by the Dales Gorge and Joffre Members, with only very minor mineralisation in the Whaleback and Yandicoogina Shales. The Dales Gorge Member has a thickness of approximately 140 m and consists of an alternating sequence of 17 BIF and 16 shale macrobands. BIF macrobands are comprised of mesobands of chert and iron-rich material in a chert matrix (Trendall, 1983) Mesobands commonly consist of millimetre alternations of chert, shale and iron-rich bands, termed microbands. The Dales Gorge Member is stranded by Rio Tinto into DG3, DG2 and DG1, on the basis of the concentration of the thicker shale bands from the top to the bottom. When mineralised, the two strands with lesser shale bands (DG3 and DG1) are generally high grade and the strand with thick shale bands (DG2) is low grade and aluminous. Also informally included is the Foot Wall Zone (FWZ), which is part of the Mt McRae Shale (the Colonial Chert Member). The Whaleback Shale Member overlies the Dales Gorge Member and is approximately 50 m thick. The member consists of thinly bedded shales with thicker chert or BIF bands. The member is sub- divided into two zones: a lower zone comprising four alternating macrobands of shale and BIF (WS1, WB1, WS2, and WB2) and an upper zone (WS3) consisting of mesobanded chert and shale (Harmsworth et al., 1990). The Joffre Member conformably overlies the Whaleback Shale and is characterised by its homogeneity. The member consists of approximately 335 m of BIF with irregularly interspersed shales. The Joffre Member is sub-divided by Rio Tinto geologists into six sub-units, from J1 to J6, on the basis of shale content. J2, J4 and J6 contain less shale than BIF, whereas J1, J3 and J5 are more shale-rich with lower BIF content (Harmsworth et al., 1990). The Yandicoogina Shale is approximately 60 m thick and consists of interbedded chert and shale which have been intruded by a number of dolerite sills. 6.2.3 Boolgeeda Iron Formation The Boolgeeda Iron Formation is characterised by a green chert at its base, which coarsens to a fine- grained flaggy sandstone, which in turn transitions into a BIF. The Boolgeeda Iron Formation conformably overlies the Woongarra Rhyolite and is divided into three members. The lowermost B1 Member consists of a chertier base, sometimes jaspilitic and sandstone, with an upper shaley and Pilbara Operations Technical Report Summary – 31 December 2025 Page 52 of 176 more traditional BIF-like sequence. The middle B2 Member is divided into three parts, with a BIF- dominant centre, which is often well-mineralised and grades upward and downward into thick shales. The most distinct marker horizon observed within the Boolgeeda Iron Formation is the large shale at the base of B2, which is overlain by several metres of BIF and then another very shaley zone that grades upward into the B2 BIF. Above this is the upper B2, a massive shale. The uppermost member is the B3 Member, with the lower part containing the third BIF horizon that has the potential to be mineralised. The Poonda Deposit was the first example of a declared Mineral Resource for a Boolgeeda Iron Formation deposit by Rio Tinto. 6.3 Deposit types 6.3.1 Bedded Iron Deposits (BID) The Bedded Iron Deposits (BIDs) of the Hamersley Province are typically classified as either martite microplaty hematite or martite-goethite and are hosted within BIF sequences of the Brockman, Marra Mamba and Boolgeeda Iron Formations of the Hamersley Group (Figure 6.3). Within these formations, Dales George, Joffre and Newman stratigraphy typically contain the most continuous high grade mineralisation with strike lengths up to 15 km and depths up to 200 m. There is an industry consensus that the martite-goethite ores of the Hamersley province formed as a result of supergene enrichment of BIF. In the supergene model, high grade iron ore is interpreted to have been formed by ground water that replaced silicate and carbonate minerals in the BIF with goethite (Morris,1985). Despite stratigraphic thinning of up to 35% and multiple phases of post-ore leaching, all levels of the primary BIF layering are preserved (Morris, 1985). The major controls on the localization of the martite-goethite deposits are structure (e.g. faults and folds) and descending supergene fluids. The supergene martite-goethite deposits within the Marra Mamba Iron Formation are structurally controlled by thrust fault development related to deformation events. Where faults allowed supergene fluid flow into tightly to overturned synclines, the synclines tend to contain iron ore with higher iron grades than flat-lying or gently dipping strata. These supergene fluids oxidised the primary magnetite, leached silica from the rocks, and replaced other gangue minerals with goethite. As more and more silica was removed, the permeability increased and fluids penetrated further into the BIF (Dalstra and Roseire, 2008). The structural controls on the location of the martite-goethite deposits are also responsible for continued modification of the primary supergene martite-goethite ore. Synclinal structures focus greater volumes of ground water, resulting in the leaching of goethite from the martite-goethite orebody. Multiple phases of goethite precipitation and cementation can result in a less porous and denser ore of higher Fe grade. The interplay of faults, and folds has resulted in thrust stacks of ore forming horizons, and hence an increased volume of mineralised stratigraphy within the deposits (Thorne et al., 2008).

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 53 of 176 Figure 6.3: BID geology cross-section, Brockman deposit 6.3.2 Channel Iron Deposits (CID) Channel Iron Deposits (CIDs) are sub-divided into 'mesa' and 'gorge' type deposits. CIDs occurring in synclines and on mild dip slopes on the margin of paleochannels are 'gorge' deposits (Figure 6.4), and CIDs formed by relief inversion in the central zones of paleochannels are 'mesa' deposits (Figure 6.5). Such deposits are dominated by pisolitic goethite-hematite iron mineralisation. CID deposits of this type and quality are unique to Western Australia. CID ores are markedly different to BID ores in almost all respects, including geological setting, structure, shape, geological age of mineralisation, and the mineralogy, textures and chemistry of the ore. CIDs are comprised of pisoliths which generally range in diameter from 1.5 to 2 mm, typically having hematitic cores and goethitic rims. The cores are commonly composed of fossil wood i.e. small particles of wood replaced by hematite. The pisoliths are cemented by a goethitic matrix to form a hard, brittle rock. Unrimmed particles of goethitic fossil wood are common components of the matrix. Cores and rims are zoned in several layers of rock. The Yandicoogina paleochannel was the ancient course of the Marillana, Yandicoogina and Weeli Wolli Creeks. It is cut into the centre of the Yandicoogina Syncline. The Robe Formation occurs as mesas formed by topographic inversion in the central zones of the paleochannels. The pisoliths for these CIDs were sourced from the wide soil profile that developed over the adjacent lateritised iron-rich BIF and dolerite basement rocks of the Weeli Wolli Formation at Yandicoogina or the Marra Mamba Iron formation at Pannawonica. Pisolith particles were transported to and deposited in this pre-existing meandering river channel by natural processes. Once deposited in the channel, the pisoliths were progressively cemented with a goethitic matrix derived by periodic drying out of the ferruginous channel waters. Irregularly shaped aluminous clay bands and pods were locally deposited. When the channel was filled with CID, weathering processes downgraded and altered the upper few metres of the deposit through introduction of clays and goethitic infillings into joints. The mineralised Rio Tinto section of the Marillana-Yandicoogina-Weeli Wolli paleochannel system is approximately 50 km long. It averages 500 to 600 m wide, locally reaching 800 m. The main ore zone is 40 to 50 m thick in the centre of the channel and thins towards the channel margins. Although the quality of the CID is relatively consistent, there are some significant quality trends: the centre of the channel has lower levels of SiO2 and Al2O3 than at the edges, and the chemistry is more Pilbara Operations Technical Report Summary – 31 December 2025 Page 54 of 176 homogeneous than at the edges. The main ore zone is sub-divided on the basis of mineralogy and chemistry into Upper and Lower ore zones, with the Upper zone having slightly higher Fe grade and lower Loss on Ignition (LOI) compared to the Lower ore zone. Figure 6.4: CID geology cross-section, gorge type deposit Figure 6.5: CID geology cross-section, mesa type deposit 6.3.3 Tertiary Detrital Iron Deposits (DID) Detrital Iron Deposits (DIDs) occur as shallow blankets of outwash scree in structural depressions adjacent to iron ore escarpments. They are typically more heterogeneous and have less continuous mineralisation compared to BID or CID. The material is derived from the erosion of a surface hardcap that encrusted the escarpments. Cyclic fluids resulted in ferruginisation of the matrix and leaching of the phosphorous content. Cementation towards the base of the detrital pile formed a very hard hematite conglomerate known locally as canga. DIDs vary significantly in their genetic type, size, shape, content of ore types, proportion of overburden and mineralisation above the water table. The deposits are usually lens-like in shape and were deposited in channels that acted as traps for the accumulating detritus. Detrital ores are characterised by clasts of natural rock particles (2 to 200 mm, averaging 5 mm) held in an

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 55 of 176 uncemented or cemented matrix. The mineralogy, chemistry, size, shape, rims and degree of sizing of the clasts are variable. The matrix in which the clasts are loosely set or cemented also varies in composition, texture and hardness. Two detrital sub-groups in the Hamersley Province are relevant to the DIDs as follows: Marra Mamba-sourced detritals, also described as Ochre-Rich Detritals due to their distinctive red ochreous hematite and/or yellow ochreous goethite matrix, typically occur in channels or gorges cut into the Wittenoom Formation or associated Tertiary sediments. Mineralisation within these deposits can be up to 150 m deep and several km in length. They are comprised of layers of colluvial material, calcrete, Red Ochre Detritals (ROD), lignite, siderite, and clay. The ROD have angular to sub rounded hematite goethite fragments and low to high Fe grades within an ochreous hematitic matrix. The composition of these detritals is highly variable, both in the ratio of clasts to matrix and the type of clasts and matrix. Figure 6.6 shows an example cross-section of a ROD detrital deposit overlying bedded mineralisation. The Brockman-sourced detritals primarily originate from the hard 1 to 2 m hardcap that forms on the surface of bedded iron ore outcrops. The eroded ore particles migrated downhill, and soil-derived rims deposited on the particles during their transportation to pre-existing drainage channels. The ferruginous clay-rich matrix of the initial accumulations dehydrated and formed a naturally cemented hard rock-hematite conglomerate. More detritals accumulated, but the loose clay/soil matrix remained un-cemented forming a hematite detrital. Finally the BIF-rich siliceous detrital (waste overburden) was deposited. The Brockman Detritals contain significantly less phosphorus (~0.06% P) than their bedded source rocks (~0.12% P) as a result of goethite dehydration to hematite. This style of detritals typically form relatively discontinuous zones of mineralisation frequently less than 200 m in length and typically up to 50 m thick. Figure 6.6: DID geology cross-section, Marra Mamba derived deposit Pilbara Operations Technical Report Summary – 31 December 2025 Page 56 of 176 6.3.4 Hydrated ore zone The Hamersley Province accommodates a regolith (blanket of weathered rock) that occurs across a diverse range of rock types in a number of landform settings. A surficial component of this regolith is the Hydrated Zone. Named after the hydration process implicit in the conversion of hematite to goethite, this zone is differentiated from the underlying strata due to its characteristic high variability, weathering and lack of bedding. Consideration of a range of chemical variables, material type logging, and an overall appreciation of the regolith-landform relationships are used to define hydration surfaces. Conceptually, the hydration surface should be regarded as a weathering-derived risk boundary. Material above the boundary, either waste or ore grade, carries greater inherent variability than the underlying strata. The hydration surface is therefore not only a grade boundary but also a risk boundary that must be accounted for during mine planning. Mineralisation within the hydrated zone is characterised by high variability in terms of tonnes and grade, with relatively small and discontinuous high-grade parcels. Hydrated ore is typically harder and coarser than non-hydrated ore. 7 Exploration 7.1 Exploration Drilling techniques used over the years include percussion, reverse circulation (RC) and diamond drilling (DD). A summary of drilling completed across the Property is shown in Table 7.1. Percussion drilling techniques used a minimum hole diameter of 5.5 inches. Percussion drill samples comprising all the cuttings and dust fraction. RC drilling utilised a 140 mm diameter face sampling bit with sample shroud, attached to a pneumatic piston hammer used to penetrate the ground and deliver sample up 6 m drill rod inner tubes (4 m starter rod) to the cyclone static or rotary cone splitter with the aid of rig and auxiliary booster compressed air. DD is a combination of HQ (63.5 mm core diameter) and PQ (85.0 mm core diameter) core sizes using double and triple tube techniques. Surface exploration activities are undertaken as part of geological mapping programs over areas where there are no or limited mining activities. A small number of grab samples (1 to 3 kg) are collected when required. Table 7.1:Summary of exploration drilling across the Property3 Exploration / Mining Area Number of Drill Holes by drill type Total Drill Metres by drill type P/A/V4 RC DD U5 P/A/V RC DD U Greater Brockman 2,600 36,998 1,977 81 147,700 2,655,574 162,010 2,383 Greater Tom Price 8,267 11,409 1,327 61 493,017 903,401 121,201 2,958 Greater Paraburdoo 6,950 9,694 898 29 501,178 679,370 92,268 2,947 Robe Valley 1,457 27,121 8,337 3,467 34,517 1,067,599 417,827 91,953 3 Drillhole data up to 31 October 2025 4 P/A/V = Percussion, Aircore, Vacuum 5 U = Unknown

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 59 of 176 7.4 Hydrogeology data Groundwater modelling is undertaken in accordance with Rio Tinto groundwater modelling framework which provides guidance for modellers, reviewers and managers on groundwater modelling in the context of iron ore mining support in the Pilbara. The framework draws on established modelling procedures, modern decision support concepts and Rio Tinto's extensive experience of groundwater modelling in the Pilbara region. All models are underpinned by a conceptual understanding of the hydrological system. A conceptual model summarises what is known about the system and guides the selection of appropriate assumptions and simplifications. Conceptual models are qualitative and uncertain, due to limitations in representing or having knowledge of the full complexity of even a relatively simple hydrogeological system. In some cases, hydrologically important features, (such as a fault or dyke), may be poorly characterised by field data, or may be completely unknown. The Pilbara groundwater system can be categorised into three broad aquifer types: • Local fractured rock aquifers: Typically associated with orebodies and most commonly found in the central and southeastern Pilbara. • Regional consolidated sedimentary aquifers: Predominantly weathered or chemically altered dolomite, most often encountered beneath the east-west trending valley systems in the central and south-eastern Pilbara. • Alluvial aquifers that can be sub-divided into: o Unconsolidated sedimentary aquifers that commonly overlay the dolomitic aquifers, e.g. the Fortescue Marsh. o Near coastal plain aquifers of chemically deposited sediments such as dolocretes or altered channel iron deposits. The hydro-stratigraphy at each site is characterised in terms of its water quality. The locations of groundwater bores to be monitored for baseline studies are selected on the basis of the geology, and the site conceptual model where available. Isolated aquifer units are represented by at least one monitoring bore for baseline conditions. Additionally, all production and dewatering bores that are or will be covered by a 5C Groundwater Well Licence are sampled. Selection of surface water sampling locations considers any springs or pools in proximity to the site. If discharge of surplus dewatering water is proposed, then potential discharge locations and extents are investigated for any permanent or ephemeral pools. Often similar work will be undertaken by the approvals group and similar sites can be adopted or sites determined in consultation. Table 7.2 provides a list of parameters and frequency of sampling typically considered at a site, including the limits of reporting (LoR) currently provided by most commercial laboratories. The parameters and frequencies are selected based on the known prevalence of trace elements across the Pilbara and should provide a template that suits most situations. For metals and trace elements, only dissolved forms are required unless otherwise specified. Sufficiently low LoR are used to allow for comparison with relevant guideline values. Two general Pilbara Operations Technical Report Summary – 31 December 2025 Page 60 of 176 methods with different LoR are offered by commercial laboratories for these parameters. The low level ICP-MS method is preferred over the routine ICP-OES for AMD bores and bores discharging to the environment because of their lower LoR. If low level ICP-MS LoR does not meet applicable guidelines (e.g. ANZECC guidelines for the protection of aquatic ecosystems) for certain parameters (e.g. silver, chromium, mercury), consultation with other stakeholders (i.e. approvals, environment, mineral waste, management and utilities) is undertaken to determine if specialised analysis are required for these parameters. Additional analyses (such as isotopes, metal speciation (e.g. FeII/FeIII, CrIII/CrIV or AsIII/AsIV), total metals among others) may be required in some situations to assist with site conceptualisation or to address a specific study or concern (e.g. health or environmental compliance, bore biofouling, colloid studies, etc). Once a project commences operation, licence commitments may mean additional parameters are required, e.g. TRH, MBAS, bacteria (e.g. iron precipitating bacteria and sulphate reducing bacteria). Table 7.2: Sampling parameters for baseline water quality Parameter Frequency Borefields in Proximity to Mining Areas Borefields Located Outside Mining Areas Bores Associated with Potential ARDa Bores Associated with Surface Discharge Available LoR (ICP-OES / ICP- MS)b Surface Water Field & Lab pH Quarterly Biannually Quarterly Quarterly Biannuallyc 0.1 Field & Lab EC Quarterly Biannually Quarterly Quarterly Biannuallyc 2 Field temp Quarterly Biannually Quarterly Quarterly Biannuallyc 0.1 TDS Not Required Not Required Quarterly Quarterly Biannuallyc TSS Not Required Not Required Not Required Quarterly Biannuallyc 5 CO3 Not Required Not Required Not Required Not Required Not Required 5 HCO3 Annual Annual Quarterly Quarterly Biannuallyc 5 SO4 Annual Annual Quarterly Quarterly Biannuallyc 1 SiO2 Not Required Not Required Not Required Not Required Not Required 1 Si Annual Annual Quarterly Quarterly Biannuallyc 0.05 Cl Annual Annual Quarterly Quarterly Biannuallyc 1 F Annual Annual Quarterly Quarterly Biannuallyc 0.1 Br Annual Annual Quarterly Quarterly Biannuallyc Varies depending on lab Ca Annual Annual Quarterly Quarterly Biannuallyc 0.2 Na Annual Annual Quarterly Quarterly Biannuallyc 0.5 K Annual Annual Quarterly Quarterly Biannuallyc 0.1 Mg Annual Annual Quarterly Quarterly Biannuallyc 0.1 Al Annual Annual Quarterly Quarterly Biannuallyc 0.02/0.005

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 61 of 176 Parameter Frequency Borefields in Proximity to Mining Areas Borefields Located Outside Mining Areas Bores Associated with Potential ARDa Bores Associated with Surface Discharge Available LoR (ICP-OES / ICP- MS)b Surface Water Ag Annual or Trienniald Annual or Trienniald Quarterly Annual or Trienniald Biannuallyc 0.005/0.001 As Annual Annual Quarterly Annual Biannuallyc 0.02/0.002 B Annual Annual or Trienniald Quarterly Annual Biannuallyc 0.05/0.005 Ba Annual Annual or Trienniald Quarterly Annual Biannuallyc 0.005/0.001 Cd Annual Annual or Trienniald Quarterly Annual Biannuallyc 0.0001 Co Annual Annual or Trienniald Quarterly Annual Biannuallyc 0.001 Fe Annual Annual Quarterly Quarterly Biannuallyc 0.02/0.005 Cr Annual Annual or Trienniald Quarterly Annual Biannuallyc 0.005/0.001 Cr (VI)e Not required Not required Not required Not required Not required Cu Annual Annual Quarterly Annual Biannuallyc 0.005/0.001 Hg Annual or Trienniald Annual or Trienniald Quarterly Annual or Trienniald Biannuallyc 0.0001 Mn Annual Annual Quarterly Annual Biannuallyc 0.005/0.001 Mo Annual or Trienniald Annual or Trienniald Quarterly Annual Biannuallyc 0.01/0.001 Ni Annual Annual or Trienniald Quarterly Annual Biannuallyc 0.005/0.001 Pb Annual or Trienniald Annual or Trienniald Quarterly Annual Biannuallyc 0.02/0.001 Sb Annual or Trienniald Annual or Trienniald Quarterly Annual Biannuallyc 0.05/0.001 Se Annual Annual Quarterly Annual Biannuallyc 0.05/0.002 Sn Annual Annual Quarterly Annual Biannuallyc 0.05/0.001 Tl Annual or Trienniald Annual or Trienniald Annual or Trienniald Annual or Trienniald Annual or Trienniald 0.001 U Annual or Trienniald Annual or Trienniald Quarterly Annual or Trienniald Biannuallyc 0.001 V Annual or Trienniald Annual or Trienniald Annual or Trienniald Annual or Trienniald Annual or Trienniald 0.01/0.001 Zn Annual Annual Quarterly Annual Biannuallyc 0.01/0.005 Total P Annual Annual Quarterly Annual Biannuallyc 0.05 Pilbara Operations Technical Report Summary – 31 December 2025 Page 62 of 176 Parameter Frequency Borefields in Proximity to Mining Areas Borefields Located Outside Mining Areas Bores Associated with Potential ARDa Bores Associated with Surface Discharge Available LoR (ICP-OES / ICP- MS)b Surface Water Total N Annual Annual Quarterly Annual Biannuallyc 0.05 NO2 Annual Annual Quarterly Annual Biannuallyc 0.05/0.01 NO3 Annual Annual Quarterly Annual Biannuallyc 0.05 NH4 Annual Annual Quarterly Annual Biannuallyc 0.05/0.01 δ18O VSMOW Not required Not required Not required Not required Biannuallyc 0.1 δ2H VSMOW Not required Not required Not required Not required Biannuallyc 0.01 Notes: a Relevant bores at Tom Price, Paraburdoo, Brockman 2, Hope Downs 1, Hope Downs 4, Nammuldi, Brockman 4 and Western Turner Syncline. b All units in mg/L except for pH (standards unit), EC (µS/cm) and temp (°C). c Must be sampled in both wet season and dry season. d Annual can be switched to triennial if concentrations are consistently low and any permitting allows. e May be required at Marandoo for HSE requirements. The QPs are satisfied that the hydrogeological information collected is sufficient and meets requirements for the intended use. 7.5 Geotechnical data Geotechnical diamond drilling is carried out to provide structural geological and geotechnical data. This enables the effective evaluation of material and rock mass properties for the economic and safe design of pit walls and underground excavations. Three types of data are collected using geotechnical core logging techniques. These include: • Interval data – Properties that describe the type and quality of the rock mass. • Structural data – Characteristics of specific discontinuities that intersect the core. • Sample data – Information on specific samples is gained through physical tests on the specimens under laboratory conditions to determine properties such as strength, mineralogy, slaking susceptibility etc. This data is then used to define the geomechanical characteristics of the materials. Geotechnical diamond drilling preferably uses triple tube drilling techniques to maintain the integrity of the core. Typical geotechnical drilling core sizes include NQ-3 (45 mm diameter), HQ-3 (61 mm) and PQ-3 (83 mm). PQ-3 is the preferred core size for holes that are planned to intersect weak material types such as clays and weak detritals. Geotechnical samples are collected at the rig for a variety of destructive and non-destructive laboratory tests. This is essential when sampling weak rock types such as clays that degrade quickly on exposure to the atmosphere. The logger is present when critical zones for sampling are intersected. Additional samples may also need to be collected for environmental (e.g. acid rock drainage), metallurgical, petrological, and assay testing. The following aspects are considered when selecting geotechnical samples:

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 63 of 176 • Samples are selected from the split as soon as the core is marked up and initial interval logging (e.g., recovery, RQD length), is completed. • The following basic parameters are recorded; lithology, stratigraphy (if possible), weathering, discontinuity characteristics (if applicable) and field strength. • Photos of the samples are taken prior to wrapping, including both end-on and side-on views. • At least one sample per tray is wrapped as a matter of routine to provide a good selection of geotechnical samples to choose from. The sampling frequency increases when a specific zone of interest is intersected (e.g., a fault zone). • A core block is placed in the gap where the sample is taken, marked with the sample ID and start and end depths, test type, lithology and estimated field strength. Commonly performed laboratory tests include unconfined compressive strength (UCS), triaxial strength, direct shear and Brazilian tests. Direct shear tests are conducted either on remoulded soil samples, existing defects, or intact rock where a surface is formed by making a saw cut in the core. The QPs are satisfied that the geotechnical information collected is sufficient and meets requirements for the intended use. 7.6 Drill hole plans Figure 7.1 to Figure 7.18 present the locations of all drill holes from the various exploration programs across the Property. Figure 7.1: Robe Valley drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.2: Greater Brockman drill hole location plan Figure 7.3: Greater Tom Price drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.4: Greater Paraburdoo drill hole location plan Figure 7.5: West Pilbara - Area 1 drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.6: West Pilbara - Area 2 drill hole location plan Figure 7.7: West Pilbara - Area 3 drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.8: Gudai-Darri drill hole plan Figure 7.9: Yandicoogina drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.10: Greater West Angelas drill hole location plan Figure 7.11: Greater Hope Downs drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.12: East Pilbara - Area 1 drill hole location plan Figure 7.13: East Pilbara - Area 2 drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.14: East Pilbara - Area 3 drill hole location plan Figure 7.15: East Pilbara - Area 4 drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.16: East Pilbara - Area 5 drill hole location plan Figure 7.17: East Pilbara - Area 6 drill hole location plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.18: Rest of East Pilbara drill hole location plan Pilbara Operations Technical Report Summary – 31 December 2025 Page 82 of 176 8 Sample preparation, analyses, and security 8.1 Sample preparation methods The laboratory sample preparation procedure requires samples received to be sorted according to the sample submission or sample dispatch note (SDN) and a reconciliation report issued for checking prior to sample preparation. Sample weight as received is recorded, prior to drying at 1,050°C for 24 hours or more, depending on the condition/moisture content of the samples. The dry weight is then recorded. Samples are then crushed utilising jaw and/or Boyd crushers to pass 3 mm in fraction and split by rotary cone or linear divider before pulverising through a manual or robotic LM5 mill to reduce particles below 150 µm. Equipment performance monitoring is conducted via use of sieve tests at the rate of one sample per batch, used to verify that 95% passing 150 µm is consistently achieved. 8.1.1 Historical sample preparation methods 8.1.1.1 1970s and 1980s programs Samples were sent to HEX Wittenoom, Tom Price laboratory, Minex laboratory in Melbourne and Amdel in Adelaide for sample preparation and analysis. After splitting to approximate ¾ lbs, samples were dried for 1.5 hours at 110°C, then halved; one half was stored as the laboratory duplicate. The other half was pulverised to -80 mesh (-177 µm) and dried for a further 1.5 hours at 1,100oC, then stored in a desiccator prior to analysis. 8.1.1.2 1990s programs Samples were sent to Cape Lambert, Dampier, Paraburdoo and Tom Price laboratories for sample preparation and analysis. The 5 kg samples were crushed to <3 mm, split to 200 g using a rotary sample divider, dried at 105°C for eight hours and then ground in a ring mill (95% passing a 100- micron [µm] sieve) to form a sub-sample for X-Ray Fluorescence (XRF) analysis. In the late 1990s, some samples were also sent to external laboratories in Perth (SGS and UltraTrace). The whole sample was dried at 105°C in gas-fired ovens. If required, the sample was crushed using a Jacques jaw crusher to approximately -5 mm. The entire sample was pulverised for samples of 3.5 kg or less. Samples over 3.5 kg were split in half, and one half was pulverised. Samples containing greater than 2.5% combined water were pulverised to 90% passing 150 µm. All other samples were pulverised to 95% passing 106 µm. 8.1.2 Recent sample preparation methods (2000s to recent programs) Samples were sent to Dampier and Tom Price; SGS, ALS, UltraTrace/Bureau Veritas and Intertek Genalysis laboratories. At the laboratory, the RC samples are weighed, dried at 105°C for at least 24 hours, crushed to 3 mm passing in a Boyd crusher, split utilising linier or rotary splitting dividers and then pulverised in a LM5 robotic or manual mill. The diamond core samples are crushed to -6 mm, utilising a jaw crusher before further reduction with a Boyd crusher. 8.2 Sample analysis Sample analysis is undertaken utilising XRF for 24 elements/oxides and Loss on Ignition (LOI) is determined utilising a Thermogravimetric Analyser. A split of 100 g pulps is used for analytical process. 0.66 g pulps are mixed with flux to form a glass bead for the XRF analysis whilst 3 to 5 g pulps are used for LOI determination.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 83 of 176 8.2.1 Historical analytical methods 8.2.1.1 1970s and 1980s programs Samples collected during drilling were routinely assayed for Fe, LOI, SiO2, Al2O3, P, CaO, MnO, TiO2 and occasionally MgO. Approximately every twentieth sample in the mineralised zone was analysed for the trace elements S, Cu, Ti, V, Cr, Ni, Zn, As, Sn, Pb and Bi. Fe was determined by a volumetric redox method against reference Iron ore standard B.C.S 172 (66.1% Fe) with accuracy limits of +/- 0.2 to 0.4% Fe. A recorded weight of sample was digested in concentrated hydrochloric acid at low heat. The dissolved ferric iron was reduced to the ferrous state with a slight excess of stannous chloride, which was removed using saturated mercuric chloride solution The solution was buffered by the addition of 5 ml of 85% orthophosphoric acid and 1 ml of 0.5% barium diphenylamine sulphonate indicator solution was added. It was then titrated against 0.1N potassium dichromate to the first permanent purple colour. The potassium dichromate was standardised daily against an iron ore sample of known iron content (B.C.S 172 standard). Atomic absorption spectroscopy (AAS) was used for analysis of SiO2, Al2O3, MnO, CaO and all trace elements except S. A synthetic standard was accurately standardised for use as an Al2O3 reference. S was determined by induction furnace methods. P was determined by colorimetric techniques using the "Molybdenum Blue" photometric method. LOI was determined via a procedure carried out on dried samples. LOI represents weight loss on ignition due to water bonded to Fe2O3, Al2O3, carbonates and organic matter present in the sample. To determine LOI, a recorded weight (approx. 1.5 g) of sample was ignited in a muffle furnace in a pre- weighed porcelain crucible at 950°C for 30 minutes. The crucible was removed and after cooling, reweighed and the LOI calculated. 8.2.1.2 1990s programs Samples collected during drilling were routinely assayed for Fe, SiO2, Al2O3, P, S, CaO, TiO2, Mn and MgO. LOI was determined by heating a 1 to 2 g split of the pulp to 900°C in a LECO TGA 500 analyser until constant weight achieved. 8.2.2 Recent analytical methods (2000s to recent programs) XRF fusion discs are prepared by casting in a rocking furnace at 1050°C, using 0.66 g of sample and 7.00 g of 12:22 flux (Li Tetra Borate: Li Meta Borate Mixture). Samples are analysed using a Philips PW2404 X-Ray Spectrometer using a 4KW end window Rh X- ray Tube. Two assay portions are removed from each bar-coded sample, one for fusion (approximately 0.68 g) and one for LOI (approximately 3 to 5 g), and are placed into two glass vials. Vials for fusion beads are taken from the drying oven in batches of six and capped. The platinum crucible is weighted, and sample identity read from the vial barcode: the dried sample is then poured into the crucible and the weight recorded into the job file. A vial of flux is added to the crucible and sample plus flux weight is recorded into the job file. From these two weights, the Laboratory Information Management System (LIMS) calculates the catch weight sample, which is then used to correct the XRF results for weight on a moisture-free basis. Repeat assays and standard samples are Pilbara Operations Technical Report Summary – 31 December 2025 Page 84 of 176 included in the batch of samples and treated in the same manner. If repeat fusions are required, the samples are re-dried for 6hrs at 1,300°C in vials before re-assay. Samples collected during drilling are routinely assayed for Fe, SiO2, Al2O3, P, S, CaO, TiO2, Mn, MgO, K2O, Zn, Pb, Cu, Ba, V, Cr, Cl, Na, As, Ni, Co, Sn, Sr and Zr. LOI is measured as follows: • 2001 to 2006: LOI was measured at three different temperatures: 371°C, 538°C, 1,000°C and Total LOI. • 2007 to 2010: LOI was measured at three steps of temperatures: 110-425°C, 425- 650°C, 650-1,000°C and Total LOI. • 2011 to recent: LOI is measured at three steps of temperatures: 140-425°C, 425- 650°C, 650-1,000°C and Total LOI. 8.3 Quality assurance measures As part of the quality assurance and quality control measures, the following are undertaken: • Field duplicates from RC drilling are collected by sacrificing a 'B' split retention sample directly from the rig splitter. From 2019, regular 'B' splits are removed from the RC sampling process and only collected for field duplicates. Duplicate insertion occurs one in every 20 samples, 'spiked' with ~1/4 teaspoon of zinc to allow identification of the field duplicate samples. Duplicates are collected to check the repeatability of the sample collected through the rig splitter. • Field check standards are inserted selectively by geologists at a rate of one in every 30 samples in mineralised zones and one in every 60 samples in waste, with a minimum of one standard per drill hole. All check standards contain a trace of strontium carbonate that is added at the time of preparation to allow identification of coarse reference material (geo standards). These standards are used to check sample preparation and analytical precision and accuracy at the laboratory. Reference material is prepared and certified by Rio Tinto following ISO 3082:2009 (Iron Ores – Sampling and sample preparation procedures) and ISO 9516-1:2003 (Iron Ores – Determination of various elements by X-ray fluorescence spectrometry – Part 1: Comprehensive procedure). Each batch of samples is sent with SDN documentation, the details of which are recorded in Programme Tracker. As results for each SDN are returned, delivery details are tracked. Any missing samples are investigated, and if required, the retention samples ('B' split) were sent to the laboratory for re-assay pre-2019 or the coarse retained post-2019.At a frequency of one in 40, -3 mm splits and pulps are collected as laboratory splits and repeats respectively. These sub-samples are analysed at the same time as the original sample to identify grouping, segregation and delimitation errors. The laboratory conducts sample preparation tests for fineness as part of Rio Tinto sample preparation procedures, using 1 wet sieve per batch to ensure the grind size of 95% passing 150 µm is maintained. Chemical Analysis Testing (CAT) and Analytical Precision Testing (APT) samples are collected one per batch and submitted to a third party (Geostats) as part of Rio Tinto quality assurance and quality control procedures to confirm acceptable analytical precision and accuracy.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 85 of 176 Internal laboratory quality assurance and quality control measures involve the use of internal laboratory standards using certified reference material in the form of pulps, blanks and duplicates, and are inserted in each batch. Random re-submission of pulps at an external laboratory is performed following analysis. A total of 5% of inter laboratory check assays are conducted on a quarterly basis. Analysis of the performance of certified standards and field duplicates has indicated an acceptable level of accuracy and precision with no significant bias. 8.3.1 Historical field quality assurance measures To measure sampling precision, a duplicate sample was collected from the mineralised zone at a frequency of approximately one per hole. The duplicate sample replaced one of the retention samples and was allocated a laboratory sample number in sequence within the mineralised zone. At an approximate rate of one per hole, a pre-prepared standard sample of known analysis was introduced into the samples for the purpose of monitoring the accuracy of the laboratory. These check standards were allocated a laboratory sample number in sequence within the mineralised zone. The laboratory samples were then sent to the laboratory, and the retention samples were stored for future reference. 8.4 Sample security All assaying of samples used in Mineral Resource estimates has been conducted by independent, National Association of Testing Authorities (NATA) and International Standard Organisation (ISO) certified laboratories. Assay data is returned electronically from the laboratory and uploaded into the Rio Tinto acQuire™ database (RTDB). The sample chain of custody is managed by Rio Tinto. As of 2008, analytical samples ('A' splits) are collected by field assistants, placed onto steel sample racks and delivered to Perth by a recognised freight service and then to the assay laboratory by a Perth-based courier service. Whilst in storage the samples are kept in a locked yard. Retention samples ('B' splits) were collected and stored in drums at on-site facilities until 2018. Since 2019, approximately 500 g of coarse retains (+/- 3 mm fractions) have been kept at laboratories for 24 months. 150 g of excess pulps from primary samples is retained indefinitely at laboratories and external storage facilities at CTI Logistics Ltd in Perth, Western Australia. 9 Data verification 9.1 Exploration and Mineral Resource verification Written procedures outline the processes of geological logging and data importing, quality assurance and quality control validation and assay importing. A robust, restricted-access database is in place to ensure that any requests to modify existing data go through appropriate channels and approvals, and that changes are tracked by date, time and user. Pilbara Operations Technical Report Summary – 31 December 2025 Page 86 of 176 Field data is logged directly onto field Toughbook™ laptops using pre-formatted and validated logging templates, with details uploaded to the RTDB on a daily basis. Assay data are only accepted in the RTDB once the quality control process has been undertaken utilising the Batch Analysis tool. Batch Analysis is a module within acQuire™ that enables geologists to assess a batch of assay data received from a laboratory for its accuracy and precision, by way of performance of duplicates and standards inserted within the batch. All holes are surveyed by qualified surveyors. The drillholes are surveyed in Mine Grid of Australia 1994 (MGA94) Zone 50 and 51 coordinates using Differential Global Positioning System (DGPS) survey equipment, which is accurate to 10 cm in both horizontal and vertical directions. Surveyed drillhole coordinates are validated against the planned drillhole coordinates, and then uploaded to the drillhole database. The historical drillholes were re-surveyed using DGPS; however, not all holes could be located and therefore the survey method for these holes is unknown and presumed to be planned coordinates. This is taken into consideration in the resource classification. Drill hole collar reduced level (RL) data is compared to detailed topographic maps and show that the collar survey data is accurate. The topographic surface is based on 5 m grid sampling of the most recent Light Detecting and Ranging (LiDAR) survey, including spot heights from DGPS drilling collars and is considered robust. Downhole surveys are conducted on every hole, with the exception of collapsed or otherwise hazardous holes. Significant, unexpected deviations are investigated and validated. Holes greater than 100 m depth are surveyed with an in-rod gyro tool. All the drill holes are geologically logged utilising standard Rio Tinto Iron Ore Material Type Classification Scheme logging codes. Geological logging is performed on 2 m intervals for all reverse circulation drilling. All drill holes are logged using downhole geophysical tools for gamma trace, calliper, gamma density, resistivity, and magnetic susceptibility. In most recent years, acoustic and optical televiewer data are collected at select drill hole locations for geological structural analyses. Drilling data is securely stored in an acQuire™ geoscientific information management system. The system is backed up nightly on servers located in Perth, Western Australia. The backup system was tested in November 2025, demonstrating that the system is effective. The import/exporting process requires limited keyboard transcription and has multiple built-in safeguards to ensure information is not overwritten or deleted. These include: • Data is imported and exported through automated interfaces, with limited manual input. • Inbuilt validation checks ensure errors are identified prior to import. • Once within the acQuire™ database, editing is limited, and warning messages ensure accidental changes are not made. • An audit trail records updates and deletions should an anomaly be identified.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 87 of 176 • An export interface ensures the correct tables, fields and format are selected. The drill hole database used for Mineral Resource estimation is validated. Methods include checking: • acQuire™ scripts for relational integrity, duplicates, total assay and missing/blank assay values. • Grade ranges in each domain. • Domain names and tags. • Survey data downhole consistency. • Null and negative grade values. • Missing or overlapping intervals. • Duplicate data. • Drill hole data is also validated visually by domain and compared to the geological model. Comparison of RC and twinned DD core assay data distributions show that both drilling methods have similar grade distributions, verifying the suitability of RC samples for use in the Mineral Resource estimate. The geological models and Mineral Resource estimates of deposits are created using established industry methods set out in section 11. Verification of each geological model and Mineral Resource estimate occurs as noted in section 11.1.7. In addition, a peer review is completed at each step of the modelling process, inclusive of a sign-off by a QP at the completion of major steps. A QP also prepares separate documentation to aid and support the Mineral Resource classification, including information about all factors that may affect the confidence in the final model of the deposit, including, but not limited to, geological complexity, data quality, data quantity, aspects of geological interpretation, grade and geological continuity, and Mineral Resource estimation. 9.2 Mining and Mineral Reserve verification Multiple verification steps and processes are in place to verify the Mineral Reserve estimate. Verification applies to the assumptions and inputs into the estimate, as well as the estimation process itself. Rio Tinto undertakes extensive comparison of actual ore produced to the orebody block model (OBM) that underpins the Mineral Reserve estimates on a quarterly and annual basis. This reconciliation continually demonstrates that Rio Tinto produces ore in the amount and of the quality as predicted by the OBMs and is in accordance with the Mineral Reserve estimate. Reconciliations are undertaken for both in-situ (head) ore as well as saleable ore product. This allows verification of the in-situ ore estimate, as well as the metallurgical assumptions (upgrades, recovery etc.) of the Mineral Reserve estimate. Verification of the key modifying factors applied to the Mineral Resource is also undertaken as part of the production process during operations. Actual performance for operational mining areas provides a high level of confidence where similar performance can be expected from future mining areas. In addition to the verification of the modifying factors, the reported Mineral Reserve data itself undergoes several peer review and reconciliation steps prior to publication and release. One key component of the process is a comprehensive comparison between the current and prior-year Mineral Reserve estimates on a deposit-by-deposit basis. Any changes in the Mineral Reserve estimate are Pilbara Operations Technical Report Summary – 31 December 2025 Page 88 of 176 reconciled and verified against reported production (in cases of operating deposits), any changes to the underlying Mineral Resource estimate (e.g. tonnages, quality, confidence levels), changes to metallurgical assumptions, changes to pit designs and changes to the mine plan underpinning the Mineral Reserve estimate. The QP has only used data deemed to have been generated in line with a proved industry standard procedures and that is suitable for use for the purposes of preparing the mine design, schedule and Mineral Reserve estimate. 9.3 Geotechnical verification Geotechnical data verification processes and safeguards are similar to those implemented for Mineral Resource verification, although geotechnical drill holes are focused on geological units that will form the walls of the pits and any structures that may impact slope stability. The drillhole data is securely stored in an acQuire™ geoscientific information management system. The system is backed up nightly on servers located in Perth, Western Australia. The backup system was tested in November 2025 demonstrating that the system is effective. Drill hole logging is undertaken by appropriately qualified geotechnical engineers and a minimum of 10% of the core is relogged as part of a quality assurance/quality control (QA/QC) process. Data goes through two stages of validation before it can be utilised for design purposes. Geotechnical slope designs are signed off by suitably qualified and experienced professionals. The number of individuals authorised to sign off geotechnical aspects of designs is limited to ensure quality verification of design data. The QP ensures that there is adequate data of suitable quality to justify the reliance on the information in the final design. As pits are excavated, reconciliation mapping is undertaken in specifically identified areas to assess the reliability of the geotechnical model in predicting actual ground conditions. Based on the reliability of the models, additional data may need to be collected, or modifications made to the design. In the opinion of the QP, the geotechnical data used to inform slope parameters is of adequate quality for the Property and its material types and for the purposes discussed in this TRS. 9.4 Hydrology and hydrogeology verification The collection of surface water flows, groundwater levels and water quality data is undertaken in line with internal work procedures and adheres to best practice guidelines and industry standards. Hydrologists, hydrogeologists and scientific technicians ensure traceability during all stages of data collection to the point of analysis through use of data handling and verification protocols. Temporal data is uploaded directly by satellite networks or to Toughbooks™ and downloaded via scripts into the appropriate database. Verification of groundwater models involves comparing predictive outputs from the existing model with datasets collected after the development of the original model, with the aim of confirming the model is suitable for use as a predictive tool, and to ensure that the inverse problem and the issue of non- uniqueness are addressed. The model verification process occurs quarterly to annually, depending on operations and activity within individual pits.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 89 of 176 If adjustments to parameters or boundary conditions are required to achieve verification, then the original model is re-run until a set of parameters and boundary conditions is identified that produces a good match of all data sets. In the opinion of the QPs, the data used to inform the groundwater models is of adequate quality, supported by historical performance and regular reconciliation. Surface water models are built based on baseline flows and historical observations. In the opinion of the QPs, this data is adequate for use in the mine design and production schedules and for the purposes used in this TRS 9.5 Metallurgical verification Metallurgical product predictions are verified numerous times through to their application for deposit estimates. Raw metallurgical laboratory results are peer reviewed and double-checked through redundancy analysis techniques. Following creation of product predictions, a second peer review process is conducted to verify the validity of the predictions across the geozones and grade ranges. The QP reviews the OBM product data and ensures predictions are accurately included in relevant fields. The OBM is also reviewed and endorsed by the relevant metallurgical subject matter expert. Once mining and production data is available, reconciliations are carried out on a quarterly basis, comparing actual mass and grade data to the block model predictions. Reconciliation trends are monitored and where biases are observed over multiple quarters, reasons are investigated and product predictions updated as required. Reconciliations are used to verify that greenfield projects have the correct techniques used to develop predictions for existing process flowsheets and any adjustments can be applied. Where new flowsheets are employed, pilot scale test work is conducted on actual bulk samples to confirm the techniques and settings used to generate predictions. In the opinion of the QPs, the metallurgical data used to inform product predictions is adequate for the purposes used for this TRS. 10 Mineral processing and metallurgical testing 10.1 Collection of samples and types of testwork Samples for metallurgical and material characteristic testing are obtained from: • Drill core from holes selected to provide representative metallurgical characterisation across the deposit. Selection of location, number and depth of metallurgical drill holes is informed by comparison of key metallurgical parameters to the deposit geological model. • Quarterly composite samples of mine site products. • Bulk ore samples. • Laboratory or pilot plant product samples, used for material characteristic testing for transportation and ironmaking or sintering. Samples of drill core are subjected to a 'plant mimic' that seeks to simulate the comminution and resulting particle size distribution imparted by crushers and handling equipment at full scale. The plant Pilbara Operations Technical Report Summary – 31 December 2025 Page 90 of 176 mimic utilised is calibrated to full scale operations and is also regularly validated against actual results. The products of the plant mimic are typically lump (nominally -31.5 + 6.3 mm) and fines (nominally - 6.3 mm). The lump and fines products are tested for metallurgical properties (Table 10.1) such as particle size distribution and grade per size fraction, bulk density, moisture and selected samples for densio-metric analysis, soil water characterisation, dust extinction moisture and materials handling test work. Separate samples of drill core are selected for crushability test work to assist in selection of crushing and handling equipment. Sample reserves are then composited together to represent the stratigraphic geo-domains and orebody initial mining area average. These samples are subjected to pilot test work and more detailed characterisation as required by the flowsheet selected. Tests at this stage may include thickening, filtration, rheology, tailings consolidation, X-ray particle sorting, lump physicals, and fines sintering test work. Table 10.1: Types of metallurgical and mineral processing test work used in characterisation of Rio Tinto iron ores Ore type Test type Intended use of testwork Laboratories or other providers Brockman, Marra Mamba, CID Crushability testwork - unconfined compressive strength, crushing work index, bond abrasion index, Brazilian tensile strength, gouging index Design and selection of crushing equipment for comminution of ore from run of mine to product sizing ALS Global Bureau Veritas AMTC TAFE Brockman, Marra Mamba, CID Soil water characterisation curve and saturated hydraulic conductivity Prediction of run of mine and product moisture Rio Tinto Iron Ore metallurgical laboratory, Dampier Brockman, Marra Mamba, CID Dust extinction moisture Prediction of propensity to generate dust during handling and transport The University of Newcastle Research Association (TUNRA) Bulk Solids, Jenike and Johanson Brockman, Marra Mamba, CID Handleability testwork - flow indexes, angle of repose, angle of surcharge, angle of drawdown, wall friction angle, chute angle, stable rathole diameter, bulk density Design of bins, transfer chutes, conveyors and stockyards. The University of Newcastle Research Association (TUNRA) Bulk Solids Jenike and Johanson Brockman, Marra Mamba, CID Process mimics (crushing and screening laboratory circuits) Development of grade predictions for products, particle size distributions for feed, product and tailings, bulk density of feed and products Rio Tinto Iron Ore metallurgical laboratory, Dampier, ALS Global Bureau Veritas Brockman, Marra Mamba, CID Lump physicals and sintering testwork Amenability of iron ore products to blast furnace and sintering or other ironmaking processes Commonwealth Scientific and Industrial Research Organisation (CSIRO) ALS Global

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 91 of 176 Ore type Test type Intended use of testwork Laboratories or other providers Brockman, Marra Mamba, CID Mineralogical quantification of ore and plant samples (tailings and products) Grade partition curves, liberation analysis, tailings characterisation Rio Tinto Bundoora Research Centre Brockman, Marra Mamba Densiometric analysis lump - heavy media separation/Individual particle pycnometry Propensity for lump concentration and resulting product predictions Rio Tinto Iron Ore metallurgical laboratory, Dampier MPIPP Laboratory Pty Ltd Pesco Brockman, Marra Mamba Densiometric analysis fines - heavy liquid separation Propensity for fines concentration and resulting product predictions Bureau Veritas, Adelaide Mineral Technologies Brockman, Marra Mamba Lump x-ray particle sorting Propensity for lump concentration through x- ray particle sorting Tomra Brockman, Marra Mamba, CID Thickening and filtration Ability to remove water from tailings and products Delkor Jord FLSmidth Outotec Brockman, Marra Mamba, CID Rheology Rheological properties of slurry to design pumping systems Slurry Systems Brockman, Marra Mamba, CID Consolidated bulk density of tailings and other strength/drainage characteristics Design of tailings storage facilities WSP Red Earth Engineering 10.2 Details of analytical or testing laboratories Details of the internal and external laboratories or other testing facilities used by Rio Tinto to characterise iron ore within the Property are listed in Table 10.2. Table 10.2: Details of analytical or testing laboratories Laboratory Location Relationship to Rio Tinto Certification Certifying Organisation Rio Tinto Iron Ore Metallurgical Evaluation Facility Dampier, Western Australia Internal test facility None Not applicable Rio Tinto Bundoora Research Centre Melbourne, Victoria, Australia Internal test facility None Not applicable ALS - Perth Iron Ore Technical Centre Perth, Western Australia, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) Bureau Veritas Perth, Western Australia, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) The University of Newcastle Research Associates Newcastle, New South Wales, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) Pilbara Operations Technical Report Summary – 31 December 2025 Page 92 of 176 Laboratory Location Relationship to Rio Tinto Certification Certifying Organisation (TUNRA) – Bulk Handling Nagrom Perth, Western Australia, Australia Independent facility ISO:9001 International Organization for Standardization (ISO) Jenike and Johanson Perth, Western Australia, Australia Independent facility None Not applicable Bureau Veritas Adelaide, South Australia, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) Mineral Technologies Gold Coast, Queensland, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) AMTC TAFE Bentley, Western Australia, Australia Independent facility None Not applicable Metso/Outotec Perth, Western Australia, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 ISO:50001 International Organization for Standardization (ISO) FLS Perth, Western Australia, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) Delkor Perth, Western Australia, Australia Independent facility ISO:9001 International Organization for Standardization (ISO) Slurry Systems Engineering Perth, Western Australia, Australia Independent facility None Not applicable Pesco Pretoria, Townland, South Africa Independent facility None Not applicable Commonwealth Scientific and Industrial Research Organisation (CSIRO) Brisbane, Queensland, Australia Independent facility None Not applicable MPIPP Laboratory Pty Ltd Perth, Western Australia, Australia Independent facility None Not applicable WSP Perth, Western Australia, Australia Independent facility Accreditation no. 1961 Site No. 1598 NATA Red Earth Engineering Perth, Western Australia, Australia Independent facility None Not applicable

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 93 of 176 Laboratory Location Relationship to Rio Tinto Certification Certifying Organisation Jord Perth, Western Australia, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 AS-NZS 4801 International Organization for Standardization (ISO) Tomra Sydney, New South Wales, Australia Independent facility ISO:9001 ISO:14001 ISO:45001 International Organization for Standardization (ISO) 10.3 Predictions and assumptions for mass recovery and grades Results from the testwork are used to generate: • Predictions for grade deportment between products and tailings. • Size distributions for feed, products and tailings. • Mass splits used in plant design. • Predicted mass recoveries in wet processing and beneficiation circuits. Grade predictions are applied to both iron and to the primary gangue minerals/elements. The latter includes SiO2, Al2O3, P and Mn. LOI is also predicted in products and tailings. Predictions for both grade and recovery are monitored through comparison with operational data or by comparison with similar deposits for future orebodies. Where further deposits will be fed to existing plants, current performance and characteristics of the existing plant are integrated with the results from the processing mimics. Mass recovery (yield) predictions are developed from the process plant mimic, incorporating lithological characteristics, predicted size distributions from ROM curves, process modelling of equipment to determine mass and size splits in unit operations and mineralogical quantification of process streams from sampling and modelling. Predictions for current operations are routinely compared with actual results for grades, product splits and mass recovery, with updates made where a statistically significant change has been made. Predictions for operating and future mines will also consider reconciliation performance. 10.4 QP's opinion on adequacy of the data collected In the opinion of the QP, the data derived from the various sources detailed above is adequate for design of processing facilities and provides suitable product grade/recovery predictions for use in production schedules. Confidence is further increased by historical performance demonstrated through reconciliation. 11 Mineral Resource estimates 11.1 Key assumptions, parameters, and methods 11.1.1 Resource database All drilling data used in estimates of Mineral Resources is securely stored and validated as described in section 9.1. Pilbara Operations Technical Report Summary – 31 December 2025 Page 94 of 176 11.1.2 Geological interpretation Overall, the QP's confidence in the geological interpretation of the area is good, based on the quantity and quality of data available, and the continuity and nature of the mineralisation. Geological modelling is undertaken by Rio Tinto geologists. The method involves interpretation of downhole stratigraphy using surface geological mapping, lithological logging data, down-hole gamma data, and assay data. Implicit modelling in Leapfrog Geo™ software of each stratigraphic unit is performed, followed by interpretation of mineralisation and hydration boundaries based on mapping and drilling data. Three- dimensional wireframes of the sectional interpretations are created to produce the geological model. The geological model is subdivided into domains defined by stratigraphy and mineralisation and both the composites and model blocks are coded with these domains. Blocks in domains are estimated using composites from the same domain. The mineralisation reported as a Mineral Resource is continuous across at least two adjacent drill holes. The mineralisation continuity is affected by stratigraphy, structure and weathering. The drill hole spacing is sufficient to capture grade and geology changes at a large scale. Mineralisation continuity varies by deposit but typically extends for several kilometres along strike and from surface to a maximum depth of 200 m. 11.1.3 Data preparation The majority of the drill hole data is sampled on 2 m intervals which is used as the nominal composite interval for grade variables using either a "straight compositing" approach or a "run-length compositing" approach where considered more appropriate for all drill holes. Density is composited to the sample interval used for the grade variables, typically yielding a 2 m composite file containing both grade and density variables, used in subsequent data analysis and estimation processes. 11.1.4 Exploratory data analysis Exploratory Data Analysis (EDA) for density and grade variables is completed using Datamine SupervisorTM data software, typically comprising descriptive univariate statistics for both mineralised and un-mineralised strands (geozones). The EDA also includes correlation coefficients between pairs of variables and various plots to convey the overall nature of the grade and density distributions and bivariate relationship between variables (including histograms, scatter plots and box plots), for all geozones. Spatial analysis is undertaken using a conventional directional variography approach. Traditional or "absolute" semi-variograms (or "variograms") are used, conveying the variance of each variable modelled. Appropriate lag spacings are used, reflecting the nominal drill hole spacing for horizontal directions (typically using a 50 to 60 m lag), and a 2 m lag for the downhole (vertical) direction, reflecting the nominal composite length. Variogram maps in the horizontal plane are used to assess anisotropy in the mineralised geozones. Where applicable, the direction of greatest continuity is modelled as the major axis based on the longest range and lowest variogram sill, with the orthogonal direction model as the semi-major direction. Where present, zonal anisotropy is appropriately reflected by modelling an additional very long-range structure between the major/ semi-major and minor directions.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 95 of 176 The nugget values for all modelled directions are defined by modelling of the downhole variogram for each element and applying the nugget variance to the major and semi-major directions. Where appropriate, a "pseudo-isotropic" approach is applied, using the same variogram model for the major and semi-major directions and a separate shorter range variogram for the downhole orientation. Variogram models for the mineralised domains of the Pilbara deposits generally result in reasonable structures. Many bedded geozones yielded relatively low nugget effects, with relatively short-range first structures (typically <100 m) comprising a significant proportion of the total sill. 11.1.5 Bulk density Dry bulk density is derived from gamma-density data collected at 10 cm intervals from downhole geophysical sondes. Accepted gamma-density data is corrected for moisture using diamond drill core specifically drilled throughout the deposit. Dry core densities are generated via the following process: • The core volume is measured in the split and the mass of the core is measured and recorded. • Wet core densities are calculated by the split and by the tray. • Core recovery is recorded. • The core is dried and dry core masses are measured and recorded. • Dry core densities are then calculated. • Accepted gamma-density values are estimated as per grade estimation procedures described below. 11.1.6 Block models The Property is divided into individual deposits for practical modelling purposes, each with its own block model. Each block model is created in MGA94 or the appropriate local mine grid. A parent block size is selected, based on the local nominal drill hole spacing. Typically the parent block size is half the drill hole spacing, at 25 m (X) x 25 m (Y) x 5 m (Z) with some variation depending on the local drilling grid and selective mining unit (SMU) for subsequent regularised models. The vertical block size varies from 4 m to 10 m across the Property. Sub-blocking is used to achieve acceptable resolution with geological boundaries, based on a block size as small as a fifth of the parent lateral and vertical block. Variable codes are added to the block model reflecting various attributes such as geology, strand, deposit type, mineralisation, geozone, water table and other risk-related attributes (mine danger, sulphide and fibre). The geological block models are validated by visual checks in section and plan view, for both strand and geozone, with numerical checks to identify and address incorrectly assigned variables. Pilbara Operations Technical Report Summary – 31 December 2025 Page 96 of 176 11.1.7 Grade estimation Grade estimation is undertaken using linear estimation methods using Vulcan™ software. Thirteen grade attributes (Fe, SiO2, Al2O3, P, Mn, LOI, LOI425, LOI650, S, TiO2, MgO, CaO, and Cl), gamma- density, and material hardness attributes are estimated into the block model. Mineralised domains are estimated by ordinary kriging (OK) where there is sufficient data available for variogram modelling or by inverse distance to the power of two (ID2) for domains with very low sample numbers. For certain deposits, non-linear estimation methods (indicator kriging and local uniform conditioning) are also used where considered applicable. These methods are deemed appropriate by the QP for estimating the tonnes and grade of the reported Mineral Resources. A small number of blocks that are not populated by estimation runs (typically <5%) are assigned average geozone grades via scripting. For unpopulated density values Machine Learning values are assigned. A Multi-Layer Perceptron Deep Neural Network (MLP DNN) model, a common model type in Machine Learning for physical systems, has been developed to model the non-linear and interdependent relationship between like variables common between Diamond Density (DD) and Reverse-Circulation (RC) holes and dry bulk density from diamond density core. Non-mineralised domains are estimated by inverse distance weighting or assigned average geozone grades in minor domains via scripting where sufficient data is not available. Other aspects of the estimation process are as follows: • Estimates are completed into parent blocks. • Parent blocks are sub-celled to the geological boundaries to preserve volume. Sub- cells received the parent cell estimate. • High yield limits are placed on some minor variables (CaO, MgO, Mn) in some geozones to limit the influence of outlier sample data as deemed appropriate for the dataset. • Grades are typically extrapolated to a maximum distance of approximately 300 m from data points, with variability based on spatial continuity and data spacing. 11.1.8 Grade interpolation parameters Grade interpolation parameters are based on local drilling spacing and a universal set of kriging neighbourhood analysis (KNA) parameters, grounded on 20 years of modelling data across multiple geological settings across the Pilbara. The universal parameters include: • Search distances (radii). • Minimum and maximum samples per estimate. • Maximum samples per drill hole.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 97 of 176 • Search approach (conventional vs unfolding approaches via tetra models). Other key aspects regarding the estimation parameters and implementation are as follows: • The same search parameters within a given geozone are applied to the 13 assay variables to maintain the relationships between variables and to maintain stoichiometric closure (total assay). • Application of high yield limits are initially selected based on a coefficient of variation greater than 2.0, with spatial assessment to check whether the high values are spatially isolated and not clustered with other high values. If also a spatial outlier, the high yield threshold is selected on the basis of inflection points in the cumulative probability plot. • Blocks not filled are assigned the domain average composite grades or, in the case of density, the Machine Learning-derived values. • With the exception of select CID deposits, domains are estimated using hard boundaries, with samples from the respective domain only used for estimation of that domain. • Estimation of density follows the same process as that of grade estimation. 11.1.9 Model validation The model is validated using a combination of visual and statistical methods to check that the estimation has performed as expected and shows acceptable conformance to the input samples. The overall validation process typically includes: • Visual validation, typically involving sectional review of the model with drill holes in cross section, long-section and plan for select variables. • Global comparison between the block model and composite statistics to assess for global average grade conformance by geozone. • Swath plot comparisons by geozone for cross-section, long-section and elevation slices. • Correlation coefficient comparisons for composites vs blocks between Fe and all other estimated assay variables. • Assessment of global smoothing effects, using a multivariate change of support model applied to the drill hole composites to confirm the block model conformed to the tonnages reported by the change of support model, (and hence represented an appropriate smoothing level), and that the scatter relationship between variables is appropriately reproduced. • Check of the total assay calculated from the estimated 13 assay values for conformance with the expected value of 100% and with an acceptable range tolerance (typically between 98 and 102%). • Where production data is available, reconciliation is carried out as part of the model validation process. In the QPs' opinion, the validation processes applied to the Mineral Resource estimates demonstrate that the models reasonably represent the underlying input data. Pilbara Operations Technical Report Summary – 31 December 2025 Page 98 of 176 11.2 Mineral Resource classification SEC subpart 1300 of Regulation S-K (S-K 1300) requires publicly listed mining companies to provide standard and detailed disclosure on mineral resources. Mineral Resources are sub-divided into the following categories based on increased geological confidence: Inferred, Indicated, and Measured, which are defined under S-K 1300 as follows: "Inferred Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a Mineral Reserve." "Indicated Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a QP to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve." "Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a QP to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve." Mineral Resources are classified by Rio Tinto based on consideration of relevant factors including, but not limited to, geology, continuity of mineralisation, grade continuity, sample spacing, data quality, and reconciliation. For bedded mineralisation, Mineral Resource classification is informed by the following indicative drill spacings: • Measured Resources – 60 m x 60 m. • Indicated Resources – 100 m x 50 m. • Inferred Resources – drill spacing greater than 100 m x 50 m, or less continuous drilling. Hydrated and detrital mineralisation is typically assigned a lower confidence classification than the underlying bedded material, due to poorer grade continuity and higher variability observed in these units.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 99 of 176 At the completion of the resource estimation process, the QP for Mineral Resources conducts a final review of the classification. This review considers the amount and quality of data, assays, structural complexity, continuity of mineralisation and grade, estimation technique and reconciliation performance as well as other aspects of the deposit that may affect how it could be economically mined, such as social, environmental, approvals, government, licences, contaminants, depth of mineralisation etc. The purpose of the review is to identify the risks and opportunities within the deposit and assign the appropriate classification. 11.3 Mineral Resource estimate The basis of the Property's Mineral Resource estimate and how it is generated are summarised below. The Mineral Resource estimate for the Property is reported here in accordance with the S-K 1300 regulations (Table 11.1). For estimating the Mineral Resource, the following definition as set forth in the S-K 1300 Definition Standards adopted December 26, 2018 is applied. Under S-K 1300, a Mineral Resource is defined as: • "… a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled." The Mineral Resource estimate for the Property is presented by ore type in Table 11.1. Mineral Resources are estimated by Rio Tinto for operating mines and development projects within the Property. The effective date of the Mineral Resource estimate is 31 December 2025. The Mineral Resource estimate is based on the following assumptions: • Exclusive of Mineral Reserves – Mineral Resources are reported exclusive of Mineral Reserves. • Moisture – All Mineral Resource tonnages are estimated and reported on a dry basis. Mining factors or assumptions – It is assumed that standard open pit load and haul mining operations used by Rio Tinto Iron Ore will be applicable for the mining of Mineral Resource Ore. • Metallurgical factors or assumptions – It is assumed that crushing, screening and beneficiation processes used by Rio Tinto will be applicable for the processing of Mineral Resource ore. Predicted yield and upgrades are deposit specific and are based on metallurgical test work conducted on representative samples collected from those deposits or adjacent analogous deposits. • Environmental factors or assumptions – Extensive environmental studies and surveys will be completed during the project study phases to determine if the project requires formal State and Commonwealth environmental assessment and approval. Mapping of oxidised shales, black carbonaceous shales, lignite, and the location of the water table is used to predict and manage potential environmental impacts. Pilbara Operations Technical Report Summary – 31 December 2025 Page 100 of 176 • Heritage factors or assumptions - Extensive cultural heritage studies, surveys and engagement with traditional owners will be completed during the project study phases to determine if the project requires additional assessment, monitoring, or exclusion areas to be maintained during mining, to manage potential impacts to sites. The Mineral Resources presented are not Mineral Reserves and do not reflect demonstrated economic viability. The level of geological uncertainty associated with the reported Inferred Mineral Resources is considered too high to apply relevant economic and technical factors to have the economic considerations applied that would enable these to be categorised as Mineral Reserves. There is no certainty that all or any part of the Inferred Mineral Resources will be converted into Mineral Reserve. All figures are rounded to reflect the relative accuracy of the estimates and totals may not sum exactly as a consequence. Based on the body of technical studies completed across the Property, it is the QPs' opinion that the Mineral Resources have reasonable prospects of economic extraction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11.1: Reported Mineral Resources as at 31 December 2025 (Rio Tinto share) 1. Likely mining method: O/P = open pit/surface. 2. Iron ore Mineral Resources are stated on a dry in situ weight basis. 3. Iron ore Mineral Resources valuations are based on prices for each individual product relative to a long run consensus pricing of the 62% Fe Fines Index. This consensus price represents the average of forecasts from eleven brokers/banks and two analysts in the long run and is US c 133.3 /dmtu CFR China. The brokers/banks are Bank of America Merrill Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. A value in use assessment by Rio Tinto is then used to determine the adjustment to the consensus price for each individual product. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for Regulation S-K reporting. Pilbara Operations Technical Report Summary – 31 December 2025 Page 102 of 176 11.4 Cut-off grade, price, and justification Cut-off grade (COG) criteria for Mineral Resources are derived from the customers' requirement for high grade, consistent product for use as either blast furnace or sinter feed. COGs for Mineral Resources which can be accommodated within the current product strategy are broadly aligned with Mineral Reserves COGs for these types of deposits (e.g. Brockman, Marra Mamba, Detrital). Currently, Rio Tinto reports Mineral Resources by deposit type (BID further sub-divided by geological formation, CID and DID). In addition to this, Rio Tinto sub-divides iron mineralisation for reporting Mineral Resources typically using the following criteria: • High grade Brockman Ore using a Fe cut-off grade (≥ 60% Fe). • High grade Marra Mamba Ore is reported ≥ 58% Fe where geology is coded as major units. • High grade Boolgeeda Ore using a Fe cut-off grade (≥ 60% Fe). • Process Ore is reported as ≥ 50% Fe <60% and ≥ 3% Al2O3 < 6% where geology is coded as major units. • Blending Ore: • Brockman and Boolgeeda: reported ≥ 56% Fe, ≤ 4.5% SiO2, ≤ 3% Al2O3 where geology is coded as major units, hydrated or detrital and not captured in High Grade or Process Ore. • Marra Mamba: reported ≥ 56% Fe, ≤ 4.5% SiO2, ≤ 3.5% Al2O3 where geology is coded as major units, hydrated or detrital and not captured in High Grade. • Detrital ores are reported in relation to their Bedded Ore origins. • CIDs are reported primarily based on geology units, but with some exceptions where a COG is applied based on metallurgical processing recovery assumptions. In addition, Mineral Resources are reported for major units only. Mineral Resources are tested for economic viability from a combined Mineral Reserves and Mineral Resources schedule and using the same consensus price used for Mineral Reserves. Section 16.3 sets out commodity price projections used for Mineral Reserves, and the analysis on which the commodity price is based. As noted in section 12.3, the COG for the reported Mineral Reserves (and by extension, Mineral Resources) is not based on calculation of a break-even content of a payable element, or similar economic break-even analysis. Instead, whether a parcel of material has economic value is based on its potential contribution to a material blend, and the COG associated with that material reflects the requirements of the relevant product. 11.5 Uncertainty in the estimates of Inferred, Indicated, and Measured Mineral Resources The QPs are satisfied that the stated Mineral Resource classification reflects the appropriate level of confidence and takes into account relevant factors of the deposits. The application of resource categories appropriately considers the relevant factors used in the classification process. Some examples of specific factors that can influence the risk and uncertainty of the Mineral Resource estimates that are considered in the resource classification include: • Interpretation of the mineralisation boundary. Areas of complex or discontinuous mineralisation is typically assigned one category lower that the main mineralisation. • Geological/structural uncertainty including localised, tight folding or complex faulting.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 103 of 176 • Drill hole spacing and adequacy in defining geology, mineralisation, structure, and grade. • Quality of samples, assays and geological information. • Domains or regions within domains where grades are more variable are typically assigned lower levels of resource classification. • Reconciliation performance, in instances where the deposit or similar deposit/domains have been mined. • Density uncertainty, particularly below water table, is mainly driven by less data (example due to hole collapse). The Mineral Resources have addressed reasonable prospects of economic extraction and have considered a range of mining, metallurgical and environmental factors. Mineral Resource confidence is also assessed via independent reviews and internal peer reviews conducted at key stages of the Mineral Resource estimation process with no material issues identified. Rio Tinto operates multiple mines in the Pilbara region of Western Australia. The Mineral Resource data collection and estimation techniques used for all Pilbara deposits are consistent with those applied at other deposits where mining has commenced. Reconciliation of actual production with the Mineral Resource estimates for individual deposits is generally accurate to within 10% for tonnes on an annual basis. This result is indicative of a robust process and provide a high level of confidence in the Mineral Resource estimate used as the basis of Mineral Reserves for the operations. 11.6 QPs' opinion on factors likely to influence the prospect of economic extraction The main factors likely to influence the prospect of economic extraction include: • Size and location of the deposit and its proximity to infrastructure. • Grade of mineralisation in relation to market requirements/preferences. • Mineralogy in relation to amenability to processing, upgrade, and yield. • Areas which should be excluded for environmental, heritage, water or infrastructure reasons. • Mineralisation which has limited prospects of being recovered due to being remnant areas of existing mines or backfill areas. In the QPs' opinion, all these factors are adequately considered for the Mineral Resources reported. 12 Mineral Reserve estimates 12.1 Key assumptions, parameters, and methods 12.1.1 Geological model OBMs developed for Mineral Resource reporting within each mining area form the basis of the Mineral Reserves estimates. OBMs are derived from the geology model (outlined in Section 11) and are extended by: • Undergoing regularisation to a selective mining unit, thereby reflecting dilution and recovery losses during mining. Pilbara Operations Technical Report Summary – 31 December 2025 Page 104 of 176 • Addition of approved pit designs and cutbacks. • Integration of actual and planned mined surfaces. • Addition of non-recoverable zones. • Application of grade binning to support scheduling. • Assigning of moistures to in situ material. • Applying product predictions for planned processing streams. 12.1.2 Moisture Geology models contain tonnage estimates on a dry in situ basis. During generation of the OBMs, the estimated water content (moisture) for each block model block is added. The moisture estimate includes consideration of material physical properties and hydrogeology. By including both dry tonnes and water content in the block models, estimates for dry and wet tonnages can be determined from the block models as required for planning, reporting or any other purpose. Metallurgical regressions are applied to dry material. From this, expected water content is predicted for each product, allowing reporting of wet product tonnes by combining the dry tonnes and contained water. 12.1.3 Metallurgical and processing recoveries Metallurgical and processing recovery estimates are applied to crusher feed tonnages based on the processing plant type (refer Section 14.1). Dry crushing and screening plants achieve a recovery of 100%. Wet plants achieve typical mass recoveries of 85 to 92% (dry basis) for Marra Mamba and Brockman ores. Processing of pisolite ores results in mass recoveries ranging from 50 to 90%, due to the relatively higher and more variable clay content. Beneficiation plant mass recovery is approximately 60 to 70%. 12.1.4 Methodology A mining schedule that fully consumes the scheduling inventory for the Property is developed from the prepared OBMs. To demonstrate economic viability of the Property's Mineral Reserves, economic modelling is completed. Material is only reported as Mineral Reserve if the level of geological certainty is sufficient to allow a QP to apply the modifying factors in sufficient detail to support detailed mine planning and economic viability of the deposit. 12.2 Modifying factors Modifying factors are applied to mineralised material within the Measured and Indicated Resource classifications in the Mineral Resource to establish the economic viability of Mineral Reserves. The QPs consider mining, processing, metallurgical, economic, marketing, legal, environmental, infrastructure, social, and governmental factors that are applicable to each mining area within the Property. Key modifying factors considered when converting Mineral Resources to Mineral Reserves include: • Geotechnical parameters: Geotechnical models are prepared for each deposit based on drilling, mapping, and other data. These models form the basis for slope stability

