H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Pilbara Iron Ore, Canadian smelters and Oyu Tolgoi driving our momentum Iron Ore Aluminium $bn, except Sustained operational vs H1 22 where stated improvement Kitimat ramping up vs H1 22 Copper Unlocking growth vs H1 22 Minerals Challenging market conditions vs H1 22 Production 160.5mt¹ +7% 1.6mt² +9% 0.3mt3 -1% 0.6mt4 +4% Underlying EBITDA 9.8 -6% 1.1 -60% 1.1 -29% 0.7 -45% EBITDA margin5,6 69% -1 pp 21% -20 pp 43% -11 pp 30% -10 pp Capex 1.1 -26% 0.6 -4% 0.9 +26% 0.3 +13% Free cash flow 5.6 -20% 0.2 -89% (0.5) -45% (0.2) -165% ROCE6 63% -9 pp 4% -6 pp 13% -8 pp • Performance Five quarters of improved operational performance Gudai-Darri at full capacity Shipments guidance now at upper half of range With rising second half volumes, SP10 expected to be a larger proportion of shipments (10% in first half) Construction of Western Range in line with schedule Rio Tinto ©2023, Rio Tinto, All Rights Reserved -16 pp 4% Metal volumes +9% versus first half 2022 as Kitimat ramps up to full capacity by year end Price declines drive margins down, lower raw material costs to flow through in second half Upgrading quality of highly competitive Canadian smelters with AP60 expansion, Alma VAP, Arvida recycling capacity and formation of Matalco recycling joint venture • Margins remain robust despite 10% decline in LME copper Achieved sustainable production from Oyu Tolgoi underground Investing in Kennecott's future with smelter rebuild and underground Geotechnical challenges and unplanned concentrator maintenance at Escondida • IOC: forest fires impact production, lower prices Weaker market conditions for Iron & Titanium and Boron businesses Higher spending on Rincon 3000 starter plant with valuable insights gained and carried over to design and engineering of full-scale project 1Pilbara production on a 100% basis | 2Rio Tinto share | ³Mined copper on a consolidated basis | 4TiO2 production, Rio Tinto share | 5Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue, excluding freight revenue. Aluminium is defined as integrated operations EBITDA margin | Copper and Minerals defined as product group operations 12

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