Rio Tinto Plc · LSE:RIO

Rio Tinto — Investor Day (December 2023)

111 slides from Rio Tinto's investor day presentation, Dec 6, 2023

1. Slide 1: Investor Seminar

   For personal use only

2. Slide 2: Cautionary and supporting statements

   Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, “Rio statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on For personal use only Tinto”). B

3. Slide 3: Cautionary and supporting statements (cont.)

   Cautionary and supporting statements (cont.) Oyu Tolgoi - Production Targets Resources. The Competent Person responsible for the information in the 2022 Annual Report that relates to La The 500ktpa copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit Gra

4. Slide 4: Cautionary and supporting statements (cont.)

   Cautionary and supporting statements (cont.) Simandou - Mineral Resources and Ore Reserves Mineral Resources and Ore Reserves – Global Iron Ore portfolio Simandou Mineral Resources and Ore Reserves reference on slides 74 and 98 have been reported in Rio Tinto’s Iron Ore Mineral Resources and Ore Res

5. Slide 5: Agenda

   Agenda Topic Duration (mins) Presenter Welcome to country 10 Brendan Kerin, Gadigal People of the Eora Nation For personal use only Safety share 2 Kellie Parker, Chief Executive, Australia Our purpose in action 10 Jakob Stausholm, Chief Executive Isabelle Deschamps, Chief Legal Officer Panel 1: 20 D

6. Slide 6: Investor Seminar presenters

   Investor Seminar presenters For personal use only Bold Alf Peter Mark Isabelle Baatar Barrios Cunningham Davies Deschamps Chief Executive Chief Commercial Chief Financial Chief Technical Chief Legal, Copper Officer Officer Officer Governance and Corporate Affairs Officer James Kellie Jérôme Arnaud J

7. Slide 7: Welcome to country

   For personal use only Welcome to country Brendan Kerin - Gadigal People of the Eora Nation ©2023, Rio Tinto, All Rights Reserved 7

8. Slide 8: Safety share

   For personal use only Safety share Kellie Parker ©2023, Rio Tinto, All Rights Reserved 8

9. Slide 9: Our purpose in action

   For personal use only Our purpose in action Jakob Stausholm ©2023, Rio Tinto, All Rights Reserved 9

10. Slide 10: Our purpose makes more sense than ever

    Our purpose makes more sense than ever For personal use only Finding better Best Impeccable ways to provide operator ESG the materials the world needs Excel in development Care Courage Curiosity ©2023, Rio Tinto, All Rights Reserved 10

11. Slide 11: Strategy proving itself in an opportunity-rich world

    Strategy proving itself in an opportunity-rich world The opportunity Our advantages For personal use only Mining Processing Commercial Brockman 4 - Pilbara BlueSmeltingTM at RTIT Matalco JV Traditional demand Global presence Deepening ties with Asia Operate across the value chain Energy transition D

12. Slide 12: Investing in the health of our business

    Investing in the health Dampier Port, Australia of our business Our people | Our ore bodies | Our assets For personal use only Best Impeccable operator ESG Excel in development Care Courage Curiosity Continuous improvement mindset More productive and resilient assets Better operational and financial

13. Slide 13: Shaping our portfolio for the future

    Shaping our portfolio for the future Simandou – high grade iron ore Matalco – aluminium recycling AP60 – low carbon technology Completed bankable feasibility study JV completed Commenced early works For personal use only Oyu Tolgoi Pilbara renewables Western Range + Ramping up to 500ktpa (100% basis

14. Slide 14: Delivering a stronger Rio Tinto for the long term

    Investing in our people, Operational focus and Exploration and technical asset and orebody learning mindset driving our capabilities strengthening our health performance portfolio For personal use only Delivering a stronger Rio Tinto for the long term ©2023, Rio Tinto, All Rights Reserved 14

15. Slide 15: Panel 1: Creating options for our future - Exploration and Technology

    Panel 1: For personal use only Creating options for our future - Exploration and Technology Isabelle Deschamps Dave Andrews Nigel Steward ©2023, Rio Tinto, All Rights Reserved 15

16. Slide 16: Building on our history and enabling growth

    Building on our history and enabling growth For personal use only World-class Exploration team Strong technology and R&D pedigree ~$250m1 450 ~$400m annual spend annual spend employees 5 key focus areas for R&D 18 8 countries commodities Extensive network of partners >100 >50% Venture Capital invest

