# EDGAR Filing Document

**Accession Number:** 0000863064
**File Stem:** 0001628280-23-004989
**Filing Date:** 2023-2
**Character Count:** 2525065
**Document Hash:** 7a756bf1fe5e024143761d4c0f68ae57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-004989.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001628280-23-004989

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 588

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIO TINTO PLC
- **CENTRAL INDEX KEY:** 0000863064
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 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:** 23664601

**BUSINESS ADDRESS:**
- **STREET 1:** 6 ST JAMES'S SQUARE
- **CITY:** LONDON, SW1Y 4AD
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 44 20 7781 1623

**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]
- **IRS NUMBER:** 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:** 23664602

**BUSINESS ADDRESS:**
- **STREET 1:** 120 COLLINS STREET
- **STREET 2:** MELBOURNE
- **CITY:** VICTORIA 3000
- **STATE:** C3
- **ZIP:** AUSTRALIA
- **BUSINESS PHONE:** 44 20 7781 1623

**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" ? rio-20221231

**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, 2022

or

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

or

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Date 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>**

---

| | |
|:---|:---|
| 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><u>On Which Registered</u> |
| American Depositary Shares\*<br>Ordinary Shares of 10p each\*\*<br>7.125% Notes due 2028<br>5.200% Notes due 2040<br>4.750% Notes due 2042<br>4.125% Notes due 2042<br>2.750% Notes due 2051 | 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 |

---

\* 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 | 1,255,843,808 | 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

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

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☐

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).

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☐

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 a shell company (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 registrant has 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 |

---

![rio-20221231_g1.jpg](rio-20221231_g1.jpg)

Annual Report on Form 20-F 2022

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![rio-20221231_g2.jpg](rio-20221231_g2.jpg)

iAnnual Report on Form 20-F \| riotinto.com Form 20-F cross-reference guide 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.A – [Reserved] Not applicable – 3.B – Capitalisation and indebtedness Not applicable – 3.C – Reason for the offer and use of proceeds Not applicable – 3.D – Risk factors Risk factors 79-86 4 Information on the company 4.A – History and development of the company Contents Cover At a glance 2-3 150 years of Rio Tinto 4-5 Chair's statement 6-7 Chief Executive's Q&A 8-9 Strategic context 12 Our stakeholders 18-19 Key performance indicators 20-24 Chief Financial Officer's statement 25 Financial review 26-31 Portfolio management 32-33 Business reviews – Innovation through collaboration – Iron Ore – Aluminium – Copper – Minerals – Commercial 34-35 36-37 38-39 40-41 42-43 44-45 Our approach to sustainability 46-75 Governance – Additional statutory disclosure – Operating and financial review 136-137 Financial statements – Note 1 – Our financial performance by segment – Note 5 – Acquisitions and disposals 161-163 169 Rio Tinto Financial Information by Business Unit 270-272 Shareholder Information – Organisational structure – Nomenclature and financial data – History – Dual-listed companies structure 338 338 338 338-339 Additional information – US disclosure – Document on display – Registered offices 348 362

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![rio-20221231_g3.jpg](rio-20221231_g3.jpg)

Annual Report on Form 20-F \| riotinto.comii Item Form 20-F Caption Location in this document Page 4.B – Business overview At a glance 2-3 Chair's statement 6-7 Chief Executive's Q&A 8-9 Strategic context 12 Our strategy and four objectives 13-15 Our business model 17 Our stakeholders 18-19 Key performance indicators 20-24 Chief Financial Officer's statement 25 Financial review 26-31 Business reviews – Innovation through collaboration – Iron Ore – Aluminium – Copper – Minerals – Commercial 34-35 36-37 38-39 40-41 42-43 44-45 Our approach to sustainability 46-75 Governance – Additional statutory disclosure – Government regulations – Environmental regulations 140 140 Financial statements Note 6 – Revenue by destination and product 169-171 Metals and minerals production 281-282 Mineral Resources and Mineral Reserves 283-306 Competent Persons 307 Mines and production facilities 308-333 Additional information – US disclosure – Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 345 4.C – Organisational structure Financial statements – Note 30 – Principal subsidiaries – Note 31 – Principal joint operations – Note 32 – Principal joint ventures and associates 211-213 213-214 215-216 Shareholder Information – Organisational structure – Dual-listed companies structure 338 338-339

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![rio-20221231_g4.jpg](rio-20221231_g4.jpg)

iiiAnnual Report on Form 20-F \| riotinto.com Item Form 20-F Caption Location in this document Page 4.D – Property, plants and equipment Key performance indicators 20-24 Portfolio management 32-33 Business Reviews – Iron Ore – Aluminium – Copper – Minerals 36-37 38-39 40-41 42-43 Our approach to sustainability 46-75 Governance – Additional statutory disclosure – Environmental regulations – Energy efficiency action 140 140 Financial statements Note 13 – Property, plant and equipment 178-182 Metals and minerals production 281-282 Mineral Resources and Mineral Reserves 283-306 Competent persons 307 Mines and production facilities 308-333 Additional information – US disclosure – Summary disclosure of operations pursuant to Item 1303 of Regulation S-K under Securities Act of 1933 350 Additional information – US disclosure – Individual property disclosure pursuant to Item 1304 of Regulation S-K under Securities Act of 1933 350-360 Additional information – US disclosure – Internal controls disclosure pursuant to Item 1305 of Regulation S-K under Securities Act of 1933 360 See Exhibit 96.2 – See Exhibit 96.3 – 4A Unresolved staff comments None – 5 Operating and financial review and prospects 5.A – Operating results Chair's statement 6-7 Financial review 26-31 Business reviews – Iron Ore – Aluminium – Copper – Minerals 36-37 38-39 40-41 42-43 Our approach to sustainability 46-75 Governance – Additional statutory disclosure – Operating and financial review – Government regulations – Environmental regulations 136-137 140 140 Financial statements Note 24 – Financial instruments and risk management 195-200 Rio Tinto Financial Information by Business Unit 270-272 Alternative Performance Measures 273-278 Additional information – US disclosure – Impact of Climate Change on the Group 349

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![rio-20221231_g5.jpg](rio-20221231_g5.jpg)

Annual Report on Form 20-F \| riotinto.comiv Item Form 20-F Caption Location in this document Page 5.B – Liquidity and capital resources Portfolio management 32-33 Business reviews – Copper – Oyu Tolgoi underground project 41 Financial statements – Note 14 – Close-down and restoration provisions – Our capital and liquidity – Note 19 Consolidated net (debt)/cash – Note 20 – Borrowings – Note 21 – Leases – Note 22 – Cash and cash equivalents – Note 23 – Other financial assets and liabilities – Note 24 – Financial instruments and risk management – Note 28 – Post-retirement benefits – Note 36 – Other provisions – Note 37 – Contingencies and commitments 182-185 190 191 192-193 193-194 194 195 195-200 204-209 219 219-221 5.C – Research and development, patents and licenses, etc. Our strategy and four objectives 13-15 Business reviews – Innovation through collaboration 34-35 Governance – Additional statutory disclosure – Exploration, research and development 140 Financial statements Note 7 – Net operating costs (excluding items disclosed separately) 171 5.D – Trend information At a glance 2-3 Chair's statement 6-7 Chief Executive"s Q&A 8-9 Strategic context 12 Our strategy and four objectives 13-15 Our people and culture 16 Our business model 17 Our stakeholders 18-19 Key performance indicators 20-24 Chief Financial Officer's statement 25 Financial review 26-31 Business reviews – Iron Ore – Aluminium – Copper – Minerals 36-37 38-39 40-41 42-43 5.E – Critical accounting estimates Not Applicable –

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![rio-20221231_g6.jpg](rio-20221231_g6.jpg)

vAnnual Report on Form 20-F \| riotinto.com Item Form 20-F Caption Location in this document Page 6 Directors, senior management and employees 6.A – Directors and senior management Governance – Board of Directors – Executive Committee 90-91 92-93 Additional statutory disclosure – Directors and executives 138 6.B – Compensation Governance – Remuneration at a glance – Implementation report – Implementation report tables 114-117 118-130 131-135 Financial statements – Note 26 – Employment costs and provisions – Note 27 – Share-based payments – Note 28 – Post-retirement benefits 201 202-204 204-209 6.C – Board practices Governance 89-146 Governance – Board of Directors – Executive Committee – Audit & Risk Committee report – Remuneration at a glance – Termination policy – Compliance with governance codes and standards 90-91 92-93 104-107 115 142-146 Shareholder information – Directors – Appointment and removal of Directors 343 6.D – Employees Our stakeholders – Workforce 18 Our approach to sustainability – Talent, diversity and inclusion 59 Financial statements – Note 25 – Average number of employees – Note 26 – Employment costs and provisions 201 201 Rio Tinto financial Information by Business Unit 270-272 6.E – Share ownership Governance – Implementation report – Executive Directors' shareholding – Non-Executive Directors' share ownership – Other share plans 125 130 130 Financial statements - Note 27 – Share-based payments 202-204 6.F – Disclosure or a registrant's action to recover erroneously awarded compensation Not applicable –

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![rio-20221231_g7.jpg](rio-20221231_g7.jpg)

Annual Report on Form 20-F \| riotinto.comvi Item Form 20-F Caption Location in this document Page 7 Major shareholders and related party transactions 7.A – Major shareholders Shareholder information – Substantial shareholders in Rio Tinto plc – Substantial shareholders in Rio Tinto Limited – Analysis of ordinary shareholders – Twenty largest registered shareholders 340 340 341 341 7.B – Related party transactions Financial review 26-31 Financial statements Note 33 – Related-party transactions 216 7.C – Interests of experts and counsel Not applicable – 8 Financial Information 8.A – Consolidated statements and other financial information Financial review – Our shareholder returns policy 30 Financial statements Note 37 – Contingencies and commitments 219-221 See Item 18 – 8.B – Significant changes Financial statements Note 39 – Events after the balance sheet date 222 9 The offer and listing 9.A – Offer and listing details Additional statutory information disclosure – Operating and financial review 136-137 Shareholder information – Organisational structure – Markets 338 339 9.B – Plan of distribution Not applicable – 9.C – Markets Shareholder information – Markets 339 See Exhibit 2.1 – 9.D – Selling shareholders Not applicable – 9.E – Dilution Not applicable – 9.F – Expenses of the issue Not applicable – 10 Additional information 10.A – Share capital Not applicable – 10.B – Memorandum and articles of association Financial review – Our shareholder returns policy 30 Governance – Compliance with governance codes and standards 142-146 Shareholder information – Dual-listed companies structures – Material contracts – Exchange controls and foreign investment – Directors 338-339 342-343 343 343-344 See Exhibit 2.1 – 10.C – Material contracts Financial statements – Our capital and liquidity 190 Shareholder information – Material contracts 342-343 10.D – Exchange controls Shareholder information – Exchange controls and foreign investment 343 10.E – Taxation Additional information – US disclosure – Taxation 345-347 10.F – Dividends and paying agents Not applicable – 10.G – Statement by experts Not applicable – 10.H – Documents on display Additional information – US disclosure – Document on display 348 10.I – Subsidiary information Not applicable – 10.J – Annual report to security holders Additional information – US disclosure – Document on display 348

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![rio-20221231_g8.jpg](rio-20221231_g8.jpg)

viiAnnual Report on Form 20-F \| riotinto.com Item Form 20-F Caption Location in this document Page 11 Quantitative and qualitative disclosure about market risk Risk factors 79-86 Financial statements Note 24 – Financial instruments and risk management 195-200 Cautionary statement about forward-looking statements 363 12 Description of securities other than equity securities 12.A – Debt securities Not applicable – 12.B – Warrants and rights Not applicable – 12.C – Other securities Not applicable – 12.D – American depositary shares Additional information – US disclosure – American depositary receipts 347-348 13 Defaults, dividend arrearages and delinquencies Not applicable — 14 Material modifications to the rights of security holders and use of proceeds Not applicable 15 Controls and Procedures Governance – Additional statutory disclosure – Disclosure controls and procedures – Management's report on internal control over financial reporting 141 141 See Item 18 for the Report of the Independent Registered Public Accounting Firm – 16 [Reserved] Not applicable – 16A Audit committee financial expert Governance – Audit & Risk Committee report – US listing requirements – Compliance with governance codes and standards 104 142-146 16B Code of ethics Sustainability – Ethics and compliance 74 16C Principal accountant fees and services Governance – Audit & Risk Committee report – External auditors 106-107 Financial statements – Note 38 – Auditors' remuneration 222 16D Exemptions from the listing standards for audit committees Not applicable – 16E Purchase of equity securities by the issuer and affiliated purchasers Governance – Additional statutory disclosure – Purchases 139 Financial statements – Note 34 – Share capital 217 16F Change in registrant's certifying accountant Not applicable – 16G Corporate Governance Governance – Compliance with governance codes and standards 142-146 16H Mine safety disclosure See Exhibit 16.1 – 16I Disclosure regarding foreign jurisdictions that prevent inspections Not applicable – 17 Financial statements Not applicable – 18 Financial statements About Rio Tinto 148 About the presentation of our financial statements 148-155 Group Income Statement 156 Group Statement of Comprehensive Income 157 Group Cash Flow Statement 158 Group Balance Sheet 159 Group Statement of Changes in Equity 160 Financial statements – Notes 1 to 40 161-223 Report of Independent Registered Public Accounting Firms 251-253 19 Exhibits See Exhibit List at the end of this document Other information contained within Rio Tinto's Annual Report on Form 20-F 2022 (Form 20-F) is not included in this Form 20-F unless specifically identified above and is furnished to the SEC for information only.

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![rio-20221231_g9.jpg](rio-20221231_g9.jpg)

Our operations are located on land and waters that have belonged to Indigenous peoples for thousands of years. We respect their ongoing deep connection to Country and recognise their vast knowledge of the land, water and environment. We pay respects to Elders, both past and present, and acknowledge the important role Indigenous peoples play within our business and our communities. For more information visit riotinto.com Contents Strategic report 2022 year in review and our purpose 1 At a glance 2 150 years of Rio Tinto 4 Chair's statement 6 Chief Executive's Q&A 8 Living our purpose 10 Strategic context 12 Our strategy and four objectives 13 Our people and culture 16 Our business model 17 Our stakeholders 18 Key performance indicators 20 Chief Financial Officer's statement 25 Financial review 26 Portfolio management 32 Business reviews Innovation through collaboration 34 Iron Ore 36 Aluminium 38 Copper 40 Minerals 42 Commercial 44 Our approach to sustainability 46 Risk report Risk management 76 Risk factors 79 Five-year review 87 Directors' report Governance Chair's introduction 89 Board of Directors 90 Executive Committee 92 Board insights 94 Our stakeholders – our Section 172(1) statement 95 Matters discussed in 2022 99 Governance framework 100 Evaluating our performance 101 Nominations Committee report 102 Audit & Risk Committee report 104 Sustainability Committee report 108 Remuneration report Annual statement by the People & Remuneration Committee Chair 110 Remuneration at a glance 114 Implementation report 118 Additional statutory disclosure 136 Compliance with governance codes and standards 142 Financial statements About Rio Tinto 148 About the presentation of our financial statements 148 Group income statement 156 Group statement of comprehensive income 157 Group cash flow statement 158 Group balance sheet 159 Group statement of changes in equity 160 Notes to the 2022 financial statements 161 Report of Independent Registered Public Accounting Firms 251 Rio Tinto financial information by business unit 270 Alternative Performance Measures 273 Production, Mineral Reserves, Mineral Resources and Operations Metals and Minerals Production 281 Mineral Resources and Mineral Reserves 283 Competent Persons 307 Mines and production facilities 308 Additional information Independent limited assurance report 335 Shareholder information 338 US disclosure 345 Contact details 362 Cautionary statement about forward-looking statements 363 Cover \| Oyu Tolgoi copper-gold mine, Mongolia. For this Annual Report on Form 20-F 2022 (Form 20-F), certain pages have been omitted. 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 only.

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![rio-20221231_g10.jpg](rio-20221231_g10.jpg)

1Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 2022 year in review Our purpose Finding better waysTM to provide the materials the world needs For 150 years, we have been looking for new and better ways of doing things. Our drive for innovation and continuous improvement is at the core of our purpose. Today, you will find our teams around the world seeking opportunities to reduce our carbon footprint, partnering to develop new technologies to decarbonise steel and aluminium production, and creating new products from waste. Our ambition is to be a business with a commodity mix that is aligned with evolving customer demand in a decarbonising world. But we cannot do it on our own. So we strive to create partnerships that solve problems and create win-win solutions with lower societal and environmental impact. The approach applies as much to large-scale, transformational innovation as to incremental everyday progress, such as our safety and operational performance. And we are finding better ways to partner with Indigenous peoples and host communities. From continuing to rebuild our relationships to putting in place our new co-management agreements and improved ways of working, we are focusing on open and transparent engagement. Our aspiration is to be the partner of choice for communities, governments, customers, suppliers and joint venture partners. We want to be a home to curious people who care about their work and colleagues, are courageous about the challenges they face and find better ways to do things. For more information about sustainability, see page 46. For more information about our financial review, see page 26. 1. The independent cultural heritage audits undertaken by Environment Resources Management (ERM) were a Board action in response to the 2020 Board review of cultural heritage management. All 37 audits were finalised in 2022. 2. A reconciliation of underlying EBITDA to its closest IFRS measure is presented on page 163. All-injury frequency rate Fatalities Consolidated sales revenues Net cash generated from operating activities 0.40 (2021: 0.40) Zero (2021: zero) $55.6bn (2021: $63.5bn) $16.1bn (2021: $25.3bn) Scope 1 and 2 greenhouse gas emissions Women in our workforce Profit after tax attributable to owners of Rio Tinto Underlying EBITDA2 30.3Mt (equity CO2e) (2021: 31.0Mt) 22.9% (2021: 21.6%) $12.4bn (net earnings) (2021: $21.1bn) $26.3bn (2021: $37.7bn) Independent cultural heritage audits completed1 Total dividend per share 37 (2021: 20) 492 cents (2021: 1,040 cents)

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![rio-20221231_g11.jpg](rio-20221231_g11.jpg)

Operations and projects2 Iron Ore Aluminium Copper Operations Projects Minerals Annual Report on Form 20-F 2022 \| riotinto.com2 Our products Our portfolio includes iron ore, aluminium, bauxite, alumina, copper, diamonds, titanium dioxide, lithium, salt and borates. For more information see pages 36-43. Our business We operate in 351 countries where our 54,000 employees are working to find better ways to provide the materials the world needs. Our portfolio includes iron ore, copper, aluminium, lithium and other materials needed for people, communities and nations to grow and prosper, and for the world to cut carbon emissions to net zero. We have been mining for 150 years, and we continue to build on a history and knowledge that span generations and continents. Today, our business relies on technology such as automation and artificial intelligence to help us run safer, more efficient operations and leave a lighter footprint. Iron Ore Aluminium At a glance Segmental revenue $30.9bn (2021: $39.6bn) Underlying EBITDA $18.6bn (2021: $27.6bn) Production (100% basis) 324.1Mt iron ore (2021: 319.7Mt) Segmental revenue $14.1bn (2021: $12.7bn) Underlying EBITDA $3.7bn (2021: $4.4bn) Production (our share) 54.6Mt bauxite (2021: 54.3Mt) 3,009kt aluminium (2021: 3,151kt) Employees 15,000 (2021: 13,000) Employees 15,000 (2021: 14,000) 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. This map does not include our offices, processing and shipping facilities, or research and development centres. Operations and projects are indicated according to their product group. For example, Simandou is an iron ore project but is reported under Copper. The Iron Ore Company of Canada is an iron ore operation but is reported under Minerals due to the management structure. 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.

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Operations and projects2 Iron Ore Aluminium Copper Operations Projects Minerals 3Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Outlook We have a strong portfolio of assets across six continents. Our focus is on growing our business while decarbonising, providing products to our customers that support the transition to a low-carbon economy and delivering attractive returns to our shareholders. Many of our products are essential for the energy transition: we expect this new source of demand, combined with traditional sources, to drive significant volume growth in our products over the coming decades. In developed markets, customer demand for low-carbon and recycled materials is growing with supply security top of mind. In developing economies, reliable access to raw materials for domestic processing is critical. We have the people, orebodies, technology, processing capabilities, access to capital and relationships to meet these diversifying needs. Copper Minerals Segmental revenue $6.7bn (2021: $7.8bn) Underlying EBITDA $2.4bn (2021: $4.0bn) Production (our share) 521kt mined copper (2021: 494kt) Segmental revenue $6.8bn (2021: $6.5bn) Underlying EBITDA $2.4bn (2021: $2.6bn) Production (our share) 1,200kt titanium dioxide slag (2021: 1,014kt) 10.3Mt iron ore pellets and concentrate (2021: 9.7Mt) Employees 8,000 (2021: 7,000) Employees 9,000 (2021: 9,000)

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Annual Report on Form 20-F 2022 \| riotinto.com4 150 years of Rio Tinto For 150 years, we have been striving to find better ways – in how we face challenges, find solutions, celebrate our successes, and learn from our failures. Our strength and scale reflect the courage shown by past generations, and the curiosity of our current employees, who continue to shape important partnerships with companies, communities, and countries – constantly evolving our business and our products to support the world around us. We have marked a wide range of milestones through our 150 years of operation; these are a few of the moments that shaped the Rio Tinto of today. 1873 Rio Tinto commences copper mining in Spain The Rio Tinto Company was registered in London after a British-European investor group bought the Rio Tinto mines in Spain, first mined in Phoenician and Roman times. We introduced new processing facilities and techniques that transformed the operation, and by the turn of the century, we were producing 10% of the world's copper. 1929-1953 Exploring new lands We looked beyond Spain's borders for growth opportunities, setting up a series of joint ventures to explore and develop mines, starting in 1929 with the great copper belt of what is now known as Zambia. Come 1952, our exploration team expanded into South Africa and Canada, and the following year Australia, resulting in new uranium mines in Canada and Australia. 1955-1963 The red cliffs of Australia In 1955, a geologist discovered bauxite in Queensland and commercial bauxite mining began at Weipa in 1963, where we still mine today. 2007 Becoming a global leader in aluminium We acquired Alcan, becoming a global leader in aluminium, and further diversifying our portfolio. Through this deal, we also obtained access to water rights and renewable power through a vast network of hydropower facilities in Canada, a major competitive advantage to our smelting business. While Alcan was clearly a leader in green aluminium, the acquisition resulted in an unsustainable level of debt when the global financial crisis happened and left the company in a vulnerable financial situation. 2000-2022 Shaping our portfolio At the turn of the new century, we embarked on an acquisition and divestment programme, which simplified the business, focused the Group on large, low-cost mines and culminated in our divestment of our coal assets in 2018. We became the first major miner to cease coal production. We acquired North Ltd in 2000, significantly expanding our iron ore assets, including mines, rail and port capacity. And in 2006, we partnered with Ivanhoe Mines to construct and operate Oyu Tolgoi in Mongolia. In 2022, we acquired full ownership of Turquoise Hill Resources Ltd, increasing our direct ownership in Oyu Tolgoi to 66%. 2008-2019 Technology redefines the business In an attempt to transform the efficiency and safety of the way we mine, we partnered with Komatsu to be among the first in the world to trial the world's first driverless haul trucks. This initiative set us on a path to become a global leader in fully integrated, automated mining. In 2019, together with our partner Hitachi, we launched the world's first fully autonomous, long-distance, heavy-haul rail network – AutoHaulTM.

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5Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 1961-1973 The founding of our iron ore business in the Pilbara In 1961, geologists set out across Western Australia to assess the iron ore prospects. By 1965, the signing of a long-term contract to supply the Japanese steel mills enabled us to develop our first iron ore mine in the Pilbara, and in 1966 we shipped our first iron ore to Japan. By 1973, we had started shipping to South Korea and China. Our partnerships with these countries endure today. 1989 Securing copper and mineral assets We were ready to focus solely on mining, so sold all oil and gas assets and set our sights on BP Minerals. We acquired Kennecott's Bingham Canyon copper and gold mine in Utah, US. The purchase also secured the RTIT Quebec Operations1 in Quebec, Canada and interests in QIT Madagascar Minerals and Richards Bay Minerals in South Africa. 1995 Becoming Rio Tinto In one of the most significant events in our history, the RTZ Corporation PLC merged with ConZinc RioTinto of Australia (CRA) to form RTZ-CRA. In 1997, we changed our name to Rio Tinto plc/Ltd (dual listed), becoming one of the largest mining companies in the world. 1998 Tragedy sharpens safety focus A horrific disaster at our talc mine in Lassing, Austria, claimed the lives of ten members of our rescue team following a series of collapses. The profound impact of the Lassing disaster was a catalyst for major change in the way we manage safety. We had our first fatality-free year in 2019, with no fatalities since. 2002 China supporting the iron ore boom The rapid industrialisation of the Chinese economy and the emergence of China as a global economic power was a major catalyst for our iron ore business in the early 2000s. In 2002, we set up a joint venture with Baosteel Group to supply 10 million tonnes of iron ore per year over 20 years, supporting the expansion of our business in the Pilbara and marking our continuing and vital partnership with China. 2018-2019 A step closer to carbon-free aluminium smelting In 2018, we formed ELYSIS, in partnership with Alcoa and supported by Apple and the Governments of Canada and Quebec, which later delivered a disruptive technology that eliminates all direct greenhouse gas emissions from the aluminium smelting process. 2020 Juukan Gorge rock shelters Our destruction of the Juukan Gorge rock shelters in Western Australia fell far short of our values and breached the trust placed in us by the Traditional Owners of the lands on which we operate. It is our collective responsibility to earn back the trust that has been lost, improve our internal practices and culture to minimise our impacts, and manage cultural heritage responsibly. 2021-2022 Creating a safe, respectful and inclusive workplace In 2021, we commissioned an independent review of our workplace culture to better understand, prevent and respond to harmful behaviours across our operations. The review found disturbing cases of discrimination and sexual harassment in the business. We are now working to implement the 26 recommendations of the report, and to evolve our culture to create a safe, respectful and inclusive workplace. 1. Previously known as QIT Fer et Titane.

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Annual Report on Form 20-F 2022 \| riotinto.com6 Chair's statement 2022 saw Rio Tinto deliver another set of strong financial results, while keeping our operations fatality-free. In recognition of this, the Board is recommending a final dividend of 225 US cents (2021: 417 US cents), taking total dividends declared to shareholders this year to $8 billion. More broadly, Jakob Stausholm and his Executive team have led the Group out of a challenging period, with the foundations now being laid for us to become the global mining company of choice. A lot remains to be done. We must continue to focus on the pursuit of our four key objectives: becoming the best operator, having impeccable environmental, social and governance (ESG) credentials, excelling in development and strengthening the Group's social licence. In particular, we must continue to strive for greater consistency in our operating performance. This year, we have secured a healthy pipeline of future growth projects – Oyu Tolgoi (with the successful buyout of Turquoise Hill minority shareholders), Rhodes Ridge and Rincon, and the Western Range replacement project. These now need to be successfully developed, while we continue our efforts to realise other critical growth projects, such as Simandou, Resolution and Jadar. Finally, we must focus on embedding the important culture and leadership changes that are such critical enablers for achieving our strategic objectives and to creating the future organisation that we all wish to see. Building a thriving culture I believe everything we aspire to achieve should be underpinned by our people feeling emotionally safe, empowered, included and respected. One of my priorities as Chair is to ensure that we create a work environment where everyone can be at their best. I commend Jakob and the Executive Committee for the care and courage shown in commissioning and openly sharing the external review of the company's workplace culture at the beginning of 2022. Since then, a great deal has been done to make positive change. The Board and I fully support the implementation of the 26 recommendations made in the Everyday Respect Report, which we are monitoring closely. We are working closely with Elizabeth Broderick, the former Australian Sex Discrimination Commissioner who conducted the report, on how we, as a Board, can help ensure progress and lead by example in embedding the culture changes that we all wish to see. We have also reinforced the Board and the Executive Committee's commitment in this area, by expanding our new Remuneration & People Committee's scope to include an ongoing focus on people and culture. Incentivising the things that matter One of the key learnings from the past few years is that how we achieve our strategy is just as important as what we achieve. As our strategy has evolved, so has the need for an appropriate incentive framework to better support it. In 2022, we undertook a review of our incentives and, from 2023, our Group short-term incentive plan (STIP), which applies to around 24,000 employees, will have a greater focus on how outcomes are achieved. By driving delivery of our four objectives in a manner consistent with our values and behaviours and which advance our culture change agenda, we are confident that we will see great progress towards our strategic ambitions. For more information about changes to STIP, see the Remuneration report on pages 112-113. Seizing opportunities Since joining as Chair, I have visited sites around the world and all of our hub offices, interacting with employees across all levels of the organisation. I have been amazed by the calibre of talent – from our engineers to our economists, from our ecologists to our explorers. There has been one common trait among everyone I have met – a focus on finding better ways of working and a determination to innovate. The shift to electric vehicles and renewable power will require more copper, aluminium, lithium and high-quality iron ore to decarbonise society, but developing new mines is becoming more challenging. To excel in this future development, we must seek to partner with a strengthened social licence and to operate with impeccable ESG credentials. Strategically, we must think long term if we are to harness the right opportunities, while also keeping shorter-term opportunities and risks sharply in view. Alongside supplying the materials for the world's energy transition, we are aiming to reduce our own emissions by 50% by 2030 and to reach net zero by 2050. This a challenging set of targets but ones that we are determined to achieve. We are delivering this through a range of initiatives and partnerships that are helping us decarbonise our existing operations and secure green energy, as we support the development of low-carbon solutions to help our customers meet their own goals. With access to more than four million hectares of land globally, we are looking to implement natural climate solutions on a significant scale. We also have the opportunity to be a leader in environment by finding better ways to manage water, care for species and rehabilitate land. These are areas where our drive to improve can bring significant social and local benefits. As we enter 2023, the global operating environment has certainly become more volatile and complex and yet there is a sense that Rio Tinto has reached an inflection point, with strong momentum in the business.

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7Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Engaging with stakeholders and the workforce The Board is passionate about further strengthening our relationships with our shareholders, customers, local communities and other partners to incorporate a broad range of views in our decision making. As travel restrictions began to ease in 2022, we stepped up meeting people in person, including regular dialogue with the Indigenous peoples of the land on which we operate, local communities, governments and, of course, our customers, suppliers and shareholders. We also hosted three civil society roundtables, in Australia, Europe and North America. Engaging with civil society organisations is an important way for us to challenge ourselves to keep improving. One of the key topics of interest at this year's roundtables was the role that Rio Tinto can play in protecting biodiversity, as well as in the world's transition to a low-carbon future. I am encouraged by the progress our Communities and Social Performance teams have made this year, with new co-management agreements in place and improved ways of working to deliver better outcomes for Indigenous peoples. A highlight of 2022 was the creation of the Juukan Gorge Legacy Foundation as part of a remedy agreement reached with the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation relating to the destruction of the rock shelters at Juukan Gorge in 2020. Earlier in the year, I was grateful to meet with the Puutu Kunti Kurrama and Pinikura people for the first time and at a second meeting later in the year I heard how they feel our engagement and remediation have been progressing. As the leadership team continues to embed the values and new purpose across the business, I am convinced we will see even greater progress. The Board also met with employees, through site visits, town halls and listening sessions. Feedback suggests that, although we need to continue to improve, people are optimistic about the changes taking place, with good support for the new purpose and the Everyday Respect initiative. We are successful in attracting talented people, including more women, into Rio Tinto, but must now focus on retention. For more information about the Board's engagement with our stakeholders, see pages 95-98. Board changes We have had some changes to the Board over the past year. Simon Thompson stepped down as Chairman in May 2022, and Hinda Gharbi retired from the Board at the conclusion of our annual general meeting in April. Our thanks go to Simon and Hinda for their outstanding service and contribution. In 2022, we evaluated the mix of skills and experience on the Board, and concluded that we need to refresh our composition, with a particular focus on deepening our mining, operations and projects experience, as well as our renewable energy and sustainability capabilities. In December 2022, we announced the appointment of Kaisa Hietala as a Non-Executive Director with effect from 1 March 2023. Kaisa brings a deep understanding of renewables and sustainability from her experience in the resources industry, as well as broad commercial capabilities, and these are all qualities that will be invaluable as we work to ensure Rio Tinto thrives in a decarbonising world. Separately, we have taken a fresh look at our governance arrangements to ensure that the Board and our committees are focusing our time on supporting the delivery of the Group's strategic objectives. This includes putting a greater emphasis on people and culture, on risk management and resilience capabilities, and on strengthening our social licence through stakeholder engagement. For more information see my introduction to the Corporate Governance report on page 89. "...as I look to the future, I am confident that we have all of the right ingredients in place – great people, world-class assets, emerging technologies and new partnerships." Looking ahead As we enter 2023, we will need to maintain a keen eye on near-term opportunities and risks, while always creating sufficient time and space to capture key strategic opportunities as they emerge for the longer term. Without doubt, there is considerable work ahead – to create a safe and empowering culture, to improve the consistency of our operational performance, to anticipate and respond to a shifting competitive landscape and to continue to strengthen our partnerships. But as I look to the future, I am confident that we have all of the right ingredients in place – great people, world-class assets, emerging technologies and new partnerships. As we reach our 150th anniversary this year, we have an opportunity to place the energy transition at the heart of our new strategy as we seek to diversify and extend our portfolio. This opportunity is now embodied in our new purpose: Finding better ways to provide the materials the world needs. And it is this new purpose that will drive the right decisions for our business, our shareholders, our other stakeholders and the environment. Let me end by thanking the leadership team and the many thousands of Rio Tinto employees, contractors and partners who delivered for the company and its shareholders during the year. Dominic Barton Chair 22 February 2023

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Annual Report on Form 20-F 2022 \| riotinto.com8 How can evolving our culture unlock improvements needed to make us the best operator? Changing our culture is key to achieving each of our four objectives. When people feel respected and valued, they feel empowered to be their best selves and bring their best ideas. For example, our Safe Production System (SPS) relies on this – unlocking the potential of our employees, their skills and expertise, and creating stable, predictable operations. I've been impressed by our progress in 2022, achieving a number of operational records, including a record second half performance across the Pilbara iron ore mine and rail system. We now have 30 deployments at 16 sites and 86 Kaizens (rapid problem-solving activities) completed or in progress. We are seeing excellent results. Where we have been deploying the SPS, we have sites that are safer, more engaged employees, and assets that are more productive. We will continue to deploy the SPS to more sites in 2023. More broadly, we are embedding a change in mindset and behaviours throughout the organisation, with the implementation of the Everyday Respect Report recommendations being absolutely crucial to driving this change. Achieving culture change will take time, but we are heading in the right direction. How are we progressing our objective to achieve impeccable ESG credentials? Starting with our social licence, for the past two years we have been changing the way we partner, especially with Indigenous peoples and the communities where we work. Moving to a model of co-management of land and waters, and improving our agreements, will deliver more enduring socioeconomic, heritage and environmental outcomes and, in turn, greater certainty for mine development. And we have continued to develop cultural competency across the Group to help us become a better partner. How did we perform in 2022? This year has been all about progressing our strategy and delivering against our four objectives to build a stronger Rio Tinto for the long term. The strong foundations of our business – world-class assets, great people and strength of balance sheet – allowed us to achieve solid financial performance despite the challenging environment we faced. We definitely made progress in 2022, but there is lots more to do. Most importantly, 2022 was our fourth consecutive fatality-free year. But we continue to see serious incidents in our business and therefore we must continue to focus, every day, on strengthening our safety culture. This is about bringing together best practices from across the business and beyond to inform and improve our risk management and work planning. In terms of financials, we generated underlying earnings of $13.3 billion (2021: $21.4 billion) and net cash generated from operating activities of $16.1 billion (2021: $25.3 billion). Profit after tax attributable to owners of Rio Tinto was $12.4 billion (2021: $21.1 billion) and our balance sheet remains strong with net debt of $4.2 billion (2021: net cash of $1.6 billion). As a result, the Board has recommended a final ordinary dividend of 225 US cents per share, resulting in total shareholder returns declared this year of $8 billion. This represents a pay-out ratio of 60%, in line with our policy. What was the thinking behind the new purpose, "finding better ways to provide the materials the world needs"? Defining our purpose was an exciting process. We looked at what society needs and then considered our own strengths and found ten words that really capture our contribution to the world. It's partly in our DNA, and partly about setting the direction for the company to evolve. It speaks to our drive for both innovation and continuous improvement, while also emphasising how materials are produced. Consumers are looking for lower-carbon materials, which must be produced responsibly, and we are continuously seeking ways to do things better. 2022 highlights Zero fatalities (2021: zero) $16.1bn net cash generated from operating activities (2021: $25.3bn) $12.4bn profit after tax attributable to owners of Rio Tinto (2021: $21.1bn) $8bn total dividend declared (2021: $16.8bn) Q&A with Jakob Stausholm Chief Executive's Q&A

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9Annual Report on Form 20-F 2022 \| riotinto.com Strategic report In terms of climate change, quite frankly we have not advanced our abatement projects as fast as we would like. But despite that our Scope 1 and 2 emissions were 7% below our 2018 baseline. Our capital spend on decarbonisation was also lower than we anticipated in 2021. It is important to note that this is a multi-decade journey and today we have a more robust roadmap to our 2030 and 2050 targets. We are ramping up our technical skills, building competencies and capabilities, and forming partnerships across our value chain to find solutions to some of the bigger challenges we are facing. We have set up six large abatement programmes focused on the decarbonisation challenges that cut across our product groups: repowering our Pacific Aluminium Operations, renewables, ELYSISTM, alumina process heat, minerals processing and diesel transition. We have also established one additional programme to increase our investments in nature-based solutions projects and expect these to make a more significant contribution to our targets. Some of the technology we need to reach net zero by 2050 does not exist today, so we established the Office of the Chief Scientist and increased our yearly research and development target spend to $400 million. We know we can't solve these challenges alone, so we're also partnering with other organisations to find solutions. The ELYSIS partnership to develop emissions-free aluminium smelting technology is a good example of this. Our objective to excel in development is all about growing in materials enabling the low-carbon transition. How did we perform in 2022? We expect the energy transition will add as much as 25% in additional demand above traditional sources across our key products by 2035. That is why our strategy is about growing in the materials required to achieve the energy transition, such as copper, lithium and high-quality iron ore. A highlight this year was resetting our relationship with the Mongolian Government and successfully executing our first significant M&A in a decade through our acquisition of Turquoise Hill Resources Ltd. This doubled our interest in Oyu Tolgoi to 66%, a mine that is on track to be the fourth-largest copper mine in the world. We progressed our Western Range and Rhodes Ridge iron ore projects in Western Australia, positioning us strongly to meet future customer needs. They are both exciting developments – Western Range represents our first co-designed mine with Traditional Owners, and the Rhodes Ridge deposits are among the largest and highest quality undeveloped resources globally. At the Simandou iron ore project in Guinea, we are working through all necessary permits and approvals in relation to the infrastructure. We have also hired critical roles with a significant focus on local Guinean businesses. In lithium, we acquired the Rincon project in Argentina for $825 million. We have also approved $194 million to develop a small starter battery-grade lithium carbonate plant with a capacity of 3,000 tonnes per year and first saleable production in 2024. As part of this, we are progressing early works, including constructing a camp and airstrip. We also continue to believe that the Jadar lithium- borate project in Serbia can contribute to enhancing the electric vehicle supply chain ecosystem in Serbia. We are exploring options with all stakeholders on how to progress this world-class opportunity to the highest environmental standards. Our fourth objective, strengthening our social licence, is ultimately judged by others. What have been some of your highlights this year? We've been working hard to implement meaningful change in the way we partner with communities. Over the past 12 months we have signed new agreements with the Yindjibarndi and Yinhawangka people in Australia, and the Pekuakamiulnuatsh First Nation in Canada. Most notably, in November we signed an agreement with the Puutu Kunti Kurrama and Pinikura people to create the Juukan Gorge Legacy Foundation as part of the remedy for the destruction of the rock shelters in May 2020. This is a significant step forward, but we know it will be a long journey to rebuild trust. What is the focus of 2023? I am really excited about the momentum we're building. We have a clear purpose, an ambitious strategy, and I am convinced we have the best people in the industry. The early evidence of progress against each of the four objectives is heartening, not just in terms of our 2022 performance, but also in giving us confidence that we have a truly exciting improvement journey in the years to come. For me, 2023 is all about making further progress against our strategy and delivering on our key projects. We will continue to empower and unleash the quality of our people through the SPS and develop both leadership and technical excellence. We will advance projects like Rincon and Simandou, and at Oyu Tolgoi we expect to reach sustainable production in the first quarter of the year. As we mark 150 years of Rio Tinto, we will reflect on our past and the role it has played in our evolution and in helping us live our purpose in the future. Our people are at the very centre of this – over the next year we will continue our work to transform our culture and how we partner with our stakeholders. I want to thank our thousands of employees and contractors, host governments and communities, customers, shareholders and partners. Together, we're committed to finding better ways to deliver well into the next 150 years. Jakob Stausholm Chief Executive 22 February 2023 "The early evidence of progress against each of the four objectives is heartening, not just in terms of our 2022 performance, but also in giving us confidence that we have a truly exciting improvement journey in the years to come."

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Annual Report on Form 20-F 2022 \| riotinto.com10 Living our purpose Delivered through our strategy and four objectives We have put climate change and the low-carbon transition at the heart of our strategy. We are decarbonising our assets; helping our customers decarbonise by developing new products and technologies; and growing in materials essential for the energy transition. We will deliver our strategy through four clear objectives (indicated below), which guide how we operate. Progressing our strategy and four objectives will ensure that we provide the materials the world needs while maximising shareholder returns and strengthening our position as a partner of choice for our customers and other key stakeholders. Finding better ways to provide the materials the world needs Our purpose defines our role in the world and guides strategic decisions that balance the needs of our business, our stakeholders and the environment. Excel in development Deliver organic and inorganic growth, on time, on budget Impeccable ESG credentials Strengthen track record and transparency Best operator Expand capability and leadership Social licence Earn trust by building meaningful relationships and partnerships Underpinned by our approach to sustainability We want all our stakeholders to benefit from our success. Our purpose guides our efforts to provide people and communities with economic opportunities; to safeguard and promote the health, wellbeing and human rights of people and communities; to combat climate change; and to be excellent stewards of the natural resources entrusted to us. This is how we strengthen our social licence and achieve impeccable ESG credentials. We align our work with the United Nations Sustainable Development Goals, the global blueprint for a sustainable future. For more information about our stakeholders, see pages 18-19 and 95-98. For more information about our approach to sustainability, see page 46. For more information about our strategy, see page 13.

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11Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Reflected in remuneration STIP metrics1 Financial scorecard: unflexed financials and best operator objective through flexed financials Strategic scorecard with performance measures (including safety, climate change, diversity, reputation, people and culture) linked to our four objectives Individual multiplier to reflect values LTIP metrics TSR relative to the EMIX Global Mining Index TSR relative to the MSCI World Index Enabled by our people and culture, and guided by our values Our purpose is a unifying force that is underpinned by our values of care, courage and curiosity. Together with our Code of Conduct, our values guide how we work and treat each other, the communities in which we operate and our environment. Care For people, for the communities in which we operate and for our environment Courage To try new things, speak up and do what is right Curiosity To collaborate, learn and innovate For more information about our values, see page 16. For more information about our Code of Conduct, see page 74. Tracked and measured We measure our strategic progress through a mix of financial and non-financial KPIs that align with our purpose and strategy. In addition to key financial, operational and safety performance metrics, we track progress across ESG themes including gender diversity and carbon emissions. KPIs Our Remuneration Policy is designed to support the delivery of our strategy in a responsible and sustainable way that reflects our purpose and values. It considers our financial and safety performance, our culture and our ESG measures, such as accelerating decarbonisation and strengthening our social licence. The main elements include base salary, short-term incentive plan (STIP) and long-term incentive plan (LTIP). For more information about remuneration, see pages 110-135. All-injury frequency rate (AIFR) Total shareholder return (TSR) Underlying earnings and underlying EBITDA Underlying return on capital employed (ROCE) Net cash generated from operating activities Free cash flow Net cash/(debt) Scope 1 and 2 greenhouse gas emissions Gender diversity Overseen by our Board Our success depends on effective and responsive corporate governance. Our Board oversees how we deliver on our purpose and strategy and continually monitors our culture to make sure it aligns with our values. The Board also oversees how we manage social and environmental risks, and monitors our performance to ensure we generate value for shareholders while our business contributes to wider society. For more information about our Board, see pages 90-91, 94 and 99-101. 1. From 2023, we have updated our STIP to ensure our performance management and incentives for around 24,000 people are aligned to our strategy and culture journey. For more information about out KPIs, see pages 20-24.

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Annual Report on Form 20-F 2022 \| riotinto.com12 Strategic context Our strategy is informed by a deep analysis of the interplay of global megatrends, explored through the lens of plausible scenarios. These set the context for our industry and underpin our portfolio choices and how we operate. Our success relies on our ability to strengthen our resilience to the physical, societal and economic effects of climate change and the energy transition, while building partnerships and capabilities that enable us to secure new opportunities. Energy transition and climate action While global efforts to tackle climate change have continued, the long-term pledges made by governments and companies still fall short of what is required to limit the global temperature rise to below 1.5°C above pre-industrial levels. In recognition of this, and faced with increasing societal demands, governments are creating new policies to support the development of low-carbon economies. These include the US's Inflation Reduction Act (IRA) and the EU's Carbon Border Adjustment Mechanism (CBAM). Increasing electrification and renewable energy incentives will bolster demand for several commodities, including lithium, copper, aluminium and high-grade iron ore. Interventions by governments are becoming as important as traditional market forces for commodity trajectories and will have important implications for project economics and regional price premiums. New policies could help incentivise new mining projects and accelerate the deployment of large-scale renewable energy and firming solutions essential for steel and aluminium production. Geopolitical tensions and global supply disruption The compound effects of COVID-19 and ongoing geopolitical issues have resulted in major disruption to the global supply of goods and services. The onset of the Russia-Ukraine war resulted in extreme price volatility for fossil fuels and several metals, contributing to record inflation in some jurisdictions. The ongoing global energy crisis and growing concerns about an economic downturn have continued to erode trust in global institutions, fuelling a backlash against globalisation in some quarters. In addition, we have seen increasing regional tensions surrounding new climate policies as governments look to tackle climate change while addressing energy supply issues. Supply chain disruptions have helped support prices for several key products including iron ore, aluminium, copper and nickel, where Russia is a major global supplier. However, the mining sector has faced headwinds, including increased energy costs and ongoing mobility and procurement challenges, which have put pressure on margins across most commodities. Geopolitical tensions have also exacerbated concerns for critical mineral supply, with governments showing increasing support for new projects to help diversify and nearshore supply. Evolving customer demands Customers are becoming more ESG-conscious in their purchasing behaviours, taking into consideration a range of sustainability themes beyond carbon footprint, including biodiversity, water consumption, waste generation and social impact. This is helping to drive a holistic shift towards increasingly transparent, sustainable and circular value chains. Mining companies will need to work closely with a range of stakeholders to improve their ESG metrics and attract new customers and partners. A key opportunity is in recycling, which could allow metal suppliers to supplement their low-carbon primary products with highly sustainable recycled materials to create unique commercial offerings for customers. Nature-based solutions could also provide new revenue streams, while creating opportunities for communities and helping drive emissions towards net zero. Our scenario approach We use global scenarios in our strategy and capital allocation processes to stress test our portfolio and investment decisions under alternative macroeconomic settings. Our scenario framework focuses on two prevailing macro-level business concerns: the speed of global economic growth and the trajectory of climate action, each heavily influenced by global geopolitics and governance. Consistent with the Task Force on Climate- related Financial Disclosures (TCFD) recommendations, our central reference case commodity forecasts and valuations are informed by a blend of our two core scenarios (Competitive Leadership and Fragmented Leadership). These are used to derive critical accounting estimates and are included as inputs for impairment testing; estimating remaining economic life for units of production, depreciation and discounting; and closure and rehabilitation provisions. Further detail is provided in "Impact of climate change on the Group" section to the financial statements on pages 152-155. We use additional scenarios (including our Aspirational Leadership scenario, which is aligned with the stretch goal of the Paris Agreement) to further stress test decisions and assess potential risks to our portfolio. Our two core scenarios Competitive Leadership reflects a world of high growth and strong climate action post-2030, with change driven by policy and competitive innovation. A proactive reform environment encourages business innovation and helps boost investment and productivity. This allows global GDP to continue growing at near recent historical levels with an increasing contribution from India and other developing countries. Fragmented Leadership represents a world where economic growth and climate action are constrained by ineffective policy and rising social and geopolitical tensions. In this world, investment in new technologies slows and their global adoption is highly inconsistent. This, combined with more significant climate damage, results in weaker long-term productivity growth. For more information about our scenarios, methodology and portfolio implications, see our 2022 Climate Change Report at riotinto.com/climatereport.

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13Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Climate change and the low-carbon transition are at the heart of our strategy. We aim to strengthen our resilience to changing market fundamentals and pursue new opportunities and partnerships that help deliver strong returns and growth options for our business, reduce our environmental footprint and aid our customers in their efforts to decarbonise. Our strategy and four objectives Best operator We aim to improve our operational performance by identifying and replicating best practices across our portfolio and empowering our people to make positive changes. Excel in development We will expand and progress our pipeline of growth opportunities and build capabilities and partnerships to execute projects and establish a strong track record of capital- efficient delivery. Impeccable ESG credentials We will strive to align our business priorities with society's expectations and ensure sustainability considerations are at the core of every decision we make. Social licence We need to be humbler and more responsive, building meaningful relationships and partnerships with our stakeholders by listening, learning and respecting diverse perspectives. Our culture is a key enabler of our strategic ambitions. It will guide us on the journey to best operator, make us a better partner and help us solve problems as we work towards net zero. By building a safe, respectful and inclusive workplace, we can attract and retain curious people who care about their work and colleagues and are courageous about finding better ways to do things – this is how we will deliver on our purpose. Our strategy has three pillars Accelerate the decarbonisation of our assets Due to the scale of our mining operations and processing activities we have significant Scope 1 and 2 emissions (30.3Mt CO2e). We are working with a range of stakeholders to find commercial and technology solutions to repower our assets, deploy large-scale renewables, scale up ELYSISTM, decarbonise process heat and replace diesel across our portfolio. Develop products and technologies that help our customers decarbonise Our Scope 3 emissions were 584Mt CO2e in 2022 – over 1% of the global total. We are working closely with our customers and others to develop more secure and sustainable value chains and accelerate the development of cleaner production pathways for our products. Processing of iron ore accounts for two-thirds of our Scope 3 emissions. Grow in materials essential for the energy transition The energy transition will create significant additional demand for our commodities, including copper, lithium and aluminium. We aim to grow in these commodities as well as in the production of high-quality iron ore. This iron ore will support the production of low-carbon steel required for infrastructure for the energy transition and ongoing urbanisation. We will deliver our strategy through four objectives, which guide how we want to run our business: to be the best operator, to achieve impeccable ESG credentials, to excel in development and to strengthen our social licence. These essential components will help improve our productivity, reduce capital intensity and assist us in becoming a partner of choice for a range of stakeholders globally. Social licence Earn trust by building meaningful relationships and partnerships Excel in development Deliver organic and inorganic growth, on time, on budget Impeccable ESG credentials Strengthen track record and transparency Best operator Expand capability and leadership

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Annual Report on Form 20-F 2022 \| riotinto.com14 Progress against our strategy in 2022 Accelerate the decarbonisation of our assets Develop products and technologies that help our customers decarbonise Grow in materials enabling the energy transition C om m itm en ts To strengthen our alignment with the Paris Agreement and our long-term1 ambition of achieving net zero emissions by 2050: – We aim to reduce our Scope 1 and 2 emissions by 15% by 2025 and by 50% by 2030 (against our 2018 equity baseline). – We expect to invest an estimated $7.5 billion in decarbonisation projects by 2030, predominantly in the second half of the decade. Long-term contracts and operational expenditure will also be an important additional part of our decarbonisation spend. To work with our customers to tackle full value chain emissions and reduce our significant indirect Scope 3 emissions: – We will increase research and development to accelerate the development of cleaner products for our customers. – We will step up our customer engagements and partnerships to help them meet their Scope 1 and 2 emissions goals. – We plan to deploy net zero vessels by 2030 and reach net zero emissions from shipping our products by 2050. To capture new growth opportunities with a focus on materials that will see strong demand growth from the low-carbon transition: – Our ambition is to increase our growth capital to $2 billion in 2023 and up to $3 billion annually in 2024 and 2025. – We will seek to grow further in copper and battery materials and bring additional tonnes of high-grade iron ore and low-carbon aluminium to market. – We will maintain our strong commitment to disciplined capital allocation. H ig hl ig ht s High-grade iron ore/green steel – Pilbara: Planned investment of $600 million in 230MW of solar power facilities and 200MWh of storage. This is in addition to the 34MW solar facility installed at Gudai-Darri. – Pilbara: Developed partnerships with Scania, Caterpillar, Volvo and Komatsu to deploy more efficient autonomous haulage solutions and battery-powered trucks. – Marine biofuels: Joined a trial with BP. – Blast furnace optimisation: Extended our collaboration with over 20 customers, such as Baowu, POSCO, Nippon Steel Corporation and Shougang, with potential carbon emissions reductions of up to 30%. – BioIronTM: Successfully piloted an innovative, low-carbon iron-making process on Pilbara iron ore. – Hydrogen-based DRI2: Collaborated with BlueScope and Salzgitter Flachstahl to test direct reduction of our products using green hydrogen and develop cleaner processing options. – Simandou: Signed a non-binding term sheet with our partners to progress the co-development of infrastructure. The project will deliver high-grade iron ore, suitable for the DRI-EAF3 steelmaking process. Aluminium – Queensland smelter repowering: Commenced evaluation of proposals to repower our aluminium assets with up to 4GW of wind and solar, backed up by energy firming and storage solutions. – Queensland Alumina: Progressed to a pre-feasibility study for a double digestion project to reduce emissions and operational expenditure. – ELYSISTM: Conducted commercial testing of direct emissions-free smelting technology with 450kA cells under construction. – Low-carbon material: Partnered with organisations including Volvo, Ford and AB InBev (Corona Canada). – Arvida: Invested in a new aluminium recycling facility and plans to replace our closing smelter with an expansion of the AP60 smelter to produce low-carbon aluminium. – Alma: Committed $188 million to expand production of higher-value low-carbon billets. – Laterrière Plant: Commissioned a new aluminium remelt furnace. Copper, Minerals – Rio Tinto Iron and Titanium (RTIT) Quebec Operations: Committed $537 million (C$737 million) in partnership with the Government of Canada to decarbonise RTIT Quebec Operations and boost critical minerals processing. – Richards Bay Minerals: Partnered with Voltalia for solar power (20-year power purchase agreement). – Renewable diesel: Launched a pilot at Boron, with trials also planned for Kennecott. – NutonTM: Joined strategic partnerships to test leaching technology on legacy copper waste and sulphide orebodies. – Critical minerals from waste: Began extracting tellurium concentrate at Kennecott. Achieved first production of scandium oxide and demonstration of an innovative spodumene (lithium) concentration process at our Critical Minerals and Technology Centre (RTIT Quebec Operations). – Oyu Tolgoi: Acquired full ownership of Turquoise Hill Resources Ltd (TRQ) for $3.1 billion, increasing our direct project ownership to 66%. – Rincon: Acquired Rincon for $825 million and approved funding of $194 million for early works to develop an accelerated starter plant with planned expansion. 1. Our net zero commitment applies to our Scope 1 and 2 emissions only and ultimately aims to balance any remaining emissions with removals from the atmosphere. For planning purposes, we define short term as up to two years, medium term as two to ten years and long term as beyond ten years. For our analysis of physical climate risks, we define short term as 2030, medium term is 2050 and long term is 2100. 2. Direct Reduced Iron. 3. Direct Reduced Iron – Electric Arc Furnace.

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15Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Best operator Impeccable ESG Excel in development Social licence A pp ro ac h – A strong safety performance remains our top priority – we will never be complacent. – We are implementing the Safe Production System (SPS) as a new, people-centric approach to engage our workforce and develop and share best practice solutions across our assets. – We are simplifying our systems and processes to enable more agile decision making and empower our people. – We have embedded ESG considerations in every decision we make, from our community work to addressing climate change. – We are striving to be a responsible and trusted steward of resources by driving end-to-end best practices, standards and assurance across our business. – We are committed to creating a safer, equal and equitable workplace for our people. – We are developing a pipeline of growth options leveraged towards the energy transition while maintaining our absolute commitment to capital discipline. – We are assessing new technologies, partnerships and operational synergies to unlock value and bring projects online faster. – We are further building our capabilities in business development and project execution including in downstream processing and renewable energy. – We are stepping up our external engagements to develop deeper connections with all stakeholders and build mutually beneficial partnerships. – We are building cultural capability and competency across the Group to ensure we fully understand, value and partner with our host communities. – We are committed to sharing best practices globally. H ig hl ig ht s – We completed our fourth consecutive fatality-free year with our all-injury frequency rate (AIFR) remaining stable at 0.40 compared to 2021. – We completed 30 SPS deployments across 16 sites with several rapid improvement projects underway to improve performance and safety. – We established an Innovation and Technology Centre to improve our health and safety, boost productivity and support growth opportunities. – We launched the Building Safe and Respectful Workplaces pilot programme, with BHP, Fortescue and the Australian Minerals and Energy Skills Alliance. – We continued the roll-out of the Voyager development programme across our senior leaders. – We released the Everyday Respect external review of our workplace culture, with actions and training being rolled out across the business. – We introduced a new communities and social performance strategy with updated standards, targets and vision for the business. – We have changed the way we engage with Traditional Owner and First Nation groups (see the social licence column). – We set up six large carbon abatement programmes focused on repowering our Pacific Aluminium Operations, renewables, ELYSISTM, alumina process heat, minerals processing and diesel transition. – The Steel Decarbonisation team has advanced 49 projects with more than 30 partners. – We established a dedicated team to secure nature-based solutions projects that help offset emissions, improve biodiversity and create opportunities for communities. – We advanced several key projects, firing 19 drawbells at the Oyu Tolgoi underground project in 2022 and commissioning Pilbara mines equivalent to 120Mt. – We progressed studies for Rincon, Resolution, Kennecott underground and several replacement projects with ongoing stakeholder engagement at Jadar and Simandou. – We are undertaking 32 research and development projects focused on reducing capital intensity and unlocking revenue streams. – We completed several key energy infrastructure projects including the Kemano Tunnel 2 project (Kitimat) and the installation of 34MW of renewables at Gudai-Darri. – In Australia we signed new agreements with the Yinhawangka and Yindjibarndi Aboriginal Corporations and the Puutu Kunti Kurrama and Pinikura people. – We committed A$250 million to support the Western Australian State Government's new Resources Community Investment Initiative. – In Canada we signed an initial agreement with the Pekuakamiulnuatsh First Nation to co-create terms of a long-term partnership. – We have reset our relationship with the Government of Mongolia for Oyu Tolgoi. – We enhanced our internal human rights expertise and updated our Human Rights Policy to reflect emerging trends and expectations. Progress against our four objectives in 2022

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Annual Report on Form 20-F 2022 \| riotinto.com16 Our people and culture Our values guide how we work together and how we treat each other, the communities we operate in, and our environment. We act with care, courage and curiosity, empowering our people to build meaningful relationships and find better ways to provide the materials the world needs. To help embed our values throughout the business, we updated our Code of Conduct in early 2023. Care We act with care by prioritising the physical and emotional safety and wellbeing of those around us. We respect others, build trusting relationships and consider the impact of our actions. We look for ways to contribute to a better future for our people, communities and the planet. Courage We act with courage by showing integrity, speaking up when something is not right and taking decisive action when needed. We are not afraid to try new things. We respond positively in difficult situations and demonstrate commitment to achieving shared goals. Curiosity We act with curiosity by inviting diverse ideas and collaborating to achieve more together than can be done alone. We are continuously learning and creatively looking for better and safer ways of doing things. We draw inspiration from others and the world around us. We are finding better ways to support and empower our people, which means creating an environment where everyone feels comfortable being themselves, has the courage to speak up if something is not right and listens to each other with care and curiosity. Oyu Tolgoi copper-gold mine, Mongolia. Guided by our values, we are committed to building a safe, respectful and inclusive workplace. There are elements of our culture today that we are proud of and want to amplify, such as our commitment to safety, teamwork and agility in times of change. But we know there is more to do in some areas, and we recognise that how we achieve is just as important as what we achieve. In February 2022, we reported the findings and recommendations from the Everyday Respect Report, an independent review of our workplace culture that we commissioned to better understand, prevent and respond to harmful behaviours across our global operations. We know from the findings that we can do better as a company. We aspire to be a home for curious people who care about their work and colleagues and are courageous about finding better ways to do things. This starts with ensuring everyone feels safe, respected and included. Implementing the 26 recommendations from the report is one way we are evolving our culture, this was a primary focus for 2022 and it will continue in 2023. We have accelerated some immediate actions: – Building capable leaders. We have trained 91% of our leaders in the foundations of building psychological safety and moving from bystander to upstander, exceeding our target of 80% by the end of 2022. – Creating safe and inclusive facilities. All sites have completed a self-assessment of their facilities, and unsafe areas such as locks, lighting and access to amenities have been updated. This work is ongoing and done in collaboration with our employees to make our facilities safe and more inclusive. – Providing a more people-centric response. We expanded the scope of work for the Business Conduct Office (BCO) and developed a discrete unit that will be responsible for delivering safe, confidential and caring support. For more information about the BCO and our confidential reporting programme myVoice, see page 74. We want to play our part in eliminating harmful behaviours, and we are also working closely with industry bodies across the globe to implement changes and collectively evolve our industry. To further support our culture journey, in 2022 we also: – Updated our global minimum standard for paid parental leave to suit different family needs. – Continued to increase the number of women in our workforce, from 21.6% to 22.9%. – Developed, empowered and invested in our people through the Safe Production System and the Voyager development programme for senior leaders. – Reviewed our incentives and performance management framework. From 2023, our performance management and incentives for around 24,000 people will be aligned to our strategy and culture journey, focusing on both how and what we deliver. For more information about our people, see pages 59-60. For more information about the Everyday Respect initiative, visit riotinto.com/everydayrespect.

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17Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Our business model Our ability to create value is underpinned by the quality of our assets, the capabilities of our people, our operational and sustainability performance, innovative partnership and disciplined capital allocation. Underpinned by disciplined capital allocation Our business is underpinned by a disciplined approach to capital allocation; we strive to use every dollar prudently. Today, our balance sheet is a key strength, providing a resilient platform for strong and consistent shareholder returns, as well as enabling us to invest throughout the commodity cycle. 1 Explore and evaluate 2 Develop and innovate 3 Mine and process 4 Market and deliver 5 Repurpose and renew We use some of the most advanced exploration technologies in the world to find potential sources of minerals and metals. We consider new commodities and products with an understanding of customers' and communities' needs. We are also mindful of our potential future social and environmental impact as well as the diversity and balance of our portfolio. With the low-carbon transition at the heart of our strategy, we will continue to focus our exploration efforts on commodities essential for the energy transition. We also evaluate emerging opportunities in the circular economy and green energy production. We aim to grow our business while finding better ways to provide the materials the world needs. As we develop new mining and processing options, we are also investing in research and development projects to help improve our productivity, reduce capital intensity, unlock new revenue opportunities and improve our environmental and social performance. Reaching our net zero ambition will rely on new technologies, and we work with a range of value chain participants to accelerate the development of greener production pathways. We develop opportunities with a focus on safety, potential returns and long-term value, and sustainability. We partner with a growing network of stakeholders – governments, communities, customers and suppliers – to expand our understanding, capabilities and, ultimately, our ability to develop and operate new projects. We share best practices across our assets to support safe, productive and environmentally responsible operational performances. Our operations benefit local economies by contributing training and skills development, jobs, taxes and royalties, contracts with local businesses, and social and community investment. We also support the economic diversification of regions where we are based, in alignment with national and regional development plans, playing our role in ensuring our host communities can thrive long after our operations close. Our ambition is for our operations to reach net zero carbon emissions by 2050. By understanding and respecting our business partners, employees, communities and the environment, we can create sustainable value for all our stakeholders. We align our products with market and customer needs. Our minerals and metals are essential as enablers of the energy transition and are used in a vast array of everyday products – from electric vehicles to smartphones to skyscrapers. The transition to net zero will create additional demand for materials such as copper, lithium, aluminium and high-quality iron ore. We will support growth in these commodities while developing new technologies and products that help our customers decarbonise. Our network of rail, ports and ships enables us to control end-to-end logistics to deliver our products safely, efficiently and reliably. We aim to design and run our assets in a way that creates a positive legacy once our mining or processing activity concludes. We engage stakeholders of our sites nearing closure – including Indigenous peoples, government, employees and host communities – and actively involve them in the planning. Each of our sites has rehabilitation plans that we review every year. Planning and operating with the future in mind is integral to running a safe, responsible and profitable business.

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Annual Report on Form 20-F 2022 \| riotinto.com18 Our stakeholders Partnerships and collaboration are essential to the long-term success of our business. They give us a competitive edge and allow us to work more thoughtfully and responsibly, benefiting from the expertise and insight of others. By engaging with our stakeholders and listening to their views, we can make a more meaningful contribution to society while becoming a more valuable company for our shareholders. Section 172(1) statement This stakeholder section, together with our stakeholder pages in the Governance section (pages 95-98), explains how the Board takes account of stakeholder interests. These comprise our "Section 172(1) statement". Workforce Our people are key to our success. We are focusing on creating a safe, respectful and inclusive workplace where our people feel empowered and engaged. Guided by our values, we are evolving our culture: we are implementing the recommendations from the Everyday Respect Report, rolling out the Safe Production System, enhancing our safety maturity model, empowering our people, training our leaders and listening to employee feedback through our employee survey. In our most recent survey conducted in October 2022, our employee satisfaction score (eSAT) increased by two points (71 to 73). We are making good progress, but we know there is more to do. Communities Communities are the places and the people who make up where we live, work and call home – from the Gobi Desert in Mongolia, to KwaZulu-Natal, South Africa, and Saguenay–Lac-Saint-Jean, Quebec, Canada. We continue to strive to engage consistently and honestly with communities on a range of issues, such as jobs and local procurement, as well as the impact of our operations on the local environment. Over the past few years, we have focused on our own standards of open and transparent engagement. For example, we are moving to a model of co-management of Country in our Pilbara iron ore business, and we are updating our agreements with Indigenous peoples. Governments Governments – national, state and provincial, and local – are important stakeholders for our business. They regulate our operations, are among our commercial partners, and receive revenue from our taxes and royalties. Our economic contribution can be significant for national budgets and local development priorities, such as job creation and skills training. It is important that we engage with officials on issues such as how we explore, mine and process ore; conditions of land tenure; health, safety and environment; taxation; intellectual property; competition and foreign investment; data privacy; conditions of trade and export; and infrastructure access. For more information see page 97. $75bn Paid in taxes and royalties globally over the past ten years $6.9bn Corporate tax paid in 2022 (2021: $8.5bn)2 $6.1bn Corporate tax paid in Australia in 2022 (2021: $7.7bn) 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 2022. 2. When combined with royalties and other taxes, and with our share of taxes and royalties paid by equity accounted units, this resulted in payments to governments of around $10.5 billion (2021: over $13 billion), including over $8 billion paid in Australia (2021: over $11 billion). 28 Organisations participated in our 2022 CSO roundtable discussions in person 3 Roundtables held in London, Sydney and Montreal in 2022. Topics discussed included climate change, biodiversity, recycling, water management, human rights, cultural heritage, communities and transparency Civil society organisations We can only help to address the world's many complex environmental, social and governance challenges, such as climate change, human rights violations, bribery and corruption, through collaboration with civil society organisations (CSOs) and other stakeholders. Our senior leaders regularly engage with CSOs, and although our opinions may differ from time to time, we respect their views and value the challenges they set for us to improve performance across our business. We hold yearly roundtable discussions with CSOs in Australia, Europe and North America. In 2022, one of the key topics of discussion was our role in the world's transition to a low-carbon future. For more information see page 96. $62.6m Voluntary social investment in 2022 (2021: $72.1m) 52, 0001 Employees across six continents (2021: 47,000) 73 Employee satisfaction score (eSAT) (2021: 71) For more information see page 95. For more information see page 96.

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19Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Investors Our investors include pension funds, global fund managers, bondholders, and tens of thousands of individuals around the world, including approximately 30,000 Rio Tinto employees. It is important that we understand our investors' needs and their vision for the company. We therefore communicate and engage extensively with them throughout the year, both in person and through virtual forums across multiple jurisdictions. In addition to our annual general meetings in the UK and Australia, we also held two investor seminars in 2022, one in London and one in Sydney, where our Executive Committee launched our new purpose externally and provided an update on our progress against our strategy. Customers Our customers' needs are central to our operational decision making. Using the insights generated from everything we buy, sell and move around the world, our Commercial team works closely with customers to ensure that we deliver products that meet their specific requirements. Every year, we ask our customers for their feedback via a survey and the insights help us deliver new and better products and services. Where possible, we partner to co-develop solutions that support our environmental, social and governance commitments. For example, in 2022, we signed a separate memorandum of understanding with both Volvo Group and Ford Motor Company to supply low-carbon materials for a range of their products. 1. Shareholders, primarily through myShare, our global employee share plan. Suppliers Engaging with suppliers is an important way in which we can have a positive impact on communities. We partner with, and help develop, local businesses where we operate, so they can share in our success. Having good relationships with our suppliers also helps us take part in technological and market developments, and we continually strive to improve our supplier experiences. As with our customers, we ask our suppliers to share their feedback in a yearly survey to better understand how we can develop our collaboration. We work closely with our suppliers to create innovative partnerships, such as our partnership with Scania where we are trialling agile autonomous haul trucks. $8.0bn Total dividends declared to shareholders (2021: $16.8bn) 2,000 Customers across multiple industries and countries $22.5bn Spent with suppliers globally in 2022 (2021: $19.8bn) 30,000 Rio Tinto employees own shares in the company1 (2021: 25,000) $55.6bn Consolidated sales revenue in 2022 (2021: $63.5bn) 549Mt CO2e Scope 3 emissions from the processing of our products (2021: 523Mt CO2e) 40% Increase in spend with Indigenous suppliers in Australia from 2021 to 2022 to A$565 million (2021: by 40% from 2020 to 2021 to A$400 million) 26Mt CO2e Scope 3 emissions from all procurement (2021: 26Mt CO2e) For more information see page 98. For more information see page 98. For more information see page 97. A change of approach We have worked with the Yinhawangka people to co-develop a social cultural heritage management plan as part of our proposed development of the Western Range iron ore mine in the Pilbara, Western Australia. The plan includes clearly defined roles and responsibilities regarding life of mine planning, heritage site protection, water management, land access, cultural awareness training and ongoing monitoring of the area. See an interview with Clint, Traditional Owner Engagement Lead in our Iron Ore business, where he shares how the Western Range engagement process differed to our past approach. Learn more about how we work with communities on our website.

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Annual Report on Form 20-F 2022 \| riotinto.com20 2018 0.44 2020 2019 0.42 2021 0.40 2022 0.40 0.37 Key performance indicators We use a range of financial and non-financial metrics to measure Group performance against our four objectives: to be best operator; to achieve impeccable environmental, social and governance (ESG) credentials; to excel in development; and to strengthen our social licence. Alignment to our four objectives All-injury frequency rate (AIFR) per 200,000 hours worked Definition We define AIFR as the number of injuries per 200,000 hours worked by employees and contractors at the operations that we manage. It includes medical treatment cases, restricted workday and lost-day injuries. Relevance to strategy The safety and wellbeing of our employees and contractors is our number one priority and essential to everything we do. We are committed to having a safe work environment and our focus is on maintaining zero fatalities, preventing catastrophic events and reducing injuries. We continue to implement our safety maturity model (SMM) which, as our blueprint for safety, describes the systems and behaviours we apply to create a strong safety culture. In 2023, we will begin planning for the integration of our SMM with our Safe Production System. This is our new, people-centric approach to engage our workforce and develop and share best practice solutions across our assets. We continue to share learnings and strengthen our partnerships with industry and associated committees (eg the International Council on Mining and Metals), contracting partners and local communities to improve health, safety and wellbeing outcomes. Link to executive remuneration AIFR and SMM are included as performance metrics in the safety component of the short-term incentive plan (see pages 121-122). Our performance in 2022 We had a fourth year in a row of zero fatalities. Our AIFR has remained stable at 0.40 compared to 2021. Forward plan We will renew focus on our critical risk management programme. We will also work on embedding enhancements to the SMM. We will increase our focus on managing psychosocial hazards, and continue to innovate to reduce exposure to safety and health risks. We will continue to implement our major hazard standards, including process safety, underground safety and tailings, and apply strong assurance processes. Alignment to our four objectives and associated risks – Best operator – Impeccable ESG credentials For more information see page 79. Social licence Earn trust by building meaningful relationships and partnerships Excel in development Deliver organic and inorganic growth, on time, on budget Impeccable ESG credentials Strengthen track record and transparency Best operator Expand capability and leadership

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21Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 2018 Underlying earnings 2019 Underlying earnings 2020 Underlying earnings 2021 Underlying earnings 2022 Underlying earnings Underlying EBITDA Underlying EBITDA Underlying EBITDA Underlying EBITDA Underlying EBITDA 8,808 10,373 12,448 21,380 13,275 26,272 37,720 23,902 21,197 18,136 2018 33.4% 2020 2019 49.6% 2021 263.3% 2022 134.3% 110.1% Total shareholder return (TSR)1 measured over the preceding five years (using annual average share price) Definition TSR is a combination of share price appreciation (using annual average share price) and dividends paid and reinvested to show the total return to the shareholder over the preceding five years. Relevance to strategy Our strategy aims to maximise shareholder returns through the commodity cycle, and TSR is a direct measure of that. Link to executive remuneration TSR is reflected in the long-term incentive plan, measured equally against the EMIX Global Mining Index and the MSCI World Index (see pages 124-125). 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 five years. This is consistent with the methodology used for calculating the vesting outcomes for Performance Share Awards (PSA). The data presented in this chart accounts for the dual corporate structure of Rio Tinto. Our performance in 2022 TSR performance over the five-year period was driven principally by movements in commodity prices and changes in the global macro environment. Rio Tinto significantly outperformed both the EMIX Global Mining Index and the MSCI World Index over the five-year period. Forward plan We will continue to focus on generating free cash flow from our operations. This allows us to return cash to shareholders (short-term returns) while investing in the business (long-term returns). Alignment to our four objectives and associated risks – Best operator – Impeccable ESG credentials – Excel in development – Social licence For more information see page 79. Underlying earnings and underlying EBITDA $ millions Definition Underlying earnings and underlying EBITDA are non-IFRS measures. 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. For more information on these exclusions and a reconciliation to the nearest IFRS measures refer to Alternative Performance Measures (pages 273-278). Underlying EBITDA is a segmental performance measure and represents profit before tax, net finance items, depreciation and amortisation. Exclusions from underlying EBITDA and a reconciliation to the nearest IFRS measures can be found in note 1. Relevance to strategy These financial KPIs measure how well we are managing costs, increasing productivity and generating the most revenue from each of our assets. Link to executive remuneration Underlying earnings are reflected in the short-term incentive plan. In the longer term, both measures influence TSR, which is the primary measure for the long-term incentive plan (see pages 124-125). Our performance in 2022 Underlying earnings of $13.3 billion were $8.1 billion lower than in 2021. Underlying EBITDA of $26.3 billion was $11.4 billion lower than in 2021. The 30% decrease in underlying EBITDA resulted from lower iron ore prices, higher energy and raw material costs, partially offset by movements in sales volumes. Forward plan We will continue to drive attractive margins and returns throughout the cycle through a focus on best operating performance and a disciplined focus on cash costs. Alignment to our four objectives and associated risks – Best operator For more information see page 79.

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Annual Report on Form 20-F 2022 \| riotinto.com22 Key performance indicators continued 2018 11,821 2020 2019 14,912 2021 25,345 2022 16,134 15,875 2018 19% 2020 2019 24% 2021 44% 2022 25% 27% Our performance in 2022 Net cash generated from operating activities of $16.1 billion was 36% lower than 2021. This was primarily due to lower iron ore prices, higher energy and raw material costs partially offset by lower taxes paid. Forward plan We will focus on effectively delivering strong and resilient cash flows from our quality portfolio of assets throughout the cycle. Net cash generated from operating activities $ millions Definition This KPI 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. Relevance to strategy This KPI measures our ability to convert underlying earnings into cash. Link to executive remuneration Net cash generated from operating activities is included in the short-term incentive plan. In the longer term, the measure influences TSR, which is included in the long-term incentive plan (see pages 124-125). Alignment to our four objectives and associated risks – Best operator For more information see page 79. Underlying return on capital employed (ROCE) % Definition Underlying ROCE is a non-IFRS measure defined as underlying earnings excluding net interest divided by average capital employed (operating assets). For more information and a reconciliation of underlying ROCE to the nearest comparable IFRS measure, see Alternative Performance Measures (pages 273-278). Relevance to strategy Our portfolio of low-cost, long-life assets delivers attractive returns throughout the cycle and has been reshaped significantly in recent years. Underlying ROCE measures how efficiently we generate profits from investment in our portfolio of assets. Link to executive remuneration Underlying earnings, as a component of underlying ROCE, is included in the short-term incentive plan. In the longer term, underlying ROCE also influences TSR, which is included in the long-term incentive plan (see pages 124-125). Our performance in 2022 Underlying ROCE decreased 19 percentage points to 25% in 2022, reflecting the decrease in underlying earnings driven by lower iron ore prices, and an increase in capital employed due to capital expenditure and acquisitions. Forward plan We will continue to focus on maximising returns from our assets over the short, medium and long term. We will invest in value-accretive growth options for materials that will be privileged in a decarbonising world. Alignment to our four objectives and associated risks – Best operator – Excel in development For more information see page 79.

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23Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 2018 6,977 2020 2019 9,158 2021 17,664 2022 9,010 9,407 2018 2020 2019 2021 2022 255 (3,651) 1,576 (4,188) (664) Free cash flow $ millions Definition Free cash flow is a non-IFRS measure defined as net cash generated from operating activities minus purchases of property, plant and equipment, intangibles, and payments of lease principal, plus proceeds from the sale of property, plant and equipment, and intangible assets. For more information and a reconciliation of free cash flow to the nearest comparable IFRS measure, see Alternative Performance Measures (pages 273-278). Relevance to strategy This KPI measures the net cash returned by the business after the expenditure of sustaining and growth capital. This cash can be used for shareholder returns, reducing debt and other investment. Link to executive remuneration Free cash flow is included in the short-term incentive plan. In the longer term, the measure influences TSR, which is included in the long-term incentive plan (see pages 124-125). Our performance in 2022 Free cash flow decreased by $8.7 billion to $9 billion in 2022, primarily due to the decrease in net cash generated from operating activities. This was partially offset by a decrease in replacement and development capital expenditure as projects reached completion. Forward plan We will focus on effectively delivering strong and resilient cash flows from our quality portfolio of assets throughout the cycle. Alignment to our four objectives and associated risks – Best operator – Excel in development For more information see page 79. Net (debt)/cash $ millions Definition Net (debt)/cash is a non-IFRS measure defined as total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related to net (debt)/cash (see note 19 of the financial statements). For more information and a reconciliation of net (debt)/cash to the nearest comparable IFRS measure, see Alternative Performance Measures (pages 273-278). Relevance to strategy This KPI measures how we are managing our balance sheet and capital structure. A strong balance sheet is essential for giving us the flexibility to take advantage of opportunities as they arise, and for returning cash to shareholders. Link to executive remuneration Net cash/(debt) is, in part, an outcome of free cash flow, which itself is reflected in the short-term incentive plan. In the longer term, net cash/(debt) influences TSR, which is reflected in the long-term incentive plan (see pages 124-125). Alignment to our four objectives and associated risks – Best operator – Excel in development For more information see page 79. Our performance in 2022 Net cash reduced by $5.8 billion in 2022, resulting in a net debt position of $4.2 billion. This reflected $11.7 billion returned to shareholders in the year, $3.0 billion1 acquisition of the remaining non-controlling interest of TRQ and $0.8 billion acquisition of the Rincon Lithium Project, partially offset by $9.0 billion of free cash flow and the $0.5 billion received from the sale of the Cortez royalty. Forward plan We will focus on effectively delivering strong and resilient cash flows from our quality portfolio of assets throughout the cycle. 1. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs. In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings.

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Annual Report on Form 20-F 2022 \| riotinto.com24 Key performance indicators continued 2018 17.7% 20202 2019 18.4% 20202 20.1% 2021 2022 21.6% 22.9% 19.0% 2019 31.4 2021 2020 31.7 2022 30.3 31.0 20181 32.5 Scope 1 and 2 greenhouse gas emissions (equity Mt CO2e) Definition We measure our Scope 1 and 2 greenhouse gas emissions on an equity basis. 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. Relevance to strategy Climate risks and opportunities have formed part of our strategic thinking and investment decisions for over two decades. The low-carbon transition is at the heart of our business strategy. We focus on growth in the materials that enable the transition, decarbonising our operations and partnering with our customers to decarbonise our value chains. Link to executive remuneration Climate change is included in our ESG metrics for executive remuneration with a weighting of 5% of the short-term incentive plan (see pages 121-122). In 2022, we approved or delivered abatement projects towards our 2025 target that would contribute 0.29Mt CO2 of abatement compared to an abatement target of 0.8Mt that year. Our performance in 2022 In 2022, our Scope 1 and 2 emissions were 30.3Mt CO2e, 7% below our 2018 baseline. This reduction is primarily the result of switching to renewable power at Kennecott and Escondida in prior years, as well as lower than planned production from our Kitimat and Boyne aluminium smelters in 2022. We did not advance the actual implementation of our abatement projects as fast as we would have liked last year. Challenges have included late delivery of equipment, resourcing constraints impacting study progress, construction and commissioning delays, and project readiness. Forward plan We announced ambitious climate targets in 2021 and aim to reduce emissions from our operations by 15% by 2025 and by 50% by 2030. We are committed to reaching net zero emissions by 2050. In 2022, we established six abatement programmes, with dedicated people, to focus on the decarbonisation challenges that cut across our product groups: repowering our Pacific Aluminium Operations, renewables, ELYSISTM, alumina process heat, minerals processing and diesel transition. We are building capability and gaining a deeper understanding of our decarbonisation challenge and are better placed to deliver the structural change needed to achieve our 2030 target. Our progress and plans to meet these targets are summarised in the Climate Action Plan in our 2022 Climate Change Report, which can be found at riotinto.com/climatereport. 1. The 2018 figure is the baseline for our 2025 and 2030 targets and is adjusted to include emissions from acquisitions and exclude emissions from divestments. Actual emissions in 2018 were 33.7 MtCO2e. 2. Baseline reset with definition for 2020 to 2021 gender diversity. 3. In 2020, we updated our definition of our total workforce to include those employees who were unavailable for work (eg on parental leave) and temporary contractors. Note: less than 1% of the workforce gender is undeclared. 4. 1.37 percentage points rounded to 1.4 percentage points. Alignment to our four objectives and associated risks – Best operator – Impeccable ESG credentials – Excel in development – Social licence For more information see page 79. Gender diversity representation of women within our workforce Definition Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures)3. Relevance to strategy Inclusion and diversity are imperative for the sustainable success of the business. Our sustained performance and growth rely on having workforce diversity that is representative of the communities in which we operate and having a workplace where people are valued for who they are and encouraged to contribute to their full potential. Link to executive remuneration In 2022, our target was to increase the proportion of women in our workforce by 2 percentage points. This target is included in our ESG metrics for executive remuneration, with a weighting of 5% of the short-term incentive plan. For more information, see pages 121-122. Our performance in 2022 In 2022, we increased our representation of women at Rio Tinto by 1.4 percentage points4 from 21.6% to 22.9%. This falls short of our 2 percentage points target. The increases were distributed across all levels of the organisation with senior leaders increasing from 27.4% to 28.3%, and operations and general support increasing by 1.1 percentage points to 16.2%. Forward plan Our aspiration to increase the proportion of women in our workforce by 2 percentage points year-on-year will continue in 2023. The implementation of the Everyday Respect Report recommendations remain our priority and we are confident that this will improve both the attraction and retention of women and other diverse groups to Rio Tinto. For more information about the Everyday Respect initiative, visit riotinto.com/everydayrespect. Alignment to our four objectives and associated risks – Best operator – Impeccable ESG credentials – Social licence For more information see page 79.

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Chief Financial Officer's statement "We will continue to invest consistently through the cycle, balancing near-term returns to shareholders with reinvestment for growth and de-risking future cash flows." Solid financial results Our 2022 financial results were solid, set against a context of record prices and results in 2021. While the business remained resilient, cyclical cost inflation accelerated, leading to pressure on margins. We experienced cost increases as a result of COVID-19, the commodity cycle and broad-based market inflation. Our focus has been to remain disciplined, leading to net cash generated from operating activities of $16.1 billion, underlying earnings of $13.3 billion and profit after tax attributable to owners of Rio Tinto of $12.4 billion. We maintained our financial strength, ending the year with net debt of $4.2 billion, compared with a net cash position of $1.6 billion at the end of 2021, with the movement reflecting, in part, our acquisitions of the Turquoise Hill Resources (TRQ) minorities and the Rincon Lithium Project in Argentina. This balance sheet strength enables us to run our business consistently and maintain investment, regardless of where we are in the cycle. We do not have a net debt target, but have a principles-based approach to anchor the balance sheet around a single A credit rating. Disciplined investing for growth and decarbonisation We will continue to invest consistently through the cycle, balancing near-term returns to shareholders with reinvestment for growth and de-risking future cash flows. Essential capital 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. In 2022, we made some significant investments in growth with the $0.8 billion acquisition of Rincon and the $3.1 billion purchase of non-controlling interests in TRQ, giving us a 66% shareholding in the Oyu Tolgoi copper-gold mine, our largest growth project. Our exploration and evaluation spend also gathered momentum at $0.9 billion, with greenfield exploration mainly focused on copper and evaluation prioritised on those projects where we expect near-term investment decisions. Capital expenditure decreased by 9% to $6.8 billion, reflecting a stronger US dollar and the successful commissioning of our Pilbara iron ore replacement projects in Western Australia. We expect a disciplined increase in capital expenditure over the coming years as our growth projects accelerate and decarbonisation projects advance. This is critical to ensure we have the right portfolio to keep creating value for decades to come, to benefit from the energy transition. 60% average payout on the ordinary dividend over the past seven years Our shareholder returns policy dates back to 2016. We have committed to returning 40% to 60% of underlying earnings on average through the cycle, with additional returns in periods of strong earnings and cash generation. Over the past seven years, we have paid out at the top end of the range, at 60% for the ordinary dividend, in each year. We have remained very consistent with our shareholder returns policy, with the payout ratio giving us some flexibility with regard to the macro-economic environment. It remains a core part of our equity story, which we see as paramount for maintaining discipline. Our financial strength means that we can reinvest for growth, accelerate our decarbonisation and continue to pay attractive dividends through the cycle. For 2022, we are returning 60% of underlying earnings to shareholders, which equates to a full-year ordinary dividend of 492 US cents per share, or $8.0 billion. Energy transition drives additional long-term value We foresee a significant uplift in new demand from the energy transition – adding as much as 25% over and above traditional sources of demand on a copper equivalent basis across our key products by 2035. Decarbonisation is therefore positive for our industry. Given that the world will need more aluminium, more copper, more high-grade iron ore and more lithium, this is where we are focusing our growth investments. Net cash generated from operating activities $16.1 billion (2021: $25.3 billion) Profit after tax attributable to owners of Rio Tinto (net earnings) $12.4 billion (2021: $21.1 billion) Underlying earnings $13.3 billion (2021: $21.4 billion) However, we will only invest in quality assets which give robust returns under a range of economic, geopolitical and carbon scenarios, creating a resilient portfolio with significant upside to the energy transition. We will continue to allocate our capital with great discipline and remain committed to attractive shareholder returns, underpinned by our resilient cash flows and the strength of our balance sheet. Peter Cunningham Chief Financial Officer 22 February 2023 Annual Report 2022 \| riotinto.com 2525Annual Report on Form 20-F 2022 \| riotinto.com Strategic report

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Financial review Key financial highlights In addition to IFRS 1 measures, management uses non-GAAP 2 measures internally to assess performance. Full reconciliations are provided on page 163 and pages 273 to 278. These measures are highlighted with the symbol • At year end 2022 2021 Change Net cash generated from operating activities (US$ millions) 16,134 25,345 (36) % Purchases of property, plant and equipment and intangible assets (US$ millions) 6,750 7,384 (9) % Free cash flow 3 (US$ millions) • 9,010 17,664 (49) % Consolidated sales revenue (US$ millions) 55,554 63,495 (13) % Underlying EBITDA 3 (US$ millions) • 26,272 37,720 (30) % Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions) 12,420 21,094 (41) % Underlying earnings per share (EPS) 3 (US cents) • 819.6 1,321.1 (38) % Ordinary dividend per share (US cents) 492.0 793.0 (38) % Special dividend per share (US cents) — 247.0 (100) % Total dividend per share (US cents) 492.0 1,040.0 (53) % Net (debt)/cash 3 (US$ millions) • (4,188) 1,576 Underlying return on capital employed (ROCE) 3 • 25% 44% Solid financial results in 2022, set against a context of record prices in 2021 – $16.1 billion net cash generated from operating activities, 36% lower than 2021. This included items of a non-recurring nature which were not representative of the underlying strength of the performance of the business, which, in aggregate, reduced operating cash flow by around $2 billion. Free cash flow 3 of $9.0 billion included capital expenditure of $6.8 billion, which decreased 9% as we commissioned our current programme of Pilbara replacement projects, notably Gudai-Darri. – $12.4 billion of net earnings, 41% lower than 2021, reflected the movement in commodity prices, the impact of higher energy and raw materials prices on our operations, and higher rates of inflation on our operating costs and closure liabilities. Effective tax rate on net earnings of 30.9% compared with 27.7% in 2021, with the increase being primarily due to the $0.8 billion write down of deferred tax assets in the US. – $26.3 billion underlying EBITDA 3 was 30% below 2021, with an underlying EBITDA margin 3 of 45%. – $13.3 billion underlying earnings 3 (underlying EPS 3 of 819.6 US cents) were 38% below 2021. – $4.2 billion of net debt 3 at year end, compared with net cash 3 of $1.6 billion at the start of the year, primarily reflected the free cash flow 3 of $9.0 billion, offset by $11.7 billion of cash returns to shareholders and $3.8 billion for the acquisitions of Turquoise Hill Resources (TRQ) 4 and Rincon Lithium Project. – $8.0 billion full-year dividend, equivalent to 492 US cents per share. This represents 60% of underlying earnings, in line with our shareholder returns policy. Resilient cash flow from operations Year ended 31 December 2022 Year ended 31 December 2021 US$m US$m Net cash generated from operating activities 16,134 25,345 Purchases of property, plant and equipment and intangible assets (6,750) (7,384) Sales of property, plant and equipment — 61 Lease principal payments (374) (358) Free cash flow 3 9,010 17,664 Disposals 80 4 Cash receipt from sale of Cortez royalty 525 — Dividends paid to equity shareholders (11,727) (15,357) Acquisitions relating to Rincon and McEwen Copper (850) — Purchase of the minority interest in Turquoise Hill Resources Ltd 4 (2,961) — Other 159 (71) (Decrease)/Increase in net (debt)/cash 3 (5,764) 2,240 1. International Financial Reporting Standards 2. Generally Accepted Accounting Principles 3. This financial performance indicator is a non-IFRS (as defined below) alternative performance measure (APM). 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. APMs are reconciled to directly comparable IFRS financial measures on pages 273 to 278. Our financial results are prepared in accordance with IFRS — see page 148 for further information. 4. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs. In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings. 26 Annual Report 2022 \| riotinto.comAnnual Report on Form 20-F 2022 \| riotinto.com26

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– $16.1 billion in net cash generated from operating activities, 36% lower than 2021, was primarily driven by price movements for our major commodities and a $0.5 billion rise in working capital, primarily due to elevated prices for raw materials in aluminium inventory. We also incurred some items of a non-recurring nature which were not representative of the underlying strength of the performance of the business. These comprised; higher tax payments (relative to profit) in 2022 as a result of a $1.1 billion (A$1.5 billion) final payment to the Australian Taxation Office (ATO) in respect of 2021 profits; $0.4 billion (A$0.6 billion) settlement with the ATO in respect of 12 historical years; and $0.4 billion of cash losses from currency hedges on our external dividends. At the end of 2022, we had no material outstanding tax payable on Australian profits. – We made some significant investments in growth with the $0.8 billion acquisition of Rincon and the $3.0 billion 2 purchase of non- controlling interests in TRQ (including transaction costs), giving us a 66% shareholding in the Oyu Tolgoi copper-gold mine, our largest growth project. Our capital expenditure of $6.8 billion encompassed $0.6 billion of growth capital, $2.2 billion of replacement capital, $3.9 billion of sustaining capital and $0.1 billion of decarbonisation spend. We funded our capital expenditure from operating activities and expect to continue funding our capital programme from internal sources, except for the Oyu Tolgoi underground development, which is project-financed. – $11.7 billion of dividends paid in 2022, being the 2021 final ordinary and special dividends paid in April 2022 ($7.6 billion) and the 2022 interim ordinary dividend paid in September ($4.1 billion), including foreign exchange impacts. – The above movements, together with disposals including the $525 million of cash received from the sale of the gross production royalty at the Cortez Complex in Nevada, USA (Cortez royalty), resulted in net cash 1 decreasing by $5.8 billion in 2022, and gave rise to net debt 1 of $4.2 billion at 31 December 2022. Underlying EBITDA and underlying earnings by product group Underlying EBITDA Underlying earnings 2022 2021 Change 2022 2021 Change Year ended 31 December US$m US$m % US$m US$m % Iron Ore 18,612 27,592 (33) % 11,182 17,323 (35) % Aluminium 3,672 4,382 (16) % 1,472 2,468 (40) % Copper 2,376 3,969 (40) % 521 1,579 (67) % Minerals 2,419 2,603 (7) % 849 888 (4) % Reportable segment total 27,079 38,546 (30) % 14,024 22,258 (37) % Other operations (16) (28) (43) % (340) (84) 305 % Inter-segment transactions 24 42 (43) % 26 19 37 % Central pension costs, share-based payments, insurance and derivatives 377 110 243 % 374 133 181 % Restructuring, project and one-off costs (173) (80) 116 % (87) (51) 71 % Other central costs (766) (613) 25 % (651) (585) 11 % Central exploration and evaluation (253) (257) (2) % (209) (215) (3) % Net interest 138 (95) (245) % Total 26,272 37,720 (30) % 13,275 21,380 (38) % Underlying EBITDA and underlying earnings are APMs used by management to assess the performance of the business, and provide additional information which investors may find useful. APMs are reconciled to directly comparable IFRS financial measures on pages 273 to 278. Continuing to invest in greenfield exploration We have a strong portfolio of greenfield exploration projects in early exploration and studies stages, with activity in 18 countries across seven commodities. This is reflected in our pre-tax central spend of $253 million in 2022. The bulk of this exploration expenditure was focused on copper projects in Australia, Colombia, Namibia, Peru, the United States and Zambia; diamonds in Angola; and heavy mineral sands projects in Australia and South Africa. Exploration is ongoing for nickel in Canada and Finland and in lithium across all regions, with opportunities emerging in the United States and Africa. Mine- lease exploration continued at Rio Tinto managed businesses, including Pilbara Iron in Australia, Diavik in Canada and Cape York bauxite operations in Australia. Commentary on financial results To provide additional insight into the performance of our business, we report underlying EBITDA and underlying earnings. The principal factors explaining the movements in underlying EBITDA are set out in this table. US$m 2021 underlying EBITDA 37,720 Prices (8,101) Exchange rates 801 Volumes and mix 606 General inflation (1,478) Energy (1,169) Operating cash unit costs (2,202) Higher exploration and evaluation expenditure (171) Non-cash costs/other 266 2022 underlying EBITDA 26,272 1. This financial performance indicator is a non-IFRS (as defined below) alternative performance measure (APM). 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. APMs are reconciled to directly comparable IFRS financial measures on pages 273 to 278. Our financial results are prepared in accordance with IFRS — see page 148 for further information. 2. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs. In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings. Annual Report 2022 \| riotinto.com 2727Annual Report on Form 20-F 2022 \| riotinto.com Strategic report

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Solid financial results impacted by significant movements in commodity prices We saw significant movement in pricing for our commodities, amidst growing recession fears and a decline in consumer confidence. Movements in commodity prices resulted in a $8,101 million decline in underlying EBITDA overall compared with 2021. This was primarily from lower iron ore prices ($9,155 million) and lower London Metal Exchange (LME) copper prices and a negative provisional pricing impact ($733 million). This was partly offset by a price uplift for our Aluminium business ($886 million), driven by a first-half rise in LME prices, improved product premiums and higher alumina pricing, which fell away sharply in the second half. We have included a table of prices and exchange rates on page 344. The monthly average Platts index for 62% iron fines converted to a Free on Board (FOB) basis was 25% lower on average compared with 2021. The average LME price for copper was 6% lower, while the average LME aluminium price was 9% higher, compared with 2021. The gold price was flat compared with 2021. The midwest premium duty paid for aluminium in the US averaged $655 per tonne, 12% higher than in 2021. Weaker local currencies during 2022 Compared with 2021, on average, the US dollar strengthened by 8% against the Australian dollar and by 4% against the Canadian dollar. Currency movements increased underlying EBITDA by $801 million relative to 2021. Improvement in sales volumes and mix Higher sales volumes and changes in product mix across the portfolio increased underlying EBITDA by $606 million compared to 2021. This was mostly attributable to increased iron ore sales from the ramp-up of Gudai-Darri along with higher portside sales in China, and favourable value-added product premiums for our Aluminium business. Impact of rising inflation and significantly higher energy prices Average movements in energy prices compared with 2021 reduced underlying EBITDA by $1,169 million, mainly due to higher diesel prices for our trucks, trains and ships. In addition, rising general price inflation across our global operations resulted in a $1,478 million reduction in underlying EBITDA, including $0.2 billion for the impact of higher than expected inflation on closure provisions (for closed or fully impaired sites and environmental liabilities). Disciplined focus on costs offset some of the market- linked increases We remained focused on cost control throughout the year, in particular maintaining discipline on fixed costs. However, a rise in our operating cash unit costs reduced underlying EBITDA by $2,202 million (on a unit cost basis) compared with 2021. This mainly reflected cyclical cost pressures from higher market-linked prices for raw materials, in particular in our Aluminium business. We also experienced fixed cost inefficiencies from lower volumes at our Pacific alumina refineries and at the Boyne aluminium smelter due to production disruptions. In addition, we increased resourcing in our iron ore business to support the ramp-up at Gudai-Darri and targeted investment in pit health and asset maintenance across the Pilbara. Increasing our global exploration and evaluation activity We increased our exploration and evaluation expenditure by $171 million, or 24%, to $897 million. This was mainly attributable to increased activity at the Simandou iron ore project in Guinea and the Rincon Lithium Project in Argentina. Non-cash costs/other Movements in non-cash costs, one-off and other items increased underlying EBITDA by $266 million compared with 2021. This mainly reflected the acquisition of the remaining 40% of Diavik in November 2021 (+$163 million), lower incremental COVID-19 costs (+$123 million), gain on asset sale at Kennecott (+$133 million) and lower charges to the income statement on updates to closure cost estimates relating to closed and legacy sites (+$166 million). This was partially offset by reduced capacity at the Kitimat aluminium smelter (-$329 million) as ramp-up activities progressed in 2022 following the strike which commenced in July 2021. Net earnings The principal factors explaining the movements in underlying earnings and net earnings are set out below. US$m 2021 net earnings 21,094 Total changes in underlying EBITDA (11,448) Increase in depreciation and amortisation (pre-tax) in underlying earnings (319) Increase in interest and finance items (pre-tax) in underlying earnings (1,112) Decrease in tax on underlying earnings 3,949 Decrease in underlying earnings attributable to outside interests 825 Total changes in underlying earnings (8,105) Changes in exclusions from underlying earnings: Write-off of Federal deferred tax assets in the United States (820) Movement in exchange differences and gains/losses on derivatives (683) Gain recognised by Kitimat relating to LNG Canada's project (230) Loss on disposal of interest in subsidiary (105) Movement in impairment charges net of reversals 145 Movement in closure estimates (non-operating and fully impaired sites) 793 Gain on sale of Cortez royalty 331 2022 net earnings 12,420 28 Annual Report 2022 \| riotinto.comAnnual Report on Form 20-F 2022 \| riotinto.com28 Financial review continued

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Depreciation and amortisation, net interest and finance items, tax and non-controlling interests The depreciation and amortisation charge was $319 million higher than 2021, mainly due to an increase in capitalised closure costs in 2021 at a number of our Aluminium sites. Our capital base was also higher in Iron Ore, Copper and Minerals as a result of our investment activities. This was partially offset by a stronger US dollar against the Australian dollar. Interest and finance items (pre-tax) were higher mainly as a result of a $1,101 million increase in amortisation of discount on provisions, as higher inflation had an impact on the Group's closure and restoration/ environmental liabilities. The amortisation charge of $1,517 million (2021: $415 million) incorporates an estimate of inflation at the start of each six-month reporting period. At the end of each half year we update the underlying cash flows for the latest estimate of experienced inflation 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. These income statement amounts are included within underlying earnings except for the re-measurement of provisions for legacy sites that were never operated by Rio Tinto. The 2022 effective corporate income tax rate on pre-tax earnings, excluding equity accounted units, was 30.9%, compared with 27.7% in 2021. The effective tax rate on pre-tax earnings in Australia was 31.7% in 2022, compared with 30.7% in 2021. We reached agreement with the Australian Taxation Office (ATO) on all tax matters in dispute. As part of this agreement, in August we paid the ATO additional tax of A$613 million for the period from 2010 to 2021. Over this 12-year period, we paid nearly A$80 billion in tax and royalties in Australia. Items excluded from underlying earnings The Inflation Reduction Act of 2022 in the United States may give rise to investment credits on some of our existing projects, with longer dated projects potentially becoming more favourable. However, it also includes a new Corporate Alternative Minimum Tax regime, which has led to the Group reviewing the carrying value of US Federal deferred tax balances. The resulting $820 million write down of Federal deferred tax assets has been excluded from underlying earnings on the grounds of materiality. In 2022, we recognised an exchange and derivative loss of $137 million. This includes losses of $373 million on revaluation of certain derivatives which do not qualify for hedge accounting. These include currency hedges relating to our external dividends, and exchange losses of $262 million on US dollar debt in non-US dollar functional currency Group companies, partly offset by $478 million of exchange gains on intragroup balances. These losses compared with a 2021 gain of $546 million, giving rise to an unfavourable year-on-year movement of $683 million. The exchange gains are largely offset by currency translation losses recognised in equity. The quantum of US dollar debt is largely unaffected and we will repay it from US dollar sales receipts. During 2022, LNG Canada elected to terminate their option to purchase additional land at Kitimat, Canada. This resulted in a $106 million gain which includes the release of deferred income and receipt of a cancellation fee payment. During 2021, we recognised a $336 million gain on recognition of a new wharf at Kitimat that was built and paid for by LNG Canada. These gains have been excluded from underlying earnings consistent with prior years, as they are part of a series of material transactions unrelated to the core business. Impairment charges, net of reversals, decreased by $145 million compared with 2021. In 2022, we impaired the remaining full value of the Boyne Smelter in Queensland, Australia, as a result of reduced capacity and the high cost of energy from the coal-fired power station impacting economic performance. In 2022, we also completed the sale of the Roughrider uranium undeveloped project in Saskatchewan, Canada, which resulted in a reversal of previous impairments. There is a detailed explanation of the impairment process on pages 165 to 168. In 2022, we recognised $178 million in closure costs representing adjustments to the closure estimates relating to legacy sites where the disturbance preceded ownership by Rio Tinto, including inflationary increases to provisions for these sites in excess of the unwind of discount. This was $793 million lower than 2021 closure charges, which related to Energy Resources of Australia (ERA), Gove refinery and Diavik closure provision increases, and further increases at a number of the Group's legacy sites where the disturbance preceded our ownership. In 2022, we completed the $525 million sale of a gold royalty which was retained following the disposal of the Cortez mine in 2008. The carrying value of the royalty at 31 December 2021 was $88 million, resulting in a post-tax gain of $331 million. This has been excluded from underlying earnings on the grounds of materiality. Profit 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 2022 was $12.4 billion (2021: $21.1 billion). We recorded a profit after tax in 2022 of $13.1 billion (2021: $22.6 billion) of which a profit of $0.7 billion (2021: $1.5 billion) was attributable to non-controlling interests. Net earnings and underlying earnings The differences between underlying earnings and net earnings are set out in this table (all numbers are after tax and exclude non-controlling interests). Year ended 31 December 2022 Year ended 31 December 2021 US$m US$m Underlying earnings 13,275 21,380 Items excluded from underlying earnings Impairment charges net of reversals (52) (197) Gains recognised by Kitimat relating to LNG Canada's project 106 336 Loss on disposal of interest in subsidiary (105) — Foreign exchange and derivative gains on net debt and intragroup balances and derivatives not qualifying for hedge accounting (137) 546 Change in closure estimates (non-operating and fully impaired sites) (178) (971) Gain on sale of Cortez royalty 331 — Write-off of Federal deferred tax assets in the United States (820) — Net earnings 12,420 21,094 On pages 274 to 275 there is a detailed reconciliation from underlying earnings to net 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 163. Annual Report 2022 \| riotinto.com 2929Annual Report on Form 20-F 2022 \| riotinto.com Strategic report

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Balance sheet Net cash 1 reduced by $5.8 billion in 2022, resulting in a net debt 1 position of $4.2 billion at 31 December 2022. This reflected $11.7 billion returned to shareholders in the year, $3.0 billion 2 acquisition of the remaining non-controlling interest of TRQ and $0.8 billion acquisition of the Rincon Lithium Project, partially offset by $9.0 billion of free cash flow and the $0.5 billion received from the sale of the Cortez royalty. Our net gearing ratio 1 (net debt/ (cash) to total capital) was 7% at 31 December 2022 (31 December 2021: (3)%), see page 278. Our total financing liabilities excluding net debt derivatives at 31 December 2022 (see page 191) were $12.3 billion (31 December 2021: $13.5 billion) and the weighted average maturity was around 11 years. At 31 December 2022, approximately 77% of these liabilities were at floating interest rates (85% excluding leases). The maximum amount within non-current borrowings maturing in any one calendar year is $1.5 billion, which matures in 2024. We had $8.8 billion in cash and cash equivalents plus other short-term cash investments at 31 December 2022 (31 December 2021: $15.2 billion). Provision for closure costs At 31 December 2022, provisions for close-down and restoration costs and environmental clean-up obligations were $15.8 billion (31 December 2021: $14.5 billion). The principal movements during the year were the result of a remeasurement of underlying cash flows, including the effect of inflation. This was recorded as an increase to mining properties for current operating sites ($0.5 billion) and as a charge to profit for legacy sites ($0.5 billion). Also contributing to the increase in the provision was amortisation of discount ($1.5 billion) which includes the effect of higher inflation in the year. These increases were partly offset by utilisation of the provision through spend (-$0.6 billion) and a weaker Australian dollar, Canadian dollar and South African rand against the US dollar (-$0.7 billion). Of the $15.8 billion in provisions, $11.6 billion relates to operating sites and $4.2 billion is for legacy sites. Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by present closure obligation, of around 15 years (2021: 16 years). The provisions are based on risk-adjusted real cash flows using a real- rate discount rate of 1.5% to reflect obligations at the present value of cash flows on 31 December 2022 terms. In 2023, we expect to utilise around $0.8 billion of the provisions as we advance our closure activities at Argyle, ERA, Gove alumina refinery and legacy sites. Our shareholder returns policy The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the intention of maximising long-term shareholder value. At the end of each financial period, the Board determines an appropriate total level of ordinary dividend per share. This takes into account the results for the financial year, the outlook for our major commodities, the Board's view of the long-term growth prospects of the business and the company's objective of maintaining a strong balance sheet. The intention is that the balance between the interim and final dividend be weighted to the final dividend. The Board expects total cash returns to shareholders over the longer term to be in a range of 40% to 60% of underlying earnings in aggregate through the cycle. Acknowledging the cyclical nature of the industry, it is the Board's intention to supplement the ordinary dividend with additional returns to shareholders in periods of strong earnings and cash generation. 60% payout ratio on the ordinary dividend 2022 US$ bn 2021 US$ bn Ordinary dividend Interim 4.3 6.1 Final 3.7 6.7 Full-year ordinary dividend 8.0 12.8 Payout ratio on ordinary dividend 60 % 60 % Additional returns Special dividend announced in July 2021, paid in September 2021 n/a 3.0 Special dividend announced in February 2022, paid in April 2022 n/a 1.0 Total cash returns to shareholders declared\* 8.0 16.8 Combined total as % of underlying earnings 60 % 79 % \* Based on weighted average number of shares and declared dividends per share for the respective periods and excluding foreign exchange impacts on payment. We determine dividends in US dollars. We declare and pay Rio Tinto plc dividends in pounds sterling and Rio Tinto Limited dividends in Australian dollars. The 2022 final dividend has been converted at exchange rates applicable on 21 February 2023 (the latest practicable date before the dividend was declared). American Depositary Receipt (ADR) holders receive dividends at the declared rate in US dollars. 1. This financial performance indicator is a non-IFRS (as defined below) alternative performance measure (APM). 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. APMs are reconciled to directly comparable IFRS financial measures on pages 273 to 278. Our financial results are prepared in accordance with IFRS — see page 148 for further information. 2. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs. In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings. 30 Annual Report 2022 \| riotinto.comAnnual Report on Form 20-F 2022 \| riotinto.com30

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Ordinary dividend per share declared 2022 2021 Rio Tinto Group Interim (US cents) 267.00 376.00 Final (US cents) 225.00 417.00 Full-year (US cents) 492.00 793.00 Rio Tinto plc Interim (UK pence) 221.63 270.84 Final (UK pence) 306.72 Full-year (UK pence) 406.98 577.56 Rio Tinto Limited Interim (Australian cents) 383.70 509.42 Final (Australian cents) 577.04 Full-year (Australian cents) 710.19 1,086.46 Special dividend per share declared 2022 2021 Rio Tinto Group Interim (US cents) n/a 185.00 Final (US cents) n/a 62.00 Full-year (US cents) n/a 247.00 Rio Tinto plc Interim (UK pence) n/a 133.26 Final (UK pence) n/a 45.60 Full-year (UK pence) n/a 178.86 Rio Tinto Limited Interim (Australian cents) n/a 250.64 Final (Australian cents) n/a 85.80 Full-year (Australian cents) n/a 336.44 The 2022 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. On 20 April 2023, we will pay the 2022 final ordinary dividend to holders of ordinary shares and holders of ADRs on the register at the close of business on 10 March 2023 (record date). The ex-dividend date is 9 March 2023. Rio Tinto plc shareholders may choose to receive their dividend in Australian dollars or New Zealand dollars, and Rio Tinto Limited shareholders may choose to receive theirs in pounds sterling or New Zealand dollars. Currency conversions will be based on the pound sterling, Australian dollar and New Zealand dollar exchange rates five business days before the dividend payment date. Rio Tinto plc and Rio Tinto Limited shareholders must register their currency elections by 28 March 2023. We will operate our Dividend Reinvestment Plans for the 2022 final dividend (visit riotinto.com for details). Rio Tinto plc and Rio Tinto Limited shareholders' election notice for the Dividend Reinvestment Plans must be received by 28 March 2023. Purchases under the Dividend Reinvestment Plan are made on or as soon as practicable after the dividend payment date and at prevailing market prices. There is no discount available. Our payout ratio has averaged 72% over the past seven years Annual Report 2022 \| riotinto.com 31 185.35 326.49 The Financial review and Business review for the year ended 31 December 2020 can be found on pages 32 to 37 and pages 42 to 57, respectively, of our Form 20-F filed with the United States Securities and Exchange Commission on 2 March 2021. 31Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 2017 60% 83% 2018 60% 71% 2019 60% 70% 2020 60% 72% 2021 60% 79% 2016 60% 70% 2022 60% Ordinary dividend Additional return r payout ratio has veraged XX% over th past s ven years

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Portfolio management Capital projects Approved projects (Rio Tinto 100% owned unless otherwise stated) Total approved capital cost (100% unless otherwise stated) Status/Milestones Completed in 2022 Investment in Gudai-Darri, a new production hub in the Pilbara region of Western Australia. The investment incorporates a processing plant and infrastructure including a 166-kilometre rail line connecting the mine to our existing network. $3.1bn We delivered first ore in June 2022. Production from the mine ramped up in the second half of the year and we expect Gudai-Darri to reach its nameplate capacity of 43 million tonne per year on a sustained basis during 2023. The mine has an expected life of more than 40 years. Investment in the Robe River Joint Venture (West Angelas C and D and Mesa B, C and H at Robe Valley) in the Pilbara to sustain production capacity. $1.0bn (Rio Tinto share) In the third quarter of 2022, Mesa A rectification works were successfully completed, with the plant operating at design rates. Final train load out tie- in works at Mesa J were also completed, with first ore achieved. Investment in a second tunnel at the 1000MW Kemano hydropower facility at Kitimat, British Columbia, Canada, which will ensure the long-term reliability of the power supply to the Kitimat smelter. $0.8bn The new 16-kilometre tunnel produced its first megawatt of electricity in July 2022 after construction was completed in May 2022. Ongoing Iron Ore Investment in the Western Range iron ore project, a joint venture between Rio Tinto (54%) and China Baowu Steel Group Co. Ltd (46%) in the Pilbara to sustain production of the Pilbara Blend from Rio Tinto's existing Paraburdoo hub. $1.3bn (Rio Tinto share) 1 Announced in September 2022, the mine will have a production capacity of 25 million tonnes per year. The project includes construction of a primary crusher and an 18-kilometre conveyor connection to the Paraburdoo processing plant. Early works construction commenced in 2022 and major contracts have been awarded by Rio Tinto. First production is anticipated in 2025. Copper Phase two of the south wall pushback to extend mine life at Kennecott by a further six years. A $108 million investment in underground characterisation studies is ongoing, with $55 million in development capital approved to commence underground mining. $1.5bn Approved in December 2019, the investment will further extend strip waste rock mining and support additional infrastructure development. This will allow mining to continue into a new area of the orebody between 2026 and 2032. Development of the Oyu Tolgoi underground copper/gold mine in Mongolia (Rio Tinto 66%), which is expected to produce (from the open pit and underground) an average of ~500,000 tonnes 2 of copper per year from 2028 to 2036 and an average of ~350,000 tonnes 2 of copper per year for a further five years, compared with 130,000 tonnes in 2022 (open pit). $7.06bn 3 The project was originally approved in May 2016 for $5.3 billion, with an additional $1.45 billion approved by the Rio Tinto Board in December 2020, following completion of the Definitive Estimate. By the end of 2022, a total of 19 drawbells had been fired. Progression accelerated as a result of improvement initiatives implemented by the Oyu Tolgoi teams, bringing projected first sustainable production from Panel 0 forward to the first quarter of 2023. This followed the comprehensive agreement between the Oyu Tolgoi partners announced in January 2022. Minerals Development of the Zulti South project at Richards Bay Minerals (RBM) in South Africa (Rio Tinto 74%). $0.5bn Approved in April 2019 to underpin RBM's supply of zircon and ilmenite over the life of the mine. The project remains on full suspension. Development of the greenfield Jadar lithium-borates project in Serbia. The development will include an underground mine with associated infrastructure and equipment, including electric haul trucks, as well as a beneficiation chemical processing plant. $2.4bn The Board committed the funding in July 2021, subject to receiving all relevant approvals, permits and licences. We are focused on consultation with all stakeholders to explore all options following the Government of Serbia's cancellation of the Spatial Plan in January 2022. 1. Rio Tinto share includes 100% of funding costs for Paraburdoo plant upgrades. 2. The 500ktpa target (stated as recovered metal) for the Oyu Tolgoi underground and open pit mines is underpinned 21% by Proved Ore Reserves and 79% by Probable Ore Reserves for the years 2028 to 2036. The 350ktpa production target for the following five years is underpinned 22% by Proved Ore Reserves and 78% by Probable Ore Reserves. These production targets have been scheduled from current mine designs by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, 2012 Edition (the JORC code). 3. A cost and schedule reforecast was performed in June 2022 and estimates that $7.06 billion is required to complete the Hugo North 1 project (an increase of $0.3 billion beyond the 2020 Definitive Estimate). The 2022 Reforecast excludes impacts of COVID-19 restrictions arising after June 2022. The 2022 reforecast remains subject to Oyu Tolgoi Board approval. 32 Annual Report 2022 \| riotinto.comAnnual Report on Form 20-F 2022 \| riotinto.com32

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Future options Iron Ore: Pilbara brownfields Over the medium term, our Pilbara system capacity remains between 345 and 360 million tonnes per year. Meeting this range, and the planned product mix, will require the approval and delivery of the next tranche of replacement mines. In addition to Western Range (Greater Paraburdoo), which has commenced early works construction, other key projects to be delivered over the next five years include Hope Downs 1 Sustaining (Hope Downs 2 and Bedded Hilltop), West Angelas Sustaining, Greater Nammuldi Sustaining and Brockman 4 Sustaining (Brockman Syncline 1). We continue to work closely with local communities, Traditional Owners and government to progress approvals for the new mining projects. Iron Ore: Rhodes Ridge In October, Rio Tinto (50%) and Wright Prospecting Pty Ltd (50%) agreed to modernise the joint venture covering the Rhodes Ridge project in the Eastern Pilbara, providing a pathway for development utilising Rio Tinto's rail, port and power infrastructure. Rhodes Ridge contains 5.8 billion tonnes of high grade Mineral Resources at an average grade of 62.3% Fe. The project's total resource, 6.7 billion tonnes at an average grade of 61.6% Fe, represents approximately one third of our existing Resource base in the Pilbara. 1 A resource-drilling programme is currently underway to support future project studies. The participants have commenced an Order of Magnitude study, conducted by Rio Tinto, which will consider the development of an operation before the end of the decade with initial plant capacity of up to 40 million tonnes annually, subject to the receipt of relevant approvals. We expect to complete the Rhodes Ridge Order of Magnitude study in 2023. Iron Ore: Simandou The Simandou iron ore project in Guinea 2 contains one of the world's largest known undeveloped high-grade low-impurity iron ore deposits, demand for which is increasing as steelmakers look to reduce carbon emissions. Simandou is set to diversify our strong iron ore portfolio, complementing our high-grade Iron Ore Company of Canada products and supporting the long-term attractiveness of our Pilbara Blend™ offering. Negotiations towards the co-development of project infrastructure progressed further with the December signing of a non-binding term sheet between our Simfer joint venture, Baowu, Winning Consortium Simandou (WCS) and the Government of Guinea 3. The term sheet further establishes the co-development principles following the incorporation of La Compagnie du TransGuinéen on 27 July 2022, and is a pivotal next step towards securing the shareholder agreement, cost estimates and regulatory authority approvals necessary to progress the co-development of rail and port facilities. Lithium: Rincon We completed the acquisition of the Rincon Lithium Project in Salta province, Argentina in March 2022. Development of a small starter, battery- grade lithium carbonate plant with a capacity of 3,000 tonnes per year is underway. In July 2022, we approved $140 million of investment and $54 million for early works to support a full-scale operation to be expensed through exploration and evaluation expenditure. Construction activities progressed on phase one camp facilities with rooms for 250 persons completed. Airstrip permits were received and contractors mobilised. First saleable production from the small starter plant is expected in the first half of 2024. Copper: Resolution The Resolution Copper project is a proposed underground copper mine in the Copper Triangle, in Arizona, United States. It has the potential to supply up to 25% of US copper demand. The US Forest Service continued work to progress the Final Environmental Impact Statement and complete actions necessary for the land exchange. We continued to advance partnership discussions with several federally recognised Native American Tribes who are part of the formal consultation process. Copper: Winu In late 2017, we discovered copper-gold mineralisation at the Winu project in the Paterson Province in Western Australia. In 2021, we reported our first Indicated Mineral Resource. The pathway is expected to take longer than originally anticipated and remains subject to regulatory and other required approvals. We continued to strengthen our relationships and advanced agreement making with our host Traditional Owners, the Martu and Nyangumarta groups. Planned drilling, fieldwork and study activities continued, strengthening the development pathway ahead of applications for regulatory and other required approvals. Aluminium: ELYSIS ELYSIS, our joint venture with Alcoa, supported by Apple, the Government of Canada and the Government of Quebec, is developing a breakthrough inert anode technology that eliminates all direct greenhouse gases from the aluminium smelting process. Construction of the first commercial-scale prototype cells is underway at our Alma smelter and is expected to become operational in 2023. ELYSIS aims to have its technology available for installation from 2024 and production of larger volumes of carbon-free aluminium approximately two years later. 1. The Mineral Resource estimates for the Rhodes Ridge Joint Venture (JV) were reported in our 2020 Annual Report released to the Australian Securities Exchange (ASX) on 22 February 2021 (and form part of the Pilbara Mineral Resource estimates reported in our 2021 Annual Report released to the ASX on 24 February 2022). The Competent Persons responsible for reporting these Mineral Resource estimates were Mr P Savory, who is a Fellow of The Australasian Institute of Mining and Metallurgy, and Ms N Brajkovich and Mr C Kyngdon, who are Members of The Australasian Institute of Mining and Metallurgy. We are not aware of any new information or data that materially affects these Mineral Resource estimates and confirm that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. The form and context in which the Competent Persons' findings are presented have not been materially modified from when they were reported. Mineral Resources are quoted in this release on a 100% basis, as dry in-situ tonnes. 2. The Simandou iron ore project operates under the Simfer joint venture where the Government of Guinea holds 15% and Simfer Jersey holds 85%. Simfer Jersey is owned by Rio Tinto (53%) and Chalco Iron Ore Holdings (CIOH) (47%). CIOH is owned by Chinalco (75%), Baowu (20%), China Civil Engineering Construction Corporation (CCECC) (2.5%) and China Harbour Engineering Company (CHEC) (2.5%). This structure has been in place since 2017. 3. This followed notification to Rio Tinto and the Government of Guinea of Baowu's earlier entry into a term sheet agreement with WCS in respect of an investment into WCS mine (blocks 1 and 2) and infrastructure vehicle – an agreement welcomed by Rio Tinto. Annual Report 2022 \| riotinto.com 3333Annual Report on Form 20-F 2022 \| riotinto.com Strategic report

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Annual Report on Form 20-F 2022 \| riotinto.com34 Innovation through collaboration Working safer and smarter While empowering our people to find more efficient ways of working, we always treat their health and safety as our most important priority. In 2022, we introduced several new technologies to help us work safer and smarter. For example, we are trialling agile autonomous haul trucks together with Scania at our Channar operation in Western Australia's Pilbara region. We use these driverless vehicles in a simulated load and haul cycle environment, and they offer a range of potential safety, productivity and decarbonisation benefits. Channar is the first active site for these vehicles, with plans for a future transition to electric-powered vehicles. We are also trialling battery-powered electric vehicles underground at our Kennecott operations. As well as offering significant productivity and decarbonisation opportunities, these vehicles also protect the health and safety of our people by minimising exposure to potentially dangerous diesel emissions and particulates underground. We will use the lessons we learn at Kennecott as we continue these trials on other sites in 2023. We are also partnering with other suppliers, including Komatsu, Caterpillar and Volvo, to progress options for electrified vehicles, with further trials to take place in the coming years. In parallel, we are also working to reduce emissions from our fleet today using biofuels. In 2022, we began trials of renewable diesel at our Boron and Kennecott operations. We are also focusing on learning and implementing lessons from our own pockets of excellence. In 2021, we launched the Safe Production System (SPS) to improve how we operate our assets, manage performance and help our people innovate. Through SPS, we are drawing on data more efficiently to understand asset health, maintenance scheduling and bottleneck solutions. We have started to see improved production efficiency, safety and engagement at the sites where we have deployed SPS. For more information about SPS, see our website. Our Pioneer Portal, used to source innovative solutions to current business challenges, continued to deliver new ideas. In 2022, we launched six new challenges through the portal, focused on developing our people, reducing our environmental footprint, recovering value from our water, and progressing our work towards net zero. We received more than 200 submissions from across the world, resulting in 20 new partnerships underpinned by more than $40 million in research and development (R&D) funds, significantly reducing our discovery and development cycles. Product innovation We have continued our focus on applied innovation and R&D to address technical barriers that may help unlock new orebodies or significantly reduce environmental, social and governance (ESG) impacts. These include: – Copper: advancing commercialisation opportunities for our proprietary Copper Heap Leach technology via the NutonTM Venture and a range of existing product group and exploration deployment options. – Rincon: developing process technical support for progression of our operations, including a focus on water recovery and recycling and process optimisation. – Aluminium: progressing ELYSIS, our joint venture with Alcoa, supported by Apple and the Governments of Canada and Quebec. ELYSIS is developing a breakthrough technology that eliminates all direct greenhouse gases from the aluminium smelting process. Construction of the first commercial-scale prototype cells of ELYSISTM inert anode technology is underway at our Alma smelter, and they are expected to become operational in 2023. – Green steelmaking: development of the innovative BioIronTM process and hydrogen- based steelmaking, and creating a deeper understanding of Pilbara ore characteristics for performance in a green steelmaking world. – Technology leveraging: fast-tracking ideas from our R&D network. Driving R&D ideas and delivery for growth, closure and ESG priorities with a specific focus on resolving technical barriers within critical metals extraction, future net zero flowsheets, mineralised carbon sequestration, dry stack tailings, zero carbon ilmenite smelting, dry processing and hydrogen-based processing. – Capability investments: planning to add battery materials and mineralised carbon sequestration testing facilities. Accelerating the net zero transition We cannot realise a decarbonised world without significant progress in technology solutions. Partnering with suppliers, industry and other organisations to reduce emissions, as well as growing and developing new markets, remain key components in our decarbonisation journey. Through these partnerships, we are switching to renewable power, electrifying processing and, where possible, running electric mobile fleets. For more information about how we are working to decarbonise the steel and aluminium value chain, see our 2022 Climate Change Report at riotinto.com/climatereport. For 150 years, we have been looking for new and better ways of doing things. This drive for continuous improvement is at the core of our purpose, but we cannot do it on our own. Together with our partners, we work on inventing new processes and technologies that can make mining safer, more sustainable and more efficient. Many of the challenges that lie ahead – from decarbonising our operations to improving productivity – will need new technologies and approaches, some of which have not yet been developed. Nurturing an innovative culture will be essential to helping us meet these challenges. Look inside a mine of the futureTM Autonomous drills, water carts and fuelling units are just a few examples of how innovation is shaping our iron ore operations at Gudai-Darri in Western Australia, our most technologically advanced mine yet. Learn more on our website about how we are partnering with global leaders in technology to ensure Gudai-Darri remains at the pioneering edge of mining well into the future. For more information visit www.riotinto.com/news/stories/look-inside-future-mine.

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35Annual Report on Form 20-F 2022 \| riotinto.com Strategic report What is our biggest challenge with the energy transition? Speed. The energy transition will require a herculean effort from governments, society and industry to pull this off. An average mine takes eight years of permitting before it can be brought onstream. We also need to transform our flowsheets so that the supply we bring onstream does not have a disproportionate social and environmental cost – the technologies required for this still need much work. We need to create whole supply chains to support these efforts. We know we cannot do this alone, and we need to bring the outside world in. This is a crucial time to partner with universities, companies and our competitors to create a lower carbon future and bring in new ideas and technologies as well as development partners to build and install infrastructure in our operations. Who are some of these partners and what do they specialise in? There are many examples, so I will just touch on what we are doing with start up companies and universities. We created a small venture capital fund to invest in start ups, and we are impressed with the science and technologies being explored. Some of these concepts sound a bit like magic, but to give you a snapshot they involve pulling CO2 out of the air, low-carbon cementitious products, using biomass as a reductant, aluminium ion batteries and using renewable power to convert water into hydrogen. We have formed several partnerships with universities. Where do you see our biggest opportunity? We are researching, developing and implementing so many new technologies to supply the minerals we need for the energy transition as well as reducing the carbon, waste and water footprint of our operations. This may result in new business streams in CO2 capture and hydrogen, and the sale of what we once thought of as waste, as products. Nigel, you were appointed Chief Scientist in 2021. Where do you think we need to focus our future efforts? Our job is to find solutions for the big challenges across our business. These include health and safety, ESG, carbon abatement, productivity, and growth in critical metals and minerals. We play an important role in introducing new science, technology and expertise to solve problems and identify opportunities; accelerating delivery and facilitating technology and R&D solutions; and collaborating with our product groups to build our internal skills and create an environment where R&D can flourish. We will continue to focus on these areas in 2023. Through an R&D lens, what critical metals and minerals are we focusing on for the future? Our products are critical to the energy transition. We will need more aluminium and copper as we electrify the world and replace fossil fuels, and this will also drive steel growth. Other minerals and metals will be required to supply the emerging technologies of the energy transition. Battery systems require lithium and nickel; fuel cells require scandium, cerium, zirconium and yttrium; green hydrogen electrolyzers need iridium, ruthenium, and titanium; flow batteries need vanadium; our 5G phones need gallium and indium; electric vehicles need neodymium and praseodymium; and next generation solar panels will need tellurium. We are focusing on resetting the carbon footprint of today's products; valorising waste or extracting critical minerals in our waste streams; and growing copper, lithium and other battery minerals. We have already had some success: at Kennecott we have extracted tellurium, at Sorel-Tracy, we have extracted scandium and we are finding more opportunities to extract other critical minerals and find uses for our wastes. Partnerships An interview with Nigel Steward, Chief Scientist, Rio Tinto "This is a crucial time to partner with universities, companies and our competitors to create a lower carbon future and bring in new ideas and technologies as well as development partners to build and install infrastructure in our operations." Nigel Steward Chief Scientist Some of our new initiatives and partnerships in 2022 – We have set up a new China Technology and Innovation Centre (CTIC) to harness China's leading expertise in research, technology and innovation to help solve some of our operational and business challenges. – We are exploring carbon storage potential with a team of climate innovation and research leaders. This three-year project, backed by the US Department of Energy's ARPA-E innovation challenge, will explore new approaches to safely and permanently store carbon as rock. – We have become a member of the Australian Remote Operations for Space and Earth organisation, to support our development of new flowsheets for critical minerals. – We have become a member of the MIT Future Energy Systems Initiative, the MIT Industrial Liaison Programme, and the MIT Regional Entrepreneurship Acceleration Programme in Western Australia in partnership with Woodside. – We are partnering with BHP on new tailings technology that could significantly increase water recovery from mine tailings. Through our venture capital fund, we have invested in technology and start ups to help solve critical business challenges. These include: – Lumo Analytics: rapid characterisation of exploration drill core using laser induced breakdown spectroscopy. – TerraCO2: supplementary cementitious materials from copper tailings to lower the carbon dioxide emissions of cement and concrete production. – CarbonCapture Inc.: direct air capture technology to remove carbon dioxide from the atmosphere. – Aymium: production of high quality, low impurity BioChar to support the net zero CO2 reduction projects for ilmenite smelting. – Electric Hydrogen: low-cost green hydrogen production to decarbonise iron and titanium smelting, alumina calcination and steel making. – ElectraLith: electrically-driven filtration process to extract lithium from brine. – NanoOne: innovative cathode materials manufacturing for batteries in electric vehicles and energy storage.

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Annual Report on Form 20-F 2022 \| riotinto.com36 Enabling the low-carbon transition In 2022, our Iron Ore business's absolute greenhouse gas (GHG) emissions were 3.1Mt CO2e (on an equity basis), an increase of 0.50Mt CO2e compared to the 2018 emissions baseline. This was driven by an increase in diesel emissions due to increased haul distances, pre-strip ratios and material movement. With abundant wind and solar resources in the Pilbara, we are developing large-scale renewables projects to contribute to our emissions reductions targets. For more information about our decarbonisation efforts in the Iron Ore product group, see our 2022 Climate Change Report at riotinto.com/climatereport. Iron Ore We are one of the world's leading producers of iron ore, the primary raw material in steelmaking. In the Pilbara region of Western Australia, we operate a network of 17 iron ore mines, four port terminals and a rail network spanning nearly 2,000 kilometres. Steel remains essential for ongoing urbanisation and will support the global shift to decarbonise. Snapshot of the year 0.68 AIFR (2021: 0.67) 68% Pilbara underlying FOB EBITDA margin (2021: 76%) $18.6bn Underlying EBITDA (2021: $27.6bn) $30.9bn Segmental revenue (2021: 39.6bn) $2.9bn Capital expenditure (2021: $3.9bn) $14.0bn Net cash generated from operating activities (2021: $19.2bn) 3.1Mt Scope 1 and 2 GHG emissions (equity Mt CO2e) (2021: 3.0Mt) 15,000 Employee numbers (2021: 13,000) Safety The number of potentially fatal incidents (PFIs) in Iron Ore increased to 25, with vehicle collisions/rollovers and falling objects accounting for the highest number of incidents. Our all-injury frequency rate (AIFR) increased to 0.68 compared to 0.67 for 2021, with the rate of injuries in our contractor workforce decreasing. We are committed to preventing harm to our people. In 2022, we developed the mentally healthy Iron Ore strategy to mature our workplace safety culture and create an environment where our people are both physically and psychologically safe and healthy. With changes in workforce dynamics, in particular levels of experience, we examined underlying organisational and people factors to determine the most critical gaps to be addressed. We made significant progress on influencing mindsets, behaviours and the felt experience; however, more work is underway to strengthen the application of existing safety systems such as critical risk management. For more information about our global health and safety initiatives, see pages 57-58. In January 2023, a radioactive capsule was lost after being sent offsite to Perth. The capsule was subsequently recovered in a search operation led by Western Australia's Department of Fire and Emergency Services and supported by other agencies. The safety of our communities, our employees, and contractors is our main priority and we are undertaking an investigation, with involvement of the relevant specialist contractor, to ensure it does not happen again. For more information see the media release on our website.

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37Annual Report on Form 20-F 2022 \| riotinto.com Strategic report "Last year, we continued to strengthen our partnerships with local communities and Traditional Owners, and made substantial progress in securing the future of our Pilbara business." Simon Trott Chief Executive, Iron Ore Read the full interview with Simon on our website. Financial performance We achieved a number of operational records across the mine and rail system in the second half of 2022, due to operational improvements and the ramp-up of Gudai-Darri. In the year, we safely commissioned our Pilbara projects, despite challenging conditions with COVID-19, labour and supply chain disruptions. The focus now moves to the next tranche of mines starting with Western Range. Underlying EBITDA of $18.6 billion was 33% lower than 2021, due to lower prices ($8.8 billion), following the 25% drop in the monthly average Platts index for 62% iron fines adjusted to an FOB basis. Higher sales volumes were achieved from our portside operations in China, which improved underlying EBITDA by $0.6 billion. We also increased resourcing to support the ramp-up at Gudai-Darri and targeted investment in pit health and asset maintenance across the Pilbara. This additional investment, together with rising input prices, including diesel price escalation and labour, resulted in 2022 Pilbara unit cash costs of $21.3 per tonne (excluding COVID-19 costs of $0.4 per tonne). This compared with $18.6 per tonne in 2021 (excluding COVID-19 costs of $0.5 per tonne). Our Pilbara operations delivered an underlying FOB EBITDA margin of 68%, compared with 76% in 2021, largely due to the change in the iron ore price. We price the majority of our iron ore sales (77%) by reference to the average index price, for the month of shipment. In 2022, we priced approximately 10% of sales with reference to the prior quarter's average index lagged by one month with the remainder sold either on current quarter average, current month average or on the spot market. We made approximately 72% of sales including freight and 28% on an FOB basis. We achieved an average iron ore price of $97.6 per wet metric tonne on an FOB basis (2021: $132.3 per wet metric tonne) across our product suite. This equates to $106.1 per dry metric tonne, assuming 8% moisture (2021: $143.8 per dry metric tonne), which compares with the monthly average Platts index for 62% iron fines converted to an FOB basis of $109.8 per dry metric tonne (2021: $146.9 per dry metric tonne). The 3% lower realised price compared to the Platts index was due to lower average grades, partially offset by higher premiums for lump products. Segmental revenue for our Pilbara operations included freight revenue of $2.2 billion (2021: $2.7 billion). Net cash generated from operating activities of $14.0 billion was $5.2 billion lower than 2021, with lower pricing partly offset by a monetisation of working capital. Free cash flow of $11.0 billion was $4.1 billion lower than 2021 due to the factors above, partially offset by a $1.0 billion reduction in capital expenditure to $2.9 billion following completion of brownfield mine replacement tie-in projects. Review of operations Pilbara operations produced 324.1 million tonnes (Rio Tinto share 272.9 million tonnes), 1% higher than 2021. Shipments of 321.6 million tonnes (Rio Tinto share 270.8 million tonnes), in line with 2021, included 35.5 million tonnes of lower grade SP10 products, 11% of shipments, on a 100% basis (2021: 11% of shipments). Performance improvements continued across the system and we achieved a number of operational records in the second half across the mine and rail system. System inventories at the end of December were healthy, including strong blasted stocks, mine stocks and port stocks. Our iron ore portside sales in China were 24.3 million tonnes in 2022 (14.0 million tonnes in 2021). At the end of the December, inventory levels were 7.8 million tonnes, including 5.5 million tonnes of Pilbara product. In 2022, approximately 80% of our portside sales were either screened or blended in Chinese ports. For more information about our capital projects and future growth options, see pages 32-33. Iron Ore Year ended 31 December 2022 2021 Change Pilbara production (million tonnes – 100%) 324.1 319.7 1% Pilbara shipments (million tonnes – 100%) 321.6 321.6 –% Salt production (million tonnes – Rio Tinto share)1 5.8 5.8 (2)% Segmental revenue (US$ millions) 30,906 39,582 (22)% Average realised price (US$ per dry metric tonne, FOB basis) 106.1 143.8 (26)% Underlying EBITDA (US$ millions) 18,612 27,592 (33)% Pilbara underlying FOB EBITDA margin2 68% 76% Underlying earnings (US$ millions) 11,182 17,323 (35)% Net cash generated from operating activities (US$ millions) 14,005 19,177 (27)% Capital expenditure (US$ millions)3 (2,940) (3,947) (26)% Free cash flow (US$ millions) 11,033 15,172 (27)% Underlying return on capital employed4 62% 100% 1. Dampier Salt is reported within Iron Ore, reflecting management responsibility. Iron Ore Company of Canada continues to be reported within Minerals. The Simandou iron ore project in Guinea is reported within Copper. 2. The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue, excluding freight revenue. 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.

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39Annual Report on Form 20-F 2022 \| riotinto.com Strategic report "2022 has been a year of transition for our Aluminium business. We sustained investment to strengthen the health of our assets, and announced several growth projects including AP60, Alma's billet centre and early stage expansions in recycling." Ivan Vella Chief Executive, Aluminium Read the full interview with Ivan on our website. Financial performance Strong pricing in the first half fell away sharply in the second, which, together with rising energy and raw materials costs, led to a significant margin squeeze on our Aluminium business and a 16% decrease in underlying EBITDA for the year as a whole. Underlying EBITDA margin fell nine percentage points, but remained robust for the year at 29%. Underlying EBITDA of $3.7 billion benefited from higher product premiums for primary metal in addition to the stronger pricing environment for primary metal and alumina in the first half. However, this was offset by higher coal prices and costs for key materials such as caustic soda, coke, pitch and anodes, leading to an increase in cash costs for alumina and primary metal. We achieved an average realised aluminium price of $3,330 per tonne, 15% higher than 2021 ($2,899 per tonne). Average realised aluminium prices comprise the LME price, a market premium and a value-added product (VAP) premium. The cash LME price averaged $2,703 per tonne, 9% higher than 2021, while in our key US market, the Midwest premium duty paid, which is 57% of our volumes (2021: 55%), increased by 12% to $655 per tonne (2021: $584 per tonne). Our VAP sales were stable at 50% of the primary metal we sold (2021: 50%) and generated product premiums averaging $431 per tonne of VAP sold (2021: $230 per tonne). Our conversion of underlying EBITDA to cash remained relatively strong, with net cash generated from operating activities of $3.1 billion and free cash flow of $1.7 billion. Review of operations Bauxite production of 54.6 million tonnes was 1% higher than 2021, despite equipment reliability issues at Weipa and Gove in Australia. We shipped 38.0 million tonnes of bauxite to third parties in 2022, 1% higher than 2021. In 2022, segmental revenue for bauxite increased 9% to $2.4 billion this includes freight revenue of $635 million (2021: $462 million). Alumina production of 7.5 million tonnes was 4% lower than 2021. The refineries in the Pacific (Yarwun and Queensland Alumina Limited) were impacted by a range of challenges in 2022, including unplanned outages and equipment reliability issues. COVID-19 absenteeism impacted production in early 2022 but eased in the second half. Production at the Vaudreuil refinery in Quebec remained stable. As the result of Queensland Alumina Limited's (QAL) activation of a step-in process following sanction measures by the Australian Government, we have taken on 100% of capacity for as long as the step-in continues. We are using Rusal's 20% share of capacity under the tolling arrangement with QAL. This additional output is excluded from our production results as QAL remains 80% owned by Rio Tinto and 20% owned by Rusal. Aluminium production of 3.0 million tonnes was 4% lower than 2021, due to reduced output at our Kitimat smelter in British Columbia, Canada and Boyne smelter in Queensland, Australia. The rate of pot restarts at Kitimat picked up in the fourth quarter and Boyne smelter cell recovery efforts continued on plan. Recovery at both smelters is progressing, with full ramp-up expected to be completed during the course of 2023. All of our other aluminium smelters continued to demonstrate stable performance. For more information about our capital projects and future growth options, see pages 32-33. Aluminium Year ended 31 December 2022 2021 Change Bauxite production ('000 tonnes – Rio Tinto share) 54,618 54,326 1% Alumina production ('000 tonnes – Rio Tinto share) 7,544 7,894 (4)% Aluminium production ('000 tonnes – Rio Tinto share) 3,009 3,151 (4)% Segmental revenue (US$ millions) 14,109 12,695 11% Average realised aluminium price (US$ per tonne) 3,330 2,899 15% Underlying EBITDA (US$ millions) 3,672 4,382 (16)% Underlying EBITDA margin (integrated operations) 29% 38% Underlying earnings (US$ millions) 1,472 2,468 (40)% Net cash generated from operating activities (US$ millions) 3,055 3,606 (15)% Capital expenditure – excluding EAUs (US$ millions)1 (1,377) (1,300) 6% Free cash flow (US$ millions) 1,652 2,272 (27)% Underlying return on capital employed2 10% 16% 1. 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). 2. Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed.

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Annual Report on Form 20-F 2022 \| riotinto.com40 Enabling the low-carbon transition In 2022, our Copper business's absolute greenhouse gas emissions (1.5Mt CO2e) were 57% lower than the 2018 equity baseline (3.5Mt CO2e). And we were down 33% in emissions year-on-year. The decrease in emissions was mainly driven by the closure of the coal-fired power plant at Kennecott in 2019, with the balance of power met by the utility with commensurate renewable energy certificates. Escondida also completed its repowering in 2021, sourcing green power for its operations. In 2022, we considered long-term sustainable green power solutions, and how to address emissions from diesel haulage with ongoing trials and studies. This has involved collaborative partnerships with third parties. For more information about our decarbonisation efforts in the Copper product group, see our 2022 Climate Change Report at riotinto.com/climatereport. Copper Copper is essential to creating a sustainable, low-carbon world. Rapid electrification across all aspects of daily life is set to drive long-term demand for copper. With assets spanning the globe and an evolving suite of technologies to enable low-carbon production, we are accelerating growth and decarbonisation by producing the materials that enable a cleaner future. Snapshot of the year 0.22 AIFR (2021: 0.21) 49% Underlying EBITDA margin (product group operations) (2021: 59%) $2.4bn Underlying EBITDA (2021: $4.0bn) $6.7bn Segmental revenue (2021: $7.8bn) $1.6bn Capital expenditure (2021: $1.3bn) $1.4bn Net cash generated from operating activities (2021: $2.6bn) 1.5Mt Scope 1 and 2 GHG emissions (equity Mt CO2e) (2021: 2.2Mt) 8,000 Employee numbers (2021: 7,000) Safety Our operations and projects continued to progress on their safety maturity journey throughout 2022. We recorded zero fatalities for the fourth consecutive year; however, we continued to see a steady rate of potentially fatal incidents (PFIs) across our assets and the number of PFIs (18) has not changed compared to 2021. We ended 2022 with an all-injury frequency rate (AIFR) of 0.16 among our employees and 0.26 among our contractors. Our overall AIFR has increased slightly to 0.22 compared to 0.21 in 2021, with significant improvement for employees compared to 2021 (0.26) and a regression for contractors compared to 2021 (0.17). Critical risk management remains a priority. Recognising the disruption caused by the COVID-19 pandemic, we are also increasing our focus on employee wellbeing. For more information about our global health and safety initiatives, see pages 57-58.

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41Annual Report on Form 20-F 2022 \| riotinto.com Strategic report "2022 has been a year of achievements. In January we reached an agreement with the Government of Mongolia, started the undercut at Oyu Tolgoi and completed the acquisition of Turquoise Hill Resources in December. In Guinea, we signed the infrastructure joint venture with our Chinese partners and the Government to unlock Simandou." Bold Baatar Chief Executive, Copper Read the full interview with Bold on our website. Financial performance Underlying EBITDA was down 40% to $2.4 billion, with $0.7 billion of the reduction a result of lower copper prices, particularly in the second half of the year. An anticipated decrease in by-product sales volumes (particularly lower gold in concentrate at Oyu Tolgoi), rising cash costs, higher energy prices and an increase in exploration and evaluation expenditure also impacted EBITDA in 2022. Underlying EBITDA margin remained strong at 49%. Our copper unit costs, at 163 cents per pound, increased by 81 cents, largely driven by the decline in by-product credits, together with rising input and higher labour costs, following the implementation of new labour laws in Mongolia and a new five-year collective bargaining agreement at Kennecott. We generated $1.4 billion in net cash from operating activities, a 48% decrease on 2021, from the same drivers as underlying EBITDA, together with a smaller increase in working capital compared to 2021. Negative free cash flow of $0.3 billion reflected the significant investment of $2.0 billion in our projects, an increase of 26% on 2021. This mainly related to the ongoing development of the Oyu Tolgoi underground project, underground growth projects at Kennecott and the Simandou iron ore project in Guinea. Review of operations Mined copper production, at 521 thousand tonnes, was 6% higher than 2021 due to higher grades at Kennecott and Escondida, partly offset by lower grades and recoveries at Oyu Tolgoi as a result of planned mine sequencing. The 4% increase in refined copper production to 209 thousand tonnes mainly reflected a furnace failure in 2021 at Kennecott which resulted in the smelter being offline for the majority of the fourth quarter of 2021. Unplanned maintenance was required in the fourth quarter of 2022 in our anode furnaces, leading to extended downtime and continued poor anode production. Oyu Tolgoi underground project A comprehensive agreement was reached with the Government of Mongolia on 25 January 2022, resetting the relationship between the partners, increasing the value the project delivers for Mongolia, and allowing underground operations to commence. In 2022, Rio Tinto and the Government of Mongolia remained focused on supporting Oyu Tolgoi to reach the sustainable production milestone, and continuing progress on the remaining measures contained in Mongolian Parliamentary Resolution 103. At the end of 2022, a total of 19 drawbells had been fired. Drawbell progression accelerated as a result of improvement initiatives implemented by the Oyu Tolgoi teams, bringing projected first sustainable production from Panel 0 forward to the first quarter of 2023 (previously first half of 2023). At the end of December, shafts 3 and 4 sinking had reached 378 metres and 507 metres below ground level respectively. Operational safety sinking pauses have caused some delays against the 2022 reforecast5 to shaft sinking. Final depths required for shafts 3 and 4 are 1,148 and 1,149 metres below ground level respectively. Construction of conveyor-to- surface works continued with civil scope of works completed and other contractors mobilised to site. Study work for Panels 1 and 2, which are required to support the ramp-up to 95,000 tonnes of ore per day, remains on track to be completed in the first half of 2023. It will incorporate any ventilation impacts due to the shaft 3 and 4 delays as a result of COVID-19 restrictions and reprioritisation of the mobilised workforce over the course of 2022. On 16 December, we completed the acquisition of Turquoise Hill Resources Ltd (TRQ) for consideration of approximately $3.1 billion6, simplifying ownership of the Oyu Tolgoi mine, significantly strengthening our copper portfolio, and demonstrating our long-term commitment to the project and Mongolia. We now hold a 66% direct interest with the remaining 34% owned by the Government of Mongolia through Erdenes Oyu Tolgoi. This is allowing us to focus fully on strengthening our relationship with the Government of Mongolia and moving the project forward with a simpler and more efficient ownership and governance structure. For more information about our capital projects and future growth options, see pages 32-33. Copper Year ended 31 December 2022 2021 Change Mined copper production ('000 tonnes – Rio Tinto share) 521.1 493.5 6% Refined copper production ('000 tonnes – Rio Tinto share) 209.2 201.9 4% Segmental revenue (US$ millions) 6,699 7,827 (14)% Average realised copper price (US cents per pound)1 403 424 (5)% Underlying EBITDA (US$ millions) 2,376 3,969 (40)% Underlying EBITDA margin (product group operations) 49% 59% Underlying earnings (US$ millions) 521 1,579 (67)% Net cash generated from operating activities (US$ millions)2 1,374 2,634 (48)% Capital expenditure – excluding EAUs3 (US$ millions) (1,622) (1,328) 22% Free cash flow (US$ millions) (265) 1,295 (120)% Underlying return on capital employed (product group operations)4 6% 14% 1. Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which negatively impacted revenues by $175 million (2021: $246 million benefit). 2. Net cash generated from operating activities excludes the operating cash flows of equity accounted units (EAUs) but includes dividends from EAUs (Escondida). 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 EAUs. 4. Underlying return on capital employed (ROCE) is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed. 5. A cost and schedule reforecast was performed in June 2022 and estimates that $7.06 billion is required to complete the Hugo North 1 project (an increase of $0.3 billion beyond the 2020 Definitive Estimate). The 2022 Reforecast excludes impacts of COVID-19 restrictions arising after June 2022. The 2022 reforecast remains subject to Oyu Tolgoi Board approval. 6. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs. In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings.

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Annual Report on Form 20-F 2022 \| riotinto.com42 Enabling the low-carbon transition In 2022, our Minerals product group's absolute greenhouse emissions were 4.0Mt CO2e, an increase of approximately 12.5% from 2021 levels1. The increase in emissions was mainly driven by Richards Bay Minerals (RBM) operating continuously in 2022 as opposed to reduced production in 2021. In 2022, we also advanced several key strategic decarbonisation projects. For example, we signed a 130MW solar power purchase agreement with Voltalia at RBM in South Africa, which would eventually deliver abatement of more than 200kt CO2/year in 2025. We have also partnered with the Government of Canada in support of technological innovations at our Rio Tinto Iron and Titanium Quebec Operations in Sorel-Tracy, such as the BlueSmeltingTM project, a new ilmenite smelting technology that, if fully implemented, has the potential to deliver a reduction of up to 70% in the site's overall greenhouse gas emissions. For more information about our decarbonisation efforts in the Minerals product group, see our 2022 Climate Change Report at riotinto.com/climatereport. Minerals Our Minerals portfolio includes a global suite of businesses producing materials essential to a low-carbon future and projects well-positioned to meet the growing demand for electric vehicles. We produce high-grade, low-impurity iron ore pellets and concentrate, titanium dioxide, diamonds and borates from our operations in Canada, Madagascar, South Africa and the US. 1. Our baseline emissions have been adjusted to reflect the increase in Rio Tinto's ownership interest of Diavik Diamond Mine from 60% to 100% in November 2021. Snapshot of the year 0.38 AIFR (2021: 0.38) 40% Underlying EBITDA margin (product group operations) (2021: 43%) $2.4bn Underlying EBITDA (2021: $2.6bn) $6.8bn Segmental revenue (2021: $6.5bn) $0.7bn Capital expenditure (2021: $0.6bn) $1.5bn Net cash generated from operating activities (2021: $1.4bn) 4.0Mt Scope 1 and 2 GHG emissions (equity Mt CO2e) (2021: 3.5Mt) 9,000 Employee numbers (2021: 9,000) Safety For the fourth consecutive year, we recorded zero fatalities. In 2022, we saw an increase in the number of potentially fatal incidents (PFIs) with 19 this year, compared to 16 in 2021. The rate of injuries remained the same, with our all-injury frequency rate (AIFR) at 0.38. However, we ended 2022 with a significant increase in the AIFR of our contractor workforce, going from 0.22 in 2021 to 0.42 in 2022. In 2023, we will continue our improvement journey, enabled by the safety maturity model, including health and environment, to achieve our objectives of creating a safe and productive workplace for our employees and contractor partners. For more information about our global health and safety initiatives, see pages 57-58.

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43Annual Report on Form 20-F 2022 \| riotinto.com Strategic report "We're working hard in the critical minerals space. For example, we're extracting high purity scandium oxide from the waste streams of titanium dioxide production, and we continue to invest in research and development and form key partnerships with experts from industry, academia and government." Sinead Kaufman Chief Executive, Minerals Read the full interview with Sinead on our website. Financial performance In 2022, we benefited from strong market conditions for titanium dioxide pigment and borates, partially offset by a weaker market for iron ore pellets and concentrate, albeit off record levels. We also saw higher diamond prices compared with 2021, following a pandemic-related build up of demand and low inventory levels. Underlying EBITDA of $2.4 billion was 7% lower than 2021, primarily due to inflationary pressures, energy price increases and Rincon evaluation costs. This was partially offset by prices and higher EBITDA in relation to the increased ownership in Diavik. Net cash generated from operating activities of $1.5 billion was 6% higher than 2021, while free cash flow of $0.8 billion was 7% higher, reflecting a higher EBITDA cash conversion supported by lower dividends paid to holders of non-controlling interests at Iron Ore Company of Canada. Review of operations Production of iron ore pellets and concentrate at IOC was 6% higher than 2021 due to the successful deployment of the Safe Production System (SPS) at the concentrator, which was completed in the year. Record performance metrics were achieved in the year, including monthly records for concentrate production and total material moved in the second quarter. Planning for SPS deployment at the pellet plant commenced in December. Titanium dioxide production of 1.2 million tonnes was 18% higher than 2021 due to community disruptions at Richards Bay Minerals (RBM) in South Africa in 2021, and continued improved performance of operations at Rio Tinto Iron and Titanium Quebec Operations, Canada. Nationwide loadshedding of electrical power caused production constraints at RBM in late 2022. Borates production was 9% higher than 2021, with strong production rates, higher grades and improved equipment reliability. Our share of carats recovered was 21% higher than 2021, from our increased share of production since taking 100% ownership of Diavik in November 2021, partly offset by lower carats recovered due to lower grades. For more information about our capital projects and future growth options, see pages 32-33. Lithium, a material for the future The Rincon Lithium Project – a large, undeveloped lithium-brine project located in the heart of the "lithium triangle" in Argentina – will be a valuable source of rapidly produced, high-quality lithium for the global energy transition. A long-life, scalable resource capable of producing battery-grade lithium carbonate from raw brine, the project will help us deliver this vital resource to the global energy industry while meeting our commitment to decarbonise our operations by 2050. With the Rincon acquisition completed in early 2022, we are now developing a three thousand tonne per annum lithium carbonate starter plant. To optimise the process and recoveries, we also continue to produce battery-grade lithium carbonate from raw brine from the existing pilot plant operating at site. We are now advancing detailed studies for the full scale of operation and progressing exploration activities to further understand Rincon's basin and brine reservoir. We continue to engage with communities, the province of Salta and the Government of Argentina to ensure an open and transparent dialogue with stakeholders about the works underway. Minerals Year ended 31 December 2022 2021 Change Iron ore pellets and concentrates production1 (million tonnes – Rio Tinto share) 10.3 9.7 6% Titanium dioxide slag production ('000 tonnes – Rio Tinto share) 1,200 1,014 18% Borates production ('000 tonnes – Rio Tinto share) 532 488 9% Diamonds production ('000 carats – Rio Tinto share)2 4,651 3,847 21% Segmental revenue (US$ millions) 6,754 6,481 4% Underlying EBITDA (US$ millions) 2,419 2,603 (7)% Underlying EBITDA margin (product group operations) 40% 43% Underlying earnings (US$ millions) 849 888 (4)% Net cash generated from operating activities (US$ millions) 1,522 1,433 6% Capital expenditure (US$ millions)3 (679) (644) 5% Free cash flow (US$ millions) 814 762 7% Underlying return on capital employed (product group operations)4 22% 21% 1. Iron Ore Company of Canada (IOC) continues to be reported within Minerals. 2. On 17 November 2021, Rio Tinto's interest in Diavik increased from 60% to 100%. Production and financials reflect this from 1 November 2021. 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 (product group operations) excluding net interest divided by average capital employed.

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Annual Report on Form 20-F 2022 \| riotinto.com44 Commercial Our Commercial team includes global sales and marketing, procurement, and marine and logistics operations. We are the primary interface with markets, customers and suppliers – local, regional and global – through a network of over 20,000 active suppliers and almost 2,000 customers. As the key interface to the market, our Commercial team works very closely with our customers and suppliers. We generate insights and opportunities to unlock the full commercial potential across our value chains, always striving to find better ways to provide the materials the world needs. Finding solutions to shipping's global carbon emissions Maritime shipping is responsible for around one billion tonnes of CO2 emissions every year, accounting for nearly 3% of global carbon emissions. As the largest shipper by tonnage in the world, we have a role to play. We are actively exploring partnerships to achieve our commitment to have net zero vessels in our portfolio by 2030, while taking actions to reduce emissions through efficiency initiatives and alternative fuels. For more information visit www.riotinto.com/news/stories/decarbonising-the-high-seas. consumers can see how products were made from the mine to their hands and make more informed choices on what they buy. – Signing a separate MoU with both Shougang Group and Salzgitter Flachstahl, and continuing significant partnerships with Nippon Steel Corporation, BlueScope, and Baowu to develop low-carbon solutions for the steel value chain. We have also successfully proven the effectiveness of BioIronTM, a low-carbon iron-making process using raw sustainable biomass and microwaves. Supplier partnerships In the areas where we operate, we work hard to partner with and develop local businesses so they can share in our success. In 2022, we increased our spend with Indigenous suppliers in Australia by 40% from 2021 to A$565 million. We also actively seek partnerships with our suppliers to reduce our own emissions. In 2022, we have: – Continued our partnership with Scania to develop smaller and more agile autonomous haul trucks. In April 2022, we launched new trials on Scania's 40-tonne-payload autonomous mining trucks and quickly reached a key milestone of driverless operation in a simulated load and haul cycle environment. These trucks will require less energy and have a smaller infrastructure footprint. – Signed an MoU with Volvo Group to work towards decarbonising our operations through piloting Volvo's sustainable autonomous hauling solutions. – Joined the First Movers Coalition, a global initiative to help commercialise zero-carbon technologies by harnessing purchasing power and supply chains. For more information about our decarbonisation initiatives, see our 2022 Climate Change Report at riotinto.com/climatereport. Safety and wellbeing In 2022, we recorded zero fatalities and a 0.14 all-injury frequency rate (AIFR), compared to 0.07 for 2021. As we continue to navigate COVID-19 impacts, we have maintained our strong focus on critical risk management and prevention programmes across areas of greatest exposure. We continue to work on our safety performance within our maritime fleet of 17 owned, and more than 230 contracted, vessels. Although we had no fatalities on our managed operations in 2022, tragically, there was a fatality on one of the non-managed marine vessels and, in a separate incident, another mariner suffered a permanent disabling injury. We are determined to improve maritime safety for our industry and we are working closely with our shipping partners, industry associations and other mining companies. Customer partnerships In our mission to find better ways to provide the materials the world needs, we partner with customers to work towards our shared goal of enabling the world's transition to a low-carbon future. In 2022, some initiatives included: – Signing a separate memorandum of understanding (MoU) with both the Ford Motor Company and Volvo Group, each of which leverages our advantage as a one-stop multi-commodity supplier for sustainable products and solutions in the low-carbon transition. Ford will also explore becoming the foundational customer for our Rincon Lithium Project in Argentina to support its production of electric vehicles. – Strengthening our low-carbon product offering with aluminium produced by ELYSISTM emissions-free smelting technology, used by Apple (in their iPhone SE), and Corona Canada (in Canada's first specially marked, low-carbon aluminium cans). – Leveraging STARTTM, our blockchain technology, to provide over 110 customers with 14 key ESG metrics. Via a QR code, Snapshot of the year $55.6 billion Group consolidated sales revenue (2021: $63.5bn) 2,600 sea voyages 2,100 contracts under management (2021: 2,100) $20.7 billion in contestable spend globally (2021: $17.9bn) 106,000 shipments by rail, truck and containers A$565 million spent with Indigenous suppliers in Australia, an increase of 40% from 2021 (2021: A$400m) 42% increase in spend with Chinese suppliers from 2021 (2021: 44%)

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45Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Combined shipments from major producers were effectively unchanged year-on-year in 2022, but remained below the volume delivered in 2018. Meanwhile, a combination of price-related and other external factors reduced overall seaborne supply. These included small-scale, high-cost producers who discontinued operations when prices declined below break-even points; supply disruptions due to the war in Ukraine; and India's decision to impose export tariffs on iron ore. Despite the introduction of a range of supportive policies and growth targets, China's domestic iron ore production also declined year-on-year in 2022 following a number of safety accidents and the imposition of operating restrictions. Aluminium The aluminium price rose in the first quarter of 2022 to a multi-year high, on expectations of stronger demand outlook and Russian aluminium supply cuts, both of which eventually did not materialise. The price then fell to its low point in the third quarter as fears of a global economic slowdown set in, and Chinese aluminium production rose on restarts and commissioning of new capacity. Chinese aluminium domestic demand also weakened due to COVID-19 restrictions, especially in the building and construction sector. However, the aluminium price stabilised in the fourth quarter as a result of a high level of smelter curtailments in Europe given high energy costs, and curtailments in Southern China given drought conditions and low hydropower levels. Global aluminium inventories remained low and the market deficit provided support to the aluminium price. Elevated carbon raw material and energy prices resulted in the industry facing a significant margin squeeze in the second half of 2022. Copper After a record quarterly average price was reached in the first quarter of 2022, copper prices trended down from late April, as a wave of uncertainty surrounding the global economy and China's COVID-zero policy weighed on the prospects for copper demand. The average price in the third quarter was the lowest quarterly average since the fourth quarter of 2020. Global visible copper cathode inventories fell to multi-year lows, providing support to prices. Mine supply growth, while remaining positive, stalled in 2022 due to issues such as water availability, geological and geotechnical challenges, and slower project ramp-ups contributing to a higher level of disruptions to production. Mine supply growth is expected to return over the 2023 to 2024 period, as committed projects get underway after earlier delays. "Commercial is the key interface between our assets and the markets, our customers and suppliers. Our mission is to generate insights and opportunities to unlock Rio Tinto's full commercial potential across our value chains and future growth opportunities. We will always strive to find better ways to serve our customers and provide the materials the world needs." Alf Barrios Chief Commercial Officer Read the full interview with Alf on our website. Marine and logistics To deliver our climate commitments on shipping, we are focusing on improving fuel efficiency, increasing the use of transitional fuels and partnering to develop end-state fuels. In 2021, we committed to reduce our CO2 emissions intensity in shipping by 40% by 2025, five years ahead of the International Maritime Organisation (IMO) deadline. To date, we have achieved a 30% intensity reduction in conventional fuel use from an IMO 2008 baseline through operational and technical measures such as weather routing, schedule optimisation and vessel modifications. We have a year-long biofuel trial underway and we recently received the first of nine dual-fuelled liquified natural gas-powered vessels that we are introducing into our fleet. We continue to support new technologies and industry collaborations that will contribute to the industry's low-carbon transition, including through our strategic partnerships with the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping and the Global Maritime Forum. For more information about our shipping decarbonisation efforts, see our 2022 Climate Change Report at riotinto.com/climatereport. Commercial insight and outlook Economic growth and commodity demand started positively in 2022 as the world continued its recovery from the pandemic downturn. However, the large supply shock brought about by the war in Ukraine led to energy security concerns and exacerbated inflationary pressures, while a resurgence of COVID-19 lockdowns and outbreak in China affected business activities and consumer confidence. High inflation prompted many countries, led by the US, to aggressively tighten monetary policy to re-establish price stability. These risks are carried over to 2023, and the global economy is expected to slow further. China's economic recovery from COVID-19 remains volatile, while the Chinese Government provides support to stabilise the economy, especially in the infrastructure and real estate sectors. Iron ore Following three consecutive years of growth to a 2021 all-time high, iron ore demand simultaneously contracted in China and the rest of the world for the first time since the beginning of the COVID-19 pandemic. The Chinese property market slump continued to worsen, while extended COVID-19 restrictions impacted China's steel demand, exerting downward pressure on prices. There were also headwinds to ex-China iron ore demand, which was negatively impacted by sharply higher energy and raw materials costs to steel producers. Iron ore prices were more resilient and market fundamentals tighter than consensus expectations because the demand weakness was offset, and at times outweighed, by even lower supply. Minerals There was low demand growth for titanium dioxide (TiO2) pigment in 2022 as weakness in China and the EU was only partially offset by growth in North America. Nevertheless, prices were supported by tight global high-grade supply. Inventories remained low in 2022 but are expected to grow in 2023. Structural factors relating to orebody depletion remain favourable for high-grade TiO2 feedstock and zircon markets. Lithium prices remained elevated on strong demand. The electric vehicle market continues to experience strong growth, supported by government policies. There was strong buying activity for borates in 2022 due to persistent supply tightness, resulting in prices closing the year at a decade high. In diamonds, prices started 2022 with strong growth but have cooled amid weakening demand. Global diamond supply remains stable, which is resulting in some inventory accumulation through the supply chain.

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Annual Report on Form 20-F 2022 \| riotinto.com46 Our approach to sustainability For 150 years, we have been entrusted with accessing the world's essential materials and making them available for society's use. These resources are finite, and as temporary custodians of the land where we operate, we have a responsibility to extract the full value from the minerals and materials we produce in the safest and most sustainable way possible. Our approach to sustainability is guided by our purpose: finding better ways to provide the materials the world needs. Our shareholders, employees and host governments expect us to find ways to lower our impact, decarbonise our operations and increase circularity, while contributing to a positive legacy for the host communities and countries where we operate. And we have a big role to play in the world's transition to a low-carbon future – the materials we produce are essential in many low-carbon technologies. It means we must deliver our own decarbonisation, alongside investing in research and development that enables our customers to decarbonise more quickly. We know that responsibly managing our business impacts is fundamental if we want to continue to grow and deliver on our strategy. Two of our core objectives in our strategy relate to strengthening our social licence and achieving impeccable environmental, social and governance (ESG) credentials. As part of these commitments, we align our business priorities with society's expectations and ensure sustainability considerations are at the core of every decision we make. To meet our goals, we are focusing on developing the right mindset and culture, encouraging our people to work together to find new solutions and building partnerships with those who share our ambition for a more sustainable future. Renewable hydropower. The Saguenay – Lac-Saint-Jean, Canada.

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47Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Low-intensity materials Economic opportunity & just transition Scope 1 & 2 reduction Community engagement & social investment Environmental stewardship Health, safety & wellbeing Mining & metal practices Talent, diversity & inclusion Heritage, culture & Indigenous peoples Human rights Transparent, values-based, ethical business operations SDG 17 Supportin g SDG 3 4 5 1 0 15 Lead SDG 12 Lead SDG 8 Supporting SD G 6 9 13 15 Sy st em s im pa ct Fo un da tio ns Sustainability framework Planet People and society System s im pact Foundations Becoming a trusted steward of resources Supplying low-intensity materials Supporting social and economic opportunity Becoming a socially responsible business partner Our sustainability framework Our sustainability framework describes how we manage the ESG issues that are important to us and our stakeholders, and how we contribute to the United Nations Sustainable Development Goals (UN SDGs). Our sustainability framework guides our work towards achieving impeccable ESG credentials and strengthening our social licence. This includes providing people and communities with economic opportunities; safeguarding and promoting the health, wellbeing and human rights of people and communities; combatting climate change; and being excellent stewards of the natural resources entrusted to us. Our commitment to running a transparent, values-based, ethical business underpins all our work. People and society: Supporting social and economic opportunity We aim to: – Provide people and communities with social and economic opportunities so that they can live and grow sustainably. – Play our role to advance a fair and socially inclusive energy transition. Becoming a socially responsible business partner We aim to: – Build a healthy, diverse and inclusive workforce, support local communities to achieve their goals and aspirations and deliver positive social outcomes. Planet: Supplying low-intensity materials We aim to: – Decarbonise our value chains (Scope 3) and maximise the full value of our resources. – Encourage circularity and provide critical minerals that the world needs to advance. Becoming a trusted steward of resources We aim to: – Decarbonise our operations (Scope 1 and 2 reduction). – Minimise environmental and heritage impacts and act as a responsible steward of water and biodiversity to strengthen our resilience to a changing environment, assessing impacts across the supply chain. The United Nations Sustainable Development Goals Our approach to sustainability aligns with 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 to ensure our sustainable focus areas reflect society's expectations and help us direct our efforts where they can deliver the most impact. Our sustainability framework focuses on the two lead goals that we feel are most relevant to operating our business responsibly and where we can have the biggest impact: responsible consumption and production (SDG 12) and decent work and economic growth (SDG 8). Our business operations also contribute to eight supporting SDGs (3, 4, 5, 6, 9, 10, 13, 15), while partnerships for the goals (SDG 17) reflects our approach to sustainability and is fundamental to the way we run our business. For more information about our approach to the UN SDGs, see our website.

