Second quarter production results

Rio Tinto releases second quarter 2025 production results

16 July 2025

13% CuEq production uplift for Q2 YoY, and 6% for H1, as we execute our strategy

Rio Tinto Chief Executive Jakob Stausholm said: "We delivered excellent operational performance from our mine operations with record production from our bauxite business and from Oyu Tolgoi as it ramps up to become the world's fourth largest copper mine before the end of the decade.

"We continue to make strong progress in our production and growth projects, achieving our highest Pilbara Q2 production since 2018 and accelerating the first shipment from the Simandou high-grade iron ore project in Guinea.

"We will continue to drive progress towards our long-term strategy to deliver profitable growth and build a stronger, more diversified business."

1. Executive Summary

• We're pleased to have announced Simon Trott as Chief Executive with effect from 25 August 2025.

• Copper equivalent (CuEq) production rose 13% in Q2 YoY, and 6% YoY for the half year, driven by strong performance in our copper business and the contribution of the Arcadium acquisition.

• Copper production is now expected at the higher end, and copper unit costs around the lower end, of full year guidance ranges.

• Pilbara iron ore achieved its highest Q2 production since 2018, recovering well from Q1 extreme weather impacts.

• Bauxite achieved a second consecutive quarterly production record and is now expected at the higher end of the full year production guidance range.

• Lithium integration progressing to plan, in line with our strategy to establish a world-class lithium business.

• Simandou first shipment accelerated to around November 2025, with 0.5 to 1.0 Mt of shipments expected in 2025 (SimFer scope from Blocks 3 & 4).

• Continued progress with our Iron Ore replacement strategy: Western Range opened on time and on budget, while Hope Downs 2 received all Government approvals in Q2.

1 Rio Tinto share unless otherwise stated. 2 Includes primary aluminium only. 3 From Q1 2025, we report copper production and guidance as one metric, in order to simplify reporting and align with peer practices. For further details see slide 90 of our Investor Seminar 2024 presentation. 4 Iron Ore Company of Canada. 5 See further notes in Section 2, 2025 guidance. 6 As stated at Q1 2025 - at the lower end of guidance. 7 At the higher end of guidance. 8 At the lower end of guidance. 

2. 2025 guidance

Production guidance

• 2025 production guidance is unchanged1.

Pilbara iron ore shipments

• We continue to expect Pilbara shipments to be at the lower end of guidance, due to four cyclones as announced in Q1.

• Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances. The system has limited ability to mitigate further losses from weather if incurred.

Bauxite production

• Bauxite production is expected to be at the higher end of guidance range.

Copper production

• Copper production is expected to be at the higher end of guidance due to our continued successful ramp up of Oyu Tolgoi underground mine and good performance at Escondida.

Titanium dioxide slag production

• TiO2 production is expected to be at the lower end of guidance reflecting market demand.

1 Guidance remains subject to weather impacts.

Unit cost guidance

• 2025 unit cost guidance is unchanged.

◦ Pilbara iron ore: H1 benefited from a weaker than expected Australian dollar.

◦ Copper: we expect full year unit costs to be around the lower end of the guidance range due to good cost control, production volumes at the higher end of the full year guidance range and higher than expected gold prices driving net costs down.

1 Expected around the lower end of guidance.

3. Group financial update 

Expenditure on exploration and evaluation

• Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2025 was $334 million, compared with $487 million in 2024. Approximately 33% of the spend was by central exploration, 10% by Minerals (with the majority focusing on lithium), 36% by Copper, 19% by Iron Ore and 2% by Aluminium. Qualifying expenditure on the Rincon project has been capitalised since 1 July 2024, accounting for most of the decrease in expense.

Net debt

• As communicated in our First Quarter Operations Review, completion of the Arcadium acquisition on 6 March increased the group's net debt by approximately $7.6 billion1. This comprises $6.3 billion paid to Arcadium's shareholders, $0.4 billion paid to their convertible loan note holders, consolidation of Arcadium's $0.7 billion net debt and $0.2 billion loaned by Rio Tinto to Arcadium prior to the acquisition completing.

Working capital

• In H1 2025, we saw a cash outflow of approximately $0.6 billion from an increase in working capital. This included optimisation of stock levels in the Pilbara and normal seasonal movements in amounts due to JV partners and employees.  

