Rio Tinto Plc · LSE:RIO
Rio Tinto — Investor Day (December 2025)
79 slides from Rio Tinto's investor day presentation, Dec 4, 2025
Slide 1: Capital Markets Day
Capital Markets Day 4 December 2025
Slide 2: Cautionary statements
Cautionary statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited cyber breaches; physical impacts from climate change; the impacts of water Tinto’s annual results press release, Annual Report and accounts in Australia (together with their subsidiaries, “Rio Tinto”). B
Slide 3: Stronger, sharper and simpler
Stronger , sharper and simpler Simon Trott CEO Oyu Tolgoi, Mongolia
Slide 4: Safety share
Safety share Simandou , Guinea
Slide 5: Agenda
Agenda CEO Simon Trott CFO Peter Cunningham Markets Vivek Tulpule Iron Ore Matthew Holcz Aluminium & Lithium Jérôme Pécresse Copper Katie Jackson Closing Simon Trott Q&A All ©2025, Rio Tinto, All Rights Reserved | Capital Markets Day 2025 5
Slide 6: Stronger, sharper and simpler: delivering industry leading value
Stronger, sharper and simpler: delivering industry leading value Operational excellence Project execution Capital discipline Strategic • Safety first • Projects capability • Strong balance sheet pillars • Orebody knowledge • Capital efficiency • Rigorous capital allocation • Productivity • Organic g
Slide 7: Right assets in the right commodities
Right assets in the right commodities Iron Ore Aluminium Lithium Copper Core commodity market size 1 $220bn $180bn $59bn (current $12bn) $219bn Attractive Tight supply fundamentals, Energy transition, Rapid growth , vital Steep cost curve , strong markets steep cost curve recycling driving growth fo
Slide 8: Industry leading growth in a capital disciplined way
Industry leading growth in a capital disciplined way 2021 - 2024 2024 – 2030F Rigorous capital allocation 2% CuEq 1 production C AGR 3% CuEq 1 production CAGR 2 • Compete for capital • Decision making framework to deliver returns • Faster decisions • Strong balance sheet 20% increase over period 1.
Slide 9: Right team
Right team Simon Trott Bold Baatar Georgie Bezette Chief Executive Chief Commercial Chief People Officer Officer Officer Peter Cunningham Mark Davies Isabelle Deschamps Chief Financial Chief Safety Chief Legal, Officer & Technical Governance & Officer Corporate Affairs Officer Matthew Holcz Katie Ja
Slide 10: Immediate focus areas
Immediate focus areas 1 2 3 Simplify Deliver Release and sharpen our major growth projects $5 - 10bn cash focus on productivity Simandou , Oyu Tolgoi proceeds from and performance and Rincon asset base ©2025, Rio Tinto, All Rights Reserved | Capital Markets Day 2025 10
Slide 11: Simplify business, sharpen focus: strong momentum
1 Simplify business, sharpen focus: strong momentum Simplify our business Sharpen our focus Results (first 3 months) Productivity – annual run rate 1 Diversified model • Accountability • Long - life, low- cost assets $ 650 m • Productivity • Lean centre • Costs 280 Implemented by Q1 2026 • Decisions
Slide 12: Deliver world-leading projects
2 Deliver world - leading projects Oyu Tolgoi, Mongolia Simandou, Guinea Rincon, Argentina 3 major growth projects Simandou first ore Simandou learnings across the globe achieved in November applied across portfolio – • Copper: Oyu Tolgoi underground 2025 – one year after lower capital intensity pro
Slide 13: Release value from our asset base
3 Release value from our asset base Innovate to capture the full potential of our assets Business area Capital release triggers Mining/Processing • Divest assets that do not meet return criteria Release • Sell minority stakes to strategic partners $5 - 10bn Land/Exploration • Divest assets that do n
Slide 14: Partner of choice: Safety, social licence and sustainability