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 105 of 176 analysis and development of pit design parameters to ensure pit walls meet an acceptable factor of safety. • Surface water (hydrology) assessments: Hydrological modelling techniques are used to assess the potential impact of ephemeral water courses and flooding due to surface water runoff post rain events. Pit designs are either modified, or appropriate surface water control measures are included in the pit design. • Groundwater (hydrogeology) assessments: In the case of orebodies extending below the water table, groundwater models are developed, accounting for geological assessments, drill holes, test pumping and monitoring bores. Groundwater models form the basis for assessing the technical feasibility of pit dewatering and are necessary for design of an adequate dewatering strategy, inclusive of location, number and capacity of dewatering bores, discharge requirements and projected drawdown of the groundwater table. Projected drawdowns are used to constrain mine plans as appropriate. • Pit designs are developed based on the geotechnical, hydrological and hydrogeological assessments, incorporating access and any other technical requirements. Only material contained inside a designed pit is converted to a Mineral Reserve. • Metallurgical tests on appropriate samples form the basis for selection of the processing method, prediction of throughput rates, as well as metallurgical recoveries and product qualities. These metallurgical predictions are incorporated into the OBM that underpin mine plans and schedules. Plans and schedules are developed to meet target product specifications; expected saleable product tonnes and grades are the basis for estimation of the Mineral Reserve. • Part of a Mineral Resource is only converted to a Mineral Reserve if it is within the footprint of an existing mining area or processing hub or if a prefeasibility study has been completed, demonstrating the technical and economic feasibility of establishing a mining operation. Studies consider processing and rail infrastructure for transportation to ports, requirements for workshops and offices, workforce accommodation, access to water and power, and other required facilities. • Only parts of deposits where all statutory and regulatory requirements for mining have been satisfied, or where previous experience shows there is a reasonable expectation of obtaining all required permits and authorisations prior to scheduled mining, are converted to Mineral Reserves. 12.3 Cut-off grade estimate The key determinant for the classification of mineralised material into ore and waste is the target product specification of the various iron ore products. Whether a particular parcel of material has economic value is not solely dependent on the characteristics of the parcel itself but also on its potential contribution to a material blend. Target product specifications determine the quantity of saleable ore that can be economically extracted from the orebodies, and thus the reported Mineral Reserve. The COG for the reported Mineral Reserve is not based on calculation of a break-even content of a payable mineral, or similar economic break-even analysis. Pilbara Blend Lump and Fines are the core products from Rio Tinto's operations within the Property and are produced by combining ore from the Eastern Range, Western Range, Paraburdoo, Tom Price, Western Turner Syncline, West Angelas, Hope Downs 1, Hope Downs 4, Brockman 2, Nammuldi, Silvergrass, Brockman 4, Gudai-Darri and Marandoo mining areas. Ore produced from the Pilbara Operations Technical Report Summary – 31 December 2025 Page 106 of 176 Yandicoogina mine and the Robe Valley mines is sold as standalone products (Yandicoogina Fines, and Robe Valley Lump and Fines respectively). The primary parameter for determining if material is ore or waste is iron content. Deleterious elements such as phosphorous or alumina can also influence the ore-waste determination. For example, material high in iron may be excluded from product due to its phosphorous content. COGs are shown in Table 12.1. Table 12.1: Rio Tinto product COGs Ore Type COG Range (Fe%) Yandicoogina Pisolite 55% Robe Valley Pisolite 50-55% Pilbara Blend Brockman 56-60% Pilbara Blend Marra Mamba 56-58% COGs for sites contributing to the Yandicoogina and the Robe Valley products tend to be constant over time. COGs for joint venture mines contributing to blended products are governed by commercial arrangements between the joint venture participants. COGs for 100% Rio Tinto-owned and joint venture mines (subject to joint venture partner agreement) that contribute to blended products are varied over time. Across the system, ore from the contributing mines is blended to ensure product specifications are met. The economic viability of the reported Mineral Reserve is assessed by generating a production schedule that fully consumes the Mineral Reserves with all other material treated as non-revenue generating. Economic assessments confirm that a positive NPV is achieved using specific economic assumptions for costs and revenues. Further details on price, costs, and time disclosure are provided in Section 19. 12.4 Mineral Reserve estimate The Mineral Reserve for the Property is presented by ore type in Table 12.2 and by Table 12.2joint venture in Table 12.3. Mineral Reserves are estimated by Rio Tinto for operating mines and development projects within the Property that have reached or surpassed prefeasibility stage. The effective date of the Mineral Reserve estimate is 31 December 2025. Mineral Reserves are reported as the economically mineable portion of a Measured and/or Indicated Resource after consideration of modifying factors. Measured Resources are typically reported as Proved Reserves, and Indicated Resources are reported as Probable Reserves in order to reflect the level of confidence in the Resource estimate forming the basis of the Reserve estimate. In certain circumstances, Measured Resources are reported as Probable Reserves to reflect the QPs' relatively lower confidence in one or more modifying factors. All stockpile Mineral Reserves are classified as Probable Reserves due to the inherent variability of stockpiled material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 12.2: Reported Mineral Reserves as at 31 December 2025 for the Property (Rio Tinto share) 1. Type of mine: O/P = open pit/surface. 2. Mineral Reserves of iron ore are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown. 3. Iron ore Mineral Reserves valuations are based on prices for each individual product relative to a long run consensus pricing of the 62% Fe Fines Index. This consensus price represents the average of forecasts from eleven brokers/banks and two analysts in the long run and is US c 133.3 /dmtu CFR China. The brokers/banks are Bank of America Merrill Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. A value in use assessment by Rio Tinto is then used to determine the adjustment to the consensus price for each individual product. 4. Australian iron ore Mineral Reserves tonnes are reported on a dry weight basis. 5. Australian iron ore Mineral Reserves are all located on State Agreement mining leases. Prior to mining, state government approvals (including environmental and heritage) are required. Reported Mineral Reserves include select areas where one or more approvals remain outstanding. In these areas, it is expected that these approvals will be obtained within the time frames required in the current production schedule. 6. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for Regulation S-K reporting. Table 12.3: Reported Mineral Reserves as at 31 December 2025 for the Property by joint venture (Rio Tinto share) 1. Type of mine: O/P = open pit/surface. Rio Tinto sharemarketable Tonnage Grade Tonnage Grade Tonnage Grade product Iron ore Mt % Fe Mt % Fe Mt % Fe % Mt - Hamersley O/P 662 60.5 1,084 60.9 1,746 60.8 100% 1,746 - Hope Downs JV O/P 45 62.4 68 61.8 113 62.1 50% 113 - Robe River JV O/P 99 59.7 114 58.7 213 59.2 53% 213 - Bao-HI JV O/P 46 62.3 85 62.1 130 62.2 54% 130 Total 851 60.6 1,351 60.9 2,202 60.8 2,202 as at 31 December 2025 as at 31 December 2025 as at 31 December 2025 Type of mine 1 Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Rio Tinto interest Rio Tinto share marketable Tonnage Tonnage Grade Tonnage Grade product Tonnage Iron ore 2 3 Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI % Mt Mt Pilbara Operations (Australia) 4 5 - Brockman Ore O/P 380 62.0 3.5 2.0 0.14 5.3 995 60.8 4.0 2.2 0.12 6.1 1,375 61.1 3.9 2.2 0.13 5.9 87.1 1,375 1,320 - Marra Mamba Ore O/P 172 62.6 2.8 1.6 0.06 5.5 298 62.1 3.1 1.9 0.06 5.6 470 62.2 3.0 1.8 0.06 5.5 79.7 470 500 - Pisolite (Channel Iron) Ore O/P 300 57.8 4.7 1.8 0.06 10.3 57 56.2 5.6 2.6 0.05 10.9 357 57.6 4.9 2.0 0.06 10.4 79.9 357 410 Total (Australia) 6 851 60.6 3.8 1.9 0.09 7.1 1,351 60.9 3.9 2.2 0.11 6.2 2,202 60.8 3.8 2.0 0.10 6.5 2,202 2,230 Total Mineral Reserves as at 31 December 2025 as at 31 December 2025 as at 31 December 2025 as at 31 December 2024 Type of mine 1 Proven Mineral Reserves Total Mineral Reserves Rio Tinto interest Grade Probable Mineral Reserves Pilbara Operations Technical Report Summary – 31 December 2025 Page 108 of 176 Mineral Reserves are stated as dry shipped saleable ore, excluding moisture content, and account for all mining and processing losses. The only payable mineral is iron. All figures are rounded to reflect the relative accuracy of the estimates and rounded subtotals may not add to the stated total. Since the publication of the previous TRS report in 2021, Mineral Reserves have decreased by approximately 8%, mainly due to depletion by production. Reductions were partially offset by additions from new deposits at several mines within the Property, and changes to product specifications. 12.5 QPs' opinion on risk factors that may materially affect the Mineral Reserve estimates Mineral Reserve estimates are reviewed annually or when new information becomes available that may impact the respective modifying factors. The QPs are not aware of any risk factors that may materially affect the Mineral Reserve estimates. 13 Mining methods 13.1 Current mining operations Mining areas within the Property currently operate using conventional open pit mining methods. Haulage is done both manually and autonomously using haul trucks ranging from 180 to 310 t capacity. Hydraulic excavators and front-end loaders are used to mine ore in benches. Bench heights of 8 to 12 m are generally employed, although in some areas reduced height benches of 4 or 5 m are implemented to optimise orebody recovery and minimise dilution and ore loss. Drilling is segregated between production and contour areas. Production areas consist of flat laying ground, with typical blast hole diameters greater than 200 mm. Contour drilling is completed by smaller support drills on contour areas of natural ground or to enable impact controls around culturally or environmentally sensitive areas. Contour drilling is done at a diameter less than 200 mm. Bulk explosive products such as ammonium nitrate and fuel or emulsion are used to load drill holes. The products are mixed on bench through Mobile Processing Units (MPU). Holes encountered on the Property that are in areas with a high amount of water or an elevated water table are loaded with pumped emulsion blends. Where the blend allows, ore is hauled directly to crushers from the open pit: alternatively, ore is stored on stockpiles. Stockpiles comprise run-of-mine (ROM) stockpiles located near crushers and long- term stockpiles spread throughout the mining area. Waste is hauled from the open pit to adjacent waste rock storage (WRS) areas, used as fill material for development projects or used to back-fill pits to meet closure obligations under Part IV of the Environmental Protection Act (EP Act). Most projects within the Property are located at or near existing operations, hence the schedule used to support the estimation of Mineral Reserves assumes that the existing mining method will continue for both existing and new projects under consideration. This is deemed adequate for the Mineral Reserves due to strong historical performances, in-grained efficiencies from long term operation and the presence of large, near-surface orebodies targeted for mining.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 109 of 176 13.2 Parameters relative to the design and schedule 13.2.1 Geotechnical considerations The Property covers a geographically large area with varying ground conditions. The development of a realistic ground model with an understood degree of confidence plays a critical role in the design of optimised and stable pit slopes. Ground models used for designs and schedules incorporate: • Structural geology – Orientation of weak shale bands associated with folding and fault orientation. • Rockmass conditions – RQD, joint spacing, orientation, conditions, and intact rock strength. • Porewater pressure during the life of the operation. Data is collected and analysed to create the ground model. This includes: • Surface mapping. • Orientated diamond drill holes. • Downhole televiewer. • Geology model. • Groundwater model. Validation of the ground model is conducted through the operating life of each mine. Geotechnical monitoring and reconciliation of mapping allows for continuous improvement and adaption of the ground control models. A degree of contingency is mandated in designs through a design acceptance criterion (DAC). DAC is applied based on the risk profile of the design sector or area. If slope instability in a particular sector impacts critical infrastructure, it will be assigned a higher DAC than if that same instability were to impact non-critical infrastructure, which in turn is assigned a higher DAC than if there were only a minor impact on production. An outline of DAC for mine slopes and waste dumps is shown in Table 13.1. Due to the varying nature of pits amongst the Property, several analytical tools are deployed to analyse slope stability: • 2D and 3D limited equilibrium slope stability analysis (Slide 2 and Slide 3). • 2D and 3D finite element modelling (RS2, RS3 and FLAC). • Rockfall and RocTopple for natural slopes and rock toppling mechanisms. Table 13.1: Geotechnical factors of safety for slopes and dumps Criteria Factor of Safety Probability of Failure (%) Risk Category Risk Category Scale Infrastructure High Mod-Low High Mod-Low Slopes Single Batter N/A 1.2 1.1 25 30 Pilbara Operations Technical Report Summary – 31 December 2025 Page 110 of 176 Double Batter N/A 1.2 1.1 10 15 Inter-ramp None 1.2 1.2 10 15 Inter-ramp Long term ramp 1.3 1.3 10 10 Overall Slope None 1.3 1.2 5 5 Overall Slope Long term ramp 1.3 1.3 5 5 Overall/ Inter-ramp slope Fixed Infrastructure > 1.5 1.5 3-1 5-3 Dumps Dump Point/ Single Lift None 1.1 1.1 20 30 Overall dump/deep seated and foundation instability None 1.3 1.2 5 10 Overall Dump /Closure Fixed Infrastructure > 1.5 1.5 3-1 5-3 Slope angles implemented are controlled by the DAC, geometrical limitations (including access and berm configurations) and ground conditions. Typical overall slope angles in different geology are: • 48-54° in detritals. • 35-50° in bedding-controlled slopes. • 50-60° in rockmass controlled slopes. Monitoring of slopes is conducted to improve understanding and increase safety and efficiencies of designs. High risk slopes are monitored through continuous monitoring systems measuring slope movement. Moderate and low risk slopes utilise prism monitoring. Action and response plans are created and updated depending on risk profiles for slopes. Porewater pressure immediately behind the slope is measured by vibrating wire piezometers in areas where the pits are below water table. 13.2.2 Hydrogeological considerations Mathematical (numerical and analytical) modelling, of both surface water and groundwater provides essential information for decision making in support of existing and proposed mining operations in the Property. Models are designed to inform risk during all stages of pit development, spanning from operational mine dewatering to closure obligations. Approximately 35% of the pits Rio Tinto currently mines on the Property are below the water table. Below water table mining from the Property is planned to continue at a rate of approximately 30 to 45% ex-pit over the next 10 years. Groundwater modelling is completed using industry standard software. Uncertainty analysis is assessed through robust, industry standard algorithms. Models are constructed according to internal frameworks and standards and build on the hydrogeological conceptual model. Structural controls and hydro-stratigraphical layers are sourced from the geological block models and surrounding geological outcrops, augmented by hydrogeological investigations including drilling and pumping testing. Models are historically matched to temporal stress events including changes in groundwater level, rainfall, pumping or changes to outflow conditions. Non-uniqueness and associated statistical parameter uncertainty are assessed by adopting an ensemble modelling approach and supporting Monte Carlo techniques under the umbrella and principles of Bayesian decision analysis. The models are then used predictively to assess the likelihood and consequences of impacts of pumping on groundwater levels and to devise and optimise appropriate pit dewatering strategies.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 111 of 176 In operational mining, groundwater models are used to support scheduling for each mining area and inform bench progressions on a pit-by-pit basis. The mine and dewatering plan are synchronised for increased efficiency. This is achieved via an iterative process undertaken between the mine planner and the hydrogeologist to confirm mine rates are commensurate with the ability to dewater the surrounding groundwater systems and ensure dry and safe mining conditions are achieved. Groundwater models are also used to: • Devise dewatering strategies (number of bores, pump specification, expected yields, schedule of implementation and volumes) to meet the mine plan. • Estimate site water balances over the life of a pit; including water management to accommodate periods of excess or deficit. • Assess impact to environmentally sensitive receptors pre and post mining. The following documents form the basis with which to feed the groundwater model: • Bore completion reports providing lithologies, water bearing intersections, water quality, bore yields and initial standing waters. • Hydrogeological assessments detailing groundwater occurrence, aquifer characteristics, hydraulic gradients, dewatering or water supply. • Groundwater modelling reports explaining algorithms applied to represent natural processes within a groundwater flow system and how the model is calibrated to temporal stress events. • Annual aquifer reviews contrasting groundwater pumping against licenced allocation. • Groundwater operating strategy detailing parameters to be monitored over the operational life of bore fields and used to assess impacts against the allocation licence. Flood estimation techniques and hydraulic modelling are used to simulate flood events and define floodplain extent and design flows for new and existing mines. The approach follows industry guidelines for application of direct rainfall, Monte Carlo simulations and ensemble modelling techniques. Development flooding is evaluated for design storm events between 1:2 and 1:200 Annual Exceedance Probabilities (AEPs). Hydrological and hydraulic modelling inform assessment of development on hydrology regime by considering differences in peak flow rates and flood volumes for pre- and post-development scenarios. Closure surface water and landform stability risks are evaluated using regional modelling of rare to extreme flooding, including the 1:1000 and 1:10,000 AEP design flood events. The following surface water information forms the basis of the hydrological models: • Surface water management plans providing overviews of rainfall and catchment characteristics, storm runoff, drainage, environmental impacts, and closure requirements. • Flood risk assessments, describing inherent flood risks associated with operational activities. • Design reviews, summarising surface water management impacts and surface water risks of pits, dumps, and stockpiles. Pilbara Operations Technical Report Summary – 31 December 2025 Page 112 of 176 • Floodplain assessments, outlining the impact of developments on flood flows and hydrological regimes. • Baseline hydrology assessments describing natural hydrological conditions. 13.2.3 Open pit and waste dump design Pit optimisation software is used to generate optimised pit shells. The input factors used in the pit optimisation process include: • Overall pit slope angles based on geotechnical recommendations for specific materials. • Hydrogeological and surface water constraints. • Surface constraints including environmentally sensitive and culturally significant areas. • Mining costs, including variation by mining bench and by pit stage. • Mining dilution and mining recovery parameters. • Ore handling and ore processing costs (including rail and port costs). • Processing recoveries. • Product price. • Selling and transportation costs. • Royalties. Chosen revenue factors for optimised pit shells vary between 0.4 and 0.8, mainly due to the nature of ore presentation. Product price has the most impact when conducting sensitivity analysis. Detailed pit designs are produced from optimised shells. The designs are split into stages, based on the development strategy or ore presentation. The designs are completed in accordance with internal Mine Road Design Guidance. The design criteria provides the geometric design of safe and productive roadways within the active mining areas that are used by Light and Heavy Mining Equipment or defined in the Pit Permit Rules. Operations that have Autonomous Haulage Systems (AHS) have further internal guidelines due to specific exceptions and additional requirements that need to be considered when completing designs. Dimensions and depths of pits vary significantly, driven by orebody characteristics such as width and length. All pit designs are subjected to multiple stakeholder reviews to ensure compliance to the inputs provided and factors of safety. WRS areas are initially designed in accordance with internal criteria and guidance. WRS lift heights vary between 5 and 20 m with berms on the waste dumps varying between 10 to 50 m. Final design parameters are set by closure and rehabilitation obligations under the EP Act. Where practicable, WRS is prioritized back into pit voids to reduce haulage distance and reduce closure costs. Figure 13.1 shows the outline of the Property including ownership of the mining hubs The detailed maps in Figure 13.2 to Figure 13.12 show the final mine outlines for individual mining areas.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 13.1: Rio Tinto mining areas across the Property by ownership Figure 13.2: Hamersley Iron - Brockman 4 Mining Area

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 13.3: Hamersley Iron – Greater Nammuldi Mining Area Figure 13.4: Hamersley Iron - Yandicoogina Mining Area

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 13.5: Hamersley Iron – Greater Tom Price Mining Area Figure 13.6: Hamersley Iron - Paraburdoo Mining Area

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 13.7: Hamersley Iron - Marandoo Mining Area Figure 13.8: Gudai-Darri Mining Area

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 13.9: Hope Downs JV - Hope Downs 1 Mining Area Figure 13.10: Hope Downs JV - Hope Downs 4 Mining Area

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 13.11: Robe River JV - West Angelas Mining Area Figure 13.12: Robe River JV - Robe Valley Mining Area

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 125 of 176 13.3 Production schedule 13.3.1 Scheduling process At the time of reporting, the Property contains total Mineral Reserves of 2.6 Bt, and total Mineral Resources of 26.4 Bt, on a 100% basis. The conversion of material from a Mineral Resource to Mineral Reserve category occurs on a progressive basis. The timing of the conversion is dependent on completion of technical studies to a minimum of prefeasibility level including application of modifying factors. To estimate the Mineral Reserves inventory, life-of-mine schedules are created for each mining area to achieve the relevant product(s) specifications. The individual schedules form the basis of the Property's Mineral Reserve inventory and provide guidance on development sequence, scale of operation, remaining mine life and the contribution of each mining area to meet business and customer requirements for product quantity and quality. The main constraints for the schedules are: • Product quality specifications. • Processing plant throughput capacity. • Permitting dates for future deposits. • Vertical bench advance rate, due to dewatering constraints and mining contour areas. To demonstrate economic viability of the Property's Mineral Reserves at the time of reporting, a Mineral Reserve production schedule is created. This schedule utilises only material classified as Mineral Reserve as revenue generating, removing revenue generated from Mineral Resources and therefore providing a standalone economic assessment. The amount of Proven and Probable Mineral Reserves used in this schedule does not necessarily represent the amount of material utilised for extraction and production within the Property's mining operations, in practice. In light of Rio Tinto's extensive mining operations across the Pilbara spanning more than 50 years actual production from the Property utilises both Mineral Reserves and Mineral Resources, where marketing and operating conditions allow. As a result of this approach, the production rates scheduled may not align with production guidance, previously demonstrated production rates and system capacity. 13.3.2 Scheduling results Figure 13.13 shows the production schedule consumes the entire Mineral Reserves inventory and covers a 20-year period with an average production rate of 240 to 280 Mtpa wet product achieved over the initial 5 years. Production is via multiple product streams, including PBF, PBL, HIY, RVF and RVL. Table 13.2 includes the mine life based on this production schedule, summarised by ownership. In the Mineral Reserve production schedule, a secondary blended product is also included to ensure all Mineral Reserve inventory is consumed. This product is produced towards the end of the Mineral Reserve schedule and reflects the role of ongoing conversion of Mineral Resources in sustaining the core products. The current study program contains sufficient development projects to support sustaining the Property with its core products through the progressive conversion of Mineral Resource to Mineral Reserve. The production profile does not include Inferred Mineral Resources which are mined concurrently from Mineral Reserve pits. Pilbara Operations Technical Report Summary – 31 December 2025 Page 126 of 176 Figure 13.13: Mineral Reserve schedule Table 13.2: Mine life by ownership based on the Mineral Reserve schedule Ownership Mine life in Mineral Reserve schedule (years inclusive) Hamersley Iron (100% Rio Tinto) 2026-2046 Bao-HI JV (54% Rio Tinto) 2026-2038 Hope Downs JV (50% Rio Tinto) 2026-2037 Robe River JV (53% Rio Tinto) 2026-2037 13.3.3 Mining unit dimensions The appropriate SMU varies significantly for each deposit within the Property. To determine an appropriate SMU, factors such as mining equipment size, data support and orebody characteristics are considered. The process of regularisation from a sub-block model to a regularised block model, simulates the expected dilution and ore recovery losses due to the physical characteristics of the mining equipment planned for use during extraction of the ore. This process effectively models a level of dilution and ore loss depending on the block size chosen. Due to the large bulk mining equipment used for most operations (350 to 500 t), a large, regularised block size is more representative. Where the contact zones are well defined and can be spotted on ground, dozers are used to minimise dilution and ore losses. Table 13.3 shows the SMU size range for the Property. Table 13.3: Range of SMU for the Property X Dimension (m) Y Dimension (m) Z Dimension (m) 6.5-25 6.5-25 4-10

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 127 of 176 13.3.4 Mining dilution and recovery factors Dilution and ore loss factors are encountered through the process of transforming a sub-block model to a regularised model. Recovery of ore between the sub-block and regularised model varies between 70 to 90% for deposits in the Property. Recovery is lower in the pisolite or hydrated areas. Quarterly and annual reconciliation of Mineral Reserve to plant feed and product are completed by Rio Tinto. These comparisons provide an indication of how well the Mineral Reserve estimate has performed for the reporting period. The process of reviewing each site's reconciliation with the life-of- mine stakeholders ensures an ongoing performance feedback loop, building confidence in the model. 13.4 Stripping and backfilling requirements Pre stripping of deposits within the Property are considered as part of the planning process, with sustaining deposits added progressively to meet production requirements. Due to the nature of the ore bodies, the lead time and cost associated with these development activities does not have a substantial impact on the mining sequence and project economics. Backfilling of pit voids is completed to meet permitting conditions where applicable. 13.5 Mining fleet, machinery, and personnel requirements Equipment fleet and machinery currently in use is outlined in Table 13.4. The Property currently operates a total of approximately 1,060 units and 4,800 employees are required to operate the mines. Capital allocation for any additional fleet requirements is considered for the production schedules. Table 13.4: Property mining fleet and machinery as at 31 December 2025 Machine Class Machine Type Quantity Excavator 150t - 200t 1 200t - 300t 6 300t - 400t 50 400t - 600t 39 +600t 3 Front End Loader 1200KW - 1500KW 25 + 1500KW 19 Haul Trucks 90t - 150t 6 150t - 218t 6 218t - 255t 321 255t - 363t 142 Drills Support 48 Intermediate 1 Production 59 Dozers 250KW - 375KW 1 375KW - 500KW 36 500KW -700KW 104 Graders 100KW - 200KW 8 Pilbara Operations Technical Report Summary – 31 December 2025 Page 128 of 176 14 Processing and recovery methods 14.1 Processing methodologies and flowsheets The mineral processing plants used in the Pilbara may be classified into three principal categories: • Dry crushing and screening, with retention of all feed to product for higher grade ore and with retention of only lump product for lower grade ore. A typical flowsheet for dry crushing and screening iron ore plant is depicted in Figure 14.1. • Wet processing of crushed ore using wet screening and removal of ultrafine particles to reject gangue minerals or to reduce adverse material handling properties. The process of removal of ultrafine particles is commonly referred to as de-sliming. A typical flowsheet for a wet screening and de-sliming iron ore plant is depicted in Figure 14.2. • Beneficiation of coarse and fine fractions of lower grade ores, using gravity or dense media separation techniques to improve product grade qualities. The flowsheet for the existing Rio Tinto iron ore beneficiation plant at Mount Tom Price is depicted Figure 14.3. Figure 14.1: Typical flowsheet for a dry crushing and screening iron ore plant Machine Class Machine Type Quantity 200KW - 335KW 49 335KW - 410KW 43 Water Trucks 50kL – 100kL 54 100kL – 155kL 39

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 129 of 176 Figure 14.2: Typical flowsheet for a wet screening and de-sliming iron ore plant Figure 14.3: Flowsheet for the existing Rio Tinto iron ore beneficiation plant at Mount Tom Price Pilbara Operations Technical Report Summary – 31 December 2025 Page 130 of 176 Rio Tinto's current and future planned operations will use one of the three basic plant descriptions outlined above. Existing plant performance is used in conjunction with metallurgical test work from new deposits to assess suitability of the current plants for new orebodies or in developing flow sheets for new satellite crushing plants or full plants. Many of Rio Tinto's planned orebodies will extend the operating life of existing sites. Existing crushers and processing plants will be used where possible in preference to developing new facilities. 14.2 Brockman ores All three categories of processing flowsheets are used in the processing of Brockman ores in both current and planned operations. Table 14.1 lists Rio Tinto's current operating plants processing Brockman ore within the Property, inclusive of a brief description of the processing methodology in use at each plant. Table 14.1: List of current Rio Tinto Brockman ore processing plants Existing Mines/Production Facilities Processing Operations Brockman 2 Dry crushing and screening to lump and fines iron ore products. Ore from Brockman 2 may also be fed to the Nammuldi wet processing plants. Brockman 4 Dry crushing and screening to lump and fines iron ore products. Channar Dry crushing prior to transportation on a conveyor shared with the Eastern Range mine to a central screening and tertiary crushing plant, which is a common facility with the Paraburdoo mine. The blended ore is dry screened to produce a lump iron ore product. The fines are subjected to further wet processing, using hydrocyclones to produce a de-slimed fines product. Eastern Range Dry crushing prior to transportation on a conveyor shared with the Channar mine to a central screening and tertiary crushing plant, which is a common facility with the Paraburdoo mine. The blended ore is dry screened to produce a lump iron ore product The fines are subjected to further wet processing, using hydrocyclones to produce a de-slimed fines product. Western Range Dry crushing prior to transportation on a conveyor to a central screening and tertiary crushing plant, which is a common facility with the Paraburdoo mine. The blended ore is dry screened to produce a lump iron ore product The fines are subjected to further wet processing, using hydrocyclones to produce a de- slimed fines product. Gudai-Darri Dry crushing and screening to lump and fines iron ore products. Hope Downs 4 Crushing and wet screening of ore to lump and fines iron ore products. Hydrocyclones are used to de-slime the fines product. Mount Tom Price Dry crushing and screening to lump and fines iron ore products for high grade ore. Low grade ore is beneficiated through a separate processing plant; iron ore fines are beneficiated using heavy media cyclones and gravity separation (spirals); iron ore lump is beneficiated using heavy media drums. Paraburdoo Ore from the existing Channar, Eastern Range, Western Range and Paraburdoo mines is crushed and conveyed to a central processing plant. Dry screening produces a lump iron ore product, and the fines iron ore product is de-slimed using wet screening and hydrocyclones. Western Turner Syncline High and low grade ore from the Western Turner Syncline mines is crushed and conveyed to the nearby processing plants at Mount Tom Price.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 131 of 176 14.3 Marra Mamba ores Existing and planned Marra Mamba processing facilities utilise either dry crushing and screening or wet screening and de-sliming of fines products. Table 14.2 lists Rio Tinto's current operating plants processing Marra Mamba ore within the Property, inclusive of a brief description of the processing methodology in use at each plant. Table 14.2: List of current Rio Tinto Marra Mamba ore processing plants Existing Mines/Production Facilities Processing Operations Hope Downs 1 Dry crushing and screening to lump and fines iron ore products. Marandoo Dry crushing and wet screening to lump and fines iron ore products, with de- sliming of fines through use of hydrocyclones. Nammuldi Ore from Nammuldi, Silvergrass and B2 mines is crushed ahead of wet screening to lump and fines products, with de-sliming of fines products through use of hydrocyclones. The ore may also be fed to two separate dry crush and screen plants located at Nammuldi and Brockman 2. Silvergrass Ore from the Silvergrass mine is crushed and then conveyed to the shared Nammuldi/Silvergrass below water table plant. West Angelas Dry crushing and screening to lump and fines iron ore products. 14.4 CID ores Existing and planned CID processing facilities use a combination of dry crushing and screening and wet screening and de-sliming of fines products. Table 14.3 lists Rio Tinto's current operating plants processing CID ore within the Property, inclusive of a brief description of the processing methodology in use at each plant. Table 14.3: List of current Rio Tinto CID processing plants Existing Mines/Production Facilities Processing Operations Mesa A Dry crushing and wet screening to remove ultrafines. Crushed and washed iron ore is railed to the combined Robe Valley plant at the Cape Lambert port for crushing and screening to lump and fines iron ore products. Mesa J Lower grade ore is dry sized and wet screened to remove ultrafines, while higher grade ore is dry sized only. Crushed and washed ore is railed to the combined Robe Valley plant at the Cape Lambert port for further crushing and screening to lump and fines iron ore products. Yandicoogina The processing facilities at Yandicoogina use a mixture of dry crushing and screening circuits and wet processing circuits using either screens or upflow classifiers to desand ore. All products at Yandicoogina are crushed to fines. 14.5 Processing plant throughput and characteristics The processing plants in use within the Property have been developed over the history of Rio Tinto's operations and span several decades of operation. The throughput and specific equipment in use at each plant varies as a consequence of the specific mine and ore characteristics. Table 14.4 summarises the types of equipment in use across the Property and the current range of throughputs on both an annual and an hourly basis. As feed rates have varied over the years due to plant expansions and variations in site mine plans, a range of operating rates across the plants within the Property has been supplied rather than by individual plant. Pilbara Operations Technical Report Summary – 31 December 2025 Page 132 of 176 Table 14.4: Throughput and equipment characteristics of processing plants within the Property Throughput Range Equipment Characteristics Specifications 1,000-6,500 tonnes per hour (tph) 9-45 Mtpa Jaw crushers, gyratory crushers or sizers are used for primary crushing. Cone crushers and sizers are used for secondary and tertiary crushing stages. Scrubbers are used to slurry ore ahead of wet screening and de-sliming. Screens are used in both wet and dry applications to separate material by size fraction. Hydrocyclones, screens and upflow classifiers are used for de-sliming and desanding. Heavy media drums are used to beneficiate low grade lump. Dense medium cyclones are used to beneficiate -6.3 + 0.5 mm low grade fines. Mineral Spiral Separators are used to beneficiate - 0.65 mm low grade fines Horizontal belt filters and pan filters are used in some wet processing plants for dewatering of finer fractions prior to stacking to final products. Conventional thickeners are used to thicken fine tailings prior to pumping to tailings storage facilities. Stackers and reclaimers are generally used to facilitate product transfer between plant, stockyard and rail loading points. Design and equipment specifications used by Rio Tinto include: • International Standards (ISO) • Rio Tinto Major Project Standards • Rio Tinto internal HSES and Major Hazards standards • Rio Tinto Iron Ore Engineering Standards The power, water and process materials requirements are more directly linked to the type and size of the plant rather than ore type. Table 14.5 relates consumption rates to the type of processing plant in preference to listing by Brockman, Marra Mamba or CID. As many of the plants use common water and power supply networks, and feed moisture also varies across time at all sites, consumptions have been supplied by plant type as the ranges are representative of all plants within the three categories. Table 14.5: Typical energy, water and process materials for Rio Tinto iron ore processing operations within the Property Plant Type Process Energy Requirement per Tonne of Ore Processed Process Water Requirement per Tonne of Ore Processed Process Materials Dry crushing and screening 2-3 kWh/t ~50 litres No addition of reagents Wet screening and desliming 3 kWh/t 150-200 litres 20-50 g flocculant/tonne of dry tailings Beneficiation (heavy media) 10 kWh/t 200-300 litres Ferrosilicon use 500-700 g/tonne feed Energy consumption rates are supplied as a range as overland transport of crushed ore by conveyors increases unit consumption for some plants relative to others where crushing and screening are co- located.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 133 of 176 The process water requirement is defined as the amount of water that is consumed per tonne of ore processed. The processing methods, plant designs and other parameters used by Rio Tinto for current and future Brockman, Marra Mamba and CIDs are in use commercially both within the Property and more generally within the iron ore industry. Measurement and reconciliation of predicted processing properties including mass recovery (yield) is routinely completed and used to inform existing predictions and those for future plants. 15 Infrastructure 15.1 Tailings The Property has 22 tailings storage facilities (TSFs), with 13 operational on 31 October 2025. The locations of the tailings storage facilities within the Property are listed in Table 15.1 and shown in Figure 15.1. Fine tailings are generated due to de-sliming iron ore fines products during processing. There is sufficient tailings capacity, or capital available for new capacity, to support all current mine plans. Fifteen of these TSFs are located within previously mined pits, of which six incorporate a constructed impounding structure. Of the seven TSFs located outside mined-out areas, there is a mix of cross- valley and paddock-style impoundments. Key dam safety surveillance activities include daily inspection, automated monitoring on most facilities and regular review of data by internal engineers and the Engineer of Record (EoR). Governance of tailings management has a 3-tiered approach with key activities including quarterly EoR inspection and review, annual independent third-party review, annual review by independent technical review boards and two levels of independent internal managerial and technical review completed every 2 to 3 years. In August 2025 Rio Tinto Iron Ore declared 100% conformance with GISTM (Global Industry Standard for Tailings Management). Additional details for Rio Tinto's TSFs, Rio Tinto's approach to management of tailings and the Rio Tinto standard for management of tailings and water storage facilities are publicly available on the Rio Tinto website (https://www.riotinto.com/en/sustainability/environment/tailings). This includes full copies of the GISTM disclosures per facility. Additional details for waste dumps and tailings disposal are covered under section 13.2 and 17.2 respectively. Pilbara Operations Technical Report Summary – 31 December 2025 Page 134 of 176 Table 15.1: Property TSFs Mining Area Facility In-pit/Ex-pit GISTM Consequence Status Mesa J TSF1 In-pit High Inactive TSF 2.5 In-Pit Significant Inactive TSF3 In-pit Significant Active TSF4 In-pit with embankments High Active TSF5 In-pit with embankments High Inactive TSF8 In-pit with embankments High Active Mesa A TSF1 In-pit Significant Active Nammuldi WFSF Ex-pit High Active Tom Price TSF1 Ex-Pit High Inactive TSF2A Ex-pit Very High Active SEP In-Pit High Active Marandoo WFSF Ex-Pit High Active SWFSF Ex-Pit High Active Paraburdoo TSF1 Ex-pit High Active Yandicoogina WFC1 In-pit Significant Inactive WFC3 In-pit with embankments Significant Inactive WFC3A In-pit with embankments Significant Active WFC4 In-pit with embankments Significant Inactive WFC5 In-pit Significant Active WFSF Ex-pit High Inactive Hope Downs 4 DSP WFSF In-pit Significant Inactive Area 3 WFSF In-pit High Active

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 15.1: TSFs across the Property Pilbara Operations Technical Report Summary – 31 December 2025 Page 136 of 176 15.2 Roads Rio Tinto operates and maintains approximately 8,100 km of roads and tracks within the Property (Figure 15.2). Approximately 400 km are sealed roads located within mine sites or between mine sites and public roads. The remaining 7,700 km are unsealed with approximately 7,200 km classed as tracks and approximately 500 km classed as roads. Unsealed roads typically provide routine access to sites or infrastructure, whereas tracks are used for short periods of time and provide access to locations that are infrequently accessed. Maintenance is completed by the various departments that utilise the roads and tracks with ad-hoc engagement of internal and external specialists as required. Inspectors have been appointed for some key unsealed access roads, where they ensure maintenance of both a safe road environment and serviceability of the road surface.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 15.2: Privately owned and public roads across the Property Pilbara Operations Technical Report Summary – 31 December 2025 Page 138 of 176 15.3 Rail Rio Tinto's railway is the largest privately owned, operated, and maintained railway in the world. Nearly 2,000 km of track infrastructure connects 18 mine sites to two ports, which includes an integrated control signaling system (ICSS), further supported by Pilbara communication, train control and AutoHaul® systems. A map of the combined rail network and port facilities is shown in Figure 15.3. The Rio Tinto railway operates under the requirements set by the Office of the National Rail Safety Regulator (ONRSR). The rail network is made up of 55 rail bridges, 1,272 cuttings and embankments, 3 road bridges, 54 active level crossings, 3,595 culverts, 877 turnouts and over 2,000 km of sealed and unsealed access roads. A track maintenance machine fleet includes a mainline grinder, a switch grinder, 7 tampers, 4 regulators, 7 mobile flash butt welders, a RM900 ballast cleaner and several earth-moving assets. Rolling stock assets include 217 locomotives, 13,500 individual ore car wagons, 19 compressor brake cars, 32 instrumented ore cars and a fleet of services cars, rail trains, ballast train, flat cars, and fuel tanker cars. Rolling stock maintenance is performed at two locations, the 7 Mile facility in Dampier which includes an automated wheel farm capable of refurbishing up to 3,000 wheelsets per month, and the Cape Lambert rail facility where additional locomotive and ore car wagon maintenance is performed. The 8 Mile flash butt welding facility is also located at Dampier and produces up to eighteen 400 m rail "strings" per week, supporting rail renewal activities. The Railways division also operates the 10 KP facility near Cape Lambert where refueling, trip servicing & inspections of rolling stock is carried out. 15.4 Port facilities Port facilities across Dampier and Cape Lambert locations in the north of Western Australia facilitate shipping of ore from mining assets in the Property. The locations of these facilities are included in Figure 15.3. One facility includes crushing and screening assets to handle crushed and deslimed ore from Robe Valley operations. Stockyards allow for product management and blending to obtain requisite grade specifications. There are 7 operational wharf facilities with a total of 14 marine berths protected by berthing dolphins. Cape Lambert marine berths are capable of berthing vessels up to 280,000 DWT. Rio Tinto owns 11 tugs for the management of vessels during arrival and departure from the wharfs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 15.3: Rail network and port facilities across the Property Pilbara Operations Technical Report Summary – 31 December 2025 Page 140 of 176 15.5 Potable water and wastewater Water supply for towns, mines, rail, ports, and camps is provided by production and dewatering bores on the Property, and from the Water Corporation of Western Australia (Western Australian Government Service) (Figure 15.4). Water supply systems on the Property incorporate drinking water source protection plans, bores, pipelines, pumps and storage tanks, and water treatment and disinfection assets. Wastewater from towns, mines, rail, ports and camps is collected by Rio Tinto managed sewerage systems and treated by onsite wastewater treatment facilities. Water supply and wastewater systems are regulated by the ERA, DWER and LGIRS. Groundwater use within Western Australia is licensed under the Rights in Water and Irrigation Act 1914 (WA). Under section 5C of the Act, DWER grants licences to extract groundwater. Rio Tinto operates and manages numerous 5C licences. The 5C licences prescribe annual water entitlements and conditions and provide for the requirement of annual submission of groundwater monitoring data and aquifer impact assessment prepared in accordance with Operational Policy No. 5.12 Hydrogeological Reporting associated with a groundwater well licence. Table 15.2 lists the groundwater licences current as of 2025, along with expiry dates and allowable maximum annual extraction in kilolitres (equivalent to cubic metres). Table 15.2: Property groundwater licences and allocation Borefield GWL Expiry Date Allocation (kL/a) Brockman 2 Nammuldi and Silvergrass 107421(26) 31-Jul-33 55,000,000 Brockman 4 164398(12) 7-Aug-35 13,000,000 Brockman 1 211665 22-Sep-28 2,500,000 Bungaroo 201931(1) 12-Sep-28 10,000,000 Channar 107414(13) 16-Aug-27 1,500,000 Hope Downs 1 Potable 161143(8) 11-Dec-32 500,000 Hope Downs 1 Mine 161141(7) 5-May-246 40,150,000 Hope Downs 2 Mine 212103(1) 11-Dec-32 500,000 Hope Downs 4 Village 173443(3) 29-Sep-246 473,000 Hope Downs 4 Mine 172872(7) 29-Aug-29 23,000,000 Gudai-Darri 177962(7) 29-Aug-29 2,300,000 207744(1) 28-Aug-32 1,210,000 Gudai-Darri Rail 202549(1) 11-Mar-29 1,500,000 202550(1) 11-Mar-29 1,500,000 Marandoo 107420(16) 21-Jul-27 36,500,000 Mesa A & Warramboo 162500(10) 1-Oct-33 15,000,000 Mesa J 107678(16) 27-Nov-27 30,000,000 Pannawonica 107677(8) 27-Nov-27 700,000 Paraburdoo 109318(14) 15-Jun-26 9,000,000 Tom Price 107481(17) 12-Jul-27 11,000,000 6 Licence remains in force as the application to renew ground water licence submitted prior to expiry.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 141 of 176 Borefield GWL Expiry Date Allocation (kL/a) Turee B 103136(9) 9-Apr-257 3,102,500 Turee Creek 107413(9) 15-Jun-26 3,230,000 West Angelas Operations 98740(11) 13-Jul-27 5,380,000 98740(14) 209168(1) 21-Oct-29 14,000,000 Yandocoogina 166205 (7) 31-Aug-27 83,000,000 Western Turner Syncline 167297(6) 21-May-27 11,000,000 Rail Network 177274(1) 1-Oct-34 220,000 7 Licence remains in force as the application to renew ground water licence submitted prior to expiry. Figure 15.4: Major pipelines network and bore/pumping locations across the Property

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 143 of 176 15.6 Accommodation Rio Tinto operates and maintains accommodation facilities within remote Fly-In-Fly-Out (FIFO) villages and residential towns in the Pilbara. A map of FIFO and residential accommodation facilities within the Property is shown in Figure 15.5. There are ~3,000 residential and ~300 commercial properties located across the towns of Tom Price, Paraburdoo, Pannawonica, Wickham, Dampier and Karratha. There are ~18,000 rooms located within 32 FIFO villages across the Property along with assorted central facilities to support each village such as dining rooms, taverns, and recreational facilities. Critical infrastructure that supports the FIFO villages includes potable and waste water plants, potable water networks, and back-up power generation. Rio Tinto also owns and operates aerodromes at Gudai-Darri, Paraburdoo, West Angelas and Greater Brockman. Facilities maintenance and asset management services are provided through an external service provider under a multi-year integrated services contract. Figure 15.5: FIFO/residential accommodation across the Property

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 145 of 176 15.7 Hydrocarbons fuel infrastructure Rio Tinto operates a network of diesel fuel facilities. Parker Point is the main import and supply point. Fuel is distributed into and from Parker Point to the West Angelas, Brockman and Paraburdoo diesel fuel hubs via rail. Distribution occurs from the inland hubs to site storage facilities is via road tankers. A map of hydrocarbons fuel infrastructure within the Property is shown in Figure 15.6. Rio Tinto owns and maintains all fuel, oil, and lubricant facilities. Hydrocarbons facilities are built and maintained to Australian Standards and American Petroleum Industry standards and are regulated by Western Australia's Department of Mines, Petroleum and Exploration (DMPE). Figure 15.6: Fuel hub locations across the Property

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 147 of 176 15.8 Power generation and transmission Rio Tinto operates and maintains its own power generation and transmission network within the Property. There are four power stations operating 12 gas turbine generators (GTGs) located at Karratha (5), Cape Lambert (2), Paraburdoo (3) and West Angelas (2). The network load varies seasonally between 200 to 300MW with gas provided by the Dampier to Bunbury Nature Gas Pipeline and the Goldfields Gas Pipeline. The transmission network is predominantly 220kV with 790 km of overhead transmission line and a 132kV transmission line between Cape Lambert and Pannawonica totalling 175 km. There are three 220kV switching stations and twelve bulk terminal substations located near the port and mine operations where the transmission voltage is stepped down to 33kV for distribution within the facilities. Rio Tinto is also the network operator for the Pilbara Towns of Tom Price, Paraburdoo, Wickham, Dampier, and Pannawonica. A map of power transmission lines and facilities is shown in Figure 15.7. The Rio Tinto network is also weakly inter-connected to the Northwest Interconnected System (NWIS) at the transmission level, via 33kV connections to Horizon Power located at Dampier and Cape Lambert. Figure 15.7: Power transmission lines and facilities across the Property

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 149 of 176 15.9 Communications and infrastructure The communications network consists of 1,700 km of optic fibre cable extending along the rail network linking the mines and ports. There is another 50 km of reticulated fibre at each of the mine and port locations. 170 microwave radio links (greater than 1 Gigahertz) are deployed across the mine and port sites to interconnect the server rooms, radio base station, communications cabinets, and equipment where it is not practical to deploy fibre. Across the Property, there are approximately 250 server rooms, radio base stations and, communications cabinets that house the voice mobile radio networks and the autonomous data radio networks for rail and mine Long-Term Evolution (LTE) wireless broadband. The LTE network at the mines is used for autonomous haulage and drilling, which is additionally supported by a further 250+ communications trailers extending coverage to all operational areas of the mines. A map of communication layout is shown in Figure 15.8. The voice mobile radio system enables radio communications across and within the Property mine, port and rail sites utilising approximately 200 communications towers ranging between 20 to 100 m in height with around 15,000 mobile radio assets on the network. All voice and data radio systems are compliant with the Australian Communications and Media Authority (ACMA) and covered by the 2,840 licences held by Rio Tinto. Figure 15.8: Communication layout across the Property

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 151 of 176 16 Market studies 16.1 Nature and material terms of agency relationships Rio Tinto has various intragroup arrangements relating to the sales and marketing of its products. There are no material third party agency relationships. 16.2 Results of relevant market studies Globally, the majority of iron ore (60 to 70% or approximately 1.6 billion tonnes per annum [Btpa]) trades in the seaborne market, with relatively small volumes being produced and consumed by vertically integrated mine and steelworks operations. Asia as a whole represents 85 to 90% of total seaborne imports, providing Rio Tinto an advantage given the proximity of the Property to market, with reduced freight costs and shorter voyage times. China accounts for just over 80% of Rio Tinto's sales, with East Asia forming Rio Tinto's second largest market. Small volumes are also shipped to South East Asia, with minor intermittent volumes into Europe. Global trends indicate a decline in crude steel output, driven by reduced production in China, while regions like India and ASEAN are expected to see growth. China's crude steel production is projected to decline, with the shift from property-led to manufacturing-driven growth already underway. While pig iron production is forecast to contract at a faster rate, driven by increased scrap generation and consumption. In contrast, regions outside of China are forecast to experience modest growth in steel output, with significant contributions from India, ASEAN, and the Middle East. However, in the near term, the unprecedented steel exports from China are weighing on these markets. 16.3 Commodity price projections Based on a consensus view the long run 62% Fines Fe price (CFR) is projected to be 133.3 US c/dmtu. This consensus price represents the average of forecasts from eleven brokers/banks and two analysts in the long run. The brokers/banks are Bank of America Merrill Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS. The analysts are CRU and Wood Mackenzie. Adjustment to this consensus price is undertaken to reflect the prices for the various products produced by Rio Tinto in the Pilbara Product Valuation and Product Specification Requirements Rio Tinto produces both natural lump, which can be directly charged into a blast furnace, and fines, which require agglomeration via sintering or pelletising processes prior to charging into a blast furnace. These products are shipped to customers from four port terminals located in the Pilbara. Rio Tinto currently produces five core products. Pilbara Blend is the world's most recognised iron ore brand, accounting for well over half of Rio Tinto's iron ore product portfolio. Pilbara Blend Fines (PBF) is the most traded physical iron ore product, forming the base load sinter blend in Chinese blast furnaces and a benchmark product for price formation. Pilbara Blend Lump (PBL) receives a lump premium and is one of the most widely available lump products. Pilbara Blend products are formed by blending iron ore from multiple Brockman and Marra Mamba mines in order to achieve the blend Iron requirement, whilst controlling the consistency of the key gangue components of SiO2, Al2O3 and P. Yandicoogina Fines (HIY) is a pisolite product produced from the Yandicoogina deposit. It is a 58% Fe product but calcines to a high iron sinter, and it is relatively low in phosphorus and alumina. It is used by customers in East Asia and Southern China as the base load in their sinter blend. Pilbara Operations Technical Report Summary – 31 December 2025 Page 152 of 176 Robe Valley Lump (RVL) and Robe Valley Fines (RVF) are pisolite products produced from the Robe Valley deposits. These products have a lower iron content and a low phosphorus content, which is valued by specialty steel producers with more niche applications. In addition to the core products, Rio Tinto also sells SP10 Lump and Fines which utilise lower quality ore from the same orebodies as Pilbara Blend. The supply and demand situation for iron ore is affected by a wide range of factors. As iron and steel consumption changes with economic development and circumstances, Rio Tinto delivers products aligned with its Mineral Resources and Mineral Reserves. These products have changed over time and have successfully competed with iron ore products supplied by other companies. 16.4 Mining and processing Rio Tinto utilises mining and processing contracts at some of its mine operations. These contracts are not considered material to the Property due to the scale and duration utilised. 16.5 Product transport and handling Rio Tinto Shipping Asia Pte Ltd (Rio Tinto Shipping Asia) procures the required freight services to deliver product from the Property to market. Rio Tinto also has established portside trading operations to sell iron ore directly from Chinese ports. These ports handle product from the Property and from Rio Tinto's operations in Canada, in addition to third party products, and provide blending, screening and bonded warehouse capabilities. 16.6 Hedging arrangements Rio Tinto does not generally consider that using derivatives to fix commodity prices would provide a long-term benefit to its shareholders. However, for certain physical commodity transactions for which the price was fixed at the contract date, Rio Tinto enters into derivatives to achieve the prevailing market prices at the point of revenue recognition. 16.7 Forward sales contracts Rio Tinto places its products in a number of contract channels to maintain a diversified book. Contracts may be long term contracts, established for a period greater than one year (up to 7 years), or term contracts, established for a period less than one year. Rio Tinto will also place products onto the spot market to assist with price formation and discovery. 16.8 Contracts with affiliated parties All international related party transactions are conducted on the basis of arm's length terms and conditions and pricing, in accordance with the Organisation for Economic Co-operation and Development (OECD) transfer pricing guidelines and the relevant regulations prevailing in specific jurisdictions. 17 Environmental studies, permitting, and plans, negotiations, or agreements with local individuals or groups 17.1 Environmental studies Rio Tinto conducts various environmental studies as needed to support operations and for compliance with regulatory obligations.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 153 of 176 Baseline biological surveys are undertaken by qualified practitioners in accordance with State and Commonwealth regulatory requirements, including published guidelines and policies, they inform formal impact assessment processes in accordance with the provisions of the Environmental Protection Act 1986 (EP Act) and, where relevant, the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). Where significant environmental values are identified the proponent applies the mitigation hierarchy (Figure 17.1) to identify and described actions to avoid, minimise or rehabilitate impacts to these values. Mitigation actions can include: • Proposal re-design to avoid key values • Establishment of Mining Exclusion Zones, and • Development of Environmental Management Plans (EMPs) to manage potential impacts to identified values. EMPs are commonly included within approval conditions under Ministerial Statements issued in accordance with the EP Act following assessment and approval by environmental regulators. Outcomes of monitoring and management via EMPs are required to be reported on an annual basis. Mining Exclusion Zones may be applied to highly significant values which prevent extractive mining to ensure preservation of environmental values. These may also be expressly included within the conditions of environmental approvals. The mine design for the Mineral Reserve estimate within the Property incorporates these requirements and therefore the outcomes of these studies are not considered material to the estimate. Figure 17.1: Environmental mitigation hierarchy Pilbara Operations Technical Report Summary – 31 December 2025 Page 154 of 176 Proponents are required to demonstrate through the environmental impact assessment process how the environmental regulator's objectives for key environmental values (including consideration of cultural heritage values where they relate to 'Social Surroundings' as defined under the EP Act) are proposed to be achieved. Preparation of an environmental impact assessment document is required, summarising all the baseline environmental studies and stakeholder engagement undertaken and proposed environmental management. Where significant residual impacts to identified environmental values remain, environmental offsets are required. The environmental impact assessment documents and supporting baseline environmental studies are made publicly available through the State or Commonwealth regulators' environmental websites, which are linked to the publicly available Ministerial Statements as listed Table 17.1 (https://www.epa.wa.gov.au/all-ministerial-statements). Table 17.1: State Ministerial Statements for Rio Tinto's managed mine sites Ministerial Statement # Site 0016 Channar 0584 Hope Downs 1 (incl. 0893 and Baby Hope 1025 amendment) 0644 Dampier Dredging 0731 Dampier Dredging 0741 Cape Lambert Port (Terrestrial) (incl. 1050) 0743 Cape Lambert Dredging 0770 Dampier Port (Terrestrial) (supersedes 0638, 0702 and 0734) 0776 Mesa K Remnant Mining 0840 Cape Lambert Port B (incl. 0876 and 1049) 0854 Hope Downs 4 (incl. 0932) 0918 Cape Lambert to Emu Siding Rail line (supersedes 0880, includes 1074) 0999 Koodaideri (Gudai-Darri) 1020 Marandoo (supersedes 0286, 0598 and 0833) 1031 Western Turner Syncline Iron Ore Project (supersedes 0946 and 0807) 1038 Yandicoogina (supersedes 0417, 0523, 0695 and 0914) 1068 Hamersley Agriculture Project (supersedes 0883) 1074 Cape Lambert to Emu Siding Rail line (incl. 0918, supersedes 0880) 1112 Mesa A Hub (supersedes 0756) 1113 West Angelas (supersedes 0514, 0970 & 1015 1141 Mesa H Proposal (Revision to the Mesa J Iron Ore Development) (supersedes 0208) 1142 Turee Syncline (incl. 0947) 1195 Greater Paraburdoo 1248 Hope Downs 2 1246 Brockman Syncline (supersedes 0131, 0867, 0925, 1000)

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 155 of 176 Ministerial Statement # Site 1251 West Angelas Sustaining Project (supersedes 1113) Referred for Assessment Rhodes Ridge Iron Ore Project Referred for Assessment Robe Valley Iron Ore Mine 17.2 Requirements and plans for waste and tailings disposal, site monitoring, and water management during operation and after mine closure 17.2.1 Waste management DWER is responsible for regulating industrial emissions and discharges to the environment under Part V, Division 3 of the EP Act. This includes emissions to air, land, and water from activities that may impact public health or the environment. Sites that have the potential to cause such emissions are classified as prescribed premises, with categories defined in Schedule 1 of the Environmental Protection Regulations 1987. Operators of these premises must obtain: • A works approval before constructing or modifying facilities, and • An environmental licence to operate the premises once commissioned. Works approvals may also authorise limited emissions during construction and commissioning. Ongoing operations must be conducted in accordance with licence conditions, including those for facilities such as landfills, which are classified under the Landfill Waste Classification and Waste Definitions 1996 (as amended 2019) Hazardous chemicals and dangerous goods within a site are managed in accordance with the Dangerous Goods Safety Act 2004 which is administered by the Department of Local Government, Industry Regulation and Safety (LGIRS). All sites must comply with applicable legislation, environmental approvals, and licence conditions. Design and operation must also meet Rio Tinto's internal environmental standards, which may exceed regulatory requirements. In such cases, the more stringent standard applies (refer to Section 17.3.4). Rio Tinto implements these obligations through its Health, Safety, Environment and Quality (HSEQ) Management System, which includes: • A legal and compliance register. • Environmental performance standards and design criteria. • Regular monitoring and reporting aligned with regulatory requirements. • Support for external audits and inspections. 17.2.1.1 Tailings disposal, site monitoring and water management The primary requirements for tailings storage facilities are taken from relevant legislation, works approval and licence conditions and supporting documents published by regulators, primarily DWER (EP Act) and the DMPE (Mining Act 1978). Internal requirements are contained in the Rio Tinto D5 Management of Tailings and Water Storage Facilities standard and supporting documents, along with other relevant standards covering water, mineral waste, closure and risk management. Rio Tinto Iron Ore has achieved compliance with the Global Industry Standard on Tailings Management and Pilbara Operations Technical Report Summary – 31 December 2025 Page 156 of 176 supporting guidelines published by the International Council on Mining and Metals (ICMM). Further guidance is taken from widely applied industry guidance published by organisations such as the Australian National Committee on Large Dams (ANCOLD), the International Committee on Large Dams (ICOLD) and the Mining Association of Canada (MAC). The DMPE, through administering the Mining Act 1978 (WA), Mining Act Regulations 1981 (WA), Mines Safety and Inspection Act 1994 (WA) and Mine Safety and Inspection Regulations 1995 (WA), governs safety and environmental aspects of tailings disposal in Western Australia. All tailings storage facility proposals must be documented and the facility constructed as per the DMPE Code of Practice (2013) and Guidance (2015). The tailings facilities are generally assessed by DMPE or included with the environmental approval applications and undergo formal assessment under Part IV of the EP Act. The facilities also require a works approval (to construct) and a Licence (to operate) under Part V of the EP Act. Appropriate environmental conditions are attached to works approvals and licences which also set out monitoring and regulatory reporting/compliance requirements to which the company must adhere. The tailings storage facilities are also designed to ensure achievement and adherence to overarching environmental conditions of approval and management outcomes as set out in Ministerial approvals or environmental management plans. All sites on the Property have documented plans for the provision of life of mine tailings storage, including definition of the requirements for financial investment and external approvals. Long-term planning is linked with day-to-day operations by detailed deposition and water management plans, detailed within the Operations Maintenance and Surveillance manual. Each site has: • An appointed nominated manager (accountable for all aspects of tailings management). • Responsible dams engineer (responsible for technical and planning aspects of tailings management). • A qualified site representative (responsible for day-to-day operations and surveillance of tailings facilities). Technical leadership is provided by an EoR and support team sourced from third-party suppliers for each facility. Inspections are conducted by trained personnel in accordance with the Operations Maintenance and Surveillance manual and pre-prepared checklists, at least daily for operational facilities and on a risk- basis for dormant facilities. Monitoring instrumentation such as piezometers, ground survey and groundwater monitoring bores are installed on all facilities, with remote telemetry installed for instruments where possible for the respective instrument type. Quarterly Light Detection and Ranging (LiDAR) surveys are also undertaken to track tailings beach development and storage capacity. Each site undergoes annual independent technical and stewardship review, conducted by qualified third parties. All recommendations arising from any review or audit are entered into the company's action- management system, tracked and reported to senior management periodically. Treatment of water entrained within tailings is managed in accordance with Rio Tinto Standards, environmental licences and environmental approvals. Additives are either not utilised or are selected to avoid potential contamination. In addition, the iron ore tailings materials are benign. In some cases, surface drainage is employed to limit inflows to a facility to promote dam safety, but there are no instances where inflows must be avoided to prevent mixing and contamination. Monitoring and

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 157 of 176 management focusses on avoiding or minimising potential associated environmental impacts, particularly to ground water quality and associated groundwater-dependent environmental values. The design of such systems is informed by key environmental values identified during the design phase and controls are introduced to ensure that potential risks can be managed to prevent unacceptable environmental impacts. 17.3 Permits 17.3.1 Environmental Protection Act (WA) 1986 (EP Act) Projects within the Property require compliance with the EP Act. Licences and approvals granted under this Act can be found at: https://www.der.wa.gov.au/our-work/licences-and-works- approvals/current-licences. Clearing within the Property complies with the EP Act and Environmental Protection (Clearing of Native Vegetation) Regulations 2004 which generally requires a Native Vegetation Clearing Permit under Part V the EP Act to undertake material new clearing. Rio Tinto projects that have the potential to significantly impact the environment are formally referred and assessed under Part IV of the EP Act. The EPA undertakes the assessment and issues a report which makes a recommendation to the Minister for the Environment as to whether a project should be approved and if so, conditions of approval. This report is also made publicly available and is open for a public appeal period. The Minister for Environment then considers the EPA's report and any public appeals before determining, in consultation with other Ministers, whether the proposal or scheme should be allowed to proceed and, if so, under what conditions. Formal environmental approval is granted by the State Minister for the Environment with conditions of approval required to be met set out within a Ministerial Statement. This includes environmental requirements to be met through approved EMPs (as described in Section 17.1) to demonstrate that the company is managing the project to meet the conditions of approval, in addition to the requirement to demonstrate compliance via compliance reporting requirements. A list of Rio Tinto's Ministerial Statements which contain the conditions of approval are provided in Table 17.1: the full contents of these are accessible at https://www.epa.wa.gov.au/all-ministerial-statements. Operations which pre-dated the EP Act (Tom Price, Paraburdoo), and do not have a Ministerial Statement were originally managed under relevant legislation at the time and are now currently managed under the provisions of the EP Act (Part V licencing and EP Act Regulations 1987). 17.3.2 Biodiversity Conservation Act 2016 (WA) (BC Act) The BC Act provides for the listing of threatened native plants (flora), threatened native animals (fauna), and threatened ecological communities that need protection as critically endangered, endangered, or vulnerable species or ecological communities because they are under identifiable threat of extinction (species) or collapse (ecological communities). A licence is required to be granted for the taking or disturbance of threatened species and communities listed under this Act (in addition to approvals granted under the EP Act and EPBC Act). The licences contain conditions and reporting requirements which Rio Tinto must meet. Pilbara Operations Technical Report Summary – 31 December 2025 Page 158 of 176 17.3.3 Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) The EPBC Act is the Australian Government's central piece of environmental legislation. It provides a legal framework to protect and manage nationally and internationally important flora, fauna, ecological communities and heritage places, referred to as Matters of National Environmental Significance (MNES). Where MNES are present and have the potential to be significantly impacted, the project is required to be formally referred and assessed under the EPBC Act. If assessed under the EPBC Act as a 'Controlled Action' the project requires formal approval by the Federal Environment Minister outlining conditions of approval (EPBC Act Decision Notice). This includes environmental requirements to be met (which may include significant species management plans) to demonstrate that the company is managing the project to meet the conditions of approval, in addition to the requirement to demonstrate compliance via compliance reporting. A list of Rio Tinto's EPBC Act Decision Notices is provided in Table 17.2 and can be found on the Department of Climate Change, Energy, the Environment and Water's website (http://epbcnotices.environment.gov.au/referralslist). Table 17.2: Federal EPBC Decision Notices for Rio Tinto's managed mine sites EPBC Decision # Site 2008/4032 Cape Lambert Port B 2011/5815 Yandicoogina JSW & Oxbow 2012/6391 Turee Syncline 2012/6422 Koodaideri (Gudai-Darri) 2016/7843 Mesa A Hub 2017/8017 Mesa H 2018/8299 West Angelas C, D, G 2018/8341 Greater Paraburdoo 2021/9035 Hope Downs 2 2019/8518 Brockman Syncline 2021/8923 West Angelas Beyond 2020 Referred for Assessment Rhodes Ridge Iron Ore Project Referred for Assessment Robe Valley Iron Ore Mine 17.3.4 Mining Act 1978 (WA) Mining-related activities require additional approvals under the Mining Act 1978 (WA). Mineral exploration-type activities on non-State Agreement tenure require an approved Program of Works from DMPE. A Mining Proposal is required for construction and operation of mining related activities on Mining Act tenure. A Mining Proposal details the activity, environmental management, compliance with other legislation and rehabilitation requirements and includes the provision of a Mine Closure Plan (refer to Section 17.5).