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Annual Report on Form 20-F 2022 \| riotinto.com48 Materiality to Rio Tinto M at er ia lit y to s ta ke ho ld er s Lower materiality Medium materiality Higher materiality Respecting human rights Climate change Cultural & heritage site management Health, safety & wellbeing Inclusion, diversity & equality ESG transparency & disclosure Water management Business Business performance integrity & governance Local community relations Tailings & mineral waste management Biodiversity & ecosystems Closure, post-mining & land rehabilitationPandemic response & public health Employment & talent retention Supply chain transparency Impact of technology End-to-end materials management Responsible tax & royalty payments Risk management & cyber security Future-proof assets Industrial environment impacts How we report on sustainability We want to ensure all our stakeholders benefit from the success of our business. To do this, our priorities and performance must align with society's expectations, which are constantly evolving. So each year we complete a sustainability materiality assessment to understand which issues and topics matter most to, and have the greatest impact on, our stakeholders and our business. We gather information on sustainability topics and their impact from internal and external stakeholders and employees via interviews, surveys, and reviews of publicly available materials. We ask them what is important now, and what they think will be important in five to ten years. The insights we gather through this process also guide our approach to sustainability and how we report externally. What is important now Our internal and external stakeholders are broadly aligned on the four most important sustainability topics. Climate change is the most important issue and includes concerns about emissions reduction and how resilient and adaptable our business is to cope with climate-induced change. Respecting human rights; cultural and heritage site management; and health, safety and wellbeing are other highly material topics. For our business, the safety and wellbeing of our people remains our highest priority (see page 57). Business integrity, governance, and local community relations are important topics as we continue to build trusting relationships with our partners, employees and host countries. What will be important 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 geopolitical uncertainty, the impact of technology, respecting human rights, business integrity and governance, supply chain transparency and end-to-end materials management. Other emerging critical topics include water management due to the reliance of local communities and mining operations on an increasingly scarce resource, and biodiversity due to the increasing impacts of climate change. Managing all these well will be integral to our social licence to operate. Reporting our performance Our sustainability materiality assessment records the threshold at which an issue or topic becomes important enough for us to report on externally. The importance of a topic is based on the significance of its impact on stakeholders. A sustainability materiality assessment differs from financial materiality, which may use financial metrics or other quantitative analyses to determine what would be considered a significant or material impact. As a member of the International Council on Mining and Metals (ICMM), we commit to reporting on our sustainability performance against 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. In line with the ICMM's requirements, all 29 Rio Tinto managed operating and refining assets completed an ICMM PEs self-assessment before 30 September 2022. A self-assessment was also completed for Rio Tinto Corporate. These assets met the requirements in the areas of ethical business practice, decision making and stakeholder engagement.

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49Annual Report on Form 20-F 2022 \| riotinto.com Strategic report How we report Annual Report Climate Change reports1 CSP Report2 Tax reports3 Human Rights reports4 Sustainability Fact Book Linking sustainability to purpose and strategy Materiality and material topics Climate change Economic contribution Human rights Indigenous peoples Memberships and certifications Sustainability data and trends 1. Includes our 2022 Climate Change Report and Scope 1, 2 and 3 Emissions Calculation Methodology. 2. Our Communities and Social Performance Commitments Disclosure Report will from 2023 be incorporated into our 2023 Annual Report. 3. Includes our Taxes Paid Report and Country-by-Country Report. 4. Includes our Modern Slavery & Human Trafficking Statement and our Voluntary Principles on Security and Human Rights Report. For more information see the full reporting suite on our website. Our teams identified opportunities to improve our performance in human rights, risk management, health and safety, environmental performance, conservation of biodiversity, responsible production and social performance. We will work through these opportunities with our assets over the coming months. The majority of our sustainability reporting is incorporated into this Form 20-F and supplemented by our full 2022 Sustainability Fact Book containing current and historical data on topics including health, safety, environment, climate, communities, human rights, responsible sourcing, ICMM PEs and transparency. For more information see our Sustainability Fact Book at riotinto.com/sustainabilityreporting. Governance and assurance The Sustainability Committee oversees strategies to manage social and environmental risks, 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, security and human rights, land access, political involvement and sustainable development. Given its strategic significance, climate change is overseen directly by the Board. For more information about our Sustainability Committee, see page 108. Non-financial information statement The Sustainability section includes information required by regulation in relation to: – Environmental matters – pages 66-70 – Our employees – pages 59-60 – Social matters – pages 53-56 – Human rights – page 61 – Corruption and bribery – pages 73-75. Other related information can be found here: – Our business model – page 17 – Material risks and how they are managed – pages 76-86 – Non-financial key performance indicators – pages 50-51. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com50 Supplying low-intensity materials Key achievements Becoming a trusted steward of resources 7% reduction in Scope 1 and 2 greenhouse gas emissions below our 2018 baseline. (2021: 4.3%) 5 of the 7 water stewardship targets remain on track for attainment in 2023. For more information about individual water target performance in 2022, see pages 67-68. (2021: 5 of 7) 8 submissions from technology innovators selected to progress beyond the Charge on Innovation Challenge. 40-tonne-payload agile autonomous haul trucks trialled with Scania at our mine in Western Australia's Pilbara region, offering potential environmental and productivity benefits. 522km2 cumulative land rehabilitated to end of 2022, mostly at our bauxite mines in Australia, mineral sands mines in South Africa and Madagascar, and at our iron ore mines and exploration areas in the Pilbara, Western Australia. (2021: 494km2) $4 million to explore new approaches in carbon mineralisation technology as a way to safely and permanently store carbon as rock. 2022 sustainability targets and key achievements Supporting SDGsLead SDGs Supporting SDGsLead SDGs $537 million (C$737 million) to be invested over eight years to decarbonise our Rio Tinto Iron and Titanium (RTIT) Quebec Operations in partnership with the Government of Canada. $29 million invested in constructing an aluminium recycling facility at our Arvida Plant in Saguenay–Lac-Saint-Jean, Quebec, Canada to expand our offering of low-carbon aluminium solutions. One-year biofuel trial in partnership with BP to reduce carbon emissions from our marine fleet. First production of spodumene concentrate, a mineral used in the production of lithium for batteries, at a demonstration plant in our RTIT Quebec Operations in Canada. 1.2 million low-carbon beverage cans produced as part of our partnership with Corona Canada. The cans were made using our aluminium leveraging ELYSISTM technology. Around 20 tonnes of tellurium can now be produced every year at Kennecott in Utah, US. Tellurium is a critical mineral used in advanced thin film photovoltaic solar panels. Key achievements Target To achieve net zero emissions from our operations (Scope 1 and 2) by 2050. Targets To reduce our absolute Scope 1 and 2 greenhouse gas emissions by 15% by 2025 and by 50% by 2030. To achieve local water stewardship targets for selected sites by 2023.

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51Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Key achievements Key achievements Supporting social and economic opportunity Becoming a socially responsible business partner $2.7 billion spent with local1 suppliers, which represents 14.5% of total contestable spend. Zero fatalities at managed operations. (2021: 0 fatalities) 0.40 all-injury frequency rate (AIFR). (2021: 0.40) 1.37 million critical risk management (CRM) verifications. (2021: 1.31 million) $188 million spent with Indigenous suppliers in Canada. 2.8% increase in the rate of new occupational illnesses since 2021. 9 assets achieved an exposure reduction to known health risks (airborne contaminants and noise). (2021: 13 assets) $25.5 million invested through the Rio Tinto COVID-19 Fund between 2020 and 2022 to support global grass-roots, community COVID-19 preparedness and recovery programmes. 22.9% of our workforce are women, up 1.4% from 20212. 25% of executive leaders are women, same as 2021. 28.3% of senior leadership are women, up 0.9% from 2021. 30% of Board roles are held by women, down 6.4% from 2021. $62.6 million contributed to community programmes across a wide range of social and economic categories. (2021: $72.1 million) 2-point increase in our employee satisfaction score (eSAT) since 2021 (from 71 to 73). (2021: 2-point decrease) 6 formal agreements signed with Indigenous rights holders across our global footprint. 53% of our graduate intake are women, down 5% from 2021. 36% of our graduates were from places where we are developing new businesses, up 1% from 2021. 48% increase in Australian Indigenous leaders. (2021: 31 leaders; 2022: 46 leaders) Lead SDGs Supporting SDGs Supporting SDGsLead SDGs Target To increase contestable spend sourced from suppliers local to our operations year-on-year. Targets To reach zero fatalities and to eliminate workplace injuries and catastrophic events. All-injury frequency rate target: 0.38 To have all of our businesses identify at least one critical health hazard material to their business, and demonstrate a year-on-year reduction of exposure to that hazard. To reduce the rate of new occupational illnesses each year. To improve diversity in our business by: – Increasing women in the business (including in senior leadership) by 2% each year. – Aiming for 50% women in our graduate intake. – Aiming for 30% of our graduate intake to be from places where we are developing new businesses. To improve our employee engagement and satisfaction. 1. We take a "site-centric" view of the definition of local, which allows operations to establish their own definition, based on a set of common principles. These principles require that each operation, in defining "local" takes into consideration its geographic, social and economic area of impact as well as ownership. For example, suppliers located within the Pilbara Region of Western Australia are defined as "local" for Rio Tinto Iron Ore's Pilbara Operations. This approach is consistent with international best practice and aligns with the ICMM Social and Economic Reporting Framework guidance. 2. Women % increase is 1.37% rounded to 1.4%.

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Annual Report on Form 20-F 2022 \| riotinto.com52 People and society Our operations can have far-reaching impacts on society. We work hard to avoid or minimise adverse impacts and seek to understand, and invest in, the diverse knowledge, cultures and resources that exist in areas where we operate. Our ambition is to contribute to positive and enduring outcomes for our workforce and the countries and communities where we operate. In 2022, we continued to progress on our objectives to achieve impeccable ESG credentials and strengthen our social licence. Among other initiatives, we focused on becoming a better partner to our host communities, enhancing our safety maturity model, and beginning to implement the Everyday Respect recommendations. Simandou community project. Conakry, Guinea.

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53Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Community engagement and social investment Communities and social performance targets In 2022 we finalised a new suite of CSP targets, following the end of our previous target reporting period (2016-2021). The new targets will help us monitor progress towards the core objectives of our CSP Group strategy. We have transitioned from having individually set and defined local asset targets to common global targets, which will allow us to see progress across the Group as well as for individual assets. Our assets will continue to maintain local targets and metrics, developed in consultation with local communities, in addition to the global targets. Reporting will evolve over the next 12 months. Communities and social performance targets 2022-2026 Reporting status By 2026, all sites to co-manage cultural heritage with communities and knowledge holders. Progress will be evaluated through a co-management maturity assessment currently in development for reporting from 2023. Year-on-year increase in contestable spend sourced from suppliers local to our operations. Baseline included in the 2022 Sustainability Fact Book for: – Rio Tinto Group – Product groups Progress against target reported annually from 2023. By 2026, 70% of total community investment to be through strategic, outcomes- focused partnerships. Progressive reporting through roll-out of the social investment strategy and framework in 2023. By 2024, 100% of employees in high human rights risk roles to complete yearly job-specific and general human rights training. By 2026, 100% of employees to complete yearly general human rights training. Progressive reporting with 2022 focus on training development and role mapping. Effective communities and social performance (CSP) is fundamental to our business. Without the support of the communities where we live and work, we cannot operate. We aim to contribute to a shared future and positive legacy by developing lasting relationships with people, learning about and supporting their goals and aspirations, avoiding or mitigating adverse impacts, and respecting different cultures and connections to lands and waters. We are finding better ways to work with communities and Indigenous peoples, particularly in how we protect heritage. We are moving to a model of co-management of land and waters, and we are updating our agreements to deliver more enduring socioeconomic, heritage and environmental outcomes. This, in turn, delivers greater certainty for mine development. Our CSP teams span our entire business and work in partnership with communities to understand how the work we do affects their lives, culture and heritage. By doing so, we can optimise benefits and reduce negative impacts, both for local communities and our business. Our teams include people who have a range of expertise, from archaeologists, anthropologists, social scientists and economic development experts to human rights specialists and operational leaders. While these teams lead our technical activities, our social licence is the responsibility of all employees. Everyone has a role to play in our engagement with, and contribution to, host communities and society more broadly. Our CSP and site teams are also starting to work with Indigenous communities to explore opportunities for them to participate in our climate initiatives. For more information about our climate initiatives, see our 2022 Climate Change Report at riotinto.com/climatereport. 2022 progress Strengthening social performance We continue to strengthen our social performance governance, capacity and capability. In 2022, we launched our revised Communities and Social Performance Standard. It applies to all managed operations globally and will help us work thoughtfully, responsibly and transparently. It provides clear direction on what success looks like and the minimum standard expected across our global operations. In 2022, we also launched the 2022 to 2027 Group CSP vision, goal and strategic framework, which will guide our activities over the next five years and help improve our performance. Our CSP vision is to respect and enable communities to realise their goals and aspirations and create long-term shared benefits. We continue to build internal capability and collaboration across our teams working in CSP, Indigenous Affairs and Cultural Heritage. In 2022, we held two global conferences in Brisbane and Montreal for more than 260 CSP employees to explore complex technical issues and share good practice and learnings. These conferences also offered the opportunity to engage with civil society organisations, investors and academia on emerging CSP trends and practice. As we evolve our approach to co-design and co-management, we continue to listen to the wealth of knowledge that resides both inside and outside our business. QIT Madagascar Minerals (QMM) In 2022, QMM worked together with national and local authorities, representatives of the communities and Traditional Owners to address complaints raised by members of the local communities through a grievance management process. Throughout the year, the parties continued to work together to find equitable and sustainable solutions and we will continue to work closely with the community on these issues in 2023. Despite the challenges at QMM, we are implementing initiatives to strengthen our collaboration with the community. One example is our village nursery project, which generates income for the community that is supporting the rehabilitation of the area surrounding the Mandena mine. In 2022, QMM invested over $550,000 to support rehabilitation activities, producing 300 tonnes of compost and providing 1,500,000 seedlings used for commercial tree planting, ecological restoration, greening of the area around Mandena and an offset plantation near the future mining lease in Ambatoatsinana. Community associations are the input suppliers, and some community members are also employed. More than 400 households have benefited from QMM's rehabilitation activities. In addition, QMM will increase its spending on its Corporate Social Responsibility Policy over the next three years to implement development projects in full collaboration with the communities and for the benefit of all local community members. Resolution Copper project, Arizona, US At our Resolution Copper project in Arizona, we continue to strengthen relationships with local communities and Native American tribes by deepening our engagement and partnership support. We recognise the enduring historical connection Native American tribes have with the land at, or near, the proposed mine and we have partnered with the Tonto National Forest Service and Native American tribes to develop a programme to train tribal members in archaeological surveys and to help us identify sites of special significance to tribes. For more information, see resolutioncopper.com The project is going through comprehensive and independent social and environmental regulatory reviews. The US Forest Service (USFS) published the Final Environmental Impact Statement (FEIS) in January 2021. In March 2021, the US Department of Agriculture (USDA) directed the USFS to retract the FEIS, which allowed the agency to undertake further review and consultation.

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Annual Report on Form 20-F 2022 \| riotinto.com54 Simandou project, Guinea At our Simandou iron ore project in Guinea, we are working with communities to help them prepare for construction and future operations by identifying and managing our impacts, and designing and delivering local social investment and regional economic development programmes. In addition to implementing environmental and social impact mitigation measures, our teams are working with local communities to enhance social infrastructure, deliver livelihood restoration initiatives and build community resilience. Recognising the cumulative impacts that will occur as a result of the development of Simandou, we are also working with our infrastructure and joint venture partners to ensure the consistent application of internationally recognised environmental and social performance standards across the entire project footprint. We are also working towards raising local capacities to maximise local content. Engaging with local entrepreneurs and investing in training and development of local capacities is key to optimise benefits to our host communities. Oyu Tolgoi, Mongolia We focus on long-term sustainable development in Mongolia, increasing transparency in our business processes and building trust with local communities through community investment and local employment. In 2022, local employment at Oyu Tolgoi increased by 25% from January to September as a result of a comprehensive recruitment process and local talent development. Since 2015, Oyu Tolgoi has made a yearly contribution of $5 million to a Development Support Fund (DSF) – administered jointly by Oyu Tolgoi and the community – for community programmes and projects in the Umnugovi aimag. In 2022, after reaching $38.9 million, the fund invested in constructing a community school, a kindergarten, and a health care centre, increasing accessibility to quality educational and healthcare services for community members and creating more than 480 permanent jobs. The DSF also funded the Gobi History and Nature Museum, which opened in May 2022. It has already benefitted tourism in the region by attracting more than 28,000 people, and it is playing an important role in protecting and promoting Mongolian cultural heritage. We continue to engage with local communities through the Khanbogd Tripartite Council (TPC). In 2022, we focused on herder sustainable livelihood, student scholarships and pastureland water access. Compagnie des Bauxites de Guinée SA (CBG), Guinea CBG is a bauxite operation in Guinea owned by Halco Mining Inc. (51%) and the Guinean Government (49%). Halco is a consortium comprised of Rio Tinto (45%), Alcoa (45%) and Dadco Investments (10%). Rio Tinto participates on the boards of Halco and CBG, with representation on various shareholder oversight committees. Through our Board and committee roles, we monitor and support CBG's approach to environmental protection, community issues and human rights. We are aware of the concerns regarding access to land and water, and the pace of livelihood restoration programmes as well as concerns regarding CBG's stakeholder engagement. In 2022, sustainability advisory committees at Halco and CBG levels met regularly, strengthening our oversight and providing support to CBG for the improvement of CBG's social and environmental practices, including for the development of an ongoing human rights due diligence process. Both the Halco and CBG advisory committees are closely following CBG's response to a complaint made to the International Finance Corporation's (IFC) Office of the Compliance Advisor Ombudsman (CAO). The mediation process facilitated by the CAO has conducted seven sessions in 2022 and through a collaborative approach the parties made important progress towards an agreement on the improvement of community access to water. Halco continues to participate in the mediation process as an observer, alongside the IFC. Panguna mine, Bougainville, Papua New Guinea The Panguna mine was operated by Bougainville Copper Limited (BCL), majority-owned by Rio Tinto, for 17 years from 1972 until 1989, when operations were suspended due to a civil war, which lasted until 1998. In 2016, Rio Tinto transferred its 53.83% majority shareholding in BCL to the Autonomous Bougainville Government (ABG) and the Papua New Guinea (PNG) Government for no consideration, enabling the ABG and PNG to hold an equal share in BCL of 36.4% each. In September 2020, the Human Rights Law Centre (HRLC) filed a complaint against Rio Tinto on behalf of 156 Bougainville residents with the Australian National Contact Point (AusNCP) regarding the Panguna site. In 2021, as an outcome of the AusNCP engagement, a joint committee of stakeholders, the Panguna Mine Legacy Impact Assessment Committee, was formed to oversee a detailed independent assessment of the Panguna mine to identify and better understand the environmental and human rights impacts of the mine. The Committee is chaired by an independent facilitator with representatives from the ABG, the Independent State of PNG, clan leaders and landowners, local communities, Rio Tinto, BCL and HRLC. It has met regularly since its formation. In 2021, the Committee commissioned the Panguna Mine Preparatory Phase Report to inform priority areas for the Impact Assessment. Completed in 2022, the report identified risks of potential failure of the levee at the former Main/Pump station, and potential flooding events along the Kawerong and Jaba river. On behalf of the ABG, Tetra Tech Coffey completed on-the-ground investigations in October 2022 and will present findings to the ABG who will determine next steps. In 2022, the Committee selected and endorsed Tetra Tech Coffey to complete phase 1 of the independent environmental, social and human rights Legacy Impact Assessment. The Legacy Impact Assessment began in December 2022 and will provide all parties with a clearer understanding of the impacts, so that together we can consider the best way forward. Jadar lithium-borates project, Serbia We continue to believe that the Jadar lithium- borates project in Serbia can contribute to enhancing the electric vehicle supply chain ecosystem in Serbia. We continue to explore options with all stakeholders on how to progress this world-class opportunity to the highest environmental standards. Group-wide COVID-19 fund In 2021, we committed $25 million to help the communities where we live and work respond to the pandemic. Our assets led the implementation of the fund, supporting grassroots communities across three pillars: response, recovery, and resilience. The remaining funds were allocated in April 2022 to support communities in Madagascar, Mongolia, Serbia and South Africa. More information is available on our website. Social contribution Supporting economic opportunities for our host communities and regions is a key priority for us and we strive to employ local people, buy local products and engage local services. In 2022, our total voluntary global social investment was $62.6 million, covering a wide range of social and economic programmes. In 2022, we spent $2.7 billion with suppliers local to our operations, which is 14.5% of our total contestable spend. 88 Indigenous rangers across 12 Pilbara Traditional Owner groups will be supported to deliver cultural land management, through our contribution of A$11.8 million over five years towards Ranger Programs. Humanitarian support through $5 million donated to humanitarian efforts in Ukraine. We also contributed A$271,530 through our global employee appeal. Residents of 10 towns in the Shire of Ashburton and City of Karratha in the Pilbara region of Western Australia will realise improved social outcomes over the next ten years through our A$75 million contribution. Indigenous history will be preserved through a two-year archaeological partnership with the Cheslatta Carrier Nation in Canada, to better understand the history of Indigenous communities and human migrations. 1,000 people in remote rural communities will have access to mobile health care for the first time, through our contribution of $375,000 to Clinic Mobile des Oubliés, a Guinean social enterprise. 550,000+ students in elementary and high schools in Quebec will have access to a free homework helpline and learning website through our contribution of C$1 million over three years. Culturally safe care for mothers and

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children will be made available to First Nations and Inuit patients and families at Sainte-Justine through our C$500,000 donation. People and society continued

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55Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Update on our communities and social performance commitments In October 2022, we released our final standalone report on our progress on the commitments we made after the tragic destruction of the rock shelters at Juukan Gorge. Significant updates since this report are summarised below under three areas of interest: relationships, governance and process, and leadership and inclusion. For more information see our 2022 Communities and Social Performance Commitments Disclosure Report on our website. In 2023, we will repeat the feedback process with Traditional Owners in the Pilbara. This will provide a three-year longitudinal perspective on our relationships. In parallel, we will undertake a project to design and pilot a community feedback process for host communities where we operate globally. Relationships We have changed the way we engage with Indigenous communities. We are progressively working more closely in partnership with Indigenous peoples across our operations to preserve and protect cultural heritage. We are moving to a model of co-management to ensure Indigenous voices are heard as part of our decision making. Remedy agreement with the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation In November 2022, we agreed with the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation to create the Juukan Gorge Legacy Foundation as part of a remedy agreement relating to the destruction of the rock shelters at Juukan Gorge in the Pilbara region of Western Australia in May 2020. Financial support will be provided to the Traditional Owner-led foundation to progress major cultural and social projects, including a new keeping place for storing important cultural materials. The agreement forms part of our commitment to remedy and rebuild the relationship with the Puutu Kunti Kurrama and Pinikura people. For more information see our website. Updated agreement with the Yindjibarndi people As part of our commitment to modernise our relationships with Traditional Owners, in November 2022, we signed an updated agreement with Yindjibarndi Aboriginal Corporation. The agreement aims to provide better social and economic outcomes for future generations and reflects our commitment to create opportunities for Yindjibarndi people to participate in our operations. The agreement also includes support for Yindjibarndi Aboriginal Corporation to develop community, commercial and cultural projects and programmes to fulfil its aspirations of self-determination. For more information see our website. Pilbara Cultural Land Management project As part of our A$11.8 million investment over five years into Ranger programs in Western Australia, we announced a partnership with the Pilbara Cultural Land Management Project (PCLMP) in October 2022. The PCLMP will enable 12 Pilbara Traditional Owner groups to take part in training programmes to help develop tools that support cultural, heritage and environmental mapping, monitoring and management. The project will provide greater employment opportunities and ongoing social and cultural benefits. For more information, see our website. We are also investing in developing and diversifying individual Ranger Programs across the Pilbara, partnering with Murujuga Aboriginal Corporation, Karlka Nyiyaparli Aboriginal Corporation and Yindjibarndi Aboriginal Corporation. The Aboriginal-led Ranger Programs provide connection to culture, opportunities for healing and strengthening families, and holistic support to achieve generational change. Working with Indigenous communities in Canada We continue to collaborate with Indigenous groups in Canada to implement agreements. We have 11 active long-term impact benefits/ participation agreements, and three potential agreements are in discussion. Our agreements include areas such as training and employment procurement, land and water management, joint environmental monitoring and community investment. We are also working in partnership with Indigenous communities to look at how we protect and preserve cultural heritage. At our Diavik Diamond Mine in the Northwest Territories, we are working with Indigenous partners to develop criteria for water quality to ensure that water is healthy and safe from a western science perspective and from a traditional cultural use perspective. This initiative values both western science and traditional knowledge and it will be evaluated equally by the Wek'èezhìi Land and Water Board and the regulator. It is part of a co-management regulatory regime to ensure future traditional use of the local land and water. In the northern part of British Columbia, we have announced a significant archaeological research project together with the Cheslatta Carrier Nation. The project will excavate sites of remarkable cultural and historical significance that could date back more than 10,000 years. Economic contributions (US$ million) 2022 2021 2020 2019 2018 Profit after tax for the year 13,076 22,575 10,400 6,972 13,925 Underlying earnings 13,275 21,380 12,448 10,373 8,808 Underlying earnings per share (US cents) 819.6 1,321.1 769.6 636.3 512.3 Net cash generated from operating activities1 16,134 25,345 15,875 14,912 11,821 Capital expenditure2 (6,750) (7,384) (6,189) (5,488) (5,430) Net (debt)/cash (4,188) 1,576 (664) (3,651) 255 Consolidated sales revenue 55,554 63,495 44,611 43,165 40,522 Employment costs (6,002) (5,513) (4,770) (4,522) (4,728) Payables to governments3 (9,313) (12,789) (8,224) (7,175) (7,217) Amounts paid by Rio Tinto n/a4 (13,334) (8,404) (7,635) (6,575) Amounts paid by Rio Tinto on behalf of its employees n/a4 (1,486) (1,353) (1,284) (1,342) 1. Data includes dividends from equity accounted units, and is after payments of interest, taxes and dividends to non-controlling interests in subsidiaries. 2. Capital expenditure is presented gross before taking into account any disposals of property, plant and equipment. 3. Payables to governments includes corporate taxes, government royalties and employer payroll taxes. 4. Our Taxes Paid Report will be published later this year on riotinto.com. 2022 2021 2020 2019 Community investment1 (discretionary) 62.6 72.1^ 47 36.4 Development contributions2 (non-discretionary) 18.2 19.1 12.8 12\* Payment to landowners3 (non-discretionary) 299 222.9 165.9 147 \* In 2019, $13 million was reported for development contributions. This has been revised down to $12 million due to an error noted in reporting. ^ The notable increase in community investment is associated with the completion of the $25 million COVID-19 pledge, a review of social investment strategies across product groups and the launch of a number of significant multi-year partnerships, particularly through Rio Tinto Iron Ore and Rio Tinto corporate teams. 1. 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. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com56 In the Saguenay–Lac-St-Jean region of Quebec, we announced the signing of an agreement with Pekuakamiulnuatsh First Nation in December 2022. This agreement – named Kuessilueu, which means "the wind is turning" in Nelueun – is the start of a collaborative process that will bring Pekuakamiulnuatsh and Rio Tinto representatives together in a co-designed approach to identify priorities and recommendations on governance, jobs and training, business opportunities, cultural heritage, environment, partnerships, and energy transition. The agreement will involve a large group of people and aims to create a movement, with each participant becoming an agent of change in their respective area. As part of this agreement, an Indigenous awareness programme will be launched for our employees in the region. Governance and process During 2022, we continued to revise our standards, systems and processes to ensure we are working responsibly to avoid and minimise impacts and risks to our operations, people and communities. Australian Advisory Group We have established an Australian Advisory Group (AAG) to provide guidance on current and emerging issues, and better manage policies and positions that are important to both Australian communities and our broader business. The group continues to refine its scope and procedures for providing high-quality advice to the Chief Executive Australia and the Executive Committee. Our cultural heritage risks We have now operationalised the set of controls that manage our cultural heritage risks, with an emphasis placed on understanding the control performance at a local level. Our global Communities and Social Performance Area of Expertise continues to provide subject matter advice and support to our assets to strengthen the risk assessment processes across our business. Independent cultural heritage management audit In 2020, we engaged Environmental Resources Management (ERM) to undertake an independent cultural heritage management audit across all our sites. Phase one of the audit was completed in mid-2022 and focused on 20 audits across our Australian assets. Field work for phase two was completed in December 2022 and focused on 17 audits across our non-Australian operations. Phase one of the audit found that the changes introduced over the past two years have improved on-ground management. For example, a number of assets globally are progressing projects with community partners to document intangible cultural heritage values. This includes methodologies such as constellation mapping and training on new methods for recording oral histories. The report identified four areas for improvement: managing water as a cultural resource, managing artefacts, integrating data, and continuing to build our team of experienced cultural heritage practitioners. A summary of audit findings from phase one and two will be released at the end of the first quarter in 2023. Based on the recommendations, we will then work on a response plan in consultation with our cultural heritage teams and cultural heritage knowledge and rights holders. Leadership and inclusion We are evolving our culture to encourage a mindset and behavioural shift at all levels of our organisation. We have a programme of work in progress that focuses on advancing respect for the peoples and cultures on whose land we live and work, which links closely to the work we are doing as part of the Everyday Respect initiative. We continue to increase the number of Indigenous leaders in our business and develop our cultural competency. Reducing the barriers for Indigenous employees in our business and increasing cultural intelligence will help us become a better operator and a more inclusive workplace. For more information see page 59. In October 2022, we launched an internal protocol for the use of Indigenous cultural and intellectual property in Australia to ensure we follow appropriate processes when commissioning or reproducing Indigenous design or artwork within our business and engaging in Indigenous art and design projects. This will continue to be rolled out throughout 2023. Truth and reconciliation in Canada We continue to create learning opportunities for our people in Canada to raise awareness about the history, culture and rights of Indigenous peoples. During National Indigenous History Month, we held a series of events focusing specifically on Indigenous women. In September, we celebrated National Truth and Reconciliation Day and hosted a panel focusing on tangible ways to promote reconciliation and create a more inclusive and culturally safe work environment. Addressing employment barriers in Canada In addition to raising awareness, we have been focusing on identifying and addressing some of the recruitment opportunities and barriers for Indigenous peoples, and particularly Innu First Nations candidates. We prioritised eastern Canada in 2022 and took a number of actions. We established employment and training committees in partnership with Indigenous job placement agencies and we revised our recruitment process, including hiring criteria, pre-employment checks and verification processes. These changes resulted in 31 new Indigenous hires. Indigenous participation In 2021, our Iron Ore product group developed an Indigenous participation strategy to attract and develop Indigenous employees and promote a culturally safe working environment. Throughout 2022, we continued to make significant progress. We have: – Enhanced our recruitment processes. – Updated our employment programme to remove obstacles to employment and provide training and development opportunities for Indigenous peoples. – Delivered a training programme to increase the cultural knowledge of non-Indigenous employees. – Implemented an Indigenous participation dashboard to ensure leaders are enabled to make informed choices on improvement initiatives. – Enhanced our Indigenous Talent Review programme, which in 2022 saw 23 participants from a cohort of 151 promoted to roles of Supervisor or above. Indigenous leadership in Australia As at end of 2022 46 Indigenous leaders in our workforce (A-H band) (November 2020: 6) 39% Women in our Indigenous leader cohort (A-H band) 1,549 Indigenous employees in our workforce (equivalent to 6.6%) 87% Cultural connection programme participation among A-E leaders 16% Indigenous graduates in cohort (26 graduates in total) 94 Indigenous professionals participating in our cultural onboarding programme 17 Indigenous leaders graduating from RioInspire (Emerging Indigenous Executive Leaders) People and society continued

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57Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Health, safety and wellbeing Caring for one another is one of our values – it is part of who we are and the way we work, every shift, every day. Nothing is more important than the safety and wellbeing of our employees, contractors and communities. 2022 progress We have now exceeded four years without a fatality. Although this is an important milestone, it is not one we take for granted. While we recognise the commitment made by all our employees and contractors to make us a safer company, we continue to believe all incidents and injuries are preventable and focus on identifying, managing and, where possible, eliminating risks. Although we had no fatalities on our managed sites in 2022, we are saddened by the loss of a mariner on board a non-managed chartered vessel, and a permanent disabling injury suffered by another mariner in a separate incident, also on a non-managed chartered vessel. We remain determined to improve maritime safety for our industry through a multi-year programme to identify, manage and eliminate risks in the marine supply chain. We continue to see serious incidents at our own operations. Our main risks relate to falling objects, fall from height, and vehicles and driving. Our all-injury frequency rate (AIFR) remained stable at 0.40, compared to 2021. We continue to see a disparity between the number of injuries among employees and contractors, so we remain focused on including contractors in our safety culture. Critical risk management (CRM) remains our primary fatality elimination tool by helping ensure that critical controls are in place and working where there is a fatal risk. In the last year, we continued to simplify our critical risk content, particularly for risks of rail impact or collision, mooring and drowning. To address risks related to vehicles and driving, in late 2021 we made significant changes to the Group procedure for mass transportation, a component of our vehicles and driving Group standard. These changes included the mandatory implementation of in-vehicle monitoring systems, and fatigue and distraction technology in all buses we operate, as well as increased safety feature requirements for vehicles purchased after January 2022. To tackle risks associated with falling objects, in the last year we also worked to improve the asset integrity of overhead cranes across our operations. In 2023, we will re-focus our attention on CRM to address the frequency of potentially fatal incidents (PFIs) across all critical risks. We will work to enhance the quality and impact of verifications – used for checking that the right critical controls are in place for each task – and we will use the data we collect to understand early trends, so that we can intervene before incidents occur. Across our business, our commitment remains on advancing our safety culture. The safety maturity model (SMM), introduced in 2019, was enhanced in 2022 to provide our leaders and their teams with clear guidance on managing health and environment risks, as well as on integrating contractors in a way that helps keep them safe. We also directed our efforts towards better understanding the felt experience of our workforce and the effectiveness of safety rituals. To help leaders understand and apply the SMM enhancements, we ran a series of "teach-in" sessions covering the key changes, including maturity indicators (systems, symbols, behaviours and felt experience), the importance of mindsets in supporting behaviour and culture change, and the critical steps in the assessment process, including scoring. We also evolved our assessor training programme to reflect these enhancements, as well as to improve assessors' understanding of the model and consistency in its application. As a result of the enhancements we introduced to the SMM, we also stepped up the requirements for what defines each level of safety maturity across our business. With the inclusion of health, environment and contractors, we have reset our expectations on how to lead for both physical and psychological safety, while also caring for the environment. Although we know this will be a multi-year journey, we are encouraged by the results of the 2022 assessments, which deepened our understanding of the safety culture at each site. In addition, feedback received from site teams confirmed that the assessments provided actionable insight into where to focus to become a safer workplace. Mental health and wellbeing Mental health is a core part of our safety culture. We have a responsibility to support the wellbeing of our people, beyond the traditional areas of health and safety, and we are committed to creating a work environment that is free from psychological harm. We understand that our employees' mental health can be impacted by psychosocial risks at work, so we continue to strengthen our psychosocial risk management. To support an environment where everyone feels safe, respected and included, we are progressing all 26 recommendations from the Everyday Respect Report, with a focus on training leaders in building psychological safety and becoming upstanders, rectifying any unsafe facilities and building plans to make our facilities more inclusive, and providing a more people-centric response to support those impacted by harmful behaviours and disrespect. For more information about the Everyday Respect initiative, see page 16. We are a member of the Minerals Council of Australia (MCA) Psychosocial Risk Management Working Group, chaired by MCA and industry partners, to improve the understanding and management of psychosocial risk within our industry. Our safety maturity model Much of the success of our safety culture is a result of the implementation of our SMM, now in its fourth year. The SMM, as our blueprint for safety, brings together the best practices from across our business in leadership and engagement, learning and improvement, risk management and work planning. Together, these practices define how we can lead for physical and psychological safety. Since implementing the model, we have evolved our focus from verifying systems and rituals to assessing the impact of the model on people's mindsets. We believe all our employees and contractors should feel that they can work without injuring themselves, speak up and make decisions to keep themselves safe. We have evolved the SMM accordingly, including the way we train our assessors and perform assessments at our sites. In 2022, we continued our work to help leaders recognise psychosocial hazards; assess the risks; and implement, evaluate and monitor effective controls, just as for any other health or safety risk. We also continued embedding our mental health framework to raise awareness of mental wellbeing, reduce stigma and increase the capacity of our leaders to recognise and support individuals experiencing mental illness. Aligned with our commitment to give our employees the tools and skills they need to support their mental health, we continue to provide and promote the Employee Assistance Programme (EAP), our mental health toolkit and our global Peer Support Programme, which includes more than 1,500 peer supporters worldwide. We also support our people through our domestic violence support programmes, which cover 100% of employees. We continued to support global mental health campaigns such as R U OK? Day and World Mental Health Day. In October 2022, we held our mental health week to support mental wellbeing in the communities where we operate and encourage our people to look out for one another. We ran a programme of activities that included our first-ever global calls dedicated to mental health. The full communications programme reached employees via leader and peer supporter conversations, Yammer posts, intranet articles and a combination of four live and recorded webinars on topics such as resilience and the connection between mental health and menopause. We further encouraged conversations by sharing employees' stories and experiences with mental health, and having senior leaders and members of our Executive Committee share their personal reflections and commitment to mental health. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com58 Safety and health performance 2022 2021 2020 2019 2018 Fatalities at managed operations 0 0 0 0 3 All-injury frequency rate (per 200,000 hours worked) 0.40 0.40 0.37 0.42 0.44 Number of lost-time injuries2 225 216 187 227 223 Lost-time injury frequency rate (per 200,000 hours worked)3 0.25 0.25 0.22 0.27 0.26 Safety maturity model (SMM) score4 4.7 5.7 5.4 4.5 – Rate of new cases of occupational illness (per 10,000 employees)5 14.9 14.5 17.1 20.5 29.1 Number of employees6 54,000 49,000 47,500 46,000 47,500 Fines and prosecutions – safety (US$'000)7 339.0 646.2 25.4 40.7 59.0 Fines and prosecutions – health (US$'000) 0 5 0 1.4 0 2. Figure in 2018 restated from that originally published to ensure comparability over time. 3. Figures in 2018, 2019 and 2021 restated from those originally published to ensure comparability over time. 4. 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 programme based on project and closure cycles. New assets to the programme are baselined in the first quarter of each year and added to the Group average at the end of the year. In 2022, enhancements made to the SMM assessment approach significantly raised the bar for assessed maturity. This required a reset of all baseline scores at every operation, which were reduced by 1.5. A revised average maturity of 4.2 served as baseline for 2022 assessments. 5. Rate of new cases of occupational illness (NCOI) = number of all new cases of occupational illnesses x 10,000/number of employees (based on average monthly statistics). 6. These figures include the Group's share of joint ventures and associates (rounded). 7. In 2022, we paid safety fines resulting from non-compliances identified during MSHA inspections at our Boron Operations, California, US and Kennecott Copper and Bingham Canyon mines, Utah, US. OSHA violations at our Wilmington operations, California US; violation of the Mine Health & Safety Act at Diavik Diamond Mine, Northwest territories Canada and a fine in the Magistrate's Court of Western Australia for an incident that occurred at our DSL-Port Hedland operations WA, Australia in 2018. Contributing causes for newly reported illness cases (employees) 2022 Noise induced hearing loss 21 Musculoskeletal disorders 30 Mental stress 4 Others 14 Note: There can be one or more illness reported for each employee/contractor. People and society continued We also updated and simplified our guidance notes on Occupational Exposure Limits and Occupational Hygiene Statistics to simplify these processes. This will help our teams manage and report hygiene risks. Recognising the need to improve the transparency and detail of our health data, we performed a Group Internal Audit in 2022. We are now implementing the audit recommendations by working to improve the reporting of our data. These recommendations include reviewing gaps in guidance, updating our existing guidance to address these gaps, re-training our health practitioners and improving the available consolidated reports to enable further insights. Re-doubling our efforts on delivering products that safeguard the environment, health and safety of our communities and end-consumers, we brought together colleagues from our product groups, Health, Environment and Commercial teams to develop a roadmap for future-proofing our product stewardship. HSES transformation The Health, Safety, Environment and Security Transformation Programme, implemented across five sites, is simplifying the way we work and increasing the value we get from the information we collect, ultimately making our business safer. We are piloting the core modules at Bell Bay and Dampier Port in Australia, and Boron in the US. At Saguenay– Lac-St-Jean in Quebec, Canada, we are piloting three of the environment modules: air, water and greenhouse gas. Global deployment of the core modules will start in 2023. COVID-19 In 2022, as we entered the endemic stage of the COVID-19 outbreak, we saw fewer cases across our business. We stood down our COVID-19 global Business Resilience teams and transitioned our strategy for managing the disease to a risk-based approach, in the same way we manage other infectious diseases. We continue to monitor the situation and follow safety precautions to reduce exposure to the virus and protect our people, contractors, their families and the communities where we operate. We also continue to offer support to those impacted by COVID-19, including long COVID and any psychological impacts. Occupational health In 2022, we recorded a higher number of new occupational health illnesses compared to the previous year, with 69 (2021: 611), in line with our increased focus on medical assessments. These assessments are a key requirement in ensuring and maintaining our employees' fitness for work, addressing legislative requirements and managing risk profiles. In the last year, we began work to standardise and simplify such assessments to help improve our health performance. We also ran two workshops for our global health practitioners to share learnings, best practice and recent technology developments. In 2022, we continued the post-pandemic return to normal for occupational and industrial hygiene sampling. This includes analysis of noise, airborne particulates, gas and other contaminants that can lead to adverse health effects for our employees and contractors. We also reinstated our health surveillance – audiometry, spirometry and biological monitoring – to proactively identify potential occupational illnesses. The data collected over 2022 allows for semi-quantitative assessments of risk and identifies areas where we can implement or enhance control measures. Each product group worked on identifying projects within their assets which, with the support of the Areas of Expertise, will be designed, developed and implemented to reduce exposures for our employees and contractors. 1. Originally reported as 51 in 2021 due to medical diagnosis and/or investigation outcomes finalised after the end of the year, resulting in additional occupational health illnesses reported after the 2021 Annual Report publication.

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59Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Talent, diversity and inclusion Our culture is a key enabler of our purpose. It will make us a better partner and allow us to attract and retain the people we need to unleash the full potential of our business. We are finding better ways to support and engage our people, which means creating an environment where everyone feels comfortable being themselves, has the courage to speak up if something is not right and listens to each other with care and curiosity. 2022 progress At the beginning of the year, we reported the findings and recommendations from an independent review of our workplace culture to better understand, prevent and respond to harmful behaviours across our global operations. The Everyday Respect Report proposed 26 recommendations, all of which we are implementing. This is just one way we are evolving our culture to create a safe, respectful and inclusive workplace. For more information about the immediate actions we have taken in response to the Everyday Respect Report, see page 16. Continuing to listen and learn To help us understand how our people feel about the company and our direction, we conduct two annual Group-wide employee engagement surveys. Close to 36,000 employees participated in our latest survey in October 2022, and our employee satisfaction score (eSAT)1 improved from 71 in 2021 to 73. The feedback shows that the changes we are making are moving us in the right direction. Evolving a culture takes time and commitment. Continuing to focus on the evolution of our culture will remain a key priority for everyone in 2023. For more information about our work to evolve our culture, see page 16. Building an inclusive and diverse workforce Having an inclusive and diverse workforce is a competitive advantage. It will enable us to find better ways to do things and ensure that we reflect the communities where we work. In 2022, we extended our family-friendly policies by updating our global standard for paid parental leave to meet differing family needs, ensuring that all new parents are eligible for 18 weeks minimum paid parental leave. We have been working on increasing the representation of Indigenous employees in our business and ensuring they have a stronger voice. In 2022, we partnered with the Australian Graduate School of Management at the University of New South Wales to deliver the RioInspire programme (formally known as the Emerging Indigenous Executive Leaders programme). The programme has been tailored to focus on developing executive-ready Indigenous leaders who will have an influential role in shaping the future of our business. The first group of Rio Tinto Indigenous leaders completed the globally recognised, six-month programme in April 2022. We continue to focus on the representation of women across all levels in our business. In 2022, we increased the representation of women in our workforce from 21.6% to 22.9%. We hired 2,982 women in the last 12 months, an 18% increase on 2021. We continued to evolve our award-winning graduate programme in 2022 and recruited our biggest cohort yet with 265 graduate roles. Of these, 53.2% were women and 36% were from nationalities where we are building new businesses2. In Australia, 15% of the graduate intake (up from 10% in 2021) and 2.2% of our vacation student programme (down from 15% in 2021) were Indigenous. Developing our people We continue to invest in our people. Through the Safe Production System (SPS), we are empowering people to develop and share sustainable, best-practice solutions to define how to work safely and optimally. In 2022, our focus has been on upskilling our people with technical knowledge on best practices and encouraging the right mindsets and behaviours to better engage our people. To set us up for a continued successful and rapid rollout of SPS in 2023, we have now trained 20 Mindset and Behaviour Coaches and 218 Change Partners, and certified 61 leaders in SPS deployments. For more information about SPS, see page 34. We know leaders play a critical role in shaping our culture. In 2022, we continued to invest in personal leadership development through the Voyager programme. And as at 31 December 2022, more than 300 senior leaders have experienced the Voyager journey. We have also expanded our technical expertise and now have 130 people formally recognised as a technical RioExpertTM through our RioExcelTM programme. And in partnership with LinkedIn Learning, we launched an online energy and climate change curriculum for employees who want to understand more about how they can contribute to reducing both Rio Tinto's and their personal carbon footprint. Ensuring equality through pay equity Ensuring that employees with similar skills, knowledge, qualifications, experience and performance are paid equally for the same or comparable work is intrinsically linked to our commitment to inclusion and diversity. Our equal pay gap, the primary lens we use when assessing gender pay, 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. In 2022, we further reduced our equal pay gap compared to 2021, which is now 1% in favour of men. Gender pay gap is a measure of the difference between the average earnings of women and men across the Group (excluding incentive pay), regardless of role, expressed as a percentage of men's earnings. In 2022, our gender pay gap was just over 1% in favour of women, consistent with previous years. We are committed to eliminating any residual pay inequities based on gender or other non-legitimate dimensions of difference. For more information about our commitment to pay equity, see our website riotinto.com/payequity 52,000 workforce of employees and contractors, an increase of 9.8% since 2021 (47,000), excludes non-managed operations. 11,062 new hires of which 4,317 were contractors becoming permanent employees (2021: 7,895 new hires of which 3,098 were contractors). 22.9% women in our workforce, an increase of 1.4%3 since 2021 (21.6%). Workforce breakdown: 11,934 women; 40,119 men; 2 undeclared gender. 59% employees participated in myShare4, an increase of 4% (2021: 55%). 1. eSAT (employee satisfaction) is a measure of how happy employees are to work at Rio Tinto (average score). 2. Identifying with a nationality is not mandatory. More than 48% of our graduates have not formally reported a nationality. 3. Women % increase is 1.37% rounded to 1.4%. 4. myShare, our global employee share plan.

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Annual Report on Form 20-F 2022 \| riotinto.com60 People and society continued Workforce data by region1,2 Region Average Employee Headcount3 Headcount Distribution % Absenteeism4 Average Contractor Headcount5 Headcount Distribution % Africa 2,530 5.4% 78 1.5% Americas 15,021 32.4% 1.3% 781 16.0% Asia 5,113 11.0% 1.2% 146 3.0% Australia/New Zealand 22,681 48.9% 4.5% 3,856 78.7% Europe 1,085 2.3% 0.2% 37 0.8% Total 46,430 100.0% 2.9% 4,898 100.0% 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 2022. 2. Rates have been calculated based on average monthly headcount in the year. 3. Employee Headcount excludes Non-Executive Directors, contractors and people not available for work. 4. Absenteeism includes unplanned leave (sick leave, disability, parental and other unpaid leave) for populations on global, centralised HR systems. 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. Workforce data by category and diversity1,2,3 Category Headcount Distribution % Gender4 Age Group Region Women (count) Men (count) Women % Men % Under 30 30-39 40-49 Over 50 Africa Americas Asia Australia/ NZ Europe Senior leaders 1.1% 163 412 28.3% 71.7% 0.0% 8.4% 44.1% 47.5% 3.6% 26.4% 11.0% 46.3% 12.7% Managers 7.8% 1,326 2,725 32.7% 67.3% 0.4% 25.9% 44.0% 29.7% 4.3% 34.0% 11.1% 44.9% 5.7% Supervisory and professional 36.2% 5,646 13,181 30.0% 70.0% 11.4% 37.1% 29.9% 21.6% 5.0% 25.5% 15.0% 52.5% 2.0% Operations and general support 54.2% 4,580 23,627 16.2% 83.8% 16.7% 29.3% 26.7% 27.3% 6.1% 34.9% 7.8% 49.8% 1.4% Graduates 0.7% 216 165 56.7% 43.3% 86.8% 11.9% 1.3% 0.0% 6.3% 32.5% 14.7% 44.9% 1.6% Total 100.0% 11,931 40,110 22.9% 77.1% 13.8% 31.5% 29.3% 25.4% 5.4% 31.4% 10.8% 50.3% 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 2022. 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. Calculations have been completed in line with general rounding principles, assured by external auditors. 4. In 2022, two individuals' gender was undeclared. Employee hiring and turnover rates1,2,3 Total Gender4 Age Group Region Women Men Under 30 30-39 40-49 Over 50 Africa Americas Asia Australia/NZ Europe Employee hiring rate5, 6 21.1% 29.8% 70.2% 37.5% 33.5% 19.0% 9.9% 4.5% 27.0% 13.6% 52.5% 2.4% Employee turnover rate7 9.8% 10.1% 9.8% 14.3% 9.3% 7.9% 10.6% 4.7% 7.3% 4.4% 13.0% 14.0% 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 2022. 2. Excludes Non-Executive Directors and contractors. 3. Rates have been calculated based on average monthly headcount in the year per category. 4. In 2022, two 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. Empowering families with flexibility We have updated our global standard for paid parental leave to better suit different family needs. Many parents like Garry, who works in our finance team in Singapore, have been able to participate in recent months. With this programme, Garry could take the full 18 weeks and split the time into two blocks to allow for more flexibility. Learn more about our updated parental leave policy in our interview with Garry on our website.

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61Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Human rights Respecting human rights relies on good governance, knowing our potential impacts, empowering and enabling our people, and working with others to help avoid adverse human rights impacts from occurring in the first place. Progress in 2022 Governance The Sustainability Committee has overarching accountability for our approach to human rights. We are working on improving our human rights performance, strengthening a range of areas to help prevent our involvement in adverse human rights impacts, and providing for, or cooperating in, remediation when we identify that we have caused or contributed to harm. In 2022, we revised our Human Rights Policy to advance our human rights performance in line with our business objectives and values and to meet external commitments and emerging regulatory requirements. The updated policy reflects emerging human rights areas including just transition, human rights defenders and human rights due diligence. It also reiterates our commitment to implement the UN Guiding Principles on Business and Human Rights (UNGPs), the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, the IFC Performance Standards, the UN Global Compact's ten principles, the Maritime Labour Convention, the ICMM Mining Principles, and the Voluntary Principles on Security and Human Rights (Voluntary Principles). For more information about our security and human rights work programme, see our annual Voluntary Principles Initiative Report, published on our website. Our Group Internal Audit (GIA) team reviewed the design of our modern slavery controls and presented summary observations and opportunities to the Sustainability Committee in October 2022. The internal audit identified opportunities to enhance management of third-party risks across non-financial domains (including modern slavery); to improve governance over the management of modern slavery risk; and to further improve Board visibility of modern slavery disclosures. This was part of a three-year phased approach to provide assurance across our human rights programme. We will implement the actions from the internal audit during 2023, and will continue to work with GIA to provide further assurance over our human rights governance framework. Obtaining feedback from stakeholders, including receiving complaints or registering grievances, is a vital part of our human rights approach. Our stakeholders have access to myVoice, our confidential, anonymous and independently operated whistleblowing programme, through which human rights grievances can be reported. Salient human rights issues Consistent with the UN Declaration on the Rights of Indigenous Peoples, we acknowledge and respect Indigenous peoples' connection to lands and waters and commit to demonstrate progress towards, or achievement of, Free, Prior and Informed Consent of affected Indigenous communities across all phases of the asset lifecycle. Aligned with the UNGPs, we continue to mature our processes and systems. For example, we identify the priority human rights issues that could severely impact people through our activities or business relationships. These issues, listed below, consider our operational footprint, value chain and external contexts and remain unchanged from 2021: – 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 (respecting human rights while transitioning to a low-carbon economy). In 2022, several assets, including Simandou, Oyu Tolgoi and those in Gladstone, Queensland, Australia undertook risk assessments to review their priority human rights issues. These assessments provide assets with a more complete understanding of their risk context and are an important part of our commitment to implement the UNGPs. This work will continue into 2023. Our business relationships It is important that we address our potential involvement in human rights harm that may occur through relationships with our suppliers, customers and joint venture partners. We engage and collaborate with our business partners to advance respect for human rights in line with international standards, the UNGPs and our values. Using a risk-based approach, we pre-screen potential business partners on human rights and require suppliers (including subcontractors) to adhere to our Supplier Code of Conduct, which includes respect for human rights. More than 17,000 business partners completed baseline screening in 2022, and over 200 were escalated for human rights review, which is approximately a 60% increase compared to 2021. Our Commercial team also held conversations about human rights with several strategic suppliers at supplier relationship meetings. Modern slavery provisions are included in our standard global supply contract and purchase order terms and conditions, as well as our marine chartering contracts. During 2022, we updated human rights considerations in our Supplier Code of Conduct and contributed to updating our Code of Conduct – The Way We Work, which was launched internally in February 2023. In 2023, we will perform a more detailed review of the Supplier Code of Conduct to further clarify our expectations of suppliers on human rights and other matters. For more information about our human rights and modern slavery approach, see our annual Modern Slavery Statement on our website. Capacity building on human rights In 2022, we enhanced our in-house human rights expertise by establishing a dedicated human rights team within the Communities and Social Performance Area of Expertise. However, we also believe everyone in the business has a role to play in implementing our commitment to respect human rights. Our employees and contractors develop a better understanding of human rights issues through general and targeted training. In 2022, our training objectives were to demystify human rights and identify ways to integrate and operationalise human rights. We hosted 39 human rights workshops for our teams in Ethics and Compliance, the Business Conduct Office, Marine, Communities and Social Performance, as well as joint venture partners and other relevant stakeholders. We also launched an online learning module to raise awareness about modern slavery. This module is compulsory for our Commercial, Legal, Ethics and Integrity, and Communities and Social Performance Area of Expertise teams, but it is available to everyone in the business. Training feedback results indicated that over 90% of participants now understand what modern slavery is, how to report a concern and what we are doing to address risks. Our Marine team continued to develop their Seafarer Welfare and Safety Programme, which included dedicated human rights training for more than 108 marine officers and 77 seafarer crew members in the Philippines and India. We have summarised our human rights training records in the 2022 Sustainability Fact Book. We also participated in a number of collaborative human rights initiatives in 2022 and continued our external engagement with peers, civil society organisations, governments and others to help inform our approach to human rights management. For more information about how we engaged with our key stakeholders, including civil society organisations, see pages 55-56.

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Annual Report on Form 20-F 2022 \| riotinto.com62 Planet We take our role as long-term stewards of the world's natural resources, including land, water and the ecosystems they support, seriously. We know that the way we produce these products is just as important as the minerals and metals themselves. In 2022, we continued to progress our objectives to achieve impeccable ESG credentials and strengthen our social licence. Among other initiatives, we focused on minimising the risks and the environmental footprint of our operations and working on our Climate Action Plan. We rehabilitated 16 square kilometres of land, and to help us reduce our carbon footprint, we set up a new team of specialists focusing on nature-based solutions. Our freshwater consumption increased by 6GL, so reducing our extraction from water sources of this quality continues to be a priority for us. Employees maintaining the native Kakadu species saplings, which will be planted at the Ranger Mine rehabilitation areas. Energy Resources Australia Ltd.

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63Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Climate change and our related operational expenditure increased to approximately $140 million in 2022. As a result, we are better placed to deliver the complex and large-scale structural changes to our energy system needed to achieve our 2030 target. We are progressing work towards 1GW of renewable power in the Pilbara. In 2022, we installed the first 34MW at Gudai-Darri and are planning investments of $600 million for solar, storage and transmission to deliver a further 230MW solar power and 200MWh storage from 2023 to 2026. Once fully operational, this will displace approximately 30% of our gas usage. In other locations, power purchase agreements can be a better option for us and in 2022 we signed a 130MW solar power purchase agreement for Richards Bay Minerals in South Africa. Our Pacific Aluminium Operations are in coal-based power grids and account for 28% of our Scope 1 and 2 emissions. A formal market Request for Proposals (RFP) was undertaken in June 2022 to support the development of large-scale wind and solar power to supply power to the Boyne smelter through the Queensland grid by 2030. This smelter requires 960MW capacity of reliable power to operate, which equates to at least 4GW of quality wind and solar power capacity with firming. We continue to work with the Queensland Government and energy providers to design a renewable energy solution for this smelter. Our Processing Centre of Excellence focuses on decarbonising our harder-to-abate operations in alumina, iron ore pelletisation and titanium dioxide. In 2022, we agreed to partner with the Government of Canada to invest $537 million (C$737 million) to reduce emissions by up to 70% at the Rio Tinto Iron and Titanium Quebec Operations. This work supports technological innovations, including BlueSmeltingTM, a new ilmenite smelting technology that allows us to reduce and eventually eliminate the use of coal in the process. We also continued our studies with the Australian Renewable Energy Agency and Sumitomo Corporation on the role of hydrogen in alumina refining. Our experience with our abatement projects and progress tracking suggests there will be delays, and that we will require greater use of offsets to achieve our 2025 target. We established one additional programme to increase our investments in nature-based solutions projects. If done well, these projects can play a substantial role in addressing carbon emissions and biodiversity loss, while also providing benefits to local communities. Our people working on these "6+1" programmes, along with our substantial investments in technology development, will drive the innovation and solutions needed to accelerate our low-carbon transition and ensure the long-term resilience of our business. Decarbonising our value chains Our Scope 3 emissions were 584Mt CO2e in 2022 – over 1% of the global total. This is primarily from our customers in Asia processing our iron ore into steel and bauxite into aluminium, so our level of control is limited. Our approach to Scope 3 emissions balances ambition, pragmatism and our level of agency: it is focused on our most significant sources and is grounded in actions where we can have impact. While it is clear that we have a key role to play, we do not set an overall Scope 3 emissions target as we have limited ability to directly influence the production processes of our customers or their customers. In 2022, we increased our engagement with nearly all our direct iron ore and bauxite customers and worked with them to optimise their current operations and to develop the low-carbon technologies needed to reduce emissions across our value chains. It is encouraging that this issue remains very high on the agenda when we meet our customers. An inevitable structural shift toward green steel is underway. In the short term, the industry is predominantly focusing on blast furnace optimisation and we are working closely with customers to support their ambitions. In the medium term, the industry will move towards cleaner processing routes such as Direct Reduced Iron – Electric Arc Furnace (DRI- EAF). Steelmakers will increasingly value higher grade ores with less impurities that are more energy efficient to process. Therefore, we are working in partnerships with customers, technology providers, universities and others to develop low-carbon technologies to process our iron ore into steel. This includes exploring DRI pathways using hydrogen and sustainable biomass. We are also working on options to beneficiate and upgrade our Pilbara ores to be better suited to low-carbon steel making technologies. Learn more about these partnerships in our 2022 Climate Change Report at riotinto.com/climatereport. Our total Scope 3 emissions from shipping and logistics were 8.8Mt CO2e. Our shipping emissions intensity was 30% below our 2008 baseline, putting us on track to meet the International Maritime Organisation (IMO) decarbonisation goal of a 40% reduction in shipping emissions intensity by 2025, which is five years ahead of the IMO deadline. The low-carbon transition is at the heart of our business strategy. We are focused on growth in the materials that enable the transition, decarbonising our operations and partnering with our customers to decarbonise our value chains. Our operational emissions targets are ambitious: to reduce emissions by 15% by 2025 and 50% by 2030, reaching net zero by 2050. Our targets cover more than 95% of our reported Scope 1 and 2 emissions and are aligned with 1.5°C pathways. The Board approves our overall strategy, our policy positions and our Climate Change Report. The Board sets the 2025, 2030 and 2050 emissions targets and monitors performance against the targets and operational resilience. The Chair of the Board is responsible for our overall approach to climate change. The Board and the Risk Management Committee provide oversight of our principal risks and the Audit Committee monitors the overall effectiveness of our system of risk management and internal controls. The Risk factors section in this report considers both physical climate risks and low-carbon transition risks. The Chief Executive is responsible for delivering the Climate Action Plan approved by the Board. Our approach to climate change and target execution considerations integrates risk management, portfolio reviews, capital investments, annual financial planning and government engagement. 2022 progress In 2022, we worked towards our Climate Action Plan that our shareholders approved in a non-binding resolution at our annual general meetings. The low-carbon transition is complex: developing the technologies and implementing the major projects needed to decarbonise our business will take time. In 2022, our Scope 1 and 2 emissions were 30.3Mt CO2e (31.0Mt in 2021). This reduction of 7% below our 2018 baseline is primarily the result of switching to renewable power at Kennecott and Escondida in prior years, as well as lower than planned production from Kitimat and Boyne Smelter in 2022. We did not advance the actual implementation of our abatement projects as fast as we would have liked last year, so our capital expenditure on decarbonisation projects was $94 million, lower than we anticipated when we set our targets. Challenges have included late delivery of equipment, resourcing constraints impacting study progress, construction and commissioning delays, and project readiness. Our "6+1" abatement programmes In response, we established six abatement programmes, with dedicated people, to focus on the decarbonisation challenges that cut across our product groups: repowering our Pacific Aluminium Operations, renewables, ELYSISTM, alumina process heat, minerals processing and diesel transition. We are building capability and gaining a deeper understanding of our decarbonisation challenge (both constraints and opportunities),

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Annual Report on Form 20-F 2022 \| riotinto.com64 Planet continued Addressing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations Climate-related disclosures on governance, strategy and risk management, as well as metrics and targets, are integrated into this report. However, given constraints in our Annual Report, our 2022 Climate Change Report and our 2022 Sustainability Fact Book supplement these disclosures and are available on our website at riotinto.com/reports. Together, these reports are consistent with the four thematic areas, 11 recommended disclosures and "Guidance for All Sectors" set out in the October 2021 Implementing the Recommendations of the Task Force on Climate-Related Financial Disclosures. We will continually enhance our reporting and further integrate climate disclosures as recommended by the TCFD in future Annual Reports. To aid readers, the key climate-related disclosures can be found in the index here: TCFD recommendation Our response Governance Describe the Board's oversight of climate-related risks and opportunities. 2022 Annual Report: – Governance framework: page 100 – Evaluating our performance: page 101 – Board skills matrix: page 103 – Audit & Risk Committee report: page 104 – Sustainability Committee report: page 108 2022 Climate Change Report: – Climate governance: page 33 Describe management's role in assessing and managing climate-related risks and opportunities. 2022 Climate Change Report: – Our strategy and approach to climate change: pages 8-9 – Producing materials essential for the low-carbon transition: pages 10-13 – Enhancing our resilience to physical climate risk: pages 28-31 – Climate governance: page 33 Strategy and risk management Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. 2022 Annual Report: – Strategic context and strategy: pages 12-13 – Corporate information (note h): pages 153-155 2022 Climate Change Report: – Our strategy and approach to climate change: pages 8-9 – Producing materials essential for the low-carbon transition: pages 10-13 – Definition of short, medium, and long-term time horizons: page 6 Describe the impact of climate-related risks and opportunities on the organisation's businesses, strategy, and financial planning. 2022 Annual Report: – Strategic context and strategy: pages 12-13 – Corporate information (note h): pages 153-155 2022 Climate Change Report: – Our strategy and approach to climate change: pages 8-9 – Producing materials essential for the low-carbon transition: pages 10-13 – Reducing the carbon footprint of our operations: pages 14-18 – Partnering to reduce the carbon footprint across our value chains: pages 22-27 – Capital allocation alignment with our decarbonisation strategy: page 19 Describe the resilience of the organisation's strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. 2022 Climate Change Report: – Our strategy and approach to climate change: pages 8-9 – How we have considered climate change scenarios in our financial statements: pages 35-36 – Producing materials essential for the low-carbon transition, including our approach to scenarios and implications for our portfolio: pages 10-13 – Enhancing our resilience to physical climate risk: pages 28-31 Describe the organisation's processes for identifying and assessing climate-related risks. 2022 Annual Report: – Risk management: pages 76-78 – Longer-term viability statement: page 78 – Risk factors: pages 79-81, 85 2022 Climate Change Report: – Enhancing our resilience to physical climate risk: pages 28-31 – Climate governance: page 33 Describe the organisation's processes for managing climate-related risks. 2022 Annual Report: – Risk management: pages 76-78 – Longer-term viability statement: page 78 – Risk factors: pages 79-81, 85 2022 Climate Change Report: – Enhancing our resilience to physical climate risk: pages 28-31 – Climate governance: page 33 Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management. 2022 Annual Report: – Risk management: pages 76-78 – Longer-term viability statement: page 78 – Risk factors: pages 79-81, 85 2022 Climate Change Report: – Enhancing our resilience to physical climate risk: page 28-31 – Climate governance: page 33 Metrics and targets Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. 2022 Annual Report: – Key performance indicators: page 24 – Emissions metrics: page 65 2022 Climate Change Report: – Capital allocation alignment with our decarbonisation strategy: page 19 – Climate governance: page 33 – Emissions data: pages 37-39 2022 Sustainability Fact Book: – Energy; GHG emissions; water Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks. 2022 Annual Report: – Key performance indicators: page 24 – Emissions metrics: page 65 2022 Scope 1, 2 & 3 Emissions Calculation Methodology – pages 3-5 2022 Sustainability Fact Book: – Energy; GHG emissions; water Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets. 2022 Annual Report: – Key performance indicators: page 24 – Emissions metrics: page 65 2022 Climate Change Report: – Our Climate Action Plan: pages 6-7 2022 Sustainability Fact Book: – Energy; GHG emissions; water

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65Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Greenhouse gas emissions (GHG) Scope 1, 2 and 3 GHG – equity basis Equity GHG – million tonnes carbon dioxide equivalent (Mt CO2e) 2022 2021 2020 2019 2018 Scope 1 emissions 22.8 22.8 22.9 23 24.4 Scope 2 emissions 7.5 8.2 8.8 8.4 9.3 Total Scope 1 & 2 emissions 30.3 31 31.7 31.4 33.7 Carbon offsets retired 0.0\* Scope 3 emissions 583.9 558.3 576.2 – – Operational emissions intensity (tCO2e / t Cu-eq)(equity)1 6.2 6.3 6.2 6.1 6.1 Our 2030 greenhouse gas emissions targets are to reduce our absolute Scope 1 & 2 emissions by 15% by 2025 and 50% by 2030 compared with our 2018 equity baseline. Please see GHG Emissions Methodology sheet for details of our approach to reporting Scope 1, 2 & 3 emissions. Note that our 2022 equity emissions and our 2018 baseline do not include the additional equity share of the Oyu Tolgoi mine that was purchased in mid-December 2022. Queensland Alumina Limited (QAL) is 80% owned by Rio Tinto and 20% owned by Rusal. However, as a result of QAL's activation of a step-in process following the Australian Government's sanction measures, Rio Tinto is currently entitled to utilise 100% of the capacity at QAL, but paying 100% of the costs for as long as that step-in continues. Our 2022 equity emissions and our 2018 baseline include QAL emissions on the basis of Rio Tinto's 80% ownership. In 2022, the additional emissions associated with the step-in were 0.53Mt. Rusal has commenced proceedings challenging the validity of the step-in and the sanctions regime may change over time, such that the duration of the step-in remains uncertain. Historical Scope 1 and 2 emissions have been restated to reflect improvements in data quality. 1. Historical information for copper equivalent intensity has been restated in line with the 2021 review of commodity pricing to allow comparability over time. \* We retired 10,000 offsets in 2022 as part of a trial carbon offset iron ore cargo with a steel producer in China. Further information on this transaction is provided in the 2022 Climate Change Report. Scope 1 and 2 GHG – equity basis. Performance against target Equity greenhouse gas emissions (Mt CO2e) 2022 2018 Baseline Scope 1 & 2 emissions 30.3 2018 emissions target baseline (adjusted for acquisitions & divestments) 32.5 2022 equity GHG by product group and source (Mt CO2e) Electricity1 Anodes & Reductants Process Heat Mobile Diesel Other 2022 Total Emissions (Mt CO2e) Aluminium 9.5 5.0 5.2 0.3 1.2 21.1 Aluminium (Pacific) 7.7 1.7 0.2 0.0 0.2 9.7 Aluminium (Atlantic) 0.5 3.3 0.3 0.0 0.7 4.8 Bauxite & Alumina 1.2 0.0 4.7 0.2 0.3 6.5 Minerals (includes Iron Ore Company of Canada) 1.6 1.4 0.7 0.3 0.0 4.0 Iron Ore (includes Dampier Salt) 0.8 0.0 0.1 2.2 0.0 3.1 Copper 0.5 0.0 0.2 0.8 0.0 1.5 Other (includes Shipping and corporate functions) 0.1 0.0 0.0 0.5 0.0 0.6 Total 12.5 6.3 6.2 4.1 1.2 30.3 Note: The sum of the categories may be slightly different to the Rio Tinto total due to rounding. 1. Electricity includes imported power and own generation; process heat includes diesel consumption from stationary sources such as pumps; mobile diesel sources are haul trucks, locomotives and other mining fleet. 2022 equity GHG by location (Mt CO2e) Scope 1 Emissions (Mt CO2e) Scope 2 Emissions (Mt CO2e) Total Emissions (Mt CO2e) Australia 12.6 5.6 18.2 Canada 6.1 0 6.1 South Africa 0.4 1.3 1.7 USA 1 0 1 Other: Rest of Africa 0.3 0 0.3 Other: Europe 0.3 0 0.3 Other: Asia, New Zealand, Central America, South America 2.1 0.6 2.7 Total 22.8 7.5 30.3 Scope 3 greenhouse gas emissions – equity basis Total equity Scope 3 GHG (M tCO2e) 2022 2021 Restated 2020 Restated Scope 3 emissions – Upstream 32.6 32.3\* 30.4\* Scope 3 emissions – Downstream 551.3 526 545.8\* Total 583.9 558.3 576.2 \* Numbers restated from those originally published to ensure comparability over time.

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Annual Report on Form 20-F 2022 \| riotinto.com66 Environmental stewardship Planet continued We have also strengthened our approach to environmental risk management by developing a shared language and a standardised set of controls, and ensuring we are assessing the full breadth of potential environmental impacts in a consistent way across our business. As part of the Health, Safety, Environment and Security Transformation Programme, we have continued to develop and implement the environment modules, with the "air" and "water" modules in use at our Saguenay–Lac-Saint- Jean operations in Quebec, Canada. The programme will improve how we manage our environmental data, allowing us to use this information to support our decision making, meet the growing demand for transparency, and set meaningful targets for continuous improvement in environmental performance. We have also worked to ensure that environmental management is consistent and embedded across all processes in our business and through the lifecycle of our operations. To support our assets in managing their environmental performance, we incorporated environmental risk ownership and performance measurement into the safety maturity model (SMM), which focuses on leadership behaviours in the field and critical risk management. With our product groups, Health and Commercial teams, we started developing a roadmap for future-proofing our product stewardship to ensure that we continue to deliver products that safeguard the environment, health and safety of our communities and end-consumers. As environmental stewards, we focus on responsibly managing shared resources to protect the health, safety and livelihoods of local communities. We manage risk to minimise adverse environmental impacts from our operations and to sustain our shared ecosystems, planet and natural resources for future generations. In July 2022, the United Nations recognised "the right to a clean, healthy and sustainable environment" as a human right, further underlining our responsibilities to people and the planet. 2022 progress As a forum member of the Taskforce on Nature-related Financial Disclosures (TNFD), we are preparing to pilot the prototype risk management and opportunity disclosure framework at our Simandou site in Guinea. This framework will help businesses with the transparency and management of nature- related risks. We continue to provide feedback on the framework through our membership of the International Council on Mining and Metals (ICMM). We are also refreshing our approach to managing nature-related risk and developing a pathway to increasing our disclosures in line with TNFD. For more information about our nature-related disclosures, see our 2022 Sustainability Fact Book at riotinto.com/sustainabilityreporting. Water Water is a shared resource critical to sustaining biodiversity, people and economic prosperity. Increasingly disrupted weather patterns and more extreme weather events due to climate change, and a growing world population, mean efficiently managing water is more important than ever. The way we think about water and manage associated risks reflects the diversity of our operations and geographic locations. A small proportion of our assets operate in water- scarce regions, while others must remove excess water to allow safe mining operations. These are examples of the many potential risks we manage across the lifecycle of our diverse operations. We share water with the communities and nature surrounding our operations, so we aim to avoid permanent impacts on water resources by carefully managing the quality and quantity of the water we use and return to the environment. This means balancing the needs of our operations with those of the local communities and ecosystems. We do this while considering the impact of climate change, already felt in the level of rainfall and water security at some of our operations. We understand this responsibility extends beyond the life of our operations. To address this complexity, we adopt a catchment-level approach to developing potential solutions and managing our risks and impacts within our operations. We use baseline water stress as determined by the World Resource Institute to identify operational catchments of most concern. For more information visit our website www.riotinto.com/water Exploring nature-based solutions In 2022, we launched a new team of specialists focused on nature-based solutions, who will explore and invest in high-quality projects that implement internationally accepted social and environmental safeguards and contribute to reducing our carbon footprint. As part of this work, we will partner with host communities and other local stakeholders to learn from them and jointly find ways to improve the resilience and protect the biodiversity of land in and around our operations. For more information see our website.

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67Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 2022 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 the ICMM, Minerals Council of Australia and Global Reporting Initiatives. We also report on our aggregated water balance for sites in water- stressed areas. We assess baseline water stress using the World Resources Institute's Aqueduct Water Risk Atlas mapping tool. For more information see the 2022 Sustainability Fact Book at riotinto.com/sustainabilityreporting. Group water risk profile (% of managed operations) The water resource risk at Oyu Tolgoi in Mongolia is assessed as moderate, even though it is located in the Gobi Desert. Oyu Tolgoi sources its water requirements from a deep water supply, the Gunii Hooloi aquifer, a 150-metre deep resource holding around 6.8 billion cubic metres of non-drinkable saline water. Oyu Tolgoi uses this water source efficiently with water recycling and conservation practices implemented across the operation. Water resource Is there enough water available for both environment and community needs, and our operational use? 9%11%22%58% Water quality and quantity Does the way we manage water on site, or discharge excess water, cause environmental impacts or operational constraints? Our QIT Madagascar Minerals (QMM) operation in Madagascar operates in a highly sensitive area from a water, broader environment and community perspective. The discharges from our operation have the potential to impact receiving water quality and, therefore, the water quality risk is assessed as high. We are working to improve management activities on site, including our ability to more accurately measure our water discharge quality, and the deployment of a dedicated water treatment plant to adjust the discharge pH. 2%36%35%27% Impacts associated with dewatering and water supply activities in the Pilbara 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 studies. We are working with Traditional Owners on water management. Dewatering Does the removal of water from the operational areas of our sites impact regional aquifers or our mine plans? 5% 9%16%27%43% Low risk Moderate risk High risk Very high riskNot applicable 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 lifecycle. Long-term obligations Do our operational activities generate long-term or ongoing obligations related to water? 15% 22%20%31%12% Our water withdrawals Our total operational withdrawals for 2022 were 1,119 GL, a 4% increase compared with 2021. Freshwater, or category 1 quality, withdrawals accounted for 432 GL or 39% of this total, which remains consistent with our 2021 withdrawals. 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 2022 were 638 GL, a 3% reduction compared with 2021. Total water recycled or reused for 2022 was 328 GL, a 6% increase over our 2021 performance. To manage our water impacts, we first need to understand the specific risks at more than 50 operating sites, as well as our overall Group impacts. To do this, we have developed a water risk framework that considers: – Water resource – Quality and quantity – Dewatering – Long-term obligations We use this framework to identify, assess and manage water risks. This comprehensive approach extends beyond our mandatory reporting obligations and allows us to have relevant conversations about water risks internally and with stakeholders in the communities where we operate. In 2022, we continued to embed the last component of the framework – the Group water control library – which describes all controls identified to manage our water risks. Our Group water risk profile shows the level of exposure against each of the four risk categories. Most of our water risks sit in the "low" to "moderate" range. There are some in "very high" and "high" categories for each. Regardless of the level of risk, we apply rigorous standards and processes to manage them.

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Annual Report on Form 20-F 2022 \| riotinto.com68 Our five-year water targets allow us to be more transparent about our water usage, risk profile, management and specific challenges. These targets, and the data required to measure progress against them, are helping us become better water stewards. Our water targets were set in 2019 and consist of one Group target and six site-based targets, reflecting our catchment-based approach and recognising that we manage vastly different water-related risks across our business. The site-based targets were chosen based on their water risk profile, our ICMM commitments, and local community and environmental interdependencies. We continued to make progress against our Group target in 2022. We verified and updated water allocation volume data and estimated surface water catchment rainfall-runoff volumes for all our managed operations. A disclosure platform has been developed and is planned for public release in 2023. In 2023, we will continue embedding our water risk framework and associated controls across our product groups and focus on delivering our site-based targets. We will also begin the development of our 2024-2029 water targets. Our 2019–2023 water targets Planet continued Progress against our targets Group target Water risk theme Status Commentary Rio Tinto Group (Tier 1) By 2023, we will disclose – for all managed operations – permitted surface water allocation volumes, annual allocation usage and the associated surface water allocation catchment rainfall-runoff volume estimate. Water resource On track Progress remains on track. A disclosure platform has been developed and is planned for public release in 2023. Site-based target Water risk theme Status Commentary Pilbara operations, Iron Ore (Tier 1) Our Iron Ore product group will complete six managed aquifer recharge investigations by 2023. Dewatering (aquifer reinjection) On track Successful completion of four of the proposed six managed aquifer recharge investigations. Oyu Tolgoi, Copper (Tier 1) Oyu Tolgoi will maintain average annual water use efficiency at 550 L/tonne of ore to concentrator from 2019-23. Water resource (intensity and efficiency) Achieved for 2019-22 Average annual water use efficiency maintained below 550 L/tonne for 2022. Kennecott Utah Copper, Copper (Tier 1) Kennecott will reduce average annual imported water per ton of ore milled by 5% over the 2014-18 baseline of 393 gal/ton (1,487L/ton) at the Copperton Concentrator by 2023. Water resource (import reduction) Not on track Kennecott has continued to focus on the target in 2022, which has resulted in improved water intensity through the concentrator, with the 2022 intensity 12% lower than in 2021. This brings the intensity in line with the 2014-2018 baseline. Ranger Mine1, Energy Resources of Australia Limited (ERA), Closure (Tier 1) ERA will achieve the planned total process water inventory treatment volume by 2023, as assumed in the Ranger water model. Quantity/quality (inventory reduction) Not on track In May 2022, ERA commenced a feasibility study update in connection with a lower technical risk rehabilitation methodology and to further refine the Ranger Project Area rehabilitation execution scope, risks, cost and schedule. The 2022 Feasibility Study is forecast to be completed in September 2023 and will ultimately lead to a revised Mine Closure Plan, incorporating an updated Ranger water model. QIT Madagascar Minerals (QMM), Minerals (Tier 2) QMM will develop and implement an improved integrated site water management approach by 2023. Quantity/quality (discharge quality) On track In 2022, we completed the development of our long-term water management strategy and implemented a pilot water treatment plant that allowed us to discharge water compliant with pH and aluminium criteria for the second half of the year. We are working to improve our long-term water management practices on site, including our ability to more accurately measure our water discharge quality, and the deployment of a full-scale dedicated water treatment plant. Queensland Alumina Limited (QAL), Aluminium (non-managed joint venture) (Tier 2) QAL will complete the following four water-related improvement projects from the QAL five-year environment strategy by 2023: – Project L1: integrity of bunds and drains – Project W3: caustic pipe and wasteline 4 integrity – Project W6: residue disposal area surface/ground water impacts – Project W7: residue disposal area release to receiving environment Quality/quantity (discharge quality) Joint venture performance improvement On track Progress of nominated water-related improvement projects is aligned with current project schedules. For more information about our progress against our site-based water targets, see our website www.riotinto.com/water 1. Ranger Mine is owned and operated by ERA; Rio Tinto is a 86.3% shareholder in ERA.

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69Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Biodiversity improved geo-spatial data for our assets, ensuring the protection of sensitive areas in proximity to our activities. As a founding partner of UNEP WCMC's 19-year-old Proteus Partnership, and aligned with our drive to build our internal capability, we continued to deliver biodiversity training to employees across the business. In 2022, we prioritised QIT Madagascar Minerals (QMM), Simandou and our Commercial team in China to receive biodiversity training, which we delivered in their respective languages. We continue to innovate to help us become better environmental stewards. At QMM and Simandou, we have begun assessing the feasibility of using new environmental DNA technology to help us understand the full scope of species in and around our operations, allowing for more tailored and effective mitigation measures. In 2023, we are looking to expand this approach according to our sites' risk prioritisation. At our Weipa operations in Australia, we trialled machine learning to help us with monitoring by replicating human identification of the endangered Palm Cockatoo, freeing up resources for increased conservation work. We also invested C$2.67 million to support the Saguenay Fjord Ecosystem Research Group in Quebec, Canada, which brings together researchers and professionals from INREST1, Université du Québec à Chicoutimi, and Université Laval. The group will document and understand the factors that influence the Saguenay Fjord ecosystem, which is both a unique natural ecosystem and a crucial waterway for the economy of the Saguenay– Lac-Saint-Jean region and the province of Quebec. This knowledge will help keep our shipping operations running in a way that is safe for the Saguenay ecosystem. In 2022, we completed an independent review of the monitoring programmes of our high- priority biodiversity sites, which included ensuring that management plans and actions adequately address risks to nature. At the Simandou project in Guinea, and drawing on data collected over the last decade, in 2022 we continued updating our baseline assessments. In the second quarter of 2023, we will publish the revised Environmental and Social Impact Assessment. The interconnected impacts of climate change and biodiversity loss pose significant risks to people and the environment. We recognise our responsibility to effectively mitigate the impact of our operations on nature, and we are mindful of our own dependence on healthy ecosystems to run a successful business. Healthy natural environments with functioning ecosystems are key to climate resilience. They also provide important services to the communities where we operate and our business. We are committed to protecting biodiversity and our ambition is to achieve no net loss. This means striking a balance between negative impacts on biodiversity and positive outcomes achieved through mitigation. 2022 progress We continue to assess the sensitivity of our planned activities using combined global datasets of threatened species and conservation and protected areas, developed by the UN Environment Programme World Conservation Monitoring Centre (UNEP WCMC). This helps inform our risk-prioritisation of assets in areas of high biodiversity, including exploration and project sites, and supports our allocation of resources. In 2022, we enhanced the resolution of our assessments with Land We are temporary custodians of the land on which we operate, and we aim to rehabilitate the land as soon as it becomes available. 2022 progress In 2022, we rehabilitated 16 square kilometres of land, mostly at our bauxite mines in Australia, mineral sands mines in South Africa and Madagascar, and at our iron ore mines and exploration areas in the Pilbara, Western Australia. In the southern Gobi Desert in Mongolia, following successful rehabilitation of the Oyu Tolgoi to Khanbogd Soum old dirt road, we relinquished around 50 hectares of land, returning the land back to its original use of grazing by the local herders. Through the development of our environmental risk control libraries, we are also strengthening how we plan for and implement progressive rehabilitation. In 2022, our land footprint – total disturbed area – was 3,810 square kilometres, an increase of 75 square kilometres compared to 2021. This includes all disturbances to our operating assets and activities, such as exploration activities, smelters, mines and supporting infrastructure. Our rehabilitation teams partner with research centres and universities to refine rehabilitation approaches and improve outcomes. In 2022, as a forum member of the Australian-led Cooperative Research Centre for Transformations in Mining Economies (CRC TiME), we contributed to the coordinated investment into innovative research that addresses the complex challenges underpinning mine closure and relinquishment. For more information about our closure work, see page 71. We also completed several trials using satellite- derived data to determine if we could measure rehabilitation performance at a global scale, while at the same time complementing the monitoring data collected locally. In addition, 16 of our operations completed rehabilitation trials to improve seed germination, erosion and topsoil quality. Waste 2022 progress Waste and residues from our operational activities are key areas of environmental risk management. In 2022, we continued to focus on managing potential contamination from these sources. This included working to remove all use of PFAS (perfluoroalkyl and polyfluoroalkyl substances) in fire-suppression systems at our sites by the end of 2022. Although we removed the use of PFAS in the majority of these systems, in some instances this transition will not be completed until 2024 at the earliest. This is due to delays in starting the retrofit or overhaul of major pieces of infrastructure, as well as challenges in sourcing alternative fluorine free substances for use in fire-suppression systems in some jurisdictions. At some of our long-life assets, we continually evaluate past waste management practices that have led to a need for remediation in the present. For example, in 2022, we remained focused on finding additional ways to transform waste and by-products from our aluminium operations into materials for use in the construction and agricultural sectors. We have assets with chemically reactive mineral waste risks, which we manage by conducting independent reviews to assess the effectiveness of our risk management programmes and identify areas for improvement. In 2022, we conducted reviews at Yarwun in Australia, Oyu Tolgoi in Mongolia, and at Kennecott, Boron, Resolution Copper and the Ridgeway closed site in the US. For more information about tailings, see page 71. 1. Northern Institute for Research in Environment and Occupational Health and Safety.

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Annual Report on Form 20-F 2022 \| riotinto.com70 Air quality Our emphasis is on reducing emissions at source by upgrading equipment to use the best available technologies, adding air pollution control equipment, and using renewable energy or alternative feed material where possible. Our air quality management programmes include monitoring, sampling at source, incident tracking and risk assessments. Many of our assets have multi-year air quality improvement projects in place. For example, at our Boron operations in California, US we updated a boiler to reduce the amount of nitrogen oxides emitted. At our Pilbara Iron Ore operations, in a region prone to high dust emissions, we created a working group to improve our dust management. The group developed and implemented new controls and improved the dust management systems. Operational environment overview 2022 2021 2020 2019 2018 Significant environmental incidents1 0 3 0 0 0 Fines and prosecutions – environment ($'000)2 109.8 7.4 27.4 19.0 284.7 Land footprint – disturbed (cumulative square kilometres)3 3,810 3,735 3,630 3,627 3,595 Land footprint – rehabilitated (cumulative square kilometres)3 522 494 490 489 485 Mineral waste disposed or stored (million tonnes) 973 1,005 987 905 886 Non-mineral waste disposed or stored (million tonnes) 0.76 0.65 0.47 0.28 0.27 SOx emissions (thousand tonnes) 66.2 70.2 75.7 79.0 84.2 NOx emissions (thousand tonnes)4 64.4 62.3 65.2 64.3 62.0 Fluoride emissions (thousand tonnes) 2.35 2.36 2.27 2.34 2.61 Particulate (PM10) emissions (thousand tonnes)5 181.7 142.3 143.2 131.5 136.2 1. Significant environmental incident is an incident with an actual consequence rating of major or catastrophic. We measure and rate incidents according to their actual environmental and compliance impacts using five severity categories: minor, medium, serious, major, or catastrophic. Major and catastrophic environmental incidents are usually reported to the relevant product group head and the Rio Tinto Chief Executive as soon as possible. 2. In 2022 we paid environmental fines totalling $109,782 resulting from overflow of containment pond during high rainfall events at our Gove Operations, Australia; release of caustic solution to land at Yarwun, Australia; the death of a goitered gazelle and cutting trees without a permit at Oyu Tolgoi, Mongolia; failing to meet PM10 emission limit at Kennecott Utah Copper, US; non-compliance with carbonaceous by-products storage at spent pot liner treatment plant, Canada; violation of hazardous materials transportation statute at Kitimat smelter, Canada; operation of gas pipeline without estimated rehabilitation costing approval at Boyne smelter, Australia; and non-compliance related to storing contaminated soil, residual materials and sludge at Havre-Saint-Pierre and Lac Tio, Canada. 3. Figures in 2019-2021 have been restated from those originally published to ensure comparability over time. 4. The increase of NOx emissions from 2019-2020 is due to change in calculation method from emissions factors to direct measurement using stack sampling data. The figures for 2020 and 2021 have been restated from those originally published to ensure comparability over time. 5. PM10 emissions increased by 32kt in 2022 with the commencement of production at Gudai-Darri. We are trialing alternative dust suppressants. Planet continued Clean air is critical for the health of our host communities and the surrounding ecosystems. We are working to improve air quality management, focusing on emissions of particulate matter and gases from our operational activities, including mining, materials handling, processing and transportation. 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. For example, at the West Angelas mine, we installed a new dust collector which reduced respirable dust (PM10) emissions by 59%. In some instances, we did not comply with permissible emission limits. For example, in April, at our Arvida plant in Saguenay–Lac- Saint-Jean, Quebec, Canada our continuous monitoring system indicated that we exceeded the monthly emission limit for dust and fluoride in pot rooms. This had no adverse impact on air quality, and we remained compliant with our daily and annual limits. We investigated, made adjustments to comply with the emission limit and resumed compliance the following month. With the evolution of climate and our operating conditions, we are focusing on prevention to make sure that we understand evolving conditions and how we can adapt our operations. Air quality control at Cape Lambert. The Pilbara, Western Australia.

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71Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Mining and metals practices 90+ legacy assets managed within our portfolio 38 of our assets have asset closure strategies in place We played an active role in the ICMM tailings working group in 2022, which published key guidance materials to support the safe, responsible management of tailings with the goal of eliminating fatalities and catastrophic events. These include: – The Tailings Reduction Roadmap, which provides strategic direction on how to accelerate the development and adoption of technologies to reduce tailings production. – The Tailings Management Good Practice Guide, which provides guidance on good governance and engineering practices to support continuous improvement in tailings management. – The Good Practice Guide training materials, designed to build awareness and capability in good governance and tailings engineering practices. In 2022, we also: – Conducted multi-disciplinary risk assessments for all our "very high" and "extreme" consequence facilities. – Continued to support the Future Tails partnership, a collaboration between Rio Tinto, BHP and the University of Western Australia (UWA). In 2022, the Graduate Certificate in Tailings Management at UWA had 106 enrolled students from 12 countries in micro-credentialled units. Two PhD candidates also commenced their research programmes in 2022. – Partnered with BHP on tailings filtration solutions at very high throughputs for copper operations, which supports our goal of increasing water recovery and recycling. – Continued to regularly convene the Tailings Management Committee with our designated Accountable Executives, which provides coordinated governance of tailings management practices across the Group. Tailings We engage with stakeholders throughout the lifecycle of our tailings storage facilities, from design to closure. We also collaborate closely with external bodies to improve the way tailings are managed across our industry. We manage 95 tailings storage facilities (TSFs) across our global assets. There are a further 43 non-managed TSFs. Altogether, there are 57 active TSFs, 39 are inactive and 42 are closed. There have been no external wall failures at any of our TSFs for more than 20 years. 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 riotinto. com/tailings and we periodically update the list of TSFs to reflect operational and ownership changes, including changes due to the transition to closure or remediation obligations for legacy assets and reclassification of facilities. Our list also includes links to TSFs managed by our joint venture partners. 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 2020. Our operational TSFs have emergency response plans – tested through training exercises in collaboration with stakeholders such as local emergency services – and follow strict business resilience and communications protocols. 2022 progress In December 2022, we updated previously disclosed information on our global TSFs. All facilities were assigned a consequence classification in accordance with the regulatory or industry body that oversees tailings in each region or jurisdiction. Additional technical data from updated downstream impact assessments, required under the Global Industry Standard on Tailings Management (GISTM) and our own internal standard for tailings and water storage facilities, resulted in a modification to hazard classifications of some facilities. Consequence classifications are not ratings of the condition of a facility or the likelihood of failure; instead, they rate the potential consequence if the facility were to fail. Since the launch of GISTM in August 2020, we have continued work on our implementation plan. We have completed a gap analysis against our internal tailings management, environment, and communities and social performance standards, and developed improvement plans to close identified gaps. We are working towards having all TSFs with a potential consequence rated "extreme" or "very high" in conformance with GISTM by August 2023, with all remaining facilities in conformance by August 2025. Closure Through safe and responsible asset closure, we are working to deliver shared benefits for host communities, employees and investors; positive ESG outcomes; and innovative solutions that minimise long-term liabilities. We do this in partnership with our stakeholders, embedding closure considerations throughout the lifespan of our assets – in the way we design, build, run, close and transition them. As temporary stewards of the land where we operate, we partner with our stakeholders to develop a shared vision for the future of the lands and host communities. Balancing environmental, financial and social considerations, we look for opportunities associated with progressive closure, remediation and repurposing, and, where appropriate, long-term monitoring and maintenance. At the end of 2022, closure provisions on our balance sheet totalled $15.8 billion (2021: $14.5 billion). 2022 progress Argyle diamond mine We continue to close the Argyle diamond mine in Western Australia. In 2022, we completed the high-reach demolition of structures and processing equipment on site and progressed reprofiling and rehabilitation works. We are engaging with Miriwoong and Gija Traditional Owners on how to best support and expand meaningful participation as we progress closure activities. Gove refinery and residue disposal areas While mining continues at our Gove bauxite operations in the Northern Territory in Australia, we are implementing progressive closure activities, including the decommissioning and demolition of the refinery and progressive capping of the bauxite residue disposal areas. In 2022, we completed the relocation of essential services, including electrical and water, from the refinery footprint to begin safe demolition. This work supports the security of services for the town of Nhulunbuy post closure. Ranger uranium mine Energy Resources of Australia (ERA) is rehabilitating the Ranger uranium mine in the Northern Territory, Australia. We are committed to the successful rehabilitation of Ranger to a standard that will establish an environment similar to the adjacent Kakadu National Park, a World Heritage site. We acknowledge the Traditional Owners, the Mirarr people's, consistent opposition to developing the Jabiluka uranium deposit and restate our full support for ERA's commitment that the deposit would never be developed without the Mirarr people's consent. Our utmost priority and commitment is to the rehabilitation of the Ranger Project Area in a way that is consistent with the wishes of the Mirarr people.

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Annual Report on Form 20-F 2022 \| riotinto.com72 We partner with universities, governments and other organisations to find opportunities to repurpose and reprocess mineral and industrial waste, improve treatment and valorisation of mining-influenced waters, and explore the social aspects of mine closure. For example: – We joined the Mining Microbiome Analytics Platform project to identify microbes that could help the industry mine and remediate sites more sustainably. For more information, see our website. – Through our joint venture partnership with Regeneration Enterprises, we developed partnership strategies on re-mining and remediation of two legacy assets. We have engaged key technology, research and development, and ecological partners in our closure work. – We joined the National Alliance for Water Innovation, a public-private partnership that brings together a team of industry and academic partners. The team examines the critical technical barriers and research needed to radically lower the cost and energy of desalination to secure an affordable, energy-efficient and resilient water supply for the US economy. – We continued engagement in partnership with the Gove Peninsula Futures Reference Group (GPRFG) to plan for a sustainable future for Nhulunbuy and the Gove Peninsula post-mining for the benefit of Yolngu land owners, local communities and businesses. Members include the Gumatj and Rirratjingu Traditional Owners, the Northern Land Council, the Northern Territory Government, Australian Government and Rio Tinto. Learn how the GPRFG is supporting a positive transition on their website govefutures.nt.gov.au For more information about closure provisions and financial statements, see page 182. Following ERA's announcement of cost and schedule overruns in February 2022, we sought to work constructively with ERA's Independent Board Committee (IBC) to find a funding solution to meet its rehabilitation obligations. This included engaging for several months on an interim entitlement offer that was deferred by the IBC in July 2022 when its proposed terms failed to obtain major shareholder support. In October 2022, ERA's IBC resigned as directors of ERA to allow for the introduction of new perspectives to address the rehabilitation costs. While a funding solution for the rehabilitation is being identified and agreed by new ERA Independent Directors, we agreed to amend an existing A$100 million credit facility to assist ERA with its management of immediate liquidity issues. Together with ERA and other key stakeholders including the Mirarr people, we supported the recent amendments to the Atomic Energy Act 1953 (Cth), which will allow rehabilitation activities at Ranger to extend beyond the previously legislated timeframe of January 2026. Legacy assets We manage over 90 legacy assets in nine countries. Where appropriate, we rehabilitate these sites and work with local stakeholders to transition them to their next use. For example, at Mount Rosser in Jamaica, an inactive bauxite reside storage facility, we have covered 95% of the site with vegetation, seeing a diverse and sustainable mix of plant species all using a top-soil-free rehabilitation method. We progressed rehabilitation at Pohatcong, a packaging site in New Jersey, US by completing in-situ thermal remediation to treat and eliminate contaminates in soil. In France, we completed our post-mining obligations at Le Thoronet, a former bauxite mine, and handed back the site to the French authorities for monitoring and maintenance. We continue to work in partnership with the French Ministry of Ecological Transition to further restore the site and create a diverse space with public hiking trails set to open in 2023. We continued work on our GISTM compliance plan, and in 2022, we strengthened our knowledge of legacy sites. Strengthening our approach We completed six asset closure strategies in 2022, now in place for 38 of our operations. These strategies create a progressive vision for future land use after our operations cease and focus on opportunities to reduce closure costs and risks over the asset lifecycle. All of our operating sites have closure plans. 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 work in partnership with other asset owners to ensure closure is considered throughout asset design, planning and operations. Working in partnership Successful closure needs to align with the expectations of host communities and governments. We are developing new approaches to engagement, such as co-creation of the future use and landform, co-execution and co-governance. To achieve this, we are working with host communities, including Indigenous partners, on rehabilitation, revegetation and long-term monitoring at many sites. We look for opportunities across our portfolio to contribute to decarbonisation efforts for the communities where we operate. For example, at our Gove bauxite operations, we are working to introduce solar power into the grid to support sustainable power for the region beyond mining. Planet continued The slow journey from red mud to green plants A once-barren area that for decades was the collection point for red mud, which is waste related to bauxite processing, Mount Rosser in Jamaica is now an area of increasing plant and animal diversity. It is replete with lessons about ecology, chemistry, botany, relationships with local communities, and the importance of steadfast perseverance. Above all, this decades-long remediation project demonstrates that progress is possible even when there is no easy solution. Learn more on our website.

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73Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Transparent, values-based and ethical business The way we do business is increasingly important to our investors, host communities, workforce and broader society. They want to know that we conduct ourselves responsibly and that suppliers and customers across our value chain do so as well. To help us continue to run a transparent, values-based and ethical business, in 2022 we updated our Code of Conduct – The Way We Work, which we launched internally in February 2023. We also trained 24,857 of our people in how to recognise and manage business integrity dilemmas and further developed our confidential reporting programme myVoice. Team meeting at the Brisbane corporate hub, Australia.

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Annual Report on Form 20-F 2022 \| riotinto.com74 Transparent, values-based and ethical business continued We want our people and partners to uphold the highest standard of integrity, act ethically and do the right thing. Sometimes this requires courage, which is one of our three values. 2022 progress Business integrity During 2022, we delivered several compliance programme improvements to ensure we continued to be in line with our current business integrity risks. We are exposed to reputational, financial and non-financial risk through the actions of third parties we engage with. We are updating our Third-Party Risk Management programme so we can optimise risk assessments, processes, systems and tools, and improve integration with other associated business processes. We are also managing our risk exposure to economic sanctions, monitoring new sanctions and continuing our ongoing assessment of our supply chains. In 2022, we focused on how we monitor key fraud controls. We conducted a fraud risk assessment and reviewed the current measures we have in place to prevent and detect fraud risk. This will help us better understand the root causes of fraud and how we can improve our response. We also updated our data privacy standard, which sets out the minimum requirements for how to collect and process personal data. Our monitoring now covers requirements of the data privacy programme. Annual training We know that our reputation as a business that acts ethically and with integrity depends on the actions and decisions we make every day. We empower our people to seek guidance when faced with an ethical or business integrity dilemma – both to prevent incidents from occurring, and to protect them and others from harm. To help our workforce navigate grey areas and spot business integrity red flags, we have developed an online training course that challenges them to make ethical decisions through a number of interactive scenarios. Our online business integrity induction training provides all new joiners with an introduction to ethics and compliance as well as the tools they need to recognise and understand business integrity risks. In addition to online training, the Ethics and Compliance team provides ongoing targeted face-to-face sessions on key risk areas including bribery and corruption, data privacy and competition. 24,857 employees undertook compliance training in 2022 Code of Conduct In early 2023, we launched our updated Code of Conduct – The Way We Work, which is available on our website at www.riotinto.com. Our Code of Conduct will work as a central tool in reshaping our culture and it demonstrates what living our values of care, courage and curiosity should look like. The code sets out our commitment to conducting business with integrity and provides clarity about the behaviours we expect and why responsible business conduct matters. The new code is broader in scope than our previous code and reflects changes in both internal and societal expectations regarding business conduct. It will help our people reflect on the potential impacts our decisions may have on the business and others. Updates to our Code of Conduct will be made available on our website pursuant to relevant laws and regulations. myVoice, our confidential reporting programme We have continued to develop our confidential reporting programme myVoice, which is designed to help our people voice concerns about potential misconduct or improper behaviour. Our care for our people and our desire to understand contributing factors for misconduct sit at the core of this programme. The Business Conduct Office (BCO) is working to increase transparency and improve how we capture learnings from the myVoice programme by expanding the team to include a reporting and governance function. We continue to see an increase in reporting and we believe this means that more people are feeling comfortable to share their concerns. In 2022, we received 1,459 reports through the myVoice programme channels. Of these cases, 63% were substantiated, including 77 cases which were reports received in 2021. The BCO is currently implementing two key recommendations from the Everyday Respect Report that was released in February 2022. We are setting up a discrete unit of experts who will support and care for our people who have been impacted by harmful and disrespectful behaviours. The team will also be available to support leaders and human resources professionals in how to respond, and other people who have been affected by those behaviours. Separately we are also redesigning our investigation process to make sure it is trauma-informed, caring and people-centred. The BCO reports to our Chief Legal Officer, Governance & Corporate Affairs; the Board; and the Global Ethics and Compliance Committee. For more information about the Everyday Respect initiative, visit riotinto.com/everydayrespect. Ethics and compliance myVoice\* case activity 2022 2021 2020 2019 2018 Number of reports 1,459 1,246 748 805 679 Number of reports per 1,000 employees 28.1 26 16.3 17.9 14.3 Substantiated claims (%) 63% 51% 42% 34% 34% \* myVoice (introduced in 2021), replaced the programme formerly known as Talk to Peggy or Speak-OUT.

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75Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Transparency Transparency encourages accountability – ours as well as others' – and allows us to have fact-based conversations about the issues at hand. Being open and 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, and provides a better understanding of everyone's roles and responsibilities. We are recognised as a leader in transparent tax reporting. We are a founding member of the Extractive Industry Transparency Initiative (EITI) and have actively supported EITI's principles and global transparency and accountability standards since 2003. We are also a signatory to the B Team Responsible Tax Principles. Political integrity We do not favour any political party, group or individual, or involve ourselves in party political matters. We prohibit the use of funds to support political candidates or parties. Our business integrity procedure includes strict guidelines for dealing with current and former government officials and politicians, and they cannot be appointed to senior employee positions or engaged as consultants, in certain circumstances, without the approval of executive management and our Chief Ethics & 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, as well as a list of the top five associations by membership fees paid, on our website riotinto.com/industryassociations. 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. Voluntary commitments, accreditations and memberships We take part in a number of global, national and regional organisations and initiatives that inform our sustainability approach and standards, which in turn allows us to better manage our risks. These external organisations and initiatives assess and recognise our performance, and we participate in industry accreditation programmes for some of our products. For more information about our voluntary commitments, accreditations and memberships, visit our website https://www.riotinto.com/ sustainability/our-approach Student mentoring programme. Weipa, Australia.

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Annual Report on Form 20-F 2022 \| riotinto.com76 Risk management Taking risks responsibly is key to delivering our strategy in a way that creates value for our customers, shareholders, employees and partners. Our risk appetite Climate change and the low-carbon transition are at the heart of our strategy to strengthen our resilience and pursue new growth opportunities and partnerships. Partnering to decarbonise our assets Develop products and technologies to support our customers' decarbonisation We partner with customers, competitors, suppliers, technology developers, governments and universities to find solutions. We aim to spend $400 million every year in research and development on the five components of our technology roadmap: health and safety, lightening our overall environmental footprint, supporting growth, decarbonising our business and our products, and improving productivity. Grow in materials that meet demand for energy transition We focus on excelling in development, and being the best operator in commodities essential for the drive to net zero. We continue to consider higher-risk jurisdictions and broadening our target commodities. We aim to spend up to $3 billion on growth capital every year, while maintaining capital discipline in pursuit of value-accretive opportunities. Our determination to be the best operator and have impeccable environmental, social and governance (ESG) credentials is underpinned by our zero tolerance for non-compliance with our operational procedures, laws and obligations. These expectations are outlined in our Group policies, standards and procedures, which are published on our website at riotinto.com/policies. Our targets are to reduce our Scope 1 and 2 emissions by 15% by 2025, and by 50% by 2030 (relative to 2018 levels) and reach net zero by 2050. We estimate that we will invest $7.5 billion in capital between 2022 and 2030 to deliver our decarbonisation strategy. When we evaluate our decarbonisation projects, we consider five elements: value, materiality of abatement, maturity of emission reduction, competitiveness versus internal and external benchmarks, and alignment with our net zero 2050 target. Sunrise at Yandicoogina. The Pilbara, Western Australia.

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77Annual Report on Form 20-F 2022 \| riotinto.com Strategic report To protect and create value, we aim to have the right people at the right level managing risks. Our risk management process PLAN DO CHECK ACT Our strategy, values and risk appetite inform and shape our risk management framework. We embed risk management at every level of the organisation to effectively manage threats and opportunities to our business and host communities, and our environmental impact. Our approach to risk management Board and sub-committees Full Board Audit & Risk Committee Sustainability Committee People & Remuneration Committee Operational management committees Management steering committees providing oversight of risk management in their areas of responsibility Executive management committees Risk Management Committee Major Hazards Technical Committee Ore Reserves Steering Committee Closure Steering Committee Evaluation & Investment Committee Safety & Operations Committee Disclosures Committee Financial Risk Management Committee Ethics & Compliance Committee Cyber Security Steering Committee Strategic and portfolio risks Financial and commercial risks People, partnerships and operational performance risks – People and culture risks – Major hazards risks – Health, safety, environment and security (HSES) risks – Communities and social performance (CSP) risks – Climate change and natural disaster risks – Cyber risks – Ethics and compliance risks – Third-party risks – Non-Rio Tinto managed asset risks – Managed asset risks – Closure risks – Resources to Reserves risks – Capital project risks – Technology risks – Portfolio opportunities – Low-carbon transition risks – Liquidity risks – Market risks – Credit risks – Tax risks – Disclosure risks The Board and the Executive Committee oversee our material risks, and the Audit & Risk Committee monitors the overall effectiveness of our risk management and internal controls framework. In addition, the operational management committees of our product groups and Group functions also oversee risk management in their area of responsibility, with insights from assurance and compliance activities. Governance structure supporting our risk management framework At the front-line operational level, all employees are required and empowered to identify and manage the risks that arise within their area of responsibility. This governance structure supports our risk management framework and enables effective management of material risks. Our risk management process can be described as a Plan-Do-Check-Act cycle. We monitor how well we manage material risks to our objectives by checking and verifying the implementation of our response plans (actions and controls) and our actual performance against objectives. We enhance the check- and-verify step by applying the three lines of defence approach. Set strategy, objectives and risk appetite Risk analysis Identify and evaluate risks to our strategy and objectives Risk management Implement controls and actions to manage risks within risk appetite Assurance Check and verify that controls and actions are effective in managing the risks Communication Communicate current and emerging risk exposure Improvement Improve controls and actions according to risk appetite

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Annual Report on Form 20-F 2022 \| riotinto.com78 Risk management continued Emerging risks Emerging risks are highly uncertain by nature. As a company, we are exposed to many complex and sometimes interrelated risks, due to the number of commodities we produce and our global footprint. We track leading indicators of emerging risks and their likely impact on us and the communities where we operate. We proactively analyse the impact of these risks through plausible scenarios of the interplay of the global megatrends, as outlined in the Strategy section on page 12. We are impacted by growing geopolitical tensions and macroeconomic uncertainty that could potentially impact global growth and affect market volatility and sentiment. Cyber-security attacks have become more destructive. An emerging area of exposure for the business is the rapid digitalisation and transformation of operational technology environments. Climate change and the low-carbon transition continues to provide both upside and downside uncertainties for us. We address these uncertainties under our material risks 2, 4, 5 and 9 detailed in the following pages. We closely monitor and assess the impact of climate change through scenarios; see pages 152-153. Our 2022 Climate Change Report outlines our current and future initiatives and partnerships, and how we aim to work together to meet our Scope 1 and 2 targets and Scope 3 goals. Longer-term viability statement Delivering our strategy depends on our four objectives: to be the best operator; to achieve impeccable environmental, social and governance (ESG) credentials; to excel in development; and to strengthen our social licence. Our business model supporting our strategy is underpinned by the quality of our assets, the capabilities of our people, our operational and sustainability performance, innovative partnerships, and disciplined capital allocation. For more information about our strategy and business model, see pages 13-17. Our business planning processes include modelling a series of macroeconomic scenarios and using various assumptions that consider internal and external factors. As part of our robust risk management framework, we closely track, monitor and mitigate material risks to our business plan. Viability assessment process and key assumptions The assumptions underlying our business plan and macroeconomic forecast have the greatest level of certainty for the first three years. Our longer-term viability assessment examines the first five years (2023-27) of the business plan. This allows for a detailed analysis of the potential impacts of risks materialising in quick succession in the first three years, and enables us to further stress test the business plan for risk materialising towards the end of the time period, although with less certainty. This allows our Directors to assess the Group's capacity to exercise financial levers available in both the three-year and five-year time frames to maintain our viability. The Risk factors section outlines risks that could materially affect our performance, future prospects or reputation. For the viability assessment, we have considered our material risks that could severely impact the Group's liquidity and solvency. Assessment of viability Our longer-term viability assessment considers the following material risks and key assumptions. Material risk A – "Remaining competitive through economic cycles or shocks" Scenario assumptions: Continued elevation of supply-side pressure and sharp interest rate rises triggers stagflation and liquidity crises in developing economies. A housing crisis leads to positive but low growth in China. Commodity prices experience large negative pricing shocks in 2023, sustained through to 2027. Material risk B – "Preventing fatalities, permanent disablements, and illness from a major hazard or safety event" or "Preventing material business disruption and/or data breaches due to cyber events" Scenario assumptions: Occurrence of a singular catastrophic event resulting from a major cyber-security breach or operational failure, such as a tailings and water storage facility failure, extreme weather event or underground or geotechnical event resulting in multiple fatalities, cessation of operations and significant financial impacts. We have assumed two such events occur within the assessment period, in 2023 and 2026. Material risk C – "Delivering on our growth projects" Scenario assumptions: Materialisation of a risk impacting our ESG credentials (such as "building trusted relationships with Indigenous peoples" and "building trusted relationships with communities") and our ability to deliver our growth strategy. We have assumed an impact on our near-term key projects and considered available alternatives. The assumed financial impact is in addition to any non-financial impact, such as reputational damage to the Group or disruption to the culture and way of life of the communities where we operate. We quantify the expected financial impact of each risk based on internal macroeconomic and business analysis, as well as internal and external benchmarking on similar risks. The first five years of our business plan have been stress tested for each risk to assess the impact on the Group's longer-term viability, including whether additional financing facilities would be required. In addition to liquidity and solvency, the assessment also considered other financial performance metrics, as well as dividend payments. These metrics are subject to robust stress tests and reverse stress tests. The most severe scenario, albeit unlikely, considers the financial impact of all three risks materialising at the start of the assessment period, followed by a second major hazard or cyber event occurring towards the end of the five-year period. Without management action, this scenario would create both an immediate and prolonged severe impact, resulting in the Group's free cash flow performance over the assessment period being materially impacted. We have a suite of management actions available to preserve resilience through the assessment period, including accessing lines of credit, reducing organic and inorganic growth capital expenditure, and raising capital. Our financial flexibility could potentially be limited during the peak of the crisis. The viability of the Group remained sound under all tested scenarios. We have also conducted reverse stress testing by assessing the impact of reducing price levels, and we have concluded that the Group remains viable in the very low probability of prolonged price declines across all commodities. Four factors underpin the resilience of our business model: – The competitive position and diversification of our commodities portfolio. – The disciplined capital allocation framework and commitment to prudent financial policy. – The payout shareholder return policy, which is based on earnings and is, therefore, more sustainable. – The focus on achieving impeccable ESG performance and strengthening our social licence, which allows for growth and maintaining access to debt capital and bank loan markets. Considering our current position and the robust assessment of our material risks, the Directors have assessed the Group's prospects over the next five years (until 31 December 2027) and reasonably expect that we will continue to operate and meet our liabilities as they fall due over that period. However, in the long term, two material risks with long-dated consequences could potentially have a material impact on our viability: – Growing our iron ore business to meet the demand for green steel. – Leaving a positive legacy for future generations, by embedding closure considerations throughout the lifespan of our assets. For more information see pages 81 and 86.

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79Annual Report on Form 20-F 2022 \| riotinto.com Strategic report The material risks outlined in this section reflect the risks that could materially affect (negatively or positively) our ability to meet our strategic objectives. Risk factors A material risk is one or a combination of risks that emerge due to external or internal factors. It could be of any nature, and manifest and escalate from any part of the business as an opportunity or a threat. Where risks are material to the Group, they are escalated to the Risk Management Committee and, as appropriate, to the Board or its committees. This requires a strong risk culture, which we continue to develop and foster. To ensure we can prioritise our efforts and resources, we regularly assess our material risks' potential impact and likelihood. These assessments, and the effectiveness of our associated controls, reflect management's current expectations, forecasts and assumptions. By definition, they involve subjective judgments and depend on changes in our internal and external environments. The following describes some inherent risks to our business. These include natural disasters, where there is limited capacity in the international insurance markets to transfer such risks. The timeframe of our material risks is within five years unless explicitly stated otherwise. The material risks and trends outlined in this report should be considered forward-looking statements and are subject to the cautionary statement on page 363. This year, we have reframed our material risks in the context of our overarching strategic objectives: to be the best operator; to achieve impeccable environmental, social and governance (ESG) credentials; to excel in development; and to strengthen our social licence. These are summarised in the table. Current assessment of material risks As of February 2023 Material risk Objective Oversight 1 Preventing fatalities, permanent disablements and illness from a major hazard or safety event Best operator Sustainability Committee 2 Growing our iron ore business to meet the demand for green steel Best operator Board 3 Transforming our culture, enabling us to live our values Best operator Board 4 Achieving our decarbonisation targets competitively Impeccable ESG Board 5 Delivering our growth projects Excel in development Board 6 Building trusted relationships with Indigenous peoples Social licence Sustainability Committee 7 Conducting our business with integrity, while complying with all laws, regulations and obligations Impeccable ESG Board 8 Remaining competitive through economic cycles or shocks Best operator Board 9 Minimising our impact on the environments we work in and building physical resilience to changes in those environments, including climate change and natural disasters Impeccable ESG Sustainability Committee 10 Preventing material business disruption and data breaches due to cyber events Best operator Board 11 Withstanding the impacts of geopolitics on our trade or investments Best operator Board 12 Attracting, developing and retaining people with the requisite skills Best operator Board 13 Building trusted relationships with communities Social licence Sustainability Committee 14 Leaving a positive legacy for future generations, by embedding closure considerations throughout the lifespan of our assets Social licence Sustainability Committee Very Low Low Moderate Increasing nancial and non-nancial consequences High Very High Ra re U nl ik el y Po ss ib le Li ke ly A lm os t C er ta in In cr ea si ng li ke lih oo d 1 108 3 4 6 7 511 14 12 13 9 2

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Annual Report on Form 20-F 2022 \| riotinto.com80 Risk factors continued Risk to best operator strategic objective Preventing fatalities, permanent disablements, and illness from a major hazard or safety event Nothing is more important than the safety and wellbeing of our employees, contractors and communities. The mining industry is inherently hazardous, with the potential to cause illness or injury, damage to the environment and disruption to communities. Our objective is first and foremost to have zero fatalities. Strategic alignment Best operator Risks (Threats) Major hazards include process safety, underground mining, slope geotechnical and tailings management. Failure to manage our major hazards could result in a catastrophic event or other long-term damage. Loss of technical capability at complex end-of-life underground mines poses a significant risk. While not considered major hazards, significant risks at our sites are falling objects, fall from height, and vehicles and driving, the top three causes of potentially fatal incidents (PFIs), which could result in multiple fatalities across the Group. Key exposures Our underground operations such as Diavik, Oyu Tolgoi and Kennecott. Process safety at our refineries, smelters, and tailings and water storage facilities, where we are currently implementing the Global Industry Standard on Tailings Management (GISTM). Risk oversight The Major Hazards Steering Committee, the Risk Management Committee and the Sustainability Committee. Growing our iron ore business to meet demand for green steel Steel decarbonisation will affect the value of iron ore. We have an opportunity to unlock business value by optimising our iron ore product strategy, partnering with technology providers and universities, and innovating with our customers to meet future demand for green steel. Strategic alignment Best operator Risks (Threats) The iron and steel process routes required to decarbonise the steel industry may not favour our Pilbara low- and mid-grade ores, impacting the competitiveness of the Iron Ore portfolio. The transition of the steel value chain towards net zero will need new technologies and extensive industry transformation. Risk oversight The Steel Decarbonisation Steering Committee and the Board.

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81Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Transforming our culture, enabling us to live our values Sharing and demonstrating our values unlocks opportunities in everything we do. We are working on building a workplace where all our people are trusted and empowered to be their best selves and help drive change. Strategic alignment Best operator Risks (Threats) As societal expectations are changing, and higher standards are placed on organisations, we must ensure that we are consistently displaying and living our values. Without change or action, our ability to attract and retain partners and talented people will be negatively impacted. The trust from host communities and countries may also be weakened, limiting our operating licence and growth opportunities. In February 2022, we released the findings and recommendations from an independent review of our workplace culture (Everyday Respect Report). The findings in this report also aligned with the recommended actions coming from the Parliament of Western Australia's Inquiry into Sexual Harassment in the Mining Industry, released in June 2022. Both reports highlighted the scale of change required in our business and across the resources sector. Risk oversight The Group Executive Committee and the Board. Remaining competitive through economic cycles or shocks We aim to remain competitive, preserve resilience and maintain access to debt capital and bank loan markets by having cost-competitive assets, a diversified commodities portfolio, a strong balance sheet, prudent financial policies and strong ESG credentials. Strategic alignment Best operator Risks (Threats) A deteriorating economic and political environment could lead to cost inflation, falling commodity prices (reduced cash flow, limiting profitability), trade actions (increased tariffs, retaliations and sanctions), and governments' exerting more control over their natural resources by changing contractual, regulatory or tax measures. This could impact our key markets, operations or investments. Failure to secure mining approvals, replenish reserves, capture the benefits of new technologies or a material reduction in commodity price may reduce the volume of existing reserves and the future conversion of resources to reserves in the required timeframe. Risk oversight The Financial Risk Management Committee, the Risk Management Committee and the Board.

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Annual Report on Form 20-F 2022 \| riotinto.com82 Risk factors continued Withstanding impacts of geopolitics on our trade or investments Geopolitics has the potential to increase trade tensions and undermine rule-based trading systems and possible trade actions (increased tariffs, retaliation, sanctions) that impact our key markets, operations or investments. It may limit any benefits of being a multinational company with a global footprint and may expose us further to these risks. Any presence in politically unstable countries exacerbates this risk. Strategic alignment Best operator Risks (Threats) A deteriorating economic and political environment could lead to falling commodity prices (reduced cash flow, limiting profitability), trade actions (increased tariffs, retaliations and sanctions), and governments' exerting more control over their natural resources by changing contractual, regulatory or tax measures. This could impact our key markets, operations or investments. Key exposures A highly uncertain and unstable global macro environment, including Indo-Pacific tensions and the indirect impacts of the war in Ukraine, can impact our business. Rising energy costs across Europe could potentially affect demand in the region, which in turn would impact our aluminium and minerals markets in Europe. Risk oversight The Financial Risk Management Committee, the Risk Management Committee and the Board. Preventing material business disruption and data breaches due to cyber events Cyber-security events could disrupt our operations by interrupting our employees' work, breaching our data privacy or jeopardising sensitive information relating to our customers, contractors or suppliers. Therefore, we take cyber security seriously and continuously manage risks to safeguard our business. Strategic alignment Best operator Risks (Threats) Cyber breaches can arise from malicious external or internal attacks, but also inadvertently through human error or inconsistently applying controls that are not managed by our Information Systems and Technology (IS&T) team. Although the extent and frequency of cyber-security threats remain in line with growth expectations, new attacks are often more destructive in nature. An emerging area of exposure is the ongoing digitalisation and transformation of operational technology environments, which require data integration and could impact our control mechanism, such as segregation of our technology environments. Key exposures While internal and external factors pose risks, our greatest exposures continue to be through third parties. Risk oversight The Cyber Security Steering Committee and the Board.

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83Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Attracting, developing and retaining people with the requisite skills Our ability to achieve our business strategy depends on attracting, developing and retaining a wide range of internal and external skilled and experienced people. Strategic alignment Best operator Risks (Threats) Lacking the right capability may result in our business experiencing delays or underperformance. Tight labour markets and entry into new countries result in heightened competition for critical skills; for example, in climate change, energy, decarbonisation, technical mining and processing skills, and community relations. Changing societal expectations place pressure on our brand as an employer, and require us to become better at communicating who we are and what we stand for. Key exposures Since the pandemic, talent is less inclined to relocate, and our reliance on local or national recruitment is therefore increasing, which significantly reduces the market size for sourcing talent. Risk oversight The Board. Achieving our decarbonisation targets competitively Climate change continues to be at the heart of our strategy, and our ability to deliver on our objectives hinges on achieving our Scope 1 and 2 targets between now and 2050. Finding a balance between our ESG commitments and our need to invest for growth will support us in leaving a positive legacy and delivering superior shareholder returns while remaining competitive. Strategic alignment Impeccable ESG Risks (Threats) Delays in priority initiatives will threaten our Scope 1 and 2 target delivery and our ability to respond proactively and competitively. Our ability to successfully engage and partner with governments and other external parties to achieve grid decarbonisation is a fundamental uncertainty, particularly for our 2025 targets as we continue to develop our pipeline of decarbonisation projects. The rate of progress towards our targets could expose us to reputation and litigation risks. Key exposures Our 2026 to 2030 target delivery relies on abatement from technologies still in the research and development phase. Risk oversight The Risk Management Committee and the Board. Risk to impeccable ESG credentials strategic objective

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Annual Report on Form 20-F 2022 \| riotinto.com84 Risk factors continued Minimise our impact on the environments we work in and build physical resilience to changes in those environments, including climate change and natural disasters By producing the materials the world needs, we have an effect on the environment. Our operations and projects are inherently hazardous, requiring proactive management to minimise potential impact on water resources or biodiversity in existing operations, new asset developments and closures. Strategic alignment Impeccable ESG Risks (Threats) A number of our operations and future development opportunities exist within, or close to, sensitive biodiverse regions. To strengthen our licence to operate, we must demonstrate our capability to protect ecosystems through improved practices and technological solutions. Natural disasters or extreme weather events can also endanger our employees and communities, damage our assets or cause significant operational interruption. Given the inherent uncertainty in future climate projections, longer-term exposures to chronic changes in climate are not yet well understood. Key exposures Our operations in the Pilbara and the Saguenay–Lac-Saint-Jean region, QIT Madagascar Minerals, Simandou and Richards Bay Minerals. Risk oversight The Sustainability Committee. Conducting our business with integrity, while complying with all laws, regulations and obligations Our determination to be the best operator and have impeccable ESG credentials is underpinned by our zero tolerance for non-compliance with our operational procedures, laws and obligations. These expectations are outlined in our Group policies, standards and procedures, published on our website at riotinto.com/policies. Strategic alignment Impeccable ESG Risks (Threats) If our operations or value chain experienced a serious breach in anti-corruption legislation and sanctions, human rights, anti-trust rules or inappropriate business conduct, this could cause serious harm to people and significant reputational and financial damage. Risk oversight The Ethics and Compliance Committee and the Board.

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85Annual Report on Form 20-F 2022 \| riotinto.com Strategic report Building trusted relationships with Indigenous peoples Our partnerships with Indigenous peoples play a material role in our ability to operate. A breakdown in these relationships could impact our business and our reputation. By building respectful and enduring relationships with Indigenous partners and communities, we remain committed to finding better ways to move forward with the communities that host us. Strategic alignment Social licence Risks (Threats) Mining activities could strain relationships with Indigenous peoples, particularly where actual or perceived damage of significant cultural values (cumulative or acute) occurs without consultation and consent. This could result in a loss of trust and could impact our social licence to operate. This was evident after the destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region in 2020 and the impact it had on the Puutu Kunti Kurrama and Pinikura people. Key exposures Our Resolution Copper project and the modernisation of agreements in the Pilbara. Risk oversight The Ethics and Compliance Committee and the Sustainability Committee. Delivering on our growth projects Our growth strategy relies on the success of our exploration (greenfield and brownfield) and acquisition activities in addition to our ability to develop these resources faster and more competitively than others, while aiming for impeccable ESG credentials. However, developing these projects requires complex multi-year study and execution plans, which carry significant delivery risks. Strategic alignment Excel in development Risks (Threats) New high-quality deposits are increasingly scarce, and those that are known require advances in processing technology, significant capital investment in infrastructure, or would negatively impact our ESG credentials. Additionally, as studies and projects progress, they are susceptible to changes in technical requirements, approvals, societal expectations, or underlying commercial or economic assumptions that could impact economic viability. Key exposures The Oyu Tolgoi underground expansion, and increasing approval time frames in the Pilbara and in projects including Simandou, Resolution Copper, Jadar, Rincon and Winu. Risk oversight The Investment Committee, the Ore Reserves Steering Committee and the Board. Risk to social license strategic objective Risk to excel in development strategic objective

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Annual Report on Form 20-F 2022 \| riotinto.com86 Risk factors continued Leaving a positive legacy for future generations, by embedding closure considerations throughout the lifespan of our assets We aspire to leave a positive legacy for future generations. We do this in partnership with our stakeholders, by embedding closure considerations throughout the entire lifespan of our assets – in the way we design, build, run, close and transition them. Strategic alignment Social licence Risks (Threats) Plans and financial obligations for closure, reclamation and rehabilitation may be insufficient due to changes in stakeholders' and communities' sentiments and expectations, legislation, standards, technical understanding and techniques. In addition to significant health, safety and environmental consequences, the manifestation of a major closure risk could impact the Group's reputation and our licence to operate globally. The legacy portfolio continues to retain a level of uncertainty due to the lack of historical information and ongoing studies to determine options for future management. Key exposures Our Pilbara near-term closures (including Channar), Argyle, Gove and Energy Resources of Australia, as well as other legacy sites. Risk oversight The Closure Steering Committee and the Sustainability Committee. Building trusted relationships with communities Our relationships with the communities where we operate and broader society can affect our social licence to operate. If communities and host countries do not see us as a trusted partner, it could negatively impact our performance, future prospects and reputation. We develop long-lasting relationships with the communities where we operate and ensure they share in our success. Strategic alignment Social licence Risks (Threats) Access to land and resources could be impacted if we are not considered a trusted partner that respects people's rights, manages adverse social and environmental impacts, and sustainably improves the social and economic outcomes in host communities where we operate or plan to operate. A loss of trust could also result in operational disruption, security incidents, expropriation, export or foreign investment restrictions, increased government regulation and delays in approvals, which could threaten our prospects and reputation. This was evident after the destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region in 2020 and the impact it had on the Puutu Kunti Kurrama and Pinikura people. Key exposures Richards Bay Minerals, Resolution Copper, QIT Madagascar Minerals, Oyu Tolgoi, Jadar and Simandou. Risk oversight The Sustainability Committee.

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87Annual Report on Form 20-F 2022 \| riotinto.com Strategic report 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 2022 financial statements and notes thereto. The financial statements as included on pages 148-223 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 148. Rio Tinto Group Income statement data For the years ending 31 December Amounts in accordance with IFRS 2022 $m 2021 $m 2020 $m 2019 $m 2018 $m Consolidated sales revenue 55,554 63,495 44,611 43,165 40,522 Group operating profit1 19,933 29,817 16,829 11,466 17,687 Profit for the year 13,076 22,575 10,400 6,972 13,925 Basic earnings for the year per share (US cents) 766.8 1,303.4 604.0 491.4 793.2 Diluted earnings for the year per share (US cents) 762.1 1,295.0 599.8 487.8 787.6 Dividends per share Dividends declared during the year US cents – interim 267.0 376.0 155.0 151.0 127.0 – interim special – 185.0 – 61.0 – final 225 417.0 309.0 231.0 180.0 – special – 62.0 93.0 243.0 UK pence – interim 221.63 270.84 119.74 123.32 96.82 – interim special – 133.26 – 49.82 – final 185.35 306.72 221.86 177.47 135.96 – special – 45.60 66.77 183.55 Australian cents – interim 383.70 509.42 216.47 219.08 – interim special – 250.64 – 88.50 170.84 – final 326.49 577.04 397.48 349.74 250.89 – special – 85.80 119.63 338.70 Dividends paid during the year (US cents) – ordinary 684.0 685.0 386.0 331.0 307.0 – special 62.0 278.0 – 304.0 – Weighted average number of shares basic (millions) 1,619.8 1,618.4 1,617.4 1,630.1 1,719.3 Weighted average number of shares diluted (millions) 1,629.6 1,628.9 1,628.6 1,642.1 1,731.7 Share buy-back ($ million) – – 208 1,552 5,386 Balance sheet data Total assets 96,744 102,896 97,390 87,802 90,949 Share capital/premium 7,859 8,097 8,302 7,968 8,000 Total equity/net assets 52,274 56,590 51,903 45,242 49,823 Equity attributable to owners of Rio Tinto 50,175 51,432 47,054 40,532 43,686 1. Group operating profit or loss includes the effects of charges and reversals resulting from impairments (other than impairments of equity accounted units) and profit and loss on disposals of interests in businesses. Group operating profit or loss 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 Barton Chair 22 February 2023 Five-year review

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Annual Report on Form 20-F 2022 \| riotinto.com88 Directors' report Governance Chair's introduction 89 Board of Directors 90 Executive Committee 92 Board insights 94 Our stakeholders – Section 172(1) statement 95 Matters discussed in 2022 99 Governance framework 100 Evaluating our performance 101 Nominations Committee report 102 Audit & Risk Committee report 104 Sustainability Committee report 108 Remuneration report Annual statement by the People & Remuneration Committee Chair 110 2023 short-term incentive plan redesign 112 Remuneration at a glance 114 Implementation report 118 Additional statutory disclosure 136 Compliance with governance codes and standards 142 Employees at the Andoom Workshop. Weipa Operations, Australia.

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89Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Chair's introduction I am excited at joining a company with great people, world-class assets, emerging technologies and new partnerships, but also a company that is emerging from a challenging period in its near 150-year history. Our ambition is to deliver superior returns for our shareholders by becoming a leader in the global energy transition and finding better ways to provide the materials the world needs. To achieve this, the management team had identified four key strategic objectives: becoming the best operator, having impeccable ESG credentials, excelling in development, and strengthening the Group's social licence. Culture transformation had also been identified as a critical enabler of the Group's future success. Meanwhile, externally, the global geopolitical and macroeconomic environments continue to become more volatile and complex. With this backdrop, the Board carried out a comprehensive evaluation in 2022, focused on two key corporate governance priorities we had identified, ensuring that: (i) we have the right mix of skills and experience on the Board for the newly emerging set of opportunities and risks; and (ii) we organise ourselves as a Board and across our committees to focus our time on the right things, at the right time and in the right way so as best to deliver on the purpose, strategy and objectives that we have set for Rio Tinto, all in the context of greater external uncertainty and volatility. In terms of Board composition, we concluded that we needed to refresh the Board, with a particular focus on deepening our mining, operations and projects experience and our renewable energy and sustainability capabilities. We also identified the need to add further accounting and audit expertise while ensuring that, overall, we maintained the right balance of diversity. As a first stage in this process, I was delighted in December of 2022 to welcome Kaisa Hietala as a Non-Executive Director. Kaisa will be joining the Board on 1 March 2023 and brings a deep understanding of renewables and sustainability through her experience in the resources industry, as well as commercial capabilities, all of which will be invaluable as we work to ensure Rio Tinto thrives in a decarbonising world. Further details are set out in our Nominations Committee report on page 102. The wider governance review included external benchmarking analysis of governance structures in peer and other long-cycle companies, interviews with a range of investors and significant Board interaction and discussion on how to improve our overall effectiveness. This included an evaluation questionnaire that was more forward looking than the usual in-year annual evaluation. Given the timing of the strategic governance review, we decided it would be more beneficial to defer the independent third-party evaluation of the Board so that it could take place once these governance enhancements were fully embedded in 2023. The third-party Board evaluation will therefore now take place this year with 2022's forward-looking evaluation as the new baseline. After several dedicated Board sessions on the revised governance proposals, we agreed to implement a number of enhancements from July 2022. We have refreshed the Board's forward programme to ensure we are primarily focused on the four strategic objectives and on the Group's culture transformation. For example, we have expanded the scope of our Remuneration Committee (now our People & Remuneration Committee) to place greater focus on people and culture. We have dedicated more Board and committee time to the assessment of our top emerging risks, with the Audit Committee (now renamed the Audit & Risk Committee) ensuring that our overall approach to risk management at Board level is robust and effective. We also reframed the scope of work of our Sustainability Committee. The Committee will split its time between the critical task of closely monitoring our shorter-term environmental, social and governance (ESG) performance (including safety and tailings), while at the same time considering longer-term strategic issues on sustainability. Finally, in support of the objective to strengthen our social licence, we have stepped up our plans as a Board for stakeholder engagement in 2023 and beyond. Separately, we are also considering how we can bring additional and dedicated focus to enhancing the Group's social licence in key strategic countries. The following pages set out in more detail the corporate governance arrangements we have in Rio Tinto. I am satisfied that these arrangements are robust and effective but, as set out above, we will continue to explore how we can find better ways for the Board and its committees to ensure the success of the business, for the benefit of shareholders and all of our other stakeholders. Dominic Barton Chair 22 February 2023

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Annual Report on Form 20-F 2022 \| riotinto.com90 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. Dominic Barton BBM Chair BA (Hons), MPhil. Age 60. Appointed April 2022; Chair from May 2022. Skills and experience: Dominic spent over 30 years at McKinsey & Company, including nine 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's leadership team. Dominic believes in the competitive advantage of putting people at the heart of strategy and the role culture change will play in Rio Tinto's future success. Current external appointments: Chair of LeapFrog Investments and Chancellor of the University of Waterloo. Megan Clark AC Independent Non-Executive Director BSc, PhD. Age 64. Appointed November 2014. Skills and experience: Megan's experience in the mining and metals industry and in science, research and technology brings valuable insights on sustainable development and innovation to the Board. Previously, she was Head of the Australian Space Agency and Chief Executive of the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Following mining and exploration roles with Western Mining Corporation, Megan was a Director at N M Rothschild and a Vice President Technology at BHP. Megan received the Australian Academy of Science Medal in 2019. Current external appointments: Non-Executive Director of CSL Limited since 2016, Chair of the Advisory Board of the Australian Space Agency, member of the Bank of America Global Advisory Council, member of the MITRE Australia Advisory Board and Deputy Chancellor Monash University. Simon Henry Independent Non-Executive Director MA, FCMA. Age 61. Appointed April 2017. Skills and experience: Simon has significant experience in global finance, corporate governance, mergers and acquisitions, international relations, and strategy. He draws on over 30 years' experience at Royal Dutch Shell plc, where he was Chief Financial Officer between 2009 and 2017. Current external appointments: Senior Independent Director of Harbour Energy plc since April 2021, Adviser to the Board of Oxford Flow Ltd, member of the Board of the Audit Committee Chairs' Independent Forum, member of the Advisory Board of the Centre for European Reform and Advisory Panel of the Chartered Institute of Management Accountants (CIMA), and trustee of the Cambridge China Development Trust. Peter Cunningham Chief Financial Officer BA (Hons), Chartered Accountant (England and Wales). Age 56. Chief Financial Officer from 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. During almost three decades with Rio Tinto, Peter 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. Jakob Stausholm Chief Executive Ms Economics. Age 54. Appointed Chief Financial Officer September 2018; Chief Executive from January 2021. Skills and experience: As Chief Executive, Jakob brings strategic and commercial expertise and governance experience. He is committed to rebuilding trust with communities, Traditional Owners and engaging broadly with stakeholders, including governments, partners and other business leaders. He continues to focus on improving operational performance, including through the Safe Production System, creating and progressing value-accretive growth options while remaining disciplined on capital allocation and delivering returns for shareholders. Jakob has over 20 years' experience, primarily in senior finance roles at Maersk Group and Royal Dutch Shell plc, including in capital-intensive, long-cycle businesses, as well as in innovative technology and supply chain optimisation. He was also a Non-Executive Director of Woodside Petroleum and Statoil (now Equinor). Current external appointments: None. Kaisa Hietala Independent Non-Executive Director (Director appointed after 31 December 2022) MPhil, MS. Age 52. Appointment effective 1 March 2023. Skills and experience: Kaisa is an experienced executive with a strong track record of helping companies transform the challenges of environmental megatrends into business opportunities and growth. She began her career in upstream oil and gas exploration and, as Executive Vice President of Renewable Products at Neste Corporation, she played a central role in its commercial transformation into the world's largest and most profitable producer of renewable products. She was formerly a Board member of Kemira Corporation (2016-2021). Current external appointments: Senior Independent Director of Smurfit Kappa Group plc since 2020, Non-Executive Director of Exxon Mobil Corporation since 2021, Chair of the Board of Tracegrow Ltd since 2019 and a member of the Supervisory Board of Oulu University.

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91Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Jennifer Nason Independent Non-Executive Director BA, BCom (Hons). Age 62. Appointed March 2020. Skills and experience: Jennifer has over 35 years' experience in corporate finance and capital markets. She is the Global Chair of Investment Banking at JP Morgan, based in the US, and for the past 23 years, she has led the Technology, Media and Telecommunications global client practice. During her time at JP Morgan, she has also worked in the metals and mining sector team in Australia and co-founded and chaired the Investment Banking Women's Network and sits on the Executive Committee for the Investment Bank. Current external appointments: Co-Chair of the American Australian Business Council. Simon McKeon AO Independent Non-Executive Director BCom, LLB, FAICD. Age 67. Appointed January 2019; Senior Independent Director, Rio Tinto Limited from September 2020. Skills and experience: Simon brings insights into sectors, including financial services, for purpose, law and government. He practised as a solicitor before working at Macquarie Group for 30 years, including as Executive Chair of its business in Victoria, Australia. Simon served as Chair of AMP Limited, MYOB Limited, and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and was the first President of the Australian Takeovers Panel. Current external appointments: Chancellor of Monash University, Chair of the Australian Industry Energy Transitions Initiative Steering Group, and Non-Executive Director of National Australia Bank Limited. Simon is the designated Non-Executive Director for workforce engagement. Sam Laidlaw Independent Non-Executive Director MA, MBA. Age 67. Appointed February 2017; Senior Independent Director from May 2019. Skills and experience: Sam has more than 30 years' experience of long-cycle, capital- intensive industries in which safety, the low-carbon transition, and stakeholder management are critical. Sam has held a number of senior roles in the energy industry, including as CEO of both Enterprise Oil plc and Centrica plc. He was also a member of the UK Prime Minister's Business Advisory Group. Current external appointments: Chair of Neptune Energy Group Holdings Ltd, Chair of the National Centre of Universities & Business, Board member of Oxford Saïd Business School, and advisory board member of the Smith School of Enterprise and the Environment. Ngaire Woods CBE Independent Non-Executive Director BA/LLB, DPhil. Age 60. 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: Vice-Chair of the Governing Council of the Alfred Landecker Foundation and Board member of the Mo Ibrahim Foundation, the Van Leer Foundation, and the Schwarzman Education Foundation, and Member of the Conseil d'administration of L'Institut national du service public. Ben Wyatt Independent Non-Executive Director LLB, MSc. Age 48. Appointed September 2021. Skills and experience: Ben had a prolific career in the Western Australian Parliament before retiring in March 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, and went on to have a career in the legal profession as a barrister and solicitor. Current external appointments: Non-Executive Director of Woodside Petroleum Ltd from June 2021, APM Human Services International Limited from October 2022, Non-Executive Director of Telethon Kids Institute from April 2021, Non-Executive Director of West Coast Eagles from May 2021, and member of the Advisory Committee of Australian Capital Equity. Former Directors Simon Thompson stepped down as Chairman of the Board on 5 May 2022. Hinda Gharbi stepped down from the Board on 8 April 2022. Past external appointments over the last three years For details of each Director's previous directorships of other listed companies, see the Directors' report on page 138. Board committee membership key Committee Chair Audit & Risk Committee People & Remuneration Committee Nominations Committee Sustainability Committee Steve Allen Group Company Secretary BA, Solicitor (England and Wales). Age 51. Appointed January 2017. Skills and experience: Steve is Group Company Secretary of Rio Tinto plc and Joint Company Secretary of Rio Tinto Limited. Before joining Rio Tinto, Steve worked at BG Group plc, where he held a number of senior legal roles, including Deputy General Counsel, Company Secretary and Chief Counsel, Corporate. Before joining BG Group, Steve was a corporate lawyer for Herbert Smith LLP in London. Current external appointments: Vice-Chair of the Association of General Counsel and Company Secretaries working in FTSE-100 companies, a member of the Corporate Governance Council and Industry Champion (Securities Sector) for the Dormant Assets Expansion Board. Tim Paine Joint Company Secretary, Rio Tinto Limited BEc, LLB, FGIA, FCIS. Age 59. 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 25 years' 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: Joint Company Secretary for the Foundation for Australia-Japan Studies and member of the Governance Institute of Australia's Legislation Review Committee.

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Annual Report on Form 20-F 2022 \| riotinto.com92 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. Bold Baatar Chief Executive, Copper Mark Davies Chief Technical Officer Jakob Stausholm Chief Executive Biography can be found on page 90. Peter Cunningham Chief Financial Officer Biography can be found on page 90. Bold was appointed Chief Executive, Copper in February 2021. Prior to this, he led the Energy & Minerals product group, a position he had held since 2016. Since joining Rio Tinto in 2013, he has held a number of leadership positions across operations, marine, iron ore sales and marketing, and Copper. Bold brings deep experience across geographies, commodities and markets. A passionate advocate for integrating ESG into decision making across the business landscape, he combines strong commercial and business development expertise with a focus on developing markets and partnerships with our host communities and nations. Mark was appointed to the Executive Committee in 2020 and became Chief Technical Officer in October 2021. Mark joined Rio Tinto in 1995 as a Senior Mechanical Engineer and has worked in operational and functional leadership roles, including in our Iron and Titanium business unit, Group Risk, and Global Procurement. Mark is responsible for our development teams, including Exploration, Studies and Major Capital Construction, Renewable Energy Projects, and Closure teams working to rehabilitate and repurpose mines and facilities at the end of the development cycle. Mark's remit also includes our technical centres of excellence as well as the Office of the Chief Scientist, which drives our global research and development activities. Mark is our representative on the Champions of Change Coalition, a group of business and community leaders working to achieve a significant and sustainable increase in the representation of women in leadership. Sinead Kaufman Chief Executive, Minerals Isabelle Deschamps Chief Legal Officer, Governance & Corporate Affairs Alf Barrios Chief Commercial Officer Since Sinead joined Rio Tinto in 1997 as a geologist, she has held senior leadership and operational roles across Aluminium, Copper & Diamonds, Energy & Minerals, and Iron Ore. She joined the Executive Committee in early 2021. Sinead brings strong operational expertise combined with a track record of delivering future-focused sustainability outcomes. Sinead has led the Minerals business to play a central role in driving growth, for example, through the acquisition of the Rincon Lithium Project in Argentina, which supports our battery materials strategy. She is also playing a leading role in many sustainability initiatives to help us reach our decarbonisation ambition. Isabelle joined Rio Tinto in November 2021. She has extensive international experience, and is admitted to the England and Wales Law Society and to the Quebec (Canada) Bar. Most recently, Isabelle was General Counsel of the AkzoNobel Group and a member of its Executive Committee. Prior to this, Isabelle worked at Unilever. Alongside leading our global Legal, Communication, and External Affairs teams, Isabelle oversees a range of governance functions, including Company Secretariat, Ethics & Compliance, and the Technical Evaluation group. She champions Everyday Respect and drives our integrated social licence agenda. Isabelle is a pragmatic, transparent leader with a passion for equal opportunities, inclusion and diversity, continuous learning, and driving a culture of integrity. Alf was appointed Chief Commercial Officer and Chairman for China and Japan in 2021. He joined Rio Tinto in 2014 as Chief Executive, Aluminium. Alf has 30 years' global experience in the resources sector across operations, marketing, trading and business development. The Commercial team is accountable for our sales and marketing, procurement, marine, and logistics activities and creates value and growth across Rio Tinto by working closely with our assets, customers and suppliers. Alf is focused on building industry-leading customer and supplier partnerships to deliver innovation and ESG leadership and create future value for the company.

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93Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Kellie Parker Chief Executive, Australia Simon Trott Chief Executive, Iron Ore James Martin Chief People Officer Kellie was appointed Chief Executive, Australia in 2021, after a 20-year career at Rio Tinto. Before this, Kellie was Managing Director, Pacific Operations, Aluminium, a role she took after more than a decade of leadership, safety and operational roles across the Iron Ore and Aluminium businesses. Kellie represents our Australian interests with all stakeholders, and brings her operational experience and community values to listen, respond and set the direction for the business. Kellie also has responsibility for Health, Safety, Environment & Security (HSES) and Communities and Social Performance (CSP). She has a people-centric approach, with a strong commercial background, and she is an advocate for Indigenous Australians. Simon has been with Rio Tinto for more than 20 years in a variety of operating, commercial and business development roles across a number of commodities. Prior to his current role, Simon was Chief Commercial Officer from 2018 to 2021. Simon knows Western Australia well and has a deep understanding of the iron ore business and customers globally. He is focused on transforming our Iron Ore business's safe operational performance, delivering the mines of the future, positioning the Pilbara for a green steel future, and building strong partnerships with key stakeholders. Prior to becoming our Chief People Officer in 2021, James was at Egon Zehnder for 21 years. He led a range of global practices and specialised in coaching, talent management and leadership development. Prior to this, he worked in equity research after a career as an air force pilot. James has been supporting our culture evolution, from building a new leadership programme, to paving the way to a more inclusive work environment and helping create our new values. His vision is to help unlock more of our potential and to inspire even more of our colleagues to feel the pride in Rio Tinto that many already do. Arnaud Soirat Chief Operating Officer Ivan Vella Chief Executive, Aluminium Arnaud joined Rio Tinto in 2010 and was previously Chief Executive, Copper & Diamonds from 2016 to 2020. Prior to this, he had 20 years' experience in commercial and operations roles in the metals and mining industry, including at Alcoa and Pechiney. As Chief Operating Officer, Arnaud uses his extensive operational and leadership experience to drive company-wide, sustainable improvements with the introduction of the Safe Production System (SPS), with deployments underway at every product group. From his previous roles, Arnaud brings significant experience in safety and operational excellence, improving business profitability and competitiveness, and deploying lean manufacturing to help achieve stable and optimised operations through stronger employee engagement. Ivan was appointed Chief Executive, Aluminium in March 2021 and has held senior leadership positions across the Iron Ore, Copper and Coal product groups. He brings deep operational experience and critical understanding of energy markets and end-to-end value chain processes to our Aluminium business. Deeply passionate about people, Ivan recognises the value that is created through strong culture and workforce engagement. He builds capability in Rio Tinto to enhance the long-term positive impact mining can have when partnering with First Nations and Indigenous peoples. Ivan is committed to the energy transition, and is focused on the rapid decarbonisation of our operations while growing our business to support the new material needs for the future. Forging partnerships with governments is also fundamental in his approach.

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Annual Report on Form 20-F 2022 \| riotinto.com94 Board insights How the Board considered our values and culture Employee engagement sessions As part of the Board's ongoing engagement with our people, Directors took part in a range of activities, including employee-listening sessions, podcast recordings and in-person meetings. Non-Executive Directors are invited to provide the Board with any feedback from these engagements at each Board meeting. The employee-listening sessions help the Board understand the concerns, views and ideas of our people in an informal and conversational setting. The following sessions took place during the year: – In April 2022, Megan Clark, Simon McKeon and Ngaire Woods spoke with employees from the Change Partners Network, part of the Safe Production System (SPS), discussing inclusion and diversity and our culture, including the findings of the Everyday Respect Report. – In June 2022, Simon Henry, Sam Laidlaw and Jennifer Nason spoke with our Mindsets and Behaviours Coaches and Change Champions of SPS on the successes, failures and areas of improvement of our processes. – In October 2022, Megan Clark, Ngaire Woods and Ben Wyatt took part in a conversation with our people based in China to better understand their perspectives of our business. Board members also recorded podcasts to give our people more of an insight into who they are, both professionally and personally. During 2022, our then Chairman, Simon Thompson, reflected on his tenure as a member of the Board, and a number of our Non-Executive Directors were interviewed on topical issues for our business. In December 2022, all the Board members visited our Brisbane office for the final Board meeting of the year. While there, our Chair and Chief Executive held a fireside chat, which all employees were invited to attend. Board members also took part in lunches with Indigenous employees, part of our graduate programme and members of the Inclusion & Diversity (I&D) Committee, a voluntary group that organises activities to improve I&D initiatives in the Brisbane office, and the Thrive Committee, which raises awareness and understanding of LGBTI+ issues. Site visits by the Board Members of the Board visit Gudai-Darri On 6 May 2022, members of the Board visited the Gudai-Darri iron ore mine in the Pilbara region of Western Australia. On 21 June 2022, Megan Clark and Simon McKeon also visited for the opening of the mine, one of the most technically advanced in the world. While there, Megan and Simon viewed the automated haul trucks, automated water carts and autonomous train haulage system. They also visited the robotic sample laboratory and saw the digital twin of the process plant, and the advanced crushing facilities and new solar plant. The focus on safety and Everyday Respect was evident in every encounter with the Rio Tinto team and our contractors. The strong partnership with the Banjima people, the Traditional Owners of the land, was a highlight of the opening. Simon McKeon attends the Garma Festival Between 29 July and 1 August 2022, Simon McKeon attended the annual Garma Festival, a celebration of the cultural, artistic and ceremonial traditions of the Yolngu people. It takes place near Nhulunbuy, the town in Australia's Northern Territory that is the base for our Gove operations. Simon met with Indigenous leaders, and the meeting highlighted that, while considerable progress has been made since the Juukan Gorge rock shelters destruction in improving Rio Tinto's cultural heritage performance, there is still a considerable way to go. The festival was an opportunity to demonstrate Rio Tinto's willingness to listen and our commitment to creating long-term relationships with Indigenous partners. Ben Wyatt visits Resolution Copper Ben Wyatt visited Resolution Copper in Arizona in October 2022. He had the privilege to spend time on the ancestral lands of the O'odham, Hopi, Pueblo of Zuni, Western Apache and Yavapai Tribes during his visit. Ben toured the existing underground mine and met with Tribal representatives. Megan Clark visits Kennecott Megan Clark visited our Kennecott copper operations in Utah in the US in November 2022. Kennecott includes open pit and underground mines, and concentrator, smelter and refinery facilities. The visit provided a chance for Megan to review the following: open pit geotechnical management; underground expansion plans; smelter rebuild preparation; process safety management; and implementation of the SPS and our ESG initiatives. Kennecott is investing in upgrading the smelter, and has expansion plans for open pit and underground development of skarn deposits next to the pit. The team's pride in and commitment to making Kennecott a significant strategic operation for Rio Tinto and the US was a highlight of the visit. Dominic Barton's first year as Chair Since becoming Chair of Rio Tinto on 5 May 2022, Dominic Barton has undertaken an induction programme and spent time meeting our people across our operations globally, as well as key stakeholders. Some of Dominic's engagements during 2022 were as follows: April 2022: – met with all of the Board and Executive Committee individually, as well as a number of key management personnel. May 2022: – visited our Western Australian operations, including Gudai-Darri, Dampier Ports, 7 Mile Rail and our Brockman 4 mine. – hosted employee engagement sessions in Perth, Western Australia and met with key external stakeholders. – investor meetings, including meeting with investors in New York, US. June 2022: – attended a Rio Tinto Leadership Team meeting with the Executive Committee in Western Australia. July 2022: – met with officials at the Mongolian Embassy in Washington DC, US. August 2022: – site visits in North America, including Saguenay, Sorel-Tracy, and the Montreal office in Canada, and Boron, Kennecott and Resolution Copper in the US. September 2022: – hosted an employee event at the Natural History Museum in London, UK. – attended an Executive Committee meeting in Spain. – attended government meetings in Washington DC, US. October 2022: – attended a Mobius Leadership session in Tel Aviv, Israel. November 2022: – attended Responsible 100 Forum. – attended civil society organisation (CSO) roundtables in Europe. – attended the Rio Tinto Annual Reception, a stakeholder event in London, UK. December 2022: – attended government meetings in Washington DC, US. – virtually attended CSO roundtables in North America and Australia. – hosted employee engagement sessions in Perth, Western Australia and Brisbane, Queensland and met with key external stakeholders. – attended the Western Australia Business Leaders Dinner. – met with members of the Puutu Kunti Kurrama and Pinikura people alongside the Board at a Senior Leaders lunch.

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95Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Our stakeholders – 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, to take into account the interests of our wider stakeholders. Our key stakeholders are our workforce, the communities in which we operate, civil society organisations, governments, our investors, our customers, and our suppliers. This section, together with the information on pages 18-19, constitutes our Section 172(1) statement. Workforce Engaged people are key to our success. How we engage – Intranet, emails and newsletter updates on subjects such as people changes, safety and mental health shares, financial results and Group news. – Twice-yearly people-listening surveys. – Regular local surveys. – myVoice, our confidential reporting programme. – Listening sessions with members of the Board and employees. – In-person and virtual town halls with the Chief Executive, Chair and Executive Committee members (events were also shared more widely via our intranet and employee app). – Podcast series "Conversations with the Board" to get to know members of the Board on a personal level. In 2022, three episodes were released, featuring Simon Thompson, Sam Laidlaw, Simon Henry, Megan Clark and Ben Wyatt. Topics included their time as Board members, challenges they encountered during their careers and how they overcame them, and advice for employees. Other topics covered climate change and decarbonisation, our values and culture journey, the Everyday Respect Report, and more. – Dominic Barton engaged with colleagues in many locations including Saguenay, Sorel-Tracy, and the Montreal office in Canada, Boron, Kennecott and Resolution Copper in the US, and many locations in Australia, including Gudai-Darri, the Pilbara, Perth and Melbourne. What was important to our workforce in 2022 – Company culture and the Everyday Respect initiative. – Training and career opportunities. – Compensation and inflation. – Health, safety and wellbeing. – Business growth, operational performance and the Safe Production System (SPS). – Societal issues. How the Board has taken account of these interests – Simon McKeon, our designated Non-Executive Director for workforce engagement, oversees our programme of workforce engagement events and reports back to the Board twice a year on feedback received via these engagements. – The Board gains insights into our workforce's interests and concerns via a quarterly employee dashboard. – The Board received and considered reports and updates from the Chief People Officer on the results of our twice-yearly employee engagement survey. – The Board reviewed implementation activities and progress of the 26 recommendations of the Everyday Respect Report. For more information about the Everyday Respect initiative, see page 16. Employees at Oyu Tolgoi copper-gold mine, Mongolia.

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Annual Report on Form 20-F 2022 \| riotinto.com96 Communities The communities where we live and work are fundamental to our business – without their support, we cannot operate. How we engage We continue to strengthen our social performance structure, governance approach and processes. We have increased engagement between Traditional Owners, Indigenous peoples and our senior operational leaders and teams. Our engagement activities include: – Community liaison teams. – Various meeting formats to reflect local expectations. – myVoice, our confidential whistleblower programme, provides a way for anyone, internal or external, to raise a concern about the Group. – Executive members regularly meet with Traditional Owners as part of site visits. – As part of the 2022 Communities and Social Performance Commitments Disclosure Report, we received direct feedback from Traditional Owners in Australia on our activities and engagement. The feedback is included in the report. – Board members met Traditional Owners and communities at four site visits in 2022. More information about the site visits can be found on page 94. What was important to our communities in 2022 – Job creation and procurement opportunities. – Land access. – Socioeconomic development projects. – Environmental management, tailings storage facilities, operational impacts and potential site closures. – Security. How the Board has taken account of these interests The Board oversees and receives regular updates on many projects. – We have developed the Western Australian Indigenous Participation Strategy, designed to support a more collaborative approach to working with our communities in attracting and developing Indigenous employees. – Environmental Resources Management's independent cultural management audits have identified several ways to improve how we engage with Traditional Owners in Australia. For details on the outcomes on these audits, see page 56. – The Australian Advisory Group brings together a group of independent advisers to provide guidance on current and emerging issues, and better manage policies and positions that are important to Australian communities and our broader business. This is one of the 11 commitments we made as part of our action to strengthen our processes and approach to cultural heritage, following the destruction of the rock shelters at Juukan Gorge in May 2020. – More information is available on page 56. Civil society organisations Civil society organisations (CSOs) play an important role in society. They hold us to account and help us understand societal expectations across ESG issues, detect risks and identify opportunities to collaborate. How we engage – We engage regularly with CSOs to understand and respond to areas of interest and concern, communicate progress, share challenges and advance common goals. – We engage both locally on specific issues related to an operation and nationally on matters such as policy reform, company standards and industry leadership. – We attend CSO forums to understand the latest trends and expectations on ESG issues and engage regularly at CEO level to address concerns or discuss strategy. – Since 2018, we have held annual roundtables with CSO leaders, and members of the Board and Executive Committee. The roundtables provide a dedicated forum for our most senior leaders to engage directly with CSOs and discuss strategic issues. – In 2022, we commenced issue-specific dialogues focused on particular themes, starting with decarbonisation and the Everyday Respect Report. These sessions enabled us to explore issues in depth and gain detailed insights from CSOs to inform our approach to each topic. What was important to our CSOs in 2022 – Climate change and decarbonisation. – Water management, biodiversity protection and nature-based solutions. – Mine rehabilitation. – Circular economy. – Just transition. – Cultural heritage protection, Indigenous economic advancement, and community consultation and consent. – Human rights and modern slavery. – The Everyday Respect Report and workplace culture. – Transparency and political advocacy. How the Board has taken account of these interests The Board and its sub-committees consider issues raised by CSOs throughout the year, particularly through the Sustainability Committee. The Board is represented at the CSO roundtables through the Chair and other Directors. Our stakeholders continued

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97Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Governments Governments – national, state and provincial, and local – are important stakeholders for our business. They provide the legal and policy framework that supports our businesses, and ensure that our communities and people are protected. How we engage – We provide information and updates on issues relevant to our industry, either directly or as part of industry associations. – We participate in multi-stakeholder organisations, initiatives and roundtables, such as the Voluntary Principles on Security and Human Rights, and the Extractive Industries Transparency Initiative (EITI) and the International Council on Mining and Metals. – We invite government representatives to visit our sites. – Public reporting. – We engage with governments through innovative partnerships such as with the Governments of Canada and Quebec (on ELYSIS). – We partner with governments on some projects, such as with the Government of Guinea where we are exploring ways to optimise, develop and fund the world-class Simandou iron ore deposit, and the Government of South Africa to support the operational stability at Richards Bay Minerals. – In Australia, engagement with the Australian Government and state governments include issues related to project approvals required for our businesses; climate and energy; cultural heritage protection; international relations, investment and trade; employment, training, skills and migration; critical minerals; closure and rehabilitation requirements; and industrial relations reforms. – We contribute to EU public policy development on issues such as critical minerals strategy, battery legislation, green mining principles and due diligence legislation. – In the US, we advocate on public policy related to the North American supply chain and, specifically, alignment on climate change, critical minerals and materials, renewable energy, and trade. – In China, we partner and engage with a range of government and state-owned entities, on issues related to climate change, innovation, training, procurement, and product supply. What was important to our governments in 2022 – Tax and royalty payments. – Compliance with laws and regulations. – Local employment and procurement. – Operational environmental management, including tailings storage. – Climate change and local emissions. – Security of supply and innovation. – Socioeconomic development projects. – Transparency and human rights. – Public health. – Security. – Permitting of new technology in areas of influence. – Heritage issues, investment and decarbonisation in Australia. – The development of the Oyu Tolgoi underground project in Mongolia. – Decarbonisation opportunities in Canada. – The UK Government's critical minerals strategy. How the Board has taken account of these interests – The Board receives regular updates regarding all our projects and, in doing so, oversees engagement with governments and considers their interests. – The Board also received two updates on China via the Rio Tinto China Panel. – In 2022, members of the Board engaged directly with representatives of the Governments of Australia, the US, Canada and the UK, and discussed a wide range of issues. Investors Our strategy and long-term success depend on the support of our investors. How we engage – Regular calls, one-on-one meetings and group events, presentations and attendance at investor conferences. – Webinars and online Q&A sessions. – Our reporting suite, including our Annual Report and Climate Change Report. – Two annual general meetings (AGMs), one in Australia and one in the UK. Following the relaxation of restrictions related to COVID-19, both meetings were held in person (and online), which enabled a broad range of shareholders to participate in the meetings. Institutional and retail investors could therefore engage directly with the Board and management. They also give shareholders the opportunity to ask questions and vote on our Remuneration report. – Requesting disclosure of our approach to addressing Scope 3 emissions. – Since joining the Board, our current Chair, Dominic Barton, has met with investors in the UK, the US and Australia and attended three CSO roundtables to convey how our new strategy integrates the net zero transition into our business, including our portfolio, capital investment decisions, and business planning. Our previous Chairman also engaged extensively with investors across multiple markets in advance of our AGMs to understand their perspectives. He led regular meetings each year with the Climate Action 100+ (CA100+) investor groups in Europe and Asia. The discussions focused on the key indicators in the CA100+ Net Zero Company Benchmark, in particular, our Scope 1 and 2 targets, our approach to Scope 3 emissions, capital allocation, governance, and our climate policy engagement. What was important to our investors in 2022 – Financial and operational performance. – Our ESG performance, including the impact of climate change and how we are decarbonising our business. – Compliance with laws and regulations. – Human rights. – Remuneration policy. How the Board has taken account of these interests – 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. – Given investor interest in ESG issues, including climate change and our work with communities around the world, the Board considers these issues during its yearly strategy sessions when assessing our portfolio positions. – The Board's engagement with CA100+ provides us with a valuable sounding board as we implement our strategy, respond to requisitioned resolutions and develop our reporting. – The People & Remuneration Committee Chair consulted with shareholders and proxy advisers to explain the rationale for our new short term incentive framework. The final framework was adapted to reflect points raised during the consultation process.

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Annual Report on Form 20-F 2022 \| riotinto.com98 Our stakeholders continued Customers The needs of our customers are central to our operational decision making. How we engage – Our Commercial team engages with customers through direct engagements and via business and industry forums. – We seek feedback from our customers through a yearly survey. These results are shared with the Board. – Climate change is one of our customers' biggest challenges, and we partner to find innovative solutions to help produce sustainable products. For example, in 2022 we signed a memorandum of understanding with Shougang, a key customer in China, to jointly develop technologies to transition to a low-carbon emission steel value chain. What was important to our customers in 2022 – Supply security. – Responsible sourcing and supply. – Transparency in the supply chain. – Human rights. – Compliance with laws and regulations. – Competitive pricing. – Product quality. – Strategic partnerships. – Evidence of ESG traceability. – Participation in responsible mining certification systems. How the Board has taken account of these interests – The Chief Executive, Commercial updates the Board annually on the key priorities and vision for Commercial, its role in supporting the Group strategy, and our customer engagement initiatives. Suppliers Our suppliers are critical to our ability to run efficient and safe global operations. How we engage – Our Commercial team engages with our suppliers in a range of ways, including regular meetings and site visits, supplier events, local and host community procurement forums, and supplier capability development initiatives. – We partner with suppliers to co-develop technologies and applications, such as more autonomous haul trucks with Scania. – We seek feedback from our suppliers through a yearly survey to improve our engagement and to strengthen our partnerships. These results are shared with the Board. What was important to our suppliers in 2022 – Responsible sourcing and supply. – Transparency in the supply chain. – Human rights. – Compliance with laws and regulations. – Competitive pricing. – Performance. – Payment terms. – Strategic partnerships. How the Board has taken account of these interests – The Chief Executive, Commercial provides an annual update to the Board on the Group's activities with suppliers, including metrics regarding how the Group has supported initiatives aimed at Indigenous groups.

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99Annual Report on Form 20-F 2022 \| riotinto.com Directors' report The Board had seven scheduled meetings in 2022 and six additional meetings were held to discuss matters outside the Board's regular agenda items. Set out below are some of the matters that the Board has considered during the year. At every Board meeting, the Chief Executive and Chief Financial Officer report on the safety, operating and business performance of the Group against our key performance indicators, as well as how certain material stakeholder issues are being managed. The Board also receives detailed reports from the management team relating to progress on major growth projects and updates on operations. In addition, the Board invites external subject matter experts to present on issues relevant to major strategic or operational matters. Examples in 2022 included: Growth and sustaining projects – In February, the Board reviewed an update on the Resolution Copper project in the US and approved $598 million in funding (100% basis). – In April, the Board considered a paper providing an update on the Simandou iron ore project in Guinea. – In May, the Board reviewed a paper and a presentation providing an update on the Rhodes Ridge joint venture in Australia. – In May, the Board considered and approved a request for $118 million of early works funding to accelerate first ore and de-risk the Western Range Sustaining project in Australia, taking total early works funding to $174 million. – In July, the Board approved funding for Rincon of $194 million for early works to develop an accelerated starter plant with planned expansion. Operational – In February, the Board reviewed an overview of the Minerals product group's strategy and how it fits within the broader integrated strategy of the Group. – In April, the Board discussed a paper summarising the main actions to advance Rio Tinto Aluminium's strategy in 2022. – In April, the Board considered important learnings from the experience to date at Winu in Australia. The learnings will be used to reshape the pathway to launch the project. People The Board receives regular updates on our people-related initiatives to attract, develop and retain the best people, which are crucial to our success and to supporting our strategic objectives. Some of the topics covered in 2022 included: – In July, the Board reviewed and noted a paper regarding the May 2022 employee engagement survey, which showed improvement. – In July, the Board considered the progress on the Everyday Respect Report recommendations and early signs of positive impact. The Board noted the importance of creating a safe workplace that supports intervention. Everyday Respect training was to be organised for the Board. – In December, the Board reviewed an update in relation to Executive Committee succession planning. Strategy and risk Climate change and the low-carbon transition are at the heart of our strategy. The Board considers our strategy twice yearly, receiving updates from the management team in May and September. (See pages 13-14 for details of our strategy.) The topics discussed included: May – Industry trends and applications of the new scenario framework. – Opportunities from the circular economy and the role of recycling to address carbon and environmental challenges across our value chains. – Challenges and implications for the business of the energy transition. – Progress across key elements of the integrated Group strategy: culture, decarbonisation, growth and the four objectives. September – Scenarios and our strategic context. – Technological challenges of decarbonisation. – New approach to evolving customer needs in the West. – The Group's 2035 Vision. – Culture and product group strategies. Matters discussed in 2022 – In April, the Board considered a paper and a presentation outlining the key priorities and vision for the future of Rio Tinto Commercial, and its role in supporting the delivery of Group strategy. – In October, the Board reviewed a paper regarding existential risk scenarios which, if they were to occur, could substantially threaten the viability of the Group. It was noted that the identification and management of these risks was an important component of the Group's risk management framework, testing the Group's resilience to very low likelihood risks, with extremely high impacts. ESG The Board has ultimate oversight of environmental, social and governance matters, but has delegated responsibility for certain matters to the Sustainability Committee. During the year, 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. In addition, it considered the following governance matters: – In February, the Board approved the 2021 Climate Change Report and approach to industry associations. – In February, the Board approved the advisory Say on Climate resolution, which was voted on at the 2022 annual general meetings. – In April, the Board reviewed and noted the findings of the annual Perceptions Study to the period ending March 2022. The purpose of the study was to assess the thoughts of institutional investors with respect to the Group, in particular to assess its strengths and weaknesses. – In May, the Board considered a paper regarding the Group's Modern Slavery Statement, which was approved. – In July, the Board discussed and noted a paper providing a twice-yearly update on the organisation's Business Conduct Office and myVoice programme. – In July, the Board reviewed and noted a paper providing a twice-yearly update on the organisation's compliance programme. The Board discussed and considered material compliance risks, compliance programme effectiveness, and received an update on the ethics programme. – In July, the Board received a presentation providing perspectives from an ESG standpoint, on the industry, performance, prospects and imperatives for the Group's iron ore, copper, aluminium and lithium businesses. – In September, the Board discussed a paper outlining the current and proposed structure of social investment in Australia at national, regional, and local levels. – In December, the Board reviewed our revised climate change policy positions.