1 Subject to finalisation of acquisition accounting review.

4. Our markets

Global economy: improved from the end of the first quarter given US/China tariff de-escalation. However, geopolitical tensions and trade barriers remain near-term economic risks.

Chinese economy: industrial activity and net exports grew strongly during the quarter on the back of China's highly competitive manufacturing sector. Trade diversification continued as the decline in exports to the US was more than offset by shipments to other regions. Retail sales growth was supported by ongoing stimulus measures while the government remains committed to infrastructure investment. However, headwinds such as trade tensions and a soft property market continue to pose challenges.

US economy: held up given resilient household consumption and private fixed investment. The impact of tariffs is still feeding through to inflation and sentiment. The housing market continues to be weak and building activities have been hampered by elevated mortgage rates and reduced labour supply.

Iron ore

• China's crude steel production maintained a high annualised run-rate of more than one billion tonnes in Q2. However, global steel prices and mill margins remained under pressure.

• China's steel exports for the period April to May increased to ~120Mt annualised run-rates, compared to 111Mt in 2024.

• Iron ore seaborne supply recovered strongly in Q2 from weather-related disruption earlier in the year. However, China's inventories at 47 major ports were drawn down by 5Mt during the quarter to 145Mt.

Copper

• The London Metal Exchange (LME) price fell amid economic uncertainty in early April but recovered in May, driven by US-China tariff de-escalation, a weakening dollar and strong underlying fundamentals.

• The Chicago Mercantile Exchange (CME) cash price traded 10% above the LME price on average over the quarter, reflecting tariff risks.

• Copper concentrate market tightness intensified in Q2, with spot treatment and refining charges slipping further into negative territory. While some smelters outside China have scaled back production, Chinese smelters have ramped up refined output, further exacerbating the supply strain.

Aluminium

• The LME quarterly average price fell during Q2 amid global trade tensions but improved towards the end of the quarter, with rising geopolitical risks in the Middle East and easing of trade tensions between the US and China.

• Aluminium market premiums rose in the US in Q2 on a duty paid basis after implementation of Section 232 tariffs in April. The Q2 premium increased to largely cover the tariff cost. In Europe and Japan, aluminium market premiums fell on weak demand.

• Australian FOB alumina price rose in Q2, up from the lows in Q1, on improved fundamentals.

• Chinese bauxite spot import prices fell in Q2 on higher Guinean bauxite exports, despite continued risks to supply following the cancellation of several mining permits by the Guinean government in recent months.

Lithium

• Lithium demand remains strong driven by global EV sales which were up 29% YoY between April and May, and solid demand from stationary batteries. However, the market remains oversupplied due to producer resilience to falling prices while new projects ramp up.

Titanium dioxide

• Paint and pigment demand has not gained momentum, with downstream inventories continuing to build.

Borates

• The borates market diverged earlier in Q2 as tariffs disrupted US supply to China, while ex-China markets remained stable. Following tariff adjustments in May, demand from China has been strong.

1 Monthly average Platts (CFR) index for 62% iron fines. This is reflective of the pricing basis before we introduced the new product strategy (see Iron Ore section for further details).

2 Fastmarkets index for Lithium carbonate min 99.5% Li2CO3 battery grade.

Average realised prices achieved for our major commodities

*Assuming 8% moisture.

**LME plus all-in premiums (product and market).

***Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which positively impacted revenues in the first half by $266 million (first half 2024 positive impact of $93 million).

5. Iron Ore (Pilbara operations)

Production figures are sometimes more precise than the rounded numbers shown, hence small rounding differences may appear.

1 SP10 includes other lower grade products.

2 Shipments includes material shipped from the Pilbara to our portside trading facility in China which may not be sold onwards by the group in the same period.

3 While Rio Tinto has a 53% net beneficial interest in Robe River Iron Associates, it recognises 65% of the assets, liabilities, sales revenues and expenses in its accounts (as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary). The consolidated basis sales reported here include Robe River Iron Associates on a 65% basis to enable comparison with revenue reported in the financial statements. 

• Q2 production: strong with mine operations recovering post Q1 weather impacts to achieve the highest Q2 production since 2018.