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 159 of 176 17.3.5 Rights in Water and Irrigation Act 1914 Approvals are required under the Rights in Water and Irrigation Act 1914 (WA) (RiWI Act) to take ground or surface water, or to interfere with the bed and banks of a watercourse. The three main approval types required to support Rio Tinto's operations are: • 26D Licence - a licence to construct or alter a production bore. • 5C Licence - a licence to take water from a watercourse, wetland or underground source. For large volumes (i.e. above 500,000 kL/a), significant hydrogeological / hydrological information and a groundwater operating strategy is required to support the application. • S17 Bed and Banks Permit - a permit may be required for works impacting on the bed or banks of a significant creek / drainage line. 17.3.6 The Aboriginal Heritage Act (WA) The Aboriginal Heritage Act 1972 (WA) (as amended) provides for the recognition, protection, conservation and preservation of Aboriginal cultural heritage and provides an avenue to obtain legal consent to impact or harm heritage. The AHA requires Traditional Owner engagement on projects and in relation to the impacts to cultural heritage values. Rio Tinto therefore conducts heritage surveys, assessments and consultation with Traditional Owners over all areas of proposed developments to ensure heritage values are identified and to support the integration of heritage considerations into mine planning and development studies. Where impact or harm to cultural heritage has been demonstrated to not practically be able to be avoided, Rio Tinto's Communities and Social Performance Standard is implemented and Rio Tinto's Integrated Heritage Management Process is employed to assess whether the necessary heritage approvals required under relevant legislation have been obtained and remain current or are likely to be obtained within the time required by the relevant mine plan. 17.3.7 Auditing and compliance Rio Tinto operates under a robust HSEQ Management System that embeds compliance and governance across its operations. This system incorporates a comprehensive register of legal and legislative obligations, including external reporting requirements, environmental standards, and environmental design criteria. Through the HSEQ Management System, internal audits are systematically undertaken within Rio Tinto to demonstrate compliance with internal guidelines and standards, and to confirm Government regulations and laws are being met. In addition to internal assurance processes, operational areas are subjected to scheduled and ad hoc environmental compliance audits from State and Commonwealth environmental regulators, providing independent assurance that Rio Tinto continues to satisfy regulatory requirements. 17.4 Plans, negotiations, or agreements with local individuals or groups 17.4.1 Communities and social performance planning framework Rio Tinto's activities are directed by a suite of governance documents including standards, policies, procedures, and guidance notes. In the area of Communities and Social Performance (CSP), application of the CSP Standard is mandatory for all Rio Tinto sites globally. Pilbara Operations Technical Report Summary – 31 December 2025 Page 160 of 176 Broadly, the CSP Standard requires assets maintain mutually beneficial relationships with host communities, and that business planning and decision making be informed by a robust socio- economic knowledge base and impact assessment. The CSP Standard also requires that engagement must be transparent, inclusive, culturally appropriate, and publicly defensible, and there are also measures to afford protection of human rights. Rio Tinto businesses are also required to proactively seek opportunities to reach legally binding community agreements and pay compensation to communities for specified losses. Rio Tinto has multiple guidance notes on CSP subjects such as agreement-making, complaints resolution, engagement, land access, resettlement, social impact assessment, human rights and community investment. The CSP Standard is publicly available on the Rio Tinto website (https://www.riotinto.com/-/media/Content/Documents/Sustainability/Corporate-policies/RT- Communities-social-performance-standard.pdf). These documents are based on international good practice set by agencies such as the International Finance Corporation, ICMM and Minerals Council of Australia. 17.4.2 Agreements with Traditional Owners In the Pilbara region of Western Australia, Rio Tinto have agreements covering the traditional Country of the Banjima, Muntulgura Guruma, Ngarlawangga, Ngarluma, Nyiyaparli, Puutu Kunti Kurrama and Pinikura, Robe River Kuruma, Yindjibarndi and Yinhawangka Traditional Owner groups. Agreements often include protocols for managing cultural heritage, engagement protocols for implementation of agreement approaches, and benefit payments for access to Country. The agreements are implemented through formal processes, such as Local Implementation Committee and Regional Implementation Committee meetings, as well as informal engagement as part of ongoing, long-standing relationships. These agreements with Traditional Owners are jointly being reviewed to ensure they are aligned to the parties' expectations, Rio Tinto's internal standards and the changing external landscape, including in relation to the protection of Aboriginal cultural heritage in Western Australia. Where impacts to Aboriginal cultural heritage cannot be avoided, approval is required under the Aboriginal Heritage Act 1972 (WA) (as amended). 17.4.3 Agreements with Pastoralists Rio Tinto holds the head lease for six pastoral leases across the Pilbara region in Western Australia. Each station is operated as a pastoral lease with three stations sub-leased to third party operators and the remaining managed by Rio Tinto personnel. These include: • Hamersley, Rocklea, Juna Downs (Rio Tinto-operated). • Yalleen, Yarraloola and Karratha (third party-operated). Rio Tinto has agreements in place with several pastoralists that commit Rio Tinto to pay compensation where pastoral activities are impacted. Additionally, the access agreements clearly outline the activities permitted on pastoral leases as well as the behaviours expected when Rio Tinto access a pastoral station.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 161 of 176 17.4.4 Negotiations and agreements for new studies/projects For each new project, negotiations may be undertaken with individuals or groups including Traditional Owners, other land holders and relevant shires or communities. In some instances, this is done with the aim of reaching agreement on development aspects such as benefit payments, land access, etc. Where development is undertaken on Traditional Owner Country, Rio Tinto also strives to achieve free, prior and informed consent with the Traditional Owners, through a process of iterative engagement. 17.4.5 Complaints and incidents All Rio Tinto employees and contractors are responsible for following the Rio Tinto CSP Standard and the Community Complaints, Disputes & Grievances Guidance Note. These documents provide guidance to Rio Tinto personnel on how to manage community complaints, disputes and grievances. The CSP Standard includes targets to reduce repeat and significant complaints. The Rio Tinto CSP team capture and track all Sentiments (Complaints, Comments, Compliments and Incidents). These are then linked to the appropriate stakeholders and prioritised accordingly where further action is required. Risk assessments are used to prioritise complaints and incidents, and where appropriate followed by an incident investigation and root cause analysis. 17.4.6 Community Development Plan Under the various State Agreements governing Rio Tinto's mining activities in the Property, Rio Tinto is required to produce and implement a Community Development Plan (CDP). The CDP outlines Rio Tinto's approach to delivering community and social benefits in connection with its activities under the State Agreements. For the purposes of the State Agreements, community and social benefits include: • Assistance with skills, development, and training opportunities to promote work readiness and employment of persons living in the Pilbara region. • Regional development activities in the Pilbara region, including partnerships and sponsorships. • Contribution to any community projects, town services or facilities. • Maintaining a regionally based workforce. Rio Tinto reports annually on its implementation of the CDP to the Minister for State Development in satisfaction of its obligations under the Iron Ore State Agreement. 17.5 Mine closure plans, remediation and reclamation plans, and associated costs Planning for closure of a site is a critical business process that demonstrates Rio Tinto's commitment to sustainable development. Mine Closure Plans (MCPs) are prepared for all mines on the Property. These are submitted to regulatory agencies for assessment against requirements. They are also shared with non-regulatory stakeholders, such as Traditional Owners, to support engagement on closure planning. MCPs follow the form and content requirements prescribed in the DMPE Statutory Guidelines for Preparing Mine Closure Plans (2025) and Mine Closure Plan Guidance (2025). Pilbara Operations Technical Report Summary – 31 December 2025 Page 162 of 176 The MCPs are developed to: • Assist Rio Tinto in the planning for and management of the mine rehabilitation and closure requirements by informing life of mine planning, operational activities and the development of closure provisions. • Meet the internal requirements of the Rio Tinto Closure Standard mandated for all Rio Tinto assets. • Inform key stakeholders on how Rio Tinto plans to meet its mine rehabilitation and closure requirements. • Reflect the current knowledge and requirements for closure of the mine, identify the knowledge gaps and inform the closure task register to continue to reduce risk and progress towards a planned and managed closure of the site. • Meet the requirements in the DMPE Statutory Guidelines for Mine Closure Plans (2025). A closure cost estimate is developed for each asset based on closure plans and updated annually at a minimum. The closure cost estimates include contingency and have an accuracy margin of error between -30% and +50%. The pre-tax NPC5.5 of all closure costs assumed within Rio Tinto's Mineral Reserves only economic evaluation is $6.8 billion. These costs are factored into the economic analysis and can be seen in section 19.5.1. Closure strategies and designs for waste facilities are refined throughout mine life and detailed in the asset MCP. Significant technical work has been done to characterise the physical and geochemical properties of waste rock and tailings across the Rio Tinto Pilbara Iron ore operations. This information describes closure designs for each waste landform to ensure environmental risks are effectively managed. Post-closure monitoring requirements for vegetation establishment, erosion of waste landforms, surface/groundwater and other environmental parameters are also detailed in MCPs. The closure monitoring plans become progressively more detailed throughout the operating life of the asset. 17.6 QPs' opinion It is the opinion of the QPs that Rio Tinto's current actions and plans are appropriate to address issues related to environmental compliance and permitting, relationship with local individuals or groups, and tailings water management. A significant proportion of the Mineral Reserve estimate is located within existing permitted operating mining areas, supported by regular monitoring and compliance reporting undertaken in line with regulatory licence requirements. 17.7 Commitment to local procurement and hiring The various State Agreements governing Rio Tinto's mining activities within the Property require Rio Tinto to produce and implement a Local Participation Plan (LPP). The LPP recognises the importance of WA labour (including training), services and procurement and is designed to ensure WA suppliers, manufacturers and contractors are given fair and reasonable opportunity to tender or quote when preparing specifications for tenders and letting contracts for work, materials, plant, equipment and supplies.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 163 of 176 Rio Tinto must use reasonable endeavours to ensure that every contract entered with a third party contains appropriate provisions requiring the third party to undertake procurement activities in accordance with the LPP. In addition to the LPP, Rio Tinto also has other obligations under the State Agreements, such as the requirement to use WA labour, services, materials, plant equipment, and supplies where reasonably and economically practicable. When submitting State Agreement proposals for significant works, Rio Tinto is also required to submit to the State the details of any services, works, materials, plant or supplies that it plans to obtain from outside of Australia, and to consult with the Minister for State Development in respect of such details if required. Further to this, as part of the commitment to sourcing labour, services and materials from the local, regional and broader WA community, Rio Tinto submits two types of local content reports. These reports are submitted on an annual and quarterly basis in satisfaction of all Rio Tinto's State Agreement obligations within the Property. In October 2021, Rio Tinto implemented a revised National Procurement Procedure (NPP) across all its Australian operating sites. The NPP is specifically aimed at increasing the participation of Indigenous and local businesses across Rio Tinto's Australian supply chain. Additionally, the policy establishes a consistent national approach across Rio Tinto asset groups for identifying and segmenting diverse businesses (focusing on Indigenous and local), encouraging their participation, and prioritizing them in contract awards. This consistent approach creates easier entry points for engagement with Rio Tinto and supports the growth of existing Indigenous businesses. 18 Capital and operating costs Capital and operating costs are reflective of the modelled Mineral Reserves only schedule, presented at a Property level on a 100 percent basis8 and in real 2026 US$ dollars (with no allowance for inflation). As asset values are presented in this TRS at a Property level on a 100 percent basis, capital and operating costs are modelled and presented on the same basis. By contrast, external guidance in other Rio Tinto reporting is presented on an equity basis and in nominal terms. As such, the costs presented in this TRS are likely to deviate from costs reported by Rio Tinto elsewhere. As noted in section 13.3, the volume of material classified as Mineral Reserves for the purpose of this TRS does not represent the total volume of material that may be available for extraction and production within the Property's mining operations. Where marketing and operating conditions allow, actual production across the Property utilises both Mineral Reserves and Mineral Resources, and as a result the production rates scheduled in this TRS may not fully align with production guidance reported elsewhere, previously demonstrated production rates or system capacity. As such, capital estimates used in this TRS do not necessarily represent the capital forecasts released by Rio Tinto regarding projects within the Property, as these forecasts may have regard to material that is not classified as Mineral Reserves at the time of reporting. At the time of reporting, total Mineral Reserves of 2.6 billion tonnes and total Mineral Resources of 26.4 billion tonnes are declared for the Property. The conversion of material from a Mineral Resource to a Mineral Reserve occurs on a progressive basis. 8 For the purposes of this section, 100 percent basis means without regard for any apportionment of the expenses as between Rio Tinto and other equity holders, such as joint venture participants. Pilbara Operations Technical Report Summary – 31 December 2025 Page 164 of 176 All deposits classified as Mineral Reserves within the Property at the reporting date have been the subject of detailed study to at least a prefeasibility level. Studies are specific to an individual deposit or, in some cases, several deposits that sit within the same geographic 'hub'. These study processes require prefeasibility level capital and operating expenditure estimates for the deposits which reflect the likely development sequence of those deposits. For this TRS, to reflect the Mineral Reserves-only schedule on an aggregated basis for the Property, capital costs that do not relate to Mineral Reserves have been excluded and the likely development sequence of deposits has been adjusted to solely reflect Mineral Reserves. Capital estimates for some long-dated projects within the Mineral Reserves only schedule are sourced from generic assumptions informed by historical performance, however, these constitute a small proportion of total required capital expenditure. The remainder of the capital estimate is based on studies at prefeasibility study level or higher with an accuracy level of ±25% and a contingency range not exceeding 15%. In this TRS, capital costs average $3.4 billion annually between 2026 and 2030 and total $28.7 billion over the duration of the Property's Mineral Reserves-only schedule (2026 to 2046). Capital estimates are based on the annual plan capital submission for the first five years, adjusted to reflect this Mineral Reserves-only schedule. During the annual plan process, development capital estimates are based on detailed study assumptions whilst the mine sites and business functions provide sustaining capital estimates using a bottom-up project by project approach. Sustaining capital cost estimates beyond 2026 are based on historical capital performance and are driven by the physicals in the Mineral Reserves-only schedule. The unit rate for sustaining capital is determined based on a review of historical spend and calculated using actual Total Material Movement and Saleable Ore Product. For the purposes of this Mineral Reserves only schedule, operating costs have been modelled at $24.5/t SOP consistent with current operating performance adjusted and applied to the Mineral Reserves only schedule. Operating costs include costs associated with mining, processing, rail, port, support and other costs such as Native Title and internal Rio Tinto assumptions with regard to carbon pricing. Annual cost projections are driven by physicals contained within the Mineral Reserves only schedule. The operating cost estimates are based on actual performance and studies at prefeasibility level or higher, with an accuracy level of ±25% and a contingency range not exceeding 15%. The QPs consider all cost estimates in this TRS relating to this schedule to be reasonable.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 165 of 176 18.1 Capital costs Capital costs are estimated based on internal studies undertaken by Rio Tinto and historical performance. Capital is inclusive of all mine, rail, port, power and other infrastructure capital required to maintain the physical assets. Capital costs reflect sustaining, replacement and growth capital, including heavy mobile equipment (HME) required to replace aging fleet. Capital costs are summarised in Table 18.1. Table 18.1: Estimated capital expenditure for the Property 18.2 Operating costs Operating costs include costs associated with mining, processing, rail, port, support, and other costs such as those associated with Native Title and internal Rio Tinto assumptions regarding carbon pricing. Across the supply chain, operating costs include both internal and external contract labour, diesel and energy, materials, corporate costs and other expenditure required in day-to-day operations. Throughout the life of the Mineral Reserves only schedule, operating costs average $24.5/t SOP. Major components of operating costs are set out in Table 18.2. Table 18.2: Estimated operating costs for the Property Average operating costs, US$/t Saleable Ore Product (wet) Real, 100% basis Mining and Processing11 16.6 Logistics and Other12 3.3 Corporate Overheads and Other13 4.6 Total 24.5 9 Consists of sustaining, replacement and growth capital, including HME required to replace aging fleet. 10 Consists of rail, port, power and other infrastructure capital. 11 Consists of mining (drill, blast, load, haul), processing (crush, screen, stack and reclaim) and diesel and energy costs. 12 Consists of rail, port and supply chain costs. 13 Consists of internal and external contract labour, corporate costs and other expenditures required in day-to-day operations, including costs associated with Native Title and internal Rio Tinto assumptions regarding carbon pricing. Capital Expenditure Real, 100% basis Total 2026-2030 2031-2035 2036-2040 2041+ Mine and Plant9 15.9 9.5 4.9 1.1 0.4 Logistics and Other10 12.8 7.6 4.1 0.8 0.3 Total Expenditure (US$ billion) 28.7 17.1 9.0 1.9 0.7 Pilbara Operations Technical Report Summary – 31 December 2025 Page 166 of 176 19 Economic analysis The accuracy of capital and operating cost estimates must comply with the following guidelines (Table 19.1). Table 19.1: Capital and operating cost estimation accuracy guidelines. Factors14 Initial Assessment Preliminary Feasibility Study Feasibility Study Capital Costs Optional15 If included: Accuracy: ±50% Contingency: ≤25% Accuracy: ±25% Contingency: ≤15% Accuracy: ±15% Contingency: ≤10% Operating Costs Optional13 If included: Accuracy: ±50% Contingency: ≤25% Accuracy: ±25% Contingency: ≤15% Accuracy: ±15% Contingency: ≤10% 19.1 Summary Rio Tinto has produced an economic evaluation of the Property's Mineral Reserves. Analysis excludes Mineral Resources and other lower confidence inventory. All cashflows are presented at a Property level on a 100% basis, in real 2026 US$ dollars with no allowance for inflation. The economic evaluation presented in this chapter may differ from other external guidance published by Rio Tinto. The amount of Mineral Reserves in the schedule does not necessarily represent the amount of material available and utilised for extraction and production within the Property's mining operations from time to time (as explained in previous sections of this TRS). In light of Rio Tinto's extensive mining operations across the Pilbara spanning more than 50 years, where marketing and operating conditions allow, actual production across the Property utilises both Mineral Reserves and Mineral Resources. As a result of this approach, the capital estimates, operating costs and production rates may not align with other published production guidance, previously demonstrated production rates and system capacity. Rio Tinto's Pilbara assets (the Property) comprise 18 mines and an integrated rail and port infrastructure network. An integrated system schedule was completed based on only existing Mineral Reserves to provide guidance on development sequence, scale of operation, mine life and the contribution of each mining area toward Rio Tinto's Pilbara product suite, based on current product strategy. Economic analysis confirmed the strong economic viability of the Property's Mineral Reserves, which deliver a post-tax NPV of $39.7 billion based on a real discount rate of 5.5%. This valuation is robust against sensitivities to changes in major variables. 14 When applied in an initial assessment, these factors pertain to the relevant technical and economic factors likely to influence the prospect of economic extraction. When applied in a preliminary or final feasibility study, these factors reflect a reduced level of uncertainty in assessing the prospect of economic extraction. 15 Initial assessment, as defined in this subpart, does not require a cash flow analysis or operating and capital cost estimates. The Qualified Person(s) may include a cash flow analysis at their discretion.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 167 of 176 19.2 Methodology 19.2.1 Modelling approach An economic evaluation of the Property's Mineral Reserves was completed. Valuations are conducted in a standalone valuation model that forecast cash flows relating to Rio Tinto's Pilbara mine, rail and port operations. Mine economics have been evaluated using the discounted cash flow method, mid-year discounting and considering annual iron ore production and sales. Sensitivities to price, operating costs, capital costs, foreign exchange and discount rate are evaluated. 19.2.2 Sources of assumptions A combination of internal and external sources is used as the basis for the financial evaluation. Key assumptions used in this economic analysis are outlined in Table 19.2. Table 19.2: Economic analysis assumptions used as the basis for financial evaluation Category of Assumption Source of Assumption Pricing and Revenue Consensus of Iron Ore Analysts' estimates Physicals Rio Tinto Technical Services Department Operating Costs Rio Tinto actual costs, flexed for physical drivers Capital Costs Rio Tinto Projects & Sustaining Capital estimates Taxation Australian Taxation Office Rio Tinto Tax Department Royalties and Native Title Western Australian Government Rio Tinto Communities Department 19.3 Inputs and assumptions 19.3.1 Financial Financial inputs and assumptions include: • Valuation date: 1 January, 2026; • Model based in US$ and in real 2026 terms; • Valuation undertaken on a 100% basis, without regard for any apportionment of the expenses as between Rio Tinto and other equity holders, such as joint venture participants; • Discount rate of 5.5%16, real after tax; and • Australian company tax rate of 30%. 16 Discount rate is the average real Rio Tinto Group Weighted Average Cost of Capital (WACC) based on consensus view using the average nominal forecasts from Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs, Morgan Stanley, UBS, Royal Bank of Canada, Bank of Montreal, ODDO BHF, Berenberg and HSBC. The average nominal WACC is adjusted for 2.5% inflation. Pilbara Operations Technical Report Summary – 31 December 2025 Page 168 of 176 Table 19.3 outlines FX and Inflation rates used in the economic analysis. Table 19.3: FX and inflation rates used in economic analysis FX and Inflation Rates 2026+ Foreign Exchange Rate (US$:A$ Real) 0.68 Inflation (Australia) % 2.5% Inflation (USA) % 2.0% The Australian inflation forecast of 2.5% represents the mid-point of the Reserve Bank of Australia's inflation rate guidance of 2.0 to 3.0%, on average, over time. The US inflation forecast of 2.0% is consistent with the Federal Reserve's long term inflation target. 19.3.2 Pricing and revenue The long run 62% Fines Fe price is projected to be 133 USc/dmtu (CFR) based on a consensus17 view of future pricing. Table 19.4 outlines iron ore pricing used in the economic analysis. Table 19.4: Iron ore pricing used in economic analysis Iron Ore Reference Price US Cents per Dry Metric Tonne unit (c/dmtu) - CFR 2026+ Iron Ore Fines 133 The actual price received for each Pilbara product is adjusted against this benchmark price to account for the value in use premium/discount associated with each product, driven by chemistry and physical characteristics. 19.3.3 Government royalties and other costs Government royalties and other costs include: • The Western Australian Government payment of 7.5% of FOB lump and fines revenue for crushed or screened product, and 5.0% of FOB lump and fines revenue for concentrated product. • Private royalties. • Lease rentals. • Native Title. 19.4 Capital costs Capital costs are summarised in section 18.1. Capital expenditure is inclusive of sustaining, replacement and growth capital across the Property's supply chain. 19.5 Operating costs Operating costs are summarised in section 18.2. Unit operating costs reflect the 'all in' cost associated with producing each tonne of iron ore, on average, over time. Operating costs presented in section 18.2 exclude closure and rehabilitation costs. 17 Consensus view represents the average of forecasts from Bank of America Merrill Lynch, BMO, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley, UBS, CRU and Wood Mackenzie.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 169 of 176 19.5.1 Closure costs Economic analysis includes allowances for rehabilitation and closure costs for each site based on current and future projected land disturbance. Closure costs include activities such as demolition and disposal of infrastructure, earthworks and civil works, water management, remediation of contaminated sites and revegetation. Closure costs included in this economic evaluation represent the Total Projected Cost of Closure (TPC) based on the property's current and future disturbance footprint. Closure costs are incurred when each asset within the Property has reached its mine life and production ceases. Closure costs are also included for rail, port and utilities infrastructure, assumed to be incurred at the conclusion of the Mineral Reserves-only schedule. Actual closure timing is likely to differ as a consequence of inclusion of Mineral Resources and other currently excluded lower- confidence material. The pre-tax NPC5.5 of all closure costs assumed within Rio Tinto's Mineral Reserves-only economic evaluation is $6.8 billion. Rio Tinto is progressing opportunities to materially reduce closure costs by challenging key assumptions and methodologies that underpin closure, including improving estimation processes that will better inform costs, resourcing, and timing estimations. As noted in Section 18, all deposits within this Mineral Reserves-only schedule have been the subject of detailed study to at least a prefeasibility level. Studies are specific to an individual deposit or in some cases several deposits which sit within the same geographic 'hub'. These study processes consider closure costs which reflect the likely development sequence and disturbance footprint of those deposits. As prefeasibility studies include both Mineral Reserves and Mineral Resources, and due to the difficulty in differentiating closure costs that relate to Mineral Reserves or Mineral Resources, the closure costs used within this TRS have been held consistent with recent studies and therefore may be overstated when contemplating the disturbance footprint and costs associated with this Mineral Reserves only schedule. This is a conservative approach and consequently Rio Tinto considers all closure cost estimates relating to this schedule to be reasonable. Additionally, Rio Tinto completes detailed closure studies for deposits as these approach end of mine life. Given the Property comprises 13 iron ore mining hubs and an integrated rail and port infrastructure network, the timing of detailed closure studies will differ for each asset comprising the Property, resulting in differing levels of accuracy for closure cost estimates across these assets. 19.6 Cash flow 19.6.1 Cash flow analysis Rio Tinto reviewed the Mineral Reserve production schedule and after-tax cash flows to confirm the economics of the mine plan contemplated by this Mineral Reserve schedule. The Property's Mineral Reserves are value-accretive, delivering $52.6 billion in post-tax free cash flow. 19.6.2 Economic evaluation Economic analysis and discounted cash flow modelling confirmed the economic viability of the Property's Mineral Reserves which deliver a post-tax NPV5.5 of $39.7 billion. Negative cash flows occur sporadically from 2040 due to closure costs. Table 19.5 and Table 19.6 set out the major components of the cash flows for the Property. Pilbara Operations Technical Report Summary – 31 December 2025 Page 170 of 176 Table 19.5: Net present value of cash flows for the Property as at 31 December 2025. Net present value of cash flows 100% basis, US$ billion Total Total revenue 150.7 Operating costs, royalties, and closure (72.6) Tax and working capital (15.8) Capital expenditure (22.6) Free cashflow – total 39.7 Table 19.6: Non-discounted cashflow for the Property 100% basis US$ billion Ore Production (Mt wet) Revenue Operating costs, royalties and closure Tax and working capital Capital expenditure Free cashflow 2026 282.0 20.1 (8.9) (2.3) (4.5) 4.3 2027 285.0 20.3 (9.0) (2.7) (3.9) 4.7 2028 254.6 18.1 (8.5) (2.2) (3.1) 4.4 2029 260.6 18.5 (8.1) (2.4) (3.0) 5.0 2030 238.7 17.1 (7.5) (2.3) (2.5) 4.9 2031 253.8 18.3 (8.0) (2.5) (2.0) 5.9 2032 227.2 16.5 (7.6) (1.8) (2.1) 5.0 2033 203.7 14.8 (6.6) (1.9) (1.6) 4.6 2034 176.3 12.6 (5.5) (1.6) (1.8) 3.7 2035 176.1 12.6 (5.5) (1.6) (1.5) 4.0 2036 115.6 8.4 (3.6) (1.0) (0.7) 3.1 2037 84.4 6.2 (2.7) (0.6) (0.4) 2.5 2038 70.3 5.2 (4.5) 0.5 (0.4) 0.7 2039 55.1 4.0 (1.7) (0.3) (0.3) 1.7 2040 32.9 2.4 (3.2) 0.7 (0.2) (0.2) 2041 34.8 2.5 (1.6) 0.0 (0.2) 0.8 2042 27.4 2.0 (3.9) 0.9 (0.1) (1.1) 2043 27.2 2.0 (0.9) (0.1) (0.2) 0.9 2044 8.4 0.6 (0.3) 0.0 (0.1) 0.3 2045 6.2 0.5 (0.2) 0.1 (0.0) 0.3 2046 8.8 0.7 (0.3) 0.0 (0.1) 0.3 2047 - - (6.5) 2.2 - (4.3) 2048 - - - 1.2 - 1.2

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 171 of 176 2049 - - - 0.1 - 0.1 Total 2,829.1 203.2 (104.5) (17.4) (28.7) (52.6) 19.7 Sensitivity analysis Sensitivity analysis confirmed the Property's Mineral Reserves are robust against changes to major variables including price, capital expenditure, foreign exchange, operating expenditure and discount rate. Sensitivity analysis outlined in Table 19.7 demonstrates the changes to the valuation due to ±10% and ±20% changes in price, capital, foreign exchange and operating expenditure. Table 19.7: Price, FX and cost sensitivity analysis Key Sensitivities NPV5.5, $ billion (-20%) (-10%) Base +10% +20% Iron Ore Price 20.7 30.2 39.7 49.3 58.8 Capital Expenditure 43.1 41.4 39.7 38.1 36.4 Foreign Exchange 47.5 43.6 39.7 35.8 32.0 Operating Expenditure 46.6 43.2 39.7 36.3 32.8 Sensitivity analysis outlined in Table 19.8 demonstrates changes to the Property valuation due to ±1% changes to the modelled discount rate. Table 19.8: Discount rate sensitivity analysis Discount Rate NPV5.5, $ billion 3.5% Discount Rate 43.8 4.5% Discount Rate 41.7 5.5% Discount Rate (Base) 39.7 6.5% Discount Rate 37.9 7.5% Discount Rate 36.2 20 Adjacent properties The QPs have not included any relevant information concerning adjacent properties in this TRS as data from adjacent properties would not materially change the estimates presented. In addition, Rio Tinto has a history of mining similar orebodies and has a well-defined process for defining ore body knowledge from its tenure. A map of the Property location is provided in Figure 20.1. Figure 20.1: Property location map

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 173 of 176 21 Other relevant data and information The QPs believe that all material information has been stated in the above sections of the TRS. 22 Interpretations and conclusions 22.1 Mineral Resources 22.1.1 Interpretations and conclusions Based on the information presented in this TRS, the QPs' key conclusions are as follows: • The data collected during exploration drilling and sampling programs is collected using appropriate industry standard practices relating to drilling, surveying, logging, sampling, analyses, and QA/QC. • Base data is reviewed and validated by Subject Matter Experts (SMEs), working under supervision by the QPs, and has been deemed appropriate for use in developing geological models and estimating Mineral Resources for the Property. • The geological models and resource estimates of deposits are created using established industry methods set out in section 11. Verification of each geological model and Mineral Resource estimate occurs as discussed in section 11.1.7. In addition, a peer review is completed at each step of the modelling process, inclusive of a sign-off by a QP at the completion of major steps. A QP also prepares separate documentation to aid and support the Mineral Resource classification. • Mining, processing and market modifying factors, and assumptions and parameters from studies are used to establish the reasonable prospects of economic extraction necessary for estimating Mineral Resources. • No significant risks exist that could impact the reliability and/or confidence of Mineral Resources estimates. 22.2 Mineral Reserves 22.2.1 Interpretations and conclusions Based on the information presented in this TRS, the QPs conclude that the Mineral Reserve estimate is supported by appropriate technical data and assumptions, and no significant risks exist that could impact the reliability and/or confidence of the Mineral Reserve estimates: • As shown in the economic sensitivity analysis in section 19.7, the Mineral Reserve estimate for the Property is not highly sensitive to variation to capital and operating cost, or discount rate. Property valuation is most sensitive to product price: however, as demonstrated, the Property remains highly economic in these scenarios. • The assumptions, methods and parameters used for generating the Mineral Reserve estimate are aligned with industry practices and suitable for the mineralisation of the Pilbara and selected mining methods. • A significant proportion of the Mineral Reserve estimate is located within existing permitted operating mining areas, supported by established labour accommodation and transport facilities, processing, rail and port infrastructure, HME maintenance workshops, groundwater abstraction and discharge networks, and surface mine haul roads and waste dumps. Pilbara Operations Technical Report Summary – 31 December 2025 Page 174 of 176 • Historical performance and reconciliation underpin the confidence in technical modifying factors such as ore loss and dilution, geotechnical parameters, and metallurgical and hydrogeological assumptions. 23 Recommendations Based on the results presented in this TRS and consistent with Rio Tinto's long standing operating practices, ongoing technical work will be performed on the Property as part of studies to improve confidence, decrease risk and enable the conversion of Mineral Resources to Mineral Reserves. The following items are in progress to support this action: • Agreement modernization with Traditional Owner groups to support ongoing Mineral Resource and Mineral Reserve access in a culturally respectful manner • Complete technical work in progress and obtain relevant permits for sections of the Property that are currently not approved, including: o Gudai-Darri Warrie and Belele – Pending associated secondary approvals to support conversion of Mineral Resource to Mineral Reserve. These recommendations reflect Rio Tinto's ongoing operating practices and associated costs are incorporated into the Property's operating and capital costs, therefore the costs of these recommendations have not been separately disclosed in this TRS. 24 References Corporate Policies. (2021). Retrieved 11 November 2021, from https://www.riotinto.com/- /media/Content/Documents/Sustainability/Corporate-policies/. Corporate structure of Rio Tinto, from https://www.riotinto.com/invest/corporate-governance Dalstra, H and Flis, M. High Grade Iron Ore Exploration in an Increasingly Steel-Hungry World: The Past, Current, and Future Role of Exploration Models and Technological Advances. Reviews in Economic Geology; Society of Economic Geologists, Volume 15. pp. 393-409. Department of Agriculture, Water and the Environment. Environmental Protection and Biodiversity Conservation Act (1999). Australia. Department of Mines, Industry Regulation and Safety. Mining Act (1978). Western Australia. Department of Mines, Industry Regulation and Safety. Mines Safety and Inspection Act (1994). Western Australia. Department of Mines, Industry Regulation and Safety. (2020a). Statutory Guidelines for Mine Closure Plans. Western Australia. Department of Mines, Industry Regulation and Safety. (2020b). Mine Closure Plan Guidance. Western Australia. Department of Mines and Petroleum. (2013). Tailings Storage Facilities in Western Australia. Resources Safety and Environment Divisions.

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Pilbara Operations Technical Report Summary – 31 December 2025 Page 175 of 176 Department of Mines and Petroleum. (2015). Guide to Departmental requirements for the management and closure of tailings storage facilities (TSFs) in Western Australia. Resources Safety and Environment Divisions. Department of Water and Environmental Regulation. Environmental Protection Act (1986). Western Australia. Harmsworth R.A, Kneeshaw M, Morris R.C, Robinson C.J, Shrivastava P.K, 1990. BIF Derived Iron Ores of the Hamersley Province: in Hughes FE (Ed.), 1990 Geology of the Mineral Deposits of Australia & Papua New Guinea The Australasian Institute of Mining and Metallurgy: Melbourne, pp 617-642 ISO 3082:2009 (Iron Ores – Sampling and sample preparation procedures) ISO 9516-1: (2003) Iron Ores – Determination of various elements by X-ray fluorescence spectrometry – Part 1: Comprehensive procedure Lee, D, 2013, The Establishment of Iron Ore Giants: Hamersley Iron and the Mount Newman Mining Company, 1961-1969. In Journal of Australasian Mining History, volume 11, October 2013. Morris, R.C, 1985. Genesis of Iron Ore in Banded Iron-Formation by Supergene and Supergene- metamorphic Processes - a Conceptual Model. In Handbook of Strata-Bound and Stratiform Ore Deposits, Vol 13 (Ed. K.H Wolf), pp. 73-235 (Elsevier: Amsterdam). Thorne, W; Hagemann, S; Webb, A; Clout, J, 2008. Banded Iron Formation Related Iron Ore deposits of the Hamersley province, Western Australia. Reviews in Economic Geology, Society of Economic Geologists, Volume 15. pp. 197-221 Trendall, A.F, 1983. Introduction, in Iron-Formation: Facts and Problems. Elsevier, Amsterdam, 1-12. Government of Western Australia, 2021. Pilbara Conservation Strategy. Government of Western Australia, Perth. https://www.dpaw.wa.gov.au/images/documents/conservation- management/pilbara/pilbara_conservation_strategy.pdf van Etten, E.J.B; Fox, J.E D, 2004. Vegetation classification and ordination of the central Hamersley Ranges, Western Australia, Journal of the Royal Society of Western Australia, 87:63–79. 25 Reliance on information provided by the Registrant The QPs have wholly relied upon the Registrant for the following: • Macroeconomic trends, data, and assumptions, and interest rates (Sections 18 and 19); • Marketing information and plans within the control of the registrant (Sections 16, 18 and 19); • Legal matters outside the expertise of the Qualified Person, such as statutory and regulatory interpretations affecting the mine plan (Sections 3, 13, 15 and 17); • Environmental matters outside the expertise of the qualified person (Section 17); • Accommodations the registrant commits or plans to provide to local individuals or Pilbara Operations Technical Report Summary – 31 December 2025 Page 176 of 176 groups in connection with its mine plans (Section 17); and • Governmental factors outside the expertise of the Qualified Person (Section 17). The QPs consider it reasonable to rely upon the Registrant for the above information based on the QPs' past and ongoing interactions with the subject-matter experts in these areas employed or engaged by the Registrant, as well as the Registrant's considerable experience in iron ore mining, which includes more than 50 years of iron ore mining operations in the Pilbara region of Western Australia. Further, the QPs have taken all appropriate steps, in their professional opinion, to satisfy themselves that the above information provided by the Registrant is accurate in all material respects for the purposes of this TRS, and have no reason to believe that any material facts relevant to the matters relied on have been withheld or misstated.

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## Exhibit 96.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC S-K 229.1300 Technical Report Summary Stage of Property: Production/Pre-Feasibility Study Property: Minera Escondida Limitada Location: Antofagasta Region, Chile For the calender year ended: 31 December 2022 Report Prepared for Rio Tinto plc and Rio Tinto Limited ('Rio Tinto') Report Prepared by: Qualified Person Specific Type of Activity and Area of Accountability Signature Date Rodrigo Maureira Mineral Resources – Chapter 8, 9 and 11 in full, Chapter 7 excluding Sections 7.3 and 7.4, and Chapter 1-5 and 20-25 jointly with Mineral Reserve QP Pamela Castillo Mineral Reserves – Chapter 12, 15, 16, 18 and 19 in full, Chapter 13 excluding 13.3.1 and 13.3.2, and Chapter 1- 5 and 20-25 jointly with Mineral Resources QP Pablo Vasquez Geotechnical & Hydrogeology (Sections 7.3 and 7.4), Hydrogeology (Section 13.3.2), Pit Geotechnical (Section 13.3.1) Carlos Delgado Mineral Processing and Metallurgical Testing – Chapter 10 in full Processing and Recovery Methods - Chapter 14 in full Andres Naranjo Infrastructure Chapter 15 in full Environmental Studies, Permitting, Plans and Agreements – Chapter 17 excluding Section 17.2.1 /s/ Rodrigo Maureira December 31, 2025 /s/ Pamela Castillo December 31, 2025 Andres Salazar Geology – Chapter 6 in full /s/ Andres Salazar December 31, 2025 /s/ Pablo Vasquez December 31, 2025 Esteban Pavani Tailings Management (Section 17.2.1) /s/ Esteban Pavani December 31, 2025 /s/ Carlo Delgado December 31, 2025 /s/ Andres Naranjo December 31, 2025 SEC Technical Report Summary – Minera Escondida Limitada Page ii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 **Table of Contents** 1 Executive Summary.................................................................................................... 20 1.1 Property Description .......................................................................................................................... 20 1.2 Geology and Mineralization............................................................................................................... 20 1.3 Existing Infrastructure ....................................................................................................................... 21 1.4 Mineral Tenure .................................................................................................................................. 22 1.5 Royalties............................................................................................................................................ 23 1.6 Present Condition of the Property ..................................................................................................... 24 1.7 History of previous operations........................................................................................................... 24 1.8 Significant Encumbrances to the Property ........................................................................................ 24 1.9 Summary of All Mineral Resources and Mineral Reserves .............................................................. 25 1.10 Changes to Mineral Resources and Reserves between 31 December 2021 and 2022 ................... 26 1.11 Material Assumptions and Criteria .................................................................................................... 26 1.12 Qualified Person's Conclusions and Recommendations .................................................................. 27 2 Introduction ................................................................................................................. 29 2.1 Registrant for Whom the Technical Report Summary was Prepared ............................................... 29 2.2 Terms of Reference and Purpose of the Report ............................................................................... 29 2.3 Sources of Information ...................................................................................................................... 29 2.4 Details of Inspection .......................................................................................................................... 29 2.5 Report Version Update ...................................................................................................................... 31 3 Property Description .................................................................................................. 32 3.1 Property Location .............................................................................................................................. 32 3.2 Mineral Tenure .................................................................................................................................. 33 3.3 Mineral Rights Description and How They Were Obtained .............................................................. 35 3.4 Encumbrances .................................................................................................................................. 35 3.5 Royalties or Similar Interest .............................................................................................................. 35 4 Accessibility, Climate, Local Resources, Infrastructure and Physiography ......... 36 4.1 Topography, Elevation, and Vegetation ............................................................................................ 36 4.2 Means of Access ............................................................................................................................... 36 4.3 Climate and Length of Operating Season ......................................................................................... 36 4.4 Local Resources ............................................................................................................................... 37 4.5 Infrastructure and Availability ............................................................................................................ 37 Water ..................................................................................................................................... 37 Electricity ............................................................................................................................... 37 Personnel .............................................................................................................................. 37 Supplies ................................................................................................................................. 37 5 History ......................................................................................................................... 38 5.1 Previous Operations .......................................................................................................................... 38 5.2 Exploration and Development by Previous Owners or Operators .................................................... 39

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page iii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 6 Geological Setting, Mineralisation, and Deposit ...................................................... 41 6.1 Regional Geology .............................................................................................................................. 41 Palaeozoic ............................................................................................................................. 41 Mesozoic ............................................................................................................................... 41 Cenozoic ................................................................................................................................ 41 6.2 Local Geology ................................................................................................................................... 43 6.3 Property Geology .............................................................................................................................. 45 6.4 Mineral Deposit ................................................................................................................................. 46 Escondida Deposit ................................................................................................................ 46 Escondida Norte Deposit ....................................................................................................... 48 7 Exploration .................................................................................................................. 51 7.1 Exploration Work (Other Than Drilling) ............................................................................................. 51 7.2 Exploration Drilling ............................................................................................................................ 51 Drilling Type and Extent ........................................................................................................ 51 Drilling, Sampling, and Recovery Factors ............................................................................. 55 Drilling Results and Interpretation ......................................................................................... 56 Qualified Person's Statement on Exploration Drilling............................................................ 58 7.3 Hydrogeology .................................................................................................................................... 58 Mine Operation ...................................................................................................................... 61 Projects .................................................................................................................................. 64 7.4 Geotechnical Data, Testing, and Analysis ........................................................................................ 64 Geotechnical Drilling ............................................................................................................. 65 7.5 Property Plan View ............................................................................................................................ 67 7.6 Exploration Targets ........................................................................................................................... 68 8 Sample Preparation, Analyses and Security ............................................................ 69 8.1 Sample Preparation Methods and Quality Control Measures ........................................................... 69 Methods ................................................................................................................................. 69 Sample Security .................................................................................................................... 72 8.2 Sample Preparation, Assaying and Analytical Procedures ............................................................... 73 Name and Location of Laboratory, Relationship and Certification ........................................ 73 Sample Preparation and Analysis Protocol at Laboratory .................................................... 73 Analytical Methods ................................................................................................................ 74 8.3 Quality Control Procedures/Quality Assurance................................................................................. 76 Sample Analysis Controls and Results ................................................................................. 78 8.4 Opinion on Adequacy ........................................................................................................................ 82 8.5 Non-Conventional Industry Practice ................................................................................................. 82 9 Data Verification ......................................................................................................... 83 9.1 Data Verification Procedures ............................................................................................................ 83 External Reviews ................................................................................................................... 84 Internal Reviews .................................................................................................................... 85 SEC Technical Report Summary – Minera Escondida Limitada Page iv MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 9.2 Limitations ......................................................................................................................................... 85 9.3 Opinion on Data Adequacy ............................................................................................................... 85 10 Mineral Processing and Metallurgical Testing ......................................................... 86 10.1 Testing and Procedures .................................................................................................................... 86 General .................................................................................................................................. 86 Testing and Laboratories ....................................................................................................... 86 10.2 Sample Representativeness ............................................................................................................. 89 Sulphide Concentrator Sampling........................................................................................... 89 Acid Leach (Oxide and Mixed) and Acid Bio Leach (Sulphide) Sampling ............................ 92 10.3 Relevant Results ............................................................................................................................... 92 Hardness Model .................................................................................................................... 94 Throughput in Milling Plants .................................................................................................. 95 Copper Recovery in Flotation Plants ..................................................................................... 96 Acid Leaching of Oxides and Mixed Mineralisation............................................................... 98 Acid Bioleaching of Sulphide Mineralisation ......................................................................... 99 10.4 Payables and Deleterious Elements ............................................................................................... 101 10.5 Adequacy of Data and Non-Conventional Industry Practice ........................................................... 101 11 Mineral Resources Estimate .................................................................................... 102 11.1 Key Assumptions, Parameters, and Methods Used ....................................................................... 102 11.2 Geological Modelling ....................................................................................................................... 102 Lithology .............................................................................................................................. 102 Alteration ............................................................................................................................. 104 Mineralogical Zone .............................................................................................................. 105 Copper Sulphide Abundance .............................................................................................. 105 Porphyry Intrusive Pulse ..................................................................................................... 107 11.3 Block Modelling ............................................................................................................................... 108 Composite Length ............................................................................................................... 109 Estimation Domain .............................................................................................................. 109 Contact Analysis .................................................................................................................. 112 Capping ............................................................................................................................... 113 Variography ......................................................................................................................... 114 Estimation ............................................................................................................................ 116 11.4 Validation......................................................................................................................................... 120 Visual Comparison .............................................................................................................. 120 Swath Plots .......................................................................................................................... 124 Global Statistics ................................................................................................................... 125 Comparison Against Blasthole Grade ................................................................................. 126 11.5 Cut-Off Grades Estimates ............................................................................................................... 129 11.6 Reasonable Prospects for Economic Extraction ............................................................................. 131 11.7 Resource Classification and Criteria ............................................................................................... 131

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page v MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 11.8 Uncertainty ...................................................................................................................................... 133 11.9 Mineral Resources Statement ......................................................................................................... 136 11.10 Discussion of Relative Accuracy/Confidence.................................................................................. 137 11.11 Opinion on Influence for Economic Extraction ................................................................................ 137 12 Mineral Reserves Estimate ...................................................................................... 138 12.1 Key Assumptions, Parameters, and Methods ................................................................................. 138 Geologic Resource and Mining Models .............................................................................. 138 12.2 Modifying Factors ............................................................................................................................ 139 Property Limits..................................................................................................................... 139 Project Constraints .............................................................................................................. 140 Processing ........................................................................................................................... 141 Commodity Prices Used ...................................................................................................... 141 Cut-off Grade Estimate ........................................................................................................ 142 Cut-off Grade Calculation for Mill ........................................................................................ 142 Cut-off Grade Calculation for Sulphide Bioleaching Process .............................................. 142 Cut-off Grade Calculation for Acid Leaching Process ......................................................... 143 Pit Optimisation ................................................................................................................... 144 12.3 Mineral Reserves Classification and Criteria .................................................................................. 146 12.4 Material Risks Associated with the Modifying Factors .................................................................... 147 12.5 Mineral Reserves Statement ........................................................................................................... 148 12.6 Discussion of Relative Accuracy/Confidence.................................................................................. 148 13 Mining Methods ........................................................................................................ 149 13.1 Selected Mining Method .................................................................................................................. 149 13.2 Production Tasks ............................................................................................................................ 149 Drill and Blast ...................................................................................................................... 149 Waste Removal and Storage .............................................................................................. 149 Ore Removal and Transport ................................................................................................ 149 13.3 Additional Parameters Relevant to Mine Designs and Plans ......................................................... 150 Geotechnical Models ........................................................................................................... 150 Hydrological Models ............................................................................................................ 154 Mine Design Parameters ..................................................................................................... 158 Dilution, Loss, and Mine Recovery ...................................................................................... 159 Mining Pushbacks ............................................................................................................... 160 Mining Strategy and Production Rates ................................................................................ 161 13.4 Production Schedule ....................................................................................................................... 162 13.5 Production Rates and Mine Life ...................................................................................................... 163 13.6 Equipment and personnel ............................................................................................................... 163 13.7 Final Mine Outline ........................................................................................................................... 163 14 Processing and Recovery Methods ........................................................................ 165 14.1 Process Plant .................................................................................................................................. 165 SEC Technical Report Summary – Minera Escondida Limitada Page vi MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 14.2 Plant Throughput and Design, Equipment Characteristics and Specifications ............................... 165 Primary Crushing ................................................................................................................. 165 Concentration Process Description ..................................................................................... 168 Oxide Leach Process Description ....................................................................................... 170 Bioleaching Process Description ......................................................................................... 172 14.3 Requirements for Energy, Water, Process Materials, and Personnel ............................................ 173 Energy ................................................................................................................................. 174 Water ................................................................................................................................... 174 Suppliers for Process .......................................................................................................... 175 Personnel ............................................................................................................................ 175 14.4 Novel Processing Methods ............................................................................................................. 175 15 Infrastructure ............................................................................................................ 176 15.1 Description ...................................................................................................................................... 177 15.2 Rail and Roads ................................................................................................................................ 179 Rail ...................................................................................................................................... 179 Roads .................................................................................................................................. 180 15.3 Port Facilities ................................................................................................................................... 181 15.4 Tailings Disposal ............................................................................................................................. 182 15.5 Power, Water, and Pipelines ........................................................................................................... 184 Power (Electric Energy) ....................................................................................................... 184 Water ................................................................................................................................... 187 15.6 Infrastructure Layout Map ............................................................................................................... 190 16 Market Studies .......................................................................................................... 191 16.1 Copper ............................................................................................................................................. 191 Copper Long Term Price for Establishing the Economic Viability ....................................... 191 Supply and Demand ............................................................................................................ 192 Evaluation of Competitors ................................................................................................... 193 16.2 Products and Markets ..................................................................................................................... 194 Cathode ............................................................................................................................... 194 Concentrate ......................................................................................................................... 195 16.3 Contracts and Status ....................................................................................................................... 195 17 Environmental Studies, Permitting, Plans and Agreements ................................. 196 17.1 Environmental Studies and Impact Assessments ........................................................................... 196 17.2 Waste and Tailings Disposal ........................................................................................................... 196 Tailings Management .......................................................................................................... 196 Waste Management and Circular Economy ........................................................................ 196 Water Strategy..................................................................................................................... 197 Land Management .............................................................................................................. 197 Biodiversity .......................................................................................................................... 197 Air Quality ............................................................................................................................ 198

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page vii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 17.3 Project Permitting ............................................................................................................................ 198 17.4 Social Plans and Agreements ......................................................................................................... 198 Indigenous Partnerships ...................................................................................................... 199 Cultural Heritage.................................................................................................................. 199 17.5 Closure Planning ............................................................................................................................. 199 17.6 Local Procurement and Hiring ........................................................................................................ 201 Local Procurement .............................................................................................................. 201 Social Investment ................................................................................................................ 201 Reconversion and Developing MEL Capabilities ................................................................ 201 Local Procurement Strategy ................................................................................................ 202 17.7 Discussion of Relative Accuracy/Confidence.................................................................................. 202 18 Capital and Operating Costs ................................................................................... 203 18.1 Basis of Cost estimation .................................................................................................................. 203 18.2 Capital and Operating Cost Estimates ............................................................................................ 203 Capital Costs ....................................................................................................................... 203 Opex Costs .......................................................................................................................... 204 19 Economic Analysis ................................................................................................... 207 19.1 Key assumptions, parameters and methods used .......................................................................... 207 Mine Plan Physicals ............................................................................................................ 207 Prices and payable metals .................................................................................................. 207 Foreign Exchange Rate ....................................................................................................... 208 Capital and Operating Costs ............................................................................................... 208 Closure Costs ...................................................................................................................... 208 Taxes ................................................................................................................................... 208 Valuation Assumptions ........................................................................................................ 208 19.2 Results of Economic Analysis ......................................................................................................... 209 19.3 Sensitivity Analysis .......................................................................................................................... 209 20 Adjacent Properties .................................................................................................. 211 21 Other Relevant Data and Information ..................................................................... 212 21.1 Independent Audits ......................................................................................................................... 212 21.2 Plan Compliance ............................................................................................................................. 212 22 Interpretation and Conclusions ............................................................................... 215 22.1 Mineral Resources .......................................................................................................................... 215 22.2 Mineral Reserves ............................................................................................................................ 215 23 Recommendations.................................................................................................... 217 23.1 Recommended Work Programmes ................................................................................................. 217 Geology and Mineral Resources ......................................................................................... 217 Mineral Reserves................................................................................................................. 217 24 References ................................................................................................................ 218 SEC Technical Report Summary – Minera Escondida Limitada Page viii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 25 Reliance on Information Provided by the Registrant ............................................ 220

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page ix MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 List of Tables Table 1-1: MEL Main Mining Concessions Table 1-2: MEL Main Surface Rights Table 1-3: Escondida Property Rio Tinto Ownership Basis (30%) – Summary of Mineral Resources Exclusive of Mineral Reserves as of 31 December 2022 Table 1-4: Escondida Property Rio Tinto Ownership Basis (30%) - Summary of Mineral Reserves as of 31 December 2022 Table 1-5: Mineral Resources Price Assumptions Table 1-6: Mineral Reserves Price Assumptions Table 2-1: List of Qualified Persons Table 3-1: MEL Mining Concessions Table 4-1: Principal Strategic Raw Materials Used in the Operation Table 5-1: Key MEL Milestones Table 5-2: Drilling by Type and Year (Total Escondida and Escondida Norte combined) Table 7-1: Summary of Metres Drilled, Escondida Table 7-2: Summary of Metres Drilled, Escondida Norte Table 7-3: Summary Piezometric Characteristics of the Escondida Pit Table 7-4: Distribution of Historical Geotechnical Samples by Alteration, Lithology, and Geotechnical Zone, Escondida and Escondida Norte Table 7-5: Distribution of 2020-2021 Geotechnical Samples by Alteration, Lithology and Geotechnical Zone, Escondida and Escondida Norte Table 7-6: Strength Properties by Geotechnical Unit for the Escondida and Escondida Norte Table 8-1: MEL Laboratories from Exploration to FY2022, by Service Type Table 8-2: FY22 Chemical Analyses Table 8-3: Partial Extraction Analysis (Ptxt) Table 8-4: FY2021 Control Samples for RC and DDH Table 8-5: QA/QC Results for TCu, 2008-2020, Escondida and Escondida Norte Table 8-6: Number of Routine and Control Samples TCu, 2008-2021, Escondida and Escondida Norte Table 8-7: FY2021 QA/QC Summary Table 9-1: Mineral Resources Biannual External Audits Table 10-1: Description of Key Testwork undertaken for Geometallurgical Characterisation Table 10-2: Laboratories Table 10-3: Hardness and Recovery Databases Supporting Long Term Plan, as Issued at May 21 Table 10-4: Geometallurgical Classification Definition for Hardness and Recovery Table 10-5: Testwork for Geometallurgical Process Table 10-6: Hardness Domain Definition (UG DUR) and Results for Escondida Table 10-7: Hardness Domain Definition (UG DUR) for Escondida Norte Table 10-8: Parameters for Throughput Estimates Table 10-9: Domains Definition for Copper Recovery (UG Rec) and Results for Escondida Table 10-10: Domains Definition for Copper Recovery (UG Rec) and Results for Escondida Norte Table 10-11: Ore Types Definition for Acid Leaching Process SEC Technical Report Summary – Minera Escondida Limitada Page x MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 10-12: Ore Types Definition for Sulphides to Bioleaching Process Table 10-13: Leaching as a Function of the Main Sulphide Mineralogy Table 11-1: Lithologies Included in the Geological Model for Escondida and Escondida Norte Table 11-2: Alteration Included in the Geological Model for Escondida and Escondida Norte Table 11-3: Mineralogical Zones Included in the Geological Model, Escondida and Escondida Norte Table 11-4: Copper Sulphide Abundance (CSA) definition Table 11-5: Variables Estimated in the Escondida and Escondida Norte Resource Model Table 11-6: Estimation Domain for TCu for Escondida Table 11-7: Estimation Domain for TCu for Escondida Norte Table 11-8: TCu Statistics by Estimation Domain for Escondida Table 11-9: TCu Statistics by Estimation Domain for Escondida Norte Table 11-10: Contact Analysis TCu for Escondida Table 11-11: Contact Analysis TCu, Escondida Norte Table 11-12: Percentage of Capped Samples for Escondida Table 11-13: Percentage of Capped Samples for Escondida Norte Table 11-14: Variogram Parameters for TCu, Escondida Table 11-15: Variogram Parameters for TCu, Escondida Norte Table 11-16: Block Model Definition for Escondida Table 11-17: Block Model Definition for Escondida Norte Table 11-18: OK Plan Estimates Plan TCu, Escondida Table 11-19: OK Plan Estimates TCu, Escondida Norte Table 11-20: Global mean comparison for TCu, Escondida Table 11-21: Global mean comparison for TCu, Escondida Norte Table 11-22: Cut-off Economic Inputs for Mineral Resources Table 11-23: Mineral Zone Definition Criteria Table 11-24: Uncertainty Thresholds by Mineralisation Table 11-25: Nominal Drilling Pattern Table 11-26: Escondida Property Rio Tinto Ownership Basis (30%) – Summary of Mineral Resources Exclusive of Mineral Reserves as of December 31 2022 Table 11-27: Escondida Property Rio Tinto Ownership Basis (30%) – Summary of Mineral Resources Inclusive of Mineral Reserves as of December 31 2022 Table 12-1: Block Model Dimensions – Escondida Norte Pit Table 12-2: Block Model Dimensions – Escondida Pit Table 12-3: Principal Variables of the Block Model Table 12-4: Copper Concentrator COG Parameters Table 12-5: Sulphide Bioleaching COG Parameters Table 12-6: Acid Leaching COG Parameters Table 12-7: Pit Optimisation Economic Inputs Table 12-8: Escondida Property Rio Tinto Ownership Basis (30%) - Summary of Mineral Reserves as at 31st December 2022 Table 13-1: Mine Design Parameters

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page xi MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 13-2: Waste Dump Design Parameters Table 13-3: Hydraulic Parameters UH Table 13-4: Escondida System Water Balance Table 13-5: Hydrogeological Units of Escondida Norte Table 13-6: Escondida Norte System Water Balance Table 13-7: Mine equipment distribution FY23 Table 14-1: Primary Crushers Specifications Table 14-2: Conveyor Belts and Equipment Specifications at Primary Crushing System Table 14-3: Installed Capacity for Concentrators Table 14-4: Main Equipment list for Concentrator Process Table 14-5: Main Equipment List for Oxide Process Table 14-6: Main Equipment List for Bioleaching Process Table 14-7: Main Materials used at the Mine and Process Table 15-1: Overview of Major Subsystems at MEL Table 15-2: General Characteristics Laguna Seca Dam Table 15-3: Design Features for the Sixth raise Table 15-4: 220-kV High Voltage Electrical Energy Transmission Systems with their Source and Destination Substations Table 15-5: 69-kV High Voltage Electrical Power Transmission Systems with their Origin and Destination Substations Table 16-1: Historic Copper Price Table 17-1: Cost Estimates - SEC SK 1300 Regulations Table 18-1: Total Capital Cost by Area (Life of Mine) Table 18-2: Major Components of Capital and Operating Costs (100% Basis) Table 19-1: Mineral Reserves Physicals (100% MEL Terms) Table 19-2: Long Term Product and Subproduct Prices Table 19-3: Average Payable Metals Table 19-4: Financial Metrics Summary Table 19-5: Results of Sensitivity Analysis Table 25-1: Reliance on Information Provided by the Registrant SEC Technical Report Summary – Minera Escondida Limitada Page xii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 List of Figures Figure 1-1: Location of MEL Mine with Road Access Figure 1-2: Schematic of MEL Operations and Infrastructure Figure 3-1: Escondida Location Map Figure 3-2: Minera Escondida Ltda. Mining Concessions Figure 6-1: A) Metallogenic Belts of the Andes and their Main Copper-bearing Porphyries, B) Regional Geology Escondida District Figure 6-2: Local Geology Map Figure 6-3: Stratigraphic Column for Escondida District Figure 6-4: Pit Shell and Vertical Section for Lithology, Alteration, and Mineralogical Zone for Escondida Figure 6-5: Pit shell and Vertical Section for Lithology, Alteration and Mineralogical Zone for Escondida Norte Figure 7-1: Metres Drilled by Drilling Type and FY, Escondida Figure 7-2: Metres Drilled by Drilling Type and FY, Escondida Norte Figure 7-3: Distribution of Collars by Drill Hole Type, Escondida and Escondida Norte Figure 7-4: Vertical Section 108,600N with Drill Hole per Type, Escondida Figure 7-5: Vertical Section 114,000N with Drill Hole per Type, Escondida Norte Figure 7-6: Lithology Model Plan View and Vertical Sections, Escondida Figure 7-7: Lithology Model Plan View and Vertical Sections, Escondida Norte Figure 7-8: Piezometric Monitoring Network in the Escondida Pit Figure 7-9: Piezometric monitoring network in Escondida North pit Figure 7-10: Geotechnical Unit and Uniaxial Compression Strength (UCS) Escondida Mine Figure 7-11: Drill Hole (Samples) Location for Escondida and Escondida Norte Areas Figure 8-1: RC Sampling; A) Sample Collection; B) Weight control; C) Sample Splitting; D) A and B Samples Figure 8-2: DDH Sampling; A) Sample Collection; B) Sample Distribution in Metallic Trays Figure 8-3: A) Core Photography. B) Photography Stored in Imago Software Figure 8-4: Geological Logging Figure 8-5: Hydraulic Guillotine for Core Cutting Figure 8-6: MEL Sample Chain of Custody Figure 8-7: Chemical Analysis in External Laboratory Figure 8-8: Mechanical Preparation Schema, Bureau Veritas Laboratory Figure 8-9: MEL Flow Chart Summarising Sampling and Analytical Protocol Figure 8-10: QA/QC Samples Insertion; A) Label Printing from acQuire; B) Labelling of Pulp and Checking of Position of Controls According to scheme of analysis; C) Control Types Figure 8-11: Results of Field, Coarse (10#), and Pulp Duplicates-TCu Figure 8-12: Laboratory Results for TSEN59 and 62 of FY21 Campaign Figure 8-13: Coarse and Fine Blanks Result for FY21 Figure 9-1: Flowsheet of the MEL Data Verification Process Figure 10-1: MEL Geometallurgical Modelling Flowsheet Figure 10-2: Geometallurgical Testing Scheme Figure 10-3: Spatial Distribution of Geometallurgical Samples Figure 10-4: Geometallurgical Classification Profile for Copper Recovery at Concentrators on Long Term Plan 22

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page xiii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 10-5: Throughput Model Reconciliation Figure 10-6: Recovery Model Reconciliation Figure 11-1: Example Lithology Cross-Section for Escondida Section 108,260N (top) and Escondida Norte Section 114,000N (bottom) Figure 11-2: Example Alteration Cross-Sections for Escondida Section 107,255N (top) and Escondida Norte Section 114,100N (bottom) Figure 11-3: Examples of the Mineralogical Zones Cross-Sections for Escondida Section 107,550 (top) an Escondida Norte Section 114,150N (bottom) Figure 11-4: Sulphide Examples of CSA Cross-Sections for Escondida Section 107,450N (above) and Escondida Norte Section 114,330N (below) Figure 11-5: General View of the Pulse Variable, Escondida Figure 11-6: Composite Length Distribution for Escondida (left) and Escondida Norte (right) Figure 11-7: Box Plot for TCu Estimation Domain for Escondida Figure 11-8: Box Plot for TCu Estimation Domain for Escondida Norte Figure 11-9: Directional Variogram for TCu Estimation Domain 5 for Escondida Figure 11-10: Directional Variogram for TCu Estimation Domain 6 for Escondida Norte Figure 11-11: General View Escondida and Escondida Norte Block Model and Collar Distribution Figure 11-12: Escondida 107,900N Copper Cross-section Looking North Figure 11-13: Escondida Copper at 2770 RL Figure 11-14: Escondida Norte 114,000N Copper Cross-section Looking North Figure 11-15: Escondida Norte Copper at 2960 RL Figure 11-16: Swath Plots Total Sulphide, Escondida Figure 11-17: Swath Plots Total Sulphide, Escondida Norte Figure 11-18: Tonnage Reconciliation, Sulphide Escondida Figure 11-19: Total Copper Grade Reconciliation, Sulphide Escondida Figure 11-20: Total Contained Copper Tonnes Reconciliation, Sulphide Escondida Figure 11-21: Tonnage Reconciliation, Sulphide Escondida Norte Figure 11-22: Total Copper Grade Reconciliation, Sulphide Escondida Norte Figure 11-23: In-situ Metal Reconciliation, Sulphide Escondida Norte Figure 11-24: Mineral Resources Classification and Data Density Figure 11-25: Mined Sulphide Material by Mineral Resources Category, FY12 to FY22, Escondida Figure 11-26: Mined Sulphide Material by Mineral Resources Category, FY12 to FY22, Escondida Norte Figure 11-27: Escondida Sulphide Annual and Quarterly Deviations Figure 11-28: Escondida Norte Annual and Quarterly Deviations Figure 11-29: Mined Oxide and Mixed Material by Mineral Resources Category, FY12 to FY22, Escondida Norte Figure 12-1: MEL Process for Mineral Reserves Estimation Figure 12-2: Escondida Norte Pit and the Compañía Minera Zaldivar Lease Boundary Figure 12-3: Sources and Actual Destination Flowsheet Figure 12-4: Optimal Pit Selection for Escondida Pit Figure 12-5: Optimal Pit Selection for Escondida Norte Pit Figure 12-6: Feed by Reserve Category to Process Figure 13-1: Geotechnical Estimate Flowsheet SEC Technical Report Summary – Minera Escondida Limitada Page xiv MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 13-2: Geotechnical Definitions Figure 13-3: Escondida Pit Operational IRA (ToR 23) Figure 13-4: Escondida Norte Pit Operational IRA (ToR 23) Figure 13-5: Waste Dump Design Parameters Figure 13-6: Factor of Safety Criteria for Pit Design Figure 13-7: Escondida Hydrogeological Model Figure 13-8: Escondida Norte Hydrogeological Model Figure 13-9: Laguna Seca Tailing Storage Facility Hydrogeological Model Figure 13-10: Escondida Sulphide Annual and Quarterly Deviations Figure 13-11: Escondida Norte Annual and Quarterly Deviations Figure 13-12: Escondida Pit Pushbacks Figure 13-13: Escondida Norte Pit Pushbacks Figure 13-14: SEC Annual Production by Process (ktpa) Figure 13-15: Total Material Movement (Mt) and Average Grade Figure 13-16: Final Pit outlines of the MEL mining operations Figure 14-1: Schematic of MEL Infrastructure Figure 14-2: Primary Crusher System for Concentrators Figure 14-3: Schematic of MEL Concentrator Process Figure 14-4: Schematic of MEL Oxide Leach Process Figure 14-5: Schematic of MEL Bioleach Process Figure 14-6: Energy Consumption Distribution at MEL Figure 14-7: Water Demand Distribution at MEL Figure 15-1: Schematic of MEL Operations Figure 15-2: MEL's Main Facilities Figure 15-3: Regional Railway Scheme Figure 15-4: Regional Roads Schema Figure 15-5: Coloso Port Figure 15-6: Coloso Port Process Schematic Figure 15-7: Laguna Seca Tailing Storage Facility Figure 15-8: Electric Transmission Lines Schematic Figure 15-9: Water Lines Schematic Figure 15-10: Infrastructure Layout Map Figure 16-1: Global supply-demand balance Figure 16-2: Historical LME copper price Figure 16-3: Copper Supply Curve 2030 C3 Costs Figure 18-1: Annual Capex Breakdown Figure 18-2: Annual Opex Breakdown Figure 19-1: SEC Production Schedule for MEL (100% MEL Terms) Figure 19-2: Annual Cash Flow Figure 20-1: CMZ Located Next to Escondida Norte Pit

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page xv MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 21-1: In Plan vs Delayed vs Unplanned Figure 21-2: Volumetric Delay-Recover per Pushback, from July to March FY22 SEC Technical Report Summary – Minera Escondida Limitada Page xvi MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 List of Abbreviations The metric system has been used throughout this Report. Tonnes are metric of 1,000 kg, or 2,204.6 lb. All currency is in U.S. dollars (US$) unless otherwise stated. Abbreviation Unit or Term # Mesh % percent ° degree (degrees) °C degrees Centigrade °F degrees Fahrenheit µm micron or microns A ampere A/m2 amperes per square metre AAS atomic absorption Ag silver amsl above mean sea level ANFO ammonium nitrate fuel oil Ar / Ar Argon / Argo dating ARG Argillic As Arsenic ATV Acoustic Televiewer Au gold AuEq gold equivalent grade BHP BHP BIO Biotite BK_NN Nearest Neighbour block model BK_OK Ordinary kriging block model BWi Bond Work Index bwi Bond Work Index (Kwh/ton) CCD counter-current decantation CF Physical Composites cfm cubic feet per minute CIL carbon-in-leach cm centimetre cm2 square centimetre cm3 cubic centimetre CoG cut-off grade ConfC confidence code CRec core recovery CRM certified reference material CSA copper sulphide abundance cspcc Copper grade from Chalcocite (%) cspcpy Copper grade from Chalcopyrite (%) cspcv Copper grade from Covellite (%) CSS closed-side setting CTW calculated true width DDH diamond drill hole densidad Dry Density dia. diameter ED Estimation Domain EDXRF energy-dispersive X-ray fluorescence EIS Environmental Impact Statement EMP Environmental Management Plan FA fire assay FCAB Ferrocarril de Antofagasta a Bolivia Fe Iron Ferronor Empresa de Ferrocarriles del Norte Grande FF Frequency Fracture

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page xvii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Abbreviation Unit or Term ft foot (feet) ft2 square foot (feet) ft3 cubic foot (feet) FY fiscal year g gram g/L gram per litre g/t grams per tonne gal gallon g-mol gram-mole gpm gallons per minute ha hectares HDPE Height Density Polyethylene HE High Enrichment hp horsepower HTW horizontal true width ICP induced couple plasma ID2 inverse-distance squared ID3 inverse-distance cubed IFC International Finance Corporation ILS Intermediate Leach Solution IRS Intact Rock Strength IT Indirect Traction kA kiloamperes kg kilograms km kilometre km2 square kilometre koz thousand troy ounce kt thousand tonnes ktpd thousand tonnes per day kV kilovolt kW kilowatt kWh kilowatt-hour kWh/t kilowatt-hour per metric tonne L litre L/s litres per second L/s/m litres per second per metre lb pound LE Low Enrichment LHD Long-Haul Dump truck Lix Leach LLDDP Linear Low Density Polyethylene Plastic LOA Life of Asset LOI Loss On Ignition LOM Life-of-Mine m metre m.y. million years M1 ore type M2 ore type m2 square metre m3 cubic metre Ma Million years ago MARN Ministry of the Environment and Natural Resources MDA Mine Development Associates MEL Minera Escondida Ltda. mg/L milligrams/litre mm millimetre mm2 square millimetre mm3 cubic millimetre SEC Technical Report Summary – Minera Escondida Limitada Page xviii MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Abbreviation Unit or Term MME Mine & Mill Engineering Mo Molybdenum Moz million troy ounces MRC moisture retention characteristics Mt million tonnes MTW measured true width MW million watts N North NGO non-governmental organisation NI 43-101 Canadian National Instrument 43-101 OC Open cut mining method OK Ordinary Kriging OSC Ontario Securities Commission oz troy ounce P80 Milling product size product size 150 microns PLC Programmable Logic Controller PLS Pregnant Leach Solution PMF probable maximum flood POT Potassic PPAs Power Purchase Agreements ppb parts per billion ppm parts per million PtXt Partial Extraction Py Pyrite (%) QA/QC Quality Assurance/Quality Control QP Qualified Person QSC Quartz sericite clay RC Reverse circulation drilling rec Recovery rec_flc Flotation recovery for Los Colorados concentrator (%) rec_fls Flotation recovery for Laguna Seca concentrator (%) rec_lixaci Acid leach recovery (%) rec_sl_350 Sulphide leach recovery (%) ROM Run-of-Mine RQD Rock Quality Description RRR&R Risk Review Resources and Reserves RS Oxidation Ratio s2 Sulphur (%) SAG Semi-autogenous grinding mills SCC Sericite chlorite clay SCu Soluble copper (%) SEC U.S. Securities & Exchange Commission sec second SG specific gravity SGV Green grey sericite SMU Selective Mine Unit SPI SAG Power Index spi Sag Power Index (min) SPT standard penetration testing st short ton (2,000 pounds) t tonne (metric ton) (2,204.6 pounds) TCS Triaxial Compression TCu Total Copper TCu Total Copper (%) tpd tonnes per day tph tonnes per hour TPH Tonnes per hour TRS Technical Report Summary

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page xix MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Abbreviation Unit or Term TSF tailings storage facility TSP total suspended particulates UCS Uniaxial Compression UG Underground mining method UG DUR Hardness estimation domain UG REC Recovery estimation domain U-Pb Uranium Lead dating US$ M United States Dollars (millions) UTM Universal Transverse Mercator coordinates U.T.M. Unidad Tributaria Mensual - a Chilean state tax unit being valued in Chilean Pesos (CLP) V volts VFD variable frequency drive W watt XRD x-ray diffraction y year SEC Technical Report Summary – Minera Escondida Limitada Page 20 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 1 Executive Summary This report was prepared as a Pre-Feasibility Study-level Technical Report Summary (TRS) in accordance with the Securities and Exchange Commission (SEC) S-K regulations (Title 17, Part 229, Sections 601 and 1300 until 1305) for Rio Tinto on the Minera Escondida Ltda. property (MEL). BHP Group Limited (BHP) has a 57.5% ownership of MEL, a joint venture with Rio Tinto (30%) and Japan-based JECO Corp (12.5%). BHP is the operator of MEL. MEL comprises two open pits, three sulphide concentrator plants, two leaching plants and associated infrastructure. The Escondida property has been in operation continuously since production start-up in late 1990 and its capacity has since been increased through a number of phased expansions. 1.1 Property Description The Escondida property mine site is located in the Atacama Desert of northern Chile approximately 170 km south-east of Antofagasta at a general elevation of 3,100 m above mean sea level (amsl). The mine site and associated infrastructure is located within Chile's II (Second) Region. Antofagasta is the regional capital city and an important port city for the mining industry located in the region. The Escondida property currently mines two copper deposits of very similar characteristics, Escondida and Escondida Norte, being mined by open pit mining methods. Escondida is significantly larger than Escondida Norte and the two deposits are separated by less than 10 km: Escondida is located at approximately latitude 24°16' south / longitude 69° 04' west and Escondida Norte at approximately latitude 24°13' south / longitude 69° 03' west (Figure 1-1). 1.2 Geology and Mineralization Both Escondida and Escondida Norte are porphyry copper deposits, being the deposit type typical of the majority of Chilean/Andean copper deposits. The deposits lie in the Escondida-Sierra de Varas shear lens of the Domeyko Fault System. The deposits are supergene-enriched copper porphyries with primary mineralisation associated with multiple phase intrusions of monzonite to granodiorite composition into host volcanics. The deposits are related geographically and geologically to porphyry bodies intruded along a regional lineament which exerts strong control over the regional distribution of deposits of this age and type. An important aspect of the MEL deposits is the "supergene enrichment" which has concentrated copper in the upper parts of the mineralised system as a result of natural uplift and weathering processes resulting from the geological evolution of the Atacama Desert region. This process both concentrated copper into certain zones (supergene enrichment), whilst also locally oxidising sulphide minerals to oxide minerals (oxidation) and resulted in the Escondida district presenting both elevated copper grades and a zone nature presenting a range of different copper mineralized zones. This resulting zonation presents a general layered nature with a localised discontinuous "secondary oxide" zone overlying a more continuous enriched or "supergene sulphide" zone which in turn overlies a thicker "hypogene sulphide" zone extending to depth. Pre-mining, the start of copper mineralisation was generally located at approximately 150 to 200 m depth below surface. Copper oxide minerals are principally brochantite, antlerite, and chrysocolla along with iron oxides. Supergene zone minerals are dominated by the copper mineral chalcocite with lesser covellite and chalcopyrite occurring with the ubiquitous iron sulphide mineral pyrite. The hypogene sulphide zone is dominated by chalcopyrite and pyrite, with lesser bornite. The hypogene zone copper grades range between 0.2% and 1% copper. The enrichment zone presented copper grade of up to 4% as a result of the supergene enrichment.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 21 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 1-1: Location of MEL Mine with Road Access 1.3 Existing Infrastructure MEL has company-owned infrastructure distributed over a large area of the Antofagasta region reflecting the magnitude of its operational activities. This includes mineral extraction from two open pits, three sulphide concentrator plants, two leaching plant processes which feed a copper cathode production plant, two seawater desalination plants, a tailings storage facility, along with support and service facilities. These are summarised schematically in Figure 1-2. The concentrator plants are similar in terms of installed process technology and consist of primary grinding using semi autogenous mills (SAG), secondary milling using ball mills, rougher flotation circuits using conventional cells and cleaner flotation circuits using column cells. Details of the installed equipment can be found in Chapter 14. The leaching plants employ conventional solvent extraction-electrowinning (SX-EW) technology to produce cathode copper metal from copper bearing leach solutions from each of the sulphide leach and oxide leach operations. Oxide ore is crushed and graded for sulphuric acid heap leaching on a dynamic SEC Technical Report Summary – Minera Escondida Limitada Page 22 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 ("on-off") leaching pad. Sulphide ore is hauled from the open pits and deposited as run of mine (ROM) for acid bioleaching on permanent leach pads. Copper concentrates are pumped from the MEL operation via two pipelines each approximately 170 km length to Coloso port for filtering, stockpiling, and shipping. The facilities at Coloso port are dedicated to dewatering using six pressurized filters, which reduce the moisture content to an average of 9% after arrival at the pipeline discharge. Effluent is treated and pumped to the mine site for reutilization. Copper cathode is transported by rail to public ports at Antofagasta. Source: MEL (2022) Figure 1-2: Schematic of MEL Operations and Infrastructure 1.4 Mineral Tenure MEL holds mining concessions in accordance with the current mining laws and national constitution of Chile. A mining concession allows the concession holder to mine the area indefinitely, dependent upon an annual payment of the corresponding license fees. All leases were obtained through the legally established process in which judicial requests are presented to the Chilean state. This legal framework gives MEL exclusive exploration and exploitation rights for all minerals in these concessions and therefore the ability to declare ownership of the mineral resources and mineral reserves reported herein. MEL holds 764 mining concessions, covering a total area of 406,018 hectares (ha). There are 18 principal mining concessions that provide MEL with the right to explore and mine. These principal concessions, including both the Escondida and Escondida Norte deposits, are listed in Table 1-1. The location and boundaries of these mining concessions are shown in Figure 3-1 of Chapter 3. In addition to mining concessions, Chilean law regulates the rights to use the land surface. These rights allow physical occupation and transit and are required in order to facilitate mining activity such as: the excavation of pits, accumulation of dumps, construction and use of leaching pads, deposition of tailings storage facilities and the construction of metallurgical processing plants, amongst others. MEL owns 155,000 ha of surface rights and these are also renewable on an annual basis which cover both current and foreseeable requirements for the operation. These rights are also obtained through legal process presented to the Chilean state and potentially to other third party owners, including the Chilean "Consejo

