H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Composition of alumina and aluminium production costs Production cash costs (alumina refining) Input Costs H1 2021 Index H2 2021 Index H1 2022 Index H2 2022 Index H1 2023 Index Inventory Flow 4 FY23 Annual Cost Sensitivity price price Price price Price Caustic Soda 1 274 $/t 535 $/t 675 $/t 595 $/t 432 $/t 13% 13% 14% 14% 13% 14% 13% Natural Gas 2 2.85 $/t 4.59 $/t 6.02 $/t 7.01 $/t 2.61 $/t 3-4 months 0-1 month $10m per $10/t $4m per $0.10/GJ 14% 12% 15% I 22% 23% 24% I 24% Fuel Oil 3 I 64.6 $/bbl 76.3 $/bbl 105.9 $/bbl 93.8 $/bbl 79.2 $/bbl N/A $2m per $10/barrel 1. NE Asia FOB I I I I 39% 41% 37% 2. Henry Hub I 3. Brent 4. Based on quarterly standard costing (moving average) 32% 31% 30% 31% Input Costs H1 2021 Index H2 2021 Index H1 2022 Index price price Price H2 2022 Index price H1 2023 Index Price Inventory Flow 4 FY23 Annual Cost Sensitivity Alumina 5 288 $/t 369 $/t 395 $/t 328 $/t 349 $/t 1 -2 months $64m per $10/t 34% 34% 34% 32% 33% 32% 32% Petroleum Coke 6 373 $/t 491 $/t 695 $/t 719 $/t 636 $/t Coal Tar Pitch 748 $/t 818 $/t 1103 $/t 1476 $/t 1399 $/t 2-3 months 1-2 months $11m per $10/t $2m per $10/t FY 2021 H1 2021 H2 2021 FY 2022 H1 2022 H2 2022 H1 2023 5. LME Australia 6. US Gulf (FOB) Energy Caustic Bauxite Conversion 7. North AM (FOB) Rio Tinto

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