RIO TINTO LTD

Aluminium & Lithium

year change. Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.

1. QAL production now included on a 100% basis.

2. H1 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt

(6.5kt on a 100% basis); LCE shipments were 3.8kt (5.0kt on a 100% basis).

3. Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding

4. Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease

Aluminium & Lithium underlying EBITDA rose 38% to$3.3 billion, primarily driven by higher prices,

productivity benefits and an uplift in lithium volumes, as outlined below.

Further detail of the financial and operating performance of the Aluminium & Lithium product group

is set out below, including separate analysis for each of the key products within this operating

segment.

Aluminium

1. H1 2026 freight revenue for Bauxite business was $226 million (H1 2025: $234 million).

2. Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding

3. Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease

•Underlying EBITDA: strong H1 financial performance with underlying EBITDA increasing

31% to$3.1 billion. Earnings were underpinned by a tight aluminium market with a structural

supply deficit driving higher LME prices and elevated regional market premiums offsetting

the full impact of US tariff. Weaker bauxite prices partially offset these benefits. We

continued to achieve strong aluminium production and recovered well in bauxite following

Q1 weather disruption. The productivity program delivered a further $130 million of benefits

Page 18 Rio Tinto 2026 Form 6-K

through sharpening contractor management at the smelters, optimising cast house mix and

improving technical throughput, helping offset headwinds from inflation, higher energy and

raw material costs and impact of a stronger Australian and Canadian dollar.

•Capital investment: increased by ~$100 million YoY driven by continued investments in the

low-carbon AP60 aluminium smelter, with first production achieved in March as planned. We

also continued investments at our Weipa Southern operations on Queensland's Cape York

Peninsula, Australia.

•Cash flow: our integrated aluminium business continued to demonstrate strong cash

generation with net cash generated from operating activities increasing 10% to $2.1 billion.

Free cash flow improved 5% to $1.2 billion.

•Realised price:

1 Our VAP sales were 41% of primary metal sold in H1 2026 (H1 2025: 46%).

1 Midwest premium duty paid applies to approximately 40% of our total volumes in H1 2026 (55% in H1 2025).

•Bauxite: production recovered strongly in Q2 following significant weather disruptions in Q1,

supported by maximising plant operating time at Weipa and higher plant utilisation at Gove.

Around half of the 0.9 mt production impact from the weather is expected to be recovered

over the remainder of the year.

•Alumina: 8% YoY increase in production, with QAL now included at 100% (from 80% in

2025. partially offset by weather and reliability events at Yarwun and Vaudreuil. At Yarwun,

we announced we will reduce production by 40% from October 2026 to extend its life until

2035 and allow time to explore further life-extension and modernisation options.

•Aluminium: production remained resilient in H1, with higher output from Kitimat, NZAS and

AP60 largely offsetting the planned closure of Arvida. Kitimat continued to ramp up to

nameplate capacity as improved hydrological conditions supported higher hydro power

output while NZAS operated at full capacity. The transition from Arvida to AP60 progressed

to plan with the final potlines closed in June and AP60 continuing its ramp-up towards full

capacity by the end of 2026.

Page 19 Rio Tinto 2026 Form 6-K

Lithium

1. Realised lithium carbonate equivalent price is calculated as total lithium revenue divided by total lithium carbonate equivalent (LCE)

volume sold, and therefore represents a blended average across products and contracts rather than a spot or index reference. A

portion of volumes is sold under longer term customer contracts, with realisations recognised on a lagged basis, so realised prices

may not move in line with, or over the same period as, movements in the reference index price. Lithium results are consolidated

from the date of acquisition of Arcadium Lithium (March 2025); accordingly, the H1 2025 comparative reflects the post-acquisition

period only and excludes January and February 2025.

2. Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding

•Underlying EBITDA: solid H1 with underlying EBITDA increasing more than fourfold to$0.2

billion, supported by a 22% rise in realised lithium prices and a 53% increase in volumes,

benefiting from a full six months of Arcadium (vs four months in H1 2025).

•Capital investment: invested $0.6 billion as we continued the development of our growth

projects, achieving first production at Fenix 1B and Sal de Vida ahead of schedule in Q2.

•Cash flow: Net operating cashflow reflected continued investment in working capital and the

ramp-up of new operations. Capital investment associated with commissioning and

developing our lithium growth projects resulted in free cash flow of negative $0.6 billion

broadly in line with prior year as the business continued to invest in future production

capacity.

•Lithium: delivered a strong H1 despite weather impacts in Q1. Development projects

progress maintained strong momentum, with first production achieved ahead of plan at both

Fénix 1B and Sal de Vida as mentioned above. The Rincon starter plant continued to ramp

up, as we focused on reactor stability.

Page 20 Rio Tinto 2026 Form 6-K