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 23 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 de Defensa del Estado" as required. Surface rights are also renewed by the existing holder on an annual basis. The surface rights considered to be most significant to MEL's operations are listed in Table 1-2. Table 1-1: MEL Main Mining Concessions Number Lease Name Company Name Expiry Date Surface Area (hectares) Annual Rent and Rate1 (U.T.M.)2 1 Alexis 1/1424 Minera Escondida Ltda. Permanent 7,059 705.9 2 Amelia 1/1049 Minera Escondida Ltda. Permanent 5,235 523.5 3 Catita 1/376 Minera Escondida Ltda. Permanent 1,732 173.2 4 Claudia 1/70 Minera Escondida Ltda. Permanent 557 55.7 5 Colorado 501/977 Minera Escondida Ltda. Permanent 2,385 238.5 6 Costa 1/1861 Minera Escondida Ltda. Permanent 9,159 915.9 7 Donaldo 1/612 Minera Escondida Ltda. Permanent 3,060 306.0 8 Ela 1/100 Minera Escondida Ltda. Permanent 500 50.0 9 Gata 1 1/100 Minera Escondida Ltda. Permanent 400 40.0 10 Gata 2 1/50 Minera Escondida Ltda. Permanent 200 20.0 11 Guillermo 1/368 Minera Escondida Ltda. Permanent 1,785 178.5 12 Hole 14 Minera Escondida Ltda. Permanent 1 0.1 13 Naty 1/46 Minera Escondida Ltda. Permanent 230 23.0 14 Paola 1/3000 Minera Escondida Ltda. Permanent 15,000 1,500.0 15 Pista 1/22 Minera Escondida Ltda. Permanent 22 2.2 16 Pistita 1/5 Minera Escondida Ltda. Permanent 9 0.9 17 Ramón 1/640 Minera Escondida Ltda. Permanent 3,200 320.0 18 Rola 1/1680 Minera Escondida Ltda. Permanent 8,400 840.0 TOTAL 58,934 5,893 1 The 2022 rate is 0.1 U.T.M. (Unidad Tributaria Mensual - which is a Chilean state tax unit being valued in Chilean Pesos (CLP) per ha. 2 Annual payments are made at end of the Chilean tax year (end March) for mining concession in U.T.M. The total annual payment for 2022 which supports this this group of concessions in March 2022 was equivalent to MCLP $327 (million Chilean Pesos) or approximately US$400,000 (U.T.M./CLP 55,537 and USD/CLP 787 as of 31st March 2022 (Source: Central Bank of Chile). This payment is that which confirms mining and extraction rights as of 30 June 2022. Table 1-2: MEL Main Surface Rights Infrastructure items covered Unique Surface Rights Identifier1 Area (hectares) Folio Number Year Register Regional Office Pits, Waste Dumps, Leach Pads, Plants 619 V 964 1984 Hipotecas y Gravámenes Bienes Raíces Antofagasta 22,084 Energy Transmission Lines, Aqueducts, Mineral Pipelines, Roads 1121 V 1117 2018 Hipotecas y Gravámenes Bienes Raíces Antofagasta 26,988 1 As defined by Chilean legal requirements MEL also holds maritime concessions for the Coloso Port facilities. These concessions are requested through submission of the proposed project to the Chilean Ministry of Defence and are awarded by legal decree. 1.5 Royalties No royalty streams exist for any of the shareholders. SEC Technical Report Summary – Minera Escondida Limitada Page 24 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 1.6 Present Condition of the Property The MEL property is a production stage property actively operating two open cut pits, Escondida and Escondida Norte. Surface mining is by drilling and blasting along with shovel/excavator loading and truck haulage from each of the two open pits. Extracted sulphide ore undergoes crushing prior to processing in one of three concentrators with concentrate piped to the Coloso Port for export. Lower grade sulphide ore is directly deposited onto run of mine (ROM) leach pads and is processed by acid bioleaching. Oxide and minor mixed ore are processed using acid heap leaching. Copper cathode from the leaching processes is transported by rail to third party operated ports. Resource definition activities are continuous and ongoing to upgrade the geological characterisation that informs mineral resources estimation which in turns underpins the annual planning processes and mineral reserves estimation. The area around the current MEL operation has been extensively mapped, sampled, and drilled during over three decades of exploration work. Construction commenced on the Escondida property in 1988 with first production in 1990. There then followed a number of expansion phases from 1993 onwards which included the development of additional infrastructure to increase production. Initially these were expansions to the single Los Colorados concentrator, but subsequently to other production infrastructure when in 1998 production of cathodes from the leaching of oxide ore was commenced. The Phase 4 concentrator and tailings storage facility were then inaugurated in 2002. Key milestones subsequent to first production in 1990 regarding the development of the operations were: • 1998 Acid heap leaching of oxides commenced • 2002 Second concentrator (Phase 4) inaugurated • 2005 Mining commenced at Escondida Norte • 2006 Dump bio-leaching of sulphides commenced • 2007 First desalination plant commenced pumping • 2016 Third concentrator (OGP1) inaugurated • 2017 Second desalination plant commenced pumping • 2020 Operation converted to 100% use of desalination water The operations undertake planned maintenance programs and implement scheduled replacement of mine fleet and infrastructure components that is intended to maintain the continued reliable operation of equipment, facilities and infrastructure to meet operational requirements. 1.7 History of previous operations Minera Escondida Limitada (MEL) operates the Escondida property. Current ownership, which has been stable since 2010 is BHP (57.5%), Rio Tinto (30%), JECO Corporation (10%) and JECO 2 Limited (2.5%). Utah International Inc. (Utah) and Getty Oil Co. (Getty) commenced geochemical exploration in the region in 1978 which led to the discovery of Escondida deposit in 1981. In 1984 through corporate acquisitions, BHP acquired the Escondida property. Ownership changed in 1985 to a joint venture between BHP (57.5%), Rio Tinto Zinc (30%), JECO Corporation (10%) and World Bank (2.5%). The current joint venture undertook all the subsequent exploration and development work to bring MEL into operation at the end of 1990. 1.8 Significant Encumbrances to the Property The QP is not aware of any significant encumbrances that would impact the current mineral resources or mineral reserves disclosure as presented herein in any material respect.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 25 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 1.9 Summary of All Mineral Resources and Mineral Reserves The mineral resources estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of the SEC S-K 1300 Regulations. Although all the technical and economic issues likely to influence the prospect of economic extraction of the resource are anticipated to be resolved under the stated assumed conditions, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves. The mineral resources estimate includes both the Escondida and Escondida Norte deposits. The mineral reserves estimates are based on a Life of Mine (LoM) plan that has been developed according to SEC S-K 1300 Regulations and has been developed using industry accepted strategic planning approaches which defined the life of the mines on the Escondida property. Inferred mineral resources have been treated as waste. The final reserves plan is the outcome of the application of appropriate modifying factors in order to establish an economically viable and operational mine plan. At the Escondida property a variable cut-off grade strategy is applied to develop the mine plan. The mineral reserves estimate includes both the Escondida and Escondida Norte deposits. The details of the relevant modifying factors included in the estimation of mineral resources and mineral reserves are discussed in Chapter 11 and Chapter 12 respectively. • Mineral resources estimates for MEL at the end of the calendar year ended 31 December 2022 are provided in Table 1-3. • Mineral reserves estimates for MEL at the end of the calendar year ended 31 December 2022 are provided in Table 1-4. Table 1-3: Escondida Property Rio Tinto Ownership Basis (30%) – Summary of Mineral Resources Exclusive of Mineral Reserves as of 31 December 2022 Copper Chile Escondida Mining Method Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Tonnage Quality Tonnage Quality Tonnage Quality Tonnage Quality Mt %Cu Mt %Cu Mt %Cu Mt %Cu Oxide OC 2 0.48 3 0.47 5 0.48 1 0.75 Mixed OC 2 0.53 5 0.44 7 0.47 6 0.49 Sulphide OC 311 0.49 533 0.49 844 0.49 2,800 0.53 Escondida Total 315 0.49 541 0.49 856 0.49 2,810 0.53 Notes: 1 Mineral resources are being first time reported in accordance with S-K 1300 and are presented for the portion attributable to Rio Tinto's economic interest. All tonnes and quality information have been rounded, small differences may be present in the totals. 2 Mineral resources are presented exclusive of mineral reserves. 3 Escondida, in which Rio Tinto has a 30% interest, is considered a material property for purposes of Item 1303 of S-K 1300. 4 Escondida point of reference for the mineral resources was mine gate. 5 Escondida mineral resources estimates were based on a copper price of US$3.04/lb. 6 Escondida mineral resources cut-off criteria used was Oxide ≥ 0.20% soluble Cu; Mixed ≥ 0.30% Cu; Sulphide ≥ 0.25% Cu for mineralisation assigned to be processed via leaching or ≥ 0.30% Cu for mineralisation assigned to be processed via the concentrator. 7 Escondida metallurgical recoveries for Oxide 62%; Mixed 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator. SEC Technical Report Summary – Minera Escondida Limitada Page 26 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 1-4: Escondida Property Rio Tinto Ownership Basis (30%) - Summary of Mineral Reserves as of 31 December 2022 Copper Chile Escondida Mining Method Proven Reserves Probable Reserves Total Reserves Tonnage Quality Tonnage Quality Tonnage Quality Mt %Cu Mt %Cu Mt %Cu Oxide OC 37 0.56 16 0.50 52 0.54 Sulphide OC 793 0.70 489 0.56 1,280 0.65 Sulphide Leach OC 388 0.46 101 0.40 489 0.45 Escondida Total 1,218 0.62 606 0.53 1,821 0.59 Notes: 1 Mineral reserves are being first time reported in accordance with S-K 1300 and are presented for the portion attributable to Rio Tinto's economic interest. All tonnes and quality information have been rounded, small differences may be present in the totals. 2 Escondida, in which Rio Tinto has a 30% interest, is considered a material property for purposes of Item 1303 of S-K 1300. 3 Escondida point of reference for the mineral reserves was mine gate. 4 Escondida mineral reserves estimates were based on a copper price of US$2.79/lb. 5 Escondida mineral reserves cut-off criteria used was Oxide ≥ 0.20% soluble Cu. For Sulphide ≥ 0.30% Cu and where greater than the variable cut-off of the concentrator. Sulphide ore is processed in the concentrator plants as a result of an optimised mine plan with consideration of technical and economic parameters in order to maximise net present value. Sulphide Leach ≥ 0.25% Cu and 70% or less of copper contained in chalcopyrite and lower than the variable cut-off grade. Sulphide leach ore is processed in the leaching plant as an alternative to the concentrator process. 6 Escondida metallurgical recoveries for Oxide 62%; Sulphide Leach 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator. 7 No stockpiled material has been included in the reserve statement. 1.10 Changes to Mineral Resources and Reserves between 31 December 2021 and 2022 Mineral resources are being reported for the first time under the new S-K 1300 Regulation for the calendar year ending 31 December 2022 . There are no comparable estimates for the preceding year ending 31 December 2021. Rio Tinto has previously reported mineral reserves for Minera Escondida Ltda. under US SEC Guide 7, but has not previously filed a TRS with the SEC. This document is not an update of a previously filed TRS. Rio Tinto has not previously reported mineral resources for Minera Escondida Ltda. 1.11 Material Assumptions and Criteria Material assumptions in the estimation of mineral resources are the estimation methodology applied based on Ordinary Kriging, the sample data preparation including data capping and the pit optimisation to determine the resources that have reasonable prospects of economic extraction and associated commodity price. The monthly third quartile three-year historic prices for copper are used to define the mineral resources estimate, shown in Table 1-5. Material assumptions are discussed in detail in Chapter 11. Material assumptions in the estimation of mineral reserves are the classified resource model, variable cut- off grade strategy, mining dilution and mining recovery, processing plant throughput and yields, exchange rate, geotechnical parameters commodity prices, operating and capital costs. These are discussed in detail in Chapter 12.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 27 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 1-5: Mineral Resources Price Assumptions Assumption Value Unit COPPER - LME-Copper, Grade A Cash - A.M. OFFICIAL – Third Quartile 3.04 US$/lb The monthly median three-year historic prices for copper are used to define the Mineral reserves estimate, shown in Table 1-6. Table 1-6: Mineral Reserves Price Assumptions Assumption Value Unit COPPER - LME-Copper, Grade A Cash - A.M. OFFICIAL - Median 2.79 US$/lb 1.12 Qualified Person's Conclusions and Recommendations MEL has mineral resources and mineral reserves supported by drilling programmes, all within the boundaries of MEL's mining concessions and surface rights and close to existing infrastructure. The vertically integrated nature of the mining and processing facilities, located proximal to the ore body, provides the flexibility to add and optimise growth tonnes to existing infrastructure. Mineral resources confidence is reflected in the applied classifications in accordance with the SEC S-K 1300 Regulations with factors influencing classification including but not limited to data density, data quality, geological continuity and/or complexity, estimation quality and weathering zones. Reconciliation data from the existing operation supports the confidence of resource estimates. There has been over 30 years of production history at the Escondida property that has been used to validate and calibrate the mineral resources estimate and modifying factors employed. The high proportion of indicated/measured mineral resources and the reconciliation history give high confidence in the estimation and reporting of the mineral resources. Future work planned within the annual planning cycle is expected to continue to acquire data to both improve the local estimate within all mineral resources categories and extend this level of understanding to new volumes for the deposit as required. Confidence in the mineral reserves is reflected in the applied mineral reserves classifications in accordance with the SEC S-K 1300 Regulations with factors influencing classification including but not limited to mining methods, processing methods, economic assessment and other life of asset and closure assessments. Reconciliation data from the existing operation supports the confidence of reserve estimates. Uncertainties that affect the reliability or confidence in the mineral reserves estimate include but are not limited to: • Future macro-economic environment, including metal prices and foreign exchange rate • Revised capital estimates of major infrastructure projects as they move into definition phase studies, including two-stage smelter and materials handling system • Changes to operating cost assumptions, including labour costs • Ability to continue sourcing water • Changes to mining, hydrological, geotechnical parameters, and assumptions • Ability to maintain environmental and social license to operate The economic sensitivity analysis presented in Chapter 19 demonstrate that mineral reserves estimate is not materially sensitive to variations in the input assumptions. Economic value is most sensitive to the commodity price however still remains positively economic for the life of mineral reserves. SEC Technical Report Summary – Minera Escondida Limitada Page 28 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Based on the confidence in the modifying factors and the information presented in this TRS, the QP is of opinion that the mineral reserves estimate is supported by adequate technical data and assumptions.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 29 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 2 Introduction 2.1 Registrant for Whom the Technical Report Summary was Prepared This Technical Report Summary (TRS) was prepared in accordance with the SEC S-K 1300 Regulations for Rio Tinto to support its declaration of mineral resources and mineral reserves on the MEL property (operated by BHP), comprising the Escondida and Escondida Norte deposits, for the fiscal year ended on 31 December 2022. 2.2 Terms of Reference and Purpose of the Report This TRS was prepared to support the disclosure of mineral resources and mineral reserves for the Escondida Property (MEL), for the fiscal year ended on 31 December 2022 in compliance with the SEC S-K 1300 Regulations. This report does not include any exploration results that are not part of MEL's mineral resources or mineral reserves. Mineral resources and mineral reserves are reported herein at a Preliminary Feasibility Study-level. The effective date of this Technical Report Summary is 31 December 2022. It should be noted that reference is made in this report to the Australian financial years using the prefix "FY". For example FY22 means the fiscal year 2022 ending as of 30th June 2022. If calendar years are being referenced then the prefix "CY" will be used. 2.3 Sources of Information Most of the information and data used in the development of this TRS was provided by Minera Escondida Ltda. and associated MEL entities as well as sourced from publicly available information. Any key references are provided, where applicable, in Chapter 24, available at the time of writing this TRS. Unless otherwise stated, all figures and images were prepared by MEL. Units of measurement referenced in this TRS are based on local convention in use at the property and currency is expressed in US dollars unless otherwise stated. Maps and plans contained within the document are reported using different coordinate systems. The following are used in the document: • Latitude and Longitude • UTM Projection PSAD56 (Provisional South American Datum 1956) • UTM Projection WGS84 (World Geodetic System 1984) Local mine coordinates. Local mine coordinates are based off UTM Projection PSAD56. Reliance upon information provided by the registrant is listed in Chapter 25 when applicable. 2.4 Details of Inspection Rio Tinto has relied on the Qualified Persons listed in Table 2-1 to prepare the information and this report supporting its disclosure of mineral resources and mineral reserves, with the sections noted for which each Qualified Person is responsible. All Qualified Persons are full time employees of MEL. All Qualified Persons would normally undertake regular site visits to the MEL mine site on at least a monthly basis. The COVID-19 pandemic and associated restrictions on movement caused some Qualified Persons to be unable to visit the Escondida property in the 12 months prior to the effective date of this report. It is noted that Qualified Persons that were not able to undertake site visits in the last 12 months had fulfilled their site visits previously and have maintained extensive contact with site based staff through their routine remote work activities. SEC Technical Report Summary – Minera Escondida Limitada Page 30 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 2-1: List of Qualified Persons QP Name Relation to Registrant and their Role Qualification Professional Organisation and Membership level Years of Relevant Experience Responsible for disclosure of Rodrigo Maureira Full-time employee / Senior Geologist Bachelor of Geology (Chile) AusIMM Member (#327820) 21 years in copper projects and operations Mineral Resources – Chapter 8, 9 and 11 in full, Chapter 7 excluding Sections 7.3 and 7.4, and Chapter 1-5 and 20-25 jointly with Mineral Reserve QP Pamela Castillo Full-time employee / Superintendent Long Term Planning Mining Engineer AusIMM Member (#3078769) 14 years in copper projects and operations within the mining industry Mineral Reserves – Chapter 12, 15, 16, 18 and 19 in full, Chapter 13 excluding 13.3.1 and 13.3.2, and Chapter 1- 5 and 20-25 jointly with Mineral Resources QP Andrés Salazar Full-time employee / Senior Geologist Bachelor of Geology (Chile) AusIMM Member (#332364) 18 years in copper projects and operations of total 25 years in the mining industry Geology – Chapter 6 in full Carlos Delgado Full-time employee / Superintendent Geometallurgy B. Sc. Chemical Engineering (Chile) Degree Metallurgical Engineering (Chile) AusIMM Member (#3046359) 23 years in copper projects and operations of total 24 years in mineral industry Mineral Processing and Metallurgical Testing – Chapter 10 in full Processing and Recovery Methods - Chapter 14 in full Andres Naranjo Full-time employee / Superintendent Asset Resource Management Metallurgical Engineer; Master in Engineering Sciences (Chile) AusIMM Member (#3002271) 23 years in copper projects and operations Infrastructure Chapter 15 in full Environmental Studies, Permitting, Plans and Agreements – Chapter 17 excluding Section 17.2.1 Pablo Vasquez Full-time employee / Superintendent Geotechnical Long Term Mining Engineer (Chile) B. Sc. Geomechani cs (Chile) AusIMM Member (#3125198) 23 years in copper projects and operations. Geotechnical & Hydrogeology (Sections 7.3 and 7.4), Hydrogeology (Section 13.3.2), Pit Geotechnical (Section 13.3.1)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 31 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Esteban Pavani Full-time employee / Superintendent Tailings Civil Engineer (Chile) AusIMM Member (#3125570) 14 years in tailings facilities and management Tailings Management (Section 17.2.1) 2.5 Report Version Update Rio Tinto has previously reported mineral reserves for Minera Escondida Ltda. under US SEC Guide 7, but has not previously filed a TRS with the SEC. This document is not an update of a previously filed TRS. Rio Tinto has not previously reported mineral resources for Minera Escondida Ltda.in a filing with the SEC. This version reflects certain restatements solely for the purpose of updating certain biographical and related information concerning the qualified persons identified in this report. No other information has been modified from the version of this report most recently filed with the SEC. SEC Technical Report Summary – Minera Escondida Limitada Page 32 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 3 Property Description 3.1 Property Location Escondida and Escondida Norte are in the Atacama Desert in the eastern foothills of the Atacama Desert and the Domeyko Mountain Range, about 170 kilometres (km) southeast of the city of Antofagasta, Chile, which is the capital city of the II Region (Figure 3-1). The average elevation is 3,100 m above mean sea level (amsl). The geographical location of the Escondida and Escondida Norte mining district, using UTM coordinate system, is 7,314,270N and 7,317,667N, 490,284E and 494,281E for Escondida, and 7,320,665N and 7,322,663N, 493,281E and 496,279E for Escondida Norte. Maps presented in this chapter use UTM PSAD56 coordinates. Source: MEL (2022) Figure 3-1: Escondida Location Map The total area with mineral rights held by MEL is approximately 178 km2 and is held under a mining lease. Areas of the active mining are located on various parcels of land within the local Municipality and leased or owned by MEL for operation support activities (e.g. industrial areas, accommodation villages, airport etc.). In addition to various freehold properties, MEL has other occupation licenses to operate.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 33 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 3.2 Mineral Tenure MEL operations are fully covered by 764 mining concessions, totalling 406,018 ha. All concessions are in good legal standing. Of this total, Table 3-1 details the 18 principal mining concessions (Figure 3-2) where the mineral resources and reserves are located with their corresponding surface area in hectares (ha) and the annual payment which was made as of 31st March 2022 (as per Chilean requirements). The annual payments are valued in "Unidad Tributaria Mensual" (U.T.M.) which is a Chilean state tax unit being valued in Chilean Pesos (CLP). As reported by MEL, the total annual payment for 2022 paid for this group of concessions in March 2022 with a surface area of 58,934 ha, was equivalent to MCLP$327 (million Chilean Pesos) or approximately US$400, 0001 as of 30 June 2022. Table 3-1: MEL Mining Concessions Lease Number Lease Name Company Name / Joint Venture Expiry Date Surface Area (hectares) Annual Payment (U.T.M.) 1 Alexis 1/1424 Minera Escondida Ltda. Permanent 7,059 705.9 2 Amelia 1/1049 Minera Escondida Ltda. Permanent 5,235 523.5 3 Catita 1/376 Minera Escondida Ltda. Permanent 1,732 173.2 4 Claudia 1/70 Minera Escondida Ltda. Permanent 557 55.7 5 Colorado 501/977 Minera Escondida Ltda. Permanent 2,385 238.5 6 Costa 1/1861 Minera Escondida Ltda. Permanent 9,159 915.9 7 Donaldo 1/612 Minera Escondida Ltda. Permanent 3,060 306.0 8 Ela 1/100 Minera Escondida Ltda. Permanent 500 50.0 9 Gata 1 1/100 Minera Escondida Ltda. Permanent 400 40.0 10 Gata 2 1/50 Minera Escondida Ltda. Permanent 200 20.0 11 Guillermo 1/368 Minera Escondida Ltda. Permanent 1,785 178.5 12 Hole 14 Minera Escondida Ltda. Permanent 1 0.1 13 Naty 1/46 Minera Escondida Ltda. Permanent 230 23.0 14 Paola 1/3000 Minera Escondida Ltda. Permanent 15,000 1,500.0 15 Pista 1/22 Minera Escondida Ltda. Permanent 22 2.2 16 Pistita 1/5 Minera Escondida Ltda. Permanent 9 0.9 17 Ramón 1/640 Minera Escondida Ltda. Permanent 3,200 320.0 18 Rola 1/1680 Minera Escondida Ltda. Permanent 8,400 840.0 TOTAL 58,934 5,893.0 Source: MEL (2022) 1 U.T.M./CLP 55,537. USD/CLP 787. As of 31st March 2022 (Source: Central Bank of Chile) SEC Technical Report Summary – Minera Escondida Limitada Page 34 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 3-2: Minera Escondida Ltda. Mining Concessions

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 35 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 3.3 Mineral Rights Description and How They Were Obtained All the mining leases are registered in the Antofagasta Mining Registry, and their current domain registers are held entirely (100%) in the name of Minera Escondida Ltda. These rights were acquired to a greater extent through a mining concession granted by the Government of Chile, and to a lesser extent, were purchased from other mining concessionaires. Mining leases are granted for an indefinite duration; however, the mining legislation requires the annual payment of a mining patent in March, those that are paid to the Government of Chile, through the General Treasury of the Republic. In case of non-payment, the concession is subject to be auctioned at public auction. To avoid the loss of mining rights, the owner must pay the annual patent within the legal terms established by the Chilean Mining Code. All significant permitting requirements that support the current mineral resources and mineral reserves estimates are either all in place or are expected to be renewed as required within the Chilean mining industry practice. 3.4 Encumbrances The QP is not aware of any material encumbrances that would impact the current mineral resources or mineral reserves disclosure as presented herein. During calendar year 2022, an update of the Chilean Mining Code was published, in which the cost of mining patents is increased from 0.1 U.T.M. per hectare to 0.4 U.T.M. per hectare, applicable from 2023, which increases the annual payment for maintenance of the portfolio of mining concessions. All permits and approvals required to extract mineral resources and mineral reserves on the MEL leases are currently in place, but in the QP's opinion, should the plan be modified in the future, additional permits may be required. There is a currently ongoing legal process against Minera Escondida Ltda. regarding a demand through the Chilean High Court concerning unplanned impacts upon ground water levels within the Salar de Atacama from historical operations. Since December 31, 2019, MEL has ceased water extraction from the Salar de Atacama, and currently operates on 100% desalinated water. MEL maintains that at no time did it exceed the limits set in the Resolucion de Claification Ambiental (Environmental Qualification Resolution). In the opinion of the QP this legal process does not impact the validity of this mineral resources and mineral reserves disclosure and is expected to be resolved through due legal process. 3.5 Royalties or Similar Interest There are no royalties associated with MEL that are leased. SEC Technical Report Summary – Minera Escondida Limitada Page 36 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 4 Accessibility, Climate, Local Resources, Infrastructure and Physiography The Escondida and Escondida Norte mining district is located 170 km southeast of Antofagasta, Chile, in the Atacama Desert. The mine site is connected to the city by the Camino Escondida, a well maintained asphalted road, which is open year-round. Antofagasta is the regional capital of Chile's second region, with a population of approximately 362,000 inhabitants, according to the 2017 Census. Approximately 44.6% of MEL workforce lives in the Antofagasta Region (MEL, 2022). 4.1 Topography, Elevation, and Vegetation The Escondida district is in the Atacama Desert in the II Region of Antofagasta. The deposit lies at an altitude of 3,100 m amsl in the eastern foothills of the Atacama Desert and the Domeyko Mountain Range. The area is characterised by its extreme aridity due to a general absence of rainfall, high solar radiation and elevated saline concentration in the soil. These environmental conditions cause an almost total absence of vegetation. The limited vegetation that exists tends to occur in limited areas of water accumulation, temporary surface run-off, and/or the presence of underground water bodies. No permanent surface flows in the area have been identified. The soils correspond to depositional materials without a pedogenetic development. Given its characteristics, it does not present suitable conditions for the development of forestry and ranching activities. 4.2 Means of Access The MEL mine site is connected to the city of Antofagasta by the paved road Camino Escondida, with a travel time of approximately four hours to by vehicle (car, lorry or bus) and is open year-round. This route also connects with Route 1 (main coastal route) and Route 5 (main route that connects Chile from north to south), as shown in Figure 3-1. The city of Antofagasta hosts the Andres Sabella airport that handles local and occasional international flights. The airport is located 26 km north of Antofagasta. The railway lines that connect the city of Antofagasta with the MEL mine site are owned by Empresa de Ferrocarriles del Norte Grande (Ferronor) and Ferrocarril de Antofagasta a Bolivia (FCAB). The railway lines connect the MEL mine site with the ports of Antofagasta and Mejillones and are primarily used for the transfer of supplies. 4.3 Climate and Length of Operating Season The Escondida and Escondida Norte mine site is located in the Atacama Desert, in an Andean desert climate, presenting extreme weather conditions such as: high solar radiation, thermal oscillation, strong winds, and low atmospheric humidity. This climate has the highest amount of rainfall in the summer months, and receives on average between 20 and 60 millimetres (mm) per year. It has a large, thermal oscillation between day and night, which averages 10°C (50°F). During the summer months, the mean maximum temperature is close to 26°C (79°F); and during the winter months, the mean minimum temperature is -0.8°C (17°F). Relative humidity between July and October does not exceed 30%; while between November and March, the average is 60%. The average wind speed fluctuates between 10 and 40 kilometres per hour (km/h), with maximum wind speed gusts exceeding 60 km/h. Winds typically present a predominant east-west orientation. Despite these conditions, and with the exception of certain extreme weather events, operational continuity is not affected, and mining operations occur year-round.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 37 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 4.4 Local Resources Antofagasta is the regional capital and is a modern city with all regular services and a population of approximately 362,000 inhabitants as of 2017. Numerous mining-related companies are based in the city and operate in surrounding areas. Antofagasta has all the necessary services of an industrial port city, such as potable water, public transportation, and electric power. It also has numerous shopping centres and good electronic communications. 4.5 Infrastructure and Availability Water Currently, most of the industrial water supply for operational needs comes from seawater, which is desalinated in specially designed and purpose-built plants located on the Antofagasta coastline at the Punta Coloso site. There, there are two desalination plants, whose production is pumped to the mine 170 km away and at a difference in elevation of 3,000 m. The water is carried by three aqueducts, one with a 24-inch (61 cm) diameter and two with 42-inch (106.7 cm) diameter. Electricity From FY23, all of MEL's energy demand is expected to be supplied via Kayros renewable Power Purchase Agreements (PPAs), replacing Power Angamos coal-based PPA and Tamakaya, an energy mix from BHP's Kelar Power Plant (Natural Gas) and the Spot Market for energy. The Kayros renewable energy contract contributes to reduce MEL total Scope 2 emissions from FY23. This contract has two providers, Enel Generation (60%) and Colbun (40%). Personnel As at 30 June 2022, MEL had 3,800 employees within which the proportion of female representation was 26.5%. Approximately 1.5% of the MEL workforce was made up of employees with disabilities, about 8% of MEL's employees were members of indigenous communities, and 44.6% of its workforce lived in the Antofagasta Region in which MEL is located (excluding contractors). In addition, as at 30 June 2022, MEL had engaged nearly 14,000 contractors, distributed among nearly 350 collaborating companies. Supplies The majority of supplies used at the MEL operation are sourced from within Chile. The principal strategic raw materials used in the operation, being those that without which the continuity of production could be affected, are shown in Table 4-1. Table 4-1: Principal Strategic Raw Materials Used in the Operation Key Supplies Origin Diesel United States Acid Chile, Perú Lime Chile Grinding Balls Chile, Perú, China Mill Liners Chile Blasting Supplies Chile Tyres United States, Japan Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 38 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 5 History 5.1 Previous Operations In 1978, Utah International Inc. and Getty Oil Co. formed a temporary partnership called the Atacama Project for the purpose of exploring porphyry copper deposits beneath the sedimentary and volcanic cover in northern Chile, between Calama and Copiapó. Between 1978 and 1981, an extensive surface geochemical exploration campaign was carried out that identified different exploration targets, including the Escondida area. In 1981, a drilling campaign was carried out that led to the discovery of the Escondida deposit. Subsequently, a drilling campaign was carried out to delineate the deposit. Prior to its discovery, there was no evidence of significant mining activities in the area. Key steps in the history of the ownership of MEL are the following: • In 1984, Utah and Getty were jointly acquired by BHP and Texaco, which subsequently sold its shares to BHP. • In 1985, the ownership of MEL was formalised to be BHP (57.5%); Rio Tinto Zinc (30%); JECO (10%), and World Bank (2.5%). • In 2001, BHP merged with Billiton to form BHP Billiton. • In 2010, JECO ltd. acquired the part of the World Bank that belonged to BHP Billiton. • In 2017, BHP Billiton was renamed BHP. Currently, MEL's owners are: BHP (57.5%), Rio Tinto (30%), JECO Corporation (10%), and JECO 2 Ltd. (2.5%). In 1989, construction began on the first concentrator plant (Los Colorados) with an ore processing capacity of 35,000 tonnes per day (tpd). In mid-1993, MEL started its Phase 1 expansion, increasing the ore processing capacity from 35,000 to 37,500 tpd. In August 1994, Phase 2 began, increasing the processing capacity to 55,000 tpd. A year later, in August 1995, Phase 3 began, increasing processing capacity to 105,000 tpd. In 1997, Phase 3.5 increased from 105,000 to 127,500 tpd. Table 5-1 shows the historical MEL milestones. Table 5-1: Key MEL Milestones Milestone Year Escondida deposit discovery 1981 BHP acquires Utah. 1984 Official inauguration of Minera Escondida Ltda. 1991 Start-up of Phase 1 Escondida expansion 1993 Start-up of Phase 2 Escondida expansion 1994 Start-up of Phase 3 Escondida expansion 1996 Start-up of Phase 3.5 expansion add leaching of oxides at Escondida, 1998 Start-up of Phase 4 Escondida expansion. Los Colorados plant and Laguna Seca increase production to 236,000 kilotonnes per day (ktpd). 2002 Start-up Escondida Norte mine 2005 Sulphide leaching process are inaugurated 2006 Desalination plant (P0) is completed – 500l/s capacity 2007 Begin construction of the Organic Growth Project 1 (OGP1) and Oxide Leach Area Project (OLAP) projects is announced 2012 Escondida Ore Access starts production 2012 Construction of MEL's second desalination plant is announced 2013 BHP assigns the construction contract for the Kelar power plant 2013

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 39 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Milestone Year Start-up Oxide Leach Area Project (OLAP) 2014 Construction of the Kelar power plant begins 2014 Escondida's OGP1 project starts operation 2015 Inauguration of OGP1, third copper concentrator, 2016 The Kelar gas-fired power plant, built to supply Minera Escondida and other BHP mines 2016 Completion of water extraction from Punta Negra 2017 Second desalination plant, EWS, starts with a capacity 2,500 l/s 2017 EWS expansion adding 833l/s 2019 100% use of desalinated water for processes 2020 Renewable power purchase agreements announced with 100% of MEL's energy to come from renewable energy from FY23 2020 Source: MEL (2022) 5.2 Exploration and Development by Previous Owners or Operators From 1981 to 2022, multiple exploration drilling programmes targeting copper mineralisation on the project have been undertaken. In recent years the overall drilling program has stabilised in terms of the total annual drilling required to support the ongoing annual mine planning cycle. All drilling has been completed by MEL either under its current holding, or via previous holdings (prior to 1984). Several different drilling techniques have been implemented by MEL, including diamond core drilling (DDH), percussion drilling (DTH), reverse circulation drilling (RC), and minor conventional rotary drilling. From 1981 to 2022, 8,596 drill holes, totalling 2,691,948 m, were drilled across the combined Escondida and Escondida Norte deposits. Table 5-2 summarizes the drilling by type and year of drilling. Rotary drill information is minimal and not material to geological evaluation and resource estimation. MEL has not used data from early DTH drilling for resource modelling due to the low confidence in the sampling associated with this older drilling technique potentially resulting in downhole contamination and poor quality data. In the QP's opinion this drilling technique is not appropriate for mineral resources estimation purposes. It is the QP's opinion that the exclusion of DTH from the estimate is not material. Additional details on the exploration history can be found in Chapter 7. Table 5-2: Drilling by Type and Year (Total Escondida and Escondida Norte combined) Year DDH RC RC-DDH Total Metres EXP81-86 55,059 - 61,527 116,587 FY90 - 2,461 - 2,461 FY91-92 1,339 2,962 5,168 9,469 FY93 - 2,999 - 2,999 FY93-94 8,106 14,815 28,098 51,018 FY95 1,323 250 30,565 32,138 FY96 - 3,462 - 3,462 FY97 11,152 4,012 600 15,763 FY98 805 2,570 7,975 11,350 FY99 4,513 9,554 5,104 19,171 FY00 18,197 42,388 40,792 101,377 FY01 33,169 103,572 95,956 232,697 FY02 16,015 60,708 16,925 93,648 FY03 22,727 39,366 15,008 77,100 FY04 23,933 30,368 27,277 81,578 SEC Technical Report Summary – Minera Escondida Limitada Page 40 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Year DDH RC RC-DDH Total Metres FY05 27,375 55,135 24,886 107,396 FY06 21,092 33,056 47,255 101,403 FY07 9,315 36,138 45,625 91,078 FY08 20,340 60,800 72,996 154,137 FY09 46,251 54,358 70,880 171,490 FY10 55,621 40,390 262,791 358,802 FY11 62,121 36,844 165,807 264,773 FY12 83,492 24,596 102,921 211,009 FY13 33,566 11,564 45,042 90,172 FY14 24,462 12,158 32,231 68,851 FY15 38,683 12,652 18,138 69,473 FY16 20,335 6,676 8,489 35,499 FY17 27,030 4,746 2,900 34,676 FY18 24,841 2,594 3,654 31,089 FY19 14,529 3,194 4,580 22,303 FY20 14,141 3,756 760 18,657 FY21 6,712 3,610 ― 10,322 Total 726,244 721,754 1,243,949 2,691,948 Note: This table excludes DTH drill holes.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 41 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 6 Geological Setting, Mineralisation, and Deposit 6.1 Regional Geology The Escondida district, which principally comprises the Escondida and Escondida Norte deposits, is located in northern Chile in the Antofagasta Region, forming part of the Upper Eocene - Oligocene age (43 - 31 million years (Ma)) copper porphyry belt that forms one of the most important regional copper districts in the world. Numerous Cu-Mo deposits and prospects have been identified within this belt, including the Chuquicamata and Escondida deposits (Figure 6-1A). The Upper Eocene-Oligocene porphyry belt extends for more than 1,400 km along the Domeyko Range from the Peruvian border (18°S) to latitude 31°S (Figure 6-1A). The Domeyko Range is the result of compressional deformation processes that started at the beginning of the Upper Cretaceous and culminated during the Inca compressional phase in the Upper Eocene - Lower Oligocene. These events gave rise to the Domeyko Fault System (Mpodozis et al., 1993) that played a fundamental role in the emplacement of the porphyry systems. The Escondida district can be defined as a north-south trending structural belt 70 km wide and 120 km long (Wong, C., 2013), composed of a series of structural elements developed under an east-west shortening regime, normal to the convergence zone and low evidence of north-south transcurrent deformation. In this deformational scenario, the copper deposits of the Escondida cluster are preferentially located on the eastern edge of the Escondida - Sierra de Varas shear lens of the Domeyko Fault System. Figure 6-1 shows a Regional Geologic Map (Mpodozis, C. and Cornejo, P., 2012), where the shear lenses delimited by the Sierra de Varas Fault to the west and La Escondida Fault to the east (locally correlated with the Portezuelo - Panadero Fault) are observed. The lithological units present in the Escondida District correspond mainly to sedimentary, volcanic, and intrusive units, whose ages range from Upper Palaeozoic to Eocene (Figure 6-1). These lithological units are described according to their ages discussed below. Maps presented in this chapter use local mine coordinates unless otherwise stated Palaeozoic Palaeozoic rocks are characterised by a series of isolated basement blocks (300-270 Ma), which form the core of the Domeyko Cordillera (Mpodozis, C. and Cornejo, P., 2012) (Figure 6-1). These blocks are limited to the west by the Escondida shear lens. Mesozoic Mesozoic rocks are represented by continental sedimentary and intrusive rocks, which are located mainly in the Escondida-Sierra de Varas shear lens. The continental sedimentary rocks have been assigned to the Upper Triassic-Lower Cretaceous and are more than 9 km thick in the Salar de Atacama depression. The intrusive rocks are pyroxene gabbro, diorites, and hornblende-pyroxene monzodiorites, which are related to a Late Cretaceous (81-71 Ma) intrusion. These units intruded continental sedimentary strata (Figure 6-1). Cenozoic The Cenozoic rocks are mainly volcanic and intrusive rocks. The volcanic rocks have been assigned to the Palaeocene-Early Eocene (59-53 Ma) (Marinovic et al., 1995; Richards et al., 2001; Urzúa, 2009), and represent the localised and recurrent magmatic activity east of the frontal arc of the Andes (Figure 6-1B) during the Late Cretaceous-Early Palaeocene (85-50 Ma). SEC Technical Report Summary – Minera Escondida Limitada Page 42 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: A) Sillitoe and Perelló, 2005, B) Mpodozis and Cornejo, 2012. Coordinate system: Latitude – Longitude Figure 6-1: A) Metallogenic Belts of the Andes and their Main Copper-bearing Porphyries, B) Regional Geology Escondida District

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 43 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 The earliest Eocene magmatism event in the Escondida district is represented by Monzodiorites and Granodiorites (44-41 Ma) emplaced in the Escondida-Sierra de Varas shear lens north of Escondida (Marinovic et al., 1995; Richards et al., 2001; Urzúa, 2009) (Figure 6-1). The second episode of Eocene-Oligocene magmatism began with the intrusion of a group of small bodies along the Escondida Fault. These rocks correspond mainly to dioritic stocks with U-Pb ages of 39-38 Ma (Richards et al., 2001; Urzúa, 2009), which intruded the volcanic rocks of the Escondida-Sierra de Varas shear lens (late Palaeocene-Early Oligocene) and the Palaeozoic basement of the Imilac block (Figure 6-1B) (Mpodozis, C. and Cornejo, P., 2012). The distribution of these bodies indicates that probably are apophyses of a larger pluton (Mpodozis, C. and Cornejo, P., 2012). A slightly younger group, 38-37 Ma, of NE to N-NE oriented porphyries were emplaced near the Escondida Fault. These porphyries are recognised at Zaldívar, Escondida, Escondida Norte, Pinta Verde and Baker (Richards et al., 2001; Urzúa, 2009; Hervé et al., 2012) (Figure 6-1B). The last magmatism in the Escondida district was related to the intrusion, immediately east of the Escondida fault, of the Escondida East and Pampa Escondida porphyries between 36-34.5 Ma, (Hervé et al., 2012) (Figure 6-1). 6.2 Local Geology The local geology comprises two major geological environments (Figure 6-2); the first, located to the east, is characterised by basement rocks of the Palaeozoic La Tabla Formation. The second, located to the west, is characterised by the Mesozoic sedimentary sequence of El Profeta Formation, Santa Ana Formation and Augusta Victoria Formation, (Figure 6-2). The La Tabla Formation is formed by andesitic and rhyolitic volcanic rocks. Their intrusive contemporaneous rocks (Monzogranites, Tonalites, Quartz Diorites) have a calc-alkaline composition (Richards et al., 2001; Urzúa, 2009). Ages range from Late Carboniferous to Early Permian and represent the host rock of the Escondida Este, Escondida Norte-Zaldívar, and Pampa Escondida deposits. El Profeta and Santa Ana Formations (Maksaev et al., 1991), are a marine carbonate and continental clastic sequence, with ages between the Upper Triassic and Lower Cretaceous. These units were accumulated in the back arc-basin upon the Palaeozoic-Triassic basement. The Augusta Victoria Formation is characterised by calc-alkaline andesitic flows, dated by zircon U-Pb at ~ 58 to 53 Ma (Urzúa, 2009). The oldest post-Palaeozoic intrusive rocks in the Escondida district are Alkaline Gabbro and Diorites, Monzodiorites, Monzonite and Granite of Late Cretaceous age (~ 77-72 Ma; U-Pb zircon). Two additional gabbro to granite complexes of Late Cretaceous to Early Palaeocene are also recognised along the western side of the Escondida district (Urzúa, 2009). The next intrusive activity in the district resulted in epizonal complexes associated with the porphyry copper deposits (Hervé et al, 2012). It started with stocks of fine-grained hornblende diorite and hornblende monzodiorites, covering an area of 45 km2 in the north-western part of the district (Figure 6-2). U-Pb zircon dates indicate ages ranging between ~ 43 to 41 Ma (Urzúa, 2009) and ~ 38-36 Ma Ar / Ar ages (Richards et al., 2001). The ore-related intrusions in the Escondida deposit are multiphase biotite granodiorite porphyries, with zircon U-Pb ages between ~ 38 and 34.5 Ma (Hervé et al 2012). The last intrusion was the rhyolite porphyry at Escondida Este dated at ~ 34 Ma (Hervé et al, 2012). Escondida Este is a deeper extension to the southeast of the Escondida deposit, overlapping each other in space, but distinguished by distinctly later intrusive pulses. Immediately east of Escondida and Escondida Norte, a thick sequence of sedimentary and andesitic rocks can be identified (Figure 6-2). These rocks outcrop in the foothills immediately adjacent to the Hamburg SEC Technical Report Summary – Minera Escondida Limitada Page 44 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 reverse fault with NW convergence (Figure 6-2), where they were identified as "San Carlos strata" by Urzúa, 2009. This unit has a maximum thickness of 1,200 m and includes greenish-grey and red sandstones and conglomerates, which in their upper parts are intercalated with a cumulative thickness of up to 500 m of andesitic laharic breccia, ignimbrite, and subsidiary flows, which reported two U-Pb zircon Ages of 38.0 ± 2.1 and 37.7 ± 0.6 Ma (Urzúa, 2009). The final stratigraphic unit in the district is the Pampa de Mulas Formation, which corresponds to an extended, flat and stratified, poorly consolidated, piedmont gravel sequence of mass flow origin, which is up to 240 m thick. Near the deposits, the sequence contains abundant clasts of altered rocks, especially advanced argillic lithocaps. It is assigned to the Oligocene to middle Miocene interval by Marinovic et al. (1995) and Urzúa (2009), which agreed well with ages of 8.7 ± 0.4 to 4.2 ± 0.2 Ma for the overlying felsic air-fall tuff horizons at Escondida and Zaldívar (Alpers and Brimhall, 1988; Morales, 2009). The major faults and associated fold axes in the Escondida district are parallel and N to NNE-trending structures (Mpodozis et al., 1993b; Marinovic et al., 1995; Richards et al., 2001; Urzúa, 2009; Figure 6-2). These faults constitute the eastern portion of a shear lens ~ 180 km long and up to 20 km wide (Mpodozis et al., 1993). In the Escondida district, the most prominent fault is Portezuelo-Panadero, this is a reverse structure with a dip of 65 ° E that contacts the La Tabla Formation over the Augusta Victoria Formation units (Navarro et al., 2009; Urzúa, 2009; Figure 6-2). Geological descriptions for each deposit (or group of deposits) are summarised below. Source: Hervé et al, 2012) Coordinate system: UTM WGS84 Figure 6-2: Local Geology Map Figure 6-3 details the stratigraphic column and presents the relationships between the different units and their correlation with the formations and complexes described.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 45 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 6-3: Stratigraphic Column for Escondida District 6.3 Property Geology All mineral deposits in the Escondida cluster are related to multiphase biotite Granodiorite Porphyry stocks, which were preceded by diorite to monzodiorite intrusives, closely associated with magmatic- hydrothermal breccias typically of high Cu grade (Hervé et al, 2012). The early porphyry phases consistently host the highest-grade copper mineralisation. Alteration- mineralisation events at Escondida are distributed from a zone at depth with a potassic association and grey sericite alteration overlain by chalcopyrite and bornite. Then, more pyritic zones of chlorite-sericite and sericite are recognised at intermediate levels and superficially shallow advanced argillic shallow developments with remnants of old lithocap that may have reached a total extent of 200 square kilometres (km2), associated with high sulphidation copper sulphide mineralisation, much of it in enargite-rich massive sulphide veins. Hervé et al, 2012, indicate that the Escondida and Escondida Norte deposits, formed between ~ 38 to 36 Ma, and have a deep telescoping process, while the earlier Chimborazo (~ 41 Ma), and later mineralised bodies, such as Escondida Este and Pampa Escondida (~ 36-34 Ma), show only minor telescoping, suggesting that uplift and erosion of the maximum Inca deformation, occurred between 38 and 36 Ma. The Portezuelo-Panadero and subsidiary longitudinal faults in the district were subjected to sinistral transpression prior to the formation of the deposit (before 41 Ma), which resulted in clockwise block rotation that was responsible for the initial synorogenic generation and filling of the San Carlos depocenter. The Escondida district was then subjected to transient dextral transpression during the emplacement of NNE to NE oriented porphyry copper intrusions with associated alteration and mineralisation (~38 - 34.5 Ma). The dextral regime had disappeared by the time of emplacement of a late N-trending mineralised rhyolite porphyry at Escondida Este and was replaced by transient sinistral transpression during the final stage of formation of NW-trending high and intermediate sulphidation, massive sulphide veins and phreatic breccia dikes. Since 41 Ma, faults in the district have not undergone appreciable displacement, because none of the porphyry copper deposits show significant lateral, or vertical, displacement. SEC Technical Report Summary – Minera Escondida Limitada Page 46 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Uplift and erosion characterised the late Oligocene to early Miocene, during which the extensive earlier lithocap was largely stripped and incorporated as detritus into a sequence of coarse piedmont gravel (Wong, 2013). Development of leached hematitic horizons and chalcocite-enriched zones, along with subsidiary copper oxide ore, was active beneath the topographic highs at Escondida, Escondida Norte- Zaldívar, and to a lesser extent, Chimborazo from ~ 18 to 14 Ma. It is noted, however, that this supergene activity was much less important in the gravel-covered and topographically lower Pampa Escondida deposit. After ~ 14 Ma, supergene processes were restricted by the occurrence of hyper aridity in much of northern Chile. 6.4 Mineral Deposit The Escondida cluster is formed by the Escondida (including Escondida Este) and Escondida Norte - Zaldívar porphyry copper deposits (Figure 6-2). The latter corresponds to the same ore body mined by two different companies and operations. Additionally, the porphyry copper deposits of Chimborazo and Pampa Escondida, as well as Pinta Verde, have been recognised. Escondida Deposit Lithology Escondida includes two porphyry copper mineralised centres. Escondida, which is hosted in andesitic flows and subordinate breccias of the Augusta Victoria Formation (Ojeda, 1986), and Escondida Este, which is hosted in andesitic volcanic rocks of the La Tabla Formation and coeval intrusions. The Escondida mineralisation is large, comprising an area 100s of metres wide and over 1 km in length. It is one of the largest known porphyry systems in the world. At Escondida, the Augusta Victoria volcanic sequence is cut by a biotite granodiorite porphyry, within which the early phases have a NE trend, known locally as Feldspathic Porphyry, dated at 37.9 ± 1.1, 37.7 ± 0.8 and 37.2 ± 0.8 Ma (Richards et al., 1999; Padilla-Garza et al., 2004). At Escondida, this unit measures 3.3 x 1.5 km with an average thickness of ~ 1.5 km and is recognized at least down to 1.8 km below the surface. To the west and south, early granodiorite porphyries are cut by many late intermineral porphyries; to the west a biotite granodiorite named as Granodiorite Verde dated to 35.4 ± 0.7 Ma (Hervé et al, 2012) is recognised and in the southern sector a lithological sequence ranging from diorite to quartz monzodiorite with different degrees of alteration, named Intermineral Porphyry, is recognised (Technical Note, SI Geology, 2021). The Feldspathic Porphyry stock and copper mineralisation are cut to the north by a biotite rhyolite dome with quartz phenocrysts > 10% by volume, known locally as Quartziferous Porphyry and has been dated at 37.5 ± 0.6 Ma. Numerous bodies of Magmatic-Hydrothermal Breccias, which constitute approximately 5% of the Escondida deposit, host the highest grade hypogene and supergene copper mineralisation (Ojeda, 1986, 1990; Véliz, 2004). The breccia clasts, commonly polymictic in nature, are surrounded by varying proportions of sulphide and quartz cement with rock dust matrix (Ojeda, 1986, 1990; Véliz, 2004). The Escondida deposit, is limited to the east by a late biotite rhyolite porphyry affected by a high sulphidation event, known locally as Quartziferous Porphyry dated at 34.7 ± 1.7 Ma (Richards et al. 1999). This unit measures 3 × 1.5 km at the surface and follows the direction of the North trending Portezuelo - Panadero fault. Alteration and Hypogene Mineralisation Much of the feldspathic porphyry shows sericitic alteration in shallow levels already exploited an advanced argillic zone and at deeper only along fault zones. Quartz, pyrophyllite and subordinate alunite, diaspore, and svanbergite are reported (Brimhall et al., 1985; Alpers and Brimhall, 1988). At depth and as remnants in the sericitic zone, patches of chlorite-sericite alteration exist, which give way downward to biotite in

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 47 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 andesitic volcanic rocks and k-feldspar > biotite in the porphyries (Padilla-Garza et al., 2001). The superimposed potassic and sericitic alteration contains abundant A and B type quartz veinlets. The Granodiorita Verde unit shows a weak potassic alteration in veinlets with a generalised chlorotic overprint within which the remaining hydrothermal k-feldspar stands out. The Intermineral Porphyry unit presents diverse alteration associations with variable intensities and showing as a characteristic element, the truncation of veinlets. In some sectors of the pit, there is a marked superimposition of hydrothermal events that originate an intense obliteration on the primary texture, leaving only some quartz relics, which evidence the presence of the intermineral unit (Technical Note, SI Geology, 2021). This unit can be presented primarily with a Chlorite - Sericite - Illite association (Event 1) or affected by superimposition of hydrothermal events such as Sericite - Quartz (Event 2), Sericite (Event 3) and Pyrophyllite - Alunite or Pyrophyllite (Event 4). Source: MEL (2022) Figure 6-4: Pit Shell and Vertical Section for Lithology, Alteration, and Mineralogical Zone for Escondida The hypogene sulphide mineralisation at Escondida is obliterated by the effects of the supergene enrichment. However, chalcopyrite and bornite are identified in relict potassic zones along with chalcopyrite and pyrite from the overprinted chlorite-sericite and sericite zones. The high sulphidation mineralisation occur in the advanced argillic zone. In the underlying Green Granodiorite intrusion, pyrite dominates over chalcopyrite and copper grades are 0.05 to 0.25%, decreasing at depth. SEC Technical Report Summary – Minera Escondida Limitada Page 48 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Supergene Mineralisation Escondida is characterised by a mature supergene profile with high kaolinite contents, which include a hematitic leaching layer, with an average thickness of ~ 200 m, but locally, can reach 400 m. This leaching zone is supported by a NW-trending enrichment zone that covers an area of 4.5 × 1.8 km with a maximum thickness of ~ 400 m. NW-trending faults, fractures, and veins intersecting the NW trend combined with higher hypogene copper contents appear to have been the main controls on both the shape and depth of the enrichment zone (Ojeda, 1986, 1990; Padilla-Garza et al., 2001). The zone is dominated by chalcocite-group minerals in its higher-grade upper part with lower-grade covellite and hypogene sulphides remaining that become dominant at depth. The supergene event is dated between ~ 18 to 14 Ma (Alpers and Brimhall, 1988) in supergene alunite at the limit of the leaching and enrichment zone. Copper oxide mineralisation at Escondida is mainly found in andesitic volcanic rocks altered with biotite and chlorite-sericite in which brochantite and antlerite are the main minerals along with minor chrysocolla, atacamite, various copper phosphate minerals, cuprite, and native copper with the last two being concentrated in the upper part of the enrichment zone (Ojeda, 1986; Véliz and Camacho, 2003). Escondida Norte Deposit Lithology Escondida Norte is hosted by volcanic rocks of the La Tabla Formation and coeval intrusive phases. To the east and at depth, the La Tabla Formation include andesitic rocks, dated at 294.4 ± 4.6 Ma (Jara et al., 2009), which are overlain to the west by a rhyolitic sequence, mainly welded ignimbrites, known locally as Rhyolitic Porphyry, which has been dated at 290.0 ± 4.0, 294.2 ± 2.4 and 298.2 + 5.5 /-4.9 Ma (Richards et al., 1999; Jara et al., 2009). The intrusives are coarse-grained monzogranites, Coarse Porphyry (298.8 ± 2.6, 293.0 ± 6.0, 291.1 ± 2.3, 289.9 ± 3.5 Ma; Morales, 2009), granodiorite porphyry (287.1 ± 4.4 Ma; Jara et al.; 2009) and diorite. The western part, west of the Portezuelo-Panadero reverse fault, is in contact with andesitic volcanic rocks of the Augusta Victoria Formation and at depth with andesites of the La Tabla Formation. The units described above, are intruded by a series of NE oriented dikes and larger bodies of biotite granodiorite porphyry granodiorite, which include early phases locally referred to as Feldspathic Porphyry, intermineral and late phases referred to as Dacitic Porphyry (Figure 6-5). At Escondida Norte, the Feldspathic Porphyry measures 1.7 x 1 km and is recognized at least down to 1.2 km below the surface (Figure 6-5). The early and intermineral phases, are dated at 38.0 ± 0.5, and 37.5 ± 0.5 Ma (Hervé et al 2012), while the late mineral phase yielded ages of 36.0 ± 0.8, 35.7 ± 0.7, and 35.5 ± 0.8 Ma (Jara et al., 2009). Limited bodies of polymictic magmatic-hydrothermal breccias are associated with early and intermineral porphyries. These breccias show sericitic alteration or sericite chlorite and are cemented by quartz, pyrite, and varying amounts of chalcopyrite at shallow depth, and by quartz-biotite-anhydrite ± feld-K ± magnetite together with chalcopyrite and bornite at depth. It is one of the largest porphyry systems in the world. Alteration and Hypogene Mineralisation Potassic alteration is present at depth throughout the deposit, with biotite-feldspar-K association in the felsic rocks and biotite and minor magnetite predominate in the andesitic volcanic rocks and diorites. The potassic alteration have biotite and magnetite veinlets and abundant feld-K and quartz-feldspar-K veinlets, the latter of A-type. Grey sericite veinlets overlie the potassic zone.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 49 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 At shallower levels, the generalised alteration is chlorite-sericite, which is characterised by the occurrence of chlorite-sulphide veinlets overlaying and destroying the potassic association. This is covered by a sericitic zone, which is locally overlain by quartz-pyrophyllite ± alunite alteration, closely associated with the NW-directed high sulphidation vein zones. Most of the hypogene sulphide mineralisation at Escondida Norte consists of chalcopyrite and pyrite with the development of only localised centres of chalcopyrite - bornite ± chalcocite mineralisation in the potassic zone. Source: Escondida (2022) Figure 6-5: Pit shell and Vertical Section for Lithology, Alteration and Mineralogical Zone for Escondida Norte Supergene Mineralisation A well-developed supergene profile is present at Escondida Norte, which include a leached hematitic surface, averaging 100 to 200 m (up to 350 m) thick, and a 20 to 250 m thick enrichment zone. The enrichment zone has a surface of 2 × 1.5 km, trending NE; it is divided into a high-grade, chalcocite- dominated upper zone (High Enriched), and a lower-grade basal part with covellite and lower chalcocite (Low Enriched). Supergene kaolinite is present throughout the zone and supergene alunite is dated to be ~ 17 to 14 Ma (Morales, 2009). SEC Technical Report Summary – Minera Escondida Limitada Page 50 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Copper oxide mineralisation is irregularly developed above the enrichment zone, mainly with antlerite and brochantite in the higher-grade central parts (Maturana and Saric, 1991; Monroy, 2000; Williams, 2003), and chrysocolla and atacamite peripherally.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 51 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 7 Exploration As presented in Chapter 5.2 of this TRS, the Project area has been the subject of various historical and recent exploration drilling campaigns, mainly targeting copper mineralisation at the Project site. In the 1980s, Utah Corporation generated a plan to explore for metal deposits in northern Chile. Using a methodology of geochemical exploration, an area of interest was identified, and a drilling campaign was carried out that led to the discovery of the Escondida deposit. These early exploration campaigns were carried out by different mining companies, and for the oldest campaigns, there is no detailed document available describing how the historical information was collected. A total of 2,691,948 m of exploration drilling has been completed (up until December 2021), distributed across 5,764 drill holes for Escondida and distributed across 2,832 drill holes for Escondida Norte. The main objective of the exploration programmes implemented at MEL has been the exploration of new deposits, as well as to improve mineral resources classification to support the annual planning cycle. The results of these programmes serve as the basis to support planning and growth strategies as well as investment programmes for the modernisation of the mining unit. Maps presented in this chapter use local mine coordinates derived from the PSAD-56 UTM projection. 7.1 Exploration Work (Other Than Drilling) Limited non-drilling surface exploration work has been conducted at MEL. At the beginning of the exploration, surface geochemical and geophysical techniques were used. At present, given that this is an operating deposit with an adequate level of geological knowledge, no other non-drilling exploration work is being carried out within the mine's area of operation. In the opinion of the QP, this information isn't relevant as it only supported the initial planning of exploration. 7.2 Exploration Drilling Drilling Type and Extent Since the 1980s, drilling has been the primary sampling method for estimating mineral resources and mineral reserves at MEL. Extensive drilling activities have been carried out at different scales and in multiple phases in line with business planning cycles Exploration drilling has been undertaken almost yearly at MEL since 2000. Total drilling available for resource estimate at Escondida and Escondida Norte is approximately 8,600 drill holes totalling approximately 2,690,000 m. Since the initial exploration drilling campaigns several different drilling techniques have been implemented, including: • Conventional open rotary holes: 96 drill holes mainly from the early exploration of the deposit and were excluded from the mineral resources estimation process due to the low confidence in their sampling. • RC drill holes: 5½ inch to 5¾ inch (139.7 mm to 146.05 mm) for geological sample recovery. • DDH: Mainly HQ (63.5 mm diameter) with reduction to NQ (47.6 mm) and BQ (36.4 mm) as required. PQ holes (85 mm) for metallurgical purposes. • Combination of RC and DDH: The combined drill holes (RC-DDH) have been used mainly to save cost by using RC to drill through barren overburden and switching to DDH method shortly above mineralised rock. SEC Technical Report Summary – Minera Escondida Limitada Page 52 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 7-1 and Table 7-2 shows the number of holes and cumulative length of drilling for each drilling method for Escondida and Escondida Norte. The differences between drilled and analysed metres are due to non-mineralised intervals that have not been assayed. Table 7-1: Summary of Metres Drilled, Escondida Type of Drilling Number of Drill Holes Metres Drilled Metres Assayed (#) (m) (m) DDH 1,688 503,329 476,116 RC 2,459 417,569 405,060 RC-DDH 1,617 847,840 797,439 Total 5,764 1,768,738 1,678,615 Source: MEL (2022) Table 7-2: Summary of Metres Drilled, Escondida Norte Type of Drilling Number of Drill Holes Metres Drilled Metres Assayed (#) (m) (m) DDH 702 222,916 218,795 RC 1,218 304,185 300,244 RC-DDH 912 396,110 389,042 Total 2,832 923,211 908,081 Source: MEL (2022) The annual infill drilling campaigns were intended to confirm the mineral resources based on the mining plan. From FY2000 to FY2008, an average of 80,000 m were drilled annually, except in 2001, when the number of metres drilled was increased to support the then Escondida Norte Project. Between FY2008 and FY2012, drilling was increased to support the estimates of mineral resources for MEL's growth projects. Since 2013, the guidelines for determining the metres to be drilled require a minimum of 90% measured mineral resource for the first two years of production and a minimum of 80% measured mineral resource to complete the 5-year plan. Geotechnical and hydrogeological drill holes that have already been used in their corresponding models were released for use in the Resource models, going through all the QA/QC requirements of infill drill holes. Figure 7-1 and Figure 7-2 show the metres drilled per year since the start of the exploration phase for Escondida and Escondida Norte.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 53 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 7-1: Metres Drilled by Drilling Type and FY, Escondida Source: MEL (2022) Figure 7-2: Metres Drilled by Drilling Type and FY, Escondida Norte Figure 7-3 shows drill hole collars by type used in the construction of the 2021 Resource model for Escondida and Escondida Norte. Figure 7-4 and Figure 7-5 show cross-sections of the drill holes included in the Resource Models of Escondida and Escondida Norte. 0 50 100 150 200 250 300 EX P 8 1 -8 6 FY 9 0 FY 9 1 -9 2 FY 9 3 FY 9 3 -9 4 FY 9 5 FY 9 6 FY 9 7 FY 9 8 FY 9 9 FY 0 0 FY 0 1 FY 0 2 FY 0 3 FY 0 4 FY 0 5 FY 0 6 FY 0 7 FY 0 8 FY 0 9 FY 1 0 FY 1 1 FY 1 2 FY 1 3 FY 1 4 FY 1 5 FY 1 6 FY 1 7 FY 1 8 FY 1 9 FY 2 0 FY 2 1 Th o u sa n d M et er s Escondida drill holes meters by FY DDH RC RC-DDH 0 20 40 60 80 100 120 140 160 180 FY01 FY02 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Th o u sa n d M et er s DDH RC RC-DDH SEC Technical Report Summary – Minera Escondida Limitada Page 54 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 7-3: Distribution of Collars by Drill Hole Type, Escondida and Escondida Norte Note: Black line represents the December 31, 2021, topography. Source: MEL (2022) Figure 7-4: Vertical Section 108,600N with Drill Hole per Type, Escondida

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 55 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Note: Black line represents the December 31, 2021, topography. Source: MEL (2022) Figure 7-5: Vertical Section 114,000N with Drill Hole per Type, Escondida Norte Drilling, Sampling, and Recovery Factors Recovery was calculated for all DDH holes completed to date, and except for the DDH in unconsolidated gravels, the average recovery (RC and DDH) for any given lithology exceeded 90%. The core recovery was determined by calculating the ratio of length of material returned in the core tube versus the total length drilled for the run and recorded as a percentage. Recovery for RC was calculated by comparing the sample weight recovery against the theoretical weight and recorded as a percentage. Prior to June 2000, the collars were surveyed by conventional surveying techniques. Subsequently collar was measured using high-definition global positioning system (GPS). Prior to drilling the planned location of the drill hole (X, Y, Z coordinates) was surveyed with a high precision GPS. Location measurements were taken prior to the start of drilling and at the completion of drilling. In general, the differences between both measurements were minor, less than 30 cm. As a QA/QC procedure, approximately 10% of collar locations were checked by the same contractor but using a different surveyor. The differences reported for all the location checks were less than 10 cm. In instances where the drill hole was inclined and not vertical, the drill rig was oriented in the specified direction and inclination. Once the rig was positioned, the geologist responsible for the drilling campaign confirmed the orientation of the rig with a compass and the inclination with an inclinometer. Deviation surveys were completed on all drill holes. The historical drill hole deviation was surveyed by several different techniques. Prior to 2000, single-shot cameras collected orientation measurements at intervals of approximately 50 m. From February 2000 to August 2003, the Maxibor instrument obtained orientations at 3 m intervals. From August 2003 through 2012, a multi-shot instrument determined orientations at 6 m of separation. The Continuous North Seeking Gyroscope was implemented in 2012 and is still in use today. For orientation surveying Acoustic Televiewer (ATV), with orientation measurements every 10 m and real-time gyroscope, measurements every 20 m, have also been used for a small number of drill holes, but mainly for historical drilling. SEC Technical Report Summary – Minera Escondida Limitada Page 56 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 In general, the downhole deviation of drill holes was adequate, rarely exceeding a cumulative deviation of 1° per 100 m for both DDH and RC drilling. More significant cumulative deviations that average 2° per 100 m, have occasionally occurred, but limited to high pressure RC drilling. Deviation more than 5% was not accepted by the operation. Drill hole data was discharged and not used for mineral resources estimation. Detail of sampling and chain security of samples can be found in Chapter 8. Drilling Results and Interpretation Of the 2,690,000 m drilled at Escondida and Escondida Norte, and included in the 2021 Resource Model, only 1,400,000 m are located below the current pit topography, and the remainder in mined out areas. Most of the holes are drilled sub vertical, which allows adequate capture of the mantle of supergene enrichment and the zone of hypogene mineralisation. Drill hole spacing is 50 m in the areas close to the open pit limits, increasing up to 300 m beyond this. Figure 7-6 and Figure 7-7 show the layout of the drill holes in plan and sections. In the opinion of this QP, the amount, orientation and spacing of drill hole information was sufficient for mineral resources estimation purpose, as discussed in Chapter 11 of this TRS.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 57 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 7-6: Lithology Model Plan View and Vertical Sections, Escondida SEC Technical Report Summary – Minera Escondida Limitada Page 58 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 7-7: Lithology Model Plan View and Vertical Sections, Escondida Norte Qualified Person's Statement on Exploration Drilling The QP is not aware of any issues related to the drilling, sampling, or recovery factors that could materially affect the accuracy and reliability of the results of the historical drilling and sampling. The data was well documented, via original digital and hard copy records, and was collected using industry standard practices. All data was organised into a current and secure spatial relational database. The data has undergone internal data verification reviews, as described in Chapter 9 of this TRS. 7.3 Hydrogeology The hydrogeological studies are associated with the performance of hydraulic tests, flow records and piezometric level, generated mainly from the drilling as a continuous process of capture and updating of

