RIO TINTO PLC

The Group presents certain non-IFRS financial measures (non-IFRS measures) which are reconciled to directly comparable IFRS financial

measures below. These non-IFRS measures hereinafter referred to as alternative performance measures (APMs) are used by management to

assess the performance of the business and provide additional information, which investors may find useful. APMs are presented in order to give

further insight into the underlying business performance of the Group's operations.

APMs are not consistently defined and calculated by all companies, including those in the Group’s industry. Accordingly, these measures used by

the Group may not be comparable with similarly titled measures and disclosures made by other companies. Consequently, these APMs should not

be regarded as a substitute for the IFRS measures and should be considered supplementary to those measures.

The following tables present the Group's key financial measures not defined according to IFRS and a reconciliation between those APMs and their

nearest respective IFRS measures.

Reconciliation of APMs to the nearest comparable IFRS financial measures for the year 2020 and 2019 can be found in the section APM of our 2020

Annual Report. Reconciliation of underlying return on capital employed and Net (debt)/cash for the year 2021 can be found in our 2021 Annual

Report.

APMs derived from the income statement

The following income statement measures are used by the Group to provide greater understanding of the underlying business performance of its

operations and to enhance comparability of reporting periods. They indicate the underlying commercial and operating performance of our assets

including revenue generation, productivity and cost management.

Segmental revenue

Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity

interest (after adjusting for sales to/from subsidiaries). The reconciliation can be found in “Our financial performance” on page 173.

Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of

items that do not reflect the underlying performance of our reportable segments. The reconciliation of profit after tax to underlying EBITDA can be

found in “Our financial performance” on page 175.

Underlying EBITDA margin

Underlying EBITDA margin is defined as Group underlying EBITDA divided by the aggregate of consolidated sales revenue and our share of equity

account unit sales after eliminations.

Pilbara underlying FOB EBITDA margin

The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue,

excluding freight revenue.

Underlying EBITDA margin from Aluminium integrated operations

Underlying EBITDA margin from integrated operations is defined as underlying EBITDA divided by segmental revenue.

Underlying EBITDA margin (product group operations)

Underlying EBITDA margin (product group operations) is defined as underlying EBITDA divided by segmental revenue.

Underlying earnings

Underlying earnings represents net earnings attributable to the owners of Rio Tinto, adjusted to exclude items that do not reflect the underlying

performance of the Group’s operations.

Exclusions from underlying earnings are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to

require exclusion in order to provide additional insight into underlying business performance.

The following items are excluded from net earnings in arriving at underlying earnings in each year irrespective of materiality:

–net gains/(losses) on disposal of interests in subsidiaries;

–impairment charges and reversals;

–profit/(loss) after tax from discontinued operations;

–exchange and derivative gains and losses. This exclusion includes exchange gains/(losses) on external net debt and intragroup balances,

unrealised gains/(losses) on currency and interest rate derivatives not qualifying for hedge accounting, unrealised gains/(losses) on certain

commodity derivatives not qualifying for hedge accounting, and unrealised gains/(losses) on embedded derivatives not qualifying for hedge

accounting; and

–adjustments to closure provisions where the adjustment is associated with an impairment charge, or for legacy sites where the disturbance or

environmental contamination relates to the pre-acquisition period.

In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a

similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance.

Exclusions from underlying earnings relating to equity accounted units are stated after tax and included in the column “Pre-tax”.

(b)Exchange losses on external net debt and intragroup balances includes post-tax foreign exchange losses on net debt of US$316 million offset by post-tax gains of US$73 million on intragroup

balances, primarily as a result of the Australian dollar strengthening against the US dollar. In 2022, exchange gains on external net debt and intragroup balances included post-tax foreign

exchange losses on net debt of US$262 million offset by post-tax gains of US$478 million on intragroup balances, primarily as a result of the Australian dollar weakening against the US dollar

during the year. In 2021, exchange gains on external net debt and intragroup balances included post-tax foreign exchange gains on intragroup balances of US$913 million partially offset bypost-

tax losses of US$187 million on external net debt, primarily as a result of the weakening Australian dollar against the US dollar.

(c)Valuation changes on currency and interest rate derivatives, which are ineligible for hedge accounting, other than those embedded in commercial contracts, and the currency revaluation of

embedded US dollar derivatives contained in contracts held by entities whose functional currency is not the US dollar.

(d)Valuation changes on derivatives, embedded in commercial contracts that are ineligible for hedge accounting but for which there will be an offsetting change in future Group earnings. Mark-to-

market movements on commodity derivatives entered into with the commercial objective of achieving spot pricing for the underlying transaction at the date of settlement are included in

underlying earnings.

(e)In 2023, the charge includes US$0.9 billion related to the closure provision update announced by Energy Resources of Australia on 12 December 2023 together with the update included in their

half year results for the period ended 30 June 2023, published in August. This update was considered material and therefore it was aggregated with other closure study updates which were

similar in nature and have been excluded from underlying earnings. The other closure study updates were at legacy sites managed by our central closure team as well as an update at Yarwun

alumina refinery which was expensed due to the impairment earlier in the year. In 2022, the charge related to re-estimates of underlying closure cash flows for legacy sites where the

environmental damage preceded ownership by Rio Tinto. In 2021, the closure provision increase excluded from underlying earnings was attributable to study updates at Energy Resources of

Australia, Diavik, Gove refinery, and a number of the Group's legacy sites where the environmental damage preceded ownership by Rio Tinto.

(f)During the year the Canadian aluminium business completed an internal sale of assets which resulted in the utilisation of previously unrecognised capital losses and an uplift in the tax

depreciable value of assets on which a deferred tax asset of US$364 million is recognised.

(g)During 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain was excluded from

underlying earnings consistent with prior years as it was part of a series of transactions that together were material. On 3 December 2021, we gained control over a new wharf at Kitimat, Canada

that was built and paid for by LNG Canada. The gain on recognition was excluded from underlying earnings on the grounds of individual magnitude and consistency with the associated

impairment charge. Refer to note 4 for details.

(h)On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty was

excluded from underlying earnings on the grounds of individual magnitude.

(i)In 2022, we wrote down our deferred tax assets in the United States following the introduction of the Corporate Alternative Minimum Tax regime. Refer to note 10 for details. The amount has

been restated from US$820 million as previously reported to US$932 million to reflect the adoption of narrow-scope amendments to IAS 12 as referred to in footnote (a).

Basic underlying earnings per share

Basic underlying earnings per share is calculated as underlying earnings divided by the weighted average number of shares outstanding during the

year.

(b)Calculation of items excluded from underlying earnings per share:

We have provided basic underlying earnings per share as this allows the comparability of financial performance adjusted to exclude items that do

not reflect the underlying performance of the Group's operations.

Interest cover

Interest cover is a financial metric used to monitor our ability to service debt. It represents the number of times finance income and finance costs

(including amounts capitalised) are covered by profit before taxation, before finance income, finance costs, share of profit after tax of equity

accounted units and items excluded from underlying earnings, plus dividends from equity accounted units.

Payout ratio

The payout ratio is used by us to guide the dividend policy we implemented in 2016, under which we have sought to return 40-60% of underlying

earnings, on average through the cycle, to shareholders as dividends. It is calculated as total equity dividends per share to owners of Rio Tinto

declared in respect of the financial year divided by underlying earnings per share (as defined above). Dividends declared usually include an interim

dividend paid in the year, and a final dividend paid after the end of the year. Any special dividends declared in respect of the financial year are also

included.

APMs derived from cash flow statement

Capital expenditure

Capital expenditure includes the net sustaining and development expenditure on property, plant and equipment, and on intangible assets. This is

equivalent to “Purchases of property, plant and equipment and intangible assets” in the cash flow statement less “Sales of property, plant and

equipment and intangible assets”.

This measure is used to support management's objective of effective and efficient capital allocation as we need to invest in existing assets in order

to maintain and improve productive capacity, and in new assets to grow the business.

Rio Tinto share of capital investment

Rio Tinto’s share of capital investment represents our economic investment in capital projects. This measure was introduced in 2022 to better

represent the Group’s share of funding for capital projects which are jointly funded with other shareholders and which may differ from the

consolidated basis included in the Capital expenditure APM. This better reflects our approach to capital allocation.

The measure is based upon the Capital expenditure APM, adjusted to deduct equity or shareholder loan financing provided to partially owned

subsidiaries by non-controlling interests in respect of major capital projects in the period. In circumstances where the funding to be provided by non-

controlling interests is not received in the same period as the underlying capital investment, this adjustment is applied in the period in which the

underlying capital investment is made, not when the funding is received. Where funding which would otherwise be provided directly by shareholders

is replaced with project financing, an adjustment is also made to deduct the share of project financing attributable to the non-controlling interest. This

adjustment is not made in cases where Rio Tinto has unilaterally guaranteed this project financing. Lastly, funding contributed by the Group to Equity

Accounted Units for its share of investment in their major capital projects is added to the measure. No adjustment is made to the Capital expenditure

APM where capital expenditure is funded from the operating cash flows of the subsidiary or Equity Accounted Unit.

Free cash flow

Free cash flow is defined as net cash generated from operating activities minus purchases of property, plant and equipment and intangibles and

payments of lease principal, plus proceeds from the sale of property, plant and equipment and intangible assets.

This measures the net cash returned by the business after the expenditure of sustaining and development capital. This cash can be used for

shareholder returns, reducing debt and other investing/financing activities.

APMs derived from the balance sheet

Net debt

Net debt is total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related to net

debt.

Net debt measures how we are managing our balance sheet and capital structure. Refer to note 19 on page 205 for the reconciliation.

Net gearing ratio

Net gearing ratio is defined as net debt divided by the sum of net debt and total equity at the end of each year. It demonstrates the degree to which

the Group's operations are funded by debt versus equity.

Underlying return on capital employed

Underlying return on capital employed (“ROCE”) is defined as underlying earnings excluding net interest divided by average capital employed

(operating assets).

Underlying ROCE measures how efficiently we generate profits from investment in our portfolio of assets.

Page 295 has been intentionally omitted.

Production, Mineral Reserves,

and Operations

Oyu Tolgoi, Mongolia

Metals and minerals production

See notes on page 298.

Production data notes

Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for

the data for bauxite and iron ore which can represent production of marketable quantities of ore plus concentrates and pellets. Production figures are sometimes more precise than the rounded

numbers shown, hence small differences may result from calculation of Rio Tinto share of production.

1. Rio Tinto percentage share, shown above, is as at 31 December 2023. The footnotes below include all ownership changes over the three years.

2. Jonquière’s (Vaudreuil) production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina.

3. On 30 November 2023, Rio Tinto’s ownership interest in Porto Trombetas increased from 12% to 22%. Production is reported including this change from 1 December 2023.

4. Rio Tinto has a 22.95% shareholding in the Sangarédi mine, but benefits from 45% of production.

5. Borate quantities are expressed as B 2 O 3.

6. On 16 December 2022, Rio Tinto completed the acquisition of 100% of Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from 33.52% to 66%. Production is reported including

this change from 1 January 2023.

7. On 17 November 2021, our ownership interest in Diavik increased from 60% to 100%. Production from 1 November 2021 is reported including this change.

8. Includes 100% of production from Paraburdoo, Mount Tom Price, Western Turner Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar, Gudai-Darri and the Eastern

Range mines. While we own 54% of the Eastern Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine

production from the joint venture and, therefore, all of the production is included in Rio Tinto’s share of production. Our ownership interest in Channar mine increased from 60% to 100%, following

conclusion of its joint venture with Sinosteel Corporation upon reaching planned 290 million tonnes production on 22 October 2020.

9. Quantities comprise 100% of Rio Tinto Iron and Titanium Quebec Operations and our 74% share of Richards Bay Minerals’ production. Ilmenite mined in Madagascar is processed in Canada.

10. Energy Resources of Australia (ERA) reports drummed U 3 O 8. ERA ceased processing operations on 8 January 2021, as required by the Ranger Authority. In February 2020, our interest in ERA

increased from 68.4% to 86.3% as a result of new ERA shares issued to Rio Tinto under the Entitlement Offer and Underwriting Agreement to raise funds for the rehabilitation of the Ranger

Project Area. Production is reported including this change from 1 March 2020.

Metals and minerals production continued

Mineral Resources and Mineral Reserves for

Rio Tinto managed operations are reported in

accordance with the Australasian Code for

Reporting of Exploration Results, Mineral

Resources and Ore Reserves, December

2012 (the JORC Code) as required by the

Australian Securities Exchange (ASX). Rio

Tinto also files this Form 20-F with the SEC

and prepares the Form 20-F Mineral

Resources and Mineral Reserves in

accordance with subpart 1300 of Regulation

S-K (SK-1300). Some variations may occur

between the reporting in accordance with the

JORC Code and SK-1300.

A Mineral Resource is a concentration or

occurrence of solid material of economic

interest in or on the Earth’s crust in such form,

grade (or quality), and quantity that there are

reasonable prospects for eventual economic

extraction. Estimates of such material are

based largely on geological information with

only preliminary consideration of mining,

economic and other factors. While in the

judgement of the Qualified Persons

(Competent Persons as defined by the JORC

Code) there are realistic expectations that all

or part of the Mineral Resources will

eventually become Proven or Probable

Mineral Reserves, there is no guarantee that

this will occur as the result depends on further

technical and economic studies and prevailing

economic conditions in the future.

A Mineral Reserve (or Ore Reserve as defined

by JORC) is the economically mineable part of

a Measured and/or Indicated Mineral

Resource. It includes diluting materials and

allowances for losses, which may occur when

the material is mined or extracted. It is defined

by studies at pre-feasibility or feasibility level

as appropriate, with the application of

modifying factors. Such studies demonstrate

that, at the time of reporting, extraction can

reasonably be justified.

Rio Tinto’s Mineral Resources are reported as

additional (exclusive) to the reported

For Mineral Resources and Mineral Reserves

reporting, the JORC Code envisages the use

of reasonable investment assumptions to test

the economic viability of the Mineral Reserves

and the reasonable prospects of eventual

economic extraction for the Mineral

Resources. To achieve this, Rio Tinto uses

internally generated projected long-term

commodity prices.

SK-1300 requires the use of a justifiable

commodity price to test the economic viability

of the Mineral Reserves and the reasonable

prospects of economic extraction for the

Mineral Resources, and prices used in

calculating the estimates must be disclosed.

As a result of the commercial sensitivity of Rio

Tinto’s long-term commodity prices, we use

commercially available consensus pricing or

historical pricing for SEC reporting. For this

reason and others, some Mineral Resources

and Mineral Reserves reported to the SEC in

this Form 20-F may differ from those Mineral

Resources and Ore Reserves reported in the

Annual Report.

information in the tables below is based on

information compiled by Qualified Persons,

most of whom are full time employees of Rio

Tinto or related companies. Each has had a

minimum of five years’ relevant experience

and is a member of a recognised professional

body whose members are bound by a

professional code of ethics. These bodies

include the Australasian Institute of Mining and

Metallurgy (the AusIMM, the Australian

Institute of Geoscientists (AIG) and other

recognised professional organisations (RPOs).

Each Qualified Person consents to the

inclusion in this Form 20-F of information they

have provided in the form and context in which

it appears. Qualified Persons responsible for

the estimates are listed on page 323, by

operation, along with their professional

affiliation, employer, and accountability for

Mineral Resources and/or Mineral Reserves.

Mineral Resources and Mineral Reserves from

externally managed operations, in which Rio

Tinto holds a minority share, are reported as

received from the managing entity and in

accordance with the SK-1300.

Mineral Resources and Mineral Reserves from

our managed operations are the responsibility

of the managing directors of the business units

and estimates are carried out by the Qualified

Persons.

The Mineral Resources and Mineral Reserves

figures in the following tables are as of 31

December 2023. Metric units are used

throughout. The figures used to calculate Rio

Tinto’s Mineral Resources and Mineral

Reserves are more precise than the rounded

numbers shown in the tables, hence small

differences might result if the calculations are

repeated using the tabulated figures.