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Annual Report on Form 20-F 2022 \| riotinto.com100 Good governance is about considering the right things, at the right time, with the right people and insights. We have structured the way the Board works to support that objective, to strengthen our strategic focus, and to improve both the challenge and the support that the Board provides to the executive team. Here is a summary of the framework. Governance framework Board of Directors We are finding better ways to provide the materials the world needs. By doing so efficiently, effectively and sustainably, we aim to create long-term value for all stakeholders. Our purpose is supported by three core values – care, courage and curiosity. The Board is collectively responsible for pursuing this purpose and approves the strategy, budget and plans proposed by the Chief Executive to achieve this objective. Board Charter See the Board Charter for more information on the role of the Board and the delegation to management. Available at riotinto.com Executive Committee The Executive Committee supports the Chief Executive in the delivery of strategy, annual plans and commercial objectives, and managing the financial and operational performance of the Group. The following management committees support the Chief Executive in the performance of his duties. 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. Risk Management Committee Oversees the management and mitigation of the principal 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 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. Audit & Risk Committee Helps the Board to monitor decisions and processes designed to ensure the integrity of financial reporting, the independence and effectiveness of the external auditors, and robust systems of internal control and risk management. Nominations Committee Helps the Board determine its composition, and that of its committees. They are regularly reviewed and refreshed, so they are able to operate effectively and have the right mixture of skills, experience and background. People & Remuneration Committee Helps the Board ensure that Remuneration Policy and practices reward employees and executives fairly and responsibly, with a clear link to corporate and individual performance, and a focus on people and culture. Sustainability Committee Helps the Board oversee the Group's integrated approach to sustainability and strategies designed to manage health and safety, and social and environmental risks, including management processes and standards. Chair's Committee Supports the functioning of the Board and will consider urgent matters between Board meetings. Chief Executive Has delegated responsibility for the executive management of Rio Tinto, consistent with the Group's purpose and strategy, and subject to matters reserved for the Board, as set out in the Schedule of Matters Reserved for the Board (available at riotinto.com), and in accordance with the Group's delegation of authority framework.See pages 104-107 See pages 102-103 See pages 110-111 See pages 108-109 Australia Forum Advises the Board and the Executive Committee on political, economic and social developments in Australia and how they could affect the business. China Advisory Panel Provides context and analysis to the Board and the Executive Committee on political, commercial and policy developments relevant to our operations in China and with Chinese partners.

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101Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Evaluating our performance In line with the UK Governance Code and ASX Corporate Governance Principles and Recommendations (4th edition) (the ASX Principles), we undertake a formal annual evaluation of the Board and, every third year, we engage a professional external adviser to carry out an independent evaluation. In practice, the Chair and the Non-Executive Directors schedule time at the end of each Board meeting, often with the Executive Directors, to reflect on the effectiveness of the suite of Board and committee meetings as part of a process of continuous improvement to the governance arrangements of the Board. As set out in the Chair's introduction on page 89, we carried out a comprehensive governance review in 2022, based upon two key corporate governance priorities for 2022: a review of our composition as a Board to ensure that we have the right balance of skills and experience for the implementation of Rio Tinto's strategy; and a review of how to best spend our time in support of that new strategy in the context of greater uncertainty and potential risk. The review comprised external benchmarking analysis of governance structures in peer and other long-cycle companies, including private equity firms, together with a questionnaire for directors on the Board's current effectiveness. This evaluation questionnaire was more forward looking than the usual in-year annual evaluations. Given the timing of the strategic governance review, we decided it would be more beneficial to defer the independent third-party evaluation of the Board so that it could take place once these governance enhancements were fully embedded. Therefore, the third-party Board evaluation will now take place in 2023 with this year's forward-looking evaluation as the new baseline. In July 2022, the Board discussed the findings of the governance review and agreed on a number of enhancements. To optimise the investment of our time, we have refreshed the Board's forward programme to ensure we are primarily focused on supporting the four strategic objectives. We have expanded the scope of our Remuneration Committee (now our People & Remuneration Committee) to place greater focus on people and culture, and we will dedicate more Board and committee time to the assessment of our top emerging risks, with oversight from the Audit Committee (renamed the Audit & Risk Committee). In support of the objective to strengthen our social licence, we have also stepped up our plans for stakeholder engagement in 2023 and beyond. Directors' attendance at scheduled Board and committee meetings during 20221 Committee appointments Board Audit & Risk Nominations People & Remuneration Sustainability2 Chair and Executive Directors Simon Thompson – retired 5 May 2022 3/3 2/2 2/2 3/3 Dominic Barton – joined 4 April 2022 6/6 3/3 2/2 3/3 Jakob Stausholm 7/7 Peter Cunningham 7/7 Non-Executive Directors Megan Clark 7/7 4/4 5/5 6/6 Hinda Gharbi – retired 8 April 2022 2/2 2/2 2/2 3/3 Simon Henry2 7/7 6/6 3/4 6/6 Sam Laidlaw 7/7 4/4 5/5 6/6 Simon McKeon 7/7 6/6 4/4 5/5 Jennifer Nason2 7/7 4/4 5/5 3/3 Ngaire Woods 7/7 4/4 5/5 6/6 Ben Wyatt2,3 7/7 4/4 4/4 3/3 1. Outside of the scheduled meetings of the Board and Committees for 2022, numerous ad hoc meetings took place to consider more urgent matters, including one Audit & Risk Committee meeting, six Board meetings and one People & Remuneration Committee meeting. 2. Simon Henry, Jennifer Nason and Ben Wyatt ceased to be members of the Sustainability Committee with effect from 1 July 2022. 3. Ben Wyatt became a member of the Audit & Risk Committee with effect from 1 June 2022. Board committee membership key Committee Chair Audit & Risk Committee People & Remuneration Committee Nominations Committee Sustainability Committee In terms of Board composition, we concluded that we should refresh the Board, with a particular focus on deepening mining, sustainability and renewables experience. We were therefore pleased to welcome Kaisa Hietala as a Non-Executive Director, joining the Board on 1 March 2023. She brings a deep understanding of the resources industry, sustainability and renewables that will be invaluable as we work to ensure Rio Tinto thrives in a decarbonising world. Further details are set out in our Nominations Committee report on pages 102-103.

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Annual Report on Form 20-F 2022 \| riotinto.com102 Nominations Committee report As part of our ongoing Board succession planning, we have been working intensely during the course of the year, and I am pleased to report on the progress we have made in the first eight months of my tenure as Chair. Our main priority as a Committee this year has been on ensuring the right balance of skills and experience in the boardroom to help deliver implementation of the Group's future strategy and objectives. This will enable us as a Board to anticipate and capture new opportunities as they emerge over the longer term, while also managing any shorter-term risks that may arise from a new global societal and industry context. We currently have ten Board members, eight Non-Executive Directors and two Executive Directors. I believe that the optimal size for a board responsible for overseeing a group of the scale, complexity and international reach as Rio Tinto should be around 12 for the longer term. As we continue to refresh the Board over this next period, it is likely that we will need to accommodate some variance above and below this optimal size, as we seek to bring in additional capability while maintaining the appropriate experience and expertise of our longer-serving Directors. Through this period of transition, our commitment to achieving the right diversity on the Board, including female and ethnic representation, will remain resolute, even if we find ourselves short on the relevant metrics in the immediate term. We are planning to complete the refreshment of the Board by the time I report to you next year, and I look forward to updating you during the course of 2023 on the progress we are making. Separately, we have introduced a number of other important enhancements regarding the Board's responsibility to monitor the health of our people and talent. The Nominations Committee has ceded responsibility for the monitoring of succession planning of the Executive Committee to the full Board. The Board has launched a longer-term succession planning process for the Executive Committee. In December 2022, we had our first dedicated and extensive session and will now receive regular updates. In 2023, for example, the full Board will systematically monitor the progression of internal candidates as well as the external landscape, to ensure that we have robust plans for the long term, while also being prepared for any shorter-term eventualities. Separately, we have expanded the remit of our Remuneration Committee, now renamed our People & Remuneration Committee, to include a deeper and more regular focus on people and talent within the wider organisation, as well as on how effective we are in embedding the cultural and leadership changes that have been introduced. Further details can be found on page 111 in the Remuneration report. Dominic Barton Nominations Committee Chair 22 February 2023 Board refreshment Criteria After a review of Board composition, led by the new Chair Dominic Barton, a number of areas were identified to strengthen Board composition, with a view to ensuring that the Board benefits from differing perspectives, experiences and skillsets in providing effective oversight and promoting the sustainable success of the business over the long term. The Committee initiated the search for four new Non-Executive Directors and agreed to appoint the executive search firm, Spencer Stuart, to assist. The following areas of expertise were identified when searching for candidates: – mining, operations and projects, preferably a former or current Chief Executive, Chief Operating Officer or Chief Technical Officer providing options for future Committee Chair succession; – renewables and the energy transition; – financial/accounting, strengthening the composition of the Audit & Risk Committee and providing options for future Committee Chair succession; and – knowledge of key countries or regions of operational or strategic relevance to the Group, reflecting our geographic diversity, for example China and Africa. In addition to the above criteria, the continued diversity of our Board composition, including with regard to gender and ethnicity, was identified as a key priority and all searches included a diverse pool of candidates in terms of gender, ethnicity, nationality, life experience and skillset. Over half of the candidates considered were women, and of all candidates, we had representation from six continents and 32 nationalities. Across the four specifications, Spencer Stuart considered around 400 candidates before compiling long-lists of candidates in line with the criteria. These were presented to the Committee in July 2022. Prioritised candidates were endorsed by the Committee, and interested individuals were shortlisted. In total, five candidates have been interviewed by the Chair and other Board members. Technology expertise was also identified as a potential additional skillset for the Board. After careful consideration, it was agreed to establish an Innovation Advisory Council to drive the critical consideration of research and development, science and technology projects for the Group rather than make this a further category of experience for the Board itself. Candidate selection On 19 December 2022, we announced that Kaisa Hietala had been appointed as a Non-Executive Director, with effect from 1 March 2023. Kaisa is an experienced executive with a strong track record of helping companies transform the challenges of environmental megatrends into business opportunities and growth. She is also an experienced Non-Executive Director and brings a deep understanding of renewables and sustainability from her knowledge of the resources industry, as well as commercial capability, all of which will be invaluable to our success in a decarbonising world. As part of the continuing refresh of Board capabilities, the Committee is progressing well with the other categories, and we expect to announce further appointments in due course. For more information about our new Non-Executive Director, see the Board biographies on pages 90-91. Nominations Committee members Dominic Barton (Chair)1 Simon McKeon Megan Clark Jennifer Nason Hinda Gharbi2 Simon Thompson3 Simon Henry Ngaire Woods Sam Laidlaw Ben Wyatt 1. From 5 May 2022. 2. Until retirement from the Board on 8 April 2022. 3. Until retirement from the Board on 5 May 2022.

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103Annual Report on Form 20-F 2022 \| riotinto.com Directors' report 0–3 years +3–6 years +6–9 years 5 3 2 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 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. 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 timing and terms of the appointment of Dominic Barton during 2022 complied with all relevant restrictions and obligations. 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 our Board composition to reflect the global nature of our business. With the announcement of Kaisa Hietala's appointment, we will have seven different nationalities (including dual nationalities) on a Board of 11. Megan Clark has agreed to remain a Non-Executive Director for a further year and will stand for re-election at our 2023 annual general meetings. Megan is Chair of the Sustainability Committee and one of the longest serving Directors on our Board with significant mining industry experience. In this period of Board renewal, it is critically important that the Board continues to benefit from Megan's knowledge and experience. The Committee is of the view that Megan continues to make a significant and valuable contribution in the boardroom, and is satisfied that Megan continues to be independent. The Committee engaged Spencer Stuart to support the search for four new Non-Executive Directors, including Kaisa Hietala. The Committee is satisfied that Spencer Stuart does not have any connections with the company or individual Directors that may impair their independence. The key skills and experience of our Board are set out on this page of the report. Our Diversity and Inclusion Policy sets out our expectations around the behaviours needed for an inclusive and diverse workplace. The policy is co-owned and supported by the Board and Executive Committee. At a Group level, we report against gender diversity targets (see page 24) and achievement of these targets contributes to the variable remuneration of senior executives. In addition, each of our operations has locally set employment targets. Their performance against these targets can be found in our 2022 Sustainability Fact Book. For more information read our full policy on our website www.riotinto.com/sustainability/policies Our key responsibilities The purpose of the Nominations Committee is to review the composition of the Board. The Committee leads the process for appointments, making recommendations to the Board as part of succession planning for both Non-Executive and Executive Directors. It also approves proposals for appointments to the Executive Committee. Membership of the Committee All Non-Executive Directors are members of the Nominations Committee. 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. During 2022, the former Chairman did not attend meetings where his succession was discussed. The Committee had three formal meetings in 2022 and received regular and detailed updates, including over Board dinners, on the status of the various searches at each scheduled Board meeting. Attendance at the formal meetings is included in the table on page 101. 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 Inclusion and Diversity Policy, which can be found at riotinto.com/sustainability/policies. We also discuss diversity and inclusion in the Sustainability section of this Form 20-F on page 59. The proportion of women on the Board is currently 30% (three women and seven men). However, this will increase to 36.3% upon the appointment of our new Non-Executive Director, Kaisa Hietala, with effect from 1 March 2023. Gender diversity remains a key focus area as we continue to progress further new appointments to the Board with a view to regaining appropriate gender balance as we move forward. The Group has continued to set measurable gender diversity objectives for the composition of senior leadership and graduate intake. Progress on diversity is shown in the Sustainability section on pages 59-60, where we show a breakdown by seniority. The number of Directors who identify themselves as being from a minority ethnic background is one (Ben Wyatt). Ensuring continued ethnic diversity on our Board has been a key consideration in our search for new Non-Executive Directors, as we have outlined on page 102. Progress on diversity is shown in the Sustainability section on pages 59-60. Skills and experience of the Chair and Non-Executive Directors Area of expertise No. of Directors Business leadership Board-level experience in a major corporation. 6 Capital projects Experience of developing large-scale, long-cycle capital projects. 4 Financial Proficiency in financial accounting and reporting, corporate finance, internal controls, treasury and associated risk management. 6 Mergers and acquisitions Experience of mergers, acquisitions, disposals and joint ventures. 6 Global experience Work experience in multiple global locations, exposed to a range of political, cultural, regulatory and business environments. 8 Corporate governance Experience on the Board of a major corporation subject to rigorous corporate governance standards. 8 Government and international relations Interaction with governments and regulators or involvement in public policy development and implementation. 5 ESG/sustainability Familiarity with issues associated with environmental and social responsibility, including asset integrity and workplace health and safety. 5 Climate change Knowledge and experience of climate-related threats and opportunities including climate science, low-carbon transition and public policy. 5 Communities and social performance Experience of working with communities to optimise the benefits and minimise negative impacts of business activities. 7 Marketing Senior executive experience in marketing, and the development of product and/or customer management strategies. 3 Mining Senior executive experience in a large, global mining organisation involved in the discovery, development, operation and closure of mines. 2 HR/remuneration Experience of talent recruitment, retention, development and incentives. 6 Technology/digital Experience of managing research, development and innovation, including digital technology. 3 Length of tenure of Non-Executive Directors

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Annual Report on Form 20-F 2022 \| riotinto.com104 Audit & Risk Committee report In 2022 the Committee's name was changed to the Audit & Risk Committee (previously Audit Committee), to more properly reflect the increasing role played in oversight and effectiveness of the company's risk management system. In addition to the normal cycle of reporting and reviews, the Committee's time was impacted by external developments in corporate governance and climate change issues. The Committee has, as always, spent a considerable proportion of its time discussing the significant issues of judgment relating to the financial statements. In 2022, these included potential triggers for impairment charges and reversals, exclusions, closure provisions, and in particular the impact of climate change on our accounting and financial reporting. In each case, our work is focused on ensuring issues are identified early, the correct accounting judgments are made, and that these matters are appropriately disclosed in our financial reporting. Further detail on these issues is provided on page 105. In all cases, our deliberations included input and challenge from our external auditors, and together we review the effectiveness of the reporting processes annually to identify issues and improvements, including the performance of the external auditors. In addition, the Committee considered reviews of our Group Internal Audit (GIA) function, and risk management and internal control processes, as part of its annual programme of work. I am pleased to confirm that both areas operated effectively in 2022. As part of our drive for continuous improvement and development of these key functions, some enhancements to their operations were identified as part of the review. The Committee fully supports these improvements to further strengthen GIA, risk management and our overall internal controls framework. We also received a teach-in on the Group's performance management framework. The framework includes the processes and routines by which performance information is shared with senior management, the scope and content of this information, and the tools and systems used to capture, store and report it. We also had an overview of future developments in the context of planned finance strategy enhancements. We were impressed with the Management Information System (MIS), and the rigour and discipline it has brought to information management. We see this as critical to future development of both financial performance and the effective risk management and control in the company. The Committee continued to monitor the developing regulatory environment and to consider any potential changes to the Audit & Risk Committee's responsibilities. This monitoring will continue in 2023, when we expect the pace of regulatory developments, particularly in the UK, to quicken. In April 2022, we said farewell to Hinda Gharbi who had served on the Committee since 2020. I would like to express my thanks to Hinda for her considerable contribution to our deliberations. In June 2022, we welcomed Ben Wyatt to the Committee, who has already become a valuable member. Lastly, I would like to thank my fellow Committee members and those who support the work of the Committee. I hope that readers will find the information set out on the following pages interesting and informative. Simon Henry Audit & Risk Committee Chair 22 February 2023 Audit & Risk Committee members Simon Henry (Chair) Hinda Gharbi1 Simon McKeon Ben Wyatt2 1. A member during 2022, stood down at the Rio Tinto plc AGM in April 2022. 2. Became a member of the Committee with effect from 1 June 2022. Membership The members of the Committee are all independent Non-Executive Directors, and their biographies can be found on pages 90-91. 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 Stock Exchange (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. Simon Henry, the Chair of the Committee, is considered by the Board to have recent and relevant financial experience. Simon Henry has extensive experience of the natural resources sector. Simon McKeon and Ben Wyatt have gained experience of the mining sector by serving on the Board and on the Committee, and through regular site visits, reports and presentations. The Committee as a whole has competence relevant to the sector in which the company operates. US listing requirements In the US, the requirements for the Committee's composition and role are set out in Securities and Exchange Commission (SEC) and New York Stock Exchange (NYSE) rules. The Board has designated Simon Henry 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 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.

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105Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Our main duties Financial reporting – we review the key judgments 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. We also monitor exclusions made in deriving alternative (non-GAAP) (Generally Accepted Accounting Principles) 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 the Group's risk management framework. Group Internal Audit (GIA) – we oversee the work of GIA, and its head, who reports functionally to our Committee Chair. Mineral Resources and Ore Reserves – we oversee the reporting and assurance of mineral resources, 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 2022. 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 seven Committee meetings in 2022. Attendance at these meetings is included in the table on page 101. The Committee has met twice to date in 2023. The Chair of the Board, the Chief Financial Officer, the Group Financial Controller and the heads of GIA and Risk regularly attend our meetings, as do the Chief Legal Officer, Governance & Corporate Affairs, and the Group Company Secretary. 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 our 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 2022 Financial reporting External audit Internal control and risk management Governance Internal audit 5% 15% 40% 25% 15% Significant issues relating to financial statements There were four significant issues considered by the Committee in relation to the financial statements. Matters considered Conclusion Review of carrying value of cash-generating units and impairment charges/reversals The Committee assessed management's determination of cash-generating units, review of impairment triggers, and consideration of potential impairment charges and reversals over the course of the year. An impairment trigger was identified at the Boyne Smelter cash-generating unit. The Committee considered the key judgments made by management, in particular the climate change sensitivity and alignment of operating assumptions to the Paris Agreement. The Committee monitored the transaction with Turquoise Hill Resources minority shareholders and considered the relevance of the transaction price and associated valuation information with respect to the Oyu Tolgoi cash-generating unit. Application of the policy for items excluded from underlying earnings The Committee reviewed the Group's policy for exclusion of certain items from underlying earnings and confirmed the consistent application of this policy year on year. The items excluded from underlying earnings comprised charges of $1.5 billion and income of $0.7 billion. A reconciliation of underlying earnings to net earnings is presented in the Alternative Performance Measures section. Estimate of provision for closure, restoration and environmental obligations The Committee reviewed the significant changes in the estimated provision for closure, restoration and environmental obligations by product group and legacy management. The Committee received updates on closure studies completed in the period and discussed with management the accounting policy for legacy sites. The impact of inflation in the period on the forecast underlying cashflows for future closure costs was significant. The Committee reviewed the economic assumptions assessed by management and confirmed the consistent application of the accounting policy. At 31 December 2022, the Group's balance sheet included a provision for close-down, restoration and environmental obligations of $15.8 billion. Climate change The Committee received an overview of the work that management is undertaking in relation to climate change and the potential financial reporting implications thereof. The Committee reviewed the climate change summary provided on pages 152-155 and discussed with management the strategy and approach to climate change, the economic scenarios and the impact on our portfolio, and the linkage to accounting judgments. The Committee was pleased to see the enhanced disclosure financial reporting considerations of climate change throughout the financial statements and the emphasis given. Other focus areas in 2022 In addition to our scheduled workload, the Committee also: – Received a teach-in on the Group's performance management framework, including a live demonstration of the MIS and an overview of future developments in the context of the finance strategy improvement work. The implementation of the MIS has transformed the way in which the Group stores and reports performance information. This has been accompanied by a redesign of our performance reporting rituals and routines, centred on the Monthly Performance Reviews, to provide a consistent and transparent understanding of operating and financial performance and support decision making. – Considered an update on the OECD Pillar One and Two proposals to implement a new global tax framework involving a reallocation of taxing rights to market jurisdictions and application of a 15% global minimum tax. – After a robust process, in early 2022 the Committee recommended to the Board that the draft 2021 Annual Report should be taken as whole, fair, balanced and understandable. – Reviewed the quality and effectiveness of the Group's internal control and risk management systems. The findings of the review were shared with the Sustainability Committee, which oversees a number of key corporate risks. 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, PwC and KPMG on their work in reviewing and auditing the control environment.

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Annual Report on Form 20-F 2022 \| riotinto.com106 Contact with regulators during 2022 During the year, the Company received a letter from the Financial Reporting Council (FRC)'s Corporate Reporting Review team advising their intention to include extracts from the Company's 2021 Annual Report and accounts as examples of best practice in their thematic reviews of "TCFD disclosures and climate in the financial statements" and "Judgments and estimates". Without entering into substantive dialogue, they also made recommendations for improvements to our disclosures, which we have incorporated in this report. The SEC wrote to us regarding questions they had around our use of multiple performance metrics in our segmental reporting and our disclosure of share of profit after tax of equity-accounted units. At their request, we have reduced some of this voluntary information, including the removal of certain subtotals in the Financial Information by Business Unit. The scope of the review by the FRC was limited to reviewing the 2021 Annual Report and correspondence with management and does not provide assurance that the report and accounts are correct in all material respects. External auditors Engagement of the external auditors For the 2022 financial year, KPMG are serving as our auditors. 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 March 2021 and the Australian partner, Trevor Hart, was appointed in 2020. 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 judgment for the Group. We also approved the fees for this work and the engagement letters for the auditors. 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 audits. 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 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. 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 three years. This is in line with the FRC's Ethical Standard. Non-audit assignments fall into two 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 other services 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 2022 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 Australian, UK and US regulations with the exception of the following matter: certain KPMG member firms provided local financial statement preparation and translation services, which are prohibited by UK ethical rules, to certain group entities over the period 2020 to 2022. The Committee has considered the administrative nature of the services, and noted that the services were provided after the group audit opinion was issued to entities that are not material to the Group. The Committee concluded that the provision of these services did not impair the independence of KPMG. Audit & Risk Committee report continued Climate change-related financial reporting The Directors have considered the relevance of the risks of climate change and transition risks associated with achieving the goals of the Paris Agreement when preparing and signing off the Company's accounts. The narrative reporting on climate-related matters is consistent with the accounting assumptions and judgments made in this report. The Audit & Risk Committee reviews and approves all material accounting estimates and judgments relating to financial reporting, including those where climate issues are relevant. The Group's approach to climate change is supported by strong governance, processes and capabilities. In developing our commodity price forecasts, as part of our annual process, we updated our scenarios and now focus on two core scenarios. They are used to generate a central reference case for commodity forecasts and valuations, used pervasively in our financial processes, including impairment testing, estimating remaining economic life, and discounting closure and rehabilitation provisions, as was the case in the prior year. At the UN Climate Summit in late 2022 (COP27), there was broad recognition that the pace of decarbonisation across the global economy is too slow to limit warming to 1.5°C and that current climate policies in many countries are not yet aligned with their stated ambitions. Consequently, neither of our two core scenarios, Fragmented Leadership and Competitive Leadership, is consistent with the expectation of climate policies required to accelerate the global transition to meet the stretch goal of the Paris Agreement. Although our operational emissions reduction targets align with the goals of the Paris Agreement, our two core scenarios do not. Given this, we also assess our sensitivity, and test the economic performance of our business against a scenario we have developed that reflects our view of the global actions required to meet the stretch goal of the Paris Agreement of limiting warming to 1.5°C. Overall, based on our internally developed pricing outlooks, we do not envisage an adverse impact of the 1.5°C Paris Agreement- aligned sensitivity on asset carrying values, remaining useful life, closure and rehabilitation provisions for our Group. During the year, the assessment performed under the new Physical Resilience Programme, 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. For more information on climate change impact on our Group, see our 2022 Climate Change Report and page 63 in this report.

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107Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Fees for audit and non-audit services The amounts payable to the external auditors, in each of the past two years, were: 2022 $m 2021 $m Audit fees 25.7 21.2 Non-audit service fees: Assurance services 3.3 3.7 Taxation services 0.0 0.0 All other fees 0.3 0.2 Total non-audit service fees 3.6 3.9 Non-audit: audit fees (in-year) 14% 18% For further analysis of these fees, please see note 38 on page 222. 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. Independence of the external auditors KPMG are required to provide a declaration to the Directors in relation to their compliance with the independence requirements of the Australian Corporations Act 2001 and the professional code of conduct for external auditors. A copy of this is on page 251. No person who served as an officer of Rio Tinto during 2022 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 June 2022, 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 2021 audit. Appointment of the auditors The Committee has reviewed the independence, objectivity and effectiveness of KPMG as external auditors in 2022 and in the year to date. We have recommended to the Board that KPMG should be retained in this role for 2023, 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 therefore be proposed as a joint resolution at the 2023 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 systems and the risk management framework. We also monitor risks falling within our remit, especially those relating to the integrity of financial reporting. A summary of the business's internal control and risk management systems, and of the material risks we face, is available in the Strategic report on pages 79-86. Importantly, responsibility for operating and maintaining the internal control environment and risk management systems sits at asset level. Leaders of our businesses and functions are required to confirm annually: that adequate internal controls are in place; 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 systems (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 Officer, Governance & Corporate Affairs, and the Head of Tax on material developments in 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 systems. This review included consideration of our material financial, operational and compliance controls. The Board concluded that the Group has an effective system of risk management and internal control. To further strengthen the Group's risk management and internal control systems, in 2023 the Board and Audit & Risk Committee will focus on ensuring the timely closure of audit and assurance findings. Internal control over financial reporting The main features of our internal control and risk management systems in relation to financial reporting are explained on page 141. Internal audit programme structure GIA provides independent and objective assurance of the adequacy and effectiveness of risk management and internal control systems. 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. 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)'s internationally recognised standards. When needed, the team brings in external partners to help achieve its goals. 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. Effectiveness of the internal audit programme The Audit & Risk Committee monitors the effectiveness of the GIA function throughout the year, with updates on performance at every meeting. In addition, this year PwC conducted an independent quality assessment of GIA, the results of which were reported to the Committee. The assessment concluded that GIA provides strong assurance to the Group, using a comprehensive methodology and thorough process guidance, with good practice evident. The assessment also provided some useful suggestions for further improvement to mature GIA to "trusted adviser" level, which will be actioned. The last such assessment was completed in 2018. 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 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.

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Annual Report on Form 20-F 2022 \| riotinto.com108 Sustainability Committee report Caring for our people, being best operator of our assets, working respectfully with our communities, contributing solutions to the world's environmental challenges, and finding better ways to provide the materials that the world needs – all underpin Rio Tinto's approach to sustainable development. The Sustainability Committee supports our sustainable development objectives by overseeing the policies, frameworks, and management systems for ensuring the health and safety of our employees and contractors; managing our key social and environmental risks; and supporting the communities in which we operate. This, in turn, enhances our social licence to operate in the communities and countries in which we work. This year, we recorded our fourth straight year of zero fatalities at our managed operations. We review and learn from every incident that has the potential to result in a fatality. Despite our best efforts, our people continue to be injured at work, and we did not achieve our desired improvement in the number of injuries from the previous year. At the Sustainability Committee, we track our progress in analysing and learning from incidents to prevent them from happening again. Although we had no fatalities at our managed operations in 2022, tragically, there was a fatality at one of our non-managed marine operations. In a separate incident, another mariner suffered a permanent disabling injury. We continue to work with our partners in these operations to align their safety performance with our own. In 2022, the Committee reviewed the progress with our safety maturity model (SMM), a key tool to develop and enhance our safety culture. We integrated contractor partners' safety maturity into our model and included leadership on health and environment. This year, we shifted the focus from our processes and rituals to the felt experience of our workforce. Our critical risk management (CRM) system, which is embedded in our SMM, enables us to verify that the appropriate controls are in place to prevent fatalities, and over 1.498 million verifications were completed this year to ensure controls were in place. We are increasing our focus on psychosocial health and wellbeing in our business. During 2022, the Committee requested a report on the incidence of suicide amongst our workforce, which examined the unique risk factors for mental health associated with mining operations such as ours and what we can do better to support our people. In addition, the Committee is overseeing the implementation of recommendations and actions outlined in the deeply confronting Everyday Respect Report, which was commissioned to better understand and improve our workplace culture. The independent study by experts Elizabeth Broderick & Co. was released in February 2022, and included a recommendation to embed the principles of Everyday Respect into our SMM. The Group's Internal Audit (GIA) function undertakes reviews and reports to the Sustainability Committee on matters within the Committee's scope. In addition, the Group's auditors, KPMG, report to the Sustainability Committee on their assurance procedures over our 2021 sustainable development reporting. Other key areas of focus for the Committee in 2022 included deep dives into the major hazards and risks, including: – Water: Reviewing our approach to water management and monitoring our progress against our water stewardship targets. – Environment and Health: Reviewing our strategic objectives to advance our approach to our environmental and health performance. – Health, Safety, Environment and Security (HSES) workplan: Receiving regular updates on environment, health, safety and security activities and reviewing the 2023-2024 workplan. – Major hazards: Receiving updates from management on the implementation of the GISTM and implementation of the Group's underground safety standard, as well as updates on controls relating to Process Safety and Occupied Buildings, and Major Slope Geotechnical Events. – Potentially fatal incidents (PFIs): Reviewing at each meeting PFIs occurring across the Group. Site visits are an important element of the work of the Committee, and this year our Committee members made individual visits to our Iron Ore operations at Brockman, West Angelas, Yandicoogina and Gudai-Darri in the Pilbara, Western Australia; our operations at Saguenay – Lac-Saint-Jean and Sorel-Tracy in Quebec, Canada; and in the US, our operations at Boron in California, Resolution Copper in Arizona, and our Kennecott copper operations in Salt Lake City, Utah. I would like to thank my fellow Committee members for their commitment and dedication, and thank all the executive leaders and specialists for their genuine effort and disciplined preparation for our Committee meetings. Megan Clark Sustainability Committee Chair 22 February 2023 The Committee received updates on our progress towards implementation of the Global Industry Standard on Tailings Management (GISTM), and personally met with each of the executives nominated in accordance with GISTM requirements as having accountability for the safety of tailings facilities within each of the Copper, Minerals, Aluminium and Iron Ore product groups, and across the Closure function. Sustainability is an integral part of our business. To improve our governance and oversight of integrated risk, the Committee hears annually from our product group Chief Executives on their integrated strategies for management of sustainability risks and opportunities. This includes effectiveness of controls associated with these risks and how the risks and associated controls will change over time. The Committee oversaw the implementation of all recommendations arising from the 2020 Rio Tinto Board review of cultural heritage management and the Inquiry into Juukan Gorge by the Australian Government's Joint Standing Committee on Northern Australia. The Committee continues to oversee actions to strengthen our approach and processes for managing cultural heritage – both within our Australian operations and across our operations globally – and the rebuilding of respectful relationships with the Indigenous peoples on the lands on which we operate. The Committee oversaw the rebuilding of a constructive relationship with the Puutu Kunti Kurrama and Pinikura people, the ongoing rehabilitation works at Juukan Gorge, the progress on an agreement for a co-management of Country approach, and a comprehensive remedy agreement. The Committee also reviewed the progress made towards reaching modernised agreements with the Yinhawangka, Yindjibarndi and Puutu Kunti Kurrama and Pinikura peoples in the Pilbara and the Pekuakamiulnuatsh First Nation in Canada. The Sustainability Committee has overseen the design of a new Communities and Social Performance (CSP) vision and strategic framework; the development of the Group's CSP targets for 2022-2026; improved transparency in reporting on CSP; and improvements to our CSP control framework. This includes improvements in capability and assurance, enhancements to our second- and third-line assurance activities, and revisions of Group documents, including the CSP standard and the cultural heritage management Group procedure for Australian businesses, as well as the codification of the core principles of the integrated heritage management process into Group-level frameworks.

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109Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Sustainability Committee members Megan Clark (Chair) Jennifer Nason3 Dominic Barton1 Simon Thompson4 Hinda Gharbi2 Ngaire Woods Simon Henry3 Ben Wyatt3 Sam Laidlaw 1. From 5 May 2022. 2. Until retirement from the Board on 8 April 2022. 3. Until retirement from the Committee on 1 July 2022. 4. Until retirement from the Board on 5 May 2022. 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. Activities in 2022 The Committee met six times in 2022. During these meetings, the Committee undertook the following activities: Health and safety – Received updates on the Group's performance across key health and safety metrics. – Conducted regular reviews of PFIs occurring across the Group. – Received a report on the annual workplan for the Health, Safety, Environment, and Security function. – Reviewed injury frequency rate data for 2020 and 2021 for peer companies. – Reviewed progress against the Group's health strategy. – Received a report on the incidence of suicide across the Group, which examined in particular the unique risk factors for mental health associated with mining operations. – Conducted deep dives into key safety risks and controls, including: process safety risk; underground safety; major slope geotechnical events; and major tailings and water storage facility failure. Environment – Reviewed the Group's performance across key environmental metrics. – Received an update on progress against the Group's environment strategy, including in relation to the initiatives being undertaken to meet the changing social and regulatory expectations for environmental performance and reporting. – Received an update on progress against the Group's 2019 to 2023 water stewardship targets. – Received updates on the Group's implementation of the GISTM, and engaged with Accountable Executives in line with the Standard's requirements. Communities and Social Performance – Received a report on the CSP function's annual plan and priorities. – Received an update on the Juukan Gorge remediation project. – Oversaw the establishment of the Australian Advisory Group, an advisory forum to provide a broad perspective on emerging developments and specific policies or initiatives that could impact our business in Australia. – Reviewed progress on development of the Group's 2022 Statement on Modern Slavery. – Approved the revised Human Rights Policy. – Received a report on progress against the CSP strategy. Governance, executive incentive metrics and disclosure – Assessed performance under the Group's 2021 short-term incentive plan against metrics relating to safety, and Environmental, Social and Governance (ESG), and made recommendations to the Remuneration Committee on outcomes. – Reviewed a benchmarking study on the approach to safety and ESG performance and targets across our leading peers. – Made recommendations to the Remuneration Committee for the safety and ESG metrics for the Group's 2022 short-term incentive plan. – Reviewed various sustainability disclosure materials. – Reviewed an assessment of the Group's most material sustainability topics to be reported on in the 2022 Annual Report. – Received a report on the statutory due diligence obligations applicable to directors and officers under applicable workplace health and safety laws in the key jurisdictions in which we operate. – Reviewed the Committee's scope and responsibilities as reflected in its terms of reference. Risk management & assurance, and global sustainability trends – 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. – Reviewed recommendations for the Group's 2023 sustainable development internal assurance plan. – Received presentations on key sustainability risks for each product group and for the Group's Closure function as presented by product group Chief Executives and the Global Head of Closure. – Received reports from GIA on their reviews relating to matters within the Committee's scope, including: – Water management control frameworks for the Group, and for operations at key sites across the Group. – The stakeholder engagement and governance process at QMM. – Contractor safety management. – Health and environment incident reporting. – The Group's modern slavery control framework design. – Operating effectiveness of controls associated with the Gobi Oyu Development Support Fund. – Workplace facilities review. – Integrated heritage management process implementation. – Air emissions compliance and monitoring at Iron Ore Company of Canada. – Process safety risk (including occupied buildings). – The approach and processes in place to achieve the Group's emission reduction targets. – The Group's Parental Leave Policy, and its contribution to fostering inclusion and diversity. – Received a report on the 2022 Annual Review of the Company's risk management and internal controls systems. Other (including closure and security) – Reviewed the Group's Closure strategic plan. – Received a report on the legacy issues associated with the Panguna Mine in Bougainville, Papua New Guinea. – Received regular updates on security issues across the Group and received key insights on risk assessments and controls. The chart below represents the allocation of the Committee's meeting time during 2022: 12% 4% 30% 19% 21% 14% Risk management & assurance, and global sustainability trends Environment, including tailings management, water, and biodiversity Health and safety Communities and social performance (including cultural heritage and modern slavery) Governance, executive incentive metrics, and disclosure Other (including closure & remediation, and security) 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 Our sustainability framework and performance are described in detail on pages 47 to 51. Rio Tinto's approach to sustainability can be found on our website at riotinto.com/sustainability Our 2022 Climate Change Report can be found on our website at riotinto.com/climatereport Our Communities and Social Performance Commitments Disclosure Interim Report can be found on our website at riotinto.com/communities Our 2021 Statement on Modern Slavery can be found on our website at riotinto.com/modernslavery

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Annual Report on Form 20-F 2022 \| riotinto.com110 Remuneration report Annual statement by the People & Remuneration Committee Chair 110 Remuneration at a glance 114 Implementation report 118 Annual statement by the People & Remuneration Committee Chair The Committee's overarching purpose is to ensure the people and remuneration policies, frameworks and practices are aligned with the Group's strategy, objectives and values. Dear shareholders, On behalf of the Board, I present our 2022 Directors' Remuneration report. I am pleased to write that Rio Tinto's performance in 2022 has been underpinned by another fatality-free year, combined with dependable operations and continued demand for our commodities in an uncertain world. This operational performance has been accompanied by progress in delivering on our strategy through the advancement against our objectives: becoming the best operator, having impeccable ESG credentials, excelling in development, and strengthening the Group's social licence. Rio Tinto's ambition is to be the best operator, a business with people at the centre and where we create a lasting, competitive advantage that will allow us to invest through market cycles and build long-term value. The deployment of the Safe Production System (SPS) continues at pace to build on our progress in improving efficiencies and effectiveness. The organisation has made meaningful headway in its culture transformation and has taken considerable actions to rebuild trust. The recommendations of the Everyday Respect Report are being implemented and our second progress report on our Communities and Social Performance has been published with greater participation and increased feedback from Traditional Owner groups. Rio Tinto continues to deliver its strategy with low carbon transition at its centre. In 2022, we announced a partnership with the Government of Canada to invest up to $537 million (C$737 million) over eight years to decarbonise our Rio Tinto Iron and Titanium Quebec Operations and to position the business as a centre of excellence for critical minerals processing. We joined low-carbon partnerships, including with Ford, Volvo, Nano One and Corona Canada. In Australia, we installed a 34MW solar farm at Gudai-Darri and are planning to invest $600 million in a further 230MW of solar power in the Pilbara. Rio Tinto progressed its excel in development agenda to underpin growth. This has included commissioning major projects and advancing the next tranche of Pilbara mines with the Western Range and Rhodes Ridge developments. Beyond the Pilbara, Rio Tinto has also advanced the Simandou development in Guinea, an underground mining project at Kennecott, early works funding of the Rincon Lithium Project and continued progress at Oyu Tolgoi. The company acquired the remaining shares in Turquoise Hill Resources Ltd (TRQ) thereby increasing our direct interest in the Oyu Tolgoi project to 66%. These 2022 results were achieved despite a challenging and volatile landscape, particularly in the areas of labour and supply chain constraints, further exacerbated by exceptional levels of global inflation. Incentives review to accelerate strategy and culture change Our current incentive plans have served us well and we believe that the general plan structure remains appropriate. However, as our strategy has evolved, so has the need for the incentive framework to support it. A thorough review of our incentives was undertaken in 2022 to ensure they reinforce our strategy and the culture change necessary to build sustainable performance. For 2023, we have prioritised changes to the Group short-term incentive plan (STIP) and our performance framework. At its core is collective Rio Tinto success – doing things that deliver our four objectives in the right way. The design maintains the existing weighting on financial metrics with no changes to our current financial measures of underlying earnings and STIP free cash flow. The focus on best operator will be through the flexed component, as well as elements focused on safety, carbon reduction, diversity and inclusion. For 2023, we are also introducing measures to capture progress on excel in development and strengthen our licence to operate. The design is simplified, based upon one Group scorecard that will apply consistently to approximately 24,000 employees including the Executive Committee. While the changes to our STIP design are accommodated within the parameters of our existing Policy, I have engaged with shareholders and proxy advisers to explain the rationale for the design decisions made. The final design was adapted to reflect points raised during the consultation process. I would like to thank our shareholders and proxy advisers for making the time and providing valuable input to our discussions. More details of our new STIP design can be found on page 112. 43% Group STIP business outcome out of 100% 100% Vesting for 2018 PSA in February 2023

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111Annual Report on Form 20-F 2022 \| riotinto.com Directors' report With regards to the long-term incentive plan (LTIP), the current measure of relative total shareholder return (TSR) has been unchanged for many years. TSR is an important measure of success that aligns executives to the shareholder experience and against which we continue to track well. We will not be making any changes to the 2023 LTIP awards due to be granted in March but intend to return to it as part of the triennial policy review. Overview of performance and strategic progress in 2022 Short-term incentive plan (STIP) The STIP rewards employees for the past year's performance. In 2022, the STIP scorecard included ESG (including safety) and financial measures. ESG (including safety) performance The ESG component of STIP includes ambitious targets relating to safety, climate and decarbonisation, improving female representation, implementation of actions from the Everyday Respect Report, the Juukan Gorge Senate Inquiry Report, the 2020 Board Report, as well as the critical elements of the Global Industry Standard on Tailings Management (GISTM). Safety is our number one priority, and we achieved our fourth consecutive fatality-free year in 2022. We have also maintained our all-injury frequency rate (AIFR) performance and enhanced our safety maturity model (SMM) assessment approach as our safety culture has evolved and matured. There are elements of the ESG component where we delivered above-target outcomes, whereas in others, while results were encouraging, we fell short of target. The overall performance outcome of this component is 63.4% of maximum. More information about our ESG performance can be found on page 122. Financial performance In 2022, we saw significant movement in commodity prices amidst growing recession fears and a decline in consumer confidence. We remained focused on cost control throughout the year, but experienced cost pressures over and above general inflation from higher market-linked prices for raw materials, along with the impact of the Russia and Ukraine war causing energy market disruptions that resulted in higher energy prices. Operationally, we achieved slightly lower than expected production, mainly in the first half of 2022 including disruptions associated with COVID-19, resulting in labour supply constraints and delays in replacement projects in the Pilbara. As a result, our reported 2022 financial results of underlying earnings of $13.3 billion and free cash flow of $9.0 billion were below plan. Free cash flow reflected underspend on development capital by $0.9 billion that is excluded from the free cash flow STIP measure. The under performance against financial targets is reflected in the outcome of Group financial performance at 29% of maximum. Further details on our financial performance can be found on page 121. Long-term incentive plan (LTIP) The performance period of the 2018 Performance Share Award (PSA) concluded in December 2022 and vests on 23 February 2023. The vesting outcome of the 2018 PSA is 100%. The Committee considered the vesting outcome in the round of underlying business performance as well as within the context of the consequence management framework which was introduced in 2021, and was satisfied that the outcome was fair and representative of the shareholder experience and that no discretion should be applied. 2023 remuneration decisions Against the backdrop of ongoing high inflation and macroeconomic uncertainty, the Committee is more cognisant than ever of the need to strike an appropriate and careful balance between fairness and competitiveness when making decisions about pay. In recognition of the extraordinary inflationary pressures experienced globally in 2022, we provided a one-off mid-year salary adjustment to approximately 30,000 employees which ranged from 2% to 5% in our major countries. The Executive Committee did not receive this adjustment. Effective 1 March 2023, the Executive Committee will receive salary increases in line with the broader employee populations in their jurisdictions. In addition, Bold Baatar and Simon Trott will receive an additional increase in recognition of market positioning within the limits of the Policy. People & Remuneration Committee Since 1 January 2023, the Committee is known as the People & Remuneration Committee. With the increasing importance of developing the talent, capability and diversity of the organisation in support of the culture change, the Board unanimously agreed that this Committee's scope will now formally include these areas in addition to remuneration. The expanded scope of the Committee reinforces the Board and organisation's commitment towards an inclusive and people-centred culture, a key enabler of our strategic ambitions. Further details of the Committee are set out on page 119. Broader employee context The Board continued to engage with employees throughout the year, as detailed on page 95. These engagements enable the Board to hear directly our people's views on pay. The disruptive impact brought about by increased living costs was a regular topic of engagement in 2022 and we responded by making meaningful and significant investments to ease the strain on employees via the one-off mid-year salary adjustment. The median Chief Executive pay ratio of 52:1 is higher than in 2021, primarily due to the vesting of the first LTIP award granted to Jakob Stausholm when he joined the company in 2018. Our focus on pay equity is evident in our gender pay metrics, in which we continue to make progress. Pay equity is a key pillar of our annual remuneration approach. Gender diversity in senior management roles also remains a key aspect of our broader agenda on diversity and inclusion. Further details on equal pay and gender pay gap, together with a wider discussion on diversity and inclusion, are provided in the Sustainability section of this report on page 59. Looking ahead As I have mentioned earlier, I met with several shareholders and institutions in 2022 in relation to the redesign of our STIP. In preparation for our upcoming triennial Remuneration Policy review, I also took this opportunity to explore initial views on what role alternative measures, for example decarbonisation and culture, might play in our LTIP moving forward. The Committee is mindful of the need to ensure there is focus on the Group's key strategic priorities, balanced against ongoing focus on shareholder returns, when measuring the outcomes of our long-term incentives for our executive team. These initial discussions were both positive and constructive, and I look forward to continuing this dialogue in preparation for our updated Policy that will be put forward for approval at the 2024 AGMs. As always, I welcome shareholder feedback on our 2022 Directors' Remuneration report. Yours sincerely, Sam Laidlaw People & Remuneration Committee Chair 22 February 2023

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Annual Report on Form 20-F 2022 \| riotinto.com112 2023 short-term incentive plan redesign In 2022, we undertook a review of our incentives and performance management framework grounded in a belief that to deliver our ambitious strategy, we need to change the way we work. We believe there is an opportunity for incentives to be aligned to our strategic priorities that focuses as much on "how" we deliver as well as "what" we deliver, and to be more engaging so that they are better understood by participants. We are moving to a much simpler design, where the STIP for approximately 24,000 employees will be based upon one Group scorecard rather than the diversified scorecards previously operated across the business – this aligns the goals of all STIP participants which will aid the business in its pursuit of financial success driven by our four objectives. The new STIP design maintains the existing weighting and measures on our Group financials while aligning with our four objectives – achieving impeccable ESG, excel in development, best operator and social licence – as well as people and culture. The STIP redesign is underpinned by the following core principles: – Alignment with strategy – Reinforcing our values – Simplification – Collective achievement – Transparency of targets, progress and outcomes Group scorecard Our Group scorecard will be the same for all eligible employees and will track our progress against achieving our four objectives, our Group financial performance and acceleration of our culture change. It is weighted equally between our financial performance and strategic priorities. People and culture 10% Excel in development 10% Impeccable ESG (including safety) 20% Social licence 10% Unflexed financials 25% Best operator – Flexed financials 25% 50% Strategic 50% Financial Fatality deduction Safety is our number one priority and in the event of a fatality there will be deductions applied to the scorecard outcome. Eligible salary x Target STIP % Rio Tinto scorecard result range: 0-200% Group STIP outcome Differentiation for the "How" and "What" Individual performance factor (focused on outliers +/-) Formulaic Group STIP outcome (default outcome for the majority of participants) Group STIP outcome +25% Group STIP outcome -25% – Exceeding major objectives and delivering above expectations; AND – Consistently and visibly role modelling behaviours that are aligned to our values – Failing to meet objectives; OR – Demonstrating behaviours which are inconsistent with our values Alignment to strategy The metrics in the STIP design are chosen to drive the implementation of our strategy and are based around our areas of focus: our four objectives together with the delivery of strong financial performance and accelerating our culture change. Strategic priority Reflection in scorecard People and culture Focuses on "how" we do things as well as "what" we achieve as a critical lever of accelerating our culture change and building an inclusive workplace environment. Excel in development Measures progress in relation to exploration, studies and project execution. Impeccable ESG Safety in all its aspects remains a key priority alongside progressing the work on our decarbonisation pathways towards achieving our 2030 ambition. Social licence Measures our progress in building trust and meaningful relationships with our community of stakeholders. Best operator – Flexed financials Focuses on achievement of financial plan commitments. Unflexed financials Aligned to market conditions for our commodities. Group STIP outcome Our Group STIP is based on one scorecard for all eligible employees, focused on working together and how we deliver on our strategic priorities. Individual performance will be assessed based on both the achievement of individual objectives ("what") and living our values and behaviours ("how"). The individual performance assessment may result in the Group STIP outcome being adjusted by +/- 25%. The multiplier is intended to be used sparingly to address clear cases of out and under performance. We have evolved our STIP to a model that focuses every employee's efforts on delivering and executing on our strategic priorities and rewards behaviours that uphold our values. The design is simple and intended to remove barriers to collaboration and encourages longer-term thinking. It also places new emphasis on "how" we achieve – which is as important as "what" we achieve. If we are focused on the right things and working together to achieve them, Rio Tinto will perform better, benefiting all our stakeholders.

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113Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Rationale for change The table below sets out the key areas of change and the rationale for the change. Component Old New Rationale Performance metrics Executive Committee and Managing Directors – Financial = 50% – ESG (safety) = 12% – ESG (fatality) = 8% – ESG (other) = 15% – Individual = 15% General Managers and below – Financial = 25% – Safety (fatality) = 6% – Safety (other) = 9% – Individual = 60% All participants Financial = 50% Strategic = 50% (including 10% on safety index) – Individual modifier = +/-25% of scorecard based on values, behaviours and delivery of results – 10% deduction is applied to the total scorecard in the event of fatalities Simplified and collective structure for approximately 24,000 employees including executives. Fatality modifier – Making sure everyone goes home safe every day is at the heart of who we are and our operating philosophy. Therefore if we fall short, consequence will be applied. The majority of current STIP participants have 6% of their STIP subject to the binary fatality measure and 9% subject to our other safety metrics. The new structure with a 10% safety index and a 10% fatality deduction has a larger weighting to safety for the vast majority of participants. Positioning of business performance Metrics based on a mix of Group, product group, regional or asset-level performance depending on each individual's role, business unit, function or site of operation. Group scorecard applies to approximately 24,000 employees including executives. The focus on collective outcomes removes barriers to collaboration and encourages win-win outcomes across the Group. Positioning of individual performance Embedded in the scorecard on an additive basis to the business performance. Applied as an overlay on the business scorecard multiplier – +25% for values/behaviours and impact – -25% for failure to meet values or to deliver on objectives For the Executive Committee, the overall STIP outcome remains capped at 200% of base salary. – Rewarding collective success while maintaining focus on individual performance and behaviours that uphold our values and drive the outcomes required to execute our strategy. – Recognise the true stand-out performers and applying consequences to those not meeting our standards and values. The implementation of the new STIP design in 2023 firmly aligns our short-term incentive to our strategic agenda and culture ambition with collective success and the "how" alongside the "what" at the heart. It is a reset and beginning of a journey during which we anticipate our incentives to continue to evolve as we progress collectively and individually. The performance measures included in the scorecard are a mix of existing measures, new measures which require baselining, and existing measures that are being collectively incorporated into a STIP scorecard for the first time. As demonstrated over the past two years in relation to our ESG scorecard targets and outcomes within our previous STIP design, we remain fully committed to transparency, fair and rigorous target setting and assessment of outcomes. With that said, as we embed this significant change across 24,000 employees, it is important that we retain flexibility and are open to the exercise of judgment as provided for under our Remuneration Policy to address unintended and unforeseen factors as we track and assess progress during the year and at year-end. To this end, we will provide transparent disclosure of the strategic scorecard targets and outcomes in February 2024 as part of our 2023 remuneration-related disclosures.

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Annual Report on Form 20-F 2022 \| riotinto.com114 Remuneration at a glance 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 Policy principles that apply to key management personnel who are not directors. Our Remuneration Policy, as approved at our 2021 annual general meetings can be found at: riotinto.com/annualreport. The Remuneration Policy applicable to our executives is summarised in the table below. Element Purpose Operation and opportunity Changes Base salary To hire, motivate and retain high-calibre global talent. – 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, and any increase is normally aligned with the wider workforce, with a maximum individual annual increase of 5% plus Consumer Price Index (CPI). – An individual increase may be higher in specific circumstances, such as promotion, increased responsibilities or market competitiveness. Executives were not eligible for the mid-year adjustment which applied to the wider workforce in July 2022. Executive Director salary increases in March 2023 are below the average increase in aggregate applicable to the wider employee population. 2023 base salary: – CEO: £1,235,400 – CFO: £731,500 Pension or superannuation Competitive benefits are provided in order to hire and retain. – 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. No change 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. No change Short-term incentive plan (STIP) Focus participants on achieving demanding annual performance goals in pursuit of creating sustainable value for our stakeholders. – 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, ESG and individual business outcomes may be included. – For financial performance, threshold performance results in a nil award (25% for threshold performance against non-financial measures) and outstanding performance results in 100%. The award is normally pro-rated on a straight-line basis between threshold and outstanding. – Maximum opportunity is capped at 200% of base salary for each executive. – Normally, 50% of the STIP is delivered in cash and the balance is delivered in shares that are deferred for three 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. Move to one simplified Group scorecard including: – Financials (50%) – Impeccable ESG (20%) – Excel in development (10%) – Social licence (10%) – People and culture (10%) Individual performance modifier to scorecard outcome (+/-25%). 10% fatality deduction applied to the Group STIP outcome. Long-term incentive plan (LTIP) Performance Share Awards (PSA) under the LTIP are designed to align executives' rewards with successful execution of Rio Tinto's long-term strategy and ambitions which delivers superior long-term shareholder returns. – Performance is measured against TSR relative to the EMIX Global Mining Index and to the MSCI World Index. – 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 400% 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. – Malus, clawback and suspension provisions apply to LTIP awards. No change Shareholding requirements Aligning executives' interests with shareholders through the requirement to build up and maintain a material shareholding in the company. – Over a five-year period, executives should reach a share ownership in Rio Tinto shares equivalent in value to: – Chief Executive: four times base salary. – Other executives: three times base salary. – Longer periods may be accepted for new appointments. – Executive Directors are required to retain a holding for two years after leaving the Group in line with the shareholding requirements. No change

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115Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Element Purpose Operation and opportunity Recruitment policy Recruit high-calibre global talent. – 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 vesting schedules. – Other elements of remuneration are to be consistent with the Policy applicable to other executives. Termination policy Appropriately reward eligible and ineligible leavers. – 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 entitlement. – 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. Malus, clawback and suspension Enables the Committee to use its discretion to reduce incentive awards in the event of exceptional circumstances. – Under both the malus and clawback provisions, where the Committee determines that an exceptional circumstance has occurred, it may, at its discretion, reduce the STIP award or the number of shares to be received on vesting of an award, or, for a period of two years after the vesting of an award, the Committee can clawback value from a participant. – 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, or 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; or – a catastrophic safety or environmental event. – Under the suspension provisions, the Committee may suspend the vesting of an award for up to five 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 24-month clawback period will not extend beyond the period commencing from the original vesting date. Discretion Ensures pay outcomes reflect the Group's overall performance and risk appetite. – 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 and/or set different performance measures 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 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 page 151 of the 2020 Annual Report. When remuneration is delivered The following chart provides a timeline of when remuneration is delivered, using 2022 as an example. Year 1 2022 Year 2 2023 Year 3 2024 Year 4 2025 Year 5 2026 Year 6 2027 Base salary Salary Benefits Benefits, pension, etc. STIP 2022 performance year 50% cash 50% deferred shares (BDA) LTIP (PSA) Five-year performance period Vests February 2027 Performance period starts Performance period ends March PSA grant March STIP cash + BDA grant December BDA vest February PSA vest

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Annual Report on Form 20-F 2022 \| riotinto.com116 Remuneration at a glance continued Executive Director remuneration (£'000) The charts below set out the maximum and actual executive remuneration, as calculated under the UK regulations. As explained on page 118, there are differences in both reporting and methodology for measuring remuneration under the Australian regulations. Chief Executive Jakob Stausholm 2022 remuneration outcomes 2022 short-term incentive plan Fixed STIP LTIP 2022 Actual remuneration (percentage of maximum) Total £4,808 £1,472 49% 100% £1,151 £2,185 100% 2022 Threshold remuneration (percentage of maximum) Total £2,555 25% 22.5%100% £1,472 £591 £492 2022 Maximum remuneration (percentage of maximum) £2,185 Total £6,021 £1,472 100% 100% £2,364 100% Chief Financial Officer Peter Cunningham Fixed STIP LTIP 2022 Actual remuneration (percentage of maximum) Total £2,013 £837 46% £640 100% £536 100% 2022 Threshold remuneration (percentage of maximum) Total £1,308 £837 25% £350 22.5% £121 100% 2022 Maximum remuneration (percentage of maximum) Total £2,773 £837 100% £1,400 100% £536 100% 14.5% 50% Group nancial Weighting Performance 22.2% 35% Group ESG Weighting Performance see page 123 15% Individual Weighting Performance LTIP Performance for the 2018 grant was based on TSR relative to the EMIX Global Mining Index (50%) and the MSCI World Index (50%). Rio Tinto outperformed against the EMIX Global Mining Index and the MSCI World Index, resulting in maximum vesting of the awards. Peter Cunningham Appointed June 2021 2018 – 2022 LTIP 50% 50% TSR relative to EMIX Global Mining Index Weighting Performance 50% 50% TSR relative to MSCI World Index Weighting Performance ESG performance In 2022, the Group ESG outcome was above target at 63.4% of maximum. Social 5% Governance 5% Environmental 5% Safety 20% 71% 50% 32% 80% x gross base salary 2021 shareholding 2022 shareholding 3.3x 1.9x Target 4.0x x gross base salary 2021 shareholding 2022 shareholding 4.6x 2.6x Target 3.0x Financial performance In 2022, the Group financial STIP outcome was below target at 29% of maximum. 21.512.7 Target: 16.7 10.2 17.7Un exed Flexed Actual: 14.0 Target: 13.6 STIP free cash flow target range (threshold to outstanding) – US$(bn) 22.713.4 Target: 17.7 Flexed Actual: 13.1 10.1 17.5Unexed Target: 13.5 Underlying earnings target range (threshold to outstanding) – US$(bn) Share ownership requirements Jakob Stausholm Appointed January 2021

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117Annual Report on Form 20-F 2022 \| riotinto.com Directors' report How is the Policy applied to the wider employee population? The remuneration standard applied to the wider employee population is inspired by and consistent with the Policy applicable to the executives. This allows the total reward offering to employees to be competitive and strongly linked to performance while maintaining alignment with the company culture. Remuneration principles Competitive reward Reward performance Recognise potential Focus on wellbeing Retain talent Fairness Providing equal pay for equivalent roles, contribution and performance. Pay equity is reviewed and monitored through different lenses: – In-depth pay equity analysis as part of the remuneration review process through which we manage pay equity from multiple perspectives including gender. – Minimum global standards implemented across all countries to ensure the foundations of our total reward offerings meet levels determined by the Group irrespective of local market practices. Examples include global standards for parental leave and life assurance. Ownership – Promoting material participation in our all-employee share plan (myShare) to create stewardship and provide employees with access to building longer-term financial security. – As at 31 December 2022, approximately 30,000 (2021: 25,000) of our employees across more than 30 countries are shareholders in the company. – Employees invest approximately $19m (2021: $16m) in Rio Tinto shares every quarter through the myShare plan. – Employees eligible for LTIP awards receive these as either MSA, vesting over three years and not subject to performance conditions, and/or PSA, which are performance-tested over five years. Consistency – Consistency in implementation of the Remuneration Policy is an enabler for transparency and fairness. – The introduction of the new STIP design using one scorecard for around 24,000 employees, including executives, to support delivery of the strategy and a mindset shift in how we win going forward. Wellbeing – A one-off mid-year salary adjustment to support our employees in an unprecedented inflationary period of economic strain for many households globally. – Industry and market-leading benefits programmes focused on holistic and integrated support for physical, mental and financial wellbeing. – Benefits that can be tailored to suit different needs and life stages, including employee assistance, minimum standard for life, accident and disability insurances, medical plans and virtual care, health screening and prevention, and subsidised health and wellbeing services. Security – Reward principles that protect employee purchasing power globally. – Accurate and timely payment of remuneration. – Appropriate balance between fixed and variable pay at all levels. Numbers at a glance 1% Equal pay gap in favour of men (2021: <1.5%) 30,000 Employee shareholders (2021: 25,000) 24,000 STIP participants (2021: 21,000) 2,000 LTIP participants (2021: 1,800)

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Annual Report on Form 20-F 2022 \| riotinto.com118 Implementation report This Implementation report is presented to shareholders for approval at our AGMs. It outlines how our Policy was implemented in 2022, and the intended operation for 2023. About our reporting As our shares are listed on both the Australian and London Stock Exchanges, 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 two 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. Accordingly, our KMP comprise the Board, all product group Chief Executives, and the Chief Commercial Officer. Throughout this Remuneration report, KMP are collectively referred to as "executives". They are listed on page 127, 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 120 shows remuneration for our Executive Directors, gross of tax and in the relevant currency of award or payment. In table 1a on page 131, 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 132, we report the remuneration of the Chair and the Non- Executive Directors. 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. Shareholder voting 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 also key differences in how remuneration is reported in the UK and Australia. UK Australia Fixed Base salary Short-term Base salary Benefits STIP – cash element Pension The value of the pension contribution and payment in lieu of pension paid during the year. Cash benefits Non-monetary benefits Variable STIP – cash element Long-term STIP – deferred share element. Based on the amortised IFRS fair value of deferred shares at the time of grant.STIP – deferred share element LTIP Measured at point of vesting. LTIP Based on the amortised IFRS fair value of the award at time of grant. Pension and superannuation. Accounting basis. Total remuneration

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119Annual Report on Form 20-F 2022 \| riotinto.com Directors' report People & Remuneration Committee responsibilities Effective 1 January 2023, the Committee will be renamed to the People & Remuneration Committee to reflect its additional responsibilities to include people and culture matters in addition to remuneration. The Committee's responsibilities have been updated within our terms of reference to reflect the revised scope of responsibilities, which is reviewed annually. The terms of reference are published in the corporate governance section of riotinto.com. Our responsibilities include: People – Strategic workforce planning including talent, succession and development planning within the Group. – Leadership development. – Oversight of the Board's workforce engagement plan and implementation. Culture – Strategies to implement the Group's values and to progress implementation of the Everyday Respect Report recommendations. – Strategies, initiatives and performance measures around organisational culture and desired behaviours. – Diversity and inclusion. 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 short- and long-term incentive plans and ensuring alignment with the company's strategic objectives. – Overseeing the operation of the Group's short- and long-term incentive plans for executives, including approving awards, setting performance criteria, and determining any 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. – Determining awards under the Group's all-employee share plan. – Responsible for the Annual Remuneration report and shareholder engagement on Remuneration Policy and implementation, and other related matters including gender pay. – Reviewing workforce remuneration and related policies and the alignment of incentives and rewards with culture, taking these into account when setting the Policy for Executive Director remuneration. – Engagement and independence of 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: Sam Laidlaw (Committee Chair) Dominic Barton (from 4 April 2022) Megan Clark Simon McKeon Jennifer Nason Simon Thompson (to 5 May 2022) Ngaire Woods How we work The Group Company Secretary (or their delegate) attends meetings as secretary to the Committee. The Chief Executive, Chief People Officer and Head of Reward attend appropriate parts of the meetings at the invitation of the Committee Chair. No individual is in attendance during discussions about their own remuneration. 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) are made free from undue influence by key management personnel to whom they may relate. We monitored compliance with these requirements throughout 2022. Deloitte, the appointed 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, and 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 2022 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 2022, Deloitte's services also included attending Committee meetings, providing support on the new incentive design and giving advice in relation to management proposals and shareholder consultations. Deloitte was paid $545,620 (2021: $365, 777) 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. How the Committee spent its time in 2022 During 2022, the Committee met ten times. We fulfilled our responsibilities as set out in our terms of reference. Our work in 2022 included: – Determining any base salary adjustments and LTIP grants for executives. – Determining the targets for the 2022 STIP. – Reviewed performance of the accountable executives for GISTM implementation. – Reviewing performance against the 2021 STIP and 2017 PSA targets, including assessing applicable adjustments. – Considering shareholder feedback on the remuneration-related resolutions for the 2022 AGMs. – Determining the terms of appointment for the new Chair. – Development of the STIP redesign, including consultation with shareholders and proxy advisers. – Further refinement of the consequence management framework. – Reviewing executives' progress towards the Group's share ownership requirements. – Reviewing the strategy and annual reports on the Group's global benefit plans. – Consideration of the 2022 mid-year salary adjustment for the broader employee workforce, noting that executives would not receive any adjustment. Performance review process for executives We conduct annual performance reviews for all executives. Our 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 it is discussed and considered with the Committee and the full Board. Performance reviews for all executives took place in 2022 and early 2023.

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Annual Report on Form 20-F 2022 \| riotinto.com120 Implementation report continued Executive Directors Single total figure of remuneration (£'000) Bonus – STIP payment Value of LTIP awards vesting1 Executive Director (£'000) Year Base salary Benefits Pension Total fixed Cash Deferred shares Face value Share price appreciation Total variable Single total figure Jakob Stausholm (Chief Executive) 2022 1,177 130 165 1,472 575 576 1,418 767 3,336 4,808 Jakob Stausholm (Chief Executive) 2021 1,150 67 161 1,378 705 705 – – 1,410 2,788 Peter Cunningham (Chief Financial Officer)2 2022 700 39 98 837 320 320 348 188 1,176 2,013 Peter Cunningham (Chief Financial Officer)2 2021 377 33 53 463 216 217 421 583 1,437 1,900 1. Dividend equivalent shares are valued at the grant price for the LTIP award and included in the face value figure, with the impact of share price change included under share price appreciation. 2. The details for Peter Cunningham reflect remuneration from his appointment as Chief Financial Officer and Executive Director on 17 June 2021 to 31 December 2021. The LTIPs granted in 2017 and 2018 were in relation to his previous role. At the end of the performance period, LTIP values are based on estimates of both the number of shares that will ultimately vest and the share price. These estimates are restated in the following year, once actual values are known. Refer to page 125 for further detail. Fixed remuneration Base salary Consistent with prior practice, Executive Director base salary increases are in line with that awarded to the wider employee population. Base salaries are reviewed with a 1 March effective date. During 2022, we provided a mid-year salary adjustment in order to recognise unprecedented inflation levels, which resulted in salary increases between 2% to 5% for eligible employees in our major jurisdictions. The Executive Directors did not participate in this mid-year salary adjustment. Executive Director Annual base salary 1 January 2022 £'000 Annual base salary from 1 March 2022 £'000 Annual base salary at 1 March 2023 £'000 % change Jakob Stausholm 1,150 1,182 1,235 4.5% Peter Cunningham 700 700 732 4.5% Benefits (2022) Includes 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. Pension (2022) Pension benefits can either be paid as contributions to Rio Tinto's company pension fund or as a cash allowance. Executive Director Pension contributions paid to the Rio Tinto pension fund £'000 Cash in lieu of pension contributions paid £'000 Total £'000 Pension provision as percentage of base salary Jakob Stausholm 4 161 165 14% Peter Cunningham 4 94 98 14%

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121Annual Report on Form 20-F 2022 \| riotinto.com Directors' report STIP (2022) 2022 Outcome For an executive's STIP outcome, the weighted safety, financial, ESG and individual STIP results are added to determine the total result. The resultant STIP is delivered equally in cash and deferred shares. Executive Director Weighted result Total STIP (% of base salary) Base salary £'000 STIP £'000 Delivered in: Percentage of: Financial (50%) ESG (35%) Individual (15%) Total Cash £'000 Deferred shares £'000 Max awarded Max forfeited Target awarded Jakob Stausholm 14.5 22.2 12.0 48.7 97.4 1,182 1,151 575 576 48.7% 51.3% 97.4% Peter Cunningham 14.5 22.2 9.0 45.7 91.4 700 640 320 320 45.7% 54.3% 91.4% Maximum STIP is capped at 200% of base salary with awards of: – 50% of maximum for target – 100% of maximum for outstanding performance Half of the STIP award will be paid in cash in March 2023, and the remainder will be delivered in deferred shares as a BDA, vesting in December 2025. On cessation of employment, any unvested deferred shares will lapse unless the Committee decides the executive is an eligible leaver. 2022 STIP measures Performance categories Weighting Commentary Financial 50% Our current financial measures are based on two KPIs that are used in managing the business. The first, underlying earnings, gives insight to cost management, production and performance efficiency. A reconciliation of underlying earnings to net earnings is provided on pages 274-275. STIP free cash flow demonstrates how we convert underlying earnings to cash and provides further insight into how we are managing costs, efficiency and productivity. STIP free cash flow comprises free cash flow (as reported on page 277), adjusted to exclude dividends paid to holders of non-controlling interests in subsidiaries ($0.4billion) and development capital expenditure ($2.8 billion). This adjusted metric excludes the impact of those components of free cash flow which are not directly related to performance in the year and therefore better represents underlying business performance. ESG 35% A strong focus on ESG is critical to the success of our strategy. ESG measures make up 15% for all executives and include Environmental measures (one-third), Social measures (one-third) and Governance measures (one-third). Safety measures make up 20% and include a standalone binary fatality measure (40%), with the remainder split between all-injury frequency rate (AIFR) (20%) and measures relating to our safety maturity model (SMM) (40%). Individual 15% An assessment of individual performance against key priorities and objectives for the year. The STIP measures for product group Chief Executives (PGCEs) include product group financial and safety measures in addition to Group financial measures. Calculation of 2022 STIP award The following tables summarise the calculation of STIP award for the Executive Directors. Below threshold payout is nil on the Group safety and financial measures. Group financial measures Weighting (out of 100%) 2022 performance (US $bn) Result (% of maximum) Weighted result (out of 100%) Threshold Maximum Underlying earnings 12.5% 10.2 17.7 Actual 14.0 Target 13.6 54% 6.8% Underlying earnings – flexed 12.5% 12.7 21.5 Target 16.7 Actual 14.0 17% 2.1% STIP free cash flow 12.5% 10.1 17.5 Actual 13.1 Target 13.5 44% 5.5% STIP free cash flow – flexed 12.5% 13.4 22.7 Actual 13.1 Target 17.7 0% 0% Total Group financial 50% 29% 14.5% Commentary on financial measures The adjusted Group performance against the financial targets is 29% of maximum. In line with our standard STIP principles, the Committee considered whether any adjustments were warranted to ensure the outcome was a fair reflection of underlying performance. Three adjustments were approved which were associated with circumstances which were deemed not to reflect performance during the year. These relate to the settlement paid to the Australian Tax Office for all tax matters in dispute; the effect of higher than expected inflation on our closure liabilities which resulted in higher non-cash charges to underlying earnings; and the settlement of foreign exchange derivatives associated with the Group's dividends which significantly impacted the Group's free cash flow.

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Annual Report on Form 20-F 2022 \| riotinto.com122 Group ESG measures Weighting (out of 100%) Threshold Target Outstanding Result Result (% of maximum) Weighted result (out of 100%) Safety Fatality prevention 8% n/a n/a No fatality 100% 8.0% AIFR 4% 0.44 0.38 0.30 0.40 42.5% 1.7% SMM1 (sites with < 5.5 baseline) 8% Rebased 2021 score Improvement of 0.7 or achieve a total score of 6.0, whichever is less Improvement of 1.5 or achieve a total score of 7.3, whichever is less 4.3 55% 4.4% SMM1 (the sites with >= 5.5 baseline) Rebased 2021 score Improvement of 0.5 6.1 Environment Progress Scope 1 and 2 abatement projects reducing 2025 emissions2,5 2.5% 0.8Mt CO2e 1.65Mt CO2e 0.287Mt CO2e 0% 0% Delivery of goals to progress Scope 3 partnership strategy5 2.5% 3 out of 4 4 out of 4 4 of 4 100% 2.5% Social Improve representation of women in workforce5 2.5% 2% 3% 1.4% 0% 0% Implement actions from Everyday Respect Report3,5 2.5% 80% actions complete 100% actions complete 85.5% actions completed 63.8% 1.6% Governance Actions from Senate Inquiry Interim & 2020 Board Report5 2.5% 90% actions complete 100% actions complete 95% actions completed 75% 1.9% Critical elements of 2022 plan to implement GISTM4,5 2.5% See footnote See footnote 56% asset work plan completion 85% 2.1% Total Group ESG 35% 63.4% 22.2% 1. The Group SMM STIP result is the average of the SMM STIP scores achieved by the individual assets included in the programme. The 2021 SMM scores formed the baseline which was adjusted to reflect the enhancements to SMM described below as well as the removal of assets moving into closure and the transition of projects into assets that are now included within the scope of SMM. 2. Projects that individually reduce 2025 emissions by over 5kt CO2, which may include approved renewable energy, abatement and energy efficiency projects. 3. There are two equal components to measure the implementation of actions from the Everyday Respect Report. The first component is to have all leaders (approximately 6,000 individuals) trained on responsibilities, prevention and response management of harmful behaviours in the workplace. The target and outstanding achievement is to have 80% and 100% of leaders complete the training respectively. The second component is to have safe and inclusive facilities at our workplaces. The target achievement is to complete a facilities review through inclusive on the ground engagement and implement safety critical upgrades of all facilities. The outstanding achievement is to implement all improvements of facilities that address inclusion and respect for all employees and contractors. 4. Target is to have all asset gap analyses complete and no tailings incidents with off-lease impacts. Outstanding is to achieve 80% completion of asset work plans to close gaps for "very high" and "extreme" consequence facilities. 5. No payout below target. With the exception of the binary approach to fatality prevention, payout of 50% of maximum for achieving target, going up in a straight line to outstanding. Commentary on ESG measures In 2022, the STIP was simplified to combine all ESG measures (including safety) into a single ESG scorecard. The weighting for safety and other ESG metrics remained consistent with 2021. On safety, for a fourth consecutive year in 2022, we achieved zero fatalities. The all-injury frequency rate (AIFR) of 0.40 in 2022 was at the same level as the previous year. The SMM was introduced to the business in 2019 and is now in the fourth consecutive year of implementation. As the SMM progressed in its evolution and maturity, a series of enhancements were made in 2022 to the SMM assessment approach after comprehensive review and engagement with stakeholders. The enhancements included shifting the focus from verifying systems and rituals to assessing the quality and impact of the model on our people's mindsets to drive safer decision making; integration of contractor partners in the application of the model ensuring safety and inclusion for both employees and contractors at Rio Tinto; adding an element to the model focused on operational ownership of environment and health risks to support our goal of impeccable ESG credentials; and elevating focus on quality pre-shift meetings, first party assurance, management of change and systemic factors in incident investigations. The SMM enhancements reset our target expectations around safety maturity which necessitated a reset of the baseline scores. In order to reset, we sample tested sites against the updated criteria in Q4 2021. Following which, it was determined to reduce baseline scores by 1.5 which formed the basis of the 2022 targets. On environment, we took important foundational steps to advance towards our ambitious climate change targets by approving abatement projects and progressing our Scope 3 partnership strategy. The delivery of goals to progress our Scope 3 partnerships included commencement of phase 2 of a green hydrogen production study in Eastern Canada; completed laboratory test work on low carbon research project and approval to move to pilot phase; developed a work plan for lower carbon production process and a technology deployment plan across RTA smelters; and implemented tracking processes to enhance visibility and oversight of shipping related emissions. We fell short of target for the Scope 1 and 2 abatement projects but exceeded our delivery of goals to progress Scope 3 partnerships. The main drivers for the shortfall to threshold on the Scope 1 and 2 abatement projects are our Iron Ore project commissioning and approval delays, and Minerals delays. On social, our aspiration is to foster an environment where all aspects of diversity are represented, included, and respected. The target related to improving representation of women in the workforce by at least 2% and implementation of actions from Everyday Respect Report. For representation of women in the workforce, we achieved 1.4% which fell short of target but it is noted that representation of women has increased from 17.7% in 2018 to 22.9% in 2022. In implementing the recommendations of the Everyday Respect Report during the year, we trained 91% of our leaders and completed our facilities review and rectified the urgent safety risks. On governance, our efforts in 2022 were focused on the actions from the Senate Inquiry Interim and 2020 Board Report alongside critical elements of the 2022 plan to implement the GISTM. We achieved outcomes between target and outstanding for both components. In the implementation of the actions from the Senate Inquiry Interim and 2020 Board Report, we focused on the completion of an Independent Cultural Heritage Management Audit, our 2022 communities and social performance (CSP) standard and implementation of cultural heritage controls. With regards to the critical elements of the 2022 plan for GISTM implementation, the teams completed all asset gap analyses and had no tailings incidents with off-lease impacts, and partially completed the asset work plans to close gaps for "very high" and "extreme" consequence facilities. Implementation report continued

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123Annual Report on Form 20-F 2022 \| riotinto.com Directors' report 2022 Individual performance assessment Jakob Stausholm Weighting (out of 100%) Result (% of maximum) Weighted result (out of 100%) 15% 80% 12% Strategic objectives Assessment Impeccable ESG – 2022 as the fourth successive fatality-free year is a notable achievement and there is a strong focus on continuing to refine our approach to safety. – The rebuilding of our CSP capability has been completed with 500 colleagues in place, as well as the focusing of key product group leaders on our community licence. – Substantial effort has been put into the plans for achieving our ambitious decarbonisation objectives. There are several promising initiatives on renewable energy development (eg, ELYSISTM, Nuton and the various green steel projects) that will need to be progressed in 2023. Social licence – Government relationships and initiatives in key countries and regions have improved significantly. – The co-management agreement with the Puutu Kunti Kurrama and Pinikura people, signed in November 2022, was an important moment to mark a change from the past. – Led civil society organisation (CSO) roundtables which has driven better understanding of community needs and deepening relationships with key stakeholders. Best operator – While operating performance versus plan was disappointing, the essential elements to drive improvement in operational consistency are being put in place, such as the Group-wide roll-out of the SPS programme and the sustained focus on asset integrity. – Second half performance was encouraging (particularly in Iron Ore), and we achieved first ore at Gudai-Darri. Excel in development – Significant progress in the last 12 months. This includes a substantive turnaround across the Iron Ore portfolio (Pilbara and Simandou). In the Pilbara, the short- and long-term health of the business has markedly improved. The first of the mid-term new mines to secure the Pilbara has been approved with the Notice to Proceed for Western Range in partnership with Baowu. The agreement at Rhodes Ridge with the Bennett family provides a long-term pathway back to industry leadership in the Pilbara. – In the development of Simandou, Rio Tinto has re-established itself as a pivotal partner amongst the Guinean government, our Chinese partners and infrastructure providers. The project's development will be an essential building block for our future. – In Copper, the successful buy-out of the minority shareholders in TRQ, in a very challenging environment, has provided an essential building block to our copper growth and relationship with the Mongolian Government. – While development of the Jadar lithium mine in Serbia has been delayed, significant progress has been made on our Battery Materials expansion, with the acceleration of the Rincon project in Argentina. Leadership and culture – There has been a deep and continued focus on improving the culture of Rio Tinto. The Everyday Respect Report was published with bold transparency. – Progress to implement the 26 recommendations of the Everyday Respect Report is on track. – There has been a substantial investment in leadership development, which has been well received in the business. – The most recent People Survey saw significantly increased engagement with a higher participation rate (+9%) and an eSAT and Recommend increase (+2 and +3 respectively). Peter Cunningham Weighting (out of 100%) Result (% of maximum) Weighted result (out of 100%) 15% 60% 9% Strategic objectives Assessment Impeccable ESG – Supported the setup of a robust and broad-based approach to delivering our decarbonisation agenda through our 6+1 priorities. – Established an evaluation framework to drive disciplined and value-based approach to decarbonisation investment. Social licence – Key contributor to the resolution of all tax disputes with the Australian Taxation Office and the Inland Revenue Authority of Singapore. – Proactive leadership as Chair of the Cyber Security Steering Committee ensuring robust Group cyber controls and protection. Best operator – Maintained balance sheet strength, whilst delivering consistent investment through the cycle in essential capital, allocating $5.4 billion to growth opportunities and providing strong returns to shareholders with the Group delivering its second highest interim dividend ever. – Delivered a significant streamlining of the planning and budgeting process, giving time back to the business, whilst maintaining rigor and improving transparency. – Improved the effectiveness of the Group's risk management framework. – Progressed on simplifying end to end processes across the Group through the Global Process Ownership Initiative. Excel in development – Key contributor to the acquisition of TRQ through his leadership of the Business Development, Treasury and Evaluation teams. – Focused the portfolio alignment with the strategy through divestment of the Cortez Royalty stream and the Roughrider uranium project, alongside pursuing growth opportunities like TRQ and the Rincon project. – Integral to the evaluation and approval of key growth projects, capital improvement programmes and inorganic growth opportunities through the roles as Chair of the Evaluation Committee and key member of the Investment Committee. Leadership and culture – Key contribution in further developing and executing on the Group strategy. – Continued to be an effective champion of our culture change journey and our development support for senior leaders. – Developed the 3-year Future Finance Strategy and the Finance Leadership assessment and Development programme.

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Annual Report on Form 20-F 2022 \| riotinto.com124 2023 STIP This section outlines the operation of the 2023 STIP which reflects the changes described on pages 112-113. 2023 STIP measures and weightings Financial scorecard dimension Weighting What does it measure? Commentary Underlying earnings – Unflexed 12.5% Underlying earnings represent net earnings attributable to the owners of Rio Tinto, adjusted to exclude items which do not reflect the underlying performance of the Group's operations. Underlying earnings shows how well we are managing costs, increasing productivity and generating revenue from our assets. Underlying earnings – Flexed 12.5% Underlying earnings on a flexed basis. Flexed underlying earnings excludes the impact of variations during the year associated with quoted metal and other prices along with foreign exchange rates, which are outside management's control. STIP free cash flow – Unflexed 12.5% STIP free cash flow comprises free cash flow adjusted to exclude dividends paid to holders of non-controlling interests in subsidiaries and development capital expenditure. It demonstrates how we convert underlying earnings to cash, and provides further insight into how we are managing costs, efficiency and productivity. STIP free cash flow – Flexed 12.5% STIP free cash flow on a flexed basis. The flexed metric excludes the impact of those components of free cash flow which are not directly related to performance in the year and therefore better represents underlying business performance. Total weighting 50% Strategic scorecard dimension Weighting What does it measure? Commentary Impeccable ESG Decarbonisation 10% Progress of moving carbon abatement projects through the various stages of development all the way to execution to meet our decarbonisation ambition. Provides focus on progressing at pace and optimising resources deployment of decarbonisation projects. Safety Index 10% All-injury frequency rate (AIFR) as a lag indicator and safety maturity (SMM) of our assets as a lead indicator which includes maturity of safety leadership including psychological safety with conformance to GISTM (global tailings standard) as an underpin. Safety is at the heart of everything we do. Provides focus on the importance of continuing to embed and strengthen our safety culture. People and culture Diversity 5% Improving representation of women in our company. The ongoing focus on improving gender representation is an important contributor to advancing our culture change agenda. Everyday Respect 5% Further progress on the implementation of the Everyday Respect Report recommendations. Focus on driving behavioural change through organisation- wide training on Everyday Respect related aspects. Excel in Development Exploration, studies and project execution 10% Measures performance in exploration, studies and project delivery. Identifies opportunities for growth and enhancing orebody reserves across our portfolio while keeping focus on the importance of executing to time and budget. Social licence Reputation 10% Progress made in building trust, meaningful relationships and partnerships with our external stakeholders. Assesses trust and acceptance of us by a broad community of stakeholders. Total weighting 50% The specific targets for 2023 are considered by the Board to be commercially sensitive. These will be disclosed alongside the outturn retrospectively in the 2023 Implementation report. Implementation report continued LTIP PSAs granted in 2018 were based on two performance conditions, all measured over a five-year performance period: – TSR relative to the EMIX Global Mining Index – 50%. – TSR relative to the MSCI World Index – 50%. The TSR performance condition against both indices has been met in full. The value of the shares vesting included in the single total figure of remuneration table for 2022 is an estimate, with the actuals determined when share price on vesting is known. The disclosed value is based on: – The approved TSR outcome relative to the EMIX Global Mining Index and MSCI World Index (with associated dividend equivalent shares). – The average share prices for Rio Tinto plc and Rio Tinto Limited over the last quarter of the five-year performance period (Q4 2022). – The actual value associated with the 2018 PSA vesting will be disclosed in the 2023 Remuneration report.

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125Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Calculation of 2018 PSA vesting Our remuneration consultants, Deloitte, calculated performance against the TSR measures. 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. Index Threshold (22.5% of maximum) Maximum (100% of maximum) Actual TSR outperformance Weighting Vesting Outcome EMIX Global Mining Index Equal to Index Index + 6% p.a. Index + 7.6% p.a. 50% 100% MSCI World Index Equal to Index Index + 6% p.a. Index + 11.8% p.a. 50% 100% Executive Director Year included in single figure Award Overall vesting % Dividend equivalents Dividend equivalents (% of face value) Shares (including dividend equivalents) Share price PSA outcome (£'000)1 Jakob Stausholm 2022 2018 PSA 100% 11,693 39% 41,579 £52.56 £2,185 Peter Cunningham 2022 2018 PSA 100% 2,961 41% 10,190 £52.56 £536 1. The value of the shares vesting included in the single total figure of remuneration table for 2022 is an estimate the average share prices for Rio Tinto plc and Rio Tinto Limited over the last quarter of the relevant year. The TSR component of the 2017 PSA vested in full on 24 February 2022 with Rio Tinto plc and Rio Tinto Limited share prices of £55.68 and A$119.87 respectively (closing share price on the day prior to vesting). Final rank for the EBIT margin component was 6th, which resulted in vesting of nil. Overall vesting outcome for the 2017 PSA was therefore 66.7%. Dividend equivalents were equal to 31.8% of the vested awards. LTIP awards granted in 2022 These awards are subject to TSR performance relative to the EMIX Global Mining Index and MSCI World Index (equal weighting). Targets for threshold and maximum performance are unchanged from prior years. Executive Director Type of award Grant date Face value of award (% of base salary) Face value of award (£'000) % of vesting at threshold performance Grant price1 Conditional shares awarded Vesting month End of the period over which the performance conditions have to be fulfilled Jakob Stausholm PSA 23 March 2022 400% 4,728 22.5% £55.55 85,126 Feb 2027 31 Dec 2026 Peter Cunningham PSA 23 March 2022 400% 2,800 22.5% £55.55 50,405 Feb 2027 31 Dec 2026 LTIP due to be granted in March 2023 Executive Director Type of award Face value of award (% of base salary) Face value of award (£'000) % of vesting at threshold performance Grant price1 Conditional shares to be awarded Vesting month End of the period over which the performance conditions have to be fulfilled Jakob Stausholm PSA 400% 4,942 22.5% £53.07 93,114 Feb 2028 31 Dec 2027 Peter Cunningham PSA 400% 2,926 22.5% £53.07 55,134 Feb 2028 31 Dec 2027 1. In line with Policy, the grant price for PSA is determined by reference to the average share price for the calendar year prior to year of grant. Performance measures The Committee intends to grant 2023 PSAs with performance metrics, weightings and targets in line with the approach taken in previous years. The Committee is aware that IHS Markit, the provider of the EMIX Global Mining Index, is conducting a consultation on the cessation of the EMIX indices, including the EMIX Global Mining Index. In the event that the EMIX Global Mining Index is discontinued, the Committee will review and determine an appropriate approach to measuring TSR performance relative to sector peers for the 2023 PSAs as well as in-flight awards. In line with best practice principles, the Committee will seek to ensure that any changes result in a fair outcome for both shareholders and participants with performance targets being of a commensurate stretch as the existing targets. Further disclosure will be provided in due course. Executive Directors' shareholding In line with our share ownership policy, Executive Directors' shareholdings are calculated using the closing price of Rio Tinto shares on 31 December 2022. Executive Director Multiple of base salary Holding of ordinary shares 31 December 2022 Guidelines Year requirement needs to be met 31 December 2022 31 December 2021 Jakob Stausholm 3.3 4.0 2024 56,337 33,832 Peter Cunningham 4.6 3.0 2026 52,815 35,631 The multiple of base salary shown above includes the value of 50% unvested BDA held. All past directors subject to post-employment shareholding requirements continue to meet their requirements. Service contracts Executive Director Position held during 2022 Date of appointment to position Notice period Jakob Stausholm Chief Executive 1 January 2021 12 months Peter Cunningham Chief Financial Officer 17 June 2021 12 months Either party can terminate their contract with notice in writing, or immediately by the company by paying the base salary only in lieu of any unexpired notice. Executives' external and other appointments Neither of the Executive Directors currently has an external directorship. Past Director payments There were no payments to past Directors in excess of the de-minimis threshold of £15,000.

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Annual Report on Form 20-F 2022 \| riotinto.com126 Chief Executive's remuneration over time: summary Year Chief Executive Single total figure of remuneration ('000) Annual STIP award against maximum opportunity Long-term incentive vesting against maximum opportunity (PSA) 2013 Tom Albanese1 £53 0.0% – Sam Walsh A$9,993 72.1% 50.0% 2014 Sam Walsh A$10,476 88.4% 49.0% 2015 Sam Walsh A$9,141 81.9% 43.6% 2016 Sam Walsh2 A$5,772 68.2% 50.5% 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 Stausholm3 £2,788 61.3% – 2022 Jakob Stausholm £4,808 48.7% 100% 1. All outstanding but unvested LTIP awards earned in previous years lapsed and were forfeited when Tom Albanese left the Group. 2. STIP award and PSA vesting percentages restated following release from the deed of deferral. 3. Jakob Stausholm joined Rio Tinto in September 2018 and became Chief Executive on 1 January 2021. He therefore did not participate in the 2017 LTIP which vested at 66.7% of maximum. TSR We use relative TSR against the EMIX Global Mining Index and the MSCI World Index as our performance measures when we determine the vesting of PSA granted in 2018. The graph below shows Rio Tinto's TSR performance for the 2018 PSA. It uses the same methodology as that used to calculate the vesting for the PSA granted in 2018 with a performance period that ended on 31 December 2022. 0 50 100 150 200 250 300 2017 20222018 2019 2020 2021 Rio Tinto Group EMIX Global Mining Index MSCI World Index Total shareholder return 1. TSR for the MSCI and EMIX 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 EMIX Global Mining Index and the MSCI World Index over the ten years to the end of 2022. 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 2018. 0 50 100 150 200 250 300 2012 2019 2020 2021 2022201520142013 2016 2017 2018 Rio Tinto Group EMIX Global Mining Index MSCI World Index Total shareholder return 1. TSR has been calculated using spot return index data as at the last trading day for the year sourced from DataStream. The indices chosen are those used for measuring PSA performance. 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. Implementation report continued The effect of performance on the value of shareholdings, as measured by TSR delivered over the past five years, based on the sum of dividends paid and share price movements during each calendar year, is detailed in the table below. Year Underlying earnings Dividends paid per share Share price – Rio Tinto plc pence Share price – Rio Tinto Limited A$ TSR $ millions $ cents 1 Jan 31 Dec 1 Jan 31 Dec Group % 2018 8,808 307.0 3,942 3,730 75.81 78.47 (4.5%) 2019 10,373 635.0 3,730 4,503 78.47 100.40 38.7% 2020 12,448 386.0 4,503 5,470 100.40 113.83 34.0% 2021 21,380 963.0 5,470 4,892 113.83 100.11 (3.7%) 2022 13,275 746.0 4,892 5,798 100.11 116.41 18.3% The data presented in this table reflects the dual corporate structure of Rio Tinto. We weight the two Rio Tinto listings to produce a Group TSR figure in line with the methodology used for the 2018 PSA.

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127Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Other executive KMP This section sets out remuneration information pertaining to executive KMP excluding the Chief Executive and the Chief Financial Officer. The Remuneration 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. Remuneration mix Assumptions The value of benefits is estimated at 11% of base salary. Performance-related (At risk) Target STIP and LTIP performance – STIP award of 50% of the maximum award (equates to 100% of base salary) – PSA expected value of 50% of face value, calculated as 200% of base salary Maximum STIP and LTIP performance – A maximum STIP award of 200% of base salary – Maximum PSA face value of 400% of base salary 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 the respective dates of appointment: Name Position(s) held during 2022 Date of appointment to position Bold Baatar Chief Executive Copper 1 February 2021 Alfredo Barrios Chief Commercial Officer 1 March 2021 Sinead Kaufman Chief Executive Minerals 1 March 2021 Simon Trott Chief Executive Iron Ore 1 March 2021 Ivan Vella Chief Executive Aluminium 1 March 2021 Base salary Base salaries for Executive Committee 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' market remuneration. In recognition of the extraordinary inflationary pressures experienced globally in 2022, we provided a one-off mid-year salary adjustment to approximately 30,000 employees which ranged from 2% to 5% in our major countries. The Executive Committee did not receive this adjustment. Effective 1 March 2023, the Executive Committee will receive salary increases in line with the broader employee population in their jurisdictions. In addition, Bold Baatar and Simon Trott will receive an additional increase in recognition of market positioning within the limits of the Policy. STIP Overview of 2022 STIP weightings and measures The following table shows the measures and weightings used to determine STIP awards for executives in 2022. Weighting for Executive Directors and Group executives Weighting for PGCEs Financial measures split equally between underlying earnings and STIP free cash flow for the Group 50% 20% Financial measures split equally between underlying earnings and STIP free cash flow for the relevant product group 0% 30% ESG including safety 35% 35% Individual measures based on key strategic initiatives of each role and contribution to overall company performance 15% 15% The 2022 STIP awards are detailed in the table below. Percentage of: 2022 STIP award (% of salary) Adjusted 2022 STIP award (% of salary) 2022 STIP award ('000) Maximum STIP awarded Maximum STIP forfeited Bold Baatar 97.2% 97.2% £600 48.6% 51.4% Alfredo Barrios 88.4% 88.4% S$992 44.2% 55.8% Sinead Kaufman 98.6% 98.6% A$1,006 49.3% 50.7% Simon Trott 101.8% 101.8% A$1,100 50.9% 49.1% Ivan Vella 77.6% 77.6% C$776 38.8% 61.2% Maximum 17% 14% 14% 55% Target 29% 12% 12% 47% Fixed pay STIP – Cash STIP – BDA LTIP

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Annual Report on Form 20-F 2022 \| riotinto.com128 Share ownership The following table shows the share ownership level for other KMP as a multiple of base salary. Share ownership level at 31 December 2022 as a multiple of base salary Bold Baatar 7.8 Alfredo Barrios 5.9 Sinead Kaufman 4.9 Simon Trott 4.4 Ivan Vella 2.2 Share ownership level is calculated using the market price of Rio Tinto shares on 31 December 2022, and we define "share ownership" in our Remuneration Policy. Service contracts All executives have service contracts which can be terminated by the company with 12 months' notice in writing, or by the employee with six 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 Remuneration Policy and is comprised of base salary in line with market benchmarks; target STIP opportunities of 100% of base salary (with maximum opportunities of 200% of base salary); LTIP awards of up to 400% 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 of 300% of base salary applies on appointment to be built up over subsequent years. Executive departures No executives ceased employment in 2022. 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 Rio Tinto Australian employee population for 2022 is set out in the table below. Lower quartile Median Upper quartile 2022 76 52 42 20211 49 32 26 1. 2021 pay ratio data has been restated based on actual pay outcomes for the CEO in 2021. The median CEO pay ratio of 52:1 is higher than last year, primarily due to the first vesting of Jakob's LTIP award from 2018 which vested at the end of the 2022 performance year. The Committee continues to be mindful of the relationship between executive remuneration and that of our broader workforce. The Committee's decision making will continue to be supported by regular and detailed reporting on these matters. As the company employs fewer than 250 employees in the UK, this analysis has been provided on a voluntary basis. 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 US$m 2022 2021 Difference in spend Remuneration paid1 6,002 5,513 489 Distributions to shareholders2 11,727 15,357 (3,630) Purchase of property, plant and equipment and intangible assets3 6,750 7,384 (634) Corporate income tax paid3 6,909 8,494 (1,585) 1. Total employment costs for the financial year as per note 26 to the financial statements. 2. Distributions to shareholders include equity dividends paid to owners of Rio Tinto as per the Group 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 Group cash flow statement. Implementation report continued

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129Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Change in Director and employee pay In the table below, we compare the changes annual from in salary, benefits and annual incentives of the Directors for the past two years, to that of the Australian employee population. The 2021 changes for Jakob Stausholm reflect his promotion to Chief Executive at the start of the 2021. 2019 to 2020 2020 to 2021 2021 to 2022 Percentage change in salary/ fees paid1 Percentage change in other benefits paid Percentage change in annual incentive Percentage change in salary/ fees paid1 Percentage change in other benefits paid Percentage change in annual incentive Percentage change in salary/ fees paid1 Percentage change in other benefits paid2 Percentage change in annual incentive3 Executive Directors Jakob Stausholm 2% 34% 29% 46% (19%) 25% 2% 94% (18%) Peter Cunningham – – – – – – – 18% 47% Non-Executive Directors Simon Thompson5,6 0% 3% – 0% 260% – 0% (32%) – Dominic Barton4 – – – – – – – – – Megan Clark 1% (54%) – (3%) (93%) – (1%) 1,651% – Hinda Gharbi5,6 – – – 0% 174% – – – – Simon Henry 3% (88%) – 0% 64% – (6%) 98% – Sam Laidlaw 8% (87%) – 0% (51%) – 0% 779% – Simon McKeon 9% (72%) – 15% (91%) – (6%) 1,487% – Jennifer Nason – – – 0% – – (6%) 58% – Ngaire Woods – – – 0% – – 0% 273% – Ben Wyatt6 – – – 0% – – 12% – – Australian workforce7 4% 5% 19% 4% 0% (18%) 7% 6% 15% 1. Change in salary and fees compared on an annualised basis to smooth the impact of part year appointments. 2. There was no change in the benefit entitlement for Directors in the year. The material percentage change figures in respect of the benefits for certain Non-Executive Directors reported in 2022 is a result of their reduced travel costs during 2021 in light of COVID 19. 3. The percentage change in annual incentive compares the incentive outcomes for the 2021 performance year to those for the 2022 performance year. 4. No prior year data as appointed as a Non-Executive Director in 2022. 5. Ceased as a Non-Executive Director in 2022. 6. Fees compared on an annualised basis. 7. 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 pay for our Australian employees who make up more than 40% of our employee population. "–" in the table signifies no reported change as a result of the absence of comparable data. Annual fees payable The table below shows the annual fees paid in 2022 and payable in 2023 to the Chair and Non-Executive Directors. 2023 2022 Director fees Chair's fee £730,000 £730,000 Non-Executive Director base fee £95,000 £95,000 Non-Executive Director base fee for Australian residents £105,000 £105,000 Senior Independent Director £45,000 £45,000 Committee fees Audit & Risk Committee Chair £40,000 £40,000 Audit & Risk Committee member £25,000 £25,000 People & Remuneration Committee Chair £35,000 £35,000 People & Remuneration Committee member £20,000 £20,000 Sustainability Committee Chair £35,000 £35,000 Sustainability Committee member £20,000 £20,000 Nominations Committee member £7,500 £7,500 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 The Chair's fee is determined by the Committee and was last increased on 1 July 2013. All other fees are subject to review by the Board on the recommendation of the Chair's Committee. The Chair's Committee conducted a review of Non-Executive Director fees in November 2022. Following this review, it was determined that all fees and travel allowances should remain unchanged. The additional £10,000 allowance for eligible Australian Directors is to compensate them for additional UK National Insurance contributions which, unlike Directors based in other jurisdictions, they are not able to offset against their local tax payments. Non-Executive Directors What we paid our Chair and Non-Executive Directors Positions held We list the Non-Executive Directors who held office during 2022 below. Each held office for the whole of 2022 unless otherwise indicated. Their years of appointment are reported in "Board of Directors" on pages 90-91. Name Title Simon Thompson Chair (to 5 May 2022) Dominic Barton Chair (from 6 May 2022) Non-Executive Director (from 4 April 2022 to 5 May 2022) Megan Clark Non-Executive Director Hinda Gharbi Non-Executive Director (to 8 April 2022) Simon Henry Non-Executive Director Sam Laidlaw Non-Executive Director Simon McKeon Non-Executive Director Jennifer Nason Non-Executive Director Ngaire Woods Non-Executive Director Ben Wyatt Non-Executive Director 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 three months' notice.

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Annual Report on Form 20-F 2022 \| riotinto.com130 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 Group 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 three-year vesting period. Approximately 30,000 (59%) of our employees 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 (MSA) The MSA are designed to help the Group attract the best staff in a competitive labour market, and to retain key individuals as we deliver our long-term strategy. MSA are conditional awards that are not subject to a performance condition. They vest at the end of three years subject to continued employment. Shares to satisfy the awards are bought in the market or re-issued from treasury. Executive Committee members are not eligible for the MSA after appointment. Shareholder voting In the table below, we set out the results of the remuneration-related resolutions voted on at the Group's 2022 AGMs. Resolution Votes for Votes against Votes withheld1 Approval of the Directors' Remuneration report: Implementation report 96% 4% 11,499,374 Approval of the Remuneration Policy (2021) 97% 3% 22,272,424 Approval of the Directors' Remuneration report 96% 4% 12,359,627 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. 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 2022 and 2021 in US dollars in table 1b on page 132. No post-employment, termination or share-based payments were made. 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 2022 are within the maximum aggregate annual amount of £3 million set out in the Group's constitutional documents, approved by shareholders at the 2009 AGMs. Share ownership policy for Non-Executive Directors Rio Tinto has a policy that encourages Non-Executive Directors to build up a shareholding equal in value to one year's base fee within three years of their appointment. Details of Non-Executive Directors' share interests in the Group, including total holdings, are set out in table 2 on page 132. Non-Executive Directors' share ownership The Non-Executive Directors' shareholdings are calculated using the market price of Rio Tinto shares on 31 December 2022: Director Share ownership level at 31 December 2022 as a multiple of base fee Share ownership level at 31 December 2021 as a multiple of base fee Dominic Barton1 1.1 – Megan Clark 3.9 3.3 Simon Henry 0.9 0.8 Sam Laidlaw 4.6 3.9 Simon McKeon 6.8 5.2 Jennifer Nason 1.1 0.9 Ben Wyatt 0.2 – Ngaire Woods 0.3 0.3 1. Dominic Barton joined the Board on 4 April 2022. Implementation report continued

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131Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Table 1a – Executives' remuneration Stated in US$'0001 Short-term benefits Base salary Cash bonus2 Other cash-based benefits3 Non-monetary benefits4,5 Total short-term benefits Executive Directors Jakob Stausholm 2022 1,456 694 199 153 2,502 2021 1,582 952 216 84 2,834 Peter Cunningham6 2022 866 386 151 41 1,444 2021 711 557 239 41 1,548 Other executives Bold Baatar 2022 760 361 114 34 1,269 2021 821 509 139 22 1,491 Alfredo Barrios 2022 811 368 47 112 1,338 2021 822 462 819 189 2,292 Sinead Kaufman 2022 707 340 86 52 1,185 2021 626 356 92 28 1,102 Simon Trott 2022 749 372 93 106 1,320 2021 781 434 78 108 1,401 Ivan Vella 2022 765 286 94 102 1,247 2021 719 411 806 278 2,214 Stated in US$'0001 Long-term benefits: Value of shared-based awards7 Post-employment benefits10 BDA8 PSA MSA Others9 Pension and superannuation Other post- employment benefits Termination benefits Total remuneration11 Currency of actual payment Executive Directors Jakob Stausholm 2022 701 2,020 – 7 5 – – 5,235 £2021 606 1,551 – 5 5 – – 5,001 £ Peter Cunningham 2022 224 342 192 6 5 – – 2,213 £2021 158 205 335 5 101 – – 2,352 £ Other executives Bold Baatar 2022 419 1,360 – 7 5 – – 3,060 £2021 428 1,556 – 7 5 – – 3,487 £ Alfredo Barrios 2022 423 1,404 – 3 97 – – 3,265 S$2021 449 1,475 – 4 54 – – 4,274 C$ & S$ Sinead Kaufman 2022 227 557 126 3 19 – – 2,117 A$2021 155 410 262 3 15 – – 1,947 A$ Simon Trott 2022 408 1,461 – 1 19 – – 3,209 A$2021 424 1,247 – 2 80 – – 3,154 S$ & A$ Ivan Vella 2022 204 695 52 4 24 – – 2,226 C$2021 153 494 126 3 36 – – 3,026 A$ & C$ Notes to table 1a – Executives' remuneration 1. "Table 1a – Executives' remuneration" is reported in US$ using A$1 = US$0.69493; £1 = US$1.23715; C$1 = US$0.76899 S$1 = US$0.72550 (2022 average rates), except for cash bonuses which use A$1 = US$0.67655; £1 = US$1.20535; C$1 = US$0.73700; S$1 = US$0.74311 (2022 year-end rates). 2. "Cash bonus" relates to the cash portion of the 2022 STIP award to be paid in March 2023. 3. "Other cash-based benefits" typically includes cash in lieu of company pension or superannuation contributions. 4. "Non-monetary benefits" for executives include healthcare coverage, professional tax compliance services/advice, flexible perquisites and, where relevant, accruals for annual and long service leave. 5. "Non-monetary benefits" for executives living outside their home country include international assignment benefits comprising, where applicable, housing, relocation expenses, tax equalisation and related compliance services, assignee and family home leave trips and international assignment payments made to and on their behalf. 6. The details for 2021 reflect remuneration for the period 1 January to 31 December 2021 which includes both KMP roles as Acting Chief Financial Officer and Chief Financial Officer. 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 MSA, BDA and PSA have been calculated at their dates of grant using valuation models provided by external consultants, Lane Clark and Peacock LLP, including an independent lattice-based option valuation model and a 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 41 (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 2022 or the value of shares that will ultimately vest. 8. "BDA" represents the portion of the 2019–2022 STIP awards deferred into Rio Tinto shares. 9. "Others" includes the Global Employee Share Plan (myShare) and the UK Share Plan. 10. The costs shown for 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 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 compensation for executives, including directors, are included in note 29 (Directors' and key management remuneration).

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Annual Report on Form 20-F 2022 \| riotinto.com132 Table 1b – Non-Executive Directors' remuneration Stated in US$'0001 Fees and allowances2 Non-monetary benefits3 Post- employment benefits Single total figure of remuneration4 Currency of actual payment Chair Simon Thompson5 2022 315 6 – 321 £2021 1,010 9 – 1,019 £ Dominic Barton6 2022 600 192 – 792 £ Non-Executive Directors Megan Clark 2022 221 2 23 246 A$2021 211 2 21 234 A$ Hinda Gharbi7 2022 50 10 – 60 £2021 204 15 – 219 £ Simon Henry 2022 202 4 – 206 £2021 225 8 – 233 £ Sam Laidlaw 2022 263 5 – 268 £2021 280 2 – 282 £ Simon McKeon 2022 275 3 – 278 A$2021 276 2 4 282 A$ Jennifer Nason 2022 196 4 – 200 £2021 204 15 – 219 £ Ngaire Woods 2022 188 9 – 197 £2021 197 4 – 201 £ Ben Wyatt 2022 203 4 4 211 A$2021 56 1 6 63 A$1. The remuneration is reported in US$. The amounts have been converted using the relevant 2022 average exchange rates of £1 = US$1.23715 and A$1 = US$0.69493 (1 January to 31 December 2022 average). 2. "Fees and allowances" comprises the total fees for the Chair and all Non-Executive Directors, and travel allowances for the Non-Executive Directors (other than the Chair). The payment of statutory minimum superannuation contributions for Australian Non-Executive Directors is required by Australian superannuation law. These contributions are included in the "Fees and allowances" amount disclosed for Australian Non-Executive Directors. 3. "Non-monetary benefits" include, as in previous years, amounts which are deemed by the UK tax authorities to be benefits in kind relating largely to the costs of Non-Executive Directors' expenses in attending Board meetings held at the company's UK registered office (including associated hotel 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. 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. 5. The amounts reported for Simon Thompson reflect the period he was Chair from 1 January 2022 to 5 May 2022. 6. The amounts reported for Dominic Barton reflect the period of active Board memberships from 4 April 2022 to 5 May 2022 and Chair fees from 6 May 2022 to 31 December 2022. 7. The amounts reported for Hinda Gharbi reflect the period of active Board memberships from 1 January 2022 to 8 April 2022. Further details in relation to aggregate compensation for executives, including directors, are included in note 29 (Directors' and key management remuneration). Table 2 – Directors' and executives' beneficial interests in Rio Tinto shares Rio Tinto plc1 Rio Tinto Limited Movements 1 Jan 20222 31 Dec 20223 3 Feb 20234 1 Jan 20222 31 Dec 20223 3 Feb 20234 Compensation5 Other6 Directors Dominic Barton7 – – – – 11,900 11,900 – 11,900 Megan Clark – – – 6,370 6,370 6,370 – – Peter Cunningham 35,631 52,815 52,826 – – – 25,921 (8,726) Hinda Gharbi7 1,400 1,400 – – – – Simon Henry 1,500 1,500 1,500 – – – – – Sam Laidlaw 7,500 7,500 7,500 – – – – – Simon McKeon – – – 10,000 10,000 10,000 – – Jennifer Nason 1,765 1,765 1,765 – – – – – Jakob Stausholm 33,832 56,337 56,362 – – – 17,001 5,529 Simon Thompson7 7,458 7,458 – – – – Ngaire Woods 572 572 572 – – – – – Ben Wyatt – – – – 300 300 – 300 Executives Bold Baatar 30,507 76,111 76,135 – – – 86,716 (41,088) Alfredo Barrios 36,171 62,392 62,425 – – – 91,625 (65,371) Sinead Kaufman8 – – – 24,480 39,511 39,539 22,778 (7,719) Simon Trott 7,973 9,780 9,780 24,864 26,006 26,006 19,029 (16,080) Ivan Vella 24 94 107 9,847 17,569 17,577 11,857 (4,044) 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 Executive Committee, if earlier. 4. Latest practicable date prior to the publication of the 2022 Annual Report, in accordance with LR 9.8.6 R(1). 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 Thompson retired as Chair of the Board at the conclusion of the Rio Tinto Limited annual general meeting on 5 May 2022. Dominic Barton was appointed Non-Executive Director on 4 April 2022 and became Chair of the Board following the conclusion of the Rio Tinto Limited annual general meeting on 5 May 2022. Hinda Gharbi stepped down from the Board on 8 April 2022. 8. The opening position on 1 January 2022 has been updated to disclose 3,517 Rio Tinto Limited shares not included in the 2021 Annual Report. Interests in outstanding BDA, MSA and PSA and UK Share Plan and the Global Employee Share Plan are set out in table 3 and 3a (see pages 133-135). Implementation report continued

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133Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Table 3 – Plan interests (awards of shares under long-term incentive plans) Name Award/ grant date Market price at award1,2 1 January 2022 Awarded Lapsed/ cancelled Dividend units Vested 31 December 2022 3 February 2023 Vesting period concludes Date of release Market price at release Market value of award at release US$3 Bold Baatar Bonus Deferral Awards 16 Mar 2020 £33.58 9,329 – – 2,369 (11,698) – – 1 Dec 2022 1 Dec 2022 £55.71 806,245 18 Mar 2021 £55.58 6,583 – – – – 6,583 6,583 1 Dec 2023 – – – 23 Mar 2022 £58.00 – 6,956 – – – 6,956 6,956 1 Dec 2024 – – – Performance Share Awards4 9 Mar 2017 £32.03 85,174 – (28,392) 18,042 (74,824) – – 31 Dec 2021 24 Feb 2022 £54.94 5,085,710 15 May 2018 £42.30 63,039 – – – – 63,039 63,039 31 Dec 2022 – – – 18 Mar 2019 £42.67 51,752 – – – – 51,752 51,752 31 Dec 2023 – – – 16 Mar 2020 £33.58 53,272 – – – – 53,272 53,272 31 Dec 2024 – – – 18 Mar 2021 £55.58 54,005 – – – – 54,005 54,005 31 Dec 2025 – – – 23 Mar 2022 £58.00 – 44,414 – – – 44,414 44,414 31 Dec 2026 – – – Alfredo Barrios Bonus Deferral Awards 16 Mar 2020 £33.58 8,724 – – 2,215 (10,939) – – 1 Dec 2022 1 Dec 2022 £55.71 753,933 18 Mar 2021 £55.58 7,497 – – – – 7,497 7,497 1 Dec 2023 – – – 23 Mar 2022 £58.00 – 6,466 – – – 6,466 6,466 1 Dec 2024 – – – Performance Share Awards4 9 Mar 2017 £32.03 91,721 – (30,574) 19,429 (80,576) – – 31 Dec 2021 24 Feb 2022 £54.94 5,476,668 15 May 2018 £42.30 66,050 – – – – 66,050 66,050 31 Dec 2022 – – – 18 Mar 2019 £42.67 57,011 – – – – 57,011 57,011 31 Dec 2023 – – – 16 Mar 2020 £33.58 53,236 – – – – 53,236 53,236 31 Dec 2024 – – – 18 Mar 2021 £55.58 54,652 – – – – 54,652 54,652 31 Dec 2025 – – – 23 Mar 2022 £58.00 – 43,707 – – – 43,707 43,707 31 Dec 2026 – – – Peter Cunningham Bonus Deferral Awards 16 Mar 2020 £33.58 1,802 – – 457 (2,259) – – 1 Dec 2022 1 Dec 2022 £55.71 155,694 18 Mar 2021 £55.58 1,402 – – – – 1,402 1,402 1 Dec 2023 – – – 23 Mar 2022 £85.00 – 5,203 – – – 5,203 5,203 1 Dec 2024 – – – Management Share Award 18 Mar 2019 £42.67 3,244 – – 669 (3,913) – – 24 Feb 2022 24 Feb 2022 £54.94 265,963 16 Mar 2020 £33.58 3,713 – – – – 3,713 3,713 23 Feb 2023 – – – 29 Oct 2020 £43.34 1,325 – – 264 (1,589) – – 16 May 2022 16 May 2022 £53.70 105,565 18 Mar 2021 £55.58 4,781 – – – – 4,781 4,781 19 Feb 2024 – – – Performance Share Awards4 9 Mar 2017 £32.03 20,538 – (6,846) 4,350 (18,042) – – 31 Dec 2021 24 Feb 2022 £54.94 1,226,296 15 May 2018 £42.30 7,229 – – – – 7,229 7,229 31 Dec 2022 – – – 18 Mar 2019 £42.67 6,489 – – – – 6,489 6,489 31 Dec 2023 – – – 16 Mar 2020 £33.58 7,426 – – – – 7,426 7,426 31 Dec 2024 – – – 18 Mar 2021 £55.58 9,564 – – – – 9,564 9,564 31 Dec 2025 – – – 23 Mar 2022 £58.00 – 50,405 – – – 50,405 50,405 31 Dec 2026 – – – Sinead Kaufman Bonus Deferral Awards 16 Mar 2020 A$77.65 1,645 – – 391 (2,036) – – 1 Dec 2022 1 Dec 2022 A$110.55 156,415 18 Mar 2021 A$110.80 1,408 – – – – 1,408 1,408 1 Dec 2023 – – – 23 Mar 2022 A$113.68 – 4,711 – – – 4,711 4,711 1 Dec 2024 – – – Management Share Awards 18 Mar 2019 A$93.32 3,145 – – 565 (3,710) – – 24 Feb 2022 24 Feb 2022 A$115.13 296,828 16 Mar 2020 A$77.65 4,289 – – – – 4,289 4,289 23 Feb 2023 – – – 29 Oct 2020 A$90.96 1,330 – – 246 (1,576) – – 16 May 2022 16 May 2022 A$106.13 116,235 Performance Share Awards4 9 Mar 2017 A$60.14 10,989 – (3,663) 2,008 (9,334) – – 31 Dec 2021 24 Feb 2022 A$115.13 746,790 15 May 2018 A$83.61 4,848 – – 1,180 (6,028) – – 31 Dec 2021 24 Feb 2022 A$115.13 482,285 15 May 2018 A$83.61 6,322 – – – – 6,322 6,322 31 Dec 2022 – – – 18 Mar 2019 A$93.32 6,291 – – – – 6,291 6,291 31 Dec 2023 – – – 16 Mar 2020 A$77.65 8,579 – – – – 8,579 8,579 31 Dec 2024 – – – 18 Mar 2021 A$110.80 41,207 – – – – 41,207 41,207 31 Dec 2025 – – – 23 Mar 2022 A$113.68 – 36,042 – – – 36,042 36,042 31 Dec 2026 – – –

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Annual Report on Form 20-F 2022 \| riotinto.com134 Name Award/ grant date Market price at award1,2 1 January 2022 Awarded Lapsed/ cancelled Dividend units Vested 31 December 2022 3 February 2023 Vesting period concludes Date of release Market price at release Market value of award at release US$3 Jakob Stausholm Bonus Deferral Awards 16 Mar 2020 £33.58 13,454 – – 3,416 (16,870) – – 1 Dec 2022 1 Dec 2022 £55.71 1,162,707 18 Mar 2021 £55.58 9,680 – – – – 9,680 9,680 1 Dec 2023 – – – 23 Mar 2022 £58.00 – 13,017 – – – 13,017 13,017 1 Dec 2024 – – – Performance Share Awards4 10 Sep 2018 £35.16 29,886 – – – – 29,886 29,886 31 Dec 2022 – – – 18 Mar 2019 £42.67 79,609 – – – – 79,609 79,609 31 Dec 2023 – – – 16 Mar 2020 £33.58 74,711 – – – – 74,711 74,711 31 Dec 2024 – – – 18 Mar 2021 £55.58 103,510 – – – – 103,510 103,510 31 Dec 2025 – – – 23 Mar 2022 £58.00 – 85,126 – – – 85,126 85,126 31 Dec 2026 – – – Simon Trott Bonus Deferral Awards 16 Mar 2020 £33.58 9,615 – – 2,441 (12,056) – – 1 Dec 2022 1 Dec 2022 £55.71 830,919 18 Mar 2021 £55.58 6,392 – – – – 6,392 6,392 1 Dec 2023 – – – 23 Mar 2022 A$113.68 – 5,494 – – – 5,494 5,494 1 Dec 2024 – – – Performance Share Awards4 9 Mar 2017 A$60.14 8,085 – (2,695) 1,477 (6,867) – – 31 Dec 2021 24 Feb 2022 A$115.13 549,412 15 May 2018 £42.30 57,188 – – – – 57,188 57,188 31 Dec 2022 – – – 18 Mar 2019 £42.67 50,598 – – – – 50,598 50,598 31 Dec 2023 – – – 16 Mar 2020 £33.58 52,838 – – – – 52,838 52,838 31 Dec 2024 – – – 18 Mar 2021 £55.58 49,571 – – – – 49,571 49,571 31 Dec 2025 – – – 23 Mar 2022 A$113.68 – 38,204 – – – 38,204 38,204 31 Dec 2026 – – – Ivan Vella Bonus Deferral Awards 16 Mar 2020 A$77.65 1,201 – – 285 (1,486) – – 1 Dec 2022 1 Dec 2022 A$110.55 114,162 18 Mar 2021 £55.58 1,525 – – – – 1,525 1,525 1 Dec 2023 – – – 18 Mar 2022 £58.00 – 5,288 – – – 5,288 5,288 1 Dec 2024 – – – Management Share Awards 18 Mar 2019 A$93.32 2,856 – – 513 (3,369) – – 24 Feb 2022 24 Feb 2022 A$115.13 269,545 16 Mar 2020 A$77.65 1,931 – – – – 1,931 1,931 23 Feb 2023 – – – Performance Share Awards4 9 Mar 2017 A$60.14 8,149 – (2,717) 1,489 (6,921) – – 31 Dec 2021 24 Feb 2022 A$115.13 553,732 15 May 2018 A$83.61 13,376 – – – – 13,376 13,376 31 Dec 2022 – – – 18 Mar 2019 A$93.32 8,570 – – – – 8,570 8,570 31 Dec 2023 – – – 16 Mar 2020 A$77.65 3,862 – – – – 3,862 3,862 31 Dec 2024 – – – 18 Mar 2021 £55.58 51,025 – – – – 51,025 51,025 31 Dec 2025 – – – 23 Mar 2022 £58.00 – 41,731 – – – 41,731 41,731 31 Dec 2026 – – – 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 2022 was £57.09 for Rio Tinto plc and A$113.74 for Rio Tinto Limited and for Performance Share Awards was £25.67 for Rio Tinto plc and A$51.24 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$1.23715 = £1 and US$0.69493 = A$1, being the average exchange rates for 2022. 4. For the PSA granted on 15 May 2018 with a performance period that concluded on 31 December 2022, 100% of the award vested. 5. The closing price on 31 December 2022 was £57.98 for Rio Tinto plc ordinary shares and was A$116.41 for Rio Tinto Limited ordinary shares. The high and low prices during 2022 of Rio Tinto plc and Rio Tinto Limited shares were £63.43 and £44.24 and A$128.55 and A$87.60 respectively. 6. As of 3 February 2023, the above members of the Executive Committee held 1,556,833 shares awarded and not vested under long-term incentive plans. No Executive Committee member held any options. Implementation report continued

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135Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Table 3a – Plan interests (award of shares under all-employee share arrangements) myShare UK Share Plan Total activity in 2022 Plan interests at 1 January 20221 Value of Matching shares awarded in year2 ('000) Value of Matching shares vested in year3 ('000) Value of Matching shares awarded in year2 ('000) Value of Matching shares vested in year3 ('000) Value of Free shares awarded in year4 ('000) Value of Free shares vested in year4 ('000) Grants in year ('000) Vesting in year ('000) Plan interests at 31 December 20221 Bold Baatar 416.65 2 4 2 0 4 6 8 10 388.52 Alfredo Barrios 191.37 5 5 0 0 0 0 5 5 196.41 Peter Cunningham 322.79 2 2 0 0 4 6 6 8 300.52 Sinead Kaufman 166.08 4 4 0 0 0 0 4 4 158.69 Jakob Stausholm 327.89 2 1 2 1 4 2 8 4 388.52 Simon Trott 82.86 0 5 0 0 0 0 0 5 0.00 Ivan Vella 141.74 4 4 0 0 0 0 4 4 152.89 1. All shares shown are Rio Tinto plc shares except in the case of Sinead Kaufman who holds Rio Tinto Limited shares. Simon Trott and Ivan Vella who hold a combination of Rio Tinto plc and 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 three years. 4. UK Share Plan Free shares vest after three 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 US$ and rounded. 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: Sam Laidlaw People & Remuneration Committee Chair 22 February 2023

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Annual Report on Form 20-F 2022 \| riotinto.com136 Additional statutory disclosure The Directors present their report and audited consolidated financial statements for the year ended 31 December 2022. 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 338-347 are hereby incorporated by reference to, and form part of, this Directors' report. – The Strategic report on pages 1-87 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 24 to the Group 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 material 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 110-135, 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 338-339. Operating and financial review Rio Tinto's principal activities during 2022 were mining minerals and metals throughout the lifecycle from exploration, development, mining and processing, marketing, and repurposing and renewing our assets to create a positive legacy. Subsidiary and associated undertakings, principally affecting the profits or net assets of the Group in the year, are listed in notes 30-32 to the financial statements. The following significant changes and events affected the Group during 2022 and up to the date of this report: – In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project and required all related permits to be revoked. – In January 2022, we announced that we had reached an agreement with Turquoise Hill Resources Ltd (TRQ) and the Government of Mongolia that would move the Oyu Tolgoi project forward, resetting the relationship between the partners and increasing the value the project delivers for Mongolia. Following this, we fired the first and second drawbells from the Hugo North copper-gold underground mine at Oyu Tolgoi in Mongolia. – In February 2022, we published a comprehensive external review of our workplace culture, part of the work being undertaken by Rio Tinto's Everyday Respect task force launched to better understand, prevent and respond to harmful behaviours. – In February 2022, we announced that we were reviewing the preliminary findings that Energy Resources of Australia Ltd released from its forecast of the cost and schedule for the Ranger rehabilitation project in Australia's Northern Territory, which have been subject to independent review. – In February 2022, we announced an agreement with the Yinhawangka Aboriginal Corporation on a new co-designed management plan to ensure the protection of significant social and cultural heritage values. This is part of our proposed development of the Western Range iron ore project in the Pilbara region of Western Australia. – In February 2022, we released our 2021 Climate Change Report, including our Climate Action Plan, to the Australian Securities Exchange. – In February 2022, we announced changes to the estimates of Ore Reserves and Mineral Resources at our Winu project in Western Australia; at our aluminium operations at Weipa; and our Jadar project in Serbia. – In February 2022, we announced that Hinda Gharbi had notified the Board of her intention to step down as a Non-Executive Director of Rio Tinto at the conclusion of the Rio Tinto plc AGM on 8 April 2022. – In March 2022, we announced that we had reached a settlement with the Australian Securities and Investment Commission (ASIC) regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto's 2012 year-end accounts. – In March 2022, we announced that we had made a non-binding all-cash proposal to the TRQ Board to acquire the approximately 49% of the issued and outstanding shares of TRQ that we did not then own. – In March 2022, we announced the lifting of force majeure on customer contracts at Richards Bay Minerals in South Africa. Force majeure commenced on 30 June 2021 following a deterioration in the security situation. – In March 2022, we announced that we had completed the acquisition of the Rincon Lithium Project in Argentina for $825 million, following approval from Australia's Foreign Investment Review Board (FIRB). Consequently, the Board approved $194 million to develop a small starter battery-grade lithium carbonate plant with a capacity of 3,000 tonnes per year and first saleable production in 2024. – In May 2022, we signed an amendment of the previously agreed funding plan with TRQ (9 April 2021) in order to provide liquidity of up to $400 million in short-term early advances, while the Special Committee of TRQ evaluated Rio Tinto's C$34 per share all-cash proposal to acquire the approximately 49% of the issued and outstanding shares of TRQ that Rio Tinto did not then own. – In May 2022, we signed a Heads of Agreement with the Puutu Kunti Kurrama and Pinikura (PKKP) people that will guide the co-management of PKKP country where mining takes place.

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137Annual Report on Form 20-F 2022 \| riotinto.com Directors' report – In May 2022, we announced that we had published our report on payments to governments made by Rio Tinto plc and its subsidiary undertakings for the year ended 31 December 2021, as required under the UK's Report on Payments to Governments Regulations 2014 (as amended in December 2015), and it had been filed at Companies House. We paid US$13.3 billion of taxes and royalties and a further US$1.5 billion on behalf of our employees during 2021. – In June 2022, we announced that we had delivered first ore from the Gudai-Darri iron ore mine as the company brought online its first greenfield mine in the Pilbara, Western Australia, in more than a decade. Gudai-Darri will help underpin future production of our flagship Pilbara Blend™ product. – In July 2022, we announced that agreement had been reached with the Australian Taxation Office (ATO) on all tax matters in dispute. – In July 2022, we announced that the Government of the Republic of Guinea, Winning Consortium Simandou (WCS) and Rio Tinto Simfer had incorporated La Compagnie du TransGuinéen (The TransGuinean Company) to further progress plans to co-develop the multi-purpose and multi-user infrastructure for the Simandou iron ore project. – In August 2022, we announced that we had completed the sale of a royalty we hold on an area including the Cortez mine operational area and the Fourmile development project in Nevada to RG Royalties LLC, a direct wholly-owned subsidiary of Royal Gold Inc., for $525 million in cash. – In August 2022, we noted, with disappointment, the TRQ announcement that indicated that the TRQ Special Committee had terminated its review of Rio Tinto's non-binding proposal to acquire full ownership of TRQ for C$34 in cash per TRQ share. – In August 2022, we announced that we had submitted an improved non-binding proposal of C$40 per share to the TRQ Board to acquire the approximately 49% of the issued and outstanding shares of TRQ that we did not then own. – In September 2022, we announced that we and TRQ Resources Ltd had reached an agreement in principle for Rio Tinto to acquire the approximately 49% of the issued and outstanding common shares of TRQ that we did not then own for C$43 per share in cash. The agreement had the unanimous approval of the independent Special Committee of TRQ's Board of Directors and valued the TRQ minority share capital at approximately US$3.3 billion. – In September 2022, we announced that we had entered into a binding agreement to acquire all of the remaining shares of TRQ that we did not then own. – In September 2022, we announced that we (54%) and China Baowu Steel Group Co. Ltd (Baowu) (46%) had agreed to enter into a joint venture with respect to the Western Range iron ore project in the Pilbara, Western Australia, investing $2 billion ($1.3 billion Rio Tinto share) to develop the mine. – In September 2022, we announced that we had approved a $55 million investment in development capital to start underground mining and expand production at our Kennecott copper operations in Utah, US. – In October 2022, we announced that we had published our second progress report on Communities and Social Performance (CSP) practices, which included direct feedback from Traditional Owners and detailed the actions the company has taken to rebuild relationships with Indigenous peoples and external stakeholders. – In October 2022, we announced that we (50%) and Wright Prospecting Pty Ltd (50%) had agreed to modernise the joint venture covering the Rhodes Ridge project in the East Pilbara in Western Australia, home to one of the world's largest and highest quality undeveloped iron ore deposits. – In November 2022, we reached agreement with certain shareholders of TRQ. Under the agreement, the shareholders agreed to withhold their votes at the TRQ Special Meeting and exercise their dissent rights in respect of our acquisition by plan of arrangement. The shareholders were to be paid C$34.40 of the consideration following completion of the acquisition. – In November 2022, we signed an updated agreement with Yindjibarndi Aboriginal Corporation aimed at strengthening ties and delivering improved social and economic outcomes for Yindjibarndi people for generations to come. – In November 2022, we and the PKKP Aboriginal Corporation agreed to create the Juukan Gorge Legacy Foundation after signing a remedy agreement regarding the tragic destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region of Western Australia in 2020. – In November 2022, we declared our intent to invest a further $600 million in renewable energy assets in the Pilbara as part of the company's efforts to decarbonise its Western Australian iron ore operations. – In December 2022, we announced that we had received the required support from TRQ shareholders for our proposed acquisition of the approximately 49% of the issued and outstanding shares of TRQ that we did not then own. We subsequently announced the completion of the acquisition for a consideration of approximately $3.1 billion. – In December 2022, we announced the appointment of Kaisa Hietala to the Board as a Non-Executive Director. Ms Hietala, a Finnish citizen, will join the Board on 1 March 2023. In 2022 and 2021, the Group did not receive any public takeover offers from third parties in respect of Rio Tinto plc shares or Rio Tinto Limited shares. In 2022, Rio Tinto made, had accepted and completed a takeover offer for all of the remaining shares of TRQ that we did not own. Details regarding the offer, including the price, exchange terms and closing date, are disclosed above. 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 risk factors are listed on pages 79-86. The Group's approach to risk management is discussed on pages 76-78. Share capital Details of the Group's share capital as at 31 December 2022 are described in note 34 to the financial statements. Details of the rights and obligations attached to each class of shares are covered on pages 338-339, under the heading "Voting arrangements". In situations where an employee share plan is operated by the company and plan participants are the beneficial owners of shares but not the registered owners, voting rights are normally exercised by the registered owner at the direction of the participant. Details of certain restrictions on holding shares in Rio Tinto and certain consequences triggered by a change of control are described on page 339 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 shares held under certain employee share plans while they remain subject to the plan.

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Annual Report on Form 20-F 2022 \| riotinto.com138 At the AGMs held in 2022, shareholders authorised: – The on-market purchase by Rio Tinto plc or Rio Tinto Limited or its subsidiaries of up to 124,921,573 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 124,921,573 Rio Tinto plc shares acquired by Rio Tinto Limited or its subsidiaries under the above authority. – The off-market and/or 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 340. Dividends Details of dividends paid and declared for payment, together with the company's shareholder returns policy, can be found on pages 30-31. Directors and executives The names of Directors and their periods of appointment are listed on pages 90-91, 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 2022 is on page 101. Previous listed directorships Details of each Director's previous directorships of other listed companies (where relevant) held in the past three years are set out below: Simon Henry: Lloyds Banking Group plc (June 2014 to September 2020). Directors' and executives' beneficial interests A table of Directors' and executives' beneficial interests in Rio Tinto shares is on page 132. Secretaries Steve Allen is Company Secretary of Rio Tinto plc and Joint Company Secretary, together with Tim Paine, of Rio Tinto Limited. Steve's and Tim's qualifications and experience are described on page 91. 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 Joint 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 2022 and up to the date of this report. During 2022, Rio Tinto paid legal costs under the terms of those indemnities for certain former Directors and officers totalling $8,121,580. Qualifying pension scheme indemnity provisions (as defined by section 235 of the UK Companies Act 2006 and other applicable legal jurisdictions) were in force during the course of the financial year ended 31 December 2022 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. Labour relations We also work together with our employees and their unions, and we seek fair solutions while maintaining the competitiveness of our managed operations. In 2022, we had no union activity. 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 who acquire a disability and we seek to implement the accommodations they need to fulfil their role, or an alternative role if required. Our 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 consider applications based on the job requirements without discriminating on grounds of disability. It also explains how we ensure our people are trained to perform their roles. More information can be found on our website riotinto.com. 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. Engagement with UK employees Our statement on engagement with UK employees is on page 95. 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 page 98. 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 194,321 Rio Tinto plc ordinary shares and 30,162 American Depository Receipts (ADRs) for the 2021 final dividend, and on 111,443 Rio Tinto plc ordinary shares and 35,132 ADRs for the 2022 interim dividend (2021: on 101,752 Rio Tinto plc ordinary shares and 27,873 ADRs for the 2020 final dividend and on 91,008 Rio Tinto plc ordinary shares and 27,501 ADRs for the 2022 interim dividend; 2020: on 258,779 Rio Tinto plc ordinary shares and 28,743 ADRs for the 2019 final dividend and on 171,213 Rio Tinto plc ordinary shares and 29,634 ADRs for the 2020 interim dividend). In 2022, 2021 and 2020, 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 36,517 Rio Tinto Limited ordinary shares for the 2021 final dividend and on 31,368 shares for the 2022 interim dividend (2021: on 45,250 shares for the 2020 final dividend and 33,531 shares for the 2021 interim dividend; 2020: on 98,065 shares for the 2019 final dividend and 84,377 shares for the 2020 interim dividend). Additional statutory disclosure continued

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139Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Purchases Rio Tinto plc shares of 10p each and Rio Tinto plc American Depositary Receipts (ADRs) Total number of shares purchased1 Average price per share US$2 Total number of shares purchased to satisfy company dividend reinvestment plans Total number of shares purchased to satisfy employee share plans Total number of shares purchased as part of publicly announced plans or programmes3 Maximum number of shares that may be purchased under plans or programmes 2022 1 to 31 Jan – – – – – 124,768, 1905 1 to 28 Feb – – – – – 124,768, 1905 1 to 31 Mar – – – – – 124,768, 1905 1 to 30 Apr 1,073,041 73.20 763,637 309,404 – 124,921, 5736 1 to 31 May – – – – – 124,921, 5736 1 to 30 Jun 35,804 69.61 – 35,804 – 124,921, 5736 1 to 31 Jul – – – – – 124,921, 5736 1 to 31 Aug – – – – – 124,921, 5736 1 to 30 Sep 930,207 51.77 657,070 273,137 – 124,921, 5736 1 to 31 Oct – – – – – 124,921, 5736 1 to 30 Nov – – – – – 124,921, 5736 1 to 31 Dec 157,457 68.97 – 157,457 – 124,921, 5736 Total 2,196, 5094 63.77 1,420,707 775,802 – – 2023 1 to 31 Jan – – – – – 124,921, 5736 1 to 04 Feb – – – – – 124,921, 5736 Rio Tinto Limited shares Total number of shares purchased1 Average price per share $2 Total number of shares purchased to satisfy company dividend reinvestment plans Total number of shares purchased to satisfy employee share plans7 Total number of shares purchased as part of publicly announced plans or programmes3 Maximum number of shares that may be purchased under plans or programmes 2022 1 to 31 Jan – – – – – 55,600, 0008 1 to 28 Feb – – – – – 55,600, 0008 1 to 31 Mar – – – – – 55,600, 0008 1 to 30 Apr 1,411,801 79.60 1,132,966 278,835 – 55,600, 0008 1 to 31 May – – – – – 55,600, 0009 1 to 30 Jun 12,576 77.21 – 12,576 – 55,600, 0009 1 to 31 Jul – – – – – 55,600, 0009 1 to 31 Aug – – – – – 55,600, 0009 1 to 30 Sep 1,297,129 59.28 894,287 402,842 – 55,600, 0009 1 to 31 Oct – – – – – 55,600, 0009 1 to 30 Nov – – – – – 55,600, 0009 1 to 31 Dec 860,779 77.98 – 860,779 – 55,600, 0009 Total 3,582,285 71.85 2,027,253 1,555,032 – – 2023 1 to 31 Jan – – – – – 55,600, 0009 1 to 03 Feb – – – – – 55,600, 0009 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 programme. 4. This figure represents 0.175% of Rio Tinto plc issued share capital at 31 December 2022. 5. At the Rio Tinto plc AGM held in 2021, shareholders authorised the on-market purchase by Rio Tinto plc, and Rio Tinto Limited and its subsidiaries of up to 124,768,190 Rio Tinto plc shares. This authorisation expired at the 2022 AGM on 8 April 2022. 6. At the Rio Tinto plc AGM held in 2022, shareholders authorised the on-market purchase by Rio Tinto plc, and Rio Tinto Limited and its subsidiaries of up to 124,921,573 Rio Tinto plc shares. This authorisation will expire on the later of 7 July 2023 or the date of the 2023 AGM. 7. The average price of shares purchased on-market by the trustee of Rio Tinto Limited's employee share trust during 2022 was $73.54. 8. At the Rio Tinto Limited AGM held in 2021, shareholders authorised the off-market and/or on-market buy-back of up to 55.6 million Rio Tinto Limited shares. 9. At the Rio Tinto Limited AGM held in 2022, shareholders authorised the off-market and/or on-market buy-back of up to 55.6 million Rio Tinto Limited shares.

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Annual Report on Form 20-F 2022 \| riotinto.com140 Statutory Audit Services Order The Group has fully complied with the Statutory Audit Services Order. Political donations Rio Tinto prohibits the use of its funds to support political candidates or parties. No political donations were made by the Group for political purposes during the year. In the US, in accordance with the United States 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 law 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 five employee members on a voluntary basis. In 2022, contributions to Rio Tinto America PAC by 13 employees amounted to $6,158.80, and Rio Tinto America PAC donated $23,500 in political contributions in 2022. 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. Rio Tinto measures its performance against environmental regulation by tracking and rating incidents according to their actual environmental and compliance impacts using five severity categories (minor, medium, serious, major or catastrophic). Incidents with a consequence rating of major or catastrophic are of a severity that requires notification to the relevant product group Chief Executive and the Rio Tinto Chief Executive immediately after the incident occurring. In 2022, there were no environmental incidents at managed operations with a major or catastrophic impact. During 2022, eight managed operations incurred fines amounting to $109,782 (2021: $7,414). Details of these fines are reported in the Sustainability section of this report on page 70. Australian corporations that exceed specific greenhouse gas (GHG) emissions or energy use thresholds have obligations under the Australian 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 2022 deadline. Further information on the Group's environmental performance is included in the Sustainability section of this Form 20-F, on pages 46-75, and at riotinto.com. Energy efficiency action Details of the measures taken to increase the company's energy efficiency are reported on pages 50, 63 and 80-81 of this report. Energy consumption1, 2, 3 Energy consumption in GWh 2022 20215 From activities including the combustion of fuel and the operation of facilities 84,911 83,424 From the net purchase of electricity, heat, steam or cooling 25,256 26,003 Total energy consumed4 110,167 109,428 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. 3. Data reported is 100% managed basis, without adjustment for equity interest. 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 t CO2e)6, 7, 8 2022 2021 Scope 19 22.8 22.8 Scope 210 7.5 8.2 Net GHG emissions11 30.3 31.0 Operational emissions intensity (tCO2e/t Cu-eq)(equity)12 6.2 6.3 6. Rio Tinto's GHG emissions for our operations (equity share) are reported in accordance with the requirements under Part 7 of the UK Companies Act 2006 (Strategic report and Directors' report) Regulations 2013. Our approach and methodology used for the determination of these emissions are available at riotinto.com. 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, March 2004. 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 emissions include emissions from combustion of fuel and operation of our facilities (equity share basis). These include emissions from land management and livestock management at those facilities. 10. Scope 2 emissions include emissions from the purchase of electricity, heat, steam or cooling at our facilities (equity share basis). 11. Total emissions is the sum of Scope 1 and Scope 2 emissions. These emissions exclude indirect emissions associated with transportation and use of our products reported at riotinto.com. 12. Historical information for copper equivalent intensity has been restated in line with the 2021 review of commodity pricing to allow comparability over time. Exploration, research and development The Group carries out exploration, research and development, described in the Innovation section on pages 34-35. Exploration and evaluation costs, net of any gains and losses on disposal, generated a net loss before tax of $896 million (2021: $719 million). Research and development costs were $76 million (2021: $65 million). Financial instruments Details of the Group's financial risk management objectives and policies, and exposure to risk, are described in note 24 to the financial statements. 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 Financial statements The Directors are required to prepare financial statements for each financial period that give a true and fair view of the state of the Group at the end of the financial period, together with profit or loss and cash flows for that period. This includes preparing financial statements in accordance with UK-adopted international accounting standards, applicable UK law (Companies Act 2006), Australian law (Australian Corporations Act 2001) as amended by the ASIC class order and preparing a Remuneration report that includes the information required by Regulation 11, Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended) and the Australian Corporations Act 2001. In addition, the UK Corporate Governance Code recommends that the Board provides a fair, balanced and understandable assessment of the company's position and prospects in its external reporting. Rio Tinto's management conducts extensive review and challenge in support of the Board's obligations, aiming to strike a balance between positive and negative statements and provide good linkages throughout the Annual Report. Additional statutory disclosure continued

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141Annual Report on Form 20-F 2022 \| riotinto.com Directors' report The Directors were responsible for the preparation and approval of the Annual Report for the year ended 31 December 2022. They consider the Annual Report, taken as a whole, to be fair, balanced and understandable, and that it provides the information necessary for shareholders to assess the Group's position, performance, business model and strategy. The Directors are responsible for maintaining proper accounting records, in accordance with UK and Australian legislation. They have a general responsibility to safeguard the assets of the Group, and to prevent and detect fraud and other irregularities. The Directors are also responsible for ensuring that appropriate systems are in place to maintain and preserve the integrity of the Group's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from current and future legislation in other jurisdictions. The work carried out by the Group's external auditors does not take into account such legislation and, accordingly, the external auditors accept no responsibility for any changes to the financial statements after they are made available on the Group's website. The Directors, senior executives, senior financial managers and other members of staff who are required to exercise judgment while preparing the Group's financial statements, are required to conduct themselves with integrity and honesty and in accordance with the highest ethical standards, as are all Group employees. The Directors consider that the 2022 Annual Report presents a true and fair view and has been prepared in accordance with applicable accounting standards, using the most appropriate accounting policies for Rio Tinto's business, and supported by reasonable judgments and estimates. The accounting policies have been consistently applied as described on pages 148-155, and Directors have received a written statement from the Chief Executive and the Chief Financial Officer to this effect. In accordance with the internal control requirements of the Code and the ASX Principles, this written statement confirms that the declarations in the statement are founded on a sound system of risk management and internal controls, and that the system is operating effectively in all material respects in relation to financial reporting risks. Disclosure controls and procedures The Group maintains disclosure controls and procedures, as defined in 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 effective at a reasonable assurance level. Management's report on internal control over financial reporting Management is responsible for establishing and maintaining adequate internal controls 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 148. The Group's internal controls 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. – 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. Due to inherent limitations, internal controls over financial reporting cannot provide absolute assurance. Similarly, these controls may not prevent or detect all misstatements, whether caused by error or fraud, within each of Rio Tinto plc and Rio Tinto Limited. There were no changes to internal controls over financial reporting during the relevant period that have materially affected, or were reasonably likely to materially affect, the internal control over financial reporting of Rio Tinto plc and Rio Tinto Limited. Management's evaluation of the effectiveness of the company's internal controls 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. Following this evaluation, management concluded that our internal controls over financial reporting were effective as at 31 December 2022. 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 pages 106-107 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 78. 2023 AGMs The 2023 AGMs will be held on 6 April in London, UK and 4 May in Perth, Australia. Separate notices of the 2023 AGMs will be produced for the shareholders of each company. Directors' approval statement The Directors' report is delivered in accordance with a resolution of the Board. Dominic Barton Chair 22 February 2023

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Annual Report on Form 20-F 2022 \| riotinto.com142 Compliance with governance codes and standards Application of and compliance with governance codes and standards This section sets out our compliance with the applicable governance codes and standards. As our shares are listed on both the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE), we set out how we have complied with the codes and standards of those bodies on the following pages: London Stock Exchange – UK Corporate Governance Code (2018 version) (the UK Code), see pages 142-144. Australian Securities Exchange – ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (4th edition) (the ASX Principles), see pages 144-146. In addition, as explained below, as a foreign private issuer (FPI) with American Depositary Receipts (ADRs) listed on the New York Stock Exchange (NYSE), we need to report any significant corporate governance differences from the NYSE listing standards (NYSE Standards) followed by US companies. Statement of compliance with the UK Code and ASX Principles Throughout 2022 and as at the date of this report, the Group has applied the Principles of the UK Code and the ASX Principles. The UK Code is available at www.frc.org.uk, and the ASX Principles at www.asx.com/au. For the purposes of ASX Listing Rule 4.10.3 and the ASX Principles, pages 89-109 of this report form our "Corporate Governance Statement". This statement is current as at 22 February 2023, unless otherwise indicated, and has been approved by the Board. Corporate governance documents and policies referenced can be found at riotinto.com/invest/corporate-governance. We have complied with all relevant provisions of the UK Code and ASX Principles throughout 2022, with the exception only of the independent third-party evaluation element of Code Provision 21. As set out in the Chair's introduction on page 89, having undertaken a comprehensive strategic governance review in 2022, it was decided it would be more beneficial to defer the independent third-party evaluation of the Board so that it could take place once these governance enhancements were fully embedded in 2023. Difference from NYSE Standards We have reviewed the NYSE Standards and consider that our practices are broadly consistent with them, with 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. Our Nominations Committee does not develop corporate governance principles for the Board's approval. The Board itself develops such principles. – 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 programme (myVoice) enables employees to raise any concerns confidentially or anonymously. The Board has responsibility to ensure that the programme is in place and to review the reports arising from its operations. The UK Code Board leadership and company purpose A. Making the Board effective Our Board provides effective and entrepreneurial leadership. It is collectively responsible for the stewardship and long-term success of the Group. There is a framework of prudent and effective controls that enable risk to be assessed and managed. The Sustainability section on pages 46-75 sets out how we assess our impact on wider society. See page 99 for the key activities undertaken by the Board during the year and the factors that were considered when making decisions. In 2022, the Board undertook a governance review of the composition of the Board, as well as a strategic governance review. Further details can be found on page 101. B. The company's purpose, values and strategy and alignment with culture Through our Code of Conduct – The Way We Work, the Board sets the company's purpose, values, and standards for the Group's employees. Our values are set out on page 16. The Board is committed to acting in accordance with these values, championing and embedding these in the organisation. The Board also seeks to ensure that the culture of the company is aligned with these values and standards. C. Company performance and risk management The Board leads the development of long-term investment plans for the company. It aims to make good quality decisions at the right time, to achieve the company's objectives, in alignment with our purpose, values and strategy. The role of the Board in establishing and monitoring the internal control environment is set out in the Audit & Risk Committee report on pages 104-107. The way in which the company manages risk is set out on pages 76- 86. For information on the delegation of business to management, please refer to pages 92-93. The formal schedule of matters reserved for the Board's decision, available at riotinto.com, covers areas including: setting the Group's purpose and strategic vision; monitoring performance of the delivery of the approved strategy; approving major investments, acquisitions and divestments; the oversight of risk and the setting of the Group's risk appetite; and reviewing the Group's governance framework. D. Stakeholder engagement The Chair undertakes regular engagement with our major shareholders, in addition to that carried out by the Chief Executive, the Chief Financial Officer and the investor relations team. The committee Chairs also engage with their relevant stakeholders; details of this engagement are provided in each of the committee reports. We have mapped our key stakeholders and continually work to understand their views, and we take account of our responsibilities to our stakeholders when making business decisions. We explain more about this in our section 172(1) statement, set out on pages 95-98. We also discuss stakeholders in the Strategic report on pages 18-19 and in the Sustainability section. Simon McKeon is the designated Non-Executive Director for workforce engagement. An overview of workforce engagement during 2022 is set out on page 95. At Rio Tinto plc's AGM on 8 April 2022, Resolution 20 ("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 programmes over the last four years. This places Chinalco close to the 14.99% threshold agreed with the Australian Government at the time of Chinalco's original investment in 2008. E. Our workforce policies and practices Group workforce policies are approved by the Board. All the policies relating to our workforce take account of the global nature of our company. Our whistleblowing process is overseen by the Board. Every member of the workforce has access to the whistleblower programme (myVoice); details of this programme are on page 74.

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143Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Division of responsibilities F. The role of the Chair The Chair leads the Board and is responsible for its overall effectiveness. He was independent on the date of his appointment and we consider he remains independent for the purposes of the Code. This was also the case for our former Chairman, Simon Thompson, who stepped down on 5 May 2022. The Chair recognises the importance of creating a boardroom culture that encourages openness and debate and ensures constructive relations between executive and Non-Executive Directors. The Chair is responsible for: the management of the Board and its committees; Director performance; induction; training and development; succession planning; engagement with external stakeholders; and attendance by the Board at shareholder meetings. The Chair is supported by the Senior Independent Directors, the Group Company Secretary and the Chief Executive. In line with the UK Code, the Senior Independent Director, Rio Tinto plc is responsible for acting as a sounding board for the Chair and engages with shareholders to develop a balanced understanding of their interests and concerns. For further details, please see our Board Charter on riotinto.com, which sets out the role, responsibilities, structure, compositions and conduct of the Board, as well as the role of the Chair, the Senior Independent Director, Rio Tinto plc and the Senior Independent Director, Rio Tinto Limited. G. Composition of the Board As at the date of this report, the Board comprises ten members: seven independent Non-Executive Directors, the Chair, the Chief Executive, and the Chief Financial Officer. As detailed in the Nominations Committee report, we engaged Spencer Stuart to support the search for four new Non-Executive Directors, including Kaisa Hietala who will join the Board on 1 March 2023. The Committee is satisfied that Spencer Stuart does not have any connections with the company or individual Directors that may impair their independence. The Board is satisfied that it has the appropriate balance of skills, experience, independence, and knowledge of the company to enable its members to discharge their respective duties and responsibilities effectively, and that no individual or group can dominate the Board's decision making. There is a clear division of responsibilities between the leadership of the Board and the executive leadership of our business. The Chief Executive is responsible for the day-to-day management of the business and, under a Group delegation of authority framework, delegates to other members of the Executive Committee. Megan Clark has agreed to remain a Non- Executive Director for a further year and will stand for re-election at our 2023 AGMs. On 20 November 2024, Megan will have served for over nine years as a Non-Executive Director on the Board. Megan is Chair of the Sustainability Committee and one of the longest serving Directors on our Board, with significant mining industry experience. In this period of Board renewal, it is critically important that the Board continues to benefit from Megan's knowledge and experience. The Board is of the view that Megan continues to make a significant and valuable contribution in the boardroom. In accordance with Code Provision 10, the Board has considered Megan's continuing independence and is satisfied that Megan remains independent. Details of the Board renewal can be found in the Nominations Committee report on page 102. H. Role of Non-Executive Directors We list all of the Non-Executive Directors that we consider to be independent on pages 90-91 of this report. Over 50% of the Board (excluding the Chair) are Non-Executive Directors. The Non-Executive Directors constructively challenge and help develop proposals on strategy. They are also responsible for scrutinising management performance and ensuring that financial information, risks and controls, and systems of risk management are robust. In order to enhance Board engagement in Australia, the role of Senior Independent Director Rio Tinto Limited was established in 2021. Simon McKeon was appointed to this position and the terms of this appointment were agreed on by the Board. Each Director has undertaken to allocate sufficient time to the Group in order to discharge their responsibilities effectively, and this is kept under review by the Nominations Committee. The Directors' other appointments are listed on pages 90-91. I. Board processes and role of the Company Secretary The governance framework on page 100 explains the governance structure of the Board and sets out the relationship with the Chief Executive. The roles and responsibilities of each committee are explained. The Board insights section provides some examples of the decision-making process of the Board and the steps it takes to function effectively, including how it considers stakeholders in this process. The Group Company Secretary is the trusted interlocutor within the Board and its committees, and between senior leadership and the Non-Executive Directors. He is responsible for advising the Board, through the Chair, on all governance matters. He supports the Chair in ensuring that the information provided to the Board is of sufficient quality and appropriate detail in order for the Board to function effectively and efficiently. Composition, succession and evaluation J. Appointments to the Board The Nominations Committee ensures a formal, rigorous and transparent procedure for the appointment of new Directors. It is also responsible for Board succession planning, regularly assessing the balance of skills, experience, diversity and capacity required to oversee the delivery of Rio Tinto's strategy. This year, the Nominations Committee oversaw the appointment of our new Non-Executive Director, Kaisa Hietala, effective 1 March 2023, and the ongoing search for more Non-Executive Directors. Details of this process are provided in the Nominations Committee report on page 103. The Nominations Committee also reviews proposed appointments to the Executive Committee but has ceded responsibility to the full Board for the process and monitoring of Executive Committee succession planning. As a result, the Board has launched a longer-term succession planning process for the Executive Committee, including the roles of the Chief Executive and the Chief Financial Officer. Further details can be found on page 102. All Non-Executive Directors are members of the Nominations Committee. The Committee is chaired by the Chair, apart from when the Committee is dealing with the appointment of his or her successor. Only the Chair and Committee members have the right to attend the meetings of the Nominations Committee; attendance by all other individuals is by invitation only. The Nominations Committee report sets out the Board's approach to succession planning and how this supports the development of a diverse pipeline, at all levels. All Directors are subject to annual re-election at the AGMs. Details of external search consultancies used for Board appointments can be found in the Nominations Committee report on page 103. K. Skills, experience and knowledge of the Board and its committees In our succession planning, we aim to bring a diverse and complementary range of skills, knowledge and experience to the Board, so that we are equipped to navigate the operational, social, regulatory and geopolitical complexity in which our business operates. Achieving the right blend of skills and diversity to support effective decision making is a continuing process. Further details of tenure and experience of the Board are set out in the Nominations Committee report on page 103. The Board biographies set out the specific skills and experience that each Director brings to the Board (pages 90-91). L. Board evaluation The performance of the Board, its committees and individual Directors is evaluated annually. In accordance with Code Provision 21, every third year, an external adviser is engaged to carry out a formal independent evaluation of the Board and its committees. An independent evaluation by an external adviser was due to be undertaken in 2022. However, following the appointment of our new Chair in 2022, a comprehensive strategic governance review of the Board and committees was carried out. This review focused on the composition of the Board, the balance of skills and experience and how Directors should best spend their time supporting the new Group strategy

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in the context of greater uncertainty and potential risk. Given the timing of this review, a decision was made to defer the external Board evaluation to 2023. For more information see page 101.

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Annual Report on Form 20-F 2022 \| riotinto.com144 Audit, risk and internal control M. Internal and external audit The Audit & Risk Committee monitors the independence and effectiveness of the Internal Audit function and external auditors. The Committee is responsible for reviewing key judgments within the Group's financial statements and narrative reporting, with the aim of maintaining the integrity of the Group's financial reporting. For further detail, please refer to the Audit & Risk Committee report on pages 104-107. The appointment of KPMG as external auditor for the 2022 financial year was approved by shareholders at our AGMs in 2022. N. Fair, balanced and understandable assessment The Board is responsible for the presentation of a fair, balanced and understandable assessment of the company's position and prospects, not only in the Annual Report. We have a robust process in place, including through the Disclosure Committee, to ensure that this is the case. O. Risk management and internal control framework The Board is ultimately responsible for aligning our long-term strategic objectives with the risk appetite of the company, taking into account the material and emerging risks faced by the company. Please refer to pages 76-86 for further details of our business planning cycle and risk management framework and how these support our longer-term viability statement. For further details of our approach to risk, please refer to the Risk section on page 77. Remuneration P. Remuneration policies and practices The People & Remuneration Committee supports the Board by setting our Remuneration Policy. Through long-term and short-term incentives, our Remuneration Policy is designed to help drive a performance culture that incentivises executives to deliver the Group's long-term strategy and create superior shareholder value over the short, medium and long term. The overarching aim is to ensure our remuneration structure and policies reward fairly and responsibly with a clear link to corporate and individual performance, and to the company's long-term strategy and values. We have worked to ensure that we have a clear policy that can be understood by shareholders and stakeholders. Q. Procedure for developing remuneration policy We have a formal and transparent procedure for developing our Remuneration Policy, and no Director is involved in deciding their own remuneration. Executive remuneration is set with regard to the wider workforce and through market benchmarking. For further detail, please refer to the People & Remuneration Committee report on pages 110-135. The Committee is supported by remuneration consultant Deloitte. The Board received assurance from the Committee and from Deloitte that Deloitte did not have any connections with Rio Tinto or the Board that would have impaired its independence. Please refer to page 119 of this Form 20-F for further detail. R. Exercising independent judgment The People & Remuneration Committee comprises six Non-Executive Directors to ensure independent judgment with regard to remuneration outcomes. The Committee considers remuneration on an annual basis and determines outcomes by assessing executive performance against performance criteria, details of which can be found in the People & Remuneration Committee report on pages 110- 135 of this Form 20-F. This states how our Remuneration Policy has been applied and sets out details of any adjustments made or discretions exercised. ASX Principles Principle 1: Lay solid foundations for management and oversight Recommendation 1.1 Rio Tinto plc and Rio Tinto Limited have a common Board of Directors. The principal role of the Board is to set the Group's strategy and to review its strategic direction regularly. The Board also has responsibility for corporate governance. A Board Charter setting out the role of the Board and management and matters reserved for the Board is available at riotinto.com. The Board delegates responsibility for day-to-day management of the business to the Chief Executive and other members of the Executive Committee. A number of management committees support the Chief Executive and the Executive Committee. The structure of these committees is set out on page 100. Recommendation 1.2 The Nominations Committee, on behalf of the Board, ensures a formal, rigorous and transparent procedure for the appointment of new Directors. A similar process is followed with the Executive Committee and senior executive appointments, including a formal and rigorous process to source strong candidates from diverse backgrounds and conducting appropriate background and reference checks on the shortlisted candidates. This year, the Nominations Committee oversaw the appointment of our new Non-Executive Director, Kaisa Hietala effective 1 March 2023, and the ongoing search for three more Non-Executive Directors. Details of this process are provided in the Nominations Committee report on page 103. 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 90-91 of the Form 20-F. Recommendation 1.3 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 128-129 in the Remuneration report. Recommendation 1.4 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. Recommendation 1.5 Rio Tinto has a Group-wide, Board-endorsed Inclusion and Diversity Policy. The policy is available at riotinto.com. The Board sets objectives for achieving diversity for the Board, senior executives and the workforce, and annually reviews the Group's performance against them. Page 51 of the Form 20-F sets out the measurable objectives and our performance against them. The respective proportions of men and women on the Board, in senior executive positions and across the whole organisation, are reported on pages 51 and 103 of the Form 20-F. Compliance with governance codes and standards continued

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145Annual Report on Form 20-F 2022 \| riotinto.com Directors' report Recommendation 1.6 The performance of the Board, its committees and individual Directors is evaluated annually. Every third year, an external adviser is engaged to carry out a formal independent evaluation of the Board and its committees. An independent evaluation by an external adviser was due to be undertaken in 2022. However, following the appointment of our new Chair in 2022, a comprehensive strategic governance review of the Board and committees was carried out. This review focused on the composition of the Board, the balance of skills and experience and how Directors should best spend their time supporting the new Group strategy in the context of greater uncertainty and potential risk. Given the timing of this review, a decision was made to defer the external Board evaluation to 2023. For further information, please refer to page 101 of this Form 20-F. Recommendation 1.7 The performance of Executive Committee members, including Directors, is continually evaluated as part of the Group's performance evaluation cycle. Further details are set out in the Remuneration report on pages 110-135. Principle 2: Structure the Board to be effective and add value Recommendation 2.1 The Nominations Committee includes all Non-Executive Directors and is chaired by the Chair of the Board. The Board is satisfied that all Non-Executive Directors, including the Chair, continue to meet the test for independence under the ASX Principles. The Nominations Committee's terms of reference are available at riotinto.com. The Nominations Committee report on pages 102-103 provides further details on its role and responsibilities. Details on membership, the number of times the Committee met, and the attendance of members are set out on page 101. Recommendation 2.2 A Board skills matrix showing key attributes in terms of skills, experience and diversity that are relevant to the Board is set out on page 103 of the Annual Report. Recommendations 2.3, 2.4, 2.5 The Nominations Committee is responsible for assessing the independence of each Non-Executive Director against an independence framework that combines the requirements of the UK Code, the ASX Principles and the NYSE Standards. The Committee reviews and approves this framework each year. The Board is satisfied that all of its Non-Executive Directors are independent in character and judgment, and are free from any relationships (material or otherwise) or circumstances that could create a conflict of interest. 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 the NYSE Standards. This was also the case for our former Chairman, Simon Thompson, who stepped down on 5 May 2022. The name, skills and experience of each Director, together with their terms in office, are shown in the biographical details on pages 90-91. Recommendation 2.6 On joining Rio Tinto, all Directors receive a full, formal induction programme. 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. In addition, the Group Company Secretary provides regular updates on corporate governance developments in the UK, Australia and the US. Further details are set out on pages 101 of the Form 20-F. Principle 3: Instil a culture of acting lawfully, ethically and responsibly Recommendations 3.1, 3.2, 3.3, 3.4 Through our Code of Conduct – The Way We Work, the Board sets the company's purpose, values, and standards for the Group's employees. Our values are set out on page 16. The Board is committed to acting in accordance with these values, championing, and embedding them in the organisation. Our Code of Conduct is available at riotinto.com/ethics. Rio Tinto's confidential and independently operated whistleblowing programme (myVoice) offers an avenue through which our employees, contractors, suppliers and customers can report concerns anonymously, subject to local law. These may include concerns about the business, or behaviour of individuals, including suspicion of violations of financial reporting, safety or environmental procedures or other business integrity issues. The programme features telephone and web submissions, a case management tool, and a reporting tool to allow for better analysis of case statistics. The myVoice procedure explains how concerns regarding matters relating to Rio Tinto, its business and its people can be raised, in confidence and without fear of retaliation. The procedure also sets out who can make a report and what they can expect from Rio Tinto if they do report a concern. The procedure is available at riotinto.com. Further details on myVoice are set out on page 74. Rio Tinto's business integrity standard sets out the Group's position on issues relating to bribery and corruption. This is available at riotinto.com. Further information is set out on page 74. Oversight of the Group's ethics, integrity and compliance programme now falls within the remit of the Board. Principle 4: Safeguard integrity in corporate reports Recommendation 4.1 The Audit & Risk Committee report on pages 104-107 provides details of the role and responsibilities of the Committee. The Committee's terms of reference are available at riotinto.com. Further details on membership, the number of times the Committee met during 2022 and the attendance of members are set out on pages 90-91 and 101. Recommendation 4.2 Details on compliance with the financial reporting requirements contemplated under this recommendation are set out on pages 140-141 of the Form 20-F. Recommendation 4.3 We have a thorough and rigorous review process in place to ensure integrity of the periodic reports we release to the market. Rio Tinto communicates 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. Principle 5: Make timely and balanced disclosure Recommendation 5.1 Rio Tinto recognises the importance of effective and timely communication with shareholders and the wider investment community. It is our policy to make sure that all information disclosed or released by the Group is accurate, complete and timely, and complies with all continuous and other disclosure obligations under applicable listing rules and other relevant legislation. 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. A copy of the Group Disclosure and Communications Policy is available at riotinto.com. The Disclosure Committee is responsible for determining whether information relating to Rio Tinto may require disclosure to the markets under the continuous disclosure requirements in the jurisdictions in which Rio Tinto is listed. In accordance with its terms of reference, the specific focus of the Committee is to consider and determine on a timely basis whether information would, to the extent that the information is not public and relates directly or indirectly to Rio Tinto, be likely to have a material effect on the price of Rio Tinto securities if that information was generally available.