17. Slide 17: We are exploring for commodities in countries

    We are exploring for 8 commodities in 18 countries For personal use only Lithium Copper Diamonds Minerals Ni/PGE Brownfield Iron Ore Greenfield Countries where we have an active exploration programme ©2023, Rio Tinto, All Rights Reserved 17

18. Slide 18: Our core purpose in exploration is discovery

    Our core purpose in exploration is discovery by finding or acquiring high-quality growth options For personal use only Dynamic portfolio of projects, broad spread of Support for Minimum Viable Projects with growth options options, recognising Tier 1 projects grow over time Organically-driven growth

19. Slide 19: Seven decades of industry-leading discovery and development performance

    Seven decades of industry-leading discovery and development performance Rio Tinto current or formerly owned/operated or significant business potential 2007 For personal use only Australia Divested Caliwingina Nth. 2002 Under cover or +100m depth of mineralisation USA Iron Ore Resolution Copper 1983

20. Slide 20: We have more than projects at varying stages of maturity

    We have more than 100 projects at varying stages of maturity Our pipeline focus is on the most promising opportunities For personal use only Brownfield Iron Ore targets Copper projects Australia USA Pilbara Iron Ore Iron Ore projects Iron Ore projects Lithium project Bauxite projects Australia Austr

21. Slide 21: Our new joint venture with Codelco: Nuevo Cobre

    Our new joint venture with Codelco: Nuevo Cobre For personal use only World class copper terrain; unique strategic partnership 57.74% Rio Tinto, 42.26% Codelco High potential for a significant porphyry discovery in the fourth largest copper district in the world (Atacama region, Chile) Property prev

22. Slide 22: Tackling the energy transition together

    Tackling the energy transition together Brownfield development Ore characterisation Partnerships For personal use only Getting more from our existing assets Leaving nothing on the plate Underpinning everything we do Geophysics & remote sensing Advanced analytics & machine learning ESG Mapping the wo

23. Slide 23: Strong network of technology partnerships

    Strong network of technology partnerships For personal use only ©2023, Rio Tinto, All Rights Reserved 23

24. Slide 24: Disciplined technology roadmap

    Disciplined technology roadmap Health & Safety ESG Growth Carbon Productivity For personal use only 10 projects 20 projects 39 projects 24 projects 27 projects Reducing frontline Reducing water Discovering new Green steel and low Maximise value from exposure to hazards consumption orebodies carbon p

25. Slide 25: 2023 highlights to evolve into 2024 successes

    2023 highlights to evolve into 2024 successes Accelerating innovation by ‘bringing the outside world in’ Advancing key projects For personal use only Innovation Advisory Committee members Imperial College London NutonTM technology pilot plant, Bundoora, Australia Innovation Advisory Committee Rio Ti

26. Slide 26: Our markets and customers

    Our markets and customers For personal use only Alf Barrios Vivek Tulpule ©2023, Rio Tinto, All Rights Reserved 26

27. Slide 27: Global trends driving commodity demand

    Global trends driving commodity demand Global commodity demand to grow by ~4% a year to 20351 For personal use only <2°C scenario; Copper equivalent basis2 • Decarbonisation and the energy transition are expected to fuel sustained commodity 2035 demand growth in the next decade ~2.6% CAGR • Regional

28. Slide 28: Decarbonisation drives potential for segmented steel value chains

    Decarbonisation drives potential for segmented steel value chains Western hemisphere Eastern hemisphere For personal use only ~25% of 2040 iron ore demand ~75% of 2040 iron ore demand Robust future demand Robust future demand for high grade iron ores for all iron ore grades Policy incentives in US,

29. Slide 29: Low-impurity ores could realise significant premiums at $100/tCO2

    Low-impurity ores could realise significant premiums at $100/tCO2 Indicative operating cost structure per tonne of crude steel For personal use only at $100/t CO2 penalty and consensus long-run iron ore price forecasts ($75/t on a 62% Fe equivalent • Reduction in CO2 penalties achieved when basis, C

30. Slide 30: Recycling creates broad benefits across aluminium supply chain

    Recycling creates broad benefits across aluminium supply chain Recycling growth to outpace primary… …to enhance supply chain resilience … and to reduce emissions For personal use only <2°C scenario; global aluminium production (Mt) Europe + US + Japan semis production CO2 intensity of primary alumin