◦ Mine health remains a focus and has improved since the wet weather from Q4 2024 to Q1 2025. SP10 levels accounted for 29% of Pilbara shipments (on 100% basis) and, on a standalone basis, will reduce with product strategy changes (see below) from current levels.

• Q2 shipments: port maintenance in Q1 was postponed to Q2 due to cyclone impacts, with some work remaining in Q3. As a result, Q2 shipments were 3.9 million tonnes below production in Q2.

• Product strategy: as first announced in Q3 2024, we have been undertaking a review of our product strategy. We have notified customers of changes to specifications of the Pilbara Blend. The changes predominantly combine the previous Pilbara Blend and SP10 products into a single blend with the iron content moving to 60.8% Fe (average) from 61.6% Fe (average) (for the Pilbara Blend fines product). Shipments of the new Pilbara Blend commenced in July 2025.

• Q2 sales: 9% of sales priced by reference to the prior quarter's average index lagged by one month:

◦ remainder sold either on current quarter average, month average or on the spot market.

◦ 24% of sales were made on a free on board (FOB) basis, with remainder sold including freight.

• Q2 portside sales in China: 7.8 million tonnes (7.5 million tonnes in Q2 2024):

◦ 96% of our portside sales were either screened or blended in Chinese ports. Our portside business enables us to access the onshore Chinese iron ore market, extending our Pilbara value chain by managing the increasing variability of our ore bodies.

◦ end-June: inventory levels at portside were 4.4 million tonnes, including 3.8 million tonnes of Pilbara product.

• Achieved average pricing in the first half of 2025 was $82.5 per wet metric tonne ($97.3 in the first half of 2024) on an FOB basis (equivalent to $89.7 per dry metric tonne, with an 8% moisture assumption). This compares to the average first half price for the monthly average Platts index for 62% iron fines converted to a FOB basis of $92.0 per dry metric tonne.

6. Aluminium

All produced metal has been shipped with sales pricing, product mix and shipping destinations flexed to optimise our position in the wake of the changing tariff environment. 

Over H1 2025, we incurred around $300m of gross costs associated with US tariffs on our primary aluminium exports from Canada. A substantial part thereof has been compensated by the related increase in the US Midwest duty paid premium, which rapidly adapted to the 25% tariffs level in Q1, but, at the end of Q2, was not fully compensating for the 50% tariff.

Bauxite

• Q2: achieved record production for the quarter and for the half year, with full year production now expected at the higher end of the guidance range.

◦ Amrun continues to outperform its nameplate capacity, achieving improved utilisation as the Safe Production System (SPS) matures.

◦ Gove production increased due to better plant reliability and availability.

Alumina

• Q2: lower production due to operational challenges, in particular with equipment reliability at Yarwun. This necessitated rescheduling of shutdowns and maintenance in Q2 to ensure long-term reliability and efficiency, alongside managing yield and quality.

Aluminium

• Q2: operations are stable, adapting to external factors at our New Zealand Aluminium Smelter (NZAS) and Kitimat operations.

◦ NZAS: the call from Meridian Energy to reduce electricity usage by 50MW ended on 15 June 2025, earlier than originally planned (previously August 2025). Ramping up to full production by first week of August.

◦ Kitimat: our energy supply and production continues to be impacted by lower reservoir levels. Despite these challenges, production rose QoQ by optimising supply to the smelter and importing energy to mitigate the effects of the low water levels.

Recycled aluminium

• Q2: production increased due to improved demand for domestically produced secondary aluminium in the United States.

7. Copper

Kennecott

• Continued to successfully navigate challenging geotechnical conditions impacting the south wall of the mine.

◦ Q2: cathode production from third party concentrate was higher, in order to optimise smelter utilisation.

◦ YoY: lower ore availability, driven by geotechnical constraints, limiting concentrate production, combined with depleted concentrate stockpiles.

• H2 2025: planned annual maintenance at the concentrator expected to commence in September, along with planned partial rebuild of the smelter, with a duration of approximately 45 days.

Escondida

• Q2: slightly lower concentrate production due to a reduction in average grade (0.95% in Q2 vs 1.09% in Q1), while refined metal volume increased. The Full SaL project1 achieved first production and is expected to continue to ramp up.

• YoY: concentrate production increased mainly due to higher throughput from improved concentrator performance, which more than offset the slightly lower grade in line with the mine plan.