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Annual Report on Form 20-F 2022 \| riotinto.com146 The members of the Committee are the Chief Executive; the Chief Financial Officer; the Group Company Secretary; the Chief Legal Officer, Governance & Corporate Affairs; the Head of Strategy & Investor Relations; and the Chief Executive Australia. Recommendation 5.2 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. Recommendation 5.3 As a matter of practice, all our new or substantive investor presentations are released to the market via ASX and LSE market announcement platforms. Principle 6: Respect the rights of security holders Recommendation 6.1 riotinto.com includes pages dedicated to corporate governance, providing information on compliance with governance codes and standards (the UK Code, the ASX Principles and the NYSE Standards); the terms of reference of the committees; risk management and financial reporting; and Board governance, including selection, appointment and re-election of Directors, Directors' independence, and Board performance evaluation. All information released to the markets is posted in the media section of riotinto.com. riotinto.com also provides general investor information. Annual and half-year results, as well as any major presentations, are webcast and the materials are available at riotinto.com, which also contains presentation material from investor seminars. Recommendation 6.2 Our main channels of communication with the investment community are through the Chair, Chief Executive and Chief Financial Officer, who have regular meetings with the Group's major shareholders. The Senior Independent Director, Rio Tinto plc, and the Senior Independent Director, Rio Tinto Limited, have a specific responsibility under the UK Code and the Board Charter to be available to shareholders who have concerns that have not been resolved through contact with the Chair, Chief Executive or Chief Financial Officer, or for whom such contact is inappropriate. We have a number of processes and initiatives to ensure that members of the Board understand the views of major shareholders. The Chief Financial Officer reports to the Board at each meeting, and provides regular investor updates. In addition, the Head of Strategy & Investor Relations reports regularly to the Board, and an annual survey of major shareholders' opinions is presented to the Board by the Group's investor relations advisers. Further information on engagement with shareholders and investors during 2022 is set out on page 97 of the Form 20-F. Recommendations 6.3, 6.4 The AGMs present an opportunity to provide a summary business presentation, to inform shareholders of recent developments, and to give them the opportunity to ask questions. Generally, the Chairs of all Board committees are available to answer questions raised by shareholders, and all Directors are expected to attend where possible. The AGMs are generally webcast and transcripts of the Chair's and Chief Executive's speeches are made available at riotinto.com. A summary of the proceedings at the meetings, and the results of voting on resolutions, are made available as soon as practicable after the meetings. At Rio Tinto AGMs, all resolutions are decided by poll and not by show of hands. In 2022, the Rio Tinto Limited AGM was held in Melbourne as a hybrid meeting. With the use of technology, shareholders who could not attend in person were offered the opportunity to virtually participate at the AGM, ask questions and vote on the resolutions. Recommendation 6.5 Shareholders can choose to communicate electronically with the companies and the share registrars. Contact details for the registrars are set out on page 346 and at riotinto.com. Principle 7: Recognise and manage risk Recommendations 7.1, 7.2 The Board is ultimately responsible for risk management and internal controls, and for ensuring that the systems in place are robust and take into account the material risks faced by the Group. The Board delegates certain matters relating to the Group's risk management framework to the Audit & Risk Committee, which provides updates to the Board on matters discussed at each meeting. The Sustainability Committee advises the Board on risk appetite tolerance and strategy with respect to sustainable development risks. Further information about the Sustainability Committee is set out on pages 108-109 of the Form 20-F. Terms of reference for the Sustainability Committee are available at riotinto.com. Further details on the Group's governance framework for risk management and internal control are set out on pages 76-78, 105 and 107 of the Form 20-F. Recommendation 7.3 Further information on Rio Tinto's Group Internal Audit function is set out on page 107 of the Form 20-F. Recommendation 7.4 A description of the material risks that could affect Rio Tinto (including economic, environmental and social sustainability risks), and of the Group's governance framework for risk management and internal control, is set on pages 79-86 of the Form 20-F. Further information on sustainability is available on pages 46-75 of the Form 20-F. Principle 8: Remunerate fairly and responsibly Recommendation 8.1 The Remuneration report on pages 110-135 provides details on the role and responsibilities of the People & Remuneration Committee. The Committee's terms of reference are available at riotinto.com. Further details on membership, the number of times the Committee met during 2022, and the attendance of members are set out on pages 90-91 and 101. Recommendation 8.2 Rio Tinto's policies and practices regarding remuneration of Non-Executive Directors, Directors and senior executives are set out on pages 110-135 in the Remuneration report. Recommendation 8.3 Rio Tinto's approach on participating in equity-based remuneration schemes is set out on page 140 of the Form 20-F. This is also addressed in the Rio Tinto Securities Dealing Policy, which is available at riotinto.com. Compliance with governance codes and standards continued

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| | | | |
|:---|:---|:---|:---|
| **2022 Financial Statements** | **2022 Financial Statements** | **2022 Financial Statements** | |
| About Rio Tinto | &nbsp;&nbsp;[148](#i9787b931f63449fbb10df6ce04c781ff_1997) | Our people |  |
| About the presentation of our financial statements | &nbsp;&nbsp;[148](#i9787b931f63449fbb10df6ce04c781ff_2965) | [Note](#i9787b931f63449fbb10df6ce04c781ff_142)[25](#i9787b931f63449fbb10df6ce04c781ff_142)[Average number of employees](#i9787b931f63449fbb10df6ce04c781ff_142) | &nbsp;&nbsp;[201](#i9787b931f63449fbb10df6ce04c781ff_142) |
|  |  | [Note 2](#i9787b931f63449fbb10df6ce04c781ff_43)[6](#i9787b931f63449fbb10df6ce04c781ff_43)[Employment](#i9787b931f63449fbb10df6ce04c781ff_43)[costs and provisions](#i9787b931f63449fbb10df6ce04c781ff_43) | &nbsp;&nbsp;[201](#i9787b931f63449fbb10df6ce04c781ff_43) |
| Primary Financial Statements |  | [Note](#i9787b931f63449fbb10df6ce04c781ff_178)[27](#i9787b931f63449fbb10df6ce04c781ff_178)[Share-based payments](#i9787b931f63449fbb10df6ce04c781ff_178) | &nbsp;&nbsp;[202](#i9787b931f63449fbb10df6ce04c781ff_178) |
| [Group Income Statement](#i9787b931f63449fbb10df6ce04c781ff_4) | &nbsp;&nbsp;[156](#i9787b931f63449fbb10df6ce04c781ff_4) | [Note](#i9787b931f63449fbb10df6ce04c781ff_184)[28](#i9787b931f63449fbb10df6ce04c781ff_184)[Post-retirement benefits](#i9787b931f63449fbb10df6ce04c781ff_184) | &nbsp;&nbsp;[204](#i9787b931f63449fbb10df6ce04c781ff_184) |
| [Group Statement of Comprehensive Income](#i9787b931f63449fbb10df6ce04c781ff_7) | &nbsp;&nbsp;[157](#i9787b931f63449fbb10df6ce04c781ff_7) | [Note](#i9787b931f63449fbb10df6ce04c781ff_166)[29](#i9787b931f63449fbb10df6ce04c781ff_166)[Directors' and](#i9787b931f63449fbb10df6ce04c781ff_166)key management remuneration | &nbsp;&nbsp;[210](#i9787b931f63449fbb10df6ce04c781ff_166) |
| [Group Cash Flow Statement](#i9787b931f63449fbb10df6ce04c781ff_10) | &nbsp;&nbsp;[158](#i9787b931f63449fbb10df6ce04c781ff_10) |  |  |
| [Group Balance Sheet](#i9787b931f63449fbb10df6ce04c781ff_16) | &nbsp;&nbsp;[159](#i9787b931f63449fbb10df6ce04c781ff_16) | Our group structure |  |
| [Group Statement of Changes in Equity](#i9787b931f63449fbb10df6ce04c781ff_19) | &nbsp;&nbsp;[160](#i9787b931f63449fbb10df6ce04c781ff_19) | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_145)[0](#i9787b931f63449fbb10df6ce04c781ff_145)[Principal subsidiaries](#i9787b931f63449fbb10df6ce04c781ff_145) | &nbsp;&nbsp;[211](#i9787b931f63449fbb10df6ce04c781ff_145) |
|  |  | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_148)[1](#i9787b931f63449fbb10df6ce04c781ff_148)[Principal joint operations](#i9787b931f63449fbb10df6ce04c781ff_148) | &nbsp;&nbsp;[213](#i9787b931f63449fbb10df6ce04c781ff_148) |
| Notes to the 2022 Financial Statements |  | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_2818)[2](#i9787b931f63449fbb10df6ce04c781ff_2818)[Principal joint](#i9787b931f63449fbb10df6ce04c781ff_2818)[ventures and associates](#i9787b931f63449fbb10df6ce04c781ff_2818) | &nbsp;&nbsp;[215](#i9787b931f63449fbb10df6ce04c781ff_2818) |
| Our financial performance |  | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_172)[3](#i9787b931f63449fbb10df6ce04c781ff_172)[Related-party transactions](#i9787b931f63449fbb10df6ce04c781ff_172) | &nbsp;&nbsp;[216](#i9787b931f63449fbb10df6ce04c781ff_172) |
| [Note 1 O](#i9787b931f63449fbb10df6ce04c781ff_34)ur financial performance by segment | &nbsp;&nbsp;[161](#i9787b931f63449fbb10df6ce04c781ff_34) |  |  |
| [Note 2 Earnings per ordinary share](#i9787b931f63449fbb10df6ce04c781ff_61) | &nbsp;&nbsp;[164](#i9787b931f63449fbb10df6ce04c781ff_61) | Our equity |  |
| [Note](#i9787b931f63449fbb10df6ce04c781ff_64)[3](#i9787b931f63449fbb10df6ce04c781ff_64)[D](#i9787b931f63449fbb10df6ce04c781ff_64)ividends | &nbsp;&nbsp;[164](#i9787b931f63449fbb10df6ce04c781ff_64) | [Note](#i9787b931f63449fbb10df6ce04c781ff_121)[34](#i9787b931f63449fbb10df6ce04c781ff_121)[Share capital](#i9787b931f63449fbb10df6ce04c781ff_121) | &nbsp;&nbsp;[217](#i9787b931f63449fbb10df6ce04c781ff_2876) |
| [Note](#i9787b931f63449fbb10df6ce04c781ff_46)[4](#i9787b931f63449fbb10df6ce04c781ff_46)[Impairment charges](#i9787b931f63449fbb10df6ce04c781ff_46) net of reversals | &nbsp;&nbsp;[165](#i9787b931f63449fbb10df6ce04c781ff_46) | [Note](#i9787b931f63449fbb10df6ce04c781ff_130)[35](#i9787b931f63449fbb10df6ce04c781ff_130)[Other reserves and retained earnings](#i9787b931f63449fbb10df6ce04c781ff_130) | &nbsp;&nbsp;[218](#i9787b931f63449fbb10df6ce04c781ff_130) |
| [Note 5](#i9787b931f63449fbb10df6ce04c781ff_43)[A](#i9787b931f63449fbb10df6ce04c781ff_43)cquisitions and disposals | &nbsp;&nbsp;[169](#i9787b931f63449fbb10df6ce04c781ff_163) |  |  |
| [Note](#i9787b931f63449fbb10df6ce04c781ff_37)[6](#i9787b931f63449fbb10df6ce04c781ff_37)[R](#i9787b931f63449fbb10df6ce04c781ff_37)evenue by destination and product | &nbsp;&nbsp;[169](#i9787b931f63449fbb10df6ce04c781ff_37) | Other notes |  |
| [Note](#i9787b931f63449fbb10df6ce04c781ff_40)[7 Net operating cost](#i9787b931f63449fbb10df6ce04c781ff_40)[s](#i9787b931f63449fbb10df6ce04c781ff_40)[(excluding items](#i9787b931f63449fbb10df6ce04c781ff_40) | &nbsp;&nbsp;[171](#i9787b931f63449fbb10df6ce04c781ff_40) | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_139)[6](#i9787b931f63449fbb10df6ce04c781ff_139)[Other provisions](#i9787b931f63449fbb10df6ce04c781ff_139) | &nbsp;&nbsp;[219](#i9787b931f63449fbb10df6ce04c781ff_139) |
| &nbsp;&nbsp;[disclosed separately)](#i9787b931f63449fbb10df6ce04c781ff_40) |  | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_3286)[7](#i9787b931f63449fbb10df6ce04c781ff_3286)[Contingencies and commitments](#i9787b931f63449fbb10df6ce04c781ff_3286) | &nbsp;&nbsp;[219](#i9787b931f63449fbb10df6ce04c781ff_3286) |
| [Note 8 Exploration and evaluation](#i9787b931f63449fbb10df6ce04c781ff_2306)[expenditure](#i9787b931f63449fbb10df6ce04c781ff_2306) | &nbsp;&nbsp;[172](#i9787b931f63449fbb10df6ce04c781ff_2306) | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_169)[8](#i9787b931f63449fbb10df6ce04c781ff_169)[Auditors' remuneration](#i9787b931f63449fbb10df6ce04c781ff_169) | &nbsp;&nbsp;[222](#i9787b931f63449fbb10df6ce04c781ff_169) |
| [Note 9 Finance income and finance costs](#i9787b931f63449fbb10df6ce04c781ff_52) | &nbsp;&nbsp;[172](#i9787b931f63449fbb10df6ce04c781ff_52) | [Note 3](#i9787b931f63449fbb10df6ce04c781ff_193)[9](#i9787b931f63449fbb10df6ce04c781ff_193)[Events after the balance sheet date](#i9787b931f63449fbb10df6ce04c781ff_193) | &nbsp;&nbsp;[222](#i9787b931f63449fbb10df6ce04c781ff_193) |
| [Note 10 Taxation](#i9787b931f63449fbb10df6ce04c781ff_55) | &nbsp;&nbsp;[172](#i9787b931f63449fbb10df6ce04c781ff_55) | [Note](#i9787b931f63449fbb10df6ce04c781ff_2896)[40](#i9787b931f63449fbb10df6ce04c781ff_2896)[New standards issued but not yet effective](#i9787b931f63449fbb10df6ce04c781ff_2896) | &nbsp;&nbsp;[222](#i9787b931f63449fbb10df6ce04c781ff_2896) |
| Our operating assets |  | Other information outside of the |  |
| [Note 11 Goodwill](#i9787b931f63449fbb10df6ce04c781ff_70) | &nbsp;&nbsp;[175](#i9787b931f63449fbb10df6ce04c781ff_70) | &nbsp;&nbsp;consolidated financial statements |  |
| [Note 12 Intangible assets](#i9787b931f63449fbb10df6ce04c781ff_76) | &nbsp;&nbsp;[176](#i9787b931f63449fbb10df6ce04c781ff_76) | [Report of](#i9787b931f63449fbb10df6ce04c781ff_196)[I](#i9787b931f63449fbb10df6ce04c781ff_196)[ndependent](#i9787b931f63449fbb10df6ce04c781ff_196)[R](#i9787b931f63449fbb10df6ce04c781ff_196)[egistered](#i9787b931f63449fbb10df6ce04c781ff_196)[P](#i9787b931f63449fbb10df6ce04c781ff_196)[ublic](#i9787b931f63449fbb10df6ce04c781ff_196)[A](#i9787b931f63449fbb10df6ce04c781ff_196)[ccounting](#i9787b931f63449fbb10df6ce04c781ff_196)[F](#i9787b931f63449fbb10df6ce04c781ff_196)[irms](#i9787b931f63449fbb10df6ce04c781ff_196) | &nbsp;&nbsp;[251](#i9787b931f63449fbb10df6ce04c781ff_196) |
| [Note 13 Property, plant and equipment](#i9787b931f63449fbb10df6ce04c781ff_82) | &nbsp;&nbsp;[178](#i9787b931f63449fbb10df6ce04c781ff_82) | [Rio Tinto Financial Information](#i9787b931f63449fbb10df6ce04c781ff_208) by Business Unit | &nbsp;&nbsp;[270](#i9787b931f63449fbb10df6ce04c781ff_208) |
| [Note 1](#i9787b931f63449fbb10df6ce04c781ff_118)[4](#i9787b931f63449fbb10df6ce04c781ff_118)[Close-down and restoration provisions](#i9787b931f63449fbb10df6ce04c781ff_118) | &nbsp;&nbsp;[182](#i9787b931f63449fbb10df6ce04c781ff_118) | [Alternative Performance Measures](#i9787b931f63449fbb10df6ce04c781ff_217) | &nbsp;&nbsp;[273](#i9787b931f63449fbb10df6ce04c781ff_217) |
| [Note 15 Deferred taxation](#i9787b931f63449fbb10df6ce04c781ff_91) | &nbsp;&nbsp;[186](#i9787b931f63449fbb10df6ce04c781ff_91) |  |  |
| [Note 16 Inventories](#i9787b931f63449fbb10df6ce04c781ff_88) | &nbsp;&nbsp;[188](#i9787b931f63449fbb10df6ce04c781ff_88) |  |  |
| [Note 17 Receivables and other assets](#i9787b931f63449fbb10df6ce04c781ff_94) | &nbsp;&nbsp;[188](#i9787b931f63449fbb10df6ce04c781ff_94) |  |  |
| [Note 18 Trade and other payables](#i9787b931f63449fbb10df6ce04c781ff_115) | &nbsp;&nbsp;[189](#i9787b931f63449fbb10df6ce04c781ff_115) |  |  |
| Our capital and liquidity |  |  |  |
| [Note 19 Consolidated net (debt)/cash](#i9787b931f63449fbb10df6ce04c781ff_112) | &nbsp;&nbsp;[191](#i9787b931f63449fbb10df6ce04c781ff_112) |  |  |
| [Note 20 Borrowings](#i9787b931f63449fbb10df6ce04c781ff_103) | &nbsp;&nbsp;[192](#i9787b931f63449fbb10df6ce04c781ff_103) |  |  |
| [Note 21 Leases](#i9787b931f63449fbb10df6ce04c781ff_109) | &nbsp;&nbsp;[193](#i9787b931f63449fbb10df6ce04c781ff_109) |  |  |
| [Note 22 Cash and cash equivalents](#i9787b931f63449fbb10df6ce04c781ff_100) | &nbsp;&nbsp;[194](#i9787b931f63449fbb10df6ce04c781ff_100) |  |  |
| [Note 23 Other financial assets and liabilities](#i9787b931f63449fbb10df6ce04c781ff_97) | &nbsp;&nbsp;[195](#i9787b931f63449fbb10df6ce04c781ff_97) |  |  |
| [Note 24 Financial instruments](#i9787b931f63449fbb10df6ce04c781ff_133) and risk management | &nbsp;&nbsp;[195](#i9787b931f63449fbb10df6ce04c781ff_133) |  |  |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;147

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Financial statements

**Corporate information**

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. IFRS-compliant consolidated financial statements of the Rio Tinto Group are prepared on this basis, with 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.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are iron ore, aluminium, copper, industrial minerals (borates, titanium dioxide and salt) and diamonds. 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 financial statements

In the current year we have reviewed our notes to the financial statements taking into account materiality (as described below). We have also re-organised the notes into logical groupings to help users find and understand relevant information. Where possible, related information, such as accounting policies, has been provided in the same section as the relevant note.

All financial statement values are presented in US dollars 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 period figures.

Our financial statements for the year ended 31 December 2022 were authorised for issue in accordance with a directors' resolution on 22 February 2023.

a. The basis of preparation

The financial information included in the financial statements for the year ended 31 December 2022, 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 international 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 2022.

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 bring their accounting policies in line 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 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 list of principal subsidiaries is shown in note 30.

A joint arrangement is an arrangement in which two 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 two 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, shown in note 31, 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. 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 32.

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 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.

148&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;

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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 judgment 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 years ended 31 December 2022 and 31 December 2021 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 values 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 judgment 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 judgments or other relevant judgments made in applying the accounting policies

The preparation of the financial statements requires management to use judgment in applying accounting policies and in making critical accounting estimates.

These judgments 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 judgment 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 and further information is contained in the accounting policies and/or the notes to the financial statements.

Summarised below are the key judgments which we have taken in the application of the Group's accounting policies for 2022 and how they compare to the prior year. Taking a different judgment over these matters would lead to a material impact on the 2022 financial statements. More detail on the judgment can be found in the

respective notes.

---

| | | | |
|:---|:---|:---|:---|
| Key judgments | 2022 | 2021 | Reason for change |
| Indicators of impairment and impairment reversals (note 4) | ✔ | ✔ | No change to the judgment |
| Uncertain tax positions (note 10) | 🗕 | ✔ | The settlement in 2022 with the Australian Taxation Office (ATO) has reduced the balance over which judgment is exercised. There have been no material changes in the Group's remaining uncertain tax positions. Therefore uncertain tax positions are not a key judgment in 2022. |
| Deferral of stripping costs (note 13) | ✔ | ✔ | No change to the judgment |
| Estimation of asset lives (note 13) | ✔ | ✔ | No change to the judgment |
| Close-down, restoration and environmental obligations (note 14) | ✔ | ✔ | No change to the judgment |
| Recoverability of potential deferred tax assets (note 15) | 🗕 | ✔ | In 2021 the key judgment related to the recoverability of significant deferred tax asset balances in the United States, Mongolia and Australia. Given the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of tax losses expiring prior to utilisation, and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax under the Inflation Reduction Act, the recoverability of deferred tax assets is not a key judgment in 2022. |

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Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;149

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Financial statements *continued*

Information on other relevant judgments to help understand the financial statements has been incorporated into the relevant accounting policy sections of each note. We have summarised how these judgments have changed since prior year below:

---

| | | | |
|:---|:---|:---|:---|
| Other relevant judgments | 2022 | 2021 | Reason for change |
| Identification of functional currencies (f below) | ✔ | ✔ | No change to the judgment |
| Exclusions from underlying EBITDA (note 1) | ✔ | ✔ | No change to the judgment |
| Determination of cash-generating units (CGUs) (note 4) | ✔ | ✔ | No change to the judgment |
| Uncertain tax positions (note 10) | ✔ | 🗕 | In 2022 the judgment we have taken on our uncertain tax positions is less significant than in the prior year given the settlement with the Australian Taxation Office (ATO). Where the amount of tax payable or recoverable is uncertain, judgment is required in evaluating the most likely amount of liability or recovery. Where there is a wide range of possible outcomes, judgment is required in evaluating a provision using the probability weighted average approach. See note 10 for further details. |
| Assessment of indefinite-lived water rights in Quebec (note 12) | ✔ | ✔ | No change to the judgment |
| Recoverability of potential deferred tax assets (note 15) | ✔ | 🗕 | Given the progress towards sustainable underground production at Oyu Tolgoi and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax regime the recoverability of deferred tax assets is not a key judgment in 2022. Judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of deferred tax assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. |
| Accounting for the funding amounts relating to Oyu Tolgoi non-controlling interest (note 30) | 🗕 | ✔ | The funding balances arising from a carry account loan with Erdenes Oyu Tolgoi were forgiven in 2022. This means the judgment over the accounting for these amounts is no longer applicable. |
| Accounting for the Pilbara Iron Arrangements (note 31) | ✔ | ✔ | No change to the judgment |
| Basis of consolidation of Queensland Alumina Limited (note 31) | ✔ | ✔ | The judgment taken on how we consolidate Queensland Alumina Limited ('QAL') was reassessed and confirmed in the current year. Following the Australian governments's imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the "step-in" clause of the shareholders agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. We continue to account for QAL as a joint operation. |
| Accounting for Minera Escondida Ltda (note 32) | ✔ | ✔ | No change to the judgment |
| Provisions for onerous contracts (note 36) | 🗕 | ✔ | We reviewed our onerous contract population and noted the significance of this judgment had diminished. |
| Recognition of contingencies (note 37) | ✔ | ✔ | No change to the judgment |

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150&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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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. Summarised below are what we consider to be the key accounting estimates in 2022 compared to those of 2021 and the reason for any changes. Relevant sensitivities are disclosed within the relevant financial statement notes.

---

| | | | |
|:---|:---|:---|:---|
| Key accounting estimates | 2022 | 2021 | Reason for change |
| Estimation of the close-down, restoration and environmental cost obligations (note 14) | ✔ | ✔ | No change |
| Estimation of the cash flow forecasts to support the recognition of deferred tax assets | 🗕 | ✔ | In 2021 the cash flow forecast used to support the recognition of deferred tax assets in the United States, Mongolia and Australia was considered to be a key estimate. Given the write down of deferred tax assets in the United States as a result of the Corporate Alternative Minimum Tax under the Inflation Reduction Act 2022, and the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of losses expiring prior to utilisation, cash flow forecasts used to support deferred tax recoverability are no longer considered a key estimate in 2022. |
| Estimation of obligations for post-employment costs<br>(note 28) | ✔ | ✔ | No change |

---

f.Currency

Other relevant judgments - Identification of functional currency<br>We present our financial statements in US dollars, as that presentation currency most reliably reflects the global business performance of the Group as a whole. <br>The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the US dollar is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in US dollars, in common with other international investors. Determination of functional currency involves judgment, and other companies may make different judgments 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 depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgment in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and therefore whether the associated exchange gains and losses can be taken to equity. During 2022, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity.<br>

On consolidation, income statement items for each entity are translated from the functional currency into US dollars 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 US dollars at period-end exchange rates.

Exchange differences arising on the translation of the net assets of entities with functional currencies other than the US dollar 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 US dollars | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 |
| Pound sterling | 1.24 | 1.38 | 1.28 | 1.21 | 1.35 | 1.36 |
| Australian dollar | 0.69 | 0.75 | 0.69 | 0.68 | 0.73 | 0.77 |
| Canadian dollar | 0.77 | 0.80 | 0.75 | 0.74 | 0.78 | 0.78 |
| Euro | 1.05 | 1.18 | 1.14 | 1.07 | 1.13 | 1.23 |
| South African rand | 0.061 | 0.068 | 0.061 | 0.059 | 0.063 | 0.068 |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;151

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Financial statements *continued*

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 judgment 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 price and demand;

–Exchange rates;

–Production costs;

–Transport costs;

–Close-down and restoration costs;

–Recovery rates;

–Discount rates; and

–Renewal of mining licences.

With regard to our future commodity price assumptions, to calculate our Ore 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 (refer to the Climate change section for further details about our pricing methodology). For our Annual Report on Form 20-F, filed with the Securities Exchange Commission ('SEC'), we use consensus price or historical pricing and comply with subpart 1300 of Regulation S-K (Regulation S-K), instead of with the JORC code.

We use judgment 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; and

–Recovery of deferred tax assets.

h.Impact of climate change on the Group

The impact of climate change and the execution of our climate change strategy on our financial statements is discussed below:

Climate change scenarios

Our strategy and approach to climate change are informed by an analysis of the interplay of global megatrends, explored through the lens of plausible global scenarios. These set the context for our industry and underpin our commodity price outlooks, portfolio and capital allocation choices and how we operate as a business. There are many plausible scenarios for global energy transition, all with different impacts on future commodity price outcomes. As part of our 2022 strategy process, we replaced our three scenarios described in the 2021 Annual Report and now focus on two core scenarios. These are used to generate a single central Reference Case for use in commodity pricing forecasts, valuation models and reserves and resources determination, as was the case in the prior year. These changes in scenarios represent an evolution of our interpretation and estimations in the current year, not a

change in accounting policy, and as such we have not restated comparative information. Our two core scenarios are:

–Competitive Leadership scenario, limiting global warming to approximately 2°C by 2100, reflects a rapidly developing world of high growth and strong climate action post-2030 with change driven by policy and competitive innovation. As a result, we expect that countries achieve their Glasgow Climate Pact commitments. Global weighted average carbon prices are forecast to rise rapidly at an average of 8% per year over the next three decades, reaching US$42/tCO2e in 2030, and rising rapidly post-2030 to incentivise significant mitigation in industrial sectors post-2030.

–Fragmented Leadership scenario, with global warming exceeding 2.5°C by 2100, is characterised by limited progress on policy reform with volatile low growth. We expect that nations eventually achieve their 2030 Nationally Determined Contributions as agreed in Paris in 2015 but fail to progress towards long term carbon goals agreed at the UN Climate Summit COP26 Glasgow. Global weighted average carbon prices are forecast to rise slowly, at an average of 2.9% per year over the period to 2050, reaching US$42 in 2030; but remain too low post-2030 to incentivise significant mitigation in industrial sectors resulting in flat global emissions post-2030.

At the UN Climate Summit in late 2022 (COP27), there was broad recognition that the pace of decarbonisation across the global economy is too slow to limit warming to 1.5°C and that current climate policies in many countries are not yet aligned with their stated ambitions. Consequently, neither of our two core scenarios is consistent with the expectation of climate policies required to accelerate the global transition to meet the stretch goal of the Paris Agreement. Although our operational emissions reduction targets align with the goals of the Paris Agreement, our two core scenarios do not. Consequently, we also assess our sensitivity and test the economic performance of our business against a scenario we have developed to reflect our view of the global actions required to meet the stretch goal of the Paris Agreement. We refer to this Paris-aligned scenario as the Aspirational Leadership scenario.

Importantly none of our three 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.

The Aspirational Leadership scenario reflects a world of high growth, significant social change and accelerated climate action. Global weighted average carbon prices rise rapidly – at an average of 9.3% per year over the next three decades – reaching $59/tCO2e in 2030 and incentivise rapid and deep reductions in industrial emissions post-2030. Despite geopolitical differences, major economies work together through multilateral frameworks and proactively work towards limiting temperature change to 1.5°C by 2050. The Aspirational Leadership scenario is a commodity sales price and carbon tax sensitivity, with all other inputs remaining equal to our Reference Case; and is built by design to reach net-zero emissions globally by 2050 and help us better understand the pathways to meet the Paris Agreement goal, and what this could mean for our business. It is used for strategy and risk discussions, including analysis of sensitivity to our view of a Paris-aligned pathway and comparison of relative economic performance to our core scenarios.

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.

152&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Physical risk

In 2022, we launched the Physical Resilience Programme across the Group. During the year we commenced a physical risk and resilience assessment across prioritised risk areas: the entire Pilbara iron ore operation and the Saguenay aluminium operations focused on Lac Saint-Jean. Our ongoing review processes, including impairment assessments, have not identified any material accounting impacts to date. For example, in 2022, no write-offs are necessary in the Pilbara, where certain infrastructure assets, such as transmission lines, that have reached the end of their natural lives are being replaced with climate resilient infrastructure. 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. In 2023, we will progress a Group-wide top-down assessment to further understand the risks and opportunities associated with physical climate change and to quantify any financial impacts, in addition to the site-specific bottom-up assessments, which will continue in the foreseeable future.

Accounting judgments and estimates

Global decarbonisation and the world's energy transition continues to evolve, with the potential to materially impact our future financial results as our significant accounting judgments and key estimates are updated to reflect prevailing circumstances. In response, carrying values of assets and liabilities could be materially affected in future periods. Our current strategy and approach to decarbonise our operations and achieve our scope 1 and 2 emissions targets is considered in our significant judgments and key estimates reflected in these financial results.

*Impacts from executing our climate change strategy - accounting for capital expenditure and operating costs underpinning our Climate Action Plan*

Given the significant investment 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 prioritising investment in renewables to switch away from natural gas power generation. No material changes to accounting estimates to useful economic lives have been necessary due to the anticipated use of these assets for firming support in the transition (note 13). As the renewable projects progress, it is possible that such adjustments may be identified in the future. The renewable assets in the Pilbara are our own built and operated arrangements and follow normal rules on capitalisation of directly attributable costs. The solar power purchase agreement for RBM is accounted for on an accrual basis as energy is produced.

There are no accounting impacts to date from the programme to develop renewable energy solutions for our Queensland aluminium assets as the work has not been completed and commercial terms have not been agreed. Large scale renewable power off-take arrangements may, in the future, require complex derivative measurement or lease accounting depending on contractual terms.

No adjustments to useful lives of the existing fleet have been identified to date as a result of planned fleet electrification in the Pilbara and the purchase of battery-powered locomotives. The solutions are still in development or pilot stages and the gradual fleet replacement is intended to be part of the normal lifecycle 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 lifecycle renewal. The energy efficiency digestion project at Queensland Alumina refinery does not reduce the economic lives of the underlying alumina assets but could lower operating costs and improve margins. The expenditure on our own carbon abatement projects and technology advancements follows existing accounting policies on cost capitalisation, research and development costs.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;153

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Financial statements *continued*

*Use of sensitivities to Paris aligned accounting*

The forecast commodity prices (including carbon prices) informed by a blend of our two scenarios are used pervasively in our financial processes from budgeting, forecasting, capital allocation and project evaluation to the determination of ore reserves. In turn, these prices are used to derive 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 neither of our core scenarios represents 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. As described above, we use our Aspirational Leadership scenario to understand the sensitivity of these estimates to Paris aligned assumptions.

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 the right conditions, that historical impairments associated with these assets could reverse. We recognised an impairment of US$202 million during the year for the Boyne smelter cash-generating unit, triggered by economic and operating performance of the smelter (note 4). When measuring the recoverable amount for this cash-generating unit we utilised net present value of cash flows to the end of the existing joint venture agreements in 2029, which also coincides with the Group's targeted carbon emission reductions by 2030. The Group continues to evaluate lower emission power solutions for the smelter that could extend its life to at least 2040. In such circumstances, the net present value of forecast future cash flows could support the reversal of past impairments. Both the recorded outcome and the sensitivity represent a reduction in emissions that we considered to be Paris-aligned.

In the Aspirational Leadership scenario the prices for lower-grade iron ore are supported in the medium term by an assumed underlying

increase in GDP-driven demand. However, in the longer term we assume the pricing for lower grade iron ore to be weaker than in our core scenarios. This will depend on the development of low-emissions steel technology, the pace of which is uncertain, but is expected to be offset by higher prices for higher-grade iron ore. This is unlikely to give rise to impairment triggers for 2022 or in the foreseeable future due to the high returns on capital employed in the Pilbara.

We completed the divestments of our coal businesses in 2018 and no longer mine coal, but retained a contingent royalty from these divestments. Recent favourable coal prices exceeded contractual benchmark levels and resulted in the cash royalty receipt of US$36 million during 2022. We also carry royalty receivables of US$209 million on our balance sheet at 31 December 2022, measured at fair value (note 24). The fair value of this balance may be adversely impacted in the future by a faster pace of transition to a low carbon economy, but this impact is not expected to be material.

Closure dates and cost of closure are also sensitive to climate assumptions, but no material changes have been identified in the year specific to climate change that would require a material revision to the provisions in 2022. 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.

Overall, based on the Aspirational Leadership scenario pricing outcomes, and with all other assumptions remaining consistent with those applied to our 2022 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 commentary on the impact of climate change on our business is included in the following notes:

154&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

---

| | |
|:---|:---|
| Financial reporting considerations and sensitivities related to climate change | Page |
| Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) | [168](#i375b2c29490a4b2c8e95828316be8730_1-1-1-2-1564050) |
| Operating expenditure spend on decarbonisation (note 7 - footnote (h)) | [171](#i08db5bbb3c2848ab9b3064ee99094c9c_317) |
| Water rights - climate impact on indefinite life (note 12) | [177](#ib093ae0f7f664318b346a05b616621f7_0-0-1-1-1777074) |
| Estimation of asset lives (note 13) | [179](#if3cd2860e176462f9a97ad98ea28197f_0-0-1-1-1777078) |
| Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) | [181](#i195b13a216f44d3b9a979cbccc50e3ec_1177) |
| Useful economic lives of power generating assets (note 13) | [181](#ifd02bd1f8dfa476d8b3a8aa3d0f3c7c5_1-1-1-5-1648793) |
| Close-down, restoration and environmental cost (note 14) | [185](#i5bd16cca1df044fa9c95de037893bedb_0-1-1-1-1777254) |
| Coal royalty receivables (note 24) | [200](#i65cc66b5d29b400f841dadae9f1f1c16_0-1-1-1-1777240) |

---

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 2021, except for the accounting requirements set out below, effective as at 1 January 2022. These did not have a significant impact on our financial statements.

Proceeds before Intended Use (Amendments to IAS 16 "Property, Plant and Equipment")

We adopted Proceeds before Intended Use (Amendments to IAS 16 "Property, Plant and Equipment") at 1 January 2022. The amendment prohibits the deduction, from the cost of major project construction work in progress, of proceeds (net of additional processing costs) from selling items before the related item of property, plant and equipment is available for use. Under the amendment, proceeds from selling items before the related item of property, plant and equipment is available for use are recognised within "Consolidated sales revenue" in the income statement along with the costs of producing those items within "Net operating costs (excluding items disclosed separately)". We apportion development expenditure in the period to derive the cost associated with pre-production revenue, based on the tonnes produced in the period as a percentage of the total expected production (estimated total ore reserve). During 2021 we completed a review of the impact of these amendments and concluded that adjustments to retained earnings as at 1 January 2020, and restatement of the 2020 and 2021 Group Income Statement and Balance Sheet upon adoption of the amendments, were insignificant and as a result no restatements were made to comparative periods. During the year ended 31 December 2022 we recognised in the income statement pre-production revenue of US$511 million and related costs of US$30 million in relation to Gudai Darri and Oyu Tolgoi.

Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets")

We adopted Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets") at 1 January 2022. The amendments specify that the costs an entity includes in determining whether a contract is onerous are made up of all directly related costs, including both incremental amounts and an allocation of other directly related expenditure. Previously, we made provision for onerous contracts when the assets dedicated to the contract were fully impaired or the contract became stranded as a result of a business decision. From 2022, we record a provision if a contract is found to be loss-making on a stand-alone basis following allocation of all directly related costs as required by the amendments to IAS 37.

We have applied the amendments without revision to comparative amounts. We have increased other provisions and reduced our retained earnings as at 1 January 2022 by US$17 million.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;155

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Financial statements *continued*

**Group Income Statement**

Years ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Consolidated operations |  |  |  |  |
| Consolidated sales revenue | 1, 6 | 55554 | 63495 | 44611 |
| Net operating costs (excluding items disclosed separately) | 7 | (34770) | (32690) | (26254) |
| Impairment reversals/(charges net of reversals) | 4 | 150 | (269) | (904) |
| Loss on disposal of interest in subsidiary | 5 | (105) |  |  |
| Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) | 8 | (896) | (719) | (624) |
| Operating profit |  | 19933 | 29817 | 16829 |
| Share of profit after tax of equity accounted units |  | 777 | 1042 | 652 |
| Impairment of investments in equity accounted units | 4 | (202) |  | (339) |
| Profit before finance items and taxation |  | 20508 | 30859 | 17142 |
| Finance items |  |  |  |  |
| Net exchange gains/(losses) on external and intragroup net (debt)/cash balances |  | 253 | 802 | (1124) |
| Net losses on derivatives not qualifying for hedge accounting |  | (424) | (231) | (123) |
| Finance income | 9 | 179 | 64 | 141 |
| Finance costs | 9 | (335) | (243) | (268) |
| Amortisation of discount on provisions | 14, 36 | (1519) | (418) | (377) |
|  |  | (1846) | (26) | (1751) |
| Profit before taxation |  | 18662 | 30833 | 15391 |
| Taxation | 10 | (5586) | (8258) | (4991) |
| Profit after tax for the year |  | 13076 | 22575 | 10400 |
| – attributable to owners of Rio Tinto (net earnings) |  | 12420 | 21094 | 9769 |
| – attributable to non-controlling interests |  | 656 | 1481 | 631 |
| Basic earnings per share | 2 | 766.8 c | 1303.4 c | 604.0 c |
| Diluted earnings per share | 2 | 762.1 c | 1295.0 c | 599.8 c |

---

The notes on pages [148](#i863de70ee4944725aa2a983dc80247b3_1238) to [155](#i4e1fde2b483e4a95b74bd78074955f5c_123) and pages [161](#icb8b5a267731452786419ff1bce1bd10_10) to [223](#ibb911af0140f4ed284e9429300fe8801_4247) are an integral part of these consolidated financial statements.

156&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

**Group Statement of Comprehensive Income**

Years ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Profit after tax for the year |  | 13076 | 22575 | 10400 |
| Other comprehensive (loss)/income |  |  |  |  |
| Items that will not be reclassified to the income statement: |  |  |  |  |
| Re-measurement gains/(losses) on pension and post-retirement healthcare plans | 28 | 578 | 1026 | (474) |
| Changes in the fair value of equity investments held at fair value through other comprehensive income (FVOCI) |  |  | 5 | 10 |
| Tax relating to these components of other comprehensive income | 10 | (123) | (305) | 112 |
| Share of other comprehensive income/(losses) of equity accounted units, net of tax |  | 5 | 12 | (6) |
|  |  | 460 | 738 | (358) |
| Items that have been/may be subsequently reclassified to the income statement: |  |  |  |  |
| Currency translation adjustment<sup>(a)</sup> |  | (2371) | (1843) | 2967 |
| Currency translation on subsidiary disposed of, transferred to the income statement |  | 105 |  |  |
| Fair value movements: |  |  |  |  |
| – Cash flow hedge (losses)/gains |  | (167) | (211) | 24 |
| – Cash flow hedge losses/(gains) transferred to the income statement |  | 106 | 14 | (63) |
| Net change in costs of hedging reserve | 35 | 4 | (18) | 7 |
| Tax relating to these components of other comprehensive loss | 10 | 21 | 62 | 3 |
| Share of other comprehensive (losses)/income of equity accounted units, net of tax |  | (27) | (12) | 4 |
|  |  | (2329) | (2008) | 2942 |
| Total other comprehensive (loss)/income for the year, net of tax |  | (1869) | (1270) | 2584 |
| Total comprehensive income for the year |  | 11207 | 21305 | 12984 |
| – attributable to owners of Rio Tinto |  | 10705 | 19896 | 12201 |
| – attributable to non-controlling interests |  | 502 | 1409 | 783 |

---

(a)Excludes a currency translation charge of US$240 million (2021: charge of US$211 million; 2020: gain of US$333 million) arising on Rio Tinto Limited's share capital for the year ended 31 December 2022, which is recognised in the Group statement of changes in equity. Refer to the Group statement of changes in equity on page [160](#i78ff4e52b91f43c0b8c8b99cc2be72f8_36-0-1-1-1091313).

The notes on pages [148](#i863de70ee4944725aa2a983dc80247b3_1238) to [155](#i4e1fde2b483e4a95b74bd78074955f5c_123) and pages [161](#icb8b5a267731452786419ff1bce1bd10_10) to [223](#ibb911af0140f4ed284e9429300fe8801_4247) are an integral part of these consolidated financial statements.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;157

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Financial statements *continued*

**Group Cash Flow Statement**

Years ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Cash flows from consolidated operations<sup>(a)</sup> |  | 23158 | 33936 | 21822 |
| Dividends from equity accounted units |  | 879 | 1431 | 594 |
| Cash flows from operations |  | 24037 | 35367 | 22416 |
| Net interest paid |  | (573) | (438) | (569) |
| Dividends paid to holders of non-controlling interests in subsidiaries |  | (421) | (1090) | (683) |
| Tax paid |  | (6909) | (8494) | (5289) |
| Net cash generated from operating activities |  | 16134 | 25345 | 15875 |
| Cash flows from investing activities |  |  |  |  |
| Purchases of property, plant and equipment and intangible assets | 1 | (6750) | (7384) | (6189) |
| Sales of property, plant and equipment and intangible assets |  |  | 61 | 45 |
| Acquisitions of subsidiaries, joint ventures and associates | 5 | (850) |  |  |
| Disposals of subsidiaries, joint ventures, unincorporated joint operations and associates | 5 | 80 | 4 | 10 |
| Purchases of financial assets |  | (55) | (45) | (5) |
| Sales of financial assets<sup>(b)(c)</sup> |  | 892 | 114 | 63 |
| Net (funding of)/receipts from equity accounted units |  | (75) | 6 | (43) |
| Other investing cash flows<sup>(d)</sup> |  | 51 | 85 | (437) |
| Net cash used in investing activities |  | (6707) | (7159) | (6556) |
| Cash flows before financing activities |  | 9427 | 18186 | 9319 |
| Cash flows from financing activities |  |  |  |  |
| Equity dividends paid to owners of Rio Tinto | 3 | (11727) | (15357) | (6132) |
| Proceeds from additional borrowings<sup>(e)</sup> | 19, 20 | 321 | 1488 | 125 |
| Repayment of borrowings and associated derivatives<sup>(e)</sup> | 19, 20 | (790) | (1707) | (721) |
| Lease principal payments | 19, 22 | (374) | (358) | (324) |
| Proceeds from issue of equity to non-controlling interests |  | 86 | 66 | 129 |
| Purchase of non-controlling interest<sup>(f)</sup> | 5, 30 | (2961) |  |  |
| Own shares purchased from owners of Rio Tinto |  |  |  | (208) |
| Other financing cash flows |  | (28) | 6 | 1 |
| Net cash used in financing activities |  | (15473) | (15862) | (7130) |
| Effects of exchange rates on cash and cash equivalents |  | 15 | 100 | 165 |
| Net (decrease)/increase in cash and cash equivalents |  | (6031) | 2424 | 2354 |
| Opening cash and cash equivalents less overdrafts |  | 12805 | 10381 | 8027 |
| Closing cash and cash equivalents less overdrafts | 22 | 6774 | 12805 | 10381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Notes to the Group Cash Flow Statement |  |  |  |  |
| (a) Cash flows from consolidated operations | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit after tax for the year |  | 13076 | 22575 | 10400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Taxation |  | 5586 | 8258 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Finance items |  | 1846 | 26 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Share of profit after tax of equity accounted units |  | (777) | (1042) | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp;– Loss on disposal of interest in subsidiary | 5 | 105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– Impairment charges of investments in equity accounted units after tax | 4 | 202 |  | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Impairment reversal/(charges net of reversals) | 4 | (150) | 269 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Depreciation and amortisation |  | 5010 | 4697 | 4279 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Provisions (including exchange differences on provisions) |  | 1006 | 1903 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Pension settlement |  |  | (291) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilisation of other provisions | 36 | (176) | (128) | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilisation of provisions for close-down and restoration | 14 | (609) | (541) | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilisation of provisions for post-retirement benefits and other employment costs | 26 | (254) | (231) | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in inventories |  | (1185) | (1397) | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in receivables and other assets<sup>(g)</sup> |  | 20 | (367) | (562) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in trade and other payables |  | 700 | 685 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items<sup>(h)</sup> |  | (1242) | (480) | (25) |
|  |  | 23158 | 33936 | 21822 |

---

(b)In 2022, we received net proceeds of US$352 million (2021: US$107 million and 2020: US$58 million) from our sales and purchases of investments within a separately managed portfolio of fixed income instruments. 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.

(c)Sale of financial assets includes US$525 million of cash received from the sale of the gross production royalty at the Cortez Complex in Nevada, USA, refer to note 1 and note 7.

(d)In 2022 other investing cash flows includes inflows relating to payments from a trust fund controlled by the Government of Australia to Energy Resources Australia ('ERA') for closure activity that has been completed. In 2020 other investing cash flows included an outflow relating to ERA contributing to this trust fund of US$299 million. At 31 December 2022 the total amount held in the trust fund was US$329 million (31 December 2021: US$388 million). In 2021 other investing cash flows included a net settlement upon completion of a transaction increasing the Group's 60% share in the Diavik Diamond Mine to sole ownership.

(e)In 2021, we issued US$1.25 billion 30-years fixed rate SEC-registered debt securities with a coupon of 2.75%. The funds were received net of issuance fees and discount. We also completed a US$1.2 billion (nominal value) bond buy-back programme. During 2020, we repaid our €402 million (nominal value) Rio Tinto Finance plc Euro Bonds on their maturity.

(f)On 16 December 2022 we acquired the remaining 49% share of Turquoise Hill Resources for expected consideration of US$3.2 billion inclusive of transaction fees. At 31 December 2022 US$2,961 million had been paid.

(g)In 2021, the Mongolian Tax Authority required payment by Oyu Tolgoi of US$356 million in relation to disputed tax matters. Oyu Tolgoi continues to dispute the matters and has classified amounts subject to international arbitration as prepayments pending resolution.

(h)Other items includes the deduction of the US$432 million relating to the gain recognised on sale of the Cortez royalty shown in "Sale of financial assets" and the recognition of realised losses of US$459 million on currency forwards not designated as hedges (2021: realised losses US$131 million, 2020: realised losses US$179 million). In 2021 other items also included US$336 million relating to a gain on recognition of a new wharf at Kitimat, Canada with no associated cash flow.

The notes on pages [148](#i863de70ee4944725aa2a983dc80247b3_1238) to [155](#i4e1fde2b483e4a95b74bd78074955f5c_123) and pages [161](#icb8b5a267731452786419ff1bce1bd10_10) to [223](#ibb911af0140f4ed284e9429300fe8801_4247) are an integral part of these consolidated financial statements.

158&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

**Group Balance Sheet**

At 31 December

---

| | | | |
|:---|:---|:---|:---|
| | Note | 2022<br>US$m | 2021<br>US$m |
| Non-current assets |  |  |  |
| Goodwill | 11 | 826 | 879 |
| Intangible assets | 12 | 3645 | 2832 |
| Property, plant and equipment | 13 | 64734 | 64927 |
| Investments in equity accounted units |  | 3298 | 3504 |
| Inventories | 16 | 203 | 196 |
| Deferred tax assets | 15 | 2766 | 3375 |
| Receivables and other assets | 17 | 1893 | 2194 |
| Tax recoverable |  |  | 29 |
| Other financial assets | 23 | 406 | 528 |
|  |  | 77771 | 78464 |
| Current assets |  |  |  |
| Inventories | 16 | 6213 | 5436 |
| Receivables and other assets | 17 | 3478 | 3574 |
| Tax recoverable |  | 347 | 72 |
| Other financial assets | 23 | 2160 | 2543 |
| Cash and cash equivalents | 22 | 6775 | 12807 |
|  |  | 18973 | 24432 |
| Total assets |  | 96744 | 102896 |
| Current liabilities |  |  |  |
| Borrowings | 20 | (923) | (812) |
| Leases | 21 | (292) | (324) |
| Other financial liabilities | 23 | (69) | (245) |
| Trade and other payables | 18 | (8047) | (7733) |
| Tax payable |  | (223) | (1407) |
| Close-down and restoration provisions | 14 | (1142) | (1023) |
| Provisions for post-retirement benefits and other employment costs | 26 | (353) | (383) |
| Other provisions | 36 | (554) | (700) |
|  |  | (11603) | (12627) |
| Non-current liabilities |  |  |  |
| Borrowings | 20 | (10148) | (11356) |
| Leases | 21 | (908) | (1039) |
| Other financial liabilities | 23 | (904) | (393) |
| Trade and other payables | 18 | (604) | (798) |
| Tax payable |  | (36) | (660) |
| Deferred tax liabilities | 15 | (3601) | (3503) |
| Close-down and restoration provisions | 14 | (14617) | (13519) |
| Provisions for post-retirement benefits and other employment costs | 26 | (1305) | (2109) |
| Other provisions | 36 | (744) | (302) |
|  |  | (32867) | (33679) |
| Total liabilities |  | (44470) | (46306) |
| Net assets |  | 52274 | 56590 |
| Capital and reserves |  |  |  |
| Share capital |  |  |  |
| – Rio Tinto plc | 34 | 207 | 207 |
| – Rio Tinto Limited | 34 | 3330 | 3570 |
| Share premium account |  | 4322 | 4320 |
| Other reserves | 35 | 7805 | 9998 |
| Retained earnings | 35 | 34511 | 33337 |
| Equity attributable to owners of Rio Tinto |  | 50175 | 51432 |
| Attributable to non-controlling interests |  | 2099 | 5158 |
| Total equity |  | 52274 | 56590 |

---

The notes on pages [148](#i863de70ee4944725aa2a983dc80247b3_1238) to [155](#i4e1fde2b483e4a95b74bd78074955f5c_123) and pages [161](#icb8b5a267731452786419ff1bce1bd10_10) to [223](#ibb911af0140f4ed284e9429300fe8801_4247) are an integral part of these consolidated financial statements.

The financial statements on pages [148](#i863de70ee4944725aa2a983dc80247b3_1238) to [223](#ibb911af0140f4ed284e9429300fe8801_4247) were approved by the directors on 22 February 2023 and signed on their behalf by

---

| | | |
|:---|:---|:---|
| ![rio-20221231_g156.jpg](rio-20221231_g156.jpg) | ![rio-20221231_g157.gif](rio-20221231_g157.gif) | ![rio-20221231_g158.jpg](rio-20221231_g158.jpg) |
| Dominic Barton<br>Chair  | Jakob Stausholm<br>Chief Executive  | Peter Cunningham<br>Chief Financial Officer  |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;159

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Financial statements *continued*

**Group Statement of Changes in Equity**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Year ended 31 December 2022 | 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 2022 | Share capital<br>(note 34)<br>US$m | Share premium<br>account<br>US$m | Other reserves<br>(note 35)<br>US$m | Retained earnings<br>(note 35) <br>US$m | Total<br>US$m | Non-controlling<br>interests<br>US$m | Total<br>equity<br>US$m |
| Opening balance | 3777 | 4320 | 9998 | 33337 | 51432 | 5158 | 56590 |
| Adjustment for transition to new accounting pronouncements |  |  |  | (17) | (17) |  | (17) |
| Revised opening balance | 3777 | 4320 | 9998 | 33320 | 51415 | 5158 | 56573 |
| Total comprehensive income for the year<sup>(a)</sup> |  |  | (2165) | 12870 | 10705 | 502 | 11207 |
| Currency translation arising on Rio Tinto Limited's share capital | (240) |  |  |  | (240) |  | (240) |
| Dividends (note 3) |  |  |  | (11716) | (11716) | (421) | (12137) |
| Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees |  |  | (84) | (16) | (100) |  | (100) |
| Change in equity interest held by Rio Tinto (note 5) |  |  |  | 701 | 701 | (3907) | (3206) |
| Treasury shares reissued and other movements |  | 2 |  |  | 2 |  | 2 |
| Equity issued to holders of non-controlling interests (note 30) |  |  |  | (711) | (711) | 797 | 86 |
| Employee share awards charged to the income statement |  |  | 56 | 63 | 119 |  | 119 |
| Transfers and other movements |  |  |  |  |  | (30) | (30) |
| Closing balance | 3537 | 4322 | 7805 | 34511 | 50175 | 2099 | 52274 |
| Year ended 31 December 2021 | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto | Attributable to owners of Rio Tinto |  |  |
| Year ended 31 December 2021 | Share capital<br>(note 34)<br>US$m | Share premium<br>account<br>US$m | Other reserves<br>(note 35)<br>US$m | Retained earnings<br>(note 35) <br>US$m | Total<br>US$m | Non-controlling<br>interests<br>US$m | Total<br>equity<br>US$m |
| Opening balance | 3988 | 4314 | 11960 | 26792 | 47054 | 4849 | 51903 |
| Total comprehensive income for the year<sup>(a)</sup> |  |  | (1916) | 21812 | 19896 | 1409 | 21305 |
| Currency translation arising on Rio Tinto Limited's share capital | (211) |  |  |  | (211) |  | (211) |
| Dividends (note 3) |  |  |  | (15385) | (15385) | (1090) | (16475) |
| Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees |  |  | (95) | (18) | (113) |  | (113) |
| Change in equity interest held by Rio Tinto |  |  |  | 76 | 76 | (76) |  |
| Treasury shares reissued and other movements |  | 6 |  |  | 6 |  | 6 |
| Equity issued to holders of non-controlling interests |  |  |  |  |  | 66 | 66 |
| Employee share awards charged to the income statement |  |  | 49 | 60 | 109 |  | 109 |
| Closing balance | 3777 | 4320 | 9998 | 33337 | 51432 | 5158 | 56590 |
| Year ended 31 December 2020 | 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 2020 | Share capital<br>(note 34)<br>US$m | Share premium<br>account<br>US$m | Other reserves<br>(note 35)<br>US$m | Retained earnings<br>(note 35) <br>US$m | Total<br>US$m | Non-controlling<br>interests<br>US$m | Total<br>equity<br>US$m |
| Opening balance | 3655 | 4313 | 9177 | 23387 | 40532 | 4710 | 45242 |
| Total comprehensive income for the year<sup>(a)</sup> |  |  | 2798 | 9403 | 12201 | 783 | 12984 |
| Currency translation arising on Rio Tinto Limited's share capital | 333 |  |  |  | 333 |  | 333 |
| Dividends (note 3) |  |  |  | (6132) | (6132) | (689) | (6821) |
| Share buy-back |  |  |  | (1) | (1) |  | (1) |
| Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees |  |  | (76) | (31) | (107) |  | (107) |
| Change in equity interest held by Rio Tinto |  |  |  | 84 | 84 | (84) |  |
| Treasury shares reissued and other movements |  | 1 |  |  | 1 |  | 1 |
| Equity issued to holders of non-controlling interests |  |  |  |  |  | 129 | 129 |
| Employee share awards charged to the income statement |  |  | 61 | 82 | 143 |  | 143 |
| Closing balance | 3988 | 4314 | 11960 | 26792 | 47054 | 4849 | 51903 |

---

The notes on pages [148](#i863de70ee4944725aa2a983dc80247b3_1238) to [155](#i4e1fde2b483e4a95b74bd78074955f5c_123) and pages [161](#icb8b5a267731452786419ff1bce1bd10_10) to [223](#ibb911af0140f4ed284e9429300fe8801_4247) are an integral part of these consolidated financial statements.

(a)Refer to the Group 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.

160&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

**Notes to the 2022 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.

1 &nbsp;&nbsp;&nbsp;&nbsp;Our financial performance by segment

Our management structure is based on principal product groups (PG) 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 (CODM) and is responsible for allocating resources and assessing performance of the operating segments. The CODM's primary measure of profit is underlying EBITDA. Finance costs and net debt are managed on a Group-wide basis and are therefore excluded from the segmental results.

Our reportable segments are as follows:

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| | |
|:---|:---|
| Reportable segment | Principal activities |
| Iron Ore | Iron ore mining and salt and gypsum production in Western Australia. |
| Aluminium | Bauxite mining; alumina refining; aluminium smelting. |
| Copper | Mining and refining of copper, gold, silver, molybdenum and other by-products; exploration activities together with the Simandou iron ore project, which was the responsibility of the Copper product group chief executive during 2022. |
| Minerals | Includes businesses with products such as borates, titanium dioxide feedstock together with the Iron Ore Company of Canada (iron ore mining and iron concentrate/pellet production). Also includes diamond mining, sorting and marketing. |

---

---

| | | | |
|:---|:---|:---|:---|
| Year ended 31 December 2022 | Segmental revenue<br>US$m | Underlying EBITDA<br>US$m | Capital expenditure<sup>(a)</sup><br>US$m |
| Iron Ore | 30906 | 18612 | 2940 |
| Aluminium | 14109 | 3672 | 1377 |
| Copper | 6699 | 2376 | 1622 |
| Minerals | 6754 | 2419 | 679 |
| Reportable segments total | 58468 | 27079 | 6618 |
| Other Operations | 192 | (16) | 53 |
| Inter-segment transactions | (256) | 24 |  |
| Share of equity accounted units<sup>(b)</sup> | (2850) |  |  |
| Central pension costs, share-based payments, insurance and derivatives |  | 377 |  |
| Restructuring, project and one-off costs |  | (173) |  |
| Central costs |  | (766) |  |
| Central exploration and evaluation expenditures |  | (253) |  |
| Other items |  |  | 79 |
| Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets | 55554 |  | 6750 |
| Underlying EBITDA (page [163](#ie2cfaf420b8c453bb7441100cfc71fd6_4049)) |  | 26272 |  |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;161

------

Financial statements *continued*

**Notes to the 2022 financial statements**

1 &nbsp;&nbsp;&nbsp;&nbsp;Our financial performance by segment *continued*

---

| | | | |
|:---|:---|:---|:---|
| Year ended 31 December 2021 | Segmental revenue<br>US$m | Underlying EBITDA<br>US$m | Adjusted<br>Capital expenditure<sup>(a)</sup><br>US$m |
| Iron Ore | 39582 | 27592 | 3947 |
| Aluminium | 12695 | 4382 | 1300 |
| Copper | 7827 | 3969 | 1328 |
| Minerals | 6481 | 2603 | 644 |
| Reportable segments total | 66585 | 38546 | 7219 |
| Other Operations | 251 | (28) | (13) |
| Inter-segment transactions | (268) | 42 |  |
| Share of equity accounted units<sup>(b)</sup> | (3073) |  |  |
| Central pension costs, share-based payments, insurance and derivatives |  | 110 |  |
| Restructuring, project and one-off costs |  | (80) |  |
| Central costs |  | (613) |  |
| Central exploration and evaluation expenditures |  | (257) |  |
| Proceeds from disposal of property, plant and equipment |  |  | 61 |
| Other items |  |  | 117 |
| Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets | 63495 |  | 7384 |
| Underlying EBITDA (page [163](#ie2cfaf420b8c453bb7441100cfc71fd6_4049)) |  | 37720 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| Year ended 31 December 2020 | Segmental revenue<br>US$m | Underlying EBITDA<br>US$m | Adjusted<br>Capital expenditure<sup>(a)</sup><br>US$m |
| Iron Ore | 27508 | 18837 | 2941 |
| Aluminium | 9314 | 2152 | 1009 |
| Copper | 4969 | 2084 | 1659 |
| Minerals | 5170 | 1710 | 455 |
| Reportable segments total | 46961 | 24783 | 6064 |
| Other Operations | 321 | 24 | 1 |
| Inter-segment transactions | (264) | (94) |  |
| Share of equity accounted units<sup>(b)</sup> | (2407) |  |  |
| Central pension costs, share-based payments, insurance and derivatives |  | 117 |  |
| Restructuring, project and one-off costs |  | (133) |  |
| Central costs |  | (545) |  |
| Central exploration and evaluation expenditures |  | (250) |  |
| Proceeds from disposal of property, plant and equipment |  |  | 45 |
| Other items |  |  | 79 |
| Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets | 44611 |  | 6189 |
| Underlying EBITDA (page [163](#ie2cfaf420b8c453bb7441100cfc71fd6_4049)) |  | 23902 |  |

---

(a)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. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition.

(b)Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 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$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue.

Segmental revenue

Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units 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 [170](#ib63c94ee45f64489a992f487143ce7ad_1054) and Our operating assets section on page [175](#iad4f3f4e93534911b1b26513c31c2599_105) respectively.

162&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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 judgments - Exclusions from underlying EBITDA<br>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 to require exclusion in order to provide additional insight into the underlying business performance.<br>The following items are excluded from profit after tax in arriving at underlying EBITDA in each year irrespective of materiality: <br>–Depreciation and amortisation in subsidiaries and equity accounted units;<br>–Taxation and finance items in equity accounted units;<br>–Taxation and finance items relating to subsidiaries;<br>–Unrealised gains/(losses) on embedded derivatives not qualifying for hedge accounting;<br>–Net gains/(losses) on disposal of interests in subsidiaries; <br>–Impairment charges net of reversals; <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 disturbance or environmental contamination relates to the pre-acquisition period.<br>In addition, there is a final judgmental 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 2022 this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Cortez royalty. In 2021 the category included the changes in closure estimates at Energy Resources of Australia and Gove Refinery.<br>

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020<br>US$m |
| Profit after tax for the year | 13076 | 22575 | 10400 |
| Taxation | 5586 | 8258 | 4991 |
| Profit before taxation | 18662 | 30833 | 15391 |
| Depreciation and amortisation in subsidiaries excluding capitalised depreciation<sup>(a)</sup> | 4871 | 4525 | 4074 |
| Depreciation and amortisation in equity accounted units | 470 | 497 | 576 |
| Finance items in subsidiaries | 1846 | 26 | 1751 |
| Taxation and finance items in equity accounted units | 640 | 759 | 443 |
| (Gains)/Losses on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange) | (6) | 51 | (6) |
| Impairment charges net of reversals<sup>(b)</sup> | 52 | 269 | 1272 |
| Gain recognised by Kitimat relating to LNG Canada's project<sup>(c)</sup> | (116) | (336) |  |
| Change in closure estimates (non-operating and fully impaired sites)<sup>(d)</sup> | 180 | 1096 | 401 |
| Loss on disposal of interests in subsidiary<sup>(b)</sup> | 105 |  |  |
| Gain on sale of the Cortez Royalty<sup>(e)</sup> | (432) |  |  |
| **Underlying EBITDA** | 26272 | 37720 | 23902 |

---

(a)Depreciation and amortisation in subsidiaries for the year ended 31 December 2022 is net of capitalised depreciation of US$139 million (31 December 2021: US$172 million; 31 December 2020: US$205 million).

(b)Refer to note 4

(c)During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain has been excluded from underlying EBITDA consistent with prior years as it is part of a series of transactions that together were material. On 3 December 2021 we gained control over a new wharf at Kitimat, Canada that was built and paid for by LNG Canada. The gain on recognition was excluded from underlying EBITDA on the grounds of individual magnitude and consistency with the associated impairment charge in 2021, refer to note 4.

(d)In 2022 the charge relates to re-estimates of underlying closure cash flows for legacy sites where the environmental damage preceded ownership by Rio Tinto. On 2 February 2022, Energy Resources of Australia released preliminary findings from its reforecast of the total undiscounted cost schedule for the Ranger rehabilitation project. Information available from this study resulted in the Group recording an increase to the closure provision of US$510 million at 31 December 2021. Other increases to closure estimates charged to the income statement in 2021 relate to Diavik, Gove refinery, and a number of the Group's legacy sites where the environmental damage preceded ownership by Rio Tinto. The adjustments at Energy Resources Australia and Gove refinery were recognised in the income statement as these are non-operating sites, and excluded from underlying earnings due to the magnitude of the individual updates and materiality when aggregated. In 2020 we recognised an increase in the Diavik closure provision based on preliminary Pre-Feasibility Study findings. On completion of the study in 2021 a true-up was recorded in the income statement and excluded from underlying earnings in line with the treatment of the initial increase in 2020, which was excluded from underlying EBITDA as Diavik was fully impaired during the year. Other closure costs excluded in 2020 were the increase in the Gove refinery closure provision offset by a decrease in the Argyle mine closure provision on completion of Pre-Feasibility Studies at each site. The 2020 comparative also included the underlying EBITDA impact (US$138 million loss) in respect of increases to Closure provisions in legacy and non-operating sites following a reduction to the closure discount rate to 1.5%.

(e)On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty has been excluded from underlying EBITDA on the grounds of individual magnitude.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;163

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Financial statements *continued*

**Notes to the 2022 financial statements**

2 &nbsp;&nbsp;&nbsp;&nbsp;Earnings per ordinary share

Basic earnings per share

---

| | | | |
|:---|:---|:---|:---|
| | <br>2022 | 2021 | 2020 |
| Net earnings attributable to owners of Rio Tinto (US$ million) | 12420 | 21094 | 9769 |
| Weighted average number of shares (millions)<sup>(a)</sup> | 1619.8 | 1618.4 | 1617.4 |
| Basic earnings per ordinary share (cents) | 766.8 | 1303.4 | 604.0 |

---

(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 1,248.9 million (2021: 1,247.4 million; 2020: 1,246.5 million) plus the average number of Rio Tinto Limited shares outstanding of 370.9 million (2021: 371.0 million; 2020: 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 2022 (2021: nil; 2020: nil).

Diluted earnings per share

For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 9.8 million shares in 2022 (2021: 10.5 million; 2020: 11.2 million) is added to the weighted average number of shares described in (a) above. 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 27.

---

| | | | |
|:---|:---|:---|:---|
| | <br>2022 | 2021 | 2020 |
| Net earnings attributable to owners of Rio Tinto (US$ million) | 12420 | 21094 | 9769 |
| Weighted average number of shares (millions)<sup>(a)</sup> | 1629.6 | 1628.9 | 1628.6 |
| Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) | 762.1 | 1295.0 | 599.8 |

---

3 &nbsp;&nbsp;&nbsp;&nbsp;Dividends

Our directors have announced a final dividend of 225.0 cents per share on 22 February 2023. This is expected to result in payments of US$3.7 billion. The dividend will be paid on 20 April 2023 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of business on 09 March 2023.

---

| | | | |
|:---|:---|:---|:---|
| | Dividends <br>per share<br>2022 | Dividends <br>per share<br>2021 | Dividends <br>per share<br>2020 |
| Ordinary dividends per share: announced with the results for the year<sup>(a)</sup> | 225.0 c | 417.0 c | 309.0 c |
| Special dividends per share: announced with the results for the year<sup>(a)</sup> | — c | 62.0 c | 93.0 c |

---

(a)Dividends are determined in US dollars, which is our functional currency, and declared in British pounds for Rio Tinto Plc and Australian Dollar for Rio Tinto Limited. The applicable currency exchange rate to convert the US dollar dividend into British pounds and Australian dollars is determined with reference to the WMR 4pm (UK) fixings on the day prior to the announcement of our results for the period. Ordinary shareholders of Rio Tinto Limited and Rio Tinto Plc are paid equal cash dividends on a per share basis in line with the terms of the dual listed structure.

Total dividends per share paid in the year

---

| | | | |
|:---|:---|:---|:---|
| | Dividends <br>per share<br>2022 | Dividends <br>per share<br>2021 | Dividends <br>per share<br>2020 |
| Previous year final - paid during the year (US cents) | 417.0 c | 309.0 c | 231.0 c |
| Previous year special - paid during the year (US cents) | 62.0 c | 93.0 c |  |
| Interim - paid during the year (US cents) | 267.0 c | 376.0 c | 155.0 c |
| Interim special - paid during the year (US cents) |  | 185.0 c |  |
| Total paid during the year (US cents) | 746.0 c | 963.0 c | 386.0 c |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dividends <br>per share<br>2022 | Dividends <br>per share<br>2022 | Dividends <br>per share<br>2021 | Dividends <br>per share<br>2021 | Dividends <br>per share<br>2020 | Dividends <br>per share<br>2020 |
| Rio Tinto plc previous year final (pence) | 306.7 | p | 221.9 | p | 177.5 | p |
| Rio Tinto plc previous year special (pence) | 45.6 | p | 66.8 | p |  |  |
| Rio Tinto plc interim (pence) | 221.6 | p | 270.8 | p | 119.7 | p |
| Rio Tinto plc interim special (pence) |  |  | 133.3 | p |  |  |
| Total paid during the year | 573.9 | p | 692.8 | p | 297.2 | p |
| Rio Tinto Limited previous year final – fully franked at 30% (Australian cents) | 577.0 | c | 397.5 | c | 349.7 | c |
| Rio Tinto Limited previous year special – fully franked at 30% (Australian cents) | 85.8 | c | 119.6 | c |  |  |
| Rio Tinto Limited interim – fully franked at 30% (Australian cents) | 383.7 | c | 509.4 | c | 216.5 | c |
| Rio Tinto Limited interim special – fully franked at 30% (Australian cents) |  |  | 250.6 | c |  |  |
| Total paid during the year | 1046.5 | c | 1277.1 | c | 566.2 | c |

---

The franking credits available to the Group as at 31 December 2022, after allowing for Australian tax payable in respect of the current and prior reporting period's profit, are estimated to be US$7,246 million (2021: US$6,611 million; 2020 US$6,812 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$358 million.

164&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Reconciliation of dividend declared to dividend paid

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| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Rio Tinto plc previous year final dividend payable | 5024 | 3809 | 2783 |
| Rio Tinto plc previous year special dividend payable | 747 | 1146 |  |
| Rio Tinto plc interim dividend payable | 3162 | 4627 | 1937 |
| Rio Tinto plc interim special dividend payable |  | 2276 |  |
| Rio Tinto Limited previous year final dividend payable | 1597 | 1138 | 857 |
| Rio Tinto Limited previous year special dividend payable | 237 | 343 |  |
| Rio Tinto Limited interim dividend payable | 949 | 1372 | 555 |
| Rio Tinto Limited interim special dividend payable |  | 674 |  |
| Dividends payable during the year | 11716 | 15385 | 6132 |
| Net movement of unclaimed dividends in the year | 11 | (28) |  |
| Dividends paid during the year<sup>(b)</sup> | 11727 | 15357 | 6132 |

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(b)We economically hedge the dividend cash flows from the announcement date to the payment date in order to reduce our foreign exchange exposure on these cash flows. The realised impact of these hedges is shown within 'Other items' in the Cash flows from consolidated operations and is not included in the above.

4 &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges net of reversals

Recognition and measurement

Impairment charges and reversals are assessed at the level of cash-generating units which, in accordance with IAS 36, 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 cash-generating units 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 cash- generating units.

Goodwill acquired through business combinations is allocated to the cash-generating unit or groups of cash-generating units 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. All cash-generating units containing goodwill (note 11), indefinite-lived intangible assets and intangible assets that are not ready for use (note 12) are tested annually for impairment as at 30 September, regardless of whether there has been an impairment trigger, or more frequently if events or changes in circumstances indicate a potential impairment.

Other relevant judgments - determination of CGUs<br>Judgment is applied to identify the Group's CGUs, particularly when assets belong to integrated operations, and changes in CGUs could impact impairment charges and reversals. The most significant judgment continues to relate to the continued grouping of Rio Tinto Iron and Titanium Quebec Operations, Canada and QIT Madagascar Minerals (QMM), Madagascar as a single CGU on the basis that they are vertically integrated operations and there is no active market for ilmenite. During the year we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit; refer to page [168](#i70cb159680054ffea592e1c134204ffd_1214) for more information.<br>

The carrying values for undeveloped properties are reviewed at each reporting date in accordance with IFRS 6. The indicators of impairment differ from the tests in accordance with IAS 36 "Impairment of Assets" 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 cash-generating units.

Property, plant and equipment, including right of use assets and intangible assets with finite lives are reviewed for impairment 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 includes 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 above 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 cash-generating unit 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 cash-generating unit in prior periods.

If events or changes in circumstances indicate a potential impairment or impairment reversal, assessments are performed more frequently than just annually.

In 2022, we identified indicators of impairment at the Boyne Smelter in the aluminium segment and indicators of impairment reversal at the Roughrider uranium undeveloped project.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;165

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Financial statements *continued*

**Notes to the 2022 financial statements**

4 &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges net of reversals *continued*

Key judgment - Indicators of impairment and impairment reversals at Oyu Tolgoi and Kitimat<br>The Oyu Tolgoi and Kitimat cash-generating units have both been impaired in previous years and are therefore monitored closely for indicators of further impairment or impairment reversal as such adjustments would likely be material to our results. At the time of their impairment, the carrying value and fair value for these cash-generating units were equal, making the cash-generating units sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to inflation and the passage of time. <br>Oyu Tolgoi<br>We assessed the Oyu Tolgoi cash-generating unit for internal sources of information that could indicate impairment by reference to the operational performance of the mine and development progress for the underground operation. For external sources of information that could indicate impairment, we considered current and projected commodity prices and noted the transaction with Turquoise Hill minority shareholders. Whilst the value imputed by extrapolating that transaction price is less than the carrying value of the cash-generating unit, we noted this reflected funding and liquidity risks associated with minority shareholdings rather than information relevant to the underlying assets. Accordingly we concluded that there were no indicators of impairment or impairment reversal. <br>Kitimat<br>The Kitimat smelter was impaired in 2013 and 2014 during the construction phase as cost overruns were not expected to be recovered through economic performance. The plant was further impaired in 2021 (refer to the section below) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. The ramp-up of operations continuing into 2022 following the strike was anticipated in the determination of the 2021 recoverable amount.<br>In 2022 the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment. As highlighted in the climate change section, the economic performance of assets in the aluminium segment has the potential to perform more strongly as the world transitions to a lower carbon future; however, our assessment of external sources of information did not indicate that this had yet been priced into asset valuations. We concluded that there were no indicators of impairment or impairment reversal.<br>

Where indication of impairment or impairment reversal exists then 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 cash-generating unit in its current condition) and fair value less costs of disposal (FVLCD). When the recoverable amount of the cash-generating unit 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 cash-generating unit being tested. The Group considers that the best evidence of FVLCD is the value obtained from an active market or binding sale agreement and, in this case, the recoverable amount is classified in the fair value hierarchy as level 1. When FVLCD is based on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market, the recoverable amount is classified as level 2 in the fair value hierarchy. No cash-generating units are currently assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1 or level 2.

Where unobservable inputs are material to the measurement of the recoverable amount, FVLCD is based on the best information available to reflect the amount the Group could receive for the cash-generating unit 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.

Where the recoverable amount is assessed using FVLCD based on discounted cash flow techniques, 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.

The cash flow forecasts for FVLCD purposes are based on management's best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, and closure, restoration and environmental costs. For the purposes of determining FVLCD from a market participant's perspective, the cash flows incorporate management's price and cost assumptions in the short and medium term. In the longer term, operating margins are assumed to remain constant where appropriate, as it is considered unlikely that a market participant would prepare detailed forecasts over a longer term. The cash flow forecasts may include net cash flows expected to be realised from the extraction, processing and sale of

material that does not currently qualify for inclusion in ore reserves. Such non-reserve material is only included when there is a high degree of confidence in its economic extraction. This expectation is usually based on preliminary drilling and sampling of areas of mineralisation that are contiguous with existing ore reserves. Typically, the additional evaluation required to achieve reserves status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation of the mine.

As noted above, cost levels incorporated in the cash flow forecasts for FVLCD purposes are based on the current life-of-mine plan or long-term production plan for the cash-generating unit. 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.

Where the recoverable amount of a cash-generating unit is dependent on the life of its associated orebody, expected future cash flows reflect the current life of mine and long-term production plans, which 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 three to five 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

166&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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 cash-generating unit take into account the sales prices under existing sales contracts.

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 cash-generating units 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 five 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 judgment 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, judgment 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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Note | Pre-tax<br>amount<br>2022<br>US$m | Taxation<br>2022<br>US$m | Non-controlling<br>interest<br>2022<br>US$m | Net<br>amount<br>2022<br>US$m | Pre-tax<br>amount<br>2021<br>US$m | Pre-tax<br>amount<br>2020<br>US$m |
| Other operations - Roughrider |  | 150 |  |  | 150 |  |  |
| Aluminium – Pacific Aluminium |  | (202) |  |  | (202) |  | (489) |
| Aluminium – Kitimat |  |  |  |  |  | (269) |  |
| Aluminium – Sohar |  |  |  |  |  |  | (220) |
| Aluminium – ISAL |  |  |  |  |  |  | (93) |
| Minerals – Diavik |  |  |  |  |  |  | (441) |
| Total impairment charges net of reversals |  | (52) |  |  | (52) | (269) | (1243) |
| Allocated as: |  |  |  |  |  |  |  |
| Intangible assets | 12 | 150 |  |  |  |  | (4) |
| Property, plant and equipment | 13 |  |  |  |  | (269) | (900) |
| Investment in equity accounted units ("EAUs") |  | (202) |  |  |  |  | (339) |
| Total impairment charges net of reversals |  | (52) |  |  |  | (269) | (1243) |
| Comprising: |  |  |  |  |  |  |  |
| Impairment reversal/(charges net of reversal) of consolidated balances |  |  |  |  | 150 | (269) | (904) |
| Impairment charges related to EAUs (pre-tax) |  |  |  |  | (202) |  | (368) |
| Total impairment charges net of reversals |  |  |  |  | (52) | (269) | (1272) |
| Taxation (including related to EAUs) |  |  |  |  |  | 72 | 157 |
| Total impairment charges net of reversals in the income statement |  |  |  |  | (52) | (197) | (1115) |

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2022

Other operations - Roughrider, Canada

On 17 October 2022, we completed the sale of the Roughrider uranium undeveloped project located in the Athabasca Basin in Saskatchewan, Canada for US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp.). The project was fully impaired during the year ended 31 December 2017 due to significant uncertainty over whether commercially viable quantities of mineral resources could be identified at a future date. The sale therefore led to an impairment reversal in the current year. It also led to a loss on disposal being recognised of US$105 million arising from the recycling of the currency translation reserve to the income statement.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;167

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Financial statements *continued*

**Notes to the 2022 financial statements**

4 &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges net of reversals *continued*

Aluminium - Pacific Aluminium, Australia and New Zealand

The operating and economic performance of the Boyne Smelter in Queensland, Australia was below our expectations in 2022. The plant operated with reduced capacity and the economic performance suffered due to the high cost of energy from the coal-fired Gladstone Power Station. These conditions have been identified as an impairment trigger. We have calculated a recoverable amount for the cash-generating unit based on post-tax cash flows, expressed in real terms and discounted using a post-tax rate of 6.6% over the period to 2029. This date was chosen as it coincides with both the remaining term of the Boyne Smelter joint venture agreements and the Group's Paris-aligned commitment to reduce carbon emissions by 50% by 2030 relative to the 2018 baseline. Despite the recent implementation of temporary energy price caps by the Australian Government, this resulted in an impairment charge of US$202 million, representing a full impairment of the carrying value of the Boyne Smelter investment in equity accounted unit.

Impact of climate change on our business - Boyne Smelter<br>We are committed to the repowering of our aluminium smelter in Queensland with firmed renewable energy by 2030. For this reason, along with the coal price cap noted above, we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit. As a sensitivity we have considered the impact of a potential repowering of the smelter using commodity and energy price assumptions from our Aspirational Leadership scenario, with all other assumptions being unchanged. This would result in improved cash flows, including an extension of operations at the Boyne Smelter beyond current joint venture agreements through to 2040. The potential value uplift under this sensitivity is not part of our base valuation as it is dependent upon commercial agreements that are not currently in place, but could support the reversal of past impairments. Both the recorded outcome and the sensitivity, as described in "Impact of climate change on the Group" section on pages [152](#i5d535d7f916a48999fec5a100d10a151_6826) to [155](#ie4e739e497b547f0a5af856d01e13b07_2-2-1-1-1496921), are considered to be Paris-aligned.<br>

2021

Aluminium – Kitimat, Canada

On 3 December 2021, we announced completion of the newly-constructed wharf at Kitimat. Construction spend was incurred by LNG Canada and therefore a gain of US$336 million representing the estimated fair value of the cost of construction was recorded and the carrying value of the Kitimat cash-generating unit (CGU) increased accordingly. Output from the smelter was reduced to 25% as a result of a workforce strike in mid-2021 and ramp-up to full capacity was expected to extend through into 2022. As a previously impaired CGU, and therefore carrying limited headroom, these factors were identified as conditions that could indicate that the uplifted carrying value may not be supportable and therefore the CGU was tested for impairment.

Using the fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a post-tax impairment charge of US$197 million (pre-tax US$269 million) representing the difference between the recoverable amount (US$3,126 million) and the carrying value (US$3,323 million).

2020

Aluminium – Pacific Aluminium, Australia and New Zealand

On 9 July 2020, we announced the conclusion of the NZAS strategic review and gave Meridian Energy 14 months' notice for the termination of the power contract. As a result of the decision to wind down operations, an impairment trigger was identified. The net present value of post-tax cash flows over the remaining life for this CGU was negative and therefore the non-current assets of the smelter were fully impaired.

High operating costs and challenging outlook for the aluminium industry also resulted in impairment triggers being identified at the Bell Bay aluminium smelter in Tasmania, Australia and at Boyne Smelter in Queensland, Australia at 30 June 2020. The forecast net present value of cash flows over the period to anticipated expiry in 2025 of a power contract with Hydro Tasmania was negative taking into account market conditions at the time. The property, plant and equipment of the Bell Bay smelter was therefore fully impaired. We determined the recoverable amount for our share of the Boyne Smelter CGU, which also included the Gladstone Power Station, as US$273 million based on post-tax cash flows expressed in real terms and discounted at 6.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$119 million (US$148 million pre-tax) related to the smelter and US$26 million (US$36 million pre-tax) related to the power station.

Aluminium – Sohar, Oman

In 2020, the challenging outlook for the Middle Eastern aluminium industry was identified as an impairment trigger at the Sohar aluminium smelter in Oman, an equity accounted unit of the Group.

At 30 September 2020, we determined the recoverable amount for our share of the Sohar CGU to be US$258 million based on post-tax cash flows expressed in real terms and discounted at 7.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$220 million.

Aluminium – ISAL smelter, Iceland

Our announcement in February 2020 of a strategic review of the ISAL smelter in Iceland, combined with challenging market conditions, was identified as an impairment trigger at 30 June 2020. Subsequent restoration of smelter competitiveness resulting from improved power delivery terms represented an indicator of partial impairment reversal at 31 December 2020. We calculated a post-tax recoverable amount for the CGU of US$139 million at 31 December 2020 based on FVLCD, discounted using a post-tax rate of 6.6%. As a consequence, with full impairment of the CGU and a pre-tax impairment charge of US$204 million in the first half of 2020, followed by reversal of US$111 million to previously recorded pre-tax impairment in the second half of 2020, the full-year results for the year ended 31 December 2020 included a net pre-tax impairment charge of US$93 million.

Minerals – Diavik, Canada

The COVID-19 pandemic significantly disrupted global demand for diamonds, and in April 2020 our then joint venture partner in the Diavik Diamond Mine filed for creditor protection and defaulted on cash calls. These circumstances were identified as an impairment trigger. The net present value of post-tax cash flows projected over the remaining life of the Diavik 'Diamond Mine' to 2025 did not support retaining any carrying value. This resulted in the Group's 60% interest in plant and equipment and intangible assets of the CGU being fully impaired at 30 June 2020.

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Financial statements

5 &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions 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 Group 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 which 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 programme. 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.

2022

Following approval from Australia's Foreign Investment Review Board (FIRB), on 29 March 2022 we completed the acquisition of Rincon Mining Pty Limited, the owner of a lithium project in Argentina. Total cash consideration was US$825 million. In determining whether Rincon's set of activities is a business, we have assessed whether it has inputs and substantive processes which together significantly contribute to the ability to create outputs. Based on this assessment, we have concluded that Rincon does not meet the definition of a business as defined by IFRS 3 "Business Combinations" and therefore no goodwill has been recorded. The transaction has therefore been treated as an asset purchase with US$822 million of capitalised exploration and evaluation recorded for the principal economic resource. The balance of total consideration has been allocated to property, plant & equipment and other assets/liabilities. For the Group cash flow statement we determined that, since Rincon constitutes a group of companies, it is appropriate to present the cash outflow as "Acquisitions of subsidiaries, joint ventures and associates" rather than as separate asset purchases even though it did not meet the definition of a business combination.

On 31 August 2022 we made a US$25 million investment in McEwen Copper Inc. through our copper leaching technology venture, Nuton. We accounted for our holding in McEwen Copper Inc as an investment in associate, given our representation on the board.

On 16 December 2022 we acquired the remaining 49% share of Turquoise Hill Resources for expected consideration of US$3.2 billion, inclusive of transaction costs. This transaction was not classified as a business combination as it related to the purchase of non-controlling interests in an entity already consolidated as a subsidiary. Accordingly the transaction did not result in the remeasurement of assets or liabilities and has been accounted for in the statement of equity as an adjustment to non-controlling interests and retained earnings.

At 31 December 2022 consideration paid amounted to US$2,961 million (including US$33 million of transaction costs, with further transaction costs of US$41 million expected to be paid in 2023). Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration depending on the outcome and timing of dissent proceedings. We have included within other provisions (note 36) US$211 million for additional consideration to be paid to the

dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders.

2021

On 18 November 2021, we announced that we had completed the acquisition of the 40% share in the Diavik Diamond Mine in the Northwest Territories of Canada held by Dominion Diamond Mines, becoming the sole owner as a result. The transaction did not meet the definition of a business combination and therefore the incremental assets and liabilities were treated as an asset purchase. Prior to purchase, we recognised our existing 60% share of assets, revenues and expenses, with liabilities recognised according to its contractual obligations, and a corresponding 40% receivable or contingent asset representing the co-owner's share where applicable. Receivables relating to the co-owner's share were de-recognised and treated as part of the net purchase consideration on completion.

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.

As summarised in note 4, we sold our Roughrider uranium undeveloped project on 17 October 2022 for consideration of US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp). There were no other material disposals in 2022, 2021 or 2020.

6 &nbsp;&nbsp;&nbsp;&nbsp;Revenue 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 judgment is required based on the five 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 been immaterial historically.

–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.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;169

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Financial statements *continued*

**Notes to the 2022 financial statements**

6 &nbsp;&nbsp;&nbsp;&nbsp;Revenue by destination and product *continued*

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 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 stand-alone 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 which 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 24. 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. Sundry revenue incidental to the main revenue-generating activities of the operations 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 chief operating decision maker 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.

We apply the practical expedient in paragraph 121 of IFRS 15 and do not include information on the transaction price allocated to performance obligations that are unsatisfied.

Consolidated sales revenue by destination<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Adjusted<sup>(b)</sup> | Adjusted<sup>(b)</sup> | | Adjusted<sup>(b)</sup> | Adjusted<sup>(b)</sup> |
|  | 2022% | <br>2021% | <br>2020% | 2022<br>US$m | <br>2021<br>US$m | <br>2020<br>US$m |
| Greater China<sup>(b)</sup> | 54.3 | 59.7 | 60.4 | 30172 | 37878 | 26951 |
| United States of America | 15.9 | 12.6 | 10.9 | 8823 | 8012 | 4867 |
| Asia (excluding Greater China and Japan) | 7.1 | 6.9 | 7.9 | 3937 | 4415 | 3525 |
| Japan | 7.4 | 7.9 | 7.5 | 4091 | 5012 | 3354 |
| Europe (excluding UK) | 6.5 | 5.2 | 5.9 | 3618 | 3271 | 2623 |
| Canada | 3.1 | 2.6 | 2.9 | 1743 | 1677 | 1289 |
| Australia | 1.9 | 1.8 | 1.7 | 1047 | 1122 | 745 |
| UK | 0.3 | 0.4 | 0.5 | 182 | 243 | 242 |
| Other countries | 3.5 | 2.9 | 2.3 | 1941 | 1865 | 1015 |
| Consolidated sales revenue | 100 | 100 | 100 | 55554 | 63495 | 44611 |

---

(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.

(b)Consolidated sales revenue by destination has been adjusted to classify Taiwan and China together as 'Greater China'; previously Taiwan was included in Asia (excluding Greater China and Japan). This change has resulted in a decrease in 2021 revenue attributable to Asia (excluding Greater China and Japan) of: 2.5% and US$1,570 million (2020: 2.3% and US$1,011 million).

170&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Consolidated sales revenue by product

We have sold the following products to external customers during the year:

---

| | | | |
|:---|:---|:---|:---|
|  | Revenue from<br>contracts <br>with customers<br>2022<br>US$m | Other <br>revenue<sup>(a)</sup><br>2022<br>US$m | Consolidated<br>sales revenue<br>2022<br>US$m |
| Iron ore | 33068 | (267) | 32801 |
| Aluminium, alumina and bauxite | 13955 | (165) | 13790 |
| Copper | 3276 | (80) | 3196 |
| Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2685 | (16) | 2669 |
| Gold | 564 | 9 | 573 |
| Diamonds | 816 |  | 816 |
| Other products<sup>(b)</sup> | 1710 | (1) | 1709 |
| Consolidated sales revenue | 56074 | (520) | 55554 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Revenue from contracts <br>with customers<br>2021<br>US$m | Other <br>revenue<sup>(a)</sup><br>2021<br>US$m | Consolidated sales revenue<br>2021<br>US$m | Revenue from contracts <br>with customers<br>2020<br>US$m | Other <br>revenue<sup>(a)</sup><br>2020<br>US$m | <br>Consolidated sales revenue<br>2020<br>US$m |
| Iron ore | 42992 | (796) | 42196 | 28202 | 1000 | 29202 |
| Aluminium, alumina and bauxite | 12336 | 103 | 12439 | 9092 | 54 | 9146 |
| Copper | 3229 | 96 | 3325 | 1721 | 64 | 1785 |
| Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2114 | 3 | 2117 | 2054 | (3) | 2051 |
| Gold | 1075 | 2 | 1077 | 471 | 6 | 477 |
| Diamonds | 501 |  | 501 | 459 |  | 459 |
| Other products<sup>(b)</sup> | 1837 | 3 | 1840 | 1493 | (2) | 1491 |
| Consolidated sales revenue | 64084 | (589) | 63495 | 43492 | 1119 | 44611 |

---

(a)Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15, and subsequent movements in provisionally priced receivables, accounted for under IFRS 9, and included in "other revenue" above.

(b)"Other products" includes metallic co-products, molybdenum, silver and other commodities. Individually the revenue from each of these products is less than 15% of the total Other products category.

7 &nbsp;&nbsp;&nbsp;&nbsp;Net operating costs (excluding items disclosed separately)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Raw materials, consumables, repairs and maintenance |  | 12477 | 9957 | 8490 |
| Amortisation of intangible assets | 12 | 159 | 178 | 161 |
| Depreciation of property, plant and equipment | 13 | 4851 | 4519 | 4118 |
| Employment costs | 26 | 6002 | 5513 | 4770 |
| Shipping and other freight costs |  | 3146 | 3275 | 2088 |
| Decrease/(increase) in finished goods and work in progress<sup>(a)</sup> |  | 803 | 29 | (47) |
| Royalties |  | 2994 | 3878 | 2763 |
| Amounts charged by equity accounted units<sup>(b)</sup> |  | 1429 | 1160 | 958 |
| Net foreign exchange (gains)/losses |  | (42) | 14 | 300 |
| (Gains)/losses on sale of property, plant and equipment |  | (93) | 53 | 50 |
| Gain on sale of the Cortez Royalty<sup>(c)</sup> |  | (432) |  |  |
| Gains recognised by Kitimat relating to LNG Canada's project<sup>(d)</sup> |  | (116) | (336) |  |
| Provisions (including exchange differences on provisions) |  | 1006 | 1906 | 894 |
| Research and development |  | 76 | 65 | 45 |
| Other external costs<sup>(e)</sup> |  | 4254 | 4018 | 3083 |
| Costs included above capitalised or shown on a separate line item<sup>(f)</sup> |  | (722) | (646) | (708) |
| Other operating income<sup>(g)</sup> |  | (1022) | (893) | (711) |
| Net operating costs (excluding items disclosed separately)<sup>(h)</sup> |  | 34770 | 32690 | 26254 |

---

(a)Includes purchases of third-party material to satisfy sales contracts.

(b)Amounts charged by equity accounted units relate to toll processing 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)On 2 August 2022, we completed the sale for US$525 million of a gold royalty which was retained following the disposal of the Cortez mine in 2008.

(d)During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. On 3 December 2021 we recognised a new wharf at Kitimat, Canada within Property, plant and equipment that was built and paid for by LNG Canada.

(e)In 2022, other external costs include US$465 million (2021: US$502 million, 2020: US$314 million) of short-term lease costs and US$50 million (2021: US$34 million, 2020 US$30 million) of variable lease costs recognised in the income statement in accordance with IFRS 16 "Leases". Refer to note 21.

(f)In 2022, US$485 million (2021: US$445 million; 2020: US$537 million) of operating costs were capitalised, US$190 million (2021: US$154 million; 2020: US$125 million) of costs were shown separately within "Exploration and evaluation costs" in the Group income statement, and US$47 million (2021: $47 million; 2020: US$46 million) of costs were shown within operating costs as "Research and development".

(g)Other operating income includes sundry revenue incidental to the main revenue-generating activities of the operations.

(h)In 2022, "Net operating costs (excluding items disclosed separately)" includes US$138 million of decarbonisation spend.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;171

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Financial statements *continued*

**Notes to the 2022 financial statements**

8 &nbsp;&nbsp;&nbsp;&nbsp;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; and/or

–Compiling various studies (order of magnitude, pre-feasibility and feasibility).

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:

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Expenditure in the year (inclusive of cash proceeds of US$1 million (2021: US$7 million; 2020: US$1 million) on disposal of undeveloped projects) | (1097) | (852) | (711) |
| Non-cash movements and non-cash proceeds on disposal of undeveloped projects | (6) | 23 |  |
| Amount capitalised during the year | 207 | 110 | 87 |
| Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) per income statement | (896) | (719) | (624) |

---

9 &nbsp;&nbsp;&nbsp;&nbsp;Finance income and finance costs

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Finance income from equity accounted units |  | 3 | 2 | 4 |
| Other finance income (including bank deposits, net investment in leases, and other financial assets) |  | 176 | 62 | 137 |
| Total finance income |  | 179 | 64 | 141 |
| Interest on: |  |  |  |  |
| – Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives |  | (713) | (489) | (561) |
| – Lease liabilities |  | (49) | (47) | (50) |
| Fair value movements: |  |  |  |  |
| – Bonds designated as hedged items in fair value hedges<sup>(a)</sup> |  | 526 | 246 | (284) |
| – Derivatives designated as hedging instruments in fair value hedges<sup>(a)</sup> |  | (515) | (242) | 287 |
| Loss on early redemption of bonds |  |  | (69) |  |
| Amounts capitalised<sup>(b)</sup> | 13 | 416 | 358 | 340 |
| Total finance costs |  | (335) | (243) | (268) |

---

(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).

10 &nbsp;&nbsp;&nbsp;&nbsp;Taxation

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 judgment 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 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page [222](#ibb911af0140f4ed284e9429300fe8801_4370)).

172&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Other relevant judgments - Uncertain tax positions<br>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 matters. Where the amount of tax payable or recoverable is uncertain, whether due to the local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgment is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions for all matters worldwide based on the Group's judgment of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions include any related interest and penalties.<br>In July 2022 we reached agreement with the Australian Tax Office (ATO) on all tax matters in dispute. We also reached agreement with the Inland Revenue Authority of Singapore in relation to transfer pricing for the same historical years (2010 to 2021). <br>

Taxation charge

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| – Current |  | 4851 | 8144 | 5169 |
| – Deferred | 15 | 735 | 114 | (178) |
| Total taxation charge |  | 5586 | 8258 | 4991 |

---

Prima facie tax reconciliation

---

| | | | |
|:---|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m<br>Adjusted<sup>(i)</sup> | 2020<br>US$m<br>Adjusted<sup>(i)</sup> |
| Profit before taxation<sup>(a)</sup> | 18662 | 30833 | 15391 |
| Prima facie tax payable at UK rate of 19% (2021: 19%; 2020: 19%)<sup>(b)</sup> | 3546 | 5858 | 2924 |
| Higher rate of taxation of 30% on Australian earnings (2021: 30%; 2020: 30%) | 1550 | 2598 | 1748 |
| Other tax rates applicable outside the UK and Australia | (17) | 103 | (181) |
| Tax effect of profit from equity accounted units, related impairments and expenses<sup>(a)</sup> | (109) | (198) | (59) |
| Impact of changes in tax rates | (11) |  |  |
| Resource depletion allowances | (40) | (52) | (34) |
| Recognition of previously unrecognised deferred tax assets<sup>(c)</sup> | (261) | (212) | (182) |
| Write-down of previously recognised deferred tax assets<sup>(d)</sup> | 820 |  | 237 |
| Utilisation of previously unrecognised deferred tax assets<sup>(e)</sup> | (37) | (200) | (15) |
| Unrecognised current year operating losses<sup>(f)</sup> | 212 | 107 | 328 |
| Adjustments in respect of prior periods<sup>(g)</sup> | (222) | 40 | 9 |
| Other items<sup>(h)</sup> | 155 | 214 | 216 |
| Total taxation charge | 5586 | 8258 | 4991 |

---

(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 corporation 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 29% (2021: 29% 2020: 30%).

(c)The recognition of previously unrecognised deferred tax assets relates primarily to Oyu Tolgoi where ongoing progress towards sustainable underground production in the current and comparative periods reduces the risk of tax losses that expire if not recovered against taxable profits within eight years. In the comparative period to 31 December 2021 the recognition of previously unrecognised deferred tax assets also included the recognition of prior year deferred tax assets in our Australian Aluminium business.

(d)The write-down of previously recognised deferred tax assets relates to deferred tax assets of our US businesses. The enactment of the US Inflation Reduction Act of 2022 in August included a new Corporate Alternative Minimum Tax (CAMT) regime which applies a minimum tax rate of 15% on accounting profits. As a result of the new legislation, which does not give relief for some Federal deferred tax assets, the deferred tax assets previously recognised have been written down. In the comparative period to 31 December 2020 the write-down of previously recognised deferred tax assets relates primarily to the partial de-recognition of deferred tax assets in our Australian Aluminium business.

(e)In 2021, the utilisation of previously unrecognised deferred tax assets arose due to higher than forecast profits in the year at Oyu Tolgoi.

(f)Unrecognised current year operating losses include tax losses around the Group for which no tax benefit is currently recognised due to uncertainty regarding whether suitable taxable profits will be earned in future to obtain value for the tax losses. In 2020, unrecognised current year operating losses included allowable foreign exchange losses in the UK for which no tax benefit was recognised.

(g)In the year to 31 December 2022, adjustments in respect of prior periods includes amounts related to the settlement of all tax disputes with the Australian Tax Office for the years 2010 to 2021.

(h)Other items include non-deductible costs and withholding taxes, and various adjustments to provisions for taxation, the most significant of which relate to transfer pricing matters, including issues previously under discussion with the Australian Tax Office.

(i)The presentation of the prima facie tax reconciliation comparatives has been revised. We have allocated the tax relating to exclusions (historically shown separately in the financial statements) to the appropriate tax line items above. The presentation of the impact of including profit after tax from equity accounted units within the Group profit before tax has also been revised as described in note (a) above.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;173

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Financial statements *continued*

**Notes to the 2022 financial statements**

10 &nbsp;&nbsp;&nbsp;&nbsp;Taxation *continued*

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Tax on fair value movements: |  |  |  |
| – Cash flow hedge fair value gains | 21 | 62 | 3 |
| Tax (charge)/credit on re-measurement gains/(losses) on pension and post-retirement healthcare plans | (123) | (305) | 112 |
| Deferred tax relating to components of other comprehensive income for the year (note 15) | (102) | (243) | 115 |

---

Future tax developments

We continue to monitor the Organisation for Economic Co-operation and Development's (OECD) Two Pillar Solution to address the Tax Challenges Arising from the Digitalisation of the Economy. Pillar Two of those proposals seeks to apply a 15% global minimum tax and is expected to be enacted in 2023 with application to the Group from 1 January 2024. We note the release in July by the UK Government of draft legislation to implement a "Multinational Top-up Tax" on a country-by-country basis in line with Pillar Two.

We are in the process of evaluating the cash tax and accounting implications of the Pillar Two global minimum tax rules under IAS 12. Recognition of any impact will only occur once legislation has been substantively enacted.

174&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Our operating assets

We are a diversified mining operation with the majority of our assets being located in Organization for Economic Cooperation and Development (OECD) countries.

Non-current assets other than excluded items<sup>(a)</sup> 

The total of non-current assets other than excluded items is shown by location below.

---

| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m |
| Australia | 31674 | 32807 |
| Canada | 14472 | 15139 |
| Mongolia | 12872 | 11653 |
| United States of America | 6441 | 6141 |
| Africa | 2945 | 3080 |
| South America | 3317 | 2451 |
| Europe (excluding UK) | 245 | 246 |
| UK | 136 | 111 |
| Other countries | 1159 | 1197 |
| Total non-current assets other than excluded items | 73261 | 72825 |
| Non-current assets excluded from analysis above: |  |  |
| Deferred tax assets | 2766 | 3375 |
| Other financial assets | 406 | 528 |
| Quasi-equity loans to equity accounted units<sup>(b)</sup> |  | 97 |
| Tax recoverable |  | 29 |
| Receivables and other assets | 1338 | 1610 |
| Total non-current assets per balance sheet | 77771 | 78464 |

---

(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$3,298 million (2021: US$3,407 million) which represents the Group's share of net assets excluding quasi-equity loans shown separately above.

(b)As part of the impairment of the Boyne Smelter the quasi-equity loan was fully impaired in 2022 (2021: US$97 million).

11 &nbsp;&nbsp;&nbsp;&nbsp;Goodwill

Recognition and measurement

Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information.

---

| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m |
| Net book value |  |  |
| At 1 January | 879 | 946 |
| Adjustment on currency translation | (53) | (67) |
| At 31 December | 826 | 879 |
| – cost | 15974 | 16987 |
| – accumulated impairment | (15148) | (16108) |
| At 1 January |  |  |
| – cost | 16987 | 17341 |
| – accumulated impairment | (16108) | (16395) |

---

At 31 December, goodwill has been allocated as follows:

---

| | | |
|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m |
| Net book value |  |  |
| Richards Bay Minerals | 405 | 428 |
| Pilbara | 337 | 362 |
| Dampier Salt | 84 | 89 |
|  | 826 | 879 |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;175

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Financial statements *continued*

**Notes to the 2022 financial statements**

11 &nbsp;&nbsp;&nbsp;&nbsp;Goodwill *continued*

Impairment tests for goodwill

Richards Bay Minerals

Richards Bay Minerals' annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to 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% (2021: 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:

---

| | |
|:---|:---|
|  | 2022 <br>US$m |
| 5% increase in the titanium slag price | 207 |
| 1% increase in the discount rate applied to post-tax cash flows | (140) |
| 10% strengthening of the South African rand | 263 |

---

Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant.

12 &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets

Recognition and measurement - Intangible assets

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 for impairment 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 and contract-based water rights. The water rights were acquired with Alcan in Canada.

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 judgment 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.

Contract-based intangible assets

The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations.

Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada<br>We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets.<br>The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%).<br>The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. <br>

176&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Impact of climate change on our business - Water rights<br>To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact our operation is having on the water 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 renewal of our contractual water rights to be at risk from climate change for the foreseeable future.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year ended 31 December 2022 | Exploration<br>and <br>evaluation<br>US$m | Trademarks, patented and non-patented technology<br>US$m | Contract-based intangible<br>assets<br>US$m | Other <br>intangible <br>assets<br>US$m | Total<br>US$m |
| Net book value |  |  |  |  |  |
| At 1 January 2022 | 363 | 22 | 2008 | 439 | 2832 |
| Adjustment on currency translation | (22) | (2) | (114) | (24) | (162) |
| Expenditure during the year | 207 | 5 |  | 106 | 318 |
| Amortisation for the year |  | (13) | (9) | (137) | (159) |
| Impairment reversal<sup>(a)</sup> | 150 |  |  |  | 150 |
| Subsidiaries no longer consolidated<sup>(a)</sup> | (150) |  |  |  | (150) |
| Newly consolidated operations<sup>(b)</sup> | 822 |  |  |  | 822 |
| Disposals, transfers and other movements | (2) |  | (10) | 6 | (6) |
| At 31 December 2022 | 1368 | 12 | 1875 | 390 | 3645 |
| – cost | 3030 | 211 | 2908 | 1732 | 7881 |
| – accumulated amortisation and impairment | (1662) | (199) | (1033) | (1342) | (4236) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year ended 31 December 2021 | Exploration<br>and <br>evaluation<br>US$m | Trademarks, patented and non-patented technology<br>US$m | Contract-based intangible<br>assets<br>US$m | Other<br>intangible <br>assets<br>US$m | Total<br>US$m |
| Net book value |  |  |  |  |  |
| At 1 January 2021 | 271 | 33 | 1994 | 457 | 2755 |
| Adjustment on currency translation | (14) | (2) | (11) | (21) | (48) |
| Expenditure during the year | 110 | 5 |  | 110 | 225 |
| Amortisation for the year |  | (14) | (10) | (154) | (178) |
| Disposals, transfers and other movements | (4) |  | 35 | 47 | 78 |
| At 31 December 2021 | 363 | 22 | 2008 | 439 | 2832 |
| – cost | 2513 | 220 | 3089 | 1725 | 7547 |
| – accumulated amortisation and impairment | (2150) | (198) | (1081) | (1286) | (4715) |

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(a)The impairment reversal and disposal relates to our sale of the Roughrider uranium development project, refer to note 4.

(b)The acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5.

Where amortisation is calculated on a straight line basis, the following useful lives have been determined:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Trademarks, patented and non-patented technology | Trademarks, patented and non-patented technology | Contract-based intangible assets | Contract-based intangible assets | Other intangible assets | Other intangible assets |
| Type of intangible | Trademarks | Patented and <br>non-patented technology | Power contracts/water rights | Other purchase and customer contracts | Internally generated intangible assets and computer software | Other intangible assets |
| Amortisation profile | 14 to 20 years | 10 to 20 years | 2 to 45 years  | 5 to 15 years | 2 to 5 years | 2 to 20 years |

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Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;177

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Financial statements *continued*

**Notes to the 2022 financial statements**

13 &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment

Recognition and measurement

Property, plant and equipment is stated at cost, as defined in IAS 16, 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, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under "Mining properties and leases" together with any amount transferred from "Exploration and evaluation".

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 (refer to page [155](#i4e1fde2b483e4a95b74bd78074955f5c_125)). 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. 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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Property, plant and equipment | Land and Buildings | Land and Buildings | Plant and equipment | Plant and equipment | Capital work in progress |
| Type of Property, plant and equipment | Land | Buildings | Power assets | Other plant and equipment | Capital work in progress |
| Depreciation profile | Not depreciated | 5 to 50 years | See Power note below | 3 to 50 years | Not depreciated |

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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. Measured and indicated resources are currently incorporated into depreciation calculations in the Group's Australian iron ore business.

Key judgment - Estimation of asset lives<br>The useful lives of the major assets of a cash-generating unit are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life 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 cash-generating unit are not dependent on the life of a related orebody, management applies judgment in estimating the remaining service potential of long-lived assets. Factors affecting the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced from the Group, or in some cases from local governments permitting electricity generation from hydro-power stations. <br>

178&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Impact of climate change on our business - Estimation of asset lives<br>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 transition to a low carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut-off grade for our Ore Reserves 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 would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would reduce the depreciation charge for assets that use the 'Units of production' depreciation method.<br>

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.

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 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). 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 (such as overburden and other waste removal) of the second and subsequent pits is considered to be production phase stripping (see below).

Key judgment - Deferral of stripping costs<br>We apply judgment as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those costs. The analysis depends on each mine's specific circumstances and requires judgment: another mining company could make a different judgment even when the fact pattern appears to be similar. <br>The following factors would point towards the initial stripping costs for the individual pits being accounted for separately: <br>–If mining of the second and subsequent pits is conducted consecutively following that of the first pit, rather than concurrently; <br>–If separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset; <br>–If the pits are operated as separate units in terms of mine planning and the sequencing of overburden removal and ore mining, rather than as an integrated unit; <br>–If expenditures for additional infrastructure to support the second and subsequent pits are relatively large; and <br>–If the pits extract ore from separate and distinct orebodies, rather than from a single orebody. <br>If the designs of the second and subsequent pits are significantly influenced by opportunities to optimise output from several pits combined, including the co-treatment or blending of the output from the pits, then this would point to treatment as an integrated operation for the purposes of accounting for initial stripping costs. The relative importance of each of the above factors is considered in each case. <br>In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, three 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 access to the orebody; <br>–It must be possible to identify the "component" of the orebody for which access has been improved; and <br>–It must be possible to reliably measure the costs that relate to the stripping activity. <br>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). <br>

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;179

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Financial statements *continued*

**Notes to the 2022 financial statements**

13 &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment *continued*

Recognition and measurement

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| | | | |
|:---|:---|:---|:---|
| Phase | Development Phase | Production Phase | Production Phase |
| Stripping activity | Overburden and other waste removal during the development of a mine before production commences. | Production phase stripping can give access to two benefits: the extraction of ore in the current period and improved access to ore which will be extracted in future periods. | Production phase stripping can give access to two benefits: the extraction of ore in the current period 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 indistinguishable. |
| Capitalised to mining properties and leases in property, plant and equipment | During the development of a mine, stripping costs relating to a component of an orebody are capitalised as part of the cost of construction of the mine. | It may be the case that subsequent phases of stripping will access additional ore and that these subsequent phases are only possible after the first phase has taken place. Where applicable, the Group considers this on a mine-by-mine basis. Generally, the only ore attributed to the stripping activity asset for the purposes of calculating the life-of-component ratio is the ore to be extracted from the originally identified component. | Stripping costs for the component are deferred to the extent that the current period ratio exceeds the life-of-component ratio. |
| Allocation to inventory | Not applicable | Not applicable | The stripping cost is allocated to inventory based on a relevant production measure using a life-of-component strip ratio. The ratio divides the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the ore mined for the component. In some operations, the quantity of ore is a more appropriate basis for allocating costs, particularly when there are significant by-products. |
| Component | 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). | 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). | 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). |
| Life-of-component ratio | 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 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 technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on 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 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 technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on 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 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 technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on 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 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 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 the component unless another method is more appropriate. |

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Property, plant and equipment includes both owned and leased assets.

---

| | | |
|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m |
| Property, plant and equipment – owned | 63731 | 63793 |
| Right of use assets – leased | 1003 | 1134 |
| Net book value | 64734 | 64927 |

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Property, plant and equipment – Owned

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year ended 31 December 2022 | Note | Mining<br>properties<br>and leases<sup>(a)</sup><br>US$m | Land<br>and<br>buildings<br>US$m | Plant<br>and<br>equipment<br>US$m | Capital<br>works in<br>progress<br>US$m | Total<br>US$m |
| Net book value |  |  |  |  |  |  |
| At 1 January 2022 |  | 10817 | 5995 | 33453 | 13528 | 63793 |
| Adjustment on currency translation<sup>(b)</sup> |  | (436) | (344) | (1870) | (311) | (2961) |
| Adjustments to capitalised closure costs | 14 | 520 |  |  |  | 520 |
| Interest capitalised<sup>(c)</sup> | 9 |  |  |  | 416 | 416 |
| Additions<sup>(d)</sup> |  | 360 | 304 | 1111 | 4732 | 6507 |
| Depreciation for the year<sup>(a)</sup> |  | (891) | (433) | (3171) |  | (4495) |
| Disposals |  | (3) | (1) | (38) | (4) | (46) |
| Newly consolidated operations<sup>(e)</sup> |  |  | 1 |  | 5 | 6 |
| Transfers and other movements<sup>(f)</sup> |  | 162 | 1177 | 4922 | (6270) | (9) |
| At 31 December 2022 |  | 10529 | 6699 | 34407 | 12096 | 63731 |
| – cost |  | 25263 | 12805 | 74562 | 13118 | 125748 |
| – accumulated depreciation and impairment |  | (14734) | (6106) | (40155) | (1022) | (62017) |
| Non-current assets pledged as security<sup>(g)</sup> |  | 1602 | 491 | 5113 | 8876 | 16082 |

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180&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year ended 31 December 2021 | <br>Note | Mining <br>properties<br>and leases<sup>(a)</sup><br>US$m | Land <br>and<br>buildings<br>US$m | Plant <br>and<br>equipment<br>US$m | Capital <br>works in<br>progress <br>US$m | Total <br>US$m |
| Net book value |  |  |  |  |  |  |
| At 1 January 2021 |  | 11173 | 6369 | 32754 | 11711 | 62007 |
| Adjustment on currency translation<sup>(b)</sup> |  | (385) | (194) | (1097) | (259) | (1935) |
| Adjustments to capitalised closure costs | 14 | 518 |  |  |  | 518 |
| Interest capitalised<sup>(c)</sup> | 9 |  |  |  | 358 | 358 |
| Additions |  | 227 | 70 | 1841 | 5337 | 7475 |
| Depreciation for the year<sup>(a)</sup> |  | (736) | (390) | (3061) |  | (4187) |
| Impairment charges<sup>(h)</sup> |  | (2) | (66) | (195) | (6) | (269) |
| Disposals |  | (2) | (18) | (90) | (7) | (117) |
| Transfers and other movements<sup>(f)</sup> |  | 24 | 224 | 3301 | (3606) | (57) |
| At 31 December 2021 |  | 10817 | 5995 | 33453 | 13528 | 63793 |
| – cost |  | 25114 | 12031 | 73415 | 14661 | 125221 |
| – accumulated depreciation and impairment |  | (14297) | (6036) | (39962) | (1133) | (61428) |
| Non-current assets pledged as security<sup>(g)</sup> |  | 1637 | 457 | 5196 | 7621 | 14911 |

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(a)At 31 December 2022, the net book value of capitalised production phase stripping costs totalled US$2,497 million, with US$2,038 million within "Property, plant and equipment" and a further US$460 million within "Investments in equity accounted units" (2021: total of US$2,432 million, with US$2,017 million in "Property, plant and equipment" and a further US$415 million within "Investments in equity accounted units"). During the year, capitalisation of US$411 million was partly offset by depreciation of US$331 million (including amounts recorded within equity accounted units). Depreciation of deferred stripping costs in respect of subsidiaries of US$246 million (2021: US$201 million; 2020: US$145 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 2022 arose primarily from the weakening of the Australian dollar against the US dollar.

(c)Our average borrowing rate, excluding any project finance, used for capitalisation of interest is 5.60% (2021: 3.40%).

(d)US$0.1 billion of additions to "Property, plant and equipment" relates to capital spend on carbon abatement in 2022.

(e)In 2022, the acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5.

(f)"Transfers and other movements" includes reclassifications between categories.

(g)Excludes assets held under capitalised lease arrangements. Non-current assets pledged as security represent amounts pledged as collateral against US$3,965 million (2021: US$4,403 million) of loans, which are included in note 20.

(h)In 2021, the impairment charges related to our Kitimat smelter in Canada, refer to note 4.

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| | | | | |
|:---|:---|:---|:---|:---|
| Impact of climate change on our business - Useful economic lives of our power generating assets<br>The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; **however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected.** | Impact of climate change on our business - Useful economic lives of our power generating assets<br>The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; **however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected.** | Impact of climate change on our business - Useful economic lives of our power generating assets<br>The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; **however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected.** | Impact of climate change on our business - Useful economic lives of our power generating assets<br>The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; **however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected.** | Impact of climate change on our business - Useful economic lives of our power generating assets<br>The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; **however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected.** |
|  | 2022 | 2022 | 2021 | 2021 |
| Net book value | Land<br>and<br>buildings<br>US$m | Plant<br>and<br>equipment<br>US$m | Land<br>and<br>buildings<br>US$m | Plant<br>and<br>equipment<br>US$m |
| Fossil fuels | 25 | 882 | 26 | 952 |
| Renewables<sup>(a)</sup> | 198 | 2352 | 195 | 1541 |
| (a)The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. | (a)The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. | (a)The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. | (a)The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. | (a)The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. |

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Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;181

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Financial statements *continued*

**Notes to the 2022 financial statements**

13 &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment *continued*

Right-of-use assets – Leased

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| | | | |
|:---|:---|:---|:---|
|  | **Land and<br>buildings<br>US$m** | **Plant and<br>equipment<br>US$m** | **Total<br>US$m** |
| Net book value |  |  |  |
| 31 December 2022 | 515 | 488 | 1003 |
| 31 December 2021 | 549 | 585 | 1134 |
| Additions for the year |  |  |  |
| 31 December 2022 | 49 | 254 | 303 |
| 31 December 2021 | 135 | 407 | 542 |
| Depreciation for the year (included within operating costs) |  |  |  |
| 31 December 2022 | (61) | (295) | (356) |
| 31 December 2021 | (81) | (251) | (332) |

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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 enacted.

14&nbsp;&nbsp;&nbsp;&nbsp; Close-down and restoration 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 occur 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 which is planned to occur during the life of mine, so that it represents only incurred 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. This applies primarily to certain Canadian smelters which have indefinite-lived water rights from local governments permitting electricity generation from hydro-power stations.

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.

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 disturbance 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 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 1.5% (2021: 1.5%) which is applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities co-ordinated 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", 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 six months. At the end of each half-year we update the underlying cash flows for the latest estimate of experienced inflation 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 "Finance items".

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.

182&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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| | | | |
|:---|:---|:---|:---|
|  | Note | 2022 <br>US$m | 2021<br>US$m |
| At 1 January |  | 14542 | 13335 |
| Adjustment on currency translation |  | (699) | (483) |
| Adjustments to mining properties/right of use assets: | 13 |  |  |
| – increases to existing and new provisions |  | 520 | 518 |
| Charged/(credited) to profit: |  |  |  |
| – increases to existing and new provisions |  | 541 | 1475 |
| – unused amounts reversed |  | (72) | (192) |
| – exchange losses on provisions |  | 17 | 23 |
| – amortisation of discount |  | 1517 | 415 |
| Utilised in year |  | (609) | (541) |
| Transfers and other movements |  | 2 | (8) |
| At 31 December<sup>(a)</sup> |  | 15759 | 14542 |
| Balance sheet analysis: |  |  |  |
| Current |  | 1142 | 1023 |
| Non-current |  | 14617 | 13519 |
| Total |  | 15759 | 14542 |

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(a)Close-down, restoration and environmental liabilities at 31 December 2022 have not been adjusted for closure-related receivables amounting to US$351 million (2021: US$410 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.

Key judgment - Close-down, restoration and environmental obligations<br>We use our judgment and experience to determine the potential scope of closure rehabilitation work required to meet the Group's legal, statutory and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations and estimate the associated costs and the likely timing of those costs. Significant judgment is also required to determine both the costs associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where appropriate but there remains significant estimation uncertainty.<br>The key judgment in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group's Closure Steering Committee before the provision is updated.<br>Cost estimates are updated throughout the life of the operation; generally cost estimates must comply with the Group's Capital Project Framework once the operation is ten years from expected closure. This means, for example, that where an Order 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. As at 31 December 2022, there are 16 operations with remaining lives of under 10 years before taking into account unapproved extensions. The largest closure study finalised during 2022 related to the Ranger Uranium mine operated by Energy Resources of Australia. In 2021 the preliminary information from this study resulted in an increase to closure liabilities of US$510 million; the finalisation of the study in 2022 did not result in a further significant change.<br>In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, ground water treatment. In these cases the underlying cash flows for the provision may be restricted to a period for which the costs can be reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be predicted with confidence, this period may be shorter.<br>Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated. This applies primarily to certain Canadian smelters which have indefinite-lived water rights or power agreements for renewable power sources with local governments, refer to note 37.<br>

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;183

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Financial statements *continued*

**Notes to the 2022 financial statements**

14&nbsp;&nbsp;&nbsp;&nbsp; Close-down and restoration provisions *continued*

Analysis of close-down and restoration/environmental clean-up provisions

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| | | |
|:---|:---|:---|
| As at 31 December | <br>2022 <br>US$m | <br>2021<br>US$m |
| Undiscounted close-down and environmental restoration obligations | 20433 | 18775 |
| Impact of discounting | (4674) | (4233) |
| Present closure obligation | 15759 | 14542 |
| Attributable to: |  |  |
| Operating sites | 11598 | 10727 |
| Non-operating sites | 4161 | 3815 |
| Total | 15759 | 14542 |

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Projected cash spend for the undiscounted close-down and restoration/environmental clean-up provision

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Undiscounted close-down and environmental restoration cash flows | <1 year<br>US$m | 1-3 years<br>US$m | 3-5 years<br>US$m | > 5 years<br>US$m | Total<br>US$m |
| At 31 December 2022 | 1142 | 1986 | 1426 | 15879 | 20433 |
| At 31 December 2021 | 1023 | 1652 | 1680 | 14420 | 18775 |

---

Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by 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 estimate - Close-down, restoration and environmental obligations<br>The most significant assumptions and estimates used in calculating the provision are:<br>–Closure timeframes. The weighted average remaining lives of operations is shown below. Some expenditure may be incurred before 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 commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental remediation provision includes an allowance for ongoing monitoring and remediation costs, including ground water treatment, of 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) relating to infrastructure and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.7 billion.<br>–Appropriate sources on which to base the calculation of the discount rate. The discount rate by nature is subjective and therefore sensitivities are shown below for how the provision balance, which at 31 December 2022 was US$15.8 billion, 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 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 the expected closure date; and<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 restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and 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 reserves and mineral resources, production rates, renewal of operating licences or economic conditions. <br>Changes in closure estimates at the Group's ongoing operations could result in a material adjustment to assets and liabilities in the next 12 months and would also impact the depreciation and the unwind 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 material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may 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 the obligation is fulfilled by the Group. These cash flows are then discounted using a discount rate specific to the class of obligations. <br>

184&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Provisions of US$15,759 million (2021: US$14,542 million) for close-down and restoration costs and environmental clean-up obligations are based on risk-adjusted cash flows. We re-assessed the closure discount rate in the current year and continue to consider that real rate of 1.5%, applied prospectively since 30 September 2020, is the most appropriate rate to use. This assumption is based on the currency in which we plan to fund the closures and our expectation of long-term interest rate and exchange rate parity in the locations of our operations. Prior to 30 September 2020 and in recent years, the close-down and restoration costs and environmental clean-up obligations were discounted at a real rate of 2.0%. To illustrate the sensitivity of the provision to discounting, if the discount rate at 31 December 2022 were decreased to 1.0% then the provision would be US$1.5 billion higher, of which approximately US$1.4 billion would be capitalised within "Property, plant and equipment" at operating sites and US$0.1 billion would be charged to the income statement for non-operating and fully impaired sites. If the discount rate were increased to 3.0% then the provision would be US$3.0 billion lower, of which approximately US$2.7 billion would result in a decrease within "Property, plant and equipment" at operating sites and US$0.3 billion would be credited to the income statement for non-operating and fully impaired sites.

Impact of climate change on our business - Close-down, restoration and environmental cost<br>The underlying costs for closure have been estimated with varying degrees of precision based on a function of the age of the underlying asset and proximity to closure. For assets within ten years of closure, closure plans and cost estimates are supported by detailed studies which are refined as the closure date approaches. These closure studies consider climate change and plan for resilience to expected climate conditions with a particular focus on precipitation rates. For new developments, consideration of climate change and ultimate closure conditions are an important part of the approval process. For longer-lived assets, closure provisions are typically based on conceptual level studies that are refreshed at least every five years; these are evolving to incorporate greater consideration of forecast climate conditions at closure.<br>

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| | | |
|:---|:---|:---|
| Closure cost composition as at 31 December | <br>2022 <br>US$m | <br>2021<br>US$m |
| Decommissioning, decontamination and demolition | 3386 | 3343 |
| Closure and rehabilitation earthworks<sup>(a)</sup> | 4760 | 4125 |
| Long-term water management costs<sup>(b)</sup> | 1092 | 967 |
| Post closure monitoring and maintenance | 1846 | 1676 |
| Indirect costs, owners' costs and contingency<sup>(c)</sup> | 4675 | 4431 |
| Total | 15759 | 14542 |

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(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.

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| | | |
|:---|:---|:---|
| Geographic composition as at 31 December | <br>2022 <br>US$m | <br>2021<br>US$m |
| Australia | 7983 | 7605 |
| USA | 4680 | 4057 |
| Canada | 1730 | 1662 |
| Rest of World | 1366 | 1218 |
| Total | 15759 | 14542 |

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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 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;185

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Financial statements *continued*

**Notes to the 2022 financial statements**

15 &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxation

Other relevant judgments - Recoverability of deferred tax assets<br>In considering the recoverability of deferred tax assets, judgment is required regarding the extent to which certain risk factors are likely to affect the 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 as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets.<br>IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The enactment in the US of the Corporate Alternative Minimum Tax (CAMT) in the Inflation Reduction Act 2022 has resulted in a position where, whilst the utilisation of Federal deferred tax assets will reduce our Federal corporate tax liabilities, the CAMT legislation will result in the application of the minimum tax on the adjusted financial statement income. Accordingly, whilst our latest projections demonstrate that sufficient taxable profits will be earned in future periods to utilise the existing Federal deferred tax assets, the utilisation of those Federal deferred tax assets is not expected to yield any significant economic benefit due to the application of the minimum tax and the deferred tax assets have been written down.<br>

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| | | |
|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m |
| At 1 January – deferred tax (liabilities)/assets | (128) | 146 |
| Adjustment on currency translation | 124 | 61 |
| (Charged)/credited to the income statement | (735) | (114) |
| (Charged)/credited to statement of comprehensive income<sup>(a)</sup> | (102) | (243) |
| Other movements<sup>(b)</sup> | 6 | 22 |
| At 31 December – deferred tax liabilities | (835) | (128) |
| Comprising: |  |  |
| – deferred tax assets<sup>(c)(d)</sup> | 2766 | 3375 |
| – deferred tax liabilities<sup>(e)</sup> | (3601) | (3503) |

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186&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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 permitted by IAS 12. The closing deferred tax assets and liabilities, prior to this offsetting of balances, are shown below.

Analysis of deferred tax

---

| | | |
|:---|:---|:---|
|  | 2022<br>US$m | <br>2021<br>US$m |
| Deferred tax assets arising from: |  |  |
| Tax losses<sup>(c)</sup> | 922 | 1492 |
| Provisions | 2051 | 2165 |
| Capital allowances | 984 | 784 |
| Post-retirement benefits | 179 | 521 |
| Unrealised exchange losses | 189 | 188 |
| Other temporary differences | 1265 | 1356 |
| Total | 5590 | 6506 |
| Deferred tax liabilities arising from: |  |  |
| Capital allowances | (4873) | (5019) |
| Unremitted earnings<sup>(e)</sup> | (372) | (366) |
| Capitalised interest | (330) | (342) |
| Post-retirement benefits | (149) | (327) |
| Unrealised exchange gains | (11) | (3) |
| Other temporary differences | (690) | (577) |
| Total | (6425) | (6634) |
| (Charged)/credited to the income statement |  |  |
| Unrealised exchange losses | 2 |  |
| Tax losses | (525) | (375) |
| Provisions | 14 | 216 |
| Capital allowances | 65 | (42) |
| Tax on unremitted earnings | 3 | (1) |
| Post-retirement benefits | (59) | 21 |
| Other temporary differences | (235) | 67 |
| Total | (735) | (114) |

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(a)The amounts (charged)/credited directly to the statement of comprehensive income include provisions for tax on cash flow hedges and on re-measurement gains/(losses) on pension schemes and on post-retirement healthcare plans.

(b)"Other movements" include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates.

(c)US$868 million (2021: US$1,152 million) of recognised deferred tax assets are subject to expiry if not recovered within certain time limits as specified in local tax legislation and investment agreements. US$nil (2021: US$nil) of those recognised assets would expire within one year if not used, US$105 million (2021: US$71 million) would expire within one to five years, and US$763 million (2021: US$1,081 million) would expire in more than five years.

(d)Recognised and unrecognised deferred tax assets are shown in the table below and totalled US$7,850 million at 31 December 2022 (2021: US$7,024 million). Of this total, US$2,766 million has been recognised as deferred tax assets (2021: US$3,375 million), leaving US$5,084 million (2021: US$3,649 million) unrecognised, as recovery is not considered probable.

(e)Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,730 million (2021: US$2,081 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$140 million (2021: US$103 million) would be payable.

The recognised amounts in the table below do not include deferred tax assets that have been netted off against deferred tax liabilities.

Analysis of deferred tax assets

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recognised** | **Recognised** | **Unrecognised** | **Unrecognised** |
| <br>At 31 December | 2022<br>US$m | 2021<br>US$m | 2022<br>US$m | 2021<br>US$m |
| France |  |  | 1204 | 1222 |
| Canada  | 457 | 545 | 580 | 538 |
| US<sup>(a)</sup> | 115 | 851 | 847 | 67 |
| Australia | 722 | 787 | 533 | 506 |
| Mongolia<sup>(b)</sup> | 1213 | 954 | 257 | 406 |
| Other | 259 | 238 | 1663 | 910 |
| Total<sup>(c)</sup> | 2766 | 3375 | 5084 | 3649 |

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(a)As noted above, whilst 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 rules has resulted in a position where no material future tax benefit will be derived from the utilisation of Federal deferred tax assets and consequently these deferred tax assets are included as 'unrecognised' in this table at 31 December 2022.

(b)Deferred tax assets in Mongolia include US$73 million (2021: US$108 million) from tax losses that expire if not recovered against taxable profits within eight years. Tax losses have been calculated in accordance with the tax stability provisions of the Oyu Tolgoi Investment Agreement and Mongolian laws. The interpretation of the stabilised tax laws by the Mongolian Tax Authority has been, and is expected to continue to be, subject to dispute. Changes to agreements or their interpretation could have a material impact on the amount and period of recovery of deferred tax assets.

(c)US$1,490 million (2021: US$705 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$473 million of the unrecognised assets (2021: US$356 million).

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;187

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Financial statements *continued*

**Notes to the 2022 financial statements**

16 &nbsp;&nbsp;&nbsp;&nbsp;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 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 consumable stores is the purchase price. The cost of partly-processed and saleable products 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.

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| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m |
| Raw materials and purchased components | 1235 | 870 |
| Consumable stores | 1327 | 1142 |
| Work in progress | 2086 | 1736 |
| Finished goods and goods for resale | 1768 | 1884 |
| Total inventories | 6416 | 5632 |
| Comprising: |  |  |
| Expected to be used within one year | 6213 | 5436 |
| Expected to be used after more than one year | 203 | 196 |
| Total inventories | 6416 | 5632 |

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During 2022, the Group recognised a net inventory write-off of US$55 million (2021:US$7 million write-back.) This included inventory write-offs of US$75 million (2021: US$18 million) offset by a write-back of previously written down inventory due to an increase in realisable values amounting to US$20 million (2021: US$25 million).

At 31 December 2022, US$850 million (2021: US$754 million) of inventories were pledged as security for liabilities.

17 &nbsp;&nbsp;&nbsp;&nbsp;Receivables and other assets

Recognition and measurement

The business model for our receivables is primarily "hold to collect" (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest ('SPPI') criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement.

A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the "hold to collect" model and therefore are classified as "held for sale". This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Non-current<br>2022<br>US$m | Current<br>2022<br>US$m | Total<br>2022<br>US$m | Non-current<br>2021<br>US$m | Current<br>2021<br>US$m | Total<br>2021<br>US$m |
| Trade receivables<sup>(a)</sup> |  | 2179 | 2179 |  | 2241 | 2241 |
| Other financial receivables<sup>(a)</sup> | 124 | 462 | 586 | 135 | 386 | 521 |
| Other receivables<sup>(b)</sup> | 383 | 382 | 765 | 392 | 418 | 810 |
| Prepayment of tolling charges to jointly controlled entities<sup>(c)</sup> | 218 |  | 218 | 183 |  | 183 |
| Pension surpluses (note 28) | 824 |  | 824 | 1070 |  | 1070 |
| Other prepayments  | 344 | 455 | 799 | 414 | 529 | 943 |
| Total<sup>(d)</sup> | 1893 | 3478 | 5371 | 2194 | 3574 | 5768 |

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(a)At 31 December 2022, trade and other financial receivables are stated net of allowances for expected credit losses of US$59 million (2021: US$57 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 2022, other receivables include US$329 million (2021: US$388 million) related to Energy Resources of Australia Ltd (ERA's) 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 of the scope of IFRS 9 "Financial Instruments".

(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.

188&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Credit risks related to receivables

Our Commercial team manages customer credit risk subject 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.

18 &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Non-current<br>2022<br>US$m | Current<br>2022<br>US$m | Total<br>2022<br>US$m | Non-current<br>2021<br>US$m<br>Adjusted<sup>(b)</sup> | Current<br>2021<br>US$m<br>Adjusted<sup>(b)</sup> | Total<br>2021<br>US$m<br>Adjusted<sup>(b)</sup> |
| Trade payables | 3 | 3269 | 3272 |  | 3410 | 3410 |
| Other financial payables | 225 | 1083 | 1308 | 254 | 909 | 1163 |
| Other payables | 63 | 131 | 194 | 82 | 110 | 192 |
| Deferred income<sup>(a)(b)</sup> | 114 | 333 | 447 | 205 | 404 | 609 |
| Accruals |  | 1611 | 1611 | 42 | 1488 | 1530 |
| Employee entitlements |  | 878 | 878 |  | 798 | 798 |
| Royalties and mining taxes | 3 | 644 | 647 | 2 | 574 | 576 |
| Amounts owed to equity accounted units | 196 | 98 | 294 | 213 | 40 | 253 |
| Total | 604 | 8047 | 8651 | 798 | 7733 | 8531 |

---

(a)Deferred income includes contract liabilities of US$345 million (2021: US$383 million).

(b)Deferred income includes government grants deferred. This was previously disclosed separately; however, it is no longer material.

The fair value of trade payables and financial instruments within other financial payables approximates their carrying value.

The Group participates in supply chain finance arrangements whereby vendors 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. Utilisation of the early settlement facility is voluntary and at the vendors' discretion on an invoice-by-invoice basis. Financial liabilities subject to supply chain finance therefore continue to be classified as trade payables with the cash outflows showing in operating cash flows. At 31 December 2022, trade payables included US$819 million (2021: US$782 million) subject to early settlement election by vendors.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;189

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Financial statements *continued*

**Notes to the 2022 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 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 commodity cycle.

We consider various financial metrics when managing our risk, including net debt, gearing, the overall level of borrowings and their maturity profile, liquidity levels, total capital, future cash flows, underlying EBITDA and interest cover ratios.

Our total capital as at 31 December was:

---

| | | | |
|:---|:---|:---|:---|
| Total capital | <br>Note | 2022<br>US$m | 2021<br>US$m |
| Equity attributable to owners of Rio Tinto (see Group balance sheet) |  | 50175 | 51432 |
| Equity attributable to non-controlling interests (see Group balance sheet) |  | 2099 | 5158 |
| Net debt/(cash) | 19 | 4188 | (1576) |
| Total capital |  | 56462 | 55014 |

---

We have access to various forms of financing including our US Shelf Programme, European Debt Issuance Programme, Commercial Paper and credit facilities.

In 2022, we exercised one of our options to extend the maturity of our US$7.5 billion multi-currency revolving credit facility. The facility now matures in November 2027. The facility remained undrawn throughout the year.

Our credit ratings, as provided by Standard & Poor's and Moody's investor services, as at 31 December were:

---

| | | |
|:---|:---|:---|
|  | 2022 | 2021 |
| Long-term rating | A/A2 | A/A2 |
| Short-term rating | A-1/P-1 | A-1/P-1 |
| Outlook | Stable/Stable | Stable/Stable |

---

Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited are automatically guaranteed by the other.

In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted payments. 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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2022 | 2022 | 2022 | 2022 | 2022 | **2021** | **2021** | **2021** | **2021** | **2021** |
| Financial liability analysis<br>At 31 December <br>(Outflows)/Inflows | Within 1<br>year or on<br>demand<br>US$m | Between<br>1 and 2<br>years<br>US$m | Between 2 and 5 years<br>US$m | After<br>5 years<br>US$m | Total<br>US$m | **Within 1**<br>**year or on**<br>**demand**<br>**US$m** | **Between**<br>**1 and 2**<br>**years**<br>**US$m** | **Between 2 and 5 years<br>US$m** | **After**<br>**5 years**<br>**US$m** | **Total**<br>**US$m** |
| Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |
| Trade and other financial payables<sup>(a)</sup> | (5971) | (37) | (57) | (329) | (6394) | (5766) | (31) | (72) | (406) | (6275) |
| Expected lease liability payments | (329) | (235) | (344) | (606) | (1514) | (361) | (266) | (400) | (704) | (1731) |
| Borrowings before swaps | (937) | (1425) | (1839) | (7389) | (11590) | (827) | (746) | (2519) | (8112) | (12204) |
| Expected future interest payments<sup>(a)</sup> | (668) | (603) | (1468) | (3141) | (5880) | (511) | (486) | (1313) | (3485) | (5795) |
| Other financial liabilities |  |  |  |  |  | (20) |  |  |  | (20) |
| Derivative financial liabilities<sup>(b)</sup> |  |  |  |  |  |  |  |  |  |  |
| Derivatives related to net debt – net settled | (92) | (106) | (47) | (8) | (253) |  |  |  |  |  |
| Derivatives related to net debt – gross settled<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |  |
| – gross inflows | 37 | 481 | 72 | 651 | 1241 | 41 | 41 | 560 | 756 | 1398 |
| – gross outflows | (69) | (615) | (102) | (875) | (1661) | (44) | (44) | (658) | (909) | (1655) |
| Derivatives not related to net debt – net settled | (78) | (60) | (129) | (77) | (344) | (186) | (77) | (53) | (37) | (353) |
| Derivatives not related to net debt – gross settled: |  |  |  |  |  |  |  | 0 |  |  |
| – gross inflows | 71 |  |  |  | 71 | 1302 |  |  |  | 1302 |
| – gross outflows | (71) |  |  |  | (71) | (1340) |  |  |  | (1340) |
| Total | (8107) | (2600) | (3914) | (11774) | (26395) | (7712) | (1609) | (4455) | (12897) | (26673) |

---

(a)The interest payable at year end was removed from trade and other financial payables and is 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 (2021: 11 years).

190&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

19 &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net (debt)/cash

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Financing liabilities | Financing liabilities | Financing liabilities | Other assets | Other assets | |
| Year ended 31 December 2022 | Borrowings<br>excluding overdrafts<sup>(a)</sup><br>US$m | Lease liabilities<sup>(b)</sup><br>US$m | Net debt related derivatives (note 23)<sup>(c)</sup><br>US$m | Cash and cash equivalents including overdrafts<sup>(a)</sup><br>US$m | Other investments<sup>(d)</sup><br>US$m | Net (debt)/cash<br>US$m |
| Analysis of changes in consolidated net (debt)/cash |  |  |  |  |  |  |
| Opening balance | (12166) | (1363) | (101) | 12805 | 2401 | 1576 |
| Foreign exchange adjustment | 118 | 69 | (92) | 15 |  | 110 |
| Cash movements excluding exchange movements | 470 | 374 | (3) | (6046) | (352) | (5557) |
| Other non-cash movements  | 508 | (280) | (494) |  | (51) | (317) |
| Closing balance | (11070) | (1200) | (690) | 6774 | 1998 | (4188) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year ended 31 December 2021 | Financing liabilities | Financing liabilities | Financing liabilities | Other assets | Other assets |  |
| Year ended 31 December 2021 | Borrowings <br>excluding overdrafts<sup>(a)</sup><br>US$m | Lease liabilities<sup>(b)</sup><br>US$m | Net debt related derivatives<br>(note 23)<sup>(c)</sup><br>US$m | Cash and cash equivalents including overdrafts<sup>(a)</sup><br>US$m | Other investments<sup>(d)</sup><br>US$m | Net cash/(debt)<br>US$m |
| Analysis of changes in consolidated net cash/(debt) |  |  |  |  |  |  |
| Opening balance | (12653) | (1178) | 248 | 10381 | 2538 | (664) |
| Foreign exchange adjustment | 67 | 30 | (45) | 100 |  | 152 |
| Cash movements excluding exchange movements | 270 | 358 | (51) | 2324 | (107) | 2794 |
| Other non-cash movements | 150 | (573) | (253) |  | (30) | (706) |
| Closing balance | (12166) | (1363) | (101) | 12805 | 2401 | 1576 |

---

(a)Borrowings excluding overdrafts, of US$11,070 million (2021:US$12,166 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$1 million (2021: US$2 million) which has been included in cash and cash equivalents for the net (debt)/cash reconciliation.

(b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the year.

(c)Included within "Net debt related derivatives" are interest rate and cross currency interest rate swaps that are in hedge relationships with the Group's debt.

(d)Other investments includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading.

The table below summarises, by currency, our net (debt)/cash, after taking into account relevant cross currency interest rate swaps and foreign exchange contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Net (debt)/cash by currency | Total<br>borrowings<br>excluding<br>overdrafts<br>US$m | Lease liabilities<br>US$m | Derivatives<br>related to net<br>debt<br>US$m | Cash and<br>cash<br>equivalents<br>US$m | Other<br>investments<br>US$m | Net debt<br>2022<br>US$m | Net cash<br>2021<br>US$m |
| US dollar | (10680) | (360) | (690) | 5803 | 1998 | (3929) | 2201 |
| Australian dollar | (225) | (429) |  | 199 |  | (455) | (499) |
| Canadian dollar | (165) | (174) |  | 181 |  | (158) | (320) |
| South African rand |  | (2) |  | 173 |  | 171 | 115 |
| Other |  | (235) |  | 418 |  | 183 | 79 |
| Total | (11070) | (1200) | (690) | 6774 | 1998 | (4188) | 1576 |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;191

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Financial statements *continued*

**Notes to the 2022 financial statements**

20 &nbsp;&nbsp;&nbsp;&nbsp;Borrowings

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 at floating interest rates, either directly or through the use of derivatives, as:

–the majority of our sales are in US dollars,

–historically a lower cost of borrowing has been observed from maintaining a floating rate exposure

–historically there is 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 fixed interest rates in certain circumstances.

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 enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a US dollar notional with a US dollar interest coupon.

The characteristics and carrying value of the Group's borrowings are summarised below:

Borrowings at 31 December

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Carrying value<br>2022<br>US$m | Carrying value<br>2021<br>US$m | Nominal value of hedged item<br>2022<br>US$m | Nominal value of hedged item<br>2021<br>US$m | Weighted average <br>interest rate <br>after swaps (where applicable) | Swap maturity (where applicable) |
| Rio Tinto Finance plc Euro Bonds 2.875% due 2024<sup>(a)(c)</sup> | 429 | 497 | 546 | 546 | 3 month LIBOR +1.64% | 2024 |
| Rio Tinto Finance (USA) Limited Bonds 7.125% 2028<sup>(a)</sup> | 807 | 934 | 750 | 750 | 3 month LIBOR +3.27% | 2028 |
| Alcan Inc. Debentures 7.25% due 2028<sup>(a)(b)</sup> | 97 | 105 | 100 | 100 | 3 month SOFR +5.69% | 2024 |
| Rio Tinto Finance plc Sterling Bonds 4.0% due 2029<sup>(a)(c)(d)</sup> | 553 | 682 | 807 | 807 | 3 month LIBOR +2.65% | 2024 |
| Alcan Inc. Debentures 7.25% due 2031<sup>(a)</sup> | 384 | 420 | 400 | 400 | 3 month LIBOR +5.72% | 2025 |
| Alcan Inc. Global Notes 6.125% due 2033<sup>(a)</sup> | 673 | 722 | 750 | 750 | 3 month LIBOR +5.67% | 2025 |
| Alcan Inc. Global Notes 5.75% due 2035<sup>(a)</sup> | 264 | 283 | 300 | 300 | 3 month LIBOR +5.18% | 2025 |
| Rio Tinto Finance (USA) Limited Bonds 5.2% 2040<sup>(a)(e)</sup> | 1144 | 1156 |  | 1150 |  |  |
| Rio Tinto Finance (USA) plc Bonds 4.75% 2042<sup>(a)</sup> | 488 | 495 | 500 | 500 | 3 month LIBOR +3.42% | 2023 |
| Rio Tinto Finance (USA) plc Bonds 4.125% 2042<sup>(a)</sup> | 727 | 735 | 750 | 750 | 3 month LIBOR +2.83% | 2023 |
| Rio Tinto Finance (USA) Limited Bonds 2.75% 2051<sup>(a)</sup> | 1065 | 1225 | 1250 | 1250 | 6 month SOFR +1.57% | 2028 |
| Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027<sup>(f)</sup> | 597 | 673 |  |  |  |  |
| Oyu Tolgoi LLC Commercial Banks "B Loan" LIBOR plus 3.4% due 2027<sup>(f)</sup> | 1387 | 1565 |  |  |  |  |
| Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028<sup>(f)</sup> | 237 | 278 |  |  |  |  |
| Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029<sup>(f)</sup> | 805 | 866 |  |  |  |  |
| Oyu Tolgoi LLC International Financial Institutions "A Loan" LIBOR plus 3.78% due 2030<sup>(f)</sup> | 744 | 776 |  |  |  |  |
| Other secured loans | 194 | 246 |  |  |  |  |
| Other unsecured loans | 475 | 508 |  |  |  |  |
| Bank overdrafts | 1 | 2 |  |  |  |  |
| Total borrowings<sup>(g)</sup> | 11071 | 12168 |  |  |  |  |
| Current borrowings | 923 | 812 |  |  |  |  |
| Non-current borrowings | 10148 | 11356 |  |  |  |  |
| Total borrowings<sup>(g)</sup> | 11071 | 12168 |  |  |  |  |

---

(a)The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are summarised in note 9.

(b)In 2022, we transitioned the swaps associated to this bond from LIBOR + 5.43% to SOFR + 5.69%.

(c)Rio Tinto has a US$10 billion (2021: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.0 billion equivalent at 31 December 2022 (2021: US$1.1 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.0 billion (2021: US$1.2 billion) in aggregate.

(d)We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and reset dates match. Since 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in addition to the pre-existing cash flow hedge.

(e)On 2 November 2022 our interest rate swap, which converted our fixed coupon interest payments on this bond to 3 month LIBOR +3.79%, matured. Given market conditions, further interest rate swaps were not transacted.

(f)These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years from 2016 followed by minimum repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre-completion and will increase by 1% post-completion.

(g)The Group's borrowings of US$11.1 billion (2021: US$12.2 billion) include US$4.0 billion (2021: US$4.4 billion) 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 2022.

192&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Update on interest rate benchmark reform

We adopted, in prior periods, Interest Rate Benchmark Reform Amendments to IFRS 9 Financial Instruments (IFRS 9), IFRS 7 Financial Instruments: Disclosures (IFRS 7), IFRS 4 Insurance Contracts (IFRS 4) and IFRS 16 Leases (IFRS 16). The amendments address the financial reporting impact from reform of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates (collectively "IBOR reform"). We have taken relevant practical reliefs from certain requirements relating to changes in the basis for determining contractual cash flows of financial assets, financial liabilities and hedge accounting, described below.

Our hedging arrangements impacted by the reform of USD LIBOR are part of the International Swaps and Derivatives Association (ISDA) Fallbacks Protocol, which provides a global standardised mechanism for replacement of the current benchmark. During the year we transitioned the swaps, which hedge the Alcan Inc. Debentures, from the LIBOR to SOFR interest benchmark rates (refer to the table above) and applied the relief that preserved the existing hedge accounting. At 31 December 2022, we have interest rate risk exposure including US$4.8 billion nominal values of fixed-rate borrowings swapped to US dollar rates in fair value hedge relationships impacted by the reform. We expect the application of the reliefs to result in continuation of our pre-existing hedge accounting upon amendment of designated arrangements in response to the replacement of USD LIBOR which will occur immediately after 30 June 2023.

In October 2022, as part of the extension of the term loan facility of Richards Bay Minerals, we transitioned from the LIBOR benchmark to an interest rate based on the SOFR reference rate. Our other arrangements which reference IBOR benchmarks and extend beyond 2022 include: third-party borrowings relating to the Oyu Tolgoi LLC project finance, shareholder loan facilities and certain commercial contracts. The amendments to IFRS 9 require that we account for a change in the basis for determining the cash flows of a financial asset or a financial liability measured at amortised cost, by updating their respective effective interest rates as required by the IBOR reform. As a result of the applicable IFRS 9 reliefs, we expect that no material gain or loss will arise from these updates. The accessible revolving lines of credit, which have been extended for a further one year in 2022, now refer to the SOFR and SONIA benchmark rates.

21 &nbsp;&nbsp;&nbsp;&nbsp;Leases

Recognition and measurement

IFRS 16 "Leases" 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 IFRS 16 to leases of any assets which would otherwise fall within the scope of IAS 38 "Intangible Assets".

A significant proportion by value 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 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 which 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 projection of 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, 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.

Lessee arrangements

We have made the following payments associated with leases:

---

| | | | |
|:---|:---|:---|:---|
| Description of payment | 2022<br>US$m | 2021<br>US$m | Included within |
| Principal lease payments | 374 | 358 | Cash flows from financing activities |
| Interest payments on leases | 47 | 48 | Cash flows from operating activities |
| Payments for short-term leases | 465 | 502 | Net operating costs |
| Payments for variable lease components | 50 | 34 | Net operating costs |
| Payments for low value leases (>12 months in duration) | 1 | 2 | Net operating costs |
| Total lease payments | 937 | 944 |  |

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Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;193

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Financial statements *continued*

**Notes to the 2022 financial statements**

21 &nbsp;&nbsp;&nbsp;&nbsp;Leases *continued*

Lease liabilities

The maturity profile of lease liabilities recognised at the balance sheet date is:

---

| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m |
| Lease liabilities |  |  |
| Due within 1 year | 329 | 361 |
| Between 1 and 3 years | 388 | 440 |
| Between 3 and 5 years | 191 | 226 |
| More than 5 years | 606 | 704 |
| Total undiscounted cash payments expected to be made | 1514 | 1731 |
| Effect of discounting | (314) | (368) |
| Present value of minimum lease payments | 1200 | 1363 |
| Current lease liability per the balance sheet | 292 | 324 |
| Non-current lease liability per the balance sheet | 908 | 1039 |
| Total lease liability | 1200 | 1363 |

---

At 31 December 2022, commitments for leases not yet commenced were US$481 million (2021: US$476 million); commitments relating to short-term leases which had already commenced at 31 December 2022 were US$132 million (2021: US$165 million).

22 &nbsp;&nbsp;&nbsp;&nbsp;Cash 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, and short-term, highly liquid investments (mainly money market funds) 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.

---

| | | | |
|:---|:---|:---|:---|
|  | | 2022<br>US$m | 2021<br>US$m |
| Cash at bank and in hand |  | 1889 | 1344 |
| Money market funds, reverse repurchase agreements and other cash equivalents |  | 4886 | 11463 |
| Balance per Group balance sheet |  | 6775 | 12807 |
| Bank overdrafts repayable on demand (unsecured) | 20 | (1) | (2) |
| Balance per Group cash flow statement |  | 6774 | 12805 |

---

Restricted cash and cash equivalent analysis

Cash and cash equivalents of US$391 million (2021: US$235 million) are held in countries where there are restrictions on remittances. Of this balance, US$268 million (2021: US$165 million) could be used to repay subsidiaries' third-party borrowings.

There are also restrictions on a further US$576 million (2021: US$981 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$336 million (2021: US$752 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 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 2022 we held US$850 million (2021: US$4,520 million) of reverse repurchase agreements, measured at amortised cost and reported within cash and cash equivalents as they are highly liquid products maturing within three months. We accepted collateral of investment grade quality in respect of these reverse repurchase agreements, with a fair value of US$892 million as at 31 December 2022 (2021: US$4,638 million). Collateral is not recognised on our balance sheet and if the counterparty were to default we would be able to sell it.

194&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

23 &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets and liabilities

Other financial assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Non-current<br>2022<br>US$m | Current<br>2022<br>US$m | Total<br>2022<br>US$m | Non-current<br>2021<br>US$m | Current<br>2021<br>US$m | Total<br>2021<br>US$m |
| Derivatives not related to net debt | 39 | 28 | 67 | 80 | 53 | 133 |
| Derivatives related to net debt | 2 |  | 2 | 130 | 9 | 139 |
| Equity shares and quoted funds | 154 | 68 | 222 | 98 | 19 | 117 |
| Other investments, including loans<sup>(a)</sup> | 211 | 2064 | 2275 | 220 | 2462 | 2682 |
| Total | 406 | 2160 | 2566 | 528 | 2543 | 3071 |

---

(a)Current "Other investments, including loans" includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading and included within our net (debt)/cash definition.

Other financial liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Non-current<br>2022<br>US$m | Current<br>2022<br>US$m | Total<br>2022<br>US$m | Non-current<br>2021<br>US$m | Current<br>2021<br>US$m | Total<br>2021<br>US$m |
| Derivatives not related to net debt | 220 | 61 | 281 | 153 | 225 | 378 |
| Derivatives related to net debt | 684 | 8 | 692 | 240 |  | 240 |
| Other financial liabilities |  |  |  |  | 20 | 20 |
| Total other financial liabilities | 904 | 69 | 973 | 393 | 245 | 638 |

---

Offsetting and enforceable master netting agreements

When we have a legally enforceable right to offset 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.

24 &nbsp;&nbsp;&nbsp;&nbsp;Financial 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.

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| | | | |
|:---|:---|:---|:---|
| Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
| Recognition and measurement | At initial recognition, trade receivables that do not have a significant financing component are recognised at their transaction price. Other financial assets are initially recognised at fair value plus related transaction costs. | The asset is initially recognised at fair value with transaction costs immediately expensed to the income statement. | The asset is initially recognised at fair value. |
| Subsequent measurement | Amortised cost using the effective interest method. | Fair value movements are recognised in the income statement. | Fair value gains or losses on revaluation of such equity investments, including any foreign exchange component, are recognised in other comprehensive income. Dividends are recognised in the income statement when the right to receive payment is established. |
| Derecognition | Any gain or loss on de-recognition or modification of a financial asset held at amortised cost is recognised in the income statement. | Not applicable. | When the equity investment is derecognised, there is no reclassification of fair value gains or losses previously recognised in other comprehensive income to the income statement. |

---

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.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;195

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Financial statements *continued*

**Notes to the 2022 financial statements**

24 &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments and risk management *continued*

Financial risk management objectives

Our financial risk management objectives are:

–to have in place a robust capital structure to manage the organisation through the commodity cycle; and

–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 [190](#id60088f3d09845439b06e898f5f65a18_94).

(ii) Credit risk

Credit risk is the risk that our customers, or institutions that we invest in, 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 re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance.

(iii) Interest rate risk

Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20.

Sensitivity to interest rate changes

Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year.

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 GBP loan. 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$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. 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 2022, we had 83 million pounds of copper sales (31 December 2021: 81 million pounds), that were provisionally priced at US 380 cents per pound (2021: US 440 cents per pound). The final price of these sales will be determined during the first half of 2023. A 10% change in the price of copper realised on the provisionally priced sales, all other factors held constant, would increase or reduce net earnings by US$19 million (2021: US$26 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 electricity purchase contracts which 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").

In accordance with IFRS 9, we apply hedge accounting to two embedded derivatives within our power contracts. The embedded derivatives (notional aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price and the Midwest premium, represent the hedged item.

The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The hedging instrument's notional amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption under the power contracts as well as other relevant contract parameters.

196&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

When we designate such embedded derivatives as the hedging instrument in a cash flow hedge, we recognise the effective portion of the change in the fair value of the hedging instrument in other comprehensive income, and it is accumulated in the cash flow hedge reserve. The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms. On realisation of the hedges, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement.

We recognise any ineffectiveness relating to the hedging relationship immediately in the income statement.

Sources of ineffectiveness include: differences in the timing of the cash flows between the hedged item and the hedging instrument, non-zero initial fair value of the hedging instrument, the existence of a cap on the Midwest premium in the hedging instrument and counterparty credit risk.

We held the following notional aluminium forward sales contracts embedded in the power contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At 31 December 2022 | Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | After 10 years |
| Notional amount (in tonnes) | 501498 | 72812 | 289868 | 138818 |  |
| Notional amount (in US$ millions) | 1216 | 166 | 697 | 353 |  |
| Average hedged rate (in US$ per tonne) | 2425 | 2282 | 2404 | 2542 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At 31 December 2021 | Total | Within 1 year | Between 1 <br>and 5 years | Between 5 <br>and 10 years | After 10 years |
| Notional amount (in tonnes) | 573653 | 72555 | 289867 | 211231 |  |
| Notional amount (in US$ millions) | 1377 | 162 | 683 | 532 |  |
| Average hedged rate (in US$ per tonne) | 2401 | 2234 | 2355 | 2520 |  |

---

The impact on our financial statements of these hedging instruments and hedging items are:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aluminium embedded derivatives separated from the power contract<br>(Hedging instrument)<sup>(a)</sup> | Aluminium embedded derivatives separated from the power contract<br>(Hedging instrument)<sup>(a)</sup> | Aluminium embedded derivatives separated from the power contract<br>(Hedging instrument)<sup>(a)</sup> | Highly probable forecast aluminium sales (Hedged item) | Highly probable forecast aluminium sales (Hedged item) | Highly probable forecast aluminium sales (Hedged item) | Highly probable forecast aluminium sales (Hedged item) | Highly probable forecast aluminium sales (Hedged item) |
|  | Nominal<br>US$m | Carrying amount<br>US$m | Change in fair value in the period<br>US$m | Cash flow hedge reserve<sup>(b)</sup><br>US$m | Change in fair value in<br>the period<br>US$m | Total hedging losses recognised<br>in reserves<br>US$m | Hedge ineffective-ness in the period gains/(losses)<sup>(c)</sup><br>US$m | Losses reclassified from reserves to income statement<sup>(d)</sup><br>US$m |
| 2022 | 1216 | (189) | (119) | (87) | 133 | (110) | (9) | 34 |
| 2021 | 1377 | (124) | (201) | (11) | 300 | (211) | 10 | 17 |

---

(a)Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. The carrying amount of US$189 million (2021: US$124 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 35) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section).

(c)Hedge ineffectiveness is included in net operating costs (raw materials, consumables, repairs and maintenance) in the income statement.

(d)On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement.

There was no cost of hedging recognised in 2022 or 2021 relating to this hedge relationship.

Sensitivities

Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2022. Any change in price will result in an offsetting change in our future earnings.

---

| | | | |
|:---|:---|:---|:---|
|  | Change in<br>market prices | 2022<br>US$m | 2021<br>US$m |
| Effect on net earnings | +10% | (57) | (78) |
| Effect on net earnings | (10)% | 83 | 73 |
| Effect on equity | +10% | (90) | (98) |
| Effect on equity | (10)% | 65 | 95 |

---

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.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;197

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Financial statements *continued*

**Notes to the 2022 financial statements**

24 &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments and risk management *continued*

(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 the US dollar.

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 US dollar, the Australian dollar and the Canadian dollar 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 US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity.

In most cases our debt and other financial assets and liabilities, including intragroup balances, is 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 US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation 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.

Sensitivities

The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar 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.

*At 31 December 2022* 

*Losses associated with 10% strengthening of the US dollar* 

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| | | | |
|:---|:---|:---|:---|
| Currency exposure | Closing<br>exchange<br>rate<br>US cents | Effect on<br>net<br>earnings<br>US$m | Impact <br>directly<br>on equity<br>US$m |
| Australian dollar | 68 | (319) | (986) |
| Canadian dollar | 74 | (219) |  |

---

*At 31 December 2021* 

*Gains/(losses) associated with 10% strengthening of the US dollar* 

---

| | | | |
|:---|:---|:---|:---|
| Currency exposure | Closing<br>exchange<br>rate<br>US cents | Effect on<br>net<br>earnings<br>US$m | Impact<br>directly<br>on equity<br>US$m |
| Australian dollar | 73 | 379 | (1044) |
| Canadian dollar | 78 | (111) |  |

---

We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars 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 2022, 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 2023, and therefore the information should be used with care.

198&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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 at 31 December 2022 and 31 December 2021.

All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | At 31 December 2022 | At 31 December 2022 | At 31 December 2022 | At 31 December 2022 | At 31 December 2022 | At 31 December 2021 | At 31 December 2021 | At 31 December 2021 | At 31 December 2021 | At 31 December 2021 |
|  | | | Held at fair value | Held at fair value | Held at fair value | | | Held at fair value | Held at fair value | Held at fair value | |
| | Note | Total<br>US$m | Level 1<sup>(a)</sup><br>US$m | Level 2<sup>(b)</sup><br>US$m | Level 3<sup>(c)</sup><br>US$m | Held at <br>amortised cost<br>US$m | Total<br>US$m | Level 1<sup>(a)</sup><br>US$m | Level 2<sup>(b)</sup><br>US$m | Level 3<sup>(c)</sup><br>US$m | Held at <br>amortised costs<br>US$m |
| Assets |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents<sup>(d)</sup> | 22 | 6775 | 2725 |  |  | 4050 | 12807 | 4138 |  |  | 8669 |
| Investments in equity shares and funds<sup>(e)</sup> | 23 | 222 | 147 |  | 75 |  | 117 | 64 |  | 53 |  |
| Other investments, including loans<sup>(f)</sup> | 23 | 2275 | 2018 |  | 229 | 28 | 2682 | 2422 |  | 238 | 22 |
| Trade and other financial receivables<sup>(g)</sup> | 17 | 2765 | 18 | 1306 |  | 1441 | 2762 | 1 | 1163 |  | 1598 |
| Forward, option and embedded derivatives contracts, not designated as hedges<sup>(h)</sup> | 23 | 67 |  | 16 | 51 |  | 133 |  | 48 | 85 |  |
| Derivatives related to net debt<sup>(i)</sup> | 23 | 2 |  | 2 |  |  | 139 |  | 139 |  |  |
| Liabilities |  |  |  |  |  |  |  |  |  |  |  |
| Trade and other financial payables<sup>(j)</sup> | 18 | (6485) |  | (30) |  | (6455) | (6356) |  | (67) |  | (6289) |
| Forward, option and embedded derivatives contracts, designated as hedges<sup>(h)</sup> | 23 | (189) |  |  | (189) |  | (125) |  |  | (125) |  |
| Forward, option and embedded derivatives contracts, not designated as hedges<sup>(h)</sup> | 23 | (92) |  | (57) | (35) |  | (253) |  | (179) | (74) |  |
| Derivatives related to net debt<sup>(i)</sup> | 23 | (692) |  | (692) |  |  | (240) |  | (240) |  |  |

---

(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 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

(c)Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December 2022 is below:

---

| | | |
|:---|:---|:---|
| | 2022 | 2021 |
| Level 3 financial assets and liabilities | US$m | US$m |
| Opening balance | 177 | 395 |
| Currency translation adjustments | (4) | (6) |
| Total realised gains/(losses) included in: |  |  |
| – consolidated sales revenue | 16 | 27 |
| – net operating costs | 365 | (50) |
| Total unrealised gains included in: |  |  |
| – net operating costs | 124 | 68 |
| Total unrealised losses transferred into other comprehensive income through cash flow hedges | (110) | (212) |
| Additions to financial assets/(liabilities) | 41 | (21) |
| Disposals/maturity of financial instruments | (478) | (6) |
| Transfers |  | (18) |
| Closing balance | 131 | 177 |
| Net gains included in the income statement for assets and liabilities held at year end | 103 | 20 |

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(d)Our "cash and cash equivalents" of US$6,775 million (31 December 2021:US$12,807 million), includes US$2,725 million (31 December 2021:US$4,138 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income.

(e)Investments in equity shares and funds include US$153 million (31 December 2021: US$98 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 (FVOCI). 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.

(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 2022, US$1,234 million (31 December 2021: US$1,114 million) of provisionally priced receivables were recognised.

(h)Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and 2036 (31 December 2021: 2025 and 2036).

(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 year ended 31 December 2022 or in the year ended 31 December 2021.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;199

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Financial statements *continued*

**Notes to the 2022 financial statements**

24 &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments and risk management *continued*

Valuation techniques and inputs

The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below:

---

| | | | |
|:---|:---|:---|:---|
| Description | Fair Value<br>US$m | Valuation technique | Significant Inputs |
| Level 2 | Level 2 | Level 2 | Level 2 |
| Interest rate swaps | (356) | Discounted cash flows | Applicable market quoted swap yield curves<br>Credit default spread |
| Cross currency interest rate swaps | (334) | Discounted cash flows | Applicable market quoted swap yield curves<br>Credit default spread<br>Market quoted FX rate |
| Provisionally priced receivables | 1234 | Closely related listed product | Applicable forward quoted metal price |
| Level 3 | Level 3 | Level 3 | Level 3 |
| Derivatives embedded in electricity contracts | (208) | Option pricing model | LME forward aluminium price<br>Midwest premium and billet premium |
| Royalty receivables | 209 | Discounted cash flows | Forward commodity price<br>Mine production |

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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.

To value the 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$208 million at 31 December 2022 (31 December 2021: US$146 million).

Impact of climate change on our business - Coal royalty receivables<br>Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as "Other investments, including loans" within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. <br>The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run).<br>

Fair values disclosure of financial instruments

The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 31 December 2022 | 31 December 2022 | 31 December 2021 | 31 December 2021 |
| | Carrying<br>value<br>US$m | Fair<br>value<br>US$m | Carrying<br>value<br>US$m | Fair<br>value<br>US$m |
| Borrowings (including overdrafts) | 11071 | 11192 | 12168 | 13904 |

---

Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy.

200&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Our people

Summarised below are the key financial metrics relating to our people.

25 &nbsp;&nbsp;&nbsp;&nbsp;Average number of employees

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** |
|  | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 |
| Principal locations of employment: |  |  |  |  |  |  |
| Australia and New Zealand | 23829 | 21861 | 20482 | 704 | 648 | 634 |
| Canada | 13344 | 12270 | 11814 |  |  |  |
| UK | 202 | 189 | 172 |  |  |  |
| Europe | 994 | 1003 | 1020 |  |  |  |
| Africa | 2797 | 2484 | 2559 | 1218 | 1253 | 1214 |
| US | 3655 | 3471 | 3543 |  |  |  |
| Mongolia | 4175 | 3513 | 3465 |  |  |  |
| South America | 286 | 213 | 220 | 1383 | 1353 | 1293 |
| India | 396 | 354 | 324 |  |  |  |
| Singapore | 454 | 450 | 456 |  |  |  |
| Other countries<sup>(a)</sup> | 289 | 283 | 278 |  |  |  |
| Total | 50421 | 46091 | 44333 | 3305 | 3254 | 3141 |

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(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.

26 &nbsp;&nbsp;&nbsp;&nbsp;Employment costs and provisions

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| | | | | |
|:---|:---|:---|:---|:---|
| | Note | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Total employment costs |  |  |  |  |
| – Wages and salaries |  | 5115 | 4699 | 4141 |
| – Social security costs |  | 425 | 386 | 330 |
| – Net post-retirement charge | 28 | 559 | 554 | 469 |
| – Share-based payment charge | 27 | 122 | 126 | 138 |
|  |  | 6221 | 5765 | 5078 |
| Less: charged within movement in provisions (see below) |  | (219) | (252) | (308) |
| Total employment costs | 7 | 6002 | 5513 | 4770 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Pensions<br>and <br>post-retirement<br>healthcare<sup>(a)</sup><br>US$m | Other <br>employee<br>entitlements<sup>(b)</sup><br>US$m | Total<br>2022 <br>US$m | Total<br>2021<br>US$m |
| At 1 January | 2098 | 394 | 2492 | 3474 |
| Adjustment on currency translation | (73) | (26) | (99) | (34) |
| Charged/(credited) to profit: |  |  |  |  |
| – increases to existing and new provisions | 142 | 89 | 231 | 273 |
| – unused amounts reversed |  | (12) | (12) | (21) |
| Utilised in year | (172) | (82) | (254) | (231) |
| Re-measurement gains recognised in other comprehensive income | (701) |  | (701) | (687) |
| Transfers and other movements |  | 1 | 1 | (282) |
| At 31 December | 1294 | 364 | 1658 | 2492 |
| Balance sheet analysis: |  |  |  |  |
| Current | 62 | 291 | 353 | 383 |
| Non-current | 1232 | 73 | 1305 | 2109 |
| Total | 1294 | 364 | 1658 | 2492 |

---

(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 28.

(b)The provision for other employee entitlements includes a provision for long service leave of US$271 million (2021: US$272 million), based on the relevant entitlements in certain Group operations, and includes US$32 million (2021: US$60 million) of provision for redundancy and severance payments.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;201

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Financial statements *continued*

**Notes to the 2022 financial statements**

27 &nbsp;&nbsp;&nbsp;&nbsp;Share-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 Shares awards are the market value of the shares on the date of purchase. The awards are settled in equity.