JORC Table 1 reports for new or materially

changed significant deposits are released to

the market. They are also available at

riotinto.com/resourcesandreserves. JORC

Table 1, SEC Technical Report Summaries

and NI 43-101 Technical Reports generated by

non-managed units or joint venture partners

are referenced within the reporting footnotes

with the location and initial reporting date

identified.

For SEC reporting purposes, the Pilbara

Operations, Oyu Tolgoi, Escondida and

Simandou are considered material to the

Group and hence require submission of a

Technical Report Summary. The Technical

Report Summary for Simandou has been filed

as exhibit 96.4 to this Form 20-F. The

Technical Report Summaries for Escondida

and Oyu Tolgoi were filed as exhibit 96.2 and

exhibit 96.3, respectively, to the Form 20-F for

the year ended 31 December 2022 and the

Technical Report Summary for the

Pilbara Operations was filed as exhibit 96.1

to the Form 20-F for the year ended

31 December 2021.

2. Bauxite Mineral Reserves are stated as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown.

3. Australian bauxite Mineral Reserves are stated as dry tonnes and total alumina and silica grade.

4. Valuations of the Rio Tinto Aluminium bauxite Mineral Reserves are based on specific product pricing based on along term price of US$ 41.66 /t CFR China for Gove and US$ 33.89 /t CFR China

for Amrun / East Weipa and Andoom . This price is sourced from leading industry analyst CRU.

5. Porto Trombetas (MRN) Mineral Reserves are stated as dry tonnes, available alumina grade and total reactive silica grade.

6. Porto Trombetas (MRN) Mineral Reserves valuations are based on an average price of US$ 36.30 /t FOB as supplied by the JV partner.

7. Sangarédi Mineral Reserves tonnes are reported on a 3% moisture basis and total alumina and silica grade.

8. Sangarédi Mineral Reserves valuations are based on specific product pricing based on a long term price of US$ 37.10 /t FOB as supplied by the JV partner.

Rio Tinto Aluminium

Amrun Mineral Reserves tonnes increase is associated with a routine review of price assumptions over the life of the mine, and updated orebody knowledge. A JORC

Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/resources-

and-reserves.

Andoom and Gove Mineral Reserves tonnes increase is associated with a routine review of price assumptions over the life of the mine. Cessation of mining at East

Weipa in 2024 will result in no future reporting of Mineral Reserves for that operation.

Porto Trometas (MRN)

On 30 November 2023, Rio Tinto completed an acquisition of Companhia Brasileira de Alumínio’s 10% equity in the Mineracão Rio do Norte bauxite mine (MRN) in

Brazil, raising our stake from 12% to 22%. Total Mineral Reserves as at 31 December 2022 reflect the previous Rio Tinto share.

2. Mineral Reserves of iron ore are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown.

3. Australian iron ore Mineral Reserves tonnes are reported on a dry weight basis.

4. Australian iron ore Mineral Reserves are all located on State Agreement mining leases. Prior to mining, state government approvals (including environmental and heritage) are required. Reported

Mineral Reserves include select areas where one or more approvals remain outstanding. In these areas, it is expected that these approvals will be obtained within the time frames required in the

current production schedule.

5. Australian iron ore Mineral Reserves valuations are based on specific product pricing determined from a base 62% Fines CFR consensus price of US c 133.69 /dmtu. This price is sourced from

the average of forecasts from nine brokers/banks (BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU

and Woodmac).

6. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for this Form 20-F.

7. Iron Ore Company of Canada (IOC) Mineral Reserves are reported as marketable product (57% pellets and 43% concentrate for sale) at a natural moisture content of 2%. The marketable product

is derived from mined material comprising 189 million dry tonnes at 38% iron, 36% silica, 0.24% alumina, 0.021% phosphorus (Proven) and 306 million dry tonnes at 38% iron, 35% silica, 0.20%

alumina, 0.024% phosphorus (Probable) using process recovery factors derived from current IOC concentrating and pellet operations. No meaningful relationship has been established between

the product and feed grades of alumina and phosphorus, so these grades cannot be reported for Mineral Reserves. Saleable product is produced to meet silica grade specifications, so the

Mineral Reserves silica grade is the targeted silica grade for the currently anticipated long-term product mix. Loss On Ignition (LOI) is not determined for resource drilling samples, so no estimate

of % LOI is available for Mineral Reserves.

8. IOC Mineral Reserves valuations are based on product pricing of US c 144.35 /dmtu for 65% Fe Concentrate for Sinter (CFS), US c 216.11 /dmtu for 65% Fe blast furnace (BF) grade pellet and

US c 228.35 /dmtu for 67.5% Fe direct reduced (DR) pellets, all CFR China. The consensus 65% Fe fines price CFR China used for IOC concentrate is sourced from an average of forecasts from

Credit Suisse and Woodmac. The BF and DR pellet premiums are sourced from an average of forecasts from Woodmac and CRU. These premiums are added to the 65% Fe Fines consensus.

9. Simandou Mineral Reserves tonnes are reported on a dry weight basis and Simandou Mineral Reserves relate to the Ouéléba portion only of the Simfer Iron Ore Project.

10. Simandou Mineral Reserves valuations are based on specific product pricing determined from a 65% Fe Fines price of US c 136.10 / dmtu CFR China. This price is sourced from an average of

forecasts from CRU and Woodmac.

Australian Iron Ore

Mineral Reserves updates for Brockman, Marra Mamba and Pisolite Ore include mining depletion, the addition of new deposits (primarily at Brockman 4, West Angelas

and Greater Nammuldi) and changes to cut-off grades.

Mineral Reserves classification is determined based on confidence in all the modifying factors. Generally, Proven Mineral Reserves are derived from Measured Mineral

Resources and Probable Mineral Reserves are derived from Indicated Mineral Resources. In 2023, portions of the Mineral Reserves derived from Measured Mineral

Resources have been classified as Probable Mineral Reserves. This classification primarily represents areas where one or more state government approvals remain

outstanding or specific Traditional Owner engagement is required prior to mining.

Iron Ore Company of Canada

Mineral Reserves updates include depletion, plus a change in the methodology for distinguishing between Proven and Probable Mineral Reserves, which has resulted in

reclassification of a significant proportion of the Proven Mineral Reserves to Probable Mineral Reserves. The change is based on the density of geometallurgical data

available to estimate iron recovery and ore grind energy in the concentrator. A JORC Table 1 in support of this change will be released to the market contemporaneously

with the release of the Annual Report and can be viewed at riotinto.com/resources-and-reserves.

The JORC Table 1 in support of this change was released to the market on 6 December 2023 and can be viewed at riotinto.com/resources-and-reserves.

1. Type of mine: O/P = open pit/surface, S/P = stockpile, U/G = underground.

2. Copper Mineral Reserves are reported as dry mill feed tonnes.

3. Bingham Canyon Mineral Reserves valuations are based on commodity prices of US c

362.42 /lb for copper, US$ 1,535.98 /oz for gold, US$ 20.84 /oz for silver and US$ 13.32/

lb for molybdenum. These prices are sourced from the average of the available forecasts

from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank,

Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts

(CRU and Woodmac).

4. Bingham Open Pit Mineral Reserves molybdenum grades interpolated from exploration

drilling assays have been factored based on a long reconciliation history to blast hole

and mill samples.

5. Escondida Mineral Reserves valuations are based on a copper price of US c 357 /lb

supplied by the JV partner.

6. Oyu Tolgoi Mineral Reserves valuations are based on commodity prices of US c 380.00 /

lb for copper, US$ 1,567.00 /oz for gold and US$ 20.90 /oz for silver. These are based

on August 2022 consensus prices sourced from the average of forecasts from ten

brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman

Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and

Woodmac).

7. The Hugo Dummett North Mineral Reserves include approximately 1.5 million tonnes of

stockpiled material at a grade of 0.46% copper, 0.14 g/t gold and 1.12 g/t silver.

Bingham Canyon

Underground Skarns Mineral Reserves comprise the Lower Commercial Skarns (LCS) Mineral Reserves and the North Rim Skarn (NRS) Mineral Reserves. An initial NRS

Probable Mineral Reserve of 3.0 million tonnes at 2.39% copper, 1.77 g/t gold, 18.59 g/t silver, and 0.010% molybdenum (on a 100% basis) was released to the market by Rio

Tinto on 20 June 2023 with a supporting JORC Table 1 and can be viewed at riotinto.com/resources-and-reserves.

It is noted that the Undergrounds Skarns Mineral Reserves are only economically viable while the current open pit is in operation.

Oyu Tolgoi

Production from the Hugo Dummett North L1 underground mine commenced in March 2023.

2. The marketable product (zircon at RBM and zirsil at QMM) is shown after all mining and processing losses. Titanium dioxide feedstock Mineral Reserves are reported as dry in situ tonnes.

3. QMM and RBM Mineral Reserves valuations are based on commodity prices of US$ 233.61 /t for 53% TiO 2 product and US$ 1,506.50 /t for 66.5% zircon oxide, adjusted for specific products

produced. RTIT Quebec Operations Mineral Reserves valuations are based on a commodity price of US$ 233.61 /t for 53% TiO 2 product, adjusted for specific products produced. These prices

are sourced from TZMI.

QIT Madagascar Minerals (QMM)

Mineral Reserves tonnes decreased following mining depletion and mine design and schedule changes.

1. Type of mine: O/P = open pit/surface, U/G = underground.

2. Mineral Reserves of borates are expressed in terms of marketable product (B 2 O 3) tonnes after all mining and processing losses.

3. Boron Mineral Reserves valuations are based on a three-year trailing weighted average prices of US$ 1,131 /t for Sodium Borates Products and US$ 1,747 /t for Boric Acid Products.

4. Mineral Reserves of diamonds are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown.

5. Diavik Mineral Reserves valuations are based on a three-year trailing average price of US$ 128.38 /ct.

6. Diavik Mineral Reserves are based on a nominal 1 millimetre lower cut-off size and a final re-crushing size of 6 millimetres.

Diavik

Mineral Reserves tonnes decreased following mining depletion.

1. Likely mining method: O/P = openpit/surface.

2. Rio Tinto Aluminium bauxite Mineral Resources are stated as dry product tonnes and total alumina and silica grades.

3. Valuations of the Rio Tinto Aluminium bauxite Mineral Reserves are based on specific product pricing based on a long term price of US$ 41.66 /t CFR China for Gove and US$ 33.89 /t CFR China

for Amrun / East Weipa and Andoom and North of Weipa. This price is sourced from leading industry analyst CRU.

4. Porto Trombetas (MRN) Mineral Resources are stated as dry in situ tonnes, available alumina grade and total silica grade.

5. Porto Trombetas (MRN) Mineral Resources valuations are based on an average price of US$ 36.30 /t FOB as supplied by the JV partner.

6. Sangarédi Mineral Resources tonnes are reported on a 3% moisture basis and total alumina and silica grades.

7. Sangarédi Mineral Resources valuations are based on specific product pricing based on a long term price of US$ 37.10/t FOB as supplied by the JV partner.

Rio Tinto Aluminium

Amrun, East Weipa and Andoom and Gove Mineral Resources tonnes decreased following the conversion of Mineral Resources to Mineral Reserves. North of Weipa

Mineral Resources tonnes increased following a large-scale drilling program, remodelling and updated orebody knowledge.

Porto Trombetas (MRN)

On 30 November 2023, Rio Tinto completed an acquisition of Companhia Brasileira de Alumínio’s 10% equity in the Mineracão Rio do Norte bauxite mine (MRN) in

Brazil, raising our stake from 12% to 22%.

1. Likely mining method: O/P = open pit/surface.

2. Iron ore Mineral Resources are stated on a dry in situ weight basis.

3. Australian iron ore Mineral Resources valuations are based on specific product pricing determined from a base 62% Fines CFR consensus price of US c 133.69 /dmtu. This price is sourced from

the average of forecasts from nine brokers/banks (BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU

and Woodmac).

4. Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for SK-1300 reporting.

5. Iron Ore Company of Canada (IOC) Mineral Resources are stated as in situ material on a dry basis. This in situ material has the potential to produce marketable product (57% pellets and 43%

concentrate for sale at a natural moisture content of 2%) comprising 54 million tonnes at 65% iron 2.7% silica (Measured), 119 million tonnes at 65% iron 2.7% silica (Indicated) and 104 million

tonnes at 65% iron 2.7% silica (Inferred) using process recovery factors derived from current IOC concentrating and pellet operations. LOI is not determined for resource drilling samples, so no

estimate of % LOI is available for Mineral Resources.

6. IOC Mineral Resources valuations are based on product pricing of US c 144.35 /dmtu for 65% Fe Concentrate for Sinter (CFS), US c 216.11 /dmtu for 65% Fe blast furnace (BF) grade pellet and

US c 228.35 /dmtu for 67.5% Fe direct reduced (DR) pellets, all CFR China. The consensus 65% Fe fines price CFR China used for IOC concentrate is sourced from an average of forecasts from

Credit Suisse and Woodmac. The BF and DR pellet premiums are sourced from an average of forecasts from Woodmac and CRU. These premiums are added to the 65% Fe Fines consensus.

7. Simandou Mineral Resources valuations are based on specific product pricing determined from a 65% Fe Fines price of US c 136.10 /dmtu CFR China. This price is sourced from an average of

forecasts from CRU and Woodmac.

Iron Ore Australia

Mineral Resources tonnes have increased for Channel Iron Deposit and Brockman Process Ore on the basis of additional drilling and updated resource models.

Simandou Mineral Resources tonnes decreased due to conversion to Mineral Reserves following completion of the feasibility study for Ouéléba. A JORC Table 1 in

support of this change was released to the market on 6 December 2023 and can be viewed at riotinto.com/resources-and-reserves.

1. Likely mining method: O/P = open pit/surface; U/G = underground.

2. Copper Mineral Resources are stated on an in-situ dry weight basis.

3. Copper Mineral Resources valuations excluding Oyu Tolgoi and Escondida, are based on commodity prices of US c 362.42 /lb for copper, US$ 1,535.98 /oz for gold, US$ 20.84 /oz for silver and

US$ 13.32 /lb for molybdenum. These prices are sourced from the average of the available forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank,

Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).

4. Bingham Canyon Open Pit molybdenum grades interpolated from exploration drilling assays have been factored based on a long reconciliation history to blast hole and mill samples.

5. Escondida Mineral Resources valuations are based on a copper price of US c 429 /lb supplied by the JV partner.

6. Oyu Tolgoi Mineral Resources valuations are based on commodity prices of US c 380.00 /lb for copper, US$ 1,567.00 /oz for gold, US$ 20.90 /oz for silver and US$ 12.40 /lb for molybdenum.

These are based on August 2022 consensus prices sourced from the average forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP

Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).

7. The Hugo Dummett North Mineral Resources include approximately 0.9 million tonnes of stockpiled material at a grade of 0.35% copper, 0.11 g/t gold and 0.85 g/t silver.

Bingham Canyon

Open Pit Mineral Resources tonnes decreased following conversion of Mineral Resources to Mineral Reserves, exclusion of uneconomic material, mining depletion and

model updates. A JORC Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual Report and can be viewed at

riotinto.com/resources-and-reserves.

Underground Skarns Mineral Resources represent the combined Mineral Resources from the various underground deposits at Bingham Canyon.

La Granja

As reported to the market on 28 August 2023, Rio Tinto and First Quantum Minerals (First Quantum) completed a transaction to form a joint venture that will work to

unlock the development of the La Granja project in Peru, with First Quantum acquiring a 55% stake in the project. The reported Mineral Resources and Rio Tinto interest

percentage (45%) reflect this change.

1. Likely mining method: O/P = open pit/surface.

2. Titanium Dioxide Feedstock Mineral Resources are reported as dry in situ tonnes.

3. QMM and RBM Mineral Resources valuations are based on commodity prices of US$ 233.61 /t for 53% TiO 2 product and US$ 1,506.50 /t for 66.5% zircon oxide, adjusted for specific products

produced. RTIT Quebec Operations Mineral Resources valuations are based on a commodity price of US$ 233.61 /t for 53% TiO 2 product adjusted for specific products produced. These prices

are sourced from TZMI.