31. Slide 31: Finding better ways to serve our customers

    Finding better ways to serve our customers For personal use only What customers want Rio Tinto partner of choice Decarbonisation • Diversified orebody portfolio (grade, geography) Fe • Value chain decarbonisation Iron ore • Steel decarbonisation solutions • Low carbon products • New materials for th

32. Slide 32: Matalco – a step change in our customer offering

    Matalco – a step change in our customer offering For personal use only RenewAl™ 2016 2018 2021 2021 2023 End customers are Matalco JV creates a Recycling complements And sets us up for growth increasing the use of leadership position, our offering in the expanding North recycled aluminium with incre

33. Slide 33: Supporting customers and suppliers to decarbonise the value chain

    Supporting customers and suppliers to decarbonise the value chain Our Scope 3 emissions We are helping our customers beat the current trajectory For personal use only Illustrative Scope 3 trajectory incorporating current customer and country pledges1 Potential Net Zero emissions pathway (based on NZ

34. Slide 34: Partnering with customers to decarbonise the steel value chain

    Partnering with customers to decarbonise the steel value chain 1 Existing Pathways Ongoing Working with our customers to lower the CO2 intensity of the Blast Furnace For personal use only 2 Emerging Pathways ~1-10 years to commercial scale Using our high-grade iron ores to accelerate the early proli

35. Slide 35: Specific, action-oriented near-term Scope 3 targets

    Specific, action-oriented near-term Scope 3 targets • Support customers to reduce emissions from BF by 20-30% by 2035 For personal use only • Target a 50% reduction in Scope 3 (7 Mt) from IOC by 20351 Steel • Commission Biolron™ Continuous Pilot Plant by 20261 • Deliver a DRI+melter pilot plant by 2

36. Slide 36: BioIron – pioneering breakthrough technologies

    BioIronTM – pioneering breakthrough technologies BioIronTM uses raw biomass instead of metallurgical coal and microwave energy to convert Pilbara iron ore to metallic iron and has the potential to support low CO2 steel making For personal use only Bed of green briquettes (ore, Green briquettes conve

37. Slide 37: Panel 2: The mindset that's driving performance – Best Operator

    Panel 2: The mindset that's driving performance For personal use only – Best Operator James Martin Kellie Parker Arnaud Soirat Simon Trott ©2023, Rio Tinto, All Rights Reserved 37

38. Slide 38: Safe Production System progress and 2024 priorities

    Safe Production System progress and 2024 priorities % of total eligible sites1 For personal use only 80 60 Strong, Stable Assets Customer Focus 40 20 0 2021 Actual 2022 Actual 2023 Forecast 2024 Plan Great 5 16 24 26-32 # of sites people 2024 priorities: Significant maturity uplift at existing deplo

39. Slide 39: SPS is a global system improving safety, people and profit outcomes

    SPS is a global system improving safety, people and profit outcomes For personal use only Year-on-year change Hope Downs Grande Baie (Iron Ore) (Aluminium) 42% 19% Processing operating Casting operating time time variability (excluding shutdowns) Kennecott IOC (Copper) (Minerals) 8% 20% People Surve

40. Slide 40: An update on Everyday Respect and our progress

    An update on Everyday Respect and our progress on the 26 recommendations For personal use only Respect Respect Respect at every level in every place for every voice Exceeded our stretch target with 81%1 of Addressed immediate safety and Launched Care Hub in 3 countries – employees completing trainin

41. Slide 41: Everyday Respect – looking ahead

    Everyday Respect – looking ahead For personal use only Discovery Discovery Planning and Implementation Review and reflection Co-design • 8-month study • Time to reflect and • Co-design actions to ensure • Implement meaningful • In line with the • 100+ group listening understand the findings and we i

42. Slide 42: Safety share - culture

    For personal use only Safety share - culture Molly Singline ©2023, Rio Tinto, All Rights Reserved 42

43. Slide 43: Break

    For personal use only Break ©2023, Rio Tinto, All Rights Reserved 43

44. Slide 44: Our decarbonisation in action

    For personal use only Our decarbonisation in action Mark Davies ©2023, Rio Tinto, All Rights Reserved 44

