RIO TINTO LTD

I begin this report by recognising, with great sadness, the death of a

colleague at the SimFer site in Guinea on 14 February. This tragedy

follows the death of Mohamed Camara in August at the same site, a

loss that was felt deeply across the business. We hold both

teammates’ families, friends and colleagues in our thoughts, along

with all those affected. We have taken immediate action to

understand the causes of both tragedies and we will continue to

strengthen our practices to ensure our people’s safety.

In a further 12 months characterised by geopolitical volatility and

rapid technological progress, one truth became increasingly clear:

now, more than ever, the world needs mining. The materials we

provide not only fuel modern life but also enable underlying

infrastructure for the technology revolution and energy transition.

And volatility and fragmentation has increased the imperative and

awareness of the need for critical minerals.

In the second half of last year, the Board appointed Simon Trott to

lead Rio Tinto as Chief Executive. He succeeds Jakob Stausholm,

who was instrumental in rebuilding trust with our key stakeholders

and prepared the ground for our future growth, both strategically and

culturally. The Board is deeply grateful to Jakob for his leadership

and service.

Mining at its best

In this next phase for Rio Tinto, the Board and leadership team have

focused on implementing a stronger, sharper and simpler way of

working across the business.

Our strong operating performance over the year shows that we are

building on a firm foundation. And over 2025, I saw first-hand the

strong progress being made at many of our sites as we deliver on

this work.

At Oyu Tolgoi in Mongolia, I witnessed how we are extending the

frontiers of mining technology. Here, we are ramping up copper

production from an orebody more than 1,300 metres underground

and comparable in size to Manhattan.

That same operational excellence was evident at our lithium sites in

Argentina. There, I saw our progress in supplying customers with

high-quality, battery-grade lithium carbonate.

In Canada, I met the teams operating our technologically advanced

aluminium smelters in Quebec. I also spent time with colleagues

who are driving efficiency-boosting innovations in our iron ore

business in Quebec and Labrador.

And across the year, I saw time and again, Rio Tinto’s ability to build

strong and meaningful partnerships.

In November, I joined the celebrations to mark first ore at Simandou

in Guinea. This massive achievement was made possible by a

unique partnership, consisting of the Government of Guinea,

Chinalco, Baowu and WCS. Beyond the mine, the project delivers a

major new source of high-grade iron ore to the world, a more than

620-kilometre multi-use railway and world-class port facilities.

Simandou also promises to bring vast potential economic benefits

and could grow Guinea’s GDP by up to 55% by 2030.

Responding to a changing world

I said in our 2024 Annual Report that we are living in uncertain times

and this has proved to be something of an understatement.

I am confident in our ability to navigate geopolitical challenges. Our

agile response to US trade tariff volatility exemplified this capability.

Equally, our diversified portfolio of world class assets, balance sheet

strength and focus on operational excellence and project building

enable us to respond to shifting demand in a more regionalised,

protectionist world.

Climate change is another factor shaping how we operate.

The massive cyclones in the Pilbara at the start of the year

reminded us that extreme weather conditions can materially

affect our operations. Against this backdrop, we believe our

commitment to our decarbonisation targets, which we reaffirmed in

our 2025 Climate Action Plan, is both environmentally responsible

and in our shareholders’ long-term interests.

Our operations’ benefits must be felt beyond the mine gate and within

the communities who host us. Over 2025, we strengthened our social

licence and relationships with Indigenous Peoples and communities.

In June, we opened the Western Range iron ore mine in Australia,

which we developed with our joint venture partner China Baowu

Group, in close collaboration with the Yinhawangka People.

It showed what can be achieved through meaningful engagement

with Traditional Owners in mine planning and development. We built

on this milestone by updating 3 agreements with Pilbara Traditional

Owners, reflecting modernised partnership expectations. While

these agreements mark significant progress, we know there is still

more to do.

Moving forward together

Our achievements in 2025 would not have been possible without

our people. Across Rio Tinto, we continue to build a positive, values-

driven performance culture, creating the right conditions for success.

Our aim is for our people to feel safe, respected and accountable for

their work, and confident that their voices and ideas are heard.

In turn, our colleagues’ dedication is creating a Rio Tinto that is

valued for how it performs, and the way it works with others. We

look to the year ahead with optimism, as we build on our already

strong momentum to deliver industry-leading shareholder returns

and lasting value for our stakeholders.

My thanks, and that of the Board, go to our people, partners,

customers, suppliers, investors, and governments, Indigenous

Peoples and communities for their support throughout 2025.

Chair

Follow Dominic on LinkedInlinkedin.com/in/dominicsbarton

From the Chief Executive

In 2025, we launched a new era for Rio Tinto. This was a year

defined by progress in implementing a stronger, sharper and

simpler way of working, driven by our mission to become the

most valued metals and mining business.