RIO TINTO LTD

Becoming Best Operator

–Eliminating fatalities, preventing catastrophic events and

reducing injuries.

–Executing our strategy to deliver attractive shareholder returns and

build a stronger, more diversified, and growing business.

–Safely and sustainably realising the full value of our assets,

through our Safe Production System (SPS).

In 2024

Safety

–Our all-injury frequency rate (AIFR) was 0.37 in 2024 (consistent

with 0.37 in 2023).

–Tragically, there were 5 fatalities in our business in 2024, and we

continue to see serious events where people are exposed to

potential fatal incidents.

Operational performance

Our overall operating performance improved, and we delivered 1%

production growth and a 3% increase in sales volumes, both on a copper

equivalent basis (based on long-term consensus pricing).

–Some assets continued to face challenges, particularly Iron Ore

Company of Canada, Kennecott and Rio Tinto Iron & Titanium.

At the end of 2024, we had commenced deployment of SPS at 31 (80%)

of our sites. These sites account for over 95% of the production uplift

opportunity identified:

–At our Pilbara iron ore operations, we achieved our SPS target of

5 million tonnes, and Gudai-Darri reached 50Mtpa rates.

–6% year-on-year increase in good anodes produced at Kennecott

(excluding shutdowns and 2023 furnace rebuild).

–Record annual production at Amrun.

Safety

–Continuing to support contractor safety, further integrating

contractors into our safety culture and learning from them.

–Continuing to strengthen our safety control framework to align with

our evolving risk profile.

–Improving the governance of our aviation safety and

assurance programs.

–Further evolving our safety maturity model.

Operational performance

–Continuing to strengthen the business as we execute our strategy

to deliver profitable growth.

–Driving further consistency across our global operations.

Our SPS priorities for 2025:

–Accelerating SPS deployment saturation and maturity.

–Embedding the mindsets and behaviours we need for lasting and

positive cultural change.

–Locking in high performance through our management

performance practices.

Striving for impeccable ESG

–Embedding sustainability in our decisions, to support our journey

to becoming Best Operator.

–Striving for impeccable ESG credentials across our work, including

in health, safety and wellbeing, environment and nature,

decarbonisation, communities, diversity, and culture.

–Truly listening to communities so we can find better ways to work

together, and building cultural competency across Rio Tinto.

In 2024

–We are turning strategy into action on decarbonisation, and this

year committed to carbon abatement projects representing more

than 3 million tonnes of annual emissions.

–We shared our support for the ICMM’s Nature Position Statement,

which sets out ICMM members’ approach to contributing to a

nature-positive future.

–We laid the foundation for our nature strategy and target program,

through consultations with stakeholders.

Social

–We published the findings of an independent, external Progress

Review on our work to deliver sustained workplace cultural

change. It assessed our progress in the 2 years since we

published the Everyday Respect Report, and identified areas that

require our continued effort.

–We strengthened our approach to psychosocial risk management,

running more risk assessments, and helping leaders identify

hazards and implement controls.

–We developed a 3-year human rights learning strategy and a

global learning program to support training for our people in

higher-risk human rights roles.

–We launched Local Voices, our global community perception

monitoring program, to help inform our planning and

decision making.

–We launched new annual Code of Conduct training.

–We piloted a new Third-Party Risk Management system.

–We will progress our plans to deliver on our emission-reduction

targets, work with our partners to reduce theirs, and collaborate to

drive meaningful change for our stakeholders.

–We will formalise our nature strategy and approach, and continue

open dialogue on it with our stakeholders.

–Our nature target program will begin in 2025, with a Group target

and site-based improvement programs.

Social

–We will focus on the next stage of our plan to accelerate

culture change.

–We will continue to progress towards our Community and Social

Performance targets, and strengthen our capabilities to become a

better operator and partner.

–We are moving to a model of co-management of cultural heritage.

–We will explore new ways of providing support to our people, and

encourage more people to speak up.

Strategic report | Progressing our 4 objectives

Excelling in development

–Advancing a range of projects across the business.

–Developing options for the future through our project pipeline,

exploration, mergers and acquisitions, and technology.

In 2024

Project development

–We made significant progress on the mine, rail and port

infrastructure for the Simandou project in Guinea, in collaboration

with our joint venture partners.

–We completed breakthroughs of Shafts 3 and 4 at Oyu Tolgoi, key

to maximising the copper mine’s underground potential.

–We advanced 5 replacement iron ore mine projects in the Pilbara. At

Western Range, our newest mine in the Pilbara, first ore is on plan

for the first half of 2025 and we are now operating our Autonomous

Haulage System trucks. Construction began on our seawater

desalination plant, which will support future water supply for our

coastal operations and communities in the Pilbara.

–Construction began on the expansion of the AP Technology™

AP60 aluminium smelter in Quebec. AP60 smelting technology is

among the most efficient and lowest-carbon technology currently

available at commercial scale.

–The Rincon starter plant in Argentina delivered its first lithium.

Pipeline projects

–We approved the expansion of the Rincon lithium project in

Argentina to 60,000 tonnes per year.

–We continued to advance a range of other studies, including Winu

and Resolution.

–We made strong progress on our advanced Exploration projects,

including Kamiesburg (mineral sands), Texas (potash) and Chiri

(diamonds).

–Our Nuevo Cobre project in Chile’s Atacama region, a joint venture

with Corporación Nacional del Cobre de Chile (Codelco), has

delivered encouraging early results.

Innovation

–We established the Rio Tinto Innovation team to accelerate our

innovation efforts, help shape our future business, and make our

assets safer, more efficient and more sustainable. Our Group-wide

approach enables us to focus on the highest impact projects, to

innovate across and between product groups, functions and

geographies, and to work with external partners to bring the

outside world in.

–We will carry on exploring new approaches, technologies, renewable

energy and partnership opportunities. Our aim is to discover, progress

and develop high-quality projects supporting future growth through

the cycle, in close consultation with communities.

–In 2025, we will invest in new partnerships with Chinese suppliers to

trial new construction methods, innovations and technologies –

including artificial intelligence – to develop orebodies faster and

reduce our capital intensity.

–We will manage our pipeline of opportunities to deliver high-quality

growth options, focusing on materials needed in a decarbonising

world, including:

•delivering first ore at Simandou in line with our 2025 plan

•optimising the next tranche of replacement mines in the Pilbara

•completing the Western Range project in the Pilbara

•managing key closure projects at Argyle, Gove and Ranger

•beginning operations at the Rincon starter plant, and beginning

construction of the Rincon expansion plant

•completing the acquisition of Arcadium Lithium and integrating

Arcadium Lithium’s pipeline of development projects, subject to

acquisition completion.

–We will continue building ourteams’ capabilities needed to achieve

these.

Strengthening our social licence

Strengthening our social licence underpins each of our objectives,

and our ability to operate.

Our social licence is the extent to which we have the acceptance, support, and trust of multiple

categories of stakeholders in countries that are most relevant to us. These stakeholders include

our workforce, the communities in which we operate, civil society organisations, governments,

investors, customers and suppliers.