Partner of choice: Safety, social licence and sustainability Partner of choice • Build trust as a dependable, long - term partner Safety, communities Environment & sustainability • Reduce risk and & social performance • CO 2 equivalent emissions obtain support • Safety first reduced by 14% 1 • Secur
Slide 15: Stronger, sharper and simpler
Stronger, sharper and simpler 1 Simplify 2 Deliver 3 Release $650m 1 p.a. in Three major $5 - 10bn cash productivity growth projects proceeds from benefits to date and 3% CAGR 2 asset base Enablers People Social Licence Partnerships 1. Productivity benefits are opex savings on an annual run rate bas
Slide 16: Most valued metals and mining business
Industry leading returns Most valued Lasting positive impact metals and mining business Cape Lambert, Western Australia 16
Slide 17: Volumes up, costs down, capital down, cash released
Volumes up , costs down , capital down , cash released Peter Cunningham CFO Yarwun, Australia
Slide 18: Continued 3% compound annual growth rate
Continued 3% compound annual growth rate Production outlook 4 CuEq 1,2 , CAGR 3% 3 • 7% CuEq growt h in 2025F 2 as Oyu Tolgoi ramps up • 3% CAGR to 2030F , as we add Simandou and Lithium (Arcadium , Rincon) • Organic g rowth post 2030F 4 includes Copper (Resolution, La Granja) and Lithium (brines in
Slide 19: Unit costs to decrease
Unit costs to decrease Average operating unit cost $ m/ CuEq kt sold 1, CAGR 4% 3 • Strengthen margins • Focus on productivity and efficiency • Remove fixed costs • Momentum going into 2026 2024 2025F 2026F 2 2030F 2 1. Indicative operating unit cost of sales of our operations, not intended to be a
Slide 20: $650m productivity benefits to date
$650m productivity benefits to date Simpler organisation Stronger operational Sharper focus discipline on portfolio • Simplify to three • Deploy Safe Production • Stop non - core Product Groups System (SPS) practices projects, studies and to eliminate waste programmes • Delayer business • Reduce hol
Slide 21: Pathway to even stronger financials
Pathway to even stronger financials EBITDA outlook 1 210 2 | EBITDA 50 % by commodity +40 - 50% Rio Tinto in 2030 140 • 20% CuEq production 25 increase from committed 100% projects 3 70 • 40 to 50% EBITDA 1 increase with operational excellence and capital discipline 0 • Increasing diversification as
Slide 22: Capex back below $10bn per year
Capex back below $10bn per year Capital guidance $bn, Rio Tinto share 1 ~11 Up to 11 9.5 Up to 10 2 • Up to $10bn: 2028F+ capital guidance • Continued disciplined investment in organic growth • Pathway to decarbonisation target : capital guidance adjusted to $1- 2bn to 2030 2024 2025F 2026/2027F 202
Slide 23: Strong balance sheet, returns and cash release
Strong balance sheet, returns and cash release Net debt $bn; Underlying EBITDA to net interest cover ratio (x) 46 x • Opportunistically release 35 x $5 - 10bn cash proceeds to: 34x 25x – Further strengthen balance sheet 14.6 4.2 4.2 5.5 – Optimise capital structure 2022 2023 2024 H1 2025 1 – Fund on
Slide 24: Value through financial discipline, productivity and growth
Value through financial discipline, productivity and growth Dampier, Western Australia
Slide 25: Markets
Markets Vivek Tulpule Chief Economist Singapore
Slide 26: Robust traditional growth and energy transition...
Markets Robust traditional growth and energy transition... Global population 1 Electrification is amplifying demand Billion people, grouped by income 000, TWh per year 3 >$20k per capita 8.8 2025-35 CAGR 3% 14% 12% 8.5 $5 - $20k per capita 8.1 <$5k per capita 7.8 7.4 48 Emerging sources 6.9 Other 2
Slide 27: ...coupled with persistent supply constraints...
