Strong Foundation for Growth, Decarbonisation and Shareholder Returns

Aluminium1 (+46% YoY) Copper² (+50% YoY) 3,700 3,200 900 500 Robust demand supports aluminium, copper and TiO2 TiO2 (chloride slag) (-2% YoY) 850 800 450 700 800 -------- 600 400 2,700 750 500 350 400 2,200 W 1,700 700 300 300 200 650 250 100 1,200 Jan-18 LME Aluminium 0 600 200 Jan-19 Jan-20 FY Average Jan-22 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Price (c/lb) ⚫FY Average CP Slag ----FY Average - Jan-21 MWP (RHS) Strong global demand recovery led by packaging, transport and building and construction Increase in global deficit on extensive power related smelter curtailments in China and Europe - Lower global inventories supportive of high market and product premiums - Exchange inventories declined to multi-year lows Demand grew strongly through 2021 with a pick-up in the rest of the world in H2 Mine supply returned to growth, but many regions continued to face headwinds from lingering effects of COVID-19, workforce constraints and adverse weather conditions - - Strong end use TiO2 demand and rising pigment prices supporting feedstock demand Supply chains remain tight, encouraging positive purchasing sentiment Tight high-grade supply amplified by production disruptions and project delays 1 Average LME price. MWP = Mid-West premium | 2 Average LME price | YoY = change in annual average price. Sources: Rio Tinto Rio Tinto ©2022, Rio Tinto, All Rights Reserved 32

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