Rio Tinto Group (RIO) Status update summary

Operational performance

• Copper-equivalent production rose ~1% YTD, driven by Oyu Tolgoi copper growth and Pilbara iron ore. Oyu Tolgoi copper output increased 27% YoY in Q3 and 29% YTD.

• Global iron ore sales were 90.8 Mt in Q3, up 3% YoY; Pilbara sales rose 2% YoY.

• Simandou achieved a ~10 Mtpa annualised production run-rate in Q3; the 60 Mtpa run-rate target remains on track for H2 2028.

• Lithium production increased 33% YTD despite Q3 weather and maintenance impacts; FY production is expected at the lower end of guidance, primarily due to Sal de Vida’s slower ramp-up.

• Kennecott’s flash converting furnace rebuild was completed at end-August ahead of plan, and the furnace has returned to normal capacity.

Guidance and costs

• Production and sales guidance maintained; unit cost guidance maintained, subject to higher diesel prices and foreign exchange.

• 2026 guidance: copper 800–870 kt; global iron ore sales 343–366 Mt; Pilbara sales 323–338 Mt; LCE 61–64 kt, now expected at the lower end.

• Higher diesel prices added $0.9/t to Pilbara unit cash costs YTD vs 2025 YTD; at $175/bbl spot diesel in Q4, the full-year impact is expected to reach $1.1/t.

• At US$0.70/A$, foreign exchange is expected to add around $1.0/t to full-year Pilbara unit costs versus the US$0.67/A$ guidance assumption.

Capital allocation and projects

• More than $2 billion of capital release initiatives announced YTD; the initial ~$5 billion of a $5–10 billion program remains targeted for announcement by end-2026. Cash receipt depends on binding agreements and conditions precedent.

• Ongoing portfolio actions include proposed sale of the Dampier desalination plant, agreed sale of Kitimat land to LNG Canada, and a non-binding lithium sales arrangement with prepayment.

• The operating system is targeted to deliver a $1.8 billion annualised productivity benefit run-rate by end-2026; major projects remain on schedule and budget.

• Simandou mine construction was ~84% complete and port and marine infrastructure 92% complete; first ore through the primary crusher and SimFer port is expected in Q4 2026.

• AP60 construction is nearing completion, with commissioning and ramp-up continuing through 2026 and full capacity targeted during 2027; Rincon first production remains on track for 2028.