Richards Bay Mineral (RBM)

Mineral Resources tonnes increased due to the addition of stockpiled material.

1. Type of mine: U/G = underground.

2. Borates Mineral Resources are stated as dry in situ B 2 O 3, rather than marketable product as in Mineral Reserves.

3. Jadar equivalent dry in situ Mineral Resources comprise of 85 million tonnes at 16.1% B 2 O 3 (Indicated) and 58.0 million tonnes at 12.0% B 2 O 3 (Inferred).

4. Jadar Mineral Resources valuations are based on commodity prices of US$ 8,750 /t for lithium carbonate and US$ 1,100 /t for boric acid. These prices were sourced from CRU.

5. Diamond and lithium Mineral Resources are stated as dry in situ tonnes.

6. Diavik Mineral Resources valuations are based on a three-year trailing average price of US$ 128.38 /ct.

Diavik

Mineral Resources tonnes increased based on a review of the material remaining at the end of mine life in combination with unplanned tonnes in the crown and sill

pillars.

Mineral Resources and Mineral

Reserves governance and internal

controls

Rio Tinto has well-established governance

processes and internal controls to support the

generation and publication of Mineral

Resources and Mineral Reserves, including a

series of business unit and product group

structures and processes independent of

operational reporting.

Audit & Risk Committee

The Audit & Risk Committee’s remit includes

the governance of Mineral Resources and

Mineral Reserves. This includes an annual

review of Mineral Resources and Mineral

Reserves at a Group level, as well as a review

of findings and progress from the Group

Internal Audit program.

Ore Reserves Steering Committee

The Ore Reserves Steering Committee

(ORSC), chaired by the Chief Technical

Officer, Development & Technology, meets at

least quarterly. The ORSC comprises senior

representatives across our technical, financial,

governance and business groups, and

oversees the appointment of Qualified

Persons nominated by the business units;

reviews Exploration Results, Mineral

Resources or Mineral Reserves data prior to

public reporting; and oversees the

development of the Group Mineral Resources

and Mineral Reserves standards and

guidance.

Orebody Knowledge Centre

of Excellence

The Orebody Knowledge Centre of Excellence

contains a dedicated Orebody Knowledge

Technical Assurance team. Orebody

Knowledge Technical Assurance, in

conjunction with the ORSC, is the guardian

and author of Group Mineral Resources and

Mineral Reserves standards and guidance,

and is responsible for the governance and

compilation of Group Mineral Resources,

Mineral Reserves and reconciliation reporting.

The Technical Assurance team also advises

on disclosure obligations, monitors the

external reporting environment and facilitates

internal audits.

Internal Auditing

internal audits are conducted by independent

external consulting personnel in a programme

managed by Orebody Knowledge Technical

Assurance. Material findings are reported

outside of the product group reporting line to

the ORSC, and all reports and action plans

are reviewed by the ORSC for alignment to

internal and external reporting standards.

During 2023, two internal Mineral Resources

and Mineral Reserves audits were completed.

Geoscientific information management

and assurance

We employ industry-standard drilling,

sampling, assaying and quality assurance/

quality control (QA/QC) practices supported by

formally documented procedures.

Diamond core and reverse circulation are our

primary drilling methods. We use other

methods such as sonic and air core if

appropriate for the style of deposit. Drill hole

locations are typically confirmed by high-

precision differential Global Positioning

System (GPS) and down-hole trace

positioning is primarily achieved by gyroscopic

survey.

Drill sample recovery is typically recorded,

and all geological data is collected by qualified

geoscientific professionals. Geological logging

consistency is secured via formal logging

procedures and training, reference materials,

application of geological code libraries and

digital logging directly to the

geological database.

On-site or commercial laboratories provide

appropriate analytical (assaying) techniques,

according to the commodity and style of

deposit. Reliability of assay data is maintained

via QA/QC procedures, which monitor assay

accuracy and precision through the analysis of

blanks, sample duplicates and matrix-matched

certified reference materials.

Our geoscientific information management

standard is the industry-leading acQuire

system and we employ strict QA/QC criteria to

ensure only high-quality assay data is

uploaded to a project’s database.

Mineral Resources and Mineral

Reserves risk management

Risks to our Mineral Resources and

Mineral Reserves estimates are managed

through comprehensive risk assessments

undertaken in support of the annual reporting

cycle. Risks are identified and managed by

verifying controls, determining and

undertaking suitable actions to remove or

reduce the risk, conducting reviews, and

maintaining compliance with standards and

procedures. Risks are managed through a

commercial risk management solution.

At the end of each reporting cycle, we analyse

the Mineral Resources and Mineral Reserves

risks across all business units to ensure both

consistency of reporting and determine any

Group-wide risks to the various processes.

Qualified Persons

(a)AusIMM: Australasian Institute of Mining and Metallurgy

EFG: European Federation of Geologists

IOM3: Institute of Materials, Minerals and Mining

NAPEG: Association of Professional Engineers; Geologists and Geophysicists of the Northwest Territories

OGQ: L’Ordre des Géologues du Québec

OIQ: L’Ordre des Ingénieurs du Québec

PEGNL: Professional Engineers and Geoscientists Newfoundland and Labrador

SACNASP: South African Council for Natural Scientific Professions SAIMM: Southern African Institute of Mining and Metallurgy

SME: Society of Mining, Metallurgy and Exploration

(b)Includes silver

(c)Includes molybdenum

(d)Includes gold

(e)Includes borates

(f)Includes zircon

Mines and production facilities

Iron Ore

Iron Orecontinued

Copper

Copper continued

Minerals continued

Aluminium

Other Operations

Project

Group smelters, refineries and remelting & casting facilities (Rio Tinto’s interest 100% unless otherwise shown)

Group smelters and refineries and remelting & casting facilities (Rio Tinto’s interest 100% unless otherwise shown)

Group power plants (Rio Tinto’s interest 100% unless otherwise shown)

Group power plants (Rio Tinto’s interest 100% unless otherwise shown)

Arvida, Canada

Shareholder information

Organisational structure

The Rio Tinto Group consists of Rio Tinto plc

(registered in England and Wales as company

number 719885 under the UK Companies Act

2006 and listed on the London Stock

Exchange), and Rio Tinto Limited (registered

in Australia as ABN 96 004 458 404 under the

Australian Corporations Act 2001 and listed on

the Australian Securities Exchange).

Rio Tinto is headquartered in London with a

corporate office in Melbourne.

Rio Tinto plc has a sponsored American

Depositary Receipts (ADR) facility, with

underlying shares registered with the US

Securities and Exchange Commission (SEC)

and listed on the New York Stock Exchange.

The London Stock Exchange ticker for

Rio Tinto plc is RIO.L, the Australian Securities

Exchange ticker for Rio Tinto Limited is

RIO.AX and the New York Stock Exchange

ticker for the ADR is RIO.N.

Nomenclature and financial data

Rio Tinto plc and Rio Tinto Limited operate

together and are referred to in this report as

Rio Tinto, the Rio Tinto Group or the Group.

These expressions are used for convenience,

since both companies, and other companies in

which they directly or indirectly own

investments, are separate and distinct legal

entities. Likewise, the words “we”, “us”, “our”

and “ourselves” are used in some places to

refer to the companies of the Rio Tinto Group

in general. These expressions are also used

where no useful purpose is served by

identifying any particular company or

companies. We usually omit “Limited”, “plc”,

“Pty”, “Inc.”, “Limitada”, “L.L.C.”, “A.S.” or “SA”

from Group company names, except to

distinguish between Rio Tinto plc and

Rio Tinto Limited. Financial data in US dollars

($) is derived from, and should be read in

conjunction with, the 2023 financial

statements. In general, where we have

provided financial data in other currencies,

it has been translated from the consolidated

financial statements, and is provided solely for

convenience. Exceptions arise where

data has been extracted directly from

source records.

History

Rio Tinto plc was incorporated on 30 March

1962, then called The Rio Tinto-Zinc

Corporation Limited (RTZ), and was formed by

the merger of The Rio Tinto Company Limited

and The Consolidated Zinc Corporation

Limited. The Rio Tinto Company was

incorporated in 1873 to reopen ancient copper

workings in Spain. The Consolidated Zinc

Corporation Limited began operations in the

early twentieth century as part of the

Australian mining industry. Based at Broken

Hill in New South Wales, it began mining

silver, lead and zinc deposits and later

expanded into lead and zinc smelting.

Rio Tinto Limited was incorporated on

17 December 1959, then called The Rio Tinto

Mining Company of Australia Pty Limited.

In 1962 the Australian interests of The

Consolidated Zinc Corporation Limited and

The Rio Tinto Company Limited were merged

to form Conzinc Riotinto of Australia Limited, a

limited liability company under the laws of the

State of Victoria, Australia. In 1980, Conzinc

Riotinto of Australia Limited changed its name

to CRA Limited.

Between 1962 and 1995, both RTZ and CRA

discovered important mineral deposits,

developed major mining projects and grew

through acquisition.

RTZ and CRA began operating in 1995

through a dual-listed companies structure.

In 1997, RTZ became Rio Tinto plc and CRA

became Rio Tinto Limited.

Dual-listed companies structure

In 1995, Rio Tinto shareholders approved the

terms of the dual-listed companies’ merger

(the DLC structure). The aim was to put

shareholders of both companies in

substantially the same position they would be

in if they held shares in a single entity owning

all assets of both companies.

Following the approval of the DLC structure,

both companies entered into a DLC Merger

Sharing Agreement (the Sharing Agreement).

As part of this, both companies agreed to be

managed in a unified way, to share the same

Board of Directors, and to put in place

arrangements to provide shareholders of both

companies with a common economic interest

in the DLC structure.

To achieve this third objective, the Sharing

Agreement fixed the ratio of dividend, voting

and capital distribution rights attached to each

Rio Tinto plc share and each Rio Tinto Limited

share at an Equalisation Ratio of 1:1. This has

remained unchanged ever since, although the

Sharing Agreement makes clear this can be

revised in special circumstances. For example

where certain modifications are made to the

share capital of one company (such as rights

issues, bonus issues, share splits and share

consolidations) but not to the other.

Outside the circumstances specified in the

Sharing Agreement, the Equalisation Ratio

can only be altered with the approval of

shareholders under the class rights action

approval procedure, described in the

voting arrangements section below.

Any adjustments must be confirmed

by the Group’s external auditors.

Consistent with the DLC structure, the

directors of both companies aim to act in

the best interests of Rio Tinto as a whole.

The class rights action approval procedure

exists to deal with instances where there

may be a conflict of interest between the

shareholders of the two companies.

To ensure that the Boards of both companies

are identical, resolutions to appoint or remove

Directors must be put to shareholders of both

companies as Joint Decisions, described in

the voting arrangements section below. The

Articles of Association of Rio Tinto plc and the

Constitution of Rio Tinto Limited make clear

that a person can only be a Director of one

company if he or she is also a Director of the

other. This means that if a person were

removed as a Director of Rio Tinto plc, he or

she would also cease to be a Director of

One consequence of the DLC merger is that

Rio Tinto is subject to a wide range of laws,

rules and regulatory reviews across multiple

jurisdictions. Where these rules differ,

Rio Tinto will comply with the requirements in

each jurisdiction at a minimum.

Dividend arrangements

The Sharing Agreement ensures that

dividends paid on Rio Tinto plc and Rio Tinto

Limited shares are equalised on a net cash

basis without taking into account any

associated tax credits. Dividends are

determined in US dollars (with the exception of

ADR holders, paid in sterling and Australian

dollars) and both companies are required to

announce and pay dividends and other

distributions, or as close to, at the same time

as possible.

The payment of dividends between companies

and their subsidiaries, including the payment

of dividends on the DLC dividend shares,

provides the Group with flexibility to manage

internal funds and distributable reserves to

enable the payment of equalised dividend or

equalised capital distributions.

If the payment of an equalised dividend would

contravene the law applicable to one of the

companies, they can depart from the

Equalisation Ratio. In that situation, the

relevant company must put aside reserves for

payment on the relevant shares at a later date.

Rio Tinto shareholders have no direct rights to

enforce the dividend equalisation provisions of

the Sharing Agreement.

Voting arrangements

In principle, the Sharing Agreement enables

the shareholders of Rio Tinto plc and Rio Tinto

Limited to vote as a joint electorate on any

matters that affect them in similar ways. These

are referred to as Joint Decisions, and include

the creation of new classes of share capital,

the appointment or removal of directors and

auditors, and the receiving of annual financial

statements. All shareholder resolutions that

include Joint Decisions are voted on a poll.

The Sharing Agreement also protects

shareholders of both companies by requiring

joint approval for decisions that do not affect

the shareholders of both companies equally.

These are known as class rights actions,

and are voted on a poll. For example,

fundamental elements of the DLC structure

cannot be changed unless approved

separately by the shareholders of

both companies.

Exceptions to these principles can arise in

situations such as where legislation requires

the separate approval of a decision by the

appropriate majority of shareholders in one

company, and where approval of the matter by

shareholders of the other company is

not required.

Where a matter has been expressly

categorised as either a Joint Decision or a

class rights action, the Directors cannot

change that categorisation. If a matter falls

within both categories, it is treated as a class

rights action. In addition, if an issue is not

expressly listed in either category, Directors

can decide how it should be put to

shareholders for approval.

To support joint voting arrangements, both

companies have entered into shareholder

voting agreements, where a Special Voting

Share is issued to a special purpose company

(SVC) and held in trust for shareholders by a

common trustee. Rio Tinto plc (RTP) has

issued its Special Voting Share (RTP Special

Voting Share) to Rio Tinto Limited (RTL)

Shareholder SVC, while Rio Tinto Limited has

issued its Special Voting Share (RTL Special

Voting Share) to RTP Shareholder SVC.

The total number of votes cast on Joint

Decisions by the shareholders of one

company are decided at a parallel meeting of

the other company. The exact role of these

SVCs is described below.

In exceptional circumstances, certain

shareholders can be excluded from voting at

their respective company’s general meetings.

For example, they may have acquired shares

in the other company in excess of a given

threshold without making an offer for all the

shares in the other company. In this situation,

votes cast by these excluded shareholders

are disregarded.

Following the companies’ general meetings,

the overall results of the voting are announced

to relevant stock exchanges and the media,

and published at riotinto.com

At a Rio Tinto plc shareholders meeting during

which a Joint Decision is considered, each

Rio Tinto plc share carries one vote. The

holder of the Special Voting Share has one

vote for each vote cast by the public

shareholders of Rio Tinto Limited in their

parallel meeting. The holder of the Special

Voting Share must vote in accordance with the

votes cast by public shareholders for and

against the equivalent resolution at the parallel

Rio Tinto Limited shareholders’ meeting. The

holders of Rio Tinto Limited ordinary shares do

not hold voting shares in Rio Tinto plc by virtue

of their holding in Rio Tinto Limited, and

cannot enforce the voting arrangements

relating to the Special Voting Share.

Similarly, at a Rio Tinto Limited shareholders

meeting during which a Joint Decision is

considered, each Rio Tinto Limited share

carries one vote and the holder of its Special

Voting Share will have one vote for each vote

cast by the public shareholders of Rio Tinto plc

in their parallel meeting. The holder

of the Special Voting Share must vote in

accordance with the votes cast for and against

the equivalent resolution at the parallel

Rio Tinto plc shareholders meeting. The

holders of Rio Tinto plc ordinary shares do not

hold any voting shares in Rio Tinto Limited by

virtue of their holding in Rio Tinto plc, and

cannot enforce the voting arrangements

relating to the Special Voting Share.

Capital distribution arrangements

If either company goes into liquidation, the

Sharing Agreement ensures a valuation is

made of the surplus assets of both

companies. If the surplus assets available for

distribution by one company on each of the

shares held by its shareholders exceed the

surplus assets available for distribution by the

other company on each of the shares held by

its shareholders, then an equalising payment

must be made – to the extent permitted by

applicable law – such that the amount

available for distribution on each share held by

shareholders of both companies reflects the

Equalisation Ratio.