45. Slide 45: Our project commitments are taking hold

    Our project commitments are taking hold 2022 emissions Commitments to abatement projects2 2023 outcomes % by source tCO2e equity basis For personal use only We have momentum in the portfolio 32.8Mt 2,000 • Converting our targets into actions, with an expected increase in activity in 2024 26% PacOps

46. Slide 46: Responsible investment today and a technology focus for the future

    Responsible investment today and a technology focus for the future Decarbonisation project pipeline For personal use only (Mt CO2e, equity basis) Robust evaluation approach 1Mt CO2 abatement • Our path to 2030 is built on defined projects PacOps Renewable Diesel Minerals Alumina Aluminium Other 6+1

47. Slide 47: 2023 pipeline progress

    2023 pipeline progress Commercial transactions Industry breakthroughs For personal use only Renewable energy • Committed renewable energy and certificates in Australia, South Africa and Mongolia • Yindjibarndi Energy Corporation partnership Drop-in biofuels • Boron and Kennecott replace its entire f

48. Slide 48: Pathway to 2030 target under our decarbonisation programmes

    Pathway to 2030 target under our decarbonisation programmes Mt CO2e equity basis1 For personal use only 40 -50% 34.5 32.8 2.3 PacOps 2025 target (15%) Electricity 26% Other Electricity 16% 17.3 Diesel 2030 target (50%) 14% Other Elec 11% Min. Proc. 7% Final schedule Diesel dependent on 24% Alumina c

49. Slide 49: Roadmap to net zero

    Roadmap to net zero Mt CO2e equity basis PacOps Renewable Diesel Minerals Alumina Aluminium Nature-based Organic For personal use only Repowering Energy1 Transition Processing Processing Anodes2 Solutions3 growth without decarbonisation4 We remain committed 40 to our 2030 targets, with the repowerin

50. Slide 50: Aluminium – in focus

    For personal use only Aluminium – in focus Jérôme Pécresse ©2023, Rio Tinto, All Rights Reserved 50

51. Slide 51: We are the world's leading low-carbon aluminium producer, with options to grow

    We are the world’s leading low-carbon aluminium producer, with options to grow For personal use only 4 4 7 14 8 3 Bauxite Mines1 Alumina Hydropower Aluminium Recycling R&D Centres and Refineries1 Plants Smelters1 Centres2 ELYSIS JV Best positioned for an industry in transition Critical metal to enab

52. Slide 52: Our strategy to deliver sustainable competitive advantage through the cycle

    Our strategy to deliver sustainable competitive advantage through the cycle For personal use only Best Operator | Excel in Development Asset & people health | Capital intensity & project management expertise | SPS & productivity Culture & leadership | Innovation 01 03 Grow North American Optimise in

53. Slide 53: Best operator: restoring the base for a stronger business

    Best operator: restoring the base for a stronger business Best Operator Kitimat at full capacity and Boyne cells recovered Stability improving in Bauxite & Alumina For personal use only Annualised production rate Annualised production rate kt, Rio Tinto share mt, Rio Tinto share 500 58 8.2 56 8.0 40

54. Slide 54: Raw material prices trending downwards and inflation subsiding

    Raw material prices trending downwards and inflation subsiding Input prices down from cyclical high Cyclical margin pressure subsiding For personal use only Raw material prices Rio Tinto Aluminium EBITDA margin as a % of LME (indexed to historical 2014-2021 average)1 Quarterly % 2.5 50% 2.0 40% 1.5

55. Slide 55: Delivering on our North America conviction

    Delivering on our North America conviction For personal use only Recycling Low-carbon Primary Metal CO2 Growing in North America with Matalco JV Investing in Canada with AP60 $0.7bn 50% $1.1bn $113m Investment in high-quality aluminium recycling JV with Giampaolo Group AP60 state of the art smelter

56. Slide 56: Partnering to capture the energy transition opportunity

    Partnering to capture the energy transition opportunity For personal use only Customers Industrial partners Government First Nations • Prysmian – supply energy • Matalco – new recycling JV • Governments of Australia and Canada – • Kuessilueu (“wind is turning”) transition material exploring opportun

57. Slide 57: Our Aluminium business

    Our Aluminium business Improving our margins For personal use only with Kitimat and Boyne recovery Setting Matalco JV up for success Progress AP60 expansion and ELYSISTM development Best Impeccable operator ESG Excel in development Care Courage Curiosity ©2023, Rio Tinto, All Rights Reserved 57