Markets …coupled with persistent supply constraints… Scrap has underperformed expectations Mine delivery timelines have tripled in 30 years 3 Analyst averages vs actual s teel to iron ore ratio 1 Years, discovery to production 1.0 Actual 1990 - 99 5 1 6 Forecast 2 Scrap over - estimated 0.9 2000 - 0
Slide 28: ...underpin a strong demand outlook across our portfolio
Markets … underpin a strong demand outlook across our portfolio Demand 1 growth Tonnes 2025F 2035F 2 Aluminium 103Mt ~1.2x Transmission distances grow by 42% in next decade 3 1.4Mt Lithium ~3.4x Battery Energy Storage Systems (BESS) installations to triple over next decade 4 Copper 34Mt ~1.3x Electr
Slide 29: Aluminium cost curve steepening
Markets Aluminium cost curve steepening Higher capital intensity of new Rising marginal costs as more Border tariffs leading to step smelters outside China with 45Mt cap Chinese smelters move onto the grid changes in regional premiums 6 1 China electricity prices 4 $/t aluminium Weighted average sme
Slide 30: Lithium market re-balancing
Markets Lithium market re - balancing Significant supply deficit emerging New projects will need to be over next decade incentivised Mined lithium carbonate equivalent (LCE) 2030 lithium carbonate incentive curve Mt1 CAGR% C3 cost plus capital charge ($ / kg LCE) • Strong BESS demand • Emerging supp
Slide 31: Market straining to meet copper demand
Markets Market straining to meet copper demand Copper supply demand balance Only a quarter of Copper projects from the 2015 pipeline have been developed Mined copper % of copper projects in 2015 2 Mt1 CAGR% +2% ~28 • Attractive demand outlook 25% 22% driven by electrification ~24 30% ~9 • Significan
Slide 32: Iron ore industry fundamentals are resilient
Markets Iron ore industry fundamentals are resilient Prices consistently outperformed Attractive industry structure with forecasts a steep fourth quartile cost curve Prices consistently Consensus forecasts vs actual iron ore price 2025 global iron ore cost curve under - estimated due to: $/t CFR WA,
Slide 33: New iron ore supply is needed
Markets New iron ore supply is needed Emerging supply gap to be filled Approvals are taking longer Global iron ore supply 1, Bt Average Western Australia environmental approval timeframes 2 (years) New capacity to meet • ~650Mt uncommitted sustained demand 3.0 6 +3 years capacity required to 5 addre
Slide 34: Our diversified commodity portfolio is positioned to capture global trends
Our diversified commodity portfolio is positioned to capture global trends
Slide 35: Iron Ore: Delivering performance today, superior options for tomorrow
Iron Ore Delivering performance today, superior options for tomorrow Matthew Holcz Chief Executive Iron Ore
Slide 36: Core convictions
Core convictions • Strong industry fundamentals • Global portfolio with superior optionality Three things that matter 1. Safe and sustainable business 2. Performance 3. Disciplined capital allocation Simandou , Guinea
Slide 37: Delivering performance today
Iron Ore Delivering performance today People and safety first • 10% reduction in AIFR 1 since 2022 2 • 40% reduction in Potentially Fatal Incidents since 2022 2 • People survey: equal highest employee satisfaction 3 Operational excellence Project execution Capital discipline • 5 Mt Safe Production •
Slide 38: Strong conviction in industry fundamentals
Iron Ore Strong conviction in industry fundamentals Requirement for new supply remains Sector has under invested over the last decade 2 Development capital investment in iron ore 1 New global iron ore supply (demand + depletion) Mt $bn, nominal ~800Mt ~440 50 420 430 400 ~370 40 30 20 280 210 10 150
Slide 39: Global portfolio with full product suite and market access
Iron Ore Global portfolio with full product suite and market access Pilbara, Iron Ore Company, Simandou , Australia Canada Guinea Full product suite 3 • 345 - 360 Mtpa • ~20 Mtpa • ~60 Mtpa • Largest global producer mid- term capacity mid- term capacity mid- term capacity • Pacific and Atlantic • >8
Slide 40: Superior optionality to meet market and customer needs