The aim is to ensure the shareholders of both

companies have equivalent entitlements to the

assets of the combined Group on a per share

basis, taking account of the Equalisation

Ratio.

The Sharing Agreement does not grant

any enforceable rights to the shareholders

of either company upon liquidation of

either company.

Limitations on ownership of shares and

merger obligations

The laws and regulations of the UK and

Australia impose restrictions and obligations

on persons who control interests in publicly

listed companies in excess of defined

thresholds. These can include an obligation to

make a public offer for all outstanding issued

shares of the relevant company. The threshold

applicable to Rio Tinto plc under UK law and

regulations is 30% and to Rio Tinto Limited

under Australian law and regulations is 20%

on both a standalone and a Joint Decision

basis.

As part of the DLC merger, the Articles

of Association of Rio Tinto plc and the

Constitution of Rio Tinto Limited were

amended with the aim of extending these laws

and regulations to the combined enterprise.

This amendment also ensures that a person

cannot exercise control over one company

without having made offers to the public

shareholders of both companies.

This guarantees the equal treatment of both

sets of shareholders, and that the two

companies are considered as a single

economic entity. The Articles of Association of

Rio Tinto plc and the Constitution of Rio Tinto

Limited impose restrictions on any person who

controls, directly or indirectly, 20% or more of

the votes on a Joint Decision. If, however,

such a personhasan interest in either

Rio Tinto Limited or Rio Tinto plc only, then the

restrictions only apply if they control, directly

or indirectly, 30% or more of the votes at that

company’s general meetings.

If one of these thresholds is exceeded,

the person cannot attend or vote at general

meetings of the relevant company, cannot

receive dividends or other distributions from

the relevant company, and may be divested of

their interest by the Directors of the relevant

company (subject to certain limited exceptions

and notification by the relevant company).

These restrictions continue to apply until that

person has either made a public offer for all

the publicly held shares of the other company,

has reduced their controlling interest below the

thresholds specified, or has acquired through

a permitted means at least 50% of the publicly

held shares of each company.

This arrangement ensures that offers for the

publicly held shares of both companies would

be required to avoid the restrictions set out

above, even if the interests which breach the

thresholds are held in just one of the

companies. The Directors do not have the

discretion to exempt a person from the

operation of these rules.

Under the Sharing Agreement, the companies

agree to cooperate to enforce the above

restrictions contained in their Articles of

Association and Constitution.

Guarantees

In 1995, each company entered into a deed

poll guarantee in favour of creditors of the

other company. In addition, each company

guaranteed the contractual obligations of the

other and the obligations of other persons

guaranteed by the other company, subject to

certain limited exceptions.

Beneficiaries under deed poll guarantees can

make demands on the relevant guarantor

without first having recourse to the company

or persons whose obligations are being

guaranteed. The obligations of the guarantor

under each deed poll guarantee expire upon

termination of the Sharing Agreement and

under other limited circumstances, but only in

respect of obligations arising after such

termination and, in the case of other limited

circumstances, the publication and expiry of

due notice.

Markets

The principal market for Rio Tinto plc shares is

the London Stock Exchange, with shares

trading through the Stock Exchange Electronic

Trading Service (SETS) system.

Rio Tinto plc American Depositary

Receipts (ADRs) are listed on the

New York Stock Exchange.

Rio Tinto Limited shares are listed on the

Australian Securities Exchange (ASX).

The ASX is the principal trading market for

Rio Tinto Limited shares. The ASX is a

national stock exchange with an automated

trading system.

Share ownership

Substantial shareholders in Rio Tinto plc

The following table shows holdings of 3% or more of voting rights in Rio Tinto plc’s ordinary shares as per the most recent notification of each

respective holder to Rio Tinto plc under the UK Disclosure and Transparency Rule 5. The percentage of voting rights detailed below was calculated

as at the date of the relevant disclosures. The following table shows shareholders who have provided this notice or an equivalent as of 7 February

1. On 25 January 2024, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 112,980,265 ordinary shares in Rio Tinto plc as of 31 December

2023, representing 9.0% of that class of shares.

Substantial shareholders in Rio Tinto Limited

Under the Australian Corporations Act 2001, any person with 5% or more voting power in Rio Tinto Limited is required to provide the company with

notice. The following table shows shareholders who have provided this notice or an equivalent as of 7 February 2024:

2. The percentage of voting rights detailed was as disclosed in the notice received by the company, calculated at the time of the relevant disclosure.

3. In its substantial holding notice filed on 5 December 2022, BlackRock, Inc. and its associates disclosed a holding of 115,764,125 shares in Rio Tinto plc and 26,031,175 shares in Rio Tinto

Limited, which gave BlackRock, Inc. and its associates voting power of 8.74% in the Rio Tinto Group on a Joint Decision matter. Accordingly, in addition to being substantial shareholders of

Rio Tinto Limited by virtue of interests held in Rio Tinto Limited’s shares, through the operation of the Australian Corporations Act 2001 as modified to apply to the DLC structure, these entities

disclosed voting power of 8.74% in Rio Tinto Limited. Based on this notification, as at 5 December 2022, BlackRock, Inc. directly held a 7.01% interest in Rio Tinto Limited.

4. On 2 February 2024, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 24,991,523 ordinary shares in Rio Tinto Limited as of 31

December 2023, representing 6.7% of that class of shares.

5. In its substantial holding notice filed on 9 February 2018, Shining Prospect Pte. Ltd disclosed that its holding of 182,550,329 Rio Tinto plc shares gave Shining Prospect Pte. Ltd and its associates

voting power of 10.32% in the Rio Tinto Group on a Joint Decision matter. Accordingly, through the operation of the Australian Corporations Act 2001 as modified to apply to the DLC structure,

these disclosed voting power of 10.32% in Rio Tinto Limited.

As far as is known, Rio Tinto plc and Rio Tinto

Limited are not directly or indirectly owned or

controlled by another corporation or by any

government or natural person. Rio Tinto is not

aware of any arrangement that may result in a

change in control of Rio Tinto plc or Rio Tinto

Limited. No shareholder possesses voting

rights that differ from those attaching to

Rio Tinto plc’s and Rio Tinto Limited’s

securities.

As of 7 February 2024, the total amount of the

Group’s voting securities owned by the

Directors and Executives in Rio Tinto plc was

305,203 ordinary shares of 10p each or ADRs.

There were 24,351 holders of record of

Rio Tinto plc’s shares. Of these holders, 394

had registered addresses in the US and held a

total of 113,706 Rio Tinto plc shares,

representing 0.02% of the total number of

Rio Tinto plc shares issued and outstanding as

at such date. In addition, 190,636,973

Rio Tinto plc shares were registered in the

name of a custodian account in London which

represented 15.2% of Rio Tinto plc shares

issued and outstanding. These shares were

represented by 190,636,973 Rio Tinto plc

ADRs held of record by 417 ADR holders. In

addition, certain accounts of record with

registered addresses other than in the US hold

shares, in whole or in part, beneficially for US

persons.

As of 7 February 2024, the total amount of the

Group’s voting securities owned by Directors

and Executives in Rio Tinto Limited was

93,403 shares, in aggregate representing less

than 1% of the Group’s total number of

ordinary shares in issue. There were 175,879

holders of record of Rio Tinto Limited shares.

Of these holders, 245 had registered

addresses in the US, representing

approximately 0.04% of the total number of

Rio Tinto Limited shares issued and

outstanding as of such date. In addition,

nominee accounts of record with registered

addresses other than in the US may hold

Rio Tinto Limited shares, in whole or in part,

beneficially for US persons.

Unquoted equity securities in

As at 7 February 2024, there were Rio Tinto

Limited unquoted equity securities on issue,

comprising 55,628 unvested Bonus Deferral

Awards held by 32 holders; 1,176,563

unvested Management Share Awards

held by 1,095 holders; and 1,000,810

unvested Performance Share Awards held by

99 holders, all of which were granted under

the Rio Tinto Limited Equity Incentive Plan,

and 1,386,501 unvested matching share rights

were granted under the Rio Tinto Limited

Global Employee Share Plan held by 16,626

holders. This information is provided in

compliance with ASX Listing Rule 4.10.16.

Analysis of ordinary shareholders

1. This includes 190,636,973 shares held in the name of a nominee on the share register. The shares are listed on the New York Stock Exchange (NYSE) in the form of American Depositary

Receipts (ADRs).

2. The total issued share capital is made up of 1,255,930,587 publicly held shares and 4,485,902 shares held in Treasury.

3. Publicly held shares in Rio Tinto Limited.

Twenty largest registered shareholders

The following table lists the 20 largest registered holders of Rio Tinto Limited shares in accordance with the ASX listing rules, together with the

number of shares and the percentage of issued capital each holds, as of 7 February 2024.

Material contracts

Articles of Association, Constitution, and DLC

Sharing Agreement

As explained on page 347, under the terms of

the DLC structure, shareholders of Rio Tinto

plc and of Rio Tinto Limited entered into

certain contractual arrangements designed to

place the shareholders of both companies in

substantially the same position as if they held

shares in a single entity that owned all the

assets of both companies. As far as is

permitted by the UKCompanies Act 2006,

the Australian Corporations Act 2001 and ASX

Listing Rules, this principle is reflected in the

Articles of Association of Rio Tinto plc and in

the Constitution of Rio Tinto Limited.

The following summaries describe the material

rights of shareholders of both Rio Tinto plc and

Objects

At the 2009 AGMs, shareholders of Rio Tinto

plc and Rio Tinto Limited approved

amendments to their Articles of Association

and Constitution whereby the object clauses

were removed to allow the companies to have

the widest possible scope of activities.

Directors’ interests

Under Rio Tinto plc’s Articles of Association,

a Director may not vote in respect of any

proposal in which he or she, or any other

person connected with him or her, has any

interest, other than by virtue of his or her

interests in shares or debentures or other

securities of, in or through the company,

except in certain circumstances, including in

respect of resolutions:

–Indemnifying him or her or a third party in

respect of obligations incurred by the

Director on behalf of, or for the benefit of,

the company, or in respect of obligations of

the company, for which the Director has

assumed responsibility under an indemnity,

security or guarantee.

–Relating to an offer of securities in which he

or she may be interested as a holder of

securities or as an underwriter.

–Concerning another body corporate in

which the Director is beneficially interested

in less than 1% of the issued shares of any

class of shares of such a body corporate.

–Relating to an employee benefit in which

the Director will share equally with

other employees.

–Relating to liability insurance that the

company is empowered to purchase for the

benefit of Directors of the company in

respect of actions undertaken as Directors

(or officers) of the company.

–Concerning the giving of indemnities in

favour of Directors or the funding of

expenditure by Directors to defend criminal,

civil or regulatory proceedings or actions

against a Director.

Under Rio Tinto Limited’s Constitution,

a Director may be present at a meeting of the

Board while a matter in which the Director has

a material personal interest is being

considered and may vote in respect of that

matter, except where a Director is constrained

by Australian law.

The Directors are empowered to exercise all

the powers of the companies to borrow

money; to charge any property or business of

the companies or all, or any, of their uncalled

capital; and to issue debentures or give any

other security for a debt, liability or obligation

of the companies or of any other person. The

Directors shall restrict the borrowings of

Rio Tinto plc to the limitation that the

aggregate amount of all monies borrowed by

the company and its subsidiaries shall not

exceed an amount equal to 1.5 times the

companies’ share capital plus aggregate

reserves unless sanctioned by an ordinary

resolution of the company.

Directors are not required to hold any shares

of either company by way of qualification. The

Remuneration Report on pages 113-145

provides information on shareholding policies

relating to Executive and Non-Executive

Directors. Please refer to the Directors’ Report

for information on the appointment of

Directors.

Rights attaching to shares

Under UK law, dividends on shares may only

be paid out of profits available for distribution,

as determined in accordance with generally

accepted accounting principles and by the

relevant law. Shareholders are entitled to

receive such dividends as may be declared by

the Directors. Directors may also pay interim

dividends to shareholders as justified by the

financial position of the Group.

Under the Australian Corporations Act 2001,

dividends on shares may only be paid if the

company’s assets exceed its liabilities

immediately before the dividend is declared,

the excess is sufficient for the payment of the

dividend, the payment is fair and reasonable

to the company’s shareholders as a whole,

and the payment does not materially prejudice

the company’s ability to pay its creditors. Any

Rio Tinto plc dividend unclaimed after 12

years from the date the dividend was

declared, or became due for payment, will be

forfeited and returned to the company. Any

Rio Tinto Limited dividend unclaimed may be

invested or otherwise used by the Board for

the benefit of the company until claimed or

otherwise disposed of according to Australian

law. Rio Tinto Limited is governed by the State

of Victoria’s unclaimed monies legislation,

which requires the company to pay to the state

revenue office any unclaimed dividend

payments of A$20 or more that on 1 March

each year have remained unclaimed for over

12 months.

Voting

Voting at any general meeting of shareholders

on a resolution on which the holder of the

Special Voting Share is entitled to vote shall

be decided by a poll, and any other resolution

shall be decided by a show of hands unless a

poll has been duly demanded. On a show of

hands, every shareholder who is present in

person or by proxy (or other duly authorised

representative) and is entitled to vote, has one

vote regardless of the number of shares held.

The holder of the Special Voting Share is not

entitled to vote in a show of hands. On a poll,

every shareholder who is present in person or

by proxy (or other duly authorised

representative) and is entitled to vote, has one

vote for every ordinary share for which he or

she is the holder. In the case of Joint

Decisions, the holder of the Special Voting

Share has one vote for each vote cast in

respect of the publicly held shares of the other

company.

A poll may be demanded by any of

the following:

–The Chair of the meeting.

–At least five shareholders entitled to vote on

the resolution.

–Any shareholder(s) representing in the

aggregate not less than one tenth (Rio Tinto

plc) or one 20 th (Rio Tinto Limited) of the

total voting rights of all shareholders entitled

to vote on the resolution.

–Any shareholder(s) holding Rio Tinto plc

shares conferring a right to vote at the

meeting on which there have been paid-up

sums in the aggregate equal to not less

than one tenth of the total sum paid up on

all the shares conferring that right.

–The holder of the Special Voting Share of

either company.

A proxy form gives the proxy the authority to

demand a poll, or to join others in

demanding one.

The necessary quorum for a Rio Tinto plc

general meeting is three members present

(in person or by proxy or other duly authorised

representative) and entitled to vote. For a

Rio Tinto Limited general meeting it is two

members present (in person or by proxy or

other duly authorised representative).

Matters are transacted at general

meetings by the proposing and passing of

resolutions as:

–Ordinary resolutions (for example the

election of Directors), which require the

affirmative vote of a majority of persons

voting at a meeting for which there is

a quorum.

–Special resolutions (for example amending

the Articles of Association of Rio Tinto plc or

the Constitution of Rio Tinto Limited), which

require the affirmative vote of not less than

three-quarters of the persons voting at a

meeting at which there is a quorum.

The Sharing Agreement further classifies

resolutions as Joint Decisions and class rights

actions as explained on page 347.

AGMs must be convened with 21 days’ written

notice for Rio Tinto plc and with 28 days’

notice for Rio Tinto Limited. In accordance

with the authority granted by shareholders at

the Rio Tinto plc AGM in 2023, other meetings

of Rio Tinto plc may be convened with 14

days’ written notice for the passing of a special

resolution, and with 14 days’ notice for any

other resolution, depending on the nature of

the business to be transacted. All meetings of

Rio Tinto Limited require 28 days’ notice. In

calculating the period of notice, any time taken

to deliver the notice and the day of the

meeting itself are not included. The notice

must specify the nature of the business to be

transacted.

Variation of rights

If, at any time, the share capital is divided into

different classes of shares, the rights attached

to each class may be varied, subject to the

provisions of the relevant legislation, the

written consent of holders of three-quarters in

value of the shares of that class, or upon the

adoption of a special resolution passed at a

separate meeting of the holders of the shares

of that class. At every such meeting, all of the

provisions of the Articles of Association and

Constitution relating to proceedings at a

general meeting apply, except that the quorum

for Rio Tinto plc should be two or more

persons who hold or represent by proxy not

less than one-third in nominal value of the

issued shares of the class.

