Strong Foundation for Growth, Decarbonisation and Shareholder Returns

Copper Strong financial results despite COVID-19 and other challenges Operating metrics 2021 2020 comparison 2022 guidance Copper realised price¹ 424c/lb + 50% Production-mined copper 494kt Production-refined copper 202kt - 7% + 30% 500-575kt 230-290kt Unit cost² 82c/lb -26% 130-150c/lb Financial metrics ($bn)* Gross product sales 7.8 + 58% EBITDA 4.0 + 90% Margin (integrated operations) 59% +9 pp Operating cash flow 2.6 + 168% Capex (excl. EAUS) 1.3 - 20% Free cash flow 1.3 + 289% Underlying ROCE³ 14% +6 pp Strong market conditions due to declining stocks, renewed speculative interest and COVID-related supply constraints Oyu Tolgoi agreement reached with partners. Underground operations under way. First production in H1 2023 Kennecott improved smelter performance, copper grade exceeding 0.5% in H2 Temporary increase in grades at OT open pit; continued COVID impacts at Escondida Costs below 2020 but marginally above guidance: lower throughput and grades at Escondida and higher royalties, offset by higher gold grades at OT. Lower gold volumes and underlying inflation reflected in 2022 1 Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which positively impacted revenues in 2021 by $246m (2020 positive impact of $182m). | 2 Unit costs for Kennecott, OT and Escondida utilises the C1 unit cost calculation where Rio Tinto has chosen Adjusted Operating Costs as the appropriate cost definition. C1 costs are direct costs incurred in mining and processing, plus site G&A, freight and realisation and selling costs. Any by-product revenue is credited against costs at this stage | 3 Underlying ROCE is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed | *Following a reorganisation of the management team in 2021, the Diamonds business is reported within Minerals and the Simandou iron ore project in Guinea is reported within Copper. 2020 comparatives have been adjusted accordingly Rio Tinto ©2022, Rio Tinto, All Rights Reserved 15

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