Oyu Tolgoi

• Q2: record quarter for copper production, due to the continued underground ramp-up with improving head grade and recovery rates.

◦ New material handling records set achieving a monthly average in June of 34ktpd and a single day record high of 47ktpd for the underground mine.

• YoY: rising contribution from the higher grade underground mine, with Panel 0 construction complete and the conveyor to surface - the second largest in the world by capacity - becoming operational between these periods.

• Engagement continues with Entrée Resources and the Government of Mongolia on the transfer of licences to allow mining in the Panel 1 Entrée joint venture area.

• Mine plan: flexibility and options, including bringing Panel 1 or Panel 2 South into production first depending on the timing of the Entrée licence transfer, with no material impact on production guidance.

• Project ramp-up remains on track to reach an average of around 500 thousand tonnes of copper per year (100% basis and stated as recoverable metal) from 2028 to 20362.

1 Full SaL is a processing technology that allows the extraction of copper using chlorine-assisted leaching predominantly for sulphidic material.

2The 500 thousand tonnes per annum copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously reported in a release to the ASX dated 11 July 2023 "Investor site visit to Oyu Tolgoi copper mine, Mongolia". All material assumptions underpinning that production target and those production profiles continue to apply and have not materially changed.

8. Minerals

Iron Ore Company of Canada (IOC)

• Q2: improved operational stability across mining operations and processing. Significant focus on improving pit health led to Q2 record for total material moved from the mine.

• Annual plant shutdown in June was completed and followed by successful commissioning and ramp-up of production rates.

Borates

• Q2: the process line scaling issues experienced in Q1 have been resolved. The operations ran with improved plant stability in Q2.

Iron and Titanium

• Q2: output increased driven by better operational stability and improved furnace efficiency at RTIT Quebec Operations. We also benefited from the restart of a furnace in February at our RTIT Quebec Operations, as stated in our First Quarter Operations Review. 

• On 3 July 2025, a furnace at RTIT Quebec Operations reached its planned end-of-life, ceasing operations. We now operate six (of nine) furnaces in Quebec and three (of four) furnaces at RBM.

• Full year production is expected to be at the lower end of the 1.0 to 1.2 million tonne range reflecting market demand.

Lithium

• Q2: integration of Rio Tinto Lithium is progressing as planned:

◦ Lithium hydroxide production and shipments increased in Q2 reflecting growing demand from our EV customers.

◦ Mt Cattlin spodumene operation in Western Australia was placed on care and maintenance by the end of March 2025 as previously communicated by Arcadium Lithium in September 2024.

◦ Lithium carbonate production at Fenix temporarily affected by snowfall-related energy outages in May and transport system issues in April. Both issues have since been resolved. 

9. Capital Projects

1. Rio Tinto share of the Western Range capital cost includes 100% of funding costs for Paraburdoo plant upgrades.

2. WCS is the holder of Simandou North Blocks 1 & 2 (with the Government of Guinea holding a 15% interest in the mining vehicle and WCS holding 85%) and associated infrastructure. WCS was originally held by WCS Holdings, a consortium of Singaporean company, Winning International Group (50%) and Weiqiao Aluminium (part of the China Hongqiao Group) (50%). On 19 June 2024, Baowu Resources completed the acquisition of a 49% share of WCS mine and infrastructure projects with WCS Holdings holding the remaining 51%. In the case of the mine, Baowu also has an option to increase to 51% during operations. During construction, SimFer will hold 34% of the shares in the WCS infrastructure entities with WCS holding the remaining 66%.

3. WCS holds the mining concession for Blocks 1 & 2, while SimFer holds the mining concession for Blocks 3 & 4. SimFer and WCS will independently develop their mines.

4. SimFer Jersey Limited is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore Holdings Ltd (CIOH) (47%), a Chinalco-led joint venture of leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction Corporation (2.5%) and China Harbour Engineering Company (2.5%)). SimFer S.A. is the holder of the mining concession covering Simandou Blocks 3 & 4, and is owned by the Guinean State (15%) and SimFer Jersey Limited (85%). SimFer Infraco Guinée S.A. will deliver SimFer's scope of the co-developed rail and port infrastructure, and is co-owned by SimFer Jersey (85%) and the Guinean State (15%). SimFer Jersey will ultimately own 42.5% of La Compagnie du Transguinéen, which will own and operate the co-developed infrastructure during operations.