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 59 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 information, in addition to the data obtained from the monitoring network of the of Escondida and Escondida Norte pits. The hydraulic tests carried out on the pits correspond to pumping tests, Packer or Lugeon tests, Slug tests and Airlift tests. With this information, hydrogeological properties such as permeability, hydraulic conductivity and others are determined and validated. The main values obtained from the analyses of the tests carried out in Escondida are summarised below. • The highest permeability (K) values, and higher porosity (S) in the case of airlift tests were observed for all tests in at least one sector of the pit, in sections characterised by Rock Quality Designation (RQD) minimum values in their lower ranges (<50%), and maximum Frequency Fracture (FF) in their upper ranges (5-17 and 17-40 1/m). This was specifically observed on the East and South walls. • An increase in K values was observed in those tests that presented intersection with major faults, especially in the East, South, and Los Colorados walls. In the East and South walls, the faults with NW orientation would be related to higher values of K; while in the wall Los Colorados, the orientation of faults associated with higher values of K would be NE. The airlift tests did not present structural influence. • The packer and slug tests showed higher K values in the sections characterised in the supergene mineralisation for the East and Los Colorados walls. The Escondida hydrogeology characteristics are presented in Table 7-3. The main hydrogeology properties values from the analysis of the evidence and data collected in the field in Escondida Norte are summarised below: • The different magnitude of these responses would be related to the distribution of the fracturing of the rocky mass, represented by the RQD and FF, which would present a preferential orientation in the Northwest-Southeast direction. • The greatest responses were associated with wells and monitoring piezometers located in an environment characterised by RQD values of 0-25% and FF 17-40 1/m, which align and connect with the pumping wells in a Northwest-Southeast direction. This connection could occur up to 200 m. • The lowest responses were associated with wells and monitoring piezometers located in an environment characterised by RQD values greater than 50% and FF less than 5 1/m. For monitoring wells in this environment, stable levels were observed that did not respond to pumping, even if the well was 20 m away. • The above observations are described as an anisotropy (compartmentalisation) in the rocky massif according to the Northwest-Southeast orientation of fracturing zones and their spatial relationship with the associated major faults that strengthens the observations carried out on the performance in terms of flow of the pumping wells. The methodology used by MEL operations regarding hydrogeology data collection has been clearly established in the Hydrogeological Technical Characterisation guide and is captured for two main purposes: mine operation, and project support. In both cases, all the information was collected in the field and no laboratory testing were used. The quality controls are established in the contracts for in-situ testing and are frequently validated by MEL teams and external consulting companies. SEC Technical Report Summary – Minera Escondida Limitada Page 60 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 7-3: Summary Piezometric Characteristics of the Escondida Pit Wall Slope sector Elevation Level (m amsl) Gradient Main Stress Decrease Rate (m/month) Hydrogeological Control South Low 2,557 - 2,565 Hydrostatic Bottom Pit PW-450 <0.1 a 0.4 2.9 a 39.3 FF 5-17 y 17-40 1/m Major Faults NW Conductive Structural domain 1 Middle S/I N/I N/I N/I FF 5-17 y 17-40 1/m Major Faults NW Conductive Structural domain 1 - AND Out Pit 2,783 - 2,950 ascending Advance S3C, E6 y E7 <0.1 a 0.73 FF 5-17 y 17-40 1/m Major Faults NW Conductive Structural domain 1 - AND Gravel saturated by anthropic refill East Low S/I N/I N/I N/I N/I Middle 2,628 - 2,712 Hydrostatic horizontal drains and pushback E6 and E7 <0.1 a 10.7 FF 5-17 y 17-40 1/m Major Faults NW Conductive Structural domain 2 Middle High 2,670 - 2,810 descending on anhydrite ceiling anhydrite ceiling rise horizontal drains and pushback E6 and E7 0.4 a 3.7 FF 5-17 y 17-40 1/m Major Faults NW Conductive Structural domain 2 Out Pit 2,950 - 2,990 Hydrostatic - descending Pushback E6 y E7 0.1 a 1.0 FF 2-5 1/m Major Faults NW Conductive Mineralisation LIX Structural domain 3 Los Colorados Low 2,615 – 2,653 ascending Deepening pit bottom, drains and bottom pumping wells 0.7 - 1.6 FF 2-5 1/m Major Faults NW Partial Barrier (450) Mineralisation LIX, HE y LE Middle N/I N/I N/I N/I N/I High 2,782 – 2,940 Hydrostatic to descending. Ascendant in low sensors 2,650 m amsl Pit excavation, drainage tunnel and horizontal drains 0.5 – 0.7 FF 17-40 1/m Major Faults NE conductive Mineralisation LIX, HE y LE Out Pit 2,966 – 3,014 Hanging aquifer Anthropic refill level increase (0.5 m) Mineralisation LIX, HE y LE 2,860 Deep aquifer Pit excavation, drainage tunnel and drains 0.4 FF 17-40 1/m Major Faults NE conductive Northeast Low 2,608 – 2,714 Ascendant Deepening of the pit bottom, pumping wells and horizontal drains 0.2 - 0.8 FF 2-5 1/m Major Faults NW Partial Barrier (450) Mineralisation LIX, HE y LE Middle High 2,758 - 2,852 Low sensor upstream 2,600 m amsl Pit excavation, drainage tunnel and horizontal drains 0.2 - 0.6 FF 17-40 1/m Anhydrite ceiling High 2,780 Hydrostatic Pit excavation, drainage tunnel and horizontal drains 0.3 FF 17-40 1/m Out Pit 3,009 N/I Anthropic refill 0.1 - 0.2 Mineralisation LIX, HE y LE 2,855 – 2,940 Hydrostatic Excavation of the pit and system D&D in pit 0.2 - 0.5 FF 17-40 1/m Anhydrite ceiling Northwest Middle Low 2,555 - 2,577 Hydrostatic Excavation and pumping pit bottom Infiltrations pools area ex-Crushing 0.13 a 5.03 Anhydrite ceiling High 2,707 - 2,800 Hydrostatic 0.2 Out Pit 2,898 - 3,060 Ascending Pushback N16 <0.1 a 0.5 Bottom Pit - 2,490 – 2,561 Ascending Excavation and pumping pit bottom 0.1 – 8.1 FF 2-5 1/m Major Faults NW Conductive Source: MEL (2022)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 61 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Mine Operation In the mining operation, the main activities are: • Drilling of RC holes for water production and the installation of a monitoring network. • Hydrogeological logging of drill holes, including definition of lithology, alteration and presence of faults or structures. • Measurement of the piezometric elevation. • Airlift tests each time a drill hole was added. • Based on all this information the optimum operating flow rate of the producing wells was estimated and thus the hydrogeological transmissivity of the immediate environment defined. • Monitoring network. As at 30 June 2022, the hydrogeology monitoring network for MEL includes 35 active monitoring points in order to detect variations of the water table and pore pressure as well as estimate the hydraulic properties in the rock mass (Figure 7-8 and Figure 7-9). During the ordinary course of the mine life new sensors are installed and others are lost due to the normal mining exploitation activity. SEC Technical Report Summary – Minera Escondida Limitada Page 62 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 7-8: Piezometric Monitoring Network in the Escondida Pit

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 63 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 7-9: Piezometric monitoring network in Escondida North pit In the QP's opinion, the type and appropriateness of laboratory techniques (such as Pumping tests, slug tests and packer tests) used to test for groundwater flow parameters, such as permeability, and QA/QC procedures, are reasonable. MEL gathers information on permeable zones and local aquifers, flow rates, in-situ saturation, recharge rates and water balance and with this information the MEL hydrogeology group generates ground water models used to characterize aquifers, including material assumptions used in the modelling. These groundwater models are used for geotechnical analysis of pit stability and other required activities. SEC Technical Report Summary – Minera Escondida Limitada Page 64 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Projects In addition to the continuous hydrogeological evaluation of the operating pits at the MEL operation hydrogeological evaluation is also undertaken for specific projects. These studies are generally outside of the regular production areas and include studies, such as, among others, new leaching areas, new tailing storage developments and the evaluation of potential future underground mining alternatives. Hydrogeological characterisation campaigns are carried out according to the detail required by the project status, and generally includes DDH drilling with core recovery which was carried out to capture the following information: • Geological logging and hydrogeological characterisation including definition of lithology, alteration, and presence of faults or structures. • Piezometric level measurement. • Execution of Lugeon permeability tests to establish the permeability of the hydrogeological units tested. • Installation of vibrating string sensors at different depths to define the pore pressure distribution in the different hydrogeological units, hydrogeological gradients in the vertical and horizontal directions, location of the piezometric level at surface and the direction of underground flow. • Ad hoc geochemical and/or hydrogeochemical evaluation may be also undertaken as required The details of characterisation and monitoring network in hydrogeology models is included in Section 13.2.2. 7.4 Geotechnical Data, Testing, and Analysis Every year geotechnical drilling campaign obtains samples from sectors with low information density or with more complex geological conditions. Figure 7-10 presents an example of the UCS model associated with the described geological units. The methodology used by the MEL operation in the geotechnical data collection, laboratory tests and analysis of information is established in the MEL Geotechnical Characterisation guide associated to estimate the rock mass properties (Geotechnical Standard Version 3.0), in Table 7-4 and Table 7-5. Source: MEL (2022) Figure 7-10: Geotechnical Unit and Uniaxial Compression Strength (UCS) Escondida Mine

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 65 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Geotechnical Drilling Geotechnical drilling and sampling are completed internally by MEL staff as part of the routine programme. The geotechnical drilling campaigns are completed with DDH drill holes with a core diameter of HQ3 gauge (63.5 mm). To enhance the adequacy of the drilling and geotechnical sampling, the process is led by trained personnel and follows established protocols. From the probes there are samples of rocks which are identified with respect to their location, lithology, alteration and classified according to degree of resistance, including: • Primary (1st) which are the most resistant rocks which have not been affected by leaching • Secondary sensu strictu (2ss) which are the weakest rocks affected by surface leaching, and • Secondary (2nd) transition that are rocks of intermediate resistance partially affected by surface leaching. Table 7-4 shows the number of trials of each type. This information is used in the stability calculations of the design to be able to know the safety factors of the slopes at different scales inter-ramp and global slope. These calculations can be of limit equilibrium or numeric. Table 7-4: Distribution of Historical Geotechnical Samples by Alteration, Lithology, and Geotechnical Zone, Escondida and Escondida Norte Lithology Alteration 1rio 2ss 2tr Total TCS UCS TCS UCS TCS UCS Andesite ARG 31 25 29 21 106 BIO 4 5 1 5 15 QSC 1 10 174 71 124 34 414 SCC 1 30 11 21 52 13 128 SGV 1 1 2 4 Breccia ARG 1 3 23 27 BIO 1 3 4 POT 1 1 QSC 179 81 156 83 499 SCC 2 4 6 21 13 46 SGV 1 1 Feldspar Porphyry ARG 3 5 18 3 29 POT 4 7 1 12 QSC 8 6 188 107 388 209 906 SCC 2 22 1 25 6 56 SGV 7 10 2 19 Quartziferous Porphyry ARG 11 25 3 39 QSC 118 51 98 57 324 SCC 1 2 3 Late Porphyry CLO 5 5 SGV 2 4 1 1 8 BLANK 4 1 21 1 27 Total 2673 Source: MEL (2022) To characterize and obtain the in-situ rock parameters, destructive and non-destructive tests were completed during the 2021 campaign. Destructive tests include Indirect Traction (IT), Uniaxial Compression (UCS), and Triaxial Compression (TCS). The QA/QC process includes verification visit to Labs, use of international standards and checks of the process, tests and samples pre and post-test (the last process was with SRK support).The detail of the total number of samples for FY20 and FY21 campaigns are presented in Table 7-5 and Table 7-6. SEC Technical Report Summary – Minera Escondida Limitada Page 66 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 7-5: Distribution of 2020-2021 Geotechnical Samples by Alteration, Lithology and Geotechnical Zone, Escondida and Escondida Norte Lithology Alteration 1rio 2ss 2tr Total TCS UCS TCS UCS TCS UCS Andesite SCC 1 1 QSC 2 1 22 9 4 1 39 POT 5 3 8 SGV 25 11 36 QSC 2 1 3 6 Breccia - 2 3 5 Hydrothermal Breccia - 1 1 2 Igneous Breccia QSC 6 2 8 SCC 1 2 2 1 6 QS 1 1 QSA 2 1 3 Quartziferous Porphyry QSC 6 3 9 QS 14 7 45 18 84 QSC 2 1 7 3 13 Intermineral Porphyry CL 1 1 2 QSC 3 3 6 QS 2 3 5 SCC 6 27 9 42 QS-GV 1 4 14 3 2 24 Feldspar Porphyry - 7 1 2 1 1 2 14 Late Porphyry - 2 1 3 Dacitic Tuff - 4 2 7 3 16 Total 34 17 51 182 69 31 333 Source: MEL (2022) Table 7-6 summarizes the strength properties by geotechnical unit for the Escondida and Escondida Norte pits, respectively. Table 7-6: Strength Properties by Geotechnical Unit for the Escondida and Escondida Norte UGB mi (-) ci (MPa) UGB mi (-) ci (MPa) UGB mi (-) ci (MPa) BGU01A 13.5 33.8 BGU06B 8.2 67.7 UGB01AN 25.2 17.9 BGU01B 8.2 62.5 BGU06C 8.4 61.4 UGB02AN 11.2 93.2 BGU02A 10.7 38.9 BGU07A 15.7 118.7 UGB02BN 12.8 30.4 BGU02B 13.7 58.3 BGU07B 10.1 73.0 UGB02CN 10.6 46.6 BGU02C 19.9 27.8 BGU07C 11.6 147.3 UGB02DN 9.5 53.0 BGU03 10.7 117.0 BGU08A 23.9 46.7 UGB03AN 6.0 74.5 BGU04A 9.9 41.3 BGU08B 17.9 142.9 UGB03BN 6.7 53.1 BGU04B 7.6 47.0 BGU09A 7.1 50.2 UGB04AN 18.6 45.4 BGU05A 11.1 52.7 BGU09B 17.8 101.4 UGB04BN 43.1 98.0 BGU05B 6.8 60.5 BGU06B 8.2 67.7 UGB05AN 43.5 88.5 BGU06A 10.2 47.4 UGB05BN 19.3 64.0 UGB06N 20.1 124.7 UGB08N 35.4 23.6 Source: MEL (2022)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 67 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 7.5 Property Plan View Figure 7-11 shows the location of all the drill holes used in the resource estimation. This figure presents the location of this information with respect to the block model volumes that support the mineral resources and mineral reserves estimates. Source: MEL (2022) Figure 7-11: Drill Hole (Samples) Location for Escondida and Escondida Norte Areas SEC Technical Report Summary – Minera Escondida Limitada Page 68 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 7.6 Exploration Targets No exploration targets are reported in this TRS.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 69 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 8 Sample Preparation, Analyses and Security 8.1 Sample Preparation Methods and Quality Control Measures MEL employs mining industry standard methodologies to undertake sampling and sample preparation processes regarding drill hole samples of various types. These methodologies are governed by internal protocols and procedures developed specifically for MEL's operational reality whilst also respecting BHPs internal company standards. Quality control of these processes are also required to adhere to both mining industry best practice and BHPs internal company standards. Methods Since the discovery of the Escondida deposit, the history of drilling at MEL has progressed from the initial use of conventional drilling during the discovery program to a balance of reverse circulation (RC) drilling and diamond drill hole (DDH). The approach, applied since the late 1980s, employs the different drilling techniques to balance the drillhole information and sample requirements with the cost and time elements for the acquisition of the required samples and data. This approach has generated variable amounts of drilling and sampling types throughout the history of MEL's data acquisition. Discussion of sampling herein concerns the RC and DDH (core) samples that support the geological evaluation and modelling. RC Drilling The RC samples were retrieved from the drill-mounted cyclone and were collected at continuous intervals of 2 m. The original sample (approximately 80 kg) was then divided with a riffle (Jones) splitter obtaining two sub-samples, each one representing 50% of the total. One of the portions was discharged (reject), while the second portion was quartered again to obtain two sub-samples (A and B), each corresponding to 25% of the total, of approximately 20 kg (Figure 8-1). During each division of the sample, the weight was recorded in order to evaluate that the process was being carried out properly. If there was presence of water, the drilling changed to DDH. The sample was then placed in plastic bag, labelled with a bar code and sealed prior to transfer to the mechanical preparation facility. The drilling contractor was responsible for the transportation of the samples to the warehouse. Source: MEL (2022) Figure 8-1: RC Sampling; A) Sample Collection; B) Weight control; C) Sample Splitting; D) A and B Samples Core Drilling Diamond drill hole cores were carefully handled at all stages of transport by the contractors. The cores were packed sequentially in metallic core boxes as they were collected from top to bottom and left to right in the order in which it was retrieved from the core barrel. For each core run, a wooden block, was placed where the driller notes the depth of the hole indicating the interval drilled. The boxes were properly SEC Technical Report Summary – Minera Escondida Limitada Page 70 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 labelled with the drill hole name, box number, and interval (Figure 8-2). The drilling contractor was responsible for the transportation of the samples to the warehouse. Source: MEL (2022) Figure 8-2: DDH Sampling; A) Sample Collection; B) Sample Distribution in Metallic Trays Once metallic trays were received in the warehouse core length was measured and marked every 2 m to regularize the sample length. These measurements were compared with those obtained by the drilling contractor. In case of differences, the drilling contractor was requested to repeat the regularisation process. The core recovery was calculated and reported as a percentage. This process was completed digitally and automatically uploaded to acQuire. When needed, these measurements were compared with those obtained by the drilling contractor and, in case of differences, the drilling contractor was requested to repeat the regularisation process. Core Photography Core photography with a digital camera was part of the standard procedures for core logging. Each drill hole tray was photographed from the top to show a view of the core in full screen using a device to maintain the same illumination in each section of the drill hole (Figure 8-3 A). The start and end depths were marked on the open box lid. Typed sheets showing the drill hole ID and core box number were also displayed on the core. The photographs were stored online in Imago software (Figure 8-3 B). Source: MEL (2022) Figure 8-3: A) Core Photography. B) Photography Stored in Imago Software Logging Drill hole logging was performed by geologists at the MEL warehouse (Figure 8-4) and supervised by senior MEL geologists. The logging process included preparing a detailed description of the lithology, as well as, the description of alteration, mineral zones and a visual grade estimation. Based on the geological

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 71 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 description, codes were assigned to each geological unit. The logging process was carried out digitally on laptops and uploaded online into acQuire. The process included description of: • Lithology: The description included textural parameters, associations, and mineralogical species. • Alteration: Main and subordinate alteration were registered, the mineralogical species identified, and the intensity of the alteration were described. • Mineralisation: Definition of mineral surfaces associated to the main zones of the deposit such as leached, oxide, mixed, secondary enrichment and primary were recorded. Description includes volume percentage of each sulphide species, oxidised and others. Also, occurrence such as disseminated or veinlets. Also, the geologist defined the cutting schemes for core and the assaying schemes. Source: MEL (2022) Figure 8-4: Geological Logging The geological logging includes its own specific QA/QC procedures. Monthly, 100 m of a specific drill hole were randomly selected for cross logging and subsequent review by MEL's senior geologist. The results of this validation were reported along with corrective actions and action plans, if determined to be necessary The senior geologist was responsible for defining and selecting the sampling intervals to be cut. The mine conducts sampling based on a standard 2 m intervals with lengths adjusted to reflect geological contacts. When needed, local changes in the length may be needed and the geologist makes this decision depending on the complexity of the mineralisation. The sampling intervals were recorded in the core recovery database as well as in the core box and were identified with unique sample numbers (bar code). To prepare the core sample for submittal to the assay laboratory, 2 m intervals were split in half using a manual core cutter (Figure 8-5). One half of the core was carefully retained in the core box and kept for future reference, or for other testing purposes. The other half was placed in a plastic bag, labelled using the unique barcode and sealed for shipment to the laboratory. The weight of the samples varied between 8 and 15 kg, depending on the diameter of the drill hole. SEC Technical Report Summary – Minera Escondida Limitada Page 72 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 8-5: Hydraulic Guillotine for Core Cutting Sample Security At MEL, all information collected from drilling to chemical logs was entered electronically, online and stored in an acQuire database, allowing traceability and secure data storage (Figure 8-6). Access to the acQuire database is controlled by internal company security systems and utilizes Windows Authentication. Line Managers can request the addition of employees to existing Windows Active Directory groups that permit access to the database. Active directory groups are regularly monitored for removal of employees no longer requiring access. In addition the acQuire licensing model is used to limit user functionality within the software. The license type (Client) permits viewing of most data in the database and restricted write- access. Data Entry license holders have additional permissions to enable them to enter data. Manager licenses (of which there are only one) permit full access to the database and all acQuire functionality. Source: MEL (2022) Figure 8-6: MEL Sample Chain of Custody

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 73 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 In general, actions taken to ensure sample integrity and data security include: • Use of barcoding, which facilitates the digital flow within the database, from drilling to chemical analysis. • All data was stored in acQuire, where the information was validated before being released for further use. Permissions to enter, modify and read data in acQuire were regulated by user type, which prevents loss of information. • Biannual external audits are conducted, with the last one completed during 2021 and included a detailed review of the consistency of the data. Historically there have been no significant findings with only minor observations and recommendations. 8.2 Sample Preparation, Assaying and Analytical Procedures Name and Location of Laboratory, Relationship and Certification Since 2017, an external commercial laboratory, Bureau Veritas Chile S.A., has been used for the mechanical preparation and chemical assays of MEL samples. The laboratory is located in the city of Antofagasta, Chile, where all services were performed (Figure 8-7). The Bureau Veritas Chile S.A. laboratory is independent of MEL and BHP and is certified by the National Accreditation System of the Instituto Nacional de Normalización (INN), as a testing laboratory, according to NCh-ISO/IEC 17025:2017. Source: MEL (2022) Figure 8-7: Chemical Analysis in External Laboratory Sample Preparation and Analysis Protocol at Laboratory The procedure used by the laboratory for mechanical preparation and chemical assaying has been defined by MEL and includes the laboratory's own internal QA/QC, specifically, accuracy, precision, blanks, and granulometric controls, which is, in addition to the QA/QC protocols in place at MEL, facilitating the integrity of the reported results. The procedure at the laboratory for both DDH and RC mechanical preparation of samples was as follows (Figure 8-8): • Sample reception. • Samples weighted and dried. • Primary crushing to 1/2 inch (12.7 mm). • Secondary crushing 90% to -10# Tyler (150 microns). • Particle sizes control every 10 samples. SEC Technical Report Summary – Minera Escondida Limitada Page 74 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • Rotary splitter to produce 1 kg of sample; pulverised and the rest of the sample treated as rejection. • Drying 1,000 gr for 1 hour. • Pulverised until 95% at - 150# Tyler. • Samples were then homogenised, split and distributed into three labelled envelopes of 250 grams each. These samples were labelled with new bar codes. • A granulometric control was performed every 10 samples. Source: MEL (2022) Figure 8-8: Mechanical Preparation Schema, Bureau Veritas Laboratory Analytical Methods Samples have been assayed by different external laboratories throughout MEL's history. From the exploration stages to the present, they have been performed according to the industry standards of each period in addition to incorporating different types of controls to ensure the quality of the results. Table 8-1 details the laboratories and the type of service used in the different periods. Table 8-1: MEL Laboratories from Exploration to FY2022, by Service Type Laboratory Period Chemical Analysis Location CIMM – Internal and Others External laboratories Pre 2003 TCu, SCu, Fe, As, density Antofagasta CIMM 2003 - 2009 TCu, SCu, Fe, As, Partial Extraction (Ptxt), density Antofagasta CIMM - Geoanalítica 2009 TCu, SCu, Fe, As, Ptxt density Antofagasta Verilab 2009 - 2013 Ptxt Antofagasta ALS-Chemex 2009 – 2016 ICP La Serena Geoanalítica -CIMM-SGS 2011 - 2016 TCu, SCu, Fe, As, Ptxt, density Antofagasta Bureau Veritas Chile 2017 - present TCu, SCu, Fe, As, Ptxt, ICP, density. Antofagasta/ ICP Canada Source: MEL (2022)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 75 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 The analytical schemes used by MEL were divided into two groups. Grade Composite (CL) performed on samples every 2 m, and Physical Composites (CF) that are performed every 14 and 16 m. These CFs were constructed from original 2 m samples following a procedure that is considered to ensure representativity of the composited interval. This is applied below the upper sulphide ceiling (TS) as explained in Figure 8-9. Source: MEL (2022) Figure 8-9: MEL Flow Chart Summarising Sampling and Analytical Protocol Once the samples were analysed, the results were sent electronically to the MEL database administrator and uploaded into acQuire. The suite of analyses performed from 2003 to present is shown in Table 8-2. Table 8-2: FY22 Chemical Analyses Element Method Digestion Detection Limit TCu + Fe Atomic Absorption Spectrometry (AAS.) Acid digestion (Nitric acid - Perchloric and hydrochloric acid) 0.01% SCu AAS Acid Leaching (Sulphuric Ac - Citric Ac.) 0.01% CNCu AAS Leaching (sodium cyanide - deionised water) 0.01% SCuFe AAS Leaching (Sulphuric Acid - Distilled Water) 0.01% TFe AAS Acid digestion (nitric acid - perchloric acid - hydrofluoric acid) 0.3% Sulphur LECO Sodium Carbonate Leaching 0.1% S LECO Sample attack with oxygen to transform the sulphur present as sulphide and sulphates to sulphur dioxide. 0.1% Mo AAS Acid digestion (Nitric Acid - Aqua Regia), reading by AAS 3 ppm Ag AAS Acid digestion (Nitric Acid - Aqua Regia) 0.2 ppm Source: MEL (2022) Partial Extraction Partial Extraction (Ptxt) is a technique that was implemented in 2003 (Preece, R., Williams, M.; 2003) which has been validated and audited during these years to date. Ptxt has been used in the different SEC Technical Report Summary – Minera Escondida Limitada Page 76 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 updates of the Resource model. This analytical technique determines the mineralogy and the volumetric contribution of copper and pyrite species in the sample based on a normative mineralogical matrix. The current suite of chemical analysis performed is presented in Table 8-3. Table 8-3: Partial Extraction Analysis (Ptxt) Element Method Digestion Detection Limit TCu + Fe AAS Acid digestion (Nitric acid - Perchloric and hydrochloric acid) 0.01% SCu AAS Acid Leaching (Sulphuric Ac - Citric Ac.) 0.01% CNCu AAS Leaching (sodium cyanide - deionised water) 0.01% CuSFe AAS Leaching (Sulphuric Acid - Distilled Water) 0.01% TFe AAS Acid digestion (nitric acid - perchloric acid - hydrofluoric acid) 0.3% Sulphur LECO Sodium Carbonate Leaching 0.1% S LECO Melting of the sample with an oxygen stream to transform the sulphur present as sulphide and sulphates to sulphur dioxide. 0.1% Mo AAS Acid digestion (Nitric Acid - Aqua Regia), reading by AAS 3.0 ppm Ag AAS Acid digestion (Nitric Acid - Aqua Regia) 0.2 ppm Source: MEL (2022) Spectral Analysis for Mineralogical Gangue Information The Mineralogical Gangue Information (NIR) technique, implemented since 2016, was used to semi- quantitatively define the intensity of alteration minerals, based on a spectrometer through which the spectral curves of the materials were captured in the Near Infrared spectrum (NIR: 1001-2500 nm). There were a 10 to 20% duplicate sample submitted for QC, which should not exceed a 10% deviation. The model currently allows for identifying the group of clays (Kaolinite-Smectite and Pyrophyllite), Sericite, Muscovite-Illite, Chlorite, and Biotite. These are variables estimated in the block model and were later used for the calculation of the fines indicator (Chapter 10) which is used to define the types of oxides and mixed to be sent to the leaching process. Density Density tests were carried out in all core drilling. Dry density has been determined for 15 to 30 cm drill core samples collected at intervals of approximately 10 m. Density was calculated using a wax immersion method. Approximately 41,262 density samples have been collected and used for density modelling (31,081 for Escondida and 10,181 for Escondida Norte). As QC, 10% of the duplicate tests were carried out with another external laboratory (SGS) that should not exceed 1% deviation between pairs. 8.3 Quality Control Procedures/Quality Assurance QA/QC programmes are used help to ensure the reliability of assay results from commercial laboratories and were performed to industry standard practice. Throughout MEL's history, the QA/QC has changed according to the requirements of each drilling campaign. The main milestones were: • Prior to 2003: QA/QC was performed using a secondary laboratory. Sample labelling was done with sequential numbers manually to ensure blind submission to the laboratory. • 2003: Implementation of a QA/QC programme with insertion of standardised reference controls (TSEN) from a round robin of field duplicates, analytical duplicates and blanks. Implementation of pre-printed and manually affixed barcodes on the bags are shown in Figure 8-10.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 77 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • 2005: Implementation of acQuire software as the official platform to store and manage the complete drill hole database. Originally Maskana and GVmapper software was used for the management of drilling and logging information online. During 2010 this software was eliminated, and all processes were migrated into acQuire. This also allowed the usage of rugged tablets for geological logging, sample reception, photography and DDH sampling. All data was consolidated in a single database. Source: MEL (2022) Figure 8-10: QA/QC Samples Insertion; A) Label Printing from acQuire; B) Labelling of Pulp and Checking of Position of Controls According to scheme of analysis; C) Control Types Major milestones were: • 2014: 100% online geological logging. • 2016: Online QA/QC monitoring. • 2017-2018: Use of acQuire for online analytical monitoring diagrams; diamond cutting and automatic random insertion of duplicates, standards and blanks. Online reporting used for sample weights. • 2020-2021: Geometallurgical sampling flow implemented within the acQuire platform The QA/QC process include seven (7) types of control samples (Table 8-4) that were inserted during the sample preparation and analysis process: • Pulp Replicates: Correspond to samples obtained after the pulverisation. Pulp duplicates are inserted at a rate of 1 every 25 samples, including half in the same shipment and the other half in another shipment or to the control laboratory. • 10# Duplicates: Corresponding to the samples obtained after crushing. Coarse duplicates are inserted at a rate of 1 every 25 samples, including half in the same shipment and the other half in another shipment, or to the control laboratory. • Field Duplicates (RC and DDH): Consist of the second core quarter separated for analysis. Field duplicates are inserted at a rate of 1 every 25 samples. • Coarse Blanks: Samples of barren rocks, or prepared with local barren rocks. Coarse blanks are inserted at a rate of 1 every 25 samples. • Fine Blanks: Samples of barren rocks or grades below 0.05% TCu inserted to verify contamination in the chemical analysis process. This corresponds to pulverised quartz and is inserted at a rate of 1 every 25 samples. • Certified Reference Material (CRM): Samples are purchased from the commercial laboratory, ORE Research & Exploration Pty. Ltd. (OREAS), and include a corresponding certificate. CRMs are inserted at a rate of 1 every 20, or 25 samples, with the CRM chosen randomly. TSEN Reference Materials are MEL's own matrix materials prepared by Geoassay laboratory. There are 8 standards, covering 0.35% to 2.6% copper grade. SEC Technical Report Summary – Minera Escondida Limitada Page 78 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 8-4: FY2021 Control Samples for RC and DDH Process Control Source Frequency Control Error Composites Field Duplicate (RC) RC Sample B. 1 per batch Precision ≤ 30% Field Duplicate (DDH) DDH Half core Precision ≤ 30% Duplicates 10# Post crushing duplicates 1 per batch Precision. Representativeness of the sample post mechanical preparation ≤ 20% Pulp Replicates Duplicate from the division of the pulp into 2 envelopes of 250 g. Accuracy. Inserted post pulverisation stage ≤ 10% Coarse Blanks Barren blast holes TCU <0.02% 1 per batch Contamination Inserted before primary crushing. Grade > 5 times detection limit (x >0.05% TCu) Fine Blanks Pulverised quartz Contamination Inserted before the pulverising. 5% of samples analysed, > 3 times of detection limit (x >0.03% TCu). CRM (standards - TSEN) Samples certified from a Round Robin 1 per batch Accuracy ±2 standard deviations, bias < 5% and coefficient of variation < 5% Source: MEL (2022) QA/QC data was routinely monitored both in the short term and long term: • Short-term: Carried out daily and in all specific batches as they were reported by the laboratory. • Long term: Carried out monthly to identify trends and biases. This review includes analysis of precision, accuracy, and contamination. An annual report of the QA/QC programme results from the drilling campaign was constructed. • Re-assay: Should the quality control standard(s) and/or blanks fail, the batch may be wholly or partly re-assayed at the discretion of the geologist. Where re-assaying has occurred, the QA/QC standards and blanks are checked again, and if approved, the results are added to the database. Sample Analysis Controls and Results 2008 – 2020 Table 8-5 shows the overall accuracy and precision results of the QA/QC programme for TCu for twelve recent calendar years (2008 - 2020), for Field Duplicates (RC and DDH) and CRM. MEL uses a set of eight (CRM), which covers the range of TCu grades of the deposit. In general, the TCu CRMs present samples within the established 5% bias limits. Table 8-6 details the routine samples inserted from FY08 (ending June 2008) to FY21 (ending June 2021) at Escondida and Escondida Norte by type of composite. Table 8-5: QA/QC Results for TCu, 2008-2020, Escondida and Escondida Norte 2008 2009 2010 2011 2012 2013 2014 Precision Field Duplicates 98.5% 97.3% 98.4% 98.5% 97.0% 94.6% 98.4% Pulp Replicates 98.4% 98.8% 98.8% 98.7% 96.1% 95.4% 99.0% Accuracy CRM (TSEN) 98.2% 98.5% 98.3% 98.6% 98.4% 98.1% 99.4% 2015 2016 2017 2018 2019 2020 Precision Field Duplicates 99.7% 100% 100% 99.5% 97.7% 99.5% Pulp Replicates 98.9% 99.2% 99.7% 100% 100% 99.5% Accuracy CRM (TSEN) 98.8% 98.8% 99.4% 99.2% 100% 97.5%

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 79 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Table 8-6: Number of Routine and Control Samples TCu, 2008-2021, Escondida and Escondida Norte MEL_DH_CL MEL_DH_CF MELEN_DH_CL MELEN_DH_CF N° Samples N° Control N° Samples N° Control N° Samples N° Control N° Samples N° Control FY08 23,127 1,373 4,112 296 66,111 3,781 7,099 412 FY09 37,119 2,028 6,876 372 82,115 4,513 6,902 383 FY10 100,495 5,594 16,961 1,190 47,185 2,647 9,516 553 FY11 74,454 4,663 11,457 1,077 57,931 3,717 7,975 1,007 FY12 54,635 7,403 5,440 1,307 42,851 5,351 4,323 987 FY13 26,796 4,078 2,745 636 12,616 1,877 1,189 291 FY14 22,201 4,118 2,091 488 9,783 1,796 1,161 287 FY15 17,257 3,134 1,550 340 12,118 2,255 1,474 321 FY16 13,211 2,372 1,506 284 3,644 650 447 83 FY17 10,199 1,742 1,083 181 4,840 862 587 104 FY18 10,419 1,805 935 153 1,623 284 179 28 FY19 7,906 1,393 884 151 2,974 521 305 51 FY20 6,434 1,056 742 140 2,314 394 312 48 FY21 7,758 1,125 746 125 1,664 230 225 36 Source: MEL (2022) In terms of accuracy, TCu was analysed for six (6) types of duplicates (field, coarse and pulp samples). As a result, the accuracy for field, preparation, and pulp duplicates was adequate and within acceptable ranges. 2021 The number of controls for the year 2021, and their results are presented in Table 8-7, with examples of some control charts in Figure 8-6 to Figure 8-8. Table 8-7: FY2021 QA/QC Summary Control N° Samples Rate Error rate (%) Grade Composites (CL) y Physical Composites (CF) Field Duplicate RC 302 1 per batch TCu: 0 SCu: 0.3 Fe: 0.7 As: 0 Field Duplicate DDH 13 1 per batch TCu: 0 SCu: 0 Fe: 7.7 As: 0 Duplicates 10# 99 1 per batch TCu: 0 SCu: 0 Fe: 0 As: 0 Duplicates of pulp 91 1 per batch TCu: 0 SCu: 3.3 Fe: 0 As: 0 Coarse Blanks 21 1 per batch 0.05% Fine Blanks 21 1 per batch 0.03% CRM (standards - TSEN) 223 A random mix of 8 CRM inserted, Grades between 0.35 to 2.71 TCu% 3.55% Bias Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 80 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Duplicates As can be seen in Figure 8-11 the accuracy for field, preparation, and pulp duplicates was adequate and within acceptable ranges. Source: MEL (2022) Figure 8-11: Results of Field, Coarse (10#), and Pulp Duplicates-TCu CRM Standard sample results show acceptable precision, most samples have TCu values within acceptable tolerance limits (Figure 8-12). Blanks Figure 8-13 shows the results for coarse and fine blanks used in FY21 campaign.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 81 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 8-12: Laboratory Results for TSEN59 and 62 of FY21 Campaign Source: MEL (2022) Figure 8-13: Coarse and Fine Blanks Result for FY21 SEC Technical Report Summary – Minera Escondida Limitada Page 82 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 8.4 Opinion on Adequacy In the opinion of the QP, at MEL, there were adequate controls in the sample preparation, analysis, and security processes for use in the estimation of mineral resources and mineral reserves. It is the QP's opinion that the sample preparation, security, and analytical procedures applied by MEL were appropriate and fit for the purpose of establishing an analytical database for use in grade modelling and preparation of mineral resources estimates, as summarised in this TRS. During a site visit in August 2021, the QP reviewed the core and sampling techniques. The QP found that the sampling techniques were appropriate for collecting data for the purpose of preparing geological models and mineral resources estimates. 8.5 Non-Conventional Industry Practice In the construction of the Resource model, no data was obtained using non-conventional industry procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 83 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 9 Data Verification The QP was provided with the compiled Escondida and Escondida Norte database, in Excel file format, which included survey information, downhole geological units, sample intervals and analytical results. Drill hole data for Escondida includes 5,764 drill holes, totalling 1,768,738 m of drilling, and with 1,678,615 m of assays. The Escondida Norte programme consists of 2,832 holes with 923,211 m of drilling and 908,081 m of analytical samples. Compiled supporting documentation for the Escondida and Escondida Norte drilling data included descriptive logs with collar surveys, core photos, and assay information. No other sample types were used in the construction of the resource model. At MEL, protocols have been defined in order to assure data verification and data storage of both physical and electronic records. These protocols were defined for each stage of data acquisition processes: drilling, geological logging, chemical analysis and database delivery to users. It is the role of the QP within these protocols to ensure the quality of the data through periodic reviews of the information entered into the database, review of database delivery reports and participation in the different audits carried out on the process. 9.1 Data Verification Procedures Under the plan, data is entered directly into acQuire where the data is first validated in its relational definition according to the data model, followed by verifications related to formulas and cross conditions. All validations were performed before permitting the export of data for geological modelling and resource estimation purposes. Validation in acQuire was applied to survey, geology, and assays (Figure 9-1). The QP was responsible for the review of the data used for resource estimate at different stages of the process: • Drilling: o Validation of the drill hole coordinates by checking the data recorded at the rig installation. o The drill hole deviation was validated both by a second measurement of the deviation for a percentage of the drill holes, as well as by evaluating the result of the deviation of the drilling hole, which must be less than 5%. • Sampling: o Barcoding was used at all stages of the process, allowing the process to be managed completely blind for the laboratories. o All stages of the sampling process were managed with acQuire without any external intervention. o Specifically, sample checks were carried out on the samples at specific points including, core recovery for RC and DDH and weight of the RC samples. • Assaying: o Assays used in mineral resources estimation have a robust QA/QC process that continuously monitors accuracy, precision and contamination at different stages. o Assay results reports from the laboratory were prepared digitally and the results were automatically uploaded to acQuire. • Logging: o Geological data entry was performed digitally and stored directly in the acQuire database with no manual intervention at any time. o Geological logging was validated by cross-checking and validation by the MEL Senior Geologist. An internal validation was performed periodically and includes approximately 5% of the data. The database is located on the MEL server and backed up daily. SEC Technical Report Summary – Minera Escondida Limitada Page 84 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 9-1: Flowsheet of the MEL Data Verification Process Data input validation procedures into AcQuire comprised automated import routines developed by MEL. These routines force the input data to abide by several data entry/import rules as well as enforcing internal validation tools to prevent erroneous data entry. Each time data relating to a drill hole is changed, the username, time, and type of alteration (insert, update or deletion) are recorded. Assays are never adjusted; however, samples may be re-assayed, if deemed necessary after examination of the accompanying QA/QC results. External Reviews Every two years, MEL performs an external audit to the Resource Models for the main estimated variables to include TCu, SCu, and density. This audit considers a detailed and independent expert review and validation of the procedures used to estimate the mineral resources via a detailed review of data capture and data management, interpretation and modelling of the geology, definition of estimation domains, grade estimate, and mineral resources classification. The historical audits performed are presented in Table 9-1. During these audits, the QP was responsible for defining the scope of the audit, as well as leading and coordinating the Escondida and Escondida Norte work teams. In addition, this QP was responsible for evaluating the implementation of the recommendations arising from these audits. The latest audit was conducted in 2021, by Golder Associates S.A., on the 2021 Resource Model (LPMay21) which supports this mineral resources statement as of 30th June 2022 and is reported in Golder Associates S.A. 21460151 MEL Auditoria Recursos 2021 revB.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 85 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 9-1: Mineral Resources Biannual External Audits Calendar year Model Company Data Acquisition Model Interpret- ation Estimation TCu & SCu Density Mineralogy & Partial Extraction For Declaration Date 2013 LPMay13 CRM - Jeff Sullivan YES YES YES YES YES 30th June 2014 2015 LPMay15 CRM - Jeff Sullivan YES YES YES YES YES 30th June 2016 2017 LPMay17 CRM - Jeff Sullivan YES YES YES YES NO 30th June 2018 2019 LPMay19 Golder YES YES YES YES YES 30th June 2020 2021 LPMay21 Golder YES YES YES YES YES 30th June 2022 Source: MEL (2022) Internal Reviews Internally, every year, the Resource Centre of Excellence (RCoE) of BHP conducts a Resources and Reserves Risk Review (RRR&R) upon Escondida and Escondida Norte deposits. This review seeks to ensure the reportability of mineral resources and mineral reserves under the international standards of the different stock exchanges where BHP makes declarations. The QP is present before the RCoE during the audit and is responsible for providing information and answering queries. During this review, data management and the QA/QC programme for geological information is evaluated including sample capture and preparation, chemical analysis, normative mineralogy (partial extraction), geological logging, spatial location of samples, and database management. No deficiencies were found in the handling and quality of the recorded data. 9.2 Limitations Since 2005, the QP has been involved in the mineral resources estimate and is not aware of any other limitations, nor failure to conduct appropriate data verification. 9.3 Opinion on Data Adequacy This QP makes periodic visits to the facilities where data capture, management, and backup activities are performed. The QP has validated the data disclosed, including collar survey, downhole geological data and observations, sampling, analytical, and other test data underlying the information, or opinions contained in the written disclosure presented in this TRS. The QP, by way of the data verification process described in this section of the TRS, has used only that data, which was deemed by the QP to have been generated with proper industry standard procedures and was accurately transcribed from the original source. The QP is also of the opinion that the data being used for the estimation of mineral resources is adequate for the purposes used in this TRS. Data excluded from the estimation is minimal and is not expected to affect materially the end result of the estimation. SEC Technical Report Summary – Minera Escondida Limitada Page 86 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 10 Mineral Processing and Metallurgical Testing The main mineralisation style in both Escondida and Escondida Norte consists of copper sulphides, such as chalcocite, covellite, and chalcopyrite. In addition, there are zones of oxide mineralisation where brochantite, chrysocolla, and antlerite are the main species. Three processes were defined after extensive analysis and testwork in early stages of development. The understanding of geological characteristics, combined with the metallurgical response of the mineralisation, defined the following processing ways: • Concentration of copper sulphides by froth flotation to produce a copper concentrate. • Acid leaching, mostly copper oxides, to produce cathodes, • Bioleaching of copper sulphides, below cut-off grade of concentration process, to produce cathodes. These three processes were not all begun at start-up of the MEL operation, which was solely flotation of sulphides, but expansions and the addition of other processes were subsequently added. The addition of processing facilities, employing different metallurgical processes that depend upon different testwork for metallurgical evaluation, is the reason for which the collected data supporting production planning and growth projects is presented in the context of these processes. In addition, the company obtains economic benefits from the gold and silver recovered as by-products of copper production that it markets in the form of metal contained in concentrate. Maps presented in this chapter use local mine coordinates derived from the PSAD-56 UTM projection. 10.1 Testing and Procedures General Because of the overall dominance of copper concentrate as a product, the main activities for the updating of the geometallurgical models are focused on the flotation recovery of sulphides. However, the procedure for updating the geometallurgical variables includes acid leaching and bioleaching processes. In Figure 10-1, the activities related with production forecasting for the sulphide concentrators have been coloured light blue, the activities associated with concentrate quality modelling are in orange; finally acid and bioleaching models are coloured in green. Testing and Laboratories The samples for geometallurgical testing come from the following sources: • Infill diamond drilling holes are used mainly for concentration process testing. These drilling programmes provide physical composites 14-16 m length, which are collected in a systematic approach. • Infill reverse circulation drilling and bulk samples extracted from open pit are the main sources of samples for leaching processes because of both geochemical characterisation and mass requirements. The drilling campaigns are the main activity to support the planning process and it is focused within the volumes to be extracted in the long term mine plan. Figure 10-2 shows the characterisation data collected from the drill holes. Table 10-1 describes the nature of key metallurgical testwork procedures undertaken for geometallurgical characterisation to support both flotation and leaching process routes. Many laboratories and testwork facilities have been employed for metallurgical analysis and testing to support the geometallurgical evaluation of MEL during its operational life to date. These laboratories have been all independent

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 87 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 external laboratories to MEL, and apply their own Quality Assurance processes and/or external certifications. The most significant laboratories for MEL are listed in Table 10-2. Source: MEL (2022) Figure 10-1: MEL Geometallurgical Modelling Flowsheet Source: MEL (2022) Figure 10-2: Geometallurgical Testing Scheme SEC Technical Report Summary – Minera Escondida Limitada Page 88 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 10-1: Description of Key Testwork undertaken for Geometallurgical Characterisation Process Test / Assay Notes Concentration SAG Power Index (SPI) The SPI test is a well-established industry test for estimating specific energy consumption for the crushing and milling of rock in grinding mills. The result of the SPI Test is expressed in minutes, and is defined as the time required to reduce a mineral sample from a characteristic feed size of ½" to a characteristic product size of 1.7 mm. A longer grinding time, with respect to the mean of the distribution of data captured from the deposit, indicates greater resistance to grinding. SPI has the advantage of requiring little mass (~ 2 kg) and is therefore suitable for the geometallurgical characterisation of deposits by being able to provide many data points due to the relative ease of sampling and testwork through diamond drilling. Bond Work Index (BWi) The BWi test is undertaken to estimate the energy required to grind previously milled rock to a fine size to prepare it for flotation. The test result is expressed in kWh / t. The test uses 10 kg of ore and the objective is to reach a steady state grinding of the sample. This is to emulate the replacement ratio of fresh ore to a grinding mill in continuous function. The parameter is equivalent to the mass passing through specific opening per revolution. This is repeated for a specific number of grinding cycles. Each cycle has 100 revolutions, wherein a sieve with a given opening is used to define the defined mesh (grain) size of the product in each cycle. It is a globally accepted test, in terms of its reliability, repeatability and reproducibility for the design and analysis of ball milling circuits. Rougher Flotation The test uses one kilogram of ore, which is ground to a product size (P80) of 150 microns, which means that 80% of the mass passes through a 150-micron opening sieve. The mineral is deposited in a 3.1 litres laboratory cell and is floated under standard conditions for 12 minutes. Flotation kinetics can be determined by collecting 4 different concentrates, in cumulative quantities and in separate trays. In addition, at the end of the test, the copper analyses in all the products allow to calculate the recovery at different times and the maximum recovery. The test outputs the potential recovery of a determined ore and their kinetic curve. It is designed to be executed in standard conditions, using a target of primary grind size of 150 microns. Acid and Bioleaching Unit Leaching Columns Numerous metallurgical programmes have been carried out supporting traditional crushed ore (heap) leaching using acid solutions. These tests are undertaken in plastic columns of various lengths and diameters to observe and analyse the response of mineralisation to acid bearing fluids (leach solutions). The process emulates the actual processes within a heap leaching pad. Standard test conditions for oxide leaching columns are established to ensure that comparison between different test conditions and ore types may be undertaken. Standard conditions for MEL are applied for testing. Acid Consumption Test The test reports the sulphuric acid consumption of a previously ground sample of mineralisation to understand how much acid is consumed by the leaching of both copper minerals and other acid reactive minerals in a mineralisation type. Permeability Tests Samples were crushed to < 0.5" diameter (crusher set to 25 mm) and prior to testing, the 0.5" crushed ore samples were agglomerated. Physical and hydraulic property laboratory screening tests are conducted to assess the ore hydraulic properties under a range of proposed heap heights, irrigation rates, and aeration rates. Screening tests and methods included specific gravity, particle size distribution (PSD) of pre- test and post-test ore samples using the sieve/ hydrometer and laser diffraction methods, Atterberg limits, dual wall saturated conductivity, dual wall unsaturated hydraulic conductivity, dual wall air permeability tests, energy-dispersive X-ray fluorescence (EDXRF), X-ray diffraction (XRD), and moisture retention characteristics (MRC). Agglomeration- Sulphation tests The tests define the optimal acid and moisture dosage for different mineralisation zones. The approach is to run an experimental matrix using standard conditions defined by MEL. Source: MEL (2022)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 89 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 10-2: Laboratories Laboratory Location Testing & Assaying Certifications SGS Minerals Chile Hardness (SAG Power Index, Bond Work Index, Low Energy Index Test; Abrasion Index), Rougher Copper Recovery, Rougher Molybdenum Recovery, Rougher Copper Recovery, Rougher Copper Kinetic, Tailings rheology (Yield Stress, viscosity), Settlement Rate, Microtrack Automated Mineralogy QEMScan / TIMA, X-Ray Diffraction; Whole Rock and Clays Density Separation and FRX Particle Size Distribution Tests, Preparation of Irrigation Solution (Artificial Refining), Real Density (Pycnometre), Agglomerate of Samples; Operation, Control, Loading and Unloading of Crib, Minicribs and Columns; Gravel Drying, Disaggregation and Preparation, Treatment and Disposal of Solutions, Iso-pH bottle leaching tests, Hydraulic conductivity, Bioactivity Test, Bacterial Amenability, Agglomerate Quality Test, Sulphation test, ISO-Eh Test, Impact Test Routine Assaying (copper, iron, arsenic) ISO 9001 ISO14001 ISO 45 Aminpro Chile Hardness (SAG Power Index, Bond Work Index), Pilot Testwork MEL Internal Metallurgical Laboratory Chile Focused on production samples. Rougher Flotation test, Chemical assaying from both concentrator and leaching operations streams. CISEM Chile Automated Mineralogy QEMScan, X-Ray Diffraction; Whole Rock GeoSystems Analysis, Inc. USA Permeability Testing ALS Chemex Canada Inductive Conductive Plasma (ICP) for 54 Elements assaying ISO 9001 ISO14001 Bureau Veritas Chile Routine Assaying (total copper, Soluble copper, iron, arsenic) ISO 9001 ISO14001 Chile Partial Extraction assaying (Soluble copper at cyanide, ferric sulphate, sulphuric+citric acid) ISO 9001 ISO14001 Source: MEL (2022) 10.2 Sample Representativeness Sampling for MEL metallurgical testwork has been sourced during the operation to date from: • Samples from drill holes employed to characterize the deposit geologically and chemically. • Dedicated drill holes to recover larger sample mass for testwork. • Bulk samples extracted from tunnels or the open pit. Due to the maturity of the geometallurgical modelling, most new samples in the annual model updates are taken from regular diamond core drilling (DDH) to save cost and provide easy access to existing drill core. This new information is gathered continually and included into the geometallurgical modelling to predict metallurgical process response, as an ongoing part of the annual planning cycle. The geochemical characterisation, as with the geological characterisation, from drill holes is also employed in geometallurgical characterisation and modelling. Sulphide Concentrator Sampling The sampling process for concentrator testwork, for both hardness and copper recovery, is based on systematic sampling of DDH composites generated from alternating 14 m, or 16 m length intervals from diamond drill holes. These intervals are chosen to emulate the MEL mining bench height of 15 m, while being composited from the routine 2-m long sampling interval. These samples are chosen from diamond drill holes throughout the mineral deposit that are selected to characterize feed volumes considered in the long term production plan. The selection is prioritised according with both geometallurgical confidence criteria and the sequence of exploitation. SEC Technical Report Summary – Minera Escondida Limitada Page 90 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 10-3: Spatial Distribution of Geometallurgical Samples

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 91 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 10-3: Hardness and Recovery Databases Supporting Long Term Plan, as Issued at May 21 Mine Test Database May 21 Escondida Hardness 9,126 Recovery 9,120 Escondida Norte Hardness 5,996 Recovery 6,161 TOTAL Hardness 15,122 Recovery 15,281 To support the sampling criteria, focused on the long and short term planning process, a geometallurgical classification system has been developed to incorporate a quantitative measurement of risk and uncertainty in mining plans for metallurgical parameters. The geometallurgical classification system is applied to the hardness and copper recovery data for concentrators and it works similar to resource categorisation. In this case the terminology for geometallurgical variables has been defined as Local, Global and Assigned confidence depending on the holes, samples and distance that have been used to interpolate a single block. The "Assigned" classification it is related with blocks that are valued by means of global averages from the database where the input of fundamental information on grades and geology is always available, and this significantly decreases uncertainty expectations. The definition of this classification is shown in the Table 10-4, with the results shown in Figure 10-4. Table 10-4: Geometallurgical Classification Definition for Hardness and Recovery Classification Definition Local Confidence Interpolated Blocks. Sample Distance ≤100 m. Samples used for Interpolation ≥5. Drill Holes used ≥4 Global Confidence Interpolated Blocks. Sample Distance >100 m. Samples used for Interpolation <5. Drill Holes used <4 Assigned Global averages from the database using grades, geology combinations where no geometallurgical samples are available. Source: MEL (2022) Source: MEL (2022) Figure 10-4: Geometallurgical Classification Profile for Copper Recovery at Concentrators on Long Term Plan 22 SEC Technical Report Summary – Minera Escondida Limitada Page 92 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 The system provides information by which volumes with higher uncertainty, or risk to the metallurgical estimate, are identified so that drilling plans and/or sampling from existing drill holes can be directed to reduce uncertainty. Acid Leach (Oxide and Mixed) and Acid Bio Leach (Sulphide) Sampling Sampling for metallurgical testwork for these processes is no longer undertaken. During the early phases of these processes, bulk samples were obtained from large diameter DDH, sampling tunnels, and bulk samples taken from the operating pits. This was required to generate the large mass of sample required for testwork. Based on that historical testwork, the process models for oxide leaching were developed and validated and these have been in use to date. The process models for oxide leaching are continuously updated, because of the new data collected. The process models for leaching are fully linked with the geological and mineralogical data collected from routine characterisation. In early stages of bioleaching for the sulphides, the project tested successfully a 500,000 t demonstration leach pad. It was constructed with ore extracted from the Escondida pit in 1999. Details of these sampling programmes are not presented in this TRS, since their importance has been displaced by the empirical use of the geometallurgical models that were thusly derived. The maturity of the metallurgical parameters are now gathered from both regular 2 m geochemical and 14 m-16 m characterisation from infill drilling programme. This is an ongoing process that updates the geometallurgical models. The model has information concerning the different types of geology present in both the reserves plan and the mineral resources volume to include principal alteration types, predominant lithologies, and mineralogical zones. This information informs the definition of ore types that are employed in ongoing characterisation and planning. The acquisition of information, and consequently the data density, reflects the difference in the geometallurgical complexity (variability) of the deposit. MEL undertakes a continuous process of data acquisition to support both long term planning and mining operations. In the opinion of the QP, the data coverage provides sufficient representativity of the volume of the deposit to support the life of the mineral reserves. The maturity of the operation gives additional support for calibration and reconciliation processes to improve both modelling and forecasting. 10.3 Relevant Results The process established for the interpretation of collected analytical and testwork data and the transfer into the block model is through two ways: when data density is high enough because of systematic sampling then a geostatistical interpolation is applied, or for variables that have either lower density of data points, or less inherent geological variability, the parameters are included in the block model by the allocation of global averages determined by the geological characteristics. This process is underpinned by statistical analysis that has established discrete volumes of the deposit (estimation domains) that have been demonstrated as being populations with similar statistical characteristics. Finally, process models are applied based on the installed capacity to forecast mill throughput, flotation recovery, concentrate quality, and leach recovery for both long term and short term mine planning. Table 10-5 summarizes the methodology applied for each parameter to transfer into the block model.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 93 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 10-5: Testwork for Geometallurgical Process Parameter Modelling Method Input Concentrator Process (Sulphides) Hardness Model Geostatistical interpolation and global averages, conditioned by the geological characterisation Database of SAG Power Index (SPI) and Bond Work Index (BWI) testing. Throughput Specific-by-plant algorithm which calculates processing rates at resources block model using SPI and BWI inputs. A power-based model using installed capacity for the concentrators. Hardness Model Copper Recovery Geostatistical interpolation and global averages, based on geological controls. Database of rougher flotation test results employing scale-up factors to reflect the physical nature of each concentrator Concentrate Grade Algorithm which calculates expected grade at concentrate at the resources block model Copper minerals and Pyrite content from mineralogical model. Impurities and Payable elements Algorithm which calculates expected content at the concentrate at the resources block model using an expected recovery at the process. Recovery factors come from operational evidence. Acid Leaching Process (Oxide and Mixed ore) Leach Recovery Assigned to the block model conditioned by the geological characterisation and oxidation ratio Principally derived from column test work recoveries Acid Consumption Assigned to the block model conditioned by the mineralogical characterisation of gangue minerals Derived from testwork. Bioleaching Process (Sulphides and Mixed ore) Leach Recovery Algorithm which calculates expected copper recovery at the resources block model based on copper mineralogy. It is calculated at fixed leaching time. Principally derived from large scale test working, test pad leaching work and empirical operational evidence. The fundamental is that each copper mineral species has specific recovery. Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 94 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 As result of the previous methodology, the key metallurgical processing parameters are included in the long term geological (resource) block model that is used for long term planning that underpins mineral reserves. The procedures for estimation and/or assignment of these parameters have been developed during the ongoing operation of MEL that has included the addition of new metallurgical processing alternatives (oxide leaching and sulphide leaching) as well as successive expansion of the principal process (sulphide flotation and concentration). The modelling techniques and procedures are considered to be mature and are an appropriate reflection of the variability presented within the deposit given the nature of the current processing facilities. While the approach is identical for the two deposits that are currently being mined, namely Escondida and Escondida Norte, the outcomes are distinctive, due to the distribution of geological characteristics. In the QP's opinion, the data support is adequate for forecasting purposes of both copper recovery and acid consumption over the life of the operation. Hardness Model The hardness is evaluated on the basis of the geological characteristics and is different between Escondida and Escondida Norte. The hardness estimate of SPI and BWi values is the fundamental input for the calculation of concentrator throughput. The following geological units (domains) have been established on the basis of statistical analysis, and mean SPI and BWi testwork results and are presented for each deposit. The evaluation of these domains is updated annually as additional testwork data is acquired. In the QP's opinion, the historical data and future forecast shows strong correlation for hardness modelling. For this reason, the QP feels that no additional data is currently needed. Escondida Deposit The results of database analysis of SPI and BWi results generates a hardness domain definition (UG DUR) that presents 7 geological units. These basic domains, based upon lithology combined with alteration, are refined by consideration of the vertical distance from the highest elevation of the mineral Anhydrite. The occurrence of the mineral Anhydrite has been identified as a geological control for ore hardness. The greater the depth from the anhydrite level, the greater the hardness of the rock. The definition of domains for hardness is presented in Table 10-6. Table 10-6 also presents a summary of the number of sample data and the mean results from database analysis. Table 10-6: Hardness Domain Definition (UG DUR) and Results for Escondida UG DUR CODE Distance from Anhydrite Level Alteration Lithology Samples SPI (min) BWi (kWh/t) 1 Greater than 150 m above Quartz-Sericite- Clays Quartz Porphyry-Andesites- Breccias-Intrusive Porphyry 2893 42 11.1 2 Others 2184 51 13.1 3 Others All 1277 66 13.0 4 Less than 150 m above Quartz-Sericite- Clays 1223 57 13.0 5 Others 820 80 13.2 6 Below Quartz-Sericite- Clays 101 89 14.0 7 Others 602 138 15.7 Source: MEL (2022) In the QP's opinion, the historical data and future forecast shows strong correlation of hardness modelling. For this reason, the QP considers that no additional data is currently needed.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 95 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Escondida Norte Deposit The results of database analysis for SPI and BWi results generates a hardness domain definition (UG DUR) that presents four geological units. For the 2020 Resource model update, the structural model was included as an additional geological control for hardness. The definition of domains for hardness is presented in Table 10-7 that also provides the numbers of samples and results from the database analysis. Table 10-7: Hardness Domain Definition (UG DUR) for Escondida Norte UG DUR CODE Structural Domain Alteration Lithology Samples SPI (min) BWi (kWh/t) 1 1 Quartz-Sericite-Clays - 503 35 10.3 2 Others Biotite 259 129 13.3 3 Others Rhyolitic Porphyry 1,024 77 14.9 4 Others 3,844 62 12.2 Source: MEL (2022) In the QP's opinion, the historical data and future forecast shows strong correlation of hardness modelling. For this reason, the QP feels that no additional data is currently needed. Throughput in Milling Plants The expected throughput for the overall milling circuits of each of MEL's concentrators is calculated using two power-based models, one for each of the stages in the overall milling circuit. These are the Semi- Autogenous Grinding (SAG) mills and the ball mills. For the throughput for SAG milling the algorithm uses the estimated SPI value (the Hardness Model) as a single variable, the rest of the parameters are constant. The algorithm is the following: 𝑇𝑃𝐻𝑆𝐴𝐺 = % 𝑃𝑜𝑤𝑒𝑟 𝑈𝑡𝑖𝑙𝑖𝑧𝑎𝑡𝑖𝑜𝑛 𝑆𝐴𝐺 (∑ 𝐾𝑊𝑆𝐴𝐺) 𝐶 ∗ (𝑺𝑷𝑰 ∗ 1 √𝑇80) 𝑛 For the ball milling stage, the algorithm uses the estimated BWi value (the Hardness Model) as the only variable, the rest of the parameters remain constant, and thus the throughput estimate is as follows: 𝑇𝑃𝐻𝑀𝐵 = % 𝑃𝑜𝑤𝑒𝑟 𝑈𝑡𝑖𝑙𝑖𝑧𝑎𝑡𝑖𝑜𝑛𝑀𝐵 (∑ 𝐾𝑊𝑀𝐵) {10 ∗ 𝑩𝑾𝑰 ∗ (1 √𝑃80 - 1 √𝑇80)} ∗ 𝑓 The plant parameters for the different milling circuits in MEL's two flotation plants used for the throughput estimates are presented in Table 10-8. Table 10-8: Parameters for Throughput Estimates Parameter LOS COLORADOS LAGUNA SECA L1 L2 L3 L1 L2 Installed Power SAG (kW) 4.100 4.100 15.700 19.400 24.000 Installed Power MB (kW) 2 x 4.100 2 x 4.100 2 x 6.700 1 x 10.400 3 x 13.430 1 x 15.666 4 x 15.700 % Power Utilisation SAG 90 90 90 90 90 % Power Utilisation Ball Mills 95 95 95 95 95 Transfer Size T80 (microns) 6.000 6.000 6.000 8.500 8.500 Milling Product Size P80 (microns) 145 145 145 145 145 Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 96 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 In the QP's opinion, the historical data and future forecast shows strong correlation of throughput modelling. For this reason, the QP feels that no additional data is currently needed. Copper Recovery in Flotation Plants The recovery estimates are based upon the rougher recovery tests acquired from the sampling and testing of diamond drill core samples. These results are scaled-up, in accordance with normal industry practice, for each concentrator using the following equation to obtain a final recovery estimate as a function of rougher recovery: RecFinal = RecRougher \* fCleaner fCleaner: Recovery factor for cleaner stage The cleaner recovery factors used for each of the concentrators are: 96.5% for Los Colorados and 97% for Laguna Seca Line 1 and Line 2. These numbers are derived from design criteria of the cleaner circuit. As with the hardness model the analysis of the input test data is undertaken on the two deposits independently in recognition of the geological differences between them. In the QP's opinion, the historical data and future forecast shows strong correlation of copper recovery in flotation plants modelling. For this reason, the QP feels that no additional data is currently needed. Escondida Deposit Statistical data analysis carried out for rougher recovery data has to evaluate flotation domains (UG Rec). These basic domains are based upon mineral zone, lithology and alteration. The definition of the flotation estimation domains for the Escondida deposit comprises seven domains and is presented in Table 10-9. Table 10-9 also presents a summary of the number of sample data and the mean results from database analysis. Table 10-9: Domains Definition for Copper Recovery (UG Rec) and Results for Escondida UG Rec Lithology Alteration Mineral Zone Samples Recovery (%) 0 All All Oxides 191 79.8 1 Non-Andesites Quartz-Sericite-Clays / Potassic High Enrichment Sulphides 2,277 88.8 2 Low Enrichment Sulphides 1,254 89.1 3 Primary Sulphides 2,770 86.4 4 Non (Andesites or Intrusive) Sericite-Chlorite-Clays All Sulphides 465 85.0 5 Andesites Quartz-Sericite-Clays / Potassic 778 82.3 6 Andesites or Intrusive Sericite-Chlorite-Clays 1,385 76.6 Source: MEL (2022) Escondida Norte Deposit Evaluation of Escondida Norte has been undertaken in the same fashion as Escondida. This has also generated seven estimation domains. Whilst there are certain common elements between the resulting domains there are differences that reflect the geological differences between the deposits. Table 10-10 presents a summary of the number of sample data and the mean results from the samples at the database. The TPH model presents low levels of deviation in terms of reconciliation where a relative error on plant results of 2.2% is obtained for the total of the FY18-FY21 period, as shown in Figure 10-5.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 97 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 10-10: Domains Definition for Copper Recovery (UG Rec) and Results for Escondida Norte UG Rec Lithology Alteration Mineral Zone Samples Recovery (%) 0 All All Oxides 90 81.1 1 Feldspar Porphyry / Breccias QSC High Enrichment / Low Enrichment Sulphides 1,138 89.3 2 Feldspar Porphyry / Breccias QSC Primary Sulphides 915 85.6 3 Rhyolitic Porphyry / Coarse Porphyry QSC All Sulphides 1,180 89.9 4 No Andesites SCC/ K 1,197 82.2 5 Andesites QSC 503 83.0 6 Andesites SCC/K 1,138 79.0 Source: MEL (2022) Source: MEL (2022) Figure 10-5: Throughput Model Reconciliation In the case of the Rougher Copper Recovery model, a difference of approximately 0.1% over plant results is observed in the FY18-FY21 period, on a quarterly basis (Figure 10-6). In FY21, this difference is approximately 1% below the plant result also evaluated on a quarterly basis. Source: MEL (2022) Figure 10-6: Recovery Model Reconciliation SEC Technical Report Summary – Minera Escondida Limitada Page 98 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Acid Leaching of Oxides and Mixed Mineralisation The metallurgical support for oxide leach was developed in 1997 for Escondida ore. It was based on testwork of large composites representative of the main oxides groups which were defined as a function of the oxidation ratio and the clays content. The testwork included a set of leaching columns and pilot testing for solutions treatment with the objective of determined expected recovery and acid consumption of the oxide ore. Further testwork were carried out in 2001 for Escondida Norte ore which updated metallurgical results and recommended to maintain the defined oxide groups. Recent work in 2020 differentiated extraction curves at leaching for oxides and mixed ore, in order to enable mixed ore to the acid leaching process because of lower availability of oxides in the mine plans. In addition to geometallurgical characterisation for processing based up of geological variables, an important criteria for classifying ore-types employed in MEL is the Solubility Ratio (RS) (also referred to as the Oxidation Ratio). This parameter is obtained from chemical analysis of copper minerals and corresponds to the percentage of copper soluble in sulphuric acid (SCu) with respect to the total copper content (TCu). To define the ore-types for oxides and mixed, a sub-classification based on; i), the RS, which accounts for the potential copper recovery in leaching processes; and ii), the potential for the generation of fine particulate material (fines), which is a consequence of the proportions and characteristics of gangue minerals. The definition of fines in the process corresponds to the particle size less than 150 microns (-100 Mesh). Fines are important to leaching processes, because they may impact the permeability of the leach pads thereby impeding fluid flow and copper recovery. The resulting acid leaching sub-classification system uses routine chemical analysis, geological mapping information, and gangue mineralogy determinations using the near infrared (NIR) technique. These groups were correlated with fines measurements from process feed samples. Table 10-11 shows the ore-types definition for Escondida and Escondida Norte for acid leaching process. Table 10-11: Ore Types Definition for Acid Leaching Process Ore-Type Solubility Ratio (SCu/TCu) Soluble Copper content (SCu (%)) (\*) Fines Index Oxide A 0.5 ≤ SCu/TCu ≤ 1 SCu ≥ 0.8 0 Oxide B 0.2 ≤ SCu < 0.8 0 Oxide C SCu ≥ 0.8 1 Oxide D 0.2 ≤ SCu < 0.8 1 Mixed A 0.15 ≤ SCu/TCu < 0.5 - 0 Mixed C 1 Note: (\*) Index Interpretation: 0 = Low Fines Probability; 1= High Fines Probability. Source: MEL (2021) The recovery results are discrete by solubility ratio, fines content, and the content of mineral species with higher acid consumption. The general algorithms that allow estimation of copper recovery for the oxide and mixed groups are based on the solubility ratio as follows: 𝑅𝑒𝑐𝑂𝑥𝑖𝑑𝑒𝑠 = 76 ∗ 𝑆𝐶𝑢 𝑇𝐶𝑢 + 52 ∗ (𝑇𝐶𝑢 - 𝑆𝐶𝑢) 𝑇𝐶𝑢 𝑅𝑒𝑐𝑀𝑖𝑥𝑒𝑑 = 76 ∗ 𝑆𝐶𝑢 𝑇𝐶𝑢 + 40 ∗ (0.87 ∗ 𝑇𝐶𝑢 - 𝑆𝐶𝑢) 𝑇𝐶𝑢 The geometallurgical characterisation for leaching processes (bulk samples for column testwork) requires a higher mass requirement for concentrator processes (drill hole composites) which places a constraint