Equity Incentive Plan

Since 2018, all long-term incentive awards have been granted under the 2018 Equity Incentive Plan which allows 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 (Performance Share Plans prior to 2018)

Participants are generally assigned shares in settlement of their PSA on vesting. Therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions, including the dividends accumulated from date of award to vesting.

For the parts of awards with Total Shareholder Return (TSR) performance conditions, the fair value of the awards is calculated using a Monte Carlo simulation model taking into account the TSR performance conditions. One-third of the awards granted up to 2017 (inclusive) are subject to an earnings margin performance target relative to ten global mining comparators. As a non-market related performance condition, the fair value recognised is reviewed at each accounting date based on the prevailing expected outcome. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum).

For grants made from 2018, the earnings margin performance target applying to the PSA was removed. Since 2018, only the TSR performance conditions apply to the PSA.

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 equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 7% per annum of outstanding awards (2021: 7% per annum).

Bonus Deferral Awards

BDAs provide for the mandatory deferral of 50% of the bonuses 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 on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 3% per annum of outstanding awards (2021: 3% per annum).

Global Employee Share Plans

The Global Employee Share Plans were introduced in 2012 and 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% for estimated cancellations (caused by employees withdrawing their investment shares prior to vesting. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum).

The PSA, MSA, BDA and awards under the Global Employee Share Plans and UK Share Plan together represent 100% (2021: 100%) of the total IFRS 2 charge for Rio Tinto plc and Rio Tinto Limited plans in 2022.

Recognition and measurement:

These plans are accounted for in accordance with the fair value recognition provisions of IFRS 2 "Share-based Payment".

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.

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 either 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.

202&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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** |
|  | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m | 2022<br>US$m | 2021<br>US$m |
| Equity-settled awards | 117 | 122 | 131 |  |  |
| Cash-settled awards | 5 | 4 | 7 | 7 | 6 |
| Total | 122 | 126 | 138 | 7 | 6 |

---

Performance Share Awards (granted under either the Performance Share Plans or 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** |
| | 2022<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2022<br>£ | 2021<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2021<br>£ | 2022<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2022<br>A$ | 2021<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2021<br>A$ |
| Unvested awards at 1 January | 3376072 | 24.26 | 3778041 | 21.01 | 1276694 | 50.46 | 1391373 | 44.40 |
| Awarded | 518950 | 25.60 | 676296 | 29.63 | 256508 | 51.21 | 217178 | 60.67 |
| Forfeited | (9973) | 31.68 | (474878) | 20.85 | (38733) | 51.09 | (59291) | 46.42 |
| Failed performance conditions | (326522) | 32.83 | (189799) | 19.43 | (149788) | 61.40 | (89448) | 44.07 |
| Vested | (655078) | 20.49 | (413588) | 9.48 | (304441) | 38.68 | (183118) | 20.96 |
| Unvested awards at 31 December | 2903449 | 24.36 | 3376072 | 24.26 | 1040240 | 52.51 | 1276694 | 50.46 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | 2022<br>number | Weighted<br>average share price at vesting<br>2022<br>£ | 2021<br>number | Weighted<br>average share price at vesting<br>2021<br>£ | 2022<br>number | Weighted<br>average share price at vesting<br>2022<br>A$ | 2021<br>number | Weighted<br>average share price at vesting<br>2021<br>A$ |
| Vested awards settled in shares during the year (including dividend shares applied on vesting) | 632533 | 54.96 | 431682 | 62.63 | 247216 | 115.25 | 184876 | 127.37 |
| Vested awards settled in cash during the year (including dividend shares applied on vesting) | 230006 | 54.67 | 63144 | 62.35 | 140479 | 115.35 | 29737 | 127.5 |

---

In addition to the equity-settled awards shown above, there were 26,394 Rio Tinto plc and 23,917 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 20,548 Rio Tinto plc and 27,476 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$2 million (2021: US$2 million).

Management Share Awards, Bonus Deferral Awards (granted under the Management Share Plans or Equity Incentive Plans), Global Employee Share Plans and UK Share Plan (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** |
|  | 2022<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2022<br>£ | 2021<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2021<br>£ | 2022<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2022<br>A$ | 2021<br>number | Weighted<br>average fair<br>value at grant<br>date<br>2021<br>A$ |
| Unvested awards at 1 January<sup>(b)</sup> | 2493826 | 43.55 | 2650861 | 37.50 | 2164568 | 92.31 | 2216734 | 82.52 |
| Awarded | 1187887 | 50.37 | 987665 | 52.07 | 1068556 | 95.69 | 887022 | 105.47 |
| Forfeited | (146816) | 56.66 | (202248) | 23.84 | (155631) | 96.46 | (130990) | 90.01 |
| Cancelled | (65267) | 44.99 | (42812) | 45.09 | (46300) | 86.44 | (46624) | 87.08 |
| Vested | (883951) | 39.69 | (899640) | 39.44 | (690488) | 86.96 | (761574) | 79.86 |
| Unvested awards at 31 December<sup>(b)</sup> | 2585679 | 47.22 | 2493826 | 43.55 | 2340705 | 95.27 | 2164568 | 92.31 |
| Comprising: |  |  |  |  |  |  |  |  |
| – Management Share Awards | 1220559 | 48.82 | 1241695 | 43.63 | 1150641 | 103.00 | 1178538 | 95.70 |
| – Bonus Deferral Awards | 139782 | 55.96 | 158572 | 42.31 | 60862 | 113.13 | 46660 | 96.08 |
| – Global Employee Share Plan | 1191738 | 44.51 | 1060394 | 43.49 | 1129202 | 86.43 | 939370 | 87.86 |
| – UK Share Plan | 33600 | 49.05 | 33165 | 47.94 |  |  |  |  |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;203

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Financial statements *continued*

**Notes to the 2022 financial statements**

27 &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments *continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2022<br>number | Weighted<br>average share price at vesting<br>2022<br>£ | 2021<br>number | Weighted<br>average share price at vesting<br>2021<br>£ | 2022<br>number | Weighted<br>average share price at vesting<br>2022<br>A$ | 2021<br>number | Weighted<br>average share price at vesting<br>2021<br>A$ |
| Vested awards settled in shares during the year (including dividend shares applied on vesting): |  |  |  |  |  |  |  |  |
| – Management Share Awards | 529054 | 54.59 | 547487 | 60.74 | 486587 | 113.18 | 550161 | 122.89 |
| – Bonus Deferral Awards | 136317 | 55.11 | 100368 | 47.96 | 32080 | 107.78 | 34279 | 105.55 |
| – Global Employee Share Plan | 478204 | 51.52 | 407314 | 54.61 | 337782 | 104.82 | 312109 | 112.33 |
| – UK Share Plan | 12176 | 55.20 | 20111 | 57.15 |  |  |  |  |
| Vested awards settled in cash during the year (including dividend shares applied on vesting): |  |  |  |  |  |  |  |  |
| – Bonus Deferral Awards | 23611 | 55.98 | 23371 | 46.12 | 12699 | 113.23 | 19607 | 93.5 |

---

(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.

In addition to the equity-settled awards shown above, there were 90,748 Rio Tinto plc and 9,685 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 89,239 Rio Tinto plc and 12,217 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$5 million (2021: US$4 million).

28 &nbsp;&nbsp;&nbsp;&nbsp;Post-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 benefit payments | 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 of inflation protection) and how long individuals live. |
| 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 cash funding | Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, 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 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 the Group's direct control. In addition the Group is also exposed to adverse changes in pension regulation. |

---

For these reasons the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution arrangements instead. The defined benefit pension plans for salaried employees are closed to new entrants in almost 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 Canada the benefits for salaried staff are generally linked to final average pay and the plans are generally closed to new entrants. Benefits for unionised employees are reviewed in negotiation with unions and are typically linked either to final average pay or to a flat monetary amount per year of service. New employees join arrangements which are defined contribution from the Group's perspective, with any required additional funding being provided by employees. The plans are subject to the regulatory requirements that apply to Canadian pension plans in the relevant provinces and territories (predominantly Quebec). Pension Committees are responsible for ensuring that the plans operate in a manner that is compliant with the relevant regulations. The Pension Committees generally have a number of members appointed by the sponsor and a number appointed by the plan participants. In some cases, there is also an independent Committee member.

The defined benefit sections of the UK arrangements are linked to final pay. New employees join the defined contribution sections. The plans are subject to the regulatory requirements that apply to UK pension plans. Trustees are responsible for ensuring that the plans operate in a manner that is compliant with UK regulations. The trustee board governing the main UK plans has a number of directors appointed by the sponsor, a number appointed by the plan participants and an independent trustee director.

A defined benefit pension plan is sponsored by the US entities. Benefits for salaried staff are generally linked to final average pay. Benefits for unionised employees are reviewed in negotiation with unions and are typically a flat monetary amount per year of service. New employees are admitted to defined contribution plans. A Benefits Governance Committee is responsible for ensuring that the plans are compliant with US regulations. Members of that Committee are appointed by the sponsor.

The Swiss plan provides benefits linked to final average pay. The Swiss plan is overseen by a Trustee board which is responsible for ensuring that the plan complies with Swiss regulations. Trustee board members are appointed by the plan sponsor, by employees and by retirees.

204&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

In Australia, the main arrangements are principally defined contribution in nature but there are sections providing defined benefits linked to final pay, typically paid in lump sum form. These arrangements are managed by an independent financial institution, who are responsible for ensuring that the plans are operating in a manner that is compliant with local regulations. We may nominate candidates to be considered for appointment to the governing board, as may other employers. One third of the board positions are nominated by employers, with the remaining positions being filled by independent directors and directors nominated by participants.

The Group also operates a number of unfunded defined benefit plans, which are included in the figures below.

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 dependants. Eligibility for coverage is dependent upon certain age and service criteria. These arrangements are unfunded, and are included in the figures below.

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 are recognised in the income statement. The interest cost less interest income on assets held in the plans is also charged to the income statement. 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. 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. These are included within "Net operating costs" or in "Share of profit after tax of equity accounted units", as appropriate.

Plan assets

The assets of the pension plans are invested predominantly in a diversified range of equities, bonds and property. Consequently, the funding level of the pension plans is affected by movements in the level of equity markets and also by movements in interest rates. The Group monitors its exposure to changes in interest rates and equity markets and also measures its balance sheet pension risk using a value at risk approach. These measures are considered when deciding whether significant changes in investment strategy are required.

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 the balance sheet date were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2022 | 2022 | 2021 | 2021 |
| Equities | 18.0% |  | 17.6% |  |
| – Quoted |  | 12.3% |  | 13.4% |
| – Private |  | 5.7% |  | 4.2% |
| Bonds | 58.1% |  | 60.2% |  |
| – Government fixed income |  | 24.6% |  | 23.2% |
| – Government inflation-linked |  | 5.0% |  | 9.5% |
| – Corporate and other publicly quoted |  | 19.6% |  | 20.6% |
| – Private |  | 8.9% |  | 6.9% |
| Property | 10.0% |  | 7.9% |  |
| – Quoted property funds |  | 2.9% |  | 3.4% |
| – Unquoted property funds |  | 7.1% |  | 4.5% |
| Qualifying insurance policies | 9.7% |  | 10.5% |  |
| Cash & other | 4.2% |  | 3.8% |  |
| Total | 100.0% |  | 100.0% |  |

---

The assets of the plans are managed on a day-to-day basis by external specialist fund managers. These managers may invest in the Group's securities subject to limits imposed by the relevant fiduciary committees and local legislation. The approximate total holding of Group securities within the plans is US$2 million (2021: US$2 million).

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.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;205

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Financial statements *continued*

**Notes to the 2022 financial statements**

28 &nbsp;&nbsp;&nbsp;&nbsp;Post-retirement benefits *continued*

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.

The property funds are invested in a diversified range of properties.

The holdings of cash & other are predominantly cash and short-term money market instruments.

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.

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.

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.

Maturity of defined benefit obligations

An approximate analysis of the maturity of the obligations is given in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Pension<br>benefits | Other<br>benefits | 2022<br>Total | 2021<br>Total | 2020<br>Total |
| Proportion relating to current employees | 19% | 16% | 18% | 20% | 21% |
| Proportion relating to former employees not yet retired | 9% | 0% | 9% | 11% | 11% |
| Proportion relating to retirees | 72% | 84% | 73% | 69% | 68% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Average duration of obligations (years) | 11.4 | 11.3 | 11.4 | 13.8 | 14.3 |

---

Most of the Group's defined benefit pension plans are closed to new entrants, therefore 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.

Geographical distribution of defined benefit obligations

An approximate analysis of the geographic distribution of the obligations is given in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Pension<br>benefits | Other<br>benefits | 2022<br>Total | 2021<br>Total | 2020<br>Total |
| Canada | 59% | 48% | 58% | 55% | 53% |
| UK | 25% | 1% | 24% | 28% | 28% |
| US | 8% | 48% | 10% | 10% | 10% |
| Switzerland | 6% | 0% | 6% | 5% | 5% |
| Other | 2% | 3% | 2% | 2% | 4% |
| Total | 100% | 100% | 100% | 100% | 100% |

---

Total expense recognised in the income statement

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Pension<br>benefits<br>US$m | Other<br>benefits<br>US$m | 2022<br>Total<br>US$m | 2021<br>Total<br>US$m | 2020<br>Total<br>US$m |
| Current employer service cost for defined benefit plans | (136) | (7) | (143) | (167) | (137) |
| Past service cost |  |  |  | (2) | (2) |
| Settlement losses |  |  |  | (3) | (1) |
| Net interest on net defined benefit liability | (12) | (24) | (36) | (52) | (49) |
| Non-investment expenses paid from the plans | (13) |  | (13) | (15) | (16) |
| Total defined benefit expense | (161) | (31) | (192) | (239) | (205) |
| Current employer service cost for defined contribution and industry-wide plans | (365) | (2) | (367) | (315) | (264) |
| Total expense recognised in the income statement | (526) | (33) | (559) | (554) | (469) |

---

The above expense amounts are included as an employee cost within net operating costs. No amounts have been excluded from underlying earnings in 2022, 2021 or 2020.

The settlement loss in 2021 resulted from pension obligations in France being transferred to an external insurance company. A past service cost of US$1 million was recognised in 2020 in relation to the Lloyds Banking Group court judgment addressing the need to equalise historical transfer values in relation to Guaranteed Minimum Pensions.

206&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Total amount recognised in other comprehensive income before tax

---

| | | | |
|:---|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Actuarial gains/(losses) | 3410 | 655 | (1242) |
| Loss on application of asset ceiling | (1) |  |  |
| Return on assets, net of interest on assets | (2831) | 371 | 768 |
| Re-measurement gains/(losses) on pension and post-retirement healthcare plans | 578 | 1026 | (474) |

---

Amounts recognised in the balance sheet

The following amounts were measured in accordance with IAS 19 at 31 December:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension<br>benefits<br>US$m | Other<br>benefits<br>US$m | 2022<br>Total<br>US$m | 2021<br>Total<br>US$m |
| Total fair value of plan assets | 10708 |  | 10708 | 14700 |
| Present value of obligations – funded | (10226) |  | (10226) | (14462) |
| Present value of obligations – unfunded | (329) | (622) | (951) | (1266) |
| Present value of obligations – total | (10555) | (622) | (11177) | (15728) |
| Effect of asset ceiling | (1) |  | (1) |  |
| Net surplus/(deficit) to be shown in the balance sheet | 152 | (622) | (470) | (1028) |
| Comprising: |  |  |  |  |
| – Deficits | (672) | (622) | (1294) | (2098) |
| – Surpluses | 824 |  | 824 | 1070 |
| Net surplus/(deficit) on pension plans | 152 |  | 152 | (194) |
| Unfunded post-retirement healthcare obligation |  | (622) | (622) | (834) |

---

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 26.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Pension<br>benefits<br>US$m | Other<br>benefits<br>US$m | 2022<br>Total<br>US$m | 2021<br>Total<br>US$m | 2020<br>Total<br>US$m |
| Contributions to defined benefit plans | 171 | 40 | 211 | 464 | 201 |
| Contributions to defined contribution plans | 361 | 2 | 363 | 311 | 261 |
| Total | 532 | 42 | 574 | 775 | 462 |

---

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$4 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. In 2021 additional cash of US$294 million was paid in order to settle pension obligations in France. This amount was paid to an external insurer, along with the transfer of existing pension assets in order to transfer the obligations to that insurer. As contributions to many plans are reviewed on at least an annual basis, the contributions for 2023 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 do not require long-term funding commitments at present. Contributions to defined benefit pension plans for 2023 are estimated to be around US$190 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 in 2023 are expected to be similar to the amounts paid in 2022.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;207

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Financial statements *continued*

**Notes to the 2022 financial statements**

28 &nbsp;&nbsp;&nbsp;&nbsp;Post-retirement benefits *continued*

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension<br>benefits<br>US$m | Other<br>benefits<br>US$m | 2022<br>Total<br>US$m | 2021<br>Total<br>US$m |
| Change in the net defined benefit liability |  |  |  |  |
| Net defined benefit liability at the start of the year | (194) | (834) | (1028) | (2273) |
| Amounts recognised in income statement | (161) | (31) | (192) | (239) |
| Amounts recognised in other comprehensive income | 397 | 181 | 578 | 1026 |
| Employer contributions | 171 | 40 | 211 | 464 |
| Assets transferred to defined contribution section | (4) |  | (4) | (4) |
| Currency exchange rate (losses)/gains | (57) | 22 | (35) | (2) |
| Net defined benefit surplus/(liability) at the end of the year | 152 | (622) | (470) | (1028) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension<br>benefits<br>US$m | Other<br>benefits<br>US$m | 2022<br>Total<br>US$m | 2021<br>Total<br>US$m |
| Change in present value of obligation |  |  |  |  |
| Present value of obligation at the start of the year | (14894) | (834) | (15728) | (17178) |
| Current employer service costs | (136) | (7) | (143) | (167) |
| Past service cost |  |  |  | (2) |
| Settlements |  |  |  | 380 |
| Interest on obligation | (346) | (24) | (370) | (328) |
| Contributions by plan participants | (20) |  | (20) | (22) |
| Benefits paid | 743 | 40 | 783 | 837 |
| Experience (losses)/gains | (177) | 7 | (170) | 89 |
| Changes in financial assumptions gains | 3390 | 173 | 3563 | 521 |
| Changes in demographic assumptions gains | 16 | 1 | 17 | 45 |
| Currency exchange rate gains | 869 | 22 | 891 | 97 |
| Present value of obligation at the end of the year | (10555) | (622) | (11177) | (15728) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension<br>benefits<br>US$m | Other<br>benefits<br>US$m | 2022<br>Total<br>US$m | 2021<br>Total<br>US$m |
| Change in plan assets |  |  |  |  |
| Fair value of plan assets at the start of the year | 14700 |  | 14700 | 14905 |
| Settlements |  |  |  | (383) |
| Interest on assets | 334 |  | 334 | 276 |
| Contributions by plan participants | 20 |  | 20 | 22 |
| Contributions by employer | 171 | 40 | 211 | 464 |
| Benefits paid | (743) | (40) | (783) | (837) |
| Non-investment expenses | (13) |  | (13) | (15) |
| Return on plan assets, net of interest on assets | (2831) |  | (2831) | 371 |
| Assets transferred to defined contribution section | (4) |  | (4) | (4) |
| Currency exchange rate losses | (926) |  | (926) | (99) |
| Fair value of plan assets at the end of the year | 10708 |  | 10708 | 14700 |

---

The impact of higher interest rates on bonds and qualifying insurance policies explains the return on plan assets, net of interest on assets in 2022. The settlement amounts shown above for 2021 relate to France, where assets and obligations for pensions in payment were transferred to an insurance company.

The resulting effect of applying an asset ceiling is a loss of US$1 million 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.

208&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Main assumptions (rates per annum)

Key estimate - Estimation of obligations for post-employment costs<br>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, 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 on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is 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 assumption regarding future inflation is based on market yields on inflation linked instruments, where possible, combined with consensus 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 of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions. It also uses its judgment with respect to allowances for future improvements in longevity 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:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Canada | UK | US | Switzerland |
| At 31 December 2022 |  |  |  |  |
| Discount rate | 5.0% | 4.9% | 5.3% | 2.3% |
| Long-term inflation<sup>(a)</sup> | 2.1% | 3.3% | 2.4% | 1.2% |
| Rate of increase in pensions | 0.5% | 2.8% | —% | 3.4% |
| At 31 December 2021 |  |  |  |  |
| Discount rate | 2.9% | 1.9% | 2.8% | 0.3% |
| Long-term inflation<sup>(a)</sup> | 1.9% | 3.4% | 2.4% | 0.9% |
| Rate of increase in pensions | 0.3% | 2.9% | —% | 1.8% |

---

(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 2022 was 2.7% (2021: 2.7%).

The main financial assumptions used for the healthcare plans, which are predominantly in the US and Canada, were: discount rate: 5.4% (2021: 3.1%); medical trend rate: 7.1% reducing to 4.8% by the year 2031 broadly on a straight line basis (2021: 6.3%, reducing to 4.7% by the year 2031); 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 (2021: 27 years) and that a man aged 60 in 2041 would have a weighted average expected future lifetime of 28 years (2021: 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. Adjustments have been made to some of our plans within the demographic assumptions for the impact of the Covid-19 pandemic based on the 2021 and 2020 experience.

Sensitivity

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | 2022 | 2022 | 2021 | 2021 |
| | | Approximate<br>(increase)/decrease in obligations | Approximate<br>(increase)/decrease in obligations | Approximate<br>(increase)/<br>decrease in obligations | Approximate<br>(increase)/<br>decrease in obligations |
| Assumption | Change in assumption | Pensions<br>US$m | Other<br>US$m | Pensions<br>US$m | Other<br>US$m |
| Discount rate | Increase of 0.5 percentage points | 483 | 32 | 854 | 51 |
| Discount rate | Decrease of 0.5 percentage points | (510) | (34) | (915) | (55) |
| Long-term inflation | Increase of 0.5 percentage points | (174) | (10) | (393) | (14) |
| Long-term inflation | Decrease of 0.5 percentage points | 168 | 9 | 374 | 13 |
| Demographic – allowance for future improvements in longevity | Participants assumed to have the mortality rates of individuals who are one year older | 241 | 8 | 441 | 15 |
| Demographic – allowance for future improvements in longevity | Participants assumed to have the mortality rates of individuals who are one year younger | (241) | (8) | (441) | (15) |

---

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;209

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Financial statements *continued*

**Notes to the 2022 financial statements**

29 &nbsp;&nbsp;&nbsp;&nbsp;Directors' and key management remuneration

Aggregate remuneration, calculated in accordance with the UK Companies Act 2006, of the directors of the parent companies was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2022<br>US$'000 | 2021<br>US$'000 | 2020<br>US$'000 |
| Emoluments | 6726 | 6568 | 6686 |
| Long-term incentive plans | 4691 | 1587 | 8974 |
|  | 11417 | 8155 | 15660 |
| Pension contributions: defined contribution plans | 10 | 9 | 29 |

---

The Group defines key management personnel as the directors and certain members of the Executive Committee. The Executive Committee includes the executive directors, product group chief executive officers and Group executives.

The aggregate remuneration including pension contributions incurred by Rio Tinto plc in respect of its directors was US$10,692,000 (2021: US$7,522,000; 2020: US$14,983,000). The aggregate pension contribution to defined contribution plans was US$10,000 (2021: US$9,000; 2020: US$29,000). The aggregate remuneration, including pension contributions and other retirement benefits, incurred by Rio Tinto Limited in respect of its directors was US$735,000 (2021: US$642,000; 2020: US$707,000). The aggregate pension contribution to defined contribution plans was US$nil (2021: US$nil; 2020: US$nil).

During 2022, no director (2021: nil; 2020: nil) accrued retirement benefits under defined benefit arrangements, and two directors (2021: two; 2020: two) accrued retirement benefits under defined contribution arrangements.

Emoluments included in the table above 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.

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:

---

| | | | |
|:---|:---|:---|:---|
|  | 2022<br>US$'000 | 2021<br>US$'000 | 2020<br>US$'000 |
| Short-term employee benefits and costs | 14258 | 18184 | 21685 |
| Post-employment benefits | 174 | 300 | 369 |
| Employment termination benefits |  |  | 2789 |
| Share-based payments | 10846 | 10303 | 34954 |
| Total | 25278 | 28787 | 59797 |

---

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$1,173,000 (2021: US$1,511,000; 2020: US$2,130,000).

210&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Our Group structure

The Group's principal subsidiaries (note 30), joint operations (note 31), joint ventures and associates (note 32) are in most cases held by intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited. This section of the notes only includes those companies that have a more significant impact on the profit or operating assets of the Group.

30 &nbsp;&nbsp;&nbsp;&nbsp;Principal subsidiaries

At 31 December 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company and country of incorporation/operation** | **Principal activities** | **Class of shares<br>held** | **Proportion of class held (%)** | **Group <br>interest<br>(voting %)** | **Other<br>interest (voting %)** |
| Australia |  |  |  |  |  |
| Argyle Diamonds Limited | Mining and processing of diamonds (until November 2020) | Class A | 100 | 100 |  |
| Argyle Diamonds Limited | Mining and processing of diamonds (until November 2020) | **Class B** | 100 | 100 |  |
| Dampier Salt Limited | Salt and gypsum production | Ordinary | 68.36 | 68.36 | 31.64 |
| Energy Resources of Australia Ltd | Uranium processing (until January 2021) | Ordinary | 86.33 | 86.33 | 13.67 |
| Hamersley Iron Pty Limited | Iron ore mining | Ordinary | 100 | 100 |  |
| North Mining Limited<sup>(a)</sup> | Iron ore mining | Ordinary | 100 | 100 |  |
| North Mining Limited<sup>(a)</sup> | Iron ore mining | Preference | 100 | 100 |  |
| Rio Tinto Aluminium (Holdings) Limited | Bauxite mining; alumina production; primary aluminium smelting | Ordinary | 100 | 100 |  |
| Robe River Mining Co Pty Ltd<sup>(a)</sup> | Iron ore mining | Class A | 40 | 73.61 | 26.39 |
| Robe River Mining Co Pty Ltd<sup>(a)</sup> | Iron ore mining | Class B | 76.36 | 73.61 | 26.39 |
| Brazil |  |  |  |  |  |
| Rio Tinto do Brasil Ltda.<sup>(b)</sup> | Alumina production and bauxite mining | Quota | 100 | 100 |  |
| Canada |  |  |  |  |  |
| Diavik Diamond Mines (2012) Inc. | Diamond mining and processing | Common | 100 | 100 |  |
| Iron Ore Company of Canada<sup>(c)</sup> | Iron ore mining; iron ore pellets production | Series A | 91.41 | 58.72 | 41.28 |
| Iron Ore Company of Canada<sup>(c)</sup> | Iron ore mining; iron ore pellets production | Series E | 100 | 58.72 | 41.28 |
| Iron Ore Company of Canada<sup>(c)</sup> | Iron ore mining; iron ore pellets production | Series F | 100 | 58.72 | 41.28 |
| Rio Tinto Alcan Inc. | Bauxite mining; alumina refining; aluminium smelting | Common | 100 | 100 |  |
| Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | Common | 100 | 100 |  |
| Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | Class B preference | 100 | 100 |  |
| Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | Preference | 100 | 100 |  |
| Guinea |  |  |  |  |  |
| Simfer Jersey Limited<sup>(d)</sup> | Iron ore project | Ordinary | 53 | 53 | 47 |
| Madagascar |  |  |  |  |  |
| QIT Madagascar Minerals SA<sup>(e)</sup> | Ilmenite mining | Common | 84.20 | 79.98 | 20.02 |
| QIT Madagascar Minerals SA<sup>(e)</sup> | Ilmenite mining | Investment certificates | 100 | 79.98 | 20.02 |
| Mongolia |  |  |  |  |  |
| Oyu Tolgoi LLC<sup>(f)</sup> | Copper and gold mining | Common | 66 | 66 | 34 |
| South Africa |  |  |  |  |  |
| Richards Bay Titanium (Proprietary) Limited<sup>(g)</sup> | Titanium dioxide; high purity iron production | B Ordinary | 100 | 73.97 | 26.03 |
| Richards Bay Titanium (Proprietary) Limited<sup>(g)</sup> | Titanium dioxide; high purity iron production | B Preference | 100 | 73.97 | 26.03 |
| Richards Bay Titanium (Proprietary) Limited<sup>(g)</sup> | Titanium dioxide; high purity iron production | Parent Preference | 100 | 73.97 | 26.03 |
| Richards Bay Mining (Proprietary) Limited<sup>(g)</sup> | Ilmenite, rutile and zircon mining | B Ordinary | 100 | 73.97 | 26.03 |
| Richards Bay Mining (Proprietary) Limited<sup>(g)</sup> | Ilmenite, rutile and zircon mining | B Preference | 100 | 73.97 | 26.03 |
| Richards Bay Mining (Proprietary) Limited<sup>(g)</sup> | Ilmenite, rutile and zircon mining | Parent Preference | 100 | 73.97 | 26.03 |
| US |  |  |  |  |  |
| Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) | Copper and gold mining, smelting and refining and exploration activities | Common | 100 | 100 |  |
| U.S. Borax Inc. | Mining, refining and marketing of borates | Common | 100 | 100 |  |

---

(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)Rio Tinto do Brasil Ltda holds the Group's 10% interest in Consórcio De Alumínio Do Maranhão, a joint operation in which the Group participates but is not a joint operator. The Group recognises its share of assets, liabilities, revenues and expenses relating to this arrangement.

(c)Iron Ore Company of Canada is incorporated in the US, but operates in Canada.

(d)Simfer Jersey Limited, a company incorporated in Jersey in which the Group has a 53% interest, has an 85% interest in Simfer S.A., the company that operates the Simandou mining project in Guinea. The Group therefore has a 45.05% indirect interest in Simfer S.A. These entities are consolidated as subsidiaries and together referred to as the Simandou iron ore project.

(e)The Group's shareholding in QIT Madagascar Minerals SA 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%. The non-controlling interests have a 15% economic interest and 20% of the total voting rights.

(f)On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. The Group now holds a 66% direct interest in Oyu Tolgoi LLC (OT). Up until December 2022 the Group had a 50.79% interest in Turquoise Hill Resources Ltd, which held a 66% interest in OT. The Group therefore had a 33.5% indirect interest in OT.

(g)Additional classes of shares issued by Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited representing non-controlling interests are not shown. The Group's total legal and beneficial interest in Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited is 74%.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;211

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Financial statements *continued*

**Notes to the 2022 financial statements**

30 &nbsp;&nbsp;&nbsp;&nbsp;Principal subsidiaries *continued*

Summary financial information for subsidiaries that have non-controlling interests that are material to the Group

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 under Group accounting policies, including fair value adjustments, and before intercompany eliminations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Income statement summary for the year ended 31 December | Iron Ore<br>Company of<br>Canada<br>2022 <br>US$m | Iron Ore<br>Company of<br>Canada<br>2021<br>US$m | Oyu Tolgoi LLC<sup>(h)(i)(j)</sup><br>2022 <br>US$m | Oyu Tolgoi LLC<sup>(h)(i)(j)</sup><br>2021<br>US$m |
| Revenue | 2634 | 3308 | 1424 | 1971 |
| Profit/(loss) after tax | 756 | 1193 | (224) | 465 |
| – attributable to non-controlling interests | 312 | 493 | (159) | 285 |
| – attributable to Rio Tinto | 444 | 700 | (65) | 180 |
| Other comprehensive (loss)/income | (111) | 39 |  |  |
| Total comprehensive income/(loss) | 645 | 1232 | (224) | 465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Balance sheet summary as at 31 December | 2022 <br>US$m | 2021<br>US$m | 2022<br>US$m | 2021<br>US$m |
| Non-current assets | 2963 | 2974 | 13662 | 12199 |
| Current assets | 774 | 599 | 753 | 523 |
| Current liabilities | (499) | (581) | (4253) | (3172) |
| Non-current liabilities | (974) | (1020) | (10731) | (9874) |
| Net assets | 2264 | 1972 | (569) | (324) |
| – attributable to non-controlling interests | 946 | 818 | (210) | (89) |
| – attributable to Rio Tinto | 1318 | 1154 | (359) | (235) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cash flow statement summary for the year ended 31 December | 2022 <br>US$m | 2021<br>US$m | 2022 <br>US$m | 2021<br>US$m |
| Cash flow from operations | 1153 | 2119 | 406 | 851 |
| Dividends paid to non-controlling interests | (142) | (495) |  |  |

---

(h)On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. At 31 December 2022 cash consideration paid totalled US$2,961 million. Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration to be determined by an independent arbitrator. We have included within other provisions US$211 million for additional consideration to be paid to the dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. As the transaction is with shareholders in their capacity as owners the transaction did not result in an income statement impact; however, re-measurement in future periods could result in an adjustment through the income statement.

(i)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.

(j)Refer to the note Oyu Tolgoi: approval for commencement of underground operations below regarding the treatment of funding balances.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Income statement summary for the year ended 31 December | Robe River Mining Co Pty<br>2022<br>US$m | Robe River Mining Co Pty<br>2021<br>US$m | Other companies and eliminations<sup>(k)</sup><br>2022<br>US$m | Other companies and eliminations<sup>(k)</sup><br>2021<br>US$m | Robe River<br>2022 <br>US$m | Robe River<br>2021<br>US$m |
| Revenue | 1703 | 2454 | 1987 | 2863 | 3690 | 5317 |
| Profit after tax | 802 | 1352 | 875 | 1518 | 1677 | 2870 |
| – attributable to non-controlling interests | 322 | 541 |  |  | 322 | 541 |
| – attributable to Rio Tinto | 480 | 811 | 875 | 1518 | 1355 | 2329 |
| Other comprehensive loss | (206) | (183) | (111) | (97) | (317) | (280) |
| Total comprehensive income | 596 | 1169 | 764 | 1421 | 1360 | 2590 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Balance sheet summary as at 31 December | 2022<br>US$m | <br>2021<br>US$m | 2022<br>US$m | <br>2021<br>US$m | 2022<br>US$m | <br>2021<br>US$m |
| Non-current assets | 2846 | 3472 | 3975 | 4166 | 6821 | 7638 |
| Current assets | 756 | 495 | 609 | 2118 | 1365 | 2613 |
| Current liabilities | (112) | (371) | (2724) | (329) | (2836) | (700) |
| Non-current liabilities | (422) | (421) | (564) | (4378) | (986) | (4799) |
| Net assets | 3068 | 3175 | 1296 | 1577 | 4364 | 4752 |
| – attributable to non-controlling interests | 1225 | 1268 |  |  | 1225 | 1268 |
| – attributable to Rio Tinto | 1843 | 1907 | 1296 | 1577 | 3139 | 3484 |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Cash flow statement summary for the year ended 31 December | 2022<br>US$m | <br>2021<br>US$m | 2022<br>US$m | <br>2021<br>US$m | 2022<br>US$m | <br>2021<br>US$m |
| Cash flow from operations | **1435** | 2130 | **1981** | 2512 | **3416** | 4642 |
| Dividends paid to non-controlling interests | **(278)** | (589) | **—** |  | **(278)** | (589) |

---

(k)"Other companies and eliminations" includes North Mining Limited (a wholly-owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$337 million (2021: US$362 million) that arose on the Group's acquisition of its interest in Robe River.

212&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Oyu Tolgoi: approval for commencement of underground operations

On 25 January 2022, Rio Tinto, Turquoise Hill Resources Ltd (Turquoise Hill) and the Government of Mongolia announced their agreement, and unanimous approval by the Board of Oyu Tolgoi, to commence the underground operations.

As part of a comprehensive project budget and funding package undertaken between the parties in reaching this agreement, Turquoise Hill agreed to waive in full, funding balances arising from a carry account loan with Erdenes Oyu Tolgoi (Erdenes) of US$2.4 billion. This comprised the amount of common share investments in Oyu Tolgoi LLC funded by Turquoise Hill on behalf of Erdenes to build the project to date, plus US$1.0 billion of accrued interest. The waiver took effect on 25 January 2022. Rio Tinto and Turquoise Hill also agreed a plan to deliver the funding required until sustainable underground production is reached.

Prior to the waiver agreement, the funding balances owing from Erdenes to Turquoise Hill were expected to be repaid via a pledge over Erdenes' share of future Oyu Tolgoi common share dividends. For this reason, and because the arrangement was between Turquoise Hill and Erdenes rather than with Oyu Tolgoi LLC itself, both the principal and interest were treated as transactions with owners acting in their capacity as owners. Consequently, at 31 December 2021, related amounts were recorded as a reduction in the share of equity attributable to non-controlling interests, resulting in an increase to the effective interest in Oyu Tolgoi attributable to owners of Rio Tinto.

Funding balances owing from Erdenes to Turquoise Hill were not classified as loan receivables in the Group Balance Sheet, and there was no interest income shown in the Group Income Statement. Accumulation of interest on the funding balances increased the share of retained earnings attributable to Rio Tinto as it accrued.

Waiving the funding balances owing from Erdenes to Turquoise Hill increases Erdenes' economic share arising through entitlement to cash flows from future dividends of Oyu Tolgoi. In the 2022 Group results, there is no Income Statement charge for loan forgiveness or write-off as a result of the waiver, and net assets and liabilities for Oyu Tolgoi included in the Group Balance sheet remained unchanged as a result of this transaction. There was no exchange of cash or other financial assets between parties and there has been no change to the underlying free cash flows of the Oyu Tolgoi operations and development project. The waiver did not have an impact on the Group's assessment of impairment indicators for either 2021 or 2022, since it related to the project shareholders' funding arrangements rather than the economic capability of the Cash Generating Unit itself. A reallocation of the net asset value allocation between the owners of Oyu Tolgoi has been recorded in the Group Statement of Changes in Equity for 2022 by reducing equity attributable to owners of Rio Tinto and increasing equity attributable to non-controlling interests.

31 &nbsp;&nbsp;&nbsp;&nbsp;Principal joint operations

At 31 December 2022

---

| | | |
|:---|:---|:---|
| **Company and country of incorporation/operation** | **Principal activities** | **Group interest (%)** |
| Australia |  |  |
| Tomago Aluminium Joint Venture | Aluminium smelting | 51.6 |
| Gladstone Power Station Joint Venture | Power generation | 42.1 |
| Hope Downs Joint Venture | Iron ore mining | 50 |
| Queensland Alumina Limited<sup>(a)(b)</sup> | Alumina production | 80 |
| Pilbara Iron Arrangements | Infrastructure, corporate and mining services | See other relevant judgments call out box below |
| New Zealand |  |  |
| New Zealand Aluminium Smelters Limited<sup>(a)(b)</sup> | Aluminium smelting | 79.4 |
| Canada |  |  |
| Aluminerie Alouette Inc. | Aluminium production | 40 |
| US |  |  |
| Pechiney Reynolds Quebec Inc<sup>(b)(c)</sup> | Aluminium smelting | 50.2 |

---

(a)Although the Group has a 79.4% interest in New Zealand Aluminium Smelters Limited and an 80% interest in Queensland Alumina Limited, decisions about activities that significantly affect the returns that are generated require agreement of both parties to the arrangements, giving rise to joint control, refer to other relevant judgments below.

(b)Queensland Alumina Limited, New Zealand Aluminium Smelters Limited 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 gives rise to the classification of these entities as joint operations.

(c)Pechiney Reynolds Quebec Inc. 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 Becancour smelter is 25.1%.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;213

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Financial statements *continued*

**Notes to the 2022 financial statements**

31 &nbsp;&nbsp;&nbsp;&nbsp;Principal joint operations *continued*

Other relevant judgments - Basis of consolidation of Queensland Alumina Limited ('QAL')<br>Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders' agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share.<br>Following the Australian Governments's imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the "step-in" clause of the shareholders' agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. <br>Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts:<br>–RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and <br>–the continued operation of the shareholders' agreement, incorporating the "step-in" clause,<br>we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. <br>

Other relevant judgments - Accounting for the Pilbara Iron Arrangements<br>A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash 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 and port infrastructure network. The requesting partner's (Asset User's) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge – "CUC") over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: 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 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. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 "Leases" and IFRIC 4 "Determining whether an arrangement contains a lease", with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could 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 the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. <br>

214&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

32 &nbsp;&nbsp;&nbsp;&nbsp;Principal joint ventures and associates

Principal joint ventures

At 31 December 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company and country of incorporation/operation** | **Principal activities** | **Number of <br>shares held** | **Class of <br>shares <br>held** | **Proportion <br>of class <br>held (%)** | **Group <br>interest <br>(%)** |
| Chile |  |  |  |  |  |
| Minera Escondida Ltda<sup>(a)</sup> | Copper mining and refining |  |  |  | 30 |
| Oman |  |  |  |  |  |
| Sohar Aluminium Co. L.L.C.<sup>(b)</sup> | Aluminium smelting; power generation | 37500 | Ordinary | 20 | 20 |

---

(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 Limitada that are coterminous with those of the Group. The Company has no share class.

(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 judgments - Accounting for Minera Escondida Ltda<br>Judgment has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto's rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgment by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place.<br>

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 Escondida Ltda<sup>(c)</sup><br>2022<br>US$m | Minera Escondida Ltda<sup>(c)</sup><br>2021<br>US$m | Sohar Aluminium Co.L.L.C.<sup>(d)</sup><br>2022<br>US$m | Sohar Aluminium Co.L.L.C.<sup>(d)</sup><br>2021<br>US$m |
| Revenue | 8760 | 9783 | 1130 | 900 |
| Depreciation and amortisation | (1100) | (1160) | (120) | (115) |
| Other operating costs | (3280) | (3066) | (685) | (510) |
| Operating profit | 4380 | 5557 | 325 | 275 |
| Finance expense | (207) | (134) | (35) | (30) |
| Income tax | (1590) | (2133) | (45) | (35) |
| Profit after tax | 2583 | 3290 | 245 | 210 |
| Other comprehensive profit | 17 | 40 |  |  |
| Total comprehensive income | 2600 | 3330 | 245 | 210 |
| Non-current assets | 11853 | 11490 | 1713 | 1765 |
| Current assets | 2563 | 2857 | 389 | 360 |
| Current liabilities | (1450) | (2017) | (167) | (175) |
| Non-current liabilities | (5063) | (4633) | (700) | (730) |
| Net assets | 7903 | 7697 | 1235 | 1220 |
| Assets and liabilities above include: |  |  |  |  |
| – cash and cash equivalents | 377 | 857 | 50 | 45 |
| – current financial liabilities | (340) | (550) | (25) | (40) |
| – non-current financial liabilities | (3060) | (2660) | (530) | (560) |
| Dividends received from joint venture (Rio Tinto share) | 813 | 1374 | 46 | 47 |

---

Reconciliation of the above amounts to the investment recognised in the Group balance sheet

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Group interest | 30 | % | 30 | 20 | 20 |
| Net assets | 7903 |  | 7697 | 1235 | 1220 |
| Group's ownership interest | 2371 |  | 2309 | 247 | 244 |
| Carrying value of Group's interest | 2371 |  | 2309 | 247 | 244 |

---

(c)In addition to its "Investment in equity accounted units", the Group recognises deferred tax liabilities of US$328 million (2021: US$322 million) relating to tax on unremitted earnings of equity accounted units.

(d)As part of financing agreements, there are certain restrictions on the ability of Sohar Aluminium Co. L.L.C to make shareholder distributions.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;215

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Financial statements *continued*

**Notes to the 2022 financial statements**

Principal associates

At 31 December 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company and country of incorporation/operation** | **Principal activities** | **Number of <br>shares held** | **Class of <br>shares held** | **Proportion <br>of class <br>held (%)** | **Group <br>interest <br>(%)** |
| Australia |  |  |  |  |  |
| Boyne Smelters Limited<sup>(a)</sup> | Aluminium smelting | 153679560 | Ordinary | 59.4 | 59.4 |
| Brazil |  |  |  |  |  |
| Mineração Rio do Norte S.A.<sup>(b)</sup> | Bauxite mining | 25000000000 | Ordinary | 12.5 | 12 |
| Mineração Rio do Norte S.A.<sup>(b)</sup> | Bauxite mining | 47000000000 | Preferred | 11.75 | 12 |
| US |  |  |  |  |  |
| Halco (Mining) Inc.<sup>(c)</sup> | Bauxite mining | 4500 | Common | 45 | 45 |

---

(a)The parties that collectively control Boyne Smelters Limited 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)Although the Group holds only 12% of Mineração Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence.

(c)Halco (Mining) Inc. 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 joint ventures and associates that are not individually material to the Group

---

| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m<br>Adjusted<sup>(b)</sup> |
| Carrying value of Group's interest<sup>(a)</sup> | 680 | 854 |
| (Loss)/profit after tax | (47) | 13 |
| Other comprehensive loss | (27) | (12) |
| Total comprehensive (loss)/ income | (74) | 1 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;The decrease in carrying value relates to the impairment of our investment in the Boyne Smelter in 2022, refer to note 4 for further details.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Following the impairment in the Boyne Smelter we no longer consider it a significant equity accounted unit of the Group. Therefore we have updated this disclosure and the 2021 comparatives in the current year.

33 &nbsp;&nbsp;&nbsp;&nbsp;Related-party transactions

Information about material related-party transactions of the Rio Tinto Group is set out below.

Subsidiary companies and joint operations

Details of investments in principal subsidiary companies are disclosed in note 30. Information relating to joint operations can be found in note 31.

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.

---

| | | | |
|:---|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Income statement items |  |  |  |
| Purchases from equity accounted units | (1429) | (1167) | (960) |
| Sales to equity accounted units | 563 | 432 | 271 |
| Cash flow statement items |  |  |  |
| Dividends from equity accounted units | 879 | 1431 | 594 |
| Net (funding of)/receipts from equity accounted units | (75) | 6 | (43) |
| Balance sheet items |  |  |  |
| Investments in equity accounted units<sup>(a)</sup> | 3298 | 3504 | 3764 |
| Loans to equity accounted units |  |  | 41 |
| Trade and other receivables: amounts due from equity accounted units<sup>(b)</sup> | 297 | 251 | 251 |
| Trade and other payables: amounts due to equity accounted units | (294) | (253) | (241) |

---

(a)Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 32.

(b)This includes prepayments of tolling charges.

Pension funds

Information relating to pension fund arrangements is set out in note 28.

Directors and key management

Details of directors' and key management's remuneration are set out in note 29.

216&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Our equity

34 &nbsp;&nbsp;&nbsp;&nbsp;Share 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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2022<br>Number<br>(million) | 2021<br>Number<br>(million) | 2020<br>Number<br>(million) | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Issued and fully paid up share capital of 10p each |  |  |  |  |  |  |
| At 1 January | 1255.795 | 1255.756 | 1259.345 | 207 | 207 | 207 |
| Ordinary shares issued under the Global Employee Share plan (GESP) | 0.050 | 0.039 | 0.039 |  |  |  |
| Shares purchased and cancelled<sup>(a)</sup> |  |  | (3.628) |  |  |  |
| At 31 December | 1255.845 | 1255.795 | 1255.756 | 207 | 207 | 207 |
| Shares held by public |  |  |  |  |  |  |
| At 1 January | 1248.141 | 1246.904 | 1249.924 |  |  |  |
| Shares reissued from treasury under the GESP | 1.464 | 1.198 | 0.569 |  |  |  |
| Ordinary shares issued under the GESP | 0.050 | 0.039 | 0.039 |  |  |  |
| Shares purchased and cancelled<sup>(a)</sup> |  |  | (3.628) |  |  |  |
| At 31 December | 1249.655 | 1248.141 | 1246.904 |  |  |  |
| Shares held in treasury | 6.190 | 7.654 | 8.852 |  |  |  |
| Shares held by public | 1249.655 | 1248.141 | 1246.904 |  |  |  |
| Total share capital | 1255.845 | 1255.795 | 1255.756 |  |  |  |
| Other share classes |  |  |  |  |  |  |
| Special Voting Share of 10p each<sup>(b)</sup> | 1 only | 1 only | 1 only |  |  |  |
| DLC Dividend Share of 10p each<sup>(b)</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 2022 or 2021 under the on-market buy-back programme. 3,627,568 shares were bought back in 2020 under the on-market buy-back programme.

(b)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 2022, US$16 million of shares and ADRs (2021: US$18 million; 2020: US$31 million) were purchased by employee share ownership trusts on behalf of Rio Tinto plc to satisfy employee share awards on vesting. At 31 December 2022, 232,621 shares and 49,777 ADRs were held in the employee share ownership trusts on behalf of Rio Tinto plc.

Rio Tinto Limited

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 2022<br>Number<br>(million) | 2021<br>Number<br>(million) | 2020<br>Number<br>(million) | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Issued and fully paid up share capital |  |  |  |  |  |  |
| At 1 January | 371.21 | 371.21 | 371.21 | 3570 | 3781 | 3448 |
| Adjustment on currency translation |  |  |  | (240) | (211) | 333 |
| At 31 December | 371.21 | 371.21 | 371.21 | 3330 | 3570 | 3781 |
| – 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 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 2022, US$84 million of shares (2021: US$95 million; 2020: US$76 million) were purchased by employee share ownership trusts on behalf of Rio Tinto Limited to satisfy employee share awards on vesting. At 31 December 2022, 979,495 shares were held in the employee share ownership trusts on behalf of Rio Tinto Limited.

Information relating to share-based incentive schemes is given in note 27.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;217

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Financial statements *continued*

**Notes to the 2022 financial statements**

35 &nbsp;&nbsp;&nbsp;&nbsp;Other reserves and retained earnings

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Capital redemption reserve<sup>(a)</sup> |  |  |  |
| At 1 January and 31 December | 51 | 51 | 51 |
| Cash flow hedge reserve |  |  |  |
| At 1 January | (11) | 124 | 160 |
| Cash flow hedge (losses)/gains | (167) | (211) | 24 |
| Cash flow hedge losses/(gains) transferred to the income statement | 106 | 14 | (63) |
| Tax on the above | 21 | 62 | 3 |
| At 31 December | (51) | (11) | 124 |
| Fair value through other comprehensive income reserve |  |  |  |
| At 1 January | 2 | (2) | (11) |
| Gains on equity investments |  | 4 | 9 |
| At 31 December | 2 | 2 | (2) |
| Cost of hedging reserve |  |  |  |
| At 1 January | (21) | (3) | (10) |
| Cost of hedging deferred to reserves during the year | 4 | (18) | 7 |
| At 31 December | (17) | (21) | (3) |
| Other reserves<sup>(b)</sup> |  |  |  |
| At 1 January | 11582 | 11628 | 11643 |
| Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards | (84) | (95) | (76) |
| Employee share options: value of services | 56 | 55 | 60 |
| Deferred tax on share options |  | (6) | 1 |
| At 31 December | 11554 | 11582 | 11628 |
| Foreign currency translation reserve<sup>(c)</sup> |  |  |  |
| At 1 January | (1605) | 162 | (2656) |
| Parent and subsidiaries' currency translation and exchange adjustments | (2207) | (1755) | 2814 |
| Equity accounted units currency translation adjustments | (27) | (12) | 4 |
| Currency translation reclassified on disposal<sup>(d)</sup> | 105 |  |  |
| At 31 December | (3734) | (1605) | 162 |
| Total other reserves per balance sheet | 7805 | 9998 | 11960 |

---

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Retained earnings<sup>(e)</sup> |  |  |  |
| At 1 January | 33337 | 26792 | 23387 |
| Adjustment for transition to new accounting pronouncements<sup>(f)</sup> | (17) |  |  |
| Revised 1 January | **33320** | **26792** | **23387** |
| Parent and subsidiaries' profit for the year | 11845 | 20052 | 9456 |
| Equity accounted units' profit after tax for the year | 575 | 1042 | 313 |
| Re-measurement gains/(losses) on pension and post-retirement healthcare plans<sup>(g)</sup> | 568 | 1015 | (482) |
| Tax relating to components of other comprehensive income | (118) | (297) | 116 |
| Total comprehensive income for the year | 12870 | 21812 | 9403 |
| Share buy-back programme |  |  | (1) |
| Dividends paid | (11716) | (15385) | (6132) |
| Change in equity interest held by Rio Tinto<sup>(h)</sup> | 701 | 76 | 84 |
| Own shares purchased/treasury shares reissued for share awards and other movements | (16) | (18) | (31) |
| Equity issued to holders of non-controlling interests<sup>(h)</sup> | (711) |  |  |
| Employee share options and other IFRS 2 charges taken to the income statement | 63 | 60 | 82 |
| At 31 December | 34511 | 33337 | 26792 |

---

(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 "Share Based Payment" 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)The sale of our Roughrider undeveloped project led to us recycling the currency translation reserve loss of US$105 million relating to the entity that incorporated the project.

(e)Retained earnings and movements in reserves of subsidiaries include those arising from the Group's share of joint operations.

(f)The impact of adopting Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" on 1 January 2022.

(g)There were US$5 million re-measurement gains relating to equity accounted units in 2022 (31 December 2021: US$12 million gains, 31 December 2020: US$11 million losses).

(h)Refer to note 5 and 30 for further information regarding the forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from Erdenes Oyu Tolgoi and the purchase of the non-controlling interest of Turquoise Hill Resources Ltd.

218&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

Other notes

36 &nbsp;&nbsp;&nbsp;&nbsp;Other 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.

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| | | |
|:---|:---|:---|
|  | 2022 <br>US$m | 2021<br>US$m |
| At 1 January | 1002 | 856 |
| Adjustment to opening balance on transition to new accounting standard (refer to page [155](#i4e1fde2b483e4a95b74bd78074955f5c_123)) | 17 |  |
| Restated opening balance | 1019 | 856 |
| Adjustment on currency translation | (43) | (29) |
| Adjustments to mining properties/right of use assets: |  |  |
| – increases to existing and new provisions | 4 | 3 |
| Charged/(credited) to profit: |  |  |
| – increases to existing and new provisions | 365 | 382 |
| – unused amounts reversed | (66) | (37) |
| – amortisation of discount | 2 | 3 |
| Utilised in year | (176) | (128) |
| Transfers and other movements<sup>(a)</sup> | 193 | (48) |
| At 31 December | 1298 | 1002 |
| Balance sheet analysis: |  |  |
| Current | 554 | 700 |
| Non-current | 744 | 302 |
| Total | 1298 | 1002 |

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(a)Transfers and other movements includes US$211 million for additional consideration to be paid to the dissenting shareholders of the Turquoise Hill Resources transaction. It represents the difference between their initial consideration of C$34.4 per share and C$43 per share paid to all other shareholders, with the final amount and timing to be determined by dissent proceedings. As a transaction with shareholders of a subsidiary in their capacity as owners, this adjustment has been made through equity.

37 &nbsp;&nbsp;&nbsp;&nbsp;Contingencies 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 (for example undertakings related to supplier agreements) not provided for in the balance sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being called is assessed as possible rather than probable or remote.

Contingent liabilities (subsidiaries, joint operations, joint ventures and associates)

Other relevant judgments - Contingencies<br>Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgment and legal advice. These are quantified unless, in our judgment, the amount cannot be reliably estimated. The unit of account for claims is 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 there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential 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 probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgments may at times occur. The Group may in the future incur judgments or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position.<br>

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| | | |
|:---|:---|:---|
| | 2022 <br>US$m | 2021<br>US$m |
| Contingent liabilities, indemnities and other performance guarantees<sup>(a)</sup> | 498 | 441 |

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(a)There were no material contingent liabilities arising in relation to the Group's joint ventures and associates.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;219

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Financial statements *continued*

**Notes to the 2022 financial statements**

37 &nbsp;&nbsp;&nbsp;&nbsp;Contingencies and commitments *continued*

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

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| | |
|:---|:---|
| Litigation matter | Latest update |
| Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) | In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto's disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto's 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court's dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. |
| 2011 Contractual payments in Guinea | Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case.  |

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At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate.

On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto's 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed.

Other contingent liabilities

We are modernising 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 and restoration 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 hydro-power 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 and restoration 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 pre-determined 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.

Capital commitments

Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group's projects have various cancellation clauses.

220&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m |
| Capital commitments excluding the Group's share of joint venture capital commitments |  |  |
| Within 1 year | 2313 | 2324 |
| Between 1 and 3 years | 866 | 116 |
| Between 3 and 5 years | 86 | 38 |
| After 5 years | 89 | 73 |
| Total | 3354 | 2551 |
| Group's share of joint venture capital commitments |  |  |
| Within 1 year | 15 | 11 |
| Between 1 and 3 years |  |  |
| Total | 15 | 11 |

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Unrecognised commitments to contribute funding or resources to joint ventures

We have a commitment to purchase and market a portion (in excess of the Group's ownership interest) of the output of Sohar Aluminium Company L.L.C., an aluminium smelter in which the Group is a joint venture partner. The Group immediately sells the purchased products to third parties; in an active market, and therefore does not recognise the purchase obligation.

Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the life or 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 2022, Minera Escondida Ltda held an undrawn shareholder line of credit for US$225 million (Rio Tinto share) (31 December 2021: US$225 million). The current facility has been extended during the year and will now mature in September 2023.

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.

The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December was:

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| | | |
|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m |
| Within 1 year | 3618 | 3483 |
| Between 1 and 2 years | 2091 | 1660 |
| Between 2 and 3 years | 1632 | 1345 |
| Between 3 and 4 years | 1309 | 1080 |
| Between 4 and 5 years | 907 | 1020 |
| After 5 years | 6574 | 7125 |
| Total | 16131 | 15713 |

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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$4.4 billion (31 December 2021: US$4.4 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA) plc bonds with maturity dates up to 2051; and US$1 billion (31 December 2021: US$1.1 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 (31 December 2021: 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 2022, US$3.9 billion of project finance debt was outstanding under this facility (2021: US$4.3 billion). 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 has been 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 Rio Tinto guarantee applies to the extent that Turquoise Hill Resources Ltd cannot satisfy Oyu Tolgoi LLC's project finance debt servicing obligations under its own guarantee to the lenders, called the sponsor debt service undertaking (DSU). Both the CSU and DSU contain a carve-out for certain political risk events.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;221

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Financial statements *continued*

**Notes to the 2022 financial statements**

38 &nbsp;&nbsp;&nbsp;&nbsp;Auditors' remuneration

Group auditors' remuneration<sup>(a)</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Audit of the Group | 17.3 | 13.7 | 11.0 |
| Audit of subsidiaries | 8.4 | 7.5 | 6.3 |
| Total audit | 25.7 | 21.2 | 17.3 |
| Audit-related assurance service | 1.0 | 1.0 | 0.8 |
| Other assurance services<sup>(b)</sup> | 2.3 | 2.7 | 1.4 |
| Total assurance services | 3.3 | 3.7 | 2.2 |
| Tax compliance |  |  |  |
| Other non-audit services not covered above | 0.3 | 0.2 | 0.1 |
| Total non-audit services | 3.6 | 3.9 | 2.3 |
| Total Group auditors' remuneration | 29.3 | 25.1 | 19.6 |
| Audit fees payable to other accounting firms |  |  |  |
| Audit of the financial statements of the Group's subsidiaries | 0.2 | 0.3 | 0.6 |
| Fees in respect of pension scheme audits | 0.1 | 0.1 | 0.1 |
| Total audit fees payable to other accounting firms | 0.3 | 0.4 | 0.7 |

---

(a)The remuneration payable to KPMG, the Group auditors, is approved by the Audit 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)Other assurance services relates to the review of non-statutory financial information including sustainability reporting.

Under SEC regulations, the remuneration to KPMG firms and associates of US$29.3 million (2021: US$25.1 million; 2020: US$19.6 million) is required to be presented as follows: audit fees US$27.0 million (2021: US$22.6 million; 2020: US$18.0 million), audit-related fees US$2.0 million (2021: US$2.3 million; 2020: US$1.6 million), Tax fees US$nil (2021: US$nil; 2020: US$nil) and all other fees US$0.3 million (2021: US$0.2 million; 2020: US$nil)

39 &nbsp;&nbsp;&nbsp;&nbsp;Events after the balance sheet date

On 16 February 2023, we re-financed the US$3.9 billion Oyu Tolgoi project finance facility with a syndicate of international financial institutions, export credit agencies and commercial lenders. The lenders have agreed to a deferral of the principal repayments by three years to June 2026 and to an extension of the final maturity date by five years from 2030 to 2035. The terms and conditions are broadly unchanged and lenders continue to benefit from the Debt Service Undertaking from Turquoise Hill Resources Limited and the Completion Support Undertaking from Rio Tinto plc.

There were no other significant events after the balance sheet date requiring disclosure.

40 &nbsp;&nbsp;&nbsp;&nbsp;New 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.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes, mandatory in 2023 and endorsed by the UK)

The Group will adopt, from January 2023 (the transition date), the narrow-scope amendments to IAS 12, which introduce an exclusion to the initial recognition exemption application for transactions that give rise to equal and offsetting taxable and deductible temporary differences.

Our existing accounting policy states that "where the recognition of an asset and liability from a single transaction gives rise to equal and offsetting temporary differences, Rio Tinto applies the initial recognition exemption allowed by IAS 12, and consequently recognises neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences". Under the amendments, deferred tax assets and liabilities are required to be recognised in respect of such temporary differences from the transition date, with restatement of comparatives for 2022 and 2021.

The most significant impact of implementing these amendments is expected to be from temporary differences related to the Group's provisions for close-down and restoration (note 14), and lease obligations (note 21) and corresponding capitalised closure costs and right of use assets (note 13). Adjustments to deferred tax assets and liabilities related to these balances will be recognised as at 1 January 2021, being the beginning of the earliest comparative period presented in 2023 financial statements, with the cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For other transactions the amendments apply only to those taking place on or after 1 January 2021.

The impact of restatement as at 31 December 2022 is that the Group will recognise additional gross deferred tax liabilities of US$922 million and gross deferred tax assets of US$1.4 billion in relation to close-down and restoration obligations and related capitalised closure costs. The Group will also recognise additional gross deferred tax liabilities of US$140 million and gross deferred tax assets of US$149 million in relation to lease liabilities and related right of use assets (note 15).

After the required offsetting within the same tax jurisdiction, these adjustments result in the Group recognising additional net deferred tax assets of US$30 million and a reduction in net deferred tax liabilities of US$437 million (note 15) with the resulting cumulative impact increasing retained earnings (inclusive of income statement adjustments described below) by US$459 million. As at 1 January 2021 and 31 December 2021, the restatement of gross and net deferred tax balances does not differ materially from the impact as at 31 December 2022.

222&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

The impact of restatement on net earnings for the year ended 2022 is a net charge of US$28 million, comprising a US$84 million credit (2021:US$22 million) related to depreciation of closure and right of use assets, and settlement of closure and lease liabilities, offset by a US$112 million charge (2021: US$nil) related to the derecognition of deferred tax assets as a result of the recently enacted Corporate Alternative Minimum Tax regime in the USA referred to in note 10 on page [172](#i2058f13c3e5243379438cf63ec99974a_1479). There will be no impact on tax cash flows or amounts recognised on the balance sheet as tax recoverable or payable as a result of implementing these amendments.

IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (mandatory in 2023 and endorsed by the UK)

The standard provides consistent principles for all aspects of accounting for insurance contracts. We are finalising our assessment and have not identified a material impact to date, particularly in areas of judgment related to reinsurance contracts with EAUs and in substance self-insurance arrangements.

Other amendments

The assessment is ongoing in relation to other amendments, but no material impact has been identified to date. These are listed below:

–Amendments to IAS 1 Presentation of Financial Statements: disclosure of accounting policies (mandatory in 2023 and endorsed by the UK);

–Amendments to IAS 8 Accounting policies, changes in accounting estimates and errors: definition of accounting estimates (mandatory in 2023 and endorsed by the UK)

–Amendments to IAS 1 Presentation of Financial Statements: classification of liabilities (mandatory in 2024 and not yet endorsed by the UK).

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;223

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Pages 224 to 250 have been intentionally omitted.

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**Report of Independent Registered Public Accounting Firms** 

To the Stockholders and Board of Directors of Rio Tinto plc and Rio Tinto Limited:

<u>Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting</u>

We have audited the accompanying consolidated balance sheet of Rio Tinto Group (comprising of Rio Tinto plc and Rio Tinto Limited, together with their subsidiaries) as of December 31, 2022 and 2021, the related Group Income Statement, Group Statement of Comprehensive Income, Group Cash Flow Statement, and Group Statement of Changes in Equity for each of the years in the three-year period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements). We also have audited the Rio Tinto Group's internal control over financial reporting as of December 31, 2022, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Rio Tinto Group as of December 31, 2022, and 2021, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Rio Tinto Group maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

<u>Basis for Opinions</u>

The Rio Tinto Group's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's report on internal control over financial reporting. Our responsibility is to express an opinion on the Rio Tinto Group's consolidated financial statements and an opinion on Rio Tinto Group's internal control over financial reporting based on our audits. We are public accounting firms registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Rio Tinto 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements 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. 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 audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;251

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Report of Independent Registered Public Accounting Firms *continued*

<u>Definition and Limitations of Internal Control Over Financial Reporting</u>

A company'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 company'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 company; (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 company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company'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.

<u>Critical Audit Matters</u>

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.

<u>Evaluation of indicators of impairment or impairment reversals of property, plant and equipment in specific cash generating units ('CGU')</u>

As discussed, in Note 13 to the consolidated financial statements, as at December 31, 2022, the Group has US$64,734m of property, plant and equipment, a portion of which relates to the Oyu Tolgoi copper-gold mine ('Oyu Tolgoi CGU') and Kitimat aluminium smelter ('Kitimat 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 and Kitimat CGUs as a critical audit matter. Significant auditor judgement was required to assess whether certain internal and external factors impacting the Oyu Tolgoi and Kitimat CGUs, including the impact of volatility in forecast long-term commodity prices, result in indicators of impairment or impairment reversal. Specifically, for the Oyu Tolgoi CGU, significant judgement was required to evaluate the transaction to acquire the minority shareholding of Turquoise Hill Resources Limited ('TRQ') as well as the development progress of the underground operation. Specifically, for the Kitimat CGU, significant judgement was required to evaluate the forecast operational performance, including the ramp up following the 2021 workforce strike.

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 and Kitimat CGUs. We involved valuation professionals with specialised skills and knowledge who assisted in assessing the forecast long-term commodity prices used in the Group's assessments, by comparing them to market consensus forecasts.

252&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Report of Independent Registered Public Accounting Firms *continued*

Specifically, for the Oyu Tolgoi CGU we assessed the progress of the underground mine development in the current year through comparison with the key assumptions used in the 2021 impairment assessment and making inquiries of key management, including operational personnel; and evaluated the transaction to acquire the minority shareholding of TRQ as a potential indicator of impairment or impairment reversal by considering any implications of the transaction price on the valuation of the Oyu Tolgoi CGU. Specifically, for the Kitimat CGU we evaluated the impact of changes to the forecast operational performance, including the ramp up following the 2021 workforce strikes through comparison with the key assumptions used in the 2021 impairment assessment and making inquiries of key management, including operational personnel.

<u>Evaluation of certain provisions for close-down and restoration</u>

As discussed in Note 14 to the consolidated financial statements, the Group has a provision for close-down and restoration ('closure provisions') of US$15,759m as of December 31, 2022, a portion of which related to Iron ore ('Pilbara').

We identified the evaluation of closure provisions for certain sites within Pilbara as a critical audit matter. Significant judgement was required to evaluate the Group's assumptions related to the probability, nature and timing of possible closure and rehabilitation activities; future close-down and restoration costs, including costs associated with post-closure monitoring ('closure costs'); closure timeframes; and the discount rate.

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 controls over the Group's selection of key assumptions to be used. We involved valuations professionals with specialised skills and knowledge who assisted in evaluating the discount rate by comparing it to external data including yields on long-term government bonds and external market research. We evaluated the scope, competency and objectivity of the Group's experts, both internal and/or external to the Group, who produce the closure cost by examining the work they were involved to perform, 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 work planned to be undertaken, including assumptions relating to the probability, 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, we involved environmental professionals with specialised skills and knowledge who assisted in evaluating the methodology applied by the Group's experts and assisted us in assessing certain assumptions regarding the forecast costs of closure activities based on their experience and familiarity with applicable legislative requirements and industry practice and the Group's closure commitments.

We have served as the Company's auditors since 2020.

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| | |
|:---|:---|
| /s/ KPMG LLP | /s/ KPMG |
| KPMG LLP | KPMG |
| London, United Kingdom<br>February 24, 2023 | Perth, Australia<br>February 24, 2023 |
| In respect of the Board of Directors <br>and Shareholders of Rio Tinto plc | In respect of the Board of Directors and<br>Shareholders of Rio Tinto Limited |

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Annual Report on Form 20-F 2022 \| riotinto.com&nbsp;&nbsp;&nbsp;&nbsp;253

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Rio Tinto Financial Information by Business Unit

**Rio Tinto Financial Information by Business Unit**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Segmental revenue**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Segmental revenue**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Segmental revenue**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Underlying EBITDA**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Underlying EBITDA**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Underlying EBITDA**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Depreciation and amortisation <br>for the year<br>ended 31 December** | **Depreciation and amortisation <br>for the year<br>ended 31 December** | **Depreciation and amortisation <br>for the year<br>ended 31 December** | **Underlying earnings**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Underlying earnings**<sup>(a)</sup><br>**for the year ended**<br>**31 December** | **Underlying earnings**<sup>(a)</sup><br>**for the year ended**<br>**31 December** |
| Rio Tinto <br>interest% | Rio Tinto <br>interest% | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m | 2022 <br>US$m | 2021<br>US$m | 2020<br>US$m | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m |
| Iron Ore |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pilbara | (b) | 29313 | 39111 | 27027 | 18474 | 27837 | 18896 | 2011 | 2003 | 1819 | 11075 | 17544 | 11551 |
| Dampier Salt | 68.4 | 352 | 298 | 252 | 56 | 39 | 43 | 19 | 20 | 19 | 19 | 10 | 12 |
| Evaluation projects/other | (c) | 2711 | 2147 | 657 | 33 | (81) | (32) |  |  |  | 53 | (79) | (112) |
| Intra-segment | (c) | (1470) | (1974) | (428) | 49 | (203) | (70) |  |  |  | 35 | (152) | (53) |
| Total Iron Ore Segment |  | 30906 | 39582 | 27508 | 18612 | 27592 | 18837 | 2030 | 2023 | 1838 | 11182 | 17323 | 11398 |
| Aluminium |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bauxite |  | 2396 | 2203 | 2302 | 618 | 619 | 943 | 361 | 328 | 290 | 83 | 174 | 434 |
| Alumina |  | 3215 | 2743 | 2233 | 289 | 569 | 262 | 200 | 165 | 138 | 17 | 306 | 92 |
| Primary Metal |  | 7561 | 6706 | 4489 | 2426 | 2592 | 904 | 704 | 694 | 643 | 1266 | 1454 | 169 |
| Pacific Aluminium |  | 3102 | 2947 | 1944 | 497 | 693 | 112 | 135 | 103 | 119 | 248 | 426 | (6) |
| Intra-segment and other |  | (3138) | (2718) | (2510) | 12 | 14 | 6 |  | (1) | 1 | (8) | 192 | (159) |
| Integrated operations |  | 13136 | 11881 | 8458 | 3842 | 4487 | 2227 | 1400 | 1289 | 1191 | 1606 | 2552 | 530 |
| Other product group items |  | 973 | 814 | 856 | 25 | 26 | 7 |  |  |  | 15 | 17 | (5) |
| Product group operations |  | 14109 | 12695 | 9314 | 3867 | 4513 | 2234 | 1400 | 1289 | 1191 | 1621 | 2569 | 525 |
| Evaluation projects/other |  |  |  |  | (195) | (131) | (82) |  |  |  | (149) | (101) | (54) |
| Total Aluminium Segment |  | 14109 | 12695 | 9314 | 3672 | 4382 | 2152 | 1400 | 1289 | 1191 | 1472 | 2468 | 471 |
| Copper |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Kennecott | 100.0 | 1923 | 2528 | 1529 | 857 | 1142 | 588 | 624 | 538 | 472 | (9) | 513 | 149 |
| Escondida | 30.0 | 2628 | 2935 | 2296 | 1641 | 2013 | 1462 | 330 | 348 | 428 | 798 | 1003 | 650 |
| Oyu Tolgoi and Turquoise Hill | (d) | 1424 | 1971 | 1078 | 449 | 1213 | 390 | 194 | 213 | 189 | 130 | 325 | 160 |
| Product group operations |  | 5975 | 7434 | 4903 | 2947 | 4368 | 2440 | 1148 | 1099 | 1089 | 919 | 1841 | 959 |
| Simandou iron ore project | (e) |  |  |  | (189) | (58) | (14) |  |  |  | (145) | (43) | (6) |
| Evaluation projects/other |  | 724 | 393 | 66 | (382) | (341) | (342) | 5 | 4 | 4 | (253) | (219) | (199) |
| Total Copper Segment |  | 6699 | 7827 | 4969 | 2376 | 3969 | 2084 | 1153 | 1103 | 1093 | 521 | 1579 | 754 |
| Minerals |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Iron Ore Company of Canada | 58.7 | 2818 | 3526 | 2444 | 1381 | 2026 | 1130 | 207 | 197 | 170 | 475 | 734 | 383 |
| Rio Tinto Iron & Titanium | (f) | 2366 | 1791 | 1651 | 799 | 470 | 476 | 224 | 213 | 173 | 369 | 176 | 216 |
| Rio Tinto Borates | 100.0 | 742 | 592 | 564 | 155 | 89 | 126 | 54 | 51 | 49 | 80 | 32 | 65 |
| Diamonds | (g) | 816 | 501 | 459 | 330 | 180 | 83 | 45 | 12 | 60 | 151 | 99 | 9 |
| Product group operations |  | 6742 | 6410 | 5118 | 2665 | 2765 | 1815 | 530 | 473 | 452 | 1075 | 1041 | 673 |
| Evaluation projects/other |  | 12 | 71 | 52 | (246) | (162) | (105) | 1 | 1 |  | (226) | (153) | (93) |
| Total Minerals Segment |  | 6754 | 6481 | 5170 | 2419 | 2603 | 1710 | 531 | 474 | 452 | 849 | 888 | 580 |
| Reportable segments total |  | 58468 | 66585 | 46961 | 27079 | 38546 | 24783 | 5114 | 4889 | 4574 | 14024 | 22258 | 13203 |
| Other operations | (h) | 192 | 251 | 321 | (16) | (28) | 24 | 272 | 199 | 199 | (340) | (84) | (48) |
| Inter-segment transactions |  | (256) | (268) | (264) | 24 | 42 | (94) |  |  |  | 26 | 19 | (32) |
| Central pension costs, share-based payments, insurance and derivatives |  |  |  |  | 377 | 110 | 117 |  |  |  | 374 | 133 | 118 |
| Restructuring, project and one-off costs |  |  |  |  | (173) | (80) | (133) |  |  |  | (87) | (51) | (108) |
| Central costs |  |  |  |  | (766) | (613) | (545) | 94 | 106 | 82 | (651) | (585) | (455) |
| Central exploration and evaluation |  |  |  |  | (253) | (257) | (250) |  |  |  | (209) | (215) | (216) |
| Net interest |  |  |  |  |  |  |  |  |  |  | 138 | (95) | (14) |
| Underlying EBITDA/earnings |  |  |  |  | 26272 | 37720 | 23902 |  |  |  | 13275 | 21380 | 12448 |
| Items excluded from underlying EBITDA/earnings |  |  |  |  | 269 | (811) | (395) |  |  |  | (855) | (286) | (2679) |
| Reconciliation to Group income statement |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Share of equity accounted unit sales and intra-subsidiary/equity accounted unit sales |  | (2850) | (3073) | (2407) |  |  |  |  |  |  |  |  |  |
| Impairment charges net of reversals |  |  |  |  | (52) | (269) | (1272) |  |  |  |  |  |  |
| Depreciation and amortisation in subsidiaries excluding capitalised depreciation |  |  |  |  | (4871) | (4525) | (4074) |  |  |  |  |  |  |
| Depreciation and amortisation in equity accounted units |  |  |  |  | (470) | (497) | (576) | (470) | (497) | (576) |  |  |  |
| Taxation and finance items in equity accounted units |  |  |  |  | (640) | (759) | (443) |  |  |  |  |  |  |
| Finance items |  |  |  |  | (1846) | (26) | (1751) |  |  |  |  |  |  |
| Consolidated sales revenue/profit before taxation/depreciation and amortisation/net earnings |  | 55554 | 63495 | 44611 | 18662 | 30833 | 15391 | 5010 | 4697 | 4279 | 12420 | 21094 | 9769 |

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270 &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Capital expenditure**<sup>(i)</sup><br>**for the year**<br>**ended 31 December** | **Capital expenditure**<sup>(i)</sup><br>**for the year**<br>**ended 31 December** | **Capital expenditure**<sup>(i)</sup><br>**for the year**<br>**ended 31 December** | **Operating assets**<sup>(j)</sup><br>**as at 31 December** | **Operating assets**<sup>(j)</sup><br>**as at 31 December** | **Operating assets**<sup>(j)</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% | 2022<br>US$m | Adjusted<br>2021<br>US$m | Adjusted<br>2020<br>US$m | 2022<br>US$m | 2021<br>US$m | 2020<br>US$m | 2022  | 2021 | 2020 |
| Iron Ore |  |  |  |  |  |  |  |  |  |  |
| Pilbara | (b) | 2906 | 3928 | 2919 | 17510 | 16850 | 16253 | 14319 | 12810 | 11522 |
| Dampier Salt | 68.4 | 34 | 19 | 22 | 153 | 159 | 163 | 436 | 388 | 351 |
| Evaluation projects/other | (c) |  |  |  | 835 | 1283 | 338 | 20 | 16 | 10 |
| Intra-segment | (c) |  |  |  | (220) | (255) | (104) |  |  |  |
| Total Iron Ore Segment |  | 2940 | 3947 | 2941 | 18278 | 18037 | 16650 | 14775 | 13214 | 11883 |
| Aluminium |  |  |  |  |  |  |  |  |  |  |
| Bauxite |  | 161 | 155 | 104 | 2395 | 2542 | 2593 | 2966 | 2972 | 2853 |
| Alumina |  | 356 | 362 | 228 | 2372 | 2258 | 2294 | 2626 | 2463 | 2383 |
| Primary Metal |  | 752 | 690 | 597 | 9343 | 9734 | 9361 | 6693 | 6280 | 6282 |
| Pacific Aluminium |  | 108 | 93 | 82 | 155 | 228 | 455 | 2480 | 2450 | 2469 |
| Intra-segment and other |  |  |  | (2) | 629 | 839 | 662 | 234 | 185 | 141 |
| Total Aluminium Segment |  | 1377 | 1300 | 1009 | 14894 | 15601 | 15365 | 14999 | 14350 | 14128 |
| Copper |  |  |  |  |  |  |  |  |  |  |
| Kennecott | 100.0 | 563 | 411 | 618 | 2006 | 2404 | 2317 | 2176 | 2051 | 2171 |
| Escondida | 30.0 |  |  |  | 2792 | 2515 | 2726 | 1205 | 1166 | 1124 |
| Oyu Tolgoi and Turquoise Hill | (d) | 1056 | 911 | 1038 | 13477 | 8998 | 8111 | 4060 | 3508 | 3450 |
| Product group operations |  | 1619 | 1322 | 1656 | 18275 | 13917 | 13154 | 7441 | 6725 | 6745 |
| Simandou iron ore project | (e) |  |  | (2) | (22) | 13 | 16 | 343 | 101 | 69 |
| Evaluation projects/other |  | 3 | 6 | 5 | 165 | 210 | 192 | 245 | 228 | 159 |
| Total Copper Segment |  | 1622 | 1328 | 1659 | 18418 | 14140 | 13362 | 8029 | 7054 | 6973 |
| Minerals |  |  |  |  |  |  |  |  |  |  |
| Iron Ore Company of Canada | 58.7 | 366 | 377 | 243 | 1146 | 1077 | 1009 | 3075 | 2877 | 2716 |
| Rio Tinto Iron & Titanium | (f) | 217 | 184 | 144 | 3348 | 3369 | 3390 | 4273 | 4129 | 4151 |
| Rio Tinto Borates | 100.0 | 34 | 43 | 42 | 496 | 487 | 502 | 1009 | 978 | 966 |
| Diamonds | (g) | 48 | 25 | 25 | (106) | (19) | (7) | 853 | 646 | 885 |
| Product group operations |  | 665 | 629 | 454 | 4884 | 4914 | 4894 | 9210 | 8630 | 8718 |
| Evaluation projects/other |  | 14 | 15 | 1 | 874 | 43 | 33 | 224 | 136 | 77 |
| Total Minerals Segment |  | 679 | 644 | 455 | 5758 | 4957 | 4927 | 9434 | 8766 | 8795 |
| Reportable segments total |  | 6618 | 7219 | 6064 | 57348 | 52735 | 50304 | 47237 | 43384 | 41779 |
| Other operations | (h) | 53 | (13) | 1 | (1883) | (1533) | (550) | 630 | 297 | 488 |
| Inter-segment transactions |  |  |  |  | 12 | (12) | 129 |  |  |  |
| Other items |  | 79 | 117 | 79 | (1114) | (1334) | (2165) | 5859 | 5664 | 5207 |
| Total |  | 6750 | 7323 | 6144 | 54363 | 49856 | 47718 | 53726 | 49345 | 47474 |
| Add back: Proceeds from disposal of property, plant and equipment |  |  | 61 | 45 |  |  |  |  |  |  |
| Total purchases of property, plant & equipment and intangibles as per cash flow statement |  | 6750 | 7384 | 6189 |  |  |  |  |  |  |
| Add: Net (debt)/cash |  |  |  |  | (4188) | 1576 | (664) |  |  |  |
| Equity attributable to owners of Rio Tinto |  |  |  |  | 50175 | 51432 | 47054 |  |  |  |
| Total employees |  |  |  |  |  |  |  | 53726 | 49345 | 47474 |

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Annual Report on Form 20-F 2022 \| riotinto.com &nbsp;&nbsp;&nbsp;&nbsp;**271**

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Rio Tinto Financial Information by Business Unit *continued*

**Notes to Financial Information by Business Unit**

Business units are classified according to the Group's management structure.

The disclosures in this note include certain alternative performance measures (APMs). For more information on the APMs used by the Group, including definitions and calculations, please refer to pages [273](#i7b9b3f966a324b27af5758397bf7d2c0_851) to [278](#i88560221f03c457390155218ce337f28_26-2-1-1-1392697).

(a)Segmental revenue, Underlying EBITDA and Capital expenditure are defined and calculated in note 1 from pages [161](#ie2cfaf420b8c453bb7441100cfc71fd6_4317) to [163](#ie2cfaf420b8c453bb7441100cfc71fd6_4318). Underlying Earnings is defined and calculated within the Alternative performance measures section on pages [274](#i7b9b3f966a324b27af5758397bf7d2c0_852) and [275](#i5c67978787ea4a48a3f2933cc829ecda_2115).

(b)Pilbara represents the Group's 100% holding in Hamersley, 50% holding in Hope Downs Joint Venture and 65% holding in Robe River Iron Associates. 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.

(c)Segmental revenue, Underlying EBITDA, Underlying earnings and Operating assets within Evaluation projects/other include activities relating to the shipment and blending of Pilbara and Iron Ore Company of Canada (IOC) iron ore inventories held at portside in China and sold to domestic customers. Transactions between Pilbara and our portside trading business are eliminated through the Iron Ore "intra-segment" line and transactions between IOC and the portside trading business are eliminated through "inter-segment transactions".

(d)Until 16 December 2022, our interest in Oyu Tolgoi was held indirectly through our 50.8% investment in Turquoise Hill Resources Ltd (TRQ), where TRQ's principal asset was its 66% investment in Oyu Tolgoi LLC, which owned the Oyu Tolgoi copper-gold mine. Following the purchase of TRQ we now directly hold a 66% investment in Oyu Tolgoi LLC.

(e)Simfer Jersey Limited, a company incorporated in Jersey, in which the Group has a 53% interest, has an 85% interest in Simfer S.A., the company that manages the Simandou project in Guinea. The Group therefore has a 45.05% indirect interest in Simfer S.A. These entities are consolidated as subsidiaries and together referred to as the Simandou iron ore project.

(f)Includes our interests in Rio Tinto Iron and Titanium Quebec Operations (100%), QIT Madagascar Minerals (QMM, 80%) and Richards Bay Minerals (attributable interest of 74%).

(g)Includes our interests in Argyle (100%) residual operations which relates to the sale of remaining inventory and Diavik. Until 18 November 2021 we recognised our 60% share of assets, revenue and expenses relating to the Diavik joint venture. Liabilities were recognised according to Diavik Diamond Mine Inc's contractual obligations at 100%, with a corresponding 40% receivable or contingent asset representing the co-owner's share where applicable. Post acquisition, we now consolidate (100%) of the Diavik Diamond Mine. From 1 June 2021, management responsibility for rehabilitation of the Argyle site moved from Minerals to Rio Tinto Closure (RTC), hence the Argyle closure is reported in Other operations effective from 1 January 2021. Refer to (h).

(h)Other operations include our 100% interest in the Gove alumina refinery (under rehabilitation), 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. From 16 June 2022, Commercial Treasury and related central costs are reported as part of 'Other operations' instead of 'Other items' in previous periods. We have not restated prior year balances as the impact was not significant. From 1 January 2021, Uranium moved from Minerals to Other operations and Argyle closure has been included in Other operations.

(i)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 Group 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. We have adjusted the comparatives for this change in definition.

(j)Operating assets of the Group represents equity attributable to Rio Tinto adjusted for net (debt)/cash. 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)/cash 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 (i.e. inclusive of such companies' debt and amounts due to or from Rio Tinto Group companies).

272 &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

**Alternative Performance Measures**

The Group presents certain alternative performance measures (APMs) which are reconciled to directly comparable IFRS financial measures below. These 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.

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 in proportion to our equity interest (after adjusting for sales to/from subsidiaries). The reconciliation can be found in "Our financial performance" on page [161](#ie2cfaf420b8c453bb7441100cfc71fd6_4317).

Underlying EBITDA

Underlying EBITDA represents profit before tax, 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 [163](#ie2cfaf420b8c453bb7441100cfc71fd6_4049).

Underlying EBITDA margin

Underlying EBITDA margin is defined as Group underlying EBITDA divided by the aggregate of consolidated sales revenue and our share of equity account unit sales after eliminations.

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020 <br>US$m |
| Underlying EBITDA | 26272 | 37720 | 23902 |
| Consolidated sales revenue | 55554 | 63495 | 44611 |
| Share of equity accounted unit sales and inter-subsidiary/equity accounted unit sales eliminations | 2850 | 3073 | 2407 |
|  | 58404 | 66568 | 47018 |
| Underlying EBITDA margin | 45% | 57% | 51% |

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Pilbara underlying FOB EBITDA margin

The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue, excluding freight revenue.

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020 <br>US$m |
| Pilbara |  |  |  |
| Underlying EBITDA | 18474 | 27837 | 18896 |
| Pilbara segmental revenue | 29313 | 39111 | 27027 |
| Less: Freight revenue | (2206) | (2707) | (1487) |
| Pilbara segmental revenue, excluding freight revenue | 27107 | 36404 | 25540 |
| Pilbara underlying FOB EBITDA margin | 68% | 76% | 74% |

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Annual Report on Form 20-F 2022 \| riotinto.com &nbsp;&nbsp;&nbsp;&nbsp;**273**

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Alternative Performance Measures *continued*

**Alternative Performance Measures**

Underlying EBITDA margin from Aluminium integrated operations

Underlying EBITDA margin from integrated operations is defined as underlying EBITDA divided by segmental revenue.

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020 <br>US$m |
| Aluminium |  |  |  |
| Underlying EBITDA - integrated operations | 3842 | 4487 | 2227 |
| Segmental revenue - integrated operations | 13136 | 11881 | 8458 |
| Underlying EBITDA margin from integrated operations | 29% | 38% | 26% |

---

Underlying EBITDA margin (product group operations)

Underlying EBITDA margin (product group operations) is defined as underlying EBITDA divided by segmental revenue.

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020 <br>US$m |
| Copper |  |  |  |
| Underlying EBITDA - product group operations | 2947 | 4368 | 2440 |
| Segmental revenue - product group operations | 5975 | 7434 | 4903 |
| Underlying EBITDA margin - product group operations | 49% | 59% | 50% |

---

---

| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020 <br>US$m |
| Minerals |  |  |  |
| Underlying EBITDA - product group operations | 2665 | 2765 | 1815 |
| Segmental revenue - product group operations | 6742 | 6410 | 5118 |
| Underlying EBITDA margin - product group operations | 40% | 43% | 35% |

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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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Pre-tax<br>2022<br>US$m | Taxation<br>2022<br>US$m | Non-controlling<br>interests<br>2022<br>US$m | Net amount<br>2022<br>US$m | Net amount<br>2021<br>US$m | Net amount<br>2020<br>US$m |
| Net earnings | 18662 | (5586) | (656) | 12420 | 21094 | 9769 |
| Total excluded from underlying earnings (see below on page 275) | (49) | 902 | 2 | 855 | 286 | 2679 |
| Underlying earnings | 18613 | (4684) | (654) | 13275 | 21380 | 12448 |

---

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 year irrespective of materiality:

–Net gains/(losses) on disposal of interests in subsidiaries.

–Impairment charges and reversals.

–Profit/(loss) after tax from discontinued operations.

–Exchange and derivative gains and losses. This exclusion 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 to an impairment charge, for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period.

In addition, there is a final judgmental 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.

Exclusions from underlying earnings relating to equity accounted units are stated after tax and included in the column "Pre-tax".

274 &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Pre-tax<br>2022<br>US$m | Taxation<br>2022<br>US$m | Non-controlling<br>interests<br>2022<br>US$m | Net amount<br>2022<br>US$m | Net amount<br>2021<br>US$m | Net amount<br>2020<br>US$m |
| Underlying earnings | 18613 | (4684) | (654) | 13275 | 21380 | 12448 |
| Items excluded from underlying earnings |  |  |  |  |  |  |
| Impairment charges net of reversals (note 4) | (52) |  |  | (52) | (197) | (1115) |
| Loss on disposal of interest in subsidiary (note 4) | (105) |  |  | (105) |  |  |
| Foreign exchange and derivative (losses)/gains: |  |  |  |  |  |  |
|  – Exchange gains/(losses) on external net debt, intragroup balances and derivatives<sup>(a)</sup> | 244 | (25) | (3) | 216 | 726 | (1125) |
|  – Losses on currency and interest rate derivatives not qualifying for hedge accounting<sup>(b)</sup> | (435) | 60 | 2 | (373) | (127) | (157) |
|  –Gains/(losses) on embedded commodity derivatives not qualifying for hedge accounting<sup>(c)</sup> | 29 | (8) | (1) | 20 | (53) | 18 |
| Gains recognised by Kitimat relating to LNG Canada's project<sup>(d)</sup> | 116 | (10) |  | 106 | 336 |  |
| Change in closure estimates (non-operating and fully impaired sites)<sup>(e)</sup> | (180) | 2 |  | (178) | (971) | (300) |
| Gain on sale of the Cortez Royalty<sup>(f)</sup> | 432 | (101) |  | 331 |  |  |
| Write-off of Federal deferred tax assets in the United States<sup>(g)</sup> |  | (820) |  | (820) |  |  |
| Total excluded from underlying earnings | 49 | (902) | (2) | (855) | (286) | (2679) |
| Net earnings | 18662 | (5586) | (656) | 12420 | 21094 | 9769 |

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(a)Exchange gains on external net debt and intragroup balances included post-tax foreign exchange losses on net debt of US$262 million offset by post-tax gains of US$478 million on intragroup balances, primarily as a result of the Australian dollar weakening against the US dollar. In 2021, exchange gains on external net debt and intragroup balances included post-tax foreign exchange gains on intragroup balances of US$913 million partially offset by post-tax losses of US$187 million on external net debt, primarily as a result of a weakening Australian dollar against the US dollar during the year. In 2020, exchange losses on external net debt and intragroup balances included post-tax foreign exchange losses on intragroup balances of US$1,330 million partially offset by post-tax gains of US$205 million on external net debt, primarily as a result of the Australian dollar strengthening against the US dollar.

(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 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.

(d)During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulted gain has been excluded from underlying earnings consistent with prior years as it is part of a series of transactions that together were material. On 3 December 2021 we gained control over a new wharf at Kitimat, Canada that was built and paid for by LNG Canada. The gain on recognition was excluded from underlying earnings on the grounds of individual magnitude and consistency with the associated impairment charge, refer to note 4.

(e)In 2022 the charge relates to inflationary increases to the closure provision for non-operating and fully impaired sites in excess of the unwind of the discount. On 2 February 2022, Energy Resources of Australia released preliminary findings from its reforecast of the total undiscounted cost schedule for the Ranger rehabilitation project. Information available from this study resulted in the Group recording an increase to the closure provision of US$510 million at 31 December 2021. Other increases to closure estimates charged to the income statement in 2021 related to Diavik, Gove refinery, and a number of the Group's legacy sites where the environmental damage preceded ownership by Rio Tinto. The adjustments at Energy Resources Australia and Gove refinery were recognised in the income statement as these are non-operating sites, and excluded from underlying earnings due to the magnitude of the individual updates and materiality when aggregated. In 2020 we recognised an increase in the Diavik closure provision based on preliminary Pre-Feasibility Study findings. On completion of the study in 2021 a true-up was recorded in the income statement and excluded from underlying earnings in line with the treatment of the initial increase in 2020, which was excluded from underlying earnings as Diavik was fully impaired during the year. Other closure costs excluded in 2020 were the increase in the Gove refinery closure provision offset by a decrease in the Argyle mine closure provision on completion of Pre-Feasibility Studies at each site. The 2020 comparative also included the net earnings impact (US$138 million loss) in respect of increases to Closure provisions in legacy and non-operating sites following a reduction of the closure discount rate to 1.5%. When further funding is required, no allocation is made to the non-controlling interests of partially owned legacy sites until the funding is received.

(f)On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty has been excluded from underlying earnings on the grounds of individual magnitude.

(g)In 2022 we wrote off US$0.8 billion of our deferred tax assets in the United States following the introduction of the Corporate Alternative Minimum Tax legislation, refer to note 10.

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.

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| | | | |
|:---|:---|:---|:---|
| | 2022<br>(cents) | 2021 <br>(cents) | 2020 <br>(cents) |
| Basic earnings per ordinary share | 766.8 | 1303.4 | 604.0 |
| Items excluded from underlying earnings per share<sup>(a)</sup> | 52.8 | 17.7 | 165.6 |
| Basic underlying earnings per ordinary share | 819.6 | 1321.1 | 769.6 |

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(a)Calculation of items excluded from underlying earnings per share:

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| | | | |
|:---|:---|:---|:---|
| | <br>2022 | 2021 | 2020 |
| Income excluded from underlying earnings (refer to pages [274](#i7b9b3f966a324b27af5758397bf7d2c0_852) and [275](#i5c67978787ea4a48a3f2933cc829ecda_2115)) | 855 | 286 | 2679 |
| Weighted average number of shares (millions) | 1619.8 | 1618.4 | 1617.4 |
| Items excluded from underlying earnings per share (cents) | 52.8 | 17.7 | 165.6 |

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We have provided basic underlying earnings per share as this allows the comparability of underlying financial performance adjusted to exclude items that do not reflect the underlying performance of the Group's operations.

Annual Report on Form 20-F 2022 \| riotinto.com &nbsp;&nbsp;&nbsp;&nbsp;**275**

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Alternative Performance Measures *continued*

**Alternative Performance Measures**

Interest cover

Interest cover is a financial metric used when managing our risk. 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.

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| | | |
|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m |
| Profit before taxation | 18662 | 30833 |
| Add back |  |  |
| &nbsp;&nbsp;&nbsp;Finance income | (179) | (64) |
| &nbsp;&nbsp;&nbsp;Finance costs | 335 | 243 |
| &nbsp;&nbsp;&nbsp;Share of profit after tax of equity accounted units | (777) | (1042) |
| &nbsp;&nbsp;&nbsp;Items excluded from underlying earnings | (49) | 508 |
| Add: Dividends from equity accounted units | 879 | 1431 |
| Calculated earnings | 18871 | 31909 |
| Finance income | 179 | 64 |
| Finance costs | (335) | (243) |
| Add: Amounts capitalised | (416) | (358) |
| Total finance income/costs before capitalisation | (572) | (537) |
| Interest cover | 33 | 59 |

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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.

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| | | |
|:---|:---|:---|
| | 2022<br>(cents) | 2021 <br>(cents) |
| Interim dividend declared per share | 267.0 | 376.0 |
| Interim special dividend declared per share |  | 185.0 |
| Final dividend declared per share | 225.0 | 417.0 |
| Final special dividend declared per share |  | 62.0 |
| Total dividend declared per share for the year | 492.0 | 1040.0 |
| Underlying earnings per share | 819.6 | 1321.1 |
| Payout ratio | 60% | 79% |

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276 &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Financial statements

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 grow the business.

Rio Tinto share of capital investment

Rio Tinto's share of capital investment represents the Group's economic investment in capital projects. It has been newly introduced during the year to better represent the Group's share of funding for capital projects which are jointly funded with other shareholders and which may differ from the consolidated basis included in the Capital expenditure APM. This better reflects the Group's approach to capital allocation.

The measure is based upon the Capital expenditure APM, 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. 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 Equity Accounted Unit.

In the current and prior years the Capital expenditure APM and Rio Tinto share of capital investment are identical.

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.

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| | | | |
|:---|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m | 2020 <br>US$m |
| Net cash generated from operating activities | 16134 | 25345 | 15875 |
| Less: Purchase of property, plant and equipment and intangible assets | (6750) | (7384) | (6189) |
| Less: Lease principal payments | (374) | (358) | (324) |
| Add: Sales of property, plant and equipment and intangible assets |  | 61 | 45 |
| Free cash flow | 9010 | 17664 | 9407 |

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Annual Report on Form 20-F 2022 \| riotinto.com &nbsp;&nbsp;&nbsp;&nbsp;**277**

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Alternative Performance Measures *continued*

**Alternative Performance Measures**

APMs derived from the balance sheet

Net (debt)/cash

Net (debt)/cash is total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related to net debt.

Net (debt)/cash measures how we are managing our balance sheet and capital structure. Refer to note 19 on page [191](#i38a18d20484d4dafa82e5b69984079a8_527) for the reconciliation.

Net gearing ratio

Net gearing ratio is defined as net (debt)/cash 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.

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| | | |
|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m |
| Net (debt)/cash | (4188) | 1576 |
| Net (debt)/cash | (4188) | 1576 |
| Total equity | (52274) | (56590) |
| Net (debt)/cash plus total equity | (56462) | (55014) |
| Net gearing ratio | **7%** | (3%) |

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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.

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| | | |
|:---|:---|:---|
| | 2022<br>US$m | 2021 <br>US$m |
| Profit after tax attributable to owners of Rio Tinto (net earnings) | 12420 | 21094 |
| Items added back to derive underlying earnings (refer to pages [274](#i7b9b3f966a324b27af5758397bf7d2c0_852) and [275](#i5c67978787ea4a48a3f2933cc829ecda_2115)) | 855 | 286 |
| Underlying earnings | 13275 | 21380 |
| Add/(deduct): |  |  |
| &nbsp;&nbsp;Finance income per the income statement | (179) | (64) |
| &nbsp;&nbsp;Finance costs per the income statement | 335 | 243 |
| &nbsp;&nbsp;Tax on finance cost | (238) | (52) |
| &nbsp;&nbsp;Non-controlling interest share of net finance costs | (98) | (64) |
| &nbsp;&nbsp;Net interest cost in equity accounted units (Rio Tinto share) | 42 | 32 |
| Net interest | (138) | 95 |
| Adjusted underlying earnings | 13137 | 21475 |
| Equity attributable to owners of Rio Tinto - beginning of the year | 51432 | 47054 |
| Net (cash)/debt - beginning of the year | (1576) | 664 |
| Operating assets - beginning of the year | 49856 | 47718 |
| Equity attributable to owners of Rio Tinto - end of the year | 50175 | 51432 |
| Net debt/(cash) - end of the year | 4188 | (1576) |
| Operating assets - end of the year | 54363 | 49856 |
| Average operating assets | 52110 | 48787 |
| Underlying return on capital employed | 25% | 44% |

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278 &nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 20-F 2022 \| riotinto.com

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Page 279 have been intentionally omitted.

Annual Report on Form 20-F 2022 \| riotinto.com &nbsp;&nbsp;&nbsp;&nbsp;**279**

![rio-20221231_g159.jpg](rio-20221231_g159.jpg)

Annual Report on Form 20-F 2022 \| riotinto.com280 Production, Mineral Reserves, Mineral Resources and Operations Metals and minerals production 281 Mineral Resources and Mineral Reserves 283 Competent Persons 307 Mines and production facilities 308 Employees at Dampier Port. The Pilbara, Western Australia.

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![rio-20221231_g160.jpg](rio-20221231_g160.jpg)

281Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Metals and minerals production Rio Tinto % share1 at 31 Dec 2022 2022 Production 2021 Production 2020 Production Total Rio Tinto share Total Rio Tinto share Total Rio Tinto share ALUMINA ('000 tonnes) Jonquière (Vaudreuil) (Canada)2 100.0% 1,364 1,364 1,364 1,364 1,424 1,424 Jonquière (Vaudreuil) specialty plant (Canada) 100.0% 114 114 107 107 94 94 Queensland Alumina (Australia) 80.0% 3,425 2,740 3,705 2,964 3,701 2,961 São Luis (Alumar) (Brazil) 10.0% 3,771 377 3,662 366 3,848 385 Yarwun (Australia) 100.0% 2,949 2,949 3,093 3,093 3,175 3,175 Rio Tinto total 7,544 7,894 8,039 ALUMINIUM ('000 tonnes) Alma (Canada) 100.0% 482 482 471 471 473 473 Alouette (Sept-Îles) (Canada) 40.0% 628 251 629 251 623 249 Arvida (Canada) 100.0% 171 171 168 168 169 169 Arvida AP60 (Canada) 100.0% 58 58 60 60 60 60 Bécancour (Canada) 25.1% 459 115 463 116 393 98 Bell Bay (Australia) 100.0% 185 185 189 189 192 192 Boyne Island (Australia) 59.4% 450 267 502 298 510 303 Grande-Baie (Canada) 100.0% 232 232 230 230 225 225 ISAL (Reykjavik) (Iceland) 100.0% 202 202 203 203 183 183 Kitimat (Canada) 100.0% 145 145 263 263 329 329 Laterrière (Canada) 100.0% 253 253 252 252 250 250 Sohar (Oman) 20.0% 395 79 395 79 397 79 Tiwai Point (New Zealand) 79.4% 336 267 333 264 333 265 Tomago (Australia) 51.6% 586 302 592 305 592 305 Rio Tinto total 3,009 3,151 3,180 BAUXITE ('000 tonnes) Gove (Australia) 100.0% 11,510 11,510 11,763 11,763 12,299 12,299 Porto Trombetas (MRN) (Brazil) 12.0% 11,100 1,332 11,383 1,366 11,629 1,395 Sangarédi (Guinea) 23.0%3 16,115 7,252 15,797 7,109 16,506 7,428 Weipa (Australia) 100.0% 34,525 34,525 34,088 34,088 35,009 35,009 Rio Tinto total 54,618 54,326 56,131 BORATES ('000 tonnes)4 Rio Tinto Borates – Boron (US) 100.0% 532 532 488 488 480 480 COPPER (mined) ('000 tonnes) Bingham Canyon (US) 100.0% 179.2 179.2 159.4 159.4 140.0 140.0 Escondida (Chile) 30.0% 995.3 298.6 931.8 279.5 1,125.9 337.8 Oyu Tolgoi (Mongolia)5 66.0% 129.5 43.4 163.0 54.6 149.6 50.2 Rio Tinto total 521.1 493.5 527.9 COPPER (refined) ('000 tonnes) Escondida (Chile) 30.0% 203.1 60.9 195.3 58.6 233.9 70.2 Kennecott (US) 100.0% 148.3 148.3 143.3 143.3 84.8 84.8 Rio Tinto total 209.2 201.9 155.0 DIAMONDS ('000 carats) Argyle (Australia) 100.0% – – – – 10,945 10,945 Diavik (Canada)6 100.0% 4,651 4,651 5,843 3,847 6,218 3,731 Rio Tinto total 4,651 3,847 14,676 GOLD (mined) ('000 ounces) Bingham Canyon (US) 100.0% 122.7 122.7 139.5 139.5 171.2 171.2 Escondida (Chile) 30.0% 168.7 50.6 161.7 48.5 169.5 50.9 Oyu Tolgoi (Mongolia)5 66.0% 183.8 61.6 468.1 156.9 181.9 61.0 Rio Tinto total 235.0 344.9 283.0 See notes on page 282.

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![rio-20221231_g161.jpg](rio-20221231_g161.jpg)

Annual Report on Form 20-F 2022 \| riotinto.com282 Metals and minerals production continued Rio Tinto % share1 at 31 Dec 2022 2022 Production 2021 Production 2020 Production Total Rio Tinto share Total Rio Tinto share Total Rio Tinto share GOLD (refined) ('000 ounces) Kennecott (US) 100.0% 113.9 113.9 176.4 176.4 117.5 117.5 IRON ORE ('000 tonnes) Hamersley mines (Australia) (see note 7) 218,304 218,304 210,329 210,329 219,857 216,821 Hope Downs (Australia) 50.0% 48,850 24,425 49,284 24,642 49,045 24,522 Robe River – Robe Valley (Australia) 53.0% 25,558 13,546 25,497 13,514 30,295 16,056 Robe River – West Angelas (Australia) 53.0% 31,435 16,660 34,613 18,345 34,209 18,131 Iron Ore Company of Canada (Canada) 58.7% 17,562 10,312 16,564 9,727 17,715 10,402 Rio Tinto total 283,247 276,557 285,932 MOLYBDENUM ('000 tonnes) Bingham Canyon (US) 100% 3.3 3.3 7.6 7.6 20.4 20.4 SALT ('000 tonnes) Dampier Salt (Australia) 68.4% 8,422 5,757 8,555 5,848 7,111 4,861 SILVER (mined) ('000 ounces) Bingham Canyon (US) 100.0% 2,057 2,057 2,228 2,228 2,205 2,205 Escondida (Chile) 30.0% 5,301 1,590 5,305 1,591 6,196 1,859 Oyu Tolgoi (Mongolia)5 66.0% 871 292 977 328 876 293 Rio Tinto total 3,940 4,148 4,357 SILVER (refined) ('000 ounces) Kennecott (US) 100.0% 1,950 1,950 2,671 2,671 1,363 1,363 TITANIUM DIOXIDE SLAG ('000 tonnes) Rio Tinto Iron and Titanium (Canada/South Africa)8 100.0% 1,200 1,200 1,014 1,014 1,120 1,120 URANIUM ('000 lbs U3O8) Energy Resources of Australia (Australia)9 86.3% – – 75 65 3,471 2,870 Rio Tinto total – 65 2,870 Production data notes 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 can represent production of marketable quantities of ore plus concentrates and pellets. Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result from calculation of Rio Tinto share of production. The Argyle diamond mine closed on 3 November 2020. Production is included up to that date. 1. Rio Tinto percentage share, shown above, is as at 31 December 2022. The footnotes below include all ownership changes over the three years. 2. Jonquière's (Vaudreuil) production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina. 3. Rio Tinto has a 22.95% shareholding in the Sangarédi mine, but benefits from 45% of production. 4. Borate quantities are expressed as B2O3. 5. Production data in the table represents 33.52% ownership in Oyu Tolgoi. On 16 December 2022, we completed the acquisition of 100% of Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from 33.52% to 66%. From 1 January 2023, our share of production will be updated to reflect this change. We will also separately report production from open pit and underground operations. 6. On 17 November 2021, our ownership interest in Diavik increased from 60% to 100%. Production from 1 November 2021 is reported including this change. 7. Includes 100% of production from Paraburdoo, Mount Tom Price, Western Turner Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar, Gudai-Darri and the Eastern Range mines. While we own 54% of the Eastern Range mine, 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. Our ownership interest in Channar mine increased from 60% to 100%, following conclusion of its joint venture with Sinosteel Corporation upon reaching planned 290 million tonnes production on 22 October 2020. 8. Quantities comprise 100% of Rio Tinto Iron and Titanium Quebec Operations and our 74% share of Richards Bay Minerals' production. Ilmenite mined in Madagascar is processed in Canada. 9. Energy Resources of Australia (ERA) reports drummed U3O8. ERA ceased processing operations on 8 January 2021, as required by the Ranger Authority. In February 2020, our interest in ERA increased from 68.4% to 86.3% as a result of new ERA shares issued to Rio Tinto under the Entitlement Offer and Underwriting Agreement to raise funds for the rehabilitation of the Ranger Project Area. Production is reported including this change from 1 March 2020.

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![rio-20221231_g162.jpg](rio-20221231_g162.jpg)

283Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Mineral Resources and Mineral Reserves Mineral Resources and Mineral Reserves for Rio Tinto managed operations are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2012 (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 (Regulation S-K). Some variations may occur between the reporting in accordance with the JORC Code and Regulation S-K. 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 Competent Person 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. Rio Tinto's Mineral Resources are reported as additional (exclusive) to the reported Mineral Reserves. For Mineral Resource and Mineral Reserve reporting, the JORC Code envisages the use of reasonable investment assumptions to test the economic viability of the Mineral Reserves and the reasonable prospects of eventual economic extraction for the Mineral Resources. To achieve this, Rio Tinto uses internally generated projected long-term commodity prices. Regulation S-K 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, Rio Tinto uses commercially available consensus pricing or historical pricing for SEC reporting. For this reason and others, some Mineral Resources and Mineral Reserves reported to the SEC in this Form 20-F may differ from those Mineral Resources and Mineral Reserves reported in the Annual Report. Mineral Resource and Mineral Reserve information in the tables below is based on information compiled by Competent Persons (as defined by the JORC Code), most of whom are full time employees of Rio Tinto or related companies. Each has had a minimum of five years' relevant experience and is a member of a recognised professional body whose members are bound by a professional code of ethics. These bodies include the Australasian Institute of Mining and Metallurgy (the AusIMM, the Australian Institute of Geoscientists (AIG) and other recognised professional organisations (RPOs). Each Competent Person consents to the inclusion in this Form 20-F of information they have provided in the form and context in which it appears. Competent Persons responsible for the estimates are listed on page 307, by operation, along with their professional affiliation, employer, and accountability for Mineral Resources and/or Mineral Reserves. 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 JORC code. Mineral Resources and Mineral Reserves from our managed operations are the responsibility of the managing directors of the business units and estimates are carried out by the Competent Persons. The Mineral Resource and Mineral Reserve figures in the following tables are as of 31 December 2022. Summary data for year end 2021 are shown for comparison. 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. JORC Table 1 reports for new or materially changed significant deposits are released to the market; they are also available at riotinto.com. JORC Table 1, SEC Technical Report Summaries and NI 43-101 technical reports generated by non-managed units or joint venture partners are referenced within the reporting footnotes with the location and initial reporting date identified. For SEC reporting purposes, the Pilbara Operations, Oyu Tolgoi and Escondida are considered material to the Group and hence require submission of a Technical Report Summary. The Technical Report Summaries for Escondida and Oyu Tolgoi have been filed as exhibit 96.2 and exhibit 96.3, respectively, to this Form 20-F and the Technical Report Summary for the Pilbara Operations was filed as exhibit 96.1 to the Form 20-F for the year ended 31 December 2021.

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Annual Report on Form 20-F 2022 \| riotinto.com284 Metals and minerals production continued 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 Rio Tinto Aluminium bauxite Mineral Reserves are based on specific product pricing based on a long term price of US$43.60 /t CFR China. 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 grade. 6. Porto Trombetas (MRN) Mineral Reserve valuations are based on specific product pricing based on an average price of US$36.00 /t FOB as supplied by the JV partner. 7. Sangarédi Mineral Reserve tonnes are reported on a 3% moisture basis and total alumina and silica grade. 8. Sangarédi Mineral Reserve valuations are based on specific product pricing based on a long term price of US$35.60 /t FOB as supplied by the JV partner. Mineral Reserves Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share recoverable mineral Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Bauxite2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 % Mt Mt % Al2O3 % SiO2 Rio Tinto Aluminium (Australia)3 4 – Amrun O/P 242 54.2 9.0 560 54.8 8.8 801 54.6 8.9 100.0 801 826 54.7 9.1 – East Weipa and Andoom O/P 58 51.7 7.1 0.5 50.6 7.5 59 51.7 7.1 100.0 59 78 51.7 7.4 – Gove O/P 55 50.5 5.8 0.7 50.5 5.4 56 50.5 5.8 100.0 56 64 50.6 5.8 Total (Australia) 355 53.2 8.2 561 54.8 8.8 916 54.2 8.6 916 968 54.2 8.7 Porto Trombetas (MRN) (Brazil)5 6 O/P 5 48.1 5.2 0.2 50.1 3.7 6 48.2 5.1 12.0 6 7 48.8 4.7 Sangarédi (Guinea)7 8 O/P 79 47.0 1.9 4 49.4 2.5 83 47.1 1.9 23.0 83 87 47.2 1.9 Total bauxite 439 52.0 7.0 565 54.8 8.8 1,005 53.6 8.0 1,005 1,061 53.6 8.2

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285Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share recoverable mineral Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Bauxite2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 % Mt Mt % Al2O3 % SiO2 Rio Tinto Aluminium (Australia)3 4 – Amrun O/P 242 54.2 9.0 560 54.8 8.8 801 54.6 8.9 100.0 801 826 54.7 9.1 – East Weipa and Andoom O/P 58 51.7 7.1 0.5 50.6 7.5 59 51.7 7.1 100.0 59 78 51.7 7.4 – Gove O/P 55 50.5 5.8 0.7 50.5 5.4 56 50.5 5.8 100.0 56 64 50.6 5.8 Total (Australia) 355 53.2 8.2 561 54.8 8.8 916 54.2 8.6 916 968 54.2 8.7 Porto Trombetas (MRN) (Brazil)5 6 O/P 5 48.1 5.2 0.2 50.1 3.7 6 48.2 5.1 12.0 6 7 48.8 4.7 Sangarédi (Guinea)7 8 O/P 79 47.0 1.9 4 49.4 2.5 83 47.1 1.9 23.0 83 87 47.2 1.9 Total bauxite 439 52.0 7.0 565 54.8 8.8 1,005 53.6 8.0 1,005 1,061 53.6 8.2 Rio Tinto Aluminium East Weipa and Andoom Mineral Reserve tonnes decreased following mining depletion and updated economic assumptions. Gove Mineral Reserve tonnes decreased due to mining depletion. Porto Trombetas (MRN) Mineral Reserve tonnes decreased due to mining depletion and model updates.

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Annual Report on Form 20-F 2022 \| riotinto.com286 Mineral Reserves continued Iron ore2 Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share marketable product Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI % Mt Mt % Fe % SiO2 % Al2O3 % P % LOI Australia3 4 – Brockman Ore O/P 490 62.2 3.3 1.9 0.14 5.2 672 61.5 3.7 2.0 0.12 5.6 1,163 61.8 3.5 2.0 0.13 5.5 87.4 1,163 1,296 62.0 3.5 1.9 0.13 5.3 – Marra Mamba Ore O/P 260 62.8 2.7 1.6 0.06 5.2 321 61.3 3.4 2.1 0.06 6.1 581 62.0 3.1 1.9 0.06 5.7 79.7 581 534 62.2 3.0 1.8 0.06 5.6 – Pisolite (Channel Iron) Ore O/P 446 57.9 4.6 1.8 0.06 10.3 52 56.3 5.3 2.5 0.04 11.1 498 57.8 4.7 1.9 0.05 10.4 80.6 498 553 57.8 4.7 1.8 0.05 10.4 Total (Australia)5 6 1,196 60.8 3.6 1.8 0.09 7.1 1,046 61.2 3.7 2.1 0.10 6.0 2,242 60.9 3.7 1.9 0.09 6.6 2,242 2,384 61.1 3.6 1.9 0.10 6.5 Iron Ore Company of Canada (Canada)7 8 O/P 167 65.0 3.0 – – – 99 65.0 3.0 – – – 266 65.0 3.0 – – – 58.7 266 284 65.0 3.2 – – – Total iron ore 1,363 61.3 3.6 1.6 0.08 6.2 1,145 61.5 3.7 1.9 0.09 5.5 2,508 61.4 3.6 1.7 0.08 5.9 2,508 2,667 61.5 3.6 1.7 0.09 5.8 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. Australian iron ore Mineral Reserve tonnes are reported on a dry weight basis. 4. 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. 5. Australian iron ore Mineral Reserve valuations are based on specific product pricing determined from a base 62% Fines CFR consensus price of US c 117.90 /dmtu. This price is sourced from the average of forecasts from nine brokers/banks (BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac). 6. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for Regulation S-K reporting. 7. Iron Ore Company of Canada Mineral Reserves are reported as marketable product (57% pellets and 43% concentrate for sale) at a natural moisture content of 2%. The marketable product is derived from mined material comprising 396 million dry tonnes at 38% iron, 35% silica, 0.20% alumina, 0.024% phosphorus (Proven) and 235 million dry tonnes at 38% iron, 35% silica, 0.22% alumina, 0.020% 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 Reserve 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. Iron Ore Company of Canada Mineral Reserve valuations are based on product pricing of US c 138.70 /dmtu for 65% Fe Concentrate for Sinter (CFS), US c 198.53 /dmtu for 65% Fe blast furnace (BF) grade pellet and US c 210.86 /dmtu for 67.5% Fe direct reduced (DR) pellets, all CFR China. The consensus 65% Fe fines price CFR China used for IOC concentrate is sourced from an average of forecasts from Credit Suisse and Woodmac. The BF and DR pellet premiums are sourced from an average of forecasts from Woodmac and CRU. These premiums are added to the 65% Fe Fines consensus.

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287Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Iron ore2 Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share marketable product Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI % Mt Mt % Fe % SiO2 % Al2O3 % P % LOI Australia3 4 – Brockman Ore O/P 490 62.2 3.3 1.9 0.14 5.2 672 61.5 3.7 2.0 0.12 5.6 1,163 61.8 3.5 2.0 0.13 5.5 87.4 1,163 1,296 62.0 3.5 1.9 0.13 5.3 – Marra Mamba Ore O/P 260 62.8 2.7 1.6 0.06 5.2 321 61.3 3.4 2.1 0.06 6.1 581 62.0 3.1 1.9 0.06 5.7 79.7 581 534 62.2 3.0 1.8 0.06 5.6 – Pisolite (Channel Iron) Ore O/P 446 57.9 4.6 1.8 0.06 10.3 52 56.3 5.3 2.5 0.04 11.1 498 57.8 4.7 1.9 0.05 10.4 80.6 498 553 57.8 4.7 1.8 0.05 10.4 Total (Australia)5 6 1,196 60.8 3.6 1.8 0.09 7.1 1,046 61.2 3.7 2.1 0.10 6.0 2,242 60.9 3.7 1.9 0.09 6.6 2,242 2,384 61.1 3.6 1.9 0.10 6.5 Iron Ore Company of Canada (Canada)7 8 O/P 167 65.0 3.0 – – – 99 65.0 3.0 – – – 266 65.0 3.0 – – – 58.7 266 284 65.0 3.2 – – – Total iron ore 1,363 61.3 3.6 1.6 0.08 6.2 1,145 61.5 3.7 1.9 0.09 5.5 2,508 61.4 3.6 1.7 0.08 5.9 2,508 2,667 61.5 3.6 1.7 0.09 5.8 Australian Iron Ore Brockman Ore Rio Tinto interest % incorporates changes due to the signing of the joint venture agreement between Rio Tinto (54%) and China Baowu Steel Group Corp. Ltd (46%) to develop the Western Range iron ore project as reported to the market in on 14 September 2022. A JORC Table 1 in support of this change was released to the market and can be viewed at riotinto.com/en/invest/financial-news-performance/resources-and-reserves. Mineral Reserve updates for Brockman Ore and Marra Mamba Ore include mining depletion, the addition of new deposits, primarily Bedded Hilltop and Hope Downs 2, changes to cut-off grades and reclassification of select deposits to Mineral Resources. Through engagement with the Traditional Owners, approximately 14 million tonnes of material has been removed from the Mineral Reserve estimate (Brockman, Marra Mamba and Pisolite), primarily from Gudai-Darri. Mineral Reserve 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 2022, portions of the Mineral Reserve 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.

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Annual Report on Form 20-F 2022 \| riotinto.com288 Mineral Reserves continued Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Average mill recovery % Rio Tinto interest Rio Tinto share recoverable metal Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Copper2 Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo 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 Bingham Canyon (US)3 – Bingham Open Pit4 O/P 484 0.40 0.18 2.10 0.037 395 0.35 0.17 1.82 0.029 880 0.38 0.18 1.97 0.033 87 69 72 59 100.0 2.890 3.406 40.386 0.172 541 0.44 0.17 2.22 0.029 – Underground Skarns U/G – – – – – 1.7 1.90 0.71 10.07 0.044 1.7 1.90 0.71 10.07 0.044 90 71 76 71 100.0 0.029 0.028 0.421 0.001 – – – – – Total (US) 484 0.40 0.18 2.10 0.037 397 0.36 0.17 1.86 0.029 881 0.38 0.18 1.99 0.033 2.920 3.434 40.807 0.172 541 0.44 0.17 2.22 0.029 Escondida (Chile)5 6 – oxide O/P 37 0.56 – – – 16 0.50 – – – 52 0.54 – – – 55 – – – 30.0 0.156 – – – – – – – – – sulphide O/P 793 0.70 – – – 489 0.56 – – – 1,280 0.65 – – – 83 – – – 30.0 6.880 – – – – – – – – – sulphide leach O/P 388 0.46 – – – 101 0.40 – – – 489 0.45 – – – 41 – – – 30.0 0.900 – – – – – – – – Total (Chile) 1,218 0.62 – – – 606 0.53 – – – 1,821 0.59 – – – 7.936 – – – – – – – – Oyu Tolgoi (Mongolia)7 – Hugo Dummett North8 U/G – – – – – 271 1.54 0.30 3.18 – 271 1.54 0.30 3.18 – 92 79 81 – 66.0 3.856 2.077 22.296 – 138 1.55 0.30 3.19 – – Hugo Dummett North Extension U/G – – – – – 21 1.61 0.56 3.82 – 21 1.61 0.56 3.82 – 92 91 83 – 56.0 0.311 0.306 2.132 – 12 1.55 0.54 3.68 – – Oyut open pit O/P 163 0.53 0.39 1.30 – 265 0.41 0.25 1.14 – 427 0.45 0.30 1.20 – 78 67 53 – 66.0 1.507 2.747 8.771 – 238 0.44 0.29 1.19 – – Oyut stockpiles S/P – – – – – 36 0.32 0.12 1.04 – 36 0.32 0.12 1.04 – 71 52 52 – 66.0 0.082 0.074 0.616 – 17 0.31 0.13 0.96 – Total (Mongolia) 163 0.53 0.39 1.30 – 592 0.96 0.28 2.16 – 755 0.87 0.30 1.98 – 5.755 5.204 33.815 – 405 0.84 0.29 1.93 – Total copper 1,865 0.55 0.08 0.66 0.010 1,595 0.65 0.14 1.26 0.007 3,457 0.60 0.11 0.94 0.008 16.611 8.638 74.622 0.172 946 0.61 0.22 2.10 0.017 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. Bingham Canyon Mineral Reserve valuations are based on commodity prices of US c 339.89 / lb for copper, US$1,439.51 /oz for gold, US$19.18 /oz for silver and US$11.43/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. Econdida Mineral Reserves are reported for the first time in accordance with Regulation S-K. 6. Escondida Mineral Reserve valuations are based on a copper price of US c 279 /lb supplied by the JV partner. 7. Oyu Tolgoi Mineral Reserve valuations are based on commodity prices of US c 350.80 /lb for copper, US$1,496.75 /oz for gold and US$20.43 /oz for silver. These represent January 2022 consensus prices sourced from the average of 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). 8. The Hugo Dummett North Mineral Reserves include approximately 1.4 million tonnes of stockpiled material at a grade of 0.51% copper, 0.16 g/t gold and 1.25 g/t silver.

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289Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Average mill recovery % Rio Tinto interest Rio Tinto share recoverable metal Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Copper2 Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo 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 Bingham Canyon (US)3 – Bingham Open Pit4 O/P 484 0.40 0.18 2.10 0.037 395 0.35 0.17 1.82 0.029 880 0.38 0.18 1.97 0.033 87 69 72 59 100.0 2.890 3.406 40.386 0.172 541 0.44 0.17 2.22 0.029 – Underground Skarns U/G – – – – – 1.7 1.90 0.71 10.07 0.044 1.7 1.90 0.71 10.07 0.044 90 71 76 71 100.0 0.029 0.028 0.421 0.001 – – – – – Total (US) 484 0.40 0.18 2.10 0.037 397 0.36 0.17 1.86 0.029 881 0.38 0.18 1.99 0.033 2.920 3.434 40.807 0.172 541 0.44 0.17 2.22 0.029 Escondida (Chile)5 6 – oxide O/P 37 0.56 – – – 16 0.50 – – – 52 0.54 – – – 55 – – – 30.0 0.156 – – – – – – – – – sulphide O/P 793 0.70 – – – 489 0.56 – – – 1,280 0.65 – – – 83 – – – 30.0 6.880 – – – – – – – – – sulphide leach O/P 388 0.46 – – – 101 0.40 – – – 489 0.45 – – – 41 – – – 30.0 0.900 – – – – – – – – Total (Chile) 1,218 0.62 – – – 606 0.53 – – – 1,821 0.59 – – – 7.936 – – – – – – – – Oyu Tolgoi (Mongolia)7 – Hugo Dummett North8 U/G – – – – – 271 1.54 0.30 3.18 – 271 1.54 0.30 3.18 – 92 79 81 – 66.0 3.856 2.077 22.296 – 138 1.55 0.30 3.19 – – Hugo Dummett North Extension U/G – – – – – 21 1.61 0.56 3.82 – 21 1.61 0.56 3.82 – 92 91 83 – 56.0 0.311 0.306 2.132 – 12 1.55 0.54 3.68 – – Oyut open pit O/P 163 0.53 0.39 1.30 – 265 0.41 0.25 1.14 – 427 0.45 0.30 1.20 – 78 67 53 – 66.0 1.507 2.747 8.771 – 238 0.44 0.29 1.19 – – Oyut stockpiles S/P – – – – – 36 0.32 0.12 1.04 – 36 0.32 0.12 1.04 – 71 52 52 – 66.0 0.082 0.074 0.616 – 17 0.31 0.13 0.96 – Total (Mongolia) 163 0.53 0.39 1.30 – 592 0.96 0.28 2.16 – 755 0.87 0.30 1.98 – 5.755 5.204 33.815 – 405 0.84 0.29 1.93 – Total copper 1,865 0.55 0.08 0.66 0.010 1,595 0.65 0.14 1.26 0.007 3,457 0.60 0.11 0.94 0.008 16.611 8.638 74.622 0.172 946 0.61 0.22 2.10 0.017 Bingham Canyon Bingham Open Pit Mineral Reserves increased following conversion of Mineral Resources and previously unclassified mineralisation to Mineral Reserves following the completion of the pre-feasibility study for the Apex cutback. 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/en/invest/financial-news-performance/resources-and-reserves. 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. Underground Skarns Mineral Reserves represent the Lower Commercial Skarns (LCS) Mineral Reserve. An initial Probable Mineral Reserve of 1.7 million tonnes at 1.90% copper, 0.71 g/t gold, 10.07 g/t silver, and 0.044% molybdenum was released to the market by Rio Tinto on 27 September 2022 with a supporting JORC Table 1 and can be viewed at riotinto.com/en/invest/financial-news-performance/resources-and-reserves. Oyu Tolgoi As reported to the market on 16 December 2022, Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd and the Rio Tinto interest % reflects this change. 2021 figures are reported using the previous ownership %. The Hugo Dummett North underground mine is currently under construction.

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Annual Report on Form 20-F 2022 \| riotinto.com290 Mineral Reserves continued

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291Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations

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Annual Report on Form 20-F 2022 \| riotinto.com292 Mineral Reserves continued Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share marketable product Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Titanium dioxide feedstock2 3 Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon % Mt Titanium dioxide feedstock Mt Zircon Mt % Ti Minerals % Zircon QIT Madagascar Minerals (QMM) (Madagascar) O/P 189 3.6 0.2 77 2.9 0.1 266 3.4 0.2 80.0 4.1 0.3 247 3.7 0.2 Richards Bay Minerals (RBM) (South Africa) O/P 409 1.6 0.2 542 3.1 0.4 950 2.4 0.3 74.0 10.4 2.5 1,031 2.3 0.3 Rio Tinto Iron and Titanium (RTIT) Quebec Operations (Canada) O/P – – – 152 80.0 – 152 80.0 – 100.0 48.2 – 153 80.0 – Total titanium dioxide feedstock 597 2.2 0.2 771 18.2 0.3 1,368 11.2 0.3 62.6 2.8 1,431 10.9 0.3 1. Type of mine: O/P = open pit/surface. 2. 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. 3. QMM and RBM Mineral Reserve valuations are based on commodity prices of US$188.94 /t for 53% TiO2 product and US$1,297.64 /t for 66.5% Zircon oxide, adjusted for specific products produced. RTIT Quebec Operations Mineral Reserve valuations are based on a commodity price of US$188.94 /t for 53% TiO2 product, adjusted for specific products produced. These prices are sourced from TZMI.

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![rio-20221231_g172.jpg](rio-20221231_g172.jpg)

293Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share marketable product Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Titanium dioxide feedstock2 3 Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon % Mt Titanium dioxide feedstock Mt Zircon Mt % Ti Minerals % Zircon QIT Madagascar Minerals (QMM) (Madagascar) O/P 189 3.6 0.2 77 2.9 0.1 266 3.4 0.2 80.0 4.1 0.3 247 3.7 0.2 Richards Bay Minerals (RBM) (South Africa) O/P 409 1.6 0.2 542 3.1 0.4 950 2.4 0.3 74.0 10.4 2.5 1,031 2.3 0.3 Rio Tinto Iron and Titanium (RTIT) Quebec Operations (Canada) O/P – – – 152 80.0 – 152 80.0 – 100.0 48.2 – 153 80.0 – Total titanium dioxide feedstock 597 2.2 0.2 771 18.2 0.3 1,368 11.2 0.3 62.6 2.8 1,431 10.9 0.3 Richard Bay Minerals Mineral Reserves tonnes include a change in classification for the Zulti South project from Proven to Probable Mineral Reserve. The change results from schedule delays, due to community and social complexity. 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/en/invest/financial-news-performance/resources-and-reserves.

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Annual Report on Form 20-F 2022 \| riotinto.com294 Mineral Reserves continued Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share marketable product Total Mineral Reserves as at 31 December 2021 Tonnage Tonnage Tonnage Tonnage Borates2 Mt Mt Mt % Mt Mt Boron (US)3 O/P 8 5 14 100.0 14 14 Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share recoverable diamonds Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Diamonds4 Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne % M Carats Mt Carats per tonne Diavik (Canada)5 6 O/P & U/G 3.1 2.0 1.3 2.4 4.4 2.1 100.0 9.5 5.4 2.2 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. 3. Boron Mineral Reserve valuations are based on a three-year trailing weighted average prices of US$1,028 /t for Sodium Borates Products and US$1,566 /t for Boric Acid 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. Diavik Mineral Reserve valuations are based on a three-year trailing average price of US$105.44 /ct. 6. Diavik Mineral Reserves are based on a nominal 1 millimetre lower cut-off size and a final re-crushing size of 6 millimetres.

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295Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share marketable product Total Mineral Reserves as at 31 December 2021 Tonnage Tonnage Tonnage Tonnage Borates2 Mt Mt Mt % Mt Mt Boron (US)3 O/P 8 5 14 100.0 14 14 Type of mine1 Proven Mineral Reserves as at 31 December 2022 Probable Mineral Reserves as at 31 December 2022 Total Mineral Reserves as at 31 December 2022 Rio Tinto interest Rio Tinto share recoverable diamonds Total Mineral Reserves as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Diamonds4 Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne % M Carats Mt Carats per tonne Diavik (Canada)5 6 O/P & U/G 3.1 2.0 1.3 2.4 4.4 2.1 100.0 9.5 5.4 2.2 Diavik Mineral Reserve tonnes decreased following mining depletion, partially offset by the inclusion of additional Mineral Reserves associated with the A21 underground deposit.

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Annual Report on Form 20-F 2022 \| riotinto.com296 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Bauxite Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 % Mt % Al2O3 % SiO2 Rio Tinto Aluminium (Australia)2 3 – Amrun O/P 101 49.4 11.6 417 49.9 11.7 518 49.8 11.7 325 52.1 11.9 843 50.6 11.8 100.0 850 50.6 11.8 – East Weipa and Andoom O/P 53 49.3 8.5 – – – 53 49.3 8.5 – – – 53 49.3 8.5 100.0 63 49.5 8.4 – Gove O/P 12 48.1 9.2 0.8 50.0 6.3 13 48.3 9.0 0.1 50.1 5.8 13 48.3 9.0 100.0 34 49.0 6.8 – North of Weipa O/P – – – – – – – – – 1,330 52.0 11.6 1,330 52.0 11.6 100.0 1,330 52.0 11.6 Total (Australia) 167 49.3 10.4 418 49.9 11.7 585 49.7 11.4 1,655 52.0 11.6 2,240 51.4 11.6 2,276 51.3 11.5 Porto Trombetas (MRN) (Brazil)4 5 O/P 52 47.0 5.4 0.6 47.9 3.4 53 47.0 5.4 18 49.5 4.0 71 47.7 5.0 12.0 50 49.6 4.2 Sangarédi (Guinea)6 7 O/P – – – 1,351 46.6 2.3 1,351 46.6 2.3 168 45.8 2.4 1,519 46.5 2.3 23.0 1,519 46.5 2.3 Total bauxite 219 48.7 9.2 1,769 47.4 4.5 1,988 47.5 5.0 1,841 51.4 10.7 3,829 49.4 7.8 3,845 49.4 7.8 1. Likely mining method: O/P = open pit/surface. 2. Rio Tinto Aluminium bauxite Mineral Resources are stated as dry product tonnes and total alumina and silica grades. 3. Valuations of the Rio Tinto Aluminium bauxite Mineral Resources are based on specific product pricing based on a long term price of US$43.60 /t CFR China. This price is sourced from leading industry analyst CRU. 4. Porto Trombetas (MRN) Mineral Resources are stated as dry in situ tonnes, available alumina grade and total silica grade. 5. Porto Trombetas (MRN) Mineral Resources valuations are based on an average price of US$36.00 /t FOB as supplied by the JV partner. 6. Sangarédi Mineral Resource tonnes are reported on a 3% moisture basis and total alumina and silica grades. 7. Sangarédi Mineral Resource evaluations are based on specific product pricing based on a long term price of US$35.60 /t FOB as supplied by the JV partner. Mineral Resources

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297Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Bauxite Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 Mt % Al2O3 % SiO2 % Mt % Al2O3 % SiO2 Rio Tinto Aluminium (Australia)2 3 – Amrun O/P 101 49.4 11.6 417 49.9 11.7 518 49.8 11.7 325 52.1 11.9 843 50.6 11.8 100.0 850 50.6 11.8 – East Weipa and Andoom O/P 53 49.3 8.5 – – – 53 49.3 8.5 – – – 53 49.3 8.5 100.0 63 49.5 8.4 – Gove O/P 12 48.1 9.2 0.8 50.0 6.3 13 48.3 9.0 0.1 50.1 5.8 13 48.3 9.0 100.0 34 49.0 6.8 – North of Weipa O/P – – – – – – – – – 1,330 52.0 11.6 1,330 52.0 11.6 100.0 1,330 52.0 11.6 Total (Australia) 167 49.3 10.4 418 49.9 11.7 585 49.7 11.4 1,655 52.0 11.6 2,240 51.4 11.6 2,276 51.3 11.5 Porto Trombetas (MRN) (Brazil)4 5 O/P 52 47.0 5.4 0.6 47.9 3.4 53 47.0 5.4 18 49.5 4.0 71 47.7 5.0 12.0 50 49.6 4.2 Sangarédi (Guinea)6 7 O/P – – – 1,351 46.6 2.3 1,351 46.6 2.3 168 45.8 2.4 1,519 46.5 2.3 23.0 1,519 46.5 2.3 Total bauxite 219 48.7 9.2 1,769 47.4 4.5 1,988 47.5 5.0 1,841 51.4 10.7 3,829 49.4 7.8 3,845 49.4 7.8 Rio Tinto Aluminium East Weipa and Andoom and Gove Mineral Resource tonnes decreased following the application of updated exclusion zones and conversion of Mineral Resources to Mineral Reserves. Porto Trombetas (MRN) Mineral Resources increased following the release of updated resource models.

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Annual Report on Form 20-F 2022 \| riotinto.com298 Mineral Resources continued Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Iron ore2 Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI % Mt % Fe % SiO2 % Al2O3 % P % LOI Australia3 – Boolgeeda O/P – – – – – – – – – – – – – – – – – – 532 57.9 4.8 3.9 0.17 7.6 532 57.9 4.8 3.9 0.17 7.6 100.0 532 57.9 4.8 3.9 0.17 7.6 – Brockman O/P 522 62.4 3.3 1.8 0.13 5.1 962 62.9 3.2 1.8 0.12 4.5 1,483 62.7 3.2 1.8 0.13 4.7 3,978 62.2 3.2 1.9 0.14 5.5 5,461 62.3 3.2 1.8 0.13 5.2 73.8 5,437 62.3 3.3 1.9 0.13 5.2 – Brockman Process Ore O/P 232 57.2 6.3 4.0 0.16 7.0 441 56.9 6.1 4.1 0.16 7.3 673 57.0 6.2 4.1 0.16 7.2 1,358 57.0 5.9 4.1 0.17 7.7 2,031 57.0 6.0 4.1 0.16 7.5 68.2 2,143 57.0 6.0 4.1 0.16 7.5 – Channel Iron Deposit O/P 569 56.6 5.8 2.4 0.06 10.2 1,128 58.1 4.7 2.5 0.07 9.1 1,696 57.6 5.1 2.5 0.07 9.4 3,264 56.3 6.1 3.0 0.08 9.7 4,960 56.7 5.8 2.8 0.08 9.6 69.6 5,036 56.8 5.7 2.8 0.08 9.6 – Detrital O/P 0.5 61.2 4.5 2.8 0.06 4.5 65 61.2 5.0 3.5 0.06 3.3 65 61.2 5.0 3.5 0.06 3.3 1,102 60.8 4.1 3.6 0.06 4.2 1,167 60.8 4.2 3.6 0.06 4.2 72.9 1,116 61.0 4.0 3.6 0.06 4.2 – Marra Mamba O/P 198 62.3 2.9 1.5 0.06 5.9 304 62.0 3.2 1.6 0.06 5.9 502 62.1 3.1 1.6 0.06 5.9 2.741 61.6 3.1 1.7 0.07 6.4 3,243 61.7 3.1 1.7 0.06 6.4 62.6 3,410 61.7 3.1 1.7 0.06 6.3 Total (Australia)4 1,521 59.4 4.6 2.3 0.10 7.4 2,899 60.0 4.3 2.4 0.10 6.8 4,420 59.8 4.4 2.4 0.10 7.0 12,974 59.7 4.3 2.6 0.11 7.0 17,395 59.8 4.4 2.5 0.10 7.0 17,674 59.8 4.4 2.5 0.10 7.0 Iron Ore Company of Canada (Canada)5 6 O/P 89 40.8 36.3 0.2 0.03 – 413 38.5 37.1 0.2 0.03 – 502 38.9 36.9 0.2 0.03 – 476 38.3 37.8 0.2 0.03 – 978 38.7 37.4 0.2 0.03 – 58.7 987 38.6 37.5 0.2 0.03 – Simandou (Guinea)7 8 O/P 189 66.8 1.2 1.1 0.06 2.0 738 65.5 1.1 1.7 0.09 3.3 927 65.8 1.1 1.6 0.08 3.0 348 65.8 1.4 1.4 0.07 2.8 1,275 65.8 1.2 1.5 0.08 3.0 45.1 1,294 65.5 2.3 1.2 0.07 2.6 Total iron ore 1,798 59.3 5.8 2.1 0.09 6.4 4,051 58.8 7.0 2.1 0.09 5.5 5,849 58.9 6.7 2.1 0.09 5.8 13,799 59.2 5.4 2.5 0.10 6.6 19,648 59.1 5.8 2.4 0.10 6.4 19,955 59.1 5.9 2.3 0.10 6.3 1. Likely mining method: O/P = open pit/surface. 2. Iron ore Mineral Resources are stated on a dry in situ weight basis. 3. Australian iron ore Mineral Resource valuations are based on specific product pricing determined from a base 62% Fines CFR consensus price of US c 117.90 /dmtu. This price is sourced from the average of forecasts from nine brokers/banks (BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac). 4. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for Regulation S-K reporting. 5. Iron Ore Company of Canada Mineral Resources are stated as in situ material on a dry basis. This in situ material has the potential to produce marketable product (57% pellets and 43% concentrate for sale at a natural moisture content of 2%) comprising 38 million tonnes at 65% iron 3% silica (Measured), 173 million tonnes at 65% iron 3% silica (Indicated) and 196 million tonnes at 65% iron 3% 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. 6. Iron Ore Company of Canada Mineral Resource valuations are based on product pricing of US c 138.70 /dmtu for 65% Fe Concentrate for Sinter (CFS), US c 198.53 /dmtu for 65% Fe blast furnace (BF) grade pellet and US c 210.86 /dmtu for 67.5% Fe direct reduced (DR) pellets, all CFR China. The consensus 65% Fe fines price CFR China used for IOC concentrate is sourced from an average of forecasts from Credit Suisse and Woodmac. The BF and DR pellet premiums are sourced from an average of forecasts from Woodmac and CRU. These premiums are added to the 65% Fe Fines consensus. 7. Rio Tinto and Chinalco, who respectively own 45.05% and 39.95% of Simandou Blocks 3 and 4, are working with the government of Guinea to realise value from the world-class iron ore deposit. The government of Guinea owns a 15 per cent stake in the project. 8. Simandou Mineral Resource valuations are based on specific product pricing determined from a 65% Fe Fines price of US c 133.52 /dmtu CFR China. This price is sourced from an average of forecasts from Credit Suisse and Woodmac.

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299Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Iron ore2 Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI Mt % Fe % SiO2 % Al2O3 % P % LOI % Mt % Fe % SiO2 % Al2O3 % P % LOI Australia3 – Boolgeeda O/P – – – – – – – – – – – – – – – – – – 532 57.9 4.8 3.9 0.17 7.6 532 57.9 4.8 3.9 0.17 7.6 100.0 532 57.9 4.8 3.9 0.17 7.6 – Brockman O/P 522 62.4 3.3 1.8 0.13 5.1 962 62.9 3.2 1.8 0.12 4.5 1,483 62.7 3.2 1.8 0.13 4.7 3,978 62.2 3.2 1.9 0.14 5.5 5,461 62.3 3.2 1.8 0.13 5.2 73.8 5,437 62.3 3.3 1.9 0.13 5.2 – Brockman Process Ore O/P 232 57.2 6.3 4.0 0.16 7.0 441 56.9 6.1 4.1 0.16 7.3 673 57.0 6.2 4.1 0.16 7.2 1,358 57.0 5.9 4.1 0.17 7.7 2,031 57.0 6.0 4.1 0.16 7.5 68.2 2,143 57.0 6.0 4.1 0.16 7.5 – Channel Iron Deposit O/P 569 56.6 5.8 2.4 0.06 10.2 1,128 58.1 4.7 2.5 0.07 9.1 1,696 57.6 5.1 2.5 0.07 9.4 3,264 56.3 6.1 3.0 0.08 9.7 4,960 56.7 5.8 2.8 0.08 9.6 69.6 5,036 56.8 5.7 2.8 0.08 9.6 – Detrital O/P 0.5 61.2 4.5 2.8 0.06 4.5 65 61.2 5.0 3.5 0.06 3.3 65 61.2 5.0 3.5 0.06 3.3 1,102 60.8 4.1 3.6 0.06 4.2 1,167 60.8 4.2 3.6 0.06 4.2 72.9 1,116 61.0 4.0 3.6 0.06 4.2 – Marra Mamba O/P 198 62.3 2.9 1.5 0.06 5.9 304 62.0 3.2 1.6 0.06 5.9 502 62.1 3.1 1.6 0.06 5.9 2.741 61.6 3.1 1.7 0.07 6.4 3,243 61.7 3.1 1.7 0.06 6.4 62.6 3,410 61.7 3.1 1.7 0.06 6.3 Total (Australia)4 1,521 59.4 4.6 2.3 0.10 7.4 2,899 60.0 4.3 2.4 0.10 6.8 4,420 59.8 4.4 2.4 0.10 7.0 12,974 59.7 4.3 2.6 0.11 7.0 17,395 59.8 4.4 2.5 0.10 7.0 17,674 59.8 4.4 2.5 0.10 7.0 Iron Ore Company of Canada (Canada)5 6 O/P 89 40.8 36.3 0.2 0.03 – 413 38.5 37.1 0.2 0.03 – 502 38.9 36.9 0.2 0.03 – 476 38.3 37.8 0.2 0.03 – 978 38.7 37.4 0.2 0.03 – 58.7 987 38.6 37.5 0.2 0.03 – Simandou (Guinea)7 8 O/P 189 66.8 1.2 1.1 0.06 2.0 738 65.5 1.1 1.7 0.09 3.3 927 65.8 1.1 1.6 0.08 3.0 348 65.8 1.4 1.4 0.07 2.8 1,275 65.8 1.2 1.5 0.08 3.0 45.1 1,294 65.5 2.3 1.2 0.07 2.6 Total iron ore 1,798 59.3 5.8 2.1 0.09 6.4 4,051 58.8 7.0 2.1 0.09 5.5 5,849 58.9 6.7 2.1 0.09 5.8 13,799 59.2 5.4 2.5 0.10 6.6 19,648 59.1 5.8 2.4 0.10 6.4 19,955 59.1 5.9 2.3 0.10 6.3 Iron Ore Australia Brockman Ore Rio Tinto Interest % incorporates changes due to the joint venture agreement between Rio Tinto (54%) and China Baowu Steel Group Corp. Ltd (46%) to develop the Western Range iron ore project as reported to the market in on 14 September 2022. A JORC Table 1 in support of this change was released to the market and can be viewed at riotinto.com/en/invest/financial-news-performance/resources-and-reserves.

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Annual Report on Form 20-F 2022 \| riotinto.com300 Mineral Resources continued Likely mining method1 Measured Resources as at 31 December 2022 Indicated Resources as at 31 December 2022 Total Measured and Indicated Resources as at 31 December 2022 Inferred Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Copper2 3 Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo % Mt % Cu g/t Au g/t Ag % Mo Winu (Australia) O/P – – – – – 223 0.45 0.35 2.72 – 223 0.45 0.35 2.72 – 503 0.38 0.33 1.97 – 726 0.40 0.34 2.20 – 100.0 608 0.40 0.30 2.26 – Bingham Canyon (US) – Bingham Open Pit4 O/P 49 0.50 0.15 2.42 0.019 30 0.42 0.15 2.44 0.015 79 0.47 0.15 2.43 0.018 14 0.21 0.16 1.19 0.006 93 0.43 0.15 2.24 0.016 100.0 256 0.39 0.20 1.75 0.017 – Underground Skarns U/G 0.2 2.52 1.27 10.56 0.056 14 2.86 1.38 55.35 0.010 14 2.86 1.38 54.85 0.010 13 2.54 0.91 15.43 0.008 27 2.70 1.15 35.50 0.009 100.0 20 3.65 1.62 20.95 – Resolution (US) U/G – – – – – 398 1.89 – 3.70 0.042 398 1.89 – 3.70 0.042 624 1.28 – 2.74 0.031 1,022 1.52 – 3.12 0.035 55.0 983 1.53 – – 0.036 Total (US) 49 0.51 0.15 2.45 0.019 442 1.82 0.05 5.22 0.039 491 1.69 0.06 4.95 0.037 651 1.28 0.02 2.97 0.030 1,142 1.46 0.04 3.82 0.033 1,259 1.33 0.07 0.69 0.032 Escondida (Chile)5 6 – Escondida - mixed O/P 2 0.53 – – – 5 0.44 – – – 7 0.47 – – – 6 0.49 – – – 13 0.48 – – – 30.0 – – – – – – Escondida - oxide O/P 2 0.48 – – – 3 0.47 – – – 5 0.48 – – – 1 0.75 – – – 6 0.52 – – – 30.0 – – – – – – Escondida - sulphide O/P 311 0.49 – – – 533 0.49 – – – 844 0.49 – – – 2,800 0.53 – – – 3,644 0.52 – – – 30.0 – – – – – Total (Chile) 315 0.49 – – – 541 0.49 – – – 856 0.49 – – – 2,810 0.53 – – – 3,666 0.52 – – – – – – – – La Granja (Peru) O/P – – – – – 130 0.85 – – – 130 0.85 – – – 4,190 0.50 – – – 4,320 0.51 – – – 100.0 4,320 0.51 – – – Oyu Tolgoi (Mongolia)7 – Heruga ETG U/G – – – – – – – – – – – – – – – 841 0.41 0.40 1.44 0.012 841 0.41 0.40 1.44 0.012 56.0 442 0.41 0.40 1.44 0.012 – Heruga OT U/G – – – – – – – – – – – – – – – 71 0.42 0.30 1.58 0.011 71 0.42 0.30 1.58 0.011 66.0 36 0.42 0.30 1.58 0.011 – Hugo Dummett North8 U/G 38 1.90 0.50 4.30 – 251 1.39 0.35 3.24 – 289 1.46 0.37 3.38 – 474 0.83 0.29 2.47 – 763 1.07 0.32 2.82 – 66.0 388 1.06 0.32 2.80 – – Hugo Dummett North Extension U/G – – – – – 48 1.62 0.55 4.21 – 48 1.62 0.55 4.21 – 90 1.05 0.37 2.85 – 137 1.25 0.43 3.32 – 56.0 72 1.24 0.43 3.31 – – Hugo Dummett South U/G – – – – – – – – – – – – – – – 483 0.83 0.07 1.87 – 483 0.83 0.07 1.87 – 66.0 245 0.83 0.07 1.87 – – Oyut Open Pit O/P 11 0.41 0.38 1.10 – 61 0.33 0.30 1.13 – 72 0.34 0.31 1.12 – 215 0.29 0.19 1.01 – 287 0.30 0.22 1.04 – 66.0 149 0.30 0.22 1.05 – – Oyut Underground U/G 6 0.48 0.91 1.31 – 33 0.38 0.61 1.18 – 39 0.40 0.66 1.20 – 95 0.41 0.42 1.25 – 135 0.40 0.49 1.23 – 66.0 68 0.40 0.49 1.23 – Total (Mongolia) 55 1.44 0.53 3.33 – 393 1.17 0.39 2.86 – 448 1.20 0.41 2.91 – 2,269 0.60 0.28 1.76 0.005 2,716 0.70 0.30 1.95 0.004 1,401 0.69 0.30 1.94 0.004 Total copper 419 0.62 0.09 0.72 0.002 1,729 1.01 0.15 2.34 0.010 2,148 0.93 0.14 2.02 0.008 10,423 0.57 0.08 0.66 0.003 12,570 0.63 0.09 0.90 0.004 7,587 0.67 0.09 0.65 0.006 1. Likely mining method: O/P = open pit/surface; U/G = underground. 2. Copper Mineral Resources are stated on a dry in situ weight basis. 3. Copper Mineral Resource valuations excluding Oyu Tolgoi and Escondida, are based on commodity prices of US c 339.89 /lb for copper, US$1,439.51 /oz for gold, US$19.18 /oz for silver and US$11.43 /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 are reported for the first time in accordance with Regulation S-K 1300. 6. Escondida Mineral Resource valuations are based on a copper price of US c 304 /lb. supplied by the JV partner. 7. Oyu Tolgoi Mineral Resource valuations are based on commodity prices of US c 320.30 /lb for copper, US$1,479.82 /oz for gold, US$19.23 /oz for silver and US 9.29 /lb for molybdenum. These represent July 2021 consensus prices sourced from the average 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). 8. The Hugo Dummett North Mineral Resources include approximately 0.9 million tonnes of stockpiled material at a grade of 0.35% copper, 0.11 g/t gold and 0.85 g/t silver.

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301Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Likely mining method1 Measured Resources as at 31 December 2022 Indicated Resources as at 31 December 2022 Total Measured and Indicated Resources as at 31 December 2022 Inferred Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Copper2 3 Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo % Mt % Cu g/t Au g/t Ag % Mo Winu (Australia) O/P – – – – – 223 0.45 0.35 2.72 – 223 0.45 0.35 2.72 – 503 0.38 0.33 1.97 – 726 0.40 0.34 2.20 – 100.0 608 0.40 0.30 2.26 – Bingham Canyon (US) – Bingham Open Pit4 O/P 49 0.50 0.15 2.42 0.019 30 0.42 0.15 2.44 0.015 79 0.47 0.15 2.43 0.018 14 0.21 0.16 1.19 0.006 93 0.43 0.15 2.24 0.016 100.0 256 0.39 0.20 1.75 0.017 – Underground Skarns U/G 0.2 2.52 1.27 10.56 0.056 14 2.86 1.38 55.35 0.010 14 2.86 1.38 54.85 0.010 13 2.54 0.91 15.43 0.008 27 2.70 1.15 35.50 0.009 100.0 20 3.65 1.62 20.95 – Resolution (US) U/G – – – – – 398 1.89 – 3.70 0.042 398 1.89 – 3.70 0.042 624 1.28 – 2.74 0.031 1,022 1.52 – 3.12 0.035 55.0 983 1.53 – – 0.036 Total (US) 49 0.51 0.15 2.45 0.019 442 1.82 0.05 5.22 0.039 491 1.69 0.06 4.95 0.037 651 1.28 0.02 2.97 0.030 1,142 1.46 0.04 3.82 0.033 1,259 1.33 0.07 0.69 0.032 Escondida (Chile)5 6 – Escondida - mixed O/P 2 0.53 – – – 5 0.44 – – – 7 0.47 – – – 6 0.49 – – – 13 0.48 – – – 30.0 – – – – – – Escondida - oxide O/P 2 0.48 – – – 3 0.47 – – – 5 0.48 – – – 1 0.75 – – – 6 0.52 – – – 30.0 – – – – – – Escondida - sulphide O/P 311 0.49 – – – 533 0.49 – – – 844 0.49 – – – 2,800 0.53 – – – 3,644 0.52 – – – 30.0 – – – – – Total (Chile) 315 0.49 – – – 541 0.49 – – – 856 0.49 – – – 2,810 0.53 – – – 3,666 0.52 – – – – – – – – La Granja (Peru) O/P – – – – – 130 0.85 – – – 130 0.85 – – – 4,190 0.50 – – – 4,320 0.51 – – – 100.0 4,320 0.51 – – – Oyu Tolgoi (Mongolia)7 – Heruga ETG U/G – – – – – – – – – – – – – – – 841 0.41 0.40 1.44 0.012 841 0.41 0.40 1.44 0.012 56.0 442 0.41 0.40 1.44 0.012 – Heruga OT U/G – – – – – – – – – – – – – – – 71 0.42 0.30 1.58 0.011 71 0.42 0.30 1.58 0.011 66.0 36 0.42 0.30 1.58 0.011 – Hugo Dummett North8 U/G 38 1.90 0.50 4.30 – 251 1.39 0.35 3.24 – 289 1.46 0.37 3.38 – 474 0.83 0.29 2.47 – 763 1.07 0.32 2.82 – 66.0 388 1.06 0.32 2.80 – – Hugo Dummett North Extension U/G – – – – – 48 1.62 0.55 4.21 – 48 1.62 0.55 4.21 – 90 1.05 0.37 2.85 – 137 1.25 0.43 3.32 – 56.0 72 1.24 0.43 3.31 – – Hugo Dummett South U/G – – – – – – – – – – – – – – – 483 0.83 0.07 1.87 – 483 0.83 0.07 1.87 – 66.0 245 0.83 0.07 1.87 – – Oyut Open Pit O/P 11 0.41 0.38 1.10 – 61 0.33 0.30 1.13 – 72 0.34 0.31 1.12 – 215 0.29 0.19 1.01 – 287 0.30 0.22 1.04 – 66.0 149 0.30 0.22 1.05 – – Oyut Underground U/G 6 0.48 0.91 1.31 – 33 0.38 0.61 1.18 – 39 0.40 0.66 1.20 – 95 0.41 0.42 1.25 – 135 0.40 0.49 1.23 – 66.0 68 0.40 0.49 1.23 – Total (Mongolia) 55 1.44 0.53 3.33 – 393 1.17 0.39 2.86 – 448 1.20 0.41 2.91 – 2,269 0.60 0.28 1.76 0.005 2,716 0.70 0.30 1.95 0.004 1,401 0.69 0.30 1.94 0.004 Total copper 419 0.62 0.09 0.72 0.002 1,729 1.01 0.15 2.34 0.010 2,148 0.93 0.14 2.02 0.008 10,423 0.57 0.08 0.66 0.003 12,570 0.63 0.09 0.90 0.004 7,587 0.67 0.09 0.65 0.006 Winu Mineral Resource tonnes increased on the basis of additional drilling, an updated geological model and updated economic assumptions. 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/en/invest/financial-news-performance/ resources-and-reserves. Bingham Canyon Open Pit Mineral Resource tonnes decreased following conversion of Mineral Resources to Mineral Reserves following completion of the pre-feasibility study for the Apex cutback, partially offset by updates to modifying factors. 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/en/invest/financial-news-performance/resources-and-reserves. Underground Skarns Mineral Resources represent the combined Mineral Resources from the various underground deposits at Bingham Canyon. Mineral Resource tonnes increased due to reporting of Mineral Resources for the Lower Commercial Skarns (LCS). The initial LCS Mineral Resource of 7.5 million tonnes at 1.9% copper, 0.84 g/t gold, 11.26 g/t silver, and 0.015% molybdenum was released to the market by Rio Tinto on 27 September 2022 with a supporting JORC Table 1 and can be viewed at riotinto. com/en/invest/financial-news-performance/resources-and-reserves. Resolution Mineral Resources includes silver as a byproduct for the first time, based upon updated modelling. Oyu Tolgoi As reported to the market on 16 December 2022, Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd and the Rio Tinto interest % reflects this change. 2021 figures are reported using the previous ownership %. The Hugo Dummett North underground mine is currently under construction.

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Annual Report on Form 20-F 2022 \| riotinto.com302 Mineral Resources continued Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Resources Mineral as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Titanium dioxide feedstock2 3 Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon % Mt % Ti Minerals % Zircon QIT Madagascar Minerals (QMM) (Madagascar) O/P 356 4.3 0.2 318 4.0 0.2 674 4.2 0.2 477 3.9 0.2 1,151 4.1 0.2 80.0 1,176 4.1 0.2 Richards Bay Minerals (RBM) (South Africa) O/P – – – 6 9.2 8.2 6 9.2 8.2 – – – 6 9.2 8.2 74.0 7 9.5 7.8 Rio Tinto Iron and Titanium (RTIT) Quebec Operations (Canada) O/P – – – 11 84.9 – 11 84.9 – 16 79.2 – 27 81.6 – 100.0 27 81.6 – Total titanium dioxide feedstock 356 4.3 0.2 336 6.8 8.4 692 5.5 4.2 492 6.3 0.2 1,184 5.8 2.5 1,210 5.9 4.8 1. Likely mining method: O/P = open pit/surface. 2. Titanium dioxide feedstock Mineral Resources are reported as dry in situ tonnes. 3. QMM and RBM Mineral Resource valuations are based on commodity prices of US$188.94 /t for 53% TiO2 product and US$1,297.64 /t for 66.5% Zircon oxide, adjusted for specific products produced. RTIT Quebec Operations Mineral Resource valuations are based on a commodity price of US$188.94 /t for 53% TiO2 product adjusted for specific products produced. These prices are sourced from TZMI.

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303Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Resources Mineral as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Titanium dioxide feedstock2 3 Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon Mt % Ti Minerals % Zircon % Mt % Ti Minerals % Zircon QIT Madagascar Minerals (QMM) (Madagascar) O/P 356 4.3 0.2 318 4.0 0.2 674 4.2 0.2 477 3.9 0.2 1,151 4.1 0.2 80.0 1,176 4.1 0.2 Richards Bay Minerals (RBM) (South Africa) O/P – – – 6 9.2 8.2 6 9.2 8.2 – – – 6 9.2 8.2 74.0 7 9.5 7.8 Rio Tinto Iron and Titanium (RTIT) Quebec Operations (Canada) O/P – – – 11 84.9 – 11 84.9 – 16 79.2 – 27 81.6 – 100.0 27 81.6 – Total titanium dioxide feedstock 356 4.3 0.2 336 6.8 8.4 692 5.5 4.2 492 6.3 0.2 1,184 5.8 2.5 1,210 5.9 4.8 QIT Madagascar Minerals (QMM) Mineral Resource tonnes include a reduction in classification at the Petriky Mineral Resource (Indicated to Inferred) due to development risk and a review of the mineralogical and geotechnical data. 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/en/invest/financial-news-performance/resources-and-reserves. Richards Bay Minerals (RBM) Mineral Resource tonnes decreased due to mining depletion.

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Annual Report on Form 20-F 2022 \| riotinto.com304 Mineral Resources continued Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Tonnage Tonnage Tonnage Tonnage Tonnage Borates2 Mt Mt Mt Mt Mt % Mt Jadar (Serbia)3 4 U/G – 14 14 7 21 100.0 21 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Diamonds5 Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne % Mt Carats per tonne Diavik (Canada)6 U/G 0.3 1.9 0.8 2.6 1.0 2.4 0.3 2.1 1.3 2.3 100.0 2.7 2.4 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Lithium5 Mt % Li2O Mt % Li2O Mt % Li2O Mt % Li2O Mt % Li2O % Mt % Li2O Jadar (Serbia)4 U/G – – 85 1.76 85 1.76 58 1.87 144 1.80 100.0 144 1.80 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Uranium5 Mt % U3O8 Mt % U3O8 Mt % U3O8 Mt % U3O8 Mt % U3O8 % Mt % U3O8 Jabiluka (Energy Resources of Australia) (Australia) U/G – – – – – – – – – – 86.3 22 0.547 1. Likely mining method: U/G = underground. 2. Borates Mineral Resources are stated as dry in situ B2O3 tonnes, rather than marketable product as in Reserves. 3. Jadar equivalent dry in situ Mineral Resource is 85 million tonnes at 16.1% B2O3 (Indicated) and 58 million tonnes at 12.0% B2O3 (Inferred). 4. Jadar Mineral Resource valuations are based on commodity prices of US$8,750 /t for lithium carbonate and US$1,100 /t for boric acid. These prices were sourced from CRU. 5. Diamond, lithium and uranium Mineral Resources are stated as dry in situ tonnes. 6. Diavik Mineral Resource valuations are based on a three-year trailing average price of US$105.44 /ct.

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305Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Tonnage Tonnage Tonnage Tonnage Tonnage Borates2 Mt Mt Mt Mt Mt % Mt Jadar (Serbia)3 4 U/G – 14 14 7 21 100.0 21 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Diamonds5 Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne Mt Carats per tonne % Mt Carats per tonne Diavik (Canada)6 U/G 0.3 1.9 0.8 2.6 1.0 2.4 0.3 2.1 1.3 2.3 100.0 2.7 2.4 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Lithium5 Mt % Li2O Mt % Li2O Mt % Li2O Mt % Li2O Mt % Li2O % Mt % Li2O Jadar (Serbia)4 U/G – – 85 1.76 85 1.76 58 1.87 144 1.80 100.0 144 1.80 Likely mining method1 Measured Mineral Resources as at 31 December 2022 Indicated Mineral Resources as at 31 December 2022 Total Measured and Indicated Mineral Resources as at 31 December 2022 Inferred Mineral Resources as at 31 December 2022 Total Mineral Resources as at 31 December 2022 Rio Tinto interest Total Mineral Resources as at 31 December 2021 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Uranium5 Mt % U3O8 Mt % U3O8 Mt % U3O8 Mt % U3O8 Mt % U3O8 % Mt % U3O8 Jabiluka (Energy Resources of Australia) (Australia) U/G – – – – – – – – – – 86.3 22 0.547 Diavik Mineral Resource tonnes decreased due to backfilling of one mined-out pit and conversion of Mineral Resources to Mineral Reserves due to A21 underground mining approval. Jabiluka (Energy Resources of Australia) Based on Rio Tinto's assessment that the deposit does not currently have reasonable prospects of eventual economic extraction as required under the JORC Code for reporting of a Mineral Resource given the Mirarr People's publicly stated opposition to further mining and the operation of ERA's Long Term Care and Maintenance Agreement, Rio Tinto has decided to no longer report a Mineral Resource for Jabiluka.

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Annual Report on Form 20-F 2022 \| riotinto.com306 Mineral Resources continued Mineral Resource and Ore Reserve governance and internal controls Rio Tinto has well-established governance processes and internal controls to support the generation and publication of Mineral Resources and Ore Reserves, including a series of business unit and product group structures and processes independent of operational reporting. Audit Committee The Audit Committee's remit includes the governance of Mineral Resources and Ore Reserves. This includes an annual review of Mineral Resources and Ore Reserves at a Group level, as well as a review of findings and progress from the Group Internal Audit programme. Ore Reserves Steering Committee The Ore Reserves Steering Committee (ORSC), chaired by the Chief Technical Officer, Development & Technology, meets at least quarterly. The ORSC comprises senior representatives across our technical, financial, governance and business groups, and oversees the appointment of Competent Persons nominated by the business units; reviews Exploration Results, Mineral Resource or Ore Reserve data prior to public reporting; and oversees the development of the Group Mineral Resource and Ore Reserve standards and guidance. Orebody Knowledge Centre of Excellence The Orebody Knowledge Centre of Excellence contains a dedicated Orebody Knowledge Technical Assurance team. Orebody Knowledge Technical Assurance, in conjunction with the ORSC, is the guardian and author of Group Mineral Resource and Ore Reserve standards and guidance, and is responsible for the governance and compilation of Group Mineral Resource, Ore Reserve and reconciliation reporting. The Technical Assurance team also monitors the external reporting environment, facilitates internal audits and monitors actions with Group Internal Audit. Group Internal Audit Mineral Resource and Ore Reserve internal audits are conducted by independent external consulting personnel in a programme managed by Group Internal Audit, with the assistance of the Orebody Knowledge Centre of Excellence and the ORSC. Material findings are reported outside of the product group reporting line to the Audit Committee, and all reports and action plans are reviewed by the ORSC for alignment to internal and external reporting standards. During 2022, two internal Mineral Resource and Ore Reserve 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 Resource and Ore Reserve risk management Risks to our Mineral Resource and Ore Reserve 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 Resource and Ore Reserve risks across all business units to ensure both consistency of reporting and determine any Group-wide risks to the various processes.