Iron Ore Superior optionality to meet market and customer needs Pilbara retains significant optionality Options on product strategy Average grade 2 Options across three dimensions 63% • Volume options: demonstrated port capacity at 360 Mtpa • Grade options : product strategy and portside blending 62
Slide 41: Disciplined capital allocation delivering value
Iron Ore Disciplined capital allocation delivering value Pilbara replacement mines on track Partnering to monetise existing infrastructure Capital intensity $21 - 52/t, Internal rate of return 31 - 70% 1 1) IOC third party rail 2) Texas East (Hope Downs JV) ~400 Mt of Resource 3 Hope Downs 2 Early r
Slide 42: Celebrating first ore at Simandou
Iron Ore Celebrating first ore at Simandou First ore achieved ahead of schedule 60% SimFer mine completion 2026 sales : 5 - 10Mt1 Project on schedule and on budget 61% 2 Rail & Port completion Capital efficiency learnings from industrial partners Strong relationship with Government $3.3bn of Guinea
Slide 43: Pilbara performance delivery
Iron Ore Pilbara performance delivery Record run rates since cyclone impacts ...d riving unit cost reduction Mining 2025 unit costs ($/t shipments) $100m costs removed in Q4 to April to October (Mtpa) offset cyclone impacts 25 339 338 24 2025 guidance range 23 328 22 Mid- term guidance ($20/t in 202
Slide 44: Safe and sustainable business
Iron Ore Safe and sustainable business Pilbara reduced impact mining (indexed) 1.4 1.0 1.0 1.0 1.0 0.8 0.5 0.2 Waste In- pit Waste Surface water volume backfill dump discharge IOC mine site, Labrador City Native Title agreement signing 2024 five - year plan 2025F with the Nyiyaparli People Current f
Slide 45: Maximising value from our global asset base
Iron Ore Maximising value from our global asset base Sales outlook Guidance and mid - term capacity (100%, wmt, sales) 2026 sales guidance (100%) 425 –440 Mt Asset Guidance (Mt) Our 400 value proposition Pilbara 323 – 338 IOC 15 – 18 343 - 366 Mt Peer 13 Needs the catchy 339 - 354 Mt 2 Simandou 5 –
Slide 46: Delivering performance today, superior options for tomorrow
Delivering performance today , superior options for tomorrow • Strong industry fundamentals 2026 sales guidance • Global portfolio with superior optionality Global Iron Ore 343 – 366 Mt • Safe and sustainable business • Performance • Disciplined capital allocation Simandou , Guinea
Slide 47: Aluminium & Lithium
Aluminium & Lithium Jérôme Pécresse Chief Executive Aluminium & Lithium
Slide 48: Focused structure to bring all assets to their next level of competitiveness
Aluminium & Lithium Focused structure to bring all assets to their next level of competitiveness Aluminium Pacific Operations Aluminium Atlantic Operations Rio Tinto Lithium Armando Torres Sébastien Ross Barbara Fochtman Managing Director Managing Director Managing Director ©2025, Rio Tinto, All Rig
Slide 49: Leading aluminium industry margins with demonstrated resilience and growth potential
Leading aluminium industry margins with demonstrated resilience and growth potential Saguenay, Canada
Slide 50: The world's most profitable integrated aluminium business
Aluminium The world’s most profitable integrated aluminium business Expand our Secure our bauxite & Competitively Create successful Maximise value global footprint alumina supply chain decarbonise recycling business of commercial offering Continuous improvement towards operational excellence ©2025,
Slide 51: Competitively positioned
Aluminium Competitively positioned People and safety first • AIFR 1 – steady around 0.4 since 2021 with low severity Operational excellence Project execution Capital discipline • Excellent smelter stability • AP60 3 on track for • Pushing for China and continued bauxite first hot metal Q1’26 sourcin
Slide 52: Delivering on our roadmap to full potential
Aluminium Delivering on our roadmap Amrun mine operating well beyond nameplate capacity Production (dry Mt), rolling 4 - quarter average to full potential 9 +22% 6 Targeting a 5 - percentage point ROCE uplift by 2030 1 3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 • Deep continuous improvement & 21 21 22 22 23 23