58. Slide 58: Copper - in focus

    For personal use only Copper - in focus Bold Baatar ©2023, Rio Tinto, All Rights Reserved 58

59. Slide 59: On track for 1Mt of mined copper production within years

    On track for 1Mt of mined copper production within 5 years ~90% of the growth capital already spent Our portfolio of assets For personal use only • Rio Tinto is expected to account for 25% of the growth in global copper supply in the next 5 years4 • Oyu Tolgoi underground ramp-up on track to deliver

60. Slide 60: Continued investment at our high-quality operations

    Continued investment at our high-quality operations For personal use only Kennecott Oyu Tolgoi Escondida $1bn of investment committed 83 drawbells blasted1, ahead of plan Significant investment over the next 10 years to maintain production Smelter rebuild completed, expect to Underground project 92%

61. Slide 61: Oyu Tolgoi expected to move to first quartile of the 2030 cost curve

    Oyu Tolgoi expected to move to first quartile of the 2030 cost curve Copper in concentrates (LHS)/ head grade (RHS)1 2030 Copper equivalent cost curve2 For personal use only Copper equivalent unit cost including sustaining capex (c/lb) 500 1.5 600 1.25 500 400 Oyu Tolgoi 1 400 (2023)3 300 0.75 300 2

62. Slide 62: Well positioned to support the US energy transition

    Well positioned to support the US energy transition Our US footprint For personal use only • US demand expected to double over next Kennecott decade from 2Mt to 4Mt, with growing import dependence1 • Kennecott is 1 of 2 operating smelters and Utah and Nevada potential for life of mine beyond 20402 M

63. Slide 63: Nuton - a high-recovery and low-footprint technology

    Nuton - a high-recovery and low-footprint technology TM A Rio Tinto venture Key differentiators Portfolio​ today Leading sustainability credentials For personal use only 01 6 4 Aim to produce world’s lowest footprint copper Partnerships Countries across our five pillars, and stretch to have a positi

64. Slide 64: Our copper business

    Our copper business Oyu Tolgoi ramping up For personal use only Improving stability and returns at Kennecott Scaling up NutonTM Best Impeccable operator ESG Excel in development Care Courage Curiosity ©2023, Rio Tinto, All Rights Reserved 64

65. Slide 65: Iron Ore - in focus

    For personal use only Iron Ore - in focus Simon Trott ©2023, Rio Tinto, All Rights Reserved 65

66. Slide 66: A portfolio compatible with the environmental and heritage values of the region

    A portfolio compatible with the environmental and heritage values of the region For personal use only Port and rail - our competitive advantage Access to • >360 Mtpa of port capacity infrastructure • 350 – 360Mtpa of rail capacity Co-design and co-management of mines • Investing in genuine engagemen

67. Slide 67: Robust returns through disciplined investment

    Robust returns through disciplined investment Mine capital intensity outlook Rhodes Ridge: the best undeveloped project in the Pilbara For personal use only ($/t installed capacity) Range: 30% – 80% IRR1 Large Grade-advantaged Infrastructure 100 >100 Mtpa capacity >62% for Pilbara Blend Close to est

68. Slide 68: Clear pathway to mid-term system capacity

    Clear pathway to mid-term system capacity of 345 – 360 Mt Shipping guidance For personal use only (Mt, 100% basis) 5 mines in the pipeline (~130 Mtpa capacity in total) • Western Range (25 Mtpa1), first ore 2025 • West Angelas, first ore 2027 360 Replacement projects • Hope Downs 1, first ore 2027 (

69. Slide 69: Safe Production System to deliver 5Mt production uplift in both 2023 and 2024

    Safe Production System to deliver 5Mt production uplift in both 2023 and 2024 Development Drill & blast Load & haul Processing Rail Ports Deployment For personal use only A West Angelas E 14% C 27% E 11% D 10% F 5% G 11% B Yandicoogina Spatial conformance1 Metres drilled per hour1 Truck work rate1 F

70. Slide 70: Increased volume and productivity to drive down mid-term costs

    Increased volume and productivity to drive down mid-term costs Unit costs For personal use only $/tonne shipped ~$20/t mid-term unit cost target1 2023 Guidance $21.0 – 22.5 (lower half of range) $21.7 $21.2 $20.1 ~$20.0 Volumes increasing $19.1 $14.0 Productivity improvements Work index rising 2011-