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307Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Competent Persons Association(a) Employer Accountability Deposits Bauxite A McIntyre AusIMM Rio Tinto Resources Gove, East Weipa and Andoom, North of Weipa, Amrun W Saba AusIMM Reserves Gove, East Weipa and Andoom, Amrun M Alpha DIALLO EFG Compagnie des Bauxites de Guinée Resources SangarediM Keersemaker AusIMM External consultant to Compagnie des Bauxites de Guinée Reserves R Aglinskas AusIMM External consultants to Mineração Rio do Norte Resources Trombetas J P M Franco AusIMM Reserves Borates B Griffiths SME Rio Tinto Reserves Boron Copper H Martin AusIMM Rio Tinto Resources Resolution(b)(c) J Marshall AusIMM Resources A Schwarz AusIMM Resources O Dendev AusIMM Rio Tinto Resources Oyu Tolgoi(b) (c) (d)B Ndlovu AusIMM Reserves N Robinson AusIMM Reserves R Hayes AusIMM Rio Tinto Resources Bingham Canyon(b) (c) (d) S McInerney AusIMM Reserves B Pett AusIMM Reserves P Rodriguez AusIMM Resources K Schroeder AusIMM Resources F Barrera AusIMM Minera Escondida Ltda. Reserves Escondida R Maureira AusIMM Resources Escondida, Escondida – Chimborazo – sulphide, Pampa Escondida – sulphide(d), Pinta Verde J Marshall AusIMM Rio Tinto Resources La Granja J Pocoe AusIMM Rio Tinto Resources Winu(b) (d) Diamonds C Auld NAPEG Rio Tinto Reserves DiavikM Kontzamanis NAPEG Reserves K Pollock NAPEG Resources and Reserves Iron ore K Tindale AusIMM Rio Tinto Resources Simandou M McDonald PEGNL Rio Tinto Resources Iron Ore Company of Canada B Power PEGNL Resources R Way PEGNL Resources R Williams PEGNL Reserves P Ziemendorf AusIMM Reserves N Brajkovich AusIMM Rio Tinto Resources Rio Tinto Iron Ore – Boolgeeda, Brockman, Brockman Process Ore, Channel Iron Deposit, Detrital, Marra Mamba M Judge AusIMM Resources C Kyngdon AusIMM Resources A Latscha AusIMM Resources P Savory AusIMM Resources P Barnes AusIMM Reserves Rio Tinto Iron Ore – Brockman Ore, Marra Mamba Ore, Pisolite (Channel Iron) Ore R Bleakley AusIMM Reserves R Sarin AusIMM Reserves L Vilela Couto AusIMM Reserves Lithium I Misailovic EFG Rio Tinto Resources Jadar(e) D Tanaskovic EFG Resources Titanium dioxide feedstock J Dumouchel OGQ Rio Tinto Resources Rio Tinto Iron and Titanium Quebec Operations (RTIT Quebec Operations)D Gallant OIQ Reserves A Cawthorn-Blazeby SACNASP Rio Tinto Resources Richards Bay Minerals (RBM)(f)A Louw SACNASP Resources S Mnunu SACNASP Resources P Kluge SAIMM Rio Tinto Reserves QIT Madagascar Minerals (QMM)(f) A Louw AusIMM Resources (a) AusIMM: Australasian Institute of Mining and Metallurgy EFG: European Federation of Geologists NAPEG: Association of Professional Engineers; Geologists and Geophysicists of the Northwest Territories 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: Southern 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

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Annual Report on Form 20-F 2022 \| riotinto.com308 Group mines as at 31 December 2022 Iron Ore Production properties Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Australian Pilbara Operations Hamersley Iron: – Brockman 2 – Brockman 4 – Channar – Gudai-Darri – Marandoo – Mount Tom Price – Nammuldi – Paraburdoo – Silvergrass – Western Turner Syncline – Yandicoogina 100% Rio Tinto Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890 km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Agreements for life of mine with Government of Western Australia, save for the Yandicoogina mining lease, which expires in 2039 with an option to extend for 21 years. Mount Tom Price, Marandoo, Brockman 2, Brockman 4, Nammuldi and Western Turner Syncline Mineral and Mining Leases held under Iron Ore (Hamersley Range) Agreement Act 1963. Area of ML4SA approx 79,329 ha. Area of M272SA approx 14,136 ha. Gudai-Darri Mineral Lease held under Iron Ore (Mount Bruce) Agreement Act 1972. Area of ML252SA 47,406 ha. Paraburdoo and Eastern Range Mineral Lease held under Iron Ore (Hamersley Range) Agreement Act 1968. Area of ML246SA approx 12,950 ha. Channar Mining Lease held under Iron Ore (Channar Joint Venture) Agreement Act 1987. Mining lease expires in 2028 with an option to extend by up to five years. Area of M265SA approx 5,965 ha. Yandicoogina Mining Lease held under Iron Ore (Yandicoogina) Agreement Act 1996. Area of M274SA approx 30,550 ha. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Mount Tom Price began operations in 1966, followed by Paraburdoo in 1974. During the 1990s, Channar (1990), Brockman 2 (1992), Marandoo (1994) and Yandicoogina (1998) achieved first ore. Nammuldi achieved first ore in 2006 followed by Brockman 4 (2010), Western Turner Syncline (2011) and Silvergrass (2017). The latest addition to the network of Hamersley Iron mines is Gudai-Darri, had first ore railed in December 2021, and commissioned its primary crusher in Q2 2022. All mines operated by Rio Tinto within the 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 and stockpiles or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Brockman 2, Brockman 4, Channar, Gudai-Darri, Tom Price, Paraburdoo and Western Turner Syncline: mineralisation is haematite/ goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Detrital deposits also occur at these sites. At Tom Price and Western Turner Syncline, some goethite/haematite mineralisation hosted within the Marra Mamba Formation also occurs. Marandoo and Silvergrass: mineralisation occurs as goethite/ haematite within the banded iron formations of the Marra Mamba Formation. Some detrital mineralisation also occurs. Yandicoogina: goethite mineralisation occurs as pisolite ores within the paleo-channel of a channel iron formation. At Brockman 2, Brockman 4, the Nammuldi dry plant and Gudai-Darri, dry crushing and screening is used to produce lump and fines iron ore products. Ore from the Silvergrass and Nammuldi mines is blended and processed through a wet scrubbing and screening plant, ahead of desliming of the fines product using hydrocyclones. At Marandoo, wet scrubbing and screening is used to produce lump and fines iron ore products, prior to desliming of fines products using hydrocyclones. Ore from the Channar and Paraburdoo mines is crushed and then processed through a central tertiary crushing and dry screening plant to produce a dry lump product, with further wet processing of the fines using hydrocyclones to remove slimes. Ore from the Tom Price and Western Turner Syncline mines is directed to either the high grade plant for dry crushing and screening to dry lump and fines products, or to the low grade plant for beneficiation. Heavy media separation is used to beneficiate low grade lump, and a combination of heavy media hydrocyclones and spirals is used to beneficiate the low grade fines. At Yandi, ore is crushed to fines product only through a combination of dry crushing and screening, or crushing and wet processing of ore using classification to remove finer particles. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron. Mines and production facilities

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309Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Iron Ore Production properties Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Australian Pilbara Operations Hamersley Iron: – Brockman 2 – Brockman 4 – Channar – Gudai-Darri – Marandoo – Mount Tom Price – Nammuldi – Paraburdoo – Silvergrass – Western Turner Syncline – Yandicoogina 100% Rio Tinto Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890 km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Agreements for life of mine with Government of Western Australia, save for the Yandicoogina mining lease, which expires in 2039 with an option to extend for 21 years. Mount Tom Price, Marandoo, Brockman 2, Brockman 4, Nammuldi and Western Turner Syncline Mineral and Mining Leases held under Iron Ore (Hamersley Range) Agreement Act 1963. Area of ML4SA approx 79,329 ha. Area of M272SA approx 14,136 ha. Gudai-Darri Mineral Lease held under Iron Ore (Mount Bruce) Agreement Act 1972. Area of ML252SA 47,406 ha. Paraburdoo and Eastern Range Mineral Lease held under Iron Ore (Hamersley Range) Agreement Act 1968. Area of ML246SA approx 12,950 ha. Channar Mining Lease held under Iron Ore (Channar Joint Venture) Agreement Act 1987. Mining lease expires in 2028 with an option to extend by up to five years. Area of M265SA approx 5,965 ha. Yandicoogina Mining Lease held under Iron Ore (Yandicoogina) Agreement Act 1996. Area of M274SA approx 30,550 ha. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Mount Tom Price began operations in 1966, followed by Paraburdoo in 1974. During the 1990s, Channar (1990), Brockman 2 (1992), Marandoo (1994) and Yandicoogina (1998) achieved first ore. Nammuldi achieved first ore in 2006 followed by Brockman 4 (2010), Western Turner Syncline (2011) and Silvergrass (2017). The latest addition to the network of Hamersley Iron mines is Gudai-Darri, had first ore railed in December 2021, and commissioned its primary crusher in Q2 2022. All mines operated by Rio Tinto within the 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 and stockpiles or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Brockman 2, Brockman 4, Channar, Gudai-Darri, Tom Price, Paraburdoo and Western Turner Syncline: mineralisation is haematite/ goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Detrital deposits also occur at these sites. At Tom Price and Western Turner Syncline, some goethite/haematite mineralisation hosted within the Marra Mamba Formation also occurs. Marandoo and Silvergrass: mineralisation occurs as goethite/ haematite within the banded iron formations of the Marra Mamba Formation. Some detrital mineralisation also occurs. Yandicoogina: goethite mineralisation occurs as pisolite ores within the paleo-channel of a channel iron formation. At Brockman 2, Brockman 4, the Nammuldi dry plant and Gudai-Darri, dry crushing and screening is used to produce lump and fines iron ore products. Ore from the Silvergrass and Nammuldi mines is blended and processed through a wet scrubbing and screening plant, ahead of desliming of the fines product using hydrocyclones. At Marandoo, wet scrubbing and screening is used to produce lump and fines iron ore products, prior to desliming of fines products using hydrocyclones. Ore from the Channar and Paraburdoo mines is crushed and then processed through a central tertiary crushing and dry screening plant to produce a dry lump product, with further wet processing of the fines using hydrocyclones to remove slimes. Ore from the Tom Price and Western Turner Syncline mines is directed to either the high grade plant for dry crushing and screening to dry lump and fines products, or to the low grade plant for beneficiation. Heavy media separation is used to beneficiate low grade lump, and a combination of heavy media hydrocyclones and spirals is used to beneficiate the low grade fines. At Yandi, ore is crushed to fines product only through a combination of dry crushing and screening, or crushing and wet processing of ore using classification to remove finer particles. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.

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Annual Report on Form 20-F 2022 \| riotinto.com310 Group mines as at 31 December 2022 Iron Ore continued Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Bao-HI Joint Venture: – Eastern Range and Western Range mines 54% Rio Tinto. Rio Tinto owns 54% of the Bao-Hi joint venture with the remaining 46% held by China Baowu Group. Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Paraburdoo and Eastern Range and Western Range Mineral Lease held under Iron Ore (Hamersley Range) Agreement Act 1968. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. The Bao-HI joint venture was established in 2002 and has delivered sales of more than 200 million tonnes of iron ore to China. First ore from Eastern Range was delivered in 2004. In 2022, the Bao-HI joint venture was extended with a commitment to deliver 275 Mt of sales if iron ore to China. First ore from Western Range is planned for 2024 utilising existing infrastructure, with a new crusher at Western Range mine planned to be operational in 2025. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Mineralisation at Eastern Range and Western Range occurs as haematite/goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Ore from the Eastern Range mine is crushed and then processed through the central Paraburdoo tertiary crushing and dry screening plant to produce a dry lump product, with further wet processing of the fines product using hydrocyclones to remove slimes. The same process flow is planned for ore from Western Range. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron. Hope Downs 1 50% Rio Tinto. 50% Hancock Prospecting Pty Ltd Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Mining lease expires in 2027 with two options to extend of 21 years each. Mining lease held under Iron Ore (Hope Downs) Agreement Act 1992. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Joint venture between Rio Tinto and Hancock Prospecting. Construction of Stage 1 to 22 Mtpa commenced 2006 and first production occurred 2007. Stage 2 to 30 Mtpa completed 2009. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Mineralisation at Hope Downs 1 occurs as goethite/ haematite within the banded iron formations of the Marra Mamba and Brockman Formation. Some detrital mineralisation also occurs. Ore from Hope Downs 1 is processed through the Hope Downs 1 processing plant, which utilises dry crushing and screening to produce lump and fines iron ore products. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron Mines and production facilities continued

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311Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Iron Ore continued Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Bao-HI Joint Venture: – Eastern Range and Western Range mines 54% Rio Tinto. Rio Tinto owns 54% of the Bao-Hi joint venture with the remaining 46% held by China Baowu Group. Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Paraburdoo and Eastern Range and Western Range Mineral Lease held under Iron Ore (Hamersley Range) Agreement Act 1968. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. The Bao-HI joint venture was established in 2002 and has delivered sales of more than 200 million tonnes of iron ore to China. First ore from Eastern Range was delivered in 2004. In 2022, the Bao-HI joint venture was extended with a commitment to deliver 275 Mt of sales if iron ore to China. First ore from Western Range is planned for 2024 utilising existing infrastructure, with a new crusher at Western Range mine planned to be operational in 2025. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Mineralisation at Eastern Range and Western Range occurs as haematite/goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Ore from the Eastern Range mine is crushed and then processed through the central Paraburdoo tertiary crushing and dry screening plant to produce a dry lump product, with further wet processing of the fines product using hydrocyclones to remove slimes. The same process flow is planned for ore from Western Range. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron. Hope Downs 1 50% Rio Tinto. 50% Hancock Prospecting Pty Ltd Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Mining lease expires in 2027 with two options to extend of 21 years each. Mining lease held under Iron Ore (Hope Downs) Agreement Act 1992. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Joint venture between Rio Tinto and Hancock Prospecting. Construction of Stage 1 to 22 Mtpa commenced 2006 and first production occurred 2007. Stage 2 to 30 Mtpa completed 2009. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Mineralisation at Hope Downs 1 occurs as goethite/ haematite within the banded iron formations of the Marra Mamba and Brockman Formation. Some detrital mineralisation also occurs. Ore from Hope Downs 1 is processed through the Hope Downs 1 processing plant, which utilises dry crushing and screening to produce lump and fines iron ore products. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron

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Annual Report on Form 20-F 2022 \| riotinto.com312 Group mines as at 31 December 2022 Iron Ore continued Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Hope Downs 4 50% Rio Tinto. 50% Hancock Prospecting Pty Ltd Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Mining lease expires in 2027 with two options to extend of 21 years each. Mining lease held under Iron Ore (Hope Downs) Agreement Act 1992. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Joint venture between Rio Tinto and Hancock Prospecting. Construction of wet plant processing to 15 Mtpa commenced 2011 and first production occurred 2013. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development activities across the property. Mineralisation at Hope Downs 4 occurs as haematite/ goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Ore from Hope Downs 4 is processed through the Hope Downs 4 processing plant. Wet scrubbing and screening are used to separate lump and fines products, prior to desliming of fines product using hydrocyclones. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron. Mines and production facilities continued

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313Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Iron Ore continued Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Hope Downs 4 50% Rio Tinto. 50% Hancock Prospecting Pty Ltd Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Mining lease expires in 2027 with two options to extend of 21 years each. Mining lease held under Iron Ore (Hope Downs) Agreement Act 1992. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Joint venture between Rio Tinto and Hancock Prospecting. Construction of wet plant processing to 15 Mtpa commenced 2011 and first production occurred 2013. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development activities across the property. Mineralisation at Hope Downs 4 occurs as haematite/ goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Ore from Hope Downs 4 is processed through the Hope Downs 4 processing plant. Wet scrubbing and screening are used to separate lump and fines products, prior to desliming of fines product using hydrocyclones. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.

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Annual Report on Form 20-F 2022 \| riotinto.com314 Group mines as at 31 December 2022 Iron Ore continued Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Robe River Iron Associates: Robe Valley mines: – Mesa A – Mesa J – West Angelas 53% Rio Tinto. Robe River is a joint venture between Rio Tinto (53%), Mitsui Iron Ore Development (33%), and Nippon Steel Corporation (14%) Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Agreements for life of mine with Government of Western Australia. Mineral lease held under Iron Ore (Robe River) Agreement Act 1964. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Construction of the Dampier field started in 1969; first shipment in 1972. Lake MacLeod was acquired in 1978 as an operating field. Port Hedland was acquired in 2001 as an operating field. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Robe Valley deposits: goethite mineralisation occurs as pisolite ores within the paleo-channel of a channel iron formation. West Angelas deposit: mineralisation occurs as goethite/ haematite within the banded iron formations of the Marra Mamba Formation. Some detrital mineralisation also occurs. Ore from the Robe Valley mines of Mesa A and Mesa J is processed through either dry crushing and screening plants or through wet processing plants using scrubbing and screening to remove finer particles. Crushed and deslimed ore from the Robe Valley mines is railed to Cape Lambert, where further dry crushing and screening through a dedicated processing plant produces lump and fines iron ore products. At West Angelas mine, dry crushing and screening is used to produce lump and fines iron ore products. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron. Dampier Salt Port Hedland, Dampier and Lake Macleod 68.4% Rio Tinto. Dampier Salt is a joint venture between Rio Tinto (68%), Marubeni Corporation (22%) and Sojitz (10%) Rio Tinto (Dampier Salt Limited) Gascoyne and Pilbara regions, Western Australia Road and port Mining and mineral leases expiring in 2034 at Dampier, 2029 at Port Hedland and 2031 at Lake MacLeod. Mineral leases are held under Dampier Solar Salt Industry Agreement Act 1967, Leslie Solar Salt Industry Agreement Act 1966 and Evaporites (Lake MacLeod) Agreement Act 1967 respectively. 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. Construction of the Dampier field started in 1969; first shipment in 1972. Lake MacLeod was acquired in 1978 as an operating field. Port Hedland was acquired in 2001 as an operating field. Solar evaporation of seawater at Dampier and Port Hedland; underground brine at Lake MacLeod; extraction of gypsum at Lake MacLeod. Salt is grown every year through solar evaporation in permanent crystallising pans. Gypsum is present in the top layer covering most of the Lake Macleod. Salt is processed through a washing plant, consisting of screening washbelts at Lake MacLeod, Screwbowl classifiers and static screens at Port Hedland and sizing screens, counter-current classifiers with dewatering screens and centrifuges at Dampier. Dampier produces shipping-ready product for immediate shiploading. Washed salt at Lake MacLeod and Port Hedland is dewatered on stockpiles. Lake Macleod also mines and processes gypsum in leaching heaps. Long-term contracts with Hamersley Iron and Horizon Power and on-site generation. Mines and production facilities continued

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315Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Iron Ore continued Property Mine Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Robe River Iron Associates: Robe Valley mines: – Mesa A – Mesa J – West Angelas 53% Rio Tinto. Robe River is a joint venture between Rio Tinto (53%), Mitsui Iron Ore Development (33%), and Nippon Steel Corporation (14%) Rio Tinto Pilbara region, Western Australia Access and infrastructure within the property includes: – a network of sealed and unsealed roads connecting to public roads and highways; – public and Rio Tinto-operated airports; – a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising in excess of 1,890km of rail, multiple rail cars and locomotives; – four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system; – water piping networks for both abstracted water and supply of fresh water to sites; – managed accommodation villages for FIFO sites; – a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price; – tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programmes to ensure these remain fit-for-purpose. Agreements for life of mine with Government of Western Australia. Mineral lease held under Iron Ore (Robe River) Agreement Act 1964. 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. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. Construction of the Dampier field started in 1969; first shipment in 1972. Lake MacLeod was acquired in 1978 as an operating field. Port Hedland was acquired in 2001 as an operating field. All mines operated by Rio Tinto within the 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 to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. Robe Valley deposits: goethite mineralisation occurs as pisolite ores within the paleo-channel of a channel iron formation. West Angelas deposit: mineralisation occurs as goethite/ haematite within the banded iron formations of the Marra Mamba Formation. Some detrital mineralisation also occurs. Ore from the Robe Valley mines of Mesa A and Mesa J is processed through either dry crushing and screening plants or through wet processing plants using scrubbing and screening to remove finer particles. Crushed and deslimed ore from the Robe Valley mines is railed to Cape Lambert, where further dry crushing and screening through a dedicated processing plant produces lump and fines iron ore products. At West Angelas mine, dry crushing and screening is used to produce lump and fines iron ore products. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants 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. Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron. Dampier Salt Port Hedland, Dampier and Lake Macleod 68.4% Rio Tinto. Dampier Salt is a joint venture between Rio Tinto (68%), Marubeni Corporation (22%) and Sojitz (10%) Rio Tinto (Dampier Salt Limited) Gascoyne and Pilbara regions, Western Australia Road and port Mining and mineral leases expiring in 2034 at Dampier, 2029 at Port Hedland and 2031 at Lake MacLeod. Mineral leases are held under Dampier Solar Salt Industry Agreement Act 1967, Leslie Solar Salt Industry Agreement Act 1966 and Evaporites (Lake MacLeod) Agreement Act 1967 respectively. 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. Construction of the Dampier field started in 1969; first shipment in 1972. Lake MacLeod was acquired in 1978 as an operating field. Port Hedland was acquired in 2001 as an operating field. Solar evaporation of seawater at Dampier and Port Hedland; underground brine at Lake MacLeod; extraction of gypsum at Lake MacLeod. Salt is grown every year through solar evaporation in permanent crystallising pans. Gypsum is present in the top layer covering most of the Lake Macleod. Salt is processed through a washing plant, consisting of screening washbelts at Lake MacLeod, Screwbowl classifiers and static screens at Port Hedland and sizing screens, counter-current classifiers with dewatering screens and centrifuges at Dampier. Dampier produces shipping-ready product for immediate shiploading. Washed salt at Lake MacLeod and Port Hedland is dewatered on stockpiles. Lake Macleod also mines and processes gypsum in leaching heaps. Long-term contracts with Hamersley Iron and Horizon Power and on-site generation.

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Annual Report on Form 20-F 2022 \| riotinto.com316 Group mines as at 31 December 2022 Copper Production properties Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Escondida 30% Rio Tinto – 57.5% BHP, 10% JECO Corporation consortium comprising Mitsubishi, JX Nippon Mining and Metals (10%), 2.5% JECO 2 Ltd BHP Atacama Desert, Chile Pipeline and road to deep sea port at Coloso; road and rail 2 concentrate pipelines from mine site to port facility at Coloso, 2 desalinisation plants at Coloso port along with water treatment plant for concentrate filtrate, 2 water pipelines and 4 pump stations for freshwater supply to site, Roadway to site, rail line for supplies and cathode transport, power transport facilities to tie site to power grid, Site offices, housing, and cafeteria facilities to support employees and contractors on site, warehouse buildings and laydown facilities to support operations and projects on site Rights conferred by Government under Chilean Mining Code. Thirteen mineral rights leases with a total of 57,047 hectares. Annual tenement payments (due March each year) Production started in 1990 and since then capacity has been expanded numerous times. In 1998 first cathode was produced from the oxide leach plant, and during 2006 the sulphide leach plant was inaugurated, a year after the start of Escondida Norte pit production. During 2016, the third concentrator plant was commissioned. Two active surface open pit mines in production, Escondida and Escondida Norte with ore being processed via 3 processing options, Oxide leach, Sulfide RoM leach, or conventional flotation concentrators. Consists of a series of porphyry deposits containing copper, gold, silver, and molybdenum. Los Colorados, Laguna Seca Line 1, and Laguna Seca Line 2 Concentrators. OLAP – oxide leach facility, SL Rom leach facility and SX/EW facility. Supplied from grid under various contracts with local generating companies. Rio Tinto Kennecott 100% Rio Tinto Rio Tinto (Kennecott Utah Copper LLC) Near Salt Lake City, Utah, US Pipeline, road and rail Wholly owned – approximately 95,000 acres in total. Permit conditions are established by Utah and US Government agencies and comprise: – Environmental compliance and reporting – Closure and reclamation requirements Interest acquired in 1989. In 2012, the pushback of the south wall commenced, extending the mine life from 2018 to 2032. Approval for underground mining at Lower Commercial Skarn was obtained in 2022. Open pit and underground (beginning in 2023) Porphyry and associated skarn deposits containing copper, gold, silver, and molybdenum. Copperton concentrator, Garfield smelter, refinery, and precious metals plant, assay lab and tailings storage facilities. Supply contract with Rocky Mountain Power. Oyu Tolgoi Rio Tinto owns a 66% interest in Oyu Tolgoi LLC; the remaining 34% interest is held by the Government of Mongolia through Erdenes Oyu Tolgoi LLC. Rio Tinto is responsible for the day-to-day operational management and development of the project Rio Tinto Khanbogd soum, Umnugovi province, Mongolia Air and road Three mining licences are 100% held by Oyu Tolgoi LLC: MV- 006708 (the Manakht licence: 4,533 hectares), MV-006709 (the Oyu Tolgoi licence: 8,490 hectares), and MV-006710 (the Khukh Khad licence: 1,763 hectares). Two further licences are held in joint venture with Entrée Gold LLCMV-015226 (the Shivee Tolgoi Licence) and MV-015225 (the Javkhlant Licence). The licence term under the Minerals Law of Mongolia is 30 years with two 20-year extensions. First renewals are due in 2033 and 2039 for the Oyu Tolgoi and Entrée Gold licences respectively. Investment Agreement dated 6 October 2009, between the Government of Mongolia, Oyu Tolgoi LLC, TRQ, and Rio Tinto in respect of Oyu Tolgoi (Investment Agreement). Amended and Restated Shareholders Agreement 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 (ARSHA). 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. Power Source Framework Agreement dated 31 December 2018, between the Government of Mongolia and Oyu Tolgoi LLC, including the amendment to the PSFA dated 26 June 2020. Electricity Supply Agreement dated 26 January 2022, between Southern Region Electricity Distribution Network SOSC, National Power Transmission Grid SOSC, National Dispatching Center LLC and Oyu Tolgoi LLC. In terms of key government permits, Oyu Tolgoi LLC secured a land use permit until 2035 and water use permit until 2039 as well as the mineral rights. Oyu Tolgoi was first discovered in 1996. Construction began in late 2009 after signing of an Investment Agreement with the Government of Mongolia, and first concentrate was produced in 2012. First sales of concentrate were made to Chinese customers in 2013. The first drawbell of the Hugo North underground mine was fired in 2022. In December 2022 Rio Tinto acquired 100% ownership of Turquoise Hill Resources. Mineral Reserves have been reported at the Oyut and Hugo North Deposits. 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. Consists of a series of porphyry deposits containing copper, gold, silver, and molybdenum. One copper concentrator with a nominal feed capacity of 100 ktpd currently comprising 2 SAG mills, 4 ball mills, rougher and cleaner flotation circuits and up to 1 Mtpa copper concentrate capacity. Other major facilities that support the isolated operations include Maintenance workshops, heating plant, sealed airstrip and terminal, and camp facilities with up to 6,000 person capacity to accommodate current operations and the Underground construction project. Underground infrastructure in place includes several shafts for ore haulage, man haulage and ventilation plus a conveyor decline to surface and associated surface infrastructure. Currently sources its power under an agreement with the Inner Mongolia Power International Cooperation Company Ltd. (IMPIC), via the Mongolian National Power Transmission Grid (NPTG) authority, with Grid power from China and supplementary diesel power generation at site. Mines and production facilities continued

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317Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Copper Production properties Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Escondida 30% Rio Tinto – 57.5% BHP, 10% JECO Corporation consortium comprising Mitsubishi, JX Nippon Mining and Metals (10%), 2.5% JECO 2 Ltd BHP Atacama Desert, Chile Pipeline and road to deep sea port at Coloso; road and rail 2 concentrate pipelines from mine site to port facility at Coloso, 2 desalinisation plants at Coloso port along with water treatment plant for concentrate filtrate, 2 water pipelines and 4 pump stations for freshwater supply to site, Roadway to site, rail line for supplies and cathode transport, power transport facilities to tie site to power grid, Site offices, housing, and cafeteria facilities to support employees and contractors on site, warehouse buildings and laydown facilities to support operations and projects on site Rights conferred by Government under Chilean Mining Code. Thirteen mineral rights leases with a total of 57,047 hectares. Annual tenement payments (due March each year) Production started in 1990 and since then capacity has been expanded numerous times. In 1998 first cathode was produced from the oxide leach plant, and during 2006 the sulphide leach plant was inaugurated, a year after the start of Escondida Norte pit production. During 2016, the third concentrator plant was commissioned. Two active surface open pit mines in production, Escondida and Escondida Norte with ore being processed via 3 processing options, Oxide leach, Sulfide RoM leach, or conventional flotation concentrators. Consists of a series of porphyry deposits containing copper, gold, silver, and molybdenum. Los Colorados, Laguna Seca Line 1, and Laguna Seca Line 2 Concentrators. OLAP – oxide leach facility, SL Rom leach facility and SX/EW facility. Supplied from grid under various contracts with local generating companies. Rio Tinto Kennecott 100% Rio Tinto Rio Tinto (Kennecott Utah Copper LLC) Near Salt Lake City, Utah, US Pipeline, road and rail Wholly owned – approximately 95,000 acres in total. Permit conditions are established by Utah and US Government agencies and comprise: – Environmental compliance and reporting – Closure and reclamation requirements Interest acquired in 1989. In 2012, the pushback of the south wall commenced, extending the mine life from 2018 to 2032. Approval for underground mining at Lower Commercial Skarn was obtained in 2022. Open pit and underground (beginning in 2023) Porphyry and associated skarn deposits containing copper, gold, silver, and molybdenum. Copperton concentrator, Garfield smelter, refinery, and precious metals plant, assay lab and tailings storage facilities. Supply contract with Rocky Mountain Power. Oyu Tolgoi Rio Tinto owns a 66% interest in Oyu Tolgoi LLC; the remaining 34% interest is held by the Government of Mongolia through Erdenes Oyu Tolgoi LLC. Rio Tinto is responsible for the day-to-day operational management and development of the project Rio Tinto Khanbogd soum, Umnugovi province, Mongolia Air and road Three mining licences are 100% held by Oyu Tolgoi LLC: MV- 006708 (the Manakht licence: 4,533 hectares), MV-006709 (the Oyu Tolgoi licence: 8,490 hectares), and MV-006710 (the Khukh Khad licence: 1,763 hectares). Two further licences are held in joint venture with Entrée Gold LLCMV-015226 (the Shivee Tolgoi Licence) and MV-015225 (the Javkhlant Licence). The licence term under the Minerals Law of Mongolia is 30 years with two 20-year extensions. First renewals are due in 2033 and 2039 for the Oyu Tolgoi and Entrée Gold licences respectively. Investment Agreement dated 6 October 2009, between the Government of Mongolia, Oyu Tolgoi LLC, TRQ, and Rio Tinto in respect of Oyu Tolgoi (Investment Agreement). Amended and Restated Shareholders Agreement 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 (ARSHA). 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. Power Source Framework Agreement dated 31 December 2018, between the Government of Mongolia and Oyu Tolgoi LLC, including the amendment to the PSFA dated 26 June 2020. Electricity Supply Agreement dated 26 January 2022, between Southern Region Electricity Distribution Network SOSC, National Power Transmission Grid SOSC, National Dispatching Center LLC and Oyu Tolgoi LLC. In terms of key government permits, Oyu Tolgoi LLC secured a land use permit until 2035 and water use permit until 2039 as well as the mineral rights. Oyu Tolgoi was first discovered in 1996. Construction began in late 2009 after signing of an Investment Agreement with the Government of Mongolia, and first concentrate was produced in 2012. First sales of concentrate were made to Chinese customers in 2013. The first drawbell of the Hugo North underground mine was fired in 2022. In December 2022 Rio Tinto acquired 100% ownership of Turquoise Hill Resources. Mineral Reserves have been reported at the Oyut and Hugo North Deposits. 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. Consists of a series of porphyry deposits containing copper, gold, silver, and molybdenum. One copper concentrator with a nominal feed capacity of 100 ktpd currently comprising 2 SAG mills, 4 ball mills, rougher and cleaner flotation circuits and up to 1 Mtpa copper concentrate capacity. Other major facilities that support the isolated operations include Maintenance workshops, heating plant, sealed airstrip and terminal, and camp facilities with up to 6,000 person capacity to accommodate current operations and the Underground construction project. Underground infrastructure in place includes several shafts for ore haulage, man haulage and ventilation plus a conveyor decline to surface and associated surface infrastructure. Currently sources its power under an agreement with the Inner Mongolia Power International Cooperation Company Ltd. (IMPIC), via the Mongolian National Power Transmission Grid (NPTG) authority, with Grid power from China and supplementary diesel power generation at site.

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Annual Report on Form 20-F 2022 \| riotinto.com318 Group mines as at 31 December 2022 Copper continued Projects Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Resolution 55% Rio Tinto, 45% BHP Rio Tinto Superior, Arizona, Pinal County, US Road, rail and water pipeline Unpatented Mining Claims: Total of unpatented claims: 2,242 Total acres: 44,840 acres To hold the unpatented lode/placer mining claims, a 'Notice of Intent to Hold' and a Maintenance Fee is filed annually for each claim with the Bureau of Land Management. These claims are also recorded in the Arizona counties of Pinal and Gila. RCML have a total of 55 mineral exploration permits: 8 permits with a total 4162.89 acres in exploration areas and 47 permits with a total 23,046.63 acres in tailings, tailings corridor, and tailings buffer areas. RCML have a total of 7 special land use permits with a total of 5840.60 acres in stream monitoring, groundwater monitoring, and tailings surface investigation areas. Fee simple owned property: Total acres: 12,631 acres Permitting: Resolution is in the permitting and study stage of the project. It is currently at the end of a multi-year process to complete its Environmental Impact Statement under the National Environmental Protection Act. Future permits will be required for operations such as air quality permits and aquifer protection permits. The Magma Vein (formerly Silver Queen) was discovered in the 1870s and underground mining continued at the Magma Mine until 1998. In 1996, the Resolution deposit was discovered via an underground drillhole directed south from the Magma Mine workings. Kennecott Exploration (Rio Tinto) entered the project in 2001 and through an exploration "earn-in" agreement became operator in 2004. Block Cave Underground mining method. Porphyry copper and molybdenum deposit. Water treatment and reverse osmosis plant, historic tailings impoundments from the Magma Mine. No. 9 and No. 10 ventilation shafts. 115kV power lines to Eat and West Plant sites with supply contract with SRP. Winu 100% Rio Tinto Rio Tinto Great Sandy Desert, Western Australia, Australia Road Exploration Licence E45/4833 hosts the deposit. Several Miscellaneous Licences cover the road access route, associated roads and the emergency-use airstrip. A Mining Lease Application (M45/1288; 7,500 hectares) has been surveyed and is awaiting formal approval. Annual exploration licence rental payments (annually in October). The exploration licence was granted to Rio Tinto in October 2017 and Winu was discovered in December 2017. The Maiden Inferred Mineral Resource was announced in July 2020 and updated to an Indicated and Inferred Mineral Resource in February 2022. Winu is currently undergoing technical studies and all required stakeholder negotiations and applications to secure the necessary approvals for a potential open pit mining operation. Copper-gold-silver mineralisation hosted within sulphide breccias and quartz veins. A supergene enrichment profile caps most of the primary mineralisation. Winu comprises a mobile exploration camp for up to 120 people, unimproved access roads and trails, and an emergency-use only gravel airstrip. Power is provided by diesel generators. La Granja 100% Rio Tinto RTX Cajamarca, Northern Peru Mountain road access only, 6hrs+ by 4x4 The present La Granja Mining Concession grants its titleholders the right to explore and exploit all existing mineral resources within the 3,900 hectares it covers. As mining operations have not yet started, a full EIA has not been required. Because of special status due to acquisition through privatisation, as well as the annual fee ($10m per year split 50:50 between federal government fees and the establishment of a social fund), RTMP's title on it is subject to completion and delivery of a Feasibility Study, and implementation of a mine of approval of the Feasibility Study by the Peruvian Government. The agreement is scheduled to expire (delivery of FS) in 2025, however, RTMP is seeking to implement a 3 year extension to January 2028. Rio Tinto received the Mining Concession in 2005, after BHP and Cambior had returned the leases to the Peruvian Government. Numerous studies up to PFS occurred between 2005-2015. In 2015 the project was handed over to RTX and returned to Conceptual Study status. In 2017 the project was placed on care and maintenance while commercial options and closure and exit were evaluated by Rio Tinto. This is an exploration site. Open pit is envisaged for exploitation if the business case is positive. Porphyry and associated skarn deposits with high grade breccias. Copper with minor silver, and molybdenum. A Pre-Feasibility Study (PFS) for a Starter Case mining 15 Mt of ore per annum, with dump leach processing only, and an Order of Magnitude (OoM) study for Large Case of approximately 160 Mt of ore per annum, with mill and concentrator as well as dump leaching was completed in 2013. Currently on local grid for exploration activities (incl camp) with back up generators. An upgraded power link would be required for development of the asset. Mines and production facilities continued

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319Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Copper continued Projects Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Resolution 55% Rio Tinto, 45% BHP Rio Tinto Superior, Arizona, Pinal County, US Road, rail and water pipeline Unpatented Mining Claims: Total of unpatented claims: 2,242 Total acres: 44,840 acres To hold the unpatented lode/placer mining claims, a 'Notice of Intent to Hold' and a Maintenance Fee is filed annually for each claim with the Bureau of Land Management. These claims are also recorded in the Arizona counties of Pinal and Gila. RCML have a total of 55 mineral exploration permits: 8 permits with a total 4162.89 acres in exploration areas and 47 permits with a total 23,046.63 acres in tailings, tailings corridor, and tailings buffer areas. RCML have a total of 7 special land use permits with a total of 5840.60 acres in stream monitoring, groundwater monitoring, and tailings surface investigation areas. Fee simple owned property: Total acres: 12,631 acres Permitting: Resolution is in the permitting and study stage of the project. It is currently at the end of a multi-year process to complete its Environmental Impact Statement under the National Environmental Protection Act. Future permits will be required for operations such as air quality permits and aquifer protection permits. The Magma Vein (formerly Silver Queen) was discovered in the 1870s and underground mining continued at the Magma Mine until 1998. In 1996, the Resolution deposit was discovered via an underground drillhole directed south from the Magma Mine workings. Kennecott Exploration (Rio Tinto) entered the project in 2001 and through an exploration "earn-in" agreement became operator in 2004. Block Cave Underground mining method. Porphyry copper and molybdenum deposit. Water treatment and reverse osmosis plant, historic tailings impoundments from the Magma Mine. No. 9 and No. 10 ventilation shafts. 115kV power lines to Eat and West Plant sites with supply contract with SRP. Winu 100% Rio Tinto Rio Tinto Great Sandy Desert, Western Australia, Australia Road Exploration Licence E45/4833 hosts the deposit. Several Miscellaneous Licences cover the road access route, associated roads and the emergency-use airstrip. A Mining Lease Application (M45/1288; 7,500 hectares) has been surveyed and is awaiting formal approval. Annual exploration licence rental payments (annually in October). The exploration licence was granted to Rio Tinto in October 2017 and Winu was discovered in December 2017. The Maiden Inferred Mineral Resource was announced in July 2020 and updated to an Indicated and Inferred Mineral Resource in February 2022. Winu is currently undergoing technical studies and all required stakeholder negotiations and applications to secure the necessary approvals for a potential open pit mining operation. Copper-gold-silver mineralisation hosted within sulphide breccias and quartz veins. A supergene enrichment profile caps most of the primary mineralisation. Winu comprises a mobile exploration camp for up to 120 people, unimproved access roads and trails, and an emergency-use only gravel airstrip. Power is provided by diesel generators. La Granja 100% Rio Tinto RTX Cajamarca, Northern Peru Mountain road access only, 6hrs+ by 4x4 The present La Granja Mining Concession grants its titleholders the right to explore and exploit all existing mineral resources within the 3,900 hectares it covers. As mining operations have not yet started, a full EIA has not been required. Because of special status due to acquisition through privatisation, as well as the annual fee ($10m per year split 50:50 between federal government fees and the establishment of a social fund), RTMP's title on it is subject to completion and delivery of a Feasibility Study, and implementation of a mine of approval of the Feasibility Study by the Peruvian Government. The agreement is scheduled to expire (delivery of FS) in 2025, however, RTMP is seeking to implement a 3 year extension to January 2028. Rio Tinto received the Mining Concession in 2005, after BHP and Cambior had returned the leases to the Peruvian Government. Numerous studies up to PFS occurred between 2005-2015. In 2015 the project was handed over to RTX and returned to Conceptual Study status. In 2017 the project was placed on care and maintenance while commercial options and closure and exit were evaluated by Rio Tinto. This is an exploration site. Open pit is envisaged for exploitation if the business case is positive. Porphyry and associated skarn deposits with high grade breccias. Copper with minor silver, and molybdenum. A Pre-Feasibility Study (PFS) for a Starter Case mining 15 Mt of ore per annum, with dump leach processing only, and an Order of Magnitude (OoM) study for Large Case of approximately 160 Mt of ore per annum, with mill and concentrator as well as dump leaching was completed in 2013. Currently on local grid for exploration activities (incl camp) with back up generators. An upgraded power link would be required for development of the asset.

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Annual Report on Form 20-F 2022 \| riotinto.com320 Group mines as at 31 December 2022 Copper continued Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Simandou, Blocks 3 & 4 45.05% Rio Tinto; 39.95% CIOH (Chinalco, Baowu, CCC Group, CRC Group);15% GoG Rio Tinto The Simandou South Mining Concession is located ~550 km east-southeast of Conakry in the Republic of Guinea Approximately 850 km of sealed and unsealed roads; charter flights from Conakry to Beyla airstrip well maintained, unsealed road 40km to site. Simandou South Mining Concession was ratified by the Guinea Government on 26 May 2014. 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 Guinean Mining Code. The concession covers an acreage of 369 km2 area. In addition to the Concession, Simfer is a party to the Amended and Consolidated Basic Convention entered into with the Republic of Guinea, dated 26 May 2014. The Amended and Consolidated Basic Convention establishes the legal regime for the project and sets out Simfer's key legal rights and protections. The Simandou mine SEIA was approved in 2012 and has since been maintained in accordance with applicable law. Simfer submitted a BFS to the State in 2016, with efforts since 2020 focused on optimising the project's technical solution. Since March 2022, Simfer has been pursuing negotiations with the State and Winning Consortium Simandou (owner of blocks 1&2) to establish a joint venture to co-develop the rail and port infrastructure for the Simandou South Mine and the Simandou North Mine. Open pit Supergene-enriched itabirite hosted iron ore deposits. The deposits are part of a supracrustal belt with the BIF proto-ore likely deposited in a shallow marine setting within a forearc basin. The age of deposition is considered to be between 2.7 Ga and 2.2 Ga. Current plans are for the run-of-mine ore to be coarsely crushed at the Ouéléba mine site at a maximum rate of 60 Mtpa phase 1 capacity to P100 of -100 mm through two identical primary and secondary crushing stations in a staged arrangement. The coarsely crushed ore will then be conveyed to the mine stockyard. The ore will be reclaimed from the stockpiles and conveyed to the train load-out facility for loading into trains which transport materials to the port facility where it will be shipped by bulk carrier to several ports in China. Other major facilities that will support the operations include power generation, explosives facilities, fuel and lubricants facilities, administration buildings, workshops and permanent village. Current designs contemplate that power for the mine site and other areas will be supplied by a hybrid power plant consisting of diesel generators and solar generation powered fuel station. Further, there is a plan to connect the facility to the power grid local operator Électricité de Guinée as well. This will require an approx. 20 km connection line to the main grid once it is available and would substantially reduce energy costs and fuel consumption. Minerals Production properties Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Rio Tinto Borates – Boron 100% Rio Tinto Rio Tinto Boron, California, Kern County, United States Road and rail Land holdings include 13,493 acres (owned including mineral rights) for the mining operation, plant infrastructure, and tailings storage facility. Boron Operation currently has all State and Federal environmental and operational permits in place to continue the mining and processing operation. Regular updates to permits are ongoing. Deposit discovered in 1906, underground mining operations began in 1925, 3 underground mining operations were consolidated and the mining method switched to open pit mining in 1956. Assets were acquired by Rio Tinto in 1967. Open pit Sedimentary sequence of tincal and kernite containing interbedded claystone enveloped by facies consisting of ulexite and colemanite bearing claystone, and barren claystone. Boron Operation consists of the open pit mine, an ore crushing and conveying system, 2 process plants (Primary Process and Boric Acid Plant), Shipping facility, and tailings storage facilities. On-site co-generation units and local power grid. Rio Tinto Iron and Titanium (RTIT) Quebec Operations – Lac Tio 100% Rio Tinto Rio Tinto Havre-Saint-Pierre, Province of Quebec, Canada Rail, road and port (St Lawrence River) A total of 6,534 hectares of licences including two mining concessions of total 609ha, granted by Province of Quebec in 1949 and 1951 which, subject to certain Mining Act restrictions, confer rights and obligations of an owner. The property is held under Quebec provincial government mining concession permits (Concession minière No 368 and 381). Each is of one year duration renewable as long as the mine is in operation. Rio Tinto Iron and Titanium (RTIT) Quebec Operations – Lac Tio have also a number of claims (exclusive exploration permits) covering ilmenite occurrences in the region of the mine. These claims are renewable every 2 years. Production started 1950; interest acquired in 1989. Open pit Magmatic intrusion. Lac Tio has a crushing facility, dedicated railway, stockpile at the train terminal, ship loader, office buildings at the mine and at the terminal and waste dumps. Supplied by Hydro Quebec at regulated tariff. QIT Madagascar Minerals (QMM) QIT Madagascar Minerals is 80% owned by Rio Tinto and 20% owned by the Government of Madagascar. Rio Tinto Fort-Dauphin, Madagascar Road and port Mining lease covering 56,200 hectares, granted by central government. The permit has a validity of 30 years as of 12 December 1996. Additional renewal for 10-years each period are granted at QMM's request. An annual fee is payable to government authorities following notification at the beginning of January. Exploration project started in 1986; construction approved 2005. Ilmenite and zirsil production started 2008. QMM intends to extract ilmenite and zirsil from heavy mineral sands over an area of about 6,000 hectares along the coast over the next 40 years. Mineral sand dredging Coastal mineralised sands. QMM has an operating Dredge, Dry Mine Unit, Heavy Mineral Concentrator, Mineral Separation Plant, Port and bulk loading facilities. On-site heavy fuel oil generators; wind and solar project agreements with IPP are expected to take the asset to 50% RE by 2024. Mines and production facilities continued

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321Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Copper continued Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Simandou, Blocks 3 & 4 45.05% Rio Tinto; 39.95% CIOH (Chinalco, Baowu, CCC Group, CRC Group);15% GoG Rio Tinto The Simandou South Mining Concession is located ~550 km east-southeast of Conakry in the Republic of Guinea Approximately 850 km of sealed and unsealed roads; charter flights from Conakry to Beyla airstrip well maintained, unsealed road 40km to site. Simandou South Mining Concession was ratified by the Guinea Government on 26 May 2014. 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 Guinean Mining Code. The concession covers an acreage of 369 km2 area. In addition to the Concession, Simfer is a party to the Amended and Consolidated Basic Convention entered into with the Republic of Guinea, dated 26 May 2014. The Amended and Consolidated Basic Convention establishes the legal regime for the project and sets out Simfer's key legal rights and protections. The Simandou mine SEIA was approved in 2012 and has since been maintained in accordance with applicable law. Simfer submitted a BFS to the State in 2016, with efforts since 2020 focused on optimising the project's technical solution. Since March 2022, Simfer has been pursuing negotiations with the State and Winning Consortium Simandou (owner of blocks 1&2) to establish a joint venture to co-develop the rail and port infrastructure for the Simandou South Mine and the Simandou North Mine. Open pit Supergene-enriched itabirite hosted iron ore deposits. The deposits are part of a supracrustal belt with the BIF proto-ore likely deposited in a shallow marine setting within a forearc basin. The age of deposition is considered to be between 2.7 Ga and 2.2 Ga. Current plans are for the run-of-mine ore to be coarsely crushed at the Ouéléba mine site at a maximum rate of 60 Mtpa phase 1 capacity to P100 of -100 mm through two identical primary and secondary crushing stations in a staged arrangement. The coarsely crushed ore will then be conveyed to the mine stockyard. The ore will be reclaimed from the stockpiles and conveyed to the train load-out facility for loading into trains which transport materials to the port facility where it will be shipped by bulk carrier to several ports in China. Other major facilities that will support the operations include power generation, explosives facilities, fuel and lubricants facilities, administration buildings, workshops and permanent village. Current designs contemplate that power for the mine site and other areas will be supplied by a hybrid power plant consisting of diesel generators and solar generation powered fuel station. Further, there is a plan to connect the facility to the power grid local operator Électricité de Guinée as well. This will require an approx. 20 km connection line to the main grid once it is available and would substantially reduce energy costs and fuel consumption. Minerals Production properties Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Rio Tinto Borates – Boron 100% Rio Tinto Rio Tinto Boron, California, Kern County, United States Road and rail Land holdings include 13,493 acres (owned including mineral rights) for the mining operation, plant infrastructure, and tailings storage facility. Boron Operation currently has all State and Federal environmental and operational permits in place to continue the mining and processing operation. Regular updates to permits are ongoing. Deposit discovered in 1906, underground mining operations began in 1925, 3 underground mining operations were consolidated and the mining method switched to open pit mining in 1956. Assets were acquired by Rio Tinto in 1967. Open pit Sedimentary sequence of tincal and kernite containing interbedded claystone enveloped by facies consisting of ulexite and colemanite bearing claystone, and barren claystone. Boron Operation consists of the open pit mine, an ore crushing and conveying system, 2 process plants (Primary Process and Boric Acid Plant), Shipping facility, and tailings storage facilities. On-site co-generation units and local power grid. Rio Tinto Iron and Titanium (RTIT) Quebec Operations – Lac Tio 100% Rio Tinto Rio Tinto Havre-Saint-Pierre, Province of Quebec, Canada Rail, road and port (St Lawrence River) A total of 6,534 hectares of licences including two mining concessions of total 609ha, granted by Province of Quebec in 1949 and 1951 which, subject to certain Mining Act restrictions, confer rights and obligations of an owner. The property is held under Quebec provincial government mining concession permits (Concession minière No 368 and 381). Each is of one year duration renewable as long as the mine is in operation. Rio Tinto Iron and Titanium (RTIT) Quebec Operations – Lac Tio have also a number of claims (exclusive exploration permits) covering ilmenite occurrences in the region of the mine. These claims are renewable every 2 years. Production started 1950; interest acquired in 1989. Open pit Magmatic intrusion. Lac Tio has a crushing facility, dedicated railway, stockpile at the train terminal, ship loader, office buildings at the mine and at the terminal and waste dumps. Supplied by Hydro Quebec at regulated tariff. QIT Madagascar Minerals (QMM) QIT Madagascar Minerals is 80% owned by Rio Tinto and 20% owned by the Government of Madagascar. Rio Tinto Fort-Dauphin, Madagascar Road and port Mining lease covering 56,200 hectares, granted by central government. The permit has a validity of 30 years as of 12 December 1996. Additional renewal for 10-years each period are granted at QMM's request. An annual fee is payable to government authorities following notification at the beginning of January. Exploration project started in 1986; construction approved 2005. Ilmenite and zirsil production started 2008. QMM intends to extract ilmenite and zirsil from heavy mineral sands over an area of about 6,000 hectares along the coast over the next 40 years. Mineral sand dredging Coastal mineralised sands. QMM has an operating Dredge, Dry Mine Unit, Heavy Mineral Concentrator, Mineral Separation Plant, Port and bulk loading facilities. On-site heavy fuel oil generators; wind and solar project agreements with IPP are expected to take the asset to 50% RE by 2024.

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Annual Report on Form 20-F 2022 \| riotinto.com322 Group mines as at 31 December 2022 Minerals continued Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Richards Bay Minerals (Richards Bay Mining (Pty) Limited and Richards Bay Titanium (Pty) Limited) RBM is a joint venture between Rio Tinto (74%) and Blue Horizon – a consortium of investors and our Host Communities Mbonambi, Sokhulu, Mkhwanazi and Dube – which own 24%. The remaining shares are held in an employee trust. Rio Tinto Richards Bay, KwaZulu-Natal, South Africa Rail, road and port Mineral rights for Reserve 4 and Reserve 10 issued by South African State and converted to new order mining rights from 9 May 2012. Mining rights run until 8 May 2041 and covers 11,645 hectares including mined Tisand area. RBM operates in three lease areas, Tisand, Zulti North and Zulti South, by means of a notarial deed. Tisand (which contains the stockpiled tails) and Zulti North leases are held by Richards Bay Mining (Pty) Ltd. 26% of RBM is owned by a consortium of local communities and businesses (24%) and RBM employees (2%), in line with South Africa's Broad-Based Black Economic Empowerment legislation. Production started 1977; initial interest acquired 1989. Fifth mining plant commissioned in 2000. One mining plant decommissioned in 2008. In September 2012, Rio Tinto doubled its holding in Richards Bay Minerals to 74% following the acquisition of BHP Billiton's entire interests. Mineral sand dredging Coastal mineralised sands RBM manages and operates several dredges, dry mining units, heavy mineral concentrators and a mineral separation plant. RBM also has a smelter with furnaces to produce titania slag, pig iron in addition to rutile and zircon. Contract with ESKOM. Iron Ore Company of Canada (IOC) IOC is a joint venture between Rio Tinto (58.7%), Mitsubishi (26.2%) and the Labrador Iron Ore Royalty Income Corporation (15.1%). Rio Tinto Labrador City, Province of Newfoundland and Labrador, Canada Railway and port facilities in Sept-Îles, Quebec (owned and operated by IOC) Public highway Airport Mining leases, surface rights and a tailings disposal licence are held by the Labrador Iron Ore Royalty Company (LIORC) under the Labrador Mining and Exploration Act. LIORC subleases these rights to IOC. The mining leases cover 10,356 hectares, the surface rights cover 8,805 hectares and the tailings licence covers 2,784 hectares. These subleased rights are valid until 2050. IOC also directly holds three small mining leases, but none produce saleable products. In addition to the above rights, IOC also holds a number of mineral licences, either directly or under sublease from LIORC. IOC holds numerous existing and valid Newfoundland and Labrador permits including: TMP Release, Tailings Disposal License, Approval for Asbestos Disposal Site at Main landfill Facility, Mill license, PCB Storage Facility, Landfill, Water withdrawal and use of bodies of water, Dewatering & Excavation of Maggie Lake, Infilling of Carol Lake Lagoon and unnamed water body, Sewage System/ Water Supply for Crusher Building. IOC also holds Federal Permits including: Fish Habitat Compensation Agreement, Tailings Management Plan and dewatering. Interest acquired in 2000 through acquisition of North Ltd. Current operation began in 1962 and has processed over one billion tonnes of crude ore. Annual capacity 23 Mt of concentrate of which 12 to 13 Mt can be pelletised. Open pit Oxide iron (specular hematite and magnetite) Concentrator (gravity and magnetic separation circuits), Pellet plant, Warehouses, Workshops, Heating plant, Ore delivery system (crusher/ conveyor and automated train system) Explosives plant, Train loadout facilities, Rail line (Labrador City to Sept-Îles), Stockyards, Shiploaders Supplied by Newfoundland and Labrador Hydro. Diavik 100% owned by Diavik Diamond Mines (2012) Inc. Diavik Diamond Mines (2012) Inc. is a Yellowknife-based Canadian subsidiary of Rio Tinto plc in London, UK Northwest Territories (NWT), Canada Air, ice road in winter Three mineral rights leases with a total acreage of 8,016 (3,244 hectares). Mining leases are issued by the NWT Government. One lease was renewed in 2017 and two leases were renewed in February 2018. The new leases will expire after 21 years. Our key permit conditions are local employment, procurement and benefit sharing commitments; environmental compliance and reporting; environmental security and closure and rehabilitation planning; and payment of taxes and government royalties. Deposits discovered in 1994-95. Construction approved in 2000. Diamond production started in 2003. Fourth pipe commenced production in 2018. Mine life through 2023-26. In November 2021, Rio Tinto became the sole owner of Diavik Diamond Mine. This followed the completion of a transaction for Rio Tinto's acquisition of the 40% share held by Dominion Diamond Mines in Diavik, following the Court of Queen's Bench of Alberta's approval. Open pit and underground operations (Blast-hole stoping and Sub-level Cave methods) Diamondiferous kimberlite deposit Includes processing plant and accommodation facilities onsite. On-site diesel generators; installed capacity 44MW and 9.2MW of wind capacity. Mines and production facilities continued

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323Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Minerals continued Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Richards Bay Minerals (Richards Bay Mining (Pty) Limited and Richards Bay Titanium (Pty) Limited) RBM is a joint venture between Rio Tinto (74%) and Blue Horizon – a consortium of investors and our Host Communities Mbonambi, Sokhulu, Mkhwanazi and Dube – which own 24%. The remaining shares are held in an employee trust. Rio Tinto Richards Bay, KwaZulu-Natal, South Africa Rail, road and port Mineral rights for Reserve 4 and Reserve 10 issued by South African State and converted to new order mining rights from 9 May 2012. Mining rights run until 8 May 2041 and covers 11,645 hectares including mined Tisand area. RBM operates in three lease areas, Tisand, Zulti North and Zulti South, by means of a notarial deed. Tisand (which contains the stockpiled tails) and Zulti North leases are held by Richards Bay Mining (Pty) Ltd. 26% of RBM is owned by a consortium of local communities and businesses (24%) and RBM employees (2%), in line with South Africa's Broad-Based Black Economic Empowerment legislation. Production started 1977; initial interest acquired 1989. Fifth mining plant commissioned in 2000. One mining plant decommissioned in 2008. In September 2012, Rio Tinto doubled its holding in Richards Bay Minerals to 74% following the acquisition of BHP Billiton's entire interests. Mineral sand dredging Coastal mineralised sands RBM manages and operates several dredges, dry mining units, heavy mineral concentrators and a mineral separation plant. RBM also has a smelter with furnaces to produce titania slag, pig iron in addition to rutile and zircon. Contract with ESKOM. Iron Ore Company of Canada (IOC) IOC is a joint venture between Rio Tinto (58.7%), Mitsubishi (26.2%) and the Labrador Iron Ore Royalty Income Corporation (15.1%). Rio Tinto Labrador City, Province of Newfoundland and Labrador, Canada Railway and port facilities in Sept-Îles, Quebec (owned and operated by IOC) Public highway Airport Mining leases, surface rights and a tailings disposal licence are held by the Labrador Iron Ore Royalty Company (LIORC) under the Labrador Mining and Exploration Act. LIORC subleases these rights to IOC. The mining leases cover 10,356 hectares, the surface rights cover 8,805 hectares and the tailings licence covers 2,784 hectares. These subleased rights are valid until 2050. IOC also directly holds three small mining leases, but none produce saleable products. In addition to the above rights, IOC also holds a number of mineral licences, either directly or under sublease from LIORC. IOC holds numerous existing and valid Newfoundland and Labrador permits including: TMP Release, Tailings Disposal License, Approval for Asbestos Disposal Site at Main landfill Facility, Mill license, PCB Storage Facility, Landfill, Water withdrawal and use of bodies of water, Dewatering & Excavation of Maggie Lake, Infilling of Carol Lake Lagoon and unnamed water body, Sewage System/ Water Supply for Crusher Building. IOC also holds Federal Permits including: Fish Habitat Compensation Agreement, Tailings Management Plan and dewatering. Interest acquired in 2000 through acquisition of North Ltd. Current operation began in 1962 and has processed over one billion tonnes of crude ore. Annual capacity 23 Mt of concentrate of which 12 to 13 Mt can be pelletised. Open pit Oxide iron (specular hematite and magnetite) Concentrator (gravity and magnetic separation circuits), Pellet plant, Warehouses, Workshops, Heating plant, Ore delivery system (crusher/ conveyor and automated train system) Explosives plant, Train loadout facilities, Rail line (Labrador City to Sept-Îles), Stockyards, Shiploaders Supplied by Newfoundland and Labrador Hydro. Diavik 100% owned by Diavik Diamond Mines (2012) Inc. Diavik Diamond Mines (2012) Inc. is a Yellowknife-based Canadian subsidiary of Rio Tinto plc in London, UK Northwest Territories (NWT), Canada Air, ice road in winter Three mineral rights leases with a total acreage of 8,016 (3,244 hectares). Mining leases are issued by the NWT Government. One lease was renewed in 2017 and two leases were renewed in February 2018. The new leases will expire after 21 years. Our key permit conditions are local employment, procurement and benefit sharing commitments; environmental compliance and reporting; environmental security and closure and rehabilitation planning; and payment of taxes and government royalties. Deposits discovered in 1994-95. Construction approved in 2000. Diamond production started in 2003. Fourth pipe commenced production in 2018. Mine life through 2023-26. In November 2021, Rio Tinto became the sole owner of Diavik Diamond Mine. This followed the completion of a transaction for Rio Tinto's acquisition of the 40% share held by Dominion Diamond Mines in Diavik, following the Court of Queen's Bench of Alberta's approval. Open pit and underground operations (Blast-hole stoping and Sub-level Cave methods) Diamondiferous kimberlite deposit Includes processing plant and accommodation facilities onsite. On-site diesel generators; installed capacity 44MW and 9.2MW of wind capacity.

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Annual Report on Form 20-F 2022 \| riotinto.com324 Group mines as at 31 December 2022 Minerals continued Projects Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Rincon 100% Rio Tinto Rio Tinto Rincon Salar, Salta, Argentina Road Two separate mineral leases for a total of 82,905 hectares, the largest one being the Grupo Minero Proyecto Rincon with 80,032 hectares. Mining concessions are issued by the Provincial Mining Court and have lifelong exploitation rights. Key permit conditions are environmental compliance and reporting, including independent authorisations for industrial water and brine extraction, spent brine disposal facilities, processing plant and ancillary infrastructure. Rincon Salar was initially explored by Admiralty Resources NL, who acquired mining leases covering approximately 85% of the Salar in 2001. Admiralty demerged the project into a separate ASX listed entity called Rincon Lithium Ltd in October 2007, and sold the company to the private equity group Sentient Equity Partners in December 2008. The project was under evaluation by Sentient until the sale of the property to Rio Tinto in March 2022. Mining will comprise brine extracted from a production wellfield and fed to a central processing facility for lithium recovery. Lithium mineralisation occurs as a brine within a sedimentary sequence in a mature salar, composed of halite, volcaniclastic sand and variable amounts of clay / sand. The brine is hosted in two separate aquifers: an upper unconfined fracturated halitic aquifer and a lower semi-confined aquifer composed mainly of volcaniclastic sand. The project includes a wellfield for brine extraction and a chemical plant for the production of lithium carbonate, a spent brine disposal facility, wellfield for the extraction of process water and water pre-treatment equipment, camp and office buildings, warehouses and loading / unloading facilities. Connected to the national electric grid with access to power from nearby solar farms. Option for the construction of a solar farm under agreement with a 3rd party on a build / own / opearte model under consideration. Jadar 100% Rio Tinto Rio Tinto Loznica town, Serbia Road and rail The last extension of the Jadar exploration licence expired on 14 February 2020, with no legal basis for further extension of its term. During the Feasibility Study the Project has completed the Elaborate on Resources and Reserves (declaration based on Serbian law), obtained the Certificate on Resources and Reserves on 6 January 2021 and has submitted the request for exploitation field licence (with Serbian Feasibility Study being one of the supporting documents to this request). In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project and required all related permits to be revoked. The project is governed by two main pieces of Serbian legislation: Mining Law is administered by the Ministry of Mining and Energy (MME) and Planning and Construction Law is administered by the Ministry of Construction, Transportation and Infrastructure (MCTI). The permitting process base case foresees the following: – Mine, beneficiation plant and mine surface facilities are subject to the permitting procedure of MME. – Processing plant, industrial waste landfill and infrastructure (rail, roads, power and water pipelines) are subject to the unified permitting procedure under MCTI. The Jadar deposit was discovered in 2004 by Rio Tinto Exploration geologists during a regional exploration program for borates in the Balkans. The deposit is in its majority composed of a mineral new to science named Jadarite with high concentrations of lithium and boron. Resource definition and processing workflow development and testing were conducted for over a decade. The Pre-feasibility Study (PFS) completed in July 2020 has shown that the Jadar project has the potential to produce both battery grade lithium carbonate and boric acid. In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project and required all related permits to be revoked. Underground mine Jadarite mineralisation is present in three broad zones containing stratiform lenses of variable thickness. These units are hosted in a much thicker gently dipping sequence mainly composed of fine-grained sediments affected by syn and post depositional faulting. The planned site layout includes a concentrator to beneficiate the primary ore, a chemical plant to produce boric acid and lithium carbonate, paste plant, water and waste treatment plants, surface waste storage (dry stack), railroad spur and warehouses for product storage and loading / unloading, and office buildings. Connected to the national electric grid. Electricity planned to be sourced from nearby hydroelectrical power plant. Mines and production facilities continued

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325Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Minerals continued Projects Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source Rincon 100% Rio Tinto Rio Tinto Rincon Salar, Salta, Argentina Road Two separate mineral leases for a total of 82,905 hectares, the largest one being the Grupo Minero Proyecto Rincon with 80,032 hectares. Mining concessions are issued by the Provincial Mining Court and have lifelong exploitation rights. Key permit conditions are environmental compliance and reporting, including independent authorisations for industrial water and brine extraction, spent brine disposal facilities, processing plant and ancillary infrastructure. Rincon Salar was initially explored by Admiralty Resources NL, who acquired mining leases covering approximately 85% of the Salar in 2001. Admiralty demerged the project into a separate ASX listed entity called Rincon Lithium Ltd in October 2007, and sold the company to the private equity group Sentient Equity Partners in December 2008. The project was under evaluation by Sentient until the sale of the property to Rio Tinto in March 2022. Mining will comprise brine extracted from a production wellfield and fed to a central processing facility for lithium recovery. Lithium mineralisation occurs as a brine within a sedimentary sequence in a mature salar, composed of halite, volcaniclastic sand and variable amounts of clay / sand. The brine is hosted in two separate aquifers: an upper unconfined fracturated halitic aquifer and a lower semi-confined aquifer composed mainly of volcaniclastic sand. The project includes a wellfield for brine extraction and a chemical plant for the production of lithium carbonate, a spent brine disposal facility, wellfield for the extraction of process water and water pre-treatment equipment, camp and office buildings, warehouses and loading / unloading facilities. Connected to the national electric grid with access to power from nearby solar farms. Option for the construction of a solar farm under agreement with a 3rd party on a build / own / opearte model under consideration. Jadar 100% Rio Tinto Rio Tinto Loznica town, Serbia Road and rail The last extension of the Jadar exploration licence expired on 14 February 2020, with no legal basis for further extension of its term. During the Feasibility Study the Project has completed the Elaborate on Resources and Reserves (declaration based on Serbian law), obtained the Certificate on Resources and Reserves on 6 January 2021 and has submitted the request for exploitation field licence (with Serbian Feasibility Study being one of the supporting documents to this request). In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project and required all related permits to be revoked. The project is governed by two main pieces of Serbian legislation: Mining Law is administered by the Ministry of Mining and Energy (MME) and Planning and Construction Law is administered by the Ministry of Construction, Transportation and Infrastructure (MCTI). The permitting process base case foresees the following: – Mine, beneficiation plant and mine surface facilities are subject to the permitting procedure of MME. – Processing plant, industrial waste landfill and infrastructure (rail, roads, power and water pipelines) are subject to the unified permitting procedure under MCTI. The Jadar deposit was discovered in 2004 by Rio Tinto Exploration geologists during a regional exploration program for borates in the Balkans. The deposit is in its majority composed of a mineral new to science named Jadarite with high concentrations of lithium and boron. Resource definition and processing workflow development and testing were conducted for over a decade. The Pre-feasibility Study (PFS) completed in July 2020 has shown that the Jadar project has the potential to produce both battery grade lithium carbonate and boric acid. In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project and required all related permits to be revoked. Underground mine Jadarite mineralisation is present in three broad zones containing stratiform lenses of variable thickness. These units are hosted in a much thicker gently dipping sequence mainly composed of fine-grained sediments affected by syn and post depositional faulting. The planned site layout includes a concentrator to beneficiate the primary ore, a chemical plant to produce boric acid and lithium carbonate, paste plant, water and waste treatment plants, surface waste storage (dry stack), railroad spur and warehouses for product storage and loading / unloading, and office buildings. Connected to the national electric grid. Electricity planned to be sourced from nearby hydroelectrical power plant.

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Annual Report on Form 20-F 2022 \| riotinto.com326 Group mines as at 31 December 2022 Aluminium Production properties Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source CBG Sangaredi Rio Tinto Group 22.95%, Guinean Government 49%, Alcoa 22.95%, Dadco Investments Limited 5.1% La Compagnie des Bauxites de Guinée Sangaredi, Guinea Road, air and port. Sangaredi-Kamsar railway (leasing rail infrastructure from ANAIM, wholly-owned by Government of Guinea). Mining concession expires in 2040. Leases comprise 2,939 km2. The obligations of CBG relative to health and safety of workers and to the environment and to the rehabilitation of mined out areas are subject to the Mining Code (2011) and Environmental Code of the Republic of Guinea. CBG is a JV created in 1963 and is registered in US (Delaware). Bauxite mining commenced in 1973. Shareholders are 51% Halco and 49% Government of Guinea. Rio Tinto holds a 45% interest in Halco. Expansion of the CBG bauxite mine, processing plant, port facility and associated infrastructure is currently near completion with ramp up to 18.5 Mtpa underway. In 2015, CBG entered into an agreement to share the rail infrastructure in Multi-User Operation Agreement (MUOA) with other bauxite companies, GAC (EGA) and COBAD (RUSAL). Open cut Bauxite The Sangaredi site is an open cut mine including the following operations: stripping, drilling, blasting, loading, hauling. Then, the bauxite is transported by railway cars approximately 135 km away from Sangaredi to Kamsar. In Kamsar, the installations include the following assets: locomotive repair shop, railway cars unloader, primary crusher, secondary crusher, scrubbers, conveyors, stacker, reclaimer, bauxite dryers, dry bauxite storage, bauxite sampling tower, power house, wharf, ship loader, etc. The crushing plant is used only to reduce oversize material – no screening required. Four bauxite dryers are installed in order to reduce the moisture content of the bauxite before shipping. On-site generation (fuel oil). Gove 100% Rio Tinto Rio Tinto through Rio Tinto Alumina Gove P/L Gove, Northern Territory, Australia Road, air and port All leases were renewed in 2011 for a further period of 42 years. The residue disposal area is leased from the Arnhem Land Aboriginal Land Trust. The Northern Territory government is the lessor of the balance of the leases; however, on expiry of the 42-year renewed term, the land subject to the balances of the leases will all vest to the Arnhem Land Aboriginal Land Trust. Leases comprise 233.5 km2. Key permit conditions are prescribed by the Northern Territory Government in the form of a Mine Management Plan (MMP). The current MMP runs for a period of 12 years, until 2031, and authorises all activities at the operation. Lease payments are prescribed by the terms of the relevant leases. Bauxite mining commenced in 1970, feeding both the Gove refinery and export market, capped at two million tonnes per annum. Bauxite export ceased in 2006 with feed intended for the expanded Gove refinery. Bauxite exports recommenced in 2008 and will increase in the coming years following the curtailment of the refinery production in 2014 and permanent shut decision made by the Board of Rio Tinto in October 2017. Current annual production capacity is 12.5 Mt on a dry basis Open cut Bauxite Crushing plant only to reduce oversize material – no screening required. On-site diesel fired power station. Mines and production facilities continued

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327Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Aluminium Production properties Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source CBG Sangaredi Rio Tinto Group 22.95%, Guinean Government 49%, Alcoa 22.95%, Dadco Investments Limited 5.1% La Compagnie des Bauxites de Guinée Sangaredi, Guinea Road, air and port. Sangaredi-Kamsar railway (leasing rail infrastructure from ANAIM, wholly-owned by Government of Guinea). Mining concession expires in 2040. Leases comprise 2,939 km2. The obligations of CBG relative to health and safety of workers and to the environment and to the rehabilitation of mined out areas are subject to the Mining Code (2011) and Environmental Code of the Republic of Guinea. CBG is a JV created in 1963 and is registered in US (Delaware). Bauxite mining commenced in 1973. Shareholders are 51% Halco and 49% Government of Guinea. Rio Tinto holds a 45% interest in Halco. Expansion of the CBG bauxite mine, processing plant, port facility and associated infrastructure is currently near completion with ramp up to 18.5 Mtpa underway. In 2015, CBG entered into an agreement to share the rail infrastructure in Multi-User Operation Agreement (MUOA) with other bauxite companies, GAC (EGA) and COBAD (RUSAL). Open cut Bauxite The Sangaredi site is an open cut mine including the following operations: stripping, drilling, blasting, loading, hauling. Then, the bauxite is transported by railway cars approximately 135 km away from Sangaredi to Kamsar. In Kamsar, the installations include the following assets: locomotive repair shop, railway cars unloader, primary crusher, secondary crusher, scrubbers, conveyors, stacker, reclaimer, bauxite dryers, dry bauxite storage, bauxite sampling tower, power house, wharf, ship loader, etc. The crushing plant is used only to reduce oversize material – no screening required. Four bauxite dryers are installed in order to reduce the moisture content of the bauxite before shipping. On-site generation (fuel oil). Gove 100% Rio Tinto Rio Tinto through Rio Tinto Alumina Gove P/L Gove, Northern Territory, Australia Road, air and port All leases were renewed in 2011 for a further period of 42 years. The residue disposal area is leased from the Arnhem Land Aboriginal Land Trust. The Northern Territory government is the lessor of the balance of the leases; however, on expiry of the 42-year renewed term, the land subject to the balances of the leases will all vest to the Arnhem Land Aboriginal Land Trust. Leases comprise 233.5 km2. Key permit conditions are prescribed by the Northern Territory Government in the form of a Mine Management Plan (MMP). The current MMP runs for a period of 12 years, until 2031, and authorises all activities at the operation. Lease payments are prescribed by the terms of the relevant leases. Bauxite mining commenced in 1970, feeding both the Gove refinery and export market, capped at two million tonnes per annum. Bauxite export ceased in 2006 with feed intended for the expanded Gove refinery. Bauxite exports recommenced in 2008 and will increase in the coming years following the curtailment of the refinery production in 2014 and permanent shut decision made by the Board of Rio Tinto in October 2017. Current annual production capacity is 12.5 Mt on a dry basis Open cut Bauxite Crushing plant only to reduce oversize material – no screening required. On-site diesel fired power station.

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Annual Report on Form 20-F 2022 \| riotinto.com328 Group mines as at 31 December 2022 Aluminium continued Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source MRN Porto Trombetas MRN's shareholders are: Rio Tinto (12%), Vale (40%), Hydro (5%), South32 (33%)\* and CBA (Companhia Brasileira de Alumínio 10%). MRN is a non-managed JV. All decisions are approved by shareholders BoD Porto Trombetas, Para, Brazil Air or port Mining concession granted by Brazilian Mining Agency (ANM), following the Brazilian mining code with no expiration date. The current 44 MRN mining leases cover 22 major plateaus, which spread across 143,000 hectares and all of them have the status of a mining concession. With the exception of concessions from Amazonas State, the MRN mining leases are within the Saracá-Taquera National Forest, a preservation environmental area. However, the right of mining is preserved initially by the Federal law which created the National Forest (that is subsequent to mining concessions), as well by the management plan, which acknowledges a formal mining zone within the confines of the National Forest. Environmental licensing is granted by Brazilian Environmental Agency (IBAMA) up to 2026 for East Zone. For West Zone it will require new licensing from 2027 to 2041. Mineral extraction commenced in 1979. Initial production capacity was 3.4 Mtpa. From 2003, production capacity went up to 16 Mtpa on a dry basis. and in 2008, up to 18 Mtpa. Due to market and tailings facilities restrictions, the planned production is 12 Mtpa on dry basis (up to 2027). and from 2027 to 2040 is 12.5 Mtpa on a dry basis. The deposit has two mine planning sequences: East Zone (1979 - 2027) and West Zone Phase 1 (2027 - 2040). Open cut Consists of a series of bauxite tabular deposits. The beneficiation process is formed by a primary crusher, conveyors, scrubbers, secondary crushers, screenings, hydrocyclones and vacuum filters. The superfines tailings are pumped to a tailing system facility. On-site generation fuel (oil + diesel). Weipa/Ely 100% Rio Tinto Rio Tinto through Rio Tinto Alumina Weipa P/L Weipa, Queensland, Australia Road, air and port The Queensland Government Comalco (ML7024) lease expires in 2042 with an option of a 21-year extension, then two years' notice of termination; the Queensland Government Alcan lease (ML7031) expires in 2048 with a 21-year right of renewal with a two-year notice period. Leases comprise 2,716.9 km2 (ML7024 = 1340.8 km2; ML7031 = 1376.1 km2). This property with the associated 2 leases, includes the deposits known as Andoom, East Weipa, Amrun, Norman Creek and North of Weipa. The respective leases are subject to the Comalco Agreement Act (Comalco Agreement) and Alcan Agreement Act (Alcan Agreement); the relevant State Agreements for the Weipa operations. Key permit conditions are prescribed by the Queensland Government in the relevant Environmental Authority applicable to each lease (ML7024 and ML7031, respectively). Lease payments are subject to the terms of the leases and the respective State Agreements. Bauxite mining commenced in 1961 at Weipa. Major upgrade completed in 1998. Rio Tinto interest increased from 72.4% to 100% in 2000. In 1997, Ely Bauxite Mining Project Agreement signed with local Aboriginal land owners. Bauxite Mining and Exchange Agreement signed in 1998 with Comalco to allow for extraction of ore at Ely. The Western Cape Communities Co-Existence Agreement, an Indigenous Land Use Agreement, was signed in 2001. Following the ramp up to full production of Amrun the current annual production of the Weipa mine is 35.5 million tonnes. Open cut Bauxite Andoom, East Weipa and Amrun – wet crushing and screening plants to remove ultra fine proportion. On-site generation (diesel) supplemented by a solar generation facility. \* On May 2, 2022 South32 Ltd. completed the acquisition of an additional 18.2% interest from Alcoa Corporation taking its ownership to 33%. Mines and production facilities continued

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329Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group mines as at 31 December 2022 Aluminium continued Property Ownership Operator Location Access and Infrastructure Title/lease/acreage Key permit conditions History Property description / type of mine Type of mineralisation Processing plants and other available facilities Power source MRN Porto Trombetas MRN's shareholders are: Rio Tinto (12%), Vale (40%), Hydro (5%), South32 (33%)\* and CBA (Companhia Brasileira de Alumínio 10%). MRN is a non-managed JV. All decisions are approved by shareholders BoD Porto Trombetas, Para, Brazil Air or port Mining concession granted by Brazilian Mining Agency (ANM), following the Brazilian mining code with no expiration date. The current 44 MRN mining leases cover 22 major plateaus, which spread across 143,000 hectares and all of them have the status of a mining concession. With the exception of concessions from Amazonas State, the MRN mining leases are within the Saracá-Taquera National Forest, a preservation environmental area. However, the right of mining is preserved initially by the Federal law which created the National Forest (that is subsequent to mining concessions), as well by the management plan, which acknowledges a formal mining zone within the confines of the National Forest. Environmental licensing is granted by Brazilian Environmental Agency (IBAMA) up to 2026 for East Zone. For West Zone it will require new licensing from 2027 to 2041. Mineral extraction commenced in 1979. Initial production capacity was 3.4 Mtpa. From 2003, production capacity went up to 16 Mtpa on a dry basis. and in 2008, up to 18 Mtpa. Due to market and tailings facilities restrictions, the planned production is 12 Mtpa on dry basis (up to 2027). and from 2027 to 2040 is 12.5 Mtpa on a dry basis. The deposit has two mine planning sequences: East Zone (1979 - 2027) and West Zone Phase 1 (2027 - 2040). Open cut Consists of a series of bauxite tabular deposits. The beneficiation process is formed by a primary crusher, conveyors, scrubbers, secondary crushers, screenings, hydrocyclones and vacuum filters. The superfines tailings are pumped to a tailing system facility. On-site generation fuel (oil + diesel). Weipa/Ely 100% Rio Tinto Rio Tinto through Rio Tinto Alumina Weipa P/L Weipa, Queensland, Australia Road, air and port The Queensland Government Comalco (ML7024) lease expires in 2042 with an option of a 21-year extension, then two years' notice of termination; the Queensland Government Alcan lease (ML7031) expires in 2048 with a 21-year right of renewal with a two-year notice period. Leases comprise 2,716.9 km2 (ML7024 = 1340.8 km2; ML7031 = 1376.1 km2). This property with the associated 2 leases, includes the deposits known as Andoom, East Weipa, Amrun, Norman Creek and North of Weipa. The respective leases are subject to the Comalco Agreement Act (Comalco Agreement) and Alcan Agreement Act (Alcan Agreement); the relevant State Agreements for the Weipa operations. Key permit conditions are prescribed by the Queensland Government in the relevant Environmental Authority applicable to each lease (ML7024 and ML7031, respectively). Lease payments are subject to the terms of the leases and the respective State Agreements. Bauxite mining commenced in 1961 at Weipa. Major upgrade completed in 1998. Rio Tinto interest increased from 72.4% to 100% in 2000. In 1997, Ely Bauxite Mining Project Agreement signed with local Aboriginal land owners. Bauxite Mining and Exchange Agreement signed in 1998 with Comalco to allow for extraction of ore at Ely. The Western Cape Communities Co-Existence Agreement, an Indigenous Land Use Agreement, was signed in 2001. Following the ramp up to full production of Amrun the current annual production of the Weipa mine is 35.5 million tonnes. Open cut Bauxite Andoom, East Weipa and Amrun – wet crushing and screening plants to remove ultra fine proportion. On-site generation (diesel) supplemented by a solar generation facility. \* On May 2, 2022 South32 Ltd. completed the acquisition of an additional 18.2% interest from Alcoa Corporation taking its ownership to 33%.

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Annual Report on Form 20-F 2022 \| riotinto.com330 Group smelters and refineries (Rio Tinto's interest 100% unless otherwise shown) Smelter/refinery Location Title/lease Plant type / Product Capacity (based on 100% ownership) Aluminium Alma Alma, Quebec, Canada 100% freehold Aluminium smelter producing aluminium rod, t-foundry, molten metal, high purity, remelt 473,000 tonnes per year aluminium Alouette (40%) Sept-Îles, Quebec, Canada 100% freehold Aluminium smelter producing aluminium high purity, remelt 627,000 tonnes per year aluminium Arvida Saguenay, Quebec, Canada 100% freehold Aluminium smelter producing aluminium billet, molten metal, remelt 174,000 tonnes per year aluminium Arvida AP60 Saguenay, Quebec, Canada 100% freehold Aluminium smelter producing aluminium high purity, remelt 60,000 tonnes per year aluminium Bécancour (25.1%) Bécancour, Quebec, Canada 100% freehold Aluminium smelter producing aluminium slab, billet, t-foundry, remelt, molten metal 460,000 tonnes per year aluminium Bell Bay Bell Bay, Northern Tasmania, Australia 100% freehold Aluminium smelter producing aluminium slab, molten metal, small form and t-foundry, remelt 195,000 tonnes per year aluminium Boyne Smelters (59.4%) Boyne Island, Queensland, Australia 100% freehold Aluminium smelter producing aluminium billet, EC grade, small form and t-foundry, remelt 584,000 tonnes per year aluminium ELYSIS (48.24%) Saguenay, Quebec, Canada 100% freehold Aluminium zero-carbon smelting pilot cell producing aluminium high purity 275 tonnes per year aluminium Grande-Baie Saguenay, Quebec, Canada 100% freehold Aluminium smelter producing aluminium slab, molten metal, high purity, remelt 235,000 tonnes per year aluminium ISAL Reykjavik, Iceland 100% freehold Aluminium smelter producing aluminium remelt, billet 212,000 tonnes per year aluminium Jonquière (Vaudreuil) Jonquière, Quebec, Canada 100% freehold Smelter grade alumina 1,560,000 tonnes per year alumina Kitimat Kitimat, British Columbia, Canada 100% freehold Aluminium smelter producing aluminium slab, remelt, high purity 432,000 tonnes per year aluminium Laterrière Saguenay, Quebec, Canada 100% freehold Aluminium smelter producing aluminium slab, remelt, molten metal 255,000 tonnes per year aluminium Queensland Alumina (80%) Gladstone, Queensland, Australia 73.3% freehold; 26.7% leasehold (of which more than 80% expires in 2026 and after) Refinery producing alumina 3,950,000 tonnes per year alumina São Luis (Alumar) (10%) São Luis, Maranhão, Brazil 100% freehold Refinery producing alumina 3,830,000 tonnes per year alumina Sohar (20%) Sohar, Oman 100% leasehold (expiring 2039) Aluminium smelter producing aluminium, high purity, remelt 395,000 tonnes per year aluminium Tiwai Point (New Zealand Aluminium Smelters) (79.4%) Invercargill, Southland, New Zealand 19.6% freehold; 80.4% leasehold (expiring in 2029 and use of certain Crown land) Aluminium smelter producing aluminium billet, slab, small form foundry, high purity, remelt 373,000 tonnes per year aluminium Tomago (51.6%) Tomago, New South Wales, Australia 100% freehold Aluminium smelter producing aluminium billet, slab, remelt 590,000 tonnes per year aluminium Yarwun Gladstone, Queensland, Australia 97% freehold; 3% leasehold (expiring 2101 and after) Refinery producing alumina 3,250,000 tonnes per year alumina Copper Rio Tinto Kennecott Magna, Salt Lake City, Utah, US 100% freehold Flash smelting furnace/Flash convertor furnace copper refinery and precious metals plant 335,000 tonnes per year refined copper Mines and production facilities continued

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331Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group smelters and refineries (Rio Tinto's interest 100% unless otherwise shown) Smelter/refinery Location Title/lease Plant type / Product Capacity (based on 100% ownership) Minerals Boron California, United States 100% freehold Borates refinery 576,000 tonnes per year boric oxide IOC Pellet plant (58.7%) Labrador City, Province of Newfoundland and Labrador, Canada 100% freehold (asset), 100% freehold (land) under sublease from Labrador Iron Ore Royalty Corporation for life of mine. Pellet induration furnaces producing multiple iron ore pellet types 13.5 million tonnes per year pellet Richards Bay Minerals (74%) Richards Bay, South Africa 100% freehold Ilmenite smelter 1,050,000 tonnes per year titanium dioxide slag, 565,000 tonnes per year iron Rio Tinto Iron and Titanium Quebec Operations - Sorel-Tracy Plant Sorel-Tracy, Quebec, Canada 100% freehold Ilmenite smelter 1,300,000 tonnes per year titanium dioxide slag, 1,000,000 tonnes per year iron

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Annual Report on Form 20-F 2022 \| riotinto.com332 Group power plants (Rio Tinto's interest 100% unless otherwise shown) Power plant Location Title/lease Plant type / Product Capacity (based on 100% ownership) Iron Ore Cape Lambert power station (67%) Cape Lambert, Western Australia, Australia Lease Two LM6000PS gas-fired turbines 80MW Paraburdoo power station Paraburdoo, Western Australia, Australia Lease Three LM6000PC gas-fired turbines 120MW West Angelas power station (67%) West Angelas, Western Australia, Australia Miscellaneous licence Two LM6000PF dual-fuel turbines 80MW Yurralyi Maya power station (84.2%) Dampier, Western Australia, Australia Miscellaneous licence Four LM6000PD gas-fired turbines One LM6000PF gas-fired turbine (dual-fuel potential) 200MW Aluminium Amrun power station Amrun, Australia 100% leasehold Diesel generation 24MW Gladstone power station (42%) Gladstone, Queensland, Australia 100% freehold Thermal power station 1,680MW Gove power station Nhulunbuy, Northern Territory, Australia 100% leasehold Diesel generation 24MW Kemano power station Kemano, British Columbia, Canada 100% freehold Hydroelectric power 1,014MW installed capacity Quebec power stations Saguenay, Quebec, Canada (Chute-à-Caron, Chute-à-la- Savane, Chute-des-Passes, Chute-du-Diable, Isle-Maligne, Shipshaw) 100% freehold (certain facilities leased from Quebec Government until 2058 pursuant to Peribonka Lease) Hydroelectric power 3,147MW installed capacity Weipa power stations and solar generation facility Lorim Point, Andoom, and Weipa, Australia 100% leasehold Diesel generation supplemented by solar generation facility 38MW Yarwun alumina refinery co-generation plant Gladstone, Queensland, Australia 100% freehold Gas turbine and heat recovery steam generator 160MW Mines and production facilities continued

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333Annual Report on Form 20-F 2022 \| riotinto.com Production, Mineral Reserves, Mineral Resources and Operations Group power plants (Rio Tinto's interest 100% unless otherwise shown) Power plant Location Title/lease Plant type / Product Capacity (based on 100% ownership) Copper Rio Tinto Kennecott power stations Salt Lake City, Utah, US 100% freehold Thermal power station 75MW Steam turbine running off waste heat boilers at the copper smelter 31.8MW Combined heat and power plant supplying steam to the copper refinery 6.2MW Minerals Boron co-generation plant Boron, California, US 100% freehold Co-generation uses natural gas to generate steam and electricity, used to run Boron's refining operations 48MW Energy Resources of Australia (Rio Tinto: 86.3%) Ranger Mine, Jabiru, Northern Territory, Australia Lease Five diesel generator sets rated at 5.17MW; one diesel generator set rated at 2MW; four additional diesel generator sets rated at 2MW 35.8MW IOC power station Sept-Îles, Quebec, Canada Statutory grant Hydroelectric power 22MW QMM power plant Fort Dauphin, Madagascar 100% freehold Diesel generation 24MW

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Annual Report on Form 20-F 2022 \| riotinto.com334 Additional information Independent limited assurance report 335 Shareholder information 338 Metal prices and exchange rates 344 US disclosure 345 Contact details 362 Cautionary statement about forward-looking statements 363 Simandou iron ore project, Guinea.

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335Annual Report on Form 20-F 2022 \| riotinto.com Additional information Independent Assurance Report of KPMG (KPMG Australia) to the Directors of Rio Tinto plc and Rio Tinto Limited (Rio Tinto)©2023 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation Sustainability Information Subject to Assurance and GHG Emissions The Sustainability Information Subject to Assurance is summarised below:  Rio Tinto's assertion that it has incorporated the requirements of the International Council on Mining and Metals (ICMM) 10 Principles for sustainable development, and the mandatory requirements set out in the ICMM Position Statements, into its own policies, strategies and standards.  Rio Tinto's assertions regarding the approach it has adopted to identify and prioritise its material sustainable development risks and opportunities set out in the Sustainability sections of the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022.  Rio Tinto's assertions regarding the existence and status of implementation of systems and approaches used to manage the following selected sustainable development risk areas: - Health, safety and wellbeing - Transparent and responsible business - Climate change - Communities - Water - Cultural heritage  The following Rio Tinto performance data related to the selected sustainable development risk areas: - Number of fatalities - All injury frequency rate (AIFR) - Lost time injury frequency rate (LTIFR) - Number of lost time injuries (LTIs) - New cases of occupational illness - Number of cases reported to the Business Conduct Office - ICMM Performance Expectations prioritisation process - GHG emissions intensity (equity basis) - Total energy use (100% managed basis) - Scope 3 emissions (equity basis) - Community contributions - Cultural heritage disclosures - Tier 1 Water Target performance data and assertions The GHG Emissions are Rio Tinto's total GHG emissions (equity basis) disclosed in the Sustainability sections of the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022. Our assurance does not extend to information in respect of earlier periods or to any other information included in the Sustainability sections of the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022 for the year ended 31 December 2022. Reporting Criteria The Reporting Criteria used for the reporting of the Sustainability Information Subject to Assurance are the ICMM Sustainable Development Framework: ICMM Principles (Revised 2015) and the definitions and approaches within the basis of reporting glossary presented on Rio Tinto's website at riotinto.com/reports. For the GHG Emissions, the Reporting Criteria is the World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD)'s GHG Protocol: A Corporate Accounting and Reporting Standard (Revised Edition) (2015), and the Basis of Preparation as described and presented within the Scope 1, 2 and 3 Emissions Calculation Methodology 2022. CONCLUSION a) Sustainability Information Subject to Assurance – Limited assurance Based on the evidence we obtained from the procedures performed, we are not aware of any material misstatements in the Sustainability Information Subject to Assurance presented in the Sustainability sections of the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022 for the year ended 31 December 2022, which has been prepared by Rio Tinto plc and Rio Tinto Limited (together Rio Tinto) in accordance with the Reporting Criteria. b) GHG Emissions – Reasonable assurance In our opinion, in all material respects, Rio Tinto's total Greenhouse Gas (GHG) emissions (equity basis) of 30.3 MtCO2-e (Scope 1 and 2) (GHG Emissions) presented in the Sustainability sections of the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022 for the year ended 31 December 2022, has been prepared by Rio Tinto in accordance with the Reporting Criteria.

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Annual Report on Form 20-F 2022 \| riotinto.com336 Independent Assurance Report of KPMG (KPMG Australia) to the Directors of Rio Tinto plc and Rio Tinto Limited (Rio Tinto)©2023 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation Basis for Conclusion We conducted our work in accordance with International Standard on Assurance Engagements ISAE 3000 and in respect of greenhouse gas emissions, International Standard on Assurance Engagements ISAE 3410 (the Standards). In accordance with the Standards we have:  used our professional judgement to plan and perform the engagement to obtain limited assurance that we are not aware of any material misstatements in the Sustainability Information Subject to Assurance, whether due to fraud or error;  used our professional judgement to assess the risk of material misstatement and plan and perform the engagement to obtain reasonable assurance that the GHG Emissions is free from material misstatement, whether due to fraud or error;  considered relevant internal controls when designing our assurance procedures, however we do not express a conclusion on their effectiveness; and  ensured that the engagement team possess the appropriate knowledge, skills and professional competencies. Summary of Procedures Performed In gathering evidence for our conclusions, our assurance procedures comprised:  enquiries with relevant Rio Tinto personnel to understand and evaluate the design and implementation of the key systems, processes and internal controls to capture, collate, calculate and report the Sustainability Information Subject to Assurance and GHG Emissions;  assessment of the suitability and application of the Reporting Criteria in respect of the Sustainability Information Subject to Assurance and GHG Emissions;  analytical procedures over the Sustainability Information Subject to Assurance and GHG Emissions;  risk analysis to validate the completeness of Rio Tinto's materiality assessment;  substantively tested performance data within the Sustainability Information Subject to Assurance, on a sample basis at corporate and operational level, which included testing a selection of 6 operations being Weipa, Winu, West Angelas, Kitimat, Iron Ore Company of Canada and Borates – RTM California Operations;  substantively tested the GHG Emissions, on a sample basis at corporate and operational level, which included testing a selection of 15 operations being Weipa, Winu, Gladstone Power Station, Pilbara Rail Operations, Brockman, Yandicoogina, Marandoo, Boyne Smelters Limited, Tomago, Alouette, IOC Processing Plant, Queensland Alumina Limited, RTFT Smelting, Yarwun and Sohar, and how this information is reported and captured at corporate level;  interviews and walkthroughs with site personnel at each of the 15 operations listed above to assess the key systems, processes and internal controls to capture, collate, calculate and report GHG Emissions at an operational level, and how this information is reported and captured at corporate level;  testing the mathematical accuracy of a sample of calculations underlying the GHG Emissions;  assessing the appropriateness of a sample of emissions factors applied in calculating the GHG Emissions;  evaluating the design and effectiveness of controls implemented by the Rio Tinto Health, Safety and Environment (HSE) Services reporting function over the Sustainability Information Subject to Assurance and GHG Emissions;  assessing Rio Tinto's incorporation of the requirements of the ICMM 10 Principles for sustainable development, and the mandatory requirements set out in the ICMM Position Statements, into its own policies, strategies and standards; and  reviewing the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022 in their entirety to ensure they are consistent with our overall knowledge of Rio Tinto. How the Standard Defines Limited Assurance, Reasonable Assurance and Material Misstatement The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Reasonable assurance is a high level of assurance, but is not a guarantee that it will always detect a material misstatement when it exists. Misstatements, including omissions, are considered material if, individually or in the aggregate, they could reasonably be expected to influence relevant decisions of the Directors of Rio Tinto. Use of this Assurance Report This report has been prepared for the Directors of Rio Tinto for the purpose of providing assurance conclusions on the Sustainability Information Subject to Assurance and GHG Emissions and may not be suitable for another purpose. We disclaim any assumption of responsibility for any reliance on this report, to any person other than the Directors of Rio Tinto, or for any other purpose than that for which it was prepared.

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337Annual Report on Form 20-F 2022 \| riotinto.com Additional information Independent Assurance Report of KPMG (KPMG Australia) to the Directors of Rio Tinto plc and Rio Tinto Limited (Rio Tinto)©2023 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation Management's responsibility Management are responsible for:  determining that the Reporting Criteria is appropriate to meet their needs;  preparing and presenting the Sustainability Information Subject to Assurance and GHG Emissions in accordance with the Reporting Criteria;  establishing internal controls that enable the preparation and presentation of the Sustainability Information Subject to Assurance and GHG Emissions that is free from material misstatement, whether due to fraud or error;  ensuring the basis of preparation in accordance with which the Sustainability Information Subject to Assurance and GHG Emissions has been determined and compiled is clearly and unambiguously set out in the Rio Tinto Annual Report 2022, the Rio Tinto Strategic Report 2022 and the Rio Tinto Sustainability Fact Book 2022;  telling us of any known and/or contentious issues relating to the Sustainability Information Subject to Assurance and GHG Emissions; and  Maintaining integrity of the website. Our Responsibility Our responsibility is to perform a limited assurance engagement in relation to the Sustainability Information Subject to Assurance and a reasonable assurance engagement in respect of the GHG Emissions for the year ended 31 December 2022, and to issue an assurance report that includes our conclusions. Our Independence and Quality Control We have complied with our independence and other relevant ethical requirements of the Code of Ethics for Professional Accountants (including Independence Standards) issued by the IFAC Ethical Standards Board, and complied with the applicable requirements of International Standard on Quality Control 1 to maintain a comprehensive system of quality control. KPMG 22 February 2023 Adrian King Partner Melbourne, Australia

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Annual Report on Form 20-F 2022 \| riotinto.com338 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), 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 is headquartered in London with a corporate office in Melbourne. 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. The London Stock Exchange ticker for Rio Tinto plc is RIO.L, the Australian Securities Exchange ticker for Rio Tinto Limited is RIO.AX and the New York Stock Exchange ticker for the ADR is RIO.N. 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, since both companies, and other companies in which they directly or indirectly own investments, are separate and distinct legal entities. Likewise, the words "we", "us", "our" and "ourselves" are used in some places to refer to the companies of the Rio Tinto Group in general. These expressions are also used where no useful purpose is served by identifying any particular company or companies. We usually omit "Limited", "plc", "Pty", "Inc.", "Limitada", "L.L.C.", "A.S." or "SA" from Group company names, except to distinguish between Rio Tinto plc and Rio Tinto Limited. Financial data in US dollars ($) is derived from, and should be read in conjunction with, the 2022 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, then called The Rio Tinto-Zinc Corporation Limited (RTZ), and was formed by the merger of The Rio Tinto Company Limited and The Consolidated Zinc Corporation Limited. The Rio Tinto Company was incorporated in 1873 to reopen ancient copper workings in Spain. The Consolidated Zinc Corporation Limited began operations in the early twentieth century as part of the Australian mining industry. Based at Broken Hill in New South Wales, it began mining silver, lead and zinc deposits and later expanded into lead and zinc smelting. Rio Tinto Limited was incorporated on 17 December 1959, then called The Rio Tinto Mining Company of Australia Pty Limited. In 1962 the Australian interests of The Consolidated Zinc Corporation Limited and The Rio Tinto Company Limited were merged to form Conzinc Riotinto of Australia Limited, a limited liability company under the laws of the State of Victoria, Australia. In 1980, Conzinc Riotinto of Australia Limited changed its name to CRA Limited. Between 1962 and 1995, both RTZ and CRA discovered important mineral deposits, developed major mining projects and grew through acquisition. RTZ and CRA began operating in 1995 through a dual-listed companies structure. In 1997, RTZ became Rio Tinto plc and CRA became Rio Tinto Limited. Dual-listed companies structure In 1995, Rio Tinto shareholders approved the terms of the dual-listed companies' merger (the DLC structure). The aim was to put shareholders of both companies in substantially the same position they would be in if they held shares in a single entity owning all assets of both companies. Following the approval of the DLC structure, both companies entered into a DLC Merger Sharing Agreement (the Sharing Agreement). As part of this, both companies agreed to be managed in a unified way, to share the same Board of Directors, and to put in place arrangements to provide shareholders of both companies with a common economic interest in the DLC structure. To achieve this third objective, the Sharing Agreement fixed the ratio of dividend, voting and capital distribution rights attached to each Rio Tinto plc share and each Rio Tinto Limited share at an Equalisation Ratio of 1:1. This has remained unchanged ever since, although the Sharing Agreement makes clear this can be revised in special circumstances, for example where certain modifications are made to the share capital of one company (such as rights issues, bonus issues, share splits and share consolidations) but not to the other. Outside the circumstances specified in the Sharing Agreement, the Equalisation Ratio can only be altered with the approval of shareholders under the class rights action approval procedure, described in the Voting arrangements section below. Any adjustments must be confirmed by the Group's external auditors. Consistent with the DLC structure, the directors of both companies aim to act in the best interests of Rio Tinto as a whole. The class rights action approval procedure exists to deal with instances where there may be a conflict of interest between the shareholders of the two companies. 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 in the Voting arrangements section below. The Articles of Association of Rio Tinto plc and the Constitution of Rio Tinto Limited make clear that a person can only be a Director of one company if he or she is also a Director of the other. This means that if a person were removed as a Director of Rio Tinto plc, he or she would also cease to be a Director of Rio Tinto Limited. One consequence of the DLC merger is that Rio Tinto is subject to a wide range of laws, rules and regulatory reviews across multiple jurisdictions. Where these rules differ, Rio Tinto will comply with the requirements in each jurisdiction at a minimum. Dividend arrangements The Sharing Agreement ensures that 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 (with the exception of ADR holders, paid in sterling and Australian dollars) and both companies are required to announce and pay dividends and other distributions or as close to at the same time as possible. The payment of dividends between companies and their subsidiaries, including the payment of dividends on the DLC dividend shares, provides the Group with flexibility to manage internal funds and distributable reserves to enable the payment of equalised dividend or equalised capital distributions. If the payment of an equalised dividend would contravene the law applicable to one of the companies, they can depart from the Equalisation Ratio. In that situation, the relevant company must put aside reserves for payment on the relevant shares at a later date. Rio Tinto shareholders have no direct rights to enforce the dividend equalisation provisions of the Sharing Agreement. Voting arrangements In principle, the Sharing Agreement enables the shareholders of Rio Tinto plc and Rio Tinto Limited to vote as a joint electorate on any matters that affect them in similar ways. These are referred to as Joint Decisions, and include the creation of new classes of share capital, the appointment or removal of directors and auditors, and the receiving of annual financial statements. All shareholder resolutions that include Joint Decisions are voted on a poll. The Sharing Agreement also protects shareholders of both companies by requiring joint approval for decisions that do not affect the shareholders of both companies equally. These are known as class rights actions, and are voted on a poll. For example, fundamental elements of the DLC structure cannot be changed unless approved separately by the shareholders of both companies. Shareholder information

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339Annual Report on Form 20-F 2022 \| riotinto.com Additional information Exceptions to these principles can arise in situations such as where legislation requires the separate approval of a decision by the appropriate majority of shareholders in one company, and where approval of the matter by shareholders of the other company is not required. Where a matter has been expressly categorised as either a Joint Decision or a class rights action, the directors cannot change that categorisation. If a matter falls within both categories, it is treated as a class rights action. In addition, if an issue is not expressly listed in either category, Directors can decide how it should be put to shareholders for approval. To support joint voting arrangements, both companies have entered into shareholder voting agreements, where a Special Voting Share is issued to a special purpose company (SVC) and held in trust for shareholders by a common trustee. Rio Tinto plc (RTP) has issued its Special Voting Share (RTP Special Voting Share) to Rio Tinto Limited (RTL) Shareholder SVC, while Rio Tinto Limited has issued its Special Voting Share (RTL Special Voting Share) to RTP Shareholder SVC. The total number of votes cast on Joint Decisions by the shareholders of one company are decided at a parallel meeting of the other company. The exact role of these SVCs is described below. In exceptional circumstances, certain shareholders can be excluded from voting at their respective company's general meetings. For example, they may have acquired shares in the other company in excess of a given threshold without making an offer for all the shares in the other company. In this situation, votes cast by these excluded shareholders are disregarded. Following the companies' general meetings, the overall results of the voting are announced to relevant stock exchanges and the media, and published at riotinto.com. At a Rio Tinto plc shareholders meeting during which a Joint Decision is considered, each Rio Tinto plc share carries one vote. 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. The holder of the Special Voting Share must vote in accordance with the votes cast by public shareholders for and against the equivalent resolution at the parallel Rio Tinto Limited shareholders' meeting. The 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. Similarly, at a Rio Tinto Limited shareholders meeting during which a Joint Decision is considered, each Rio Tinto Limited share carries one vote and the holder of its Special Voting Share will have one vote for each vote cast by the public shareholders of Rio Tinto plc in their parallel meeting. The holder of the Special Voting Share must vote in accordance with the votes cast for and against the equivalent resolution at the parallel Rio Tinto plc shareholders meeting. The holders of Rio Tinto plc ordinary shares do not hold any voting shares in Rio Tinto Limited by virtue of their holding in Rio Tinto plc, and cannot enforce the voting arrangements relating to the Special Voting Share. Capital distribution arrangements If either company goes into liquidation, the Sharing Agreement ensures a valuation is made of the surplus assets of both companies. If the surplus assets available for distribution by one company on each of the shares held by its shareholders exceed the surplus assets available for distribution by the other company on each of the shares held by its shareholders, then an equalising payment must be made – to the extent permitted by applicable law – such that the amount available for distribution on each share held by shareholders of both companies reflects the Equalisation Ratio. The aim is to ensure the shareholders of both companies have equivalent entitlements to the assets of the combined Group on a per share basis, taking account of the Equalisation Ratio. The Sharing Agreement does not grant any enforceable rights to the shareholders of either company upon liquidation of either company. Limitations on ownership of shares and merger obligations The laws and regulations of the UK and Australia impose restrictions and obligations on persons who control interests in publicly listed companies in excess of defined thresholds. These can include an obligation to make a public offer for all outstanding issued shares of the relevant company. The threshold applicable to Rio Tinto plc under UK law and regulations is 30% and to Rio Tinto Limited under Australian law and regulations is 20% on both a standalone and a Joint Decision basis. As part of the DLC merger, the Articles of Association of Rio Tinto plc and the Constitution of Rio Tinto Limited were amended with the aim of extending these laws and regulations to the combined enterprise. This amendment also ensures that a person cannot exercise control over one company without having made offers to the public shareholders of both companies. This guarantees the equal treatment of both sets of shareholders, and that the two companies are considered as a single economic entity. The Articles of Association of Rio Tinto plc and the Constitution of Rio Tinto Limited impose restrictions on any person who controls, directly or indirectly, 20% or more of the votes on a Joint Decision. If, however, such a person has an interest in either Rio Tinto Limited or Rio Tinto plc only, then the restrictions only apply if they control, directly or indirectly, 30% or more of the votes at that company's general meetings. If one of these thresholds is exceeded, the person cannot attend or vote at general meetings of the relevant company, cannot receive dividends or other distributions from the relevant company, and may be divested of their interest by the directors of the relevant company (subject to certain limited exceptions and notification by the relevant company). These restrictions continue to apply until that person has either made a public offer for all the publicly held shares of the other company, has reduced their controlling interest below the thresholds specified, or has acquired through a permitted means at least 50% of the publicly held shares of each company. This arrangement ensures that offers for the publicly held shares of both companies would be required to avoid the restrictions set out above, even if the interests which breach the thresholds are held in just one of the companies. The Directors do not have the discretion to exempt a person from the operation of these rules. Under the Sharing Agreement, the companies agree to co-operate to enforce the above restrictions contained in their Articles of Association and Constitution. Guarantees In 1995, each company entered into a deed poll guarantee in favour of creditors of the other company. In addition, each company guaranteed the contractual obligations of the other and the obligations of other persons guaranteed by the other company, subject to certain limited exceptions. Beneficiaries under deed poll guarantees can make demands on the relevant guarantor without first having recourse to the company or persons whose obligations are being guaranteed. The obligations of the guarantor under each deed poll guarantee expire upon termination of the Sharing Agreement and under other limited circumstances, but only in respect of obligations arising after such termination and, in the case of other limited circumstances, the publication and expiry of due notice. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com340 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 3 February 2023. Rio Tinto Plc Date of notice Number of shares Percentage of capital BlackRock, Inc.1 4 Dec 2009 127,744,871 8.38 Shining Prospect Pte. Ltd 7 Dec 2018 182,550,329 14.022 The Capital Group Companies, Inc. 6 Jul 2022 51,648,733 4.13 1. On 7 February 2022, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 108,907,723 ordinary shares in Rio Tinto plc as of 31 December 2021, representing 8.7% of that class of shares. 2. In its notification of major holdings filed on 7 December 2018, Shining Prospect Pte. Ltd, a Singapore-based entity owned by Chinalco (Aluminium Corporation of China), disclosed that its percentage of voting rights in Rio Tinto plc had increased to 14.02% on 18 October 2018. This was due to the on-market share buy-back programme of Rio Tinto plc shares and the number of shares held by Shining Prospect Pte. Ltd has remained unchanged. 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 3 February 2023: Rio Tinto Limited Date of notice Number of shares Percentage of capital3 BlackRock, Inc. 26 May 2022 see footnote4 see footnote4 The Vanguard Group, Inc. 11 Apr 2022 18,564,679 5.00 State Street Corporation 8 Nov 2021 19,832,353 5.34 Shining Prospect Pte. Ltd 9 Feb 2018 see footnote5 see footnote5 3. The percentage of voting rights detailed was as disclosed in the notice received by the company, calculated at the time of the relevant disclosure. 4. In its substantial holding notice filed on 26 May 2022, BlackRock, Inc. and its associates disclosed a holding of 130,673,276 shares in Rio Tinto plc and 27,921,718 shares in Rio Tinto Limited, which gave BlackRock, Inc. and its associates voting power of 9.78% 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 9.78% in Rio Tinto Limited. Based on this notification, as at 26 May 2022, BlackRock, Inc. held a 7.52% interest in Rio Tinto Limited. On 1 February 2022, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 24,143,271 ordinary shares in Rio Tinto Limited as of 31 December 2021, representing 6.5% 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. 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 3 February 2023, the total amount of the Group's voting securities owned by the Directors and Executives in Rio Tinto plc was 277,830 ordinary shares of 10p each or ADRs. There were 26,097 holders of record of Rio Tinto plc's shares. Of these holders, 354 had registered addresses in the US and held a total of 297,224 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, 188,512,732 Rio Tinto plc shares were registered in the name of a custodian account in London which represented 15.1% of Rio Tinto plc shares issued and outstanding. These shares were represented by 188,512,732 Rio Tinto plc ADRs held of record by 411 ADR holders. In addition, certain accounts of record with registered addresses other than in the US hold shares, in whole or in part, beneficially for US persons. As of 3 February 2023, the total amount of the Group's voting securities owned by Directors and Executives in Rio Tinto Limited was 111,705 shares, in aggregate representing less than 1% of the Group's total number of ordinary shares in issue. There were 181,553 holders of record of Rio Tinto Limited shares. Of these holders, 258 had registered addresses in the US, representing approximately 0.04% 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 3 February 2023, there were Rio Tinto Limited unquoted equity securities on issue, comprising 59,682 unvested Bonus Deferral Awards held by 36 holders; 1,138,595 unvested Management Share Awards held by 1,014 holders; and 1,038,122 unvested Performance Share Awards held by 145 holders, all of which were granted under the Rio Tinto Limited Equity Incentive Plan, and 1,197,334 unvested matching share rights were granted under the Rio Tinto Limited Global Employee Share Plan held by 14,693 holders. This information is provided in compliance with ASX Listing Rule 4.10.16. Shareholder information continued

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341Annual Report on Form 20-F 2022 \| riotinto.com Additional information Analysis of ordinary shareholders As at 3 February 2023 Rio Tinto plc Rio Tinto Limited No. of accounts % Shares % No. of accounts % Shares % 1 to 1,000 shares 19,437 74.48 5,972,594 0.48 156,609 86.26 40,026,708 10.78 1,001 to 5,000 shares 4,723 18.10 9,598,605 0.76 22,388 12.33 44,454,170 11.98 5,001 to 10,000 shares 547 2.10 3,918,432 0.30 1,775 0.98 12,249,662 3.30 10,001 to 25,000 shares 374 1.43 6,051,908 0.48 616 0.34 9,041,063 2.44 25,001 to 125,000 shares 517 1.98 31,204,883 2.48 125 0.07 5,688,300 1.53 125,001 to 250,000 shares 146 0.56 25,822,840 2.06 7 0.00 1,335,347 0.36 250,001 to 1,250,000 shares 236 0.90 128,299,351 10.22 20 0.01 9,327,060 2.51 1,250,001 to 2,500,000 shares 50 0.19 86,286,938 6.87 5 0.00 9,097,898 2.45 2,500,001 shares and over1 67 0.26 958,798, 3702 76.35 8 0.00 239,996,006 64.65 1,255,854, 9213 100.00 371,216, 2144 100.00 Number of holdings less than marketable parcel of A$500 2,605 1. Excludes shares held in Treasury. 2. This includes 188,512,732 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). 3. The total issued share capital is made up of 1,249,756,838 publicly held shares: 6,098,083 shares held in Treasury. 4. 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 3 February 2023. Rio Tinto Limited Number of shares Percentage of issued share capital HSBC Custody Nominees (Australia) Limited 118,666,233 31.97 J. P. Morgan Nominees Australia Pty Limited 52,829,508 14.23 Citicorp Nominees Pty Ltd 35,930,120 9.68 BNP Paribas Noms Pty Ltd (DRP) 10,828,691 2.92 BNP Paribas Nominees Pty Ltd (Agency Lending DRP A/C) 8,829,598 2.38 National Nominees Limited 8,336,869 2.25 Citicorp Nominees Pty Limited (Colonial First State Inv A/C) 2,661,397 0.72 Buttonwood Nominees Pty Ltd 2,600,000 0.70 Argo Investments Limited 2,197,139 0.59 HSBC Custody Nominees (Australia) Limited (NT-Comnwlth Super Corp A/C) 2,076,027 0.56 Australian Foundation Investment Company Limited 1,915,141 0.52 BNP Paribas Nominees Pty Ltd (ACF Clearstream) 1,686,057 0.45 Custodial Services Limited 1,276,659 0.34 Netwealth Investments Limited (WRAP Services A/C) 1,240,590 0.33 BNP Paribas Nominees Pty Ltd (Hub24 Custodial Serv Ltd DRP A/C) 1,048,240 0.28 CGU Insurance 697,569 0.19 Washington H Soul Pattinson and Company Limited 669,120 0.18 BNP Paribas Noms (NZ) Ltd (DRP) 540,613 0.15 Diversified United Investment Ltd 465,126 0.13 Mutual Trust Pty Ltd 452,980 0.12

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Annual Report on Form 20-F 2022 \| riotinto.com342 Material contracts Articles of Association, Constitution, and DLC Sharing Agreement As explained on page 338, 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 110-135 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 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. Shareholder information continued

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343Annual Report on Form 20-F 2022 \| riotinto.com Additional information The Sharing Agreement further classifies resolutions as Joint Decisions and class rights actions as explained on page 338. Annual general meetings 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 2021, 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 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. 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 339. Facility agreement Details of the Group's $7.5 billion multi-currency committed revolving credit facilities are set out in "Our capital and liquidity" section to the financial statements on page 190. 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 counterterrorism 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. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com344 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 9.8.4 C which are relevant. The remaining sections of listing rule 9.8.4 C are not applicable. Listing rule Description of listing rule Reference in report 9.8.4 (1) A statement of any interest capitalised by the Group during the year Note 9 Finance income and finance costs and note 15 Deferred taxation 9.8.4 (12) Details of any arrangement under which a shareholder has waived or agreed to waive any dividends See page 138. Shareholder security Shareholders tell us that they sometimes receive unsolicited approaches, usually by telephone, inviting them to undertake a transaction in shares they own. If a shareholder does not know the source of the call, they should check the details against the Financial Conduct Authority (FCA) website below and, if they have specific information, report it to the FCA using the consumer helpline or the online reporting form. If a shareholder is worried that they are a victim of fraud and is resident in the UK, they should report the facts immediately using the Action Fraud helpline on 0300 123 2040. More information about potential scams and other investment-based fraud can be found at actionfraud.police.uk or fca.org.uk/scamsmart. Metal prices and exchange rates Metal prices – average for the year 2022 2021 Increase/ (decrease) Copper – US cents/lb 398 422 (6)% Aluminium – $/tonne 2,703 2,480 9% Gold – $/troy oz 1,800 1,799 -% Average exchange rates against the US dollar Sterling 1.24 1.38 (10)% Australian dollar 0.69 0.75 (8)% Canadian dollar 0.77 0.80 (4)% Euro 1.05 1.18 (11)% South African rand 0.061 0.068 (10)% Year-end exchange rates against the US dollar Sterling 1.21 1.35 (10)% Australian dollar 0.68 0.73 (7)% Canadian dollar 0.74 0.78 (5)% Euro 1.07 1.13 (5)% South African rand 0.059 0.063 (6)% Shareholder information continued

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345Annual Report on Form 20-F 2022 \| riotinto.com Additional information 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 2022, or in relation to activities the Company became aware of in 2022 relating to disclosable activities prior to the reporting period. The Company routinely takes action to protect its intellectual property rights in many countries throughout the world, including Iran. In connection with such protection efforts, the Company has used, directly or indirectly, intellectual property firms with an agent or branch office in Iran to assist with the filing of patent and trade-mark applications, prosecution activities and maintenance in Iran. Contact with the firms has been minimal and solely limited to these activities. Certain transactions related to patents, trademarks and copyright are authorised activities under US sanctions and regulations against Iran (including the filing of an application to obtain a patent or trademark in Iran) and the Company believes its limited activities in this regard are consistent with this authorisation. 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 evolution of uranium prices, the contingent payment had not been triggered as of 31 December 2022. 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 2022, 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. US Disclosure

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Annual Report on Form 20-F 2022 \| riotinto.com346 US Disclosure continued 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 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 dictacte 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 withholding 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 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 has at no time been resident in the UK, will not normally be liable to UK tax on capital gains realised on the disposition of a Group ADS or share unless 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. Inheritance tax Under the UK/US Inheritance and Gift Tax Treaty (1978) (UK/US Estate Tax Treaty), a US holder, who is domiciled in the United States and is not 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 transfer of the 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 in the UK, (ii) pertains to a fixed base situated in the UK used in the performance of independent personal services, or (iii) is comprised in a settlement (unless, at the time the settlement was made, the settlor was domiciled in the United States and was not a national of the UK). Where a Group an 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 situated or to any matter or thing to be done in the UK. Electronic "paperless" purchases of Rio Tinto plc shares are subject to stamp duty reserve tax (SDRT) at a rate of 0.5% of the amount or value of the consideration payable for the transfer. Purchases of Rio Tinto plc shares using a stock transfer form are subject to stamp duty at a rate of 0.5% of the consideration on transactions over £1,000 (rounded up to the nearest £5). 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. 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 ADSs or 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.

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347Annual Report on Form 20-F 2022 \| riotinto.com Additional information 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 limitations, any Australian tax withheld 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 foreign taxes instead of claiming a foreign tax credit must be applied to all 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. 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 forseable 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. As a result, 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.

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Annual Report on Form 20-F 2022 \| riotinto.com348 US Disclosure continued 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 issuance in respect of: – Share distributions, stock split, rights, merger – Exchange of securities or other transactions – Other events or distributions affecting the ADSs or the deposited securities $5.00 or less per 100 ADSs (or portion thereof) evidenced by the new ADSs delivered Selling or exercising rights Distribution or sale of securities, the fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities $5.00 or less for each 100 ADSs Distributing dividends Distribution of cash or other dividends $0.02 or less per ADS Withdrawing an underlying share Acceptance of ADSs surrendered for withdrawal of deposited securities $5.00 or less for each 100 ADSs evidenced by the ADSs surrendered Transferring, splitting or grouping receipts Transfers, combining or grouping of depositary receipts $1.50 per ADS General depositary services, particularly those charged on an annual basis Other services performed by the depositary in administering the ADRs Provide information about the depositary's right, if any, to collect fees and charges by offsetting them against dividends received and deposited securities $0.02 or less per ADS not more than once each calendar year and payable at the sole discretion of the depositary by billing holders or deducting such charge from one or more cash dividends or other cash distributions Expenses of the depositary Expenses incurred on behalf of holders in connection with: – Compliance with foreign exchange control regulations or any law or regulation relating to foreign investment – The depositary's or its custodian's compliance with applicable law, rule or regulation – Stock transfer or other taxes and other governmental charges – Cable, telex, facsimile and electronic transmission/delivery – Expenses of the depositary in connection with the conversion of foreign currency into US dollars (which are paid out of such foreign currency) – Any other charge payable by the depositary or its agents Expenses payable at the sole discretion of the depositary by billing holders or by deducting charges from one or more cash dividends or other cash distributions 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 $$2,644,689.49 in respect of expenses incurred by the Group in connection with the ADR programme for the year ended 31 December 2022. 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 24 February 2023. Rio Tinto's Form 20-F and other filings (including Rio Tinto's Annual Report 2022 as furnished on Form 6-K) can be viewed on the Rio Tinto website as well as the SEC website at www.sec.gov.

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349Annual Report on Form 20-F 2022 \| riotinto.com Additional information Impact of climate change on the Group Strategy and approach to climate change Over a year ago, we put the low-carbon transition at the heart of our new strategy, setting a clear pathway to deliver long-term value as well as ambitious targets to decarbonise our business. In 2022, our shareholders supported our Climate Action Plan in a non-binding advisory vote on the Group's ambitions, emissions targets and actions to achieve them. Further detail of our approach is provided in the front half of our Annual Report and in our 2022 Climate Change Report. Our Scope 1 and 2 emissions reduction targets of 15% by 2025, 50% by 2030 (both relative to our 2018 equity baseline) and the aim to achieve net zero emissions by 2050 are aligned with 1.5°C – the stretch goal of the Paris Agreement. We have set up six large abatement programmes focused on renewables, Pacific aluminium operations, ELYSISTM technology, process heat, minerals processing and diesel alternatives. To deliver our climate targets, we expect to make capital investment of US$7.5 billion in decarbonisation projects over the period to 2030, including around US$1.5 billion in the next three years, mainly relating to the repowering of the Pilbara. Progress towards our Scope 1 and 2 emissions targets is reflected within executive remuneration. In 2022, we delivered the first 34MW of renewable power at Gudai-Darri and announced our plan to invest US$600 million in 200MWh of solar power facilities and 200MWh of battery storage in the Pilbara by 2026. We agreed to test at least four battery-powered locomotives, and pilot battery-powered trucks in the Pilbara in 2024. By 2030, we aim to phase out the purchase of diesel haulage trucks and locomotives across our operations. At the Queensland Alumina refinery we are working to develop an energy efficient digestion process at an estimated cost of US$240 million. In 2022, we continued to work with the Queensland Government and energy providers to design a renewable energy solution for Boyne Smelter. Similarly, in 2022, Tomago Aluminium Company released an expression of interest to work towards a green repowering solution for the Tomago smelter. In addition, we have signed a 130MW solar power purchase agreement for Richards Bay Minerals (RBM) in South Africa. We also intend to decarbonise our shipping fleet and aim to have net zero vessels in our portfolio by 2030. To achieve this, in 2022 we successfully completed a trial of fuel blend with biofuels and in 2023-2024 we plan to incorporate nine LNG dual-fuel chartered vessels into our fleet. Decarbonisation projects are expected to accelerate beyond 2025, which we expect to include further decarbonisation of the Pilbara electricity system (estimated at US$3 billion out of the US$7.5 billion total spend by 2030) and other abatement projects. We are also stepping up our focus on Scope 3 goals, which are explicitly linked to executive remuneration. Over 90% of our Scope 3 emissions are from the downstream processing of iron ore, bauxite and other products by our customers. We have not set an overall quantitative Scope 3 emissions target, but instead engage with our customers to optimise their current operations toward low-emitting, higher efficiency processes; and foster partnerships with them, which we believe are more effective ways to advance actions. The shift toward green steel is underway and we are working on options to beneficiate our Pilbara ores to be better suited to green steel technologies and are exploring DRI pathways using sustainable resources such as hydrogen and biomass. We expect that our annual incremental operating expenditure on building new teams and energy efficiency initiatives will be around US$200 million, in addition to R&D investment. Our ambition is to increase our growth capital expenditure to around US$2 billion in 2023 and up to US$3 billion per year in 2024-2025 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 investment in future production of lithium at Rincon, copper at Oyu Tolgoi and Winu and high-grade iron ore from Simandou. Our budget for central greenfield exploration remains at approximately US$250 million annually, mainly focused on copper with a growing battery minerals programme. For internal capital allocation purposes for major projects, a notional carbon price of US$75/t CO2e is used to incentivise investment in low carbon abatement options. The US$75/t CO2e price is derived from our analysis of the carbon mitigation options across our assets that are needed to achieve our emissions targets. This is unrelated to the different carbon prices we use in our core scenarios which are based on our assessment of climate policy ambition. The Impact of climate change and the execution of our climate change strategy on our financial statements is discussed below and on pages 152-155 of this Form 20-F. Climate change scenarios are discussed on page 152 of this Form 20-F. Impacts of climate change pricing scenarios on our portfolio, low-carbon transition risks and opportunities Through our strategy process we compare the economic performance of our portfolio under our two core scenarios and the Aspirational Leadership scenario and this indicates that overall the economic performance of our portfolio would be stronger in scenarios with proactive climate action, particularly in relation to aluminium, copper and higher-grade iron ore. We anticipate that all our commodities are needed in the low-carbon transition, but estimate that the demand varies significantly between our scenarios. We expect that copper demand will rise from a 2020 base by 65-150% by 2050 across the three scenarios to support a rapid rise in renewable generation while lithium is expected to be a fundamental ingredient in electric vehicle batteries and grid-firming energy storage solutions. Demand for aluminium is expected to grow for use in energy-efficient lightweight vehicles with demand for aluminium semi-fabricated products more than doubling in the period 2021-50 in Aspirational Leadership and Competitive Leadership scenarios, with moderate demand growth in Fragmented Leadership. Our access to self-generated hydro power is a source of competitive advantage for our aluminium business in Canada. We forecast that global iron ore demand will remain strong with a premium on higher grade ore needed for the production of green steel, such as that from our IOC products and the planned investment in Simandou, which increases in our Aspirational Leadership and Competitive Leadership scenarios. In our Aspirational Leadership scenario, accelerated switching to green steel and increasing scrap use reduces the relative value of low-grade iron ore in the Pilbara. We will need to 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. Our Aspirational Leadership scenario predicts the Group's overall economic performance would fall between the Fragmented Leadership and Competitive Leadership scenarios. This reflects higher estimated economic performance for our copper and aluminium businesses in the Aspirational Leadership scenario, based on their higher price profiles, offset by higher expected carbon penalties across our operating jurisdictions, and lower prices for lower grade iron ore products. Refer below for our assessment of the accounting implications of forecast commodity pricing in the Aspirational Leadership scenario. The physical risk posed by climate change and accounting judgments and estimates related to climate change are described on page 153 of this Form 20-F. For more information about the impact of climate change on our business, financial condition or results of operation, see "Strategic Context", "Key Performance Indicators", "Business Reviews", "Our Approach to Sustainability", "Risk Factors" and "Governance-Additional Statutory Disclosure-Environmental Regulations" on pages 12, 20-24, 34-45, 46-75, 76-86 and 140 of this Form 20-F, respectively, as well as our 2022 Climate

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Change Report and 2022 Sustainability Fact Book, which are available on our website at www.riotinto.com/reports.

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Annual Report on Form 20-F 2022 \| riotinto.com350 Summary disclosure of operations pursuant to Item 1303 of Regulation S-K under Securities Act of 1933 Overview of operations Rio Tinto is a mining and metals company with over 60 operations and projects and approximately 49,000 employees in 35 countries across six 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 284-305, of this Form 20-F. See also Mines and Production Facilities on pages 308-333 of this Form 20-F 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 281-282 of this Form 20-F. 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 2022, see Mineral Resources on pages 296-305 of this Form 20-F. 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 2022, see Mineral Reserves on pages 284-295 of this Form 20-F. Individual property disclosure pursuant to Item 1304 of Regulation S-K 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 as follows: 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 (>10% earnings and >10% Mineral Reserves), Escondida (>10% Mineral Reserves) and Oyu Tolgoi (>10% Mineral Reserves and qualitative factors including planned expenditure, strategic importance and media coverage) 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 Regulation S-K, respectively. US Disclosure continued Product Groups Key Iron Ore Aluminium Copper Minerals Mines and mining projects Smelters, re neries, power facilities and processing plants remote from mine Non-managed operations Managed and non-managed operations

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351Annual Report on Form 20-F 2022 \| riotinto.com Additional information Parker Point & EII Cape Lambert Marandoo Gudai-Darri Yandicoogina Hope Downs 1 Hope Downs 4 West Angelas Mount Tom Price Western Turner Syncline Mesa J Mesa A Silvergrass Brockman 2 Nammuldi Brockman 4 Paraburdoo ChannarEastern Range Yurralyi Maya Port Hedland Karratha Dampier Roebourne Wickham Pannawonica Tom Price Paraburdoo Town Onslow Newman Nullagine Marble Bar Legend Power Station Port Mine Town Powerline (132-220kV) Railway Road 60 km 116ºE 117ºE 118ºE 119ºE 120ºE 21 ºS 22 ºS 23 ºS 21 ºS 22 ºS 23 ºS 116ºE 117ºE 118ºE 119ºE 120ºE Iron Ore operations – Australia 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 17 iron ore mines, four port terminals, an 1,890 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. In addition to mining activities, Rio Tinto conducts both exploration and development activities across the property. History Rio Tinto commenced exploration in the Hamersley Ranges in 1962 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 2022, the Pilbara Property had over 15,000 employees and contractors operating a total of 17 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 Pilbara, see Mines and Production Facilities on pages 308-315 of this Form 20-F. Infrastructure Roads Rio Tinto operates and maintains 9,365 km of roads and tracks at the Pilbara Property. Approximately 358 km are sealed roads located within mine sites or between mine sites and public roads. The remaining 9,007 km are unsealed with 7,489 km classified as tracks and 1,518 km classified as roads. Rail Rio Tinto's railway at Pilbara is the largest privately owned, operated, and maintained railway in the world. Approximately 1,890 km of track infrastructure, connects the 17 mine sites to two ports. The track includes an integrated control signalling system and is further supported by the Pilbara communication, train control and AutoHaul® systems. The Rio Tinto railway at the Pilbara Property operates and complies under the requirements set by the Office of the National Rail Safety Regulator in Australia. The rail network is made up of 54 rail bridges, 1,188 cuttings and embankments, three road bridges, 53 active level crossings, 5,400 culverts, 644 turnouts and over 2,000 km of sealed and unsealed access roads. The track maintenance machine fleet includes four mainline grinders, three switch grinders, eight tampers, six regulators, seven mobile flash butt welders, a RM900 ballast cleaner and several earth-moving assets. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com352 Port facilities The Pilbara Property's mining assets are facilitated by port facilities in Dampier and Cape Lambert in North-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 11 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 twelve gas turbine generators located at Karratha (five gas turbine generators), Cape Lambert (two gas turbine generators), Paraburdoo (three gas turbine generators) and West Angelas (two gas turbine generators). The network load varies seasonally between 200-300 megawatts (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 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 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 270-272 of this Form 20-F. 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. US Disclosure continued

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353Annual Report on Form 20-F 2022 \| riotinto.com Additional information 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 Reserve estimate is located within existing permitted operating mining areas with two pending proposals covering deposits included in the estimate, Greater Paraburdoo (pending approval) and Brockman Syncline (referred for assessment). Both 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 308-315 of this Form 20-F. Mineral Resources The table on pages 298-299 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 2022 for the Pilbara Property (Australian Iron Ore operations) are reported as in situ estimates. There is no material change in Mineral Resources compared to 2021 (1.6% increase due to the net effect of reduction in ownership with the signing of the Western Ranges joint venture agreement, the addition of new Mineral Resources and the conversion of Mineral Resources to Mineral Reserves). 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 will be applicable for the mining of Mineral Resource 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 Ore using a iron (Fe) cut-off grade (≥ 60% Fe). – Brockman Process Ore is reported as ≥ 50% Fe <60% and ≥ 3% alumina (Al2O3) < 6% where geology is coded as Joffre Member, Dales Gorge Member or Footwall Zone. – High-grade Marra Mamba Ore is reported ≥ 58% Fe where geology is coded as Newman Member, MacLeod Member, or Nammuldi Member. – Boolgeeda Ore is reported as High Grade ≥ 60% Fe and Blending Aluminous as ≥ 55% Fe < 60% and ≥ 3% Al2O3 < 6.5%. – Detrital ores are reported in relation to their Bedded Ore origins; ≥ 58% Fe for Marra Mamba detritals, ≥ 60% Fe for Brockman detritals or Boolgeeda detrital ores are reported as High Grade ≥ 60% Fe and Blending Aluminous as ≥ 55% Fe < 60% and ≥ 3% Al2O3 < 6.5%. – 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 Resource estimates, see Section 11 of the Pilbara Operations Technical Report Summary filed as exhibit 96.1 to this Form 20-F for the year ended 31 December 2021 ("2021 Form 20-F"). Mineral Reserves The table on pages 286-287 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 2022 (Australian Iron Ore operations). From 2021, the Mineral Reserve estimate decreased by approximately 6%. The majority of this change was due to mining depletion, which was partially offset by addition of new deposits and changes to cut-off grade. Other minor changes are attributed to updated geology models and changes to pit designs due to protection of cultural heritage. The Mineral Reserves estimates are based on the following assumptions: – Geological model – Orebody block models (OBMs) are developed for Mineral Resource reporting within each mining area and form the basis of the Mineral Reserve estimates. – 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. The following table lists the Rio Tinto mining leases containing the Pilbara Property Mineral Reserves. This is a subset of the 114 tenements held across the Pilbara Property, covering approximately 409,000 Ha. Lease Holder Type Area (Ha) ML4SA Hamersley Iron Pty. Limited SA Mineral Lease 79,329 M272SA Hamersley Iron Pty. Limited SA Mineral Lease 14,136 ML252SA Mount Bruce Mining Pty Limited SA Mineral Lease 47,406 ML246SA Hamersley Iron Pty. Limited SA Mineral Lease 12,950 M265SA Channar JV SA Mineral Lease 5,956 M274SA Hamersley Iron - Yandi Pty Limited SA Mineral Lease 30,550 M282SA Hope Downs JV SA Mineral Lease 57,222 ML248SA Robe River Ltd SA Mineral Lease 78,600

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355Annual Report on Form 20-F 2022 \| riotinto.com Additional information San Pedro de Atacama Calama CHILE ARGENTINA Mejillones Antofagasta Coloso Tal Tal Tocopilla Escondida Legend Mine Town Port Road 100 km0 68ºW70ºW72ºW 66ºW 25 ºS 24 ºS 25 3º S 22 ºS 72ºW 70ºW 68ºW 66ºW 22 ºS 23 ºS 24 ºS 25 ºS Escondida operations – Chile 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, Chile at an elevation of approximately 3,100 m above sea level. It is a production stage property operated by Minera Escondida Limitada (MEL) consisting of the Escondida deposit and Escondida Norte deposit. The location of the operations centred upon the two 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 is a non-managed joint venture . Escondida consists of a series of porphyry deposits containing copper, gold, silver and molybdenum and includes two active surface open pit mines in production (the Escondida deposit and Escondida Norte deposit) with ore being processed through three 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. 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 pages 316-317 of this Form 20-F. 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 the two pits, includes three concentrator plants, one heap and one dump leaching process facilities, associated cathode production plant, tailings deposit, 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 three pipelines to the mine site. Water is recycled from the tailings dam for re-use 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.

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Annual Report on Form 20-F 2022 \| riotinto.com356 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. Electrical power supplied to site infrastructure was purchased from suppliers Power Angamos and Tamakaya. From 2023, MEL are expected to be supplied via a third-party renewable power purchase agreement, contributing towards reducing the site's emissions. The contract has two providers Enel Generation (60%) and Colbun (40%). The power is supplied at 220kV 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. 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. Lease name Registered tenement holder Expiry date Surface area (ha) Alexis 1/1424 Minera Escondida Ltda. Permanent 7,059 Amelia 1/1049 Minera Escondida Ltda. Permanent 5,235 Catita 1/376 Minera Escondida Ltda. Permanent 1,732 Claudia 1/70 Minera Escondida Ltda. Permanent 557 Colorado 501/977 Minera Escondida Ltda. Permanent 2,385 Costa 1/1861 Minera Escondida Ltda. Permanent 9,159 Donaldo 1/612 Minera Escondida Ltda. Permanent 3,060 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 1,785 Hole 14 Minera Escondida Ltda. Permanent 1 Naty 1/46 Minera Escondida Ltda. Permanent 230 Paola 1/3000 Minera Escondida Ltda. Permanent 15,000 Pista 1/22 Minera Escondida Ltda. Permanent 22 Pistita 1/5 Minera Escondida Ltda. Permanent 9 Ramón 1/640 Minera Escondida Ltda. Permanent 3,200 Rola 1/1680 Minera Escondida Ltda. Permanent 8,400 Total 58,934 1. Unidad Tributaria Mensual (UTM) is a Chilean state tax unit valued in Chilean pesos (CLP) per hectare. The 2022 rate is 0.1 UTM. Annual payments are made at the end of the Chilean tax year (end of March) for concessions. 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. 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's 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 pages 316 - 317 of this Form 20-F. 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 license fees. All leases were obtained through the legally established process in which judicial requests are presented to the Chilean state. Infrastructure Surface rights identifier1 Register Regional office Surface area (ha)Folio Number Year 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 US Disclosure continued

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357Annual Report on Form 20-F 2022 \| riotinto.com Additional information 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 2,700 km of drilling undertaken in a total of approximately 8,600 drill holes. 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 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. Age modernisation snd 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 270-272 of this Form 20-F. 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 300-301 of this Form 20-F sets out the amount and grade of Escondida's Measured, Indicated and Inferred Mineral Resources for the year ended 31 December 2022. Mineral Resources for Escondida are reported as in situ estimates and are being reported for the first time in a filing with the SEC in accordance with Regulation S-K for the year ended 31 December 2022. There are no comparable estimates for the preceding year. The Mineral Resource estimate for Escondida 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 estimated using ordinary kriging. – Escondida point of reference for the Mineral Resources was mine gate. – 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. – Escondida metallurgical recoveries for Oxide 62%; Mixed 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator. – The pit optimisation used to determine the resources that have reasonable prospects of economic extraction based on a copper price of US$3.04/lb. For more information regarding the material assumptions for the Mineral Resource 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 288-289 of this Form 20-F sets out the amount, grade, price and metallurgical recovery of the Escondida Property's Proven and Probable Mineral Reserves for the year ended 31 December 2022. Mineral Reserves are being reported for the first time in accordance with Regulation S-K for the year ended 31 December 2022. 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 was mine gate. – 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 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 62%; Sulphide Leach 42%; Sulphide 42% for material processed by leaching or 83% for material processed via the concentrator. – Commodity prices, operating and capital costs. For more information regarding the material assumptions for the Mineral Reserve 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 2,700 km 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 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 programmes serve as the basis to support planning and growth strategies as well as investment programmes 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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Annual Report on Form 20-F 2022 \| riotinto.com358 China Mongolia Vuyan Baotou Bayan Ovoo Khanbogd Sainshand Oyu Tolgoi TavantolgoiDalanzadgad MONGOLIA CHINA Legend Border Port Mine Town Railway Road 200 km1000 105 ºE 110ºE 42 ºN 45 ºN 105ºE 110ºE 42 ºN 45 ºN Oyu Tolgoi operations – Mongolia 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. History The existence of copper in the Oyu Tolgoi area has been recognized 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, which became BHP. In 1999, TRQ (known at the time as Ivanhoe Mines Ltd.) visited Oyu Tolgoi and agreed to acquire 100% interest in the OT Property. 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 2022, a total of 19 drawbells had been fired. Rio Tinto 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 pages 316-317 of this Form 20-F. 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 Tolgoi, 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 in accordance with three agreements: – Power Purchase Agreement for Oyu Tolgoi between Oyu Tolgoi LLC, the Inner Mongolia Power International Corporation (IMPIC), and the National Power Transmission Grid of Mongolia. – Operation and Maintenance Agreement (O&M Agreement) between Oyu Tolgoi LLC and the IMPIC. US Disclosure continued

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359Annual Report on Form 20-F 2022 \| riotinto.com Additional information – Dispatch Agreement between Oyu Tolgoi LLC and the IMPC. Power is supplied via a 220kV double-circuit transmission line from Inner Mongolia. Either circuit can supply approximately 400 MW, thus Oyu Tolgoi's load can be met entirely from one circuit. 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 Villages 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 constructed 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 (renamed TRQ), and Rio Tinto 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. 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. – 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 26 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. In December 2019, a Resolution of the Parliament of Mongolia was published that included resolutions to take comprehensive measures to improve the implementation of the Investment Agreement and the ARSHA and to explore and resolve options to have a product sharing arrangement or swap Mongolia's equity holding of 34% in Oyu Tolgoi LLC for a special royalty. 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 authorizations necessary to develop and operate Oyu Tolgoi have been obtained. Rights to mining are held under five Mine Licences. Three are 100% owned by Oyu Tolgoi LLC and two are subject to the equity participation and earn-in agreement between Entrée LLC and Oyu Tolgoi, which established a joint venture arrangement between Oyu Tolgoi LLC and Entrée LLC, which provides for Oyu Tolgoi LLC to hold legal title in the licences, subject to the terms of the agreement, and to Oyu Tolgoi LLC meeting prescribed earn-in expenditures. Although a formal joint venture agreement has not been signed, the earn-in requirements have been met. Both the Shivee Tolgoi and Javkhlant licences are operated by Oyu Tolgoi LLC. Tenure Number Tenure Name Tenure Type Holder Group Oyu Tolgoi's Interest Tenure Status Expiry Date Current Area (ha) MV-006708 Manakht Mining Licence Oyu Tolgoi LLC 100% Live 23 Dec 2033 4,533 MV-006709 Oyu Tolgoi Mining Licence Oyu Tolgoi LLC 100% Live 23 Dec 2033 8,490 MV-006710 Khukh Khad Mining Licence Oyu Tolgoi LLC 100% Live 23 Dec 2033 1,763 MV-015225 Javkhlant Mining Licence Entrée LLC 70% from the surface to 560 m below the surface; and 80% from below 560 m Live 27 Oct 2039 20,327 MV-015226 Shivee Tolgoi Mining Licence Entrée LLC 70% from the surface to 560 m below the surface; and 80% from below 560 m Live 27 Oct 2039 42,593 There are no known significant encumbrances to the Mineral Resources or Mineral Reserves on the OT Property. Encumbrances There are no known significant encumbrances to the Mineral Resources or Mineral Reserves at Oyu Tolgoi. For further details regarding the titles, leases and rights for Oyu Tolgoi, see Mines and Production Facilities-Oyu Tolgoi on pages 316-317 of this Form 20-F. Personnel Personnel are engaged on either a residential or Fly-In-Fly-Out (FIFO) basis, sourced from capital and regional centres in Mongolia. Age, modernisation and condition of the equipment and facilities The facilities at Oyu Tolgoi are relatively new or under construction. All infrastructure, equipment and facilities within 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 270-272 of this Form 20-F. 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.

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Annual Report on Form 20-F 2022 \| riotinto.com360 Mineral Resources The table on pages 300-301 of this Form 20-F sets out the amount and grade, of Oyu Tolgoi's Measured, Indicated and Inferred Mineral Resources for the year ended 31 December 2022. The 94% change from the previous reporting is primarily due to reporting on an ownership basis and Rio Tinto's increased ownership of Oyu Tolgoi. 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 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 this Form 20-F. Mineral Reserves The table on pages 288-289 of this Form 20-F sets out the amount, grade, price and metallurgical recovery of Oyu Tolgoi 's Proven and Probable Mineral Reserves for the year ended 31 December 2022. The 86% change from previous reporting is primarily due to reporting on an ownership basis and Rio Tinto's increased ownership of Oyu Tolgoi. The Mineral Reserves estimates for Oyu Tolgoi are based on a Life of Mine plan that has been developed according to Regulation S-K 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 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 Oyu Tolgoi a variable cut-off grade strategy is applied to develop the mine plan. 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 of this 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 variable net smelter return 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. 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 Reserve estimates at Oyu Tolgoi, see Section 12 of Oyu Tolgoi Technical Report Summary filed herewith as exhibit 96.3 to this 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 2022, and some targets will be investigated in the future. 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 understanding of these resources and ultimately make decisions on their development. Additional information can be found in Section 7 of the Oyu Tolgoi Technical Report Summary filed as exhibit 96.3 to this Form 20-F. Internal controls disclosure pursuant to Item 1305 of Regulation S-K under Securities Act of 1933 For a description of the internal controls that Rio Tinto uses in its exploration and Mineral Resource and Mineral Reserve estimation efforts, quality control and quality assurance programmes, 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 page 306 of this Form 20-F. US Disclosure continued

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361Annual Report on Form 20-F 2022 \| riotinto.com Additional information Financial calendar 2023 16 January Fourth quarter 2022 operations review 22 February Announcement of results for 2022 9 March Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs quoted "ex-dividend" for the 2022 final dividend 10 March Record date for the 2022 final dividend for Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs 28 March Final date for elections under the Rio Tinto plc and Rio Tinto Limited dividend reinvestment plans and under facilities for dividends to be paid in alternative currency for the 2022 final dividend\* 6 April Annual general meeting for Rio Tinto plc, UK 13 April Dividend currency conversion date (Rio Tinto plc holders electing to receive Australian dollars and Rio Tinto Limited holders electing to receive pounds sterling) 20 April First quarter 2023 operations review 20 April Payment date for the 2022 final dividend to holders of ordinary shares and ADRs 4 May Annual general meeting for Rio Tinto Limited, Australia 18 July Second quarter operations review 2023 26 July Announcement of half-year results for 2023 10 August Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs quoted "ex-dividend" for the 2023 interim dividend 11 August Record date for the 2023 interim dividend for Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs 31 August Final date for elections under the Rio Tinto plc and Rio Tinto Limited dividend reinvestment plans and under facilities for dividends to be paid in alternative currency for the 2023 interim dividend 14 September Dividend currency conversion date (Rio Tinto plc holders electing to receive Australian dollars and Rio Tinto Limited holders electing to receive pounds sterling) 21 September Payment date for the 2023 interim dividend to holders of ordinary shares and ADRs 17 October Third quarter 2023 operations review Shareholder information continued

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Annual Report on Form 20-F 2022 \| riotinto.com362 Registered offices Rio Tinto plc 6 St James's Square London UK SW1Y 4AD 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 investor centre of the respective registrar. Rio Tinto plc Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ UK Telephone: +44 (0)370 702 0003 Fax: +44 (0)370 703 6101 UK residents only 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 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

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363Annual Report on Form 20-F 2022 \| riotinto.com Additional 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 programmes 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; 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; the impacts of the COVID-19 pandemic; 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. Shareholder information continued

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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**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 1.1 | <u>[Articles of Association of Rio Tinto plc (adopted by special resolution passed on 20 April 2009 and amended on 1 October 2009 and 8 April 2020) (incorporated by reference to Exhibit 1.1 of Rio Tinto plc 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> |
| 1.2 | <u>[Constitution of Rio Tinto Limited (CAN 004 458 404) (as adopted by special resolution passed on 24 May 2000 and amended by special resolution on 18 April 2002, 29 April 2005, 27 April 2007, 24 April 2008, 20 April 2009 and 7 May 2020) (incorporated by reference to Exhibit 1.2 of Rio Tinto plc 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/ex1-2ltdconstitution.htm)</u> |
| 2.1 | <u>[Description of securities](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)[(incorporate](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)[d](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)[by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)[2](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)[.1 of Rio Tinto plc](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)[Annual Report on Form 20-F for fiscal year ended 31 December 2021, File No. 1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex02-1descripsecurities2021.htm)</u> |
| 3.1\*\* | DLC Merger Implementation Agreement, dated 3 November 1995 between CRA Limited and The RTZ Corporation PLC relating to the implementation of the DLC merger (incorporated by reference to Exhibit 2.1 of Rio Tinto plc's Annual report on Form 20-F for the financial year ended 31 December 1995, File No. 1-10533) |
| 3.2 | <u>[DLC Merger Sharing Agreement, dated 21 December 1995 and amended on 14 April 2005, 29 April 2005 and 18 December 2009 between CRA Limited and The RTZ Corporation PLC relating to the ongoing relationship between CRA and RTZ following the DLC merger (incorporated by reference to Exhibit 3.2 of 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> |
| 3.3 | <u>[RTZ Shareholder Voting Agreement, dated 21 December 1995 and amended on 18 January 2010 between The RTZ Corporation PLC, RTZ Shareholder SVC Pty. Limited, CRA Limited, R.T.Z. Australian Holdings Limited and The Law Debenture Trust Corporation p.l.c (incorporated by reference to Exhibit 3.3 of 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/u08506exv3w3.htm)</u> |
| 3.4 | <u>[CRA Shareholder Voting Agreement, dated 21 December 1995 and amended 18 January 2010 between CRA Limited, CRA Shareholder SVC Limited, The RTZ Corporation PLC and The Law Debenture Trust Corporation p.l.c., relating to the RTZ Special Voting Share (incorporated by reference to Exhibit 3.4 of 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> |
| 4.1 | <u>[Rules of the Rio Tinto plc Performance Share Plan 2013, approved on 18 April 2013 and amended on 12 February 2019 (incorporated by reference to Exhibit 4.1 of Rio Tinto plc 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/ex04-01perfshareplan2013.htm)</u> |
| 4.2 | <u>[Rules of the Rio Tinto Limited Performance Share Plan 2013, approved on 9 May 2013 and amended on 12 February 2019 (incorporated by reference to Exhibit 4.2 of Rio Tinto plc 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/ex04-02perfshareplan2013.htm)</u> |
| 8.1\* | <u>[List of subsidiary companies](ex08-1subsidiaries2022.htm)</u> |
| 12.1\* | <u>[Certifications pursuant to Rule 13a-14(a) of the Exchange Act](ex12-1soxcertedgar2022.htm)</u> |
| 13.1\* | <u>[Certifications furnished pursuant to Rule 13a-14(b) of the Exchange Act (such certifications are not deemed filed for purpose of Section 18 of the Exchange Act and not incorporated by reference in any filing under the Securities Act)](ex13-1_906soxedgar2022.htm)</u> |
| 15.1\* | <u>[Consent of KPMG LLP and KPMG, independent registered public accounting firms](ex15-1kpmg_consent2022.htm)</u> |
| 15.2\* | <u>[Consents of Qualified Persons for Technical Report Summary Escondida](ex15-2qualifiedpersonescon.htm)</u> |
| 15.3\* | <u>[Consents of Qualified Persons for Technical Report Summary Oyu Tolgoi](ex153_trsqpconsentsot.htm)</u> |
| 16.1\* | <u>[Mine safety and health administration safety data](ex16-1minesafety2022.htm)</u> |
| 17.1\* | <u>[Guarantors and Issuers of Guaranteed Securities](exhibit17-1riotintoxguaran.htm)</u> |
| 96.1 | <u>[Technical Report Summary Pilbara Operations](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[(incorporate](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[d](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[by reference to Exhibit 96.1 of Rio Tinto plc](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[Annual Report o](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[n Form 20-F for fiscal year ended](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[31 De](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[c](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[ember 2021](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[, File No.](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)[1-10533)](https://www.sec.gov/Archives/edgar/data/863064/000162828022003937/ex96_1xtrsxpilop.htm)</u> |
| 96.2\* | <u>[Technical Report Summary Escondida](exhibits962mel_trsxdecem.htm)</u> |
| 96.3\* | <u>[Technical Report Summary Oyu Tolgoi](exhibits-963otsxk1300trs.htm)</u> |
| 101\* | Interactive data files |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Paper filing in 1995

------

**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/ Steve Allen | /s/ Steve Allen |
| Name: Steve Allen | Name: Steve Allen |
| Title: Company Secretary | Title: Joint Company Secretary |
| Date: 24 February 2023 | Date: 24 February 2023 |

---

## Exhibit 8.1

**Exhibit 8.1**

**List of subsidiary companies**

**At 31 December 2022**

The principal operating subsidiary companies of the Rio Tinto Group are listed in Note 30 to the *2022 Financial statements*. The principal intermediate holding companies and group finance companies are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company and country of incorporation** | **Principal activities** | **Class of shares held** | **Proportion of class held** | **Group interest** |
| | | | **%** | **%** |
| **Australia** | | | | |
| Hamersley Holdings Limited | Holding company | AUD Ordinary shares | 100 | 100 |
| North IOC Holdings Pty Ltd | Holding company | AUD Ordinary shares | 100 | 100 |
| North Limited | Holding company | AUD Ordinary shares | 100 | 100 |
| Pacific Aluminium Pty. Limited | Holding company | AUD Ordinary shares | 100 | 100 |
| Peko-Wallsend Pty Ltd | Holding company | AUD Ordinary shares | 100 | 100 |
| Rio Tinto Finance Limited | Finance company | AUD Ordinary shares | 100 | 100 |
| Rio Tinto Finance (USA) Limited | Finance company | AUD Ordinary shares | 100 | 100 |
| Rio Tinto Investments One Pty Limited | Holding company | AUD Ordinary shares | 100 | 100 |
| Rio Tinto Investments Two Pty Limited | Holding company | AUD Ordinary shares | 100 | 100 |
| Robe River Limited | Holding company | AUD Ordinary shares | 100 | 100 |
| **Bermuda** |  |  |  |  |
| North IOC (Bermuda) Holdings Limited | Holding company | US$1.00 Ordinary shares | 100 | 100 |
| North IOC (Bermuda) Limited | Holding company | US$1.00 Ordinary shares | 100 | 100 |
|  |  | US$100,000.00 Preferred shares | 100 | 100 |
|  | US$143.64 Class A Ordinary shares | US$143.64 Class A Ordinary shares | 100 | 100 |
| QIT Madagascar Minerals Ltd. | Holding company | US$1.00 Ordinary shares | 100 | 100 |
| **Canada** |  |  |  |  |
| 46117 Yukon Inc. | Holding company | CAD Common shares | 100 | 100 |
|  |  | CAD Preferred shares | 100 | 100 |
| 535630 Yukon Inc. | Holding company | CAD Common shares | 100 | 100 |
|  |  | CAD Preferred shares | 100 | 100 |
| Rio Tinto THR Inc. | Holding company | CAD Common shares | 100 | 100 |
| Rio Tinto Canada Inc | Holding company | CAD Class B shares | 100 | 100 |
|  |  | CAD Class C shares | 100 | 100 |
|  |  | CAD Class D shares | 100 | 100 |
|  |  | CAD Class J shares | 100 | 100 |
|  |  | CAD Class S shares | 100 | 100 |
| **Netherlands** |  |  |  |  |
| Rio Tinto Eastern Investments B.V. | Holding company | €12,510,234,217.00 Ordinary shares | 100 | 100 |
| **South Africa** |  |  |  |  |
| Richards Bay Mining Holdings (Proprietary) Limited | Holding company | ZAR1.00 A Ordinary shares | 100 | 100 |
|  |  | ZAR1.00 B Ordinary shares | 100 | 100 |
| Richards Bay Titanium Holdings (Proprietary) Limited | Holding company | ZAR1.00 A Ordinary shares | 100 | 100 |
|  |  | ZAR1.00 B Ordinary shares | 100 | 100 |
| **United Kingdom** |  |  |  |  |
| Rio Tinto European Holdings Limited | Holding company | £1.00 Ordinary shares | 100 | 100 |
| Rio Tinto Finance plc | Finance company | £1.00 Ordinary shares | 100 | 100 |
|  |  | US$1.00 Ordinary shares | 100 | 100 |
| Rio Tinto Finance (USA) plc | Finance company | £1.00 Ordinary shares | 100 | 100 |
| Rio Tinto International Holdings Limited | Holding company | £1.00 Ordinary shares | 100 | 100 |
| Rio Tinto Simfer UK Limited | Holding company | US$1.00 Ordinary shares | 100 | 100 |
| **United States of America** |  |  |  |  |
| Rio Tinto America Holdings Inc. | Holding company | US$0.01 Class A Common shares | 100 | 100 |
|  |  | US$100.00 Series A Preferred Stock | 100 | 100 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company and country of incorporation** | **Principal activities** | **Class of shares held** | **Proportion of class held** | **Group interest** |
| Rio Tinto America Inc. | Holding company | US$100.00 Common shares | 100 | 100 |
| Rio Tinto Finance (USA) Inc. | Holding company | US$1.00 Common shares | 100 | 100 |
| Rio Tinto Minerals Inc. | Holding company | US$0.01 Common shares | 100 | 100 |

---

## Exhibit 12.1

Exhibit 12.1

**CERTIFICATION**

I, Jakob Stausholm, certify that:

1. I have reviewed this annual report for the fiscal year ended December 31, 2022 on Form 20-F 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/ Jakob Stausholm

Chief Executive

Date: 24 February 2023

------

**CERTIFICATION**

I, Peter Cunningham, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2022 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: 24 February 2023

------

**CERTIFICATION**

I, Jakob Stausholm, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2022 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/ Jakob Stausholm

Chief Executive

Date: 24 February 2023

------

**CERTIFICATION**

I, Peter Cunningham, certify that:

1. I have reviewed this annual report on Form 20-F for the fiscal year ended December 31, 2022 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: 24 February 2023

## 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 2022 (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/ Jackob Stausholm | | /s/ Peter Cunningham |
| Name: | Jakob Stausholm | Name: | Peter Cunningham |
| Title: | Chief Executive | Title: | Chief Financial Officer |
| Date: | 24 February 2023 | Date: | 24 February 2023 |

---

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 2022 (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/ Jakob Stausholm | | /s/ Peter Cunningham |
| Name: | Jakob Stausholm | Name: | Peter Cunningham |
| Title: | Chief Executive | Title: | Chief Financial Officer |
| Date: | 24 February 2023 | Date: | 24 February 2023 |

---

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. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the registration statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (Nos. 333-224907-01) of our report dated 24 February 2023 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 |
| 24 February 2023 | 24 February 2023 |

---

KPMG, an Australian partnership and KPMG LLP, a UK limited liability partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

KPMG Australia's liability limited by a scheme approved under Professional Standards Legislation.

## Exhibit 15.2

![image.jpg](image.jpg)

**EXHIBIT 15.2**

**Consent of Qualified Person**

**Statement**

I, **Rodrigo Maureira**, in connection with the annual report on Form 20-F for the year ended December 31, 2022 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-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907-01) 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 13, 2023

**/s/ Rodrigo Maureira**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Rodrigo Maureira, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Geologist

Minera Escondida Limitada

------

![image.jpg](image.jpg)

**Consent of Qualified Person**

**Statement**

I, **Francisco Barrera**, in connection with the annual report on Form 20-F for the year ended December 31, 2022 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-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907-01) 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 14, 2023

**<u>/s/ Francisco Barrera</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Francisco Barrera, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Long Term Planning

Minera Escondida Limitada

------

![image.jpg](image.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, 2022 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-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907-01) 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 9, 2023

**<u>/s/ Andres Naranjo</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Andres Naranjo, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Asset Resource Management

Minera Escondida Limitada

------

![image.jpg](image.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, 2022 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-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907-01) 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 20, 2023

**<u>/s/ Andres Salazar</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Andrés Salazar, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Geometallurgy

Minera Escondida Limitada

------

![image.jpg](image.jpg)

**Consent of Qualified Person**

**Statement**

I, **Fernando Villegas**, in connection with the annual report on Form 20-F for the year ended December 31, 2022 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-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907-01) 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 16, 2023

**<u>/s/ Fernando Villegas</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Fernando Villegas, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Asset Practice Lead – Geotechnical Hydrogeology & Tailings

Minera Escondida Limitada

------

![image.jpg](image.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, 2022 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-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907-01) 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 9, 2023

**<u>/s/ Carlos Delgado</u>**

Name:&nbsp;&nbsp;&nbsp;&nbsp;Carols Delgado, MAusIMM

Title:&nbsp;&nbsp;&nbsp;&nbsp;Superintendent Geometallurgy

Minera Escondida Limitada

## Exhibit 15.3

![](ex153_trsqpconsentsot001.jpg)

Consent of Qualified Person Statement I, Oyunjargal Dendev, in connection with the annual report on Form 20-F for the year ended December 31, 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consent to:  the filing and use of the technical report summary titled "Oyu Tolgoi Operations Technical Report Summary" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F  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.  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  the incorporation by reference in the Registration Statements on Form F-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907- 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: Name: Oyunjargal Dendev, MAusIMM Title: Principal Geologist Resources Rio Tinto Copper EXHIBIT 15.3 07-Feb-2023

------

![](ex153_trsqpconsentsot002.jpg)

Consent of Qualified Person Statement I, Barry Ndlovu, in connection with the annual report on Form 20-F for the year ended December 31, 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20- F"), consent to:  the filing and use of the technical report summary titled "Oyu Tolgoi Operations Technical Report Summary" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F  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.  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  the incorporation by reference in the Registration Statements on Form F-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907- 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: Name: Barry Ndlovu, MAusIMM Title: Principal Engineer - Caving Rio Tinto Copper 07/02/2023

------

![](ex153_trsqpconsentsot003.jpg)

Consent of Qualified Person Statement I, Nathan Robinson, in connection with the annual report on Form 20-F for the year ended December 31, 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20- F"), consent to:  the filing and use of the technical report summary titled "Oyu Tolgoi Operations Technical Report Summary" (the "Technical Report Summary"), with an effective date of December 31, 2022, as an exhibit to and referenced in the Form 20-F  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.  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  the incorporation by reference in the Registration Statements on Form F-3ASR of Rio Tinto plc (No. 333-238553), Rio Tinto Limited (No. 333-238553-01), Rio Tinto Finance (USA) Inc. (No. 333-238553-02), Rio Tinto Finance (USA) plc (No. 333-238553-03), and Rio Tinto Finance (USA) Limited (No. 333-238553-04) and in the Registration Statements on Form S-8 of Rio Tinto plc (Nos. 333-184397 and 333-224907), and Rio Tinto Limited (No. 333-224907- 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: Name: Nathan Robinson, MAusIMM Title: Principal Mining Engineer Rio Tinto Copper 07-Feb-2023

------

## 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 2022 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) | 6 | 0 | 0 | 0 | 0 | $71487 | 0 | No | No | 0 | n/a | 0 | 0 |
| 4201996 | Kennecott Utah Copper LLC (Copperton Concentrator) | 3 | 0 | 0 | 0 | 0 | $40253 | 0 | No | No | 0 | n/a | 0 | 0 |
| 400743 | U.S. Borax Inc. (Boron) | 11 | 0 | 0 | 0 | 0 | $38890 | 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 | $1896 | 0 | No | No | 0 | n/a | 0 | 0 |
| 4201392 | Kennecott Keystone Underground | 0 | 0 | 0 | 0 | 0 | $0 | 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.

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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:

&nbsp;&nbsp;&nbsp;&nbsp;$750M 7.125% Guaranteed Notes due 2028;

$350M 5.200% Guaranteed Notes due 2040;

&nbsp;&nbsp;&nbsp;&nbsp;$300M 5.200% Guaranteed Notes due 2040;

&nbsp;&nbsp;&nbsp;&nbsp;$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:

$750M 4.125% Guaranteed Notes due 2042;

$500M 4.750% Guaranteed Notes due 2042.