Slide 53: Navigating tariffs with agility
Aluminium Navigating tariffs with agility Midwest premium now reflecting full 50% tariff $/t 2500 60% 50% tariffs introduced Matalco’s product offering is 50% 2000 highly complementary 40% • Widening scrap discounts 1500 25% tariffs introduced 30% • Leveraging US domestic footprint 1000 20% • Integr
Slide 54: Positioning our business for the future
Aluminium Positioning our business for the future Pacific operations 05 ’24 10 ‘24 05 ‘25 10 ‘25 Inorganic growth NZAS Boyne smelter Weipa mine Bell Bay smelter smelter Acquire Mitsubishi’s Kangwinan /Amrun One year extension • Elysis : Successful start - up of 20 - year 11.65% stake expansion: fina
Slide 55: Leading aluminium industry margins with demonstrated resilience and growth potential
Leading aluminium industry margins with demonstrated resilience and growth potential • Robust integrated value chain 2026 production guidance Bauxite: 58 - 61Mt • Clear roadmap to full potential Alumina: 7.6 - 8.0Mt 2 • On track to deliver 2030 ROCE uplift1 Aluminium: 3.25 - 3.45Mt • Leading technic
Slide 56: World-class integrated lithium business and growth pipeline
World - class integrated lithium business and growth pipeline Rincon, Argentina
Slide 57: Shaping a high-quality Lithium business to meet strong demand
Lithium Shaping a high - quality Lithium business to meet strong demand • +13% demand CAGR to 2035 • Right team • World - class assets • Proven DLE technologies • Solid track record of delivering growth projects now backed by Rio Tinto expertise • Deep pipeline of options at competitive capital inte
Slide 58: Successfully delivering in-flight growth
Lithium Successfully delivering in - flight growth 125 125 Committed nameplate lithium capacity 1 Lithium 60-70 370 ktpa LCE 110 ~$3bn capex remaining 170 from 1 Jan 2026 2 • Increasing capacity by >2.5x by 2028 40 ~200 • Capital intensity of $65/kg 3 to reach ~200 ktpa 370 85 • C1 opex 4 at $5 - 8/
Slide 59: Disciplined project approach
Lithium Disciplined project approach Hub model for North and South America Scalable execution and leading technology Canada hub • Defining best in class standard DLE technology Galaxy Whabouchi (50%) • Integrating existing operations and future Bécancour (50%) growth in a multi - asset hub approach
Slide 60: Commit additional capital when supported by markets and returns
Lithium Commit additional capital when supported by markets and returns Lithium Options (uncommitted) Nameplate lithium capacity 1 ktpa LCE • Targeting capital intensity 100 - 150 ~470 - 520 of $30/kg within 30 months from FID to first lithium at $5/kg C1 opex 2 , >15% IRR 60 370 • World - class por
Slide 61: World-class integrated Lithium business and growth pipeline
World - class integrated Lithium business and growth pipeline • +13% demand CAGR to 2035 2026 production guidance • Proven DLE technology Lithium: 61 - 64kt LCE (Rio Tinto share) • Deep pipeline of growth options • Focus on capital intensity • C ommit additional capital when supported by markets and
Slide 62: Looking forward to hosting you in Argentina, 8-10 December
Lithium Looking forward to hosting you in Argentina, 8 - 10 December Site visits Lithium deep dive • Showcasing our low - cost position at Fenix , • Achieving operational excellence through 32ktpa LCE capacity, underpinned by proven DLE technology resource grade and proven DLE process • Demonstratin
Slide 63: Growing organically, targeting 1 Mtpa by 2030
Copper Growing organically, targeting 1 Mtpa by 2030 Katie Jackson Chief Executive Copper Oyu Tolgoi, Mongolia
Slide 64: Driving profitable growth, diversification and resilience
Copper Driving profitable growth, diversification and resilience People and safety first • AIFR 1 at 0.21 YTD – sustained improvement for third consecutive year Operational excellence Project execution Capital discipline • 2025 production • Oyu Tolgoi underground • Lower capital guidance upgraded: p