5. The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine schedule was previously reported in a release to the Australian Securities Exchange (ASX) dated 6 December 2023 titled "Investor Seminar 2023". Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed.

6. The 500 thousand tonne per year copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously reported in a release to the Australian Securities Exchange (ASX) dated 11 July 2023 "Investor site visit to Oyu Tolgoi copper mine, Mongolia". All material assumptions underpinning that production target continue to apply and have not materially changed.

7. The NRS Mineral Resources and Ore Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Ore Reserves, form the Underground Skarns Mineral Resources and Ore Reserves.

8. The 250 thousand tonne copper production target for the Kennecott underground mines over the years 2023 to 2033 was previously reported in a release to the Australian Securities Exchange (ASX) dated 20 June 2023 "Rio Tinto invests to strengthen copper supply in US". All material assumptions underpinning that production target continue to apply and have not materially changed.

9. The production target of approximately 53 kt of battery grade lithium carbonate per year for a period of 40 years was previously reported in a release to the ASX dated 4 December 2024 titled "Rincon Project Mineral Resources and Ore Reserves: Table 1". Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed. Plans are in place to build for a capacity of 60 kt of battery grade lithium carbonate per year with debottlenecking and improvement programs scheduled to unlock this additional throughput.

10. Future Projects

11. Exporation and evaluation

• Rio Tinto has a strong portfolio of exploration projects with activity in 17 countries across eight commodities.

• The bulk of the exploration expenditure during the quarter was focused on copper in Angola, Australia, Chile, Colombia, Peru and Serbia, lithium in Australia, Canada, Chile and Rwanda, and diamonds in Angola.

Lithium pipeline:

• Rio Tinto signed a binding agreement to form a joint venture with Corporación Nacional Del Cobre de Chile (Codelco) to develop and operate a high-grade lithium project in the Salar de Maricunga SpA ("the Company") in Chile. The investment includes:

◦ $350 million1,2 of initial funding into the Company towards additional studies and resource analysis to progress the project through to a final investment decision.

◦ $500 million1 into the Company once a decision is made to proceed with the project, towards construction costs. These milestones, subject to further studies, are targeted to occur before the end of the decade.

◦ $50 million into the Company if the joint venture achieves its aim of delivering first lithium by the end of 2030.

◦ The transaction to form the joint venture is expected to close by the end of the first quarter of 2026, subject to receipt of all applicable regulatory approvals and the satisfaction of other customary closing conditions.

• Additionally, Rio Tinto was selected as the preferred bidder to partner with Empresa Nacional de Minería (ENAMI) to develop the Salares Altoandinos Lithium Project3. Rio Tinto is focused on advancing towards binding agreements as quickly as possible.

◦ Rio Tinto will provide an estimated staged $425 million in cash and non-cash contributions into the entity, including its Direct Lithium Extraction (DLE) Technology. The cash contributions will include staged spending to sole fund the pre-feasibility study and further studies to enable a final investment decision.

1 This payment includes Rio Tinto's 49.99% share of costs. 

2 Subject to customary closing adjustments.

3 Under the terms of the proposal, Rio Tinto would acquire an initial 51% stake in the project with ENAMI holding the remaining 49%.

12. Second quarter public releases

1 April 2025 | Rio Tinto discovers exceptional yellow diamond from its Diavik Diamond Mine

3 April 2025 | Construction begins on Rio Tinto's first Western Australian-made iron ore rail cars

4 April 2025 | Rio Tinto increases Australian supplier spend to A$17.7 billion

4 April 2025 | Rio Tinto spends record A$10 billion with suppliers in Western Australia in 2024

8 April 2025 | Primetals Technologies with Strategic Partner Mitsubishi Corporation, voestalpine, and Rio Tinto to Implement Hydrogen-Based Ironmaking Plant

17 April 2025 | Rio Tinto and AMG Metals & Materials to assess low-carbon aluminium project in India

6 May 2025 | Rio Tinto's Diavik Diamond Mine recognized with Towards Sustainable Mining (TSM) Environmental Excellence Award