## Exhibit 96.2

![](exhibits962mel_trsxdecem001.jpg)

&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 December 31, 2022 Francisco Barrera 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 December 31, 2022 Andres Salazar Geology – Chapter 6 in full December 31, 2022 Fernando Villegas Geotechnical & Hydrogeology (Sections 7.3 and 7.4), Hydrogeology (Section 13.3.2), Pit Geotechnical (Section 13.3.1), Tailings Management (Section 17.2.1) December 31, 2022 Carlos Delgado Mineral Processing and Metallurgical Testing – Chapter 10 in full Processing and Recovery Methods - Chapter 14 in full December 31, 2022 Andres Naranjo Infrastructure Chapter 15 in full Environmental Studies, Permitting, Plans and Agreements – Chapter 17 excluding Section 17.2.1 December 31, 2022 SEC Technical Report Summary – Minera Escondida Limitada Page ii MEL_TRS_December 2022_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page iii MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page vii MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page xi MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page xv MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page xix MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 23 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 27 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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) 18 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 Francisco Barrera Full-time employee / Superintendent Long Term Planning Industrial Civil Mining Engineer AusIMM Member (#324752) 17 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) 17 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) 22 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) 22 years in copper projects and operations Infrastructure Chapter 15 in full Environmental Studies, Permitting, Plans and Agreements – Chapter 17 excluding Section 17.2.1 Fernando Villegas Full-time employee / Asset Practice Lead Geotechnical Hydrogeology & Tailings PhD Mining & Earth System (USA) AusIMM Member (#3055969) 26 years in copper, 1 year in zinc/silver, projects and operations of total 27 years in mining industry. Geotechnical & Hydrogeology (Sections 7.3 and 7.4), Hydrogeology (Section 13.3.2), Pit Geotechnical (Section 13.3.1), Tailings Management (Section 17.2.1) SEC Technical Report Summary – Minera Escondida Limitada Page 31 MEL_TRS_December 2022_RT_v0.9_LOCKED.docx December 2022 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. SEC Technical Report Summary – Minera Escondida Limitada Page 32 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.docx December 2022 Source: MEL (2022) Figure 3-2: Minera Escondida Ltda. Mining Concessions SEC Technical Report Summary – Minera Escondida Limitada Page 35 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 39 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 43 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 47 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 51 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 55 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 59 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.docx December 2022 Source: MEL (2022) Figure 7-8: Piezometric Monitoring Network in the Escondida Pit SEC Technical Report Summary – Minera Escondida Limitada Page 63 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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) SEC Technical Report Summary – Minera Escondida Limitada Page 67 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 71 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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) SEC Technical Report Summary – Minera Escondida Limitada Page 75 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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% SEC Technical Report Summary – Minera Escondida Limitada Page 79 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 83 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 87 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.docx December 2022 Source: MEL (2022) Figure 10-3: Spatial Distribution of Geometallurgical Samples SEC Technical Report Summary – Minera Escondida Limitada Page 91 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 95 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 99 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 103 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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) SEC Technical Report Summary – Minera Escondida Limitada Page 107 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 111 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 115 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 119 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.docx December 2022 Source: MEL (2022) Figure 11-13: Escondida Copper at 2770 RL .. SEC Technical Report Summary – Minera Escondida Limitada Page 123 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 127 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 131 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 135 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 139 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 143 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 147 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 151 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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) SEC Technical Report Summary – Minera Escondida Limitada Page 155 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 159 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 163 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 167 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 171 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 175 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 179 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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). SEC Technical Report Summary – Minera Escondida Limitada Page 183 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 187 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 191 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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$17.2/troy oz; respectively. Evaluation of Competitors Copper supply is quite fragmented by geographical region and number of operating mines. Based on the estimated 2030 C3 costs (Wood Mackenzie) MEL sits in the 3rd quartile. SEC Technical Report Summary – Minera Escondida Limitada Page 194 MEL_TRS_December 2022_RT_v0.9_LOCKED.docx December 2022 (Source: Wood Mackenzie, 2021 Q3 Dataset) Figure 16-3: Copper Supply Curve 2030 C3 Costs The QP does not view competitors as a material risk to the mineral reserves estimate due to the expected long-term structural supply deficit. 16.2 Products and Markets By far, the two most-traded forms of copper are cathode (refined copper) and copper concentrates. Copper cathode is a 99.99% pure form of the metal and is the product that is traded (and deliverable) on the three major exchanges: LME, SHFE and COMEX. Copper Concentrates is the most-traded intermediate product that is fed into copper smelters for refining to cathode form. MEL primarily produces copper concentrate, which is complemented with the production of LME Grade A copper cathodes (refer to LME website for minimum requirements). These products are mainly sold to international markets. Cathode 'Cathode' refers to the copper deposited on the negative terminal of an electrorefining or electrowinning plant. They are around one metre square and weigh 50-80kg. Copper cathode is usually sold on a CIF or Delivered basis and priced with reference to LME (or SHFE or COMEX), with a Quotation Period (average month in which the copper price is based on for a particular shipment) of 'M' (Month of shipment) or 'M+1' (One month after shipment), with an additional physical premium. This premium value typically ranges between 30 and 120 US$/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. SEC Technical Report Summary – Minera Escondida Limitada Page 195 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 199 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 203 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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 SEC Technical Report Summary – Minera Escondida Limitada Page 207 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 211 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.docx December 2022 Figure 21-2: Volumetric Delay-Recover per Pushback, from July to March FY22 SEC Technical Report Summary – Minera Escondida Limitada Page 215 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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. SEC Technical Report Summary – Minera Escondida Limitada Page 219 MEL_TRS_December 2022_RT_v0.9_LOCKED.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_RT_v0.9_LOCKED.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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## Exhibit 96.3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 1 of 205 Oyu Tolgoi 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 2022 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 2 of 205 Date and signature page Qualified Persons Signature Date Nathan Robinson /s/ Nathan Robinson 08/02/2023 Oyunjargal Dendev /s/ Oyunjargal Dendev 08/02/2023 Barry Ndlovu /s/ Barry Ndlovu 08/02/2023 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 3 of 205 Contents page 1. Executive summary 15 1.1 Property description and ownership 15 1.2 Geology and mineralisation 15 1.3 Exploration 15 1.4 Mineral Resources estimate 16 1.5 Mineral Reserves estimate 18 1.6 Capital and operating costs 18 1.7 Permitting requirements 20 1.8 Qualified Persons' conclusions and recommendations 20 2. Introduction 21 2.1 Registrant information 22 2.2 Terms of reference and purpose 22 2.3 Sources of information 26 2.4 QPs and site visits 27 2.5 Previously filed technical report summaries 27 3. Property description 28 3.1 Property location 28 3.2 Title details and rights 30 3.3 Encumbrances 30 3.4 Risks to access, title or right to perform work 30 3.5 Agreements and royalties 30 3.5.1 Investment Agreement 31 4. Accessibility, climate, local resources, infrastructure, and physiography 33 4.1 Topography, elevation, and vegetation 33 4.2 Access 34 4.3 Climate 35 4.4 Local resources and infrastructure 35 4.4.1 Power supply 35 4.4.2 Water supply 35 4.4.3 Personnel 35 4.4.4 Supplies 36 5. History 36 5.1 Project history 36 5.1.1 Early history 36 5.1.2 2000 to 2009 36 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 4 of 205 5.1.3 2010 to 2013 37 5.1.4 2014 to 2016 38 5.1.5 2017 to 2020 39 5.1.6 2021 to 2023 41 5.2 Development and production history 43 6. Geological setting, mineralisation, and deposit 44 6.1 Regional geology 44 6.2 District geology 45 6.2.1 Overview 45 6.2.2 Sedimentary host sequence 48 6.2.3 Intrusive rock 51 6.2.4 Structural setting 52 6.3 Local geology 53 6.3.1 Hugo Dummett deposits 54 6.3.2 Oyut deposit 55 6.3.3 Heruga 59 6.4 Deposit types 59 6.4.1 Geological model of typical porphyry copper systems 59 6.4.2 Porphyry copper mineralisation 61 6.4.3 Alteration zones 62 6.5 Applicability of porphyry copper model to Oyu Tolgoi 63 7. Exploration 65 7.1 Fundamental data 65 7.1.1 Grids and surveys 65 7.2 Imaging 65 7.3 Geological mapping 65 7.3.1 Surface mapping 65 7.3.2 Underground mapping 66 7.4 Structural studies 67 7.4.1 Oyut 67 7.4.2 Hugo Dummett 68 7.4.3 Heruga 69 7.5 Geochemical surveys 69 7.6 Geophysics 71 7.6.1 Entrée Resources Ltd.-Oyu Tolgoi LLC joint venture arrangements area 73 7.7 Petrology, mineralogy and other research studies 74 7.7.1 Research studies 74 7.8 Drilling 75 7.8.1 Drill programs 75 7.8.2 Drill orientations 77

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 5 of 205 7.8.3 Diamond-core diameters 77 7.8.4 Diamond core transport 77 7.8.5 Geological logging 77 7.8.6 Recoveries and rock quality designation 78 7.8.7 Collar surveys 78 7.8.8 Downhole surveys 79 7.8.9 Acoustic televiewer data 79 7.8.10 Core storage 79 7.9 Hydrogeology data 80 7.9.1 Geological setting 80 7.9.2 Structural setting 80 7.9.3 Hydrology 80 7.9.4 Hydrogeology 81 7.9.5 Rainfall 82 7.9.6 Gunii Hooloi aquifer 82 7.10 Geotechnical data 83 7.11 Drill hole location plan 84 8. Sample preparation, analyses, and security 84 8.1 Sample preparation methods 84 8.1.1 Geochemical sampling 84 8.1.2 Core sampling 85 8.1.3 Assay sample preparation 86 8.1.4 Analytical methods 88 8.1.5 Dry bulk density determination 89 8.2 Sample analysis 89 8.3 Quality assurance measures 90 8.3.1 QA/QC program outline 90 8.3.2 Standard reference materials 91 8.3.3 Blanks 91 8.3.4 Duplicate samples 91 8.4 Sample security 92 9. Data verification 92 9.1 Exploration and Mineral Resource verification 92 9.2 Mining and Mineral Reserve verification 94 9.3 Geotechnical verification 95 9.4 Hydrology and hydrogeology verification 95 9.5 Metallurgical verification 97 10. Mineral processing and metallurgical testing 97 10.1 Nature and extent of mineral processing and metallurgical testing 97 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 6 of 205 10.2 Spatial representivity of metallurgical sampling 97 10.2.1 Numbers of tests 97 10.2.2 Collection of samples and types of testwork 98 10.3 Details of analytical or testing laboratories 99 10.4 Predictions and assumptions in mineral processing 100 10.4.1 Processing rate 100 10.4.2 Mineralogical assessments 102 10.4.3 Flotation testwork 103 10.4.4 Geometallurgical characterization of Oyut and Hugo North deposits 105 10.4.5 Penalty elements 107 10.4.6 Other testwork 108 10.4.7 Recovery and concentrate grade prediction 108 10.5 QP's opinion on adequacy of the data collected 111 11. Mineral Resources estimates 111 11.1 Key assumptions, parameters, and methods 111 11.1.1 Resource database 111 11.1.2 Geological interpretation 111 11.1.3 Data preparation 112 11.1.4 Exploratory data analysis 113 11.1.5 Bulk density 114 11.1.6 Block models 114 11.1.7 Grade interpolation parameters 115 11.1.8 Grade estimation 116 11.1.9 Model validation 117 11.2 Mineral Resources classification 118 11.2.1 Open Pit classifications 118 11.2.2 Underground classifications 120 11.2.3 QP statement 120 11.3 Mineral Resources estimate 121 11.4 Derivation of cut-off grades 123 11.5 Cut-off grade, price, and justification 123 11.6 Uncertainty in the estimates of Inferred, Indicated, and Measured Mineral Resources 124 11.7 QP's opinion on factors likely to influence the prospect of economic extraction125 12. Mineral Reserves estimates 126 12.1 Key assumptions, parameters, and methods 126 12.1.1 Geological model 126 12.1.2 Moisture 126 12.1.3 Metallurgical and processing recoveries 126 12.1.4 Methodology 126 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 7 of 205 12.2 Modifying factors 127 12.3 Cut-off grade estimate 127 12.4 Mineral Reserves estimate 128 12.5 QP's opinion on risk factors that may materially affect the Mineral Reserves estimates 130 13. Mining methods 130 13.1 Introduction 130 13.2 Current mining operations 130 13.3 Oyut open pit mining 131 13.3.1 Geotechnical considerations 131 13.3.2 Hydrogeological considerations 133 13.3.3 Mining model 134 13.3.4 Pit phases 135 13.3.5 Waste dump and stockpile design 138 13.3.6 Mining fleet, machinery, and personnel requirements 140 13.4 Underground mining 141 13.4.1 Background 141 13.4.2 Geotechnical considerations 143 13.4.3 Hydrogeological considerations 146 13.4.4 Mining model 146 13.4.5 Mining phases 147 13.4.6 Mining fleet, machinery and personnel requirements 149 13.5 Production schedule 150 13.5.1 Scheduling process 150 13.5.2 Scheduling results 150 13.5.3 Mining unit dimensions 152 13.5.4 Mining dilution and recovery factors 153 14. Processing and recovery methods 154 14.1 Processing methodologies and flowsheets 154 14.2 Processing plant throughput and characteristics 156 14.3 Energy, water process materials and personnel requirements 158 14.4 QP's opinion on risk factors that may materially affect the Processing estimates159 15. Infrastructure 160 15.1 Tailings 160 15.2 Roads 160 15.3 Khanbumbat airport 162 15.4 Potable water and wastewater 162 15.5 Accommodation and offices 163 15.6 Open pit truck shop complex 164 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 8 of 205 15.7 Information and communications technology (ICT) systems 164 15.8 Other support facilities and utilities 165 16. Market studies 165 16.1 Nature and material terms of agency relationships 165 16.2 Results of relevant market studies 165 16.3 Commodity price projections 166 16.4 Mining and processing 168 16.5 Product transport and handling 168 16.6 Forward sales contracts 168 17. Environmental studies, permitting, and plans, negotiations, or agreements with local individuals or groups 170 17.1 Environmental and social impact assessment 170 17.2 Management plans 174 17.3 Environmental impacts and mitigation measures 175 17.3.1 Air quality 175 17.3.2 Noise and vibration 175 17.3.3 Landform and geology 176 17.3.4 Water resources 177 17.3.5 Biodiversity 177 17.3.6 Land use and displacement 178 17.4 Social and cultural heritage management 179 17.4.1 HSEC Management System 179 17.4.2 Cultural Heritage Management System 179 17.4.3 Environmental and community programs 181 17.5 Water and waste management 182 17.5.1 Water management 182 17.5.2 Waste management 183 17.6 Progressive rehabilitation and closure planning 184 17.6.1 Progressive rehabilitation and planning 184 17.6.2 Closure planning 185 17.6.3 Post-closure monitoring 186 17.7 QP's opinion 186 17.8 Commitment to local procurement and hiring 186 18. Capital and operating costs 187 18.1 Capital costs 188 18.2 Operating costs 189 19. Economic analysis 191 19.1 Summary 191 19.2 Methodology 191

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 9 of 205 19.2.1 Modelling approach 191 19.2.2 Sources of assumptions 191 19.3 Inputs and assumptions 192 19.3.1 Financial 192 19.3.2 Pricing and revenue 192 19.3.3 Taxes 193 19.4 Capital costs 194 19.5 Operating costs 194 19.5.1 Closure costs 194 19.6 Cash flow 195 19.6.1 Cash flow analysis 195 19.6.2 Economic evaluation 197 19.7 Sensitivity analysis 198 20. Adjacent properties 199 21. Other relevant data and information 200 22. Interpretations and conclusions 201 22.1 Mineral Resources 201 22.1.1 Interpretations and conclusions 201 22.2 Mineral Reserves 201 22.2.1 Interpretations and conclusions 201 23. Recommendations 202 24. References 203 25. Reliance on information provided by the Registrant 205 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 10 of 205 TABLES Table 1-1: Oyu Tolgoi Property Rio Tinto Ownership Basis Mineral Resources summary, as at 31 December 2022 ....................................................................................... 17 Table 1-2: Oyu Tolgoi Property Rio Tinto Ownership Basis Mineral Reserves summary, as at 31 December 2022 ........................................................................................... 18 Table 1-3: Summary of total Phase 2 capital costs by major area (US$M nominal, 100% basis) ................................................................................................................ 19 Table 1-4: Estimated sustaining capital for the Property (from 2021 and onwards) ............. 19 Table 2-1: List of acronyms and abbreviations used in this TRS ......................................... 23 Table 2-2: List of QPs ......................................................................................................... 27 Table 3-1: Rio Tinto tenure containing the Mineral Resources and Mineral Reserves ......... 29 Table 5-1: Summary of Oyu Tolgoi exploration and ownership history ................................ 42 Table 5-2: Mined production since commencement of mining at Oyu Tolgoi stated as Rio Tinto share of production. ................................................................................. 43 Table 6-1: Major units of the Alagbayan Formation ............................................................. 48 Table 6-2: Major units of the Sainshandhudag Formation ................................................... 50 Table 6-3: Major intrusive rock units .................................................................................... 52 Table 7-1: Stages and evolution characteristics of faults in Oyut area ................................. 68 Table 7-2: Soil sample surveys by area and year ................................................................ 70 Table 7-3: Geochemical sampling of areas covered by the joint venture arrangements ...... 70 Table 7-4: Geophysical survey completed in Oyu Tolgoi Property....................................... 72 Table 7-5: Geophysical survey completed Entrée Resources Ltd. joint venture arrangements areas ................................................................................................................ 73 Table 7-6: Summary of exploration drilling across the Property as at 31 December 2022 ... 76 Table 7-7: Diamond drill core logging procedure ................................................................. 77 Table 7-8: Summary of Gunii Hooloi groundwater availability and exploitable reserve estimations ....................................................................................................... 82 Table 8-1: Number of density measurements for each deposit ............................................ 89 Table 9-1: Number of water monitoring points ..................................................................... 96 Table 10-1: Number of samples used for metallurgical testwork programs .......................... 97 Table 10-2: Minnovex comminution tests ............................................................................ 97 Table 10-3: Flotation tests ................................................................................................... 98 Table 10-4: Types of metallurgical and mineral processing test work used in characterisation of Oyu Tolgoi mineralisation .............................................................................. 98 Table 10-5: Details of analytical or testing laboratories ....................................................... 99 Table 10-6: Processing rate model.................................................................................... 100 Table 10-7: Oyut Central zone ore comminution indices ................................................... 101 Table 10-8: Oyut Southwest zone ore comminution indices .............................................. 101 Table 10-9: Hugo North ore comminution indices .............................................................. 101 Table 10-10: Primary grind size P80 for each ore source .................................................. 103 Table 10-11: Hugo South and Heruga estimated flotation metal recovery to concentrate .. 105 Table 10-12: Oyut geometallurgical ore type definitions .................................................... 106 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 11 of 205 Table 10-13: Hugo North geometallurgical ore type definitions ......................................... 106 Table 10-14: Global copper recovery model ...................................................................... 109 Table 10-15: Oyut gold recovery model ............................................................................ 109 Table 10-16: Hugo North gold recovery model .................................................................. 109 Table 10-17: Oyut silver recovery model ........................................................................... 110 Table 10-18: Hugo North silver recovery model ................................................................ 110 Table 10-19: Oyut concentrate copper grade model ......................................................... 110 Table 10-20: Hugo North concentrate copper grade model ............................................... 110 Table 10-21: Oyut and Hugo North estimated metal recoveries ........................................ 111 Table 10-22: Hugo South and Heruga estimated metal recoveries.................................... 111 Table 11-1: Oyut Mineral Resources initial classification parameters ................................ 119 Table 11-2: Underground (Hugo North, Oyut Underground, Hugo South, Heruga) Mineral Resources initial classification parameters ...................................................... 120 Table 11-3: Oyu Tolgoi Property Rio Tinto Ownership Basis Reported Mineral Resources as at 31 December 2022 ..................................................................................... 122 Table 12-1: Oyu Tolgoi Property Rio Tinto Ownership Basis Reported Mineral Reserves as at 31 December 2022 ..................................................................................... 129 Table 13-1: Range of inter-ramp angles for each geotechnical domain ............................. 132 Table 13-2: Oyut tonnage and grade of material in pit phases (on an RR20 basis) ........... 137 Table 13-3: Waste dump design capacities as at 2019 Q3 ................................................ 139 Table 13-4: Stockpile design capacities as at 2019 (Q3) ................................................... 139 Table 13-5: Property mining fleet and machinery (October 2021) ..................................... 140 Table 13-6: Underground and surface geotechnical diamond drilling from 2017 through 2019 ....................................................................................................................... 144 Table 13-7: Composition of the current underground workforce ........................................ 150 Table 13-8: Planned Oyu Tolgoi mining schedule ............................................................. 151 Table 14-1: Summary of existing major equipment ........................................................... 154 Table 14-2: Summary of major additional equipment required for the concentrator conversion ....................................................................................................................... 156 Table 14-3: Ore comminution indices ................................................................................ 157 Table 14-4: Prediction of comminution properties - measured for 40 comparison samples 157 Table 14-5: Throughput and equipment characteristics of processing plants within the Property .......................................................................................................... 157 Table 14-6: Typical energy, water and process materials for Oyu Tolgoi processing operations ....................................................................................................... 159 Table 15-1: Accommodation Inventory ............................................................................. 164 Table 17-1: Project Area of Influence and scope of the ESIA ............................................ 171 Table 17-2: Baseline and core DEIA studies for the Project .............................................. 171 Table 17-3: Updated list of DEIA reports for the Project .................................................... 172 Table 18-1: Summary of total Phase 2 capital costs by major area (US$M nominal, 100% basis) .............................................................................................................. 188 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 12 of 205 Table 18-2: Estimated sustaining capital for the Property (US$M real, 100% basis, from 2021 onwards) ......................................................................................................... 189 Table 18-3: Open pit mining operating cost summary ....................................................... 189 Table 18-4: Underground mining operating cost summary ................................................ 189 Table 18-5: Processing and support operating cost summary ........................................... 190 Table 19-1: Capital and operating cost estimation accuracy guidelines ............................. 191 Table 19-2: Economic analysis assumptions used as the basis for financial evaluation .... 192 Table 19-3: FX rates used in economic analysis ............................................................... 192 Table 19-4: Price assumptions (US$ real) ......................................................................... 193 Table 19-5: Taxes and fees paid to the Government of Mongolia ..................................... 193 Table 19-6: Closure cost estimate ..................................................................................... 194 Table 19-7: Non-discounted cash flow for the property ..................................................... 196 Table 19-8: Cashflow and NPV ($real, US$m) .................................................................. 197 Table 19-9: NPV Project price sensitivity to base case ...................................................... 198

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 13 of 205 FIGURES Figure 3-1: Property location map ....................................................................................... 28 Figure 3-2: Property tenement map ..................................................................................... 29 Figure 4-1: Oyu Tolgoi location and regional infrastructure ................................................. 34 Figure 6-1: Regional geology of the Oyu Tolgoi region ........................................................ 45 Figure 6-2: Geology map of Oyu Tolgoi licenced area ......................................................... 47 Figure 6-3: Stratigraphy of the Oyu Tolgoi area ................................................................... 51 Figure 6-4: Idealized view of the Oyu Tolgoi mineral deposits (long-section looking west) .. 54 Figure 6-5: Idealized view of the Oyu Tolgoi mineral deposits (long-section looking west) .. 55 Figure 6-6: Oyut deposit schematic plan showing major zones ........................................... 56 Figure 6-7: Oyut deposit geological map and cross-sections............................................... 57 Figure 6-8: Schematic section of porphyry copper deposit (source: Sillitoe, 2010) .............. 61 Figure 6-9: Generalized alteration-mineralisation zoning pattern for telescoped porphyry copper deposits (Sillitoe, 2010) ......................................................................... 63 Figure 7-1: Oyut photogrammetric image of pit wall with annotations .................................. 66 Figure 7-2: Oyut drone imagery of open pit wall .................................................................. 66 Figure 7-3: Regional soil geochemistry – anomaly map (Projection WGS84 Lat/Long) ....... 71 Figure 7-4: Regional inverted magnetotelluric sections at the depth interval of 600 m below surface (Projection WGS84 Lat/Long) ............................................................... 73 Figure 7-5: Near-mine drill hole collar locations................................................................... 84 Figure 8-1: Rock chip, drill core and grab sample preparation ............................................. 87 Figure 10-1: Relationship between elevation and predicted processing throughput .......... 102 Figure 10-2: Hugo North and Oyut Southwest sample cumulative liberation yield curves for regrind product ................................................................................................ 104 Figure 11-1: Oyut comparison of the initial and final smoothed Mineral Resources classification maps at 1055 RL (plan) ............................................................. 119 Figure 11-2: Oyut comparison of the initial and final smoothed Mineral Resources classification maps at 755 RL (plan) ............................................................... 120 Figure 11-3: Hugo North geometallurgical domains within Lift 1 cave shape ..................... 124 Figure 13-1: Planned Oyu Tolgoi mining schedule bar chart ............................................. 131 Figure 13-2: Planned Oyu Tolgoi mining schedule ............................................................ 135 Figure 13-3: Oyut open pit design – Section A-A' .............................................................. 136 Figure 13-4: Oyut open pit design – Section B-B' .............................................................. 136 Figure 13-5: Oyut open pit phases (grid lines are at 500 m intervals) ................................ 137 Figure 13-6: Location of waste dumps and stockpiles ....................................................... 139 Figure 13-7: Location map showing footprint of final mine outline ..................................... 140 Figure 13-8: Open pit labour requirements ........................................................................ 141 Figure 13-9: Hugo North isometric view of planned mine development arrangements. ..... 142 Figure 13-10: Hugo North surface infrastructure arrangements. ........................................ 142 Figure 13-11: Hugo North predicted subsidence fracture limit ........................................... 145 Figure 13-12: Hugo North mine levels ............................................................................... 147 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 14 of 205 Figure 13-13: Hugo North Lift 1 mine production schedule by panel ................................. 148 Figure 13-14: Hugo North mobile equipment fleet by main category ................................. 149 Figure 13-15: Life of mine Mineral Reserve processing schedule ..................................... 151 Figure 14-1: Schematic of the existing concentrator .......................................................... 155 Figure 14-2: Location of new facilities relative to Phase 1 installation ............................... 156 Figure 15-1: Oyu Tolgoi to Khanbogd Road ...................................................................... 161 Figure 15-2: Road from Oyu Tolgoi site to Mongolia-China Border ................................... 161 Figure 15-3: Production water bore locations in Gunii Hooloi groundwater aquifer ............ 163 Figure 16-1: Supply-demand for mined copper in Mt/a (Source: Wood Mackenzie) .......... 166 Figure 16-2: Long-term Oyu Tolgoi mine production profile ............................................... 167 Figure 16-3: Concentrate production profile ...................................................................... 167 Figure 16-4: Assays of major payable metals in concentrate ............................................. 168 Figure 16-5: Locations of Chinese copper smelters .......................................................... 169 Figure 19-1: NPV Project sensitivity to 10% increase/decrease variations ........................ 198 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 15 of 205 1. Executive summary This report is prepared as a Feasibility Study-level Technical Report Summary (TRS) in accordance with the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (Regulation S-K 1300) and Item 601(b)(96) Technical Report Summary on the Oyu Tolgoi property (Oyu Tolgoi Property or Property). 1.1 Property description and ownership The Oyu Tolgoi Property containing the Oyu Tolgoi Project (Oyu Tolgoi or the Project) is located in the South Gobi region of Mongolia, approximately 645 km by road south of the capital, Ulaanbaatar. The Project is being developed by Oyu Tolgoi LLC and consists of a series of deposits containing copper, gold, and silver. Rio Tinto International Holdings Limited (Rio Tinto) holds a 66% interest in Oyu Tolgoi LLC following the acquisition of the minority shareholding of Turquoise Hill Resources Ltd1 (TRQ) in 2022. The remaining 34% interest is held by the Government of Mongolia through Erdenes Oyu Tolgoi LLC. Oyu Tolgoi's legal title to the Shivee Tolgoi and Javkhlant licences is subject to an equity participation and earn-in agreement between Entrée LLC and Oyu Tolgoi. 1.2 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 North, Hugo 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. 1.3 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 2022, and some targets will be investigated in the future. Development of the known Mineral Resources is a key objective of stakeholders and over 1 formerly known as Ivanhoe Mines Ltd Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 16 of 205 the life of Oyu Tolgoi. Oyu Tolgoi LLC will continue to progress its understanding of these resources and ultimately make decisions on their development. 1.4 Mineral Resources estimate Rio Tinto's share of the individual Mineral Resources for Oyu Tolgoi by deposit and in total are outlined in Table 1.1. The 2022 Mineral Resources reported in the Annual Report on Form 20-F for the year ended 31 December 2022 have been prepared using industry accepted practice and conforms to the disclosure requirements of the Regulation S-K 1300. The Mineral Resources for the Hugo North deposit reported in this 2022 TRS have been updated from the Mineral Resources reported for the deposit in the 2021 Rio Tinto Annual Report on Form 20-F for the year ended 31 December 2021, the update reflects changes in depletions to Oyut Open Pit and Hugo North and adds the Hugo North Stockpile. There has been no update to the Mineral Resource estimates for the Oyut, Hugo North, Hugo South, or Heruga deposits. Rio Tinto's share of the Oyu Tolgoi deposits in total contain estimated Measured and Indicated Mineral Resources of 5.4 Mt (11.9 billion pounds) of contained copper, 5.9 Moz of contained gold, and estimated Inferred Mineral Resources of 13.6 Mt (30 billion pounds) of contained copper and 20.4 Moz of contained gold.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 17 of 205 Table 1-1: Oyu Tolgoi Property Rio Tinto Ownership Basis Mineral Resources summary, as at 31 December 2022 (1) Likely mining method: O/P = open pit/surface; U/G = underground. (2) Mineral Resources are stated on an in situ dry weight basis and Mineral Resources are reported EXCLUSIVE of Mineral Reserves. (3) Oyu Tolgoi Mineral Resource valuations are based on commodity prices of US c 320.30 /lb for copper, US$1,479.82 /oz for gold, US$19.23 /oz for silver and US$9.29 /lb for molybdenum. These represent July 2021 consensus prices sourced from the average 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) The Hugo Dummett North Mineral Resources include approximately 0.9 million tonnes of stockpiled material at a grade of 0.35% copper, 0.11 g/t gold and 0.85 g/t silver. The Hugo Dummett North underground mine is currently under construction. (5) As reported to the market on 16th December 2022, Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd and the Rio Tinto Interest % reflects this change. 2021 figures are reported using the previous ownership %. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 18 of 205 1.5 Mineral Reserves estimate The Mineral Reserves estimates are based on a Life of Mine (LoM) plan that has been developed according to Regulation S-K 1300 and has been developed using industry accepted strategic planning approaches which defined the life of the mines on the Oyu Tolgoi 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 Oyu Tolgoi property, a variable cut- off grade strategy is applied to develop the mine plan. The Mineral Reserves estimate includes both the Oyut and Hugo North deposits. Table 1-2: Oyu Tolgoi Property Rio Tinto Ownership Basis Mineral Reserves summary, as at 31 December 2022 (1) Type of mine: O/P = open pit, S/P = stockpile, U/G = underground. (2) Copper Mineral Reserves are reported as dry mill tonnes. (3) Oyu Tolgoi Mineral Reserve valuations are based on commodity prices of US c 350.80/lb for copper, US$1,496.75/oz for gold and US$20.43/oz for silver. These represent January 2022 consensus prices sourced from the average 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) The Hugo Dummett North Mineral Reserves include approximately 1.4 million tonnes of stockpiled material at a grade of 0.51% copper, 0.16 g/t gold and 1.25 g/t silver. The Hugo Dummett North underground mine is currently under construction. (5) As reported to the market on 16 December 2022, Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd and the Rio Tinto Interest % reflects this change. 2021 figures are reported using the previous ownership %. 1.6 Capital and operating costs The capital costs presented in this report include costs for Phase 1 of the Oyu Tolgoi mine development, which involved development of the Oyut open pit mine, the concentrator and associated infrastructure and for Phase 2, which involves development of the Hugo North underground mine, conversion or modification of the concentrator and expansion of the site infrastructure. Phase 1 development was completed in 2011 and Phase 2 development is in progress. Sustaining capital costs are also covered in this report and are presented separately from the capital expenditure required for development of the mine. Sustaining capital cost estimates include replacement of major equipment, replacement of major equipment components, planned growth of the mine, the construction of the tailings storage facility and other projects to maintain and improve efficiency and productivity of the operations. For the Hugo North mine, sustaining capital costs include all lateral development, undercut, and drawbell construction activities over and above capital expenditure, required to increase Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 19 of 205 capacity to nameplate and sustain it. Additional Panel 1 and Panel 2 development completed prior to first drawbell is included in sustaining capital. Capital costs are summarized in Table 1-3 and Table 1-4 below. Table 1-3: Summary of total Phase 2 capital costs2 by major area (US$M nominal, 100% basis) WBS Description Total (US$M) Direct Cost 1000 Underground Mine 3,005 2000 Site Development 0 3000 Concentrator Conversion 167 5000 Utilities & Ancillaries 149 6000 Offsite Facilities 159 Subtotal 3,480 Indirect Cost 7000 Indirect Costs 1,563 8000 Owner's Costs 2,135 9000 Escalation, Growth & Contingency & Forex 179 Subtotal 3,877 Total 7,358 Table 1-4: Estimated sustaining capital for the Property (from 2021 and onwards) Area First 5 Years First 10 Years Life of Mine Open Pit 99 233 820 Underground 1,365 2,231 2,739 Concentrator 33 61 149 Tailings 159 299 829 Infrastructure 93 110 255 General and Administration, Other 84 118 212 Total Sustaining Capital (before tax) 1,832 3,151 5,004 Value Added Tax, Custom Duties 193 340 539 Operating costs include costs associated with mining, processing, support, and other costs such as those associated with community relationships. 2 This amount includes $6,852 million of project costs and $505 million for pre-restart of the Phase 2 development for a total of $7.4 billion from the OTFS20. Subsequently, an updated cost and schedule reforecast was finalised in June 2022 incorporating further Covid-19 impacts to June 2022, cost price escalation and impacts of revised Mongolian labour laws ("2022 Reforecast" or "22RF"). The 2022 Reforecast remains the latest estimate, where the total capital cost for Phase 2 remains at $7.06 billion not including pre-restart costs (nominal – including escalation). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 20 of 205 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. 1.7 Permitting requirements The following key agreements relating to the development and operation of the Project 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 the Oyu Tolgoi Property: • Investment Agreement dated 6 October 2009, between the Government of Mongolia, Ivanhoe Mines Mongolia LLC (now Oyu Tolgoi LLC), Ivanhoe Mines Ltd (now Turquoise Hill Resources Ltd), and Rio Tinto in respect of Oyu Tolgoi (Investment Agreement or IA); • 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. Erdenes MGL LLC subsequently transferred its shares in Oyu Tolgoi LLC and its rights and obligations under the ARSHA to its subsidiary, Erdenes Oyu Tolgoi LLC; • Oyu Tolgoi Underground Mine Development and Financing Plan (Underground Development Plan) dated 18 May 2015, between TRQ, the Government of Mongolia, Erdenes Oyu Tolgoi LLC, THR Oyu Tolgoi Ltd., Oyu Tolgoi Netherlands B.V., Rio Tinto and Oyu Tolgoi LLC. The Underground Development Plan was terminated in 2022; and • 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 26 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. The Investment Agreement also includes a dispute resolution clause that requires the parties to resolve disputes through international commercial arbitration procedures. Copies of each agreement are available at Agreements (ot.mn). Activities related to the Project must be carried out in accordance with these agreements and the laws of Mongolia. As of the date of this 2022 Technical Report Summary, material permits and authorizations necessary to develop and operate the Project have been obtained. 1.8 Qualified Persons' conclusions and recommendations Oyu Tolgoi has Mineral Resources and Mineral Reserves supported by drilling programmes, all within the boundaries of Oyu Tolgoi'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 orebody, 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 Regulation S-K 1300 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 10 years of production history at the Oyu Tolgoi Property that has been used to validate and calibrate the Mineral Resources estimates and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 21 of 205 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. The Qualified Person (QP) is of the opinion that the Mineral Resource estimates are supported by adequate technical data and assumptions. 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 Regulation S-K 1300 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 Mineral Reserves estimate. 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. Economic value is most sensitive to the commodity price however it still remains positively economic for the life of Mineral Reserves. Based on the confidence in the modifying factors and the information presented in this TRS, the QPs is of the opinion that the Mineral Reserves estimate is supported by adequate technical data and assumptions. 2. Introduction The Oyu Tolgoi Project is located in the South Gobi region of Mongolia, approximately 645 km by road south of the capital, Ulaanbaatar. The Project is being developed by Oyu Tolgoi LLC and consists of a series of deposits containing copper, gold, and silver. Rio Tinto International Holdings Ltd. (Rio Tinto) holds a 66% interest in Oyu Tolgoi LLC (the Property). The remaining 34% interest is held by the Government of Mongolia through Erdenes Oyu Tolgoi LLC. Rio Tinto, with other Rio Tinto affiliates, provides strategic and operational management services and support to Oyu Tolgoi LLC in respect of its operations and activities. In October 2020, Turquoise Resources Limited (TRQ) filed a Canadian National Instrument 43-101 on Standards of Disclosure for Mineral Projects (NI43-101) Technical Report (2020 Technical Report) to provide updated scientific and technical information in respect of Oyu Tolgoi. This TRS has been prepared in accordance with Regulation S-K 1300 and Item 601(b)(96) Technical Report Summary on the Oyu Tolgoi Property to provide a record of scientific and technical information in respect of the Project due to the Property being material to Rio Tinto. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 22 of 205 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 North, Hugo South, and Heruga. Mineral Reserves have been reported at the Oyut and Hugo North Deposits. The Oyut deposit is currently being mined as an open pit using conventional drill, blast, load, and haul methods. The Hugo North deposit is currently in operation as an underground mine using the block caving mining method. A staged approach is envisaged for developing the Hugo North deposit, involving mining two block cave lifts (Lift 1 and potentially Lift 2). Mineral Reserves have been estimated for Lift 1, which comprises three panels (Panel 0, Panel 1, and Panel 2). All forward looking schedules and cost estimates presented in this 2022 TRS are subject to any delays arising from the COVID-19 pandemic and are subject to further study and assessment as part of Oyu Tolgoi LLC's cost and schedule estimation update which is expected later in 2023 and subject to further study and analysis on Panels 1 and 2. 2.1 Registrant information This 2022 TRS for the Property, located in Mongolia, 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 a copper-gold asset comprising an open pit and underground block cave mine and related infrastructure. Rio Tinto tested each of its properties to determine which are material to the Group based on the previous financial year reporting in accordance with the definition of material Property in the SEC's regulations. Based on the medium term value (>10% of Group Ore Reserves) and qualitative value tests, the Oyu Tolgoi Property is considered material to the Group and hence requires submission of a TRS. For SEC reporting purposes, the Oyu Tolgoi Property is 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 at 31 December 2022. The report utilises: • Australian English spelling. • Metric units of measure. • Grades are presented in weight percent (wt.% and grams per tonne (g/t)). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 23 of 205 • Coordinate system is using Geodetic Universal Trans Mercator (UTM) stated in metres east and north of the UTM zone 48N datum. Mine grid coordinates correspond to the UTM coordinates. • Geographic coordinates are stated in degrees, minutes and seconds of longitude and latitude are relative to the World Geodetic System (WGS) 1984 datum. • Real US Dollars. • Summary Mineral Resources and Mineral Reserves in Table 11-3 and Table 12-1 are presented based on Rio Tinto equity ownership. • All other information in the TRS is presented on a 100% basis for the Property.3 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 AEP Annual Exceedance Probability ALS Australian Laboratory Services Limited ARD Acid Rock Drainage ARSHA Amended and Restated Shareholders Agreement AusIMM Australasian Institute of Mining and Metallurgy BEng Batchelor of Engineering BSc Batchelor of Science BWI Bond Work Index Ci Minnovex Crushing Index COG Cut-Off Grade CuEq Copper equivalent (grade) DAC Design Acceptance Criteria DDH Diamond Drillhole DGPS Differential Global Positioning System DICL Ductile Iron Concrete Lined FIFO Fly-In-Fly-Out g Gram/mes G&A General and administration (costs) 3 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 24 of 205 Acronym/Abbreviation Definition GHG Greenhouse Gas GPS Global Positioning System GIS Geographical Information System ha Hectare/s HME Heavy Mobile Equipment HR Hydraulic Radius HSEC Health, Safety, Environment and Community ICMM International Council on Mining and Metals IFC International Finance Corporation IMMI Ivanhoe Mines Mongolia Inc. LLC IMPIC Inner Mongolia Power International Cooperation Co. Ltd. IP Induced Polarisation IRR Internal Rate of Return InSAR Interferometric Synthetic Aperture Radar ISO International Organization for Standardization kg Kilogramme/s km Kilometre/s km2 Square kilometre/s KOH Potassium Hydroxide kV Kilovolt kWh/t Kilowatt Hours per tonne lb Pound LECO LECO Corporation (infrared absorption and thermal conductivity measurement for Sulphur and Carbon) LiDAR Light Detection and Ranging LLC Limited Liability Company LOM Life of Mine LTE Long-Term Evolution m Metre/s Ma Million Years MAusIMM Member of the Australasian Institute of Mining and Metallurgy MBI Modified Bond Index mm Millimetre/s MNS Mongolian National Standard

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 25 of 205 Acronym/Abbreviation Definition MRMR Mining rock mass rating Mt Million tonnes Mtpa Million tonnes per annum MW Megawatt µm Micron/micrometre NAF Non- Acid Forming NGO Non-Government Organisation NPV Net Present Value NN Nearest Neighbour (estimation method) NPTG National Power Transmission Grid NSR Net Smelter Return ODBC Open Database Connectivity OECD Organisation for Economic Co-operation and Development OK Ordinary Kriging OTFS20 Oyu Tolgoi Feasibility Study 2020 QA/QC Quality Assurance/Quality Control QP Qualified Person PAF Potentially Acid Forming PCD Polycrystalline Drillhole PEA Preliminary Economic Evaluation PIMA Portable Infrared Mineral Analyzer PRC Production Rate Curve PSFA Power Source Framework Agreement QEMSCAN Quantitative Evaluation by Scanning Electron Microscope RC Reverse Circulation RCD RC pre-collared DDH RQD Rock Quality Designation RTDB Rio Tinto acQuire™ Database SAG Semi-Autogenous Grinding SGS Société Générale de Surveillance SK Simple Kriging SME Society for Mining, Metallurgy and Exploration SMU Selective Mining Unit SPI SAG Mill Power Index Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 26 of 205 Acronym/Abbreviation Definition SRM Standard reference material SWIR Short Wave Infrared t Tonne/s TEC Trace Element Composites TMM Total material movement TRS Technical Report Summary TRQ Turquoise Hill Resources Ltd TSF Tailings Storage Facility TTPP Tavan Tolgoi Power Plant UCS Unconfined Compressive Strength UTM Universal Transverse Mercator WGS World Geodetic System WRS Waste Rock Storage 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 2019 (and in some cases updated to 30 June 2020). 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 2019 (and in some cases updated to 30 June 2020). 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 and 3D modelling. • Vulcan™ for block model development and grade estimation. • Datamine Supervisor for variography and statistical analysis. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 27 of 205 • GEOVIA Whittle™ for definition of economic pit limits. • GEOVIA PCBC™ for the planning and scheduling of block and panel cave mines. • Vulcan™ for pit design. • Minemax Scheduler™ for mine scheduling. • ArcGIS™ 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: • Oyunjargal Dendev – Information in this TRS has been prepared under the supervision of Oyunjargal Dendev, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 313230) and Member of the Society for Mining, Metallurgy and Exploration (SME, Member Number 04148761), Principal Geologist Resources. Oyunjargal is responsible for Mineral Resources for Oyu Tolgoi group deposits including Hugo Dummett, Oyut and Heruga. Visits to Oyu Tolgoi mine site occur each year as often as possible, and the last visit was in October 2022. • Nathan Robinson – Information in this TRS has been prepared under the supervision of Nathan Robinson, Member of the Australian Institute of Mining and Metallurgy (MAusIMM, Member Number 202085), Principal Mining Engineer. Nathan is responsible for Oyut open pit Mineral Reserves. Visits to Oyu Tolgoi Oyut open pit occur each year, except for 2021-2022 due to COVID-19. The last visit was September 2020. • Barry Ndlovu – Information in this TRS has been prepared under the supervision of Barry Ndlovu, Member of the Australasian Institute of Mining and Metallurgy (MAusIMM, Member Number 336347), Principal Engineer Caving. Barry is responsible for underground Mineral Reserves. Visits to Oyu Tolgoi occur each year, except for 2021 due to COVID-19 travel restrictions. The last site visit was in May 2022. Table 2-2 presents a tabulation of the QPs and their areas of responsibility. Table 2-2: List of QPs QP Qualifications Site Visit Area of Responsibility1 Nathan Robinson BEng (Mining Engineering), Member of AusIMM (CP) September 2020 Sections 1, 2, 9, 10, 12, 13, 14, 15, 16, 17, 18, 19, 22, 24, 25 Barry Ndlovu Bachelor's Degree (Mining Engineering), Member of AusIMM May 2022 Section 1, 2, 9, 12, 13, 22, 23, 24 Oyunjargal Dendev BSc (Geology), Member of AusIMM and SME October 2022 Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 20, 21, 22, 24 1QPs 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. 2.5 Previously filed technical report summaries This is the first TRS filed for the Property. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 28 of 205 3. Property description The Oyu Tolgoi Property is approximately 645 km by road south of the capital of Mongolia, Ulaanbaatar. The location of the Property and its proximity to major national infrastructure is illustrated in Figure 3-1: Property location map. The mineral deposits at the Oyu Tolgoi Property lie in a structural corridor where mineralisation has been discovered over a 26 km strike length. Four deposits hosting Mineral Resources have been identified within the Property: Hugo North, Hugo South, Oyut and Heruga. Hugo North and Hugo South are the fault-separated parts of the Hugo Dummett deposit. The Oyut deposit, formerly known as Southern Oyu Tolgoi, 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. 3.1 Property location The Oyu Tolgoi Project is located in the South Gobi region of Mongolia, approximately 645 km by road south of the capital, Ulaanbaatar. The Project is being developed by Oyu Tolgoi LLC and consists of a series of deposits containing copper, gold, and silver. The Project is centred at approximately latitude 43°00'45"N, longitude 106°51'15"E (Figure 3-1). Details of the tenure are shown in Table 3-1 and locations shown in Figure 3-2. Figure 3-1: Property location map

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 29 of 205 Table 3-1: Rio Tinto tenure containing the Mineral Resources and Mineral Reserves Tenure Number Tenure Name Tenure Type Holder Group Oyu Tolgoi's Interest Tenure Status Expiry Date Current Area (ha) MV-006708 Manakht Mining Licence Oyu Tolgoi LLC 100% Live 23 Dec 2033 4,533 MV-006709 Oyu Tolgoi Mining Licence Oyu Tolgoi LLC 100% Live 23 Dec 2033 8,490 MV-006710 Khukh Khad Mining Licence Oyu Tolgoi LLC 100% Live 23 Dec 2033 1,763 MV-015225 Javkhlant Mining Licence Entrée Resources Ltd. 70% from the surface to 560 m below the surface; and 80% from below 560 m Live 27 Oct 2039 20,327 MV-015226 Shivee Tolgoi Mining Licence Entrée Resources Ltd. 70% from the surface to 560 m below the surface; and 80% from below 560 m Live 27 Oct 2039 42,593 Figure 3-2 presents a tenement map of the Property. Figure 3-2: Property tenement map Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 30 of 205 3.2 Title details and rights Oyu Tolgoi's legal title to the Shivee Tolgoi and Javkhlant licences is subject to the equity participation and earn-in agreement dated 15 October 2004, as amended on 9 November 2004, between Entrée Resources Ltd. and Oyu Tolgoi LLC (the Earn-In Agreement), which established a joint venture arrangement between Oyu Tolgoi LLC and Entrée Resources Ltd., which provides for Oyu Tolgoi LLC to hold legal title in the licences, subject to the terms of the agreement, and to Oyu Tolgoi LLC meeting prescribed earn-in expenditures. Although a formal joint venture agreement has not been signed, the earn-in requirements have been met. Both the Shivee Tolgoi and Javkhlant licences are operated by Oyu Tolgoi LLC. Under the Earn-in Agreement, Oyu Tolgoi LLC's participating interest in the joint venture arrangements (including the licences) consists of: • 70 percent of the proceeds from mining from the surface to 560 m below the surface • 80 percent of the proceeds from mining from depths below 560 m. Most of the identified mineralisation at Oyu Tolgoi occurs at the Hugo North and Oyut deposits within the Oyu Tolgoi Licence MV006709. The northernmost extension of the Hugo North deposit extends onto the Shivee Tolgoi Licence and is subject to the terms of the Earn-In Agreement. 3.3 Encumbrances There are no known significant encumbrances to the Mineral Resources or Mineral Reserves on the Property. 3.4 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. 3.5 Agreements and royalties The following agreements relating to the Project 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 the Oyu Tolgoi Property: • Investment Agreement dated 6 October 2009, between the Government of Mongolia, Oyu Tolgoi LLC, and Rio Tinto 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 (ARSHA). 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 31 of 205 • Underground Mine Development and Financing Plan (Underground Development Plan) dated 18 May 2015, between Rio Tinto, the Government of Mongolia, Erdenes Oyu Tolgoi LLC, THR Oyu Tolgoi Ltd., Oyu Tolgoi Netherlands B.V., and Oyu Tolgoi LLC. The Underground Development Plan was terminated in 2022. • PSFA dated 31 December 2018, between the Government of Mongolia and Oyu Tolgoi LLC, including the amendment to the PSFA dated 26 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. The Investment Agreement also includes a dispute resolution clause that requires the parties to resolve disputes through international commercial arbitration procedures. Copies of each agreement are available at Agreements (ot.mn). 3.5.1 Investment Agreement The Investment Agreement provides for, among other things, a framework for undertaking mining activities in compliance with all laws relating to the environment and human health, the rehabilitation of the environment, the social and economic development of the Southern Gobi region, and the creation of new jobs in Mongolia. The Investment Agreement became effective on 31 March 2010 and has an initial term of 30 years (until 31 March 2040). Oyu Tolgoi LLC has the right, by giving notice not less than 12 months prior to the expiry of the initial term and subject to the fulfilment of certain conditions, to extend the initial term of the Investment Agreement for an additional term of 20 years. To exercise its right to extend the initial term, Oyu Tolgoi LLC must have performed certain obligations during the initial 30-year term, including, among others: • Having demonstrated that Oyu Tolgoi has been operated to industry best practice in terms of national and community benefits, environmental health and safety practices. • Having made capital expenditures in respect of Oyu Tolgoi of at least $9 billion. • Having complied in all material respects with its obligations to pay taxes under the laws of Mongolia, as stabilized under the terms of the Investment Agreement. • If Oyu Tolgoi LLC constructs a smelter as part of the development of the Oyu Tolgoi Project, it must be located in Mongolia. • If the development and operation of Oyu Tolgoi has caused any unanticipated and irreversible ecological damage to natural resources in Mongolia, then Oyu Tolgoi LLC must pay compensation based on the value of any such permanently damaged natural resources in accordance with the applicable laws of Mongolia. • Having secured the total power requirements for Oyu Tolgoi from sources within the territory of Mongolia within four years of commencement of production. This obligation has been subsequently amended and restated through a Power Sector Cooperation Agreement, which was in turn superseded by the PSFA, amended in 2020. Please see Power discussion below. Sale of mineral products The Investment Agreement confirms Oyu Tolgoi LLC's rights to market sell and export mineral products from Oyu Tolgoi at international market prices and to freely expend and repatriate its sale proceeds in Mongolian Togrogs and foreign currencies. It also conveys Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 32 of 205 legal protection on capital, property and assets of Oyu Tolgoi LLC and its affiliates, and the requirement that any expropriation action must be in accordance with due process of law on a non-discriminatory basis and with the condition of full compensation by the Government of Mongolia to the affected party. Taxes royalties and fees Throughout the term of the Investment Agreement, if any, all taxes as set out in Section 2.1 of the Investment Agreement payable by Oyu Tolgoi LLC will remain stabilized including the corporate income tax rate, customs duties, value-added tax, excise tax (except on gasoline and diesel fuel purchases), royalties, mineral exploration and mining licence payments, and immovable property tax and/or real estate tax. Non-stabilized taxes will apply to Oyu Tolgoi LLC on a non-discriminatory basis. Examples of non-stabilized taxes are social security obligations, work placement fees, royalties on the use of sand and gravel and water levies, some of which are paid locally. Infrastructure, roads, and water The Investment Agreement permits Oyu Tolgoi LLC to construct a road between the Oyu Tolgoi site and the Gashuun Sukhait border crossing with China. Oyu Tolgoi LLC may deduct the road construction expenses from its annual taxable income. Oyu Tolgoi LLC has the right to access and use self-discovered water resources for any purpose connected with Oyu Tolgoi during the life of the Project. Oyu Tolgoi LLC is required to pay fees for its water use, but such fees must be no less favourable than those payable from time to time by other domestic and international users, must take into account the quantity and quality of the water removed and consumed, and are treated as a deductible expense from Oyu Tolgoi LLC's taxable income. Power Source Framework Agreement Amendment Oyu Tolgoi LLC currently sources power for the Oyu Tolgoi mine from China's Inner Mongolian Western Grid, via overhead power line, pursuant to back-to-back power purchase arrangements with Mongolia's National Power Transmission Grid JSC (NPTG), the relevant Mongolian power authority, and Inner Mongolia Power International Cooperation Co., Ltd (IMPIC), the Chinese power generation company. Oyu Tolgoi LLC is obliged under the 2009 Oyu Tolgoi Investment Agreement to secure a long-term domestic source of power for the Oyu Tolgoi mine. The PSFA entered into between Oyu Tolgoi LLC and the Government of Mongolia on 31 December 2018 provides a binding framework and pathway for long-term power supply to the Oyu Tolgoi mine. The PSFA originally contemplated the construction of a coal-fired power plant at Tavan Tolgoi (TTPP), which would be majority-owned by Oyu Tolgoi LLC and situated close to the Tavan Tolgoi coal mining district located approximately 150 km from the Oyu Tolgoi mine. In April 2020, the Government of Mongolia advised that it was unwilling to support Oyu Tolgoi LLC's proposal to develop the TTPP and announced its intention to fund and construct a state- owned power plant at Tavan Tolgoi. On 26 June 2020, Oyu Tolgoi LLC and the Government of Mongolia amended the PSFA (the PSFA Amendment) to reflect their agreement to jointly prioritise and progress the state- owned power plant, in accordance with and subject to agreed milestones, as the domestic source of power for the Oyu Tolgoi mine. The milestones include: signing an Electricity Purchase and Sale Agreement (Power Purchase Agreement) for the supply of power to the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 33 of 205 Oyu Tolgoi mine by 31 March 2021, commencing construction of a state owned power plant by no later than 1 July 2021, commissioning the state-owned power plant within four years thereafter, and reaching agreement with IMPIC on an extension to the existing power import arrangements by 1 March 2021 in order to ensure there is no disruption to the power supply required to safeguard the Oyu Tolgoi mine's ongoing operations and development pending start of the supply from the state-owned power plant. The PSFA Amendment provides that if certain agreed milestones are not met in a timely manner (subject to extension for defined delay events) then Oyu Tolgoi LLC will be entitled to select from, and implement, the alternative power solutions specified in the PSFA Amendment, including an Oyu Tolgoi LLC led coal-fired power plant and a primary renewables solution, and the Government of Mongolia would be obliged to support such decision. Local communities and employment The Investment Agreement requires that at least 90% of the employees at Oyu Tolgoi and at least 50% of Oyu Tolgoi LLC engineers at Oyu Tolgoi are Mongolian nationals. Oyu Tolgoi LLC currently meets these requirements. Oyu Tolgoi LLC must also use its best endeavours to ensure that at least 70% of its engineers are Mongolian nationals after September 2023. Oyu Tolgoi LLC must also use its best efforts to ensure that not less than 60% of its contractors' employees are Mongolian nationals for construction work and 75% of its contractors' employees are Mongolian nationals for mining and mining related work. Oyu Tolgoi LLC will conduct, implement, and update, from time to time, socio-economic impact assessments, socio-economic risk analyses, multi-year community plans, community relations management systems, policies, procedures and guidelines, and mine closure plans, all of which shall be produced with community participation and input and be consistent with international best practices. Oyu Tolgoi LLC will also conduct community development and education programs. Oyu Tolgoi LLC will prioritize the training, recruiting and employment of citizens from local communities for Oyu Tolgoi, giving specific preference to the citizens of Umnugobi Aimag. Environment The Investment Agreement requires that every three years Oyu Tolgoi LLC provides the Government of Mongolia with an independent report on its progress in implementing the environmental protection plan set out in the Detailed Environmental Impact Assessments submitted to the Government of Mongolia in 2012. The required independent report was submitted in 2016. The Detailed Environmental Impact Assessment will be reviewed and any amendments submitted during 2021. The report is subject to periodic review on 5-year cycles or when there are significant changes to the description of the Project. 4. Accessibility, climate, local resources, infrastructure, and physiography 4.1 Topography, elevation, and vegetation The topography of the Oyu Tolgoi Property largely consists of gravel-covered plains, with low hills along the northern and western borders of the licence areas. Small, scattered rock outcrops and colluvial talus are widespread within the northern, western, and southern parts of the Property. The elevations of the central portion of the Property range from approximately 1,140 m to 1,215 m above sea level. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 34 of 205 The surrounding mountains (Khanbogd, Dalain Duulga, and Javkhlant Khairkhan) are relatively high and considered places of worship and of other cultural and religious significance. The Gunii Hooloi basin is a hilly area in the east and south of the valley. The concentrate transportation corridor or the Oyu Tolgoi to Gashuun Sukhait paved road (Figure 4-1) transects the Galbyn Gobi lowlands, and the lowest lying area is depression called Khuurai Nuur. The Undai River is one of the key elements within the Oyu Tolgoi Property in terms of surface features. Although there are no special protected areas within the Oyu Tolgoi Property, the surrounding hills are considered of high importance. There are no significant places within the Gunii Hooloi valley and along the transport corridor. There is limited vegetation in Oyu Tolgoi area, which lies in the desert steppe, semi-desert and desert zone of the South Gobi ecosystem. Figure 4-1: Oyu Tolgoi location and regional infrastructure 4.2 Access Road access to the Oyu Tolgoi Property from Ulaanbaatar is currently by an unpaved road, via Mandalgovi. 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 105 km long sealed road has been constructed from Oyu Tolgoi to the Mongolian-Chinese border crossing at Gashuun Sukhait. A permanent domestic airport designed to accommodate commercial aircraft up to the Boeing 737-800 series has been constructed 11 km north of the Oyu Tolgoi camp area. The Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 35 of 205 flight time from Ulaanbaatar is just over one hour. The airport also serves as the regional airport for the town of Khanbogd. 4.3 Climate The South Gobi region has a continental, semi-desert climate. The spring and autumn seasons are cool, summers are hot, and winters are cold. The climatic conditions are such that normal operations can continue throughout the year. Minor weather-related operational disruptions are expected to occur. Temperatures range from a maximum of about 42 °C to a minimum of –31 °C. Typical air temperature in winter fluctuates between 6 °C and –21 °C. In the coldest month, January, the average temperature is –13 °C. The ground surface can freeze to a depth of 2.5 m in some soil types. Average annual precipitation is 97 mm, 90% of which falls as rain and the rest as snow. Snowfall accumulations rarely exceed 50 mm. Maximum rainfall events of up to 44 mm/h for a 1-in-10 year, 10-minute storm event have been recorded. In an average year, rainfalls occur on only 19 days, and snow falls on 10 to 15 days. 4.4 Local resources and infrastructure 4.4.1 Power supply Oyu Tolgoi LLC has secured the power requirements for Oyu Tolgoi through the terms of the Investment Agreement and the subsequent agreements described in Section 4.4.2. Power for the Project is currently supplied with electricity from China in accordance with three agreements: • Power Purchase Agreement for the Project between Oyu Tolgoi LLC, the IMPIC, and the NPTG of Mongolia; • Operation and Maintenance Agreement (O&M Agreement) between Oyu Tolgoi LLC and the IMPIC; and • Dispatch Agreement between Oyu Tolgoi LLC and the IMPIC. Power is supplied via a 220 kV double-circuit transmission line from Inner Mongolia. Either circuit can supply approximately 400 MW, thus Oyu Tolgoi's load can be met entirely from one circuit. To date, the reliability of the electricity supply from IMPC has been very good, with no recorded full outage of the transmission line. 4.4.2 Water supply Water resource development in the South Gobi Region is part of the Mongolian national water resources strategy, and its management is embedded in national legislation and the institutional framework. Oyu Tolgoi LLC fully understands the importance of water in the South Gobi Region and has implemented a wide range of measures to promote water conservation and to minimize the amount of water used by the Project. 4.4.3 Personnel Personnel are engaged on either a residential or Fly-In-Fly-Out (FIFO) basis, sourced from capital and regional centres in Mongolia. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 36 of 205 4.4.4 Supplies Supplies are transported to site by road or by air, utilising major highways and an Oyu Tolgoi owned airport. 5. History 5.1 Project history 5.1.1 Early history The existence of copper in the Oyu Tolgoi area has been recognized 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. Evidence of alteration and copper mineralisation in the area of the Oyut deposit was first noted in 1983. 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, which became BHP- Billiton (BHP). Geophysical surveying on the Oyu Tolgoi mining licence (MV 006709) was first conducted by BHP in 1997. An airborne magnetometer survey was carried out, followed by induced polarization (IP) surveys. The surveys covered exploration targets in the area of the Oyut deposit but did not extend into the northern area that ultimately became the Hugo Dummett deposits (Hugo North and Hugo South). Between 1997 and 1998, BHP also carried out geological, geophysical, and geochemical (stream sediment and soil) surveys, and diamond drilling programs (23 drill holes in total) in the Central and South zones of the Oyut deposit. Copper and gold values were encountered at depths from 20 m to 70 m below the surface, and a supergene-enriched, chalcocite blanket was encountered in one drill hole. Based on the results of this drilling, BHP prepared a Mineral Resource estimate in 1998, but the resulting tonnage and grade estimate was considered too small to meet BHP corporate objectives, and BHP elected to offer the property for joint venture. In 1999, TRQ (known at the time as Ivanhoe Mines Ltd.) visited Oyu Tolgoi and agreed to acquire 100% interest in the property, subject to a 2% NSR royalty. TRQ subsequently acquired the 2% NSR royalty payable by Oyu Tolgoi LLC in November 2003, thereby removing any future obligations to BHP. 5.1.2 2000 to 2009 In 2000, Ivanhoe Mines Mongolia Inc. LLC (IMMI), completed 8,000 m of reverse circulation (RC) drilling, mostly at the Central zone, to explore the chalcocite blanket discovered earlier by BHP, and updated the BHP Mineral Resource estimate. In 2001, IMMI continued RC drilling, mostly in the South zone area, to test for additional supergene copper mineralisation. IMMI then drilled three diamond core holes to test the deep hypogene copper-gold potential. One of these holes, drilled over the Southwest zone, intersected 508 m of chalcopyrite mineralisation from a depth of 70 m, grading 0.81% Cu and 1.17 g/t Au. This marked the discovery of the Oyut deposit. These results encouraged Ivanhoe to mount a major follow up drilling program. In late-2002, drilling in the far northern section of the property intersected 638 m of bornite-chalcopyrite-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 37 of 205 rich mineralisation, starting at a depth of 222 m. This hole marked the discovery of the Hugo Dummett deposits (Hugo North and Hugo South). In 2003, the Government of Mongolia granted mining licence MV-006709 to IMMI, along with mining licences for MV-006708 and MV-006710. In 2004, a NI 43-101 Preliminary Economic Assessment (PEA) was completed on the economics of open pit mining the Oyut deposit. In 2004, a first-time Mineral Resource estimate was reported for the Hugo South portion of the Hugo Dummett deposits. In November 2004, following the signing of an Equity Participation and Earn-in Agreement with Entrée Resources Ltd. (refer to Section 4). IMMI initiated exploration work on the Javkhlant and Shivee Tolgoi licences. Entrée Resources Ltd. had previously undertaken soil geochemical surveys, geophysical surveys and geological mapping, but had failed to locate any mineralisation of significance. In 2005, the Hugo Dummett Mineral Resource estimate was updated to include Hugo North. In 2005, a PEA was prepared based on an integrated development plan for open pit mining of the Oyut deposit, two block caves on the Hugo North deposit, and one block cave on Hugo South. The integrated development plan included a processing plant with a capacity of 25.5 million tonnes per annum (Mtpa), with an expansion to 51 Mtpa. In 2006, following further geophysical exploration and drilling, IMMI reported a first-time Mineral Resource estimate for the part of the Hugo North deposit that extends onto the Shivee Tolgoi mining licence. This area is known as the Hugo North Extension. In 2006, a Mineral Reserve estimate for the Oyut deposit was reported, based on a feasibility study of an open pit only mining scenario. In January 2006, Shaft 1 headframe, hoisting plant, and associated infrastructure were completed. By January 2008, the shaft had been sunk to a depth of 1,385 m enabling underground exploration development for the Hugo North deposit to commence. In early 2007, core drilling was initiated to test IP anomalies on Entrée Resources Ltd.'s Javkhlant licence. The drilling identified the Heruga deposit in 2008. In 2007, the Hugo North Mineral Resource estimate was updated. In 2008 a first-time Mineral Resource estimate was reported for the Heruga deposit. In 2009, the Investment Agreement between IMMI, Rio Tinto and the Government of Mongolia was signed (refer to Section 4) and Oyu Tolgoi LLC was formed. As part of the agreement process, Oyu Tolgoi LLC prepared a Mongolian feasibility study (MFS09) for the Government of Mongolia. MFS09 envisaged open pit mining on the Oyut deposit and underground mining by block caving on Hugo North, Hugo South, and the Heruga deposits. A processing plant capacity of 36.5 Mtpa expanding to 58 Mtpa was envisaged. 5.1.3 2010 to 2013 In 2010, a NI 43-101 Technical Report (2010 Technical Report) was released based on an integrated development plan for the Project. The 2010 Technical Report included a Mineral Reserve for the Oyut deposit based on open pit mining and a Mineral Reserve for part of the Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 38 of 205 Hugo North deposit (Lift 1) based on the block caving method. The report envisaged the same plant capacity as MFS09. In 2010, a decision was made to construct the Oyut open pit mine and to construct a 36.5 Mtpa concentrator and supporting infrastructure. In 2011, an updated NI 43-101 Technical Report was released that updated the 2010 Technical Report while maintaining the same concentrator feed capacity. In 2011, sinking of Shaft 2 (the main personnel, rock hoisting, and intake ventilation shaft) commenced. In 2012, Rio Tinto became the majority shareholder of IMMI. In 2012, IMMI was renamed Turquoise Hill Resources Ltd. and the Detailed Integrated Development and Operating Plan was prepared examining the scenario of open pit mining on the Oyut deposit and underground block caving on Hugo North Lift 1, without a plant expansion. In November 2012, Oyu Tolgoi LLC, IMPIC and Oyu Tolgoi LLC executed the Power Purchase Agreement to supply power to Oyu Tolgoi. In January 2013, Oyu Tolgoi processed its first ore through the concentrator, and shortly thereafter, produced the first copper-gold concentrate. In March 2013, Detailed Integrated Development and Operating Plan and a further Technical Report (2013 Technical report) was released based on a more detailed feasibility study of open pit mining on the Oyut deposit and underground block caving of Hugo North Lift 1. In June 2013, more than 40,000 t of concentrate had been produced. The concentrator was reported to be running at full capacity in September 2013. In August 2013, development of the underground mine was suspended to allow matters to be resolved between the parties to the Investment Agreement, including a tax dispute, approval of the Detailed Integrated Development and Operating Plan by Oyu Tolgoi's shareholders and by the Mongolian Minerals Council, agreement of a comprehensive funding plan, and receipt of all necessary permits. 5.1.4 2014 to 2016 In 2014, the Hugo North Mineral Resource estimate was updated, and Oyu Tolgoi LLC submitted a Statutory Feasibility Study with the Mongolian Minerals Council. The Statutory Feasibility Study envisaged open pit mining on the Oyut deposit and underground block caving on Hugo North Lift 1. In addition, the study considered the development of Mineral Resources at Hugo North Lift 2, Hugo South, and Heruga). A concentrator throughput rate of 36.5 Mtpa was envisaged. In March 2014, TRQ announced that it was continuing to work together with Rio Tinto and the Government of Mongolia with the aim of resolving outstanding shareholder matters and finalizing Oyu Tolgoi Project financing. In October 2014, TRQ filed a Technical Report (2014 Technical Report) for the Project. The 2014 Technical Report was based on a new feasibility study prepared by Oyu Tolgoi LLC. The study envisaged the same integrated mining concept as the 2013 Technical Report. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 39 of 205 In 2014, Oyu Tolgoi LLC produced 148,400 t of copper and 589,000 oz of gold in concentrates. In March 2015, Oyu Tolgoi LLC filed the Statutory Feasibility Study with the Mongolian Minerals Council and in May 2015, TRQ announced the signing of the Underground Development Plan by the Government of Mongolia, TRQ and Rio Tinto (refer to Section 4), which addressed key outstanding shareholder matters and set out an agreed basis for the funding of the Project. The Statutory Feasibility Study (updated in 2016) incorporated matters resolved between the shareholders and was approved by the Oyu Tolgoi LLC board of directors and shareholders. In August 2015, Oyu Tolgoi LLC filed revised schedules for the Statutory Feasibility Study with the Mongolian Minerals Council. The filing aligned the Statutory Feasibility Study with the Underground Development Plan. In 2015, Oyu Tolgoi LLC produced 202,200 t of copper and produced 653,000 oz of gold in concentrate. It recorded net revenue of approximately $1.6 billion in sales on approximately 820,000 t of concentrates. Mill throughput increased by 23.9% compared to 2014, driven by operational improvements. In May 2016, Oyu Tolgoi LLC received the formal notice to restart underground development. Underground construction began in mid-2016. In October 2016, TRQ released a Technical Report (2016 Technical Report), which updated and replaced the 2014 Technical Report. 5.1.5 2017 to 2020 In May 2017, Oyu Tolgoi LLC signed a new power purchase agreement with the NPTG of Mongolia. The power purchase agreement was executed in connection with the power import arrangement between NPTG of Mongolia and the IMPIC. In January 2018, Shaft 2 shaft sinking was completed, enabling shaft equipping to commence. In March 2018, the sinking of Shaft 5 (an exhaust ventilation shaft) was completed to its final depth of 1,178 m. In July 2018, the Shaft 5 commissioning was completed. In October 2018, TRQ reported that Rio Tinto in its role as manager of Oyu Tolgoi and underground construction contractor had undertaken its second annual schedule and cost re-forecast for the Project (2018 Rio Tinto Review) and had notified TRQ that, based on preliminary results, the achievement of sustainable first production from Hugo North was expected to occur by the end of the third quarter of 2021 instead of the first quarter of 2021, a delay of nine months. In December 2018, Oyu Tolgoi LLC and the Government of Mongolia announced the signing of the PSFA, which provided a binding framework and pathway forward for the construction of the TTPP and established a basis for a long-term domestic power solution for the mine. In March 2019, TRQ announced that, following its own independent review performed after the 2018 Rio Tinto Review, the following key risks to the development of the Project were developing: Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 40 of 205 • Shaft 2 equipping delays were occurring due to lower than expected productivity in steel and electrical installation as well as increased quality assurance measures. This was likely to impact overall underground development rate increases. • There had been delays to development progress and productivities in key areas. • In some areas there was a delay to the critical path activities from scope growth in mass excavation and additional ground support due to unexpectedly adverse geotechnical conditions. TRQ announced that further delays on the Shaft 2 equipping were expected to contribute to an overall delay to sustainable first production beyond the end of the third quarter of 2021. The management team was also studying relocating the ore passes on the footprint and this may modify the initiation sequence within the first panel (Panel 0) to be mined. In July 2019, TRQ announced that improved rock mass information and geotechnical data modelling had confirmed stability risks with components of the existing mine design. To address these risks, several mine design options were under consideration to determine the final design of Panel 0, and that this work was anticipated to continue into early 2020. TRQ also announced that preliminary estimates indicated that sustainable first production could be delayed by 16 to 30 months compared to the schedule provided in the 2016 Technical Report. The delay included a contingency of up to eight months. In November 2019, the equipping of Shaft 2 was completed, and the shaft was in the final stages of commissioning. In November 2019, TRQ announced that a decision had been made to retain a mid-access drive on the apex level and remove the originally planned mid-access drives on the undercut and extraction levels of Panel 0. The mid-access drives provide easy access to the levels but increase the stress concentration on the levels during the undercutting process. In February 2020, TRQ announced the submission of the feasibility study for the TTPP to the Government of Mongolia. TRQ also announced that Oyu Tolgoi LLC would enact the contingency arrangements under the PSFA. This commenced a negotiation process to confirm a mutually acceptable pathway to secure a domestic power supply for Oyu Tolgoi. In April 2020, Phase One of the contingency arrangements under the PSFA concluded on 14 April 2020. The parties had not been able to agree a way forward for a TTPP. This commenced Phase Two of the contingency arrangements, which is the consideration of the alternatives specified in the PSFA, including an Oyu Tolgoi mine site-based power plant, a primary renewables solution and a grid power supply. In May 2020, TRQ announced that the updated Panel 0 mine design was approved. The approved design is based on a block cave method and includes two pillars, one to the north and one to the south of Panel 0. As a result of the updated design, a delay was anticipated to the 2016 Feasibility Study key project milestone of Sustainable Production by 25 months (with a range of 21 to 29 months) and an increase in development capital cost of $1.5 billion (with a range of $1.3 to $1.8 billion). In June 2020 Phase Two of the contingency arrangements under the PSFA concluded. TRQ also announced that the Government of Mongolia and Oyu Tolgoi LLC reached an agreement to amend the PSFA. This amendment would prioritise a state-owned power plant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 41 of 205 The agreement envisages the funding and construction of the state-owned power plant by the Government of Mongolia. In July 2020, TRQ and Rio Tinto announced that the 2020 Feasibility Study (OTFS20) was delivered to the Government of Mongolia. The announcement included updated Mineral Resources and Mineral Reserves. The OTFS20 was submitted to the Government of Mongolia to comply with local regulatory requirements. In August 2020, TRQ lodged an NI 43-101 Technical Report (2020 Technical Report) which was released based on an integrated development plan for the Project. The 2020 Technical Report included a Mineral Reserve for the Oyut deposit based on open pit mining and a Mineral Reserve for part of the Hugo North deposit (Lift 1) based on the block caving method. The report envisaged the same plant capacity as MFS09. In September 2020, TRQ and Rio Tinto signed a non-binding Memorandum of Understanding concerning the long-term funding of Oyu Tolgoi. 5.1.6 2021 to 2023 In April 2021, TRQ announced that it had entered into a binding Heads of Agreement with Rio Tinto to provide an updated funding plan for the completion of the Oyu Tolgoi Underground Project in Mongolia. The funding plan is designed to address the estimated remaining funding requirement of approximately $2.3 billion and replaces the non-binding Memorandum of Understanding. In October 2021, TRQ announced an increase in the Company's base case estimated incremental funding requirement to $3.6 billion, and deferral of some open pit metal to beyond 2024. COVID-19 restrictions impacted both open pit operations and underground development, which, through the end of the third quarter of 2021, have resulted in a cumulative increase of $140 million to the estimate of underground development capital included in the Definitive Estimate, and a delayed undercut commencement pending resolution of certain non-technical undercut criteria, including the support of all Oyu Tolgoi LLC board directors to increase the underground development capital and to commence discussions with the project finance lenders, obtaining outstanding, required regulatory approvals and to agree on a pathway to meet Oyu Tolgoi's long-term power requirements. In January 2022, TRQ and Rio Tinto announced that they had successfully reached a mutual understanding for a renewed partnership with the Government of Mongolia and the board of directors of Oyu Tolgoi LLC had unanimously approved the commencement of the undercut, namely the commencement of blasting that would start the Oyu Tolgoi underground mine production. The decision to approve the undercut followed resolution of key outstanding issues related to the Oyu Tolgoi underground mine development Project. In addition, TRQ and Rio Tinto agreed to a comprehensive and binding, amended funding arrangement that provides a pathway forward to address TRQ's estimated funding requirements. In May 2022, TRQ announced that TRQ and Rio Tinto had agreed to an amendment to the comprehensive funding arrangement to, among other things, obtain interim debt funding from Rio Tinto to address TRQ's near-term estimated funding requirements and to extend the date by which TRQ is required to raise additional equity capital. On 1 September 2022, TRQ announced that it had reached an agreement in principle and entered into a binding term sheet with Rio Tinto plc and Rio Tinto International Holdings Ltd. a subsidiary of Rio Tinto, in respect of a transaction whereby, among other things, Rio Tinto International Holdings Ltd. would acquire the approximately 49% of the issued and Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 42 of 205 outstanding common shares of TRQ that Rio Tinto International Holdings Ltd and its affiliates do not currently own for C$43.00 per share in cash (the Arrangement). The term sheet also contemplated an updated funding plan for the completion of the TRQ's Oyu Tolgoi Underground Project in Mongolia. On 5 September 2022, TRQ announced that it had entered into (i) a definitive arrangement agreement with Rio Tinto plc and Rio Tinto International Holdings Ltd in respect of the Arrangement and (ii) an amendment to the amended and restated heads of agreement dated 10 May 2022, between the Company and Rio Tinto International Holdings Ltd, providing for the updated funding plan for the completion of the Underground Project. In October 2022, TRQ announced capital expenditures on the Underground Project are expected to be $1.0 billion to $1.1 billion for 2022 compared to previous guidance of $1.1 billion to $1.3 billion as a result of improvements to construction productivity and the slower ramp-up of on-site construction resources that continued during the third quarter of 2022. At the end of 2022, a total of 19 drawbells had been fired. Drawbell progression accelerated as a result of improvement initiatives implemented by the Oyu Tolgoi teams, bringing projected first sustainable production from Panel 0 forward to the first quarter of 2023 (previously first half of 2023). 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 the Project forward with a simpler and more efficient ownership and governance structure. Table 5-1 provides a summary of work completed by previous owners. Early work was exploratory in nature and relied on geophysical surveying and drilling of reverse circulation and diamond drilling. Post discovery of the four main deposits detailed evaluation work involving diamond drilling from surface and underground together with extensive metallurgical testwork programs has informed the studies that support the current Mineral Resources and Mineral Reserves. Construction of infrastructure and mining facilities has allowed commencement of mining and processing of ores on the Property. A summary of drilling completed across the Property is shown in Table 7-6. Table 5-1: Summary of Oyu Tolgoi exploration and ownership history Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/ Operators Oyut (also previously South Turquoise or Southern Oyu including Southwest Oyu and Central Oyu) Rio Tinto (66%) / Erdenes Oyu Tolgoi LLC (34%) Joint Mongolian- Russian regional geochemical surveys 1980s regional geochemistry surveys outline molybdenum anomaly Magma Copper/BHP 1996-97 - geological mapping, stream and soil sediment surveys, magnetic and induced polarization surveys. Diamond core drill holes (DDH) (6 holes, 1,100 m). 1998 – DDH (17 holes, 2,800 m) Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 43 of 205 Deposit Current Holders Previous Holders/ Operators Work completed by Previous Holders/ Operators Ivanhoe Mines Mongolia Inc 2000 – Reverse Circulation (RC) drilling (109 holes, 8,828 m) 2001 – RC drilling (x holes, X m), DDH (3 holes, X m) 2002 - US$6 million in exploration 2006 – IMMI and Rio Tinto form strategic partnership Pre-stripping work for the open pit mine of Oyut (South Turquoise) deposit started in August 2011. The first ore for Oyut was extracted from the open pit in April 2012. Hugo Dummett (Hugo South and Hugo North) Rio Tinto (66%) / Erdenes Oyu Tolgoi LLC (34%) IMMI 2002 Discovery hole for Hugo Dummett 2004 IMMI entered into Joint Venture with Entrée Resources Ltd. on Shivee Tolgoi property Heruga Rio Tinto (66%) / Erdenes Oyu Tolgoi LLC (34%) IMMI 2009 Discovery hole for Heruga 5.2 Development and production history In 2010, a decision was made to construct the Oyut open pit mine and to construct a 36.5 Mtpa concentrator and supporting infrastructure. First ore was mined in 2011 and first concentrate was processed and sold in 2013 (Table 5-2). In 2011, sinking of Shaft 2 (the main personnel, rock hoisting, and intake ventilation shaft) commenced. In 2019, Shaft 2 construction was completed. Shafts 3 and 4 sinking commenced. In April 2020, work on Shafts 3 and 4 halted due to COVID and in March 2022, sinking operations for Shafts 3 and 4 re-commenced. In June 2022 the first drawbell of the Hugo North Lift 1 Panel 0 Block Cave was fired and 19 drawbells had been completed by the end of 2022. Table 5-2: Mined production since commencement of mining at Oyu Tolgoi stated as Rio Tinto share of production. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Copper ('000 tonnes) 25.7 49.8 67.8 67.5 52.8 53.3 49.1 50.2 54.6 43.4 Gold ('000 ounces) 53.0 197.3 219.0 100.5 38.3 95.7 81.1 61.0 156.9 61.6 Silver ('000 ounces) 164 299 410 476 326 306 290 293 328 292 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 44 of 205 6. Geological setting, mineralisation, and deposit 6.1 Regional geology The Oyu Tolgoi porphyry deposits are hosted within the Gurvansaikhan Terrane, part of the Central Asian Orogenic Belt, rocks of which now comprise the South Gobi region of Mongolia (Figure 6-1). Development of the Central Asian Orogenic Belt consisted of Palaeozoic age accretionary episodes that assembled several island and continental margin magmatic arcs, rifted basins, accretionary wedges, and continental margins. Arc development ceased by about the Permian. During the Late Jurassic to Cretaceous, north–south extension occurred, accompanied by the intrusion of granitoid bodies, unroofing of metamorphic core complexes, and formation of extensional and transpressional sedimentary basins. Northeast–southwest shortening is superimposed on the earlier units and is associated with major strike-slip faulting and folding within the Mesozoic sedimentary basins. The Gurvansaikhan Terrane is interpreted to be a juvenile island arc assemblage that consists of highly deformed accretionary complexes and volcanic arc assemblages dominated by imbricate thrust sheets, dismembered blocks, mélanges, and high strain zones. Lithologies identified to date in the Gurvansaikhan Terrane include Silurian to Carboniferous terrigenous sediments, volcanic-rich sediments, carbonates, and intermediate to felsic volcanic rocks. Sedimentary and volcanic units have been intruded by Devonian granitoids and Permo- Carboniferous diorite, monzodiorite, granite, granodiorite, and syenite bodies, which can range in size from dykes to batholiths. Major structures to the west of the Gurvansaikhan Terrane include the Gobi-Tyanshine sinistral strike-slip fault system that splits eastward into a number of splays in the Oyu Tolgoi area, and the Gobi Altai Fault system, which forms a complex zone of sedimentary basins over-thrust by basement blocks to the north and northwest of Oyu Tolgoi (Figure 6-1). To the east of the Gurvansaikhan Terrane, regional structures are dominated by the northeast striking East Mongolian Fault Zone, which forms the southeast boundary of the terrane. This regional fault may have formed as a major suture during Late Palaeozoic terrane assembly, with Mesozoic reactivation leading to the formation of north-east elongate sedimentary basins along the fault trace.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 45 of 205 Figure 6-1: Regional geology of the Oyu Tolgoi region 6.2 District geology 6.2.1 Overview The Oyu Tolgoi copper-gold porphyry deposits are situated in a poorly exposed inlier of Devonian mafic to intermediate volcanic, volcaniclastic, and sedimentary rocks that have been intruded by Devonian to Permian felsic plutons. These rocks are unconformably overlain by poorly consolidated Cretaceous sedimentary rocks and younger unconsolidated sedimentary deposits. The stratigraphic sequences recognized in the Project area, from oldest to youngest, include: • Alagbayan Group – comprising the Bulagbayan and Khalzan-Ovoo Formations that consist of tuffs, basaltic rocks, and sedimentary strata of probable island-arc affinity assigned to the Upper Devonian. • Sainshandhudag Formation - an overlying succession containing conglomerates, fossiliferous marine siltstones, sandstones, water-lain tuffs, and basaltic to andesitic flows and volcaniclastic rocks, assigned to the Carboniferous. • Bayanshiree Formation - overlying Upper Cretaceous clays and gravels. • Quaternary sediments. The Alagbayan and Sainshandhudag sequences are separated by a regional unconformity that, in the Oyu Tolgoi area, is associated with a time gap. The volcanic and sedimentary Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 46 of 205 rocks are cut by several phases of intrusive rocks ranging from batholithic intrusions to narrow discontinuous dykes and sills. Compositional and textural characteristics vary. The Project area is underlain by complex networks of poorly exposed faults, folds, and shear zones. These structures influence the distribution of mineralisation by both controlling the original position and form of mineralized bodies and modifying them during post-mineral deformation events. The mineralized porphyry centres define a north-northeast trending corridor underlain by east-dipping panels of Upper Devonian or older layered sequences intruded by quartz- monzodiorite and granodiorite stocks and dykes (Figure 6-2). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 47 of 205 Figure 6-2: Geology map of Oyu Tolgoi licenced area Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 48 of 205 6.2.2 Sedimentary host sequence The volcanogenic-sedimentary rocks distributed through the Oyu Tolgoi area referred to as the Upper Devonian Alagbayan group and Lower Carboniferous Gurvankharaat group (Table 6-1 and Table 6-2) because those rocks are similar to the rocks distributed in the South Mongolian volcanic zone. 6.2.2.1 Upper Devonian Alagbayan Group The Alagbayan suite, which was first outlined by Goldenberg et al. (1978), is classified as a group consisting of the Tsavchir, Bulagbayan and Khalzan-Ovoo Formations (Minjin 2004). Only the Bulagbayan and Khalzan-Ovoo Formations are distributed in the Oyu Tolgoi area. A stratigraphic column that shows the relative thicknesses of the various lithologies in the Project area is presented in Figure 6-3. • Bulagbuyan Formation: Distributed through the Alagbayan district, the formation was cross sectioned near the area of the Bulagbayan well. The lower part of the formation, approximately 750 m thick, consists of green sandstone interlayered with siltstone containing andesite, andesite- basalt, porphyry with sulfide mineralisation. Late Devonian brachiopods and faunal remains are also found. The upper part consists of basalt lapilli tuff, conglomerate containing volcanoclastics conglomerate and conglomerate-breccia. The formation typically corresponds to the DA1 member units and is composed of thinly bedded siltstone (DA1a), basalt with augite (DA1b) and basaltic-clastic rock (DA1c). • Khalzan-Ovoo Formation: The Khalzan Ovoo Formation is distributed through the Alagbayan Mountains forming rolling hills such as Khalzan Ovoo, Shavagtai Mountain, Nuden khudag, and near Ger Chuluu well in the southeast of the Tsagaan Suvarga mine. The lower part (DA2) is 200 m thick, composed of polymictic conglomerate and a blocky tuff of dacite composition, the middle part (DA3) is 50 m to 400 m thick, comprising grey and green-grey sandstone interlayered with basalt, andesite and siltstone. The upper part (DA4) is poorly exposed in the mine area and appears to be similar to the basalt tuff unit (DA4a). Sediments typically correspond to the DA2-DA4 units and include tuff (DA2b2) with ash flow of dacitic composition and blocky and ashy tuffs, and flow like breccia of basaltic composition and coarse-grained volcanoclastic rocks (DA4) and red, green and variegated sedimentary series. Table 6-1: Major units of the Alagbayan Formation Fm Unit Lithologies Description B u la g b u y a n DA1 Basaltic flows and volcaniclastic rocks; several hundred metres in thickness. Two subunits: Lower: grey to green, finely laminated, volcanogenic siltstone and interbedded fine sandstone (DA1a). Upper: dark green, massive porphyritic (augite) basalt. Overlies and partially intercalated with basal unit (DA1b). Basalt lapilli tuff (DA1c) overlies DA1b in some locations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 49 of 205 Fm Unit Lithologies Description K h a lz a n -O v o o DA2 Dacite tuff / volcaniclastic rocks; at least 200 m thick Three subunits: Lower: monolithic to slightly polylithic basaltic lapilli tuff to volcaniclastic conglomerate/breccia. Underlies and partially intercalated with middle unit (DA2a). Middle: buff to dark green, dacite lapilli tuff. Overprinted by intense sericite and advanced argillic alteration (DA2b_1). Upper: weakly altered to unaltered polymictic block tuff to breccia, with lesser intercalated lapilli tuff (DA2b_2). DA3 Clastic sedimentary sequence; approximately 100 m thick Two subunits: Polylithic conglomerate, sandstone, and siltstone. Abundant in the South zone and parts of the Hugo South deposit (DA3a). Rhythmically interbedded carbonaceous siltstone and fine brown sandstone. Ubiquitous in drill holes in Hugo North and is also discontinuously distributed in the more southerly deposits (DA3b). DA4 Basaltic flows / fragmental rocks, siltstone; approximately 600 m thick Three subunits: Dark green basaltic volcanic breccia with vesicular, fine- grained to coarsely porphyritic basaltic clasts is the dominant lithotype; interlain with volcanogenic sandstones and conglomerates (DA4a). Thinly interbedded red and green siltstone, which contain subordinate basalt layers in their lower levels (DA4b). Massive green to grey sandstone with rare siltstone interbeds (DA4c). 6.2.2.2 Lower Carboniferous Gurvankharaat Group The Gurvankharaat Group units lie to the east of the Oyu Tolgoi mineralized sequence. They were previously classified as separate units by Suetenko and Durante (1976) near Tsokhiot massive and Gurvan Kharaat Mountain on the border of Khanbogd and Manlai soums of Umnugovi Aimag but were classified as a group by Goldenberg et al. (1978). This group consists of three formations, including Sainshandkhudag, Murgutsug and Tsohiot. Lower Carboniferous rocks distributed through the Oyu Tolgoi area are referred as Sainshand Formation. • Sainshandkhudag Formation: The Sainshandkhudag Formation is divided into three major units (Table 6-2) at Oyu Tolgoi: o Ulgii—a lowermost tuffaceous sequence (CS1) o Tsagaan Suvarga—an intermediate clastic package (CS2) o Aman-us—an uppermost volcanic/volcaniclastic sequence (CS3) The unit post-dates porphyry mineralisation and is separated from the underlying Devonian rocks by a regional unconformity. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 50 of 205 Table 6-2: Major units of the Sainshandhudag Formation Fm Unit Lithologies Description S a in s h a n d k h u d a g CS1 Andesitic lapilli tuff and volcaniclastic rocks; approximately 200 m thick Andesitic lapilli tuff with abundant fiamme, and subordinate block tuff to breccia. CS2 Conglomerate, sandstone, tuff, and coal; approximately 200 m thick Typically shows a progression from a lower conglomerate- sandstone-siltstone dominant unit (CS2a) to an overlying siltstone- waterlain tuff unit (CS2b). Carbonaceous siltstone and coal beds occur in the lower part of the sequence. CS3 Basaltic and andesite lava and volcaniclastic rocks; approximately 800 m thick Four sub-units: Basal: thin volcanic sandstone (CS3a). Lower middle: discontinuous porphyritic basaltic andesitic lava sequence (CS3b). Upper middle: thick basaltic breccia-to-block tuff unit (CS3c_1). Upper: intercalated to overlying porphyritic basalt flow sequence (CS3c_2). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 51 of 205 Figure 6-3: Stratigraphy of the Oyu Tolgoi area Source: Otgonbayar at al. (2014). Note Bayanshiree and Quaternary sediments overlie this stratigraphy. 6.2.2.3 Upper Cretaceous Bayanshiree Formation Bayanshiree Formation sediments unconformably overlie the mineralized sequence at Oyu Tolgoi and are distributed in the north of the Oyu Tolgoi deposit. They were initially mapped (1:200,000 scale) as individual Bayanshiree Formations by Burenkhuu et al. (1995). The Formation sediment is composed of uncemented or weakly cemented, dark-brown, reddish- yellow clay and clayey gravel and is locally poorly sorted with occasional coarse gravels. These sediments overlay secondary enrichment and weathering zones and are in turn overlain by quaternary sediments. 6.2.3 Intrusive rock Intrusive rocks are widely distributed through the Project area and range from large batholithic intrusions to narrow discontinuous dykes and sills. At least seven classes of Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 52 of 205 intrusive rocks are recognised based on compositional and textural characteristics. Intrusive composition, structure, texture, distribution and ages are presented in Table 6-3. Copper-gold porphyry mineralisation is related to the oldest recognized intrusive suite, consisting of large Devonian quartz-monzodiorite intrusions that occur in the deposit areas. Table 6-3: Major intrusive rock units Unit Lithologies Age Description Intrusions Quartz- monzodiorite to monzodiorite 371 ± 2 Ma Texturally and compositionally varied. Typically, phenocryst-crowded, with >40% plagioclase phenocrysts up to 5 mm long, and 10–15% biotite and hornblende. Abbreviated to QMD. Intrusion, dykes and sills Biotite granodiorite 366 ± 4 Ma Contain large plagioclase phenocrysts with lesser small biotite phenocrysts, within a fine-grained to aphanitic brown groundmass. Intrusions are compositionally and texturally varied and probably include several intrusive phases. Forms a large stock at Hugo North (BiGd). Intrusions Syenite, granite, quartz-monzonite, quartz diorite, and quartz syenite 348 ± 3 Ma Large, polyphase granitic complex bounding the Project to the northwest. Dykes Hornblende-biotite andesite and dacite 343 ± 3 Ma Typically, strongly porphyritic with feldspar, hornblende, and biotite. Quartz phenocrysts are common. Dykes and sills Rhyolite; range from metres to a few tens of metres wide 320 ± 10 Ma Aphanitic and aphyric. Intrusive breccias are common along dyke contacts, commonly incorporating both rhyolitic and wall rock fragments within a flow banded groundmass. Dykes Basalt/dolerite; in deposit area range from metres to a few tens of metres wide; in southwest part of the Project area can occur as large, sill-like intrusive masses Carboniferous Intrude all stratified units. Typically, aphanitic to fine- grained, locally vesicular, and contain variable amounts of plagioclase phenocrysts. Intrusions Alkaline granite Permian Large, circular intrusion exposed just east of the Project that is defined by abundant pegmatite dykes. 6.2.4 Structural setting Variations in bedding attitude recorded in both oriented drill core and surface outcrops define two orientations of folds at Oyu Tolgoi: a dominant set of northeast trending folds, and a less-developed set of northwest trending folds. These folds are well defined in bedded strata of both the Sainshandhudag Formation and Alagbayan Group. They may be present in stratified rocks throughout the Oyu Tolgoi Property, but outcrop and drill hole data are insufficient to define them in many areas. There is no evidence of a penetrative fabric (e.g., cleavage) associated with folding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 53 of 205 Together, the two orientations of folds form a dome-and-basin interference pattern, but it is not possible to determine their relative ages. Both dominant fold orientations occur in Lower Carboniferous strata, indicating that both folding events post-date mineralisation. Sedimentary facing direction indicators, including grading, scour and fill structures, load casts, and crossbedding, are sporadically observed in drill core by Oyu Tolgoi geologists along the east flank of the Hugo Dummett deposits. These suggest that parts of the Alagbayan Group are overturned. However, no large isoclinal folds have been mapped from drill core. These folds are cut by dykes of the 366 Ma biotite-granodiorite suite and therefore were formed within the Late Devonian. Such folds and geopetal features are difficult to ascribe to regional tectonic events and may simply be localized features of rapid facies changes in a proximal submarine volcanic environment. The Project area is underlain by complex networks of faults, folds, and shear zones. Most of these structures are poorly exposed on surface and have been defined through integration of detailed exploration data (primarily drill-hole data), property-scale geological mapping, and geophysical data. There is evidence for several phases of deformation and reactivation of the early faults during later deformational events. 6.3 Local geology Oyu Tolgoi consists of Oyut, Hugo Dummett (Hugo South and Hugo North) and Heruga deposits. In this section a discussion of the geology and mineralisation at each deposit is discussed. The Oyu Tolgoi copper-gold deposits currently comprise, from north to south: • Hugo North – The Hugo Dummett Deposit north of approximately 4766300 N (or the 110 Fault). • Hugo South - The Hugo Dummett Deposit south the 110 Fault. • Oyut - The Oyut Deposit includes the Southwest Oyu, South Oyu, Wedge, Central Oyu, Bridge, Western, and Far South zones within mining licence MV-006709. • Heruga – is within the area governed by the arrangements between Oyu Tolgoi LLC and Entrée Resources Ltd. except for a small northern portion that lies within the Oyu Tolgoi mining licence MV-006709. A long section showing the spatial distribution of the Oyu Tolgoi deposits is shown in Figure 6-4. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 54 of 205 Figure 6-4: Idealized view of the Oyu Tolgoi mineral deposits (long-section looking west) 6.3.1 Hugo Dummett deposits The Hugo Dummett deposits, Hugo North and Hugo South, contain porphyry-style mineralisation associated with quartz-monzodiorite intrusions, concealed beneath a sequence of Upper Devonian and Lower Carboniferous sedimentary and volcanic rocks. The deposits are highly elongated to the north-northeast and extend over 3 km. The Hugo North zone is virtually contiguous with the Hugo South zone and lie within a similar geological setting. The two deposits are separated by a 110°-striking, 45° to 55° north-dipping fault that displaces Hugo North vertically down a modest distance from Hugo South. The dividing line between the two deposits is approximately 4766300 N, a location marked by the thinning and locally discontinuous nature of the high grade copper mineralisation (defined by greater than 2% copper). The east-striking 110° Fault (Figure 6-5) for the projections of the major faults in the area of the Hugo Dummett deposits), delineates the gold- and copper-rich zone hosted in augite basalt and quartz‒monzodiorite of the Hugo North deposit from the more southerly, gold-poor, ignimbrite- and augite basalt-hosted mineralisation at Hugo South. The quartz monzodiorite bodies are contemporaneous with alteration and mineralisation. The quartz monzodiorite is considered to be the progenitor porphyry, and two zones are distinguished on the basis of alteration characteristics and position within the deposit. A late to post-mineralisation biotite-granodiorite intrusion forms a northerly striking dyke complex cutting across the western edge and deeper levels of the deposit. At higher levels, the biotite-granodiorite flares out considerably to form a voluminous body (Figure 7.6). Although this intrusion locally contains elevated copper grades adjacent to intrusive contacts or within xenolith-rich zones, it is essentially barren. Based on correlations between drill hole intersections and measurements of individual contacts using oriented drill core, the positions and orientations of dyke contacts are reasonably well established in the Hugo North deposit area. Dominant dyke orientation varies with depth. At levels above approximately 250 mRL, where the biotite-granodiorite cuts through the non-mineralized hanging wall strata, it is present as a single intrusive mass with contacts dipping moderately to steeply to the west. The hanging wall sequence model should identify the nature of the contact between the hanging wall strata and the biotite- granodiorite and assist in modelling the subsidence zone. Below this level, the biotite- Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 55 of 205 granodiorite is more complex, found as multiple and sub-parallel to anastomosing dykes that cut through the quartz monzodiorite intrusion and mineralized Alagbayan Group strata. Figure 6-5: Idealized view of the Oyu Tolgoi mineral deposits (long-section looking west) The highest-grade copper mineralisation in the Hugo North deposit is related to a zone of intensely stockworked to sheeted quartz veins known as the QV90 zone, so named because >90% of the rock has >15% quartz veining. The high grade zone is centred on thin, east dipping quartz monzodiorite intrusions or within the apex of the large quartz monzodiorite body and extends into the adjacent basalt. In addition, moderate-to-high grade copper and gold values occur within quartz monzodiorite below and to the west of the intense vein zone, in the Hugo North gold zone. This zone is distinct and has a high gold (Au parts per million (ppm)) to copper (Cu%) ratio of 0.5 to 1. 6.3.2 Oyut deposit The Oyut deposit includes the most mineralized domain called Southwest Oyu (Southwest), but also includes South Oyu (South), Wedge, and Central Oyu (Central) domain (Figure 6-6) and several smaller, fault-bounded zones. The open pit incorporates most of these domains. They form contiguous sectors of mineralisation representing multiple mineralizing centres, each with distinct styles of mineralisation, alteration, and host rock lithology. The boundaries between the individual zones coincide with major faults. Faulting has resulted in different erosional histories for the zones, depending on the depth to which a zone has been downfaulted or uplifted relative to neighbouring zones. Geological mapping of the pit walls is compiled in the plan and section views shown in Figure 6-7. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 56 of 205 Figure 6-6: Oyut deposit schematic plan showing major zones

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 57 of 205 Figure 6-7: Oyut deposit geological map and cross-sections 6.3.2.1 Southwest Oyu zone The Southwest Oyu zone is a gold-rich porphyry system characterized by a southwest– plunging, pipe-like geometry that has a vertical extent of as much as 700 m. The high grade Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 58 of 205 core of the zone is about 250 m diameter; the low grade shell (0.3% Cu) surrounding the core may extend for distances as much as 600 m by 2 km. Over 80% of the deposit is hosted by massive to fragmental porphyritic augite basalt of the Upper Devonian Alagbayan Group, with the remainder hosted by intra-mineral, Late Devonian quartz-monzodiorite intrusions. The quartz-monzodiorite intrusions form irregular plugs and dykes related to several distinct phases: • Early, strongly altered quartz-veined dykes mainly limited to the high grade Central deposit core (informally referred to as OT–QMD). • Superimposed younger fragmental dykes entraining early quartz vein clasts but lacking strong sulfide mineralisation (informally referred to as xQMD). • Voluminous massive quartz-monzodiorite (informally referred to as QMD) containing weaker mineralisation, flanking and underlying the high grade deposit core. Several phases of post-mineral dykes cut the Southwest zone. Most of the dykes belong to the rhyolite, hornblende-biotite andesite, or biotite granodiorite intrusive phases. Dykes commonly have steep dips, and many are localized along faults. The rhyolite dykes tend to strike west to west-northwest in the deposit core and northeast when emplaced along major faults. Hornblende-biotite andesite dykes strike east-northeast except where they intrude along the major northeast trending faults. Most of the Southwest zone, including the entire high grade, gold-rich core of the zone, lies between two northeast striking faults, termed the West Bounding Fault and the East Bounding Fault. Both faults are clearly defined on ground-magnetic geophysical images, and their positions and orientations are well constrained by numerous drill hole intersections. The bounding faults consist of foliated cataclasite, gouge/breccia, and mylonitic bands that occur in zones ranging from a few metres to a few tens of metres wide. The cataclasite within the fault zones contains abundant quartz, quartz sulfide, and sulfide (pyrite, chalcopyrite, sphalerite, and galena) clasts in a comminuted matrix that is locally overprinted by fine-grained pyrite and chalcopyrite. These relationships imply that at least some of the fault movement was contemporaneous with mineralisation. Kinematic indicators within the fault zones imply dominantly sub-horizontal, sinistral movement on the bounding faults. Both faults have local subparallel splays. Correlation of drill hole intersections constrains an average fault dip of 80° towards 310° for both faults. The East Bounding Fault juxtaposes younger rocks to the southeast against the Alagbayan Group rocks (augite basalt) hosting the deposit, while the West Bounding Fault is mainly intra-formational within the augite basalt. The West Bounding Fault is commonly intruded by hornblende-biotite andesite dykes, whereas rhyolite dykes are more common along the East Bounding Fault. 6.3.2.2 Central Oyu zone The Central zone is about 2,300 m wide and tapers from about 200 m long in the east to more than 600 m to the west (Figure 7.6). Mineralisation extends to depths of over 500 m. The Central zone is hosted within a swarm of feldspar-phyric quartz-monzodiorite intrusions, emplaced into porphyritic augite basalt and overlying basaltic tuff of the Alagbayan Group. The basaltic tuff is in turn overlain by unmineralized sedimentary and mafic volcanic rocks of the Alagbayan Group unit DA4, which dip moderately to the east (30–60°). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 59 of 205 Several phases of intra-mineral and late-mineral quartz-monzodiorite intrusions have been distinguished in the Central zone based on textural variations and intensity of mineralisation and alteration. Most have dyke forms, emanating from a larger intrusive mass to the north and west of the deposit area. The quartz-monzodiorite dykes terminate within the base of the sedimentary units of the upper Alagbayan Group. 6.3.2.3 South Oyu zone The South Oyu zone is developed mainly in basaltic volcanics and related to small, strongly- sericite altered quartz–monzodiorite dykes. Zone dimensions are about 400 m by 300 m in area, and mineralisation extends to depths of more than 500 m. 6.3.3 Heruga The Heruga deposit is the most southerly of the currently known deposits at Oyu Tolgoi. The deposit is a copper–gold–molybdenum porphyry deposit and is zoned with a molybdenum- rich carapace at higher elevations overlying gold-rich mineralisation at depth. The top of the mineralisation starts 500–600 m below the present ground surface. The deposit has been drilled over a 2.3 km length, is elongated in a north–northeast direction and terminates to the north on an east–northeast-trending regional fault with 500 m of apparent dextral displacement. Quartz monzodiorite intrudes the Devonian augite basalts as elsewhere in the district, and again are the progenitors of mineralisation and alteration. The quartz monzodiorite intrusions are small compared to the stocks present in the Hugo Dummett and Oyut areas, perhaps explaining the lower grade of the Heruga deposit. Non-mineralized dykes, comprising about 15% of the volume of the deposit, cut all other rock types. The deposit is transected by a series of north–northeast trending vertical fault structures that step down 200 m to 300 m at a time to the west and have divided the deposit into at least two structural blocks. Mineralized veins have a much lower density at Heruga than in the more northerly Oyut and Hugo Dummett deposits. High grade copper and gold intersections show a strong spatial association with contacts of the mineralized quartz monzodiorite porphyry intrusion in the southern part of the deposit, occurring both within the outer portion of the intrusion and in adjacent enclosing basaltic country rock. At deeper levels, mineralisation consists of chalcopyrite and pyrite in veins and disseminated within biotite–chlorite–albite–actinolite-altered basalt or sericite–albite-altered quartz monzodiorite. The higher levels of the orebody are overprinted by strong quartz–sericite– tourmaline–pyrite alteration where mineralisation consists of disseminated and vein- controlled pyrite, chalcopyrite and molybdenite. There is no oxide zone at Heruga, nor is there any high sulphidation style mineralisation known to date. 6.4 Deposit types 6.4.1 Geological model of typical porphyry copper systems The information in Section 6.4 is collated from geological and technical reports completed on the Project during the period 2003 to 2019, the PhD thesis completed by Alan Wainwright in 2008, and other sources as noted. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 60 of 205 The discussion of the typical nature of porphyry copper deposits is sourced from Sillitoe (2010), Singer et al. (2008), and Sinclair (2007). The Oyu Tolgoi deposits are characterised as copper-gold porphyry and related high sulfidation copper-gold deposit styles. Porphyry copper systems commonly define linear belts, some many hundreds of kilometres long, and some occurring less commonly in apparent isolation. The systems are closely related to underlying composite plutons, at paleo-depths of 5 to 15 km, which represent the supply chambers for the magmas and fluids that formed the vertically elongate (>3 km) stocks or dyke swarms and associated mineralisation. Commonly, several discrete stocks are emplaced in and above the pluton roof zones, resulting in either clusters or structurally controlled alignments of porphyry copper systems. The rheology and composition of the host rocks influence the size, grade, and type of mineralisation generated in porphyry copper systems. Individual systems have life spans of circa 100,000 years to several million years, whereas deposit clusters or alignments, as well as entire belts, may remain active for 10 Ma or longer. Deposits are typically semi-circular to elliptical in plan-view. In cross-section, ore-grade material in a deposit typically has the shape of an inverted cone with the altered, but low grade, interior of the cone referred to as the "barren" core. In some systems, the barren core may be a late-stage intrusion. The alteration and mineralisation in porphyry copper systems are zoned outward from the stocks or dyke swarms, which typically comprise several generations of intermediate to felsic porphyry intrusions. Porphyry copper-gold-molybdenum deposits are centred on the intrusions, whereas carbonate wall rocks commonly host proximal copper-gold skarns and less commonly, distal base metal and gold skarn deposits. Beyond the skarn front, carbonate-replacement copper or base metal–gold deposits, and sediment-hosted (distal- disseminated) gold deposits can form. Peripheral mineralisation is less conspicuous in non- carbonate wall rocks but may include base metal or gold-bearing veins and mantos. Data compiled by Singer et al. (2008) indicate that the median size of the longest axis of alteration surrounding a porphyry copper deposit is 4 to 5 km, while the median area of alteration is 7 to 8 km2. High sulfidation epithermal deposits may occur in lithocaps above porphyry copper deposits, where massive sulfide lodes tend to develop in their deeper feeder structures, and precious metal-rich, disseminated deposits form within the uppermost 500 m. Figure 6-8 shows a schematic section of a porphyry copper deposit, illustrating the relationships of the lithocap to the porphyry body and associated mineralisation styles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 61 of 205 Figure 6-8: Schematic section of porphyry copper deposit (source: Sillitoe, 2010) 6.4.2 Porphyry copper mineralisation Porphyry copper mineralisation occurs in a distinctive sequence of quartz-bearing veinlets as well as in disseminated forms in the altered rock between them. Magmatic-hydrothermal breccias may form during porphyry intrusion, with some breccias containing high grade mineralisation because of their intrinsic permeability. In contrast, most phreatomagmatic breccias, constituting maar-diatreme systems, are poorly mineralized at both the porphyry copper and lithocap levels, mainly because many such phreatomagmatic breccias formed late in the evolution of systems, and the explosive nature of their emplacement fails to trap mineralizing solutions. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 62 of 205 Copper mineral assemblages are a function of the chemical composition of the fluid phase and the pressure and temperature conditions affecting the fluid. In primary, unoxidized or non-supergene-enriched ores, the most common sulfide assemblage is chalcopyrite ± bornite, with pyrite and minor amounts of molybdenite. In supergene-enriched ores, a typical assemblage can comprise chalcocite + covellite ± bornite, whereas in oxide ores a typical assemblage could include malachite + azurite + cuprite + chrysocolla, with minor amounts of minerals such as carbonates, sulfates, phosphates, and silicates. Typically, the principal copper sulfides consist of millimetre scale grains but may be as large as 1 to 2 cm in diameter and, rarely, pegmatitic (larger than 2 cm). 6.4.3 Alteration zones Alteration zones in porphyry copper deposits are typically classified based on mineral assemblages. In silicate-rich rocks, the most common alteration minerals are potassium (K) - feldspar, biotite, muscovite (sericite), albite, anhydrite, chlorite, calcite, epidote, and kaolinite. In silicate-rich rocks that have been altered to advanced argillic assemblages, the most common minerals are quartz, alunite, pyrophyllite, dickite, diaspore, and zunyite. In carbonate rocks, the most common minerals are garnet, pyroxene, epidote, quartz, actinolite, chlorite, biotite, calcite, dolomite, K-feldspar, and wollastonite. Other alteration minerals commonly found in porphyry copper deposits are tourmaline, andalusite, and actinolite. Figure 6-9 shows the typical alteration assemblage of a porphyry copper system. Porphyry copper systems are initiated by injection of oxidized magma saturated with sulphur-rich and metal-rich, aqueous fluids from cupolas on the tops of the subjacent parental plutons. The sequence of alteration and mineralisation events is principally a consequence of progressive rock and fluid cooling, from >700 °C to <250 °C, caused by solidification of the underlying parental plutons and downward propagation of the lithostatic- hydrostatic transition. Once the plutonic magmas stagnate, the high temperature, generally two phase hyper-saline liquid and vapour responsible for the potassic alteration and contained mineralisation at depth and early overlying advanced argillic alteration, respectively, gives way, at <350 °C, to a single-phase, low to moderate salinity liquid that causes the sericite-chlorite and sericitic alteration and associated mineralisation. This same liquid also is a source for mineralisation of the peripheral parts of systems, including the overlying lithocaps. The progressive thermal decline of the systems combined with syn-mineralisation paleo- surface degradation results in the characteristic overprinting (telescoping) and partial to total reconstitution of older by younger alteration and mineralisation types. Meteoric water is not required for formation of this alteration and mineralisation sequence, although its late ingress is commonplace. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 63 of 205 Figure 6-9: Generalized alteration-mineralisation zoning pattern for telescoped porphyry copper deposits (Sillitoe, 2010) 6.5 Applicability of porphyry copper model to Oyu Tolgoi Features that classify the Oyu Tolgoi deposits as porphyry copper-type deposits include: • Mineralisation is in or adjoining porphyritic intrusions of quartz monzodiorite composition. • Multiple emplacements of successive intrusive phases and a variety of breccias are present. • Mineralisation is spatially, temporally, and genetically associated with hydrothermal alteration of the intrusive bodies and host rocks. • Large zones of veining and stockwork mineralisation, together with minor disseminated and replacement mineralisation, occur throughout large areas of hydrothermally altered rock, commonly coincident wholly or in part with hydrothermal or intrusion breccias. • Hydrothermal alteration is extensive and zoned, which is common to porphyry copper deposits. Major alteration minerals in the biotite-chlorite, intermediate argillic, sericite, and K-feldspar alteration zones include quartz, chlorite, sericite, epidote, albite, biotite, hematite-magnetite, pyrophyllite, illite, and carbonate. Advanced argillic alteration zones can contain minerals such as kaolinite, zunyite, pyrophyllite, muscovite, illite, topaz, diaspore, andalusite, alunite, montmorillonite, dickite, tourmaline, and fluorite. In the leached cap, smectite and kao-smectite can also occur. The alteration assemblages are consistent with the physio-chemical conditions of a porphyry environment. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 64 of 205 • Pyrite is the dominant sulfide, reflecting the typical high sulphur content of porphyry copper deposits. The major ore minerals include chalcopyrite, bornite, chalcocite, covellite, and enargite. In some zones, minerals such as tennantite, tenorite, cubanite, and molybdenite have been identified. Gold typically occurs as inclusions in the sulfide minerals. • Copper grades are typical of the range of porphyry copper grades (0.2% Cu to >1% Cu). The Oyu Tolgoi porphyry copper deposits display a range of mineralisation styles, alteration characteristics, and deposit morphologies that are likely to reflect differences in structural controls, host rock lithology, and depth of formation. For the most part, structural influences account for the differences in shape and distribution of mineralisation within the deposits. The more typical copper-gold porphyry style alteration and mineralisation tend to occur at deeper levels, predominantly within quartz monzodiorite extending into the host basaltic rocks. High sulfidation mineralisation and associated advanced argillic alteration are most common within the wall rocks (basaltic tuffs and fragmental rocks) to the quartz monzodiorite, where it intrudes to levels high in the stratigraphic succession and in narrow structurally controlled zones. High sulfidation mineralisation often forms in steam condensate zones and then collapses back into the hypogene zone, causing overprinting and textural destruction. The Hugo Dummett deposits have several features that are unusual when compared with typical porphyry copper systems, including: • Anomalously high copper and gold grades, particularly in the northern part. • An unusually weakly altered pre-mineralisation volcano-sedimentary cover sequence that lies just above the porphyry system. • Quartz + sulfide vein contents commonly exceeding 15%, and locally in excess of 90%, in the high grade part of the deposit. • A highly elongate, gently plunging tabular shape to the high grade stockwork system. The formation of the known, 800 m extent, high grade portion of the Hugo Dummett deposits as a tabular, intensely veined, sub-vertical body contrasts markedly with most porphyry copper deposits, which tend to have steep, roughly cylindrical, or elongate forms. The unusual form of the Hugo Dummett deposits could be the result of emplacement within a structurally restricted zone. The lack of alteration in the overlying sequence is likely a reflection of the chemical inertness of the siltstone sequences. The Heruga deposit is also slightly unusual in that, unlike the other Oyu Tolgoi deposits, it has distinctly higher grades of molybdenum, which form a molybdenum-rich carapace at higher elevations overlying gold-copper–rich mineralisation at depth.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 65 of 205 7. Exploration Exploration activities have been undertaken by Rio Tinto subsidiary companies, its precursor companies, consultants, and contractors (e.g., geophysical surveys). Currently, exploration within the Project area is focused on the identification of new target areas and extensions to known deposits. 7.1 Fundamental data 7.1.1 Grids and surveys The boundary coordinates of the mining and exploration licences are defined by latitude and longitude coordinates. The official Mongolian survey datum was MSK42 using the Baltic mean sea level as the elevation datum and used until 2011. The coordinates used by Oyu Tolgoi LLC and its predecessors, for exploration are mostly UTM coordinates with the datum set to WGS 84 / UTM zone 48N. In 2014, 8,760 hectares of land was mapped using an unmanned drone (Gatewing H100) to generate topography to 0.5 m accuracy. Flight height was 250 m high and with a 70% coverage overlap. The survey was conducted in Universal Trans-Mercator (UTM) (WGS 84 / zone 48N) with altitude for Baltic Sea Height datum. In 2017, a further topographical mapping exercise was carried out, this time using the Trimble UX5 unmanned aircraft system. Flight altitude was 350 m, with a horizontal and vertical overlap of 75%. 7.2 Imaging Satellite imaging has been used throughout the history of the Project to provide regional and detailed geological information. Since 2017, Interferometric Synthetic Aperture Radar (InSAR) data is obtained on an 11-day cycle to detect and monitor surface movement (land subsidence). This is used at Oyu Tolgoi to monitor the tailings storage facility. InSAR is obtained from the TerraSAR-X satellite with a phased array synthetic aperture radar (SAR) antenna (X-band wavelength 31 mm, frequency 9.6 GHz); TerraSAR-X acquires new high quality radar images of the entire planet whilst circling Earth in a polar orbit at 514 km altitude. 7.3 Geological mapping 7.3.1 Surface mapping Outcropping mineralized zones (Southwest, South, and Central) were mapped at 1:1,000 scale and the central part of the Oyu Tolgoi licence at 1:5,000 scale in 2001. The entire Oyu Tolgoi Property was mapped at 1:10,000 scale in 2002. Additional geological and structural mapping was completed by Alan Wainwright during 2005–2008 as part of his PhD thesis research (Wainwright, 2008). Mapping on the Shivee Tolgoi licence area consists of 1:20,000 and 1:10,000 scale regional mapping, with detailed prospect-scale mapping at 1:2,000 scale, undertaken between 2004 and 2008. In 2011, a detailed 1:2,500 surface geological mapping program was initiated across part of the Javkhlant area west and south-west of Heruga. This program focused on determining stratigraphic relations that may indicate vectors to prospective stratigraphy. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 66 of 205 Open-pit face mapping has been conducted since 2011 to improve open pit fault modelling, and to predict and mitigate further pit failures. Open pit face mapping has been conducted since 2011 to improve open pit fault modelling, and to predict and mitigate further pit failures. Due to accelerated rate of mining development, increased number of active mining areas and dangerous geotechnical areas, comprehensive face mapping is not achievable throughout the mine. Photogrammetric mapping is used in the pit for geological and geotechnical interpretation (Figure 7-1). Figure 7-1: Oyut photogrammetric image of pit wall with annotations Drone imagery survey has been used in the Oyut open pit since 2018 for geological and geotechnical modelling (Figure 7-2). Figure 7-2: Oyut drone imagery of open pit wall 7.3.2 Underground mapping Detailed geological mapping is undertaken during the development of Hugo North to systematically update geological interpretation and modelling. The mapping of underground areas continues to define relationships between mineralisation, lithology and fault structures. A total of 24,500 m of development has been mapped since 2016. In 2018, an in-house underground mapping tablet-based application was deployed, called Facemapper. The application allows both geotechnical and geological data to be collected Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 67 of 205 simultaneously at the face, as well as drawing a digital map, which is easily uploaded into a central data base. The data collected from the mapping is used to help predict ground conditions in front of planned development. The mapping is used to validate and update the geology model which was initially generated from diamond drill holes. Prior to 2018, geological maps were scanned and converted to digital format, and imported to Vulcan software and geo-referenced for structural interpretation. The geology model updates continuously incorporate information from the underground mapping, such as the location and nature of contacts between the biotite granodiorite and quartz monzodiorite units, the location and orientation of the major structures, exposure of minor structures, and cross-cutting relationships. In addition to the underground mapping data, historical diamond drilling was scrutinised to validate and update the structural model for Panel 0. The hangingwall sequence east of the Hugo North deposit and west of the West Bat Fault continues to be studied. This work will lead to a better understanding of the continuity of structures across the West Bat Fault and the relationship with the overlying carboniferous sediments. 7.4 Structural studies 7.4.1 Oyut The structural understanding of the overall Project area and within Oyut open pit has increased through time and access. Currently, a total of 81 first- and second-rank faults (identified in drilling and pit walls), 295 third-rank faults (identified in pit wall, but relationship to first- and second-rank faults is unclear) and 11 fourth-rank faults (identified by magnetic surveys) are recognized. The time sequence of faulting within the licence area has been defined in the following stages (in a sequence of young to old): 1. Late stage: East-northeast trending faults (Solongo fault system and splays, Central fault). 2. Northwest trending faults: These faults cut and displaced Devonian and carboniferous rocks and dykes. 3. Northeast trending faults filled with carboniferous rhyolite dykes. 4. West and northwest trending faults filled with rhyolite dykes forming right-lateral displacements. 5. Northeast trending faults filled with andesite dykes. 6. Pre-Devonian: These faults are defined in the pit wall as cut and displaced by other faults. Geotectonically, the deposit has complex structure and some major faults were activated two to three times. A summary of the characteristics of the faults in the Oyut area is shown in Table 7-1. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 68 of 205 Table 7-1: Stages and evolution characteristics of faults in Oyut area No Stage Major faults Dip angle Cut by Filled dykes Fault characteristics 11 Late fault SOL, SND, NAR NW/80-90 All rocks Rhyolite Non-foliated breccia CENT N/50 – Non-foliated breccia 12 Northwest trending JK, SZ, AB, Plan 20, Fault 100, F01, AP01 NE/45-60 Devonian & Carboniferous sediment, rhyolite, andesite, granodiorite – Foliated gouge AP02, AP03, AP04, AP05, AP06, ET02 NE/80-90 33 Northeast trending Fault61, Fault59, ER01, STH, STH025 NE/70-85 Devonian sediment, granodiorite, andesite rhyolite Rhyolite/ Dacite Foliated gouge BO, HUT, HUT01S NE/45-50 – Non-foliated breccia EB, WB (next action) NW/80-85 Rhyolite 44 Northeast trending RHY, RHY03S, AP11, FRS, SHO, CST, ZALUU, ABU NNE/80-90 Devonian sediment, granodiorite, andesite Rhyolite Foliated gouge 55 Northeast trending AND, CAD, EB, WB, STH01S, STH03S, AND154 NW80-90 Devonian sediment, granodiorite Andesite/ Rhyolite Non-foliated breccia AP08, BO SE/45-50 56 Early faults EB, ZL, ZL01S, BOZ, SED, NF, Plan 18, 3rd rank fault various Devonian sediment Granodiorite Foliated gouge 7.4.2 Hugo Dummett The interpretation of the structural framework of Hugo North has evolved over time. Rio Tinto staff, on behalf of Oyu Tolgoi LLC, performed an initial structural review of the faulting and fault models during 2009-2010 for the Hugo Dummett deposit area in support of the planned caving operation. In 2018, a mine design scale structural model for the Panel 0 mining volume at Hugo North was completed. The regional structural geology model was used as a guide. All diamond drill hole core photographs were scrutinized in conjunction with available mapping for structural modelling purposes. The regional structural model was generated as planes, but the local structural model update generated three dimensional shapes, snapping to drill holes logged as fault zones, which were verified by core photographs. Fault planes were also mapped from development, with dip and dip direction measurements used for fault orientations and projections. The 2018 structural model updated in 2019 for the Panel 0 design studies includes the following changes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 69 of 205 • Lower fault. Eight splays were recently interpreted, compared to the two main limbs from 2016 regional model update. • West Bat fault. The 2018 WBAT fault is modelled to be offset by both the Bumbat fault and the Dugant fault. Recent drilling has also indicated the high probability of the WBAT being offset by the Dugant fault farther north of the Bumbat fault. • Bumbat fault. The 2018 Bumbat fault has been modelled farther north compared to the 2016 Bumbat fault. The Bumbat fault offsets the WBAT fault and is associated with the movement of the North Boundary fault to the west. • Dugant fault. The 2018 Dugant fault has been modelled slightly north compared to the 2016 Dugant fault. The 2018 Dugant fault has also been modelled to offset the WBAT fault. • Intermediate fault. The Intermediate fault has been removed. This was based on the review of core intercepts along the 2014 Intermediate fault model, which lacked fault intercepts and continuity. • Intermediate splay faults. The 2018 model update has identified two small, highly damaging structures with orientations subparallel to the Lower fault. It is possible these two structures are part of the Lower fault system. • Gobi fault. The 2018 model update removed the Gobi fault. This was based on the review of core intercepts and development and mapping along the 2014 Gobi fault model, which lacked fault intercepts and continuity. 7.4.3 Heruga In 2013, the geological and structural model of the Heruga deposit was updated. Mapping shows a northeast trending carboniferous syncline axial trace directly above the Heruga deposit footprint. At 1 km depth the mineralized zone shows the existence of the Devonian sequence at the core and Carboniferous sediments at the flanks, indicating the potential of an anticline fold. The corresponding anticline axial trace at surface lies ~500 m to the east, suggesting that the axial surface dips in the order of approximately 60° to 70° to the west- northwest. Faults are modelled as vertical. The current interpretation of Heruga is valid based on widely spaced drilling, which is taken into consideration with the classification of the resource. Further work is required to increase confidence of structural and mineralisation interpretations. No recent work has been conducted at Heruga. 7.5 Geochemical surveys In 2011, a summary of all geochemical studies carried out on the Oyu Tolgoi Property was consolidated by Sketchley (2011). On that basis, an independent database was created with the categories of geochemical anomaly and type (Bell et al. 2011). The soil sampling programs between 1997 and 2018 are summarized in Table 7-2. Trenching, soil sampling (mobile metal ion—MMI), grab sampling, stream sampling and heavy concentrate sampling were conducted over the areas covered by the joint venture arrangements. The numbers of geochemical samples taken are shown in the Table 7-3. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 70 of 205 The locations of soil geochemical copper, lead, molybdenum and tungsten anomalies are shown in Figure 7-3. Soil sampling is not a material factor in current or planned mining. Table 7-2: Soil sample surveys by area and year Area/Prospect Year Company Southwest 1997–1999 BHP Copper Flats 2002–2003 Entrée LLC Eastern Entrée 2003–2004 Entrée LLC Oortsog 2003–2004 Entrée LLC Southwest 2004 EntréeLLC West RAB 2004 TRQ Western Entrée 2004–2005 Entrée LLC Exotic Cu 2005 TRQ OT South 2005 TRQ Hugo South 2005–2006 TRQ West 2006 TRQ Gandulga 2006 TRQ Ulaan Khuud 2006 TRQ BHP3 2006 TRQ Heruga 2008 Entrée Resources Ltd SEIP 2016-17 Entrée Resources Ltd. Western Mag 2016 Entrée Resources Ltd. Castle rock 2016 Entrée Resources Ltd. Bumbat Ulaan 2018 Entrée Resources Ltd. West Corridor 2018 Entrée Resources Ltd. Central Javkhlant 2018 Entrée Resources Ltd. Heruga corridor 2018 Entrée Resources Ltd. Khukh Khad (re-sampling, 184) 2019 Oyu Tolgoi Manakht South (226) 2019 Oyu Tolgoi Khukh Khad (204) 2022 Oyu Tolgoi Table 7-3: Geochemical sampling of areas covered by the joint venture arrangements Licence Year Rock grab sample Soil sample Stream sediment sample Channel sample Shivee Tolgoi 2003–2003 75 2140 – 450 2004 – – – 1363 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 71 of 205 Licence Year Rock grab sample Soil sample Stream sediment sample Channel sample Javkhlant 2002–2003 45 – 25 – 2006–2007 43 314 – – 2016-2018 11 2583 – – 2019 56 - - - Figure 7-3: Regional soil geochemistry – anomaly map (Projection WGS84 Lat/Long) The analysis of the results from these programs show that: • The anomalies detected in the areas are caused by either identified ore mineralisation or lithological types. • The areas that had not been covered by soil geochemistry are underlain by large intrusions, non-prospective rock outcrops or thick alluvial blankets. • Highly prospective areas have been explored by several drilling programs. • Thick cover sequences render buried mineralisation undetectable by surface geochemical methods. 7.6 Geophysics Geophysical surveys have been conducted regularly and consistently updated throughout the exploration timeline for Oyu Tolgoi. A summary of geophysical surveys completed in the Oyu Tolgoi Property are shown in Table 7-4. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 72 of 205 Table 7-4: Geophysical survey completed in Oyu Tolgoi Property Company Timeline Type of survey Survey information Area BHP LLC 1997-1998 Gradient array induced polarization (IP) 250 m line spacing Central, South, Southwest Oyu Airborne magnetics 300 m line spacing Oyu Tolgoi Ground magnetics 250 m line spacing Central, South, Southwest Oyu TRQ 2001 Gradient array IP 100 m north-south Oyu Tolgoi Gradient array IP 100 m east-west Hugo Dummett Ground magnetic 25 m by 5 m and 50 m by 10 m Oyu Tolgoi TRQ 2002 Gravity 100 m by 50 m Oyu Tolgoi 2005 Transient electromagnetic Eastern half of concession for water 2009 Zeus IP East – west Oyu Tolgoi 2011 Magnetotelluric 1,006 stations Regional A district-wide magnetotelluric survey provided a method that can potentially detect and delineate isolated conductors at substantial depths and reliable 3D models of conductivity can be derived that are readily integrated with geology (Figure 7-4). Approximately 30 planned stations around the South Oyu and to the west of the Hugo Dummett areas were omitted because of mine construction activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 73 of 205 Figure 7-4: Regional inverted magnetotelluric sections at the depth interval of 600 m below surface (Projection WGS84 Lat/Long) 7.6.1 Entrée Resources Ltd.-Oyu Tolgoi LLC joint venture arrangements area A summary of geophysical surveys completed in the Entrée Resources Ltd. joint venture arrangements area are shown in Table 7-5. Table 7-5: Geophysical survey completed Entrée Resources Ltd. joint venture arrangements areas Company Timeline Type of survey Survey information Area Oyu Tolgoi LLC 2005 Gradient array induced polarization (IP) Shivee Tolgoi, Javkhlant 2008 Ground magnetic 26.6 km2, east-west 25 m line spacing Heruga 2008 Magnetic 26.6 km2, east-west 25 m line spacing Hugo North Extension 2011 Magnetic Manakht licence: 1,138 line-km over 161 lines with east-west 25 m line spacing 2016 Gravity (surface) 100 m by 200 m out to 200 m by 200 m IP dipole-dipole 8-11 channel, 200 m dipole spacing, electrode 200 m spacing 2016 IP dipole-dipole Two east-west lines (total 14.4 line km) Castle Rock Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 74 of 205 Company Timeline Type of survey Survey information Area 2017 Ground magnetic 25 m line spacing Northern part of SE anomaly (Javkhlant) 2018 Ground gravity 200 m by 200 m (3245 stations) West and east of Javklant Seismic Nine lines at 300 m to 400 m spacing for 294 stations Airstrip (Shivee Tolgoi) IP dipole-dipole Three east-west lines (14 km) Airstrip (Shivee Tolgoi) OT-Entrée 2022 Dipole-dipole IP A total of 36.1 line.km, 8-12 channel, dipole spacing of 100 & 200m Ductile Shear & East Au (Shivee Tolgoi) OT-Entrée 2022 Dipole-dipole IP A total of 46.5 line.km: 8-channel, dipole spacing of 200m East Bumbat Ulaan & SEIP (Javkhlant) 7.7 Petrology, mineralogy and other research studies Several petrological, mineralogical and other research studies have been undertaken. These include age dating of key lithological units, detailed stratigraphic reviews, petrographic and spectral analysis of alteration products and minerals, and detailed structural reviews, particularly in the areas proposed for the block caving operation at Hugo Dummett. TRQ established and Oyu Tolgoi LLC maintains an in-house petrology laboratory in the Oyu Tolgoi Geosciences Department. Equipment for making polished mineral specimen blanks and polished thin sections is currently housed there. Alteration minerals are determined by short-wave infrared spectrometry (short-wave infrared (SWIR) or portable infrared mineral analyzer (PIMA) analysis) on typical specimens from several alteration zones in each drill hole. A program of preparing mineralisation samples and making metallurgical index estimates from all the Oyu Tolgoi deposits was undertaken between 2002 and 2006. 7.7.1 Research studies Several research theses have been completed on the Project area and are listed below in alphabetical order by author surname: • Ayush, O 2006, "Stratigraphy, geochemical characteristics and tectonic interpretation of Middle to Late Paleozoic arc sequences from the Oyu Tolgoi porphyry Cu-Au deposit", MSc thesis (in Mongolian), Mongolian Univ. Science and Technology, Ulan Bator, Mongolia, 80 p. • Jargaljav, G 2009, "Mineralisation and metasomatic alteration of Central Oyu copper- gold deposit", PhD thesis (in Russian), Irkutsk Technical University, Irkutsk, 129 p. • Khashgerel, B 2010, "Geology, whole-rock geochemistry, mineralogy and stable isotopes (O, H and S) of sericitic and AA alteration zones, Oyu Tolgoi porphyry Cu-Au deposits, Mongolia", PhD thesis, Univ. of Tsukuba, Japan, 114 p. • Myagmarsuren, S 2007. "Sulphide mineral paragenesis at the Hugo Dummett porphyry Cu-Au deposit, Oyu Tolgoi, Mongolia", MSc thesis, Tohoku University, Japan, 93 p. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 75 of 205 • Oyunchimeg, R 2008, "Sulphide mineralogy and gold mineralisation at Hugo Dummett porphyry Cu-Au deposit, Oyu Tolgoi mineral district, Mongolia", PhD thesis (in Mongolian), Mongolian Univ. Science and Technology, Ulan Bator, Mongolia, 116 p. • Savage, N 2010, "Origin of clasts, mineralisation and alteration within the DA2a conglomerate, Heruga porphyry Cu-Au-Mo deposit, Oyu Tolgoi, Mongolia: evidence for an older porphyry system or part of the early Oyu Tolgoi paragenesis?", MSc mining geology dissertation, Cambourne School of Mines, UK, 119 p. • Wainwright, AJ 2008, "Volcanostratigraphic framework and magmatic evolution of the Oyu Tolgoi porphyry Cu-Au district, South Mongolia", PhD, Univ. British Columbia, Vancouver, 263 p. 7.8 Drilling 7.8.1 Drill programs Diamond core drill holes (DDH) are the principal source of geological and grade data for Oyu Tolgoi. A small percentage of the total drilling comes from reverse circulation (RC) or combined RC/DDH (RCD) (RC at the collar and diamond at depth). Most of the RC holes were drilled in the early days of exploration at the Oyut deposit. RCD holes make up a small percentage (<2%) of the total number of holes on the Project. Fifty-two polycrystalline (PCD) holes were also drilled, but these are peripheral to the mine area. The first drilling was completed by BHP between 1997 and 1998, when 23 diamond core holes (3,902 m) were drilled at the deposit now known as Oyut. TRQ completed approximately 109 holes (8,828 m) of RC drilling in 2000, mainly at Central zone, to explore the chalcocite blanket discovered earlier by BHP. In 2001, TRQ continued RC drilling (16 holes totalling approximately 2,091 m), mostly in the South zone area; however, an RCD method was tested for hole number OTRCD149. TRQ drilled two additional holes using RCD method (OTRCD50 and OTRCD52), along with seven additional RC holes totalling 801.5 m (up to drill hole OTRC158), before switching to diamond core drilling methods for all exploration. As at 31 December 2022, a total of approximately 1,478,907 m of drilling in 3,977 holes has been completed on the Project. Of this, 1,356,477 m was diamond core drilling in 2,928 holes and 122,430 m was completed in 1,049 RC holes. The drilling has been spread mostly over the Hugo Dummett, Oyut, and Heruga deposits. These totals include approximately 525 holes (75,427 m) drilled as part of a condemnation program to assist in the determination of suitable sites for the proposed plant, infrastructure, and dumps, and for water and geotechnical purposes. Table 7-6 provides a summary of all drilling to 31 December 2022. The near-mine drill hole collar locations and types are shown in Figure 7-5. Some of the more recent drilling has not yet been incorporated into resource models of the deposits but an assessment shows that inclusion is not likely to be material to the estimates. In the opinion of the QP, the processes outlined below are adequate for collecting quality samples and information for use in the interpretation and estimation of Mineral Resources. . Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 76 of 205 Table 7-6: Summary of exploration drilling across the Property as at 31 December 2022 Location Surface DDH Count Length of Surface DDH (m) RC Holes Count Length of RC (m) RCD Holes Count Length of RCD (m) UG DDH Count Length of UG DDH (m) PCD Holes Count Length of PCD Holes All Holes Count Total Length (m) Hugo South 127 87,248.06 45 3,263.00 12 7,988.95 1 644.70 185 99,144.71 Hugo North 458 419,159.45 4 319.00 4 2,417.50 707 123,097.52 1173 544,993.47 Total Hugo Dummett 585 506,407.51 49 3,582.00 16 10,406.45 708 123,742.22 1358 644,138.18 Southwest 355 157,424.13 210 33,675.20 3 2,092.00 568 193,191.33 Southeast 2 800.00 5 1,248.00 7 2,048.00 Far South 81 72,964.40 12 2,928.00 93 75,892.40 Central 310 107,178.13 81 8,010.30 391 115,188.43 South 120 42,215.89 52 4,847.00 2 890.90 174 47,953.79 Wedge 49 27,565.85 12 1,337.50 61 28,903.35 West 63 23,158.75 119 5,880.70 182 29,039.45 Shallow Hugo West 46 16,973.40 55 13,968.50 101 30,941.90 Total Oyut 1026 448,280.55 546 71,895.20 5 2,982.90 1577 523,158.65 Shaft exploration geotechnical 87 37,103.40 37 1,184.40 8 2,400.00 42 3,018.90 166 41,306.70 X Grid 6 571.00 6 571.00 East Side Licence 38 7,092.05 159 19,557.00 205 29,049.05 \*Other\* 224 39,503.81 127 17,589.50 2 338.80 3 1,737.40 356 59,169.51 Total "Other "Drilling 355 84,270.26 323 38,330.90 10 2,738.80 45 4,756.30 733 130,096.26 Hugo North Extension 122 99,838.90 73 4,868.00 2 736.00 58 3,754.40 255 109,197.30 Heruga 54 72,317.40 54 72,317.40 Total Entrée Drilling 176 172,156.30 73 4,868.00 2 736.00 58 3,754.40 309 181,514.70 Grand Total (All Drilling) 2142 1,211,114.62 991 118,676.10 33 16,864.15 753 128,498.52 58 3,754.40 3977 1,478,907.79

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 77 of 205 7.8.2 Drill orientations Drill holes have been drilled at a wide range of azimuths and dips depending on the orientation of the mineralisation, but an east-to-west orientation is dominant throughout the Project area. Drilling is normally oriented perpendicular to the strike of the mineralisation. Depending on the dip of the drill hole and the dip of the mineralisation, drill intercept widths are typically greater than true widths. Average drill hole lengths at the Hugo Dummett and Oyut deposits range from 316 m (South zone) to 894 m (Hugo North) and the average overall is approximately 525 m. The drill spacing is a nominal 70 m on and between drill sections in the Oyut zones. Drill spacing at Hugo North is on approximate 125 m by 75 m centres. Drill spacing typically widens toward the margins of the deposits. 7.8.3 Diamond-core diameters The vast majority of the core holes have been drilled with PQ (85 mm), HQ (63.5 mm), NQ (47.6 mm) or BQ (36.4 mm) diameters. Core diameter is reduced at depth depending on drilling condition, and it is also reduced to HQ when daughter holes split off the main drill hole. As at 31 December 2022, 91% of total drilling was diamond and the remaining 9% was RC drilling. Many of the deeper holes were drilled with multiple drilling methods and hole deviation equipment. The Navi-Drill® hole deviation equipment can create daughter holes from parent holes by using a motorized bit to achieve 1° gradient deviation every 3 m. 7.8.4 Diamond core transport At the drill rig, the drillers remove the diamond core from the core barrel and place it directly in wooden or plastic core boxes. Individual drill runs are identified with small wooden or plastic blocks, where the depth (m) and drill hole number are recorded. Unsampled core is never left unattended at the rig; boxes are transported to the Oyu Tolgoi LLC core logging facility at the main camp twice a day under a geologist's or technician's supervision. Core is transported in open boxes in the back of a truck. Those holes drilled specifically for geotechnical purposes typically use triple tube methods and are pumped out at the rig, transferred to a steel V-rail, and logged on-site before transport back to the core shed. 7.8.5 Geological logging Diamond core logging facilities are indoors. Core logging takes place on sturdy steel racks, each of which can hold upwards of 25 or more core boxes. Upon arrival at the core shed, the core is subject to the following procedures shown in Table 7-7. Table 7-7: Diamond drill core logging procedure Step Description 1. Quick review Review core. 2. Box labelling check The core boxes are checked to ensure they are appropriately identified with the drill hole number, meters from and to, and box number written with an indelible marker on the front. 3. Core rebuilding Core is rotated to fit the ends of the adjoining broken pieces. 4. Core photography Take photographs. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 78 of 205 Step Description 5. Geotechnical logging Using pre-established codes and logging forms, includes length of core run, recovered, drilled ratio, rock quality designation (RQD), maximum length, structural data, and oriented core data. Orientated core measurements were logged as interval data using standardised codes for structural and vein data only; the orientated core measurement did not usually begin until the hole was within the mineralized zone. 6. Geological logging Until August 2010 this was completed on paper logging forms. Subsequently, Oyu Tolgoi LLC implemented a digital logging data capture system, using commercially available acQuire™ software, which uses standardised templates and validated logging codes that must be filled out prior to log completion. The logging is entered directly into laptops at the core shed and is wirelessly synchronized with the geological database. The template includes header information, lithology description and lithology code, graphic log, coded mineralisation, and alteration. 7. Mark cutting line The geologist marks a single, unbiased cutting line along the entire length of the core for further processing. The RC logging involves capture of geological, alteration, and mineralisation data on a digital logging data capture system. 7.8.6 Recoveries and rock quality designation Oyu Tolgoi LLC's geological staff measure the following core recovery and RQD parameters at the core logging area: • Block interval • Drill run (m) • Measured length (m) • Calculated recovery (%) • RQD measured length (m) • Calculated RQD (%) The RQD method used for measuring recovery is standard industry practice. In general, core recoveries obtained by the various drilling contractors have been very good, averaging between 97% and 99% for all deposits. In localised areas of faulting or fracturing, the recoveries decrease; however, this occurs in a very small percentage of the overall mineralized zones. In addition, there is decreased recoveries near surface in overlying non- mineralized Cretaceous clays and to a lesser extent in some of the oxidized rocks (generally above 100 m depth below surface), owing to the lower competencies of these units. Most core has been drilled using Ball Mark™ or Ace™ oriented core marking systems to assist with geological and structural interpretations and for geotechnical purposes. 7.8.7 Collar surveys Collar survey methods are similar for diamond core and RC drill holes. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 79 of 205 Upon completion of a drill hole, collar and anchor rods are removed, and a PVC pipe is inserted into the hole. The drill hole collar is marked by a cement block inscribed with the drill hole number (e.g. OTD663). Proposed drill hole collars are surveyed by a hand-held global positioning system (GPS) unit for preliminary interpretations. After the hole is completed, a Nikon theodolite or Differential GPS (DGPS) instrument is used for final survey pickup. The two collar readings are compared, and if any significant differences are noted the collar is resurveyed; otherwise, the final survey is adopted as the final collar reading in acQuire™. 7.8.8 Downhole surveys RC drill holes have been drilled mostly in the vertical position and typically not downhole surveyed. In general, most RC holes are less than 100 m in depth and are therefore unlikely to experience excessive deviations in the drill trace. These holes are assumed to have minimal deviation from the collar survey. Most core drilling programs use downhole survey instruments like Eastman Kodak, Flexit, Ranger, and Gyro to collect azimuth and deviation with specific intervals for most of the diamond drilling programs. Downhole survey data was not conducted on the first 149 holes, including the initial core drilling program by BHP in 1998 and RC holes completed by TRQ in 2001 and 2002. The first surveys, initiated by TRQ, for holes OTRCD149, 150, and 152 were surveyed by the Eastman Kodak method. This method was used interchangeably with Gyro and Ranger as the principal means of measuring deviations until hole OTD397, after which Gyro, North- Seeking Gyro, Flexit, and Ranger methods were used. It should be noted that the Eastman Kodak, Pontil, Flexit, and Ranger methods derive azimuth measurements using a magnet and therefore could be problematic for some deposits due to their content of magnetic minerals. Since January 2006, procedures are to measure deviations using a Flexit instrument at 60 m intervals to monitor the drill hole progress. At completion, all holes are re-surveyed with a north-seeking gyro or SRG-gyro instrument at approximately 5 to 20 m intervals. The gyro instruments are not dependent on magnetic readings and are therefore considered to be more appropriate methods for this type of deposit. The hole deviations are checked for irregularities such as kinks or significant deviations in the downhole data. All data are checked and adjusted, if required, before finalizing the database. 7.8.9 Acoustic televiewer data Acoustic borehole imaging devices, also known as acoustic televiewers, generate an image of the drill hole wall by transmitting ultrasound pulses and recording the amplitude and the travel time of the reflected signal. The system assists in identifying faults, fractures, layers, and geological boundaries in the drill hole wall. The nature, azimuth and inclination of these features can be determined with high resolution from the data obtained. This methodology has been used on drill holes at Oyu Tolgoi since 2010. A total of 270 drill holes have been completed with a total of 136,604 m logged by the acoustic televiewer system. Interpretation of these logs has defined the number and orientation of fractures and discontinuities in the drill holes. 7.8.10 Core storage All core is stored in a secure location at the main camp. Core is stacked on pallets in a stable, 3 by 3 box configuration to a height of approximately 1 m (15 boxes per pallet). Each pallet is covered with a canvas tarpaulin, which is labelled with drill hole identification and the interval stacked in the pallet. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 80 of 205 In the opinion of the QP, the processes outlined above are adequate for collecting quality samples and information for use in the interpretation and estimation of Mineral Resources. 7.9 Hydrogeology data Groundwater modelling is undertaken in accordance with the Rio Tinto groundwater modelling framework which provides guidance for modellers, reviewers and managers on groundwater modelling in the context of pit dewatering, geotechnical input parameters and processing water requirements. 7.9.1 Geological setting The Oyu Tolgoi area geology is dominated by a Silurian-Devonian sequence of stratified and porphyritic andesitic and basaltic flows. Interbedded within these flows are fine to coarse- grained volcanoclastic sediments. A clastic sedimentary sequence unconformably overlies these rocks. The area has been intruded by a complex variety of felsic to intermediate porphyries emplaced in parallel with mineralisation and post-mineralisation has been intruded by syenitic granitoids and rhyolite and andesite dykes. A thin covering of gently dipping to horizontal Cretaceous stratified clays and sand/gravels overlie the above formations, in-filling palaeochannels and small fault-controlled basins. The majority of the Oyu Tolgoi area is covered by a thin veneer of Quaternary Aeolian sediments (windblown). Quaternary river alluvium is associated with the ephemeral rivers which occur in topographical low areas. 7.9.2 Structural setting The area is underlain by complex networks of faults, folds, and shear zones. Most of these structures are poorly exposed on the surface and have been defined through integration of detailed exploration data (primarily drill hole data), property-scale geological mapping, and geophysical data. The Central Fault lies between the Hugo South and Central Oyu deposits and shows significant stratigraphic off-set. The boundaries between the individual Oyut deposits coincide with major fault zones. The Central Oyu deposit occupies a structurally intact block within which no significant internal fault disruption has been identified. The Central deposit is juxtaposed against the Southwest deposit area by an east–west-striking fault that is now occupied by a Rhyolite dyke (the Rhyolite Fault). The Southwest Oyu deposit, lies between two northeast-striking faults, the West Bounding Fault and the East Bounding Fault. The bounding faults consist of foliated cataclasite, gouge/breccia, and mylonitic bands in zones ranging from a few meters to a few tens of meters wide. The South Oyu deposit lies within a faulted block bound on the northwest by the northeast striking South Fault, and on the south by the east-northeast–striking Solongo Fault. The Solongo Fault forms a major structural break and truncates the southern extent of the Southern deposits. 7.9.3 Hydrology The Oyu Tolgoi area is located in a shallow alluvial valley surrounded by low bedrock hills. Stream flow is ephemeral, with localised flash flooding following short duration, but intense

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 81 of 205 rainfall events usually during the summer months. There are three main drainage courses within the Project area, all tributaries of the Undai River. The confluence of these channels is to the south of Oyu Tolgoi, with drainage generally towards the southeast. The open pit and the footprint of the waste dump will encroach into the original Undai River position; a surface water diversion and groundwater cut-off was completed in early 2013 and is functioning effectively. The main rivers in each catchment are listed below: • Western (KhurenTolgoi and Ulziit Rivers) catchment. • Undai River catchment. • Dugt River catchment. • Small Valley catchment. • Ust Bag Mod catchment. • Budaa river catchment. 7.9.4 Hydrogeology Generally, four hydrogeological units have been identified for the area: • Alluvial sediments associated with streambeds. • Cretaceous sediments. • Weathered bedrock. • Deeper, fresh bedrock. The water quality ranges from 100 mg/L (fresh) within the river alluvium to as high as 9,000 mg/L (saline) in the fresh bedrock unit. The general groundwater flow direction identified is from the northwest to the southeast. Test pit excavation along the Undai River near the vicinity of the diversion dam showed that the river alluvium thickness varied from 1.2 to 5 m. Weathered bedrock has an average thickness of 30 m underlain by fresh bedrock. When all the rock types are grouped together a strong depth-related trend in hydraulic conductivity has been observed. The shallow system (<100 m) can be described as having low hydraulic conductivity while the deep system (>100 m) has a very low hydraulic conductivity. Recharge into the alluvial sediments occurs primarily through infiltration of stream flow following high rainfall events that occur in summer most years. The weathered bedrock aquifer is recharged where the unit outcrops or sub crops or where the unit is in direct contact with the overlying alluvium. It has been suggested that due to the highly faulted and structurally complex nature of the geology in the Project area that fractured rock zones have potential to transmit water in the bedrock from overlying strata. The nature of the faults and fractures is variable with some open and able to transmit water, whilst others are clay filled and likely to act as barriers to groundwater flow. Some faults may additionally act as both conduits and barriers to groundwater flow. There is strong evidence that the occurrence of fractures capable of transmitting groundwater decreases with depth. Groundwater discharge from the alluvial system occurs as natural groundwater through flow and leakage into adjacent and underlying strata. On a local scale groundwater flow is likely Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 82 of 205 to be driven by leakage from the saturated alluvial streambed sediments with groundwater levels varying as a function of distance from the streambeds. 7.9.5 Rainfall There is one weather station in the Oyu Tolgoi minesite and six additional rain-gauges present within the Khanbogd soum territory. Daily rainfall records, measured in the soum of Khanbogd, exist from 1976 to end-2020. According to the 45-year observation dataset (1976-2020), the annual precipitation at the Khanbogd weather stations has ranged between 38 mm and 225 mm; the mean annual rainfall for this period is 103.6 mm. Annual totals based on the daily rainfall dataset between 2002 and 2021 at the Oyu Tolgoi minesite ranged between 45 mm and 217 mm; the mean annual for the measured 20-year period is 103.7 mm. 7.9.6 Gunii Hooloi aquifer A major groundwater resource was discovered by hydrogeologists, geophysicists, and drilling engineers at Gunii Hooloi, which provides the raw water supply for the exploitation of the Project. On discovery in 2004, it was described as being a leaky aquifer, 45 km in length, 15 km in width and 175 m thick. Table 7-8 documents the Gunii Hooloi groundwater reserve reported in the different reports. Table 7-8: Summary of Gunii Hooloi groundwater availability and exploitable reserve estimations Estimation undertaken (authors name) Groundwater availability (million m3) Groundwater exploitable reserve (m3/day) A B C1 C Total Aquaterra (2004b) 600 Aquaterra (2007) 6,800 Munkhbaatar.N, Sanjdorj.S, Ulziibayar.G, Chuluunbaatar.Sh (2005) - - 69,984 - 69,984 Tuvdendojr.A, Sanjdorj.S, Ulziibayar.G (2008) - 53,568 43,373 7,670 104,611 Tuvdendorj and Sosorbaram (2015) 29,635 52,099 14,429 96,163 Water Resource Council (2015) 185 L/s 613 L/s 117 L/s 79,315 Notes: "Groundwater reserve classification and category''—and methodology instruction of minister order number 173, dated April 20, 2015, Ministry of Environment and Tourism, Green development, appendix#1. A is proven—based on detailed hydrogeological studies B is probable – based on preliminary hydrogeological exploration studies C is possible – estimates based on reconnaissance studies The Gunii Hooloi aquifer has a demonstrated 870.0 L/s or 75,168 m3/day exploitable reserve as approved by ministerial order number 22, dated January 2009, by the Ministry of Environment and Tourism, which was valid until the date of update and approved by the Water Resource Council meeting in Ministry of Environment and Green Development, 6 July 2015 and the groundwater reserve is 918 L/sec or 79,315 m3/day. A groundwater reserve estimation update was undertaken by Tuvdendorj and Sosorbaram (2015) that revised Gunii Hooloi's potential available groundwater reserve to 29,635 m3/day Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 83 of 205 or 343 L/sec ("A" category), 52,099 m3/day or 603 L/sec ("B" category), 14,429 m3/day or 167 L/sec ("C" category) , with a total reserve (А+В+С) of 96,163 m3/day or 1,113 L/sec. This report was discussed with the Water Resource Council of the Ministry of Environment and Tourism but the author's estimation of 1,113 L/sec was not approved by the council. At a meeting of the Water Resource Council (6 July 2015) it was resolved that the Gunii Hooloi Groundwater potential available water reserve is 185 L/s ("A" category), 613 L/s ("B" category), 117 L/s ("C" category) and with a total of 918 L/sec or 79,315 m3/day. This was approved by order number 2015/03 dated 2 November 2015. The QP is satisfied that the hydrogeological information collected is sufficient and meets requirements for the intended use. 7.10 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: • 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). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 84 of 205 • 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 QP is satisfied that the geotechnical information collected is sufficient and meets requirements for the intended use. 7.11 Drill hole location plan Figure 7-5 presents the locations of all drill holes from the various exploration programs across the Property. Figure 7-5: Near-mine drill hole collar locations 8. Sample preparation, analyses, and security 8.1 Sample preparation methods 8.1.1 Geochemical sampling Sampling programs at Oyu Tolgoi included stream sediment, soil, trench, and rock chip samples. All the sampling was carried out by Oyu Tolgoi's or prior owners' personnel or contractors. Sampling performed by Entrée Resources Ltd. and Oyu Tolgoi personnel on the Entrée Shivee Tolgoi licence also included stream sediment, soil, trench, and rock chip samples.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 85 of 205 Because all these early–stage sampling methods have been superseded by drill data, which form the basis of the Mineral Resources estimates, the early–stage sampling methods are not discussed further. 8.1.2 Core sampling The core cutting protocols at the now decommissioned Oyu Tolgoi Camp core shed for core drilling in both the Oyu Tolgoi LLC and Entrée Resources Ltd. proposed joint venture arrangement areas were as follows: • Core is photographed. • The uncovered core boxes are transferred from the logging area to the cutting shed (approximately 50 m) by forklift on wooden pallets. • Long pieces of core are broken into smaller segments with a hammer. • Core is cut with a diamond saw, following the line marked by the geologist. The rock saw is regularly flushed with fresh water. • Both halves of the core are returned to the box in their original orientation. • The uncovered core boxes are transferred from the cutting shed to the sampling area (approximately 50 m) by a forklift carrying several boxes on a wooden pallet: o Constant 2 m sample intervals are measured and marked on both the core and the core box with a permanent marker. o A sample tag is stapled to the box at the end of each 2 m sample interval. o Sample numbers are pre–determined and account for the insertion of quality assurance and quality control (QA/QC) samples (core twins, standards, blanks). • Samples are bagged. These are always half–core samples collected from the same side of the core. Each sample is properly identified with inner tags and marked numbers on the outside. Samples are regularly transferred to a sample preparation facility operated by SGS Mongolia LLC (SGS Mongolia) approximately 50 m from the sample bagging area. The core cutting and sampling procedures in the new Crane–Kavalieris core shed have been modified slightly to the following: • After being photographed, a pallet jack transfers the core boxes on pallets to the core cutting room. • Long pieces of core are broken into smaller segments with a hammer. • The core is placed in a core cradle and cut in half using automated feed Almonte core saws. • Half the core is placed directly into a pre–numbered sample bag and half the core is returned to the core tray. Samples are collected nominally on 2 m intervals. The unsampled half of the core remains in the box, in its original orientation, as a permanent record. Where additional sampling is required (e.g., for metallurgical testwork), a skeleton core is left. In some cases, however, the additional testwork has consumed the entire core, and only photographic records remain. Core boxes are subsequently transferred to the on– site core storage area. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 86 of 205 Non–mineralized dykes that extend more than 10 m along the core length are generally not sampled. 8.1.3 Assay sample preparation An on-site preparation laboratory was installed in 2002 as a dedicated facility for Oyu Tolgoi during exploration and resource definition stages. The laboratory was operated by Analabs Co. Ltd and later by SGS Mongolia continuously up to the end of 2008, when it was put on care and maintenance during a slowdown in drilling operations. It re–opened sporadically during 2009, and resumed continuous operations in mid–2010, when drilling operations increased. Although the facility has mostly dealt with samples from the Project, it also has, on occasion, prepared some samples from other projects in Mongolia. In March 2014, the facility was again put under care and maintenance as drilling operations ceased. Split–core samples were prepared for analysis at the on–site sample preparation facility operated by SGS Mongolia. The prepared pulps were then shipped by air to Ulaanbaatar under the custody of either Oyu Tolgoi LLC personnel, where they were assayed at the laboratory facility operated by SGS Mongolia. All sample preparation procedures and QA/QC protocols were established by Oyu Tolgoi in consultation with SGS Mongolia (Figure 8-1). The maximum sample preparation capacity has been demonstrated to be around 600 samples per day when the sample preparation facility is fully staffed. The sample preparation facility has one large drying oven, two Terminator jaw crushers, and three LM2 pulverizers. The crushers and pulverizers have forced air extraction and compressed air for cleaning. The sample preparation protocol for Oyu Tolgoi samples is as follows: • Coding – An internal laboratory code is assigned to each sample at reception. • Drying – The samples are dried at 75°C for up to 24 hours. • Crushing – The entire sample is crushed to obtain nominal 90% at 3.35 mm. • Splitting – The sample passes twice through a nominal one-inch (approximately 2.5 cm) Jones splitter, reducing the sample to approximately 1 kg. The coarse reject is stored. • Pulverization – The sample is pulverized for approximately five minutes to achieve nominal 90% at 75 µm (200–mesh). A 150 g sample is collected from the pulverizer and sealed in a Kraft envelope. The pulp rejects are stored on–site. • The pulps are put back into the custody of Oyu Tolgoi LLC personnel, and standard reference materials (SRM) control samples are inserted as required. • Shipping – The pulps are stored in a core box and locked and sealed with tamper–proof tags. Sample shipment details are provided to the assaying facility both electronically and as paper hard copy accompanying each shipment. The box is shipped by air to Ulaanbaatar where it is picked up by SGS Mongolia personnel and taken to the analytical laboratory. SGS Mongolia staff confirm by electronic transmission that the seal on the box is original and has not been tampered with. • Storing and submitting – The pulp rejects are stored on–site at the laboratory for several months and then returned to the Project office in Ulaanbaatar for storage. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 87 of 205 Figure 8-1: Rock chip, drill core and grab sample preparation Between sample processing, all equipment is flushed with barren material and blasted with compressed air. Screen tests are done on crushed and pulverized material from one sample taken from the processed samples that make up part of each final batch of 20 samples to ensure that sample preparation specifications are being met. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 88 of 205 Reject samples are stored in plastic bags inside the original cloth sample bags and are placed in bins on pallets and stored at site. Duplicate pulp samples are stored at site in the same manner as reject samples. 8.1.4 Analytical methods SGS Mongolia routinely assayed all samples submitted for gold (Au), copper (Cu), iron (Fe), molybdenum (Mo), arsenic (As), and silver (Ag) on 2 m composite intervals. Up to September 2011, copper and molybdenum were determined by acid digestion of a subsample, followed by an AAS finish. Samples were digested with nitric, hydrochloric, hydrofluoric, and perchloric acids to dryness before being leached with hydrochloric acid to dissolve soluble salts and made to volume with distilled water. Routine assays up to 2% Cu used a sub–sample size of 0.5 g, whereas a sub–sample size of 0.25 g was used for samples expected to be over–range, or >2% Cu. The detection limits of the Cu and Mo methods were 0.001% and 10 ppm, respectively. Au was determined using a 30 g fire assay fusion cupelled to obtain a bead and digested with aqua regia, followed by an AAS finish, with a detection limit of 0.01 g/t Au. The same acid digestion process used for Cu and Mo was also used for analyses of Ag and As with detection limits of 1 ppm Ag and 100 ppm As, respectively. A trace element composites (TEC) program was undertaken in addition to routine analyses. Ten metre composites of equal weight were made up from routine 1 m sample pulp reject material. The composites were subject to multi–element analyses comprising a suite of 47 elements determined by inductively coupled plasma atomic emission spectroscopy/mass spectrometry (ICP–AES/MS) after four–acid digestion. Additional element analyses included mercury by cold vapour AAS, fluorine (F) by potassium hydroxide (KOH) fusion / specific ion electrode, and carbon (C)/sulphur (S) by LECO furnace. Results from the TEC program were used for deleterious element modelling. During 2011, an audit of assay techniques was instigated on the restricted suite of copper, gold, iron, molybdenum, silver and arsenic. It was determined that the higher than optimum detection limits were resulting in limited capability to interpret low grades mineralisation, including interpretation of arsenic zones. Also, gold detection limits were lowered by a factor of 10 when detection by AAS was changed to ICP-AES. Consequently, a shift to high– resolution ICP–MS for routine samples was implemented in September 2011. Given the relative complexity of ICP–MS equipment and the tendency for laboratories to centralize them globally to assist with operation and maintenance, this has necessitated a shift to an off–shore laboratory for analysis of all resource and exploration samples. As a result, the following actions were taken: • SGS continued to manage the on–site sample preparation facility. • SGS in Ulaanbaatar was appointed the primary laboratory for gold and fluorine to ensure rapid turnaround of gold values. • ALS (Vancouver) was appointed the primary laboratory for the high resolution multi– element ICP–MS based suite (42 elements) and LECO sulphur and carbon analyses. • ALS and SGS were to act as the secondary laboratories for each other, reinstating the secondary laboratory checks systematically in resource and exploration drilling. The check sample rate was at a nominal check rate ratio of one sample in 20.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 89 of 205 The intended outcome for this was to: • Identify grade and mineralisation type (Cu, Au). • Identify new mineralisation from pathfinder elements (As, Bi, Pb, Zn, etc.). • Determine the distribution of potential credit elements (Ag, Mo). • Determine deleterious elements and allow mitigation procedures to be prepared (S, As, F, Cl, Se, and Ti). • Support the mapping of deleterious alteration or rock types to allow mitigation procedures to be prepared (Si, K, Na, and Ca). • Support the mapping of rock types for appropriate logging of litho–types. Run–of–mine samples from the open pit and concentrator are subject to a separate analytical flowchart at the mine laboratory situated within the concentrator complex on–site. The QP considers the preparation and analytical protocols used to generate the data to be appropriate for use in the generation of this Mineral Resource estimate. 8.1.5 Dry bulk density determination There are approximately 52,000 specific gravity determinations in the database relating to the deposits. Details of sampling by deposit are included in Table 8-1. Dry bulk density is measured using the Marcy or immersion method (Dry bulk density = weight in air / (weight in air-weight in water)). Alternatively, measurements were taken using weight in air, weight in water and saturated weight to account for porosity. Quality checks using a caliper method of measuring cylinder lengths and widths is also used. Table 8-1: Number of density measurements for each deposit Deposit Number of measurements Dry bulk density (g/cm3) Hugo North 32,311 2.74 Hugo South 8,101 2.76 Oyut 23,748 2.74 Heruga 2,896 2.82 Others 3,685 2.70 Total 70,741 2.75 The QP considers the sampling protocols to be appropriate for use in the reporting of Mineral Resource estimates. 8.2 Sample analysis During 2002 and 2003, the on–site sample preparation facility and analytical laboratory were operated under the name Analabs Co. Ltd. Analabs Co. Ltd was an Australian–based company controlled by Scientific Services Limited, which was acquired by the SGS Group in 2001. SGS is an internationally recognized organization that operates more than 320 laboratories worldwide, many of which have ISO 9002 certification. The operating name of the Mongolian subsidiary was changed to SGS Mongolia in 2004. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 90 of 205 Check assays in the early phases of drilling programs were performed by Bondar Clegg and Chemex laboratories. It is not known what certification these laboratories held at the time of the check assay programs. Until May 2005, SGS Welshpool in Perth, Australia, was designated as the secondary (check) laboratory. This laboratory currently has ISO 17025 accreditation, but whether it did at the time of the analyses is unknown. After May 2005, the secondary laboratory was changed to Genalysis Laboratory Services Pty Ltd. (Genalysis), also in Perth. The National Association of Testing Authorities Australia has accredited Genalysis to operate in accordance with ISO/IEC: 17025 (1999), which includes the management requirements of ISO 9002:1994. Check assays were also performed by ActLabs Asia LLC, part of the global ActLabs Group, which has maintained a full–service laboratory in Ulaanbaatar since 2006. The laboratory has sample preparation, weighing, fire assaying, wet laboratory, and instrumentation sections. It maintains an ISO 17025 accreditation and participates in CANMET and Geostats Proficiency Testing programs. Until September 2011, all routine sample preparation and analyses of the Oyu Tolgoi samples were carried out by SGS Mongolia, which operates an independent sample preparation facility at the Oyu Tolgoi site and an analytical laboratory in Ulaanbaatar. SGS Mongolia, part of the global SGS Group, and predecessors have maintained a full–service laboratory in Ulaanbaatar since the late 1990s. This laboratory was recognized as having ISO 9001:2000 accreditation and conforms to the requirements of ISO/IEC 17025 for specific registered tests. The laboratory performs all fire assay analyses. Between 2011-2016, the samples were submitted to SGS Mongolia for preparation and gold analysis and ALS (Canada) for multi-element analysis. Since 2016, the sample preparation for exploration and resources estimation has been carried out by SGS Mongolia located in Ulaanbaatar and umpire assay analysis has been performed at ALS laboratory in Perth, Australia and Canada. Since September 2011, a second pulp has also been sent to the ALS Chemex (ALS) facility in Vancouver, Canada, for inductively coupled plasma and LECO analyses. ALS also acts as the check assay lab for SGS and vice versa. Since 2005, ALS has held ISO/IEC 17025 accreditation. 8.3 Quality assurance measures 8.3.1 QA/QC program outline Five QA/QC samples are routinely included in every batch of 15 samples to make up a batch of 20 samples. QA/QC samples consist of one duplicate split core sample, one uncrushed field blank, a reject or pulp preparation duplicate, and one or two SRM samples (<2% Cu and >2% Cu if higher grade mineralisation is present based on visual estimates). The SRMs are matrix–matched to ensure consistency with routine analytical samples. The split core, reject, and pulp duplicates are used to monitor precision at the various stages of sample preparation. The field blank can indicate sample contamination or sample mix– ups, and the SRM is used to monitor accuracy of the assay results. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 91 of 205 8.3.2 Standard reference materials Standard reference materials (SRMs) are prepared from Oyu Tolgoi site material of varying matrices and grades to formulate bulk homogenous samples. Ten samples of this material are sent for round–robin testing by at least seven international laboratories. The resulting assay data are analyzed statistically to determine a representative mean value and standard deviation necessary for setting acceptance/rejection tolerance limits. Blank samples are also subjected to a round–robin program to ensure the material is devoid of any of the elements of interest so they can be confidently used to monitor potential contamination. The performance of the SRM samples has been monitored throughout the life of the program for this resource statement. The ability of the laboratories to return assay values in the prescribed SRM ranges has steadily improved to greater than 99%. All samples were given a "fail" flag as a default entry in the geological database. Each sample was re- assigned a date-based "pass" flag when assays have passed acceptance criteria. Owing to the change in analytical techniques, recertification of the SRMs was completed in 2012. 8.3.3 Blanks Field blanks are used for checking whether there is a source of any contamination or sample mix–ups during the sample preparation, ensuring that laboratory instrument and devices are cleaned properly between samples. Field blanks are taken from the pit waste dump quarry in the north–northeast corner the of the mining licence area and re–assayed to ensure the material is barren. Previously, field blanks were granodiorite or granite that are similar to the rocks of the Southwest Oyu area. Currently, field blanks are 1 cm quarry stone and are stored in a big wooden box nearby the open pit office. The lower detection limits of the gold and copper methods are 0.01 g/t Au and 0.001% Cu and expected value for field blanks are set at 0.06 g/t Au and 0.06% Cu. Batches get automatically failed and sent for re–assay test if these expected values are exceeded. Evaluation of the blank samples submitted to the laboratory in the period 2009–2019 indicated a low incidence of contamination for the analytical programs. A few cases of sample mix–ups were identified during the review of the blank performance, which were investigated at site and corrected. No evidence of systematic contamination was noted for the review of data from 1 January 2008 to 1 November 2010 (Sketchley, 2011) and from 2011 to 31 December 2018 (Odonchimeg.A, 2013; 2014; 2015; 2016). 8.3.4 Duplicate samples Duplicates routinely used at Oyu Tolgoi comprise core, coarsely crushed rejects, and pulps. Core duplicates are taken in the field from one-half of core that has been split parallel to the long axis. Coarsely crushed rejects and pulp duplicates are taken in the laboratory by using a riffle splitter. Assays of each type follow the parent sample in a batch. Duplicates data were plotted using the acQuire™ QA/QC module. The only issue of significance is for gold duplicates where a strong bias is noted for several samples, which is most likely related to sample mix-ups as that pattern is present for core, coarsely crushed, and pulp samples. The remaining data display normal distribution patterns, and the precision is deemed acceptable for the types of material and mineralisation being examined. Copper generally performed very well with results well within expected limits; gold results are higher than copper but considered acceptable. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 92 of 205 8.4 Sample security Samples are always attended to or locked in a secure sample dispatch facility. Sample collection and transportation were always undertaken by company or laboratory personnel using company vehicles. Chain–of–custody procedures included filling out sample submittal forms that were sent to the laboratory with the sample shipments to ensure that the laboratory received all the samples. 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. The QP considers the QA/QC and security protocols used on the Project to be appropriate in regard to the data used in the generation of this Mineral Resource estimate. 9. Data verification 9.1 Exploration and Mineral Resource verification Before August 2010, all geological and geotechnical drill hole data were entered into an MS Access relational database that had been developed in-house. Data were exported from the main database to meet end-user requirements. In August 2010, Oyu Tolgoi LLC elected to migrate the MS Access database to a full Microsoft SQL Server (ODBC) acQuire™ database with links to the end-user software programs. The database is read-only for these programs, preventing accidental overwriting and ensuring up-to-date live and centralized data, rather than distributed databases. Before August 2010, all drill hole data were initially manually recorded in the field or in the core logging shed on paper logging sheets. The logging geologist then introduced logging information into the MS Access database, which had a series of embedded checking programs to look for obvious errors. Formational names were subsequently assigned according to the accepted geological interpretation and position within the stratigraphic column. With the move to the acQuire™ database, which instituted direct digital data capture, the design stubs for the logging sheets do not permit any invalid data. No drill hole can be completed and entered into the database until the logging is correctly entered. Analytical laboratories report results digitally by email and submit signed paper certificates. All hard copy assay certificates are stored in a well-organized manner in a secure location on-site. Before August 2010, the digital assay results were imported to the MS Access files once the assay data had been received from the laboratory. With the subsequent direct import to the acQuire™ database, none of the assay data are entered manually. Project personnel visually check each assay on the signed paper certificate against the assay entry in the digital database. Written procedures outline the processes of geological logging and data importing, quality assurance and quality control validation and assay importing. The robust RTDB import process 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 93 of 205 Field data is logged directly onto field Toughbook laptops using pre-formatted and validated logging templates, with details uploaded to the RTDB daily. 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 drill holes are surveyed in WGS 84 / UTM zone 48N using Differential Global Positioning System (DGPS) which is accurate to 10 cm in both horizontal and vertical directions or in the underground using total station theodolite survey equipment with <1 cm accuracy. Surveyed drill hole coordinates are validated against the planned drill hole coordinates, and then uploaded to the drill hole database. The historical drill holes 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/as built workings and show that the collar survey data is accurate except where drilled on mined areas. 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 Classification Scheme logging codes. Geological logging is performed on 2 m intervals for all RC drilling and as required for core 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. 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. • 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 94 of 205 • 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 reverse circulation and twinned diamond 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 11.1.9. 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. The extracts for Mineral Resource estimation are made for certain periods for boundaries of the deposits and relevant areas. Data for the Oyut estimate was extracted as at 23 February 2016, whereas that of Hugo North were extracted as at 14 February 2014. Hugo South was extracted 1 November 2003. Heruga was extracted 21 June 2009. The QP considers the current protocols in place for electronic data storage and extraction are in line with industry best practice. The database has been held in one place since inception and the implementation of an industry leading software such as acQuire™ provides a high level of data integrity on importation and security. The QP considers the data importation and storage systems to be adequate. 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. Oyu Tolgoi undertakes extensive comparison of actual ore produced to the orebody block model that underpins the Mineral Reserve estimates on a quarterly and annual basis. This reconciliation continually demonstrates that Oyu Tolgoi produces ore in the amount and of the quality as predicted by the orebody block models 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 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 95 of 205 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- year and prior-year Mineral Reserve estimates on a deposit-by-deposit basis. Any changes in the Mineral Reserve estimate are 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. Modifying factors for the underground mine were benchmarked against other operating caving mines and the overall recovery is in the range of expected outcomes experienced by operating mines. The underground Mineral Reserves estimates are less sensitive to changes in pricing and operating cost due to the sharp ore to waste contact as the Hugo North mineralisation is bound at the top of planned draw columns by the Contact fault. The QP has only used data deemed to have been generated in line with approved 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 resource verification, except geotechnical drill holes are focused on geological units that will form the walls of the pits and any structures that may impact slope stability or caving parameters. The drill hole data is securely stored in an acQuire™ geoscientific information management system. Drill hole logging is undertaken by appropriately qualified geotechnical engineers and a minimum of 10% of the core is relogged as part of a QA/QC process. Data goes through two stages of validation before it can be utilised for design purposes. Geotechnical 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 and underground workings 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 geotechnical factors of safety parameters is of adequate quality for the Property and its material types and for the purposes used in this TRS. 9.4 Hydrology and hydrogeology verification Hydrological studies have been conducted continually throughout the life of the Project. They are now the responsibility of the Health, Safety and Environment department of Oyu Tolgoi LLC. The key objective of water monitoring at the operation is to study the natural hydrological system at and around the mine site and all its major components. This includes all potential Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 96 of 205 impacts from the Project's water use, mining activity and technogenic actions. A major part of this work is the measurement and monitoring of water monitoring bores, herders hand wells and springs throughout the Gunii Hooloi, Galbyn Gobi-Gashuun Sukhait road and Undai River and report on the observations of water level fluctuation and water quality composition changes. This information can be utilised for optimising the future use of groundwater and to evaluate the impacted zone of Project activities and the implementation of mitigation measures to offset negative impacts on the groundwater reserve, quality and natural balance. The water monitoring program is targeted for specific purposes; methodology and frequency is based on the groundwater general regime and potential negative impacts of the Project activity. The water-monitoring program is undertaken on the groundwater and the surface water monitoring and includes 234 bores, 64 hand wells, 10 springs and totally 308 water points (see Table 9-1). Table 9-1: Number of water monitoring points Area As at 2022 Boreholes Hand well Springs Oyu Tolgoi site 59 - - Undai River 34 17 7 Gunii Hooloi-Khanbigd 141 47 3 Sub-total 271 64 10 Total of all monitoring points 308 As of 2022, the water monitoring covers a total of 59 water points in the four main areas: open pit mining, tailing storage facility, Undai riverbeds, and generally in the Oyu Tolgoi Mining Special Licence area. The following activities are under investigation: • Ore deposit hydrogeological conditions around the Oyu Tolgoi mine site; the modelling for evaluation of underground mine's groundwater flow; open pit mine hydrogeology and the survey for minimizing the pressure impact to the open pit mining slope stability; the piezometer's measurement for control groundwater movement; and 3D modelling of groundwater pressure in rock pores. • Water drawdown survey after the dewatering of open pit and underground mine. • Impacts of the Undai River Diversion and Protection project; the water use monitoring of production bores are located in the mine site and to control impacts of mining activity. • Hydrogeological condition and leakage study at the area of the tailings storage facility (TSF). In the opinion of the QP, 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 QP, this data is adequate for use in the mine design and production schedules and for the purposes used in this TRS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 97 of 205 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 redundant analysis techniques. Following creation of product predictions, a second peer review process is conducted to verify the validity of the predictions across the geological zones and grade ranges. The QP reviews the orebody block model product data and ensures predictions are accurately included in relevant fields. The orebody block model 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. In the opinion of the QP, the metallurgical data used to inform product predictions are adequate for the purposes used for this TRS. 10. Mineral processing and metallurgical testing 10.1 Nature and extent of mineral processing and metallurgical testing The Oyu Tolgoi concentrator was designed to initially process ore only from the Oyut deposit (Phase 1) and, after modifications, to process a blend of ore from both the Hugo North and Oyut deposits (Phase 2). Currently, ore from the Oyut is the dominant feed type with Hugo North production ore from underground a minority. Detailed mineral processing and metallurgical testing has been completed at all stages of the mine development. Testing commenced based on the Oyut open pit development area, but has since changed focus to the development of geometallurgical predictability of the Hugo North area. 10.2 Spatial representivity of metallurgical sampling 10.2.1 Numbers of tests The number of tests completed on samples from Oyut and Hugo North is summarized in Table 10-1, Table 10-2, and Table 10-3. The Oyut Southwest zone refers to Southwest, South, Wedge, Bridge, and West zones within the Oyut open pit (see map in Section 6 "Deposit types", Figure 6-6). Table 10-1: Number of samples used for metallurgical testwork programs Deposit/Zone Years of scheduled production No. of holes sampled No. of samples tested Oyut Southwest zone 0–9, 13–30 77 224 Oyut Central zone 0–20 25 94 Hugo North 0–20 99 299 Table 10-2: Minnovex comminution tests Deposit/Zone SPI tests Modified Bond tests BWI tests SPI density (Mt per test) Oyut Southwest zone 304 295 34 2.6 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 98 of 205 Deposit/Zone SPI tests Modified Bond tests BWI tests SPI density (Mt per test) Oyut Central zone 88 85 7 3.0 Hugo North 253 246 21 1.7 Total 645 626 62 2.3 SPI = SAG mill power index, BWI = bond work index, SPI density = the approximate Mineral Reserve tonnage divided by the number of SPI tests carried out (includes tonnage or ore processed since concentrator commissioning). Table 10-3: Flotation tests Deposit/Zone Rougher tests Rougher + cleaner tests Locked cycle tests Column tests Pilot plant runs Oyut Central zone 196 165 4 0 0 Hugo North 214 118 10 2 1 Composites 26 37 7 0 0 Total 669 754 29 10 5 The sampling density in the Oyut open pit Mineral Reserve is two to four times higher in the early production years than for the life of mine. This is consistent with normal open pit mining practice for large orebodies. For Hugo North Lift 1, the sampling density for the life of mine is approximately double that of the Oyut orebody. This is because of the inability to resample the Lift 1 Mineral Reserve by drilling once caving has commenced. The QP considers that the samples on which metallurgical testwork has been carried out are representative of the Mineral Reserves that are planned to be mined. 10.2.2 Collection of samples and types of testwork The initial metallurgical testwork programs on Oyu Tolgoi mineralisation were carried out between 2001 and 2007. The testwork formed the basis for the design of the Phase 1 concentrator. The testwork programs were carried out on drill core samples from various deposits (Table 10-4). The focus was on the Oyut and Hugo North deposits. The testwork programs identified the mineralogical characteristics and the metallurgical response of the individual deposits and the various blends of ore to be processed through the concentrator at different periods in the planned production schedule. Table 10-4: Types of metallurgical and mineral processing test work used in characterisation of Oyu Tolgoi mineralisation Deposit Test Type Intended Use of Testwork Laboratories or Other Providers Southwest zone Open Pit Comminution testwork, including SAG pilot plant tests using a 250 t bulk sample of mined rock from the Southwest zone Comminution SGS Lakefield Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 99 of 205 Deposit Test Type Intended Use of Testwork Laboratories or Other Providers Gravity concentration Gold recovery SGS Lakefield Flotation Copper and gold recovery SGS Lakefield Bench and pilot plant scale flotation Copper and gold recovery SGS Lakefield Heruga Mineralogical, flotation, comminution Scoping study G&T Metallurgical Services Southwest and Central Ore Cleaner flotation Copper and gold recovery SGS Lakefield Open Pit + Hugo North Lift 1 Flotation, mineralogy Copper and gold recovery SGS Burnaby Hugo North Lift 1 Comminution, flotation, mineralogy, tailings rheology and thickening characteristics Throughput estimates, recovery estimates, tailings rheology ALS, Perth 10.3 Details of analytical or testing laboratories Details of the internal and external laboratories or other testing facilities used by Rio Tinto to characterise mineralisation within the Property are listed in Table 10-5. Table 10-5: Details of analytical or testing laboratories Laboratory Location Relationship to Rio Tinto Certification Certifying Organisation SGS Lakefield Research Ltd (SGS Lakefield) Ontario, Canada Independent facility ISO 9001:2015 ISO/IEC 17025:2017 ISO G&T Metallurgical Services (now ALS) Kamloops, Canada Independent facility (now ALS) Not applicable A.R. MacPherson Consultants Ltd Perth, Western Australia Independent facility No longer operating Not applicable Terra Mineralogical Services Inc. Ontario, Canada Independent facility None Not applicable Ammtec (now ALS in Perth, Australia) Perth, Western Australia Independent facility ISO 9001:2015. ISO/IEC 17025:2017 ISO Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 100 of 205 Laboratory Location Relationship to Rio Tinto Certification Certifying Organisation Minnovex Technologies (now SGS) Toronto, Canada Independent facility No longer operating Not applicable Process Research Associates British Columbia, Canada Independent facility No longer operating Not applicable 10.4 Predictions and assumptions in mineral processing Results from the testwork were used to generate: • Throughput rates. • Predictions for grade deportment between concentrate and tailings. • Size distributions for feed, products and tailings. • Mass recovery splits used in plant design. 10.4.1 Processing rate The target primary grind size for each ore type was determined from a comprehensive series of kinetic flotation tests carried out in 2007 by Process Research Associates in Vancouver. The testwork optimized the P80 feed sizes for the rougher and the cleaner flotation circuits. The rougher testwork was carried out on samples from the Southwest and Central zones and from Hugo North. The testwork formed the basis of the detailed design of the Phase 1 milling and flotation circuits. Comminution testwork has been used to develop equations and input parameters to predict the primary milling capacity for the Phase 1 concentrator and the Phase 2 modifications. The predictions were for each ore type at the target flotation feed P80. The following comminution parameters are used in the equations: • SAG power index (SPI) in minutes). • Modified bond index (MBI) in kWh/t – a short form of the bond ball mill index test. • Minnovex crushing index (Ci) – developed from the sample preparation process for the SPI. The equations have been used to predict circuit throughput in tonnes per hour (t/h) at a nominated P80. The equations are shown in Table 10-6. The results from the equations compare well with other commonly used equations and reconcile well with the actual performance of the Phase 1 concentrator. Table 10-6: Processing rate model 𝑻𝒐𝒏𝒏𝒆𝒔 𝒑𝒆𝒓 𝒐𝒑𝒆𝒓𝒂𝒕𝒊𝒏𝒈 𝒉𝒐𝒖𝒓 = 𝒛 × 𝒓 × 𝑺𝑷𝑰𝒔 × 𝑴𝑩𝑰𝒕 × 𝑪𝒊𝒖 Ore Z r s t u Oyut (SPI ≤ 60) 1.000 32 920 -0.345 -0.07 0.00 Oyut (SPI > 60) 1.000 26 649 -0.208 -0.24 0.00