Rights upon a winding-up

Except as the shareholders have agreed or

may otherwise agree, upon a winding-up, the

balance of assets available for distribution

after the payment of all creditors (including

certain preferential creditors, whether

statutorily preferred creditors or normal

creditors), and subject to any special rights

attaching to any class of shares, is to be

distributed among the holders of ordinary

shares according to the amounts paid-up on

the shares held by them. This distribution

should generally be made in cash.

A liquidator may, however, upon the adoption

of a special resolution of the shareholders,

divide among the shareholders the whole or

any part of the assets in specie or kind.

The Sharing Agreement describes the

distribution of assets of each of the companies

in the event of a liquidation, as explained on

page 348.

Facility agreement

Details of the Group’s $7.5 billion multi-

currency committed revolving credit facilities

are set out in the Our capital and liquidity

section to the financial statements on

page 204.

Exchange controls and foreign

investment

There are no UK foreign exchange controls or

other restrictions on the import or export of

capital by, or on the payment of dividends to,

non-resident holders of Rio Tinto plc shares,

or that materially affect the conduct of

Rio Tinto plc’s operations. It should be noted,

however, that various sanctions, laws,

regulations or conventions may restrict the

import or export of capital by, or the payment

of dividends to, non-resident holders of

Rio Tinto plc shares. There are no restrictions

under Rio Tinto plc’s Articles of Association or

under UK law that specifically limit the right of

non-resident owners to hold or vote Rio Tinto

plc shares. However, certain of the provisions

of the Australian Foreign Acquisitions and

Takeovers Act 1975 (the Takeovers Act)

described below also apply to the acquisition

by non-Australian persons of interests in

securities of Rio Tinto plc.

Under current Australian legislation, Australia

does not impose general exchange or foreign

currency controls. Subject to some specific

requirements and restrictions, Australian and

foreign currency may be freely brought into

and sent out of Australia. There are

requirements to report cash transfers in or out

of Australia of A$10,000 or more. There is a

prohibition on (or in some cases the specific

prior approval of the Department of Foreign

Affairs and Trade or Minister for Foreign

Affairs must be obtained for) certain payments

or other dealings connected with countries or

parties identified with terrorism, or to whom

United Nations or autonomous Australian

sanctions apply. Sanction, anti-money

laundering and counterterrorism laws may

restrict or prohibit payments, transactions and

dealings or require reporting of

certain transactions.

Rio Tinto Limited may be required to deduct

withholding tax from foreign remittances of

dividends, to the extent that they are

unfranked, and from payments of interest.

Acquisitions of interests in shares, and certain

other equity instruments in Australian

companies by non-Australian (“foreign”)

persons are subject to review and approval by

the Treasurer of the Commonwealth of

Australia under the Takeovers Act.

In broad terms, the Takeovers Act applies to

acquisitions of interests in securities in an

Australian entity by a foreign person where, as

a result, a single foreign person (and any

associate) would control 20% or more of the

voting power or potential voting power in the

entity. The potential voting power in an entity

is determined having regard to the voting

shares in the entity that would be issued if all

rights (whether or not presently exercisable) in

the entity were exercised.

The Takeovers Act also applies to direct

investments by foreign government investors,

in certain circumstances regardless of the size

of the investment. Persons who are proposing

relevant acquisitions or transactions may be

required to provide notice to the Treasurer

before proceeding with the acquisition or

transaction.

The Treasurer has the power to order

divestment in cases where relevant

acquisitions or transactions have already

occurred, including where prior notice to the

Treasurer was not required. The Takeovers

Act does not affect the rights of owners whose

interests are held in compliance with

the legislation.

Limitations on voting and shareholding

Except for the provisions of the Takeovers Act,

there are no limitations imposed by law,

Rio Tinto plc’s Articles of Association or

Rio Tinto Limited’s Constitution, on the

rights of non-residents or foreigners to hold

the Group’s ordinary shares or ADRs, or to

vote that would not apply generally to

all shareholders.

Directors

Appointment and removal of Directors

The appointment and replacement of Directors

is governed by Rio Tinto plc’s Articles of

Association and Rio Tinto Limited’s

Constitution, relevant UK and Australian

legislation, and the UK Corporate Governance

Code. The Board may appoint a Director

either to fill a casual vacancy or as an addition

to the Board, so long as the total number of

Directors does not exceed the limit prescribed

in these constitutional documents.

An appointed Director must retire and seek

election to office at the next AGM of each

company. In addition to any powers of removal

conferred by the UKCompanies Act 2006 and

the Australian Corporations Act 2001, the

company may by ordinary resolution remove

any Director before the expiry of his or her

period of office and may, subject to these

constitutional documents, by ordinary

resolution appoint another person who is

willing to act as a Director in their place. In line

with the UKCorporate Governance Code, all

directors are required to stand for re-election

at each AGM.

Directors’ powers

The Board manages the business of Rio Tinto under the powers set out in these constitutional documents. These powers include the Directors’

ability to issue or buy back shares. Shareholders’ authority to empower the Directors to purchase its own ordinary shares is sought at the AGM each

year. The constitutional documents can only be amended, or replaced, by a special resolution passed in general meeting by at least 75% of the

votes cast.

UK listing rules cross-reference table

The following table contains only those sections of UK listing rule 9.8.4 C which are relevant. The remaining sections of listing rule 9.8.4 C are

not applicable.

Shareholder security

Shareholders tell us that they sometimes receive unsolicited approaches, usually by telephone, inviting them to undertake a transaction in shares

they own.

If a shareholder does not know the source of the call, they should check the details against the Financial Conduct Authority (FCA) website below

and, if they have specific information, report it to the FCA using the consumer helpline or the online reporting form.

If a shareholder is worried that they are a victim of fraud and is resident in the UK, they should report the facts immediately using the Action Fraud

helpline on 0300 123 2040. More information about potential scams and other investment-based fraud can be found at actionfraud.police.uk or

fca.org.uk/scamsmart.

Metal prices and exchange rates

Disclosure pursuant to

Section 13(r) of the U.S.

Securities Exchange Act of

Section 219 of the Iran Threat Reduction and

Syria Human Rights Act of 2012 added Section

13(r) to the Securities Exchange Act of 1934

(the “Exchange Act”). Section 13(r) to the

Exchange Act requires an issuer to disclose in

its annual reports whether it or any of its

affiliates knowingly engaged in certain

activities, transactions or dealings relating to

Iran or with the Government of Iran during the

period covered by the report. The Company

notes the following in relation to activities that

took place in 2023, or in relation to activities

the Company became aware of in 2023

relating to disclosable activities prior to the

reporting period.

The Company routinely takes action to protect

its intellectual property rights in many countries

throughout the world, including Iran. As of

2023, the Company removed Iran from its

intellectual property rights filing strategy.

Rio Tinto acquired its interest in Namibia-

based Rössing Uranium Limited (“Rössing”) in

1970. The Iran Foreign Investments Company

(“IFIC”) acquired its original minority

shareholding in Rössing in 1975. IFIC’s

interest predates the establishment of the

Islamic Republic of Iran and the U.S. economic

sanctions targeting Iran’s nuclear, energy and

ballistic missile programs. IFIC acquired a

minority shareholding in Rössing in

accordance with Namibian law. The Treasury

Department’s Office of Foreign Assets Control

designated IFIC as a Specially Designated

National on 5 November 2018.

On 16 July 2019, the Company completed the

sale of its entire interest 68.62 per cent stake

in Rössing to China National Uranium

Corporation Limited (“CNUC”) for an initial

cash payment of $6.5 million and a contingent

payment of up to $100 million. The contingent

payment is linked to uranium spot prices

reaching a certain level and Rössing's net

income until calendar year 2026. As a result of

the evolution of uranium prices, the contingent

payment had not been triggered as of 31

December 2023. In addition, the Company will

receive a cash payment if, subject to certain

conditions, CNUC sell the Zelda 20 Mineral

Deposit during a restricted period.

As of 31 December 2023, to the best of Rio

Tinto’s knowledge, CNUC had not sold the

Zelda Mineral Deposit. Rio Tinto Marketing Pte

Ltd has continued to purchase a quantity of

uranium produced by Rössing, in order to

satisfy existing contractual commitments with

customers, pursuant to an ongoing marketing

arrangement which will cease on 26 December

Rössing was neither a business partnership

nor joint venture between the Company and

IFIC. Rössing is a Namibian limited liability

company with a number of shareholders which

included Rio Tinto.

When the Company was a shareholder, IFIC

had no uranium product off-take rights. Neither

IFIC nor other Government of Iran entities had

any supply contracts in place with Rössing and

none received any uranium from Rössing. IFIC

also did not have access to any technology

through its investment in Rössing or rights to

such technology.

Rio Tinto had no power or authority to divest

IFIC’s holding in Rössing. The Rössing board

took steps in 2012 to terminate IFIC’s

involvement in the governance of Rössing.

When Rio Tinto was a shareholder in Rössing,

IFIC was entitled under Namibian law to attend

annual general meetings of Rössing, which

they did attend. IFIC was represented on the

board of Rössing by two directors. While this

level of board representation did not provide

IFIC with the ability to influence the conduct of

Rössing’s business on its own, the Rössing

board nonetheless determined that, in light of

international economic sanctions, it would be in

the best interest of Rössing to terminate IFIC’s

involvement in board activity. Therefore, on 4

June 2012, at the annual general meeting of

Rössing, the shareholders, including the

Company, voted not to re-elect the two IFIC

board members. This ended IFIC’s

participation in Rössing board activities.

While IFIC has a notional entitlement to its pro

rata share of any dividend that the majority of

the board declared for all shareholders in

Rössing,such dividend payments have been

held in a blocked account in Namibia to ensure

compliance with US sanctions legislation.

Accordingly, IFIC has not received such

monies since early 2008. Simply by

maintaining its own shareholding in Rössing,

the Company was not engaging in any activity

intended or designed to confer any direct or

indirect financial support for IFIC.

While the Company does not view itself as

actively transacting or entering into business

dealings with an instrumentality of the

Government of Iran or a Specially Designated

National, this information has been provided to

ensure transparency regarding the passive,

minority shareholding in Rössing held by IFIC

while the Company was a shareholder.

Taxation

US residents

The following is a summary of the principal UK

tax, Australian tax and US federal income tax

consequences of the ownership of Rio Tinto

plc ADSs, Rio Tinto plc shares and Rio Tinto

Limited shares, “the Group’s ADSs and

shares”, by a US holder (as defined below). It

is not intended to be a comprehensive

description of all the tax considerations that are

relevant to all classes of taxpayer. This

summary does not cover all aspects of US

federal income taxation (including the

alternative minimum tax or net investment

income tax) that may be relevant to, or the

actual tax effect that any of the matters

described herein will have on, the acquisition,

ownership, or disposal of the Group’s ADSs

and shares by particular investors. Future

changes in legislation may affect the tax

consequences of the acquisition, ownership or

disposal of the Group’s ADSs and shares.

This summary is based in part on

representations by the Group’s depositary

bank as depositary for the ADRs evidencing

the ADSs and assumes that each obligation in

the deposit agreements will be performed in

accordance with its terms.

You are a US holder if you are a beneficial

owner of the Group’s ADSs and shares and

you are for US federal income tax purposes: a

citizen or resident of the United States; a

corporation created or organised under the

laws of the United States, any state thereof or

the District of Columbia; an estate whose

income is subject to US federal income tax

regardless of its source; or a trust if a US court

can exercise primary supervision over the

trust’s administration and one or more US

persons are authorised to control all

substantial decisions of the trust.

This section applies to US holders only if the

Group’s ADSs or shares are held as capital

assets for US federal income tax purposes.

This section does not address tax

considerations applicable to investors that own

(directly, indirectly, or by attribution) 5% or

more of the stock of the company (by vote or

value) and does not apply to shareholders who

are members of a special class of holders

subject to special rules, including a dealer in

securities, a trader in securities who elects to

use a mark-to-market method of accounting for

securities holdings, a tax exempt organisation,

a life insurance company, a person that holds

the Group’s ADSs or shares as part of a

straddle or a hedging or conversion

transaction, persons that have ceased to be

US citizens or lawful permanent residents of

the United States, investors holding the

Group’s ADSs or shares in connection with a

trade or business conducted outside of the

United States, US expatriates or a person

whose functional currency is not the US dollar.

USDisclosure

This section is based on the US Internal

Revenue Code of 1986, as amended (the

Code), its legislative history, existing and

proposed regulations, published rulings and

court decisions, Australian tax law and

practice, UK tax law as applied in England and

Wales and HM Revenue & Customs published

practice (which may not be binding on HM

Revenue & Customs) and on the convention

between the United States and the UK, and the

convention between the United States and

Australia (together, the Conventions) which

may affect the tax consequences of the

ownership of the Group’s ADSs and shares,

all as of the date hereof. These laws and

Conventions are subject to change, possibly

on a retroactive basis.

The summary describes the treatment

applicable under the laws and Conventions in

force at the date of this report.

UK taxation of shareholdings in

The comments below are based on current

United Kingdom tax law as applied in England

and Wales and HM Revenue & Customs

(“HMRC”) practice (which may not be binding

on HMRC) as at the latest practicable date

before the date of this document. This section

is based on the assumption that for UK tax

purposes a US holder who holds ADRs

evidencing ADSs will be treated as the

beneficial owner of the underlying shares

represented by the ADSs. Case law in the UK

has cast doubt on this view; however, HM

Revenue & Customs have stated that, except

in so far as the relevant US laws (being the

laws applicable to the territory in which the

ADRs are issued) conclusively dictate that the

holder of an ADR will not have beneficial

ownership in the underlying shares, they will

continue to apply their practice of regarding the

holder of an ADR as having a beneficial

interest in the underlying shares.

Under current UK tax legislation, no income tax

is required to be withheld from dividends paid

by Rio Tinto plc. Where dividends are paid by

Rio Tinto plc to a US holder who is not resident

in the UK and who does not hold the Group’s

ADSs and shares in connection with any trade,

profession or vocation carried on through a

branch, agency or permanent establishment in

the UK, no liability to UK tax will generally arise

to the US holder in respect of such dividends.

Capital gains

A US holder, who (if an individual) is not

resident in the UK for the tax year in question

or (if a company) is not resident in the UK

when the gain accrues, will not normally be

liable to UK tax on capital gains realised on the

sale of a Group ADS or share unless (i) the

holder carries on a trade, profession or

vocation in the UK through a branch, agency or

permanent establishment in the UK and the

ADS or share has been used for the purposes

of the trade, profession or vocation or is

acquired, held or used for the purposes of such

a branch, agency or permanent establishment

or (ii) the Group's ADSs or shares are held by

an individual who becomes resident in the UK

having left the UK for a period of non-

residence of five years or less and who was

resident for at least four of the seven tax years

prior to leaving the UK.

Inheritance tax

Under the UK/US Inheritance and Gift Tax Treaty

(1978) (UK/US Estate Tax Treaty), a US holder,

who is an individual shareholder and is domiciled

for the purpose of UK/US Estate Tax Treaty in the

United States and is not for the purposes of the

UK/US Estate Tax Treaty a national of the UK, will

not be subject to UK inheritance tax upon the

holder’s death or on a gift of a Group ADS or

share during the holder’s lifetime, unless that ADS

or share (i) forms part of the business property of

a permanent establishment of the shareholder in

the UK, (ii) pertains to a fixed base situated in the

UK used in the performance of independent

personal services, or (iii) where the ADS or share

is held on trust, at the time of the settlement, the

settlor was domiciled for the purposes of UK/US

Estate Tax Treaty in the United States and was

not for the purposes of UK/US Estate Tax Treaty

a national of the UK. Where a Group an ADS or

share is subject to both UK inheritance tax and

US Federal gift or estate tax, tax payments are

relieved in accordance with the priority rules set

out in the UK/US Estate Tax Treaty.