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 99 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 upon regular, high density sampling through the deposit. Sample numbers and density are therefore generally lower for leaching characteristics. In response to this a global average allocation on the basis of oretypes is currently used to assign both copper recovery and acid consumption. Operational experience demonstrates that this is an acceptable predictor of metallurgical processes outcomes for leaching processes. Acid Bioleaching of Sulphide Mineralisation The original concept of the sulphide leaching operations was to process, through a bioleaching process, all the low grade minerals that were not considered within the planning of the existing processes at MEL to include; (i), sulphides under the cut-off grade to the concentrator; (ii), untreated mixed in the acid leaching process; and (iii), unplanned oxides. The feasibility definitions for this operation account for the following assumptions: • The process is designed to leach minerals in heaps under the Run-of-Mine (ROM) concept, that is, without prior crushing, using an acid solution and bacterial inoculation as leaching agents. The leaching cycle is at least 450 days for each ore strip. • The expected global recovery of the process is 36% for the sulphide ore. The process is fed with minerals from the Escondida and Escondida Norte pits. The deposits are enriched supergene copper porphyries with significant presence of sulphide copper minerals. The main copper sulphides are chalcocite, covellite, and chalcopyrite with a smaller amount of bornite and enargite. Some copper oxide minerals are also present, such as brochantite and chrysocolla. In general, the deposits have a very similar geology, with quartz-sericitic and chloritic alteration associated with the main mineralisation zones. The feed has been categorised consistently with existing geological modelling and resource evaluation of the deposits. Such categories consist of three groups of low grade sulphides, discretised by their geological combinations, which are expected to have different acid consumptions. Table 10-12 specifies the definitions of the types of sulphides under the concentrator cut-off grade, which are fed to the process. Table 10-12: Ore Types Definition for Sulphides to Bioleaching Process Sulphide Leach Oretype Lithology & Alteration Geological Description M1 Porphyries Quartz-Sericite-Clay Escondida Porphyry, Rhyolite Porphyry or Breccia. Granodiorite Porphyry Complex, Rhyolite Porphyry Quartz-sericite-clay alteration M2 Andesite Chlorite-Clay Andesite volcanics Sericite-chlorite-clay alteration M3 Andesite Potassic Andesite volcanics Potassic alteration Andesite Quartz-Sericite-Clay Andesite volcanics Quartz-sericite-clay alteration Porphyries Chlorite-Clay Escondida Porphyry, Rhyolite Porphyry or Breccia. Granodiorite Porphyry Complex, Rhyolite Porphyry Sericite-chlorite-clay alteration Porphyries Potassic Escondida Porphyry, Rhyolite Porphyry or Breccia Potassic alteration Source: MEL (2022) The metallurgical response of the minerals was determined through a series of tests whose objective was to establish the copper recovery and acid consumption expected in the bioleaching process of ROM minerals as well as to establish the key operational factors for control and leaching performance. SEC Technical Report Summary – Minera Escondida Limitada Page 100 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 In order to validate the preliminary results, a demonstrative pad was built where the main ore-types M1 and M2 were tested, using ROM materials from the Escondida pit. About 200,000 t of ore was deposited on a specially prepared field. Prior to leaching, the ore feed was drilled, analysed, and modelled for grade and mineralogy. Once the leaching cycle was completed, the heap was drilled and the cuttings samples analysed, and the information collected was used to build a post-leaching block model. Both metallurgical tests carried out at 6-t crib and the demonstration pad used mostly ROM ore. The predictions of leaching rates and copper recoveries require a quantitative estimate of the copper-iron- sulphur mineralogy. The determination of these parameters is conducted within the framework of the mineralogical block model. The sulphide mineral assemblage identified within and below the chalcocite enrichment blanket is well suited for a suite of copper, iron, and sulphur analyses to quantitatively determine chalcopyrite, chalcocite, covellite, and pyrite mineral contents in the ore. On the basis of the mineralogical identification, the chemical method of partial extraction (PtXt) is applied to samples from the Escondida and Escondida Norte deposits with the objective of generating a sulphide mineralogy model. The technique employs three different lixiviants that are run on different aliquots of the same sample, as opposed to sequential leaching, where the same aliquot is sequentially attacked with different chemical digestions. Mineralogy calculations use the following chemical digestions of copper on separate samples: • Total Copper (TCu) • Copper Soluble in (Citric Acid + Sulphuric Acid) • Soluble Copper in Ferric Sulphate • Soluble Copper in Sodium Cyanide In addition, the following specific chemical assays are used to include total iron, total sulphur, sulphur from sulphides (not soluble in Na2CO3), and total arsenic. By comparing the extractions of the pure species (chalcocite, covellite and chalcopyrite) with the analytical results of a given sample, the technique provides a quantitative determination of copper sulphides. For each sample, it is possible to determine a copper source ratio (CSR) that is the proportion of total copper contributed by each of the copper minerals in the sample and copper source percentage (CSP) that represents the absolute percentage of copper in the compound sample for each of the minerals. In other words, for CSRs and CSPs, the following is true: • Sum of CSR = 1 • Sum of CSP = Total Copper Grade Thus, CSR and CSP represent two different ways of expressing the copper contained in the minerals present in the sample. The mineralogical composition can be calculated from the CSP values, weighting the proportions of copper in the constituent minerals. The weight percentage is the total weighted percentage of the mineral in the sample and is determined based on the stoichiometry, which is determined experimentally, based on the composition of the minerals found in the deposit. Normative mineralogy is now routinely interpolated and is part of MEL's resource models. The expected recovery at 450 days of leaching is presented as a function of the main sulphide mineralogy (chalcocite, covellite, and chalcopyrite), as shown Table 10-13. Table 10-13: Leaching as a Function of the Main Sulphide Mineralogy Chalcocite Covellite Chalcopyrite Recovery (%) 54 39 19 Source: MEL (2010)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 101 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Thus, the expected recovery for the copper sulphides fed to the sulphide leaching process is determined as: 𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦 = (𝐶𝑆𝑅𝑐𝑐 × 0.54 + 𝐶𝑆𝑅𝑐𝑣 × 0.39 + 𝐶𝑆𝑅𝑐𝑝𝑦 × 0.19) × 100 The recovery of mixes was established as 30% of the insoluble copper and 60% of the soluble copper while the recovery of copper from oxides was established at 60%. 10.4 Payables and Deleterious Elements The trace elements considered in the resource model at MEL include gold, silver, molybdenum, arsenic, cadmium, lead, zinc, bismuth, and antimony. All of these elements are reported because of their natural occurrence in the copper concentrate. However, there is currently no designed and installed process in the resource model at MEL to recover these elements. Only gold and silver add value to the copper concentrate in terms of sale price, since the commercial price reached by the copper concentrate increases if its content is greater than any of these. The elements arsenic, cadmium, lead, zinc, bismuth, and antimony are considered impurities in the copper concentrate for which it receives penalties if it exceeds the permitted limit values. For this reason, the estimation of the content of these elements is relevant in order to not affect the sale price of the copper concentrates. To obtain the content of a given element at the concentrate, the following algorithm is used, where the fundamental input is the in-situ content of the element in each block, as follows: 𝐸𝑙𝑒𝑚𝑒𝑛𝑡𝐶𝑜𝑛𝑐 = 𝑇𝑜𝑛𝑠 𝑜𝑓 𝑂𝑟𝑒 𝐹𝑒𝑑 ∗ 𝐸𝑙𝑒𝑚𝑒𝑛𝑡 𝐺𝑟𝑎𝑑𝑒 ∗ 𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦 𝐹𝑎𝑐𝑡𝑜𝑟 𝐸𝑙𝑒𝑚𝑒𝑛𝑡 𝐶𝑜𝑛𝑐𝑒𝑛𝑡𝑟𝑎𝑡𝑒 𝑇𝑜𝑛𝑠 The recovery factors for the elements are calculated based on different groups assigned according to the lithology, mineralogical zone and alteration, and the associated tonnages for each mine. There is no significant content of deleterious elements in the mineralised zones of sulphides. Only arsenic occurs at the deposit in the form of enargite. Arsenic is associated with polymetallic veins and structures with only limited impact upon long term concentrate quality. Payable metals as gold and silver are present in concentrations that are locally sufficient to contribute to overall revenue from the sale of copper concentrate product, but are insufficient to be considered as drivers of the overall mine and business planning process. Gold and silver as sub-products are analysed within the copper concentrate product and through established contracts revenue is received according to the level of these contents within the copper concentrate product. 10.5 Adequacy of Data and Non-Conventional Industry Practice It is the QP's opinion that the geometallurgical data being used for the estimation and characterisation of product types is adequate for the purposes used in this TRS. The current testing, modelling, and analytical practices for geometallurgical variables are considered conventional. Reconciliation information on key geometallurgical parameters adequately supports the long term plan; and therefore, in the opinion of the QP, there is limited risk in using the results for throughput and metallurgical performance within Resource model. SEC Technical Report Summary – Minera Escondida Limitada Page 102 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 11 Mineral Resources Estimate The mineral resources estimate for the MEL property is reported in accordance with the SEC S-K 1300 Regulations. For estimating the mineral resources of Escondida and Escondida Norte, the following definition as set forth in the S-K 1300 Definition Standards adopted December 26, 2018, was applied. The mineral resources presented in this section are not mineral reserves and do not reflect demonstrated economic viability. The reported Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves. There is no certainty that all or any part of these mineral resources will be converted into Mineral Reserve. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. The effective date of the mineral resources estimate is June 30, 2022. Maps presented in this chapter use local mine coordinates derived from the PSAD-56 UTM projection. The mineral resources estimate was reported from within a constrained pit shell, using Whittle software, based on economics described later in this section. The MEL resource estimate contains both the Escondida and Escondida Norte deposits in separate block models. Escondida and Escondida Norte have been extensively drilled, with approximately 2,690,000 m of drilling forming the base of the LP2021 resource model, based in part on geological knowledge acquired over the past 30 years of exploration and operation. It is the opinion of the QP that the drilling grid is considered to be sufficiently spaced to confidently define the geological domains for modelling purposes. The mineral resources qualified person visits sites regularly for program planning and reviews, gaining further understanding of exploration programs and interpreted geological framework. The key elements of the geological modelling and resource estimation process are described below. 11.1 Key Assumptions, Parameters, and Methods Used This mineral resources estimate was determined using a block model methodology based on the Ordinary Kriging (OK) interpolation method. Drill hole sample data was capped locally to control outlier values and then composited for each estimation domain with the distributive method. Mineral resources categories were assigned to the model based on uncertainty from simulation of geology and grade. Mineral resources estimates were constrained by an open pit shell based on economic criteria outlined in Chapter 12. 11.2 Geological Modelling The geological modelling utilizes a dynamic 3D methodology using Vulcan software. This methodology allows on-screen geological interpretation and updating of the mineral resource model with new drill hole data through implicit methodology. The advantage of this methodology is the high level of traceability and accountability in the construction of models, allowing the handling of large amounts of information and optimising the time involved. Four variables: lithology, alteration, mineralogical zone and copper sulphide abundance, were modelled for Escondida and Escondida Norte. Also, at Escondida, the Porphyry Intrusive Pulse variable, which describes the different pulses of mineralisation, was modelled. Lithology There are 12 units built into the lithological model. The lithological model included the following units, as described in Table 11-1. Figure 11-1 shows vertical sections for the Escondida and Escondida Norte deposits for lithology, including the model and drill holes.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 103 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 11-1: Lithologies Included in the Geological Model for Escondida and Escondida Norte Comment Lithology Modelling code Pre mineral Black Porphyry 12 Early Porphyry 13 Coarse porphyry 7 Rhyolitic Porphyry (Escondida Norte) 2 Mineralised Feldspar Porphyry 1 Inter mineral Intermineral Porphyry 18 Cuarciferous porphyry (Escondida) 2 Post mineral Green Granodiorite 5 Dacitic porphyry 9 Others Andesite 3 Breccia 4 Gravels 6 Source: MEL (2022) Source: MEL (2022) Figure 11-1: Example Lithology Cross-Section for Escondida Section 108,260N (top) and Escondida Norte Section 114,000N (bottom) SEC Technical Report Summary – Minera Escondida Limitada Page 104 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Alteration Four units were built into the alteration model, identifying the different hydrothermal alteration events for the copper porphyry. The alteration model considered the lithological units described in Table 11-2. The alteration model is an important way to ensure minimal effect during the processing recovery. For this reason, MEL ensures that the alteration model is part of the mineral resources estimation and any high clay areas are flagged as a potential issue for plant recovery. Figure 11-2 shows vertical sections for both Escondida and Escondida Norte deposits for alteration, showing the model and drill holes coded consistently. Table 11-2: Alteration Included in the Geological Model for Escondida and Escondida Norte Section Alteration Modelling code Early Hydrothermal Potassic with K Feldspar 3 Potassic with secondary biotite 4 Grey-Green Sericite 6 Transitional Hydrothermal Chlorite – Sericite - Clays 2 Main Hydrothermal Quartz – Sericite – Clay 1 Advanced argillic 5 Late Hydrothermal Propylitic 7 Chlorite 8 Source: MEL (2022) Source: MEL (2022) Alteration Quartz – Sericite – Clay Chlorite – Sericite - Clays Potassic with K Feldspar Potassic with secondary biotite Advanced argillic Gray-Green Sericite Prophilitic alteration Chlorite

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 105 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 11-2: Example Alteration Cross-Sections for Escondida Section 107,255N (top) and Escondida Norte Section 114,100N (bottom) Mineralogical Zone Seven units were built in the mineralised zone model (MINZONE), as shown in (Table 11-3). These units are defined based on the different copper minerals existing in the deposit and are the basis for the estimation of grades and the recovery of the different MEL production processes. The coding of the units was performed using the geological logging information in addition to the assay results. The MINZONE assignment methodology assists in the estimation process by ensuring that no cross boundaries estimation occurs. This methodology is used by most large copper deposits and the historical reconciliation shows the methodology should continue to be used. Figure 11-3 depicts the vertical sections for both Escondida and Escondida Norte deposits for mineral zones that show the model and drill hole coded consistently. Table 11-3: Mineralogical Zones Included in the Geological Model, Escondida and Escondida Norte Copper Oxides/Sulphides Mineralogical Zone Modelling Code Iron Oxide, barren Leached 0 Brochantite, antlerite Copper oxides 1 Copper sulphide and iron oxide Partial leach 4 Copper oxides and copper sulphide Mixed 5 Chalcocite – covellite - chalcopyrite <10 % High enrichment 6 Chalcocite – covellite – chalcopyrite >10% Low enrichment 7 Bornite – chalcopyrite Hypogenic 8 Source: MEL (2022) Copper Sulphide Abundance Copper sulphide abundance (CSA) is calculated for each sample from the normative mineralogy available in the drill hole databases. Normative mineralogy is calculated from PtXt analysis. This analysis provides the proportion of total copper (CSP) contributed by each copper sulphide species (chalcocite, covellite, chalcopyrite, and bornite). At MEL, these analyses were performed as regular practice for all drill holes in the sulphide mineralised portion. Using copper stoichiometry ratios, CSA is obtained from the CSP. The CSA is derived from the sum of the abundance of each individual sulphide species. Two thresholds were defined from the CSA distribution (Table 11-4). The first to define the High CSA volume and the second to differentiate Low and Medium CSA volumes. Figure 11-4 shows sections for both Escondida and Escondida Norte deposits for copper sulphide presenting the modelling coding for copper sulphide abundance volume. Table 11-4: Copper Sulphide Abundance (CSA) definition Zone Copper Abundance Mineralisation Sulphide Supergene Copper Abundance Mineralisation Sulphide Hypogene Low CSA < 0.4 CSA < 0.6 Mid 0.4 <= CSA < 1.5 0.6 <= CSA < 1.7 High CSA >= 1.5 CSA >= 1.7 Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 106 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-3: Examples of the Mineralogical Zones Cross-Sections for Escondida Section 107,550 (top) an Escondida Norte Section 114,150N (bottom)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 107 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL internal geology document. (2022) Figure 11-4: Sulphide Examples of CSA Cross-Sections for Escondida Section 107,450N (above) and Escondida Norte Section 114,330N (below) Porphyry Intrusive Pulse Specifically, for the Escondida deposit, an additional "Pulse" variable was defined. This is undertaken to separate mineralisation events that are interpreted to occur in the Escondida deposit and are bounded by structural blocks. These mineralization events are considered to be associated with different intrusive pulses of the mineralizing porphyry intrusive event and the supergene enrichment event. Three blocks, each representing a mineralisation event, were defined to include west pulse (only enrichment event), central pulse (Escondida mineralization event), and east pulse (Escondida Este mineralization event). Whilst these structural blocks do not strictly comprise the transitional and overlapping boundary of each pulse the overall distribution of the mineralization types are honoured. The boundary between these pulses corresponds to two north-northeast directional structures. Figure 11-5 depicts the geometry of these pulses, or blocks. Based on the 3D geological wireframes, a 6.25 x 6.25 x 7.5 m block model was constructed that includes the lithology, alteration, mineralisation zones, pulse, and CSA models for Escondida, and the lithology, alteration, mineralisation zones, and CSA models for Escondida Norte. Copper Sulphide Abundance High Mid Low SEC Technical Report Summary – Minera Escondida Limitada Page 108 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL internal geology document. (2022) Figure 11-5: General View of the Pulse Variable, Escondida 11.3 Block Modelling A mineral inventory (block model) was estimated using established geostatistical techniques following comprehensive statistical and exploratory data analysis. Grade variables, density, and metallurgical variables were estimated. Table 11-5 shows the variables estimated in the block model. Table 11-5: Variables Estimated in the Escondida and Escondida Norte Resource Model Variable Description TCu Total copper (%) SCu Soluble copper (%) Py Pyrite (%) S2 Sulphur (%) cspcc Copper grade from Chalcocite (%) cspcv Copper grade from Covellite (%) cspcpy Copper grade from Chalcopyrite (%) densidad Dry Density bwi Bond Work Index (Kwh/ton) spi Sag Power Index (min) rec_flc Flotation recovery for Los Colorados concentrator (%) rec_fls Flotation recovery for Laguna Seca concentrator (%) rec_lixaci Acid leach recovery (%) rec_sl_350 Sulphide leach recovery (%) Source: MEL (2022) For estimation purposes, the drill hole database was composited on 5 m intervals. A detailed contact analysis has been carried out between the estimation units in order to define the type of contact. Grade West Central East

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 109 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 capping used a local approach to identify outlier samples. Experimental pair-wise variograms models were generated and theoretical models were adjusted using three rotation axes and three structures. The estimate was completed using OK in three nested passes with increasing search dimensions from 50 m up to 600 m. Each pass adjusts the interpolation criteria based on geostatistical analysis and level of data support for elements by estimation domain. Composite Length There are a variety of sample lengths in the drill hole database, although the most common sample lengths were 2.0 m. The drill hole data base was composited to 5 m length, a multiple of the block height, to better define the outliers in the deposit. Composites used breaks in the compositing process when there is a change in the underlying estimation domain, therefore, only samples from the same domain are composited together. Any remaining samples lengths were merged into the last composite. The minimum length used to estimate a block is 2 m, which represents less than 0.001% of the database. The means of the domains are not altered, since they are weighted by the lengths of the samples Figure 11-6 shows the distribution of the resulting composite lengths for each of the Escondida and Escondida Norte deposits. Source: MEL (2022) Figure 11-6: Composite Length Distribution for Escondida (left) and Escondida Norte (right) Estimation Domain The exploratory data analysis (EDA) aims to find distributional similarities between samples and to determine possible groupings of geological units in the estimation domains. The EDA also seeks to identify possible drifts that may affect the estimation result. The statistical adequacy of the domain definitions was reviewed through the application of statistical and geostatistical tools. Analyses included basic statistics, box plots, distribution charts and continuity analysis. All statistical analyses were developed using the sample database. Maptek's Vulcan was employed as the main software tool for the mineral resources estimation. For Escondida the copper estimation domains have been defined by mineralisation zones, pulse zones and CSA models SEC Technical Report Summary – Minera Escondida Limitada Page 110 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Oxidised minerals, namely, leached, oxides, mixed and partially leached are treated as independent units due to their spatial arrangement and mineralisation style. Sulphide minerals are separated into secondary enrichment and hypogene mineralisation. The central event of mineralisation (central block) has a higher grade than the other blocks. Finally, the CSA makes it possible to separate different zones associated with the intensity of mineralisation, due to the superimposition of mineralising events. Table 11-6 shows the estimation domain definition for Escondida. Figure 11-7 shows a box plot of estimation domain for Escondida. Table 11-6: Estimation Domain for TCu for Escondida Domain Mineralisation Zone Pulse zone CSA 0 Leached All All 1 Oxide All All 2 Partial Leach All All 3 Mixed All All 4 High Enrichment West High 5 High Enrichment Center High 6 High Enrichment East High 7 High Enrichment All Medium - Low 8 Low Enrichment West High 9 Low Enrichment Center High 10 Low Enrichment All Medium 11 High Enrichment - Hypogene East High 12 Low Enrichment - Hypogene West High - Medium 13 Low Enrichment - Hypogene Center - East Medium - Low 14 Hypogene All Low Source: MEL (2022) Source: MEL (2022) Figure 11-7: Box Plot for TCu Estimation Domain for Escondida For Escondida Norte the copper estimation domains have been defined by mineralisation zones and CSA models. Oxidised minerals, including, leached, oxides, mixed and partially leached are treated as independent units due to their spatial arrangement and mineralisation style. Sulphide minerals are separated into secondary enrichment and hypogene mineralisation. The central event of mineralisation (central block) has a higher grade than the other blocks. Finally, the CSA makes it possible to separate

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 111 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 different zones associated with the intensity of mineralisation, due to the superimposition of mineralising events. The mineralisation zone is the most important control on copper grade, followed by the CSA. Table 11-7 shows the estimation domain definition for Escondida Norte. Figure 11-8 shows a box plot of estimation domain for Escondida Norte. Table 11-7: Estimation Domain for TCu for Escondida Norte Domain Mineralisation Zone CSA 0 Leached All 1 Oxide All 2 Partial Leach All 3 Mixed All 4 High Enrichment High 5 High Enrichment Medium 6 Low Enrichment High 7 Low Enrichment Medium 8 Hypogene High 9 Low Enrichment – Hypogene Medium - Low 10 Hypogene Low Source: MEL (2022) Source: MEL (2022) Figure 11-8: Box Plot for TCu Estimation Domain for Escondida Norte Table 11-8 and Table 11-9 show the general statistics of the estimation domains for Escondida and Escondida Norte, respectively. SEC Technical Report Summary – Minera Escondida Limitada Page 112 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 11-8: TCu Statistics by Estimation Domain for Escondida Domain # Composite Minimum % Maximum % Average % Std. Dev. Variance 0 67,196 0.001 7.58 0.06 0.14 0.02 1 14,640 0.010 12.75 0.87 0.92 0.85 2 3,814 0.004 15.08 1.11 1.21 1.46 3 7,734 0.010 14.55 0.58 0.75 0.56 4 13,870 0.010 22.01 1.46 0.93 0.86 5 14,432 0.008 12.17 2.20 1.22 1.49 6 3,264 0.010 19.53 1.28 0.89 0.79 7 16,511 0.005 10.10 0.67 0.47 0.22 8 1,782 0.057 4.55 1.02 0.60 0.36 9 10,373 0.021 5.84 1.14 0.65 0.42 10 22,374 0.007 12.74 0.54 0.30 0.09 11 16,653 0.011 5.51 0.86 0.32 0.10 12 8,948 0.010 5.40 0.35 0.20 0.04 13 45,486 0.010 6.41 0.46 0.21 0.04 14 61,176 0.002 3.21 0.16 0.12 0.01 Source: MEL (2022) Table 11-9: TCu Statistics by Estimation Domain for Escondida Norte Domain # Composite Minimum % Maximum % Average % Std. Dev. Variance 0 47,081 0.00 11.62 0.06 0.19 0.04 1 9,620 0.02 22.74 1.14 1.37 1.88 2 1,990 0.01 12.14 0.93 0.94 0.88 3 3,956 0.01 22.37 0.55 0.94 0.88 4 17,641 0.01 27.43 1.83 1.30 1.69 5 6,558 0.01 63.77 0.66 1.06 1.12 6 5,254 0.03 13.77 1.10 0.72 0.52 7 12,615 0.01 19.55 0.59 0.38 0.14 8 4,088 0.05 7.15 0.89 0.42 0.18 9 37,905 0.00 25.33 0.48 0.26 0.07 10 29,382 0.00 4.59 0.14 0.18 0.03 Source: MEL (2022) Contact Analysis To determine the type of contact (soft or hard) between different estimation domains, a contact analysis was conducted. Contact analysis is a mathematical method to define the grade behaviour among samples from different estimation domains as they approach a contact. The type of contact is important during the process of grade estimation. Hard boundaries (non-sharing of composites between estimation domains) have been used for non-sulphide domains, and, in general, soft boundary (allow of sharing composites between estimation domains) strategy has been used for sulphide mineralogical zones. Table 11-10 and Table 11-11 show the maximum distance (m) to share composites between estimation domains for TCu in Escondida and Escondida Norte, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 113 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 11-10: Contact Analysis TCu for Escondida Estimation Domain for TCu, Escondida E s ti m a ti o n D o m a in f o r T C u , E s c o n d id a ED 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0 - 1 - 2 - 3 - 4 - 50 30 5 30 - 30 50 6 30 - 30 7 50 50 30 - 50 8 30 - 30 9 30 - 30 10 50 - 11 - 30 12 - 30 30 13 30 30 - 30 14 30 30 - 15 50 - 16 - Source: MEL (2022) Table 11-11: Contact Analysis TCu, Escondida Norte Estimation Domain for TCu, Escondida Norte E s ti m a ti o n D o m a in f o r T C u , E s c o n d id a N o rt e ED 0 1 2 3 4 5 6 7 8 9 10 0 - 1 - 2 - 3 - 4 - 30 5 30 - 30 6 30 - 7 - 8 - 30 9 30 - 30 10 30 - Source: MEL (2022) Capping Definition and control of outliers is a common industry practice that is necessary and useful to prevent potential overestimation of volumes and grades. Values defined as outliers have been controlled in the estimation using capping to avoid local estimation of high grades that are not representative of the grades within the estimation domain. The outlier values were defined at sample support with a local approach to identify outlier samples, by comparing the sample grade vs. mean grade of the neighbourhood, considering a minimum of 9 and a maximum of the 30 closest samples. The ratio between the sample and the averages is used to define the outlier if this value is greater than the limit of the domain. No more than 2% of the data was capped for each estimation domain, and no additional grade control were applied during the estimate, for either Escondida or Escondida Norte. The variation of the average is less than 2% for Escondida and 3% for Escondida Norte, affecting the second decimal. Table 11-12 and Table 11-13 show the outlier grade by estimation domain in Escondida and Escondida Norte, respectively. SEC Technical Report Summary – Minera Escondida Limitada Page 114 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 11-12: Percentage of Capped Samples for Escondida Domain Limit Sample grade / neighbourhood grade Samples capped % of total samples Average % with capping Average % without capping Difference average 0 4.0 1.68 0.06 0.07 14.29% 1 5.0 0.44 0.87 0.88 1.14% 2 6.0 0.18 1.11 1.11 0.00% 3 6.0 0.25 0.58 0.59 1.69% 4 5.0 0.15 1.46 1.47 0.68% 5 2.5 1.03 2.20 2.21 0.45% 6 3.5 0.77 1.28 1.29 0.78% 7 5.0 0.20 0.67 0.67 0.00% 8 3.5 0.73 1.02 1.03 0.97% 9 3.0 1.01 1.14 1.15 0.87% 10 3.0 0.64 0.54 0.55 1.82% 11 3.0 0.27 0.86 0.86 0.00% 12 3.0 0.84 0.35 0.35 0.00% 13 3.0 0.33 0.46 0.47 2.13% 14 2.5 1.79 0.16 0.16 0.00% Source: MEL (2022) Table 11-13: Percentage of Capped Samples for Escondida Norte Domain Limit Sample grade / neighbourhood grade Samples capped % of total samples Average % with capping Average % without capping Difference average 0 7.0 0.79 0.06 0.06 0.00% 1 7.0 0.25 1.14 1.14 0.00% 2 7.0 0.20 0.93 0.93 0.00% 3 8.0 0.15 0.55 0.55 0.00% 4 2.5 1.90 1.79 1.83 2.19% 5 3.5 0.81 0.64 0.66 3.03% 6 3.5 0.65 1.09 1.10 0.91% 7 4.0 0.33 0.59 0.59 0.00% 8 4.0 0.22 0.89 0.89 0.00% 9 4.0 0.13 0.48 0.48 0.00% 10 7.0 0.45 0.14 0.14 0.00% Source: MEL (2022) Variography A variogram is a description of the spatial continuity of the data. The experimental variogram is a discrete function calculated using a measure of variability between pairs of points at various distances. To complete the analysis the QP first has to calculate experimental variograms using the existing data, and then model theoretical model variograms which will account for any given spacing for the deposit. The traditional experimental variogram is often unstable due to sparse data with outliers and clustered data with a proportional effect. The pairwise relative variogram is a more robust variogram, whereby the experimental traditional variogram is standardised with locally changing variance of the data. Experimental pairwise variograms were calculated using Supervisor software and modelled for each of the elements to be estimated. The orientation of the variograms is defined by the directions of major and minor continuity as derived from variogram maps in the horizontal and vertical directions for each of the domains. The nugget effect was obtained from the down-the-hole (DTH) variogram. Figure 11-9 provides an example for directional variogram for TCu estimation domain 5 for Escondida: High enrichment, central block and High CSA and Figure 11-10 provides an example for directional variogram for TCu estimation domain 6 for Escondida Norte: Low enrichment and High CSA. Table 11-14

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 115 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 presents variogram parameters for TCu for Escondida and Table 11-15 shows variogram parameters for TCu for Escondida Norte. Source: MEL (2022) Figure 11-9: Directional Variogram for TCu Estimation Domain 5 for Escondida Table 11-14: Variogram Parameters for TCu, Escondida TCu DOMAIN C0 C1 Rotation Θ1/ Θ2/ Θ3 Range Mj/Sm/Mn C2 Rotation Θ1/ Θ2/ Θ3 Range Mj/Sm/Mn C3 Rotation Θ1/ Θ2/ Θ3 Range Mj/Sm/Mn 0 0.03 0.108 0/0/0 10/10/15 0.158 0/0/0 100/90/100 0.394 0/0/0 1900/1450/1200 1 0.04 0.16 250/20/0 10/10/10 0.18 250/20/0 75/75/60 0.07 250/20/0 1200/1200/250 2 0.13 0.19 160/0/10 100/100/5 0.22 160/0/10 110/140/500 0.14 160/0/10 1250/1300/1500 3 0.04 0.143 0/90/-120 5/5/5 0.078 0/90/-120 40/40/40 0.269 0/90/-120 1600/1300/850 4 0.03 0.09 30/0/10 20/20/20 0.05 30/0/10 90/90/170 0.12 30/0/10 2500/1750/450 5 0.02 0.14 1/-29/-137 20/20/20 0.05 1/-29/-137 400/300/250 0.38 1/-29/-137 5500/5500/1150 6 0.04 0.11 290/0/0 20/20/20 0.076 290/0/0 100/100/40 0.064 290/0/0 3900/2000/800 7 0.03 0.14 250/-10/0 30/30/15 0.08 250/-10/0 200/200/120 0.07 250/-10/0 3000/2500/1800 8 0.02 0.177 310/0/-120 40/40/40 0.096 310/0/-120 150/90/140 0.057 310/0/-120 1600/1500/1500 9 0.02 0.095 20/0/0 20/20/20 0.024 20/0/0 300/200/250 0.091 20/0/0 1900/1200/1500 10 0.04 0.05 201/28/67 10/10/10 0.033 201/28/67 50/50/50 0.115 201/28/674 3000/2200/1250 11 0.03 0.041 0/90/-80 35/35/35 0.025 0/90/-80 170/130/80 0.04 0/90/-80 1500/1100/350 12 0.03 0.087 270/0/0 35/35/15 0.031 270/0/0 220/220/150 0.062 270/0/0 3000/4000/2000 13 0.02 0.06 270/50/0 40/10/10 0.033 270/50/0 220/220/150 0.059 270/50/0 2200/2200/1000 14 0.08 0.09 240/20/0 30/30/30 0.07 240/20/0 200/200/150 0.41 240/20/0 5000/6000/1550 Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 116 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-10: Directional Variogram for TCu Estimation Domain 6 for Escondida Norte Table 11-15: Variogram Parameters for TCu, Escondida Norte TCu DOMAIN C0 C1 Rotation Θ1/ Θ2/ Θ3 Range Mj/Sm/Mn C2 Rotation Θ1/ Θ2/ Θ3 Range Mj/Sm/Mn C3 Rotation Θ1/ Θ2/ Θ3 Range Mj/Sm/Mn 0 0.068 0.16 20/0/0 20/20/20 0.179 20/0/0 200/210/210 0.219 20/0/0 4513/2000/2500 1 0.094 0.261 20/0/0 10/10/20 0.14 20/0/0 90/90/130 0.068 20/0/0 400/500/1000 2 0.134 0.348 20/0/0 30/15/30 0.032 20/0/0 350/300/250 0.164 20/0/0 1800/600/1000 3 0.07 0.12 330/0/0 15/20/15 0.107 330/0/0 500/350/700 0.112 330/0/0 2500/900/3000 4 0.07 0.11 40/0/0 15/15/15 0.065 40/0/0 160/170/200 0.11 40/0/0 2100/1200/500 5 0.099 0.11 310/0/0 20/20/20 0.066 310/0/0 370/360/170 0.043 310/0/0 1500/3000/700 6 0.055 0.1 50/0/10 25/25/25 0.012 50/0/10 300/250/200 0.058 50/0/10 2000/1200/400 7 0.053 0.065 50/0/10 35/35/15 0.025 50/0/10 200/180/50 0.016 50/0/10 800/500/200 8 0.026 0.055 50/0/0 40/40/10 0.02 50/0/0 250/220/130 0.03 50/0/0 1000/800/500 9 0.055 0.05 70/0/-90 15/20/30 0.02 70/0/-90 100/110/110 0.05 70/0/-90 2500/1100/1000 10 0.151 0.199 0/90/-20 50/30/20 0.115 0/90/-20 300/170/160 0.076 0/90/-20 8000/900/500 Source: MEL (2022) Note: Mj (Major axis), Sm (Semi Major axis) and Mn (Minor Axis) Estimation The estimation was carried out by Ordinary Kriging (OK), which is standard practice for the industry. OK provides the best linear unbiased estimates. In the QP's experience this is an appropriate method for estimation. The block model includes sub blocks of 6.25 x 6.25 x 7.5 m and parent blocks of 25 x 25 x15 m. The use of sub-blocks allows the geological dilution associated with geological contacts to be included. Table 11-16 and Table 11-17 show the dimensions of Escondida and Escondida Norte block models. Figure 11-11 shows a general view of the block models and collar distribution.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 117 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 11-16: Block Model Definition for Escondida Orientation East North Elevation Origin 14,212.37 104,364.2 1,300 Block Size 25 m 25 m 15 m Number of Blocks 172 268 144 Source: MEL (2022) Table 11-17: Block Model Definition for Escondida Norte Orientation East North Elevation Origin 16,812.5 112,212.5 2,000 Block Size 25 m 25 m 15 m Number of Blocks 159 131 107 Source: MEL (2022) Source: MEL (2022) Figure 11-11: General View Escondida and Escondida Norte Block Model and Collar Distribution SEC Technical Report Summary – Minera Escondida Limitada Page 118 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 A three-pass search strategy was used in which the search radii were increased from 50 m to 600 m. For each pass, the interpolation criteria were adjusted for each estimation domain based on the geostatistical analysis and the quantity and distribution of the data. Pass 1 and pass 2 request a minimum of 6 and 5 octants with samples, respectively. Pass 3 estimates the edges of domains with low sample density and has no octant restrictions. The search radii were defined based on the drilling density of each estimation domain and the continuity defined in its respective variogram, increasing with each pass. Table 11-18 and Table 11-19 detail the estimation plan by domain for TCu in Escondida and Escondida Norte, respectively. The QP explored the use of a different number of samples and octants in the estimation to establish an appropriate correlation of results to historical reconciliation. The minimum and maximum samples used in this process are presented in Table 11-18 and Table 11-19. Table 11-18: OK Plan Estimates Plan TCu, Escondida Domain Pass Search Radii Comps. Number N° Oct Comps. per Oct Comps. per drill Rotation Comps. Mj. Sm. Mn. Min. Max. Min. Min. Max. Mj. Sm. Mn. Min. 0 1 100 90 80 12 32 6 1 4 5 0 0 0 0 2 250 200 180 12 24 5 1 4 5 0 0 0 0 3 650 600 450 6 20 NA NA NA 5 0 0 0 0 4 600 600 600 1 1 NA NA NA 10 0 0 0 0 1 1 80 80 50 12 32 6 1 4 5 250 20 -20 1 2 150 150 100 12 24 5 1 4 5 250 20 -20 1 3 300 300 200 6 20 NA NA NA 5 250 20 -20 1 4 600 600 600 1 1 NA NA NA 10 250 20 -20 1 2 1 70 80 120 12 32 6 1 4 5 160 0 10 2 2 150 150 200 12 24 5 1 4 5 160 0 10 2 3 300 300 400 6 20 NA NA NA 5 160 0 10 2 4 600 600 600 1 1 NA NA NA 10 160 0 10 2 3 1 80 70 50 12 32 6 1 4 5 0 90 -120 3 2 250 230 200 12 24 5 1 4 5 0 90 -120 3 3 400 350 300 6 20 NA NA NA 5 0 90 -120 3 4 600 600 600 1 1 NA NA NA 10 0 90 -120 3 4 1 70 60 50 12 32 6 1 4 5 30 0 10 4,5,7 2 200 180 100 12 24 5 1 4 5 30 0 10 4,5,7 3 400 350 200 6 20 NA NA NA 5 30 0 10 4,5,7 5 1 100 100 70 12 32 6 1 4 5 2 -30 -138 4,5,6,7 2 200 200 140 12 24 5 1 4 5 2 -30 -138 4,5,6,7 3 400 400 280 6 20 NA NA NA 5 2 -30 -138 4,5,6,7 6 1 90 80 50 12 32 6 1 4 5 290 0 0 5,6,7 2 200 180 100 12 24 5 1 4 5 290 0 0 5,6,7 3 400 350 200 6 20 NA NA NA 5 290 0 0 5,6,7 7 1 80 80 50 12 32 6 1 4 5 250 -10 0 4,5,6,7,8 2 160 160 120 12 24 5 1 4 5 250 -10 0 4,5,6,7,8 3 400 380 320 6 20 NA NA NA 5 250 -10 0 4,5,6,7,8 8 1 90 60 80 12 32 6 1 4 5 310 0 -130 7,8,9 2 180 160 180 12 24 5 1 4 5 310 0 -130 7,8,9 3 400 380 380 6 20 NA NA NA 5 310 0 -130 7,8,9 9 1 100 80 90 12 32 6 1 4 5 20 0 0 8,9,10 2 200 160 180 12 24 5 1 4 5 20 0 0 8,9,10 3 400 300 350 6 20 NA NA NA 5 20 0 0 8,9,10 10 1 100 90 80 12 32 6 1 4 5 206 37 64 9,10 2 200 160 120 12 24 5 1 4 5 206 37 64 9,10 3 400 300 350 6 20 NA NA NA 5 206 37 64 9,10 11 1 90 80 60 12 32 6 1 4 5 0 90 -80 11,13 2 180 160 140 12 24 5 1 4 5 0 90 -80 11,13 3 650 600 500 6 20 NA NA NA 5 0 90 -80 11,13 12 1 90 100 70 12 32 6 1 4 5 270 0 0 12,13,14

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 119 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Domain Pass Search Radii Comps. Number N° Oct Comps. per Oct Comps. per drill Rotation Comps. Mj. Sm. Mn. Min. Max. Min. Min. Max. Mj. Sm. Mn. Min. 2 180 200 140 12 24 5 1 4 5 270 0 0 12,13,14 3 650 750 550 6 20 NA NA NA 5 270 0 0 12,13,14 13 1 100 100 60 12 32 6 1 4 5 208 29 42 11,12,13,14 2 300 300 200 12 24 5 1 4 5 208 29 42 11,12,13,14 3 700 700 500 6 20 NA NA NA 5 208 29 42 11,12,13,14 14 1 100 100 80 12 32 6 1 4 5 240 20 0 14,12,13 2 280 300 200 12 24 5 1 4 5 240 20 0 14,12,13 3 650 700 500 6 20 NA NA NA 5 240 20 0 14,12,13 Source: MEL (2022) Table 11-19: OK Plan Estimates TCu, Escondida Norte Domain Pass Search Radii Comps. Number N° Oct Comps. per Oct Comps. per drill Rotation Comps. Mj. Sm. Mn. Min. Max. Min. Min. Max. Mj. Sm. Mn. Min. 1 1 100 70 80 12 32 6 1 4 5 20 0 0 0 2 200 100 150 12 24 5 1 4 5 20 0 0 0 3 800 400 500 6 20 NA NA NA 5 20 0 0 0 2 1 60 60 110 12 32 6 1 4 5 20 0 0 1 2 110 110 200 12 24 5 1 4 5 20 0 0 1 3 200 200 350 6 20 NA NA NA 5 20 0 0 1 3 1 110 60 80 12 32 6 1 4 5 20 0 0 2 2 220 120 160 12 24 5 1 4 5 20 0 0 2 3 350 150 250 6 20 NA NA NA 5 20 0 0 2 4 1 90 70 50 12 32 6 1 4 5 330 0 0 3 2 180 160 110 12 24 5 1 4 5 330 0 0 3 3 300 250 190 6 20 NA NA NA 5 330 0 0 3 5 1 100 70 50 12 32 6 1 4 5 40 0 0 4,5 2 200 140 110 12 24 5 1 4 5 40 0 0 4,5 3 350 250 200 6 20 NA NA NA 5 40 0 0 4,5 6 1 75 120 50 12 32 6 1 4 5 310 0 0 4,5 2 150 200 100 12 24 5 1 4 5 310 0 0 4,5 3 280 370 200 6 20 NA NA NA 5 310 0 0 4,5 7 1 100 70 50 12 32 6 1 4 5 50 0 10 6,7 2 220 170 120 12 24 5 1 4 5 50 0 10 6,7 3 350 250 200 6 20 NA NA NA 5 50 0 10 6,7 8 1 85 80 50 12 32 6 1 4 5 50 0 10 6,7,8 2 170 160 130 12 24 5 1 4 5 50 0 10 6,7,8 3 300 250 200 6 20 NA NA NA 5 50 0 10 6,7,8 9 1 85 60 40 12 32 6 1 4 5 50 0 0 7,8,9 2 160 120 90 12 24 5 1 4 5 50 0 0 7,8,9 3 500 400 300 6 20 NA NA NA 5 50 0 0 7,8,9 10 1 85 70 65 12 32 6 1 4 5 70 0 -90 8,9,10 2 200 180 150 12 24 5 1 4 5 70 0 -90 8,9,10 3 600 530 450 6 20 NA NA NA 5 70 0 -90 8,9,10 Source: MEL (2022) The copper grade in the regularised block model was calculated by the weighted average for each estimation domain within the block. Cspcc, cspcv, and cspcpy were estimated by OK with the same copper estimation domains and normalised to the copper value, only for sulphide mineralisation. SEC Technical Report Summary – Minera Escondida Limitada Page 120 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Dry density was estimated using OK. The methodology adopted for the interpolation uses mineralogical units (Minzone) as controls for the spatial distribution of the variable in each deposit. An average density, by geological grouping, is assigned to the blocks with no interpolated value. 11.4 Validation In order to validate the Resource model, a validation of the block model was carried out to assess the performance of the OK and the conformity of input values. The validation was carried out on estimated blocks and up to the third pass, considering composites used in the estimates, and included: • Visual comparison of OK model vs. composites • Global statistics by estimation domain • OK vs. Blasthole model reconciliation • Swath plots to compare mean grade between declustered composites and block model Visual Comparison To visually validate the TCu estimation, the QP completed a review of a set of cross-sectional and plan views. The validation shows a reasonable representation of samples in blocks. Locally, the blocks match the estimation composites both in cross-section and plan views. In general, there is a reasonable match between composite data and block model data for Cu grades. High-grade areas were suitably represented, and high-grade samples exhibit suitable control, which validates the treatment of outliers used. Smoothing increases at the boundaries and deep areas of the deposit due to the reduction in number of available composites. There are some areas of mineralization, located at depth, where the drill hole spacing reaches a maximum of 400 m (mean 330 m). This material is classified as inferred due to the continuity of the hypogene mineralisation. Figure 11-12 shows an east-west cross-section and Figure 11-13 shows a plan section for the Escondida copper grade model, it is possible to observe a good spatial reproduction of the composites grades in both cross-sections without smearing of high-grade composites and minimum over extrapolation of grades. Figure 11-14 and Figure 11-15 show the block and composites grade comparison for plan view and east- west cross-sections in Escondida Norte. Like Escondida it is possible to observe good sample coverage for the deposit and spatial reproduction of grades. Lateral extension of the ore body is well limited by samples and the deposit remains open at depth at low copper grade less than 0.5%. No high-grade smearing and minimum grade extrapolation were observed. The Inferred Resource is considered 100% "interpolated". This limit is updated as new drill holes are drilled in the periphery of the deposits.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 121 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-12: Escondida 107,900N Copper Cross-section Looking North SEC Technical Report Summary – Minera Escondida Limitada Page 122 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-13: Escondida Copper at 2770 RL

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&nbsp;&nbsp;&nbsp;&nbsp;.. SEC Technical Report Summary – Minera Escondida Limitada Page 123 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-14: Escondida Norte 114,000N Copper Cross-section Looking North SEC Technical Report Summary – Minera Escondida Limitada Page 124 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-15: Escondida Norte Copper at 2960 RL Swath Plots In order to evaluate how robust block grades were in relation to data, a semi-local comparison using swath plots was completed. Generating swath plots entail averaging blocks and samples separately in regular 100 m (east) x 100 m (north) x 50 m (elevation) panels and then comparing the mean grade in each sample and block panel through each axis. To calculate the average grade in the database, a nearest neighbour (NN) model was established. The block model must reproduce in an acceptable way the mean shown by the composites for each estimation domain. Figure 11-16 show the mean grade comparison for Escondida and Figure 11-17 for Escondida Norte for sulphide mineralisation. It is opinion of this QP that results indicate that estimates reasonably follow trends found in the deposit's grades at a local and global scale without observing an excessive degree of smoothing.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 125 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-16: Swath Plots Total Sulphide, Escondida Source: MEL (2022) Figure 11-17: Swath Plots Total Sulphide, Escondida Norte Global Statistics Statistical comparison was carried out in order to detect global bias in the interpolated model compared with drill holes grade. Global statistics of declustered composites were calculated using the NN method with search ranges equating to those used in the estimation and were compared with OK grades for each domain (ED_TCu). Table 11-20 and Table 11-21 show the comparison with grade capping. The results show an acceptable reproduction of the global mean for total copper grade. Domains located in the leach-oxide zone shows larger differences: Estimation domain 0 corresponds to leached material with low copper grade and high- 0 10,000 20,000 30,000 40,000 50,000 0.00 0.20 0.40 0.60 0.80 1.00 1 4 23 7 .3 7 1 4 38 7 .3 7 1 4 53 7 .3 7 1 4 68 7 .3 7 1 4 83 7 .3 7 1 4 98 7 .3 7 1 5 13 7 .3 7 1 5 28 7 .3 7 1 5 43 7 .3 7 1 5 58 7 .3 7 1 5 73 7 .3 7 1 5 88 7 .3 7 1 6 03 7 .3 7 1 6 18 7 .3 7 1 6 33 7 .3 7 1 6 48 7 .3 7 1 6 63 7 .3 7 1 6 78 7 .3 7 1 6 93 7 .3 7 1 7 08 7 .3 7 1 7 23 7 .3 7 1 7 38 7 .3 7 1 7 53 7 .3 7 1 7 68 7 .3 7 1 7 83 7 .3 7 1 7 98 7 .3 7 1 8 13 7 .3 7 1 8 28 7 .3 7 1 8 43 7 .3 7 N ° C o m p o si te s TC u (%) Axis Y Samples BK_NN BK_OK 0 8,000 16,000 24,000 32,000 40,000 0.00 0.20 0.40 0.60 0.80 1.00 N ° C o m p o si te s TC u (%) Secciones Este Samples BK_NN BK_OK SEC Technical Report Summary – Minera Escondida Limitada Page 126 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 grade variability between 0.001 and 0.1 % TCu, which explains the relative differences observed. These lower copper grades are waste and this variation is not material. Estimation domain 3 corresponds to the mixed zone, with high variability in copper grades. The QP noticed that, where the larger variances exist, they are in low grades below COG or in domains with low spatial continuity, and therefore, considered to be not material. In the opinion of this QP the result of the estimate shows that relative differences for the main estimation domains were found within acceptable limits. Only estimation domains with less samples and poor geological continuity and low tonnage show results above the expected threshold. Table 11-20: Global mean comparison for TCu, Escondida Domain # Composite Composite average % Model average % Relative Difference (%) 0 67,196 0.06 0.08 24.02% 1 14,640 0.87 0.83 -5.57% 2 3,814 1.11 1.15 3.80% 3 7,734 0.58 0.53 -10.72% 4 13,870 1.46 1.41 -4.03% 5 14,432 2.20 2.25 2.00% 6 3,264 1.28 1.17 -9.13% 7 16,511 0.67 0.66 -0.60% 8 1,782 1.02 1.03 1.28% 9 10,373 1.14 1.16 1.24% 10 22,374 0.54 0.57 4.96% 11 16,653 0.86 0.82 -4.64% 12 8,948 0.35 0.36 4.20% 13 45,486 0.46 0.45 -3.69% 14 61,176 0.16 0.15 -1.97% Source: MEL (2022) Table 11-21: Global mean comparison for TCu, Escondida Norte Domain # Composite Composite average % Model average % Relative Difference (%) 0 47,081 0.06 0.07 5.16% 1 9,620 1.06 1.06 0.17% 2 1,990 0.90 0.88 -2.38% 3 3,956 0.59 0.47 -26.88% 4 17,641 1.69 1.66 -1.59% 5 6,558 0.65 0.61 -5.81% 6 5,254 1.05 1.07 1.52% 7 12,615 0.56 0.58 2.85% 8 4,088 0.86 0.83 -2.80% 9 37,905 0.41 0.44 7.97% 10 29,382 0.10 0.12 14.76% Source: MEL (2022) Comparison Against Blasthole Grade As part of the Resource model validation process, a reconciliation of tonnage, grade and metal against the blasthole model (short term model) was completed. The reconciliation was performed at 0.25% total

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 127 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 copper cut-off grade within the monthly mined volumes of the last 10 FY. Year by year reconciliation has been done to ensure no local bias. Escondida Sulphide The Escondida deposit shows a good performance, the in-situ tonnage deviations show an unbiased behaviour with periods of underestimation and overestimation within a range of ±7% (see Figure 11-18). Three quarters showed deviations closer to 10% underestimation. This deviation is related to zones with contact between leached and sulphide mineralisation due to low continuity ore bodies not recognised by drilling. Copper grades show an unbiased performance with periods of under and over estimation within a range of ±7% on average (see Figure 11-19). Figure 11-20 shows the result for the in-situ metal. Source: MEL (2022) Figure 11-18: Tonnage Reconciliation, Sulphide Escondida Source: MEL (2022) Figure 11-19: Total Copper Grade Reconciliation, Sulphide Escondida -30% -20% -10% 0% 10% 20% 30% 0 5 10 15 20 25 30 35 40 F Y 1 2 -Q 1 F Y 1 2 -Q 3 F Y 1 3 -Q 1 F Y 1 3 -Q 3 F Y 1 4 -Q 1 F Y 1 4 -Q 3 F Y 1 5 -Q 1 F Y 1 5 -Q 3 F Y 1 6 -Q 1 F Y 1 6 -Q 3 F Y 1 7 -Q 1 F Y 1 7 -Q 3 F Y 1 8 -Q 1 F Y 1 8 -Q 3 F Y 1 9 -Q 1 F Y 1 9 -Q 3 F Y 2 0 -Q 1 F Y 2 0 -Q 3 F Y 2 1 -Q 1 F Y 2 1 -Q 3 F Y 2 2 -Q 1 D e v ia ti o n (%) T o n n a g e (M to n) Deviation Blast Holes Resource Model -30% -20% -10% 0% 10% 20% 30% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 D e v ia ti o n (%) G ra d e (%) Deviation Blast Holes Resource Model SEC Technical Report Summary – Minera Escondida Limitada Page 128 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-20: Total Contained Copper Tonnes Reconciliation, Sulphide Escondida Escondida Norte Sulphide The Escondida Norte deposit shows a non-biased performance with the in-situ tonnage deviations showing an unbiased behaviour with periods of underestimation and overestimation within a range of ±5%, as shown in Figure 11-25. Copper grades show an unbiased performance with periods of under and over estimation within a range of ±7% on average (see Figure 11-22). There is a period of overestimation closer to -10% (FY13-Q2 to FY14-Q2), which is related to a high variability and low continuity of high- grade zones at the periphery of the deposit that were not identified by the drilling pattern. Figure 11-23 shows the result for in-situ metal. Source: MEL (2022) Figure 11-21: Tonnage Reconciliation, Sulphide Escondida Norte -30% -20% -10% 0% 10% 20% 30% 0 50 100 150 200 250 300 350 D e v ia ti o n (%) C o p p e r (K to n) Deviation BH LP_May21 -30% -20% -10% 0% 10% 20% 30% 0 5 10 15 20 25 F Y 1 2 -Q 1 F Y 1 2 -Q 3 F Y 1 3 -Q 1 F Y 1 3 -Q 3 F Y 1 4 -Q 1 F Y 1 4 -Q 3 F Y 1 5 -Q 1 F Y 1 5 -Q 3 F Y 1 6 -Q 1 F Y 1 6 -Q 3 F Y 1 7 -Q 1 F Y 1 7 -Q 3 F Y 1 8 -Q 1 F Y 1 8 -Q 3 F Y 1 9 -Q 1 F Y 1 9 -Q 3 F Y 2 0 -Q 1 F Y 2 0 -Q 3 F Y 2 1 -Q 1 F Y 2 1 -Q 3 F Y 2 2 -Q 1 D e v ia ti o n (%) T o n n a g e (M to n) Deviation Blast Holes Resource Model

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 129 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-22: Total Copper Grade Reconciliation, Sulphide Escondida Norte Figure 11-23 shows in-situ copper for quarterly periods with an unbiased performance with periods of underestimation and overestimation within a range of ±7%. Source: MEL (2022) Figure 11-23: In-situ Metal Reconciliation, Sulphide Escondida Norte It is the opinion of the QP that the results of the reconciliation with deviations of less than 10% per quarter for tonnage, grade and in-situ metal, are acceptable for a model designed on an annual basis. 11.5 Cut-Off Grades Estimates The 2022 mineral resources statement is based on the determination of mineable mineralisation suitable for processing under the assumptions that provide the framework for the Escondida life of asset plan (LoA) completed in November 2021 for June 2022 reporting (LoA23). The statement combines mineral resources from the Escondida and Escondida Norte deposits and is tabulated from volumes contained in the unsmoothed and optimised pit using the Learch Grossman algorithm determined using the May 21 -30% -20% -10% 0% 10% 20% 30% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 D e v ia ti o n (%) G ra d e (%) Deviation Blast Holes Resource Model -30% -20% -10% 0% 10% 20% 30% 0 50 100 150 200 250 D e v ia ti o n (%) C o p p e r (K to n) Deviation BH LP_May21 SEC Technical Report Summary – Minera Escondida Limitada Page 130 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Resource models, LOA23 mining and processing costs. The price was calculated for 3-year historic monthly third quartile: high-price: 3.04 US$/lb. Chapter 16 contains the full analysis of the copper commodity price in which discussion of the validity of the commodity prices employed is presented. In the opinion of the QP for resources the selected price for resources is considered reasonable. The QP is of the opinion that the use of a three calendar year mean of historic monthly third quartile prices to define mineral resources is considered appropriate as they are factual, objective, and transparent to the market. Table 11-22: Cut-off Economic Inputs for Mineral Resources Description Units Value Mining - Base Cost $/t material moved 0.87 Mining - Haulage Cost Variable Mining Loss % 0 Mining Dilution % 0 Ore Processing Cost - Milled Ore $/t Ore Processed 7.10 Ore Processing Cost - Sulphide Bio Leach Ore $/t Ore Processed 1.31 Ore Processing Cost - Acid Leached Oxide Ore $/t Ore Processed 7.98 Metallurgical Recovery - Milled Ore % 83 Metallurgical Recovery - Sulphide Bio Leach Ore % 42 Metallurgical Recovery - Acid Leached Oxide Ore % 62 Payable Cu - Milled Ore % 96.65 Payable Cu - Sulphide Bio Leach Ore % 100 Payable Cu - Acid Leached Oxide Ore % 100 Cu Price US$ / lb 3.04 Source: MEL (2022) The cut-off for mineral resources estimation is based on applying all applicable costs as summarised in Table 11-22. The cut-off grade for Escondida and Escondida Norte was defined based on the material type and all applied costs and recovery: • Sulphides: Cut-off grade is 0.25% TCu if chalcopyrite is less than 70% and 0.3% TCu if chalcopyrite is greater than 70%. • Mixed: Cut-off grade is 0.30% TCu. • Oxides: Cut-off grade is 0.20% SCu. Table 11-23 shows the different cut-off grades for mineral type at Escondida and Escondida Norte. Table 11-23: Mineral Zone Definition Criteria Mineralisation Zone Cut-off Oxide SCu >= 0.2% Mixed TCu <= 0.3% Sulphide TCu >= 0.25% & chalcopyrite < 70% Sulphide TCu >= 0.30% & chalcopyrite >= 70% Source: MEL (2022) These cut-off grades were based on a break-even economic analysis, considering a low degree of confidence in the metallurgical test work of the low-grade material. Cost assumptions are determined as

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 131 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 part of an annual planning cycle that is used to estimate the asset life production plan and subsequently the published ore reserves. These assumptions are described in Section 12.3. 11.6 Reasonable Prospects for Economic Extraction Mineral resource estimates may be materially affected by the metallurgical recovery and the accuracy of the economic assumptions supporting Reasonable Prospects for Economic Extraction (RPEE) including metal prices, and mining and processing costs. The mineral resources presented are contained in a pit optimisation definition. A nested pit analysis was performed on the geologic model using the three processing routes and the economic cut-offs described in Section 11.5. Additional optimisation parameters are shown in Table 12-5. The assumptions used for mineral resources and mineral reserves are the same, except the price change to the high-price: 3.04 US$/lb for mineral resources. MEL constrained the statement of mineral resources to within an optimised pit shell produced in Whittle using the internal LG algorithm calculations. The optimised pit is designed to consider the ability of the "ore" tonnes to pay for the "waste" tonnes based on the input economics. The result is a surface or volume which constrains the resource but provides the RPEE at the mineral resources pricing revenue factor while utilising the current mineral reserves pricing for overall inputs. Pit optimisation inputs are noted as follows: • Reserve based copper price of US$3.04/lb (delivered to client smelter) • Revenue Factor of 1.00 = US$3.04/lb Cu pricing (delivered to client smelter) • 10% premium to mineral reserves price and comparable with US$3.04/lb mineral resources price (delivered to client smelter). • Variable metallurgical recovery by different rock type and processing route (see Chapter 14) • Pit slope (variable pit wall angles) • 0% mining dilution, 100% mining recovery • Operating cost structure as seen in Table 11-22 The resource pit is then used as a reporting limit to exclude all tonnes from reporting which sit external to this pit shape. MEL notes that the mineral reserves (Section 12.2) is constrained by a reserve pit. This reserve pit generally sits within the resource pit, although it locally extends beyond the limits of the resource pit due to design constraints such as ramps. MEL also notes that the optimised pit for resource reporting is not limited by boundaries for mining infrastructure, and that no capital costs for movement or replacement of this infrastructure are assumed. 11.7 Resource Classification and Criteria MEL has used conditional simulation models since 2007 as part of the mineral resources classification process. This methodology allows the inclusion of the following elements in the classification of mineral resources: • Density and spatial location of the information (conditional data) • Geological continuity (geological features that have been simulated) • Grade continuity (grade distribution that has been simulated) The uncertainty associated with drilling, sampling, chemical analysis, and geological mapping is controlled in the QA/QC plan explained in chapter 8, and the resulting database used as input for the resources classification, complies with this procedure. Conditional simulation allows the development of an uncertainty model to quantify the copper grade estimation uncertainty for monthly production volumes. The process used can be summarised as: • Perform conditional simulation models, for Geology and copper grade in a fine grid (5 x 5 x15 m). SEC Technical Report Summary – Minera Escondida Limitada Page 132 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • Re-block simulation models at SMU size (25 x 25 x15 m). • Post process simulated grades to account for change of support, from a single SMU to monthly panel • Uncertainty model calculation • Threshold definition to produce preliminary resource classification • Classification adjusted according to the local drilling pattern • Mathematical smoothing using MAPS algorithm from CCG Alberta • Final review, checks, and validations For the FY21 Resource models, which are internally known as MLP22 and being those employed for the June 2022 declarations, the mineral resources categories are defined as follows: • Measured Resource: Material which provides a prediction of the tonnes of recovered or saleable copper and grade with an accuracy of ± 10% on an annual basis and ± 15% on a quarterly basis with 95% confidence (for the mining method used at the planned capacity and at the planned cut- off grade). • Indicated Resource: Material which provides a prediction of the tonnes of recovered or saleable copper and grade with an accuracy of ± 15% on an annual basis with 95% confidence (for the mining method used at the planned capacity and at the planned cut-off grade). • Inferred Resource: Material which provides a prediction of the tonnes of recovered or saleable copper and grade with an accuracy of ± 25% on an annual basis with 95% confidence (for the mining method used at the planned capacity and at the planned cut-off grade). Scaling factors for change of support between Quarterly and Monthly deviations were defined to adjust mineral resources classification criteria in order to comply with internal guidelines. These factors were applied to define measured and indicated categories. The reduction factor in deviations was applied as the uncertainty reduction factor and in this way the guideline was directly used to define thresholds in the uncertainty model to produce different resource categories. The uncertainty model was updated to 95% of probability instead of 90% used in previous version; Table 11-24 shows the uncertainty threshold for each kind of mineralisation. Table 11-24: Uncertainty Thresholds by Mineralisation Category Internal threshold Uncertainty threshold for Sulphide Uncertainty threshold for Oxide Measured ±15% Quarterly @ 95% confidence ±10% Annually @ 95% confidence Uncertainty (95%) ≤ 20% Uncertainty (95%) ≤ 30% Indicated ±15% Annually @ 95% confidence 20% < Uncertainty (95%) ≤ 30% 30% < Uncertainty (95%) ≤ 45% Inferred ±25% Annually @ 95% confidence Uncertainty (95%) > 30% (Interpolated) Uncertainty (95%) > 45% (Interpolated) Source: MEL (2022) The thresholds were validated with historical reconciliations of the feed materials presented in Figure 11-27 and Figure 11-28. In the opinion of the QP, uncertainty thresholds used for mineral resources classification are adequate for a porphyry copper deposit, given the level of information and the extraction volume defined. Figure 11-24 shows the spatial configuration and drill hole arrangement for Escondida (left) and Escondida Norte (right).

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 133 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-24: Mineral Resources Classification and Data Density Although MEL mineral resources classification methodology does not use a specific drilling pattern to define the different categories it is possible to calculate a nominal drilling pattern according to the commonly used formula in the industry: 𝑁𝑜𝑚𝑖𝑛𝑎𝑙 𝐷𝑟𝑖𝑙𝑙𝑖𝑛𝑔 𝑃𝑎𝑡𝑡𝑒𝑟𝑛 = √ 𝑡𝑜𝑛𝑛𝑎𝑔𝑒 𝑑𝑟𝑖𝑙𝑙 ℎ𝑜𝑙𝑒 𝑚𝑒𝑡𝑒𝑟𝑠 Table 11-25 shows the nominal drilling pattern calculated for each one of the resource categories. Table 11-25: Nominal Drilling Pattern Category Oxide Mixed Sulphide Measured (mean) 40 x 40 m 45 x 45 m 60 x 60 m Indicated (mean) 60 x 60 m 75 x 75 m 150 x 150 m Inferred (maximum) 90 x 90 m 100 x 100 m 320 x 320 m Source: MEL (2022) 11.8 Uncertainty Mineral resources are not mineral reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of these mineral resources will be converted into mineral reserves. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorised as mineral reserves. Mineral resources estimates may be materially affected by the quality of data, natural geological variability of mineralisation and / or metallurgical recovery and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs. Mineral resources may also be affected by the estimation methodology and parameters and assumptions used in the grade estimation process including top-cutting (capping) of data or search and estimation SEC Technical Report Summary – Minera Escondida Limitada Page 134 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 strategies although it is the QP's opinion that there is a low likelihood of this having a material impact. Figure 11-25 and Figure 11-26 show the mineral resources distribution by category for sulphide mineral mined during the last 10 years, showing that the majority corresponds to measured resources. Source: MEL (2022) Figure 11-25: Mined Sulphide Material by Mineral Resources Category, FY12 to FY22, Escondida Source: MEL (2022) Figure 11-26: Mined Sulphide Material by Mineral Resources Category, FY12 to FY22, Escondida Norte Figure 11-27 shows Escondida annual and quarterly deviation for tonnage, grade and in-situ copper. There is one annual period were the in-situ copper deviation is outside of accepted limit with 8% underestimation. Considering quarterly periods, FY13-Q1, FY-15-Q2 and FY-19-Q3 period shows in-situ copper deviation outside of the guideline used to define the measured category. For the Escondida Norte case, Figure 11-28 only FY13 in-situ copper deviation is outside of the guideline used to define the measured category. Based on the previous analysis, there is a high effectiveness of the measured Resource in adhering to its current definitions used during the resource classification process. 0% 20% 40% 60% 80% 100% P ro p o rt io n (%) Inferred Indicated Measured 0% 20% 40% 60% 80% 100% P ro p o rt io n (%) Inferred Indicated Measured

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 135 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 11-27: Escondida Sulphide Annual and Quarterly Deviations Source: MEL (2022) Figure 11-28: Escondida Norte Annual and Quarterly Deviations Figure 11-29 shows the mineral resources classification proportions and the total mined ore for the Oxide and Mixed ore for the last 10 years. There were certain periods in which the measured resource was below 80%. In these periods where we see a lower percentage of measured resources it is more difficult to maintain a deviation within accepted limits. Source: MEL internal geology document. (2022) Figure 11-29: Mined Oxide and Mixed Material by Mineral Resources Category, FY12 to FY22, Escondida Norte 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% F Y 1 2 F Y 1 3 F Y 1 4 F Y 1 5 F Y 1 6 F Y 1 7 F Y 1 8 F Y 1 9 F Y 2 0 F Y 2 1 F Y 2 2 Proportion (%) Inferred Indicated Measured SEC Technical Report Summary – Minera Escondida Limitada Page 136 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 11.9 Mineral Resources Statement The mineral resources statement is generated and summarised in accordance the SEC S-K 1300 Regulations. The tables are presented as follows: • Mineral Resources Exclusive of Mineral Reserves corresponding to Rio Tinto's 30% ownership (Table 11-26); • Mineral Resources Inclusive of Mineral Reserves corresponding to Rio Tinto's 30% ownership (Table 11-27); The mineral resources Statement reflects Rio Tinto's ownership of the Escondida as at December 31, 2022. This statement includes the Escondida and Escondida Norte deposits combined. The tables present a breakdown of the mineral resources by classification and material type, presenting on both an exclusive (of those mineral resources that have been converted to mineral reserves) and an inclusive basis. Table 11-26: Escondida Property Rio Tinto Ownership Basis (30%) – Summary of Mineral Resources Exclusive of Mineral Reserves as of December 31 2022 Copper Chile Escondida Mining Method Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Tonnage Quality Tonnage Quality Tonnage Quality Tonnage Quality Mt %Cu Mt %Cu Mt %Cu Mt %Cu Oxide OC 2.0 0.48 3.0 0.47 5.0 0.48 1.0 0.75 Mixed OC 2.0 0.53 5.0 0.44 7.0 0.47 6.0 0.49 Sulphide OC 311 0.49 533 0.49 844 0.49 2,800 0.53 Escondida Total 315 0.49 541 0.49 856 0.49 2,810 0.53 Notes: 1 Mineral resources are being first time reported in accordance with S-K 1300 and are presented for the portion attributable to Rio Tinto's economic interest. All tonnes and quality information have been rounded, small differences may be present in the totals. 2 Mineral resources are presented exclusive of mineral reserves. 3 Escondida, in which Rio Tinto has a 30% interest, is considered a material property for purposes of Item 1303 of S-K 1300. 4 Escondida point of reference for the mineral resources was mine gate. 5 Escondida mineral resources estimates were based on a copper price of US$3.04/lb. 6 Escondida mineral resources cut-off criteria used was Oxide ≥ 0.20% soluble Cu; Mixed ≥ 0.30% Cu; Sulphide ≥ 0.25% Cu for mineralisation assigned to be processed via leaching or ≥ 0.30% Cu for mineralisation assigned to be processed via the concentrator. 7 Escondida metallurgical recoveries for Oxide 62%; Mixed 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator. Table 11-27: Escondida Property Rio Tinto Ownership Basis (30%) – Summary of Mineral Resources Inclusive of Mineral Reserves as of December 31 2022 Copper Chile Escondida Mining Method Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources Tonnage Quality Tonnage Quality Tonnage Quality Tonnage Quality Mt %Cu Mt %Cu Mt %Cu Mt %Cu Oxide OC 25 0.59 9.0 0.53 35 0.57 1.0 0.75 Mixed OC 18 0.52 14 0.47 32 0.50 6.0 0.49 Sulphide OC 1,520 0.59 1,130 0.51 2,650 0.56 2,800 0.53 Escondida Total 1,560 0.59 1,150 0.51 2,720 0.56 2,810 0.53 Notes: 1 Mineral resources are being first time reported in accordance with S-K 1300 and are presented for the portion attributable to Rio Tinto's economic interest. All tonnes and quality information have been rounded, small differences may be present in the totals. 2 Mineral resources are presented inclusive of mineral reserves. 3 Escondida, in which Rio Tinto has a 30% interest, is considered a material property for purposes of Item 1303 of S-K 1300. 4 Escondida point of reference for the mineral resources was mine gate. 5 Escondida mineral resources estimates were based on a copper price of US$3.04/lb. 6 Escondida mineral resources cut-off criteria used was Oxide ≥ 0.20% soluble Cu; Mixed ≥ 0.30% Cu; Sulphide ≥ 0.25% Cu formineralisation assigned to be processed via leaching or ≥ 0.30% Cu for mineralisation assigned to be processed via the concentrator. 7 Escondida metallurgical recoveries for Oxide 62%; Mixed 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 137 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 11.10 Discussion of Relative Accuracy/Confidence In the QP's opinion, the relative accuracy, and therefore, confidence of the mineral resources estimates are deemed appropriate for their intended purpose of global mineral resources reporting and medium to long term mine planning studies. The factors influencing the accuracy and confidence, as stated in Section 11.7 are taken into consideration during classification of the model; and therefore, are addressed by the QP in the attributed mineral resources classification. Mineral resources are not mineral reserves and do not necessarily demonstrate economic viability. There is no certainty that all, or any part, of this mineral resources will be converted into mineral reserves. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorised as mineral reserves. Mineral resources estimates may be materially affected by the quality of data, natural geological variability of mineralisation and/or metallurgical recovery and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs. 11.11 Opinion on Influence for Economic Extraction The QP is of the opinion that, with the recommendations and opportunities outlined in Section 23.1 (Recommended Work Programmes), any issues relating to all applicable technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. SEC Technical Report Summary – Minera Escondida Limitada Page 138 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 12 Mineral Reserves Estimate 12.1 Key Assumptions, Parameters, and Methods MEL is a mature open pit operation with more than 30 years of operation. To generate mineral reserves, we utilize the measured and indicated components of the mineral resources estimates and apply additional modifying factors to produce a mine plan which MEL uses as the basis of a mineral reserves declaration. Modifying factors include mining parameters, geological and geotechnical models, costs, and revenue. Estimating the mineral reserves at MEL is part of an annual process that aims to optimise a large scale and complex operation comprising of three process routes (Concentrator, Sulphide, and Oxide Leaching), which are fed from two active pits. Each process route presents different copper grades, geo-metallurgical characteristics, and mining constraints. The overall process of reserve development is provided graphically below in Figure 12-1. Figure 12-1: MEL Process for Mineral Reserves Estimation Maps presented in this chapter use local mine coordinates derived from the PSAD-56 UTM projection. The subsections below describe the mineral reserves estimation process. Geologic Resource and Mining Models The dimensions of the block model are shown in Table 12-1 for the Escondida Norte pit, and Table 12-2 for the Escondida pit. The principal variables of the block model used for mineral reserves are shown in Table 12-3. Table 12-1: Block Model Dimensions – Escondida Norte Pit Dimension Minimum Maximum Block Size (m) No. of Blocks X 0 5,400 25 216 Y 0 5,450 25 218 Z 0 1,650 15 110 Source: MEL (2022) Table 12-2: Block Model Dimensions – Escondida Pit Dimension Minimum Maximum Block Size (m) No. of Blocks X 0 7,400 25 296 Y 0 10,400 25 416 Z 0 2,160 15 144 Source: MEL (2022) Resource Block Model Mining Block Model Optimal Pit Shell Optimal Pushback Designs Detailed Pushback Designs Life of Asset Planning Mineral Reserve Schedule Mineral Reserve Estimate

