RIO TINTO LTD

Our continuing

path to value

creation

Our simplified structure

and sharper focus equipus

to deliver new standardsof

value creation, through

financial discipline,

productivity and growth.

Driven by a clear mission – to be

the most valued metals and mining

business – and by leaning into the

areas where we can carve out a

distinctive competitive advantage,

we will position ourselves to be the

best in our sector.

Throughout our business model, we

deliver value for our key

stakeholders. Our people,

communities, civil society

organisations and governments are

vital partners throughout the project

life cycle, from find to close. We

strive to maximise value for

customers and investors. And we

work closely with suppliers to

support our frontline teams

to deliver.

Our business model

We’re committed to safety,

and to working closely with the

communities who host us, at

every stage. We aspire to be

the partner of choice to find,

build and operate businesses.

FindWe use new and advanced technologies to explore, discover and deliver attractive growth opportunities in the materials the world needs.

BuildWe focus on the delivery of large and complex projects on time and on budget.

OperateWe own and operate mining and processing assets across the world and across commodities. We’re dedicated to operational excellence and to enabling our frontline teams to deliver.

Sell, Move and BuyWe market and deliver the materials our customers need, moving them safely, reliably and efficiently. Our procurement activities support our assets and projects, and strengthen local supply chains.

CloseWe work with our stakeholders as we prepare our assets for closure, engaging with them on rehabilitation and social transition planning. We also manage and rehabilitate legacy closure sites.

How we deliver value

We create value through the

work of our talented people,

our deep industry expertise,

our scale, our world-class assets

and our disciplined approach to

capital allocation.

People

We are empowering our people to deliver

excellence and contribute to our mission,

with safety as our number one priority.

Employees 1

61,000

(2024:60,000)

Portfolio

We have a strong and diverse portfolio of

operating assets and projects in 34 countries,

and compelling growth opportunities.

Operating assets 2

$77 bn

(2024: $61 bn)

Financial strength and discipline

We continue to invest in profitable growth

while retaining a strong balance sheet.

Net gearing ratio 3

18%

(2024:9%)

Capabilities in developing

and operating

We bring exploration expertise, best-in-

class project execution, and our Safe

Production System that’s driving stability,

improvement and performance.

SPS deployed at

100%

of managed sites

(2024: 86%4)

1. This represents the average number of employees for the year, including the Group's share of non-managed operations and

joint ventures, rounded to the nearest thousand. Refer to page 209 for more information.

2. Operating assets is a non-IFRS measure. A reconciliation to the nearest IFRS measure is presented in the Financial

information by business unit (FIBU) on pages 267 to 269.

3. Net gearing ratio is a non-IFRS measure. A reconciliation to the nearest IFRS measure is presented in Alternative Performance

Measures on page 274.

4.2024 data has been restated to reflect a change in the scope of sites targeted for SPS deployment. 2024 and 2025 data

excludes sites acquired through the acquisition of Arcadium Lithium.

See page 89 to learn how we manage our risks.

Strategic report | Our continuing path to value creation

Who we create value for

Here are some of the ways we

engage with our stakeholders,

and how the value we create

translates for them.

Our people

Nothing is more important than making

sure our people go home safe. We’re

building a values-driven performance

culture, where everyone feels accountable

to deliver great outcomes with care,

courage and curiosity.

Investors

It is important we understand our

investors’ needs and vision for the

company, and so we communicate

and engage with them extensively

throughout the year.

Communities

We listen to, consult and co-design

solutions with communities and

Indigenous Peoples to deliver shared

benefits and respect for people, culture,

land and environment.

Customers

Our customers are fundamental to our

success. By building strong, enduring

relationships based on trust, we work to

deliver products that meet their needs today

while supporting their ambitions for a low-

carbon future.

Civil society organisations

We regularly engage with civil society

organisations to understand societal

expectations of Rio Tinto. Although our

opinions may differ, we respect diverse

views and are open to constructive,

fact-based feedback and challenge.

Governments

Governments regulate our operations,

are among our commercial partners,

and receive revenue from our taxes

and royalties.

Suppliers

We work in partnership with suppliers

to deliver solutions that best support

our business. Where possible, we partner

with local and Indigenous businesses.

What we deliver

We have a clear focus on delivering leading returns to shareholders,

and lasting positive impact.

Industry-leading returns

We are focused on delivering leading returns to shareholders, and are committed

to our returns policy of paying 40% to 60% of underlying earnings as dividends.

We have a clear pathway to increase volumes, reduce costs, further strengthen our

balance sheet, and release cash from our asset base, all of which will drive returns.

Lasting positive impact

Our operations deliver meaningful benefits to host communities, including the production

of essential materials, job creation, small business growth, tax and royalty contributions,

skills development, and targeted socioeconomic programs. We partner with communities

and other stakeholders to understand their priorities and concerns, and our impact, and

respond in ways that create long-term value.

Section 172(1) statement

This stakeholder section, together with our stakeholder pages in the Governance section (pages 107-109),

explains how the Board takes account of stakeholder interests. These comprise our “Section 172(1) statement”.