71. Slide 71: Our Iron Ore business

    Our Iron Ore business Prioritising safety and culture For personal use only Embedding ‘Most Valued’ mindset Capital efficient growth “Cracking the code” on green steel Best Impeccable operator ESG Excel in development Care Courage Curiosity ©2023, Rio Tinto, All Rights Reserved 71

72. Slide 72: Simandou

    For personal use only Simandou Bold Baatar Mark Davies ©2023, Rio Tinto, All Rights Reserved 72

73. Slide 73: Unlocking the world's largest known high-grade iron ore resource

    Unlocking1 the world’s largest known high-grade iron ore resource For personal use only A financially attractive, Tier 1 resource: IRR2 in low double digits anticipated for Simfer mine and combined infrastructure through ownership of Compagnie du TransGuinéen (CTG) Diversification of iron ore portfo

74. Slide 74: Simandou complements our Pilbara and IOC portfolio

    Simandou complements our Pilbara and IOC1 portfolio For personal use only Unrivalled global portfolio Strategic differentiators High quality Ore Reserves Global Mineral Resources & Ore Reserves5 Billions of dry tonnes, published grades World class infrastructure IOC1 Ore Reserves 20Mt 2 2 1 Portside

75. Slide 75: Three dimensions to the Simandou project

    Three dimensions to the Simandou project 01 02 03 For personal use only Compagnie du TransGuinéen Simfer Mine WCS Mine (CTG) Infrastructure1 – blocks 3 & 4 – blocks 1 & 2 Funded: Funded: Ownership: 50% by Simfer InfraCo (53% Rio Tinto, 53% by Rio Tinto 51% Winning Consortium3 47% CIOH Consortium2) 4

76. Slide 76: Simfer's project scope

    Simfer’s project scope Simfer will construct a 60Mtpa mine1, rail spur and transhipment vessel (TSV) port, and will own an equal share of CTG with WCS on completion For personal use only Mine 60Mtpa with expansion options – Guinea average grade of 65.3% Fe - 26-year mine life2 Main Rail Line WCS bui

77. Slide 77: Construction progress: enabling works underway

    Construction progress: enabling works underway For personal use only Scopes of work to support contractor mobilisation and construction are progressing Accommodation availability and site facilities have been the focus across Q3 and Q4 2023 Stockyard dam to provide water for Tin Dijou camp building

78. Slide 78: Simfer capital expenditure summary

    Simfer capital expenditure summary Final Rio Tinto Board approval is subject to the remaining conditions being met, including joint venture partner and regulatory approvals from China and Guinea1 For personal use only Simfer capex Rio Tinto share Mine and TSVs, owned and operated by Simfer: Developm

79. Slide 79: Commitment to globally recognised ESG standards and best practices

    Commitment to globally recognised ESG standards and best practices For personal use only Key Risks Key Opportunities Health and safety Regional economic development Biodiversity Economic contribution Project-induced migration Job creation Resettlement and land access Co-development model Human Right

80. Slide 80: Capital allocation and financials

    For personal use only Capital allocation and financials Peter Cunningham 80

81. Slide 81: Focus on operational performance uplift and consistently strong cash flows

    Focus on operational performance uplift and consistently strong cash flows Operating cash flow1 ($bn) Production growth CuEq2 (Rio Tinto share) For personal use only 8% 25 6% 7% 5% 5% 4% 4% 4% 4% 16 16 2% 15 2% 1% 0% 12 0% -2% -1% -1% -4% -4% -6% -6% -8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

82. Slide 82: Operating cash flow includes investment for creating growth options

    Operating cash flow includes investment for creating growth options and strengthening social licence $bn For personal use only • Expenditure rising in line with development of project portfolio 1.9 • Fully expensed via the P&L 1.6 0.5 • Includes $250m per year of central 1.3 0.4 greenfield explorati

83. Slide 83: Consistent capital allocation, balancing essential capex with shareholder returns

    Consistent capital allocation, balancing essential capex with shareholder returns and growth 01 Essential capex ($bn) 02 Ordinary dividends ($bn) 03 Iterative cycle of… For personal use only Integrity, Replacement, Decarbonisation 60% of underlying earnings paid out in each of past 7 years1 12.8 ~7.