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 139 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 12-3: Principal Variables of the Block Model Variable Description TCu Total Copper (%) SCu Soluble copper (%) Au Gold (%) Ag Silver (%) densidad Dry Density bwi Bond Work Index (Kwh/ton) spi Sag Power Index (min) rec_flc Flotation recovery for Los Colorados concentrator (%) rec_fls1 Flotation recovery for Laguna Seca Line 1 concentrator (%) rec_fls2 Flotation recovery for Laguna Seca Line 2 concentrator (%) rec_lixaci Acid leach recovery (%) rec_sl_350 Sulphide leach recovery (%) Categ_Rec Resource category Source: MEL (2022) MEL is reporting using calendar years that start on 1st January and end on the 31st December of each year. The model starts on the 1st January 2022. There is approximately 18 months of forecast movement that has been depleted. In the opinion of the QP any difference between the planned and actual start surface is not material. A Mining Model was created from the Geologic Resource Model by applying dilution and mining recovery factors of 0% and 0% respectively. See Section 13.3.4 for further discussion. 12.2 Modifying Factors Property Limits The Escondida pit falls completely within the MEL property limits. The Escondida Norte pit shares a lease boundary with Compañía Minera Zaldivar (CMZ), this is a mine that is operated by Antofagasta Minerals. The shared boundary impacts Pushback N12, N10 and N14. All material in the CMZ lease is considered as waste when developing the optimal pit designs. CMZ and MEL have historic agreements in place with regards to CMZ accessing areas that fall within the MEL property, as well as MEL gaining access to portions of the Escondida Norte pit that fall within the CMZ mine property. SEC Technical Report Summary – Minera Escondida Limitada Page 140 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 12-2: Escondida Norte Pit and the Compañía Minera Zaldivar Lease Boundary Project Constraints The mining project boundary isn't limited by existing infrastructure; however, there are several projects that enable the final boundary to be reached. • Los Colorado Concentrator Removal • Truck Shop Removal • Hamburgo Tailings Removal Los Colorado Concentrator Demolition The Los Colorado Concentrator is the original concentrator at MEL. As the pit has expanded this concentrator is required to be removed to access the ore underneath it. In the SEC mine plan, the final year of operation for this concentrator is FY27. A replacement of this concentrator is not included in this plan, however concentrators Laguna Seca Lines 1 and 2 are expected to continue to operate. Once the Los Colorado Concentrator is removed access into PL2s/PL2n and subsequent pushbacks is available. Truck Shop Removal The current Truck Shop where the maintenance of the trucks is carried out is located adjacent to the Los Colorado Concentrator and must be removed to access the ore underneath it. Once the Truck Shop is removed access into PL2s and subsequent pushbacks is available. A new truck shop is planned to replace the one that has been removed. Compañía Minera Zaldivar N10 N12 N14

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 141 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Hamburgo Tailings Removal The Hamburgo tailings deposit is located at the southeast end of the Escondida pit. It is required to be removed to access the pushbacks E8 and PL5s, PL6s, PL7s. E8 is the initial pushback that is enabled from the removal of the Tailings, and this pushback is planned for FY50. Processing Material is mined from two open pits; Escondida and Escondida Norte, using truck and shovel mining methods (described in further detail in Chapter 13) and sent to one of three processes (see Figure 12-3): • Concentrators (Consisting of three separate concentrators; Los Colorados, Laguna Seca Line 1, Laguna Seca Line 2) • Sulphide Bioleaching • Acid Leaching Product is then sent via a pipeline (in the case of concentrators) or sent via railways (in the case of Cathodes) to ports near the city of Antofagasta for export. Source: MEL (2022) Figure 12-3: Sources and Actual Destination Flowsheet Commodity Prices Used The copper price and used for the pit optimisation and economic cut-off analysis was: 2.79 US$/lb. The historic price of copper since the mid 2000's has averaged approximately 3.5 US$/lb. External forecasts project a shortage of copper supply over the next 10 years as demand grows, while supply is forecast to drop from existing mines, resulting in an expected long-term price (2032 onwards) to be above 3.50 US$/lb (real$2022), which is higher than the price used in the current reserves estimation process (2.79 US$/lb). Chapter 16 contains the full analysis of the copper commodity price in which discussion of the validity of the commodity prices employed is presented. In the opinion of the QP for reserves the selected price for reserves is considered reasonable. SEC Technical Report Summary – Minera Escondida Limitada Page 142 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Cut-off Grade Estimate The cut-off grades (COG) used to differentiate waste from mineralised ore are 0.3% of total copper for the Sulphide (concentrator feed) and 0.25% of total copper where there is less than 70% of Chalcopyrite for Sulphide Leach (ROM sulphide leach feed) reserves whereas for the Oxide (acid heap leach) feed reserves are reported above 0.2% acid soluble copper. These cut-off grades are based on economic analysis and assume open-pit extraction and concentrator, ROM or heap leach processing alternatives as per the current operation. Since the material fed to concentrator and sulphide leach processes are sourced from the same ore body, MEL employed a variable cut-off grade (VCOG) to determine the ore destination that provides maximum value. The cut-off grades are based on copper content only. Material processed through the concentrators also contains gold and silver, from which MEL generates revenue. The gold and silver revenues have been included in the financial model (Chapter 19), however they are excluded from the cut-off grade calculation. This is considered to be a relatively conservative method of applying the cut-off. Cut-off Grade Calculation for Mill The parameters in Table 12-4 are used to calculate the value of sending the material to the mill. If the value is greater than zero, the material can be considered for processing. In addition, it is considered for processing if it had a solubility index less than 0.8. Table 12-4: Copper Concentrator COG Parameters Variable Units Value Additional Information Payable metal in concentrate dispatched from site % 96.65 Mill recovery % 83 Life of Mine (LoM) Average. Indicative site costs Mining cost $/t material moved 0.87 Hauling cost Variable Mill Processing cost $/t of Ore Processed 7.10 Mill Selling cost $/t of Saleable Cu 359 Administration and overheads cost $/t of Saleable Cu 838 Source: MEL (2022) The Mill Cut-off Grade (COG) for the Concentrator is shown below: 𝑀𝑖𝑙𝑙 𝐶𝑜𝐺 = (𝑀𝑖𝑛𝑖𝑛𝑔𝐶𝑜𝑠𝑡 + 𝑃𝑟𝑜𝑐𝑒𝑠𝑠𝑖𝑛𝑔𝐶𝑜𝑠𝑡) (𝑆𝑒𝑙𝑙𝑖𝑛𝑔𝑃𝑟𝑖𝑐𝑒 - 𝑆𝑒𝑙𝑙𝑖𝑛𝑔𝐶𝑜𝑠𝑡) ∗ 𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦 ∗ 𝑃𝑎𝑦𝑎𝑏𝑖𝑙𝑖𝑡𝑦 Based on the above equation, the Mill cut-off is 0.23% total copper. The cut-off used to calculate the mineral reserves, is 0.20%. The mill and sulphide bioleaching use the same material for processing, so we use a variable cut-off grade to maximum value between the mill and leaching processes. The minimum cut-off grade is 0.2% and greater than the variable cut-off grade. Cut-off Grade Calculation for Sulphide Bioleaching Process The parameters in Table 12-5 are used to calculate the value of sending the material to the Sulphide Bioleaching. If the value is greater than zero, the material can be considered for processing.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 143 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 12-5: Sulphide Bioleaching COG Parameters Variable Units Value Additional Information Payable % 100.0 Leaching recovery % 42 Life of Mine (LoM) Average. Indicative site costs Mining cost $/t material moved 0.87 Hauling cost Variable Processing cost $/t of ROM ore 1.31 Mill Selling cost $/t of Saleable Cu 441 Administration and overheads cost $/t of Saleable Cu 838 Source: MEL (2022) The Sulphide Bioleaching Cut-off Grade (COG) is shown below: 𝑆𝑢𝑙𝑝ℎ𝑖𝑑𝑒 𝐵𝑖𝑜 𝐿𝑒𝑎𝑐ℎ𝑖𝑛𝑔 𝐶𝑜𝐺 = (𝑀𝑖𝑛𝑖𝑛𝑔𝐶𝑜𝑠𝑡 + 𝑃𝑟𝑜𝑐𝑒𝑠𝑠𝑖𝑛𝑔𝐶𝑜𝑠𝑡) (𝑆𝑒𝑙𝑙𝑖𝑛𝑔𝑃𝑟𝑖𝑐𝑒 - 𝑆𝑒𝑙𝑙𝑖𝑛𝑔𝐶𝑜𝑠𝑡) ∗ 𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦 ∗ 𝑃𝑎𝑦𝑎𝑏𝑖𝑙𝑖𝑡𝑦 Based on the above equation, the Sulphide Bioleaching Cut-off Grade is 0.21% total copper. The cut-off used to calculate the mineral reserves, is 0.25%. Cut-off Grade Calculation for Acid Leaching Process The parameters in Table 12-6 are used to calculate the value of sending the material to the acid leaching process. If the value is greater than zero, the material can be considered for processing. Table 12-6: Acid Leaching COG Parameters Variable Units Value Additional Information Payable % 100.0 Leaching recovery % 62 Life of Mine (LoM) Average. Indicative site costs Mining cost $/t material moved 0.87 Hauling cost Variable Processing cost $/t of ROM ore 7.98 Mill Selling cost $/t of Saleable Cu 661 Administration and overheads cost $/t of Saleable Cu 838 Notes: 1) Selling cost includes solvent extraction-electrowinning and transport. Source: MEL (2022) The Acid Leaching Cut-off Grade (COG) is shown below: 𝐴𝑐𝑖𝑑 𝐿𝑒𝑎𝑐ℎ𝑖𝑛𝑔 𝐶𝑜𝐺 = (𝑀𝑖𝑛𝑖𝑛𝑔𝐶𝑜𝑠𝑡 + 𝑃𝑟𝑜𝑐𝑒𝑠𝑠𝑖𝑛𝑔𝐶𝑜𝑠𝑡) (𝑆𝑒𝑙𝑙𝑖𝑛𝑔𝑃𝑟𝑖𝑐𝑒 - 𝑆𝑒𝑙𝑙𝑖𝑛𝑔𝐶𝑜𝑠𝑡) ∗ 𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦 ∗ 𝑃𝑎𝑦𝑎𝑏𝑖𝑙𝑖𝑡𝑦 Based on the above equation, the Acid Bioleaching Cut-off Grade is 0.35% total coper. The cut-off used to calculate the mineral reserves, is 0.35%. For ore to be routed to the mill in this study, the following criteria had to be met: SEC Technical Report Summary – Minera Escondida Limitada Page 144 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • A mineral resource classification of either measured or indicated • A mill value greater than or equal to zero • Does not exceed the feed limit which is based on the design and historical data • Does not exceed the limit of the crushing circuit which is based on rock hardness and the design and historical data of the crushing circuit • Concentrator metallurgical recovery is based on mineralogical data in the block model and historical performance data For ore to be routed to the Sulphide bioleaching pad in this study, the following criteria had to be met: • A mineral resources classification of either measured or indicated • A leach value greater than or equal to zero • Less than 70% of Chalcopyrite ore • Limited by the electrowinning process to 200k tonnes of copper produced per year For ore to be routed to the Acid Leaching in this study, the following criteria had to be met: • A mineral resources classification of either measured or indicated • A leach value greater than or equal to zero • Clay content does not exceed 17% • Limited by the electrowinning process to 150,000 t of copper produced per year Pit Optimisation A pit optimisation analysis was carried out using Blasor software, an internally developed software programme. The purpose of pit optimisation work is to determine the economic shell that can be mined using open pit methods. The optimum result is to mine as much of the resource as economically possible. Blasor uses the Lerchs-Grossman algorithm for pit optimisation. It employs a series of geometric assumptions (related to pit slope angles) and economic assumptions (price, recovery, mining, and processing costs) to determine the three-dimensional shape that yields the maximum profit under those assumed conditions. Individual blocks in the model are assigned the net revenue the block generates, from its recoverable copper, after mining processing and smelting costs have been deducted. Waste blocks have a negative value; ore blocks will generally generate positive revenue. The Lerchs-Grossman algorithm is an industry standard algorithm. The Optimised Reserve pit is defined based on the mineral resources excluding inferred resources. In addition, the historical prices and costs for the past 3 years are used to define the limits for the public reporting of mineral reserves. Pit slope parameters for the pit optimisation were developed as described below with additional detail provided in Section 13.2. The design slopes were adjusted to account for anticipated haul road locations. Geotechnical evaluation defined different geotechnical parameters for the Escondida and Escondida Norte pit slope designs. Recommendations for geotechnical slope angles are defined in terms of Inter-Ramp Angles (IRA), global angle, bench face angle, width ramp and considerations in terms of height and geometry of design. To reduce the risk associated with the vertical interaction between phases, and to mitigate wall failures between pushbacks, the geotechnical design includes a catch berm (step out) every 10 benches for single benching and a catch berm every five benches for double benching. It is considered good practice to build a containment berm on the crest of the step-out, and if possible, at the toe of the bench face. The minimum height of the parapet wall should be 2 m, (1/2 of height wheel of trucks). A nested pit analysis was performed on the geologic model using the three processing routes and the economic cut-offs described in Section 12.3. Additional optimisation parameters are shown in Table 12-7.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 145 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 12-7: Pit Optimisation Economic Inputs Description Units Value Mining - Base Cost $/t material moved 0.87 Mining - Haulage Cost Variable Mining Loss % 0 Mining Dilution % 0 Ore Processing Cost - Milled Ore $/t Ore Processed 7.10 Ore Processing Cost - Sulphide Bio Leach Ore $/t Ore Processed 1.31 Ore Processing Cost - Acid Leached Oxide Ore $/t Ore Processed 7.98 Metallurgical Recovery - Milled Ore % 83\* Metallurgical Recovery - Sulphide Bio Leach Ore % 42\* Metallurgical Recovery - Acid Leached Oxide Ore % 62\* Payable Cu - Milled Ore % 96.65 Payable Cu - Sulphide Bio Leach Ore % 100 Payable Cu - Acid Leached Oxide Ore % 100 Cu Price US$ / lb 2.79 Notes: 1) \* variable recovery curves is applied to each block and material type Source: MEL (2022) Figure 12-4 and Figure 12-5 show how each pit reacts to different Revenue Factors (RF), with a Revenue Factor of 1 corresponding to the copper price outlined in Chapter 16. The selected optimal pits for both Escondida and Escondida Norte are 82 and 72 respectively, which represent RF of 0.92 and 0.82 respectively. These pits correspond to the point where the discounted cash flow starts to flatten out. Pits after the selected point do not add significantly more value. Ultimate pits were designed for which were based on the selected pit shells and the geotechnical design parameters outlined for Escondida and Escondida Norte. The final pit designs in the context of the overall mine site are presented in Figure 13-16 (Chapter 13). SEC Technical Report Summary – Minera Escondida Limitada Page 146 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 12-4: Optimal Pit Selection for Escondida Pit Source: MEL (2022) Figure 12-5: Optimal Pit Selection for Escondida Norte Pit 12.3 Mineral Reserves Classification and Criteria Generally, the approach to classifying mineral reserves is to convert measured mineral resources to proven mineral reserves and indicated mineral resources to probable mineral reserves based on the modifying factors. MEL has taken this approach for all mineral reserves up until FY50 in the mine plan, with all mineral reserves being classified as probable after this year. 72 82

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 147 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 In FY50 MEL is required to renew surface rights and in addition we expect to be approaching the final approved limit of the tailings dam. To raise the tailings dam wall higher a new Environmental Impact Study (EIA) will be required. The Qualified Person has no reason to think either of these rights and approvals will not be obtained; however, given how far in the future they occur, we have chosen out of an abundance of caution to reflect the increased uncertainty by classifying measured mineral resources as probable mineral reserves after FY50. The mineral reserves by Category can be seen in Figure 12-6. Source: MEL (2022) Figure 12-6: Feed by Reserve Category to Process 12.4 Material Risks Associated with the Modifying Factors The QP has identified the following material risks associated with the modifying factors: • Product Sales Price: o The copper price expected for the sale of copper concentrates and cathodes is based on three calendar-year average of historical monthly median values as explained in Chapter 16. There is considerable uncertainty about how future supply and demand will change which will materially impact future copper prices. The reserve estimate is sensitive to the potential significant changes in revenue associated with changes in copper concentrate/cathode prices. • Mining Dilution and Mining Recovery: o The mining dilution estimate depends on the accuracy of the resource model as it relates to internal waste dilution/dikes identification. Due to the spacing of the resource drill holes, it is not possible to identify all of the waste dikes the operation will encounter in the future. If an increased number of waste dikes are found in future mining activities, the dilution may be greater than estimated because there will be more ore blocks in contact with waste blocks. This would potentially introduce more waste into the plant feed, which would decrease the feed grade, slow down the throughput and reduce the metallurgical recovery. A potential mitigation would be to mine more selectively around the waste dikes, although this would result in reduced mining recovery. • Impact of Currency Exchange Rates on Production Cost: SEC Technical Report Summary – Minera Escondida Limitada Page 148 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 o Differences in the actual exchange rate compared to the assumed rate in the model could potentially change the mineral reserves estimates. • Geotechnical Parameters: Geotechnical parameters used to estimate the mineral reserves can change as mining progresses. Local slope failures could force the operation to adapt to a lower slope angle which would cause the strip ratio to increase and the economics of the pit to change. • Processing Plant Throughput and Yields: o The forecast cost structure assumes that all processing plants remain fully operational and that the estimated recovery assumptions are achieved. If one or more of the plants does not operate in the future, the cost structure of the operation will increase. If the targeted recovery is not achieved, concentrate production will be lower. Both of these outcomes would adversely impact the mineral reserves. 12.5 Mineral Reserves Statement Based on the modifying factors discussed in this section the mineral reserves are listed in Table 12-8 on a Rio Tinto 30% ownership basis. Table 12-8: Escondida Property Rio Tinto Ownership Basis (30%) - Summary of Mineral Reserves as at 31st December 2022 Copper Chile Escondida Mining Method Proven Reserves Probable Reserves Total Reserves Tonnage Quality Tonnage Quality Tonnage Quality Mt %Cu Mt %Cu Mt %Cu Oxide OC 37 0.56 16 0.50 52 0.54 Sulphide OC 793 0.70 489 0.56 1,280 0.65 Sulphide Leach OC 388 0.46 101 0.40 489 0.45 Escondida Total 1,218 0.62 606 0.53 1,821 0.59 Notes: 1 Mineral reserves are being first time reported in accordance with S-K 1300 and are presented for the portion attributable to Rio Tinto's economic interest. All tonnes and quality information have been rounded, small differences may be present in the totals. 2 Escondida, in which Rio Tinto has a 30% interest, is considered a material property for purposes of Item 1303 of S-K 1300. 3 Escondida point of reference for the mineral reserves was mine gate. 4 Escondida mineral reserves estimates were based on a copper price of US$2.79/lb. 5 Escondida mineral reserves cut-off criteria used was Oxide ≥ 0.20% soluble Cu. For Sulphide ≥ 0.30% Cu and where greater than the variable cut-off of the concentrator. Sulphide ore is processed in the concentrator plants as a result of an optimised mine plan with consideration of technical and economic parameters in order to maximise net present value. Sulphide Leach ≥ 0.25% Cu and 70% or less of copper contained in chalcopyrite and lower than the variable cut-off grade. Sulphide leach ore is processed in the leaching plant as an alternative to the concentrator process. 6 Escondida metallurgical recoveries for Oxide 62%; Sulphide Leach 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator. 7 No stockpiled material has been included in the reserve statement. 12.6 Discussion of Relative Accuracy/Confidence It is the QP's opinion that the accuracy of the modifying factors are within the plus or minus 25% as defined in the SEC S-K 1300 Regulations for a PFS level study.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 149 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 13 Mining Methods 13.1 Selected Mining Method MEL is a mining operation that uses conventional open pit methods to extract mineral reserves containing economic quantities of copper to produce both cathodes and copper concentrates. The mineral reserves are based on the LOM plan which only considers open pit mining. Maps presented in this chapter use local mine coordinates derived from the PSAD-56 UTM projection. 13.2 Production Tasks Since the start of operations at MEL, the mine has operated using an open pit mining method, utilising trucks, and shovels/excavators. This method is suited to the large copper porphyry deposits mined by MEL as the deposits are low grade, high tonnage and located relatively close to the surface. Since this is an established operation, the deposit, mining, metallurgy and processing, and environmental aspects of the project are well understood. The geological knowledge for MEL is based on the collective experience of personnel from MEL's site operations geology, mining, metallurgy, and other technical disciplines gained during the history of the operations. This knowledge is supported by years of production data at MEL. Drill and Blast The mining operation begins with the drilling process; drill samples are sent to an assay laboratory for analysis. The assay results are used to mark out zones of ore, leach, and waste rock, which are mined separately. The current drilling equipment is outlined in Table 13-7. Waste Removal and Storage After the blasting is completed, ore and waste are mined by excavators loading onto trucks. The current fleet is outlined in Table 13-7. Overburden and waste loads can be used for fixing roads, building ramps, or simply placed on the Overburden Storage Facility (OSF). Ore Removal and Transport There are three destinations for ore based on the processing method to include mill, sulphide bio leach, and acid leaching. Ore being sent to the Mills is sent to one of two locations, the Los Colorados plant which is adjacent to the Escondida pit, or Laguna Seca Line 1 / Line 2 plants located approximately 6 km south of the Escondida pit. Ore coming from the Escondida pit being sent to Los Colorados is sent to Crusher 1 (with a capacity of 4,500 tonnes per hour [tph]) and then transported by conveyor to Los Colorados. Ore coming from Escondida pit being sent to Laguna Seca Line 1 or Line 2 is sent to Crusher 2 (capacity of 7,420tph) or Crusher 3 (capacity of 9,330 tph) and then via one of two conveyors to Laguna Seca Line 1 or Line 2. Ore from Norte pit is sent from Crusher 5 (capacity of 9,330 tph) and transported to either Los Colorados or Laguna Seca Line 1. Ore being sent to Sulphide Bioleaching is sent via trucks to the ROM pad located 8 km east of the Escondida pit / 6 km southeast of the Escondida Norte pit. This pad has a design capacity of ~1,600 Mt. Acid Leaching Ore is taken via trucks to Crusher 4 (capacity of 5,000tph), it then undergoes secondary and tertiary crushing and finally agglomeration before being sent via conveyor to be placed on the dynamic pad approximately 7 km to the Northwest of the Escondida pit. SEC Technical Report Summary – Minera Escondida Limitada Page 150 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 13.3 Additional Parameters Relevant to Mine Designs and Plans Geotechnical Models From the geotechnical logging of drilling, geotechnical parameters were obtained, such as resistance of the rocky matrix (Intact Rock Strength [IRS]), degree of fracturing (RQD and FF), additionally the condition of the discontinuities (continuity, opening, roughness, filling, alteration of walls) to determine the RMR89 (rock mass rating Bieniawski) dry condition, which are incorporated in the geotechnical block models for Escondida and Escondida Norte with spatial variability in each of the variables (GSI, FF, RQD, RMR89 each lithology-alteration unit had a fixed value of GSI (geological strength index) or RMR89 calibrated to better represent the observed failure mechanisms. The current geotechnical model is developed by Interpolation with the Reverse at Distance (RBF) method using Leapfrog tool, applying structural anisotropy for interpretation, with a basis of geological conceptualisation. Figure 13-1 shows an overview of the process to create these models. Source: MEL (2022) Figure 13-1: Geotechnical Estimate Flowsheet Geotechnical evaluation has defined different geotechnical parameters for the Escondida and Escondida Norte pit slope designs. Recommendations for geotechnical slope angles are defined in terms of Inter Ramp Angles (IRA), global angle, bench face angle, ramp width, and considerations in terms of height and geometry of design. In order to reduce the risk associated with the vertical interaction between phases, and to mitigate wall failures between pushbacks, the geotechnical design includes a catch berm (step out) every 10 benches for single benching and a catch berm every 5 benches for double benching. It is considered good practice to build a containment berm on the crest of the step-out, and if possible, at the toe of the bench face. The minimum height of the parapet wall should be 2 m, (1/2 of height wheel of trucks). The mine design parameters applied for the Escondida and Escondida Norte mine pit pushbacks are summarised in Figure 13-1 and Table 13-1. Figure 13-2 and Figure 13-3 show the IRA for Escondida and Escondida Norte pits, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 151 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 13-2: Geotechnical Definitions Table 13-1: Mine Design Parameters Design Parameters Dimensions Minimum mining width (pushback) 150 m Escondida pit bench height 15 m (single benching) Escondida Norte pit bench height 15 m (single benching) and 30m (double benching) Bench face angle 70° (single benching) y 72° (double benching) Haul road maximum grade 10% Maximum curve radius 21 m Haul road width 40 m Inter-ramp angle Variable by sector, based on geotechnical criteria Berm width Variable, according to inter-ramp angle and bench interval Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 152 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 13-3: Escondida Pit Operational IRA (ToR 23) Source: MEL (2022) Figure 13-4: Escondida Norte Pit Operational IRA (ToR 23)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 153 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Waste dump designs are common throughout the operation and consider the building of dumps with two lifts of 150 m height each and berms of 65 m between each lift Figure 13-4. This results in waste dumps of 300m maximum height with slope angles of 37°. The design considers access ramps with a maximum gradient of 10%. A summary of the main assumptions for waste dump construction is shown in Table 13-2. Table 13-2: Waste Dump Design Parameters Design Parameters Value Value Face angle (angle of repose) 37 degrees Waste material Density 1.8 tonnes/m3 Access ramps 10% grade Dump height maximum (each level) 150 m Berm width between lifts 65 m Maximum number of levels 2 Haul road width 40 m Source: MEL (2022) Source: MEL (2022) Figure 13-5: Waste Dump Design Parameters Design Acceptance Criteria for Pit Design The occurrence of instabilities can occur at the bank, inter-ramp, or global level on a slope. Therefore, it is necessary to consider a criterion of acceptability that a slope must meet for its degree of stability to be considered acceptable. Usually, the acceptability criterion depends on the magnitude and consequences of an eventual instability of the slope considered, and is defined in terms of minimum or maximum permissible values for one or more of the following parameters: Factor of Safety (FoS), Safety Margin, Probability of Failure, reliability index, etc. In MEL, the most used parameter is the FoS, which corresponds to the ratio between the resistance of the material and the acting stress on it (a factor over 1.0 has a stable condition). The FoS of both pits can be seen in Figure 13-6. SEC Technical Report Summary – Minera Escondida Limitada Page 154 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 13-6: Factor of Safety Criteria for Pit Design Hydrological Models The Escondida pit is located inside the basin of the Salar de Hamburgo, in its western sector, at an elevation of 3,000 m amsl. The climate corresponds to marginal desert height, with average sporadic rainfall of 19.3 mm/year, and high evaporation rates of the order of 2,136 mm/year, resulting in negligible natural recharges. The basin has no permanent surface water courses, nor surface groundwater outcrops. The flow of natural groundwater occurs through the sedimentary deposits of the Hamburgo Salt Flat basin, formed, mainly gravels and sands of varied selection and degree of consolidation and through the underlying fractured rock consisting of andesitic rocks, which are intruded by the granodioritic intrusive complex. Groundwater flow would be controlled primarily by major NW-SE and N-S orientation faults, which would act as preferential conduits for water circulation. They would also exert a hydrogeological control, less pronounced, the contact of the primary mineralisation with other mineralisation units, and the areas of the igneous rocky massif (volcanic and intrusive) of greater fracturing, found mainly in the primary mineralisation, characterised by the geotechnical parameter RQD (designation of rock quality). With these parameters eight Hydrogeological Units (UHs) of the pit rock massif are defined, as shown in Table 13-3. Table 13-3: Hydraulic Parameters UH Description UH Permeability K (m/s) Specific Porosity (%) UH0 Anthropic deposits 1E-06 - 4E-04 21 UH1 Hamburgo sediments 6E-08 - 6E-05 0.1 – 12 UH2 Supergene and Leaching 1E-09 - 4E-06 0.05 UH3 Severely fractured primary 2E-09 - 1E-07 1-5 (FF 17-40 1/m) UH4 Fractured primary 1E-10 - 5E-08 0.05 (FF 5-17 1/m) UH5 Poorly fractured primary (FF 0-2 1/m) 3E-11 - 4E-08 0.01 UH6 Relevant conducted failures 1E-11 - 4E-07 0.01 UH7 Relevant Faults Partial Barrier 3E-11 - 4E-08 0.01 UH7 Other faults 1E-11 - 4E-07 0.01 Source: MEL (2022)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 155 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 The excavation of the Escondida pit has generated a cone of depression that has modified the natural groundwater regime, inducing a radial flow into the mining excavation. Two piezometric levels are detected, one more shallow around 3,000 m amsl, contained in the UH2 and a deeper one linked to the primary rock that has heights between 2850 and 2,550 m amsl at the bottom of the pit. The flow of groundwater manifests itself in the pit as passive outcrops and as a saturated zone on the slopes, hindering efficiency in the development of the mining plan, both in the safety aspect, associated with the geotechnical stability of the slopes, and in the operational aspect, hindering the process of blasting and loading of material in the fronts of advance of the pit. A diagram of the Escondida hydrogeological model can be seen in Figure 13-7. Source: MEL (2022) Figure 13-7: Escondida Hydrogeological Model The water balance of the Escondida pit is composed of the following elements: • Input flows: o Anthropic refills: Corresponds to the infiltration by seepage from the pool 400x400 that reach the pit, combined with the flow of groundwater generated by the residual recharge produced from the original tailings deposit in the Hamburgo basin. The magnitude of these components is estimated to reach the order of 25 L/s. Within this flow, the possible infiltration from other mining infrastructure near the pit such as the Los Colorados plant is also considered. o Precipitation: It is estimated that the recharge by precipitation is negligible, considering that the estimated average annual precipitation and evaporation for the Hamburgo basin are 19.3 and 2,136 mm/year, respectively. • Output flows: o Evaporation: There are no measurements or land estimates of the magnitude of the passive outcrops in the pit; however, this was estimated based on hydrological studies of the area that the magnitude of evaporation losses could reach 10 L/s. o Pumping wells: This component corresponds to the pumping flow extracted by the depressurisation and drainage system which is of the order of 22 L/s. o Horizontal drains: This component corresponds to the flow drained passively by the drains of the depressurisation and drainage system, which is of the order of 15 L/s. SEC Technical Report Summary – Minera Escondida Limitada Page 156 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 o Drainage tunnel: This component corresponds to the flow of groundwater captured by the drainage tunnel, which is of the order of 5 L/s. o In this way and as reflected in Table 13-4, the variation of the storage is of the order of 30 L/s. Table 13-4: Escondida System Water Balance Inflows (L/s) Output flows (L/s) Anthropic refill 25 ± 4 Evaporation passive outcrops 10 ± 2 Pumping wells 22 ± 4 Horizontal drains 15 ± 3 Drainage tunnel 5 ± 1 TOTAL 25 ± 4 TOTAL 52 ± 10 Source: MEL (2022) The Escondida Norte pit is located on the northern limit of the Hamburgo Salar watershed, about 140 km southeast of Antofagasta, at an average elevation of 3,200 m amsl. At the district level, the Basin of the Salar de Hamburgo is composed of a series of sedimentary deposits of varied consolidation, mainly gravels and sands with different proportions of fines in their matrix, which are arranged by overlaying both porphyry rocks that make up the ore deposit, as well as ancient volcanic and sedimentary rocks that host the intrusions. The Hamburgo Salt Flat basin is characterised by a marginal desert climate of height, with sporadic rainfall of the order of 19.3 mm/year, and high evaporation rates of the order of 2,136 mm/year. It has no surface water courses, nor natural groundwater outcrops; only a few ravines on the western slope of the Domeyko Mountain Range have sparse vegetation. In its natural condition, that is, prior to any anthropic intervention in the basin, the direction of the underground flow occurred mainly in the direction of the West of the basin, following a hydraulic gradient of low magnitude finally discharging towards the end of the West limit. MEL's operations modified both the magnitude and direction of groundwater flow that occurred in natural condition (due to the excavation of the pits, as well as the generation of anthropic recharge from mining infrastructure built in the basin). Of these in the vicinity of the Escondida Norte pit, the sub terrestrial flow is radial towards the centre of it. The hydrogeological units are defined in the fractured rock mass, associated with the unconsolidated deposits that fill the Hamburgo basin and that are defined as gravels. The description of the hydrogeological units is included in the Table 13-5. A diagram of the Escondida Norte hydrogeological model can be seen in Figure 13-8. Table 13-5: Hydrogeological Units of Escondida Norte Hydrogeological Unit Description Permeability K (m/s) Porosity Sy (%) UH1 Hamburgo sediments 6E-08 - 6E-05 0.1-12 UH2 Supergene and Leaching 4E-10 - 5E-06 0.05 UH3 Severely fractured primary (FF 17-40 1/m) 8E-10 - 2E-06 1-5 UH4 Fractured primary (FF 5-17 1/m) 3E-09 - 6E-07 0.05 UH5A Poorly fractured primary (FF 0-2 1/m) 1E-10 - 3E-08 0.01 UH5B Poorly fractured primary (FF 2-5 1/m) 1E-10 - 3E-09 0.01 UH6 Relevant Faults 6E-09 - 3E-06 0.01 UH7 Other faults 6E-09 - 3E-06 0.01 Source: MEL (2022)

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 157 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 13-8: Escondida Norte Hydrogeological Model The water balance of the Escondida pit is composed of the following elements, as discussed below. Inflows • Groundwater flow from the Hamburgo Salt Flat basin: Corresponds to the flow of groundwater coming from the district environment of the Escondida Norte pit, mainly from the upper part of the basin (east and south of the pit) and from its middle zone, where the Escondida pit and the Hamburg well field are located. It is estimated that the underground flow from the west and north of the Escondida Norte pit would be lower, due to the effect of the Zaldivar pit and the low underground flow expected at the upper limit of the basin, respectively. The estimates that the magnitude of the groundwater flow from the Hamburgo basin could be in a range between 19 L/s, which would come mainly from the east and south of the Escondida Norte pit. • Precipitation: It is estimated that the recharge by precipitation is negligible, considering that the estimated average annual precipitation and evaporation for the Hamburgo basin are 19.3 and 2,136 mm/year, respectively. Output flows Evaporation: There are no measurements or ground estimates of the magnitude of passive outcrops in the pit, however, this was estimated to reach 8 L/s • Pumping wells: This component corresponds to the pumping flow extracted by the pit drainage system. The average monthly pumping flow rate is in the order of 20 L/s. • Horizontal drains: This component corresponds to the flow generated by the horizontal drains. The flow rate was found in the order of 5 L/s. In this way and as reflected in the table the variation of the storage is of the order of 14 L/s. Regarding the hydrogeology of the tailings dam, currently in operation, (Tailing Laguna Seca) it is located in the hydrological basin called Laguna Seca, approximately 15 km southwest of the Escondida pit. This basin is endorheic in nature without the presence of surface runoff, given the arid conditions of the area. SEC Technical Report Summary – Minera Escondida Limitada Page 158 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 13-6: Escondida Norte System Water Balance Inflows (l/s) Output flows (l/s) Lateral flow 19 Evaporation passive outcrops 8 Pumping wells 20 Horizontal drains 5 TOTAL 19 TOTAL 33 Source: MEL (2022) From the hydrogeological point of view, although in the centre of the basin under the basin of the tailing, there are sediments with storage potential and flow of groundwater, the underground discharge of the basin, occurs to the west through fractured rock units, mainly by the sector where the Tailing wall is currently located (Figure 13-9). Source: MEL (2022) Figure 13-9: Laguna Seca Tailing Storage Facility Hydrogeological Model Mine Design Parameters Mine planning at MEL follows the typical standards for open pit mining. The processes include: • Revision of dilution and recovery factors • Development of a value for each of the blocks in the model • Perform pit optimisation and select optimal pit shell to be used for the basis of the ultimate pit design • Ultimate pit design • Develop pushback/phase designs • Develop mine planning targets and constraints The ultimate pit shell selected from the pit optimisation process was used as a guide to develop a more detailed design. The resulting pit design was referred to as the operational pit. The operational pit was also limited by the following constraints: • Mining restrictions, including legal and environmental impacts • Overall slope angle • Operational design characteristics, including ramp locations and grades, OSF locations, mining width and height, and other practical mining considerations given the mine geometry.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 159 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 The mine design criteria are listed below: • Surface mining approach • Minimum operating width of 80 m • Haul road design width of 40 m • Bench height of 15 m • Maximum road grade of 10% • Bench face angle and catch berms vary based on geotechnical sector • Typical blasting grid ranging from 7x7 until 11x14m • Final wall Control Drill Pattern 2.0, 2.5 and 3.0 m depending on sector • Blasthole diameter of 6.1/2, 9, 10 5/8 and 12 inches • Rock density average of 2.5 Dilution, Loss, and Mine Recovery A dilution of 0% was applied to the schedule and Mineral reserves estimate. It is the opinion of the QP for mineral reserves that with the current practices at MEL no ore loss or mining dilution is required as the resource model has been reconciled to actual mining production. This conclusion is based on the results of a reconciliation between the geological resource model and actual mine production. The results of the reconciliations are provided below in Figure 13-10 and Figure 13-11. Based on the previous analysis, there is a high effectiveness of the measured mineral resource in adhering to its current definitions used during the resource classification process. Figure 13-10 and Figure 13-11 shows the historical adherences to tonnage, grade and copper productions which is the basis of assuming zero dilution. Source: MEL (2022) Figure 13-10: Escondida Sulphide Annual and Quarterly Deviations Source: MEL (2022) Figure 13-11: Escondida Norte Annual and Quarterly Deviations SEC Technical Report Summary – Minera Escondida Limitada Page 160 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Mining Pushbacks The operation mine plan consists of 22 pushbacks in the Escondida Pit (Figure 13-12) and nine (9) pushbacks in the Escondida Norte Pit (Figure 13-13). Source MEL (2022) Figure 13-12: Escondida Pit Pushbacks

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 161 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 13-13: Escondida Norte Pit Pushbacks Mining Strategy and Production Rates The SEC LOM mine plan results in a mill feed rate of about 149 Mtpa of Mill Feed until FY27 (when the SEC LOM plan has Los Colorado's concentrator finishing) and approximately 91 Mtpa over the remainder of the LOM Schedule. An average feed rate of 74 Mtpa of Sulphide Bio Leach Ore and 20 Mtpa of Acid Leach Ore with the LOM mine plan averaging an annual total movement of 380 Mtpa. Other considerations to the mine planning process are: • Maximum extraction rate for each pit as conditioned by mine fleet and performance • Extraction rates are conditioned by operational restrictions of specific pushbacks SEC Technical Report Summary – Minera Escondida Limitada Page 162 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • Equipment availability for stockpile movement and re-handling • Maximum capacity of the primary crushers for each individual process and pit • The overall crusher-conveying system capacity • The concentrator feed programme including throughput rates and operating hours • Applicable blending restrictions for both leaching processes 13.4 Production Schedule The effective date of the mine plan for reserves estimation (the LOM Plan) is 1st January 2023. A summary of the LOM Plan production is found in Figure 13-14, total movement and ore grade is shown in Figure 13-15. Source: MEL (2022) Figure 13-14: SEC Annual Production by Process (ktpa) Source: MEL (2022) Figure 13-15: Total Material Movement (Mt) and Average Grade

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 163 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 13.5 Production Rates and Mine Life The Life of Mine (LoM) plan is optimised using a Net Present Value methodology described in detail in Chapter 19. The total movement is largely driven by ensuring the concentrators have consistent supply of ore, as well as, but to a lesser degree, ensuring a consistent supply of ore to the leaching processes. The average production of the LOM Plan for MEL is expected to be 610 Ktpa over the 44-year Reserve life. The concentrators are operational over the mine life, however the Oxide ore is expected to be exhausted in FY34 resulting in the closure of the Oxide leaching. The Sulphide leach pad is expected to be completed in FY52 when the leach pile reaches it design limits. 13.6 Equipment and personnel All major equipment at MEL is owner operated. The primary loading units are electric shovels, with the primary haulage units consisting of CAT 797 / 793 trucks as well as Komatsu 930 and 960. Front end Loaders and small excavators also assist with loading. An overview of all equipment in FY23 can be seen in Table 13-7. Equipment replacement is assumed to be like for like once equipment reaches the end of its operational life. Table 13-7: Mine equipment distribution FY23 Equipment Fleet # Equipment Fleet # Trucks Caterpillar 797 114 Drills Electric 5 Caterpillar 793 7 Diesel 9 Komatsu 930 3 Pre-split 5 Komatsu 960 43 Ancillary Motorgrader 9 Electric Shovel (73yd3) P&H 8 Watertruck 12 Bucyrus 8 Wheeldozer 16 Hydraulic Shovel Komatsu 2 Bulldozer 16 Front End Loader Komatsu 3 Cable Reeler 10 Source: MEL (2022) 13.7 Final Mine Outline Final pit outline of MEL's open pits can be seen in Figure 13-16. SEC Technical Report Summary – Minera Escondida Limitada Page 164 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 13-16: Final Pit outlines of the MEL mining operations

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 165 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 14 Processing and Recovery Methods The dominant type of copper mineral in both the Escondida and Escondida Norte deposits consists of copper sulphides: these sulphides are secondary (or enriched) sulphides such as chalcocite and covellite, along with the primary (or hypogene) copper sulphide chalcopyrite. In addition, there are lesser oxide copper minerals which include a range of copper bearing species such as brochantite, chrysocolla and antlerite. These copper mineralised species present an overall zonation that is related to the genesis of the deposits, as described in Chapter 6. The copper oxides are generally soluble, or part soluble, in acidic solutions (sulphuric acid). In contrast, the copper sulphide species, particularly chalcopyrite, is refractory to acid solutions at ambient temperatures, with chalcocite being moderately soluble and covellite less soluble. This mixture of copper minerals, and distribution within the overall deposits, is typical of what are termed "Secondary Enriched Copper Porphyry". Because of the fundamental metallurgical response of this range of minerals, combined with the spatial distribution of general, but not pure, zones of the various copper minerals, the characteristics of the mineral resources have made it possible to define three main primary product lines: • Concentration of supergene and hypogene sulphides by grinding and conventional froth flotation to produce a copper rich sulphide concentrate. Over time within the operation, sulphide concentration has moved from secondary sulphides to hypogene sulphides. • Acid leaching of crushed oxide minerals ("heap" leaching) to then produce copper cathodes by solvent-extraction and electro-winning (SX-EW). • A third process, which is also leaching but uncrushed material in "run of mine" (ROM) pads, employs acid bioleaching of lower grade secondary sulphide material that is below sulphide concentrator cut-off, which also produces copper cathodes SX-EW. MEL receives economic benefits from the gold and silver recovered in copper concentrate as by-products. When present, these by-product metals are not recovered in leaching process. 14.1 Process Plant The company's basic infrastructure comprises two open-pit mines, three concentrator plants (comprising milling, grinding, flotation and thickening), an acid heap leach pad facility (on/off heap leach - oxides), a ROM bioleach pad facility (permeant dump leach - sulphides) and a solvent-extraction and electro-winning plant producing copper cathodes from both leach facilities. Copper concentrate is transported through two pipelines to the filtration plant, located at the coast in Coloso port, where it is loaded for shipping to end customers. The copper cathodes are transported to the Antofagasta port of Mejillones from where they are shipped to customers (Figure 14-1). In terms of metal tonnes, the copper contained in concentrate represents approximately 70% of sales while the copper cathodes production represents approximately 30% of sales. This ratio changes over the life of mine. 14.2 Plant Throughput and Design, Equipment Characteristics and Specifications Primary Crushing The main objective of the primary crushing stage is to generate particles of suitable size and shape to enables the material handling on conveyor belts that feed the stockpiles for the processes. In the case of highgrade sulphides, mixed and oxides the blasted ore is transported by trucks to the primary crushers. Low grade sulphides, under the cut-off for concentrators, goes to Bioleaching process which receives only run-of-mine blasted ore. A general flowsheet for the primary crushers which feed SEC Technical Report Summary – Minera Escondida Limitada Page 166 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 concentrators is observed in Figure 14-2, the specifications for main conveyor belts and ancillary equipment are presented in Table 14-1 and Table 14-2. Source: MEL (2022) Figure 14-1: Schematic of MEL Infrastructure Source: MEL (2022) Figure 14-2: Primary Crusher System for Concentrators

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 167 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 14-1: Primary Crushers Specifications Equipment Manufacturer Specification (inches) Capacity (tph) Power (HP) Ore- Type Treated Ore-Type / Possible Destination Crusher 1 Allis Chalmers 54x74 4,500 1,000 High- Grade Sulphides Laguna Seca L1 Crusher 2 Fuller 60x89 7,420 1,000 High- Grade Sulphides Los Colorados, Laguna Seca L1, Laguna Seca L2 Crusher 3 Fuller 60x113 9,330 1,000 High- Grade Sulphides Los Colorados, Laguna Seca L1, Laguna Seca L2 Crusher 4 Fuller 60x89 5,000 1,000 Oxides Secondary Crushing at Acid Leaching Crusher 5 Fuller 60x113 9,330 1,000 High- Grade Sulphides Los Colorados, Laguna Seca L1 Source: MEL (2022) Table 14-2: Conveyor Belts and Equipment Specifications at Primary Crushing System Area Equipment Width (mm) Length (m) Capacity (tph) Crusher 1 Crusher 4,500 CT-Fino 2,590 58 4,500 CT-Descarga 2,438 90 4,500 CT-003 1,219 170 4,500 Crusher 2 Crusher 7,420 CT-Descarga 2,794 210 7,500 FE-3305 2,438 50 7,500 CT-234 2,200 632 11,000 FE-042 2,800 106 11,000 FE-043 2,800 121 11,000 Crusher 3 Crusher 9,330 CT-111 3,150 275 11,000 FE-005 3,150 44 11,000 CT-231 2,200 556 11,000 CT-232 2,200 87 11,000 CT-233 2,200 107 11,000 Crusher 4 Crusher 6,000 FE-005 2,438 45 6,000 CT-001 1,828 700 6,000 Crusher 5 Crusher 9,330 CT-1C 3,150 350 10,000 FE-002 3,150 44 10,000 CT-2C 1,600 12,550 10,000 FE-003 3,150 44 9,000 CT-3C 1,828 145 9,000 FE-004 3,150 44 10,000 CT-4C 1,828 622 10,000 Overlands CT-102 1,600 7,600 9,300 CT-103 1,600 7,500 9,300 CT-104 1,600 3,950 9,300 New Overlands CT-236 1,800 7,075 12,500 CT-237 1,800 8,442 12,500 CT-238 1,800 4,005 12,500 CT-239 2,200 581 12,500 Source: MEL (2022) SEC Technical Report Summary – Minera Escondida Limitada Page 168 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Concentration Process Description The main product of Minera Escondida Ltd. consists of copper contained in a concentrate of copper and iron sulphides. This is currently produced by three plants located at the mine site to include; 1), Los Colorados; 2), Laguna Seca Line 1; and 3), Laguna Seca Line 2, which collectively have a total nominal capacity of 413,700 tpd of ore Table 14-3. Table 14-3: Installed Capacity for Concentrators Concentrator Plant Installed Capacity (tpd) Run Time (%) Nominal Capacity (tpd) Commissioning Year Los Colorados 35,000 45,600 54,600 107,500 127,500 93.5 119,200 1990 1993 1994 1996 1998 Laguna Seca Line 1 135,000 150,000 95 142,500 2002 2012 Laguna Seca Line 2 160,000 95 152,000 2016 TOTAL 413,700 Source: MEL (2022) These run times are based on design criteria and were established by the process engineering considering vendor specifications. A general scheme for the concentration process is shown in Figure 14-3. It was designed to process only sulphide ores and consists of the following stages: • Coarse ore Stockpile receiving crushed ore from primary crushers. • Primary grinding is undertaken in SAG mills, operating in closed circuit with pebble crushing systems. • Secondary grinding is undertaken in ball mills, operating in closed circuit with hydrocyclones. • Rougher flotation cells. • Cleaner flotation cells, operating in closed circuit with a regrind circuit. • Concentrate dewatering in conventional thickeners. • Tailings dewatering in thickeners. The coarse ore is sent to primary grinding circuit which uses SAG mills. The SAG mill reduces the size of the ore from an average feed size of 10 cm to a product of about 5 cm in size. Next, the material is classified, and the coarse particle fraction is sent to the pebble crusher, while the fine material is sent to conventional ball milling process, which finally produces a fine product, below 150 microns, which is the target for particle size for flotation feed. These stages are necessary to ensure that the valuable sulphide minerals are liberated from the silicate gangue rock. The grinding processes are similar in the three plants. Only equipment dimensions are different. In the flotation stage, the different physicochemical properties between the valuable copper minerals and the gangue are used to produce the separation, incorporating a series of chemical reagents. When air is injected into the system, the copper sulphide particles adhere to the bubbles, producing a froth in the flotation separation process. The froth is copper concentrate. The particles that do not float are eliminated as tailings. These are silicates and other gangue minerals, which includes some iron sulphides. Primary, or rougher flotation, aims to maximize the recovery of valuable mineral species. Cleaning flotation stages have the purpose of eliminating impurities and improving the copper grade in the concentrate to achieve the final product grade. The scavenger cells reduce the losses in cleaner tailings. There are minor differences in the configuration of the flotation circuits at the three plants.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 169 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 A simplified process flow diagram for the concentrators is included as Figure 14-3 and shows the major equipment. In addition, an equipment list for the plants is provided in Table 14-4. Source: MEL (2022) Figure 14-3: Schematic of MEL Concentrator Process Table 14-4: Main Equipment list for Concentrator Process Concentrator Equipment Manufacturer Description Quantity Los Colorados Stockpile 420,000 t Capacity 60,000 t Live 1 Pebble Crusher Symons 7 ft. Cone Short Head 750 HP 2 SAG Mill Single Pinion 24' x 14' (D x EGL) Westinghouse 6,300 HP Installed 2 SAG Mill Dual Pinion 36' x 19' (D x EGL) General Electric 19,440 HP Installed 1 Ball Mill Single Pinion 18' x 24.5' (D x EGL) Westinghouse 5,500 HP Installed 4 Ball Mill Single Pinion 20' x 35' (D x EGL) General Electric 9,000 HP Installed 2 Ball Mill Dual Pinion 26.4' x 36' (D x EGL) General Electric 14,000 HP Installed 1 Rougher Flotation Cells Outotec 100 m³ Capacity 80 Rougher Flotation Cells Outotec 300 m³ Capacity 10 Scavenger Flotation Cells Dorr-Oliver 44 m³ Capacity 130 Cleaner Columns Cominco 4 x 4 x 15 m 14 Regrinding Mill Single Pinion 14' x 26.5' (D x EGL) 2,750 HP Installed 3 Concentrate Thickener Dorr Oliver 52 m Diameter 2 Tailing Thickener Dorr Oliver 125 m Diameter 4 Tailing Thickener EIMCO 125 m Diameter 1 Laguna Seca Line 1 Stockpile 410,000 t Capacity 110,000 t Live Pebble Crusher Nordberg MP-1000 1,000 HP 2 SEC Technical Report Summary – Minera Escondida Limitada Page 170 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Concentrator Equipment Manufacturer Description Quantity SAG Mill Fuller Gearless 38' x 20' (D x EGL) 26,000 HP Installed 1 Ball Mill Fuller Gearless 25' x 40' (D x EGL) 18,000 HP Installed 3 Ball Mill Gearless 26' x 41.5' (D x EGL) 21,000 HP Installed 1 Rougher Flotation Cells Wemco 160 m³ Capacity 72 First Cleaner Flotation Cells Wemco 160 m³ Capacity 25 Cleaner – Scavenger Flotation Cells Wemco 160 m³ Capacity 20 Second Cleaner Flotation Column Cells Microcell 4.5 m Diameter 10 Regrinding Mills Tower Mills 1,500 HP 5 Concentrate Thickeners Delkor 42.7 m Diameter 2 Tailings Thickeners EIMCO 125 m Diameter 3 Laguna Seca Line 2 Stockpile 297,000 t Capacity 146,000 t Live Pebble Crusher 1,000 HP 2 SAG Mill Gearless 40' x 26' (D x L) 32,200 HP Installed 1 Ball Mill Gearless 26' x 42.5' (D x L) 21,000 HP Installed 4 Rougher Flotation Cells Outotec 300 m³ Capacity 49 Scavenger Flotation Cells Outotec 300 m³Capacity 21 Rougher Column Flotation Cells Microcell 4.5 m Diameter 7 Scavenger Column Flotation Cells Microcell 4.5 m Diameter 5 Regrinding Mills Tower Mills 3,000 HP 3 Concentrate Thickeners FLSmidth 42.7 m Diameter 2 Tailings Thickeners FLSmidth 125 m Diameter 3 Source: MEL (2022) Oxide Leach Process Description The oxide leach process has been designed to treat ore containing oxide minerals following the traditional flowsheet for heap leaching of copper ores. The battery limits of the process are the coarse ore stockpile and electro-winning with the metal production. The stages of the process are the following: • Coarse ore reclaiming from stockpile receiving crushed ore from the mine. • Secondary and tertiary crushing operating in closed circuit with screens. • Agglomeration with sulphuric acid and water in tumbling drums. • Stacking of the agglomerated ore in a dynamic heap. • Irrigation using an acid solution operating in closed circuit with a solution treatment plant denominated solvent extraction (SX). • Transferring of the dissolved copper contained in the output solution to a cleaned solution using selective solvents. • Transformation of the dissolved copper in metal using electric energy through an electrolytic process called electrowinning (EW). • Spent ore disposal in waste dump called a ripios dump. The process starts with the coarse ore reclamation from the stockpile. The ore is then transported to the crushing plant where secondary crushers reduce the size of the ore from an average size of 100 mm to about 19 mm in diameter. The ore is transported to the tertiary crushing stage operating in closed circuit with screens. The final product from crushing must comply with the 80 % of the mass passing 19 mm.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 171 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Next the crushed ore is agglomerated using concentrated sulphuric acid and water to increase dissolution kinetics of the copper species and to generate stability before irrigation. The ore is stacked in the area in the form of a 6-metre-high heap and then a solution of sulphuric acid is used to irrigate the ore and dissolve the copper. The irrigation cycle is 150 days. The drainage solution containing the dissolved copper is treated in a solvent extraction plant (SX), where the objective is to remove impurities and produce a cleaned solution without other elements that can affect the following stages. Finally, the clean copper solution is pumped to a tank house where electrolyses is applied to transfer copper in solution to stainless steel plates, where the copper deposits in the form of metal. This is called electrowinning and the final product is copper cathodes. The leached ore (ripios) are reclaimed using a bucket wheel excavator that uses an overland and series of mobile conveyors to transport the ripios out of the leach pad. Subsequently, a shiftable conveyor with tripper discharges the ripios on the spreader, which will finally deposit the waste material onto the ripios dump. A simplified flow diagram for the process at oxide leach is included as Figure 14-4 and shows the existing major equipment. In addition, an equipment list is provided in Table 14-5. Source: MEL (2022) Figure 14-4: Schematic of MEL Oxide Leach Process SEC Technical Report Summary – Minera Escondida Limitada Page 172 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 14-5: Main Equipment List for Oxide Process Area / Process Equipment Description Quantity Crushing Stockpile 162,000 t Capacity, 56,000 t Live 1 Secondary Crusher MP-1000, 1000 HP, Capacity 1,523 tph 2 Secondary Screen Nominal Capacity 880 tph, Vibratory Double Deck 2 Tertiary Crusher MP-1000, 1000 HP, Capacity 551 tph 3 Tertiary Screens Nominal Capacity 609 tph, Vibratory Single Deck 4 Agglomeration Drum Capacity 4,166 tph 2 Stacking Conveyor Belt Capacity 5,250 tph (wet), length 27m, width 60", max. speed 3.9 m/s 1 Overland Conveyor Belt Capacity 5,250 tph (wet), length 1,615m, width 60", max. speed 4 m/s 1 Conveyor Belt Capacity 4,120 tph (wet), length 360m, width 60", max. speed 4 m/s 1 Overland Conveyor Belt Capacity 4,120 tph (wet), length 1,018m, width 60", max. speed 4 m/s 1 Overland Conveyor Belt Capacity 4,120 tph (wet), length 3,432m, width 60", max. speed 4 m/s 1 Conveyor Belt Capacity 4,120 tph (wet), length 168m, width 60", max. speed 4 m/s 1 Tripper length path 50 m, path speed 6 m/min 1 Conveyor belt and stacking mobile bridge Capacity 4,120 tph (wet), length 401m, width 60", max. speed 4 m/s 1 Tripper length path 50m, path speed 6 m/min 1 Stacking Belt Capacity 4,120 tph (wet), length 18m, width 84", max. speed 2.2 m/s 1 Reclaiming Bucket Wheel Excavator Capacity 5,027 tph (wet), wheel diameter 12 m 1 Discharge conveyor belt Capacity 5,027 tph (wet), length 27m, width 84", max. speed 2.5 m/s 1 Hoppers Capacity 5,027 tph (wet) 2 Conveyor belt and discharge mobile bridge Capacity 5,027 tph (wet), length 416m, width 84", max. speed 5 m/s 1 Source: MEL (2022) Bioleaching Process Description The bioleaching process started operations in 2006. It was designed as a low-cost method to process low grade sulphides. Since this material is mined to access ore for the sulphide concentrators this material would be sent to marginal stocks or to waste dump. The bioleaching process realizes value from this material. In general, the stages at the process can be described as: • Transport of the run of mine (ROM) ore from the existing pits or stockpiles to the leach pads • Stacking of the ore in a permanent heap. • Irrigation using an acid solution operating in closed circuit with a solution treatment plant denominated SX. • Transferring of the dissolved copper contained in the output solution to a cleaned solution using selective solvents. • Transformation of the dissolved copper in metal using electric energy through an electrolytic process, EW. The process involves the extraction of copper from ROM material with copper content above 0.25%, through bioleaching of the sulphide ore. The ore is placed in a permanent (static) leach pad with seven lifts of 18 m each one and irrigated with acid solution for more than 350 days. An aeration system is necessary to promote bioleaching process.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 173 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 In general, it is the leaching of sulphide minerals that distinguishes bioleaching from conventional acid leaching wherein only oxidised minerals are leached. Bioleaching involves the use of microorganisms to catalyse the oxidation of iron sulphides to create ferric sulphate and sulphuric acid. Ferric sulphate, which is a powerful oxidising agent, then oxidizes the copper sulphide minerals and the copper contained is then leached by the sulphuric acid formed. The key factors for successful leaching in all the sulphide oxidation reactions are: • The presence of ferric iron, supplied in part by the pyrite and chalcopyrite but much more importantly regenerated from the ferrous iron by bacterial action. • The presence of oxygen supplied by the forced aeration system. • The presence of acid, supplied in part by oxidising pyrite but also from the irrigation liquors fed to the dump. Without these three components, namely bacteria, oxygen and acid, the leaching process is not effective. Copper is then recovered from pregnant leach solutions via dedicated facilities for SX and EW. The sulphide leach maximum irrigation capacity is 16,500 cubic metres per hour (m³/h). A simplified flow diagram for the process at low grade sulphides leaching is presented as. Figure 14-5 the existing major equipment, in addition an equipment list is provided in Table 14-6. Source: MEL (2022) Figure 14-5: Schematic of MEL Bioleach Process Table 14-6: Main Equipment List for Bioleaching Process Area / Process Equipment Description Quantity Leaching Fans Aeration Pressure 15.5 KPa e.a., Flow 1,720.000 A m3/h 50 Raffinate Pumps Flow Rate 1,500 m3/h 8 PLS Pumps Flow Rate 1,500 m3/h 7 Heat Exchangers 6,000 kW e.a., Flow Rate 300 m3/h 2 Solvent Extraction Organic Cyclone Flowrate 4.5 m3/h 1 Recovered Organic Tank Capacity 6 m3 1 Ponds PLS Capacity 108,000 m3 1 Raffinate Capacity 108,000 m3 1 Source: MEL (2022) 14.3 Requirements for Energy, Water, Process Materials, and Personnel The following sections describe the requirements for energy, water, processing and personnel. SEC Technical Report Summary – Minera Escondida Limitada Page 174 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Energy MEL operations considers a stable power demand of 6,120 [MWh] until June 2028, after that the power demand will likely decrease by approximately 30% in response to the anticipated Los Colorados concentrator shutdown. In general terms, the main energy consumption is associated with the concentrator processes, followed by desalinated water pumping from the sea level to the mine site. The energy consumption distribution is presented in Figure 14-6. Source: MEL (2022) Figure 14-6: Energy Consumption Distribution at MEL Water MEL operations has a total demand of water of over 4,500 litres/second. The water consumption in MEL site is driven by the concentration process. The water supply for the processes is composed of two main sources; i), desalinated water which is pumped from the ocean to the mine site; and ii), recovered water from the dewatering processes at concentrators. The consumption distribution is show in Figure 14-7. In the next decade it is expected that water demand will decrease 30 % because of the closure of both oxide leaching operations and Los Colorados concentrator Source: MEL (2022) Figure 14-7: Water Demand Distribution at MEL The desalinated water represents the 70% of the whole water supply. No water sourced from pumping of underground water is used for either mining or processing. 44% 29% 13% 14% Concentrators Desalination Plants Hydrometallurgical Plants Others 86% 5% 9% Concentrators Hydrometallurgical Plants Others

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 175 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Suppliers for Process The main materials used at the mine and the process are presented in Table 14-7. The critical supplies are managed by long term contracts to mitigate low stock risk. Table 14-7: Main Materials used at the Mine and Process Process Main Supplies Mine Tires, Fuel Concentrators Grinding balls, mill liners, lime, chemical reagents, replacement parts. Hydrometallurgical Plants Sulphuric Acid Source: MEL (2022) Personnel Over the next 25 years in the base plan at MEL, total personnel (MEL & Contractors) are projected to remain stable at 2021 levels. The estimated personnel ranges between 12,000 and 14,000 people because of spot contracts for shut-down maintenance. The personnel employed directly by MEL consists of approximately 3,800 people. 14.4 Novel Processing Methods In the opinion of the Qualified Person the processing methods and practices are considered conventional for the industry standard. The process technology and equipment are widely proven in the industry to support long term mine plans for MEL and therefore limits the risk for reserves estimation. SEC Technical Report Summary – Minera Escondida Limitada Page 176 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 15 Infrastructure MEL has a company-owned infrastructure distributed over an extended area of the Antofagasta Region from port sites on the pacific coast to the mine site in the Andes. The infrastructure is required to support the magnitude of MEL's operational activities: the extraction of waste and mineral from two mining open pits, the operation of three concentrator plants, two heap leaching processes with their cathode production plants, the operation of two seawater desalination plants and water pumping to mine site, a tailings deposit, along with support and service facilities. These are shown schematically in Figure 15-1. Source: MEL (2022) Figure 15-1: Schematic of MEL Operations Table 15-1 describes the principal value chain at MEL which is comprised of three major subsystems to include mine site, transportation and port, with seven process steps. Table 15-1: Overview of Major Subsystems at MEL Mine site: Mineral 1 Mining, including drill and blast, and load and haul 2 Ore handling and transport to processing plants (including crushing and/or screening as required) and metallurgical processing Product: Concentrate Product: Cathode 3 Concentrate stockpiled as slurry then pumped to port via pipeline Cathode packaged, stored, and loaded for rail transport to port Transport Product: Concentrate Product: Cathode 4 Gravity driven transport of concentrate via pipeline to port Cathode by train to port Port Product: Concentrate Product: Cathode 5 Concentrate collected, filtered and dried at port Unloaded and stored at port 6 Stockpiled at Coloso Port Stockpiled at Angamos Port 7 Direct ship loading to dedicated bulk carriers; Loaded to ship Source: MEL (2022) Maps presented in this chapter use UTM WGS84 unless otherwise stated.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 177 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 15.1 Description MEL began construction in 1988, with an initial investment of US$836 M for the construction of general facilities, plant, port, and pipelines, and started operations in 1990. In 1991, it had a plant capacity of 35,000 tpd. Subsequently, in 1993, with an investment of US$76, Phase I began, with an expansion to 45,000 tpd. Then, with an investment of US$261 million, Phase II began in 1994; and over the next ten years, Phases III, III1/2 and IV were developed, reaching 230,000 tpd in 1993. MEL's operating process begins with the extraction of materials from the Escondida and Escondida Norte deposits using conventional open-pit mining techniques. Extraction includes waste materials and ores. After fracturing the rock with controlled blasting, the removed material is loaded by electromechanical shovels onto trucks and transported to processing plants in the case of high grade ore, to sulphide leaching heaps in the case of low grade sulphide ores, or to authorised dumps in the case of waste. The sulphide ores are processed in three concentrator plants: Los Colorados, located near the Escondida pit, Laguna Seca Lines N°1 and N°2, located some 17 km south of the Escondida pit. The valuable mineralisation is separated from the waste rock through the flotation concentration process, generating copper concentrate as the final product. The waste or residue from the concentration process is taken to the tailings deposit known as the Laguna Seca tailings dam. The copper concentrate is transported as a pulp with 65% solids through two 170 km long pipelines to the Coloso Port sector, located on the coast south of Antofagasta, where it is filtered until it reaches a humidity of around 9%, and then placed in stockpiles until it is shipped from the port on bulk carriers. Some minor amounts of concentrate is loaded onto trucks and transported by road to other ports or to national smelters. The oxidised ores are processed through a sequence of leaching, SX, and EW processes. The process begins with crushing and agglomeration of the ore, which is then deposited on large heaps where it is irrigated with sulphuric acid solutions to dissolve the copper present. In addition, low-grade sulphide ores are processed through a sequence of bioleaching, solvent extraction (SX), and EW processes. The process begins by transporting these materials directly from the mine and depositing them in giant heaps, where they are irrigated with sulphuric acid solutions and treated with bacteria at a certain temperature, which dissolve the copper contained in these minerals. The recovery of copper from the solutions emanating from the leaching heaps, both oxides and sulphides, is carried out by selective extraction using specific organic compounds (SX), obtaining a solution enriched in copper after a re-extraction process. Finally, by EW, the dissolved copper is deposited on stainless steel plates that constitute the copper cathodes. These cathodes reach an approximate weight of 78 kg with a purity of 99.999% and are transported by rail to the port of Antofagasta or Mejillones for subsequent shipment to the international market. The operational infrastructure also includes all the facilities associated with production support services and the supply of inputs, such as electrical energy transmission systems at different thickness levels, desalinated, drinking and recovered water supply systems, camps, warehouses and buildings, administrative offices, and access and internal roads among many other complementary facilities. The main existing infrastructures in the sectors where operations and support activities are carried out for MEL are: • Escondida Pit • Escondida Norte Pit • Escondida Dumps SEC Technical Report Summary – Minera Escondida Limitada Page 178 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • Escondida Norte Dumps • Crushers and Conveyors Belts • Sulphide ore concentrator plants: Los Colorados and Laguna Seca Lines N°1 and N°2 • Copper Concentrate Transport Systems (Pipelines) • Tailings transport systems (Relay pipelines) • Copper Concentrate Filtration Plant (Punta Coloso) • Copper concentrate shipping facilities (Coloso port) • Reclaimed water transport and storage systems • Tailings deposits: Hamburgo and Laguna Seca • Oxidised ore leaching heaps • Heap leaching of low-grade sulphide ores • SX and EW plants • Crushers and conveyor belts • Supply and support facilities: • Industrial water supply systems (desalinated water) • Seawater desalination plants (Coloso sector) • Drinking water treatment plants • Wastewater treatment plants • Electricity supply systems, consisting of substations, transmission lines, electrical rooms and service roads. • Waste storage facilities • Waste transfer centres • Fuel storage and distribution systems • Explosive's storage and preparation • Work camps: o Villa San Lorenzo o Villa Cerros Alegres o Camp 5,400 o Villa Monica Harvey • Warehouses and workshops: • Administrative offices • Storage yards • Access roads and internal connections The location of MEL's main existing facilities is presented in Figure 15-2.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 179 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 15-2: MEL's Main Facilities 15.2 Rail and Roads Rail MEL is an important user of the existing railways in the Antofagasta Region for the transport of copper cathodes to the port of Antofagasta and Mejillones, as well as for the transport of sulphuric acid from ports to the mine site, where it is stored in tanks for later use. To transport cathodes and sulphuric acid, MEL has transport service contracts with the main railway companies that own the railways, such as Ferrocarril de Antofagasta a Bolivia (FCAB) or Empresa de Transportes Ferroviarios S.A. (Ferronor). Ferronor, in addition to owning the railway track and railway stations, among others, owns the section that goes from Augusta Victoria Station to Socompa, which crosses the Pinta Verde sector. Ferronor also owns the surface land along the railway track, whose width varies between 50 m for sectors of relatively flat relief, up to 100 m wide for those sectors with steep topography. These distances are measured from the axis of the railway track (Figure 15-3). MEL owns only a small railway line that connects the Cathodes Plant with the railway line that runs from Augusta Victoria to Socompa, and which connects with the railway line owned by Ferronor in the sector called Adolfo Zaldívar Station. This railway line has a length of 4.1 km and can be seen in Figure 15-3. It should be noted that the gauge of the railway tracks is 1.0 m and that, apart from the rail convoys that transport the cargoes of mining companies such as MEL, or CMZ, rail traffic in the region for other products has been quite scarce and sporadic for many years. SEC Technical Report Summary – Minera Escondida Limitada Page 180 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 15-3: Regional Railway Scheme Roads MEL has an access road approximately 150 km long, which connects the mine with the main public roads in the Antofagasta Region. In the vicinity of Antofagasta city, in the sector known as La Negra, it joins with Route 5, which is one of the main longitudinal routes in the country, and with Route B-28, which connects with the city of Antofagasta (Figure 15-4). The access road is owned by MEL and its layout is within its mining easements. It connects the Coloso Port with the mine. MEL is fully responsible for its maintenance, applying high standards in terms of vehicular traffic, in accordance with the regulations in force in Chile to ensure the safe movement of people, vehicles and supplies. This road allows the movement of MEL personnel and collaborating companies, as well as the transport of various supplies, equipment and components required for the operation of the mines, plants, camps and other operating units. In the same way, this road is the main artery for the transport to their final disposal sites of all discarded materials, components to be repaired and other industrial waste that cannot remain in the operational areas. For access to the port and facilities of Coloso, the main connection route is Route B-1, also known as the coastal route, as it provides a link to all the coastal cities located to the north, such as Antofagasta, Mejillones, Tocopilla and Iquique. Another public road of alternative use to access the different MEL facilities is the international road Route B-55, which also connects with the Republic of Argentina, and whose roadway is not paved. The importance of this road is that part of its route divides the Escondida and Escondida Norte deposits, and for MEL's mining vehicles to cross it, special permits must be obtained and kept in force with the Roads Department for the crossing of this route by mining equipment with overweight and overwidth.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 181 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 15-4: Regional Roads Schema Within the operational area, there are more than 275 km of internal roads, of which approximately 85 km are paved. These roads connect the various camps with the mining areas, processing plants and other industrial areas, such as the Laguna Seca dam, sulphide and oxide leaching heaps. This number of kilometres does not include the roads to the well fields of Salar de Punta Negra and Monturaqui, whose operation is currently halted, and their facilities are not in use. In general, the existing roads, both internal and access roads, have two lanes in both directions and have a 7-m wide roadway. In addition, the access road and paved roads have a 1-m wide berm. In terms of traffic safety measures, the current regulations of the Roads Directorate are fully complied with, which MEL has also complemented by implementing standards to reinforce traffic safety, which apply to both people and all types of vehicles travelling on these roads. 15.3 Port Facilities The concentrate is pumped from the concentrator tanks via 2 pipelines, 6 inches and 9 inches, each with valves stations down the way to Antofagasta (Figure 15-5). Both pipelines end in low density tanks that receive the concentrate and pump it into the thickening process to increase solids percentage and feed the filter plant (Figure 15-6). Six vertical cloth filters operate by mechanic method generating a water elimination process to be able to achieve 9% solids. Filters discharge in conveyor belts that go all the way up to the top of the stockpile where it is discharged into the loading area. Transporters conduct the dry concentrate into the port area from where the concentrate is deposited into the vessels holds. SEC Technical Report Summary – Minera Escondida Limitada Page 182 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 15-5: Coloso Port Source: MEL (2022) Figure 15-6: Coloso Port Process Schematic 15.4 Tailings Disposal The Laguna Seca tailings deposit became operational in 2002. It is located in a small intermontane basin in the Domeyko mountain range, about 15 km southeast of the Escondida pit and 170 km southeast of the city of Antofagasta. This deposit stores tailings from the three concentrator plants currently in operation (Figure 15-7).