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 101 of 205 𝑻𝒐𝒏𝒏𝒆𝒔 𝒑𝒆𝒓 𝒐𝒑𝒆𝒓𝒂𝒕𝒊𝒏𝒈 𝒉𝒐𝒖𝒓 = 𝒛 × 𝒓 × 𝑺𝑷𝑰𝒔 × 𝑴𝑩𝑰𝒕 × 𝑪𝒊𝒖 Ore Z r s t u Hugo North 1.000 29 320 -0.360 -0.24 0.19 The comminution dataset, used to estimate grinding circuit capacity, contains 645 SPI results and 626 MBI results. The results show a large overlap between the Oyut and Hugo North deposits. Summaries of the datasets for the Oyut Central and Southwest zones and Hugo North are shown in Table 10-7, Table 10-8 and Table 10-9. Throughput values are for the Phase 1 concentrator. Table 10-7: Oyut Central zone ore comminution indices Percentile SPI (min) MBI (kWh/t) Ci Throughput (t/h) 20th percentile 26.0 9.8 33.0 10,053 50th percentile 49.2 13.0 24.7 6,895 80th percentile 65.2 14.7 21.0 6,062 Table 10-8: Oyut Southwest zone ore comminution indices Percentile SPI (min) MBI (kWh/t) Ci Throughput (t/h) 20th percentile 90.0 18.3 22.0 5,145 50th percentile 132.4 19.9 16.6 4,158 80th percentile 188.1 21.4 12.8 3,492 Table 10-9: Hugo North ore comminution indices Percentile SPI (min) MBI (kWh/t) Ci Throughput (t/h) 20th percentile 61.9 16.4 24.3 5,898 50th percentile 76.4 17.7 16.6 5,063 80th percentile 104.4 20.1 9.7 4,319 For the Central zone samples, there is a strong relationship between ore competence and depth (elevation) below surface. Shallow ore is significantly softer than deeper ore. There is no significant relationship between ore competence and depth for the Southwest zone or the Hugo North deposit (Figure 10-1). Based on the comminution testwork, the Phase 1 and Phase 2 grinding circuits are expected to have sufficient capacity when processing the planned ore blends. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 102 of 205 Figure 10-1: Relationship between elevation and predicted processing throughput 10.4.2 Mineralogical assessments Many mineralogical assessments have been carried out on ore samples and flotation products. The most recent assessments have been carried out by TMS, Blue Coast and ALS. The assessments included the following: • Routine assessments of thin sections on intervals of core to qualitatively assess the nature of the copper mineral and gangue mineral assemblage. • Routine semi-quantitative clay mineral measurements by infrared spectroscopy to assist in alteration classification and to potentially identify rheology-modifying species that could be problematic in processing. • Mineralogical assessment of ore sections from all deposits. These include analysis of gold association, fluorine deportment in ore and concentrate, copper mineral associations in tailing, and leach residues. • Visual logging of all core with respect to estimated sulphide mineral totals. • Diagnostic leach testwork on oxide and secondary copper zones to distinguish between chalcocite, chalcopyrite and covellite. • Quantitative evaluation by scanning electron microscopy (QEMSCAN) on particulate Southwest zone and Hugo North composites (flotation feed and rougher concentrates). • QEMSCAN analysis on 20 flotation feed composites from Hugo North and Central zone testwork programs. • X-ray diffraction and QEMSCAN on flotation tailings to assess the potential for acid generation. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 103 of 205 • 48-element inductively coupled plasma mass spectrometry (ICP-MS) assays on 24,000 intervals over all deposits. • Liberation analysis by conventional particle counts on Heruga. • QEMSCAN analysis on an additional 40 Hugo North samples. • QEMSCAN analysis on monthly composites of Phase 1 concentrator key process streams for 2014, 2015, 2017 and 2018, which remain ongoing. 10.4.3 Flotation testwork Many flotation testwork programs have been undertaken on Oyu Tolgoi ore types. The testwork has been carried out on individual samples of different ore types and on various blended samples. Tests include: • Rougher flotation tests. • Rougher and cleaner flotation tests. • Locked cycle flotation tests. • Column flotation tests. • Pilot plant flotation campaigns. The laboratory testwork has been supplemented by concentrator operating experience. As a result, the characteristics of the processing characteristics of the Oyut ore types are well defined. The characteristics of blends of Hugo North and Oyut ore types have not yet been processed through the concentrator and are therefore based on the findings from the extensive testwork programs. Kinetic flotation testwork carried out in 2007, resulted in the selected rougher flotation feed sizes shown in Table 10-10. The Phase 1 concentrator was designed on the results of this program. The current target grind size is based on a detailed analysis of the testwork and plant operating experience. Table 10-10: Primary grind size P80 for each ore source Deposit / zone 2007 testwork P80 (µm) Current target P80 (µm) Deposit / zone Southwest 180 150 Southwest Central (average) 158-179 180 Central (average) Hugo North 100-140 140 Hugo North The regrind size for covellite and chalcocite indicates a preferred P80 of 25–30 µm, although many comparative tests with regrind levels between 30 µm and 40 µm provided similar flotation performance. In most cases, finer regrinds did not provide higher cleaner stage copper recoveries or copper concentrate grades for covellite or chalcocite ore types. Testwork indicates a preferred regrind P80 for ore from the Southwest zone of 25 µm. The plant has averaged only 72% passing 25 µm, rather than 80%. A finer size could be achieved but the coarser grind is preferred because of concerns with froth-carrying capacity and flotation rates at fine sizes in flotation columns, where bubble‒particle contacts have relatively low energy. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 104 of 205 The regrind size requirement for Hugo North ore types is different than for Southwest ore types for the following reasons: • Liberation of copper sulfides is much higher in Hugo North rougher concentrate at all particle sizes. • Most of the Hugo North orebody is hosted in quartz-rich areas, resulting in lower levels of fluorine-bearing sericite in the final concentrate. • The copper to fluorine ratio in Hugo North ore is much higher than in Southwest ore, which is also reflected in higher copper to fluorine ratios in the concentrate. • Considering the large volume of concentrate production, keeping the regrind P80 as coarse as possible allows higher froth loading and better concentrate dewatering. It is still possible, however, to achieve a finer regrind at the same power input by using finer grinding media (12.5 mm rather than 15 mm). This may be required if less liberated zones are encountered. • In contrast to the open pit, given the large number of drawpoints planned for Hugo North, there will be a high degree of blending but limited opportunity for selective grade control. Fluorine content is expected to be less variable. Cumulative liberation yield curves for Hugo North ore and the Southwest zone are shown in Figure 10-2. The Cumulative liberation yield curves represent the theoretical grade-recovery curve obtained by recovering all copper sulphide particles in order of declining degree of liberation. Higher liberation is achieved for Hugo North ore in each of three particle size fractions, as well as in the combined product. The normal criterion for final concentrates, 90% liberation, is achieved in the –75 µm to +38 µm fraction for Hugo North cleaner feed, while this is only achieved in the –38 µm fraction for Southwest cleaner feed. It is noted that actual cleaner grade‒recovery curves are a few percentage points below the theoretical curves. Figure 10-2: Hugo North and Oyut Southwest sample cumulative liberation yield curves for regrind product A planned regrind P80 of 40 µm results in very high liberation for Hugo North ore and reasonable liberation for Southwest ore types. It is recognized that conditions will be non- optimal for the covellite and chalcocite ore types in the Central zone when blending with Hugo North ore.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 105 of 205 10.4.3.1 Testwork for minor elements 10.4.3.1.1 Silver The assay method used in most testing programs was not sensitive enough to detect silver in test tailings samples, and silver recovery was not measured in the Ammtec-ALS or Blue Coast test programs. A reduced database only including the rougher kinetic test results with silver assays on the tailings has been used to develop a silver recovery model. This database, combined with the database of actual recoveries from plant operations, has been used to estimate average silver recovery for Oyut (52%) and Hugo North (80%). 10.4.3.1.2 Molybdenum At the Oyut and Hugo North deposits, the molybdenum head grades are considered too low to justify the capital required to add a molybdenum recovery circuit to the Oyu Tolgoi concentrator. Consequently, no significant testwork has focused on molybdenum recovery. No payment or penalty is applied for molybdenum in a copper concentrate. A common rule-of-thumb is that a molybdenum head grade of 150 ppm is required for economic molybdenum recovery, whereas Hugo North grades are in the order of 27 ppm. The Heruga deposit has grades of around 140 ppm molybdenum, which may be high enough for economic production of a molybdenum flotation concentrate in the future. 10.4.3.2 Testwork on Hugo South, and Heruga deposits The Hugo South, and Heruga deposits remain in the assessment phase. A metallurgical scoping study was conducted at G&T Metallurgical Services in 2008 for the Heruga deposit. Nine composite samples from the deposit were sent to G&T laboratory for initial scoping testwork programs. These programs assessed the mineralogical characteristics of plant feed and flotation products, the flotation response of each sample, and the bond ball mill work index. These programs also analysed the exit streams from the flotation testwork to identify opportunities for further improvement in metallurgical performance. Overall, the composites responded well to the applied Oyu Tolgoi flowsheet envisaged at the time. Based on the testwork carried out to date on the Hugo South and Heruga zones, the estimated flotation metal recoveries are summarised in Table 10-11. Table 10-11: Hugo South and Heruga estimated flotation metal recovery to concentrate Deposit Estimated flotation recovery Cu Au Ag Mo Hugo South 89% 81% 84% – Heruga 82% 73% 78% 60% 10.4.4 Geometallurgical characterization of Oyut and Hugo North deposits The geometallurgical characteristics of the different ore types in the Oyut and Hugo North deposits are based on a reconciliation of a large database of metallurgical testwork completed to date. The database includes seven years of Phase 1 operating data. In 2018, the geometallurgical ore types were redefined for the Oyut deposit. Nine ore types were identified based largely on the geological domains used to define the earlier five ore types used. The nine ore types provide an increased level of definition relating to ore hardness, flotation recovery and flotation concentrate grade. The geometallurgical ore types for the Oyut deposit are described in Table 10-12. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 106 of 205 Five geometallurgical ore types were identified for the Hugo North deposit, compared with the one ore type used prior to 2018. The ore types are based on the observed differences in flotation recoveries from samples with varying chalcopyrite and bornite content and on the influence of pyrite on concentrate grade. The five ore types are summarized in Table 10-13. Table 10-12: Oyut geometallurgical ore type definitions Pit zones Ore type Abbrev. Geo metallurgical description Southwest zone (Southwest, South, Wedge, Bridge, and West) Hard Gold HG Hard, chalcopyrite / bornite, high copper and gold recovery, low arsenic bearing Hard H Hard, chalcopyrite/bornite, high copper and low to moderate gold recovery, low arsenic bearing Moderate Gold MG Moderate hardness, chalcopyrite/bornite, high copper and gold recovery, low arsenic bearing Moderate M Moderate hardness, chalcopyrite/bornite, high copper and low to moderate gold recovery, low arsenic bearing Central zone Soft Supergene Enargite SSE Soft, chalcocite, low to moderate copper and gold recovery, high copper-arsenic sulfosalts Soft Supergene SS Soft, chalcocite, low to moderate copper and gold recovery, copper-arsenic sulfosalts Soft Hypogene Enargite SHE Soft, covellite/chalcopyrite, high copper and low to moderate gold recovery, high copper-arsenic sulfosalts Soft Hypogene SH Soft, covellite/chalcopyrite, high copper and low to moderate gold recovery, copper-arsenic sulfosalts Soft Hypogene Gold SHG Soft, covellite/chalcopyrite, high copper and gold recovery, copper-arsenic sulfosalts Table 10-13: Hugo North geometallurgical ore type definitions Ore type Abbrev. Criteria Processing characteristics High arsenic HI-AS As ≥ 200 ppm Potential to produce flotation concentrate with over 2,000 ppm As. Distributed mainly in augite basalt and ignimbrite rock types in the hanging wall of Lift 1 and overprinting BN-CP ore in the core of Lift 2. High copper grade, high bornite content with little pyrite BN-CP Cu ≥ 1.25% Cu:S ≥ 1.2 Soft, strongly phyllic altered quartz monzodiorite and augite basalt at the core of the Hugo North resource. Higher copper and gold head grades and recoveries with potential to produce concentrate with copper grades from 30% to over 50%. High copper grade, most copper in chalcopyrite, high pyrite CP-PY Cu ≥ 1.25% Cu:S < 1.2 Soft, strongly phyllic altered augite basalt and quartz monzodiorite overlying the BN-CP zone. High copper grades with moderate gold grades. High copper recovery and concentrate copper grades ranging from 20% to 40%, variable gold recovery. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 107 of 205 Ore type Abbrev. Criteria Processing characteristics Lower copper grade, high pyrite, generally has most copper in chalcopyrite LG-PY Cu < 1.25% S ≥ 1% Pyrite rich augite basalt and ignimbrite in the hanging wall of the BN-CP and CP-PY zones. Moderate to poor copper and gold recovery and potential to produce low concentrate copper grades. Lower Cu grade with little pyrite LG Cu < 1.25% S < 1% Hard, potassic altered low sulphide BiGD and QMD in the footwall of the BN-CP zone. Moderate copper recovery, variable gold recovery with potential to produce concentrate with grades from 20% to 30%. Note: a. Ore types are assigned in the top-down order shown, e.g. all blocks with As ≥ 200 ppm are assigned as HI-AS, regardless of copper and sulphur grades. 10.4.5 Penalty elements Arsenic and fluorine are the only penalty elements that have been identified thus far. For arsenic in copper concentrate, a typical penalty rate of 2.00 $/t for every 1,000 ppm above a 2,000 ppm arsenic threshold applies. This applies up to the rejection level of 5,000 ppm, which is based upon the threshold for importation to China from the Chinese regulatory authorities. For fluorine in copper concentrate, penalties apply between the 500 ppm up until the 1,000 ppm rejection level. 10.4.5.1 Arsenic Enargite is the primary arsenic carrier in all orebodies, although other sulfosalts, tennantite and arsenopyrite are also found. Enargite flotation recovery is almost the same as the flotation recovery of primary copper minerals. Enargite accounts for nearly all the elemental arsenic in the final concentrate. The Central zone ore types contain moderate to high levels of arsenic sulfosalts and contributes the highest proportion of arsenic in concentrate. The Southwest zone contribution of arsenic in the flotation concentrate is very low, which is due to low arsenic feed grades and a larger portion of arsenic being in arsenopyrite, which can be rejected with high pH in the cleaner flotation circuit. Hugo North samples show that lower arsenic grades are generally associated with an increasing proportion of arsenic in arsenopyrite. High flotation pH is the primary control on arsenic recovery, but it is only partially effective because of the difficulty in depressing enargite. In addition, high pH has an adverse impact on gold recovery and is therefore not often used. The most robust management approach for arsenic content in Central zone ore types is blending with Southwest and Hugo North ores, which contains lower levels of arsenopyrite. Projected arsenic levels in concentrate are expected to decline from around 4,000 ppm to a range between 2,000 to 3,000 ppm as ore feed from Hugo North increases. 10.4.5.2 Fluorine Fluorine is present, primarily as fluorite with lesser amounts of topaz and sericite. It is believed that fluorine in finely intergrown topaz may be more difficult to reject. Concentrates from locked cycle testwork shows that Central zone concentrates contain higher fluorine levels than concentrates from the Southwest zone. Tests on Hugo North ore show uniformly lower fluorine levels than concentrates from the Southwest zone ore. Testwork has been carried out to determine the practicality of acid leaching concentrates to remove fluorine. The testwork removed 60% of the fluorine in concentrate produced from Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 108 of 205 Southwest zone samples, but almost none from Hugo North concentrate. Acid leaching is inappropriate for the secondary copper minerals in Central zone as it will leach the copper. The concentrator currently produces concentrates containing about 700 ppm fluorine, which is 300 ppm below the rejection level. It is noted that there has been no rejection of concentrate based on fluorine levels to date. The plan is to manage fluorine levels below the rejection level through ore blending and operational control of the plant. Fluorine in the Central zone and Hugo North ore shows a roughly linear relationship between fluorine in the feed and fluorine in concentrate. In both cases, the fluorine assay in concentrate is about 15% of fluorine in feed. However, plant performance observed in the first year of operation with Southwest zone brought the ratio up to 30% of the feed grade. This is also expected to apply to other ore types. In all the months for which discrete data is available, fluorine grades in concentrate have been well below rejection level. 10.4.6 Other testwork 10.4.6.1 Water quality Testwork was conducted at SGS using bore water collected from the Gunii Hooloi bore field. A simple average of samples from individual wells was used, and Vancouver tap water was used as a control. For the higher grade ore samples from the Southwest zone, this testwork showed that copper recoveries were higher compared to tests using recycled water. At lower grades, the recycle water achieved higher copper recoveries (possibly due to recycled collector). Experience since Phase 1 commissioning has shown no detrimental effects from using process water. 10.4.6.2 Thickening and concentrate filtration As part of the initial testwork program for the design of the Phase 1 concentrator, large composites of Southwest zone and Hugo North samples were made up from surplus sample at the Ammtec laboratory. These samples were processed through pilot-scale equipment to generate large samples of concentrate and tailings for further testing. Concentrate was used for marketing analysis and to measure the thickening and filtration design parameters. Tailings material was used to confirm the design parameters for the thickeners, pumps and tailings deposition. Tailings were also evaluated to define environmental parameters. The same thickening and filtration parameters developed for the Phase 1 design have generally been retained for Phase 2 design work, despite the coarser regrind targets. This was the case for the final tailings area, where the dewatering duty for blended Southwest, Central, and Hugo North tailings is similar to those determined for Phase 1. Some concentrate thickening work was completed on laboratory products from the Hugo North metallurgical testwork in 2016, but the volumes of concentrate and tailings were small and not well suited to thickening and filtration testwork. However, the 2016 testwork program confirmed that the Phase 1 design thickener capacities were appropriate. 10.4.7 Recovery and concentrate grade prediction Based on the results of the testwork programs the ongoing plant operations, a series of equations have been developed to predict current and future metal recoveries and concentrate grades of the various ore types. The equations for copper gold and silver

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 109 of 205 recovery are shown in Table 10-14 through Table 10-18. The equations for estimating concentrate grade are shown in Table 10-19 and Table 10-20. The ore type definitions are shown in Table 10-12 and Table 10-13. Where: • a, b, c, d, e, f, g, h, i, j, k, n, o, p, u are constants, which vary by ore type. • CuF is the feed copper assay in percent (%). • AuF is feed gold assay in grams per tonne (g/t). • AgF is feed silver assay in grams per tonne (g/t). • SF is feed sulphur assay in percent (%). • CuRec is copper recovery in percent (%). • AuRec is gold recovery in percent (%). Table 10-14: Global copper recovery model 𝑪𝒐𝒑𝒑𝒆𝒓 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = 𝒂 × 𝒃 × 𝑪𝒖𝑭 𝟏 + 𝒃 × 𝑪𝒖𝑭 × (𝟏 - 𝒆(-𝒃×𝑪𝒖𝑭)) Code Ore Type a b 1–4 HG, H, MG, M 98.0 14.5 5–6 SSE, SS 72.0 15.0 7–9 SHE, SH, SHG 80.7 15.0 10, 12–14 CP-PY, LG-PY, LG, HI-AS 96.0 20.0 11 BN-CP 95.0 15.0 Table 10-15: Oyut gold recovery model AuF < 0.25 𝑮𝒐𝒍𝒅 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = 𝒄 × 𝑨𝒖𝑭 + 𝒅 0.25 ≤ AuF < 2.5 𝑮𝒐𝒍𝒅 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = 𝐮 × 𝒇 × 𝑨𝒖𝑭 𝟏 + 𝒇 × 𝑨𝒖𝑭 × (𝟏 - 𝒆-𝒇×𝑨𝒖𝑭) + 𝒈 × 𝑨𝒖𝑭 AuF ≥ 2.5 𝑮𝒐𝒍𝒅 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = 𝒉 Code Ore Type c d u f g h 1-4 HG, H, MG, M 164 25 79 20 1 80.0 5-9 SSE, SS, SHE, SH, SHG 249 0 70 30 1 71.6 Table 10-16: Hugo North gold recovery model 𝑮𝒐𝒍𝒅 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = (𝒄 + 𝒅 × 𝑪𝒖𝑹𝒆𝒄) × 𝒖 × 𝑨𝒖𝑭 𝟏 + 𝒖 × 𝑨𝒖𝑭 Code Ore Type c d u 10 CP-PY 0 0.89 90 11 BN-CP 0 0.89 85 12 LG-PY 0 0.79 260 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 110 of 205 𝑮𝒐𝒍𝒅 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = (𝒄 + 𝒅 × 𝑪𝒖𝑹𝒆𝒄) × 𝒖 × 𝑨𝒖𝑭 𝟏 + 𝒖 × 𝑨𝒖𝑭 Code Ore Type c d u 13 LG 0 0.86 70 14 HI-AS 0 0.87 120 Table 10-17: Oyut silver recovery model 𝑺𝒊𝒍𝒗𝒆𝒓 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = 𝒊 × 𝑨𝒖𝑹𝒆𝒄 + 𝒋 × 𝑨𝒖𝑭 𝑨𝒈𝑭 + 𝒌 Code Ore Type i j k 1-4 HG, H, MG, M 0.48 16.670 19.49 5-9 SSE, SS, SHE, SH, SHG 0.19 0.001 47.12 Table 10-18: Hugo North silver recovery model 𝑺𝒊𝒍𝒗𝒆𝒓 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒚 (%) = (𝒄 + 𝒅 × 𝑪𝒖𝑹𝒆𝒄) × 𝒆 × 𝑨𝒈𝑭 𝟏 + 𝒆 × 𝑨𝒈𝑭 Code Ore Type c d e 10 CP-PY 0 0.92 6 11 BN-CP 0 0.98 4 12 LG-PY 0 0.76 25 13 LG 0 0.79 2 14 HI-AS 0 1.00 2 Table 10-19: Oyut concentrate copper grade model 𝑪𝒐𝒏𝒄𝒆𝒏𝒕𝒓𝒂𝒕𝒆 𝒄𝒐𝒑𝒑𝒆𝒓 𝒈𝒓𝒂𝒅𝒆 (%) = 𝒏 × 𝑪𝒖𝑭 𝑺𝑭 + 𝒐 × (𝑪𝒖𝑭 𝑺𝑭) 𝟐 + 𝒑 Code Ore Type n o p 1-4 HG, H, MG, M 12.8 –3.6 22.5 5-6 SSE, SS 20.0 2.0 16.0 7-8 SHE, SH, SHG 20.0 2.0 16.5 Table 10-20: Hugo North concentrate copper grade model 𝑪𝒐𝒏𝒄𝒆𝒏𝒕𝒓𝒂𝒕𝒆 𝒄𝒐𝒑𝒑𝒆𝒓 𝒈𝒓𝒂𝒅𝒆 (%) = 𝒏 × 𝑪𝒖𝑭 + 𝒐 × 𝑪𝒖𝑭 𝑺𝑭 + 𝒑 Code Ore Type n o p 10 CP-PY 0.1 20.1 14.9 11 BN-CP 1.7 13.8 16.7 12 LG-PY 5.2 20.7 6.5 13 LG 8.6 17.6 5.9 14 HI-AS 0.0 21.0 11.8 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 111 of 205 The equations are applied to the grades and ore types assigned to the Mineral Resource and Mineral Reserve block models to estimate the metallurgical performance of the ore blend scheduled to be processed in various mill feed schedules, including the schedules underlying the Mineral Reserve estimates. The average metal recoveries for the Mineral Reserves reported in Section 12 "Mineral Reserves" Table 12-1 are shown in Table 10-21. The average metal recoveries for the Hugo South and Heruga Mineral Resources reported in Section 11 "Mineral Resources" are summarised in Table 10-22. The annual average copper grade of the concentrate produced from processing the Mineral Reserves varies between 22.3% and 35.7% Cu over the planned life of the Mineral Reserves depending on the mineralogy of the ore being processed. Table 10-21: Oyut and Hugo North estimated metal recoveries Deposit Estimated metal recoveries Cu Au Ag Mo Oyut 78% 67% 53% - Hugo North 92% 80% 81% - Table 10-22: Hugo South and Heruga estimated metal recoveries Deposit Estimated metal recoveries Cu Au Ag Mo Hugo South 89% 81% 84% - Heruga 82% 73% 78% 60% 10.5 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 Resources 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. 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 Oyu Tolgoi geologists. The method involved interpretation of downhole stratigraphy using surface geological mapping, lithological logging data, downhole gamma data, and assay data. Implicit modelling in Leapfrog Geo software or cross-sectional interpretation in Vulcan of each stratigraphic unit is performed, followed by interpretation of mineralisation and Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 112 of 205 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 continuity is affected by rock type, structure and weathering. The drill hole spacing is sufficient to capture grade and geological changes at a large scale. Mineralisation continuity varies by deposit but typically extends for several hundred of metres along strike and from surface to a maximum depth of 1800 m. 11.1.3 Data preparation The drill hole assays were composited into fixed-length, down hole composites at a size that was considered appropriate when considering estimation block size, required lithological resolution, and probable mining method. This compositing honoured the domain zones by breaking the composites on the domain boundary. The domains used in compositing were a combination of the grade shells and lithological domains. Composite lengths of 8 m (approximately half the 15 m selective mining unit (SMU) size) were used for the Oyut deposits. For the Oyut deposits, the following default values were applied to any gaps in the intervals of the assay table during compositing: • Cu - 0.005% • Au- 0.005 g/t • Ag- 0.5 g/t • As - 25 ppm • Mo - 2.5 ppm For the Heruga deposit, the composites included any post-mineralisation dyke material intervals that were deemed too small to be part of a dyke geology model. Any unsampled material included in the composites was set to: • Cu 0.001% • Au 0.01 g/t • Mo 10 ppm At Hugo North and Hugo North Extension, the composites included any post-mineralisation dyke intervals that were deemed too small to be part of a dyke geology model. Any unsampled material included in the composites for Hugo North was set to: • Cu 0.001% • Au 0.005 g/t • Ag 0.025 g/t • Mo 0.025 ppm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 113 of 205 Intervals of less than 8 m represent individual residual composites from end-of-hole or end- of-domain intervals. Composites with lengths of less than 2 m were excluded from the dataset used in interpolation. A post-processing step was applied to adjust negative or null composite values arising from non-assayed intervals. Intervals might not be assayed or logged for a variety of reasons: • Lack of visible mineralisation. • Parent portion of a wedged daughter hole. • "Navi" drill interval. A separate composite file was created for each of estimated grade elements of Cu, Au, Ag, Mo, F, S, Fe, As, SG, and metallurgical parameters. Composites were not broken at intersections of the drill hole with the interpreted lithologies, dykes or overburden triangulations (i.e., compositing honoured logged lithology rather than lithology wireframes). High grade outlier analysis was completed for all elements and SG. Histograms and probability plots were used to devise capping strategies. At Oyut, capping was applied during the estimates using the Upper Grade Cut Value function in Vulcan. The predicted metal removed for each element by capping, excluding blocks above the oxide surface and within Measured and Indicated classes, is as follows: Au = 3.0%, Ag = 5.0%, As = 7%, C = 1.7%, Cu = 0.8%, F = 0.6%, Fe = 0.1% and S = 1.1%. At Hugo North and Hugo North extension a combination of outlier restriction and grade capping was applied during grade estimation. In most cases, an outlier restriction of 50 m was used to control the effects of high grade samples within the domains, particularly in the background domains where unrestricted high grade composites tended to result in blowouts from extreme grade composites. 11.1.4 Exploratory data analysis To determine the grade distribution and appropriate parameters for estimation, domains are created based on the deposit's rock types, structural controls and grade shells. Gold, copper and other metals, as well as specific gravity values are analyzed for each domain using histograms and accumulated probability graphs and box diagrams were used to compare statistical values of separate domains whereas the accumulated probability graph is used to establish the range of the domain-wide high grade and to produce an overview of the distribution of the grade. X-Y dependency plots are used to describe the relationship between different metals in the entire domain. A strategy of soft, firm, and hard boundaries are used to account for domain boundary uncertainty (dilution) and to reproduce the input grade sample distribution in the block model. Soft boundaries allowed full sharing of composites between domains during grade estimation; firm boundaries allowed sharing of composites from within a certain distance of the boundary; and hard boundaries allowed no composite sharing between domains. Spatial analysis is undertaken using a conventional directional variography approach. Semi- variograms (correlograms) are calculated and modelled for all grade elements plus SG in Snowden Supervisor software. The variograms are modelled with either exponential models, spherical models, or a combination of exponential and spherical models. Two structures are typically used to model the variograms with a few exceptions where a single structure or, rarely, three structures, are used. The orientations of multiple structures are typically 'locked' Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 114 of 205 in the same direction to aid visualization and for checking against geologic reasonableness. Practical ranges are used ('practical range' being the range at which 95% of the sill is reached, with this value being three times longer than the 'traditional range' used in some software). The nugget values are generally determined from down hole variograms. Directional variograms are typically calculated in at least 30 degree increments both horizontally and vertically to determine the orientation, consistent with geological interpretation and understanding. A variety of strategies was applied where it was not possible to calculate robust variograms. These strategies included: • Recalculating variograms using larger lags. • Combining data from adjacent domains of reasonably similar properties. In some cases data were pooled to achieve reasonably robust variograms even where a hard or firm estimation boundary was likely to be used. • Adopting the variogram model from a well-informed domain that was considered to have similar properties. • Using the correlograms instead of variograms. • Transforming variograms to Normal Scores (normal data distribution) before variogram calculation to improve the experimental variogram. The variograms and models were back-transformed to real space before being used for block grade estimation. The deposits displayed mineralisation controls that were considered to be related to the intrusive history and structural geology (faults). The patterns of anisotropy demonstrated by the various correlograms tended to be consistent with geological interpretations, particularly to any bounding structural features (faults and lithological contacts) and quartz + sulphide vein orientation data. The nugget effects tended to be low to moderate in all of the estimation domains. 11.1.5 Bulk density Dry bulk density is derived from immersion methods on drill core. 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 then dried and dry core masses are measured and recorded. • Dry core densities are then calculated. 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 Vulcan. 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 20 m (X) by 20 m (Y) by 15 m (Z) for Oyut, Hugo South and Heruga. 15 m (X) by 15 m (Y) by 15 m (Z) is used for Hugo North. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 115 of 205 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 generally 5 m (X) by 5 m (Y) by 5 m (Z). Variable codes are added to the block model reflecting various attributes such as zone, lithological domain, and grade shell. Post-mineral dykes and the late quartz-monzodiorite are assumed to represent zero-grade waste cutting the mineralised lithologies. The geological block models are validated by visual checks in section and plan view, for both zone and grade shell, with numerical checks to identify and address incorrectly assigned variables. 11.1.7 Grade interpolation parameters At Oyut, semivariograms (correlograms) were calculated and modelled for all grade elements plus SG in Snowden Supervisor software. The variograms were modelled with either exponential models, spherical models, or a combination of exponential and spherical models. Two structures were typically used to model the variograms with a few exceptions where a single structure or, rarely, three structures, were used. The orientations of multiple structures were typically 'locked' in the same direction to aid visualization and for checking against geologic reasonableness. Practical ranges were used ('practical range' being the range at which 95% of the sill is reached, with this value being three times longer than the 'traditional range' used in some software). The nugget values were generally determined from down hole variograms. Directional variograms were typically calculated in at least 30 degree increments both horizontally and vertically. A variety of strategies was applied where it was not possible to calculate robust variograms. These strategies included: • Recalculating variograms using larger lags. • Combining data from adjacent domains of reasonably similar properties. In some cases data were pooled to achieve reasonably robust variograms even where a hard or firm estimation boundary was likely to be used. • Adopting the variogram model from a well-informed domain that was considered to have similar properties. • Using the correlograms instead of variograms. • Transforming variograms to Normal Scores (normal data distribution) before variogram calculation to improve the experimental variogram. The variograms and models were back-transformed to real space before being used for block grade estimation. At Hugo North, the deposit displayed mineralisation controls that were considered to be related to the intrusive history and structural geology (faults). The deposit is separated into two parts by the Eroo fault around 4,767,600mN. The patterns of anisotropy demonstrated by the various correlograms tended to be consistent with geological interpretations, particularly to any bounding structural features (faults and lithological contacts) and quartz + sulphide vein orientation data. The variography was examined outside of a 0.6% Cu grade shell, within the 0.6% Cu grade shell, and internal to the 2% Cu grade shell. The nugget effects tended to be low to moderate in all of the estimation domains. Copper variograms generally had nugget effects of between 15% and 20% of the total variation Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 116 of 205 except in Biotite granodiorite (BiGd) dykes, where the nugget is 38% of total variation. The nugget effects for gold variograms varied from 5% to 25%. At Hugo South, variograms indicated a north-easterly trend. The deposit displayed a consistent steep easterly dip with a flat plunge. Ranges were longest along strike of the respective trend for Cu and a mixture of along-trend and down-dip of the trend for gold. Ranges tended to be less than 75 m for the first structure in all metals and less than 200 m for the second structure. At Heruga, although data are limited, an attempt was made to model directional variograms for Au, Cu, and Mo. Cu and Au showed relatively low nuggets of 25% to 35% of the total variance, whereas Mo was moderate to high at 40% of the sill. All three metals showed relatively short first structures and long second structures of 250 m to 300 m. 11.1.8 Grade estimation Grade estimation is undertaken using linear estimation methods using Vulcan software. Twelve grade attributes (Cu, Au, Ag, As, F, Fe, Mo, S, C, SG, SPI, and MBI) are estimated into the block model. The following comminution parameters are estimated and used in the throughput equations: • SAG power index (SPI) in minutes). • Modified bond index (MBI) in kWh/t – a short form of the bond ball mill index test. • Minnovex crushing index (Ci) – developed from the sample preparation process for the SPI. The grade estimation was performed using ordinary kriging (OK) of grade composites into a sub-blocked Vulcan block model. The block model was tagged from wireframe models of deposits, grade shells, and lithologies which form a variety of soft, firm, and hard domain boundaries during estimation. The SG of the major lithologies, dykes, and overburden was estimated using simple kriging (SK). The metallurgical parameters (SPI and MB) were estimated using the OK and SK estimators in two passes. The stationary means for the SK runs were developed from the mean composite grades for each estimation domain. Component domain codes were merged into the ultimate DOMAIN code variable. Search ellipsoid orientations for the grade elements were based on the variogram models which typically reflect the geological settings of the mineralised zones. A three-pass kriging strategy was used to estimate the block grades. Grade estimations were run one domain at a time. The first and second estimation pass kriging neighbourhood approximately corresponds to blocks expected to satisfy Measured and Indicated classification criteria. The kriging neighbourhood was expanded and relaxed with each successive pass while maintaining the same axial ratios for samples searches as in the first pass. The second pass was executed on blocks that did not receive an interpolated grade in the first pass, and the third pass was executed on blocks that did not receive an interpolated grade in the first and second passes. A block discretization of 4 by 4 by 2 was used when estimating block grades. Capping of composites or a high grade restriction was applied during the estimation depending on the element, domain, and clustering characteristics. If the highest grades were clustered, a high

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 117 of 205 grade restriction was used to reduce the impact. If the highest grades were not clustered a capping value was applied to reduce the coefficient of variation. The capping was applied using the upper grade cut value function in Vulcan. For all elements, for the first and second block estimation passes, a minimum of six composites and maximum of nine composites were required, as well as a maximum of three composites per drill hole. To ensure that at least three boreholes were used to estimate blocks in pass 1, the number of composites from a single drill hole was restricted to three. Similarly, Pass 2 required a minimum of two boreholes to generate an estimate. For the third pass, a minimum of two composites and a maximum of eight composites were required, as well as a maximum of five composites per drill hole. A single estimation pass was used to estimate dyke blocks, requiring a minimum of three composites, a maximum of eight composites, and a maximum of five composites per drill hole. SG variable and metallurgical parameters were estimated by two passes. For the SG variable, the first and second block estimation passes, a minimum of five composites and maximum of eight composites were required, as well as a maximum of three composites per drill hole. For the metallurgical parameters, a minimum of one composite and maximum of five composites were required for the first and second block estimation passes. No restriction was used to limit the number of composites per drill hole due to the limited number of testworks that have been used. No capping has been applied. During the estimation of the sub-blocked model, the estimated grade of the parent cells is assigned to each sub cell. Not all unsampled intervals are assigned values during compositing so grade composites flagged as less than zero grades were excluded from sample selection. Grade composites less than 2 m in length were also excluded. The composites were length-weighted during estimation. Composites were weighted by OK according to variogram parameters with the exception of dyke grades, which were estimated using inverse distance weighting at a power of two (ID2). Estimated block grades in blocks coded as air, Cretaceous clay, or Quaternary cover were set to zero. The blocks in the supergene zone were estimated with OK as a separate domain distinct from the other structural domains. No distinction or domaining was used for grade estimation for blocks above and below the limit of oxidation. These methods are deemed appropriate by the QP for estimating the tonnes and grade of the reported Mineral Resources. 11.1.9 Model validation The estimated model is validated using a combination of visual and statistical methods to check that the estimates had performed as expected and showed acceptable conformance to the input samples. The overall validation process typically included: • 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 domain. • Swath plot comparisons by domain for cross-section, long-section and elevation slices. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 118 of 205 • Correlation coefficient comparisons for composites vs blocks between Cu and all other estimated assay variables. • The SG and metallurgical fields Ci, MBi and SPi were assessed using summary statistics by domain. No outliers or restrictions were placed on these estimates. • Where production data is available, reconciliation is carried out as part of the model validation process. 11.2 Mineral Resources classification According to Subpart 1300 of Regulation S-K, to reflect geological confidence, Mineral Resources are sub-divided into the following categories based on increased geological confidence: Inferred, Indicated, and Measured, which are defined under Subpart 1300 of Regulation S-K as: "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 Oyu Tolgoi in accordance with the above guidance and in consideration of other relevant factors including, but not limited to, geology, continuity of mineralisation, grade continuity, sample spacing, data quality, and reconciliation. 11.2.1 Open Pit classifications The Oyut open pit block classification confidence is based on the copper grade variable. A single-pass NN estimation of Cu composites was used to capture distance from block centroid to the nearest composite. A classification category was assigned to each estimated block using the classification criteria summarized in Table 11-1. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 119 of 205 The Oyut deposit's geological and grade continuity support mineral confidence classifications of Measured, Indicated, and Inferred Mineral Resources. Table 11-1: Oyut Mineral Resources initial classification parameters Initial classification Deposit Minimum number of drill holes Minimum number of composites Composite spacing (m) Closest composite (m) Measured All deposits 3 3 50 30 Indicated Southwest Oyu 2 2 75 55 Indicated Other deposits 2 2 65 45 Inferred All deposits 1 1 150 The first pass resource classification based on the rules defined for each category typically resulted in regions where a spotty pattern of a few isolated higher confidence blocks are surrounded by lower confidence blocks and vice versa. Consequently, a manual smoothing step followed where the copper composite database was back-tagged by the first-pass block model classification and imported into Leapfrog Implicit modelling software. The grade- shelling algorithm was used to create wireframes of the classes. If a small volume of a particular class was created inside another class it was switched to the surrounding class. Review of vertical section and bench classification maps from the results have been completed through the Oyut area. Plan view of the bench maps of the initial classification model and the corresponding smoothed classification model are shown in Figure 11-1 and Figure 11-2. Figure 11-1: Oyut comparison of the initial and final smoothed Mineral Resources classification maps at 1055 RL (plan) Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 120 of 205 Figure 11-2: Oyut comparison of the initial and final smoothed Mineral Resources classification maps at 755 RL (plan) 11.2.2 Underground classifications Underground Mineral Resources classifications are based on the details included in Table 11-2. Table 11-2: Underground (Hugo North, Oyut Underground, Hugo South, Heruga) Mineral Resources initial classification parameters Initial classification Deposit Minimum number of drill holes Minimum number of composites Number of Octants ID2 pass number Composite spacing (m) Closest composite (m) Measured All deposits 3 3 3 1 50 35 Indicated1 or Indicated2 or Indicated3 All deposits 3 3 2 1 3 3 2 1 1 2 2 2 50 150 150 and 75 Inferred All deposits 1 1 3 150 The block must be contained within the relevant classification solid generated using sectional interpretation and block probabilities. That is, the block must meet both the required statistical confidence (or be higher confidence) and be within the adjusted (smoothed) classification zone to have that zone classification. 11.2.3 QP statement At the completion of the resource estimation process, the QP for Mineral Resources conducted a final review of the amount and quality of data, assays, structural complexity, continuity of mineralisation and grade, estimation technique and reconciliation performance as well as consideration of any other aspect 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 121 of 205 11.3 Mineral Resources estimate The basis of the Property's Mineral Resources estimate and how it is generated are summarised below. The Mineral Resources estimate for the Property is reported here in accordance with the requirements detailed in Subpart 1300 of Regulation S-K. For estimating the Mineral Resources, the following definition as set forth in Subpart 1300 of Regulation S-K, are applied. Under Subpart 1300 of Regulation S-K, 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 mineralisation, 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 mineralisation drilled or sampled." The Mineral Resource estimate for the Property is presented by deposit in Table 11-3. Mineral Resources are estimated by Rio Tinto for the operating mine and development projects within the Property. The effective date of the Mineral Resource estimate is 31 December 2022. The Mineral Resource estimate is based on the following assumptions: • Exclusive of Ore Reserves – Mineral Resources are reported exclusive of Ore 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 – Open pit load and haul mining operations will be used by Oyu Tolgoi for the mining of Mineral Resources ore at Oyut. Underground cave mining operations will be used by Oyu Tolgoi for the mining of Mineral Resources ore at Hugo North. It is assumed underground cave mining operations will be used by Oyu Tolgoi for the mining of Mineral Resources ore at Hugo North extension, Hugo South and Heruga; and underground stope mining operations for Oyut Underground. • Metallurgical Factors or Assumptions – It is assumed that crushing, milling and flotation processes used by Oyu Tolgoi will be applicable for the processing of 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 studies and surveys will be completed during the Project study phases to determine if the project requires formal Government of Mongolia environmental assessment and approval. • 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 122 of 205 Table 11-3: Oyu Tolgoi Property Rio Tinto Ownership Basis Reported Mineral Resources as at 31 December 2022 (1). Likely mining method: O/P = open pit/surface; U/G = underground. (2) Mineral Resources are stated on an in situ dry weight basis and Mineral Resources are reported EXCLUSIVE of Mineral Reserves. (3) Oyu Tolgoi Mineral Resource valuations are based on commodity prices of US c 320.30 /lb for copper, US$1,479.82 /oz for gold, US$19.23 /oz for silver and US$9.29 /lb for molybdenum. These represent July 2021 consensus prices sourced from the average 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). The Hugo Dummett North Mineral Resources include approximately 0.9 million tonnes of stockpiled material at a grade of 0.35% copper, 0.11 g/t gold and 0.85 g/t silver. The Hugo Dummett North underground mine is currently under construction. (5) As reported to the market on 16th December 2022, Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd and the Rio Tinto Interest % reflects this change. 2021 figures are reported using the previous ownership %. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 123 of 205 11.4 Derivation of cut-off grades To assess the value of the total suite of minerals of economic interest in the mineral inventory, formulae were developed to calculate copper equivalency (CuEq) based on given prices and recoveries. The formula used to calculate the CuEq grade was initially developed in 2003 for Hugo North and Oyut and continues to be used for Oyu Tolgoi deposits. There have been several versions of the formula used over the years and metal pricing was updated for this report. The base of the copper equivalent formula incorporates Cu, Au, Ag, and Mo (Mo only estimated at Heruga). The assumed metal prices are $3.20/lb for Cu, $1,479.82/oz for Au, $19.23/oz for Ag, and $9.29/lb for Mo. Cu is expressed in block grade in the form of percentages (%). Au and Ag are expressed in block grades in the form of grams per tonne (g/t). Mo is expressed in block grades in the form of ppm. Metallurgical recovery for Au, Ag, and Mo are expressed as percentage relative to copper recovery. A base formula of: CuEq = Cu+((Au\*AuRev)+(Ag\*AgRev)+(Mo\*MoRev))/CuRev Where: • CuRev = (3.20\*22.0462) • AuRev = (1479.82/31.103477\*RecAu) • AgRev = (19.23/31.103477\*RecAg) • MoRev = (9.29\*0.00220462\*RecMo) • RecAu = Au recovery/Cu recovery • RecAg = Ag recovery/Cu recovery • RecMo = Mo recovery/Cu recovery Different metallurgical recovery assumptions lead to slightly different copper equivalent formulas for each of the deposits; these are outlined in the following sections for Oyut, Hugo North, Hugo North Extension, Hugo South, and Heruga. In all cases, the metallurgical recovery assumptions are based on metallurgical testwork. For Oyut, actual mill performance has been used to further refine the recovery assumptions over the life of mine. Recoveries are relative to Cu because Cu contributes the most to the equivalent calculation. All elements included in the copper equivalent calculation have a reasonable potential to be recovered and sold except for Mo. Mo grades are only considered high enough to support construction of a Mo recovery circuit at Heruga, and hence the recoveries of Mo are zeroed out for the other deposits. 11.5 Cut-off grade, price, and justification The cut-off grade for open pit Mineral Resources based a marginal cut-off grade of 0.25% CuEq, which includes provision for processing and general and administrative (G&A) costs, was used to tabulate open pit Mineral Resources. An estimated marginal copper equivalent cut-off of 0.25% CuEq is a direct conversion of Net Smelter Return (NSR) to CuEq. Material is assessed at the pit rim to determine if it is economic to send to the mill (i.e. above the marginal cut-off grade) rather than to the waste dump. That is, the material is considered "ore" if its value is greater than the cost of processing it. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 124 of 205 Cut-off grades for Oyut underground Mineral Resources were determined using assumptions defined for Hugo North underground mine. The NSR per tonne of ore needs to equal or exceed the production cost of a tonne of ore for the mine to break even or make money. For the underground mine, the break-even cut-off grade needs to cover the costs of mining, processing, and G&A. An NSR cut-off for a tonne of ore for Hugo North underground mine is different for each geomet ore type but on an average an NSR of $20.79 per tonne would be required to cover costs of $8.48 for mining, $8.10 for processing, $2.93 for G&A and $1.287 for Rio Tinto management cost. This translates to a CuEq break-even underground cut-off grade of approximately 0.47% CuEq for Hugo North. However, with the exclusion of high arsenic ore type and low grade pyrite ore type, which in general sit in the top part of the cave (Figure 11-3), the CuEq break-even underground cut-off grade becomes approximately 0.46% and this cut-off grade has been used for tabulating Mineral Resources for Hugo North in this report. A cut-off grade of 0.41% copper equivalence has been used in stating underground Mineral Resources at Hugo South and Heruga. Although the assumptions for metal prices have been updated, there was no update to cost assumptions for Hugo South and Heruga that mainly trigger the change in cut-off grade. Figure 11-3: Hugo North geometallurgical domains within Lift 1 cave shape Mineral Resources are typically tested for economic viability from a combined Mineral Reserve and Mineral Resource 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. 11.6 Uncertainty in the estimates of Inferred, Indicated, and Measured Mineral Resources The QPs are satisfied that the stated Mineral Resources 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 Resources estimates that are considered in the resource classification include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 125 of 205 • Interpretation of the mineralisation boundary. Areas of complex or discontinuous mineralisation is typically assigned one category lower that the main mineralisation. • 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 that the deposit or similar deposit/domains have been mined. The Mineral Resources have addressed reasonable prospects of economic extraction and have considered a range of mining, metallurgical and environmental factors. Mineral Resources confidence is also assessed via independent reviews and internal peer reviews conducted at key stages of the Mineral Resources estimation process with no material issues identified. The Mineral Resources data collection and estimation techniques used are consistent with those applied at deposits where mining has commenced. Reconciliation of actual production with the Mineral Resources 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 Resources estimate used as the basis of Mineral Reserves for the operations. 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 Reserves. All figures are rounded to reflect the relative accuracy of the estimates and totals may not sum exactly as a consequence. 11.7 QP's opinion on factors likely to influence the prospect of economic extraction The main factors likely to influence the prospect of economic extraction include: • Commodity pricing. • Interpretations of fault geometries. • Effect of alteration as a control on mineralisation. • Lithological interpretations on a local scale, including dyke modelling and discrimination of different quartz monzodiorite phases. • Pit slope angles. • Geotechnical assumptions related to the proposed block cave design and material behaviour. • Metal recovery assumptions. • Dilution considerations. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 126 of 205 • The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues including risks set forth in this document. In the QP's opinion, all these factors are adequately considered for the Mineral Resources reported. Based on the body of technical studies completed across the Property, it is the QP's opinion that the Mineral Resources have reasonable prospects of economic extraction. 12. Mineral Reserves estimates 12.1 Key assumptions, parameters, and methods 12.1.1 Geological model Orebody block models developed for the Mineral Resources reporting within each mining area form the basis of the Mineral Reserves estimates. Orebody block models are derived from the geology model (outlined in Section 11) and are extended by: • Undergoing regularisation to a selective mining unit, with dilution and recovery from the regularisation taken into consideration. • Addition of approved pit designs and cave shapes. • Integration of actual and planned mined surfaces. • Addition of non-recoverable zones. • Binning of chemistry grades. • Application of grade binning to support scheduling. • Assigning of moistures to in situ material. 12.1.2 Moisture Geology models contain tonnage estimates on a dry in situ basis. During generation of the orebody block models, 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. 12.1.3 Metallurgical and processing recoveries Metallurgical and processing recovery estimates are applied to crusher feed tonnages based on the comminution and flotation characteristics determined from material type (refer Section 14.1). 12.1.4 Methodology A mining schedule that fully consumes the scheduling inventory is developed from the prepared orebody block models. To demonstrate economic viability of the 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 127 of 205 12.2 Modifying factors Modifying factors are applied to mineralised material within the Measured and Indicated Resources classifications in the Mineral Resources to establish the economic viability of Mineral Reserves. 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 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 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 and hydrogeological assessment, 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 prediction of throughput rates, as well as metallurgical recoveries. These metallurgical predictions are incorporated into the orebody block models that underpin mine plans and schedules. Plans and schedules are developed to maximise the cost recovery and are the basis for estimation of the Mineral Reserve. • Part of a Mineral Resource is only converted to a Mineral Reserves if it is within the life of mine plan, or if a pre-feasibility study has been completed establishing the technical and economic feasibility of establishing a mining operation. Studies consider all aspects of production, 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 material into ore and waste is the NSR value of a block within an extractable area. 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 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 128 of 205 contribution to a material blend. Target concentrate grade specifications determine the ore that can be economically extracted from the orebodies, and thus the reported Mineral Reserve. The economic viability of the reported Mineral Reserves is assessed by generating a production schedule that fully consumes the Mineral Reserves with all other material treated as non-revenue generating. Ensuring 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 Reserves estimate The Mineral Reserves for the Property is presented by area in Table 12-1. Mineral Reserves are estimated by Rio Tinto for operating mines and development projects within the Property that have reached or surpassed pre-feasibility stage. The effective date of the Mineral Reserves estimate is 31 December 2022. Mineral Reserves are reported as the economically mineable portion of a Measured and/or Indicated Resources after consideration of modifying factors. Measured Resources could be reported as Proved Reserves, however uncertainty in one or more modifying factor may result in it being classified as Probable Reserves. Indicated Resources are reported as Probable Reserves in order to reflect the level of confidence in the Mineral Resources estimate in the Mineral Reserves estimate. All stockpile Mineral Reserves are classified as Probable Reserves due to the inherent variability of stockpiled material. Mineral Reserves are stated as dry tonnes, excluding moisture content. The only payable minerals are copper, gold, and silver. All figures are rounded to reflect the relative accuracy of the estimates and rounded subtotals may not add to the stated total.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 129 of 205 Table 12-1: Oyu Tolgoi Property Rio Tinto Ownership Basis Reported Mineral Reserves as at 31 December 2022 (1) Type of mine: O/P = open pit, S/P = stockpile, U/G = underground. (2) Copper Mineral Reserves are reported as dry mill tonnes. (3) Oyu Tolgoi Mineral Reserve valuations are based on commodity prices of US c 350.80/lb for copper, US$1,496.75/oz for gold and US$20.43/oz for silver. These represent January 2022 consensus prices sourced from the average 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) The Hugo Dummett North Mineral Reserves include approximately 1.4 million tonnes of stockpiled material at a grade of 0.51% copper, 0.16 g/t gold and 1.25 g/t silver. The Hugo Dummett North underground mine is currently under construction. (5) As reported to the market on 16th December 2022, Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd and the Rio Tinto Interest % reflects this change. 2021 figures are reported using the previous ownership %. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 130 of 205 12.5 QP's opinion on risk factors that may materially affect the Mineral Reserves estimates Mineral Reserves estimates are reviewed annually or when new information becomes available that may impact the respective modifying factors. Modifying factors for the underground caving mine were benchmarked against other operating caving mines and the overall recovery is in the range of expected outcomes experienced by operating mines. The underground Mineral Reserves estimate is less sensitive to changes in pricing and operating cost due to a sharp ore to waste contact because the Hugo North mineralisation is bound at top of planned draw columns by the Contact fault. The geotechnical risks with potential to alter modifying factors used in converting Mineral Resources to Mineral Reserves include: • Stability of a subset of drawpoints that have the highest risk of collapse due to known faults and poor rockmass condition. • Failure of the drawpoints located within the Lower Fault Zone due to major apex pillar strength loss. • The drilling program is ongoing to improve the understanding of the geological and geotechnical properties of the orebody and structures. Other risks inherent to caving that are likely to impact Mineral Reserves recovery include interruptions to undercutting, drive closure for extensive rehabilitation and cave underbreak. The Mineral Reserves estimate is risk adjusted for geotechnical risks, the QPs are not aware of other risk factors that may materially affect the Mineral Reserves estimates. 13. Mining methods 13.1 Introduction The initial investment decision to construct Phase 1 of Oyu Tolgoi was made in 2010. Mining of the Oyut deposit started in 2012 using open pit mining methods. The Oyut open pit mine currently has an ore production rate of about 35 Mtpa in 2022. Continued investment into the development of the Hugo North underground mine as a block caving operation commenced in July 2016. Development of Lift 1 is continuing with the first drawbell blasted in mid-2022. Concept studies have been carried out on developing Hugo North Lift 2, Hugo South, and Heruga deposits. The studies envisage that the Hugo South and Heruga deposits will be mined by underground caving methods similar to Hugo North. No mining or underground development is currently taking place at either Hugo South or Heruga. 13.2 Current mining operations The planned production schedule for Oyu Tolgoi is shown in Figure 13-1. The current production rate from the Oyut open pit is progressively reduced as production builds up from underground. Open pit mining will continue in parallel with Hugo North Lift 1 to keep the Oyu Tolgoi concentrator operating at its design capacity. Following depletion of Lift 1, production from the Oyut open pit will be increased to meet mill capacity. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 131 of 205 Figure 13-1: Planned Oyu Tolgoi mining schedule bar chart 13.3 Oyut open pit mining 13.3.1 Geotechnical considerations 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 132 of 205 Validation of the ground model is conducted through the operating life the 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 criteria (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. Due to the varying nature of conditions at Oyut, 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). • Rocfall and RocTopple for natural slopes and rock toppling mechanisms. The inter-ramp angles vary with the geotechnical domain and the dip and strike direction of the pit wall. The inter-ramp angle in fresh rock domains range from 33⁰ to 49⁰, with an average of about 44⁰. The range of inter-ramp angles for each geotechnical domain are summarized in Table 13-1. Table 13-1: Range of inter-ramp angles for each geotechnical domain Geotechnical domain names Range of inter-ramp angles Fresh rocks 1_5 West (Combined) 33⁰ to 47⁰ 2_2 East (Volcanic) 41⁰ to 46⁰ 2_3 East (Intrusive) 38⁰ to 48⁰ 2_4 East (Sediment) 36⁰ to 49⁰ 3_2 South (Volcanic) 38⁰ to 49⁰ 3_3 South (Intrusive) 38⁰ to 49⁰ 3_4 South (Sediment) 35⁰ to 49⁰ 4_5 Solongo (Combined) 42⁰ to 49⁰ 5_5 Southwest (Combined) 33⁰ to 49⁰ 6_5 Northwest (Combined) 37⁰ to 48⁰ 7_5 Middle (Combined) 33⁰ to 47⁰ Weathered rocks Overburden 25⁰ Solongo Fault 45⁰ West 38⁰ East 42⁰ South 42⁰

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 133 of 205 Solongo 42⁰ Southwest 37⁰ Northwest 37⁰ Middle 42⁰ 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. Moderated and low risk slopes utilise prism monitoring. Action and response plans are created and updated depending on risk profiles for slopes. 13.3.2 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 and underground development, spanning from operational mine dewatering to closure obligations. 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 to ensure dry and safe mining conditions in a pit is 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 the mine; 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 134 of 205 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. • Flood plain assessments, outlining the impact of developments on flood flows and hydrological regimes. • Baseline hydrology assessments describing natural hydrological conditions. 13.3.3 Mining model A three-dimensional block model (mining block model) is used for long-term planning and scheduling of the open pit mining operation. The model has a block size of 20 m by 20 m by 15 m. Each block includes the Mineral Resources data, the geometallurgical rock types, metallurgical indices, and an NSR value. The NSR value is the revenue paid for the concentrate at the mine gate, and excludes costs for the mining process and G&A. The NSR value represents the in situ (before mining) value of the mineralised block after allowing for metallurgical recovery to concentrate, smelter deductions, transportation of concentrate, smelter treatment and refining charges, and royalties. NSR values are based on long-term forecasts for metal prices, smelter and refinery terms, and off-site charges and costs. The NSR value is used as a proxy for cut-off grade to rank parcels of mineralisation and classify parcels as ore or waste, such that a parcel of mineralisation is defined as waste where the cost of processing and general administration exceeds the NSR cut-off value. For the Oyut open pit, the NSR cut-off values vary between 7.18 $/t and 10.14 $/t for the different geometallurgical ore types. Some allowance is made for ore loss and contact dilution in the resource estimation procedure. To date, there has been no detailed assessment of the impacts of ore loss and dilution on planned tonnes and grades. Ongoing reconciliation in the transfer of Mineral Reserves to actual production suggests that these impacts are not large. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 135 of 205 13.3.4 Pit phases The current open pit design utilized an industry standard Lerchs-Grossmann (LG) pit optimization approach to produce a nested set of pit shells, which represent the best economic sequence of pit phase development. The nested pit shells are used to guide the design of practical pit phases and the sequence of mining. The pit optimization process used Measured and Indicated Resources classification blocks only for potential revenue generation. Inferred Mineral Resources were treated as waste. A plan showing the planned phases of the Oyut open pit is shown in Figure 13-2. Sections through the pit design are shown in Figure 13-3 and Figure 13-4. The sections show the outline of the currently planned phases superimposed on the Mineral Resource block model. The individual phase designs are shown in Figure 13-5. The tonnage and grade of ore contained in each phase is summarized in Table 13-2. Phases 1 to 4a (excluding 3b) were extracted prior to 31 December 2019. Using the nested pit optimization shells and the slope design criteria, practical pit designs were prepared for the remaining 12 pit phases (3b, 4b, 5a, 5b, 6b, 7, 8, 9, 10, 11, 12, 13). The outlines of the practical pit phase designs correspond well with the LG optimization shells. The final phase (phase 13) is the 2020 Mineral Reserve pit and is based on the LG pit shell with a LG revenue factor of 1. The use of this factor maximises the life of the pit but does not necessarily maximise the NPV. The 2022 Mineral Reserves reported in Section 12 uses the same final phase (phase 13). The pit phases and the Mineral Reserves pit outline may vary in future with changes in revenue factors, costs, and revised slope design criteria. Figure 13-2: Planned Oyu Tolgoi mining schedule Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 136 of 205 Figure 13-3: Oyut open pit design – Section A-A' Figure 13-4: Oyut open pit design – Section B-B' CuEq % for blocks CuEq % for blocks

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 137 of 205 Figure 13-5: Oyut open pit phases (grid lines are at 500 m intervals) Table 13-2: Oyut tonnage and grade of material in pit phases (on an RR20 basis) Mining phase Strip ratio Waste (Mt) Ore (Mt) Cu (%) Au (g/t) Ag (g/t) P4b 0.5 28 63 0.45% 0.48 1.29 P5a 2.0 194 75 0.38% 0.39 1.21 P3b 1.9 11 30 0.44% 0.17 1.66 P5b 1.7 178 101 0.35% 0.36 1.14 P6b 0.2 -3 35 0.60% 0.08 1.57 P7 1.6 53 38 0.62% 0.10 1.23 P8 1.5 201 124 0.54% 0.18 1.16 P9 1.6 138 79 0.40% 0.12 0.96 P10 4.9 277 56 0.38% 0.62 1.27 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 138 of 205 Mining phase Strip ratio Waste (Mt) Ore (Mt) Cu (%) Au (g/t) Ag (g/t) P11 3.5 141 40 0.52% 0.20 0.94 P12 2.2 171 80 0.39% 0.10 1.20 P13 6.2 383 62 0.39% 0.57 1.36 Total 2.3 1,771 783 0.44% 0.29 1.21 Note: Phases 1 to 4a were extracted prior to 31 December 2019. Totals may not match due to rounding. Short-term mine planning is guided by an ore control model that uses the results of blasthole sampling to manage the final selection of ore and waste. The ore control model also guides the delivery of ore directly to the concentrator or to stockpiles, which are used to blend the feed to the concentrator. 13.3.5 Waste dump and stockpile design The location of the waste dumps and stockpiles is shown in Figure 13-6. The design capacity of the dumps and stockpiles is summarized in Table 13-3 and Table 13-4, respectively. Including the waste rock in the TSF embankments, the total waste storage capacity is approximately 1,600 Mt. Waste Rock Storage (WRS) and stockpiles are designed to incorporate 30% swell, 10% natural compaction, and a 37° angle of repose. The dumps are built in 15 m lifts to establish 30 m benches to a maximum height of 90 m. Haul roads are 40 m wide at a 10% gradient. Potentially Acid Forming (PAF) waste is selectively placed and encapsulated within the dump to migrate any risk from Acid Rock Drainage (ARD). PAF is encapsulated with a minimum 10 m distance from the final recontoured surface slope and 1.5 m on the top of the final landform. In areas where the land surface does not contain clay, a 3 m thick lift of Non- Acid Forming (NAF) waste is placed and compacted at the base of the dumps. The high grade, (HG), medium grade (MG) and low grade (LG) stockpiles are part of the mine planning strategy to optimise Project value and are categorized as Mineral Reserves. The stockpiles will continue to grow over the Life of Mine (LOM). As the higher grade ore from the pit is depleted, the stockpiles will be drawn down and fed to the concentrator. The high grade stockpile will also be used as an operating buffer if required. The final mine outline areas are shown in Figure 13-7. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 139 of 205 Figure 13-6: Location of waste dumps and stockpiles Table 13-3: Waste dump design capacities as at 2019 Q3 Dump Final capacity (Mt) East dump 40 South dump (PAF) 615 South dump (NAF) 210 SOM dump 60 Tailings Cell 1 115 Tailings Cell 2 200 Tailings Cell 3 220 Tailings Cell 4 140 Total 1,600 Note: Totals may not match due to rounding. Table 13-4: Stockpile design capacities as at 2019 (Q3) Stockpiles Final capacity (Mt) Medium grade stockpile (Southwest and Central) 45 Low grade stockpile (Southwest and Central) 130 Marginal ore stockpile 40 Total 215 Note: Totals may not match due to rounding. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 140 of 205 Figure 13-7: Location map showing footprint of final mine outline 13.3.6 Mining fleet, machinery, and personnel requirements The mining fleet productivity and utilisation assumptions used as the basis for the mine production schedule are shown in Table 13-5. Shovel productivities shown are tonnes per direct operating hour when the shovel is loading. Table 13-5: Property mining fleet and machinery (October 2021) Equipment type Units Trucks (930E) Electric shovels (495HR) Hydraulic shovels (RH350) Support excavator (L9400) FELs (WA1200 Initial fleet size units 30 2 2 2 2 Service life kh 125 170 85 80 80 Productivity t/h 305 7,500 4,550 2,873 2,800 Payload t 295 – – – – Availability % 87.6% 85.0% 77.1% 74.7% 79.6% Use of availability % 92.5% 91.0% 90.0% 87.0% 83.0% Operating efficiency % 91.0% 56.0% 59.5% 61.0% 69.0% Effective utilization % 73.7% 43.3% 41.3% 40.3% 44.9%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 141 of 205 Equipment type Units Trucks (930E) Electric shovels (495HR) Hydraulic shovels (RH350) Support excavator (L9400) FELs (WA1200 Mining rate per unit Mtpa - 28.5 16.3 12.0 9.4 Initial fleet size units 30 2 2 2 2 The anticipated labour requirements for the open pit operation are shown graphically in Figure 13-8. Figure 13-8: Open pit labour requirements 13.4 Underground mining 13.4.1 Background An isometric view of the planned Hugo North Lift 1 underground mine is shown in Figure 13-9. The surface infrastructure and the relative location of the underground mine is shown in Figure 13-10. The Lift 1 footprint is approximately 1,300 m below surface, 2,000 m north-south, and 280 m east-west. Sinking of a multipurpose shaft (Shaft 1) to access the Hugo North deposit began in February 2005 and reached its final depth in January 2008. A total of 15 km of lateral development was completed from Shaft 1 by August 2013, when the Underground Project was placed into care and maintenance. The Phase 2 commenced with sinking activities in Shaft 2 (a multipurpose shaft) and Shaft 5 (an exhaust ventilation shaft) and development of accesses to the Lift 1 footprint. Shaft 2 sinking and installation of fixed guides and other equipment was completed in October 2019 and became operational in December 2019. Shaft 2 is now the main access for personnel and materials and for rock hoisting. Previously, all personnel, materials, and rock hoisting were carried out through Shaft 1. Sinking of Shaft 5 was completed in early 2019. Work on construction of ventilation shafts Shaft 3 and 4 continues following a period of care and maintenance as a result of the COVID-19 pandemic. The declines for the conveyor to surface are being driven down from the surface. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 142 of 205 Figure 13-9: Hugo North isometric view of planned mine development arrangements. Figure 13-10: Hugo North surface infrastructure arrangements. The Hugo North mine plan envisages construction of a block cave operation with a nameplate production rate of 33 Mtpa. Lift 1 is planned to be extracted in three panels (Panel 0, Panel 1, and Panel 2). Mining is planned to start in Panel 0 followed by Panel 2 and Panel 1. Hugo North Lift 2 is currently planned as a block cave operation with the footprint approximately 400 m below Lift 1. Development of Lift 2 is at a conceptual stage and is not yet in Mineral Reserves. Mine development commenced as envisaged in the 2016 Feasibility Study design. Development of the extraction, undercut, and apex levels for Panel 0 were well developed. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 143 of 205 In 2018, a detailed review of geological and geotechnical data was carried out. The review highlighted several critical stability risks with aspects of the 2016 feasibility study design of Panel 0. As a result, a new footprint design has been adopted for Panel 0, and changes have been made to aspects of Panels 1 and 2. 13.4.2 Geotechnical considerations The caving mining method is well suited to the geological and geotechnical characteristics of the Hugo North deposit. The moderate to high stress conditions, a fractured rock mass, and a large caving footprint minimise risks associated with cave propagation. However, the high stress environment and fractured rock mass will present challenges for excavation stability during construction and operations. Fragmentation analysis indicates fine fragmentation for all geotechnical domains. No significant natural surface features will be impacted by subsidence, and no critical mine infrastructure is planned within the likely subsidence area. Geotechnical data for Hugo North was collected and analyzed during several geotechnical work programs over the past decade. An initial program of geotechnical data collection and analysis was carried out prior to 2009, including 613 UCS tests, in situ stress measurements, and collection of a range of geotechnical data from orientated drill core logs. Between 2009 and 2016, significant additional data was collected by extensive surface and underground drilling programs. This included approximately 32 km of drilling and sampling from five underground drill sites. The data collected was used to estimate rock mass quality, stress gradients and orientations, and to identify and characterize fault systems in Hugo North Lift 1. From 2016 to 2019, development advanced from off-footprint infrastructure areas to the west and east sides of Panel 0 onto the footprint of Panel 0. Diamond drilling from surface and underground drill sites recommenced in 2017. The underground drilling aimed initially to increase the understanding of faulting near the planned off-footprint infrastructure and to further characterize faulting in Panel 0. Surface drilling predominantly focused on gaining additional orebody knowledge and to establish the cave monitoring system above Panel 0. The diamond drilling for geotechnical purposes carried out between 2017 and 2019 is summarized in Table 13-6. The geotechnical parameters logged from drill core include: • Down hole interval location (from-to). • Core recovery. • RQD. • Lithological code. • Intact rock strength/hardness. • Degree and nature of rock weathering. • Total number of discontinuities. • Surface condition of discontinuities, including roughness, wall alteration and infilling. • Non-rock mass rating interval – (soil or fault) including fault type (gouge, sheared or broken). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 144 of 205 • Comments – lithology and rock mass. Table 13-6: Underground and surface geotechnical diamond drilling from 2017 through 2019 Year Holes drilled Footprint drilling (m) Off-footprint drilling (m) Seismic monitoring holes (m) Holes drilled Hole length (m) 2017 4 - - - 24 16,484 2018 34 1,315 2,930 120 57 38,862 2019 90 5,265 3,706 222 28 18,159 In 2018, as part of the normal progression to execution level design for Panel 0, a detailed review of underground drilling indicated the presence of significant fault zones in the Panel 0 area that were not fully apparent at the time of the 2016 feasibility study. Of concern was the extent and ubiquity of the faulting in a zone known as the lower fault splay, where it was proposed to install critical infrastructure, including the Panel 0 ore-handling system. In September 2018, three holes were drilled into the main section of the Lower Fault Zone, approximately perpendicular to the strike of the fault. This drilling program increased the understanding of the significance of the fault zone identifying multiple anastomosing splays and varying amounts of gouge. In 2019, further drilling was conducted to further characterize the other major faults within Panel 0. An extra hole was added to the 2019 drilling program to define the ground conditions of a proposed alternative ore-handling system in the northern part of Panel 0. As the understanding developed of the characteristics of the Lower Fault Zone via data collection and analysis, including numerical modelling, the implications for mine design and operations were assessed and work commenced to investigate how the impact could be minimized via increased ground support or design modifications. In 2019, SRK Consulting and geoscientists from the Oyu Tolgoi study team updated the structural model of the faults impacting Panel 0. To develop the updated model, all diamond drill hole core photographs were scrutinized in conjunction with available mapping of underground development. Three-dimensional shapes were created from the drill hole data and cross checked against core photographs. Dip and dip direction were used where data was available for fault orientation and projection. A formal review of the new structural model of the Panel 0 area was carried out by Oyu Tolgoi LLC, which concluded that the modelled faults were geologically reasonable and compatible with the available data. The new model does not represent all the fault structures within Panel 0, and the process of investigating the major faults in Panel 0 and Panels 1 and 2 is ongoing. The new structural model identified significantly more structure than had previously been identified in the 2016 feasibility study. Numerical assessment of cave propagation has been carried out by Itasca using a coupled FLAC3D-CAVESIM model. The aim was to investigate the first 50 months of production, with focus on the period from cave initiation to surface breakthrough. The sensitivity of propagation to rock mass strength was assessed for P30 and P50 material properties (lower percentile values for UCS, mi and GSI).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 145 of 205 In addition to the rock mass properties, the rate of propagation depends on the start point and direction and rate of undercutting and the production rate. Using the planned undercut sequence and production rate, the cave is predicted to propagate to surface with no significant airgaps formed nor significant intermittent caving events. Using P50 material properties and a bulking factor of 115%, surface breakthrough is predicted after 42 months of production (i.e. 30 months after cave initiation or 15 months after full undercutting). Using P30 material properties and a bulking factor of 108%, surface breakthrough is predicted to occur around 10 months earlier. However, the relatively high draw ramp up rate, combined with critical hydraulic radius, results in a narrow, conical shaped cave at breakthrough. The formation of a conical cave is heavily influenced by the relatively low rock mass strength and large-scale structures that act as cave propagators, especially the Kharaa fault in the southeast corner of the footprint and the Bumbat and Wbat faults in the northwest. After breakthrough, some cave sidewalls, particularly the northeast sidewall, have substantial overhangs. For P30 properties, these overhangs gradually collapse as draw progresses. For P50 material properties, a final state overhang or hang-up is predicted in the northeast cave sidewall. Also, a lower caving rate is predicted above the northeast corner of the footprint. The formation of the overhang is also influenced by the corner in the cave footprint. Based on the properties provided, the models indicate the risks of significant overhangs forming are low. The predicted subsidence fracture limit (determined as the point of having a notable impact on key infrastructure) at the end of mining Lift 1 is shown by the blue outline in Figure 13-11. The subsidence angles are predicted to be near-vertical at the northern and southern limits of the cave, where confinement is highest, and approximately 55° in the east and west directions, where confinement is lowest. Figure 13-11: Hugo North predicted subsidence fracture limit Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 146 of 205 In the QP's opinion, the geotechnical factors are adequately considered for the Mineral Reserve reported. 13.4.3 Hydrogeological considerations As the block cave propagates up the cave column it will become a preferential flow path for ground water. As the cave continues to grow up the cave column and eventually breaks through to the surface, hydraulic connectivity will occur and surface water can also potentially drain into the cave column. Strategies for surface water management will be developed and updated regularly with new information. The block cave impacts on ground and surface water, as a result of cave growth and surface connectivity, are required to be assessed incrementally as more studies are completed and site data is collected. 13.4.4 Mining model The mine design consists of 211 km of lateral development, five shafts, and two decline tunnels from surface. The primary life of mine ore-handling system will transport ore to surface by a series of conveyors to surface. An overview of the planned Lift 1 development is shown in Figure 13-11. The Lift 1 mining levels are approximately 1,300 m below surface. Six distinct levels will be developed to mine Lift 1. The levels are shown in Figure 13-12. The Apex and undercut levels are shown in the left same image (the left-hand image). The apex level is 17 m above the undercut level, which in turn is 17 m above the extraction level (floor to floor). The haulage level is 44 m below the extraction level. In the footprint area, the exhaust ventilation level lies between the extraction and haulage levels. Over 73 km of lateral development and over 5 km of vertical development have been completed since the Project commenced. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 147 of 205 Completed development is coloured grey Figure 13-12: Hugo North mine levels 13.4.5 Mining phases The Hugo North mine production schedule was developed using PCBC, a cave modelling software package. The development, undercutting, and construction schedules were coordinated with the production ramp-up schedule to ensure that planning for all facilities support the requirements for the planned production build-up. In 2012 and 2016, discrete-event simulation model of the ore-handling system was developed and used to estimate the overall capacity of the ore-handling system and its ability to achieve the target production rate of 95 kt/d. This model was used to establish the baseline production capacity for the default ore-handling layout shown on the material handling flowsheet. No changes have been made to the ore truck haulage, crushing and conveying system that would materially impact the capacity of the ore-handling system. The maximum production Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 148 of 205 rate for Panel 0 has been reduced from approximately 40 kt/d in the 2016 feasibility study to 30 kt/d, the current mine design capacity. The following is a summary of the key scheduling constraints applied to the production schedule: • A maximum undercut advance of 10 m per month (four rings in each undercut drive). • Maximum of five drawbells per month blasted per undercut face. • Undercut mucking rates scheduled at 1,350 t/d. • Undercut faces in Panel 1 and Panel 2 initiated once Panel 0 is operating sustainably and development, undercutting and construction resources can be relocated from Panel 0. • After undercutting is complete, the maximum production rates from each panel are limited to 30 kt/d from Panel 0, 35 kt/d for Panel 1, and 95 kt/d from Panel 2. • The production rate curve (PRC) used to control the initial rate of draw from individual draw points was updated is in line with practice at similar caving operations. After achieving sustainable cave propagation, which is estimated to occur after firing approximately 60 drawpoints, the production rate will ramp up between 2023 and 2029, to reach a steady-state rate of 95 kt/d (33 Mtpa). The annualized production profile for Hugo North Lift 1 is shown in Figure 13-13. The profile of the planned production ramp-up is similar to the ramp-up envisaged in the 2016 feasibility study. The production schedule does not reflect the impacts of the COVID-19 pandemic which are ongoing and continue to be assessed. Figure 13-13: Hugo North Lift 1 mine production schedule by panel

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 149 of 205 13.4.6 Mining fleet, machinery and personnel requirements The underground mobile equipment fleet is more than 300 units at present. Fleet size and composition will fluctuate with demand and changes in the work requirements. The make-up of the planned mobile equipment fleet by main categories is shown in Figure 13-14. Equipment will meet Tier IV emission standards or be outfitted with a diesel particulate filter. The equipment is planned to be provided by four primary vendors: • Sandvik – mucking and development hauling. • Epiroc – drilling and ground support. • Normet – utility and service. • Scania – production haulage. A production fleet of 26, 14-tonne diesel load-haul-dump (LHD) machines is required to achieve the peak planned production rate of which 21 will be operating at a time. Three longhole rigs and two boxhole machines will be used to maintain the drawbell construction rate of up to nine drawbells per month. The equipment fleet sizes and vendors are subject to further review as part of operational readiness planning. Hang-ups will be managed by a secondary breaking crew equipped with water cannons and a single-boom medium-reach drill rig equipped with a self-indexing charging arrangement for automated charging. Blasting will be done at the scheduled end of shift but could be done at mid-shift if needed. Non-explosive rock breaking technology will be used for oversize rocks removed from the drawpoint to secondary breaking locations. Figure 13-14: Hugo North mobile equipment fleet by main category The underground mine operates 24 hours per day, 365 days per year. Current and planned working arrangements are based mainly on working two 12-hour shifts. Work schedules are aligned to support the continuous non-stop operations for the operational roles. The region in which the Project is locate does not have a tradition of underground mining or heavy industry. Consequently, the current workforce includes a significant number of expatriate personnel who provide many of the specialist skills required for mine construction. The composition of the current underground workforce is summarized in Table 13-7. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 150 of 205 Oyu Tolgoi LLC has developed and operates a training facility and program to train miners, mechanics, plant operators, and technicians. The training combined with the reduced need for specialist skills as mine construction is completed will lead to a progressive reduction in expatriate personnel. Table 13-7: Composition of the current underground workforce Project Stage Mongolian (%) Expatriates (%) Mining contractor 75 25 Construction contractor 60 40 Oyu Tolgoi LLC operations 90 10 13.5 Production schedule 13.5.1 Scheduling process At the time of reporting, the Property comprises total Mineral Reserves of 755 Mt, and total Mineral Resources of 2.7 Bt, on a Rio Tinto owned basis. The conversion of material from a Mineral Resources to Mineral Reserves category occurs on a progressive basis. The timing of the conversion is dependent on completion of technical studies to a minimum of pre- feasibility 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 Reserves 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. To demonstrate economic viability of the Property's Mineral Reserves at the time of reporting, a Mineral Reserves production schedule is created. This schedule utilises only material classified as Mineral Reserves 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. As a result of this approach, the production rates scheduled may not align with production guidance, previously demonstrated production rates and system capacity. 13.5.2 Scheduling results The planned production schedule for Oyu Tolgoi is shown in Figure 13-15 and Table 13-8. The current production rate from the Oyut open pit continues until 2023, after which it will be progressively reduced as production builds up from underground. Open pit mining will continue in parallel with Hugo North Lift 1 to keep the Oyu Tolgoi concentrator operating at its design capacity. Following depletion of Lift 1, production from the Oyut open pit will be increased to meet mill capacity. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 151 of 205 Mining rates in the Hugo North panel cave are determined by cave propagation, drawpoint productivity, and ultimately ore transfer capacity to surface. The peak underground production is forecast at 95,000 t/d for 350 operating days per year (33.25 Mt/a). Mining rates in the Oyut open pits are determined by the overall material movement and are sufficient to present up to 54 Mtpa of ore to either the concentrator or run-of-mine stockpiles. During underground production, however, Oyut open pit ore production is throttled back to only make up the balance between underground ore production and the concentrator capacity. Figure 13-15: Life of mine Mineral Reserve processing schedule Table 13-8: Planned Oyu Tolgoi mining schedule Oyut open pit Hugo North ore mined Total ore mined Year Waste (Mt) Ore (Mt) Cu (%) Au (g/t) Ore (Mt) Cu (%) Au (g/t) Ore (Mt) Cu (%) Au (g/t) 2023 61 46 0.39 0.21 4 1.5 0.43 50 0.48 0.23 2024 61 35 0.57 0.38 8 1.8 0.49 43 0.81 0.40 2025 66 24 0.35 0.23 12 2.2 0.56 36 0.98 0.34 2026 48 32 0.31 0.26 16 2.3 0.56 48 0.99 0.37 2027 19 31 0.33 0.40 23 2.2 0.52 53 1.11 0.45 2028 45 14 0.49 0.76 31 1.9 0.47 45 1.47 0.56 2029 54 11 0.43 0.09 33 1.8 0.42 45 1.42 0.33 2030 29 16 0.50 0.15 33 1.6 0.35 50 1.22 0.28 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 152 of 205 Oyut open pit Hugo North ore mined Total ore mined Year Waste (Mt) Ore (Mt) Cu (%) Au (g/t) Ore (Mt) Cu (%) Au (g/t) Ore (Mt) Cu (%) Au (g/t) 2031 21 24 0.49 0.15 33 1.4 0.32 57 1.02 0.25 2032 24 26 0.57 0.17 33 1.3 0.34 59 1.00 0.26 2033 12 33 0.66 0.22 33 1.3 0.33 66 0.98 0.28 2034 27 18 0.66 0.24 33 1.2 0.27 50 1.04 0.26 2035 49 21 0.45 0.14 33 1.2 0.21 53 0.90 0.18 2036 63 12 0.40 0.16 32 1.3 0.17 44 1.02 0.16 2037 89 18 0.40 0.06 28 1.5 0.16 46 1.06 0.12 2038 116 4 0.38 0.11 23 1.5 0.15 26 1.36 0.14 2039 88 37 0.38 0.12 16 1.3 0.12 53 0.65 0.12 2040 90 30 0.34 0.18 10 0.8 0.07 40 0.44 0.15 2041 89 28 0.34 0.39 1 0.6 0.03 29 0.35 0.37 2042 74 49 0.51 0.62 0 0.6 0.02 49 0.51 0.62 2043 78 38 0.45 0.16 0 0.3 0.01 38 0.45 0.16 2044 78 42 0.42 0.10 – – – 42 0.42 0.10 2045 89 1 0.22 0.26 – – – 1 0.22 0.26 2046 66 10 0.31 0.19 – – – 10 0.31 0.19 2047 67 8 0.32 0.31 – – – 8 0.32 0.31 2048 56 14 0.42 0.13 – – – 14 0.42 0.13 2049 31 19 0.35 0.47 – – – 19 0.35 0.47 2050 4 16 0.50 1.24 – – – 16 0.50 1.24 2051 – – - - – – – – – – Total 1,771 783 0.44 0.29 440 1.51 0.32 1,223 0.83 0.30 Note: Ore mined from the Oyut open pit excludes ore recovered from surface stockpiles. Amounts are rounded and exclude any impacts of COVID19 and are subject to further study and assessment as part of Oyu Tolgoi LLC's cost and schedule estimation update which is expected later in 2023 and subject to further study and analysis on Panels 1 and 2. 13.5.3 Mining unit dimensions 13.5.3.1 Open pit A three-dimensional block model (mining block model) is used for long-term planning and scheduling of the open pit mining operation. The model is based on, and has the same block size, as the 2018 Oyut Mineral Resource block model (20 m x 20 m x 15 m). Each block includes the Mineral Resource data, the geometallurgical rock types, metallurgical indices, and an NSR value. The NSR value is the revenue paid for the concentrate at the mine gate and excludes costs for the mining process and G&A. The NSR value represents the in situ (before mining) value

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 153 of 205 of the mineralised block after allowing for metallurgical recovery to concentrate, smelter deductions, transportation of concentrate, smelter treatment and refining charges, and royalties. NSR values are based on long-term forecasts for metal prices, smelter and refinery terms, and off-site charges and costs. The NSR value is used as a proxy for cut-off grade to rank parcels of mineralisation and classify parcels as ore or waste, such that a parcel of mineralisation is defined as waste where the cost of processing and general administration exceeds the NSR cut-off value. For the Oyut open pit, the NSR cut-off values vary between 7.18 $/t and 10.14 $/t for the different geometallurgical ore types. Some allowance is made for ore loss and contact dilution in the resource estimation procedure. To date, there has been no detailed assessment of the impacts of ore loss and dilution on planned tonnes and grades. Ongoing reconciliation in the transfer of Mineral Reserves to actual production suggests that these impacts are not large. 13.5.3.2 Underground Caveability assessments were conducted using three different analysis methods: • Laubscher mining rock mass rating (MRMR) rock mass classification system combined with the Laubscher's (2000) MRMR stability graph. • Extended Matthew's stability chart, based on the Matthews N value (a derivative of the NGI Q system). • A coupled cave propagation simulation method described in Hebert and Sharrock (2018). The Laubscher stability graph approach indicated a hydraulic radius (HR) to sustain continuous caving of between 20 m to 23 m (for median rock mass conditions). The extended Mathews stability chart indicated slightly larger range 25 to 35 m; however, the Lift 1 cave lies outside the range of experience captured by the chart. The coupled cave propagation simulation method implements a detailed and numerical approach to simulate cave propagation based on strong bidirectional coupling between FLAC3D (Itasca 2019) and CAVESIM. Production advance is simulated in CAVESIM, where material is drawn from the drawpoints based on the input draw schedule. Material flow is simulated within CAVESIM, and the resulting air gap volume and volumetric flow rate in the cave are communicated to the FLAC3D model. Using a range of properties, cave initiation is predicted at a HR between 25 and 29 (minimum span of 100 to 115 m) depending on the design and starting location. The caveability analysis indicates that faulting will significantly influence and promote caving and cave propagation. 13.5.4 Mining dilution and recovery factors A strategy of soft, firm, and hard boundaries has been used during estimation to account for domain boundary uncertainty (dilution) and to reproduce the input grade sample distribution in the block model. Soft boundaries allowed full sharing of composites between domains during grade estimation; firm boundaries allowed sharing of composites from within a certain distance of the boundary and hard boundaries allowed no composite sharing between domains. Comparative basic statistics, such as mean grade, was carried out for each set of adjoining domains to establish the boundary as soft, firm, or hard. Contact plots and visual Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 154 of 205 inspection of grade distributions were also used in cases where results were unclear or were contrary to geologic expectation. Approximately 5% of the tonnage included in the Oyut Mineral Reserve is dilution originating from Inferred Mineral Resources. The grades of this material have been set to zero to ensure that only metal originating from Measured and Indicated Mineral Resources is included in the Mineral Reserve estimate. Inferred blocks within the Lift #1 block cave shape are assigned a zero grade and treated as dilution in the Mineral Reserve. To date, there has been no detailed assessment of the impacts of ore loss and dilution on planned tonnes and grades. Ongoing reconciliation in the transfer of Mineral Reserves to actual production suggests that these impacts are not large. 14. Processing and recovery methods 14.1 Processing methodologies and flowsheets The existing process plant at Oyu Tolgoi (Phase 1) commenced production in 2013 with a nameplate capacity of 95 kt/d, though this has often been exceeded when processing less competent and softer ores, with the limitation being largely volumetric. Figure 14-1 provides a schematic representation of the existing concentrator. Table 14-1 provides a summary of major equipment installed in the concentrator. Table 14-1: Summary of existing major equipment Equipment Unit Number of Units Description Installed Unit Power (kW) Primary Crusher 1 60" x 113" Fuller-Traylor gyratory 750 SAG Mill 2 FLSmidth 11.6 m diameter x 6.9 m EGL with Siemens gearless mill drive 20,000 Pebble Crusher 3 Metso MP 1000 cone crusher 750 Ball Mill Cyclone Cluster 4 Weir Cavex 8 x 800CVX cyclones Ball Mill 4 FLSmidth 7.3 m diameter x 11 m EGL, GE twin pinion drives 11,400 Tailings Thickener 2 In-ground high rate, 80 m diameter Rougher Flotation 4 8 x 160 m3 Wemco tank cell bank 187 Cleaner Flotation Cells 3 4 x 160 m3 Wemco tank cell bank 187 Cleaner-scavenger Flotation Cells 3 4 x 160 m3 Wemco tank cell banks 187 Regrind Cyclone Cluster 3 Weir Cavex 18 x 500CVX cyclones Regrind Mill 6 Metso Vertimill VTM-1500-WB 1,119 Recleaner Column Cell 4 CPT 5.5 m diameter x 16.0 m high Concentrate Thickener 2 23 m diameter, high rate 7.5 Concentrate Pressure Filter 2 Larox PF tower press, 144 m2 filter area 110 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 155 of 205 Figure 14-1: Schematic of the existing concentrator COARSE ORE SURGE BINCRUSHER DISCHARGE FEEDER PRIMARY CRUSHER CRUSHER DISCHARGE CONVEYOR OVERLAND CONVEYOR APRON FEEDER No. 4/5/6 APRON FEEDER No. 1/2/3 CRUSHER DUMP POCKET STOCKPILE FEED CONVEYOR SAG MILL FEED CONVEYOR NO.1 SAG MILL FEED CONVEYOR NO.2 SAG MILL NO.2 BALL MILL NO.2 CYCLONE NO.2 BALL MILL NO.1 CYCLONE NO.1 BALL MILL NO.4 CYCLONE NO.4 BALL MILL NO.3 CYCLONE NO.3 ROUGHER FLOTATION LINE 1 ROUGHER FEED LAUNDER NO.2 ROUGHER FEED LAUNDER NO.1 ROUGHER FLOTATION LINE 2 SAG MILL DISCHARGE NO.1 SAG MILL DISCHARGE NO.2 SAG MILL NO.1 ROUGHER FLOTATION LINE 3 ROUGHER FLOTATION LINE 4 ROUGHER FEED DISTRIBUTOR ROUGHER CONC. LAUNDER REGRIND CYCLONE FEED REGRIND FEED CLEANER FLOTATION LINE 1 CLEANER SCAVENGER FLOTATION LINE 1 COLUMN FEED COLUMN FEED DISTRIBUTOR NO.1 CLEANER FLOTATION LINE 2 CLEANER SCAVENGER FLOTATION LINE 2 CLEANER FLOTATION LINE 3 CLEANER SCAVENGER FLOTATION LINE 3 CONCENTRATE FILTER NO.1 CONCENTRATE STOCKPILE COLUMN 1-4 CONCENTRATOR LAUNDER CONCENTRATE THICKENER NO.2 TAILING THICKENER NO.1 TAILING THICKENER NO.2 TAILINGS STORAGE FACILITY REGRIND CYCLONES NO.1/2/3 REGRIND MILLS NO.1-6 COARSE ORE STOCKPILE PEBBLE CRUSHERS CONCENTRATE FILTER NO.2 COLUMN TAILING LAUNDER CLEANER FEED CONCENTRATE BAGGING PLANT M1M2M3M4 COLUMN FLOTATION 1-4 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 156 of 205 Planned changes to increase throughput from the concentrator include an upgrade of major equipment installed in the Oyu Tolgoi concentrator as listed in Table 14-2 and illustrated in Figure 14-2. Table 14-2: Summary of major additional equipment required for the concentrator conversion Equipment Unit Number of Units Description Installed Unit Power (kW) Ball mill cyclone cluster 1 10 x 800 CVX cyclones Ball mill 1 7.3 m diameter x 11 m EGL 11,400 Rougher flotation bank 1 8 x 160 m3 Wemco tank cell bank 187 Column cell 6 5.5 m diameter x 16.0 m high Concentrate thickener 1 23 m diameter high rate 7.5 Concentrate pressure filter 2 Tower press, 144 m2 filter area 110 Figure 14-2: Location of new facilities relative to Phase 1 installation 14.2 Processing plant throughput and characteristics The maximum throughput achieved through the Phase 1 concentrator was at the end of March 2016, when five successive days processed an average of 139,000 t/d (5,800 t/h). The comminution predictions have been validated by power modelling completed by the Concentrator Conversion Feasibility Study engineering team, from Wood PLC, and JKSimMet simulations completed on surveys completed in 2017 and 2018. The comminution predictions have also been validated by comparison of predicted and actual performance of the Phase 1 concentrator grinding circuit. The comminution dataset contains 645 SPI results

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 157 of 205 and 626 MBI test results on the Oyut and Hugo North deposits. The results show a large overlap between Oyut and Hugo North deposits. Table 14-3: Ore comminution indices Zone Percentile SPI (min) MBI (kWh/t) Ci Tonnes processed per operating hour (t/h in Phase 1) Oyut Central 20th percentile 26.0 9.8 33.0 10,053 50th percentile 49.2 13.0 24.7 6,895 80th percentile 65.2 14.7 21.0 6,062 Oyut Southwest 20th percentile 90.0 18.3 22.0 5,145 50th percentile 132.4 19.9 16.6 4,158 80th percentile 188.1 21.4 12.8 3,492 Hugo North 20th percentile 61.9 16.4 24.3 5,898 50th percentile 76.4 17.7 16.6 5,063 80th percentile 104.4 20.1 9.7 4,319 In 2018 an additional 40 samples were taken from the Oyut deposit to increase density of comminution information in the short-medium term. The results of these tests were compared to those in the block model at the time and showed generally good agreement with one apparent outlier. A comparison between the measured and predicted SPI results comparison is shown in Table 14-4. There is good agreement between the measured and previously estimated SPI values, the measured results were more competent on average. The effect on the measured samples is a reduction in expected processing rate of 2.2%. The results were used to update the resource model underlying the Mineral Reserves and mine plan, with the exception of the apparent outlier. Table 14-4: Prediction of comminution properties - measured for 40 comparison samples Dataset SPI (min) MBI (kWh/t) Processing rate (t/h) Existing Prediction 128.3 18.8 5,008 Measured 143.5 20.1 4,897 Difference (%) 11.8 6.9 -2.2 The throughput and specific equipment in use at the plant and the current range of throughputs on both an annual and an hourly basis are shown in Table 14-5. Table 14-5: Throughput and equipment characteristics of processing plants within the Property Throughput Range Equipment Characteristics Specifications 3600 to 5300 tonnes of ore processed per operating hour (10th to 90th percentile, median 4700 t/h). Annual tonnes of ore processed 28 to 41 Mtpa. 1 of 60 in x 113 in Primary Crusher (1 MW) 2 of 38 ft x 23 ft SAG Mills (20 MW ea) 3 of 750 kW pebble crushers 4 of 24 ft x 36.5 ft Ball Mills (11.4 MW ea) 4 of 8 x 800 mm hydrocyclone packs 4 rows of 8 x 160 m3 rougher flotation cells 3 rows of 4 x 160 m3 cleaner flotation cells Design and equipment specifications used by Rio Tinto include: Australian Standards ISO Rio Tinto Major Project Standards Rio Tinto internal HSES and Major Hazards standards Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 158 of 205 Throughput Range Equipment Characteristics Specifications 900 to 2600 tonnes of concentrate produced per operating hour (10th to 90th percentile, median 1500 t/h). Annual tonnes of concentrate produced 400 to 800 ktpa. 3 rows of 4 x 160 m3 cleaner scavenger flotation cells 6 of 1500 HP vertimills 3 of 18 x 500 mm hydrocyclone packs 4 of 5.5 m x 16 m flotation columns 2 of 23 m concentrate thickeners 2 of 144 m2 pressure filters 1 of bagging plant including 4 x bagging modules 2 of 80 m tailings thickeners Rio Tinto Engineering Standards The processing methods, plant designs and other parameters used by Rio Tinto for current and future plant feed types are in use commercially both within the Property and more generally within the copper processing 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. 14.3 Energy, water process materials and personnel requirements The power, water and process materials requirements are shown in Table 14-6. Energy consumption rates are supplied as a range depending on ore type. Concentrator unit power consumption was 28.5 kWh/t in 2015. It is projected to remain at similar levels when Hugo North ore forms the majority of feed from 2024 to 2037. The acceleration of the Central mining phases has reduced the unit power consumption to 25.6 kWh/t in 2018, but this is expected to increase as equipment utilisation increases for Hugo North processing. The raw water requirement is defined as the amount of water that is consumed per tonne of ore processed. The water consumption rate in the July 2016 to June 2017 hydrologic cycle was 0.35 m3/t of ore, which is below design levels. The raw water consumption has dropped due largely to site efforts to reduce water consumption and increasing throughput on the softer Central ores. The mass and water balances developed for the OTFS20 show specific raw water consumption throughout the Hugo North Lift #1 mine life similar to current operation. There is still some potential for reduction through TSF management strategy. Ninety percent of the raw water used at Oyu Tolgoi is lost to the TSF. Most of this is interstitial water in the settled solids; the remainder is primarily through evaporation. Increasing tonnage therefore has a direct and linear impact on water requirements. Approximately 350 employees are directly assigned to the processing plants within the Property. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 159 of 205 Table 14-6: Typical energy, water and process materials for Oyu Tolgoi processing operations Plant Type Process Energy Requirement per Tonne of Ore Processed (kWh/t) Process Water Requirement per Tonne of Ore Processed (m3/t) Process Materials Dry crushing and screening ~0.1 ~0.0 Minimal Milling and Flotation 28.4 0.35 Major process consumables, with ranges depending on ore type, are: • SAG grinding medium 0.30 to 0.50 kg/t ore processed • Ball mill grinding medium 0.30 to 0.55 kg/t ore processed • Regrind mill grinding medium 0.06 to 0.13 kg/t ore processed • Lime 0.50 to 1.80 kg/t ore processed • Collector 18 to 32 g/t ore processed • Frother 15 g/t ore processed • Flocculant 20 g/t ore processed Total 28.5 0.35 14.4 QP's opinion on risk factors that may materially affect the Processing estimates The main factors likely to affect the processing estimates relate to: • The successful construction of and performance of the Concentrator Conversion scope: • The Concentrator Conversion scope has been engineering according to applicable standards by an experienced engineering service provider to comply with Rio Tinto design standards. • Fluorine and arsenic limits for copper concentrates being imported to China. It is the QP's opinion that the factors that materially affect the processing estimates have been adequately reflected in the processing estimates. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 160 of 205 15. Infrastructure 15.1 Tailings Currently, Oyu Tolgoi operates its first cell (TC1), a 2 km by 2 km TSF, planned to accommodate approximately 360 Mt of tailings. The TC1 facility has been designed to store tailings produced from a concentrator designed to process 100,000 t/d and has been operating since 2013. TC1 has almost reach 50 m height and plans to achieve its final height (70 m) in 2023. The existing facility uses thickened tailings deposition and the thickeners produce tailings with an average solid content (by weight) of 60%. TC1 is separated into four sub-cells (A through D). Tailings are spigotted from the west embankment into the sub-cells to promote water runoff toward the reclaim pond at the downstream corner for water recovery. Water is reclaimed from the pond by a floating barge and pumped back for re-use in the process plant. The estimate of tailings production over the life of mine is 1.24 Bt. The capacity of the TSF will therefore have to be increased for continuing mine operations after the first two tailings deposition cells have been complete. Currently, an update in TC2 design is being undertaken to include lessons learned from TC1. Future facility expansion beyond TC2 has not been completed to a feasibility level design and will be deferred until further operational experience is obtained from TC1 and TC2 and can be incorporated into the expansion designs. Additional details for Rio Tinto's tailings storage facilities, 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 (www.riotinto.com/sustainability/environment/tailings). 15.2 Roads Oyu Tolgoi maintains a set of gravel roads internal to the Property as well as a 35.1 km long gravel road to the Khanbogd Soum (Figure 15-1) and a 105 km long sealed road from Oyu Tolgoi to China (Figure 15-2).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 161 of 205 Figure 15-1: Oyu Tolgoi to Khanbogd Road Figure 15-2: Road from Oyu Tolgoi site to Mongolia-China Border Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 162 of 205 15.3 Khanbumbat airport A permanent domestic airport has been constructed at Oyu Tolgoi (Figure 15-1), 11 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 surface is concrete, with a concrete apron at the terminal building. The runway has been aligned to the prevailing northwest-southeast wind direction to minimize crosswind conditions and facilitate optimal landing and take-off conditions. The design criteria are set to service commercial aircraft up to the Boeing 737 800 series aircraft. 15.4 Potable water and wastewater A major groundwater resource at Gunii Hooloi provides the raw water supply for the exploitation of the Oyo Tolgoi deposits. A groundwater reserve estimation was undertaken by Tuvdendorj and Sosorbaram in 2015 (Report on the Exploration and Water Aquifer on Gunii Hooloi and adjacent areas - Water Reserve Estimate as at 1 January 2014). This report was discussed with the Water Resource Council of the Ministry of Environment and Tourism but the author's estimation of 1,113 L/s was not approved by the council. At a meeting of the Water Resource Council (6 July 2015) it was resolved that the Gunii Hooloi groundwater potential available water reserve is 185 L/s ("A" category), 613 L/s ("B" category), 117 L/s ("C" category) and with a total of 918 L/sec or 79,315 m3/day This was approved by order number 2015/03 dated 2 November 2015. The spatial distribution of the Gunii Hooloi aquifer, and borehole location plan is shown in Figure 15-3. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 163 of 205 Figure 15-3: Production water bore locations in Gunii Hooloi groundwater aquifer The Gunii Hooloi water pump station has a capacity of 77,760 m3/ day. There are 28 wells, 5 pumping stations /collector tanks, 1 interrupted pump station, 2 water storage ponds each one 200,000 m3, and a 85 km Ductile Iron Concrete Lined (DICL) main pipeline and a 65 km High Density Polyethylene (HDPE) water pipeline. A total of four wastewater treatment plants are fully operation at the mine site, and one at the Khanbumbat airport with a total capacity of 2,780 m3 (22,240 personnel/day) and are in operation for 24 hours per day. The Oyu Tolgoi drinking water supply is derived from the raw water supplied from Gunii Hooloi that is first filtered by reverse osmosis and then disinfected with ultraviolet light and ozone processes. It is then bottled in 18.9 L plastic containers to provide mine camps with drinking water. 15.5 Accommodation and offices Oyu Tolgoi owns, operates and maintains accommodation facilities at site. There are ~9,500 beds along with supporting facilities such as a central dining hall, taverns, and recreational facilities. Oyu Tolgoi has two on site camps, Oyut and Manlai, as listed in Table 15-1. Both camps were expanded during 2018 and 2019 with additional accommodation facilities to meet the ramp up of project personnel associated with the underground mine development. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 164 of 205 Table 15-1: Accommodation Inventory Name Location Beds Expansion Total Oyut Camp On-site 1,533 5,500 7,033 Manlai Camp On-site 2,363 200 3,711 Total Beds 3,896 5,700 9,596 The Central Administration building was completed in 2012. It serves as the central, primary office space for operations staff on site, including executive and support personnel. The Mine Dry Facility and Chandmani Office (completed in 2019) is a permanent two storey building adjacent to the Shaft Number 2 Headframe. The main function of the Mine Dry Facility is for provision of shower and change room facilities for the underground mine workers at Shaft Number 2. 15.6 Open pit truck shop complex The open pit truck shop complex is approximately 1 km northwest of the primary crusher, within the maintenance complex, adjacent to the bonded customs storage area to the northeast and the main fuel storage facility to the southeast. It covers a land area of 500 m x 350 m, or 17.5 ha and incorporates outdoor facilities and four self-contained structural steel, pre-engineered buildings designed to accommodate the required facilities for repair, maintenance, and rebuild of the open pit mining equipment. 15.7 Information and communications technology (ICT) systems Communications is a vital part of Oyu Tolgoi's infrastructure and operational capabilities. A state-of-the-art information, security, data, and voice communications system is installed to ensure that operational needs are met. A fibre optic communications backbone extends through the entire mine site and out to the borefield to support the following principal components: • Distributed Control System (DCS). • Supervisory Control and Data Acquisition Systems (SCADA). • Mine Operating Systems (MOS). • Programmable Logic Controller (PLC)-based control systems. • Electrical monitoring system (EMS). • Local Area Network (LAN) and Wireless (WLAN). • Voice over Internet Protocol (VoIP) system. • Security system, including closed-circuit television (CCTV) and access control system (ACS). • Fire alarm system (FAS). • Digital trunk radio system (DTR). • Cable television (CATV) for operations personnel entertainment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 165 of 205 Each of the above components will be expanded to support modifications to the surface concentrator, underground development, power distribution system, and operations camp. Components and suppliers will be similar to those used for the existing facilities. This will provide continuity in support services and parts inventories of the systems and make use of the training and experience gained by site personnel. The network backbone infrastructure will continue to provide connectivity at the expanded and new facilities. 15.8 Other support facilities and utilities There are numerous other infrastructure facilities servicing the site including a central heating plant, underground utility services, underground workshops, fuel storage, an operations warehouse, medical centre and a fire station. 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 Key considerations in the development of the marketing strategy include: • Location of customer compared to imported material landed at Chinese ports (Oyu Tolgoi to pay freight differential from mine to customer versus port to customer). • Precious metals recovery and payment. • Length of contract. • Percentage of off-take to smelters versus traders. • Percentage of tonnage on contract versus spot. • Percentage of feed for any one smelter. • Number of customers for a given scale of operation. • Management of concentrate quality and volume during commissioning and ramp-up. • Alternate off-shore logistics and costs. • Delivery point and terms. The commercial terms Oyu Tolgoi receives continue to be in line with conditions on the international concentrates market. The copper concentrate sales and marketing division of Rio Tinto has identified and established long-term contracts with customers and also is in the process of negotiating agreements for concentrate off-take for 2023 and onwards. With increased volume in outer years, further efforts will continue to refine the processes needed to ship copper concentrate from the mine to Oyu Tolgoi's customers in large volumes. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 166 of 205 16.3 Commodity price projections The Rio Tinto sales and marketing team monitors key trends and developments and adapt their commodity price views as conditions change. Over 2023-2025, the refined copper market is expected to move to a surplus as projects, mostly producing copper concentrate, continue their ramp up (e.g., Quellaveco in Chile and Kamoa- Kakula in DR Congo) and others start up (e.g., Quebrada Blanca Phase 2 and Mantoverde in Chile, Udokan in Russia, and Tenke Fungurume in DR Congo). Beyond 2025, a copper deficit opens in the absence of uncommitted projects being developed as demand continues to grow and base case production decreases with copper mines grades decreasing and mines reaching end of life and shutting down. In 2026, the deficit is estimated at 1.1 Mt of copper, and by 2032, it might exceed 7.0 Mt of copper (Figure 16-1). Copper plays a key role in the development of much needed infrastructure for de-carbonization of the world (such as wind and solar renewable energy, and electric vehicles). As the quality of copper deposits across the world is decreasing and the time and costs to develop new projects are increasing, the required primary supply to meet demand is challenged, providing supportive fundamentals for prices. Primary demand is expected to grow at a CAGR of 1.4 % in 2026-2032, requiring 2.6 Mt of additional copper. Figure 16-1: Supply-demand for mined copper in Mt/a (Source: Wood Mackenzie) The smelter terms used are based on the Rio Tinto copper concentrate sales and marketing group's assessment of the copper market and standard smelter terms in general use through the industry. Payable metals in the copper concentrate are copper, gold, and silver. Payment rates are variable depending on the grades of each element in the copper concentrate. The production profile for the reserves case is shown in Figure 16-2. Copper concentrate production in Figure 16-3 and the feed grade of payable metals in Figure 16-4. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 167 of 205 Figure 16-2: Long-term Oyu Tolgoi mine production profile Figure 16-3: Concentrate production profile Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 168 of 205 Figure 16-4: Assays of major payable metals in concentrate 16.4 Mining and processing Rio Tinto utilises mining and processing contracts for some aspects of its operations. These contracts are considered not material to the Property due to the scale and duration. 16.5 Product transport and handling The Oyu Tolgoi mine is located in southern Mongolia with no railway service. The mine operates continuously, year-round, to produce copper concentrate, which is transported by truck from the mine to the Chinese border at Ganqimaodao. China is the only market that can be supplied via this border because the bi-lateral border at Gashuun Sukhait ‒ Ganqimaodao has not obtained International Trade status. Sales and Marketing are responsible for the logistics strategy in China. Transportation from the mine to the bonded warehouse, within China, is the responsibility of Oyu Tolgoi operations. Sales to customers are currently completed on a Delivery at Place Huafang bonded warehouse basis. Customers are responsible for transportation within China, with compensation for transport costs provided through the freight differential price adjustment. 16.6 Forward sales contracts Oyu Tolgoi currently has a mix of long-term contracts and spot agreements. The arrangements differ between entities with respect to commercial terms and length of contract. Smelter customers are based in various provinces throughout China, as shown in Figure 16-5, while trader customers allow Oyu Tolgoi concentrate broad and far-reaching uptake across China's many smelters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 169 of 205 Figure 16-5: Locations of Chinese copper smelters Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 170 of 205 17. Environmental studies, permitting, and plans, negotiations, or agreements with local individuals or groups 17.1 Environmental and social impact assessment Oyu Tolgoi LLC's environmental work for the Project is compliant with Mongolian regulatory requirements, internal policies and procedures, and external agreements. The environmental management plans for the Project are designed to ensure that key environmental factors are monitored and protected. To meet its environmental and social obligations and commitments, Oyu Tolgoi LLC has completed a comprehensive Environmental and Social Impact Assessment (ESIA) for the Project (Oyu Tolgoi LLC, 2012). Oyu Tolgoi LLC has also implemented and audited health environmental management systems (EMS) that conform with the requirements of ISO 14001:2004. The ESIA was publicly disclosed in August 2012 and identifies and assesses the potential environmental and social impacts of the Project, including cumulative impacts, focusing on key areas such as biodiversity, water resources, cultural heritage, and resettlement. The ESIA also sets out measures to avoid, minimize, mitigate, and manage potential adverse impacts to acceptable levels established by Mongolian regulatory requirements and good international industry practice, as defined by the requirements of the Equator Principles, and the standards and policies of the International Finance Corporation, European Bank for Reconstruction and Development, and other financing institutions. The ESIA is built upon an extensive body of studies, reports, and detailed environmental impact assessments (DEIAs). The DEIAs provide baseline assessment for both social and environmental issues by drawing upon a range of internal and independent studies that have been prepared for the Project since 2003. The DEIAs are structured using a core categorization of Mining and Processing, Transport and Infrastructure Corridor, Gunii Hooloi Water Supply, Coal Fired Power Plant, and Airport. DEIAs were also required to address new or updated facilities and requirements not covered under the broader categories. All DEIAs are prepared and approved in accordance with Mongolian standards. The ESIA and DEIAs prepared for Project design and development purposes and for Mongolian approvals have been prepared under the following laws: • The Environmental Protection Law (1995). • The Law on Environmental Impact Assessment (1998, amended 2001). • The Minerals Law (2006). The Project Area of Influence covered by the ESIA and related DEIAs is defined in Table 17-1. Summaries of the key baseline studies and core DEIAs prepared for the Project are presented in Table 17-2. Summaries of supplementary DEIAs and studies are presented in Table 17-3. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 171 of 205 Table 17-1: Project Area of Influence and scope of the ESIA Term Scope Project Area of Influence Project elements defined as activities and facilities that are financed or over which the Project can exert control and influence through its design, impact management, and mitigation measures, including all Oyu Tolgoi facilities within the Oyu Tolgoi Property and surrounding 10 km buffer zone. Local roads used regularly by the Project. Communities that provide employees or services to Oyu Tolgoi. Local and regional transport network. Local services and utilities. Communities and community members that will be directly affected by the Project in ways that are foreseeable and within the reasonable control of the Project during construction, operations, and closure. Communities and community members that may be directly affected by population influx. Communities and herder households that may be affected by potential changes to local and regional groundwater supplies downstream of the Oyu Tolgoi site and along transportation corridors. Project elements that may be transferred to third-party ownership in the future, such as the airport and Gashuun Sukhait border crossing facility. Potential future project elements Although not directly addressed in the ESIA, certain potential future project elements were considered in the cumulative impact assessment, including potential expansion of the Project to support increased ore throughput, and potential long-term project power supply Potential extensions to scope The ESIA estimated a project with a 27 year design life. However, it is anticipated that operations at Oyu Tolgoi will continue for a longer period than the 27 year design life and that extensions to the ESIA will be required. Table 17-2: Baseline and core DEIA studies for the Project EIA study title Description Date Status Environmental Baseline Study for Oyu Tolgoi Project Covers geography, geological, hydrology, hydrogeology, soil, climate, air quality, flora and fauna, the socioeconomic status, and infrastructure of the Project site and surrounding areas. 2002 No approval required Environmental Baseline Study for Town Planning Covers geography, geological, hydrology, hydrogeology, soil, climate, air quality, flora and fauna, the socioeconomic status and infrastructure of potential development and interconnecting infrastructure areas for Khanbogd town developments. 2012 No approval required Oyu Tolgoi Project EIA Volume I: Transport and Infrastructure Corridor from Oyu Tolgoi to Gashuun Sukhait DEIA of the road and power line proposal from Gashuun Sukhait to Oyu Tolgoi. Provides approval for access through the South Gobi Strictly Protected Area. Several amendments have been undertaken to address changing alignments. 2004 2006 2010 2012 Approved Approved Approved Approved Oyu Tolgoi Project EIA Volume II: Water Supply from the Gunii Hooloi Aquifer DEIAs for the proposed aquifer and water supply system for the provision of a sustainable water supply to the Project. Several amendments have been completed to capture developments in the groundwater resource assessment and water supply pipeline design. 2004 2009 2010 2012 Approved Approved Approved Approved Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 172 of 205 EIA study title Description Date Status Oyu Tolgoi Project Volume III: Oyu Tolgoi Mining and Processing Facilities DEIA of the open pits, underground mine, concentrator, tailings and all facilities and support infrastructure located within the Oyu Tolgoi Property. The assessment was largely based on IDP05. It does however reflect the general permitting layout of May 2006. The maximum production rate was assumed as 85,000 t/d. 2006 2012 Approved Approved Oyu Tolgoi Project Volume IV: Coal Fired Power Plant EIA documentation drafted for a coal-fired power plant at the Oyu Tolgoi mine site. An amendment has been undertaken to reflect updates in design for three 150 MW generating units. 2006 2011 Not submitted Approved Table 17-3: Updated list of DEIA reports for the Project Project EIA component Description Date Status Fuel station facility DEIA for the fuel facility built in 2004 within the Oyu Tolgoi Property. Amendment completed for extension of the fuel depot. 2005 2010 Approved Approved Shaft 1 DEIA for Shaft #1, including headframe facilities, waste rock, and water disposal. 2005 Approved Shaft 2 DEIA for Shaft #2, including headframe facilities, waste rock, and water disposal. 2006 Approved Diesel power station DEIA for the diesel power station located within the Mine Licence Area. 2007 Approved Wastewater treatment plant Supplementary DEIA for the construction camp wastewater treatment plant expansion to 4,000- person equivalent capacity. 2007 Approved Quarry batch plant and Quarry DEIA of hard rock quarry, concrete batching plant, and crusher located at the northern boundary of the Oyu Tolgoi Property. 2007 Approved Airport Construction projects for temporary and permanent airports have implemented. 2007 2011 2017 2018 Approved Approved Approved Approved Chemicals Covers the importation, storage, use, and disposal of chemicals. Amendments have been undertaken to update chemicals being used in construction, commissioning, and operation. 2008 2011 2012 Approved Approved Approved Javkhlant Entrée Resources Ltd. lease area DEIA for future project facilities, infrastructure, and Heruga underground mine located within the southern Javkhlant-Entrée lease area. 2009 Approved Shivee Tolgoi Entrée Resources Ltd. lease area DEIA for facilities, infrastructure, and portion of the Hugo Dummett underground mine located within the northern Shivee Tolgoi-Entrée lease area. 2009 Approved Main fuel storage facility DEIA for the main fuel storage facility within the Oyu Tolgoi Property. 2011 Approved Undai River diversion DEIA DEIA for diversion of the Undai River. 2011 Approved

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 173 of 205 Project EIA component Description Date Status Update of DEIA report of the construction and facilities in Shivee Tolgoi licence area. Project facilities, infrastructure, and construction on the lease area at Shivee Tolgoi. 2012 Approved DEIA of Oyu Tolgoi LLC's construction of main facilities and infrastructure This report includes new infrastructure and facilities in mine site. 2012 Approved Oyu Tolgoi to Khanbogd power line DEIA report of a 35-kW power line connecting Oyu Tolgoi to Khanbogd. 2012 Approved Waste management centre Waste management centre was built with new technological solutions such as waste classified landfill, evaporation, and incineration. 2014 Approved DEIA report of Oyu Tolgoi TSF project The report includes environmental issues related to the Oyu Tolgoi concentrate thickener underflow. 2014 Approved DEIA report of Tsagaan Khad to Oyu Tolgoi Road project Environmental issues associated with an 18.6 km road construction activity connecting Tsagaan Khad to Gashuun Sukhait. 2015 Approved DEIA of 93.8 km paved road construction project connecting Khanbogd – Oyu Tolgoi – Javkhlant bag The 35.1 km paved road between Khanbogd to Oyu Tolgoi was built and commissioned in 2018. 2016 Approved DEIA of the use of Undai River sand deposit project The diverted part of Undai river diversion was planned to be covered by mining waste rock stockpile and the sand from this part is planned to be used for mining construction activity before the stockpile is completed. 2018 Approved DEIA on OT Hazardous Landfill The facility was established to dispose of hazardous waste from the mine in an environmentally safe manner in accordance with the Waste Law revised in 2017 and following regulations. 2020 Approved DEIA on OT Chemical Warehouse Oyu Tolgoi chemical warehouse was established to store chemicals used in the concentrator and mining operations environmentally friendly manner and in accordance with relevant Mongolian Chemical Warehouse Standard. 2020 Approved ESIA of 18.6 km paved road construction project of the end of Oyu Tolgoi mine road "From Tsagaan Khad Intersection to Gashuunsukhait" The 86-kilometer paved road from the mine site to Tsagaan Khad was previously completed and used, while the remaining 18.6-kilometer paved road from Tsagaan Khad to Gashuunsuhait port was completed and fully operated in 2022. 2021 Approved Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 174 of 205 Project EIA component Description Date Status Amendment report on the detailed environmental impact assessment of the copper-gold mining and processing project from the Oyu Tolgoi deposit In 2020, the feasibility study of Oyu Tolgoi Mine was delayed without approval, but it was made on the basis of the legal requirement that additional amendments should be made in the DEIA. If the feasibility study of Oyu Tolgoi Mine is approved in 2023, further amendments on DEIA will be made. 2022 Approved DEIA on the project using sand and red clay in the construction site of the tailings deposit, as well as the derived deposits from open pit mining A detailed assessment report on the impact of this project on the environmental impact of the mining of copper ore from the open pit mine of the Oyu Tolgoi project and the widely distributed mineral derived deposits created during the preparation of the site for the tailings fund will be used as reserves for construction work 2022 Approved DEIA on the environment of the "Khanbumbat" airport project to be implemented in the area of Khanbogd Sum, Umnugobi Province According to the Aviation Safety Regulations, the Airport is an object that has a certain impact on the environment, especially on migratory birds, and a detailed Environmental Impact Assessment is required to be updated every 5 years. 2022 Approved 17.2 Management plans Oyu Tolgoi LLC's various management plans set out how the Project will meet Oyu Tolgoi LLC standards and procedures to avoid, manage, mitigate, and offset operations-phase impacts and ensure Oyu Tolgoi LLC personnel and contractor compliance with the Project standards and Rio Tinto Occupational Health and Safety (OHS) standards. Below is a list of the area covered by the operational health, safety, environment, and community (HSEC) related management plans implemented at the Project: • Environmental and Social Action Plan. • Environmental and Social Management Plan. • Atmospheric Emissions Management Plan. • Biodiversity Management Plan. • Community Health, Safety and Security Management Plan. • Cultural Heritage Management Plan. • Emergency Preparedness and Response Plan. • Hazardous Materials and Non-Mineral Waste Management Plan. • Land Disturbance Controlling and Rehabilitation Management Plan. • Mine Closure Plan. • Mineral Waste Management Plan. • Noise and Vibration Management Plan. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 175 of 205 • Resettlement Action Plan. • Stakeholder Engagement Plan. • In-Migration Management Plan. • Pastureland and Livelihood Improvement Management Plan. • Water Resources Management Plan. 17.3 Environmental impacts and mitigation measures 17.3.1 Air quality The Mongolian National Air Quality Standard (MNS 4585:2016) is intended for urban areas and is not considered applicable to a remote mining facility. As such, DEIAs prepared for the Project were not required to comply with this standard. In the absence of applicable national ambient air quality standards, ambient air quality standards have been adopted. The Project Area of Influence is remote, and population density within 10 km of the Oyu Tolgoi Property is extremely low. There are currently no permanent residences within 10 km of the mine site. The following sites near the Project are considered sensitive receptors to emissions: • Worker accommodation areas within the Property. • Nomadic summer camps outside the Property. • Winter herder shelters outside the Property. Mitigation measures and residual impacts The potential impacts for air quality have been identified and assessed. No significant residual adverse impacts are anticipated after the proposed design enhancements and mitigation measures are implemented and impacts are monitored under the Air Quality Management Plan. Greenhouse gas emissions Several types of greenhouse gases (GHG) will be emitted from project-related activities. A high proportion of these emissions will be CO2, and there could be some minor emissions of methane (CH4) and nitrous oxide (N2O). GHG monitoring and reduction programs are currently in place. 17.3.2 Noise and vibration Khanbogd, the nearest soum centre, is 45 km to the northeast of the Property and is not expected to be affected by noise during operations. Those receptors considered relevant to noise generated by the Project include: • The worker accommodation facilities within the Property. • Permanent winter herder camps outside the Property. • Local population near activities related to the Project outside the Property. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 176 of 205 Mitigation measures and residual impacts The potential impacts for noise and vibration have been identified and assessed. No significant residual adverse impacts are anticipated after the proposed design enhancements and mitigation measures are implemented and impacts are monitored under the relevant management plan, including: • Noise and Vibration Management Plan. • Transport Management Plan. 17.3.3 Landform and geology Actual and potential impacts Actual and potential impacts on the topography, geology, and topsoil arising from the construction, operation, and closure of the Project include: • Construction of mine infrastructure, including the TSF and waste rock dump areas. • Impacts associated with open pit mining activities. • Block caving mining activities and resulting surface subsidence zone. • Creation of buildings and other structures, including camps and shaft headframes. • Diversion of the Undai River and other ephemeral watercourses. • Loss of topsoil from erosion by wind and water around earthworks, topsoil stockpiles, and restored areas. • Potential subsidence impacts on the area overlying the Gunii Hooloi aquifer. Mitigation measures and residual impacts A "mitigation through design" approach has been adopted, which aims to prevent and mitigate, as far as practical, impacts on topography, landscape, geology, and topsoil. No significant residual adverse impacts are anticipated after the proposed design enhancements are implemented and impacts are monitored under the relevant management plan, including: • Land Use Management Plan. • Topsoil Management Plan. • Transport Management Plan. • Waste Rock Management Plan. • Mine Closure and Reclamation Management Plan. • Water Resources Management Plan. • Hazardous Materials Management Plan. The generation of revenues, employment opportunities, and community services from conversion of geological resource and sale of processed ore/concentrate was identified as a major positive impact on soum residents, residents of Omnogovi, and the Mongolian Government.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 177 of 205 17.3.4 Water resources Actual and potential impacts Based on an appraisal of the baseline conditions and sensitivities discussed in the ESIA, actual and potential impacts on surface water and groundwater arising from the construction, operation, and closure of the Project include: • Impacts on surface water systems, including the diversion of ephemeral watercourses and ephemeral and permanent springs in the Oyu Tolgoi Property. These impacts could affect water quantity or the length of time an ephemeral watercourse sustains surface or groundwater flows over the course of a year. • Impacts on the ground surface associated with mining operations and dewatering of the aquifers in and immediately around the Property. • Potential contamination from construction of mine infrastructure, including the TSF and waste rock dump areas. • Impacts of dewatering the Gunii Hooloi aquifer, including potential for subsidence. Mitigation measures and residual impacts A "mitigation through design" approach has been adopted, which aims to prevent and mitigate, as far as practically possible, impacts on water resources. Groundwater abstraction will have an unavoidable residual impact on the Gunii Hooloi groundwater resource, which will be mitigated by ensuring that the plant operates efficiently to minimize water use and by maximizing the recycling and reuse of water. No other significant residual adverse impacts are anticipated after the proposed design enhancements are implemented and impacts are monitored under the relevant management plan, including: • Water Resources Management Plan. • Hazardous Materials Management & Waste Management Plan. • Environmental Protection Plan. • Tailings Management Plan. • Mine Closure and Reclamation Management Plan. Oyu Tolgoi will also take a proactive approach to any issues that arise with herder wells and take responsibility for assisting them to rectify any issue and restore their water supplies, if necessary. All such works will be intended to restore the same level of supply and not notably increase the herders' supply, thus ensuring that the current balance between herd numbers and pasture stresses is not negatively affected. 17.3.5 Biodiversity Summary of impacts In 2011, Oyu Tolgoi implemented a Rapid Biodiversity Assessment as part of the risk assessment process for impacts on various identified biodiversity features. The risks were categorized as critical, high, medium, and low. Priority biodiversity features that require connectivity of the landscape to support their populations include: • Species that might avoid Project infrastructure. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 178 of 205 • Species of birds that could suffer mortality from collision or electrocution. • Species that could be subjected to increased levels of hunting or collecting. • Species that are susceptible to indirect loss of habitat around Project infrastructure. • Species that could be affected by increased populations of natural predators. Impacts rated by the Rapid Biodiversity Assessment process as moderate to low risk on specific biodiversity features, generally relate to non-priority status species. Mitigation options for low to moderate risks are also addressed by the mitigation options proposed for critical and high risk issues. Biodiversity offset strategy The Project has committed to a goal of net positive impact on biodiversity. As such, residual impacts on priority biodiversity features will be offset to achieve this goal. The Rapid Biodiversity Assessment program implemented in 2011 included the preparation of a biodiversity offset strategy for the Project that outlined what was considered at the time to be necessary to achieve net positive impact for priority biodiversity. This strategy is based on wide technical consultation and aims to demonstrate the technical feasibility of achieving a net positive impact on biodiversity. Mitigation measures and residual impacts Mitigation actions have been developed for all potential critical and high risk impacts to priority biodiversity features and priority ecosystem services, which are described in relevant management plans, including: • Water Resources Management Plan. • Atmospheric Emissions Management Plan. • Land Disturbance Control and Rehabilitation Plan. • Non-Mineral Waste Management Plan. • Hazardous Materials Management Plan. The Project will have unavoidable residual impacts on biodiversity. Residual impacts are predicted for 15 priority biodiversity features, two ecosystems, and three priority habitats known or likely to occur in the Project Area of Influence. Residual impacts include direct habitat loss, indirect habitat loss, and increased mortality from increased hunting, increased collecting, collisions with vehicles and power lines, and increased numbers of natural predators. Conservation of the Asiatic wild ass is recognized as the highest priority for the Project, given the international importance of the Southern Gobi region to this rapidly declining, globally endangered species and the residual impacts of the Project it is likely to impose. 17.3.6 Land use and displacement Potential impacts Oyu Tolgoi LLC will require approximately 11,347 ha of land to construct and operate the mine and ancillary facilities. This includes land for the Oyu Tolgoi Property that was granted in 2009 and additional land required for the TSF, concentrator, airport, Gunii Hooloi bore Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 179 of 205 field and water pipeline, and transport-infrastructure corridor between Oyu Tolgoi and Gashuun Sukhait. Land will also be temporarily disturbed during the construction phase for activities such as the installation of worker construction camps, excavation of borrow pits, and soil stripping along the water pipeline and transmission line corridors. Mitigation measures and residual impacts In 2003, when it became apparent that advanced evaluation of the Project would occur, it became necessary to resettle ten herder households from the Property and a surrounding residential exclusion zone. Accordingly, legally constituted resettlement agreements were concluded with each of the ten households in 2004. In 2011, when construction of processing facilities and ancillary infrastructure commenced, a further 89 herder households were recognised as being negatively impacted by the Project. Economic displacement compensation agreements were agreed with each of these households, and to meet lender compliance requirements and embed commitments into Oyu Tolgoi's management system, a Resettlement Action Plan was prepared in 2011, updated in each of 2013 and 2015. Evaluation of the Resettlement Action Plan by an independent party, conducted in 2018, concluded that livelihoods of the affected herder families are fully restored except for five families with water dependencies. Oyu Tolgoi LLC is currently working with these families and implementing individual household livelihood improvement plans. 17.4 Social and cultural heritage management Oyu Tolgoi LLC's Health, Safety, Environment and Community (HSEC) Policy affirms its commitment to protecting the environment and to safeguarding the health, safety and welfare of people affected by the Project including employees, contractors, and communities. The Oyu Tolgoi LLC is dedicated to performing its duties in a safe, sustainable, and environmentally responsible manner. 17.4.1 HSEC Management System Oyu Tolgoi LLC has developed a comprehensive HSEC Management System. Accountability for compliance sits with line management, with support and technical expertise provided by HSEC resources. The HSEC Management System is designed on the principle of continual improvement. It adopts the "Plan, Do, Check and Review" methodology and comprises 17 discrete elements for implementation. Monitoring of compliance is undertaken, wherever possible, through current processes that are established and aligned to the specific requirements of each element. Evaluation of compliance with each HSEC Management System element is ongoing, with formal internal review undertaken annually, and as well as external review/audit processes that includes up to three reviews per year through project financing processes. 17.4.2 Cultural Heritage Management System Oyu Tolgoi LLC seeks to "design out" impacts to archaeological heritage. Wherever possible, changes have been made to the location of fixed elements of the Project and the design of linear features, such as the roads and the water pipeline, in consideration of archaeological findings. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 180 of 205 Many of the impacts on cultural heritage have already been realized in relation to land disturbance, topsoil stripping, and construction of new access roads and associated borrow pits. Existing and possible future impacts include: • Physical loss of tangible heritage from physical land disturbance. • Indirect disturbance of tangible heritage through the operation of construction vehicles and machinery, operations vehicles, dust deposition, and vibration effects. • Damage or deliberate disturbance of heritage by Project workers or incomers to the region. • Loss of intangible heritage over time as the patterns of work, kinship, worship, and sources of income change. Potential for further impacts on archaeological and paleontological sites is expected to be low because the scale and intensity of additional earthworks and engineering activities will be low during the operations and decommissioning phases (compared with the construction phase). However, some levelling, landscaping, contouring, and other land-based activities do have the potential to result in further minor archaeological impacts. Should these activities remain within the existing disturbance footprint, no significant impacts are expected. Nevertheless, predicted changes to traditions and the traditional way of life are considered long-term effects. The Cultural Heritage Management System describes methods to effectively identify, map, document, and protect any archaeological resources that may be encountered during the life of the Project. The objectives of the Cultural Heritage Management System are to: • Outline the legal obligations/project standards regarding the protection of cultural heritage. • Identify the actual and potential sources of impact on both tangible and intangible heritage. • Establish effective plans, programs, and procedures for managing archaeological sites and cultural assets, including potential chance finds during construction and operations. • Define roles and responsibilities. • Define monitoring and reporting procedures. • Define training requirements. The Cultural Heritage Management System has several mitigation and management controls, including: • Conducting surveys or an appropriate level of archaeological and/or paleontological investigation by the Institute of Academy and Institute of Palaeontology of Mongolian Academy of Science prior to land disturbance. • Informing the relevant institutes in writing before undertaking any planned excavations, mining, or acquisition of land disturbance permits. • Following established excavation, retrieval, and recording procedures in the event of chance finds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 185 of 205 17.6.2 Closure planning The Mine Closure and Reclamation Management Plan, prepared by AMEC Americas Limited in 2012 and updated in 2014 (AMEC Environmental & Infrastructure, 2014), documents the outcomes of an order of magnitude closure study conducted with the following objectives: • Compliance with relevant Mongolian national standards. • Compliance with relevant international guidelines and directives. • Documentation of closure vision, objectives, and targets. • Early development of strategies to meet closure objectives and targets. • Early identification of likely site-specific closure issues and assessment of risks. • Identification of action items that should be conducted to manage and mitigate risks and enable efficient and effective closure methods and technologies in the future. • Preparation of a preliminary closure schedule based on current information. • Estimation of costs associated with the closure, developed to an intended accuracy of an order-of-magnitude study. • Development of a multidisciplinary information resource. The main supporting infrastructure and facilities at the site that are addressed in the closure plan include: • The Oyut open pit mine and the Hugo North Level 1 underground mine and subsidence area. • Underground and open pit infrastructure and equipment. • Materials handling and processing facilities. • Offices, truck shops, camps, and warehouses. • Accommodation facilities. • Waste management facilities. • Standby diesel generators. • Power distribution lines both on and off site. • Access roads on and off site. • Groundwater supply system from the off-site Gunii Hooloi bore field. • Water treatment and distribution facilities. • Water diversion structure (Undai River diversion dam and channel). • Waste rock dumps and TSF. Certain features of the mine will create permanent changes to the landscape that cannot be fully remedied through reclamation. The closure plan ensures that, where possible, these disturbed areas are physically and chemically stable to limit ecological impacts to the surrounding water, air, and land. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 186 of 205 The proposed timeframe for implementing community and socioeconomic initiatives with regard to mine closure would span a period of about 15 years, beginning five years before closure, continuing through the estimated five years of mine closure and reclamation, and ending five years into the post-closure phase. 17.6.3 Post-closure monitoring The site will be extensively monitored during the closure and post-closure phases of the mine, to characterize both physical and chemical stability of the Property and the environmental impact of the Project. 17.7 QP's opinion It is the opinion of the QP that Oyu Tolgoi's current environmental assessment and management plans are appropriate to address issues related to environmental compliance with local and international agency standards and regulations, relationships with local individuals or groups, rehabilitation and waste management and the overall effect of the company's mining operations on the physical and social environment. 17.8 Commitment to local procurement and hiring The Oyu Tolgoi Investment Agreement calls for best endeavours that not less than 60% of the construction workforce, 75% of mining and mine-related work, and 90% of the Oyu Tolgoi LLC operations staff will be Mongolian citizens, with preferential hiring of qualified people from the Project Area of Direct Influence. As at 31 October 2015, Oyu Tolgoi LLC reports on personnel ratios indicate full compliance with employment quotas stated in the Investment Agreement, and even exceedances of the requirement: 94.1% of Oyu Tolgoi LLC operations staff were citizens of Mongolia. Extensive training and skills development remain the priority; this requires joint effort by Oyu Tolgoi LLC in partnership with relevant government agencies, and the cooperation and support of the Internation Financial Institutions (IFIs) and NGOs. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 187 of 205 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 basis4 and in real 2020 US$ dollars (with no allowance for inflation). Because 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. 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 published by Rio Tinto elsewhere. At the time of reporting, the Property comprises total Rio Tinto share of Mineral Reserves of 0.7 Bt at 0.87% Cu and 0.30 g/t Au and Mineral Resources (excluding Mineral Reserves) of 2.7 Bt at a grade of 0.70% Cu, 0.30 g/t Au. The conversion of material from a Mineral Resource to a Mineral Reserve occurs on a progressive basis. The capital and operating costs in this section are based on a Reserve Case mine plan that consists of both the Oyut open pit material and Hugo North Lift #1 underground ore. The Oyut open pit supplies the initial source of ore to the mill at a nominal capacity of 95 kt/d. Once production from underground commences, the open pit feed to the mill is continually displaced by the higher grade ore from Hugo North Lift #1. The capital costs in this section include costs for Phase 1 of the Oyu Tolgoi mine development, which involved development of the Oyut open pit mine, the concentrator and associated infrastructure and Phase 2, which involves development of the Hugo North underground mine, conversion / modification of the concentrator and expansion of the site infrastructure. Phase 2 of the mine development is in progress. Sustaining capital cost estimates include replacement of major equipment, replacement of major equipment components, planned growth of the mine, the construction of the TSF and other projects to maintain and improve efficiency and productivity of the operations. For the Hugo North mine, sustaining capital costs include all lateral development, undercut, and drawbell construction activities over and above capital expenditure, required to increase capacity to nameplate and sustain it. Additional Panel 1 and Panel 2 development completed prior to first drawbell is included in sustaining capital. All operating and sustaining capital costs were prepared on the basis that all expenses have been quantified as much as possible and unit cost rates applied. Pricing is predominantly based on operating experience and market conditions as at the third quarter of 2019. An amount of contingency has been provided in the operating cost estimates to cover the anticipated variances between the ground conditions and specific values that form the base estimate and the final Project costs. The total estimated Project value thus represents a cost having an equal estimated probability of overrun as underrun, or the P50 outcome. Contingency for sustaining capital and operating costs has been calculated based on similar principles as those used for the initial capital costs. This section excludes the schedule and costs impacts from the COVID-19 pandemic. 4 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 188 of 205 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, power and other infrastructure capital required to maintain Oyu Tolgoi's physical assets. Capital costs reflect development and sustaining capital, replacement and growth capital, including heavy mobile equipment (HME) required to replace aging fleet as well as replacement of major components and overhauls. All undercut drill and blast, associated swell mucking, and drawbell drill and blast are considered sustaining capital. Capital costs for development are summarised in Table 18-1 and sustaining capital costs are summarised in Table 18-2. Table 18-1 summarizes the total capital costs for Phase 2 development and focuses on the capital costs that are required for the development of the mine and associated infrastructure. The Oyu Tolgoi mine is being developed in two Phases, with Phase 1 involving the now completed development of the open pit mine, construction of the concentrator and associated infrastructure and Phase 2 involving the on-going development of the Hugo North underground mine, modification of the concentrator and associated infrastructure. Phase 1 of the development was completed in 2013 with a total capital expenditure of $6.4 billion. Phase 2 development is ongoing with an estimated capital expenditure requirement of $7.4 billion5. Table 18-1: Summary of total Phase 2 capital costs by major area (US$M nominal, 100% basis) WBS Description Total (US$M) Direct Cost 1000 Underground Mine 3,005 2000 Site Development 0 3000 Concentrator Conversion 167 5000 Utilities & Ancillaries 149 6000 Offsite Facilities 159 Subtotal 3,480 Indirect Cost 7000 Indirect Costs 1,563 8000 Owner's Costs 2,135 9000 Escalation, Growth & Contingency & Forex 179 Subtotal 3,877 Total 7,358 5 This amount includes $6,852 million of project costs and $505 million for pre-restart of the Phase 2 development for a total of $7.4 billion from the OTFS20. Subsequently, an updated cost and schedule reforecast was finalised in June 2022 incorporating further Covid-19 impacts to June 2022, cost price escalation and impacts of revised Mongolian labour laws ("2022 Reforecast" or "22RF"). The 2022 Reforecast remains the latest estimate, where the total capital cost for Phase 2 remains at $7.06 billion not including pre-restart costs (nominal – including escalation).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 189 of 205 Table 18-2: Estimated sustaining capital for the Property (US$M real, 100% basis, from 2021 onwards) Area First 5 Years First 10 Years Life of Mine Open Pit 99 233 820 Underground 1,365 2,231 2,739 Concentrator 33 61 149 Tailings 159 299 829 Infrastructure 93 110 255 General and Administration, Other 84 118 212 Total Sustaining Capital (before tax) 1,832 3,151 5,004 Value Added Tax, Custom Duties 193 340 539 Total Sustaining Capital (after tax) 2,025 3,492 5,543 18.2 Operating costs Operating costs include costs associated with mining, processing, support, and other costs such as those associated with community relationships. Across the supply chain, operating costs include both internal and external contract labour, diesel and energy, materials, corporate costs and other expenditure required in day-to-day operations. The estimates were built up on the fundamental principle of centrality, giving them an equal probability of upside and downside. Life of mine total costs are shown in Table 18-3, Table 18-4, and Table 18-5. Table 18-3: Open pit mining operating cost summary Area Operating Cost Operating VAT & Duties Sustaining Capital Sustaining VAT & Duties Total Open Pit Mine ($M) 4,817 506 820 86 6,230 Open Pit Mine ($/t TMM) 1.61 0.16 0.29 0.03 2.17 Note: \* Costs exclude incremental hauling costs to TSF, which are reflected under the Tailings Storage sustaining capital costs. Deferred stripping costs are included in operating costs. Costs excluding deferred stripping is $3,501. Table 18-4: Underground mining operating cost summary Area Operating Cost Operating VAT & Duties Sustaining Capital Sustaining VAT & Duties Total Underground Mine ($M) 3,457 380 2,739 301 6,877 Underground Mine ($/t underground ore mined) 7.9 0.9 6.2 0.7 16.0 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 190 of 205 Table 18-5: Processing and support operating cost summary Area Operating Cost Operating VAT & Duties Sustaining Capital Sustaining VAT & Duties Total Concentrator ($M) 8,271 868 149 16 9,304 Tailings Storage Facility ($M) 829 87 916 Infrastructure ($M) 2,579 275 255 27 3,135 G&A ($M) 2,279 134 212 22 2,648 Total ($M) 13,129 1,277 1,445 152 16,003 Mine Closure ($M) 1,213 95 1,308 Total ($/t processed ore) 10.69 1.04 1.18 0.12 13.03 Mine Closure ($/t processed ore) 0.99 0.08 1.07 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 191 of 205 19. Economic analysis The accuracy of capital and operating cost estimates must comply with the following guidelines (Table 19-1): Table 19-1: Capital and operating cost estimation accuracy guidelines Factors1 Initial Assessment Preliminary Feasibility Study Feasibility Study Capital Costs Optional.2 If included: Accuracy: ±50%. Contingency: ≤25%. Accuracy: ±25% Contingency: ≤15%. Accuracy: ±15%. Contingency: ≤10%. Operating Costs Optional.2 If included: Accuracy: ±50%. Contingency: ≤25%. Accuracy: ±25% Contingency: ≤15%. Accuracy: ±15%. Contingency: ≤10%. 1. When applied in an initial assessment, these factors pertain to the relevant technical and economic factors likely to influence the prospect of economic extraction. When applied in a preliminary or final feasibility study, these factors pertain to the relevant technical and economic factors likely to influence the economic viability of the project. 2. Initial assessment, as defined in this subpart, does not require a cash flow analysis or operating and capital cost estimates. The QP may include a cash flow analysis at his or her discretion. 19.1 Summary Rio Tinto has produced an economic evaluation of the Property's Mineral Reserves based on feasibility level study as at 1 January 2021. Analysis excludes Mineral Resources and other lower confidence inventory. All cashflows are presented at a Property level on a 100 percent basis, in real 2020 US$ dollars with no allowance for inflation. Economic analysis confirmed the strong economic viability of the Property's Mineral Reserves, which deliver a post-tax NPV of $7.7 billion based on a real discount rate of 10%. This valuation differs from the IFRS recoverable amount used in our impairment reviews principally due to different commodity price assumptions, discount rate and the requirement to include Mineral Resources in that metric. 19.2 Methodology 19.2.1 Modelling approach An economic evaluation of the Property's Mineral Reserves is completed. Valuations are conducted in a standalone valuation model that forecast cash flows relating to Rio Tinto's Oyu Tolgoi mine operations. Mine economics have been evaluated using the discounted cash flow method, mid-year discounting and taking into account copper/gold concentrate 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 192 of 205 Table 19-2: Economic analysis assumptions used as the basis for financial evaluation Category of Assumption Source of Assumption Pricing and Revenue Consensus pricing provided by Rio Tinto Economics Physicals Oyu Tolgoi LLC Technical Services Department Operating Costs Oyu Tolgoi LLC actual costs flexed for physical drivers Capital Costs Oyu Tolgoi LLC Projects & Sustaining Capital estimates Taxation Mongolian Government Taxation Laws Rio Tinto Tax Department Royalties Mongolian Mineral Law 19.3 Inputs and assumptions 19.3.1 Financial The financial model developed to evaluate the economics of the Reserve Case on a Project basis indicates that the estimated after-tax Project NPV using a 10% discount rate is $7,694 million. The internal rate of return (IRR) is 42% and the payback period is 5.5 years on an undiscounted basis starting from 2021. The Project cash flows have been prepared on a January 2020 real-terms basis. Costs and revenue incurred prior to 1 January 2021 are treated as sunk costs in the financial analysis, and so are excluded from valuation and IRR as at 1 January 2021. Table 19-3 outlines foreign exchange (FX) rates used in the economic analysis. Table 19-3: FX rates used in economic analysis FX Rates 2021+ FX Rate (MNT/USD Real) 2,618 FX Rate (RMB/USD Real) 6.90 19.3.2 Pricing and revenue Oyu Tolgoi has used the price assumptions listed in Table 19-4 for the base financial evaluation of the end of 2020 mineral reserves estimate. All prices are assumed to be flat in real terms from 2025. The base discount rate is 10% with discounting starting 1 January 2021. Note that cash flows previous to 2021 are considered sunk for the purpose of these evaluations. The study assumes a flat diesel cost of $0.8/L and constant real exchange rates of RMB 6.9 / USD and MNT 2,618 / USD over the life of mine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 193 of 205 Table 19-4: Price assumptions (US$ real) Item 2021 2022 2023 2024 2025 Copper ($/t) 5,812 5,857 5,992 6,158 6,790 Copper ($/lb) 2.64 2.66 2.72 2.79 3.08 Gold ($/kg) 50,957 46,344 43,574 42,058 40,186 Gold ($/oz) 1,638 1,490 1,401 1,352 1,292 Silver ($/kg) 527 532 540 557 619 Silver ($/oz) 17 17 17 18 19 Diesel ($/L) 0.8 0.8 0.8 0.8 0.8 These forecast prices were used in the economic modelling and are lower than the latest consensus prices referred to in our latest Mineral Resources and Mineral Reserves tables. Actual prices in 2021 and 2022 were higher than those used in this modelling. 19.3.3 Taxes Under the terms of the Investment Agreement, a range of key taxes has been identified for the term of the agreement at the rates and base currently applied. The taxes listed in Table 19-5 constitute the majority of taxes and fees payable to the Government of Mongolia under Mongolian Law. Table 19-5: Taxes and fees paid to the Government of Mongolia Item Value Government Royalty Basis As per IA / Minerals Law Revenue Basis Gross Sales Value Copper Rate 5% Gold Rate 5% Silver Rate 5% Taxes Corporate Income Tax Basis As per law Rate 25% Loss Carry Forward Limitation 8 years Investment Tax Credit Basis As per IA Percent of Future Investment Eligible to March 2017 100% Rate 10% Years of ITC Carry-forward 3 taxable years Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 194 of 205 Withholding Tax Rates Basis Tax Treaty Dividends to Oyu Tolgoi LLC 10% Dividends to BVI Shareholder 20% Dividends to OTN BV 0% Interest on Project Finance (depends on lender's tax residence) 0%–20% Services Provided in Mongolia\* (subject to any tax treaty reduction) 20% Services Provided Offshore\* 0% Value Added Tax Basis As per Law Rate 10% Refund for Production of Concentrate No Note: \* 10% VAT to be added on and self-assessed by OT LLC. 19.4 Capital costs Capital costs are summarised in Section 18.1. 19.5 Operating costs Operating costs are summarised in Section 0. Unit operating costs reflect the 'all in' cost associated with producing each tonne of ore, on average, over time. Operating costs presented in Section 0 exclude closure and rehabilitation costs. 19.5.1 Closure costs The total projected cost of closure of the Oyu Tolgoi mine site is $1.338 billion. The costs are summarized in Table 19-6. All costs are expressed in 2020 US$ with no allowances for escalation beyond this period. The estimate for closure costs has an expected accuracy of ±30% using Rio Tinto Closure Cost Estimating accuracy guidelines. Table 19-6: Closure cost estimate Cost Item Cost (US$M) Direct Costs Demolition and Removal of Permanent Facilities 365 Rehabilitation and Revegetation 336 Treatment and Disposal of Hazardous Wastes 4 Human Resources 33 Community 33 Post-Closure Monitoring and other Obligations 15 Subtotal Direct Costs 787 Indirect Costs Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 195 of 205 Closure Support Facilities 72 Closure Management (EPCM) Services 57 Owner's Costs incl. 10% VAT 130 Subtotal Indirect Costs 260 Contingency (25%) 262 Total Closure Cost 1,308 19.6 Cash flow 19.6.1 Cash flow analysis Rio Tinto reviewed the Mineral Reserve production schedule, 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 $21.8 billion in post-tax free cashflow (Table 19-7). Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 196 of 205 Table 19-7: Non-discounted cash flow for the property Item ($M) Total 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Net Sales Revenue 56,692 1,718 985 1,120 1,917 2,114 2,730 3,390 3,961 3,558 3,217 2,896 2,841 2,930 2,627 2,394 2,384 Total Site Operating Costs 23,998 843 842 878 842 835 841 819 800 874 897 897 936 981 928 865 822 Taxes 513 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditure 10,330 1,483 1,035 873 625 417 358 321 478 330 240 260 234 183 142 196 273 Working Capital Funding 19 (10) 7 (1) (3) (0) (4) (4) (7) 2 3 1 (0) (2) 3 0 (2) Net Cash Flow After Tax 21,832 (598) (900) (630) 452 862 1,535 2,254 2,690 2,351 2,077 1,737 1,671 1,767 1,554 1,332 1,291 Item ($M) Total 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 Net Sales Revenue 56,692 2,514 2,232 1,629 927 856 1,745 907 787 465 533 578 570 776 1,086 308 Total Site Operating Costs 23,998 860 785 932 888 831 828 711 692 434 614 570 631 557 408 356 Taxes 513 0 255 124 0 0 121 13 0 0 0 0 0 0 0 0 Capital Expenditure 10,330 291 328 106 95 78 60 108 62 268 127 156 98 83 97 924 Working Capital Funding 19 (4) 3 5 7 2 (6) 6 2 3 (2) (0) (0) 0 1 17 Net Cash Flow After Tax 21,832 1,367 861 463 (63) (54) 742 69 31 (239) (206) (148) (159) 135 580 (989) 2021 and 2022 numbers are forecast numbers based on the 2020 feasibility study, not actuals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 197 of 205 19.6.2 Economic evaluation Economic analysis and discounted cash flow modelling as at June 2020 confirmed the economic viability of the Property's Mineral Reserves which deliver a post-tax NPV of $7.7 billion as at 1 January 2021. The strong positive cash flows from 2025 come from the high grade underground ore mined and processed during this period. Negative cash flows at the end of the mine life are driven by closure costs, with the present value of all remaining closure costs recorded in the final year (Table 19-8). Table 19-8: Cashflow and NPV ($real, US$m) Parameter Total Present Value Gross Revenues 68,775 25,716 Realization Costs 8,510 3,005 GoM Royalties 3,573 1,335 Net Revenues 56,692 21,376 Open Pit Mining Operating Costs 3,488 1,081 Underground Mining Operating Costs 3,356 1,190 Concentrator Operating Costs 7,730 2,600 Infrastructure Operating Costs 2,525 913 General &Administration Costs 2,279 844 Total Operating Costs 19,377 6,628 Net Earnings 37,315 14,747 Expansion Capital 2,076 1,815 Sustaining Capital 6,347 2,941 Total Capital 8,423 4,755 Working Capital Funding (Release) 19 -8 Closure 1064 61 Other Fees and Charges 282 90 Management Fee 1,927 761 Pre-Tax Cash Flow 25,600 9,088 Corporate Tax 513 87 Property Tax 460 156 VAT, Custom Duties 2795 1152 Total Tax 3,769 1,394 Pre-finance Project Net Cash Flow 21,832 7,694 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 198 of 205 19.7 Sensitivity analysis Sensitivity analysis confirmed the Property's Mineral Reserves are robust against changes to major variables including price, capital expenditure, foreign exchange, operating expenditure and discount rate. Sensitivity analysis is outlined in Figure 19-1 and Table 19-9 and demonstrate the sensitivities to changes in the valuation price, capital, and modelled discount rates. Figure 19-1: NPV Project sensitivity to 10% increase/decrease variations Table 19-9: NPV Project price sensitivity to base case Incremental NPV10($M) Gold Price $15/g $30/g $45/g $60/g $75/g C o p p e r P ri c e $5,000/t -7,403 -5,960 -4,520 -3,082 -1,641 $6,000/t -4,448 -3,008 -1,567 -154 1,147 $7,000/t -1,430 -64 1,208 2,490 3,727 $8,000/t 1,208 2,487 3,718 4,946 6,147 $9,000/t 3,707 4,929 6,122 7,308 8,443 $10,000/t 6,149 7,332 8,509 9,640 10,762 Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 199 of 205 20. Adjacent properties The QPs have not included any relevant information concerning adjacent properties in this TRS as there are no adjacent properties that would materially change the estimates presented. In addition, Rio Tinto has a history of mining similar orebodies and has a well- defined process for defining orebody knowledge from its tenure. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 200 of 205 21. Other relevant data and information The QPs believe that all material information has been stated in the above sections of the TRS. Oyu Tolgoi are in the process of updating the feasibility study for the Project in order to meet requirements of the Government of Mongolia.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 201 of 205 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 as set out in Section 11. Verification of each geological model and Mineral Resources estimate occurs as noted in Section 11.1.9. 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 Resources classification. • Mining, processing, and market modifying factors studies assumptions and parameters are used to establish the reasonable prospects of economic extraction necessary for reporting 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 Reserves 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 19.6.2, the Mineral Reserves 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 Reserves estimate are aligned with industry practices and suitable for the mineralisation of the Oyu Tolgoi and selected mining methods. • All of the Mineral Reserves estimate is located within existing permitted operating mining areas, supported by established labour accommodation and transport facilities, processing, road 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 202 of 205 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 recommended to sustain Mineral Resources and Mineral Reserves: • Complete in progress Hugo North Lift1 optimisation study (OTFS23) and obtain relevant Mineral Council and Government of Mongolia approvals. • Update Mineral Resources estimates for Hugo South. These recommendations reflect Rio Tinto's ongoing operating practices and as such 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. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 203 of 205 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 Ayush, O 2006, "Stratigraphy, geochemical characteristics and tectonic interpretation of Middle to Late Paleozoic arc sequences from the Oyu Tolgoi porphyry Cu-Au deposit", MSc thesis (in Mongolian), Mongolian Univ. Science and Technology, Ulan Bator, Mongolia, 80 p. Burenkhuu, E., Gotovsuren, A., Badarch, G., & Dagvatseren, A., 1995. Report of geological complex study in the Galviin Gobi area (scale 1∶200000). Ulaanbaatar: MRAM Geological Archive. Hebert, Y. and Sharrock, G., 2018, October. Three-dimensional simulation of cave initiation, propagation and surface subsidence using a coupled finite difference–cellular automata solution. In Caving 2018: Proceedings of the Fourth International Symposium on Block and Sublevel Caving (pp. 151-166). Australian Centre for Geomechanics. Itasca 2019, FLAC3D (Fast Lagrangian Analysis of Continua 3D) Version 7.0, Itasca Consulting Group, Inc, Minneapolis, USA. Itasca Australia Pty Ltd, 2019. Numerical Assessment of Caveability Cave Initiation to Surface Breakthrough Panel 0 - Model D - Alternative Design - Oyu Tolgoi Mine. Internal Document prepared for Oyu Tolgoi LLC. Jakubec, J. and Laubscher, D.H., 2000. The MRMR rock mass rating classification system in mining practice. In Proceedings of the 3rd international conference and exhibition on mass mining, Brisbane, Australia (pp. 413-421). Jargaljav, G 2009, "Mineralisation and metasomatic alteration of Central Oyu copper-gold deposit", PhD thesis (in Russian), Irkutsk Technical University, Irkutsk, 129 p. Khashgerel, B 2010, "Geology, whole-rock geochemistry, mineralogy and stable isotopes (O, H and S) of sericitic and AA alteration zones, Oyu Tolgoi porphyry Cu-Au deposits, Mongolia", PhD thesis, Univ. of Tsukuba, Japan, 114 p. Myagmarsuren, S 2007. "Sulphide mineral paragenesis at the Hugo Dummett porphyry Cu- Au deposit, Oyu Tolgoi, Mongolia", MSc thesis, Tohoku University, Japan, 93 p. Munkbaatar, N., Chuluunbaatar, S., Sanjdorj, S., & Ulziibayar, G. (2005). Report on Hydrogeological Survey and Exploration for Gunii Hooloi and Galbyn Gobi in 2003-2004 for water supply at Oyu Tolgoi mine. Odonchimeg.A. (2013). Laboratory analytical quality assurance-quality control quarterly report. OT LLC internal report. Odonchimeg.A. (2014). Laboratory analytical quality assurance-quality control quarterly report. OT LLC, internal report. Odonchimeg.A. (2015). Laboratory analytical quality assurance-quality control quarterly report. OT LLC, internal report. Odonchimeg.A. (2016). Laboratory analytical quality assurance-quality control monthly and quarterly report. OT LLC, Internal report. Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 204 of 205 Otgonbayar, T., Odonchimeg, A., Munkhbat, T., & Crook, G., 2014. Resource report update on Heruga deposit (Javkhlant licence area). Ulaanbaatar, Geological Central Archive #7700: Oyutolgoi LLC. OT LLC. (2012). Oyu Tolgoi Environmental and Social Impact Assessment (ESIA) Oyunchimeg, R 2008, "Sulphide mineralogy and gold mineralisation at Hugo Dummett porphyry Cu-Au deposit, Oyu Tolgoi mineral district, Mongolia", PhD thesis (in Mongolian), Mongolian Univ. Science and Technology, Ulan Bator, Mongolia, 116 p. Savage, N 2010, "Origin of clasts, mineralisation and alteration within the DA2a conglomerate, Heruga porphyry Cu-Au-Mo deposit, Oyu Tolgoi, Mongolia: evidence for an older porphyry system or part of the early Oyu Tolgoi paragenesis?", MSc mining geology dissertation, Cambourne School of Mines, UK, 119 p. Sillitoe, RH., 2010: Porphyry Copper Systems. Society of Economic Geologists Economic Geology, v 105, pp. 3-41. Sketchley, D., 2011. Oyu Tolgoi Project QA/QC Review, From Sampling to Assaying. Internal memorandum prepared for Oyu Tolgoi LLC. Tuvdendorj, A., Sanjdorj, S., & Ulziibayer, G. (2008). Report on the Exploration and Underground Aquifer on the Ghunii Khooloi Deposit (Water Reserve Estimation as at 1st January 2008). Ulaaanbaatar: Ministry of Nature and Environment and Ivanhoe Mines. Tuvdendorj, A., & Sosorburam, D. (2015). Report on the Exploration and Water Aquifer on Gunii Khooloi and adjacent areas - Water Reserve Estimate as at 1st January 2014. Wainwright, A.J., 2008. Volcanostratigraphic framework and magmatic evolution of the Oyu Tolgoi porphyry Cu-Au district, South Mongolia, PhD, Univ. British Columbia, Vancouver, 263 p.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oyu Tolgoi Operations Technical Report Summary – 31 December 2022 Page 205 of 205 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 groups in connection with its mine plans (Section 17). • Governmental factors outside the expertise of the qualified person (Section 17). o All necessary statutory approvals, licences and permits to operate the Property currently being in place and maintained, including the ongoing ability and commitment to comply with and satisfy all approvals, licence and permit conditions. This includes mining and processing, mineral waste disposal inclusive of tailings (Sections 3, 13, 14). o The Registrant's ability and willingness to adequately manage all stakeholder relationships so as to not adversely affect the prospect of ongoing operations at the Property (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 copper-gold mining. Further, the QPs have taken all appropriate steps, in their professional opinion, to ensure that the above information provided by the Registrant is accurate in all material respects and have no reason to believe that any material facts have been withheld or misstated.

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