84. Slide 84: Shaping our portfolio for the future

    Shaping our portfolio for the future Growth capex1 For personal use only $bn <$3bn per year Simandou Other Oyu Tolgoi Kennecott underground Simandou the key driver of growth capex 1.0 Oyu Tolgoi underground spend to wind down 0.6 from 2024 as infrastructure is completed Other includes yet to be appr

85. Slide 85: Financial strength remains a key asset in volatile markets

    Financial strength remains a key asset in volatile markets Major commodity prices (real $2023, 12-month moving average1) For personal use only • Near-term demand more subdued with 180 Boom to bust Global economic recovery Brumadinho disaster Covid stimulus – increased demand and Weaker demand growth

86. Slide 86: Decarbonisation investment pathways continue to evolve

    Decarbonisation investment pathways continue to evolve Decarbonisation pipeline Total capex guidance to 2030 (Mt CO2e, equity basis) revised to $5-6bn1,2 For personal use only 2030 CO2e 2023-2030 abatement % capex % 600 Commercial solutions ~65-70% ~10% 500 • PPAs, VPPAs, RECs • Biofuels 400 BlueSme

87. Slide 87: Investment to de-risk from carbon legislation and reduce opex

    Investment to de-risk from carbon legislation and reduce opex Annual average net operating costs ($m) from decarbonisation programme1 For personal use only Increasing influence of carbon taxes • ~50% of our emissions are now in scope for legislated carbon penalties 3-5% IRR 10-13% IRR pre-tax, real

88. Slide 88: Outlook underpins a strong Rio Tinto for the long term

    Outlook underpins a strong Rio Tinto for the long term Total commodity demand by 2035 (<2°C scenario, CuEq)1 For personal use only Total demand growth of ~4% CAGR between 2022 and 2035 with net demand uplift from Traditional and Energy Transition broadly equal Attractive long-term demand fundamental

89. Slide 89: For personal use only

    RioTinto Ajuo asn jeuossad J04

90. Slide 90: Appendices

    For personal use only Appendices ©2023, Rio Tinto, All Rights Reserved 90

91. Slide 91: Guidance

    For personal use only Guidance ©2023, Rio Tinto, All Rights Reserved 91

92. Slide 92: Production guidance

    Production guidance 2023 2024 For personal use only Guidance Guidance Pilbara iron ore shipments1 (100% basis) 320 – 335Mt2 323 – 338Mt Copper Mined Copper (consolidated basis)3 590 – 640kt 660 – 720kt Refined Copper 160 – 190kt 230 – 260kt Aluminium Bauxite 54 – 57Mt4 53 – 56Mt Alumina 7.4 – 7.7Mt

93. Slide 93: Group level financial guidance

    Group level financial guidance 2023 2024-2026 (per year) For personal use only Capex Total Group1 ~$7.0bn ~$10.0bn Growth capital ~$1.0bn2 Up to $3bn Sustaining capital ~$4.0bn ~$4.0bn Including Pilbara sustaining3 ~$2.0bn ~$1.8bn Replacement capital ~$1.7bn ~$2 to $3bn Decarbonisation capital ~$0.1

94. Slide 94: Disciplined investing for growth and decarbonisation

    Disciplined investing for growth and decarbonisation Capital expenditure profile (Rio Tinto share) For personal use only $bn • We expect our share of capital investment ~10 ~10 ~10 to be around $7.0bn (previously $7.5bn) in 2023 • Sustaining capex of around $4.0bn per 7 ~7 annum from 2024 to 2026, i

95. Slide 95: Simandou

    For personal use only Simandou ©2023, Rio Tinto, All Rights Reserved 95

96. Slide 96: WCS and Simfer have separate scopes to leverage expertise

    WCS and Simfer have separate scopes to leverage expertise, and reduce risk and costs For personal use only Structure during operations Simfer InfraCo will construct on behalf of CTG: Baowu Consortium Winning Rio Tinto Chinalco • 70 km Simfer spur line Consortium Consortium1 • 60 Mtpa transhipment ve

97. Slide 97: Compagnie du TransGuinéen co-development model

    Compagnie du TransGuinéen co-development model Robust governance structure For personal use only 7-member CTG Guinean Chairman Transitional arrangements Simfer and WCS have Sustainability Board of Directors appointed by the State during construction equal rights including committee to oversee to com