Stamp duty and stamp duty reserve tax

UK stamp duty should not be required to be paid

in respect of a transfer of Rio Tinto plc ADSs

provided that the transfer instrument is not

executed in, and at all times remains outside, the

UK and does not relate to any property situated or

to any matter or thing to be done in the UK. An

agreement for the transfer of a Group ADS will

not be subject to stamp duty reserve Tax (SDRT).

Unconditional agreements to transfer Rio Tinto

plc shares are subject to SDRT at a rate of 0.5%

of the amount or value of the consideration

payable for the transfer. Transfers of Rio Tinto plc

shares using a written transfer instrument are

subject to stamp duty at a rate of 0.5% of the

amount or value of the consideration on

transactions over £1,000 (rounded up to the

nearest £5). However, if within six years of the

date of the agreement becoming unconditional,

an instrument of transfer is executed pursuant to

the agreement, and stamp duty is paid on that

instrument of transfer, any SDRT already paid will

be refunded (generally, but not necessarily, with

interest) provided that a claim for repayment is

made, and any outstanding liability to SDRT will

be cancelled. Conversions of Rio Tinto plc shares

into Rio Tinto plc ADSs will be subject to

additional stamp duty or SDRT at a rate of 1.5%

of the amount or value of the consideration given

or, in certain circumstances, the value of the

shares, on all transfers to the depositary or its

nominee, unless such a transfer is an integral part

of the raising of capital by Rio Tinto plc. All

subsequent transfers of depositary receipts within

the depositary receipts system are free from

SDRT and stamp duty.

Australian taxation of

shareholdings in Rio Tinto Limited

US holders are not normally liable to Australian

withholding tax on dividends paid by Rio Tinto

Limited because such dividends are normally

fully franked under the Australian dividend

imputation system, meaning that they are paid

out of income that has borne Australian income

tax. Any unfranked dividends would suffer

Australian withholding tax which under the

Australian income tax convention is limited to

15 per cent of the gross dividend.

Capital gains

US holders are not normally subject to any

Australian tax on the disposal of Rio Tinto

Limited shares unless they have been used in

carrying on a trade or business wholly or partly

through a permanent establishment in

Australia, or the gain is in the nature of income

sourced in Australia.

Gift, estate and inheritance tax

Australia does not impose any gift, estate or

inheritance taxes in relation to gifts of shares

or upon the death of a shareholder.

Stamp duty

An issue or transfer of Rio Tinto Limited shares

does not require the payment of Australian

stamp duty.

US federal income tax

In general, taking into account the earlier

assumptions that each obligation of the

Deposit Agreement and any related agreement

will be performed according to its terms, for US

federal income tax purposes, if you hold ADRs

evidencing ADSs, you will be treated as the

owner of the shares represented by those

ADRs. Exchanges of shares for ADRs, and

ADRs for shares, generally will not be subject

to US federal income tax.

Under the US federal income tax laws, and

subject to the Passive Foreign Investment

Company (PFIC) rules discussed below, if you

are a US holder, the gross amount of any

distribution a company pays out of its current

or accumulated earnings and profits (as

determined for US federal income tax

purposes) is subject to US federal income

taxation as dividend income. The dividend will

not be eligible for the dividends-received

deduction generally allowed to US corporations

in respect of dividends received from certain

other corporations. Distributions in excess of

current and accumulated earnings and profits,

as determined for US federal income tax

purposes, will be treated as a non-taxable

return of capital to the extent of your tax basis

in the Group’s ADSs or shares and thereafter

as capital gain. The Group does not maintain

calculations of its earnings and profits in

accordance with US federal income tax

accounting principles. US holders should

therefore assume that any distributions that a

Group member pays with respect to the

Group’s ADSs or Shares will be reported as

dividend income.

Dividends paid to a non-corporate US holder

generally may be taxable at the reduced rate

normally applicable to long-term capital gains

provided the shares are readily tradable on an

established securities market in the United

States or the company paying the dividend

qualifies for the benefits of an income tax

treaty between the United States and the

relevant jurisdiction and certain other

requirements are met (including certain holding

period requirements). Rio Tinto plc ADSs are

traded on the NYSE. Rio Tinto Limited believes

it qualifies for the benefits of the convention

between the United States and Australia.

The dividend is taxable to you when you, in the

case of shares, or the depositary, in the case

of ADSs, receive the dividend, actually or

constructively. The amount of the dividend

distribution that you must include in your

income as a US holder will be the US dollar

value of the non-US dollar payments made,

determined at the spot UK pound/US dollar

rate (in the case of Rio Tinto plc) or the spot

Australian dollar/US dollar rate (in the case of

Rio Tinto Limited) on the date the dividend

distribution is includible in your income,

regardless of whether the payment is in fact

converted into US dollars.

Generally, any gain or loss resulting from

currency exchange fluctuations during the

period from the date you include the dividend

payment in income to the date you convert the

payment into US dollars will be treated as

ordinary income or loss and will not be eligible

for the reduced tax rate normally applicable to

capital gains. The gain or loss generally will be

income or loss from sources within the US for

foreign tax credit limitation purposes.

You must include any Australian tax withheld

from the dividend payment in this gross

amount even though you do not in fact receive

it. Subject to certain limitations, any Australian

tax withheld (at a rate not exceeding any

applicable rate under the convention between

United States and Australia) may be creditable

against your US federal income tax liability.

For foreign tax credit purposes, dividends will

generally be income from sources outside the

United States and will generally constitute

“passive category income” for purposes of

computing the foreign tax credit allowable to

you. In lieu of claiming a tax credit, a US holder

may be able to take a deduction for any

Australian taxes withheld. An election to deduct

foreign taxes instead of claiming a foreign tax

credit must be applied to all foreign taxes paid

or accrued in the US holder’s taxable year.

The rules regarding foreign tax credits are

complex and US holders should consult their

own tax advisers regarding the application of

the foreign tax credit rules to their

particular situation.

Taxation of capital gains

Except if subject to the PFIC rules discussed

below, if you are a US holder and you sell or

otherwise dispose of the Group’s ADSs or

shares, you will recognise a capital gain or loss

for US federal income tax purposes equal to

the difference between the US dollar value of

the amount that you realise and your tax basis,

determined in US dollars, in your Group’s

ADSs or shares. The capital gain of a non-

corporate US holder is generally taxed at

preferential rates where the holder has a

holding period greater than one year.

The gain or loss will generally be income or

loss from sources within the United States for

foreign tax credit limitation purposes. The rules

governing foreign tax credit are complex and

US holders should consult their own tax

advisers regarding the US federal income tax

consequences in case non-US taxes (if any)

are imposed on disposition gains.

US holders should consult their own tax

advisers about how to account for proceeds

received on the sale or other disposition of the

Group’s ADSs or shares that are not paid in

US dollars.

Passive Foreign Investment

Company Rules

We believe that the Group’s ADSs or shares

should not be treated as stock of a PFIC for

US federal income tax purposes for the most

recent taxable year, and we do not expect the

Group ADSs or shares to be treated as stock

of a PFIC for the current taxable year or the

foreseeable future. However, this conclusion is

a factual determination that is made annually

and thus may be subject to change. If we were

to be treated as a PFIC, US holders generally

would be taxed under one of three recognition

provisions which can be elected by the US

taxpayer that holds a PFIC interest. The

available PFIC recognition regimes include 1)

a mark-to-market regime, 2) an excess

distribution regime, or 3) a qualified electing

fund regime. These alternative regimes can

require the US taxpayer to accelerate the

recognition of income, to pay an interest

charge on certain tax liabilities and to change

the character of the gain recognition from

capital gains to ordinary income. Moreover, if

we were to be treated as a PFIC, dividends

that you receive from us will not be eligible for

the reduced rate of tax described above under

“Taxation of dividends.” US holders should

consult their own tax advisers regarding the

potential application of the PFIC rules.

Backup Withholding and Information

Reporting

The proceeds of a sale or other disposition,

as well as dividends and other proceeds, with

respect to the Group’s ADSs or shares by a US

paying agent or other US intermediary will be

reported to the US Internal Revenue Service

and to the US holder as may be required under

applicable regulations. Backup withholding

may apply to these payments if the US holder

fails to provide an accurate taxpayer

identification number or certification of exempt

status or fails to comply with applicable

certification requirements. Certain US holders

are not subject to backup withholding. US

holders should consult their tax advisers about

these rules and any other reporting obligations

that may apply to the ownership or disposition

of the Group’s ADSs or shares, including

requirements related to the holding of certain

foreign financial assets.

American Depositary Shares

American depositary receipts

(ADRs)

Rio Tinto plc has a sponsored ADR facility with

JPMorgan Chase Bank NA (“JPMorgan”) under

a Deposit Agreement, dated 13 July 1988, as

amended on 11 June 1990, as further

amended and restated on 15 February 1999,

18 February 2005 (when JPMorgan became

Rio Tinto plc’s depositary), 29 April 2010, 19

February 2016 and 17 June 2021. The ADRs

evidence Rio Tinto plc ADSs, each

representing one ordinary share.

The shares are registered with the US

Securities and Exchange Commission (“SEC”),

are listed on the NYSE and are traded under

the symbol RIO.

Fees and charges payable by a holder of ADSs

In accordance with the terms of the Deposit Agreement, JPMorgan may charge holders of Rio Tinto ADSs, either directly or indirectly, fees or

charges up to the amounts described in the table below.

Fees and payments made by the

depositary to the issuer

JPMorgan has agreed to reimburse certain

company expenses related to the Rio Tinto plc

ADR programme and incurred by the Group in

connection with the programme. The Group

received US$2,685,345.17 in respect of

expenses incurred by the Group in connection

with the ADR programme for the year ended

31 December 2023. JPMorgan did not pay any

amount on the Group’s behalf to third parties.

JPMorgan also waived certain of its standard

fees andexpenses associated with the

administration of the programme relating to

routine programme maintenance, reporting,

distribution of cash dividends, annual meeting

services and report mailing services.

Under certain circumstances, including

removal of JPMorgan as depositary or

termination of the ADR programme by the

Company, the Company is required to repay

JPMorgan any amounts of administrative fees

and expenses waived during the 12-month

period prior to notice of removal or termination.

Document on display

Rio Tinto is subject to the SEC reporting

requirements for foreign companies. This Form

20-F, which corresponds with the Form 10-K

for US public companies, was filed with the

SEC on 23 February 2024. Rio Tinto’s Form

20-F and other filings (including Rio Tinto’s

Annual Report 2023 as filed on Form 6-K) can

be viewed on the Rio Tinto website as well as

the SEC website at www.sec.gov.

Cyber security

Strategy

Our vision is to create an environment where

cyber security is implicit in everything we do,

enabling the business to operate and grow,

while actively managing cyber risks to our

people, information and assets.

Our Cyber Security Strategy (2023-2025) (Cyber

Security Strategy)builds upon foundations

established by the Cyber Security Strategy and

multi‐phased Cyber Security Remediation

Program implemented between 2020 and 2022.

This program improved segregation of corporate

and process control networks, and allowed us to

strengthen privileged identity management and

close control gaps on thecorporate network.

Our Cyber Security Strategy has four strategic

objectives that guide how, together, we can

build and maintain cybersecurity resilience.

These objectives will enable us to strengthen

and evolve our current cyber security

approach, while keeping pace with an ever-

changing cyber security threat landscape, to

provide a safe, stable and secure technology

platform.

Objective 1: Maintain a ”best-in-class” cyber security capabilityContinue to uplift and align our cyber security capabilities with industry standards through ongoing assurance and benchmarking.

Objective 2: Realise and sustain essential control improvements for our core technology platformsEmbed robust frameworks for continuous monitoring, assurance and improvement of the cyber security operational control environment.

Objective 3: Build a culture of cyber security resilience and consciousnessIncrease our visibility, security consciousness and ensure everyone is aware of and understands their responsibilities and obligations.

Objective 4: Secure our digital futureAdopt effective cyber control measures in new and emerging technologies critical to our digital future.

Our Cyber Security Strategy requires ongoing

investment to embed and sustain cyber

security capabilities and controls, to best

support our operations as cyber threats

continue to rapidly evolve. We develop a plan

each year detailing the initiatives, investment

and goals we'll deliver, aligned to each of the

four pillars of the Strategy. At the beginning of

each financial year, the plan is endorsed by

the Cyber Security Steering Committee

(CSSC), a management committee chaired by

the Chief Financial Officer. Detailed quarterly

plans are then prepared to communicate our

goals to the wider Cyber Security team, and

the milestones we will need to meet to

accomplish these goals. This provides the

Cyber Security function with a structured way

to ensure clarity on priorities and

accountabilities, and a way to measure

progress throughout the year.

Major initiatives and improvement objectives

for 2024 relate to improving Operational

Technology (OT) endpoint detection and

response, securing remote access to process

control networks, and extending corporate

privileged identity management controls into

OT networks.

The Board and Executive Committee have

ultimate oversight of our material risks, and

the Audit & Risk Committee monitors the

overall effectiveness of our risk management

and internal controls framework. Operational

management committees then oversee risk

management at the product group and

function level, supported by assurance and

compliance activities.

Exposures tocyber security risks are

managed consistent with other material group

risks, and are reported to the Board, Audit &

Risk Committee and the Executive Committee.

Our Cyber Security function is overseen by the

CSSC. The remit of the function is defined

within our Group Procedure for Information

and Cyber Security. Specific expectations for

all employees are detailed within our

Acceptable Use of Information

and Electronic Resources Group

Standard, and our employee Code of Conduct,

The Way We Work.

For external assurance, we commission

independent assessment and benchmarking

against the US National Institute of Standards

and Technology Cybersecurity Framework

(NIST CSF) upon which our internal standards

are based. These reviews are conducted by

consultancies specialising incyber security

and include penetration testing and the

simulation of external attacks on our

information security.

Capabilities of our Cyber Security function:

Board

The Board, supported by the Audit & Risk

Committee, is responsible for preventing

material business disruption and data

breaches due to cyber events. The Audit &

Risk Committee considers a detailed annual

update about the Group's cyber security

posture, and material incidents are escalated

as they occur through the Group's disclosure

process. This annual update is also reviewed

by the Board.

The Audit & Risk Committee receives periodic

updates on cyber security through the central risk

management information system and supporting

processes. Cyber Security is also subject to a

comprehensive assurance program, the results

of which are reported to the Audit & Risk

Committee in line with standard processes for

reporting assurance findings. Other specific

topics and points of interest are reported to the

Committee as required.

Management

Our Cyber Security function operates

under the direction of our Chief Information

Security Officer (CISO), who executes

strategic direction and leads the function. The

CISO reports directly to the Chief Information

Officer (CIO) who is accountable to the Chief

Financial Officer. Additional oversight is

provided by the CSSC.

Our CISO leads a management team that

oversees delivery of the capabilities listed in

the table on the previous page.

The CSSC is our primary governing body for

operational management, responsible for cyber

security and the oversight of Group-wide cyber

security, reporting regularly to the Executive

Committee. The objective of the CSSC is to

ensure proper steps are taken to proactively

manage cyber security risk and protect our most

valuable information assets, process control

systems and users. The CSSC also helps drive

appropriate behaviours, and ensures high-priority

initiatives receive executive support across the

Group.

In the event of a cyber security incident, our

Cyber Incident Response team takes action to

contain, analyse and remediate the incident.

Impact thresholds trigger disclosures to

governance bodies, including the CSSC and

the Disclosure Committee, who may consult

with external legal counsel. See “Disclosure

Committee” on page 103.

The following table lists the members of the

CSSC as well as their relevant experience.

Risk management

Group risk management process

Cyber security risk exposures are managed

consistent with the Group risk management

process, which can be described as a plan-do-

check-act cycle. See “Our approach to risk

management” on pages 79-80. The following

steps of our Group risk management process are

applicable to cyber security:

–Set strategy, objectives and risk appetite

We review our Cyber Security Strategy,

objectives and risk appetite after

improvements in controls and actions.