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 183 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 15-7: Laguna Seca Tailing Storage Facility Tailings are conveyed through 48-inch high density polyethylene (HDPE) pipes (tailings pipelines) and then discharged to the 12-cell tailings impoundment with dividing dams. The northwest boundary of the Laguna Seca basin has a retaining wall that is built with borrow materials, has a 15 m berm, at present (2021) the wall is at an elevation of 2,955 m above sea level, and its growth maintains the 5 m of revanch and a compaction of 95% proctor. For the monitoring and control of water infiltration, there are three piezometers and a curtain of wells below the wall. The Laguna Seca deposit has an authorised tailings disposal capacity of approximately 4,500 Mt and involves reaching a maximum height of 3,010 m amsl, with a wall 107 m high and approximately 3 km long. According to current studies and the current permit, the deposit is expected to be completely filled by 2058 and occupy an area of approximately 62 km2 by that year. The clear water recovery system is installed on a dam of compacted fill material, which is periodically relocated to a higher elevation as the deposit grows. The deposit wall is waterproofed with an HDPE geo- membrane on its slope to prevent water ingress from the basin. The wall includes a drainage system at its base to collect any water that eventually percolates through to keep the base of the slope dry to ensure its strength and stability. The drainage water is collected in a pool for recirculation to the deposit lagoon and then reused in the process. The general design characteristics of the Laguna Seca tailings impoundment are described in Table 15-2. SEC Technical Report Summary – Minera Escondida Limitada Page 184 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Table 15-2: General Characteristics Laguna Seca Dam Design Parameter Status Tailings production (ktpd) 450 Height of wall crown 3.010 Final altitude (m) 107 Upstream slope (H:V) 2.0:1.0 Downstream slope (H:V) 2.7:1.0 Waterproofing With Geomembrane Minimum freeboard (m) 5 Crowning width (m) 15 Final capacity (Mton) 4.500 Wall material loan Final deposit area (km2) 62 Source: MEL (2022) The design of the Laguna Seca tailings dam is currently at its sixth increase in wall elevation (raise) and presents the main geometrical characteristics shown in Table 15-3. Table 15-3: Design Features for the Sixth raise Geometric Parameters Dimensions Height 6° Camber 2,955 m amsl Wall Material Loan Growth Method Downstream Upstream slope 1.8:1.0 (H:V) Downstream slope 2.0:1.0 (H:V) Crowning width (m) 15 m Maximum Height of Main Wall 51 m (to elevation 2,955 m amsl) Length Main Wall 2,180 m (to elevation 2,955 m amsl) Length Secondary Wall 226 m (to elevation 2,955 m amsl) Minimal Operational freeboard of the Wall > 5 m Source: MEL (2022) 15.5 Power, Water, and Pipelines Power (Electric Energy) The infrastructure of the electricity transmission systems is designed and built to support and carry out the adequate supply of this input at high, medium, and low voltage levels. The 220-kilovolt (kV) high voltage electricity supply infrastructure connects directly with the generating sources and is an integral part of the National Electricity System (SEN), forming part, in addition to the South-Cordillera system, of the North Zone SEN. In general, the generating sources or connection points to the SEN are located far from the consuming sources, such as crushers and conveyor belts, concentrator plants, cathode plants, tailings pipeline systems and reclaimed water pumping, facilities located in areas of the mine and the desalination plant and concentrate filter plant located at Coloso. To ensure that the transmission of electrical energy reaches the places where MEL carries out its operations, it currently has more than 1,000 km of electrical lines at high voltage levels of 220 kV, 215 km of electrical lines that transmit electrical energy at voltage levels of 69 kV and more than 600 km of electrical lines that allow distribution at voltage levels of less than 34.5 kV. This entire distribution system

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 185 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 allows the continuous supply of this critical input for the operation of all its mining plants, desalinated water plants and all complementary plants and facilities to fully develop its activities. Table 15-4 and Table 15-5 shows a summary of the high voltage power lines (HVL) at 220 kV and 69 kV, respectively, with their corresponding origin substations and arrival substations, as well as the length of these lines. Source: MEL (2022) Figure 15-8: Electric Transmission Lines Schematic For connections to the electricity system at 220 kV voltages, there are transmission lines at 15 substations owned by the company and another four lines at three substations belonging to other companies. For transmission at 69 kV voltage levels, there are 25 substations with a main voltage of 69 kV and 69 kV panels at 4 substations with a main voltage of 220 kV. Electricity is distributed to the different plants and operational facilities at voltages of 34.5, 33.0, 23.0, 13.8, 7.2, 6.9, and 4.16 kV from the distribution switchgear (Figure 15-8). As for the distribution of electricity for the extraction of materials from the Escondida and Escondida Norte pits, there are a total of 19 mobile substations and 16 distribution cells, and the transmission cables operate at voltages of 13.8 kV and 7.2 kV. The high voltage electrical substation is considered to be a group of equipment that, as a whole, enables the connection of high voltage electrical lines that supply or collect energy from it and, in the event of a failure of one of the lines, allows it to be disconnected without interrupting the power supply. In MEL's electrical system, there are two types of substations: • Open Yard, consisting of a large fenced yard inside which equipment is installed to interrupt the electrical flow of each line, called high voltage switches, and all the equipment associated with the operation of these (current transformers, voltage transformers, disconnectors, lightning arresters). Each line arrives at the substation through one of the sets of equipment ("line panel"). The substation is also composed of a series of structures that support the high-voltage conductors that SEC Technical Report Summary – Minera Escondida Limitada Page 186 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 interconnect all the high-voltage lines coming into the substation and all the aforementioned equipment. Most of the substations in MEL's electrical system correspond to this type of technology. • In GIS (Gas Insulat Substation), which is made up of compact equipment that includes similar equipment to that described for the open yard substation, but which is confined in metal ducts filled with a highly insulating gas. This makes it possible to configure a substation with the same characteristics as the open-air substations, but with physical dimensions that are equivalent to 85% of those of the open-air substations. In the GIS, the equipment is housed inside a building isolated from the environment, to which the high-voltage conductors of the respective power lines reach. At MEL, there are currently 5 substations in GIS technology, which are: SE OGP1, SE Puri, SE Farellón, SE Chimborazo and SE 360. This technology was also included in the extensions of SE O'Higgins and SE Coloso. Table 15-4: 220-kV High Voltage Electrical Energy Transmission Systems with their Source and Destination Substations No SE Origin SE Destination Circuit Level of Tension Length (km) Status 1 SE Crucero SE Laberinto 2 Double 220 kV 133 In Use 2 SE Laberinto SE Nueva Zaldívar 2 Double 220 kV 95 In Use 3 SE Nueva Zaldívar SE Escondida 2 Double 220 kV 14 In Use 4 SE O'Higgins SE Domeyko 1 Double 220 kV 128 In Use 5 SE Mejillones SE O'Higgins 2 Double 220 kV 74 In Use 6 SE Kapatur SE O'Higgins 2 Double 220 kV 69 In Use 7 SE O'Higgins SE Coloso 1 Simple 220 kV 33 Desarming 8 SE O'Higgins SE Coloso 2 Double 220 kV 66 In Use 9 SE Domeyko SE OGP1 1 Simple 220 kV 15 In Use 10 SE Domeyko SE Laguna Seca 1 Simple 220 kV 13 In Use 11 SE Nueva Zaldívar SE Sulfuros 1 Simple 220 kV 13 In Use 12 SE Domeyko SE Escondida 1 Simple 220 kV 7 In Use 13 SE Nueva Zaldívar SE OGP1 2 Double 220 kV 28 In Use 14 SE Domeyko SE Sulfuros 1 Simple 220 kV 1 In Use 15 SE Domeyko SE Oxido 1 Simple 220 kV 1 In Use 16 SE Kelar SE Kapatur 2 Double 220 kV 15 In Use 17 SE Atacama SE O'Higgins 2 Double 220 kV 148 In Use 18 SE O'Higgins SE Farellón 1 Simple 220 kV 41 In Use 19 SE O'Higgins SE Puri 1 Simple 220 kV 93 In Use 20 SE Puri SE Domeyko 1 Simple 220 kV 42 In Use 21 SE Chimborazo SE Domeyko 1 Simple 220 kV 17 In Use 22 SE Farellón SE Chimborazo 1 Simple 220 kV 77 In Use 23 SE Domeyko SE SVC Domeyko 1 Simple 220 kV 0, 07 In Use Source: MEL (2022) Note: The above stations allow connection to the National Electrical System for the supply of electrical energy for MEL's processes. MEL owns much of the power transmission system that supplies its operations. However, due to changes in national electricity regulations, several of the 220 kV high voltage lines became part of the national electricity transmission network, which is why MEL created a subsidiary company in the electricity sector called Kelti, so these assets became the property of Kelti, which currently operates these assets, leaving MEL in charge of the maintenance of the lines and other installations of these lines. In addition, the SE

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 187 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Kapatur - SE O'Higgins power line was built and is operated and maintained by the company STN, a subsidiary of the company SAESA, under a Building, Owner, and Transfer (BOT) contract with MEL. Table 15-5: 69-kV High Voltage Electrical Power Transmission Systems with their Origin and Destination Substations No Origin Destination Circuit Level of Tension Length (km) Status 25 S/E Escondida Camino SPN 1 Simple 69 kV 19,19 De-energised 26 S/E OGP1 S/E Esc. Norte 2 Double 69 kV 18,59 In Use 27 S/E OGP1 Monturaqui 2 Double 69 kV 18,59 De-energised 28 S/E Escondida S/E Neurara 1 Simple 69 kV 18,04 De-energised 29 S/E Neurara S/E Monturaqui 1 Simple 69 kV 15,74 De-energised 30 S/E Sulfuro S/E Lixiviación 2 Double 69 kV 14,10 In Use 31 S/E Laguna Seca S/E Tranque 1 Simple 69 kV 11,74 In Use 32 S/E OGP1 S/E 940 2 Double 69 kV 6,79 In Use 33 S/E 401 S/E Hamburgo Sur 1 Simple 69 kV 6,77 In Use 34 S/E 940 S/E Laguna Seca 1 Simple 69 kV 5,91 In Use 35 LAT OGP1 S/E Hamburgo Sur 1 Simple 69 kV 5,89 In Use 36 S/E Sulfuros S/E OLAP 0752- ER-051 1 Simple 69 kV 5,21 In Use 37 S/E Escondida S/E Esc. Norte 1 Simple 69 kV 4,20 In Use 38 S/E 401 S/E 402 1 Simple 69 kV 3,69 In Use 39 S/E 401 S/E 940 1 Simple 69 kV 1,70 In Use 40 S/E 640 S/E 401 1 Simple 69 kV 0,77 In Use 41 S/E Escondida S/E 640 1 Simple 69 kV 0,73 In Use 42 S/E Lixiviación S/E Booster Lix 2 Double 69 KV 2,43 In Use Note: The above stations allow for the distribution of electrical energy for MEL's processes. Source: MEL (2022) For the operation of the Electrical Power System there is a specialised Superintendence called Power Supply, which has a SCADA system that includes 35 substations and electrical rooms, which have their respective communication equipment, data concentrators and operating consoles. In addition, there are two groups of SCAD servers or Operation Centre, the main one being located near Pavilion 15 in the former Camp 3.5 and another backup centre located in Building H next to the Sulfur SE. Water Currently, most of the industrial water supply for operational needs comes from seawater, which is desalinated in specially designed and purpose-built plants located on the Antofagasta coastline, at a site known as Punta Coloso. There, there are two desalination plants, whose production is sent to the mine, approximately 170 km away and at a difference in elevation of 3,000 m. The water is carried by three pipelines, one of 24-inch diameter and two of 42-inch diameter. Figure 15-9 shows an overview of the water lines for MEL. Part of the water needs are covered by the water recovered from the tailings dam, which is sent by aqueducts to the concentrator plants to be used again in the ore beneficiation processes. A smaller amount of industrial water comes from pit drainage and from the area called Hamburgo, where MEL's first tailings dam was previously located. The use of these waters is covered by mining legislation (Article 110 of the Mining Code) and water legislation (Article 56 of the Water Code), which empowers the mining concession holder, by the sole authority of the law, to use these waters found in mining operations to the extent necessary to carry out the exploration, exploitation, and benefit of its minerals. SEC Technical Report Summary – Minera Escondida Limitada Page 188 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 15-9: Water Lines Schematic Desalination Plants MEL has two seawater desalination plants which, as mentioned above, are located in the Punta Coloso sector. These plants are called Plant 0 and EWS Plant. Plant 0 came into operation in 2007 and the EWS Plant came into operation in 2017 and an extension of this came into operation in 2019. The Plant 0 and EWS Desalination Plants meet the water demand of the following areas: • Rajo Escondida Norte mine area, from which feed is supplied to the crushers, projects, crusher #5, drilling and exploration workings. • Rajo Escondida Mine Area, from which feed is supplied to watering stations, crushers N°2 and N°3, truck workshop and projects. • TK-272 and TK-02 ponds at the Cathode Plant. • Sealing water for areas 640 and Drawer DI-165. • Pond TK-83 for feeding Line N°1 of Laguna Seca Concentrator Plant (L1). • Pond TK-251 for feeding Line N°2 of Laguna Seca Concentrator Plant (L2) • Laguna Seca Concentrator Plant north pool feed, from which line L1 of the same concentrator is fed. • Reverse Osmosis (RO) Plant Cerro Tecno Oxide • Reverse Osmosis Plant (RO) 5300 • Reverse Osmosis Plant (RO) 7000

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 189 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Plant P0 Plant P0 was designed and built for a production capacity of 500 L/s and a transport system that included a 24-inch aqueduct. Currently, due to the deterioration of this aqueduct, the product of this Plant is transported through the aqueducts of the EWS Plant. The main installations and equipment that make up the processes of Plant 0 are as follows: • Seawater collection system, including pipeline and suction pumps. • Filtration system using cartridge and bi-layer filters for the pre-treatment of seawater. • Reverse osmosis plant for seawater desalination. • Reagent addition plant for process conditioning. • Desalinated water impulsion system to the mine, consisting of five (5) electrical ES, impulsion pumps and 24-aqueduct. • Water storage systems in its different stages and processes, consisting of ponds and pools. • Brine water discharge system. EWS The EWS plant, comprising Desalination Plants 1, 2, and 3, which came into operation in 2017, was designed and built for a production capacity of 2,500 l/s and a transport system comprising two 42-inch aqueducts each. In turn, Desalination Plant 4 was designed and built for a production capacity of 833 l/s and transports its product through the same 42-inch aqueducts already mentioned. The main installations and equipment that make up the processes of the EWS Plant are as follows: • Seawater collection system, with tunnels and suction pumps. • Filtration system using cartridge and bi-layer filters for the pre-treatment of seawater. • 4 reverse osmosis plants for seawater desalination. • Reagent addition plant for process conditioning. • Desalinated water impulsion system to the mine, consisting of four (4) electrical SE, impulsion pumps and two 42-inch aqueducts. • Water storage systems in its different stages and processes, consisting of ponds and EWS reservoir. • Brine water discharge system. Seawater Collection System This system is composed of two tunnels of approximately 580 m long, with a nominal useful diameter of 2,000 mm, designed to capture 8,000 L/s. The intake is located approximately 580 metres from the coastline, and consists of two seawater intake structures, at an estimated depth of 26 metres below sea level. The collected seawater is pumped to the pre-treatment stage by suction pumps located in a start-up pit on land. Wastewater Discharge System The salt water generated in the reverse osmosis process is discharged into the sea through a submarine outfall consisting of a submarine tunnel (the project considered building two tunnels), approximately 320 m long and 2,000 mm in nominal useful diameter, whose ends are composed of a system of diffusers consisting of two pipes of 1,600 mm in diameter and 77 m long, which will be distal to 20 m below sea level, on the seabed and outside the coastal protection zone (LPA). Each pipe has a system of 12 diffusers located in the last 77 m, through which the final discharge of the saltwater rejection into the marine environment takes place. It should be noted that the outfall is designed to discharge a maximum flow of 8000 L/s, estimated at the time of the start-up of the desalination plant. SEC Technical Report Summary – Minera Escondida Limitada Page 190 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Considering the aspects indicated in the previous paragraphs, it is possible to specify that all the land installations of the plant with its service, administrative and maintenance areas, ponds, machinery, equipment, and production systems were installed on the fields owned by MEL, according to the 1994 inscription in the Real Estate Registry, as indicated in Chapter 3. The beach, seabed, and seabed fields were used, given in Maritime Concession and according to the Supreme Decrees, for the construction of an access pit to seawater intake and saltwater discharge tunnels. In conclusion, the submarine tunnel system consists of two underground intake tunnels of 2,000-mm nominal useful diameter, with an approximate length of 580 m and a buried discharge tunnel of 2,000-mm nominal useful diameter with an approximate length of 395 m, the last 77 m of which correspond to diffusers formed by two 1,600-mm diameter pipes on the surface of the sea. 15.6 Infrastructure Layout Map Figure 15-10 shows the high level infrastructure layout map of the MEL complex. Source: MEL (2022) Figure 15-10: Infrastructure Layout Map

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 191 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 16 Market Studies The supply and demand for copper is affected by a wide range of factors including changes in the global copper consumption due to economic development. In CY2021, global copper cathode demand increased by +6% YoY due to rebounding economies and continued recovery in China. Prevailing geo-political uncertainty and Covid-19 lockdowns has moderated demand growth in CY2022. Growth is likely to remain muted over the medium term (CY2023-25) as the stimulus wears off and while the decarbonisation megatrend remains in the early stage. Over the long- term, copper still sees promising growth outlook, underpinned by development of emerging economies and growth in EVs and renewables. The CY2021 cathode balance ended with a deficit due to healthy end-use demand, and as global inventories fell significantly throughout the year as a result. A small deficit is expected for CY2022 before shifting to a surplus in the medium term following new mine ramp-up. Different from the previous surplus period (a demand down-cycle) during CY2015-16, copper consumption is likely to be more resilient supported by decarbonisation needs. The concentrates balance could turn in CY2022 as global smelting capacity additions have lagged mine supply growth over the past few years under low TCRC (Treatment Charge and Refining Charge) environment. New mining projects (Tenke Fungurume, Kamoa Phase 2 and Quebrada Blanca) have been sanctioned in response to the high prices and promising demand outlook and concentrate balance could shift into a surplus in CY2022-2024 after being deficit for several years. BHP Marketing AG (BMAG) sells 100% of MEL production on behalf of all shareholders under an Agency Agreement. Copper cathodes are directly sold to customers that primarily consist of semi-fabricators and trading firms; while copper concentrate is sold to smelters firms. 16.1 Copper Copper Long Term Price for Establishing the Economic Viability For the resource and reserve estimation processes in accordance with the SEC S-K 1300 Regulations, as well as for the economic analysis of the mine plan that supports the reserves, BHP uses a global and objective approach for all its assets for defining commodity prices as inputs to establish economic viability. This approach employs historical actual monthly prices for the past three financial years (July 2018 to June 2021). For the mineral resources estimate the third quartile average value is employed, whereas for the mineral reserves estimate and economic evaluation the median average value is employed. The source of the actual historical copper data is the official LME cash settlement price, expressed in US dollars per pound. Historic prices for the past five calendar years are shown below in Table 16-1. The Copper price used for resources and reserves estimation in this report are 3.04 US$/lb and 2.79 US$/lb, respectively. Table 16-1: Historic Copper Price Calendar Year 2016 2017 2018 2019 2020 2021 Price (US$/lb, nominal) 2.21 2.80 2.96 2.72 2.80 4.23 Over the past three Financial Years, we have seen market conditions range from: • Macroeconomic softness in 2019, due to the US-China trade tensions and a cyclical slowdown in autos and electronics. SEC Technical Report Summary – Minera Escondida Limitada Page 192 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • The collapse of demand due to COVID lockdowns in early 2020, followed by a sharp rally on the back of unprecedented levels of fiscal and monetary stimulus. • Subsequent supply shortages as global demand recovered in 2021, with copper hitting record prices (on a nominal basis). Supply and Demand Regarding the supply and demand balance, the two following issues must be considered according to Wood Mackenzie "Copper 2021 update to 2040" (Q3 2021): • Current supply tightness to give way to surplus in the near term, as mines under construction come online. • Longer term continued growth in demand and declines in supply from currently-operating mines will require the development of new mines to make up the shortfall. Specifically for the supply, it is worth mentioning that many copper mines are subject to grade decline, which reduces the productivity of the operation over time. In addition, copper mines on average are shorter-lived than iron ore or coal mines, which means the industry requires a steady pipeline of new projects to maintain production levels and provide growth. From a demand perspective, it is worth mentioning that copper demand growth in the future is expected to be underpinned by development in emerging economies, as they electrify, industrialise, and urbanise. The global energy transition provides further upside, as copper is widely used in electric vehicles and renewables. The global supply-demand balance can be seen in Figure 16-1. (Source: Wood Mackenzie 2021, LME.) Figure 16-1: Global supply-demand balance Looking longer term, copper demand is expected to continue to rise on the back of both the global energy transition as well as growth in emerging economies. Wood Mackenzie forecasts refined copper demand 2030 to 2040 will grow at 1.6% p.a. While it is anticipated that demand growth will continue to decelerate (by comparison the 2020s are expected to grow at around 2.3% p.a.), the QP believes it is reasonable to assume that the trend will remain positive. New mine supply is expected to be required to not only meet this rising demand, but also to replace declining production as currently available ore grades are expected to decline and resources at other mines are to be depleted. Wood Mackenzie estimates that production from currently operating (or committed) mines will decline at a rate of over 700kt Cu year-to-year during the 2030s. The QP believes it is reasonable to assume that this declining trend will continue.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 193 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 The QP believes the combination of rising demand and declining supply means that, on average, prices will need to be sufficiently attractive to induce the construction of new mines and expansions. Regarding long term prices, the range of real copper prices moved higher in the mid-2000s, after a downward trend throughout the 1980s and 1990s. The real price of copper has averaged nearly US$3.5/lb in the past 15 years as shown in Figure 16-2. (Source; LME, BHP Analysis) Figure 16-2: Historical LME copper price Current prices for copper (~US$4.30/lb) are believed to be reflective of a scarcity dynamic at this time and as such are not considered sustainable. They are expected to decline in coming years, which is consistent with the lower price level indicated by the three-year trailing price. However, it should be noted that the three-year trailing price also sits a little low in the range of prices seen since 2006, and so could be considered relatively conservative. Therefore, regarding the copper price, the QP is confident of the appropriateness of the value used for both the estimation and the economic valuation of the reserves, which is supported by Wood Mackenzie's forecast, that expects the long-term price (2032 onwards) to be above 3.50 US$/lb (real$2022), which is higher than the price used in the current reserves estimation process (2.79 US$/lb). Copper concentrates produced at MEL contain gold and silver, which the asset receives by-product credits for. Gold and silver are expected to account for less than 10% of revenue for MEL over the life of the mine. The price assumptions are set out in this report outlined for clarity. For gold and silver, the three-year trailing price is taken as the median monthly price for the past three Financial Years: US$1,536/troy oz and US$17.2/troy oz; respectively. Evaluation of Competitors Copper supply is quite fragmented by geographical region and number of operating mines. Based on the estimated 2030 C3 costs (Wood Mackenzie) MEL sits in the 3rd quartile. SEC Technical Report Summary – Minera Escondida Limitada Page 194 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 (Source: Wood Mackenzie, 2021 Q3 Dataset) Figure 16-3: Copper Supply Curve 2030 C3 Costs The QP does not view competitors as a material risk to the mineral reserves estimate due to the expected long-term structural supply deficit. 16.2 Products and Markets By far, the two most-traded forms of copper are cathode (refined copper) and copper concentrates. Copper cathode is a 99.99% pure form of the metal and is the product that is traded (and deliverable) on the three major exchanges: LME, SHFE and COMEX. Copper Concentrates is the most-traded intermediate product that is fed into copper smelters for refining to cathode form. MEL primarily produces copper concentrate, which is complemented with the production of LME Grade A copper cathodes (refer to LME website for minimum requirements). These products are mainly sold to international markets. Cathode 'Cathode' refers to the copper deposited on the negative terminal of an electrorefining or electrowinning plant. They are around one metre square and weigh 50-80kg. Copper cathode is usually sold on a CIF or Delivered basis and priced with reference to LME (or SHFE or COMEX), with a Quotation Period (average month in which the copper price is based on for a particular shipment) of 'M' (Month of shipment) or 'M+1' (One month after shipment), with an additional physical premium. This premium value typically ranges between 30 and 120 US$/tonne depending on regional specific cathode supply and demand, base price arbitrages (e.g. LME vs COMEX vs SHFE) and logistics costs. Generally, this premium represents less than one per cent of the total cathode price. A 'Grade A' cathode is largely fungible, with only small differences in premium between different brands. The main penalty adjustment is for cathode, which is not deliverable to an exchange, which attracts a discount to the price achieved by Grade A material. The size of this discount is still insignificant compared to the overall price.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 195 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Concentrate The copper grade of ore in a mine is low, often <1% Cu. Therefore, the ore is concentrated via a process of milling and froth flotation, to a grade of 20-40%, which is more economic to transport. Copper Concentrates have greater variability in qualities, since they are more exposed to the geological variations of the mine's ore body. Copper Concentrates are typically priced on the content of key metals (Copper, Gold, Silver), with discounts for recoverability. The copper content is priced on LME basis, with Quotation Period typically ranging from 'M+1' (One month after shipment) to 'M+4' (Four months after shipment). The copper payable is typically determined by the lower between 96.7% of the copper content and the copper content less 1.0 unit. For example, if the copper assay is 27%, MEL will get paid for (27 - 1) = 26% but if assay is 35% it will get paid for 35 x 96.7% = 33.845%. For gold, the payable terms respond to the following content criteria: there is no payment for content below 1 g/dmt; 90% for 1 to 3 g/dmt; 94% for 3 to 5 g/dmt; 95% for 5 to 7 g/dmt; 96% for 7 to 10 g/dmt; and 97% for above 10 g/dmt. In case of silver, a 90% payable factor applies when its content exceeds 30 g/dmt. These payable terms consider Wood Mackenzie as standard basis and Asia as primary market. The other main component of the copper concentrate pricing is the TCRC which compensates the smelter/refinery for the cost of converting the concentrate to refined copper. The value of the TCRC is roughly 2-3% of the value of the concentrate. According to Wood Mackenzie, the TCRCs are expected to reach a long-term forecast of US$90/t & 9.0c/lb (real$2022) by 2027, which would be equivalent to the average TCRC over the last 20 years. Copper concentrates attract penalties for high levels of Arsenic, Zinc, Lead, plus a list of lesser elements. A key rejection level for Arsenic (As) has historically been 0.5%, which is the import limit for China. However, in recent years, Chinese smelters have been granted permits to build blending facilities to enable them to blend high Arsenic concentrates with cleaner material, so long as the blended material is below 0.5% As. Typically, there is no penalties for MEL concentrate, as it is a 'clean' product that is low in impurities. 16.3 Contracts and Status Most production is negotiated for sale in advance with a minor proportion allocated to manage operational and market. The terms contained within these contracts are typical and consistent with standard industry practice for each product, considering the special characteristics of our products, low impurities in concentrates and LME Grade A quality cathodes requirements. In the case of concentrates, the contracts include industry benchmark terms for metal payables and TCRC. Depending on the specific contract, the terms for the sale are either referenced to benchmark- based TCRC or negotiated fixed terms. Treatment charges assumed for estimation of mineral reserves are based on forecasts published by third party data providers such as Wood Mackenzie or the CRU Group. For cathodes, premium negotiations are conducted on a case-by-case basis, considering the chemical and physical characteristics of the product and the destination market or region. Annual contracts for sales of copper cathodes are completed between Sept and Nov for the calendar year ahead. SEC Technical Report Summary – Minera Escondida Limitada Page 196 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 17 Environmental Studies, Permitting, Plans and Agreements The management of the environmental aspects of MEL's operations are managed under the company's ISO14001 certified Environmental Management System (EMS). The EMS describes the organisational structure, responsibilities, practices, processes and resources for implementing and maintaining environmental objectives at all MEL sites. The EMS also outlines a commitment to setting objectives and targets to achieve sustainable outcomes and to continually improve performance. Operational controls for environmental management are guided by BHP's Charter Values. The Charter Values outline a commitment to develop, implement and maintain management systems for sustainable development that drive continual improvement and set and achieve targets that promote efficient use of resources. To give effect to the Charter Values, a series of Our Requirements (OR) documents have been developed, including Our Requirements for Environment and Climate Change (OR E&CC). The OR E&CC applies to environment-related risks and potential impacts on the physical environment: air, water, land, biodiversity, communities, and their interrelationships. 17.1 Environmental Studies and Impact Assessments MEL supports its operation upon the Environmental Qualification Resolution (RCA) 398 of 2009, which approves the existence of two pits and three concentrator plants with a maximum material processing rate of 460 ktpd. For the tailings deposit, it considers the surfaces and locations previously approved in RCA 001 of 1997. Additionally, it authorizes a height of 3,010 m amsl as the maximum growth for the Laguna Seca tailings deposit, with a storage capacity of 4,500 million tons. Its validity is approximately until the year 2050. It also considers the existence of the infrastructure of Puerto Coloso, in addition to a desalination plant of 525 l/s. In addition, RCA 205 of 2009 approves the operation of a second desalination plant, with a production of 3,200 l/s. The sulphide leach pad has environmental approval until 2046, while OLAP is authorised to operate until 2051. Current permits that allow MEL operation have validity until FY50. Any project that modifies these conditions or/and the level of the environmental impacts currently approved could require an EIA. 17.2 Waste and Tailings Disposal Tailings Management The plan utilizes the Laguna Seca TSF over the life of the mine. The goal will be to achieve safety by design, accelerating the implementation of new technologies to reduce tailings management risks, also getting significant benefits on water recovery, reduction of waste volumes and impacted areas and physical stability improvements. Waste Management and Circular Economy In line with ICMM performance and the implementation of the REP Law in Chile, MEL's focus is on delivering improved performance to prevent pollution, manage waste, and address potential impacts on human health and the environment. Growing health concern with potentially carcinogen releases and the emerging risk related to Per and Polyfluoroalkyl Substances (PFAS) release in Australia, has resulted in a separation of hazardous and non-hazardous work streams, as different reduction pathways will apply. Key actions to implement a waste management system that includes a commitment to the waste hierarchy and is applicable to all waste types (hazardous, non-hazardous, and inert, excluding mine waste) are being developed. Diagnostic baseline assessments were developed during FY22 and gaps identified are

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 197 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 expected to be closed during FY23, aiming for an appropriate understanding of the magnitude and types of waste to set reduction targets. Water Strategy The Strategy was developed based on the following strategic pillars to include; i), operational security; ii), cost competitiveness; iii), sustainability & social value; and iv), innovation and water efficiency. These pillars act as drivers to identify challenges, opportunities, and water-related risks, considering MEL business plans. MEL's short and medium term strategy (to FY27) is focused on: • Increasing Overall Equipment Effectiveness (OEE) at the desalination plant at a competitive cost, • Making efficient use of water through optimisation • Following an appropriate closure process for SPN and MTQ aquifers offsetting the residual impacts, studying and diagnosing the impacts in the catchment where MEL operates • Developing and implementing the dewatering and depressurisation strategy through new and innovative technologies handling geotechnical challenges • Continuing to improve water management through controlling and monitoring water-related risks • Enabling water stewardship action plans • Defining new context-based water targets during FY22 that will apply for FY23 to FY30. The long term strategy (FY28 onward) is focused on: increasing the water supply allowance as a consequence of the innovative projects that increase the water recovery; ensuring supply to enable future growth options; minimising impacts in the catchment from a sustainability standpoint; and managing safety challenges through innovation and an effective, sustainable, and flexible implementation of dewatering and depressurisation. Land Management The Antofagasta region contains a large number of projects which require the occupation of vast surfaces. This is the reason why it is so important for MEL to keep an appropriate management and optimisation of the portfolio and its Land Titles and Rights. In 2022, as part of the improvement strategy in the land management process, Planning and Technical at MEL implemented the Landfolio platform which was designed to improve the safeguards of the mining concessions portfolio, water rights and superficial land rights. The strategy for the long term goes along with a territorial availability evaluation and the definition of a mine lease for MEL, circumscribing a strategic safeguard area that protects from the current and future occupation of the land, the commercial interest areas, the superficial infrastructure protection, and the patrimonial and environmental restricted areas. Also, the inclusion of certain territorial prospects without a mining direct interest is considered to be offered in the development of social value pathway. Regarding those projects that require the soil as construction material, an early characterisation is being developed with the required volumes and granulometry with focus on optimising the errands timings and contracts assignment. The current areas environmentally authorised for this are destined for the Laguna Seca Tailing Storage Facility. Biodiversity BHP has committed to deliver improved environmental performance in relation to biodiversity conservation through a series of actions. These include the implementation of the biodiversity framework in the operations, verifying MEL's performance and measuring MEL's contribution to conservation and adopting a sustainable use and restoration of the marine and terrestrial ecosystems according to the site's operational footprint. In line with the biodiversity mitigation, hierarchy progressive rehabilitation has also SEC Technical Report Summary – Minera Escondida Limitada Page 198 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 been identified as a deliverable. The key focus area for land theme over the life of the mine is to raise performance in relation to the management of cultural heritage. Improved processes and procedures are required to ensure MEL's legal commitments and community obligations are met. As part of the work related to biodiversity & land management, during FY22 we have developed a new Material Risk, called Biodiversity loss, which aims to consider the risk of potentially affecting biodiversity due to MEL's water extractions from the Monturaqui well field, which ended operation in 2019. This is intended to allow us to have in place controls to prevent and mitigate those potential future effects. Air Quality Air quality issues related to mining and other activities are increasingly becoming an important area of focus for MEL's employees, communities, environmental authorities, and other external stakeholders. The current focus is on continued implementation of an interdisciplinary air quality strategy, which has been developed in conjunction with Minerals Americas. As part of that work, the Air Quality Table was implemented in FY21, where improvements and projects are expected to be identified, prioritised, and followed by the asset leaders, according to hygiene and environmental criteria and based on deeper understanding of the problem and its effects in diverse areas. A real time monitoring system is being implemented that is designed to provide information to associate sources of pollution with workers exposure, as well environmental conditions, which is expected to help to take relevant decisions in short- and long-term planning related to air quality issues, reducing impacts in MEL's workforce health conditions. 17.3 Project Permitting Projects that MEL is expected to develop over the next five years are located inside the industrial area; most such projects are within the environmental scopes of other projects already authorised. As a result, a new EIA is not expected to be required in the short term. Nevertheless, the evolution of the following environmental context needs to be monitored: • Base case permits compliance • Laguna Seca Tailing Dam infiltration control measures effectiveness • Laguna Seca Tailing Dam particle mater dispersion behaviour • Hydrogeological stronger characterisation in the infiltration risks zones • Regulatory changes, or community context To enable a project, an evaluation and planning of permits is carried out, which must be in line with the date of execution of the project, and which is permanently re-evaluated through change management. Additionally, during the annual planning process, a detailed evaluation of permits is carried out, which allows validating the current strategy and identifying and resolving possible gaps. Finally, plausible alternatives to keep improving permits management would consider a Permit Committee to identify and track synergy among projects, improve the connection between projects responsible and permits management, generate an integrated strategy to approach the authorities and identify from different perspectives the possible deviations in terms of schedule and compliance. 17.4 Social Plans and Agreements MEL expects to deepen its Social Value Strategy to enable its operation and projects through the development of a sustainable relationship with the environment and meaningful engagement with its host communities, stakeholders and government.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 199 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Indigenous Partnerships Aligned with the Indigenous Peoples Policy, MEL closed an historical and unprecedented conciliation agreement between the State Defence Council, the Peine Atacamanian Indigenous Community, the Council of Atacamanian Peoples and MEL, which is expected to guide the implementation of compensation and repair actions for the Salar de Punta Negra through an Environmental Management Plan. Participatory decision-making mechanisms and instances of dissemination, environmental education and transparency were established. The technical measures for compensation, mitigation and restoration are aligned with the biodiversity reference framework and responsible water management, long-term policies of the company. Cultural Heritage A stronger Cultural Heritage management approach is expected to be developed, based on a set of approved recommendations by the BHP Board. The short-term goal is to articulate the enablement and deployment of structure, processes and systems to effectively manage the Cultural Heritage material risk at MEL during exploration, construction, operation and closure phases. Leveraging MEL's global framework of cultural heritage as well as MEL's Regional Indigenous People Plan, the medium term goal is to develop a bespoke framework for cultural heritage management that embeds the participatory engagement with indigenous people in Chile, reflecting their expectations and rights, the legal obligations and current commitments, as well as BHP's principles regarding future societal expectations. 17.5 Closure Planning BHP's closure objective is to deliver optimised closure outcomes for MEL's sites. MEL achieves their objective by following the closure management process, which produces an optimised closure management plan. The LOM considered in this closure is until 20662. This LOM was determined based on the mining of mineral reserves estimated in 2014. However, the closure phase was considered from 2042 to 2066, as per how it was defined in the closure plan, approved by SERNAGEOMIN (Res. Ex. N°1149/2009). It is relevant to mention that MEL has a closure plan that currently is being assessed by SERNAGEOMIN since September 2020. Based on the physical and socioeconomic environment of the operation, MEL intends to mitigate environment post-closure impacts, through a compatible status with regional ethnographic, ecological, and environmental values returned to the environment. In addition, it is intended to preserve the local biodiversity and remedying the possible affected area until a status in which they are safe and stable3. Specific objectives have been defined as per the closure vision stated prior that are being constantly reviewed based on the current state of the knowledge base for each closure domain. These objectives are: • Post-closure site conditions generate minimal health, safety, and environmental risk • Prioritize sustainable economic returns from decommissioning to offset the financial costs of closure • Execute closure in an orderly manner to achieve the established deadline criteria 2 Mine closure regulation in Chile (Law N°20.551) determines a specific methodology to estimate the remaining mine for financial assurances purposes, and it does not define the date of definitive closure. 3 LoA22 Closure Management Plan Minera Escondida Ltda, BHP, 2021. SEC Technical Report Summary – Minera Escondida Limitada Page 200 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 • Avoid long-term liabilities for MEL, the government and the community • Demonstrate MEL's accountability • Migrate socioeconomic impacts • Provide sustainable land use that is consistent with the need of local authorities and communities considering the characteristics of the resource and its environment • Post-mine landform reconstruction (profiling) must be safe, stable and visually compatible with the surrounding landscape • Post mine ground profiling to allow water to run off freely and not be contaminated • Surface materials, such as soils, do not represent a risk to human health or the environment • No unacceptable impacts of closure on MEL's business • Maintain the employee's well-being and quality of life after the end of production and mining activities • Maintain communication with the community and stakeholders throughout the closure • Validate compliance with the objectives of the Closure Plan and the project success criteria MEL is pursuing, as part of the closure management strategy, progressive closures that have been identified and scheduled based on the mine plan. Major closure activities (e.g., closure of remaining pits and ramps and infrastructure) are currently scheduled to commence rehabilitation when areas become available at the end of the LoM in FY67. BHP closure management process considers two different kind of post-closure monitoring activities. The first one is based on what is mandated by Chilean closure law, which are related to physical and chemical stability of the facilities (reviewed by SERNAGEOMIN authority). The second ones are those activities related to aspects beyond or complementary to the ones committed to the regulator, aligned to BHP standards. Closure strategies are based on the current understanding of the site and legal requirements, and it is acknowledged that modifications are likely to occur as additional information is available. Information gathered during operations is used to regularly test the validity of closure assumptions and is expected to assist in refining closure options and defining completion criteria. The closure cost has been estimated based on the current closure provision. This estimate is considered as per a scope class 4 and the total closure cost estimated for MEL is US$2,629 M as presented in Table 17-1. Table 17-1: Cost Estimates - SEC SK 1300 Regulations Section Cost (US$ M) CY Direct costs 1,593 Indirect costs 279 Others 62 Contingency 460 Risk events 235 Total Cost 2,629 Source: MEL (2022) As shown, the total closure cost estimate includes direct and indirect costs, other closure related aspects (i.e., pre-closure studies, closure opportunity framing, studies and post-closure monitoring, studies, and closure monitoring), and contingencies associated to the engineering level of the estimate (Class 4). The expected costs for the risk events identified for the closure phase of MEL are also included.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 201 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 17.6 Local Procurement and Hiring Local Procurement MEL is committed to supporting the local economies and communities in which it operates. One way of achieving this is through local procurement practices where we have established internal goals and supporting practices and processes for local procurement. In particular, procurement with small local businesses is encouraged through the BHP Local Buying Programme, which facilitate more direct engagement between MEL's operations and small local businesses through an online portal (Local Buying Programme \| Building Our Future Together) In addition, in June 2021, BHP announced it was introducing 7-day payment terms for all small, local and indigenously owned businesses where it operates globally. MEL's plan is expected to expand the impact we have in the regional economy, the need of labour and suppliers for the asset in the long term as well as trained internal and external workers. Diversity, inclusion, and local content is planned to be incorporated in this strategy, while strengthening the local business ecosystem, local hiring, intensification of employability programme through the collaboration of Centro Entrenamiento Industrial y Minero (CEIM) and partnership with local Universities (HEUMA). Social Investment Social investment is referred to in the plans and negotiations included in the sections above. Social investment involves more than supporting local procurement. MEL's voluntary contribution to invest at least 1% of pre-tax profits over a three-year rolling average into the community Reconversion and Developing MEL Capabilities Developing MEL's workforce capabilities strategy over the next 25 years will bring challenges and opportunities between external recruitment and skills development for current employees in order to address skills projected needs in critical capabilities for existing roles, as well as for emerging roles through new capability architecture so that every individual has the opportunity to assess their capabilities against their current and future roles and develop more meaningful development and career plans that prepare them for the future. It is probable that future skill profiles, as digital skills, problem solving and analytics skills are more suited to new technologies and to a more automated environment, will need to be sourced from other industries or friendlier technology based generations. This will also place a challenge to on-board newer workforce with less, or no, traditional operational experience into BHP´s values and priorities. MEL's expected plans will require the Antofagasta Region to develop new skills and capacities, capable of adapting and embracing the challenges of a mining industry based on technology, renewable energy, Artificial Intelligence (AI), and autonomy. MEL intends to leverage operational challenges to collaborate with local universities, particularly the HEUMA consortium, working on various lines of technical development and advanced research that include digital and data analytics, desalination, non- conventional tailings, and new extractive metallurgy. This is expected to help MEL ensure knowledge is within the organisation, integrate it into work processes, facilitate access to training, and create local capacities in Research and Development (R&D). Employability programmes through CEIM are intended to expand their coverage, adding OEMs and large contractors in their practical training process. Programmes to generate digital skills and promote STEM careers are also expected to be strengthened. The alliances with MEL's critical educational institutions (CEIM, HEUMA, and partnership with Antofagasta and National Universities) are expected to help MEL drive and implement the following initiatives, as discussed in the coming subsections, supporting MEL's agenda of social values. SEC Technical Report Summary – Minera Escondida Limitada Page 202 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Local Procurement Strategy The local procurement strategy attempts to improve relationships and reputation with local stakeholders, building support for the growth of MEL's local business into the site's supply chain through the direct and indirect supply of goods and services: • In direct spend the focus is expected to be balancing local spend priorities with the need to constantly seek cost productivity; and improving the diversification of spend in appropriate categories of spend that are valued by local stakeholders. The expected proportion of local spend over total spend in contractors should reach 24% by FY25. • For indirect spend, local contribution mechanisms are expected to be implemented in tenders, leveraging in the supply chain to amplify MEL's contribution in the space of local employment, local subcontracting, and diversity. Expected proportion of local employment in project and contractors should match the BHP internal target of 50% by FY25. 17.7 Discussion of Relative Accuracy/Confidence In the LOM plan MEL's strategy is to enable operations and projects based on enhancing sustainable relations with the environment and to help to accelerate the decarbonisation of the global economy. A series of actions are planned to be developed to reduce emissions along with building climate resilience at MEL's operations to face plausible climate change impacts from the decades to come and are essential to meet the expectations of MEL's stakeholders. Every year during the business planning cycle the risks associated with MEL's growth projects are reviewed, in order to ensure that they are carried out as scheduled. Strategies mentioned in the chapter are based on Environmental Impact Assessment Service (SEIA), in compliance with Chilean legislation requirements, Sernageomin standards, and BHP's corporate guidelines with the required level of accuracy for each organization In the opinion of the qualified persons the plans, processes and strategies briefly described in this chapter are adequate in addressing any issues related to environmental compliance, permitting, social plans, closure planning, and local procurement.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 203 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 18 Capital and Operating Costs 18.1 Basis of Cost estimation For this report, capital and operating costs are estimated to a PFS-level with a targeted accuracy of +/- 25% and contingency not exceeding 15%. However, this accuracy level is only applicable to the base case operating scenario and forward-looking assumptions outlined in this report. Therefore, changes in these forward-looking assumptions can result in capital and operating costs that deviate more than 25% from the costs forecast herein. Capital cost estimates are included in the LoM plan and are based on the estimates derived from the Pre- Feasibility level studies utilising experience from the construction of similar projects at MEL. Sustaining capital costs estimates are based on the major equipment rebuild, replacement schedule and other capital required to sustain the LoM production level. Closure costs have been included for the LoM schedules. Therefore in the QPs' opinion, a timeframe of preceding three years sufficiently covers cycles of price variability and the selection of the median price from a data set of month averages over this period is a reasonable estimate of the long term cost for this purpose. Inflation could potentially change the cost structure and the QP has identify this as an uncertainty. Additionally changes in the exchange rate and future diesel and power costs can materially change the accuracy of the cost estimate. 18.2 Capital and Operating Cost Estimates Capital Costs Capital costs at MEL are broken up into four main areas: Mine, Concentrators, Leaching and Non-Process Infrastructure (NPI). In the opinion of the Qualified Person, the estimation methodology and resulting estimates are a fair representation of the capital costs. Table 18-1 outlines the total capital spend that has been included in the life of mine plan. Figure 18-1 shows the timings of these costs over the life of the mine. Table 18-1: Total Capital Cost by Area (Life of Mine) Area Total estimated capital investment over life (US$ M Real) Mine 9,450 Concentrators 7,058 Leaching 1,636 NPI 1,941 Total 20,085 MEL (2022) The capital costs are forecast using three approaches. The historical average of the past three years capital costs to estimate general capital costs per year. An hourly approach for equipment replacements, allowing us to ensure these costs occur in the correct year based on the equipment life. Finally, specific projects are scheduled based on the year they need to occur based on the schedule. SEC Technical Report Summary – Minera Escondida Limitada Page 204 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Source: MEL (2022) Figure 18-1: Annual Capex Breakdown Mine Capital costs for the mine are divided into two main areas, Mobile Equipment and Pit infrastructure. Mobile Equipment includes capital costs associated with the purchase of replacement equipment to sustain operations as well as any capital associated with the operations and maintenance of the equipment. These costs are based on the required hours of the equipment and total hours. Pit infrastructure is related to any costs associated with advancement of pushbacks. These costs are forecast for specific years based on when we require each pushback. Concentrators Capital costs for the concentrators are divided into two main areas, Concentrator Plants and Tailings. Concentrator Plant costs include capital costs associated with the operation of the three concentrators and the infrastructure at Coloso. Tailings costs are associated with the operation of the Laguna Seca Tailing dam. The costs in this area use a mix of historical averages and schedule driven costs. Leaching Leaching costs cover both the Sulphide Bioleaching and the Acid Leaching as well as the Electrowinning infrastructure. The costs in this area use a mix of historical averages and schedule driven costs. NPI NPI Costs cover the capital for NPI at MEL. Examples of these include, but are not limited to, capex associated with desalination plants, and maintenance of the private road to the MEL minesite. The costs in this area use a mix of historical averages and schedule driven costs. Opex Costs The operational costs at MEL are split into the following areas: • Mining Costs • Leaching Costs • Concentrator Costs • General and Administration (G&A) • Closure and Rehabilitation The mining, leaching, concentrator and G&A costs have been estimated using the historical 3-year average costs. An assessment was undertaken to ensure no significant one-off variations were impacting

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 205 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 these historical rates, and adjustments made if appropriate. The closure and rehabilitation costs have been based on the expected timing of the costs on a yearly basis. Table 18-2: Major Components of Capital and Operating Costs (100% Basis) Cost Category Level 1 Cost Category Level 2 Cost Unit Value Mining Costs Fixed Mining Cost Real US$ /t material moved 0.87 Haulage Cost Variable Concentrator Costs Processing Costs Real US$ /t ore processed 7.10 Selling Costs Real US$/t Cu produced 359 Leaching Costs Oxide Processing Costs Real US$/ton Leached Ore 7.98 Sulphide Processing Costs Real US$/ton Leached Ore 1.31 Selling Costs Real US$/t Cu produced 524 Closure & Rehabilitation Closure & Rehabilitation Real US$ M Total 2,653 Overheads + Other Costs General and administration costs (G&A) Real US$/t Cu produced 838 Source: MEL (2022) Mining Costs Mining costs relate to the cost of extracting material from the pit and delivering it to the final dentation onsite. The major components of mining costs are drilling, blasting, loading, and hauling. The historical 3- year average costs for these components were used as the basis. An assessment was undertaken to ensure no significant one-off variations were impacting these rates. For drilling, blasting, and loading a fixed rate was used, while for haulage a variable rate was used. Leaching Costs Leaching costs relate to the processing of ore sent to either the Oxide leaching or Sulphide Bioleaching processes. Leaching costs were estimated for both Oxide and Sulphide Bioleaching and includes processing of the ore, crushing costs (if applicable), solvent extraction (SX) and electrowinning (EW). The historical 3-year average costs for these components were used as the basis. An assessment was undertaken to ensure no significant one-off variations were impacting these rates. Concentrator Costs Concentrator costs relate to the processing of ore sent to one of the 3 concentrators at MEL. The costs are averaged over the 3 concentrators. They include the crusher costs, costs of running the plants- and the filter costs at the port, Treatment Charges (TC) and Refining Charges. The historical 3-year average costs for these components were used as the basis. An assessment was undertaken to ensure no significant one-off variations were impacting these rates. General and Administration The General and Administration (G&A) costs relate to the general running of MEL and include items such as utilities, rent and salaries as well as others. The historical 3-year average costs for these components were used as the basis. An assessment was undertaken to ensure no significant one-off variations were impacting these rates. Closure and Rehabilitation Closure and Rehabilitation costs relate to any costs to do with the closure and rehabilitation at MEL. These costs are irregular and thus have been estimated based on when the costs are expected to be incurred in the mine plan (as opposed to the 3-year historical average costs). More detail on these can be found in Section 17.5. SEC Technical Report Summary – Minera Escondida Limitada Page 206 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 18-2 shows the estimated annual spending on Opex by area. Opex costs are expected to reduce in FY28 when the Los Colorados plant closes, we also see some of the associated closure are rehabilitation costs for this in the following years. Between FY28-41 Opex costs are expected to remain steady, and then reduce between FY42 and FY52 as the leaching processes finish. Between FY53 and the end of mine life we expect to see a steady decrease in Opex costs as the mine movement reduces as we approach the end of mine life. Source: MEL (2022) Figure 18-2: Annual Opex Breakdown

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 207 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 19 Economic Analysis 19.1 Key assumptions, parameters and methods used The economic analysis presented in this section is based on annual cash flows including sales revenue, operating & closure costs, capital expenditure and taxes for the full mineral reserves production schedule, reflecting the MEL production system and supply chain to mine, process and transport of copper concentrate to the sales point. All results are presented in 30% Rio Tinto economic interest terms, unless otherwise stated. Mine Plan Physicals Total material movement and mineral reserves tonnages included in the economic analysis are shown in Table 19-1. Table 19-1: Mineral Reserves Physicals (100% MEL Terms) Physical Tonnage Material Movement including waste 16,872 Mt Mineral Reserve 6,080 Mt Source: MEL (2022) The mine plan is based on a mineral reserves estimate supported by mine design and schedule. The schedule (shown as Figure 19-1) has been prepared in accordance with the regulations SEC S-K 1300, and excludes the use of inferred mineral resources in pit optimisation and mine scheduling. All inferred material is treated as waste. Source: MEL (2022) Figure 19-1: SEC Production Schedule for MEL (100% MEL Terms) Prices and payable metals The median value of the calendar month average Copper product, Gold and Silver subproducts prices for the preceding three financial years (July 2018 to June 2021) has been provided by the registrant. The prices (rounded to the nearest whole number) are presented in Table 19-2, whilst only the long term copper price has been used for the estimation of mineral reserves, gold and silver are included since they do generate additional revenue from the copper driven mine plan. Average payable metals are shown in the Table 19-3 Table 19-2: Long Term Product and Subproduct Prices SEC Technical Report Summary – Minera Escondida Limitada Page 208 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Inputs Units Value Copper Price USD / lb 2.79 Gold Price USD / troy oz 1,536 Silver Price USD / troy oz 17.2 Source: MEL (2022) Table 19-3: Average Payable Metals Cu Concentrate\* Cu Cathodes Au Ag 96.2% 100.0% 90.0% 90.0% Notes: 1) \*Based on the SEC LOM Plan Source: MEL (2022) Foreign Exchange Rate Input operating and capital costs for MEL are Chilean Pesos (CLP). An average foreign exchange rate for the preceding three financial years (July 2018 to June 2021) of 730.5 CLP/USD has been provided by the registrant to convert and present cash flows in US dollars. Capital and Operating Costs Capital costs (refer Section 18.2.1) are included in the cash flow to sustain from mine to the port production capacity required for the mineral reserves mine plan schedule along with typical mine replacement of mining equipment, pit pushbacks, development clear, replacement of plant instrumentation and sustaining tailings storage facilities. There are no material individual development expenditures (e.g., new mining hubs) expected to be required above the sustaining capital amounts to produce the mineral reserve. Operating costs (refer Section 18.2.2) included in the cash flow are representative of operating conditions at MEL over the previous three financial years (July 2018 to June 2021) and are applied to the full mineral reserves activity schedule from mines to sales point. Closure Costs Closure and rehabilitation costs throughout the production period and after end of mineral reserves mine life in 2067 have been included in the economic analysis (refer Section 17.5). Taxes The following taxes are assumed to be paid in the financial year incurred in the annual cash flow analysis: • Chilean corporate tax rate of 27% based on the current statutory rate of Chile. • Variable Mining Tax gross rate from 5% to 14% depending on the operating margin. Mining tax is deductible for corporate tax purposes. • ~ 8% Withholding Tax rate on dividend remittance (35% Withholding Tax rate less the corporate tax rate of 27%). • Depreciation is estimated using the straight line method Valuation Assumptions Discounted annual cash flows are calculated using a 6.5% discount rate at a valuation date of 1 January 2023. The discount rate is provided by the registrant for utilisation in the economic analysis.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 209 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 19.2 Results of Economic Analysis Results of the economic analysis based on the annual production schedule of MEL mineral reserves is summarised at Table 19-4. Total cash flow of US$9.5 billion, discounted to January 2023 at 6.5% results in a net present value (NPV) of US$5.2 billion. Table 19-4: Financial Metrics Summary Mineral Reserve Cash Flow Summary Value (US$B, real) Revenue 51.6 Operating costs 29.4 Capital expenditures 6.0 Closure & rehabilitation 0.8 Taxes 5.9 After-tax cash flow 9.5 Net present value (6.5%, Jan-23) 5.2 Source: MEL (2022) The annual cash flow presented in Figure 19-2 includes all remaining closure and rehabilitation related annual cash flows summed after the final year of mineral reserves production, for clarity of presentation. Source: MEL (2022) Figure 19-2: Annual Cash Flow As there is no initial capital investment to be recovered, the internal rate of return (IRR) and payback period are not applicable for this cash flow analysis or economic viability. It is the Qualified Person's opinion that extraction of the mineral reserves is economically viable. 19.3 Sensitivity Analysis Economic sensitivity analysis results are presented at Table 19-5 based on variations in significant input parameters and assumptions. Table 19-5: Results of Sensitivity Analysis NPV US$ billion -25% Reference +25% Copper price 1.8 5.2 8.5 SEC Technical Report Summary – Minera Escondida Limitada Page 210 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Foreign exchange rate (CLP / USD) 4.6 5.2 5.6 Capex 5.7 5.2 4.8 Opex 7.0 5.2 3.4 Cu Grade 2.5 5.2 7.9 Source: MEL (2022) In the opinion of the Qualified Person the NPV of MEL mineral reserves is robust to variation in significant input parameters.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 211 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 20 Adjacent Properties MEL is located adjacent to Compañía Minera Zaldivar (CMZ), owned by Antofagasta Minerals. MEL and CMZ are mining the same mineralization and currently MEL's Escondida Norte pit and the CMZ main pit share a common pit wall (Figure 20-1). CMZ and MEL have historic agreements in place with regards to CMZ accessing areas that fall within the MEL property, as well as MEL gaining access to portions of the Escondida Norte pit that fall within the CMZ mine property. In Antofagasta Minerals most recent annual report ("Annual Report 2021") they state that the Zaldivar mine is expected to operate until 2036. They also note that 20% of the mineral reserves at Zaldivar impact a portion of MEL's mine property, as well as infrastructure owned by third parties (road, railway, powerline and pipelines). Maps presented in this chapter use UTM projection PSAD56. Note: Coloured areas show sections covered by the historic agreements between CMZ and MEL Figure 20-1: CMZ Located Next to Escondida Norte Pit SEC Technical Report Summary – Minera Escondida Limitada Page 212 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 21 Other Relevant Data and Information 21.1 Independent Audits An independent audit of the MEL mineral reserves was carried out during May 2020, undertaken by Golder Associates S.A. for the mineral reserves statement as at June 30, 2020. The main conclusions of Golders audit are presented below. Specific technical conclusions are presented throughout the report. • The method used to define and estimate mineral reserves is adequate. • The modifying factors used to convert mineral resources to mineral reserves were correctly applied. • The economic analysis indicates a positive cash flow based on the production schedule adopted. • The mineral reserves were reproduced by Golder (tonnes and grades) according to the statement as at June 30, 2020, provided by BHP. • No fatal flaws were identified during the audit. • No recommendations classified as Priority 1 or Priority 2 were identified during the audit. • The mineral reserves reported by BHP as at June 30, 2020, comply with BHP internal documents Tenement Management and Mineral Reporting (BHP, 2016) and US SEC Mineral Reserves Reporting (BHP, 2018). Annual internal Risk Reviews are conducted jointly by MEL and the BHP Resource Centre of Excellence to ensure significant and material risks to tenure, mineral resources and mineral reserves are adequately managed. The Risk Review process identifies key reporting changes regarding the annual declaration of mineral resources and mineral reserves and agreed actions requiring completion prior to BHP's annual reporting. Issues and opportunities identified during the Risk Reviews inform the Annual Assurance Plan and scopes for potential Controls Effectiveness Collaborative Assessment reviews and identify good practice that can be shared across BHP. The risk review conducted in FY22 found no Significant Deficiencies. 21.2 Plan Compliance Mine Plan Compliance was estimated for FY22, comparing expit movement per phase to 2YBudget22 Plan (F11), from July 2021 to April 2022 (March 2022 YTD F11). During the fiscal year the delay in the mine sequence is 7 Mt (98% volumetric compliance), with delays in PL01, N017 and N011 being offset be advances in other pushbacks (Figure 21-1). • PL01 - Delayed zones due to change in sequence compared to F11 & deviation at initial start surface FY22. Actual extraction sequence focused on the north of pushback rather than south. • N017 - Delay due to less expit movement at the beginning of FY22, 2 shovels operated vs 3 shovels planned. In the 2nd Half of FY22 with change in sequence between centre of pushback rather than west of pushback. • E007 - Is ahead of plan because F11 considered extraction of the pushback in June FY22 (detention from July to May). The advances are due to delays in the removal of the antenna (N11 pushback) at the beginning of FY22 and the detention of N568 pushback in September. • N011 - Delayed because the antenna was removed in July FY22 and until February there was less movement than planned in F11.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 213 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 21-1: In Plan vs Delayed vs Unplanned Figure 21-2 shows volumetric YTD delayed and unplanned expit movement per pushback for FY22, referred 2YBudget22. SEC Technical Report Summary – Minera Escondida Limitada Page 214 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Figure 21-2: Volumetric Delay-Recover per Pushback, from July to March FY22 -0.8 4.1 -2.7 11.5 -1.3 -6.1 7.7 5.1 -24.5 -7.0 N016 E006 PL01 E007 N017 N568 N009 N010 N011 YTD T o n n a g e [ M t] -10.0 -5.0 - 5.0 10.0 15.0 20.0 Delay/Recover per pushback: YTD

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 215 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 22 Interpretation and Conclusions MEL has mineral resources and mineral reserves supported by drilling programmes, all within the boundaries of the MEL Special Mining lease and within 15 km radius of existing infrastructure. The vertically integrated nature of the mining and processing facilities located close to the ore body provides the flexibility to add and optimise growth tonnes to existing infrastructure Mineral resources confidence is reflected in the applied resource classifications in accordance with the SEC S-K 1300 Regulations with factors influencing mineral resources classification including but not limited to data density, data quality, geological continuity and/or complexity, estimation quality and weathering zones. Reconciliation data from operating mines supports the confidence of resource estimates. 22.1 Mineral Resources Geology and mineralisation are well understood through three decades of active mining, and MEL has used relevant available data sources to integrate into the modelling effort at the scale of a long term resource for public reporting. A 3D implicit geological model informed by drilling and pit mapping is used to constrain and control the shapes of lithology, alteration, and mineralisation of the deposit. Copper grades were interpolated into a block model using ordinary kriging methods. Results were validated visually, via various statistical comparisons, and against recent reconciliation data. The estimate was depleted for current production, categorised in a manner consistent with industry standards. Mineral resources have been reported using an optimised pit shape, based on economic and mining assumptions to support the reasonable potential for economic extraction of the resource. A cut-off grade has been derived from these economic parameters, and the resource has been reported above this cut-off. The above process occurs annually in preparation for MEL's annual business planning cycle. In QP's is of the opinion, that the mineral resources stated herein are appropriate for public disclosure and meet the definitions of measured, indicated and inferred resources established by the SEC S-K 1300 Regulations and industry standards. 22.2 Mineral Reserves Mineral reserves have been estimated in consideration of both internal and regulatory requirements. Economic assumptions that were applied are consistent with company protocols. An iterative and comprehensive planning process is in place whereby final pit phase designs are reviewed by the geotechnical department in order to endorse the final pushback designs. FY22 statement considered three concentrator plants operating until FY27, Los Colorados ceases operation at this year and then two concentrators are expected to remain until the end of this operation (Laguna Seca L1 and L2). In terms of the process of cathodes, Sulphide Leach operates until FY56 and OLAP until FY34. Uncertainties that affect the reliability or confidence in the mineral reserves estimate include but are not limited to: • Future macro-economic environment, including product prices and foreign exchange rate. • Changes to operating cost assumptions, including labour costs. • Ability to extend the mine life after FY50 when we are required to renew our surface rights which are expected to require a new Environmental Impact Assessment (EIA). • Ability to maintain environmental and social license to operate. Confidence in the mineral reserves is reflected in the applied reserve classifications in accordance with the SEC S-K 1300 Regulations with factors influencing classification including but not limited to mining methods, processing methods, economic assessment and other life of asset and closure assessments. SEC Technical Report Summary – Minera Escondida Limitada Page 216 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Reconciliation data from the existing operation supports the confidence of reserve estimates. As with the generation of the Geological and mineral resources models, mine planning is undertaken on an annual basis to inform the MEL business planning process. In the opinion of the Qualified Person, the positive project NPV provides confidence in the mineral reserve estimates and the supporting mine plan, under the set of assumptions and parameters used in which they were developed.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 217 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 23 Recommendations 23.1 Recommended Work Programmes Geology and Mineral Resources Maintain, according to the MEL standard, target a minimum of 90% of measured resources for the first two years of production and a minimum of 80% of measured resources for the following three years. This is achieved through the yearly drilling of the deposits focussed upon reducing geological uncertainty in required areas. This data gathering activity both informs the long term planning process and also reduces risk to the medium term (5 year) operational window. This continuation of the annual activity is the fundamental recommendation for geology and mineral resources being the key risk management tool for geological uncertainty. Better understanding of the geological features will be needed for the deeper portions of the Escondida deposit but at this time this part of the mineralisation isn't mined until after year 2045. Mineral Reserves Continue the process of annual updates of the mineral reserves in line with the annual planning processes. This may be required more frequently if new information becomes available that materially impacts one or more of the modifying factors. Continue with the periodical independent review of mineral reserves estimation methodology and implementation of any identified recommendations from the review outcomes. SEC Technical Report Summary – Minera Escondida Limitada Page 218 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 24 References Alpers, C.N., and Brimhall, GH., 1988, Middle Miocene climatic change in the Atacama Desert, northern Chile: Evidence from supergene mineralization at La Escondida: Geological Society of America Bulletin, v. 100, pp. 1640–1656. Brimhall, G.H., Alpers, C.N., and Cunningham, A.B., 1985, Analysis of supergene ore forming processes and ground-water solute transport using mass balance principles: Economic Geology, v. 80, pp. 1227– 1256. Hervé, M., Sillitoe, R. H., Wong, C., Fernández, P., Crignola, F., Ipinza, M., & Urzúa, F. 2012, Geologic overview of the Escondida porphyry copper district, northern Chile. Society of Economic Geologists Special Publication 16, pp. 55–78. Jara, C., Rabbia, O., and Valencia, V., 2009, Petrología y dataciones U-Pb del depósito tipo pórfido Cu Zaldívar, II Región de Antofagasta, Chile: Congreso Geológico Chileno, 12th, Santiago, 2009, Actas, Pendrive, 4 p. Maksaev, V., Marinovic, N., Smoje, I. and Mpodozis, C., 1991, Mapa Geológico de la Hoja Augusta Victoria. Servicio Nacional de Geología y Minería. Documento de trabajo 1. 1 mapa escala 1: 100.000. Santiago Marinovic, N., Smoje, I., Maksaev, V., Hervé, M., and Mpodozis, C., 1995, Hoja Aguas Blancas, Región de Antofagasta. Escala 1:250,000: Servicio Nacional de Geología y Minería, Carta Geológica de Chile 70, 150 p. Maturana, M., and Saric, N., 1991, Geología y mineralización del yacimiento tipo pórfido cuprífero Zaldívar, en los Andes del norte de Chile: Revista Geológica de Chile, v. 18, pp. 109–120. Mpodozis, C., Marinovic, N., and Smoje, I., 1993a, Eocene left lateral strike slip faulting and clockwise block rotations in the Cordillera de Domeyko, west of the Salar de Atacama, northern Chile: International Symposium on Andean Geodynamics, 2nd, Oxford, U.K., 1993, Proceedings, pp. 225–228. Mpodozis, C., Marinovic, N. y Smoje, I., 1993, Estudio geológico-estructural de la Cordillera de Domeyko entre Sierra Limón Verde y Sierra Mariposas, Región de Antofagasta. Servicio Nacional de Geología y Minería, Chile, Informe Registrado IR-93-04, 282 p. Mpodozis, C. and Cornejo, P., 2012, Cenozoic Tectonics and Porphyry Copper Systems of the Chilean Andes. Society of Economic Geologists Special Publication 16, pp. 329–360. Monroy, C., 2000, Nuevos antecedentes geológicos del pórfido cuprífero Zaldívar, II Región, Chile: Congreso Geológico Chileno, 9th, Puerto Varas, 2000, Actas, v. 1, pp. 293–297. Morales, P., 2009, Geología y edad de la zone hipógena del yacimiento Zaldívar, II Región, Chile: Unpublished Memoria de Título, Antofagasta, Universidad Católica del Norte, 136 p. Navarro, M., Monroy, C., Rubio, M., Bustamante, V., Morales, P., Ramírez, C., Osorio, K., Machulás, K., Maldonado, M., Vera, C., Solís, S., and Me rino, R., 2009, Actualización de la geología del yacimiento Zaldívar: Con greso Geológico Chileno, 12th, Santiago, 2009, Actas, Pendrive, 4 p. Ojeda, J.M., 1986, The Escondida porphyry copper deposit, II Region, Chile: Exploration drilling and current geological interpretation, in Mining Latin America: London, Institution of Mining and Metallurgy, pp. 299–318. Ojeda, J.M., 1990, Geology of the Escondida porphyry copper deposit, II Region, Chile: Pacific Rim Congress 90, Gold Coast, Queensland, 1990, Proceed ings, v. 2, p. 473–483.

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&nbsp;&nbsp;&nbsp;&nbsp;SEC Technical Report Summary – Minera Escondida Limitada Page 219 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 Padilla-Garza, R.A., Titley, S.R., and Pimentel, F., 2001, Geology of the Escondida porphyry copper deposit, Antofagasta Region, Chile: Economic Geology, v. 96, pp. 307–324. Padilla-Garza, R.A., Titley, S.R., and Eastoe, C.J., 2004, Hypogene evolution of the Escondida porphyry copper deposit, Chile: Society of Economic Geologists Special Publication 11, pp. 141–165. Preece, C.K., Williams, M.J., Gilligan, J.M., 2019, Development of partial extraction methods to estimate abundance of copper-iron sulphide minerals in the Escondida Norte porphyry copper deposit, Chile: Geochemistry: Exploration, Environment, Analysis, v. 18 pp. 13–30. Richards, J.P., Noble, S.R., and Pringle, M.S., 1999, A revised late Eocene age for porphyry Cu magmatism in the Escondida area, northern Chile: Economic Geology, v. 94, pp. 1231–1248. Richards, J.P., Boyce, A.J., and Pringle, M.S., 2001, Geologic evolution of the Escondida area, northern Chile: A model for spatial and temporal localization of porphyry copper mineralization: Economic Geology, v. 96, pp. 271–305 Sillitoe, R.H., and Perelló, J., 2005: Andean copper province: Tectonomagmatic settings, deposit types, metallogeny, exploration, and discovery: Economic Geology 100th Anniversary Volume, pp. 845–890 Superintendencia Geología 2021., Pórfido Intramineral, Nota Técnica Interna, Minera Escondida Limitada, 8 p.. Urzúa, F., 2009. Geology, geochronology, and structural evolution of La Escondida copper district, northern Chile. Ph.D. Thesis, University of Tasmania, Hobart, Australia. 486 p. Véliz, W., and Camacho, J., 2003, Antecedentes geológicos del yacimiento La Escondida: Congreso Geológico Chileno, 10th, Concepción, 2003, Actas, CD-ROM, 10 p. Véliz, W.O., 2004, Relación espacio-temporal del sistema pórfido cuprífero y epitermal en el yacimiento Escondida, Provincia de Antofagasta, Segunda Región, Chile: Unpublished Masters thesis, Antofagasta, Universidad Católica del Norte, 139 p. Williams, M.J., 2003, Geology and resources of the Escondida Norte deposit, Region II, Chile [abs.]: Congreso Geológico Chileno, 10th, Concepción, 2003, Actas, CD-ROM, 1 p. Wong, C., 2013, Evidencias de Deformación Terciaria en el Distrito Escondida, Nota Interna Gerencia de Exploraciones de Minera Escondida Limitada, 32 p. SEC Technical Report Summary – Minera Escondida Limitada Page 220 MEL_TRS_December 2022_FINAL_2025 filing.docx December 2022 25 Reliance on Information Provided by the Registrant The qualified persons have relied on information provided by BHP in preparing their findings and conclusions regarding certain aspects of modifying factors, which are listed in Table 25-1. Table 25-1: Reliance on Information Provided by the Registrant Category Report Section/ Portion Portion of Technical Report Summary Disclose Why the Qualified Person Considers it Reasonable to Rely upon the Registrant Macro- economic Assumptions Section 19.1 Standard discount rate and foreign exchange rate Matters related to discount rates and interest rates are maintained by financial professionals within BHP and the accounting practices are audited annually by external auditors. Governmental factors Section 19.1 Royalty and taxation These are external factors that BHP has to comply with and data is maintained by financial professionals within BHP Source: MEL (2022)

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