H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Decarbonisation abatement programmes Programme Pacific Operations Repower Description & key sites Renewables: smelters Boyne | Tomago • Funding mechanism Long-term market contracts Government partnerships Example project - economics Commercial solutions achieved through government partnerships and long- term contracts Renewables Diesel Alumina process heat Mineral processing Aluminium anodes Nature-based Solutions Solar & wind renewables Pilbara Weipa QMM | Kennecott | RBM HME & Diesel switching Ph I: Bio-fuels Ph II: Fleet electrification Pilbara | IOC Electrification of boilers Process & energy efficiency H₂ calcination - replacement Vaudreuil | QAL | Yarwun New technologies Electrification of boilers IOC | RTIT | Borates ELYSIS™ technology All smelters High quality offsets 8 large scale sites • • . Capital - build own operate Long-term market contracts Capital Land acquisitions (non-edible feedstock) HME • • R&D • Capital R&D Capital Government / industry partnerships • R&D • Capital Capital land acquisitions Operating costs Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1At our Boron site due to Californian subsidies • • . • Assets will need to remain competitive • Phase 1 - 230MW solar + 200MWh of on-grid battery storage is value accretive at a carbon price of <$40/t driven by $55m reduction in gas displacement costs at current prices Bio-fuels: comparable cost to diesel¹ and de-risking of technical risk in fleet electrification Diesel cost savings post fleet electrification QAL double digestion is value accretive at zero carbon price driven by reducing bauxite, raw material and energy costs A subset of projects are value accretive at a carbon price of $50/t to $100/t • IOC steam plant fuel reduction - 40MW electric boiler conversion is value accretive at a zero carbon price The electrification of the boilers will require new commercial renewable energy contracts as well as capital Commercial scale technology from 2024 • Value generation through scale-up later Development costs of high-quality projects on or near our assets are currently estimated at $20-50/t CO₂e, the range reflects varying project types and landscapes 59

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