98. Slide 98: Simandou project life of mine key statistics

    Simandou project life of mine key statistics1 IRR2 in low double digits anticipated for Simfer mine and combined infrastructure through ownership of CTG Simfer Mine Simfer / CTG Infrastructure For personal use only Overview Overview Mine Open pit, 1.5Bt Ore Reserves, Block 3 only Scope Dual track, m

99. Slide 99: Tax settings will provide a sustainable sharing of benefits between partners

    Tax settings will provide a sustainable sharing of benefits between partners For personal use only Key Tax Settings Simfer Mine Simandou Infrastructure Governing framework Simfer Convention WCS Port and Rail Conventions Modified by the Bipartite Agreement Modified by the Co Development Agreement Cor

100. Slide 100: Decarbonisation

     For personal use only Decarbonisation ©2023, Rio Tinto, All Rights Reserved 100

101. Slide 101: Our emissions differ from our peers

     Our emissions differ from our peers: ~80% arise from processing metals and minerals which are in hard to abate sectors Scope 1 & 2 emissions, 2022 actuals For personal use only (Mt CO2e, equity basis) Alumina Minerals Other Aluminium Anodes PacOps Electricity1 Process Heat Process Heat Electricity D

102. Slide 102: Updated emissions reporting methodology

     Updated emissions reporting methodology Scope 1 & 2 underlying emissions1 For personal use only (Mt CO2e, equity basis) Market basis is now our primary measure • Emissions previously reported on a single measure combining location and market basis +4% • New dual reporting aligned to GHG Protocol 0.9

103. Slide 103: 500,000+ hectares of land committed to high integrity nature-based solutions

     500,000+ hectares of land committed to high integrity nature-based solutions globally by 2025 For personal use only Developing nature- Addressing nature loss, Developing high integrity projects in Guinea, Madagascar and South Africa climate change and based solutions in our community challenges Aimi

104. Slide 104: Boron operation became the world's first open pit mine to go 100% biofuel

     In May 2023, our Boron operation became the world’s first open pit mine to go 100% biofuel – reducing up to 45kt of CO2e per annum Biofuels approach Boron case study For personal use only • Electrification will be the most efficient and cost-effective pathway to our • In May, we fully transitioned t

105. Slide 105: Transition to renewable power generation in our Pilbara iron ore business

     The transition to renewable power generation in our Pilbara iron ore business will deliver additional value Gas displacement Partnerships Progressing studies For personal use only Approximately 600 – 700MW of We are exploring a number of We are continuing to study and negotiate renewable power gener

106. Slide 106: Iron & Titanium advanced breakthrough decarbonisation options

     Iron & Titanium has advanced breakthrough decarbonisation options – creating optionality to adjust to a changing environment For personal use only Biocarbon BlueSmelting™ Minerals processing decarbonisation – Rio A drop-in/short-term opportunity to A technological change Tinto Technology and Critica

107. Slide 107: Nuton

     For personal use only NutonTM ©2023, Rio Tinto, All Rights Reserved 107

108. Slide 108: Nuton expected to deliver exceptional recovery

     NutonTM expected to deliver exceptional recovery For personal use only Up to 85% recovery from primary copper sulphides, compared to 25-35% Actual test results have supported Nuton delivers leading ESG performance from traditional heap leach our modelling work Carbon intensity (CO2/t) Nuton Up to 85

109. Slide 109: The Nuton portfolio today

     The NutonTM portfolio today A Rio Tinto venture Asset/ company​​ Current investment/agreement​​ Key terms/ Nuton rights​​ For personal use only Johnson Camp Mine, AZ Nuton Collaboration • Testing programme​​ underway Excelsior Mining Inc. ​(TSX)​​ Agreement and option to JV Agreement • Option to ear

110. Slide 110: Common acronyms and definitions

     Common acronyms Definitions $ United States dollar CuEq Copper equivalent km kilometre PNG Papua New Guinea Calculated The levelised marginal cost of abatement abatement at a zero carbon price AIFR All Injury Frequency Rate CDA Co development agreement Kt Kilo tonnes PPA Power Purchasing Agreement c

111. Slide 111: For personal use only

     RioTinto Ajuo asn jeuossad J04

Rio Tinto — Investor Day (December 2023) on 6ix