Slide 65: World-class Oyu Tolgoi underground project development complete
Copper World - class Oyu Tolgoi underground project development complete Major achievements for 2025 Hugo North Lift 1 production profile 3 Ore tonnes per day • On target for >50% YoY production increase • Record daily underground throughput of 47ktpd 1 100,000 • Significantly positive free cash flo
Slide 66: Transforming Kennecott
Copper Transforming Kennecott Major achievements for 2025 Open pit and next push back • Cost base re - set with ~10% 1 role reduction • Executing adjusted mine plan • S uccessfully completed smelter shutdown Targets for 2026 and beyond • Broadly stable YoY production in 2026 • Stripping to access hi
Slide 67: Leveraging exceptional asset base, strategic partnerships and global reach
Copper Leveraging exceptional asset base, strategic partnerships and global reach Kennecott • 100% RT • Open pit and underground Nuton - Nevada Oyu Tolgoi • Yerington Mine • 66% RT Nuton - Arizona Resolution 34% Govt. of Mongolia • Cactus Mine • 55% RT • Open pit and underground • Gunnison Mine 45%
Slide 68: Attractive pipeline of growth options beyond 1Mtpa target
Copper Attractive pipeline of growth options beyond 1Mtpa target Winu , Australia Resolution, U.S. La Granja, Peru Nuevo Cobre, Chile • Highly prospective • Significant undeveloped • Future undeveloped tier 1, • Strategic partnership with resource resource long life orebody Codelco • Sumitomo Metal
Slide 69: Nuton: concept to cathode in 18 months
Copper Nuton: concept to cathode in 18 months First Nuton copper achieved at Johnson Camp Mine • Successfully commissioned Nuton® Technology at industrial scale • Copper recovery well above industry norms 1 • Developing commercial - scale technology package • Actively managing partnership portfolio
Slide 70: Growing organically, targeting 1 Mtpa by 2030
1 Operational excellence 2 Disciplined growth 3 Capital efficiency Growing organically, targeting 1 Mtpa by 2030 • Driving operational excellence 2025 copper production guidance • Potential to grow and extend existing assets Upgraded: 860 – 875 kt 1 • Progressing a large portfolio of options 2025 C1
Slide 71: Stronger, sharper and simpler
Stronger , sharper and simpler
Slide 72: Q&A
Q&A Pilbara, Western Australia
Slide 73: Guidance
Guidance ©2025, Rio Tinto, All Rights Reserved | Capital Markets Day 2025 73
Slide 74: Production guidance
Production guidance 2025 2026 Guidance Guidance 1 (including updates) Total iron ore sales guidance 100% Mt 2 -- 343 - 366 2 323 - 338 323 - 338 Pilbara 100% Mt (lower end) (100% sales) 2 5- 10 Simandou 100% Mt -- (100% sales) 9.0 - 9.5 15- 18 IOC Mt 2 (RT share production, (100% sales) updated rang
Slide 75: Group level financial guidance
Group level financial guidance 2025F 2026F Mid- term (per year) Capex Total Group ~$11bn Up to ~$11bn Up to $10bn 1 Growth capital ~$3.0bn Up to $3.0bn Sustaining capital ~$4.0bn ~$4.0bn • Pilbara sustaining 1 ~$2.0bn ~$2.0bn Replacement capital ~$3 - 4bn ~$3 - 4bn Decarbonisation capital ~$0.2bn ~$
Slide 76: Proforma Financial Information by Business Unit (FIBU) under new structure
Proforma Financial Information by Business Unit (FIBU) under new structure (2023, 2024, H1 2025) • In August 2025, we announced a new operating model and executive team updates to unlock additional shareholder value. • We have streamlined to three world - class Product Groups – Iron Ore, Copper and
Slide 77: List of Acronyms
List of Acronyms Acronym Meaning Acronym Meaning Acronym Meaning AE Anode Effect Fe Iron (chemical symbol) NZAS New Zealand Aluminium Smelters AIFR All Injury Frequency Rate FEIS Final Environmental Impact Statement Opex Operating Expenditure AMG AMG Metals and Minerals (India) Fitch Fitch Ratings O
Slide 78: Supporting statements
Supporting statements Copper equivalent ( CuEq ) volumes The approximately 400 Mt referred to on slide 41 as part of the Texas East Rio Tinto Copper - Oyu Tolgoi Production Target The formula applied for calculating Copper equivalent volume throughout deposit was included in the Mineral Resources re
Slide 79: Rio Tinto
RioTinto