–Risk analysis

Managers delivering our business

objectives must identify potential risks

against a common risk taxonomy which

includes a category for information and

cyber security. Where exposure is identified,

the accountable manager uses a universal

evaluation scheme to assess the potential

impact of a cyber security event.

–Risk management

Where material consequences are

identified, there is a common set of eight

group controls that the risk owner is

responsible for implementing, with support

from Cyber Security as required. These

governance controls ensure a considered

level of engagement and collaboration with

the cyber security team and the services

they offer, commensurate with the risk.

–Assurance

Cyber Security, as owner of the Group

controls, will oversee and support their

implementation and operation in line with

the Group control framework. Where we

have material exposure, the first line of

assurance and verification of these controls

will be incorporated into first-line assurance

plans. Risk profiles and trends inform

second- and third-line assurance.

–Communication

Cyber security risk exposure is

communicated as part of integrated risk

reporting processes and can be escalated

through standard risk escalation channels.

Beyond this, there is extensive monitoring of

the performance of critical controls which is

communicated to control owners and the

CSSC.

–Improvement

Where exposure to cyber security risk is

outside of tolerance, as highlighted in risk

profiles or through assurance activity, Cyber

Security will supportor sponsor

improvement initiatives through the

business planning process.

Cyber security risk management

framework

The management of cybersecurity is a focus

across all IT operations and projects for our

business and the third parties we rely on. Our

cyber security risk management framework is

based on the globally recognised NIST CSF.

In aligning to this framework, we maintain a

control environment supported by dedicated

functions covering identification, protection

and control, detection, response and recovery

from cyber incidents. We also inspect and

assure on an ongoing basis to improve our

internaland external cyber security

environment.

–Identify risk

Our overall risk management process and

evaluation scheme supports the

assessment of cyber security risks. To

ensure awareness and consistency in

understanding cyber risk, IT relationship

managers partner with the leaders of our

businesses to identify critical enterprise

systems and assets, completing business

impact assessments as required. We

assess the consequence should the

confidentiality, integrity or availability of our

information systems be breached.

Our Threat Intelligence function maintains

relationships with government, industry,

professional bodies, and educational

institutions, to ensure we remain aware and

vigilant of the external threat landscape.

Where threats are identified, this function

will investigate our exposure (triggering an

overall risk assessment where required),

drive awareness and education to enhance

vigilance and recommend control

improvements. The Threat Intelligence

function tests our vulnerability to key threats

through penetration testing (ethical hacking)

and simulating incidents such as the receipt

of phishing emails. Finally, the function also

consults with other IT and cyber functions to

ensure we’re designing our controls with

knowledge of the latest threats.

To identify new risks which may arise from

technology changes, and from the evolution

or ageing of technology environments, we

maintain a dedicated capability in cyber risk

analysis. This function conducts security risk

assessments for IT projects and change

requests, including for all third parties which

impact our cyber security posture. They also

deliver a program of risk-based deep-dive

assessments of established technology

environments to identify any emergent

exposures.

–Protect and control

Cyber Security, in collaboration with IT

operations, operate a suite of IT controls

that protect our information systems through

access control, change governance, back-

up, and continuous vulnerability

management. We utilise a variety of tools to

continuously scan for, patch and monitor

security vulnerabilities.

To ensure an appropriate level of protection,

we maintain a directory of control

requirements and facilitate the development

of technical standards. Management

reporting on control performance, along with

targeted compliance assessments, enables

us to monitor our conformance to these

standards. To operationalise the standards

effectively we maintain specialist capability

across many security domains such as

application, networks and secure

We maintain a persistent focus on

developing the vigilance of employees and

third-party users which is essential for

protection of information systems.

Mandatory training is assigned to all

relevant employees and contractors and is

enhanced by a dedicated Cyber Security

Awareness function. The cyber awareness

training outlines user responsibilities in

protecting Rio Tinto’s information assets, the

acceptable use of information and electronic

resources (including specific areas such as

information classification and handling,

appropriate internet use, email use and

mobile device protection) and general

awareness regarding specific cyber security

threats. Role-based security training is also

provided to key system support personnel

with assigned privileged roles and

responsibilities. The training must be

completed before they are authorised to

access the information system, perform

assigned duties, or when key changes have

been made to the information system. All

employees and contractors are required to

formally acknowledge their understanding

and acceptance of the training upon

completion. Our Cyber Security Awareness

function also provides communications,

events, on-demand materials and

presentations, and a suite of cyber safety

shares integrated into Health, Safety,

Environment and Security processes.

In recognition of the role all employees play

in the cyber security risk management

process, clear expectations for data privacy,

cyber security, and handling of confidential

information are set out in The Way We

Work. These state that all employees must:

i) understand that cyber security is also their

responsibility and what they do with

electronic devices can weaken or

strengthen Rio Tinto’s cyber security; ii)

adhere to our Acceptable Use of Information

and Electronic Resources Standard; iii)

complete the mandatory cyber awareness

training; iv) remain vigilant and report

anything suspicious to the Cyber Security

team; and v) never consciously try to

bypass any cyber security control.

To extend protection to third parties we

conduct security risk assessments upon

engaging a third party. We also share our

policies and expectations with third parties,

and apply standard clauses within

contractual agreements, enabling a program

of risk-based compliance assessments to

be conducted across the third parties we

engage.

–Detect events

We persistently monitor network traffic and

system logs through our monitoring

function. This includes automated alerting of

anomalous events, and the triage and

response initiation for these. A key capability

of the function is to continuously test, refine

and optimise our monitoring and alerting

framework which we do by simulating cyber

events and leveraging industry datasets and

knowledge.

In addition to technical monitoring, we

maintain reporting and communication

channels, allowing all users and third parties

to report any anomalies or incidents they

observe. This includes anonymous reporting

via our whistle-blower processes.

For situations where the first indicator of an

event may be a system issue or outage, our

Critical Incident Management and Cyber

Incident Response functions have

established ways of working to ensure the

earliest detection of any cyber security

events.

–Respond

For identified cyber security events, the

24-7 Cyber Incident Response function will

take action to contain, analyse and

remediate. A defined triage process guides

the assessment of the impact to determine

the level and urgency of the response

required, and to trigger the critical incident

management process as required.

Throughout the response we maintain

incident records which include an

assessment of the scale of potential and

verified impacts. Impact thresholds trigger

disclosures to governance bodies including

the CSSC, Chief Legal Officer and the

Disclosure Committee.

This response function is regularly

exercised to test the speed and

effectiveness of response. Internal

processes and agreements with our

partners enable us to scale the function

rapidly in the case of major events. Our

incident response function also has defined

points of integration with other functions

such as business resilience, corporate

communication and networks.

Cyber security leverages a combination of

tools for detecting and responding to

incidents across all our operations. These

include, but are not limited to, endpoint

detection and response, network, identity

and access management, email, cloud

platform, and industrial and operational

technology monitoring tools. For incidents

not detected and responded to through

automated means, Cyber Securityuse a

security information and event management

solution (Microsoft Sentinel) for log

aggregation and analysis, with specific rules

configured to alert on anomalous or

suspicious behaviour. Incidents are

managed and tracked in Jira, which

integrates with the Microsoft Security stack.

The tooling is supported by a number of

people and process related controls which

ensure incidents are identified in an

accurate and timely manner.

–Recover

Recovery plans in place for critical

applications cover the steps and actions

required to restore services in the case of a

cyber security incident. In addition to

information system recovery plans, our

overall Business Resilience and Recovery

Program may trigger the formation of

business resilience teams to execute

business continuity and recovery plans, as

well as handling crisis communications,

governance and disclosures. The business

resilience management plan for our IT

function is tested annually.

To ensure the readiness and effectiveness

of recovery plans, we run training programs

for all accountable persons and involve

them in simulated events which are run to

test and improve response capability. For

any simulation or actual event, a debrief

occurs to capture lessons learnt. These are

then shared and reported on to ensure the

lessons drive continuous improvement of

our recovery processes.

–Assure and improve

Our cyber security risk management

process includes ongoing inspection and

assurance to test the cyber security of our

environment and of our third parties, which

is key to addressing weaknesses before

they are exploited.

In 2023, neither Rio Tinto nor any third

parties who operate our IT systems and

processes, were exposed to cyber security

threats or any risk which will or may be

reasonably likely to materially affect our

strategy, performance or financial position.

However, the growing reliance on

technology to underpin productivity is

increasing the breadth and magnitude of

operational disruption exposures. As a

result, we are initiating a program to simplify

cyber security governance and improve

the integrity, consistency and monitoring of

key cyber security controls. We will focus on

uplifting the skill and capability of IT

relationship managers and owners of IT risk,

with the goal of improving cross-functional

collaboration in assessing local exposures

to cyber security risk, and enhancing the

breadth and depth of cyber security

business impacts assessments. We are

also investing in strengthening our core

cyber security capabilities such as our

Threat Intelligence function to ensure we

remain aware and vigilant of the threat

landscape.

–Third party cyber security requirements

Each component of our cyber security risk

management framework considers the role

of third parties we engage, and supports

adaptation of our controls for all third party

relationships.

For each third party working with us or

managing our systems and data, cyber

security is considered within the process of

on-boarding and managing the relationship.

Some of the specific requirements we make

publicly available for any third parties who

engage with us are:

*Third Parties must ensure their information

technology and other business systems

meet the following general requirements

when providing products/services to the

Group or otherwise interfacing with Rio

Tinto’s enterprise and industrial and

operational technology systems:

1. Any technology systems utilised or services

provided by the third party must not expose

Rio Tinto to material cyber security risk.

2. An appropriate cyber security risk

assessment has been conducted on

relevant own and any third party systems in

particular; identifying key technical, and

compliance measures required to ensure

the confidentiality, integrity and availability of

information is maintained; and ensuring that

control measures applied are

commensurate with assessed risk. The

results of any risk assessment will be made

available to us on request.

3. Key technology systems have response and

recovery plans, with recovery plan testing

being undertaken periodically to ensure

procedures and controls are effective and

services are able to be restored as soon as

possible.

4. On termination of the relationship with us,

third parties must ensure the return, or the

destruction, of Rio Tinto information being

held; any access to the Rio Tinto

environment is terminated; and any Rio

Tinto intellectual property is appropriately

transitioned back to Rio Tinto.

5. If access isrequired to any Rio Tinto

information technology or business

systems, the third party must ensure:(i)

access must be appropriately restricted to

only the personnel requiring access; (ii)

access procedures must cover

identification, authentication, authorisation

and auditing requirements; (iii) each user

identity requiring access to Rio Tinto

systems is linked to or owned by a uniquely

identifiable individual; (iv) users, devices,

and other assets are authenticated (eg

single-factor, multi-factor) commensurate

with the risk of the transaction; (v) where

access is required from outside the Rio

Tinto network, multi-factor authentication

must be used for client access; and (vi)

information related to, or generated by,

account management activities must be

documented and retained for auditing

purposes.

6. If remote access to any of our systems are

required, third parties must ensure: (i)

remote access is securely designed and

managed; (ii) access is provided only to

authorised parties for valid business

reasons; (iii) access is revoked where no

longer required; (iv) they will follow the

required minimum technical controls to

support the secure operation of remote

access as specified by Rio Tinto; and (v)

they will periodically review and monitor

such remote access when no longer

required.

7. Third parties must also do all things

reasonably required to ensure our network

integrity remains protected. To ensure our

information is protected, third parties must

ensure (where applicable) to:

–Establish and maintain effective change

control processes including: (i)

determining the types of changes to the

third parties' information system that are

configuration-controlled, with explicit

consideration for security impact

analyses; (ii) documenting configuration

change decisions associated with the

third parties' information system; (iii)

complying with Rio Tinto’s applicable

change management processes; and (iv)

retaining adequate records of

configuration-controlled changes to the

third parties' information system, to be

provided to Rio Tinto on request.

–Maintain response and recovery plans

incorporating the following: (i) Disaster

Recovery Plans (DRPs) for critical

systems, incorporating essential service

continuity, response and recovery

requirements for these systems, and

taking into consideration relevant cyber

security threats and scenarios; (ii) DRP

testing on a periodic basis to ensure

procedures and controls are effective,

and services restored are able to be

restored within parameters.

8. Third parties must ensure appropriate

encryption standards are applied to Rio

Tinto information, including: (i) information

classified by Rio Tinto as “Confidential” or

“Highly Confidential” when stored on

computer storage devices designed to be

inserted and removed from a computer/

system, including but not limited to optical

discs and USB flash drives (removable

media), or back-up media at off-site

premises; and (ii) information exchanged

through the internet, irrespective of its

classification.

9. Third parties must: (i) ensure that all

removable media is protected and its use

restricted only to relevant personnel; (ii)

maintain documented procedures for the

management of removable media, including

the specification of approved media,

processes of handling and disposal, as well

as the technical enforcement of controls;

and (iii) comply with any security controls for

removable media reasonably required by

us, and provide details of such compliance

tous.

Summary disclosure of

operations pursuant to Item

1303 of SK-1300 under

Securities Act of 1933

Overview of operations

Rio Tinto is a mining and metals company with

over 60 operations and projects and

approximately 49,000 employees in 35

countries across six continents, including in

Australia, North and South America, Europe,

Asia and Africa. Rio Tinto owns and operates

open pit and underground mines, mills,

refineries, smelters, power stations and

research and service facilities to produce iron

ore, copper, aluminium, diamonds, gold and

industrial minerals products, which it delivers to

customers using its own railways, ports and

ships.

The map below sets out the locations of

Rio Tinto’s operations and assets globally.

For additional details regarding the location of

each of Rio Tinto’s mining properties, see

Mineral Reserves and Mineral Resources on

pages 300-321. See also Mines and Production

Facilities on pages 324-342 for a summary of

the ownership interests, operators, titles and

leases (including acreage involved), stages of

the properties, key permit conditions, mine

types and mineralisation styles and processing

plants related to Rio Tinto’s operations. Further,

information regarding the aggregate production

for Rio Tinto’s operations for the last three fiscal

years can be found on pages 297-298.

Summary of Mineral Resources and

For a summary of the amount and grade of

Rio Tinto’s Measured, Indicated and Inferred

Mineral Resources by type and geographic

area, as determined by a Qualified Person as

of 31 December 2023, see Mineral Resources

on pages 312-321.

For a summary of the amount and grade of

Rio Tinto’s Proven and Probable Mineral

Reserves by type and geographic area, as

determined by a Qualified Person as of 31

December 2023, see Mineral Reserves on

pages 300-311.

Individual property

disclosure pursuant to Item

1304 of SK-1300 under

Securities Act of 1933

Rio Tinto tested each of its properties to

determine which are material to the Group

based on the previous financial year reporting

as follows:

Short term value – where underlying earnings

for the current and next year constitute >10%

of Group underlying earnings.

Medium term value – where underlying

earnings over the remainder of the 10-year

plan are anticipated to constitute >10% of

Group underlying earnings on average; and

the Mineral Reserves constitute >10% of

Group Mineral Reserves (on a CuEq basis).

Long term value – where the Mineral Reserves

constitute >20% of Group Mineral Reserves

(on a CuEq basis).

Qualitative value – where the company takes a

qualitative view on the importance of the

project based on criteria including but not

limited to planned expenditure, strategic

importance, or media coverage.

Based on these tests, the Pilbara Operations

(>10% earnings and >10% Mineral Reserves),

Escondida (>10% Mineral Reserves), Oyu

Tolgoi (>10% Mineral Reserves and qualitative

factors including planned expenditure, strategic

importance and media coverage) and

Simandou (qualitative factors including

planned expenditure, strategic importance and

media coverage) are considered material to

the Group and hence require individual

property disclosure and the submission of a

Technical Report Summary for each pursuant

to Items 1302 and 1304 of SK-1300,

respectively.

Managed and non-managed operations

Thefollowing disclosure provides a brief

description of the individual properties which

Rio Tinto considers material to its business

and financial condition.

Pilbara operations

Property overview

Rio Tinto owns and operates an integrated

portfolio of iron ore assets in the Pilbara region

of Western Australia comprising a network of

17 iron ore mines, four port terminals, an

1,890 km rail network and other infrastructure

(Pilbara Property).