7 May 2025 | Rio Tinto extracts first gallium from its alumina refining process with partner Indium Corporation

12 May 2025 | Rio Tinto and Sumitomo Metal Mining sign Definitive Agreement for Winu Project joint venture

15 May 2025 | Rio Tinto invests R6.9 million towards a farmer support programme in King Cetshwayo District

15 May 2025 | Rio Tinto invests to modernise century-old hydroelectric power plant in Quebec

19 May 2025 | Rio Tinto partners with Codelco to develop lithium project in Chile's Salar de Maricunga

22 May 2025 | Rio Tinto to start early works and final studies to increase Amrun mine's bauxite production on Queensland's Cape York Peninsula

22 May 2025 | Rio Tinto announces Chief Executive succession plan

23 May 2025 | Rio Tinto confirmed as preferred partner on world-class Salares Altoandinos lithium project

2 June 2025 | PKKP and Rio Tinto sign Co-Management Agreement

6 June 2025 | Rio Tinto and Baowu open Western Range iron ore mine in the Pilbara with Yinhawangka Traditional Owners

6 June 2025 | Update on Oyu Tolgoi mine plan

9 June 2025 | Rio Tinto seeks innovative collaborators at London Tech Week

12 June 2025 | Rio Tinto launches ore sorting demonstration project at is Havre-Saint-Pierre mine

17 June 2025 | NeoSmelt welcomes Federal Government support and signs two new participants for groundbreaking steel decarbonisation project

18 June 2025 | Rio Tinto IOC invests $800,000 to expand childcare offering at Lil Snowflakes daycare

24 June 2025 | New A$5 million partnership to support Pilbara Aboriginal Health Alliance

24 June 2025 | Rio Tinto and Hancock Prospecting to invest $1.6 billion to develop the Hope Downs 2 project in Western Australia's Pilbara

This announcement is authorised for release to the market by Andy Hodges, Rio Tinto's Group Company Secretary.

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Forward-looking statement

This announcement includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this report, including, without limitation, those regarding Rio Tinto's financial position, production guidance, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto's products, production forecasts and reserve and resource positions), are forward-looking statements. The words "intend", "aim", "project", "anticipate", "estimate", "plan", "believes", "expects", "may", "should", "will", "target", "set to" or similar expressions, commonly identify such forward-looking statement.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto's present and future business strategies and the environment in which Rio Tinto will operate in the future. A discussion of the important factors that could cause Rio Tinto's actual results, performance or achievements to differ materially from those in the forward-looking statements can be found in Rio Tinto's most recent Annual Report and accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of the risk factors discussed in such documents, and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this report. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this announcement should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share. Past performance cannot be relied on as a guide to future performance.

Rio Tinto production summary

Rio Tinto share of production

Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page or reported for the first time. Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures.

Rio Tinto share of production

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production.

Rio Tinto share of production

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(b) We continue to process third party concentrate to optimise smelter utilisation, including 11.1 thousand tonnes of cathode produced from purchased concentrate in Q2 2025. Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased concentrate are included in reported revenues.

(c) Mill production was previously reported together with recoverable copper in ore stacked for leaching as mined production.

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(b) We continue to process third party concentrate to optimise smelter utilisation, including 11.1 thousand tonnes of cathode produced from purchased concentrate in Q2 2025. Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased concentrate are included in reported revenues.

Rio Tinto share of production

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(b) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar, Gudai-Darri, Eastern Range and Western Range mines. Whilst Rio Tinto owns 54% of the Eastern Range and the Western Range mines, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production.(c) SP10 includes other lower grade products.(d) Shipments includes material shipped to our portside trading facility in China which may not be sold onwards in the same period.(e) Represents the difference between amounts shipped to portside trading and onward sales from portside trading, and third party volumes sold.(f) While Rio Tinto has a 53% net beneficial interest in Robe River Iron Associates, it recognises 65% of the assets, liabilities, sales revenues and expenses in its accounts (as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary). The consolidated basis sales reported here include Robe River Iron Associates on a 65% basis to enable comparison with revenue reported in the financial statements.

Rio Tinto share of production

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(b) We continue to process third party concentrate to optimise smelter utilisation, including 11.1 thousand tonnes of cathode produced from purchased concentrate in Q2 2025. Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased concentrate are included in reported revenues.

(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals (RBM).