The Pilbara Property includes Mineral

Resources and Mineral Reserves which are

dispersed across the Pilbara region over an

area of approximately 70,000 square km

across the Hamersley Province of Western

Australia, located on the southern margin of

the Pilbara Craton. The Pilbara Property lies

within the volcanic and sedimentary rock

sequence of the Mount Bruce Supergroup,

which contains the 2,500 m thick Hamersley

Group, the main host to iron ore deposits,

characterised by around 1,000 m of laterally

extensive Banded Iron Formation (BIF).

Mineralisation at the Pilbara Property may be

grouped into three categories by genesis. BIF

Derived Iron Deposits (BIDs) (Boolgeeda,

Brockman, and Marra Mamba), Channel Iron

Deposits (CIDs), and Detrital Iron Deposits

(DIDs). The five ore type categories defined for

reporting Mineral Resources are Boolgeeda,

Brockman, Marra Mamba, CID, and DID.

All mines operated by Rio Tinto at the Pilbara

Property are open pit mines. The mining

method employed uses conventional surface

mining, whereby shovels and loaders are used

to load drilled and blasted material into trucks

for removal to waste dumps or feed process

plants.

For SEC reporting purposes the Pilbara

operations are considered a production stage

property. The location of the operations is shown

in the location map and is centred around

Latitude 22° S, Longitude 118° E.

In addition to mining activities, Rio Tinto

conducts both exploration and development

activities across the property.

History

Rio Tinto commenced exploration in the

Hamersley Ranges in 1962 through its

subsidiary Conzinc Riotinto of Australia (CRA)

following the easing of the Australian

Government’s iron ore export embargo in

November 1960 and the subsequent issue of

exploration permits, which laid the foundation

for the development and growth of the iron ore

industry in the Pilbara region.

Rio Tinto’s initial first full calendar year of

production commenced by Hamersley Iron in

1967, mining 6.2 Mt and shipping 3.6 Mt of

iron ore, supported by a workforce of some

4,500 employees. As of 31 December 2023,

the Pilbara Property had over 17,000

employees and contractors operating a total of

17 mines. For a full description of the history

of the previous operations (including identities

of the previous operators) of each of the mines

which makeup Pilbara, see Mines and

Production Facilities on pages 324-342.

Roads

Rio Tinto operates and maintains nearly

10,000 km of roads and tracks at the Pilbara

Property. Approximately 360 km are sealed

roads located within mine sites or between

mine sites and public roads. The remaining

are unsealed with approximately 80%

classified as tracks and 20% classified

as roads.

Rail

Rio Tinto’s railway at Pilbara is the largest

privately owned, operated, and maintained

railway in the world. Approximately 1,890 km

of track infrastructure, connects the 17 mine

sites to two ports. The track includes an

integrated control signalling system and is

further supported by the Pilbara

communication, train control and AutoHaul®

systems. The Rio Tinto railway at the Pilbara

Property operates and complies under the

requirements set by the Office of the National

Rail Safety Regulator in Australia.

The rail network is made up of 54 rail bridges,

1,188 cuttings and embankments, three road

bridges, 53 active level crossings, 5,400

culverts, 644 turnouts and over 2,000 km of

sealed and unsealed access roads. The track

maintenance machine fleet includes mainline

grinders, switch grinders, tampers, regulators,

mobile flash butt welders, a ballast cleaner

and several earth-moving assets.

Rio Tinto’s railway at the Pilbara Property

operates and complies under the requirements

set by the Office of the National Rail Safety

Regulator in Australia.

Port facilities

The Pilbara Property’s mining assets are

facilitated by port facilities in Dampier and

Cape Lambert in North-Western Australia.

These facilities include car dumping,

conveying, stacking, reclaiming, screening and

ship loading assets. One facility includes

crushing and assets to handle crushed and

deslimed ore from the Robe Valley operations.

Stockyards allow for product management and

blending to obtain the requisite specification

requirement. There are seven operational

wharf facilities with a total of 14 marine berths

protected by berthing dolphins. Cape Lambert

marine berths are capable of berthing vessels

up to 280,000 deadweight tonnage. Further,

Rio Tinto owns a fleet of tugs for the

management of vessels during arrival and

departure from the wharfs for the Pilbara

Property.

Potable water and wastewater

Water supply for the towns, mines, rail, ports,

and camps at the Pilbara Property is provided

by production and dewatering bores at the

Pilbara Property, and from the Water

Corporation of Western Australia. Water supply

systems at the Pilbara Property incorporate

drinking water source protection plans, bores,

pipelines, pumps and storage tanks and water

treatment and disinfection assets. Wastewater

from towns, mines, rail, ports and camps at the

Pilbara Property is collected by the Rio Tinto

managed sewerage systems and treated by

onsite wastewater treatment facilities. Water

supply and wastewater systems are regulated

by Australian regulators (the Economic

Regulation Authority, the Department of Water

and Environmental Regulation and the

Department of Mines, Industry Regulation

and Safety).

Power supply

Rio Tinto operates and maintains the power

generation and transmission network within the

Pilbara Property. There are four power stations

operating a total of twelve gas turbine

generators located at Karratha (five), Cape

Lambert (two), Paraburdoo (three) and West

Angelas (two).

The network load varies seasonally between

200-300 megawatts (MW) with gas provided by

the Dampier to Bunbury Nature Gas Pipeline

and the Goldfields Gas Pipeline. The

transmission network is predominantly 220

kilovolts (kV) with 790 km of overhead

transmission line and a 132kV transmission

line between Cape Lambert and Pannawonica

totalling 175 km. There are three 220kV

switching stations and twelve bulk terminal

substations located near the port and mine

operations where the transmission voltage is

stepped down to 33kV for distribution within

the facilities. Rio Tinto is also the network

operator for the towns of Tom Price,

Paraburdoo, Wickham, Dampier, and

Pannawonica.

Personnel are engaged on either a residential

or fly-in-fly-out basis, sourced from capital and

regional centres in Western Australia.

Age, modernisation and condition of the

equipment and facilities

The infrastructure, equipment and facilities

within the Pilbara Property vary considerably in

age, and many have been subject to

brownfields development since original

construction. All infrastructure, equipment and

facilities within the Pilbara Property are subject

to an ongoing regime of sustaining capital

engineering life cycles for key equipment and

For the book value for the Pilbara Property,

see Rio Tinto Financial Information by

Business Unit on pages 286-288.

Titles, rights and permits

Title details

In Western Australia, all minerals are the

property of the Crown with few exceptions.

A mining title must be obtained before any

prospecting, exploration or mining activities

can be carried out. In Western Australia, the

Mining Act 1978, Mining Act 1904, Mining

Regulations 1981 and various State

Agreements provide the framework of rights

and obligations which govern most of

Rio Tinto’s exploration and mining activities.

Conditions on the grant of mining tenements

include the requirements to meet specific

reporting and expenditure commitments, which

have been met as of the date of this Form 20-F

filing.

Mineral rights

The Pilbara Property Mineral Resources and

Mineral Reserves are held under a

combination of State Agreement mining and

mineral leases, exploration licences and

mining leases under the Mining Act 1978 and

temporary reserves held under the Mining Act

1904. State Agreement mining and mineral

leases and mining leases under the Mining Act

are granted for a period of 21 years and are

typically renewable for further periods of 21

years.

Exploration licences applied for prior to 10

February 2006 are initially for a five year term

and are renewable for two periods of either

one or two years and are then renewable for

periods of one year. Exploration licences

applied for after 10 February 2006 are initially

for a five year term and are renewable for an

additional five year term and then periods of

two years. Renewal of exploration licences is

subject to satisfying prescribed criteria.

Temporary reserves are renewed for a one

year term. The renewal of all tenure at the

Pilbara Property is maintained by the tenure

and geographical information systems team.

Further, a tenement database provides

reminder notices of pending renewals and

renewal procedures are adhered to in

accordance with established guidelines.

The following table lists the Rio Tinto mining leases containing the Pilbara Property Mineral Reserves. This is a subset of the 114 tenements held

across the Pilbara Property, covering approximately 409,000 Ha.

Permitting requirements

Rio Tinto conducts various environmental

studies as needed to support operations and

for compliance with regulatory obligations.

Baseline studies are undertaken to inform

formal impact assessment processes in

accordance with provisions under the

Environmental Protection Act 1986, and where

relevant, the Environment Protection and

Biodiversity Conservation Act 1999.

Mining related activities require additional

approvals under the Mining Act 1978.

A significant proportion of the Pilbara Property’s

Mineral Reserve estimate is located within

existing permitted operating mining areas with

two pending proposals covering deposits

included in the estimate, Greater Paraburdoo

(pending approval) and Brockman Syncline

(referred for assessment). Both projects are in

advanced stages of study.

The Pilbara Property also operates under

several Indigenous Land Use Agreements and

other agreements with traditional owner

groups, which include matters such as, but not

limited to, commitments for payments made to

trust accounts, indigenous employment and

business opportunities and heritage and

cultural protections.

to the Pilbara Property’s Mineral Resources or

and rights for each of the mines in the Pilbara

Property, see Mines and Production Facilities–

Pilbara on pages 324-327.

The table on pages 314-315 of this Form 20-F

sets out the amount and grade, of the Pilbara

Property’s Measured, Indicated and Inferred

Mineral Resources for the year ended 31

December 2023 for the Pilbara Property

(Australian Iron Ore operations). Mineral

Resources are reported as in situ estimates.

Compared to the year ended 31 December

2022, there was a 6% decrease in Measured and

Indicated Resources and a 6% increase in

Inferred Resources for the year ended 31

December 2023. This is due to the net effects of

the addition of new Mineral Resources and the

conversion of Mineral Resources to Mineral

Resources are reported exclusive of

–Mining Factors or Assumptions – It is

assumed that standard open pit load and

haul mining operations used by Rio Tinto

will be applicable for the mining of Mineral

Resource ore.

–Cut-off – Currently, Rio Tinto reports Mineral

Resources by deposit type (BID further sub-

divided by geological formation, CID and

DID). In addition to this, Rio Tinto sub-

divides iron mineralisation for reporting

Mineral Resources typically using the

following criteria:

–High-grade Brockman Ore using a iron

(Fe) cut-off grade (≥ 60% Fe).

–Brockman Process Ore is reported as ≥

50% Fe <60% and ≥ 3% alumina (Al 2 O 3)

< 6% where geology is coded as Joffre

Member, Dales Gorge Member or

Footwall Zone.

–High-grade Marra Mamba Ore is reported

≥ 58% Fe where geology is coded as

Newman Member, MacLeod Member, or

Nammuldi Member.

–Boolgeeda Ore is reported as High Grade ≥

60% Fe and Blending Aluminous as ≥ 55%

Fe < 60% and ≥ 3% Al 2 O 3 < 6.5%.

–Detrital ores are reported in relation to

their Bedded Ore origins; ≥ 58% Fe for

Marra Mamba detritals, ≥ 60% Fe for

Brockman detritals or Boolgeeda detrital

ores are reported as High Grade ≥ 60%

Fe and Blending Aluminous as ≥ 55% Fe

< 60% and ≥ 3% Al2O3 < 6.5%.

–CIDs are reported primarily based on

strand (geological subdivision), but with

some exceptions where a cut-off grade is

applied based on metallurgical

processing recovery assumptions.

In addition, Mineral Resources are

reported for major strands only.

–Metallurgical Factors or Assumptions – It is

assumed that crushing, screening and

beneficiation processes used by Rio Tinto will

be applicable for the processing of reported

Mineral Resources. Predicted yield and

upgrade are deposit specific and are based on

metallurgical test work conducted on

representative samples collected from those

deposits or adjacent analogous deposits.

–Environmental Factors or Assumptions –

Extensive environmental surveys and

studies will be completed during the project

study phases to determine if the project

requires formal State and Commonwealth

environmental assessment and approval.

Mapping of oxidised shales, black

carbonaceous shales, lignite, and the

location of the water table, is used to predict

and manage potential environmental

impacts.

–Heritage Factors or Assumptions –

Extensive cultural heritage studies, surveys

and engagement with traditional owners will

be completed during project study phases

to determine if projects require additional

assessment, monitoring, or exclusion areas

to be maintained during mining, to manage

potential impacts to sites and cultural

values.

assumptions for the Mineral Resource estimates,

see Section 11 of the Pilbara Operations

Technical Report Summary filed as exhibit 96.1

to this Form 20-F for the year ended 31

December 2021 (“2021 Form 20-F”).

The table on pages 302-303 of this Form 20-F

sets out the amount, grade, prices and

metallurgical recovery of the Pilbara Property’s

Proven and Probable Mineral Reserves for the

year ended 31 December 2023 (Australian

Iron Ore operations).

Compared to the year ended 31 December

2022, the Mineral Reserves increased by less

than 1%. Changes were due to mining

depletion, which was offset by addition of new

deposits and changes to cut-off grade. Other

minor changes are attributed to updated

geology models and changes to pit designs for

various reasons.

The Mineral Reserves estimates are based on

–Geological model – Orebody block models

(OBMs) are developed for Mineral

Resource reporting within each mining area

and form the basis of the Mineral Reserve

estimates.

–Moisture – Geology models contain tonnage

estimates on a dry in situ basis. During

generation of the OBMs, the estimated water

content (moisture) for each block model block

is added. The moisture estimate includes

consideration of material physical properties

and hydrogeology. By including both dry

tonnes and water content in the block models,

estimates for dry and wet tonnages can be

determined from the block models as required

for planning, reporting or any other purpose.

Metallurgical regressions are applied to dry

material. From this, expected water content is

predicted for each product, allowing reporting

of wet product tonnes by combining the dry

tonnes and moisture content.

–Metallurgical and processing recoveries –

Metallurgical and processing recovery

estimates are applied to crusher feed

tonnages based on the processing plant

type. Dry crushing and screening plants

achieve a recovery of 100%. Wet plants

achieve typical recoveries of 85 to 92% (dry

basis) for the Marra Mamba and Brockman

ores. Processing of pisolite ores results in

recoveries ranging from 50% to 90% due to

the relatively higher and more variable clay

content. The beneficiation plant yield is

approximately 60% to 70%.

–Cut-off – The key determinant for the

classification of material into ore and waste is

the target product specification of the various

iron ore products. Whether a particular parcel

of material has economic value or not does not

depend on the characteristics of the parcel

itself, but on its potential contribution to a

material blend. Target product specifications

determine the quantity of saleable ore that can

be economically extracted from the orebodies,

and thus the reported Mineral Reserve.

The cut-off grade for the reported Mineral

Reserve is not based on calculation of a

break-even content of a payable mineral,

or similar economic break-even analysis.

The primary parameter for determining if

material is ore or waste is iron content.

Deleterious elements such as phosphorous or

alumina can also influence the ore-waste

determination. Iron cut-off grade ranges for the

different material types can be seen below:

–Methodology – A mining schedule that fully

consumes the scheduling inventory for

Pilbara is developed from the prepared

OBMs. To demonstrate economic viability of

the Mineral Reserves, economic modelling

is completed. Material is only reported as

Mineral Reserve if the level of geological

certainty is sufficient to allow a Qualified

Person to apply the modifying factors in

sufficient detail to support detailed mine

planning and economic viability of

the deposit.

estimates, see Section 12 of the Pilbara

Operations Technical Report Summary filed as

exhibit 96.1 to the 2021 Form 20-F.

The following information can be found in

Section 7 of the Pilbara Operations Technical

Report Summary filed as exhibit 96.1 to the

2021 Form 20-F.

Rio Tinto has an ongoing, active programme

of exploration over various parts of the Pilbara

Property. During 2023, 381,000 m of drilling was

completed on programmes that are aimed at

discovery and development of Rio Tinto’s iron ore

deposits in the Pilbara Property.

Surface exploration activities are also

undertaken as part of geological mapping

programmes over areas where there are

no or limited mining activities. A small number

of grab samples (1-3 kg) are collected when

required.

The following table provides a summary of the exploration drilling across the Pilbara Property.